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Speaker 1: Bloomberg Audio Studios, podcasts, radio News. Good morning, I'm Nathan

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Speaker 1: Hager and I'm Karen Moscow. Here are the stories we're

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Speaker 1: following today.

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Speaker 2: Get another blowout order from Nvidia, the chip maker at

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Speaker 2: the center of the artificial intelligence boom, not only beat

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Speaker 2: earnings estimates, it also gave a bullish sales forecast, showing

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Speaker 2: AI computing spending remains strong. Chief Executive Officer Jensen Wang

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Speaker 2: stoked excitement with talk of the dawning of a new era.

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Speaker 3: The next Industrial Revolution has begun. Companies and countries are

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Speaker 3: partnering with Nvidia to shift the trillion dollar installed base

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Speaker 3: of traditional data centers to accelerated computing and build a

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Speaker 3: new type of data center AI factories to produce a

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Speaker 3: new commodity, artificial intelligence.

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Speaker 2: Nvidia CEO Jensen Wang also announced a ten for one.

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Speaker 1: Split, and Nathan that news is being cheered by investors,

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Speaker 1: and Vidia shares are among the most actively traded this morning.

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Speaker 1: Right now, they're trading above the thousand dollars level, up

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Speaker 1: six and a half percent. Dan Morgan is an analyst

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Speaker 1: with Sonovas Trust.

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Speaker 4: The ten for one stocksport is absolutely huge because like

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Speaker 4: Amazon and Google, and they both did twenty four one

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Speaker 4: stock sports. It really allows the retail investor to participate

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Speaker 4: more in terms of buying more shares, and it's a

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Speaker 4: psychological thing, but it does boost the.

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Speaker 5: Stock Sonova's trust.

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Speaker 1: Dan Morgan also notes that in Vidia boosted its quarterly

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Speaker 1: dividend by one hundred and fifty percent ten cents a share.

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Speaker 2: And Karen the Nvidia rallies helping lift other companies associated

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Speaker 2: with AI. Shares of super micro computer up about four percent,

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Speaker 2: Dell is hired by about five percent, Advanced micro Devices

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Speaker 2: with a gain of nearly three percent.

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Speaker 1: Well, we turned to the economy now, Nathan, and the

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Speaker 1: mantra higher for Longer has been reinforced.

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Speaker 5: By FED officials.

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Speaker 1: We get the very latest from Bloomberg's John Tucker John Karen.

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Speaker 6: Minutes from the last FED meeting show the participants not

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Speaker 6: only rallying around higher for Longer, but many question whether

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Speaker 6: policy was restrictive enough. Various officials mentioned a willingness to

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Speaker 6: tighten policy further if warranted. The FED policy makers pointed

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Speaker 6: to the possibility of high indust rates having a smaller

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Speaker 6: impact on the economy than in the past. They also

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Speaker 6: said the long run neutral rate that's the level of

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Speaker 6: rates that neither slows nor stimulates demand may be higher

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Speaker 6: than previously thought. Since the Fed's last meeting, consumer price

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Speaker 6: data has shown modest cooling, and while price growth remains

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Speaker 6: above the Fed's goal, the latest figures alleviate some concern

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Speaker 6: inflation is reaccelerating. John Tucker, Bloomberg Radio.

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Speaker 2: All right, John, thank you know. The Biden administration is

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Speaker 2: touting its independence from the FED. In a blog post,

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Speaker 2: White House economist cited research and historical data to make

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Speaker 2: the case that central bank's independence bolsters their credibility with

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Speaker 2: the public. The move comes amid heightened speculation over how

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Speaker 2: Donald Trump could ramp up pressure on the FED if

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Speaker 2: he wins another term in the White House.

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Speaker 1: Well, sticking with the Washington Nathan, we could see another

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Speaker 1: vote on immigration policy in the Senate today. Bloomberg's Ed

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Speaker 1: Baxter has the story.

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Speaker 7: Son of Majority Leader Chuck Schumer says he'll bring the

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Speaker 7: one House Speaker Mike Johnson refused to bring to the floor.

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Speaker 8: Will both sides come together to advance a bipartisan border

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Speaker 8: security bill?

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Speaker 5: All partisanship getting the way once again.

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Speaker 7: But a Republican Tom Tillo says Schumer may have miscalculated

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Speaker 7: the situation.

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Speaker 9: There were already no votes in his conference, So I mean,

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Speaker 9: it's just going to demonstrate that there was no path.

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Speaker 9: He knows that it's not going to go anywhere in

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Speaker 9: the House.

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Speaker 7: In any case, it is scheduled for today, Ed Baxter,

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Speaker 7: Bloomberg Radio.

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Speaker 2: All right, Ed, thank you. We have another big political

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Speaker 2: story already developing. Former President Trump's last remaining rival in

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Speaker 2: the Republican presidential race is now his latest supporter, Nicki Haley,

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Speaker 2: says she will vote for Trump in November. Bloomberg Zamy

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Speaker 2: Morris reports from Washington.

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Speaker 10: Haley, who challenged Donald Trump for the Republican nomination, is

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Speaker 10: the latest critic of the former president to back his

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Speaker 10: White House bid. As she told a gathering at the

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Speaker 10: Hudson Institute in Washington.

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Speaker 11: Trump has not been perfect on these policies. I've made

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Speaker 11: that clear many many times. But Biden has been a catastrophe.

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Speaker 11: So I will be voting for Trump.

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Speaker 10: Haley's endorsement of Trump is the latest sign of his

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Speaker 10: near total grip over the Republican Party. President Biden has

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Speaker 10: openly courted Haley's supporters to back his campaign in Washington.

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Speaker 10: Amy Morris Bloomberg radio.

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Speaker 1: All right, Amy, thanks, We'll be turned to politics overseas

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Speaker 1: now and there'll be a national election in the UK.

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Speaker 1: On July fourth, Prime Minister rishi's Sunat called for one

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Speaker 1: as his Conservative party faces the biggest challenge to its

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Speaker 1: fourteen year rule. In a statement outside Number ten Downing Street,

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Speaker 1: Sunak said the country needs clear leadership these uncertain times.

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Speaker 12: Cool for a clear plant. I'm bold action to chant

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Speaker 12: a cause to a secure future. You must choose in

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Speaker 12: this who has that plan, who is prepared to take

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Speaker 12: the bald action necessary to secure a better future for

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Speaker 12: our country and our children.

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Speaker 1: Rishi Sunak has seen support for his center right party

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Speaker 1: dwindle steadily. Meanwhile, Labor leader Kir Starmer kicked off his

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Speaker 1: own campaign, saying his party can put an end to

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Speaker 1: recent turmoil.

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Speaker 5: On the fourth of July.

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Speaker 2: You have the choice and together we can start the chaos.

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Speaker 9: We can turn the page.

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Speaker 12: We can start to rebuild Britain and change our country.

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Speaker 1: Kier Starmer's shadow Chancellor, says the Labor Party will campaign

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Speaker 1: and the economy, arguing that recent high inflation and lackluster

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Speaker 1: growth are the product of a conservative government.

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Speaker 2: Well back here in the US, Karen the next anti

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Speaker 2: trust fight could be coming at the will call window.

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Speaker 2: Bloomberg News has learned the Justice Department is joining with

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Speaker 2: a group of states to sue Live Nation Entertainment. More

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Speaker 2: from Bloomberg's Doug Krisner.

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Speaker 9: The violations are related to Ticketmaster's unrivaled control of concert

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Speaker 9: ticket sales. We are told to suit will seek remedies,

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Speaker 9: including breaking up Live Nation. Live Nation is the largest

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Speaker 9: US concert promoter. It merged with Ticketmaster back in twenty ten.

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Speaker 9: At that time, the DOJ allowed the deal to move

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Speaker 9: forward when Live Nation promised not to retaliate against concert

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Speaker 9: venues that opted against using Ticketmaster. Years later, the DOJ

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Speaker 9: found Live Nation had repeatedly violated that promise, so the

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Speaker 9: DOJ imposed an external monitor to investigate further allegations. In

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Speaker 9: New York, I'm Doug Prisner, Bloomberg.

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Speaker 1: Radio, all Right, doke thanks. Shares of Live Nation down

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Speaker 1: more than seven percent in early trading. On the flip side,

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Speaker 1: du Pont shares up more than three percent. DuPont plans

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Speaker 1: to split into three publicly traded companies. It joins a

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Speaker 1: list of industrial conglomerates seeking to boost returns by breaking

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Speaker 1: into smaller, more focused businesses. And it's time now for

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Speaker 1: a look at some of the other stories making news

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Speaker 1: in New York and around the world. For that, we're

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Speaker 1: joined by Bloomberg's Michael bar Michael, good morning.

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Speaker 8: Good morning Karon. For the second time this week, Penn

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Speaker 8: Station service was suspended because of fallen electrical wires. The

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Speaker 8: down overhead power lines brought the evening commute home to

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Speaker 8: a halt from many passengers laid yesterday. Both Amtrak and

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Speaker 8: New Jersey Transit were operating very limited service out of

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Speaker 8: Penn Station. Delays and cancelations could continue through this morning.

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Speaker 8: Twenty people remained in intensive care in Bangkok more than

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Speaker 8: twenty four hours after deadly turbulence hit a Singapore airline's

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Speaker 8: flight and forced the plane into an emergency landing. One

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Speaker 8: man was killed and dozens of other people were seriously

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Speaker 8: hurt after the flight from London to Singapore suddenly hit turbulence.

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Speaker 8: A workplace shooting in Pennsylvania left at least two people dead.

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Speaker 8: It happened Wednesday at an industrial linen company just outside Philadelphia,

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Speaker 8: when police say the suspect opened fire on co workers

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Speaker 8: with a handgun. Frightened employees described the chaotic scene le so.

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Speaker 13: You know, I turned around, he pulled a gun out

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Speaker 13: of his pocket and point Blake Rays.

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Speaker 14: Just like that.

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Speaker 8: Inspect fled driving home just miles away, where he was

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Speaker 8: pulled over and captured by authorities in front of his neighbors.

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Speaker 8: The Biden administration has a quote deep concern about the

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Speaker 8: closure of a key entry point for aid flowing into Gaza.

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Speaker 8: Israeli forces pushed into the southern city of Rafa earlier

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Speaker 8: this month, closing the crossing into Egypt. Secretary of State

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Speaker 8: Antity Blincoln.

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Speaker 5: Because of.

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Speaker 2: Combat activities around near and around the gate, the environment

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Speaker 2: for bringing the assistance in is really challenged.

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Speaker 8: Secretary Blincoln. Health officials confirm a second person in the

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Speaker 8: US has been infected with bird flu. The case was

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Speaker 8: confirmed in a Michigan farm worker who had regular exposure

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Speaker 8: to livestock infected bird flu. Michigan Health Department Chief Medical

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Speaker 8: Executive doctor Natasha Bagdasarian, the.

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Speaker 15: Risk to the general public remains low. We know that

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Speaker 15: with our current understanding of H five influenza and H

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Speaker 15: five influare ones are particularly in livestock, that there is

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Speaker 15: the risk for sporadic human cases, and that's what we've

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Speaker 15: seen at this time.

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Speaker 8: Doctor Bagdasarian says the first case of human bird flew

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Speaker 8: this year was confirmed in Texas and also linked to

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Speaker 8: Candle Global News twenty four hours a day and whenever

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Speaker 8: you wanted with the Bloomberg News. Now, I'm Michael Barr. This

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Speaker 8: is Bloomberg Heroon.

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Speaker 5: Hooray Michael Barr, thank you.

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Speaker 1: It's time now for the Bloomberg Sports Update with John

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Speaker 1: stash Hour.

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Speaker 5: John, good morning, Good morning, Karon.

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Speaker 16: Rangers and Panthers started an Eastern Conference final at the Garden.

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Speaker 16: Actually rare in the Stanley Cup playoffs when the top

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Speaker 16: two seeds the two division winners get this far. Florida

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Speaker 16: got a first period goal for Matthew Kitchuck. The game

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Speaker 16: stayed one nothing for the next thirty nine minutes.

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Speaker 17: Counted a Rangers territory Sstorking Well out to play this one.

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Speaker 17: David writes a for Hackey along the farboards for Hackey,

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Speaker 17: come fo tip Hooker Reacher, they store Carniver Hagey center.

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Speaker 17: It went off for Raacher and the Panthers have a

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Speaker 17: tune up lead with three forty eight to play.

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Speaker 16: On WQAM and Miami Panthers added empty nt A one,

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Speaker 16: three nothing Sergei Babroski twenty three. Saints didn't face a

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Speaker 16: single Rangers shot for a fourteen and a half minute

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Speaker 16: stretch to the second period. Rangers, after winning their first

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Speaker 16: seven playoff games, are one and three since in their

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Speaker 16: last two at home, they've been outscored seven to one.

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Speaker 16: Game two at MSG tomorrow night. The Devil's hired a

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Speaker 16: new coach, Sheldon Keef. He just got fired in Toronto

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Speaker 16: NBA West Finals Game one to Dallas. The MAVs got

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Speaker 16: thirty three points from Luca don Since he had fifteen

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Speaker 16: in the fourth quarter. Kyrie Irving scored thirty the MAVs

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Speaker 16: one at Minnesota one O eight, one oh five. It's

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Speaker 16: the East Tonight, Celtics Game two with Indiana. Boston won

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Speaker 16: the opening. Yankees hosting Seattle after two losses to the

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Speaker 16: Mariners Yanks one seven to three. Is won Soto homer

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Speaker 16: twice and Aaron's Judge once, and both have now hit

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Speaker 16: fourteen homers on the season. Series ends this afternoon. Mets

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Speaker 16: are off started ten game homestan tomorrow. They just got

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Speaker 16: swept in Cleveland. Met's had a three nothing sixt in league,

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Speaker 16: lost six the three mets of six and fourteen in May,

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Speaker 16: Phillies have the best fifty game start to any once.

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Speaker 13: It's two thousand and one.

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Speaker 7: John Stashewer Bloomberg.

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Speaker 13: Sports Coast to Coast on Bloomberg Radio, nationwide on Sirius XM,

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Speaker 13: and around the world on Bloomberg dot Com and the

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Speaker 13: Bloomberg Business app. This is Bloomberg Daybreak.

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Speaker 2: Good morning, I'm Nathan Hager. Nvidia delivered for the fifth

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Speaker 2: quarter in a row. The chip maker at the center

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Speaker 2: of the artificial intelligence boom came through with an earnings beat,

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Speaker 2: a forecast for even further growth, and to top it

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Speaker 2: all off, ten for one stock split. So let's get

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Speaker 2: more on these results.

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Speaker 8: Now.

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Speaker 2: We are joined by Matthew Bryson, Senior vice president of

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Speaker 2: Equity Research at Webbush Securities. Matthew, good morning. I'm going

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Speaker 2: to ask you the cliche question and ask you to

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Speaker 2: take it literally. What's not to like about Nvidia's results.

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Speaker 14: Honestly, there's nothing not to like. They gave us a

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Speaker 14: great guide, they gave us great results. They told us

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Speaker 14: that they couldn't meet demand. They told us they likely

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Speaker 14: can't meet demand for another until midway through next year

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Speaker 14: or beyond that well into next year, I think, is

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Speaker 14: what Jensen said, So there's nothing not for leng.

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Speaker 2: How much is this growth that the CEO has continued

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Speaker 2: to forecast for these last several quarters going to hinge

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Speaker 2: on suppliers like Taiwan Semiconductor meeting demand that Wang is

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Speaker 2: admitting is going to outstrip supply for quite some time.

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Speaker 14: I certainly in the near term it's it's an issue,

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Speaker 14: right They told you during the call they couldn't get

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Speaker 14: as many networking products out as they would have liked

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Speaker 14: because of supply constraints. I think with their newer chips

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Speaker 14: they need a new generation of high bandwidth memory. High

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Speaker 14: bendwith memory has bent tight. That new iteration HBM three

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Speaker 14: E is even tighter, so that's going to be a

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Speaker 14: constraining factor. So I think at least in the near

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Speaker 14: term it's a problem. Longer term, suppliers will figure out

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Speaker 14: ways to enable and video.

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Speaker 2: And you point out in your note that the video

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Speaker 2: broke out networking as a line item for the first time.

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Speaker 2: What stands out to you in terms of the networking

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Speaker 2: aspect of Nvidia's business.

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Speaker 14: So I think what's what's really interesting is they took

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Speaker 14: this business from Melanox that was relatively small. Now they've

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Speaker 14: grown it to a size where it's comparable, if not

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Speaker 14: larger than something like Arista. And they're not a networking company, right,

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Speaker 14: they're a GPU company. I think in the near term

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Speaker 14: them telling you that networking was constrained in the court

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Speaker 14: they just reported, but it's getting better better this quarter.

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Speaker 14: I mean, that's just another tailwind for them, right where

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Speaker 14: revenue that they weren't able to ship last quarter ships

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Speaker 14: this quarter.

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Speaker 2: Obviously, there's a lot of attention as well on the

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Speaker 2: announcement of the ten for one stock split in the

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Speaker 2: pre market right now, we're seeing in Vidia shares trading

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Speaker 2: above your price target of one thousand dollars. Where do

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Speaker 2: you see the stock going now with a split on

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Speaker 2: the way?

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Speaker 14: So, I mean it splits on it is a good

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Speaker 14: thing in the sense that you have investors that couldn't

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Speaker 14: get involved because the stock was simply too pricing. Now

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Speaker 14: that enables those investors. I mean to some extent, it's

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Speaker 14: a question of supplied demand, right, you have more demand.

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Speaker 14: It's a good thing for the stock.

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Speaker 2: So do you raise your target? You want to make

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Speaker 2: some news this morning.

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Speaker 14: I again talk about where my price target goes until

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Speaker 14: I put out a note talking about where my price

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Speaker 14: target goes. But I mean certainly what they told us.

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Speaker 14: It lifts numbers beyond where my current model is, and

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Speaker 14: so whenever I come out with a report, my new

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Speaker 14: model has to reflect that changes to their guide.

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