WEBVTT - Russia Says Prigozhin Dead, Nvidia's Forecast & SEC Hedge Fund Changes

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<v Speaker 1>Good morning. It's Thursday, the twenty fourth of August in London.

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<v Speaker 1>This is the Bloomberg Daybreak Euroate podcast. I'm Stephen Carroll

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<v Speaker 1>coming up today. Russia says the Wagner Mercenary chief you

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<v Speaker 1>of Genny Progosian has died in a plane crash. Nvidia's

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<v Speaker 1>stock soars as insatiable AI demand fuels a blowout forecast,

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<v Speaker 1>and Nigel Farage fumes as nat West debates clawing back

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<v Speaker 1>Alison Rose's two point four million pound notice period pay.

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<v Speaker 1>Let's start with a und up of our top stories,

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<v Speaker 1>our top stories. You've Guenny Progosian, the man who led

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<v Speaker 1>a mutiny against Putin's regime just two months ago, is

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<v Speaker 1>now presumed dead. Russia's aviation authorities say he was on

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<v Speaker 1>board a plane which crashed on a journey from Moscow

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<v Speaker 1>to Saint Petersburg, killing all passengers. Former US Ambassador to Poland,

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<v Speaker 1>Daniel Freed says no one would be shocked if Putin

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<v Speaker 1>had a hand in this.

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<v Speaker 2>Putin has a habit of killing his opponent, and many

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<v Speaker 2>of us who watched the mutiny were surprised that progosion

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<v Speaker 2>Is left let off so easily or appeared to be,

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<v Speaker 2>but it seems that Putin wanted to take stock of

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<v Speaker 2>Progosions network find out where Progotions links were and as

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<v Speaker 2>the old mafia saying goes, revenge is a disc best

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<v Speaker 2>eaten cold.

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<v Speaker 1>Freed wasn't the only one to say that. President Joe

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<v Speaker 1>Biden telling reporters he wasn't surprised by the reports. The

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<v Speaker 1>Kremlin has repeatedly been accused of targeting its opponents and

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<v Speaker 1>allegation officials there deny shares and the chip maker and

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<v Speaker 1>Vidia have soared after the firm announced yet another blowout

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<v Speaker 1>quarterly revenue forecast. The current darling of the tech industry

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<v Speaker 1>projects that sales will hit sixteen billion dollars in the

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<v Speaker 1>next quarter. The massive beat on analyst expectations is being

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<v Speaker 1>driven by surging global demand for the text giants' AI processors.

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<v Speaker 1>Boomberg Technologies. Ed Ludlow breaks down the outlook.

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<v Speaker 3>The way that executives on the call described it is

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<v Speaker 3>they have visibility on AI demand going into the next

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<v Speaker 3>fiscal year. CFO collect Cress called it quote tremendous and

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<v Speaker 3>broad based AI demand in the supply side of the

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<v Speaker 3>equation in video, does expect supply to increase in each

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<v Speaker 3>quarter for the next year, and they said that suppliers,

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<v Speaker 3>namely TSMC contract manufacturers, have really stepped up to meet

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<v Speaker 3>the demand in videos.

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<v Speaker 1>Postmarked US gain adds to a more than threefold increase

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<v Speaker 1>for the stock this year. Private US funds have been

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<v Speaker 1>hit with a raft of new rules from the Securities

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<v Speaker 1>and Exchange Commission. The SEC says private equity firms and

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<v Speaker 1>hedge funds must now detail quarterly fees and expenses to investors.

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<v Speaker 1>Firms are also being prohibited from allowing some favored clients

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<v Speaker 1>to cash out more easily than others. It's the latest

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<v Speaker 1>move by the US regulator to tighten oversight of the

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<v Speaker 1>fast growing, multi trillion dollar industry. UBS is poised to

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<v Speaker 1>keep Credit Sweez's domestic bank while dropping the brand name

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<v Speaker 1>the Trouble Swiss Lenders. The Trouble Lenders Swiss operation has

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<v Speaker 1>long been its best performing unit. The two banks combined

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<v Speaker 1>will make up over a third of deposits and a

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<v Speaker 1>quarter of mortgage lending in the country. The plan will

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<v Speaker 1>likely result in thousands of job cuts for credit suite

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<v Speaker 1>staff in Switzerland. NatWest says it hasn't decided whether or

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<v Speaker 1>not to clawback compensation totaling two point four million pounds

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<v Speaker 1>from Alison Rose as she works a twelve month notice period.

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<v Speaker 1>The former CEO was forced to step down last month

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<v Speaker 1>after giving inaccurate details to journalists about the closure of

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<v Speaker 1>Nigel Farage's bank accounts. Responding to news of Roses pay

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<v Speaker 1>for as described it as a quote sick joke.

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<v Speaker 4>This is the corrupt British establishment looking out for its own.

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<v Speaker 4>It's the corrupt British establishment at its very very worst.

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<v Speaker 4>Any employee of NatWest that had done what she'd done

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<v Speaker 4>would have been out the door and would not have

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<v Speaker 4>even received their month's.

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<v Speaker 1>Matt West says Alison Rose will continue to be compensated

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<v Speaker 1>as their investigation into the Nigel Farage dbanking case continues.

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<v Speaker 1>Donald Trump skipped to the Republican debate stages of the

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<v Speaker 1>other presidential candidates, vowed to reverse Joe Biden's economic plan. Instead,

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<v Speaker 1>he used a pre recorded interview with former Fox News

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<v Speaker 1>host Tucker Carlson to attack his opponents.

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<v Speaker 2>I have never seen spirit like it is right now,

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<v Speaker 2>and the reason is because Crooked Joe Biden is so bad.

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<v Speaker 2>He's the worst president in the history of our country.

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<v Speaker 1>Trump added in the interview that he sees Fox News

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<v Speaker 1>as unfriendly to him. The front runner is hoping a

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<v Speaker 1>lead in the polls will allow him to avoid confrontations

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<v Speaker 1>with contenders like former Vice President Mike Pence and Florida's

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<v Speaker 1>Governor Randa Santis. And India has become the first country

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<v Speaker 1>to land a spacecraft near the Moon's south pole. A

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<v Speaker 1>rover will now analyze the chemical makeup of the Moon's

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<v Speaker 1>surface and search for water over the course of one

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<v Speaker 1>lunar day, which short, but it's actually the equivalent of

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<v Speaker 1>to fourteen days on Earth. Here's the reaction in the

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<v Speaker 1>control room when the rocket achieved a soft landing.

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<v Speaker 5>Geeha half of please.

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<v Speaker 6>Green predicted the head gehabout langdon margin.

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<v Speaker 1>The success comes just days after Russia's attempt at a

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<v Speaker 1>lunar touchdown in the same area ended in failure. Those

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<v Speaker 1>are your top stories on the markets. The MSCIS specific

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<v Speaker 1>index is trading one point two percent higher now, Your

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<v Speaker 1>stocks fifty futures are eight tenths of one percent higher,

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<v Speaker 1>and the tenure treasury yield is one and a half

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<v Speaker 1>basis points higher at four point two one percent. Another

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<v Speaker 1>story that comer this morning is are from our opinion

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<v Speaker 1>columnist to Marcus Ashworth writing about rents in London a

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<v Speaker 1>subject of much debate as we see the pressure on

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<v Speaker 1>the mortgage market feeding through into the rental market here

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<v Speaker 1>in London. Marcus looking at some of the particular pressures

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<v Speaker 1>being faced in London as the chronic lack of properties

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<v Speaker 1>is driving rents up even higher. About twenty seven percent

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<v Speaker 1>of properties in London are rented, so much higher than

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<v Speaker 1>the national proportion. Here the Royal Institute charges of ayr's

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<v Speaker 1>latest report showing that agents expectations for future rent increases

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<v Speaker 1>at its highest reading ever, forty three percent of renters

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<v Speaker 1>surveyed by the ons saying they're having difficulties affording higher payments.

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<v Speaker 1>This is further pressure being driven up on the market here,

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<v Speaker 1>and Marcus points to the lack of supply being the

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<v Speaker 1>crucial issue, quoting figures from the Center for Cities think

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<v Speaker 1>tank about an undersupply of some four million dwellings in

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<v Speaker 1>the UK that it would take fourteen years of construction

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<v Speaker 1>according to Capital Economics to remedy the shortage of housing. Here,

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<v Speaker 1>Marcus saying that of course this is an issue that

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<v Speaker 1>could be of major debate in the next election, as

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<v Speaker 1>those people who are struggling to pay their rent may

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<v Speaker 1>let the policies outlined by the parties determine their vote.

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<v Speaker 1>So a great read if you're looking to understand they

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<v Speaker 1>pressure on the rental markets in London. From Bloomberg Opinions

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<v Speaker 1>Marcus Ashworth this morning, that's starting to get more. Now

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<v Speaker 1>on the results in the chip maker in video, the

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<v Speaker 1>company reporting a third straight sales forecast that's a past

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<v Speaker 1>Wall Street estimates, fueled by surging demand for its AI processors.

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<v Speaker 1>Boomberg Anco Tomackenzie joins us now for more on this.

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<v Speaker 1>Great to have you with us, Tom. Another impressive beat

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<v Speaker 1>for the last quarter and in the forecast. Any signs

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<v Speaker 1>in these results of the AI boom peaking.

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<v Speaker 6>It is remarkable in just the context in terms of

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<v Speaker 6>how the markets have been looking at this. I mean

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<v Speaker 6>literally there has been a debate this week as to

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<v Speaker 6>what's more important the speech by the Fed chair Jpowel

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<v Speaker 6>on Friday in Jackson holl All the results from in video.

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<v Speaker 6>We do have those results, as you say, a massive

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<v Speaker 6>beat and the answer to your question is no, it

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<v Speaker 6>doesn't look like the demand for these AI chips is

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<v Speaker 6>slowing anytime soon. This is the third straight sales forecast

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<v Speaker 6>that beat estimates. They're looking now in Video at sales

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<v Speaker 6>of about sixteen billion US dollars in the three months

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<v Speaker 6>that end in October of this year. That compares the

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<v Speaker 6>estimates of twelve fezo point five billion from the analysts

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<v Speaker 6>for the context to Care, that target is nearly as

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<v Speaker 6>high as the company's total annual sales in twenty twenty one.

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<v Speaker 6>Where is this demand coming from is coming from businesses

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<v Speaker 6>that are starting to incorporate those chat GPT style services

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<v Speaker 6>and platforms and abilities into their businesses. That's putting huge

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<v Speaker 6>demand on data centers, and those data centers need those

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<v Speaker 6>very powerful GPU chips that in Video specializes in to

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<v Speaker 6>power that and to allow those models, those large language

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<v Speaker 6>models to be laired on top of those data centers.

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<v Speaker 6>And that's where the demand comings from. And in Vidia

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<v Speaker 6>ces no letterup.

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<v Speaker 1>There had been concerns about supply constraints in this area

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<v Speaker 1>as well. Any signs of that arecpearing in these results.

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<v Speaker 6>You're absolutely right. This is one of the key areas

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<v Speaker 6>that ANAS has been looking for in terms of potential weakness.

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<v Speaker 6>The expectation was, yes, there was going to be very

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<v Speaker 6>strong demand, but would they be able in video to

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<v Speaker 6>be able to match that demand with supply. They don't

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<v Speaker 6>manufacture their own chips. They rely on Samsung TSMC over

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<v Speaker 6>in Taiwan to actually build and produce and churn out

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<v Speaker 6>the chips for them. But the CFO on the call said, no,

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<v Speaker 6>they're not seeing any signs of constraints in terms of supply.

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<v Speaker 6>The supply chains are looking pretty smooth. They are able

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<v Speaker 6>to match the demand at this point. And that's really

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<v Speaker 6>really significant in terms of the different parts of this business.

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<v Speaker 6>They supply chips to the auto's industry, to gaming. That

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<v Speaker 6>used to be the key part of this business. They've

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<v Speaker 6>shifted from gaming. Now it's the data centers. It is

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<v Speaker 6>the biggest revenue stream. And another headline that came out

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<v Speaker 6>of these earnings is this twenty five billion dollar buy back.

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<v Speaker 1>Yeah, and this is a fascinating element of the story

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<v Speaker 1>as well. It's nice typically a time you'd see companies

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<v Speaker 1>buying back shares given that their share price is so high.

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<v Speaker 6>Yes, and if there is a potential weakness, then maybe

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<v Speaker 6>it's the buy back, because what does it flag. According

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<v Speaker 6>to some analysts, it suggests, look, if you're handing this

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<v Speaker 6>much cash back to shareholders at this potential and at

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<v Speaker 6>this point, maybe it suggests that there's not that much

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<v Speaker 6>more market share to carve out. Why aren't you using

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<v Speaker 6>that money to build out more facilities, to spend more

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<v Speaker 6>on R and D to develop new products. That is

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<v Speaker 6>potentially a concern on the geopolitics. It's really worth noting

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<v Speaker 6>as well. In Vidia isn't able to sell the full

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<v Speaker 6>suite of its products to China. It has to get

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<v Speaker 6>licenses for the very high end chips that it may

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<v Speaker 6>want to sell into that economy. So just think about that,

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<v Speaker 6>the second largest economy is essentially a write off for

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<v Speaker 6>in Video when it comes to the most sophisticated part

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<v Speaker 6>of its chips portfolio. And despite that, it's still seeing

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<v Speaker 6>this incredible demand. Maybe the buyback signals that the market

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<v Speaker 6>share is starting to shrink for this business. It's a

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<v Speaker 6>potential fly in the ointment, but top line, this is

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<v Speaker 6>a very very solid outlook from this company.

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<v Speaker 1>Tamaccanzie Blue Riganko, thanks so much for joining us with

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<v Speaker 1>the details of a up next MP freebies and India's

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<v Speaker 1>moon landing.

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<v Speaker 3>Now the paper review on blue Bird day Break Europe.

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<v Speaker 6>The news you need to know from today's papers.

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<v Speaker 1>Ale Ane gerins is with us with the details of

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<v Speaker 1>those stories as well. Morning to you Leanne. Let's start

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<v Speaker 1>with a story in the Financial Times Cammy Badenox seeks

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<v Speaker 1>cash for a UK advanced manufacturing plan.

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<v Speaker 5>Yes, indeed, Stephen, good morning to you too, and the

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<v Speaker 5>Financial Times has his story on the Business Secretary urging

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<v Speaker 5>the Treasury to provide financial firepower for a new advanced

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<v Speaker 5>manufacturing plan. Now, this will set out how Britain intends

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<v Speaker 5>to compete in the cut throat global fight that we

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<v Speaker 5>are seeing over investment in green technology. Now, government insiders

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<v Speaker 5>say Kemy Beijannock and the Treasury are working on a

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<v Speaker 5>plan ahead of the Chancellor Jeremy Hunt's autumn statement. This

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<v Speaker 5>is according to the ft The advanced Manufacturing Plan is

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<v Speaker 5>focused on car and aerospace industries and it's also a

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<v Speaker 5>response to that huge billion dollar pack of clean energy

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<v Speaker 5>subsidies offered by Joe Biden's Inflation Reduction Act, which we've

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<v Speaker 5>been speaking a lot about Richie Soon Act. Stephen was

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<v Speaker 5>actually the Chancellor back in twenty twenty one when the

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<v Speaker 5>government's industrial strategy was completely act. However, elements of it

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<v Speaker 5>are trying to be revived and being brought back because

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<v Speaker 5>this is following criticism from business. Those back in Kenny

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<v Speaker 5>Badenox say new money would be required on top of

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<v Speaker 5>existing government schemes such as the eight hundred and fifty

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<v Speaker 5>million pound Car Transformation Fund, which helped to support the

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<v Speaker 5>Tata factory. But Jeremy Hunt's allies say discussions about additional

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<v Speaker 5>money and the precise form of advanced manufacturing plan would

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<v Speaker 5>not happen until after the summertime. Appears to be a

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<v Speaker 5>rifted there because Kemmy Badenac really wanting more financial firepower

0:12:57.760 --> 0:13:00.880
<v Speaker 5>to compete with the likes of the European Union and

0:13:01.120 --> 0:13:01.800
<v Speaker 5>the USA.

0:13:02.559 --> 0:13:06.839
<v Speaker 1>Okay, really interesting to see that latest on that particular story, Leanne.

0:13:06.880 --> 0:13:08.559
<v Speaker 1>Let's go to the Guardian next. What says that more

0:13:08.559 --> 0:13:11.520
<v Speaker 1>than one hundred MPs received freebies worth one hundred and

0:13:11.559 --> 0:13:13.040
<v Speaker 1>eighty thousand pounds this summer.

0:13:13.240 --> 0:13:15.360
<v Speaker 5>Yes, indeed, some of them had a great time. They

0:13:15.400 --> 0:13:18.760
<v Speaker 5>went to concerts, they went to Wimbledon. But let's all

0:13:18.800 --> 0:13:22.160
<v Speaker 5>break it down. More than one hundred MPs have enjoyed

0:13:22.280 --> 0:13:26.920
<v Speaker 5>free hospitality to what I said, concert sporting events worth

0:13:27.000 --> 0:13:30.240
<v Speaker 5>more than one hundred and eighty thousand pounds this summertime.

0:13:30.600 --> 0:13:33.400
<v Speaker 5>The tickets were given away by the likes of banks,

0:13:33.440 --> 0:13:38.160
<v Speaker 5>big oil companies and the gambling industry, and also media firms.

0:13:38.520 --> 0:13:42.640
<v Speaker 5>The Chancellor, Jeremy Hunt, Oliver Dowden and labor leader Kia

0:13:42.720 --> 0:13:47.080
<v Speaker 5>Starmer are among those who have benefited from this new

0:13:47.280 --> 0:13:50.679
<v Speaker 5>sort of craze. Is what the Guardian calls it of

0:13:50.840 --> 0:13:56.360
<v Speaker 5>politicians accepting giveaways. Jeremy Hunt taken to the Chelsea Flower

0:13:56.440 --> 0:14:00.440
<v Speaker 5>Show by Lloyd's Banking Group. It was worth more than

0:14:00.480 --> 0:14:05.640
<v Speaker 5>six hundred pounds. He also apparently accepted theater and opera tickets.

0:14:06.080 --> 0:14:10.079
<v Speaker 5>Paul Scully, as Science and Technology Minister, went to a

0:14:10.120 --> 0:14:14.080
<v Speaker 5>Bully Joel concert after a betting and gambling company gave

0:14:14.120 --> 0:14:19.080
<v Speaker 5>him tickets, but he also enjoyed Wimbledon hospitality Stephen to

0:14:19.280 --> 0:14:23.080
<v Speaker 5>the tune of one thousand, five hundred and sixty pounds.

0:14:23.160 --> 0:14:28.240
<v Speaker 5>Keir Starmer was given Coldplay concert tickets and also the

0:14:28.440 --> 0:14:31.840
<v Speaker 5>Jockey Club gave him a box and hospitality at epsom

0:14:31.920 --> 0:14:35.320
<v Speaker 5>Derby Now that was worth while over three thousand, seven

0:14:35.400 --> 0:14:40.080
<v Speaker 5>hundred and sixteen pounds. Listen accepting hospitalities not against the

0:14:40.160 --> 0:14:43.720
<v Speaker 5>rules for MPs, according to the Guardian, but critics say

0:14:43.800 --> 0:14:47.280
<v Speaker 5>free tickets could leave MPs open to influence from companies

0:14:47.360 --> 0:14:51.480
<v Speaker 5>providing benefits. And it's also not a good look because

0:14:51.520 --> 0:14:54.840
<v Speaker 5>we're literally in the cost of living crisis. So the

0:14:54.880 --> 0:14:58.560
<v Speaker 5>newspaper says, you know, this is not something that MPs

0:14:58.560 --> 0:15:01.080
<v Speaker 5>should be doing in many ways while people are struggling

0:15:01.080 --> 0:15:01.880
<v Speaker 5>to make ends meet.

0:15:02.080 --> 0:15:03.520
<v Speaker 1>Yeah, well, of course, it's going to be very interesting

0:15:03.560 --> 0:15:05.360
<v Speaker 1>to see what political hay is made of the details

0:15:05.400 --> 0:15:06.720
<v Speaker 1>of this. As you say, the fact that they have

0:15:06.760 --> 0:15:09.400
<v Speaker 1>to be declared means that it can be used to

0:15:09.720 --> 0:15:12.520
<v Speaker 1>for criticism against these politicians as well. Lean, let's go

0:15:12.520 --> 0:15:16.120
<v Speaker 1>to the Telegraph next, which has some reporting around the

0:15:16.280 --> 0:15:17.480
<v Speaker 1>Indian moonlanding.

0:15:17.760 --> 0:15:20.040
<v Speaker 5>So yesterday we're all like, oh, is it going to happen?

0:15:20.160 --> 0:15:22.800
<v Speaker 5>Isn't it going to happen? But has happened. India has

0:15:22.840 --> 0:15:25.760
<v Speaker 5>become the first country ever to land a spacecraft on

0:15:26.000 --> 0:15:28.880
<v Speaker 5>the far side of the Moon. And speaking after the

0:15:28.960 --> 0:15:32.840
<v Speaker 5>successful landing yesterday, Narindra Mody, of course, a Prime Minister

0:15:33.160 --> 0:15:36.720
<v Speaker 5>of India, said the sky is not the limit. This

0:15:36.880 --> 0:15:41.160
<v Speaker 5>is a victory cry of New India. But the successful

0:15:41.360 --> 0:15:44.480
<v Speaker 5>mission really stephen. The Telegraph touches on the fact it's

0:15:44.520 --> 0:15:48.520
<v Speaker 5>reopened questions over who has the rights to exploit our

0:15:48.720 --> 0:15:52.920
<v Speaker 5>lunar neighborhood, and it's water because they're thinking of using

0:15:52.960 --> 0:15:56.400
<v Speaker 5>the Moon's resources when it comes to mining. Not right now,

0:15:56.400 --> 0:15:59.080
<v Speaker 5>it's a couple of hundred years away, but it could

0:15:59.120 --> 0:16:03.600
<v Speaker 5>still happen. So now who owns that land? Because India's

0:16:03.640 --> 0:16:07.720
<v Speaker 5>obviously run won the race there and the landing follows

0:16:07.800 --> 0:16:11.280
<v Speaker 5>Russia's dramatic failure to make it their first earlier this

0:16:11.320 --> 0:16:15.400
<v Speaker 5>week as it's Luna twenty five probe did crash land

0:16:15.520 --> 0:16:20.440
<v Speaker 5>on Sunday. India actually spends significantly less on its space

0:16:20.520 --> 0:16:23.880
<v Speaker 5>program than the US and China, but it's been successful

0:16:23.960 --> 0:16:26.280
<v Speaker 5>in its landing. But the big question who is going

0:16:26.360 --> 0:16:27.760
<v Speaker 5>to own those resources? Now?

0:16:28.720 --> 0:16:31.400
<v Speaker 1>This is Bloomberg Daybreak Europe, your morning brief on the

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<v Speaker 2>Europe HM