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Speaker 1: Good morning.

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Speaker 2: I'm Nathan Hager and I'm Karen Moscow. Here are the

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Speaker 2: stories we're following today.

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Speaker 3: Karen, This morning, Surgeon. The Nasdaq futures follows an earnings

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Speaker 3: blowout from in Video. That stock is up another eight

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Speaker 3: percent this morning. The chip maker's results and outlook beat

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Speaker 3: estimates thanks to a surge in demand for artificial intelligence processors.

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Speaker 3: Bloomberg Zed Ludlow has more from San Francisco.

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Speaker 4: There is staying power for Nvidia's AI story. The guidance

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Speaker 4: for the fiscal third quarter is sales of sixteen billion

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Speaker 4: plus or minus two percent. That's about twenty nine percent

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Speaker 4: above what analysts were expecting. And the way that executives

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Speaker 4: on the call described it is they have visibility on

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Speaker 4: AI demand going into the next fiscal year. CFO Collect

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Speaker 4: Cress called it quote tremendous and broad based AI demand,

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Speaker 4: ed Ludlow for Bloomberg NESE in San Francisco.

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Speaker 5: All right, ed, thanks well.

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Speaker 2: Nvidia stock is now at more than two hundred and

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Speaker 2: twenty five percent on the year despite the game. Dan

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Speaker 2: Morgan at Snovius Trust says the valuation is.

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Speaker 5: Not that crazy.

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Speaker 6: I think if you look at the stock as on

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Speaker 6: a forward multiple basis and new factor in the tremendous

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Speaker 6: year over year growth that they're getting right now and

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Speaker 6: the momentum that they're getting on this quarter to quarter basis,

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Speaker 6: the stock to me doesn't seem that excessive, and Dan.

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Speaker 2: Morgan at Senovius Trust says in Nvidia will give a

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Speaker 2: big boost to the NASDAC. The index was on track

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Speaker 2: for its worst month of the year before yesterday's results.

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Speaker 3: Now, the earnings blowouts not only making Nvidia investors happy

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Speaker 3: this morning, Karen, it's also boosting the wealth of CEO

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Speaker 3: Jensen Wang. His fortune grew as much as four point

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Speaker 3: two billion dollars, bringing his net worth now to around

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Speaker 3: forty six billion. If that gain is sustained, Wong would

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Speaker 3: end up among the world's twenty five wealthiest people.

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Speaker 2: While investors react to Nvidia earnings, here's another potential market

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Speaker 2: event going on in Wyoming. Economists are gathering in Jackson

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Speaker 2: Hole in preparation for remarks from FED Chair J Powell

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Speaker 2: and Europeans Central Bank President Christine Leaguard. Bloomberg's Tom Keene

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Speaker 2: is in Wyoming and leads our team coverage.

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Speaker 7: Karen and Nathan, I think it's going to be interesting

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Speaker 7: on a Thursday, we look to Friday, Yes, Chairman Poull's speech,

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Speaker 7: But far more importantly and underplayed in the American media

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Speaker 7: is Christine Laguard's speech, which follows oftentimes on a Saturday,

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Speaker 7: but I think because of schedule. A president of the

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Speaker 7: European Central Bank speaking in the early afternoon of wyoming Friday,

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Speaker 7: It's going to be interesting to see what Laguard says

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Speaker 7: with the real difficulties in the European economy, how that

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Speaker 7: redounds over to the United States.

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Speaker 2: All right, Tom, thanks and tune in for our comprehensive

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Speaker 2: live coverage from Jackson Hall. The main event gets underway

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Speaker 2: tomorrow with a special four hour edition of Bloomberg Surveillance

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Speaker 2: starting at eight am Eastern, and in the afternoon, Tom

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Speaker 2: sits down for an exclusive interview with ECB President Christine Laguard.

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Speaker 2: Catch that conversation at the close of US markets at

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Speaker 2: four PM.

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Speaker 3: Lots to look forward to. Let's shift to politics now.

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Speaker 3: In the major story today coming out of Milwaukee, eight

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Speaker 3: Republican candidates squared off in the first debate of the

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Speaker 3: presidential race. Former President Donald Trump wasn't at the event,

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Speaker 3: hosted by Fox News, so the remaining contenders trained their

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Speaker 3: fire mostly on President Biden and his policies. Here's South

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Speaker 3: Carolina Senator Tim Scott.

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Speaker 8: Joe Biden's Biden nomens has led to the loss of

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Speaker 8: ten thousand dollars of spending power for the average family.

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Speaker 3: Florida Governor Ron DeSantis got some applause when he was

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Speaker 3: asked whether he'd keep supporting Ukraine.

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Speaker 8: I'm not going to send troops to Ukraine, but I

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Speaker 8: am going to send them to our southern border. When

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Speaker 8: these drug pushers are bringing fentonyl across the border, that's

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Speaker 8: going to be the last thing they do. We're going

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Speaker 8: to use force and we're going to leave them stone

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Speaker 8: cold there.

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Speaker 3: But entrepreneur Vivek Ramaswami was a frequent target of attacks

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Speaker 3: On stage, he put forward economic policies of his own.

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Speaker 9: Unlock American energy, drill, frack burn coal, embrace nuclear, put

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Speaker 9: people back to work by no longer paying them more

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Speaker 9: to stay at home. Reform the US FED, stabilize the

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Speaker 9: US dollar, and go to war. The only war that

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Speaker 9: I will declare as US president will be the war

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Speaker 9: on the federal administrative State.

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Speaker 3: Now, all the candidates were asked whether they would support

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Speaker 3: Trump as the nominee if he were convicted of a felony.

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Speaker 3: Most raised their hands, except former governors Chris Christy and

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Speaker 3: Asa Hutchinson Nathan.

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Speaker 2: While the debate aired on Fox News, Trump was on

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Speaker 2: social media. The former president took part in a re

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Speaker 2: recorded interview at Tucker Carlson on X and explain why

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Speaker 2: he wasn't at the debate.

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Speaker 10: If you're leading by fifty sixty I at one point,

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Speaker 10: I'm leading by seventy points, and I'm saying, why am

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Speaker 10: I doing it? And I'm going to have eight people,

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Speaker 10: ten people who haven't made the debate. I don't know

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Speaker 10: how many it is, but I'm going to have all

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Speaker 10: these people screaming at me, shouting questions at me, all

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Speaker 10: of which I love answering, I love doing, but it

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Speaker 10: doesn't make sense to do.

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Speaker 2: And later today Trump is set to surrender to authorities

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Speaker 2: in Georgia on charges that he schemed to overturn the

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Speaker 2: twenty twenty election.

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Speaker 3: Yeah, the major story of following comes out of Russia.

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Speaker 3: You have getting Progosian, the man who let a mutiny

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Speaker 3: that posts the biggest start to president Vladimir Putin is

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Speaker 3: presumed dead. We get more from Bloomberg's Maria today out.

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Speaker 11: The fact that there aren't details yet that has prompted

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Speaker 11: a lot of speculation, frankly on Russian telegram channels, some

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Speaker 11: suggesting that perhaps there is the hand of the Kremlin

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Speaker 11: behind this.

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Speaker 5: Remember it's almost two months to.

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Speaker 11: The date that he led this insurrection against Moscow that

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Speaker 11: was a serious threat to the authority of Vladimir Putting.

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Speaker 11: And it's not really shocking either that a lot of

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Speaker 11: the critics and opponents of Ladimir Putin do have a

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Speaker 11: history and a track record of finding themselves in situations

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Speaker 11: where they were either seriously injured or dead.

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Speaker 3: And Bloomberg's Maria Todao says Progosion is presumed dead at

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Speaker 3: the age of sixty two.

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Speaker 5: It's five seven on Wall Street.

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Speaker 2: Time now for a look at some of the other

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Speaker 2: stories making news around the world. Form that We're joined

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Speaker 2: by Bloomberg's Amy Morris Semey.

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Speaker 5: Good morning, Good morning, Karen.

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Speaker 12: The House Freedom Caucus continues to raise the risk of

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Speaker 12: an October first government shutdown with demands for spending cuts

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Speaker 12: and conditions on money for Ukraine in exchange for their

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Speaker 12: support of stop gap spending legislation. Now these demands will

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Speaker 12: likely face strong Democratic opposition and threatened to sink a

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Speaker 12: so called continuing resolution that leaders in both parties have

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Speaker 12: said is necessary to avoid a partial shutdown after the

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Speaker 12: fiscal year end September thirtieth, and House Republicans may be

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Speaker 12: ready to launch an investigation into the federal response into

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Speaker 12: the Maui wildfires. Speaker Kevin McCarthy says he's concerned about

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Speaker 12: the response and questioned why there were so many deaths.

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Speaker 12: Now there are more questions about what the mayor knew

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Speaker 12: when those fires were spreading. The state Attorney General's office

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Speaker 12: in Hawaii is investigating, telling CBS their quote advising state

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Speaker 12: actors to refrain from commenting on appending investigation. At the

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Speaker 12: same time, Hawaiian officials are asking the people of Maui

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Speaker 12: who are missing loved ones to come forward and submit

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Speaker 12: some DNA so the remains that have been found can

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Speaker 12: be identified. Julie French is an expert in DNA identification

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Speaker 12: and the senior vice president of Andy Corporation. She says,

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Speaker 12: so far, only one hundred four samples have been submitted.

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Speaker 13: We need family members to come forward and donate their

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Speaker 13: samples so that we can compare them to these DNA

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Speaker 13: profiles we've already generated from remains.

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Speaker 12: At least one hundred and fifteen people were killed in

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Speaker 12: the wild buyers. Hundreds of others are still unaccounted for.

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Speaker 12: Wall Street Journal reporter Evan Gershkovich, detained in Russia on

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Speaker 12: espionage charges, will remain in custody at least until November thirtieth.

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Speaker 12: Gershkovich and his employer deny those allegations. In the US

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Speaker 12: government has declared him to be wrongfully detained. Japan has

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Speaker 12: started the release of treated wastewar water rather from the

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Speaker 12: Fukushima nuclear site into the Pacific Ocean. It's a process

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Speaker 12: that could last about thirty years, and it's triggered an

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Speaker 12: immediate retaliation by China to curb seafood imports. Japan's process

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Speaker 12: has been authorized as safe by the International Atomic Energy Agency,

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Speaker 12: but China and other opponents insist that the release of

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Speaker 12: waste water from a disaster site cannot compare with similar

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Speaker 12: activities that are commonplace in the global nuclear sector. Global

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Speaker 12: News twenty four hours a day, powered by more than

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Speaker 12: twenty seven hundred journalists and analysts in more than one

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Speaker 12: hundred twenty countries, I'm Amy Morris, and this is Bloomberg.

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Speaker 3: Karen.

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Speaker 5: All right, Amy, thank you.

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Speaker 2: It is five oh nine on Wall Street. Time now

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Speaker 2: for the Bloomberg Sports Update with Dan Schwartzman.

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Speaker 14: Dan, Good morning, Karen.

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Speaker 15: Let's start out in Major League Baseball of the Yankees

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Speaker 15: step their nine game losing stream deep seven Thomas Berg stoping.

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Speaker 14: That's courtesy of the S Network.

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Speaker 15: Yankees beat the Nationals nine to one as Aaron judged

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Speaker 15: It's three home runs and drives in six runs. Meanwhile,

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Speaker 15: the Mets loser rubber game of their three game set

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Speaker 15: in Atlanta seven to nothing. Red Sox knock off the

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Speaker 15: Ashras in Houston seven to five and ten in Orioles

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Speaker 15: get past a Blue Jay seven to nothing, Giants knocking

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Speaker 15: off the Phillies in ten innings eight to six. A's

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Speaker 15: getting shut out at home four nothing by the Royals,

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Speaker 15: while the Manners eight game winning streak is snapped as

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Speaker 15: Seattle loses in Chicago five to four and ten innings

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Speaker 15: to the White Sox LA Angels. Two A star showy

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Speaker 15: Otanny will not pitch the rest of the season after

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Speaker 15: being diagnosed with the torn right elbow ligament.

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Speaker 14: No decision has been made yet regarding surgery.

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Speaker 15: The front runner for al MVP had Tommy John surgery

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Speaker 15: just five years ago. Indianapolis Colts giving discruntled running back

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Speaker 15: Jonathan Taylor till Tuesday.

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Speaker 14: To find a trade partner.

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Speaker 15: Sources say the Colts are looking to get either a

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Speaker 15: first round draft pick for tailor or a package of

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Speaker 15: pick's worth similar value. Sources confirming that the forty nine

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Speaker 15: ers have decided to go with Sam Darnold as a

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Speaker 15: backup quarterback to Brock Purty, putting in doubt the future

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Speaker 15: of former twenty twenty one number three overall draft pick

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Speaker 15: Trey Lance.

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Speaker 14: The NFL Network is reporting that the Niners are exploring

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Speaker 14: all options for Lance.

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Speaker 15: Which include keeping the twenty three year old as the

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Speaker 15: third tringer for either releasing or trading the North Dakota

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Speaker 15: State Products Batcher.

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Speaker 14: Bloomberg's Shorts Update, I'm Dan Schwartzman.

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Speaker 2: Karen, all right, Dan, thank you all. Coming up on

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Speaker 2: Bloomberg Daybreak, We're going to take a closer look at

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Speaker 2: Nvidia earnings with Dan Ives, the managing director and senior

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Speaker 2: analyst at Wedbush Securities, and we also have the very

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Speaker 2: latest on the GOP debate in Milwaukee. We'll be speaking

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Speaker 2: with Terry Haines, the founder of Pangaea Policy.

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Speaker 16: From coast to coast, from New York to San Francisco,

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Speaker 16: Boston to Washington, DC, nationwide on Syrias exam the Bloomberg

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Speaker 16: Business app in Bloomberg dot Com.

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Speaker 3: This is Bloomberg Daybreak. Good morning, I'm Nathan Hager. Investors

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Speaker 3: have been waiting all week to hear earnings from Nvidia,

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Speaker 3: and the chip maker behind the most advanced artificial intelligence

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Speaker 3: semiconductors more than delivered, with revenue that doubled to thirteen

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Speaker 3: and a half billion dollars in the latest quarter, an

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Speaker 3: outlook that is twenty eight percent above Wall Street estimates.

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Speaker 3: This is a third straight blowout core for the company

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Speaker 3: that has really been behind much of the fuel of

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Speaker 3: this year's rally in tech stock. So can and Vidia

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Speaker 3: continue to deliver on these megabullish expectations. Let's bring in

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Speaker 3: a megabull on the tech sector for some analysis of

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Speaker 3: Nvidia's results. Dan Ives is with us now managing director

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Speaker 3: and senior analyst at Wedbush Security. So, Dan, a third

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Speaker 3: straight blowout outlook, How do you rate this upgrade for Nvidia?

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Speaker 17: I mean, this is the godfather of AI and they

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Speaker 17: delivered in home run fashion. I think this was a

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Speaker 17: quarter and gaden for the ages. This is almost historical

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Speaker 17: and there was What it means for the rest of

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Speaker 17: the tech sector with the world watching, this is unparold

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Speaker 17: demand that we have not seen since the Internet in

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Speaker 17: nineteen ninety five. In my opinion, it speaks to what

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Speaker 17: I believe is now the star of a new tech

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Speaker 17: bowl market.

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Speaker 6: Now.

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Speaker 3: We did hear from the CEO, Jensen Wang on the

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Speaker 3: call saying that they can keep production up with that supply.

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Speaker 3: Do you see any potential headwinds for Nvidia being able

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Speaker 3: to maintain the kind of production that it says that

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Speaker 3: it can deliver.

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Speaker 17: Look I see for Jensen and in video right now

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Speaker 17: they are on the yellow brick roads and success. They're

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Speaker 17: the only game in town at a transformational trend and

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Speaker 17: we haven't seen in thirty years. So when you look

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Speaker 17: at what everyone's focused on, does demand continue to be there?

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Speaker 17: Our use case is growing. You heard from Nvidio and

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Speaker 17: that just speaks to now what we're going to see

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Speaker 17: from Microsoft, Google, Mango, dB, the rest of software and

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Speaker 17: chips that's now coming.

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Speaker 18: Down the road.

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Speaker 17: In twenty twenty four, that's of the sheets focused on

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Speaker 17: despite noise that we'll hear out of Jackson Hole from

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Speaker 17: a FED talking tough.

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Speaker 3: Yeah, I do want to get to the rate picture

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Speaker 3: what that could mean for Nvidia's valuation. I mean, we've

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Speaker 3: seen this stock go up more than two hundred percent

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Speaker 3: this year. How do you see the valuation? Can it

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Speaker 3: continue to trade at these kind of record levels, particularly

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Speaker 3: when we are expecting to see higher for longer rates

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Speaker 3: from the Federal Reserve.

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Speaker 17: A great question, in my view is transformational growth stories

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Speaker 17: the last twenty years, the Netflix, the Microsoft's, the Apples,

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Speaker 17: the Amazon, you can't just put them in a box

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Speaker 17: pe where they trade that next year in video now

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Speaker 17: when you look out three five years, I believe it's

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Speaker 17: just started in terms of what this trillion dollar growth

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Speaker 17: opportunity incrementally could be, which is why we're bullish in

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Speaker 17: terms of the story. And I think what this means

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Speaker 17: for the rest of the sector. In what I've used

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Speaker 17: in nineteen ninety five moments star the Internet.

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Speaker 3: He also mentioned Jensen Wang did the potential of China,

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Speaker 3: the crackdown on artificial intelligence access for China and what

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Speaker 3: that could mean for Nvidia is business. Could that erode

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Speaker 3: some of the outlook that we're hearing from in video.

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Speaker 17: Look, I think the bark was worse than the bite.

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Speaker 17: I think even when we saw the Biden restrictions a

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Speaker 17: lot less onerous than anyone was, you know, fearing it.

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Speaker 17: And that's important because at the end of the day,

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Speaker 17: right now, this is not the time for the coal

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Speaker 17: tech war to continue in terms of when it comes

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Speaker 17: to AI ratting up. And I think what we're seeing

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Speaker 17: here is that this is not really going to spoil

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Speaker 17: the party. And I think that's the important thing in

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Speaker 17: terms of broader not just in video, but the rest

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Speaker 17: of the tech sector. And that's the one thing that's

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Speaker 17: so important here. After a tech sell off, it was

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Speaker 17: all focused on video. This was Goiden's heard around the world.

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Speaker 17: And the bulls right now, I mean there are smiles

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Speaker 17: on their faces and the bears are going back into

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Speaker 17: hibernation mode into their caves.

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Speaker 3: Well, where do you see breadth coming in in the

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Speaker 3: AI space? Obviously in video has been so dominant this year.

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Speaker 3: Where are the other players for you?

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Speaker 17: Well, I think that's the focus. The second, third, fourth derivative.

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Speaker 17: You look directly, Microsoft, Amazon, Google, the cloud players, Oracle,

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Speaker 17: I think IBM benefits as well. And then you look

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Speaker 17: at the rest of the software Mango, dB, Snowflake, Hou

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Speaker 17: and Tier D three AI, I think Salesforce, dot Com.

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Speaker 17: I mean, this is going to be a three to

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Speaker 17: five year tidal wave of growth that we have not

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Speaker 17: seen really in thirty years. And as software and ships.

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Speaker 17: Then you look at consumer looking names like Meta, look

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Speaker 17: at you know how they're going to benefit. So I

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Speaker 17: think this is really just unpressdent, a jaw dropper stunner

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Speaker 17: in terms of guidance.

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Speaker 3: In terms of the growth, Dan, we got about a

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Speaker 3: minute left here. Nvidia also announced a twenty five billion

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Speaker 3: dollars stock buyback. Why do a buyback when there is

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Speaker 3: potential for more growth than AI?

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Speaker 17: Yeah, I think that's something from the board, and I

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Speaker 17: think should tease capo allocation. And that's a smart move

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Speaker 17: because this company right now is going to start making

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Speaker 17: more cash in some countries they need to make sure

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Speaker 17: they're doing. They could do some M and A down

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Speaker 17: the road, but they find themselves now in just a

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Speaker 17: massive position of strength, and I think they've really now

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Speaker 17: started to become the only game in town. They built

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Speaker 17: the castle, everyone's coming. They need to use that cash accordingly.

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Speaker 3: Always great to get your thoughts. As always, Dan, thanks

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Speaker 3: so much for being with us. That's Dan Ives, Managing Director,

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Speaker 3: Senior analyst at Webbush Securities on the blowout earnings that

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Speaker 3: we heard from Nvidia after the close of trading yesterday.

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Speaker 3: We want to turn now from big tech to big politics.

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Speaker 3: We did have the first debate of the twenty twenty

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Speaker 3: four presidential campaign last night, hosted by Fox News in Milwaukee.

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Speaker 3: It was a battle for second place. Of course, the

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Speaker 3: runaway front runner in this race, Donald Trump, sat it out.

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Speaker 3: So did this first debate change the trade as we

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Speaker 3: get closer to the first primaries and Caucasus in the

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Speaker 3: twenty twenty four campaign. Let's bring in Terry Haynes for

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Speaker 3: some analysis of this first debate. Terry is the founder

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Speaker 3: of Pangaeopolicy. Terry, I think with a lot of expectation

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Speaker 3: going in was there was going to be a focus

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Speaker 3: on Florida Governor Ron DeSantis to try to cement the

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Speaker 3: campaign reset after the sort of faltering start that he's

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Speaker 3: had here. Did he do himself any favors last night?

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Speaker 18: You know, I had I have DeSantis as kind of

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Speaker 18: one of my meth candidates frankly as a scientific term.

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Speaker 18: As everyone knows, I can tell, I think, yeah, I

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Speaker 18: think the Santis didn't hurt himself, but he got stronger

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Speaker 18: as the night went on. You know, there's a lot

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Speaker 18: of candidates on the stage made it hard for him

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Speaker 18: to break out. But I think I think he did

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Speaker 18: get better ultimately. You know, he he probably arrested the bleeding.

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Speaker 18: There's no there's no reason for somebody who supports the

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Speaker 18: Santas now to leave him. There's not a lot of

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Speaker 18: a call for you know, rushing to destatus either. But

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Speaker 18: I thought he did all right.

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Speaker 3: Did anyone have a breakout moment for you?

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Speaker 18: I had the best to me, I thought, though. The

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Speaker 18: winner in the debate really was Nicky Haley, if she

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Speaker 18: differentiated herself on a lot of different issues. Interestingly, and

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Speaker 18: you know, kind of a breakout rhetorical move, she called

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Speaker 18: out Republicans, including some of them on the stage, for

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Speaker 18: contributing and enabling runaway US debt and fiscal spending. And

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Speaker 18: that's a bit of a novel gamb at criticizing your

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Speaker 18: own side as contributing to the problem. But you know,

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Speaker 18: it's it has the added advantage of being true as

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Speaker 18: Henry Kissinger once said, and uh and is a real

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Speaker 18: good way to for Haley to set herself apart from

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Speaker 18: the pack. She was in every debate and landed a

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Speaker 18: lot of punches.

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Speaker 3: I thought a lot of the spin following the debate

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Speaker 3: was the attention that seemed to be focused on vivig Ramaswami,

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Speaker 3: the newcomer of course in this race, and he seemed

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Speaker 3: to hold his own in terms of keeping really tight

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Speaker 3: sound bites and pretty forceful answers to a lot of

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Speaker 3: the questions. What did you think of Ramaswami's performance?

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Speaker 18: Uh, you know, I thought, I think he came perilously

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Speaker 18: close to jumping the shark Nathan the It was fascinating

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Speaker 18: to watch because the it seemed like all the all

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Speaker 18: the other professional politicians came in with with one thought

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Speaker 18: that this amateur is doing better than we think he

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Speaker 18: should be, So, you know, let's take him down a notch.

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Speaker 18: I think they did to some extent. Uh And I

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Speaker 18: think he helped a little bit. He was a little overamped,

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Speaker 18: and he got tagged by the field as I think

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Speaker 18: one candidate called him the childish amateur on the stage,

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Speaker 18: and I think that's that's likely to stick to some extent. Uh,

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Speaker 18: you know, he makes some points, but he's also an

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Speaker 18: outlier on a lot of different issues, including Ukraine AID,

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Speaker 18: where everybody else was very supportive of Ukraine AID. And

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Speaker 18: I think that's an important takeaway from this field. But fundamentally,

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Speaker 18: I thought he was a little abrasive in an introductory

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Speaker 18: in an introductory debate where demeanor is very important, I

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Speaker 18: thought he came off too hot.

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Speaker 3: Now, last minute here, Terry. You've noted in the past

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Speaker 3: that there's a sizable majority of Republican voters who are

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Speaker 3: I guess anti Trump in some respects that Trump, not

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Speaker 3: all of the polls, has a majority of support from

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Speaker 3: Republican voters. Did this debate do enough to coalesce some

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Speaker 3: of that non Trump support around one candidate.

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Speaker 18: It did not, But I think it earned a lot

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Speaker 18: of candidates a second look. And when you're looking at

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Speaker 18: say Iowa early on, where Trump has you know, around

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Speaker 18: four out of ten likely primary voters, that already means

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Speaker 18: that six out of ten are looking at or for

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Speaker 18: someone else. And this debate without Trump, where the candidates

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Speaker 18: had a chance to debate and elbow each other and

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Speaker 18: shine a little bit, gave I think a lot of them,

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Speaker 18: the opportunity for a second look from voters, and just quickly.

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Speaker 3: Of course, the other big story is the presumed death

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Speaker 3: of Yevgeny Pregosion in that plane crash in Russia. What

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Speaker 3: impact does that potentially have on Russian President Putin?

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Speaker 18: Well, you know, they'll take it two ways quickly. One

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Speaker 18: is for markets. I think there's obviously an increase in

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Speaker 18: geopolitical risk with a likely impact on oil price. Isn't

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Speaker 18: a likely impact on grain prices as well? For Putin,

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Speaker 18: you know, everybody thought that he was starting to look weak,

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Speaker 18: so so this patching pregotion makes, you know, maybe make

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Speaker 18: him look stronger. But what you've got in Russia is

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Speaker 18: kind of worse than the stronger the week. What it

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Speaker 18: is is, frankly, you don't know. You don't know exactly

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Speaker 18: who's in control. You don't know exactly what fashions are

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Speaker 18: battling successfully, you don't know exactly how Putin's going to

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Speaker 18: be around, and that's really a big problem geopolitically.

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