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Speaker 1: Bloomberg Audio Studios, Podcasts, radio news.

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Speaker 2: Good morning, I'm Nathan Hager and I'm Karen Moscow. Here

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Speaker 2: are the stories we're following today.

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Speaker 3: Well, Karen, it was the earnings report investors we're bracing

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Speaker 3: for an Nvidia delivered, pushing back on the idea that

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Speaker 3: the AI industry is in a bubble. Nvidia shares are

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Speaker 3: up five percent in early trading. Companies results topped analyst estimates,

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Speaker 3: with revenue rising sixty two percent to fifty seven billion dollars,

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Speaker 3: and more importantly, the chip giant delivered a strong revenue forecast,

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Speaker 3: expecting sales of about sixty five billion in the January quarter.

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Speaker 3: Matt Bryson covers Nvidia for web Bush Securities.

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Speaker 4: I think they hit the buyside expectations exactly. So what

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Speaker 4: we've been hearing beforehand, fifty seven billion on the top

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Speaker 4: line and then guy for mid sixties is kind of

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Speaker 4: what people wanted and they deliver.

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Speaker 3: That's o Wedbusch Securities analyst Matt Bryce. And it has

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Speaker 3: been quite a run for in Vidia. Sales will be

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Speaker 3: up more than tenfold from where they were in the

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Speaker 3: same period just three years ago, and.

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Speaker 2: The future looks even rosier. Nathan and video CEO Jensen

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Speaker 2: Wong says, the Blackwell ship sales are off.

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Speaker 5: The charts and video GPUs in the cloud are sold out.

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Speaker 5: We got plenty of Blackwells to sell you. We have

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Speaker 5: lots of Blackwells coming, We're making a lot of Blackwells,

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Speaker 5: and we have a bunch of Vara Rubens coming and

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Speaker 5: so business is very very strong. But we've planned our

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Speaker 5: supply chain incredibly well.

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Speaker 2: And that was in video CEO Jensen Wong speaking of

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Speaker 2: Bloomberg's at a Ludlow. For the full conversation, head over

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Speaker 2: to the Bloomberg Podcast channel on YouTube.

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Speaker 3: Well Investors are finally going to get details Karen on

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Speaker 3: the September jobs report that was delayed because of the

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Speaker 3: longest government shut down in history. We get a preview

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Speaker 3: from Bloomberg's Michael McKee.

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Speaker 6: The data are back and we're starting with a sort

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Speaker 6: of but not really important set September payrolls. If the

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Speaker 6: numbers had been released as scheduled on October third, they

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Speaker 6: would have played a big role in the Fed's October

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Speaker 6: rate decision. Instead, two months late, they're essentially out of date.

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Speaker 6: They will get scrutiny, However, it may be the last

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Speaker 6: full set of jobs numbers we get before the next

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Speaker 6: FED meeting on December tenth. While today's release may not

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Speaker 6: carry the same weight, at least it's something. Michael McKee,

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Speaker 6: Bloomberg Radio.

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Speaker 2: All right, Michael, thank you all. The Bureau of Labor

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Speaker 2: Statistics will not publish on October employment report. Instead, it

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Speaker 2: will incorporate those payrolls figures into the November jobs reports,

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Speaker 2: set to be published after the Federal Reserve's final meeting

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Speaker 2: of the year in December.

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Speaker 3: Well, the Federal Reserve has published its minutes from its

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Speaker 3: latest policy meeting from October, Karen, and they show policymakers

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Speaker 3: were divided. Many say it would likely be appropriate to

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Speaker 3: keep interest right study for the rest of the year.

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Speaker 3: Stuart Paul covers the FED for Bloomberg News.

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Speaker 7: So folks are basically looking out at the Bureau of

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Speaker 7: Laborsitiytistics and saying, what would have been a bad jobs

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Speaker 7: report is not going to be available for the FED

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Speaker 7: to make its decisions. So there's going to be one

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Speaker 7: fewer data prints encouraging a rate cut. Now we're seeing

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Speaker 7: as early as October many committee members were ready to

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Speaker 7: take that December cut off. The table.

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Speaker 3: Now, Stuart's Paul of Bloomberg News says the odds of

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Speaker 3: that December rate cut stand at about thirty percent.

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Speaker 2: Now, Nathan, let's go to the latest on the Jeffrey

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Speaker 2: Epstein files. President Trump has signed the bill to compel

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Speaker 2: the Justice Department to release its documents on the late

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Speaker 2: disgraced financier. House Minority Leader HAKEM. Jeffries is chalking it

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Speaker 2: up as a victory.

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Speaker 8: It's a big victory for the survivors, a big victory transparency,

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Speaker 8: and big victory for the American people.

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Speaker 2: House Minority Leader HOCKEYM. Jeffrey spoke on Capitol Hill. The

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Speaker 2: signing comes after the President spent months trying to block

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Speaker 2: the measure before making a dramatic about face last week.

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Speaker 2: The new law requires the Justice Department to release all

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Speaker 2: its files from the Epstein investigation, but it's launched a

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Speaker 2: new probe and to his ties to prominent Democrats, Senate

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Speaker 2: Majority Leader John Thune says that could complicate matters.

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Speaker 9: I trust the judgment of the Justice Department to ensure

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Speaker 9: that whatever files they release protect the victims clearly, and

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Speaker 9: I think there are other items, perhaps materials that were

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Speaker 9: acquired through grand jury trials that perhaps they will have

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Speaker 9: to make some decisions.

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Speaker 2: About Senate Majority leader John Thune. The law gives DOJ

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Speaker 2: thirty days to release the files, including investigations, flight logs,

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Speaker 2: travel records, immunity deals, internal communications, and records related to

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Speaker 2: Epstein's death in prison.

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Speaker 3: And there's more fallout from the Epstein matter, Karen. Former

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Speaker 3: Treasury Secretary Larry Summers is leaving his role as an

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Speaker 3: instructor at Harvard while the university investigates his ties to Epstein.

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Speaker 3: Former Harvard President will also go on leave from his

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Speaker 3: role as director of the most of Our Ramani Center

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Speaker 3: for Business and Government at the Harvard Kennedy School. Summers

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Speaker 3: is retreating from his public commitments, including his role as

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Speaker 3: a paid contributor to Bloomberg Television, and he's leaving the

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Speaker 3: board of the artificial intelligence company open Ai.

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Speaker 10: Well.

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Speaker 2: Tomorrow, Nathan, President Trump will meet with someone he's repeatedly

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Speaker 2: slammed as a communist. The President will host New York

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Speaker 2: City Mayor elect zorun Mam Donnie at the White House.

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Speaker 2: Mam Donnie won the election this month on a progressive

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Speaker 2: platform that includes freezing rents, universal childcare, city owned grocery

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Speaker 2: stores and higher taxes on corporations and the wealthy. The

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Speaker 2: mayor elects says that's the message he'll bring to the President.

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Speaker 11: I want to just speak plainly to the President about

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Speaker 11: what it means to actually stand up for New Yorkers

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Speaker 11: and the way in which New Yorkers are struggling to

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Speaker 11: afford this city and frankly, cost of living is something

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Speaker 11: that I heard time and time again from New Yorkers

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Speaker 11: about why they voted for Donald Trump.

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Speaker 2: Mayor elect zonororun Mam Donnie appeared on the cable news

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Speaker 2: network MS now. President Trump has threatened to pull federal

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Speaker 2: funds for New York now that Mom Donnie has been elected.

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Speaker 2: The city received almost ten billion dollars from Washington this

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Speaker 2: fiscal year and his time and now for a look

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Speaker 2: at some of the other stories making news in New

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Speaker 2: York and around the world, and for that we're joined

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Speaker 2: by Bloomberg's Michael Barr or Michael good Morning, Good.

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Speaker 8: Morning, Karen. Senior US military officials, including Army Secretary Daniel Driscoll,

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Speaker 8: are now in Kiev to try to restart peace talks.

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Speaker 8: A US plan presented to Ukraine includes reducing its military

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Speaker 8: Russia keeping all the land it has taken and the

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Speaker 8: militarized zone. There are no plans for Russian officials to

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Speaker 8: meet with Driscoll. Federal agents have now arrested more than

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Speaker 8: two hundred and fifty people during an immigration crackdown in Charlotte,

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Speaker 8: North Carolina. The push for arrests also expanded to areas

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Speaker 8: around Raleigh. Meanwhile, the Trump administration's plan crackdown in New

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Speaker 8: Orleans could start as early as December first. Neil Ranu,

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Speaker 8: the attorney with the Southern Poverty Law Center, noted that

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Speaker 8: has caused fear among Hispanic families.

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Speaker 12: I think the deeper impacts here, too are the emotional, psychological,

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Speaker 12: and just the distrust that children are going to develop

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Speaker 12: of sort of participating productively in a community.

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Speaker 8: Attorney Neil Uranu says Jefferson Parish Public schools has one

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Speaker 8: of the largest Hispanic student populations in the area. A

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Speaker 8: thirty three year old Brooklyn woman was sentenced to up

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Speaker 8: to nine years in prison and a crash that killed

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Speaker 8: a mother and two of her young children. Euremi pleaded

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Speaker 8: guilty demandslaughter for the March crash. Authority say Euremi was

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Speaker 8: speeding when she ran a red light and hit the

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Speaker 8: family in a crosswalk in Midwood. Uremi spoke in court

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Speaker 8: before being sentenced.

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Speaker 11: I think about the victims every day, and data goes

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Speaker 11: by andrad think.

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Speaker 8: About the company. Audio courtesy of ABC seven. The Justice

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Speaker 8: Departs been told a federal judge that the final indictment

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Speaker 8: against former FBI director James Comy was never shown to

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Speaker 8: the full grand jury. One of the lead prosecutors attributed

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Speaker 8: the situation to a paperwork hearer. The news came during

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Speaker 8: a hearing Wednesday where Comy's lawyers asked to judge to

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Speaker 8: throw out the charges that he lied to Congress on

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Speaker 8: the grounds that the government is being vindictive. Global News

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Speaker 8: twenty four hours a day and whenever you want it

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Speaker 8: with Bloomberg News Now. Hi, Michael Barrn, This is Bloomberg Karen.

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Speaker 6: Thanks Michael.

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Speaker 2: Time now for our Bloomberg Sports update, and for that

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Speaker 2: we bring in John stash Houerd.

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Speaker 10: Thanks Karen Keple of hot NBA team. The Houston Rockets

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Speaker 10: won in Cleveland. They've won five games in a row,

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Speaker 10: and so have the Toronto Raptors. After a winning Philadelphia,

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Speaker 10: Oklahoma City beat Sacramento, the thunder defended NBA Champs and

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Speaker 10: off to a fifteen and one start. Top ranked teams

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Speaker 10: met in college basketball, fourth ranked Arizona beat third ranked

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Speaker 10: yukon seventy one sixty seven. The knee injury suffered to

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Speaker 10: Falcons quarterback Michael Pennix Junior is season ending. Joe Burrow

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Speaker 10: I have the toast surgery after week two, but he

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Speaker 10: may play Sunday for the Bengals. That to Bloomberg Sports Update.

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Speaker 2: Stay with us. More from Bloomberg day Break coming up

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Speaker 2: after this.

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Speaker 1: Coast to coast on Bloomberg Radio nationwide, on Serious Exam

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Speaker 1: and around the world on Bloomberg dot Com and the

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Speaker 1: Bloomberg Business app. This is Bloomberg Daybreak.

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Speaker 3: Good morning, I'm Nathan Hagar. Don't call it a bubble.

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Speaker 3: That could be the takeaway message from Nvidia after its

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Speaker 3: surprisingly strong revenue forecast. CEO Jensen Wong says his company

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Speaker 3: is in a strong position to deliver with its most

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Speaker 3: advanced AI chaps.

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Speaker 5: We've done a good job planning for a very very

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Speaker 5: strong year, and we've done a good job planning for

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Speaker 5: Arah Rubin. So sales are off to charts and video

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Speaker 5: GPUs and the cloud is sold out. But we've got

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Speaker 5: a bunch of Blackwells to sell.

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Speaker 3: That was in Vidia CEO Jensen Wong in an exclusive

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Speaker 3: interview with Bloomberg Tech host ed Ludlow following the earnings

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Speaker 3: this morning after we're joined by Bloomberg Radio and TV

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Speaker 3: host Kritty Gupta. So these numbers are I popping once again,

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Speaker 3: fifty seven billion dollars in revenue in the previous quarter,

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Speaker 3: projection of sixty five billion in sales next quarter. How

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Speaker 3: significant is this at a time when so many investors

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Speaker 3: have been questioning all the spending around artificial intelligence.

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Speaker 13: Critty, Well, this is a massive deal because what's essentially

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Speaker 13: happened with these Nvidia earnings is Nvidia has quite literally

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Speaker 13: put their money where their mouth is. And that was

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Speaker 13: the concern that you saw earlier in the week, where

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Speaker 13: so much of the tech jitters, we're driving this global

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Speaker 13: equity sell off. You saw it in the Asian session,

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Speaker 13: you saw it in the European session, and certainly you

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Speaker 13: saw in the US session where the likes of Nvidia

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Speaker 13: and Nvidia itself actually driving the index lower. This idea

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Speaker 13: that everyone was investing in everybody else and maybe these

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Speaker 13: big promises and this big guidance would ultimately not be

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Speaker 13: delivered on. Jens Enawong really put a stop to that

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Speaker 13: kind of commentary in terms of yesterday's earnings report. That

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Speaker 13: being said, take a listen to what he's actually saying.

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Speaker 13: Because the earnings of the demand backlog, I say, is

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Speaker 13: a significant beat. So the revenue numbers are very strong.

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Speaker 13: But concern here though, is that because the demand backlog

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Speaker 13: is so large, at what point is in Vidia going

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Speaker 13: to be able to actually deliver on that, given that

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Speaker 13: they already have delays on their Blackwell chip and their

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Speaker 13: Reuben chip as well. But the idea of the fact

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Speaker 13: that some of this demand is basically unsatiable though, that

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Speaker 13: was a message that was really reinforced yesterday.

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Speaker 3: So where does this put the ball in terms of

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Speaker 3: the ball being in someone's court? Is it on the

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Speaker 3: suppliers for these Blackwell chips to keep the supply chain humming.

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Speaker 13: A little bit?

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Speaker 1: It is?

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Speaker 13: It's also on in video though, because you'll remember a

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Speaker 13: couple of quarters ago, I was even a couple of

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Speaker 13: years ago, Jensen Wong had really made this big push

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Speaker 13: to say, well, our main clients right now are the Hyperscalers.

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Speaker 13: There are the Microsofts, they are the Amazons, they're the

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Speaker 13: Googles and Alphabets of the world that are investing so

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Speaker 13: much of the extra cash. We're talking about trillions of

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Speaker 13: dollars of cash that they have on their balance sheets

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Speaker 13: into this new technology. So you had about sixty percent

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Speaker 13: at one point of their revenue of Nvidia's revenue coming

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Speaker 13: from Microsoft, coming from Amazon, coming from alphabet who are

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Speaker 13: just looking to build out those data centers and therefore

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Speaker 13: build out these use these tips to do that. What

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Speaker 13: Jensen Wong has wanted to do, though, is diversify that base,

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Speaker 13: and that's where the sales to China are really really important.

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Speaker 13: The argument here is that well, sixty percent of your

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Speaker 13: revenue or more than that, shouldn't just come from a

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Speaker 13: handful of players. There's a lot of risk in that.

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Speaker 13: What happens if Microsoft says, well, we're having a bad quarter,

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Speaker 13: maybe we don't want those chips. It's a very unlikely scenario.

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Speaker 13: But there is that question of broadening out. And now

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Speaker 13: the trade seems to be not just about the hyperscalers,

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Speaker 13: but how do the smaller companies, the next level technologies,

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Speaker 13: the healthcare manufacturers, the medical equipment makers, even some of

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Speaker 13: the kind of equipment makers for say tractors, for example,

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Speaker 13: among other things, using those chips, using that AI technology.

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Speaker 13: At the end of the day, and that's what Jensen

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Speaker 13: Wong is ultimately trying to do. It's not just about

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Speaker 13: getting more and more chips and getting more and more orders.

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Speaker 13: It's getting about more chips from more people and getting

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Speaker 13: demand from different parts of the market, broadening out the

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Speaker 13: demand and therefore justifying the broadening out of the rally

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Speaker 13: you're seeing in the stock.

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Speaker 3: Market in our last thirty seconds. It's got to get

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Speaker 3: investors attention. When Jensen Wong says that his projections include

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Speaker 3: zero revenue from China.

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Speaker 13: And this is a really interesting piece because we know

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Speaker 13: that the White House has been urging Congress to say,

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Speaker 13: loosen those restrictions. Congress really actually trying to tighten it,

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Speaker 13: saying that we don't want to talk about talk about

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Speaker 13: selling our really high technology to China, to the Middle East,

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Speaker 13: to other places around the world. The White House trying

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Speaker 13: to seek those curbs. At the end of the day,

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Speaker 13: Jensen Wong saying, look, that zero percent number on the

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Speaker 13: Blackwell chips is actually a massive safety measure, and if

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Speaker 13: you do get the green light, that can only add

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Speaker 13: to the blockbuster numbers that already exist.

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