Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2: Good morning.
Speaker 3: I'm Nathan Hager and I'm Karen Moscow. Here are the
Speaker 3: stories we're following today.
Speaker 4: Karen will have the latest on progress toward an Iran
Speaker 4: deal in a moment. But we begin this morning with
Speaker 4: politics in this country. Voters headed to the polls for
Speaker 4: primary elections in five states. The race to watch is
Speaker 4: in Michigan, where a hard fought Senate race could signal
Speaker 4: the direction of the Democratic Party. With ninety four percent
Speaker 4: of votes counted, NBC News is projecting progressive Abdul el
Speaker 4: Sayad will defeat Establishment back to Congresswoman Haley Stevens forty
Speaker 4: eight point seven to forty seven point three percent. Now,
Speaker 4: the Associated Press has yet to call this race, and
Speaker 4: Elsayad told his supporters last night he knew it was
Speaker 4: going to be tight.
Speaker 5: We all knew they were going to spend their money.
Speaker 5: We didn't know they were going to spend seventy million.
Speaker 2: Dollars of their money.
Speaker 5: We didn't know that they were going to out spend
Speaker 5: US eleven dollars to one. And yet we're still standing now.
Speaker 4: If Abdul al Sayad's lead holds, it would be the
Speaker 4: biggest win in a progressive way for Democrats that started
Speaker 4: in New York and stretched as far as Colorado. The
Speaker 4: winner in Michigan will face former Republican Congressman Mike Rodgers,
Speaker 4: in a state that President Trump carried in two of
Speaker 4: the last three elections.
Speaker 3: Well Nathan. Democrats are also focusing in on Virginia their
Speaker 3: quest to take control of the House in November. Voters
Speaker 3: there went with establishment candidates in two districts that the
Speaker 3: party hopes to flip in November. In the first district,
Speaker 3: Richmond era prosecutor Shannon Taylor won the Democratic primary with
Speaker 3: fifty three percent of the vote. She'll face longtime Republican
Speaker 3: incumbent Rob Woodman, and in the military heavy second district,
Speaker 3: it'll be a rematch between a Democratic former Congresswoman Elaine Lauria,
Speaker 3: and the Republican who ousted her in twenty twenty two,
Speaker 3: Jen Kiggins. Lauria won her primary with eighty percent of
Speaker 3: the vote. Republicans also held a Senate primary in Virginia,
Speaker 3: and Army veteran Berg Misusawa won that race with fifty
Speaker 3: one percent of the vote. He'll face Democrat Mark Warner
Speaker 3: in November.
Speaker 4: Nan Karada was a primary election night as well in Kansas, Missouri,
Speaker 4: and Washington State. Checking some of the key races in
Speaker 4: those states, Democrat Marie Glusen camp Perez held off a
Speaker 4: progressive challenge in Washington's third district with thirty nine percent
Speaker 4: of the vote.
Speaker 2: She goes on to face Republican John Brawn in November.
Speaker 4: In Missouri, Democratic Congressman Wesley Bell held off a challenge
Speaker 4: from the progressive he unseated two years ago Corey Bush
Speaker 4: by a vote of fifty nine to thirty seven percent.
Speaker 4: And Kansas voters rejected a Republican backed constitutional amendment that
Speaker 4: would have required direct elections of state Supreme Court justices.
Speaker 4: The vote there was sixty one percent against to thirty
Speaker 4: nine percent in favor.
Speaker 3: Now, let's get to the latest developments in the Middle
Speaker 3: East and Nathan. The prospect of an interim deal focused
Speaker 3: on the Strait of horm Mooz is gaining traction this morning.
Speaker 3: Cutter says a proposal had been drafted in both both
Speaker 3: American and Iranian officials sounded hopeful about reopening the crucial waterway.
Speaker 3: President Trump spoke with reporters last night in Los Angeles.
Speaker 2: I think it'd be very smart to make a deal.
Speaker 2: We'll see what happens. They had a very good day.
Speaker 2: The negotiations were good.
Speaker 3: And we get more on the negotiations from Bloomberg Middle
Speaker 3: East reporter Aber albu Omar.
Speaker 6: We could see a deal coming about in the next
Speaker 6: day or so today, even as imminent as today, suggesting
Speaker 6: some sort of opening to the Strait of her Moves
Speaker 6: to get a trickle of movement through it.
Speaker 3: Now.
Speaker 6: Qatar, which has been mediating this between the US and Iran,
Speaker 6: said that a draft language was put in place for
Speaker 6: both parties to review. Nothing is finalized yet. President Trump
Speaker 6: saying earlier the Iranians were talking to him, that they
Speaker 6: were happy to talk, that they called him and asked
Speaker 6: to talk about the reopening of the Street of her Moos.
Speaker 6: We also heard from Mark Rubio Scott Pessant about a
Speaker 6: deal that could be imminent about the reopening of the
Speaker 6: Strait of her Moves and.
Speaker 3: As Spoomberg Middle East reporter Aber rabu Omar, who says
Speaker 3: a sixty day agreement on shipping through the strait is
Speaker 3: being prepared and Axios is reporting no tolls or fees
Speaker 3: would be charged during the sixty day period.
Speaker 2: Well Karen, We've been.
Speaker 4: Watching oil fall over the last few days on optimism
Speaker 4: over a deal, but crude is higher this morning. That's
Speaker 4: after a spokesperson for the HOO the Militant said the
Speaker 4: group would escalate attacks on vessels from Saudi Arabia in
Speaker 4: the Northern Red Sea. Checking prices now, Brent crude is
Speaker 4: up one point two percent, trading above eighty dollars a barrel.
Speaker 4: West Texas Intermediates at around seventy six dollars, a gain
Speaker 4: there of about a half percent. Meanwhile, American Petroleum Institute
Speaker 4: CEO and President Mike Summer says traffic through the Strait
Speaker 4: will need the increase for gas prices in this country
Speaker 4: to drop.
Speaker 7: Unfortunately, we're still not getting enough product through the Strait
Speaker 7: of horm Mooves, even at the highest ends. They're saying
Speaker 7: that we're getting only about seven million barrels of oil
Speaker 7: through the Strait of her Moves at this point. Because
Speaker 7: of new pipeline capacity, you only need to get that
Speaker 7: level up to about eleven million barrels a day through
Speaker 7: the Straight because of a lot of that product now
Speaker 7: flowing through pipelines.
Speaker 4: American Petroleum Institute CEO Mike Summers spoke there on Bloomberg's
Speaker 4: Balance of Power. You can get the full conversation on
Speaker 4: the Bloomberg Video Hub at Bloomberg dot com and the
Speaker 4: Bloomberg Business app.
Speaker 3: Well, Nathan, there's new developments this morning in the war
Speaker 3: with Ukraine, and at least seventeen people were killed in
Speaker 3: Russian era attacks. Amid fresh signs that Kiev's ability to
Speaker 3: defend against missile strikes is becoming exhausted. Ukraine is seeking
Speaker 3: more interceptors from allies. Existing stocks for the US made
Speaker 3: Patriot system that's most capable of taking out Russian ballistic missiles.
Speaker 2: Star Back to the markets now, Karen. Futures are mixed.
Speaker 4: Following a record close on Wall Street, the S and
Speaker 4: P five hundred rows one point eight percent yesterday, the
Speaker 4: Philadelphia Semiconductor Index climbed six point six percent for its
Speaker 4: fourth straight day of gains.
Speaker 3: Well, this morning, we're watching shares of SpaceX, Nathan. They
Speaker 3: are down ten percent and its first earnings report as
Speaker 3: a publicly traded company, SpaceX a detailed higher AI spending
Speaker 3: that overshadowed better than expected quarterly results. Revenue beat estimates,
Speaker 3: while the company posted a smaller than expected loss. However,
Speaker 3: capital spending sword as Elon Musk pushes ahead with his
Speaker 3: AI and space ambitions. Bloomberg text at Ludlow has the details.
Speaker 8: SpaceX spent a staggering eighteen point four billion dollars in
Speaker 8: the quarter and the vast majority of that eighty six
Speaker 8: percent was on AI infrastructure. But renting out compute capacity
Speaker 8: or computing power to companies like Google and Thropic is
Speaker 8: becoming a major business, and they gave lots of evidence
Speaker 8: of that. Second, like where is the growth? SpaceX said
Speaker 8: they will hit one hundred billion dollars in annual revenue
Speaker 8: run your EATE by the end of this year, and
Speaker 8: Musk even went a step further, saying they have line
Speaker 8: of sight like complete confidence that SpaceX will hit one
Speaker 8: trillion dollars of real revenue in twenty thirty.
Speaker 3: Bloomberg text at Ludlow says SpaceX's results camp a rollercoaster
Speaker 3: ride since the company's record at stock market debut in
Speaker 3: June post IPO, volatility is white more than one trillion
Speaker 3: dollars from SpaceX's market value, and.
Speaker 4: On the conference call last night, Karen Elon Musk reiterated.
Speaker 2: His commitment to Nvidia.
Speaker 4: He said SpaceX will build exclusively on Nvidia chips, and
Speaker 4: Nvidia shares in the pre market are up nearly two percent.
Speaker 3: If in shares of Advanced micro devices are sliding their
Speaker 3: down eight percent. This morning, must comments on his commitment
Speaker 3: to Nvidia and the chip maker's underwhelming sales outlook weighing
Speaker 3: on shares. This morning, AMD says it expects third quarter
Speaker 3: revenue of about thirteen billion dollars. Well that topp the
Speaker 3: average analyst estimate. It missed some lofty projections, so we
Speaker 3: again more with Bloomberg Markets reporter Anthony Stevens, some of the.
Speaker 9: Stock person reaction has to be put into context with
Speaker 9: the year to date performance of that stock. That stock
Speaker 9: is up triple digits, sets up aroun one hundred and
Speaker 9: forty percent year to day. It's an eight percent replacement
Speaker 9: when the earnings failed to clear the best estimates. Is
Speaker 9: kind of understandable.
Speaker 3: Bloomberg's Anthony Stevens on AMD's results. They come just weeks
Speaker 3: after CEO Lisa Sue unveiled a new AI ship that
Speaker 3: the company believes will outperform in videos.
Speaker 4: In some other AI news, Karen OpenAI says some of
Speaker 4: its models, along with ones from another AI lab were
Speaker 4: involved in three previously unreported cybersecurity incidents. Open AI says
Speaker 4: these new incidents are separate from a previously disclosed case
Speaker 4: involving hugging face.
Speaker 3: Nathan and California Federal Judge schaledled a twelve day trial
Speaker 3: early next year, and a pair of lawsuits seeking a
Speaker 3: blog Paramount's guidances one hundred ten billion dollar proposed acquisition
Speaker 3: of Warner Brothers Discovery. The judge says she will hear
Speaker 3: cases brought separately by a group of states and the
Speaker 3: Writer's Guild of America in a single trial.
Speaker 2: Both lawsuits allege.
Speaker 3: That allowing the media companies to combine operations with hurt
Speaker 3: competition in film and television production and distribution. Matt News
Speaker 3: comes after Paramount's guidance reported earnings yesterday, posting a surprise
Speaker 3: surge in second quarter profits, with cost cutting from its
Speaker 3: merger last year continuing to pay off. The company said
Speaker 3: it has to delivered over two point seven billion dollars
Speaker 3: in annual cost savings associated with that combination and expects
Speaker 3: to reach its target of three billion dollars.
Speaker 2: We have this programming note.
Speaker 4: Karen Bloomberg Radio is introducing a new feature exclusively for
Speaker 4: Bloomberg dot com subscribers and terminal clients. You can help
Speaker 4: shape our conversations by submitting questions for our analysts and
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Speaker 3: Time now for a look at some of the other
Speaker 3: stories making news in New York and around the world.
Speaker 3: And for that we're joined by Bloomberg's Michael Barr Michael,
Speaker 3: good Morning, Good.
Speaker 10: Morning, Karen. Embattled Ohio Representative Max Miller said he's seeking
Speaker 10: an ethics investigation on himself to clear his name. The
Speaker 10: House Ethics Committee is reviewing allegations that Miller may have
Speaker 10: engaged in domestic violence and abuse or illegal drug use.
Speaker 10: Ohio Senator Bernie Moreno, his former father in law, and
Speaker 10: other fellow Republicans have called for Miller to resign his
Speaker 10: House seat, and political reports the White House is pressuring
Speaker 10: Miller to drop his reelection bid. Yesterday, Miller spoke to
Speaker 10: CNN about allegations from Moreno that he withheld a baby
Speaker 10: toy from his two year old daughter a blue bunny.
Speaker 11: This is nothing more than an individual who's being politically
Speaker 11: vindictive in talking about a blue bunny. When I have
Speaker 11: text messages I can show you from our parent coordinator,
Speaker 11: who is a mandatory court reporter, who said that mister
Speaker 11: Moreno would be coming over my home. And then another
Speaker 11: individual came who I don't.
Speaker 10: Know, Miller faces Democrat Brian Poindexter in November's election. The
Speaker 10: family of a second man to die at a New
Speaker 10: Jersey immigrant detention center in eight months is talking, federal
Speaker 10: authorities say. Thirty nine year old Edwin Lopez Corneo died
Speaker 10: Saturday at the Delaney Hall Facility in Newark after what
Speaker 10: they called a medical emergency. However, his family Budge's medical
Speaker 10: negligence led to his death. A New Jersey lawsuit claiming
Speaker 10: poor conditions and inadequate access is making its way through
Speaker 10: federal court. This woman spoke at Tuesday's news conference.
Speaker 11: When we heard from the family of Edwin, you know
Speaker 11: they had not even realized that he was dead.
Speaker 10: Audio courtesy of CBS two. The Salvadoran was arrested in
Speaker 10: June accused of entering the country illegally it's a growing
Speaker 10: problem in New York City writers on illegal e bikes. Yesterday,
Speaker 10: City Council Speaker Julie Mennin announced new bills focused on
Speaker 10: e bike and escuder's safety. Mayor Zren Mamdani.
Speaker 12: Because it is hard for New Yorkers to keep up
Speaker 12: with what is legal or illegal if they're able to
Speaker 12: buy it online. And our work is how to ensure
Speaker 12: that each of those New Yorkers knows this is something
Speaker 12: that's permitted, this is something that's not and the reason
Speaker 12: it's not is because it's not safe.
Speaker 10: In total, seventeen bills will be introduced in the City
Speaker 10: Council next month. Global News twenty four hours a day
Speaker 10: and whenever you want it with Bloomberg News Hell Michael
Speaker 10: Barr and this is Bloomberg Karen.
Speaker 1: Thanks Michael.
Speaker 3: Time now for our Bloomberg Sports update, and for that
Speaker 3: we bring in John Stashower.
Speaker 13: Ranks Scabby John Robinson, considered the best running back in
Speaker 13: the NFL, and he has cast in was looking for
Speaker 13: a new contract, got it with Atlanta. He could make
Speaker 13: seventy five million dollars through twenty thirty. The other top
Speaker 13: running back, Jamir Gibbs, also twenty four years old looking
Speaker 13: for a new deal in Detroit. Chicago made tackle Darnell
Speaker 13: Wright the highest paid ever right tackle in Baltimore, gave
Speaker 13: whiteout Zay Flowers a big four year, one hundred and
Speaker 13: forty million dollar deal. Carlos Alcarez is with drawn to
Speaker 13: the upcoming tournament in Cincinnati with that wrist injury. That
Speaker 13: you're Bloomberg Sports Update.
Speaker 2: Stay with us.
Speaker 3: More from Bloomberg day Break coming up after this.
Speaker 1: Coast to coast on Bloomberg Radio, nationwide on Sirius XM,
Speaker 1: and around the world on Bloomberg dot Com and the
Speaker 1: Bloomberg Business Album. This is bloom Daybreak.
Speaker 2: Good morning, I'm Nathan Hager.
Speaker 4: They are still counting the votes in Michigan, but in
Speaker 4: a closely watched Democratic Senate primary, progressive Abdullah el Side
Speaker 4: is holding a slim lead over establishment favorite Congresswoman Haley Stevens.
Speaker 5: We should know who the victor will be tomorrow and
Speaker 5: the work starts anew.
Speaker 4: That was Abdullah Side stopping short of declaring victory last night.
Speaker 4: This morning, we are joined by Jennifer Lawless, Professor of
Speaker 4: politics at the University of Michigan. It is great to
Speaker 4: speak with you this morning, professor, And as I look
Speaker 4: at the results as they stand at this moment, el
Speaker 4: said holds a one point two percent lead over Stevens
Speaker 4: according to the Associated Press. If that holds, does this
Speaker 4: seal a leftward shift for the Democratic Party more broadly
Speaker 4: across the country?
Speaker 2: Good morning, Good morning.
Speaker 14: Well, it definitely seals a shift toward insurgent candidates. I
Speaker 14: think there's been a lot of attention focused not only
Speaker 14: on this race, but on races across the country that
Speaker 14: are pitting these insurgents against establishing candidates. As though it's
Speaker 14: really about progressives versus moderates, and most of these moderates
Speaker 14: are pretty far to the left anyway. It's really a
Speaker 14: lot different in terms of rhetoric and the ability to
Speaker 14: fight the Trump administration.
Speaker 4: How could a progressive do in a state like Michigan,
Speaker 4: a swing state in the past, one that President Trump
Speaker 4: has carried in two of the last three elections.
Speaker 14: Well, I think it's possible for him to win. You know,
Speaker 14: this is a big test because the insurgent candidates, especially
Speaker 14: those who who have identified as Democratic socialists, although he
Speaker 14: does not have won in mostly blue states, but there's
Speaker 14: time to pivot in the general election. And I don't
Speaker 14: mean switch policy views, but make a case to the
Speaker 14: broader Michigan electorate that you're somebody who can represent their interests.
Speaker 14: And the reality is Donald Trump's approval in Michigan is very,
Speaker 14: very low. The affordability crisis is something that's very important
Speaker 14: to Michigan voters, and in terms of foreign policy, they're
Speaker 14: also concerned. So there's a path for him to win,
Speaker 14: but he's going to have to make a really compelling argument.
Speaker 13: Now.
Speaker 4: In your home state of Virginia, in a couple of
Speaker 4: key house races, Democrats went with more moderate candidates in
Speaker 4: a couple of seats that the party's really hoping to
Speaker 4: flip in their quest for the majority in November. Is
Speaker 4: Virginia a moderate outlier amid the progressive Democratic wave?
Speaker 2: I don't think so.
Speaker 14: It really requires a progressive candidate to emerge with a
Speaker 14: lot of power, a lot of backing, and we just
Speaker 14: didn't see that in the Virginia House races. The primaries
Speaker 14: were not particularly competitive. I also think that as far
Speaker 14: as Virginia is concerned, it is a pretty blue state.
Speaker 14: We've elected Republican governors over time, but this is just
Speaker 14: not a state where the progressive wing of the party
Speaker 14: or the insurgent wing of the party has decided to
Speaker 14: play actively.
Speaker 4: Got about a minute left here. It is focused on
Speaker 4: prospects for another interim deal between the US and Iran
Speaker 4: in terms of domestic political pressure on President Trump to
Speaker 4: get something done.
Speaker 2: How do you see this playing out?
Speaker 14: Well, I think the uncertainty and the unpredictability regarding the
Speaker 14: war and all of the statements that President Trump makes
Speaker 14: on a regular basis about how close we are to
Speaker 14: a deal not only doesn't do any favors to the markets,
Speaker 14: it also doesn't do any favors for Republican candidates who
Speaker 14: would like this war to be over by the midterms
Speaker 14: in November. It's unlikely that that's going to be the case.
Speaker 14: And as long as they're talking about a war that
Speaker 14: the overwhelming majority of Americans, including Republicans, do not support,
Speaker 14: they're going to be a fighting uphill terrain.
Speaker 4: Thank you for this, Really appreciate your insights this morning.
Speaker 4: That's Jennifer Lawless, professor of politics at the University of Virginia.
Speaker 3: Karen Nathan space Ike shares their down about eleven percent
Speaker 3: right now. That's right around a session low disclosed higher
Speaker 3: than expected spending on its artificial intelligence business, overshadowing it
Speaker 3: in aull, you're all quarterly rapport that broadly surpassed Wall
Speaker 3: Street forwardcast. We want to get reaction with Bloomberg News
Speaker 3: senior strategist Neil Campbling. Neil, good morning. Let's start with
Speaker 3: this investor reaction. So was the bar just set too high?
Speaker 3: What did investors need to hear that they didn't good morning.
Speaker 15: I think they would be happy with the three division's
Speaker 15: second quarterly sales data, but of course, as you mentioned,
Speaker 15: it's all about the cash burn levels. So capex very
Speaker 15: elevated at eighteen point three billion dollars. But I think
Speaker 15: the problem here is to a degree about investing full
Speaker 15: of future, and basically SpaceX needs to invest significantly on
Speaker 15: the CAPEX line going forward, suggesting that that CAPEX will
Speaker 15: remain at the same elevated levels for the rest of
Speaker 15: this year. So if you look at the numbers, they
Speaker 15: are low in absolute terms relative to the hyperscalers. So
Speaker 15: the four big hyperscalors combined will spend roughly a trillion
Speaker 15: dollars on Capex next year. So investors are left weight
Speaker 15: wanting to know where SpaceX can afford to compete, and
Speaker 15: whether they will need to come back to market at
Speaker 15: some point in the future to raise more capital.
Speaker 3: All right, we did hear from Elon Musk. He talked
Speaker 3: for what about an hour, and he made some bold predictions,
Speaker 3: including reaching one trillion dollars in revenue by twenty thirty.
Speaker 3: Was there anything that Musk hand to say in that
Speaker 3: car that caught your attention?
Speaker 15: That one trillion dollars certainly called my attention, particularly because
Speaker 15: most of that is expected to be driven really by
Speaker 15: the AI revenue now an AI currently small piece of
Speaker 15: the business, so whilst you have the other elements that
Speaker 15: are generating the cash flow, it's really a question of
Speaker 15: how you get to those numbers, and that is because
Speaker 15: they will require significant investment. So I think that's where
Speaker 15: we get used to the bold statements from Elon Musk,
Speaker 15: but it's and his very ambitious targets, But it's a
Speaker 15: question of how you pay to get to those kind
Speaker 15: of numbers. That remains the questions for investors, which in
Speaker 15: some respects the ambitions are of a startup type culture.
Speaker 15: But the company now being public means edit it gets
Speaker 15: marked to market if you like every quarter, but if.
Speaker 3: Some of this will it be held by this selling
Speaker 3: of his computing powdered power. And sorry, this is also
Speaker 3: a future play because it did talk about these deals
Speaker 3: it has with businesses like Google and Anthropics. So should
Speaker 3: investors also be taking more of a look at some
Speaker 3: of these deals that went into effect just recently, so
Speaker 3: this we might hear more about in future earnings reports.
Speaker 15: It's very true we've we've heard a similar type of
Speaker 15: comment out of Meta recently in terms of the potential
Speaker 15: of leasing out this compute power. I think one thing
Speaker 15: we need to remember is that in the cloud infy
Speaker 15: structured deals that Xai have struck with Anthropic and Google,
Speaker 15: Google themselves have referred to these these kind of partnerships
Speaker 15: as bridging solutions, which means that they can potentially have
Speaker 15: easy exit clauses. So whilst SpaceX is building out these
Speaker 15: compute capabilities, there is chances that the deals could be
Speaker 15: changed in terms of terms, or that they won't be
Speaker 15: able to scale significantly to sell that compute power quick enough.
Speaker 15: So's many questions that it raises here.
Speaker 3: All right, and just briefly, we have these lockups expiring,
Speaker 3: should we expect some volatility and the shares this week
Speaker 3: as a result, even more volatility.
Speaker 15: I should say, yes, it has been has been volatile.
Speaker 15: Some of the hedge funds have been borrowing stock to
Speaker 15: look to shortening the stock now as more stock becomes available,
Speaker 15: that actually might help reduce the volatility around the stock price.
Speaker 15: So whilst it may pressure the stock into those kind
Speaker 15: of stock sales, it could actually help longer term just
Speaker 15: by the where do those set of metrics around the hedgephones.
Speaker 3: This is Bloomberg Daybreak, your morning podcast on the stories
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Speaker 2: And I'm Nathan Hager.
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Speaker 4: Break