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Speaker 1: News when you wanted with Bloomberg News. Now, I'm Doug Prisner.

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Speaker 1: The federal government remained shut down for a seventh day

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Speaker 1: and funding proposals from both Republicans and Democrats are stalled

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Speaker 1: in Congress. And at the same time, President Trump opened

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Speaker 1: the door to blocking back pay for certain federal workers

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Speaker 1: when the government reopens. Here's Trump.

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Speaker 2: Depends on who we're talking about. I can tell you this.

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Speaker 2: The Democrats have put a lot of people in great

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Speaker 2: risk and jeopardy. But it really depends on who you're

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Speaker 2: talking about. But for the most part, we're going to

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Speaker 2: take care of our people. There are some people that

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Speaker 2: really don't deserve to be taken care of, and we'll

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Speaker 2: take care of them in a different way.

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Speaker 1: At the same time, today, a memo drafted by the

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Speaker 1: White House Office of Management and Budget said federal workers

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Speaker 1: are not guaranteed compensation during the shutdown. However, Democrats were

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Speaker 1: quick to push back. Here is House Minority Leader Haakim Jeffreys.

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Speaker 3: The law is clear. Every single furlough federal employee is

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Speaker 3: entitled to back pay, period, full stop. The law is clear,

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Speaker 3: and we will make sure that that law is followed.

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Speaker 1: That is House Minority leader Jakeim Jeffries. We moved to

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Speaker 1: Business News next. The spot price of gold is trading

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Speaker 1: above four thousand dollars right now in Asian trading.

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Speaker 4: Now.

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Speaker 1: A portion of this move reflects the US government shutdown

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Speaker 1: combined with speculation on the FED cutting interest rates. Earlier

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Speaker 1: in the day, Goldman Sachs raised its price forecast for

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Speaker 1: gold in December twenty twenty six to forty nine hundred dollars.

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Speaker 1: That's up from the prior estimate of forty three hundred.

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Speaker 1: Goldman cited ETF inflows as well as central bank buying.

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Speaker 1: At the same time, billionaire investor Ray Daallyio told us

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Speaker 1: gold is certainly more of a safe haven than the

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Speaker 1: US dollar.

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Speaker 5: Gold is a very excellent diversifier of the portfolio. So

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Speaker 5: if you would look at just from the strategic acid

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Speaker 5: allocation mixed perspective, you would probably have something low like

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Speaker 5: as the optimal mix, something like fifteen percent of your

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Speaker 5: portfolio end goal because of the fact that if you

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Speaker 5: didn't even have a tactical because it is the one

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Speaker 5: asset that does very well when the typical parts of

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Speaker 5: your portfolio go down.

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Speaker 1: That is Ray Dalio speaking to Bloomberg. The Elon Musk

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Speaker 1: backed artificial intelligence startup Xai is raising more financing than

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Speaker 1: it initially had planned, and this will include an equity

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Speaker 1: investment from in Vidia. We are told in Nvidia is

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Speaker 1: investing as much as two billion dollars in the equity

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Speaker 1: portion of this funding deal with Xai. Now, that would

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Speaker 1: bring Xai's ongoing funding round to roughly twenty billion dollars.

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Speaker 1: Here is Bloomberg Zenebel droolers.

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Speaker 6: Of that twenty billion dollars. Again, that sources are telling

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Speaker 6: us Xai is looking to raise about seven point five

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Speaker 6: percent is going to be equity and the remainder is

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Speaker 6: going to be debt. Now it's the debt portion that's

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Speaker 6: actually quite complex, but what sources are telling us is

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Speaker 6: that it's going to be structured viron SPV, or a

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Speaker 6: special purpose vehicle, and then that SPV is going to

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Speaker 6: be used to buy Nvidia chips. Xai is then going

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Speaker 6: to rent out the Nvidia chips from that SPV for

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Speaker 6: a period of five years. And that is the way

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Speaker 6: that we're hearing that Wall Street investors are going to

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Speaker 6: be able to recoup some of their investments.

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Speaker 1: That is Bloomberg's Annabelle Jewelers shares an Oracle fell two

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Speaker 1: and a half percent today on a report the company's

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Speaker 1: profit margins for its cloud computing business are lower than estimated.

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Speaker 1: The Information reports Oracle generated nine hundred million dollars in

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Speaker 1: revenue from server rentals. However, the company only captured one

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Speaker 1: hundred and twenty five million dollars in gross profit. Bloomberg's

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Speaker 1: Nora me Linda says this comes as a surprise.

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Speaker 7: Just last month, the company said that they projected revenue

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Speaker 7: to jump by seven hundred percent over the next three

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Speaker 7: fiscal years, particularly in this segment. So, I mean there's

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Speaker 7: been a lot of anticipation going into this, not only

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Speaker 7: about the broader Ai story, but really about what Oracle

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Speaker 7: contribute can contribute here, and so you are seeing that

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Speaker 7: reflecting in the trade as we are seeing a bit

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Speaker 7: of a breather here, that.

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Speaker 1: Is Bloomberg's Nora Melinda. President Trump and Canadian Prime Minister

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Speaker 1: Mark Carney met at the Oval Office to discuss trade.

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Speaker 1: Trump said he is expecting the US and Canada to

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Speaker 1: eventually reach a deal. However, he did remain vague about

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Speaker 1: how and when an agreement might be achieved. Trump described

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Speaker 1: these countries as being in natural conflict because they're competing

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Speaker 1: for the same business. Carney, on the other hand, said

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Speaker 1: he was confident Canada would get the right deal from

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Speaker 1: the US.

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Speaker 8: Conflict maybe not so much conflict.

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Speaker 1: We compete.

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Speaker 8: There are areas where we compete, and it's in those

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Speaker 8: areas where we have to come to an agreement that works.

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Speaker 8: But there are more areas where we are stronger together

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Speaker 8: and that's what we're focused on, and we're going to

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Speaker 8: get the right deal, right deal for America, right deal

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Speaker 8: obviously from my perspective.

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Speaker 1: For Canadian Prime Minister Mark Carney speaking there. Attorney General

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Speaker 1: Pambondi faced the Senate Judiciary Committee today and she clashed

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Speaker 1: with Democratic senators over President Trump's imm gration crackdown. Bondi

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Speaker 1: defended the administration's efforts and said officials in Illinois are

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Speaker 1: not enforcing the law and federal authorities are needed to

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Speaker 1: crack down. Here's an exchange between Bondi and Illinois Democratic

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Speaker 1: Senator Dick Durbin.

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Speaker 4: Tell me a specific grant that I have turned off

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Speaker 4: in Illinois that would help law enforcement, and I will

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Speaker 4: work with you, but you have not done that. And

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Speaker 4: there the National Guard is on the way right now

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Speaker 4: as we speak. Oh, by the way, so is Director

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Speaker 4: Patel and Deputy Attorney General Todd Blanche. You're sitting here

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Speaker 4: grilling me, and they're on their way to Chicago to

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Speaker 4: keep your state safe.

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Speaker 1: Bondi was also pressed about the case against former FBI

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Speaker 1: director James Comy. She sidestepped those questions and said she

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Speaker 1: would not discuss pending cases or conversations with the president.

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Speaker 1: And that is news when you want it with Bloomberg News. Now,

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Speaker 1: I'm Doug Prisner, and this is Bloomberg