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Speaker 1: Good morning.

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Speaker 2: I'm Nathan Hager and I'm Karen Moscow. Here are the

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Speaker 2: stories we're following today.

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Speaker 3: We begin with the latest developments on the war in

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Speaker 3: the Middle East. Fighting between Israel and Hamas rages on

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Speaker 3: in Gaza's second largest city. This as UN Secretary General

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Speaker 3: Antonio Guteras dramatically escalates his call for a ceasefire. Guterra's

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Speaker 3: has written to the UN Security Council over the issue,

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Speaker 3: invoking a rarely used power. Here's this, spokesman Stefan Dujerik.

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Speaker 4: In the letter, which has been shared with you, the

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Speaker 4: Secretary General urges the members of the Security Council to

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Speaker 4: press to avert a humanitarian catastrophe, and he appeals for

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Speaker 4: a humanitarian ceasefire.

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Speaker 5: To be declared.

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Speaker 3: This is the first time a UN Secretary General has

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Speaker 3: used this power since the nineteen seventies.

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Speaker 2: Meanwhile, Nathan, there is more fallout from the Capitol Hill

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Speaker 2: testimony of three university presidents. Hedge Fund Titans, politicians and

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Speaker 2: business leaders are railing against the leaders of Harvard, MIT

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Speaker 2: and the University of Pennsylvania for refusing to say the

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Speaker 2: calling for the genocide of Jews is against school policy.

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Speaker 6: Bloomberg's Amy Morris reports.

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Speaker 7: Pfizer CEO Albert Burlow took to X formerly Twitter to

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Speaker 7: say he was ashamed to hear the university president's testimony,

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Speaker 7: calling it one of the most despicable moments in the

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Speaker 7: history of US academia. Investor Bill Ackman, who called on

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Speaker 7: his alma mater, Harvard to do more to protect Jewish students,

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Speaker 7: posted on X quote they all must resign in disgrace.

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Speaker 7: Penn President Liz McGill issued a video statement to clarify

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Speaker 7: her testimony.

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Speaker 8: For decades, under multiple Penn presidents and consistent with most universities,

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Speaker 8: Penn's policies have been guided by the Constitution, in the law.

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Speaker 8: In today's world, where we are seeing signs of hate

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Speaker 8: proliferating across our campus in our world, these policies need

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Speaker 8: to be clarified and evaluated.

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Speaker 7: Harvard President doctor Claudine Gay issued a statement clarifying the

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Speaker 7: university has a staunch position against calls for violence against

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Speaker 7: the Jewish community. The critics say she should have said

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Speaker 7: that while she was on Capitol Hill. Amymore as Bloomberg.

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Speaker 3: Radio, Okamie, thank you, there are new developments this morning

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Speaker 3: in the war in Ukraine from here in the US,

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Speaker 3: the Senate has failed to get the votes to try

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Speaker 3: to pass aid for the country, and Bloomberg's Ed Baxter

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Speaker 3: has the latest.

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Speaker 9: It's back to the drawing board, not even making it

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Speaker 9: for a floor vote with the issue border funding for

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Speaker 9: the GOP. President Biden says they have to get something done.

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Speaker 10: This cannot wait. Congress needs to pass supplemental funding for

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Speaker 10: Ukraine before they break for the holiday. Resource as simple

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Speaker 10: as that, Frank, I think is stunning that we've gotten

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Speaker 10: to this point in the first place.

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Speaker 9: Now the US Heasship more aid to Ukraine, but says

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Speaker 9: it could be the last without more funding. Ed Baxter, Bloomberg.

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Speaker 2: Radio, all right, and thank you. Now let's get to

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Speaker 2: the latest in the presidential race. The fourth Republican debate

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Speaker 2: was held last night in Tuscaloosa, Alabama, and with frontrunner

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Speaker 2: Donald Trump off this stage, the remaining candidates trained much

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Speaker 2: of their fire on Nikki, mainly who's been gaining in

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Speaker 2: the polls. Vivek Ramaswami went after the former UN ambassador

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Speaker 2: over her ties to Wall Street. Larry Think, the king

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Speaker 2: of the Woke Industrial Complex, the ESG movement, the CEO

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Speaker 2: of Blackrock, the most powerful company in the world now supporting.

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Speaker 3: Nicki Haley and to say that doesn't affect her.

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Speaker 2: As false, and Hailey defended her record.

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Speaker 11: Look, we will take support from anybody we can take

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Speaker 11: support from.

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Speaker 12: But I have been a conservative fighter all my life.

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Speaker 2: Along with Hailey and Ramaswami, Florida Governor Rondez Santis and

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Speaker 2: former New Jersey Governor Chris Christi also took part in

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Speaker 2: the debate hosted by News Nation. The first votes in

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Speaker 2: this race will be cast in Iowa in less than

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Speaker 2: six weeks.

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Speaker 3: Turning back to Wall Street, Karen, leaders of the nation's

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Speaker 3: biggest banks appeared on Capitol Hill for the Senate Banking

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Speaker 3: Committee's annual Wall Street Oversight hearing. JP Morgan Chase CEO

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Speaker 3: Jamie diamond told lawmakers he would shudder the crypto industry

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Speaker 3: if he had their power.

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Speaker 13: I've always been deeply opposed to crypto at coin etc.

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Speaker 13: You pointed out going true use case for it criminals,

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Speaker 13: drug traffickers, anti money learning, tax avoidance, and that is

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Speaker 13: a use case. If I were the government's I close

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Speaker 13: it down.

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Speaker 3: Jamie Diamonds remarks, ad to his long history of bashing

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Speaker 3: digital currencies, He's previously called them Ponzi schemes and a fraud.

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Speaker 2: Well Nathan evaluation for Elon Musk SpaceX bless into orbit,

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Speaker 2: and we get the details from Bloombergy's John Tucker John.

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Speaker 14: Karen Is share a Salefer SpaceX would value the company

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Speaker 14: at at least one hundred and seventy five billion dollars.

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Speaker 14: SpaceX is considering offering shares at about ninety five dollars apiece.

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Speaker 14: The potential valuation would position SpaceX among the world's most

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Speaker 14: valuable companies, surpassing Comcast and Disney. It's number one in

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Speaker 14: the space race. In the first nine months of the year,

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Speaker 14: SpaceX made sixty nine orbital launches. Of SpaceX is on

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Speaker 14: track to book revenues of about nine billion dollars this year,

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Speaker 14: with sales projected to rise to around fifteen billion next year.

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Speaker 14: John Tucker, Bloomberg.

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Speaker 3: Radio, Thanks John. Turning overseas, China and EU officials are

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Speaker 3: whole their first in person summit in four years in Beijing,

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Speaker 3: and we get more from Bloomberg's Jill Lisis in Taiwan.

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Speaker 15: What they ultimately talked about was really sort of strengthening

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Speaker 15: this idea of the trade partnership. We've gotten to read

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Speaker 15: out from state media in China, saying that she was

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Speaker 15: really emphasizing this idea of China being willing to be

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Speaker 15: a key trade and economic partner for the EU. They

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Speaker 15: were talking about they need to work on political trusts,

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Speaker 15: this idea of mutually beneficial cooperation.

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Speaker 3: Bloomberg's Jill Lisis says the meeting lasted only one day.

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Speaker 2: And Nathan the European Union is nearing a deal on

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Speaker 2: what's foised to become the most comprehensive regulation of artificial

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Speaker 2: intelligence in the Western world. Negotiators are still hammering out

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Speaker 2: the final details, but sources say delegates agree to a

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Speaker 2: set of controls for generative artificial intelligence tools such as

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Speaker 2: open ais Chat, GPT and Google's barred. And it's time

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Speaker 2: now for a look at some of the other stories

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Speaker 2: making news around the world. For that were joined by

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Speaker 2: Bloomberg's Amy Morris, Samy goodmane.

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Speaker 7: Good Morning Karen. More than six hundred mass shootings in

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Speaker 7: the US so far this year twenty twenty three, now

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Speaker 7: on pace to be a record year for gun violence,

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Speaker 7: and three people are dead in the shooting at UNLV.

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Speaker 7: Sheriff Kevin McHale of the Las Vegas Metropolitan Police said

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Speaker 7: that shooting originated on the fourth floor of a building

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Speaker 7: on campus, and the unnamed suspect was killed by an

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Speaker 7: officer at the scene.

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Speaker 3: They hadn't been for the heroic actions of one of

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Speaker 3: those police officers who responded, it could have been countless

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Speaker 3: additional lives taken.

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Speaker 7: At least say they know the identity of the suspect,

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Speaker 7: they're not releasing his name until after they notify next

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Speaker 7: to ken, survivors of gun violence, victims, families, and lawmakers

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Speaker 7: gathered at Saint Mark's Episcopal Church in Washington, d c.

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Speaker 7: For the eleventh annual National Vigil for All Victims of

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Speaker 7: gun violence. Among those speaking at the vigil Senator Chris

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Speaker 7: Murphy from Connecticut, we.

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Speaker 16: Are here heartbroken by the fact that we continue to

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Speaker 16: need to assemble, but we also have to be here

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Speaker 16: booie by the fact that this is no longer a

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Speaker 16: leap of faith. We have built a movement that will sustain,

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Speaker 16: that will continue to win, and we have proven that

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Speaker 16: when we build that movement and when we win, we

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Speaker 16: save lives.

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Speaker 7: The vigil was organized by the Newtown Action Alliance Foundation

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Speaker 7: and held ahead of next Thursday's anniversary of the twenty

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Speaker 7: twelve Sandy Hook Elementary School shooting. On Capitol Hill, Senate

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Speaker 7: Republicans are blocking a Democratic ban on assault style weapons.

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Speaker 7: Republican Senator John Barrasso blocked the motion, arguing that the

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Speaker 7: bill would label responsible gun owners as criminals. Capitol Hill

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Speaker 7: continues to see an exodus of lawmakers, with Farmer Speaker

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Speaker 7: Kevin McCarthy the latest to announce that he's stepping down.

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Speaker 7: Bloomberg's Nazzy Llons has more on the trend.

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Speaker 17: Terry Haynes with Pangaea Policy says, with Republicans Kevin McCarthy

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Speaker 17: and Patrick McHenry announcing their departures this week, those left

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Speaker 17: seem to have a particular bent, more.

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Speaker 14: Of the firebrands, more of the people who think it's

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Speaker 14: all about Team Red, Team Blue.

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Speaker 17: Former Congressman and former White House Chief of Steph mcmulvaney

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Speaker 17: says there could be more departures coming.

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Speaker 18: If you're a Republican who has a better offer right

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Speaker 18: now on the table, you are seriously considering it, looking

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Speaker 18: for a way to leave.

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Speaker 17: Mlvaney tells Bloomberg sound on from what he's hearing, it's

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Speaker 17: a toxic atmosphere now on Capitol Hill in Washington. Nancy

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Speaker 17: lyons Bloomberg Radio global news twenty four hours a day

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Speaker 17: and whenever you want it. With Bloomberg News Now, I'm

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Speaker 17: maybe Morris send this as Bloomberg here.

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Speaker 2: All right, Amy, thank you. We do bring you news

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Speaker 2: throughout the day right here on Bloomberg Radio. But now

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Speaker 2: you can get the latest news on demand, and that

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Speaker 2: means whenever you want it. Like Amy said, you just

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Speaker 2: subscribe to Bloomberg News Now and you can get the

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Speaker 2: latest headlines at the click of a button. Get informed

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Speaker 2: on your schedule. You can listen and subscribe to Bloomberg

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Speaker 2: News Now on the Bloomberg Business app, Bloomberg dot Com,

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Speaker 2: plus apples, Spotify, and anywhere else you get your podcasts.

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Speaker 2: Time now for the Bloomberg Sports Update. Here's John stash Hour.

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Speaker 19: John Jaron the Yankees for through an uncharacteristically down season

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Speaker 19: in twenty twenty three, making sure it doesn't happen again.

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Speaker 19: The day after acquiring one left handed hitting outfielder Alex

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Speaker 19: Verdugo from Boston, they've acquired another one and it's a

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Speaker 19: big star. Juan Soto comes from San Diego with another

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Speaker 19: outfielder Trent Christiam. The Padres in return yet pitcher Michael King,

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Speaker 19: three other young pitchers, and veteran catcher Kyle Higashioka. The

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Speaker 19: Yankees may have Soto for just the twenty twenty four season.

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Speaker 19: He's going to be a free agent after that. Eduardo Rodriguez,

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Speaker 19: the veteran lefty leaving Detroit. He signed a four year

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Speaker 19: deal with Arizona. Big fourteen of the NFL begins tonight.

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Speaker 19: The lowly struggling two to ten Patriots in Pittsburgh. Stealers

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Speaker 19: come off a bad home loss to Arizona, but they're

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Speaker 19: in it for a playoff spot. Not sure if they'll

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Speaker 19: have running back Najie Harris, he's questionable with a knee injury.

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Speaker 19: Joe l Mb fifty points in Philadelphia's won thirty one

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Speaker 19: to one twenty six at Washington. That drops the Wizards

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Speaker 19: to three and seventeen. The Warriors are ten and eleven.

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Speaker 19: They until the fourth quarter, but Steph Curry bail the

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Speaker 19: Mouth scored thirty one. Golden State be Portland won ten

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Speaker 19: to one oh six. Luca Donzi's played only thirty two minutes,

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Speaker 19: scored forty at a triple double by halftime Dallas won

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Speaker 19: by fifty over Utah. Cleveland beat Orlando. Donovan Mitchell thirty

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Speaker 19: five points on the win, Paulo bonkeo forty two and

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Speaker 19: the loss, and Desmond Bain scored forty nine in Memphis's

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Speaker 19: win at Detroit.

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Speaker 18: John Stash.

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Speaker 3: That were Bloomberg Sports.

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Speaker 5: From coast to coast, from New York to San Francisco,

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Speaker 5: Boston to Washington, DC, nationwide on siriusxam, the Bloomberg Business

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Speaker 5: app in Bloomberg dot Com. This is Bloomberg Daybreak. Good morning.

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Speaker 5: I'm Nathan hager Moll.

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Speaker 3: It's taken more than a decade, but it finally looks

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Speaker 3: like the first ever spot bitcoin ETFs will arrive in

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Speaker 3: the US soon. On the most recent episode of the

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Speaker 3: Bloomberg Trillions podcast, Bloomberg's Joel Weber and Eric Balcuna spoke

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Speaker 3: with ARC Investment founder Kathy Wood. They discussed spot bitcoin

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Speaker 3: exchange traded funds, getting approval for them from the Securities

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Speaker 3: and Exchange Commission, and convincing crypto doubters like JP Morgan, Chase, CEO,

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Speaker 3: Jamie Diamond, and Senator Elizabeth Warren. So we want to

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Speaker 3: bring you part of that discussion right now.

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Speaker 18: You're still having to wrestle with a version of haters, right,

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Speaker 18: And I think the haters actually, for a while within

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Speaker 18: the last year and change kind of gained a little

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Speaker 18: bit of an upper hand with the carnage that came

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Speaker 18: out of the SBF fallout. So how do you wrestle

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Speaker 18: with that sentiment that still remains, which is like, there's

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Speaker 18: no point to this, why should I even bother?

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Speaker 12: So I'll start there. I had to defend what we

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Speaker 12: were doing throughout last year, so Tera Luna Celsius, three

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Speaker 12: arrows FTX, and when FTX blew up, I basically said,

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Speaker 12: and I think it's now clear that wait a minute,

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Speaker 12: this prove the value of bitcoin and other cryptocurrencies. Bitcoin

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Speaker 12: completely transparent, decentralized, no counterparty risk, whereas FTX completely opaque, centralized,

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Speaker 12: and fraudulent. So that was the first step. But even

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Speaker 12: more provocative, I thought, was during the regional bank crisis

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Speaker 12: in March, as you pointed out earlier, Joel, bitcoin went

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Speaker 12: up fifty percent as the KRE the Regional Bank index

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Speaker 12: was imploding, an SVP and signature went under, and we

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Speaker 12: were able to say to our clients, wait a minute,

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Speaker 12: Bitcoin is not just a risk on asset. It is

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Speaker 12: now showing its stripes as a risk off asset when

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Speaker 12: there's a financial crisis and counterparty risk becomes a question,

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Speaker 12: because that is a question with the regional banks.

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Speaker 6: I think that.

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Speaker 12: Has gotten a lot of people's attention, as well as

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Speaker 12: others in the industry who were negative. And you're right,

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Speaker 12: it's so interesting to see Jamie Diamond and Elizabeth Warren

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Speaker 12: on the same side of the agreeing with each other.

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Speaker 12: Kind of what But someone like Larry Fink coming around

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Speaker 12: after years of focusing on the environmental issues that he

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Speaker 12: thought were a part of the bitcoin ecosystem. And you know,

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Speaker 12: I think one of the most important things that happened

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Speaker 12: actually happened five years ago when Cambridge Associates published its

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Speaker 12: first report on crypto and focused on bitcoin in particular

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Speaker 12: and basically said to its foundations and endowments, look, you

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Speaker 12: may not like this instrument, but you should get to

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Speaker 12: know as much as you possibly can about it, because

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Speaker 12: this seems like it's a new asset class with a

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Speaker 12: very low correlation of returns to other assets. And so

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Speaker 12: I think, but one by one, these points are I

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Speaker 12: think are hitting home, hitting a responsive cord, and I

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Speaker 12: do think the SEC coming around and blessing a bitcoin

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Speaker 12: spot ETF is going to check the box for a

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Speaker 12: lot of institutions.

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Speaker 18: Let's say that it approves. What happens to the price

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Speaker 18: of bitcoin when that headline moves that SEC has approved

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Speaker 18: a spot bitcoin product.

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Speaker 12: Some of it's happening right now, and.

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Speaker 5: There's this.

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Speaker 18: Room building for that moment. But what happens that moment?

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Speaker 12: Yeah, very often, very often you will get a sell

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Speaker 12: on the news because and I don't know where it

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Speaker 12: will go between now and then. And you could have

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Speaker 12: a sell on the news and you know you'll get

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Speaker 12: but maybe some week holders in kicking and screaming and

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Speaker 12: they may sell. But when you think we're at roughly

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Speaker 12: nineteen and a half million bitcoin outstanding and we're only

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Speaker 12: going to twenty one million, and I really do believe that,

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Speaker 12: knowing the core some of the core developers the way

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Speaker 12: I do, then I think this institutional push in will

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Speaker 12: be the biggest reason that our target, which the base

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Speaker 12: case is six hundred and fifty thousand and the bowl

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Speaker 12: case is one point five million. One of the reasons

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Speaker 12: that we have a shot that those numbers are close

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Speaker 12: to the mark is the institutional interest in a new

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Speaker 12: asset class.

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Speaker 3: And that was the founder of our investment management. Kathy

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Speaker 3: Wood speaking with Joel Weber and Eric Balchunis on the

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Speaker 3: Bloomberg Trillions podcast downloaded on Apple, Spotify or wherever you

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Speaker 3: get your podcasts, and of course on the Bloomberg Business

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Speaker 3: app as well. Sticking with the tech space, Advanced micro

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Speaker 3: Devices has unveiled new so called accelerator chips that it

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Speaker 3: says will be able to run artificial intelligence software faster

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Speaker 3: than rival products. At a launch event in San Jose, California,

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Speaker 3: a m d's CEO Lisa Sue sat down with Bloomberg's

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Speaker 3: Ed Ludlow to explain the truth is.

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Speaker 11: We've all experienced over the last twelve months, this incredible revolution,

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Speaker 11: right you know, chat rept has has really changed the

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Speaker 11: way we think about what tech can do. And the

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Speaker 11: underlying capability of that is GPUs, and you know, very

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Speaker 11: very capable of GPUs.

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Speaker 6: You know, we made some.

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Speaker 11: Very very good decisions, you know a few years ago

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Speaker 11: about how to put together this technology, and that includes

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Speaker 11: both being very good for training, so training large models,

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Speaker 11: but also very good for answering questions or inference so

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Speaker 11: when you ask, you know, the chat rept a question,

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Speaker 11: it takes sometimes a little bit of time for it

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Speaker 11: to respond to an answer.

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Speaker 20: Some latency.

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Speaker 6: There's some latency there.

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Speaker 11: And you know we've found, you know, really a great

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Speaker 11: technological solution by adding you know, lots of high bandwidth

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Speaker 11: memory or memory capacity.

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Speaker 20: Fish and video will not have into H two hundred

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Speaker 20: second quarter of next year.

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Speaker 6: That is correct.

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Speaker 11: We are industry leaning, so you know, best in class

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Speaker 11: in terms of inference performance and.

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Speaker 20: What is the side by side lisa on training and

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Speaker 20: performance three hundred x versus H one hundred.

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Speaker 11: Yeah, so if you look at we showed some of

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Speaker 11: the benchmarks earlier today, if you look at training performance,

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Speaker 11: we're very very competitive.

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Speaker 6: Let's call it. You know, it's a toss up.

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Speaker 11: When you look at inference performance, we're one point four

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Speaker 11: to one point six times better. And you know what

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Speaker 11: that means is, you know, if you're running these models,

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Speaker 11: you can actually run more models, or you can run

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Speaker 11: larger models. You know, with I three hundred and right now,

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Speaker 11: you know the key.

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Speaker 6: To AI is GPU compute.

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Speaker 11: I mean that is absolutely what everybody says, and so

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Speaker 11: we're here to provide lots of GPU compute.

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Speaker 20: You've had the confidence to dramatically alter your your forecast

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Speaker 20: for this market for AI accelerators. You're saying a total

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Speaker 20: addressable market of four hundred billion US dollars in twenty

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Speaker 20: twenty seven. In August, just in August, you said it

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Speaker 20: was one hundred and fifty billion.

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Speaker 6: What has changed, Yeah, And you know, really the way we.

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Speaker 11: Look at these things is we usually look at these

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Speaker 11: things on an annual basis, and so you know, when

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Speaker 11: we were, you know, doing our plan for twenty twenty

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Speaker 11: three and beyond last year, we thought that you know,

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Speaker 11: this year there would be about a thirty billion dollar

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Speaker 11: market and it would grow you know, fifty percent compound

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Speaker 11: annual growth rates, so be about one hundred and fifty

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Speaker 11: billion in twenty twenty seven, which frankly was very very large.

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Speaker 11: But what's changed is we can all see what's changed, right,

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Speaker 11: People need more compute.

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Speaker 6: They're installing more.

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Speaker 11: You know, the numbers for this year are probably closer

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Speaker 11: to forty five billion. And when we talked to customers,

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Speaker 11: when I spend time with our part partners, and what

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Speaker 11: they tell us is the technology.

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Speaker 6: Requires more compute.

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Speaker 11: And so we now believe the total market for this

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Speaker 11: it's upwards of four hundred billion and twenty twenty seven.

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Speaker 6: It's huge.

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Speaker 11: There's no one size fits all. They're going to be

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Speaker 11: multiple solutions. There are lots of good solutions out there today,

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Speaker 11: but we believe the AMD capability is very significant, and so.

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Speaker 6: We're excited about it.

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Speaker 20: It was interesting to see on stage how MI three

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Speaker 20: hundred x manifests itself in the real world, but you'd

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Speaker 20: already guided us that it will likely be the quickest

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Speaker 20: AMD product to one billion dollars. There were sections of

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Speaker 20: the market in the street that said your forecast of

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Speaker 20: two billion dollars of sales for MI I three hundred

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Speaker 20: x in twenty four was conservative. If you're saying that

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Speaker 20: the total addressable market by twenty twenty seven is now

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Speaker 20: four hundred billion, then is that two billion forecasts for

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Speaker 20: next year, specifically for MI I three hundred x conservative

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Speaker 20: as the market thinks it is, Well.

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Speaker 11: I think you'll have to take a step back and

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Speaker 11: just look at how this technology is evolving. So, you know,

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Speaker 11: we did update in our last conference call to an

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Speaker 11: expectation about two billion in twenty twenty four for our

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Speaker 11: data center GYPUS. It's a very early estimate, I would say,

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Speaker 11: you know, we have clear line of sight to that.

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Speaker 11: But you know, what people ask me is like there

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Speaker 11: is much more customer demand, definitely, and there's also significantly

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Speaker 11: more supply because we've had to prepare the supply chain

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Speaker 11: so that we're ready to ramp.

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Speaker 6: So we'll update as we go along.

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Speaker 11: You know, we are, you know, definitely on this path

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Speaker 11: to ramp m I three hundred, the fastest is anything's

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Speaker 11: ever ramped at AMD. And you know, I view this

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Speaker 11: as a multi year opportunity for US.

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Speaker 20: I mean, supply is a key question because when you

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Speaker 20: say about two billion dollars, about could mean less or

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Speaker 20: more than two billion dollars. But what is the state

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Speaker 20: of supply right now? Has it improved such that actually

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Speaker 20: you could exceed your expectations because you have visibility on

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Speaker 20: great volume of GPUs to hand over to customers.

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Speaker 6: Yeah, for sure.

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Speaker 11: When we plan, we plan for success, and so our

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Speaker 11: planning has the capability to be significantly higher than two billion.

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Speaker 11: We have, you know, customer demand, you know, serve lots

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Speaker 11: and lots of interest for I three hundred, and I

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Speaker 11: think the key for us is, you know, one step

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Speaker 11: at a time. Right Today was a huge day in

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Speaker 11: terms of the launch We're actively in deployment with a

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Speaker 11: number of the customers and partners. You know, Microsoft on Stage, Oracle, Meta,

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Speaker 11: our OEM partners, Dell, Lenovo, super Micro.

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Speaker 6: Everyone is really doing just phenomenal. HPE on them I three.

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Speaker 11: Hundred a side, So a great, great set of partners

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Speaker 11: and great partnerships for us to ramps as fast as possible.

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