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Speaker 1: Bloomberg Audio Studios, podcasts, radio.

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Speaker 2: News news. When you wanted with Bloomberg News Now, I'm

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Speaker 2: Doug Krisner. We had shares in Reddit rallying forty eight

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Speaker 2: percent on their first day of trading. The company and

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Speaker 2: a shareholders were able to raise seven hundred and forty

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Speaker 2: eight million dollars. The IPO was priced at thirty four

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Speaker 2: dollars a share. It closed just above fifty bucks, and

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Speaker 2: that gives the company a market value of around eight

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Speaker 2: billion dollars. Some of the enthusiasm for Reddit can be

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Speaker 2: attributed to its business related to artificial intelligence. Reddit said

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Speaker 2: it's in the early stages of allowing third parties to

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Speaker 2: license access to data on the platform. Reddit's chief operating

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Speaker 2: officer is Jen Wong. She says the platform's data is

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Speaker 2: ideal for helping companies like Google in search.

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Speaker 3: Large language models need data to train on, and when

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Speaker 3: you look at Reddit's corpus nineteen years years of human

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Speaker 3: experience organized by topic with well in moderation and relevance,

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Speaker 3: that's incredibly important to building both a chat capability and

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Speaker 3: the freshness of information.

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Speaker 2: That is read at COO Jen Wong. After the battle,

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Speaker 2: we heard from Nike the company issued a warning sales

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Speaker 2: could take a hit this year as it realigns its

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Speaker 2: product line. Nike is expecting revenue to fall by low

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Speaker 2: single digits in the first half of the fiscal year

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Speaker 2: it begins in June. Now analysts had projected a four

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Speaker 2: percent increase in Q one six percent in the second quarter.

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Speaker 4: Now.

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Speaker 2: For the quarter just ended, Nike sales were stronger than projected.

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Speaker 2: Revenue in China up four and a half percent. North

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Speaker 2: American sales up three point two percent, but the stock

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Speaker 2: in lay trading was down five and to half percent.

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Speaker 2: The US Department of Justice sued Apple today, accusing the

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Speaker 2: iPhone maker of violating antitrust laws. Apple is alleged to

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Speaker 2: have used its power over apptition distribution to thwart innovation

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Speaker 2: innovations that would have made it easier for consumers to

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Speaker 2: switch phones. However, Bloomberg Intelligent senior anti trust analyst Jenniferree

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Speaker 2: says it may be tough for the DOJ to prove

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Speaker 2: Apple intentionally limited competition.

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Speaker 5: It's a very difficult to prove monopolization where a company

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Speaker 5: has legitimate pro competitive business justifications for its conduct. But

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Speaker 5: you know we've already seen in another case against Apple

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Speaker 5: by Epic Games. A lot of that evidence flashed out,

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Speaker 5: and a judge in that case decided that Apple did

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Speaker 5: have pro competitive justifications for its walled garden, and a

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Speaker 5: lot of the same evidence will be put on trial here.

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Speaker 2: That is Bloomberg's jenniferree. We are hearing Houthi rebels in

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Speaker 2: Yemen will allow Chinese and Russian vessels to move through

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Speaker 2: the Red Sea and the Gulf of Aden without being attacked.

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Speaker 2: That's because China and Russia reached an understanding after talks

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Speaker 2: in Oman between their diplomats and one of the Houthy's

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Speaker 2: top political figures, here's Bloomberg Sam Daeger.

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Speaker 4: They have this meeting to agree that the Hoopies would

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Speaker 4: be everything to avoid Chinese and Russian ships in return

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Speaker 4: of We're not quite sure what exactly was kind of

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Speaker 4: a quick work plow, but it was said that the

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Speaker 4: Russians of the Chinese would lend the Hoopees political support.

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Speaker 4: This potentially means that maybe Russia and China opposing any

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Speaker 4: further resolutions in the Security Council against the Hoopies.

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Speaker 2: That is Bloomberg Sam Daeger. Now, the Houthies say they

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Speaker 2: are targeting ships linked to Israel. The US and the

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Speaker 2: UK Congress has released the details of a one point

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Speaker 2: two trillion dollar deal to keep most government agencies open

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Speaker 2: through the end of September. Bloomberg's Laura Davidson reports the

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Speaker 2: deal falls short of the spending cuts that conservative Republicans

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Speaker 2: were looking for.

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Speaker 6: There were some small reductions in spending, you know, the

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Speaker 6: State Department got a six percent cut, but these big,

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Speaker 6: you know, visions that the House Freedom Caucus and that

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Speaker 6: really right wing flank and the House didn't get any

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Speaker 6: of the things they've been talking about. And this is

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Speaker 6: really shows that that Mike Johnson, who came in as

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Speaker 6: more of a conservative speaker, is operating as a traditional

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Speaker 6: Republican speaker would making a deal, taking in consideration from

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Speaker 6: all sides, and knowing he's going to need Democratic votes

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Speaker 6: to pass this, so making sure that Democrats are see

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Speaker 6: their own preferences reflected in this bill.

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Speaker 2: That is Bloomberg's Laura Davison. Now, Democrats are claiming some

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Speaker 2: victories in this spending package that includes funding increases for childcare,

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Speaker 2: low income schools, and health research. The US is getting

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Speaker 2: behind a new proposal to support Ukraine's fight against Russia.

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Speaker 2: We have the details from Bloomberg's and Nathan Hager, and Washington.

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Speaker 1: Sources tell Bloomberg News the US is asking its G

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Speaker 1: seven allies to create at least fifty billion dollars in

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Speaker 1: bonds for Ukraine backed by the profits from frozen Russian assets.

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Speaker 1: More than two thirds of the two hundred and eighty

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Speaker 1: billion dollars in immobilized Russian Central Bank assets are blocked

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Speaker 1: in the European Union. They generate roughly three point six

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Speaker 1: billion dollars in profits per year. The bond proposal would

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Speaker 1: nearly equal to sixty billion dollars in usay that's still

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Speaker 1: stuck in Congress. Some European allies have pushed back at

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Speaker 1: tapping the frozen assets out of concern it could face

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Speaker 1: legal challenges. In Washington. I'm Nathan Hager, Bloomberg Radio.

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Speaker 2: And that is news when you want it with Bloomberg News. Now.

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Speaker 2: I'm Doug Krisner, and this is Bloomberg