WEBVTT - Campus Crackdown, Amazon Shares Rise on Earnings

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, Radio News. Good morning, I'm Nathan

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

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<v Speaker 1>following today.

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<v Speaker 2>We have new developments on the pro Palestinian protests at

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<v Speaker 2>Columbia University and across the country. Let's get the very

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<v Speaker 2>latest with Bloomberg's John Tucker bag on you.

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<v Speaker 3>You at the epicenter of the protests. New York City

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<v Speaker 3>police moved in just after nine o'clock last night, entering

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<v Speaker 3>Columbia University's Hamilton Hall with a ladder truck through an

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<v Speaker 3>upstairs window. They pushed through mounds of furniture piled up

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<v Speaker 3>as barricades. As arrests were made. Some people were led

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<v Speaker 3>away bound by zip ties. Mayor Eric Adams did deliver

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<v Speaker 3>a warning before police began making arrests.

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<v Speaker 4>I'm urging every student and every protestant to walk away

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<v Speaker 4>from this situation.

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<v Speaker 5>Now they continue your advocacy.

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<v Speaker 3>Through other means, The Police Commissioner sai. Among those arrested

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<v Speaker 3>were people who had no affiliation with Columbia. As those

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<v Speaker 3>arrested were loaded on buses, demonstrators on the streets wave

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<v Speaker 3>Palestinian flags and chanted into fada the building was cleared

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<v Speaker 3>to protesters after about two hours. That was the scene

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<v Speaker 3>in New York. In Los Angeles early today, police were

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<v Speaker 3>responding immediately to a request for support of the University

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<v Speaker 3>of California campus. John Tucker Bloomberg Radio, all.

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<v Speaker 6>Right, John, Thanks well.

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<v Speaker 1>Lawmakers are calling more university leaders to Capitol Hill to

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<v Speaker 1>testify about anti Semitism on campus, and Bloomberg's Nancy Lyons reports.

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<v Speaker 6>With pro Palestinian protests and encampments growing at universities across

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<v Speaker 6>the country, the House Committee on Education in the Workforce

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<v Speaker 6>is expanding its questioning about campus activity. It's now calling

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<v Speaker 6>on the presidents of Yale, the University of Michigan, and

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<v Speaker 6>UCLA to testify May twenty third. The presidents of Harvard, MIT,

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<v Speaker 6>and Penn appeared before the committee in December, while the

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<v Speaker 6>president of Columbia testified in early April. Most who have

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<v Speaker 6>appeared before the committee have been criticized by some lawmakers

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<v Speaker 6>as being evasive and overly legalistic. In Washington, Nancy Lyons

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<v Speaker 6>Bloomberg Radio.

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<v Speaker 7>All Right, Nancy, thank you.

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<v Speaker 2>Then, the Middle East Secretary of State Anthony Blincoln continues

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<v Speaker 2>his push for a ceasefire between Israel and Hamas. Blincoln

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<v Speaker 2>met today in Tel Aviv with Israeli President Isaac Herzog,

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<v Speaker 2>and he called on Hamas to accept Israel's terms for

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<v Speaker 2>appause in fighting in exchange for hostages.

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<v Speaker 8>We're determined to get a ceasefire that brings the hostages vault,

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<v Speaker 8>and to get it now, and the only reason that

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<v Speaker 8>that wouldn't be achieved is because of Hamas.

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<v Speaker 2>And Secretary Blincoln says the release of hostages in Gaza

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<v Speaker 2>is at the heart of US foreign policy. That policy

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<v Speaker 2>may be shifting when it comes to Palestinians caught up

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<v Speaker 2>in the fighting. According to CBS News, the Biden administration

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<v Speaker 2>is considering allowing certain Palestinians into the US as refugees

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<v Speaker 2>if they have family members who are American citizens or

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<v Speaker 2>permanent residents. Until now, the more than four decade old

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<v Speaker 2>US refugee program has never been used to resettle Palestinians

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<v Speaker 2>in large numbers.

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<v Speaker 1>Well Nathan in Legal News this morning, former President Donald

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<v Speaker 1>Trump is getting a break from his Manhattan hush money

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<v Speaker 1>trial today, but there have been significant developments in the

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<v Speaker 1>last twenty four hours. In Bloomberg Law, host Doing Granso

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<v Speaker 1>has the details from New York.

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<v Speaker 9>Donald Trump was held in contempt of court yesterday and

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<v Speaker 9>fined nine thousand dollars for repeatedly violating a gag order

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<v Speaker 9>that barred him from making public statements about witnesses and jurors.

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<v Speaker 9>The judge warned that if there are other violations, Trump

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<v Speaker 9>may end up in jail, and the jury heard the

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<v Speaker 9>most vivid testimony yet about payments to silence a former

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<v Speaker 9>Playboy playmate, Karen McDougall at an adult film star Stormy

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<v Speaker 9>Daniels before the twenty sixteen election. Los Angeles attorney Keith Davidson,

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<v Speaker 9>who represented both, recounted frantic talks with Trump's former lawyer,

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<v Speaker 9>Michael Cohen and the National Inquirer, whose publisher wanted to

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<v Speaker 9>help Trump win the presidency. In New York, June, Gross

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<v Speaker 9>Obenberg Radio.

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<v Speaker 7>All right, June, thank you.

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<v Speaker 2>Turning to Market's futures are lower as we begin this

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<v Speaker 2>new trading month. The S and P five hundred dropped

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<v Speaker 2>more than four percent in April, snapping a streak of

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<v Speaker 2>five straight monthly gains. The dollar notched its fourth consecutive

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<v Speaker 2>monthly advance. That's the longest winning run for the greenback

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<v Speaker 2>since September twenty twenty two.

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<v Speaker 1>Well Nathan Corporate earnings continued to be front and center.

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<v Speaker 1>Shares of Amazon at more than two percent in early trading.

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<v Speaker 1>Profit and revenue came in above analyst estimates. The company's

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<v Speaker 1>cloud unit, AWS posted the strongest sales growth in a year.

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<v Speaker 1>Begin More from Bloomberg Technology Host and Ludlow from San Francisco.

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<v Speaker 10>AWS is the clear market leader in cloud, bigger than

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<v Speaker 10>Microsoft as you're certainly bigger than Google's cloud platform. It's

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<v Speaker 10>seeing accelerating growth. Growth in the fourth quarter was about

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<v Speaker 10>thirteen percent, It's now nearer to fourteen and a half

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<v Speaker 10>fifteen percent, and the strategy is basically be a place

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<v Speaker 10>where other companies who are interested in AI can build

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<v Speaker 10>whatever software it is they want on aws's platforms.

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<v Speaker 6>Bloomberg's and Ludlow says.

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<v Speaker 1>Despite the strong cloud performance, the company's sales forecast for

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<v Speaker 1>the current quarter fell short of estimates.

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<v Speaker 2>Karen A couple other high tech companies are taking it

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<v Speaker 2>on the chin. This morning, shares of Advanced micro Devices

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<v Speaker 2>are down more than six percent. The second biggest maker

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<v Speaker 2>of computer processors gave a lukewarm revenue forecast for the

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<v Speaker 2>current period. It's being weighed down by lackluster demand for

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<v Speaker 2>chips used in video game hardware.

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<v Speaker 1>Well Nathan, shares of a super microcomputer are down nine

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<v Speaker 1>and a half percent. The company did report quarterly sales

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<v Speaker 1>that tripled from the same period last year, but they

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<v Speaker 1>fell slightly short of estimates. That's disappointing investors who had

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<v Speaker 1>sky high expectations that the server maker's business would benefit

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<v Speaker 1>from AI related demand.

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<v Speaker 2>And Starbucks investors are getting a jolt to the downside.

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<v Speaker 2>Those shares are down twelve percent. Sales at the coffee

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<v Speaker 2>chain fell for the first time since twenty twenty. If

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<v Speaker 2>this morning's declined holds, it would be Starbucks' biggest stock

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<v Speaker 2>drop since March of twenty twenty, the early days of

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<v Speaker 2>the pandemic.

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<v Speaker 1>Well Nathan, Let's turn to the economy now. The Fed

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<v Speaker 1>is expected to leave rates on hold once again, but

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<v Speaker 1>attention will turn to j Powell's news conference after their decision.

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<v Speaker 1>We get a preview from Bloomberg's Michael McKee.

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<v Speaker 11>If today's FED meeting were a Dickens novel, it might

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<v Speaker 11>be called small expectations. Policymakers are not going to change

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<v Speaker 11>the nation's benchmark interest rate, They are not providing new

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<v Speaker 11>economic forecasts, and they are not issuing a new dot

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<v Speaker 11>plot outlook for rates. Chair j Powell's press conference is

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<v Speaker 11>essentially the only chance for any market moving news, and

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<v Speaker 11>he will be working hard not to provide any expected

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<v Speaker 11>to maintain the FED line. We don't have enough confidence

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<v Speaker 11>to cut rates, and we're not thinking of raising rates,

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<v Speaker 11>at least not yet. Michael McKee, Bloomberg Radio.

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<v Speaker 1>All right, Mike, thanks well for full team coverage at

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<v Speaker 1>the FED decision and Powell news conference. Day tuned to

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<v Speaker 1>a Bloomberg Radio and television for the Bloomberg Surveillance special

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<v Speaker 1>the Fed discides. It all begins at one thirty pm

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<v Speaker 1>Wall Street Time. But it's time now for a look

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<v Speaker 1>at some of the other stories making news in New

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<v Speaker 1>York and around the world, and for that we're joined

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<v Speaker 1>by Bloomberg's Michael Barr.

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<v Speaker 6>Michael, Good Morning, Good morning.

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<v Speaker 4>Karen. Tim Kennedy declared victory in a special election to

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<v Speaker 4>replace former New York Representative Brian Higgins and serve the

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<v Speaker 4>rest of the term. It keeps the Buffalo area district

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<v Speaker 4>and Democrats control. Higgins resign in February after being named

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<v Speaker 4>president of a performing arts center in Buffalo. Kennedy, a

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<v Speaker 4>state senator, defeated Republican Gary Dixon, a town supervisor in

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<v Speaker 4>the upstate New York district that includes the cities of

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<v Speaker 4>Buffalo and Niagara in the heavily blue district.

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<v Speaker 5>This victory is your victory.

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<v Speaker 4>This victory is our victory.

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<v Speaker 2>Tonight, we are one step closer to preserving.

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<v Speaker 4>Tom audio courtesy of WIVBTV. The margin of victory for

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<v Speaker 4>Kennedy was seventy eight to twenty two percent. A six

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<v Speaker 4>week abortion ban takes effect today in Florida, replacing a

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<v Speaker 4>previous restriction of fifteen weeks. National Right to Life President

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<v Speaker 4>Carol Tobias.

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<v Speaker 6>I'm very excited about fifty percent of all abortions occur

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<v Speaker 6>after that point in pregnancy, so this bill is going

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<v Speaker 6>to save a.

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<v Speaker 11>Lot of lives.

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<v Speaker 4>Meanwhile, Michelle Cassada, a spokeswoman for Planned Parenthood in Florida,

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<v Speaker 4>says the band will have an immediate impact in the state.

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<v Speaker 12>We're looking at tens of thousands of patients that are

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<v Speaker 12>either going to have the travel hundreds, if not thousands

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<v Speaker 12>of miles to another state with access, or be forced

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<v Speaker 12>to carry a pregnancy against their will.

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<v Speaker 4>Casada says most women who seek abortion care are between

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<v Speaker 4>eight and ten weeks pregnant. New York City police fatally

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<v Speaker 4>shot a man after a brief stand off in Manhattan.

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<v Speaker 4>Officials say two officers had an investigator with a Department

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<v Speaker 4>of Homeland Security part of a gang violence task force,

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<v Speaker 4>identified and approached the twenty five year old man suspected

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<v Speaker 4>of committing a violent crime. The n MYPD says the

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<v Speaker 4>man ran inside an optical story he was standing in

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<v Speaker 4>in front in Chelsea Chaef. Joseph Kennedy, a Kennedy reader

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<v Speaker 4>says that the man produced a gun and after a

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<v Speaker 4>brief struggle, shots were fired.

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<v Speaker 10>The mail was removed to an area hospital, where he

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<v Speaker 10>was pronounced dead.

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<v Speaker 4>A member of the task for US received minor injuries.

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<v Speaker 4>The Biden administration is taking a major step toward reclassifying

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<v Speaker 4>marijuana as a less dangerous drug. The move would not

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<v Speaker 4>legalize pot, but the consequences for using it would be

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<v Speaker 4>less severe. Global News twenty four hours a day and

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<v Speaker 4>whenever you want it with Bloomberg News Now Michael Barr

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<v Speaker 4>and this is Bloomberg Heart.

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<v Speaker 1>Sorry Michael Burr, thank you time now for the Bloomberg

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<v Speaker 1>Sports Update with John stash Hour.

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<v Speaker 13>John, Good morning, Good morning Care on the Mixter getting

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<v Speaker 13>read of head back to Philadelphia for our game six tomorrow,

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<v Speaker 13>and it certainly didn't look like that was going to

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<v Speaker 13>be the case. Game five that the guard Knicks led

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<v Speaker 13>the Sixers by six with twenty eight seconds to go,

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<v Speaker 13>but Tyrese Maxie with a four point play, and after

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<v Speaker 13>Josh Hart missed a free throw, Maxie with a three

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<v Speaker 13>pointer from about thirty five feet forced overtime. Six Ers

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<v Speaker 13>trailed by five and ot came back. They won one

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<v Speaker 13>twelve to one oh six as Maxie scored forty six points.

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<v Speaker 13>Jalen Brunson had forty in the loss. Nick touchdown. Thibodeaux

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<v Speaker 13>asked about how regulation ended, and again.

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<v Speaker 14>In those situations, you talk about what you want to

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<v Speaker 14>do there out of timeouts. Josh, you's got two free throws,

0:10:37.120 --> 0:10:41.760
<v Speaker 14>it's two, So you have to, you know, communicate what

0:10:41.800 --> 0:10:46.200
<v Speaker 14>your decisions are. And so you know, we could have

0:10:46.200 --> 0:10:48.040
<v Speaker 14>done better in that situation.

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<v Speaker 4>And we will.

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<v Speaker 13>Two other games in the East Milwaukee State Alive one

0:10:51.080 --> 0:10:53.800
<v Speaker 13>fifteen ninety two over Indiana's the leads three to two.

0:10:53.920 --> 0:10:56.800
<v Speaker 13>Cleveland top to Orlando by a point, Caves are up

0:10:56.800 --> 0:10:58.640
<v Speaker 13>three to two. Home teams won every game the season's

0:10:58.679 --> 0:11:00.960
<v Speaker 13>over for the Islanders. They fought back in Raleigh, down

0:11:01.000 --> 0:11:03.440
<v Speaker 13>three to one, game was tied going to the third

0:11:03.440 --> 0:11:07.160
<v Speaker 13>period Carolina with two goals in eight seconds. Hurricanes won

0:11:07.280 --> 0:11:09.040
<v Speaker 13>six to three and the Kynes will now take on

0:11:09.120 --> 0:11:11.679
<v Speaker 13>the Rangers in the second round Toronto in overtime win

0:11:11.720 --> 0:11:13.560
<v Speaker 13>at Boston, cutting the Bruins lead to three to two,

0:11:14.120 --> 0:11:17.760
<v Speaker 13>Nashville one. In Vancouver, Colorado finished off Winnipeg at Cityfield.

0:11:17.760 --> 0:11:20.240
<v Speaker 13>Three run homer, sixth towenty for DJ Stewart gave the

0:11:20.320 --> 0:11:22.240
<v Speaker 13>Mets the six to one, went over the Cubs another

0:11:22.320 --> 0:11:25.800
<v Speaker 13>two run light hitting Yankee loss in Baltimore Orioles one

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<v Speaker 13>forty two. Johns Stashawa, Bloomberg Sports Canon Nathan.

0:11:30.760 --> 0:11:34.920
<v Speaker 8>Coast to Coast on Bloomberg Radio, nationwide on Sirius XM,

0:11:35.000 --> 0:11:37.920
<v Speaker 8>and around the world on Bloomberg dot Com and the

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<v Speaker 8>Bloomberg Business app. This is Bloomberg Daybreak. Good morning, I'm

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<v Speaker 8>Nathan Hager. We want to get more now.

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<v Speaker 2>In the big tech earning story of the morning, that

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<v Speaker 2>would be Amazon. The e commerce giant reported profit and

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<v Speaker 2>revenue in the first quarter that did beat Wall Street estimates,

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<v Speaker 2>with its strongest sales growth in the cloud in a year,

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<v Speaker 2>but the forecast for the current quarter is falling short

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<v Speaker 2>in what may be a warning sign for the main

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<v Speaker 2>e commerce business over at Amazon. Let's bring in Dan

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<v Speaker 2>Ives for more on these results. Senior equity research analysts

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<v Speaker 2>at white Bush Securities.

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<v Speaker 7>Dan, good morning.

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<v Speaker 2>I know you and a lot of analysts were focused

0:12:12.320 --> 0:12:16.400
<v Speaker 2>really closely on the cloud. Did AWS come through for you?

0:12:17.520 --> 0:12:21.640
<v Speaker 5>I can't. This is a trophy case quarter for AWS.

0:12:21.720 --> 0:12:25.720
<v Speaker 5>Seventeen percent, I mean whispers were fifteen percent. This is

0:12:25.800 --> 0:12:29.160
<v Speaker 5>exact what Amazon needed to do to show that the

0:12:29.240 --> 0:12:33.400
<v Speaker 5>cloud moved. Joe is back, very important quarter for Jase

0:12:33.760 --> 0:12:34.480
<v Speaker 5>and Amazon.

0:12:35.520 --> 0:12:38.719
<v Speaker 2>What about the forecast for the current quarter? It did

0:12:38.760 --> 0:12:40.960
<v Speaker 2>come in a little bit weaker than a lot of

0:12:41.000 --> 0:12:44.559
<v Speaker 2>analysts expected. Could that be a concern not just FORAR

0:12:44.800 --> 0:12:47.319
<v Speaker 2>the e commerce side, but for the cloud?

0:12:48.400 --> 0:12:50.440
<v Speaker 5>Yeah, it could be, but I think streets we can do.

0:12:50.520 --> 0:12:53.480
<v Speaker 5>This is conservative and that's why stock will be up today.

0:12:54.040 --> 0:12:58.120
<v Speaker 5>Look a key with this name, especially in the shadows

0:12:58.360 --> 0:13:02.520
<v Speaker 5>of a massive number from my Microsoft and Google. Amazon

0:13:02.600 --> 0:13:05.079
<v Speaker 5>needs to come to ourn AWS and it sures not

0:13:05.240 --> 0:13:07.839
<v Speaker 5>just on cloud, but now the next step in terms

0:13:08.000 --> 0:13:13.880
<v Speaker 5>AI jazzing and Amazon monetizing that that's the golden Dews.

0:13:14.080 --> 0:13:15.520
<v Speaker 5>That's what the streets focused on.

0:13:16.400 --> 0:13:20.960
<v Speaker 2>Obviously, AWS is the dominant player in the cloud. Do

0:13:21.040 --> 0:13:26.480
<v Speaker 2>these results show that the cloud side did enough to

0:13:26.600 --> 0:13:31.400
<v Speaker 2>maintain that position against the pretty impressive numbers we saw

0:13:31.520 --> 0:13:35.360
<v Speaker 2>last week from Microsoft and alphabet for their cloud units.

0:13:35.920 --> 0:13:38.839
<v Speaker 5>Yeah. I think in this game of thrones, they're keeping up.

0:13:39.360 --> 0:13:43.600
<v Speaker 5>And that's the important thing because this is not just

0:13:44.600 --> 0:13:47.600
<v Speaker 5>a winner takes all. You're going to see many, many

0:13:47.679 --> 0:13:51.640
<v Speaker 5>winners in this AI revolution. Amazon's going to be key

0:13:51.640 --> 0:13:54.800
<v Speaker 5>player there. But now you're starting to see a company

0:13:54.840 --> 0:13:57.720
<v Speaker 5>that i'd say the last few quarters backwards against the wall.

0:13:58.240 --> 0:14:00.840
<v Speaker 5>It's starting to turn and that is huge for the

0:14:00.920 --> 0:14:04.120
<v Speaker 5>stock and it's something that I think investors, even on

0:14:04.160 --> 0:14:06.240
<v Speaker 5>a ripple effect, they're going to look to the rest

0:14:06.280 --> 0:14:11.000
<v Speaker 5>of tech. It sures this tech earning season has been robust,

0:14:11.440 --> 0:14:13.640
<v Speaker 5>all the big textarll wards coming through.

0:14:14.480 --> 0:14:17.600
<v Speaker 2>Can these text stalwarts maintain this kind of trajectory when

0:14:17.880 --> 0:14:21.520
<v Speaker 2>we could see potentially some macro risks when it comes

0:14:21.560 --> 0:14:25.280
<v Speaker 2>to enterprise spending on AI products. Do you think this

0:14:25.440 --> 0:14:28.760
<v Speaker 2>kind of demand can continue to be maintained in this

0:14:28.840 --> 0:14:29.840
<v Speaker 2>economic environment.

0:14:30.600 --> 0:14:32.840
<v Speaker 5>Yeah, it's a great clause. Well, I think on the edges,

0:14:32.960 --> 0:14:36.080
<v Speaker 5>I mean, there could be some soft spots, but overall,

0:14:36.680 --> 0:14:39.680
<v Speaker 5>this is a fourth Industrial Revolution that's planning out, and

0:14:39.720 --> 0:14:42.320
<v Speaker 5>I think that's what we see across tech. You know,

0:14:43.320 --> 0:14:45.760
<v Speaker 5>it's not going to be straightened to the right, but

0:14:45.840 --> 0:14:48.400
<v Speaker 5>it's something that we have not seen since nineteen ninety

0:14:48.400 --> 0:14:49.960
<v Speaker 5>five at the.

0:14:49.840 --> 0:14:51.480
<v Speaker 2>Time we have left Dan, I want to get your

0:14:51.520 --> 0:14:54.920
<v Speaker 2>take on this confirmation that we've gotten from Tesla that

0:14:55.080 --> 0:14:59.240
<v Speaker 2>the supercharger network, just about all the workers involved in

0:14:59.280 --> 0:15:01.080
<v Speaker 2>it are being a lit eminated. I wonder what you

0:15:01.120 --> 0:15:02.560
<v Speaker 2>make of that move from elon Musk.

0:15:03.160 --> 0:15:06.240
<v Speaker 5>Look, it's tough decisions that they're making on these cost cuts,

0:15:06.280 --> 0:15:09.480
<v Speaker 5>but that's the street ones to see. He'll rebuild it back.

0:15:09.920 --> 0:15:12.920
<v Speaker 5>But it shows now you finally have an adult in

0:15:12.920 --> 0:15:15.640
<v Speaker 5>the room with Musk and Nats and investors want to

0:15:15.640 --> 0:15:18.720
<v Speaker 5>see in Tesla after a very very tough six to

0:15:18.800 --> 0:15:19.480
<v Speaker 5>nine months.

0:15:19.800 --> 0:15:22.880
<v Speaker 2>What could it mean though in terms of EV demand.

0:15:22.960 --> 0:15:26.840
<v Speaker 2>I mean, a lot of concern is around range anxiety, right,

0:15:26.880 --> 0:15:30.840
<v Speaker 2>and if the growth of supercharger doesn't potentially stay where

0:15:30.840 --> 0:15:33.600
<v Speaker 2>it has been, what could that mean for EV demand

0:15:33.640 --> 0:15:34.240
<v Speaker 2>going forward?

0:15:34.960 --> 0:15:36.640
<v Speaker 5>Look, I think writing is in the wall, and I

0:15:36.680 --> 0:15:39.360
<v Speaker 5>think Musk has seen you know, we've seen in Tesla's results.

0:15:39.360 --> 0:15:41.440
<v Speaker 5>They're going to have to slow down the supercharge to

0:15:41.480 --> 0:15:45.120
<v Speaker 5>build out even with these OEM deals. And I think

0:15:45.160 --> 0:15:48.680
<v Speaker 5>it just shows it's been some dark days for ev demand,

0:15:48.800 --> 0:15:52.200
<v Speaker 5>but the growth is not over. But it's this smart

0:15:52.240 --> 0:15:54.680
<v Speaker 5>move for Tesla, even though it's a head scratcher that

0:15:54.720 --> 0:15:56.360
<v Speaker 5>they actually got rid of the whole department.

0:15:57.040 --> 0:15:59.880
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