1 00:00:01,520 --> 00:00:03,800 Speaker 1: News when you want it with Bloomberg News Now, I'm 2 00:00:03,840 --> 00:00:07,480 Speaker 1: Doug Chrisner. After the bell, Alphabet reported both revenue and 3 00:00:07,600 --> 00:00:10,160 Speaker 1: profit for the latest quarter above forecast. 4 00:00:10,680 --> 00:00:10,879 Speaker 2: Now. 5 00:00:10,920 --> 00:00:15,080 Speaker 1: These results reflect many things. One continued strength in Google's 6 00:00:15,080 --> 00:00:19,640 Speaker 1: search advertising business, as well as profit at Google's cloud unit, 7 00:00:19,680 --> 00:00:23,120 Speaker 1: which beat estimates. And at the same time, Alphabet's profit 8 00:00:23,239 --> 00:00:26,720 Speaker 1: was boosted by an eight billion dollar unrealized gain from 9 00:00:26,760 --> 00:00:29,920 Speaker 1: an investment in a private company, and we are told 10 00:00:29,960 --> 00:00:34,519 Speaker 1: that company is Elon Musk's SpaceX. Shares in Google were 11 00:00:34,560 --> 00:00:36,800 Speaker 1: up by more than four percent in late US trading. 12 00:00:36,880 --> 00:00:40,000 Speaker 1: On the other hand, Intel gave a week forecast for 13 00:00:40,080 --> 00:00:42,839 Speaker 1: revenue for the current quarter, and the company announced its 14 00:00:42,880 --> 00:00:46,440 Speaker 1: cutting workers to bring cost in line with the smaller 15 00:00:46,520 --> 00:00:50,920 Speaker 1: size of its business. Intel's new CEO, Lipbutan, is eliminating 16 00:00:51,040 --> 00:00:55,120 Speaker 1: management layers to enable the company to make faster decisions. 17 00:00:55,480 --> 00:00:59,880 Speaker 1: We got reaction from Bloomberg semiconductor analyst Kutin John Soboni. 18 00:01:00,120 --> 00:01:02,600 Speaker 3: Credit though he has been What I think folks really 19 00:01:02,680 --> 00:01:06,119 Speaker 3: like is his decisiveness and the speed witch which he's 20 00:01:06,200 --> 00:01:10,000 Speaker 3: taking actions, whether it's exiting the non core assets like 21 00:01:10,080 --> 00:01:13,160 Speaker 3: Daltera deal, whether it's cutting costs. Both on the op 22 00:01:13,400 --> 00:01:16,160 Speaker 3: X and the CAPIC side, as we are seeing on 23 00:01:16,200 --> 00:01:20,480 Speaker 3: the wire and taking the key product, the AI product 24 00:01:20,520 --> 00:01:22,840 Speaker 3: segments within his direct command. 25 00:01:22,560 --> 00:01:25,640 Speaker 1: That is Kun John Somani from Bloomberg Intelligence shares an 26 00:01:25,640 --> 00:01:29,360 Speaker 1: intel right now down five percent. South Korea's trade ministry 27 00:01:29,480 --> 00:01:32,720 Speaker 1: says it's agreed in principle to a framework for talks 28 00:01:32,720 --> 00:01:36,080 Speaker 1: with Washington. In a statement, the ministry said it's asking 29 00:01:36,160 --> 00:01:40,640 Speaker 1: for an exemption from all future tariffs. Earlier today, Treasury 30 00:01:40,680 --> 00:01:44,640 Speaker 1: Secretary Scott Besson struck a hopeful tone on reaching an 31 00:01:44,640 --> 00:01:45,520 Speaker 1: agreement with SOUL. 32 00:01:45,760 --> 00:01:49,040 Speaker 2: We had a very successful bilateral meeting with the public 33 00:01:49,080 --> 00:01:53,960 Speaker 2: of South Korea today. We may be moving faster than 34 00:01:53,960 --> 00:01:57,480 Speaker 2: I thought, and we will be talking technical terms as 35 00:01:57,560 --> 00:02:00,920 Speaker 2: early as next week. As we reached an agreement on 36 00:02:01,120 --> 00:02:05,360 Speaker 2: understanding as soon as next week. So South Koreans came early, 37 00:02:05,680 --> 00:02:08,359 Speaker 2: they came with their a game, and we will see 38 00:02:08,400 --> 00:02:09,600 Speaker 2: if they follow through on that. 39 00:02:09,840 --> 00:02:13,320 Speaker 1: US Treasury Secretary Scott Bessen there now, South Korea was 40 00:02:13,360 --> 00:02:16,519 Speaker 1: among the first nations to hold face to face negotiations 41 00:02:16,520 --> 00:02:19,799 Speaker 1: with the US, SOUL saying today trade talks with Washington 42 00:02:19,840 --> 00:02:24,519 Speaker 1: will continue next week. Meantime, President Trump also declared significant 43 00:02:24,520 --> 00:02:28,880 Speaker 1: progress was made with both Japan and India following recent 44 00:02:28,960 --> 00:02:33,280 Speaker 1: trade talks. Separately, the President said his administration held meetings 45 00:02:33,320 --> 00:02:36,680 Speaker 1: with Chinese officials on trade as recently as this morning. 46 00:02:37,240 --> 00:02:37,400 Speaker 4: Now. 47 00:02:37,440 --> 00:02:42,040 Speaker 1: His remarks came after Beijing called reports of negotiations groundless. 48 00:02:42,320 --> 00:02:46,480 Speaker 1: The Chinese government also demanded the US revoke all unilateral tariffs. 49 00:02:46,760 --> 00:02:49,760 Speaker 1: We got reaction from Mary Lovely, senior fellow at the 50 00:02:49,760 --> 00:02:54,200 Speaker 1: Peterson Institute for International Economics, and she said there's a 51 00:02:54,240 --> 00:02:57,120 Speaker 1: disconnect between Trump and the Chinese leadership. 52 00:02:57,840 --> 00:03:00,080 Speaker 5: It does seem that he thought it was going to 53 00:03:00,160 --> 00:03:04,280 Speaker 5: be easier, although, as we've been arguing, the facts on 54 00:03:04,320 --> 00:03:06,920 Speaker 5: the ground would have suggested that this was not going 55 00:03:06,960 --> 00:03:10,520 Speaker 5: to be a cake walk. In any case, we've outlined 56 00:03:10,560 --> 00:03:14,320 Speaker 5: ways in which US is still very dependent on China, 57 00:03:14,760 --> 00:03:18,320 Speaker 5: how such an abrupt departure or decoupling from China would 58 00:03:18,360 --> 00:03:22,520 Speaker 5: hurt American businesses, American consumers. So looking at the economic 59 00:03:22,600 --> 00:03:24,960 Speaker 5: facts on the ground, it's really not that surprising that 60 00:03:25,000 --> 00:03:26,600 Speaker 5: this has turned out to be quite a slot. 61 00:03:26,760 --> 00:03:30,880 Speaker 1: She is Mary Lovely of the Peterson Institute. Meantime, US 62 00:03:31,040 --> 00:03:35,000 Speaker 1: Energy Secretary Chris Wright says tariff uncertainty will prove to 63 00:03:35,000 --> 00:03:38,360 Speaker 1: be a short term issue. Here is right speaking earlier 64 00:03:38,360 --> 00:03:40,080 Speaker 1: with Bloomberg and Oklahoma City. 65 00:03:40,200 --> 00:03:43,960 Speaker 4: President Chump's got two agendas. One is we've been very 66 00:03:43,960 --> 00:03:46,200 Speaker 4: welcoming to imports. He wants to get all the other 67 00:03:46,240 --> 00:03:49,080 Speaker 4: countries to be very welcoming to exports from the United 68 00:03:49,080 --> 00:03:52,040 Speaker 4: States and imports to their country. So he's pushing to 69 00:03:52,080 --> 00:03:54,280 Speaker 4: try to get trade more in balance. It had just 70 00:03:54,320 --> 00:03:56,680 Speaker 4: gotten so far out of balance. And he wants to 71 00:03:56,720 --> 00:04:00,720 Speaker 4: reindustrialize our country. Bring these energy intentsive industry that left 72 00:04:00,760 --> 00:04:02,440 Speaker 4: the United States and went overseas. 73 00:04:02,560 --> 00:04:05,440 Speaker 1: That is Energy Secretary Chris right there. He went on 74 00:04:05,600 --> 00:04:09,840 Speaker 1: to defend efforts by the Trump administration to revitalize coal production. 75 00:04:10,240 --> 00:04:14,360 Speaker 1: He said coal is still critical for America's electrical grid, 76 00:04:14,760 --> 00:04:17,680 Speaker 1: and the rise of AI hyperscalers affirmed the knee to 77 00:04:17,760 --> 00:04:20,680 Speaker 1: ramp up energy production in the US. We go to 78 00:04:20,760 --> 00:04:24,719 Speaker 1: sports next. In the twenty twenty five NFL Draft, the 79 00:04:24,800 --> 00:04:29,239 Speaker 1: Tennessee Titans have selected the first overall pick, quarterback Cameron 80 00:04:29,279 --> 00:04:32,040 Speaker 1: Ward from the University of Miami. And that is news 81 00:04:32,040 --> 00:04:34,679 Speaker 1: when you wanted with Bloomberg News. Now I'm Doug Krisner, 82 00:04:34,880 --> 00:04:35,880 Speaker 1: and this is Bloomberg