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Speaker 1: Bloomberg Audio Studios, podcasts, radio news. Good morning.

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Speaker 2: I'm Nathan Hager and I'm Amy Morris. Here are the

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Speaker 2: stories we're following today.

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Speaker 1: That surge in futures, particularly the two percent gain for

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Speaker 1: the Nasdaq futures, follows another blowout quarter from Nvidia. The

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Speaker 1: AI Darling is up more than twelve percent in early trading.

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Speaker 1: In fact, it's some more than fourteen percent now. The

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Speaker 1: world's most valuable chip maker says revenue in the current

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Speaker 1: period will come in at a better than expected twenty

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Speaker 1: four billion dollars. On the conference call, in Vidia CEO

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Speaker 1: Jensen Wang says the future looks bright.

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Speaker 3: We guide one quarter at a time, but fundamentally the

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Speaker 3: conditions are excellent for continued growth calendar twenty four to

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Speaker 3: calendar twenty five and beyond. And let me tell you

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Speaker 3: why we're at the beginning of two industry wide transitions.

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Speaker 1: Nvidia CEO Jensen Wang says demand for Nvidia's newest products

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Speaker 1: will continue to outstrip supply for the rest of the.

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Speaker 2: Year, and Nathan other tech stocks are riding the Nvidia

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Speaker 2: train this morning. In early trading, shares of super microcomputer

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Speaker 2: are surging about fifteen percent. Advanced micro devices, Planeteer and

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Speaker 2: Marvel Technologies all up six percent, Applied Materials up almost

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Speaker 2: four percent, Intel up about two percent.

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Speaker 1: Man, Amy, we're seeing the Nvidia effect impact stocks in

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Speaker 1: Europe as well. Let's get the latest on that now

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Speaker 1: from Bloomberg's un pods.

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Speaker 4: Good morning, un, Good morning, Nathan and Amy. The artificial

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Speaker 4: intelligence party rolls on into Europe. The stocks ex hundred

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Speaker 4: hitting a record high this morning, with optimism around economic

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Speaker 4: growth feeding the rally. But it is the tech story

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Speaker 4: turbocharging gains today, with the sectorizing after Nvidia's blowout sales forecasts.

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Speaker 4: Shares in b Semiconductor jumping after reported high revenue on

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Speaker 4: AI chip demand. Also at the party today, chip Machine

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Speaker 4: giants ASML of the Netherlands IT shares adding to you today,

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Speaker 4: gains already in excess of twenty in Dubai. I'm your impulse,

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Speaker 4: Blinberg Radio.

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Speaker 2: Thanks you, and we were also seeing stock surge in Asia,

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Speaker 2: in fact, a milestone for Japanese stocks. The NYK two

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Speaker 2: twenty five index rallied more than two percent to close

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Speaker 2: above a peak last achieved in nineteen eighty nine. Technology

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Speaker 2: shares and chip gear producers led the gains.

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Speaker 1: Now this hype around in Vidia's earnings, Amy is overshadowing

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Speaker 1: a hawkish tone. From the minutes of the Federal Reserve's

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Speaker 1: last policy meeting, most officials remained more worried about the

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Speaker 1: risk of cutting interest rates too soon than keeping them

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Speaker 1: high for too long. We caught up with former Fed

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Speaker 1: Vice chairman in current PIMCO Global Economic Advisor Richard Clarida.

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Speaker 5: Most of the members noted the risk of moving too

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Speaker 5: quickly to cut rates. There was also a reference to

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Speaker 5: some of the progress on disinflation may have been due

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Speaker 5: to idiosyncratic factors, so that skewed a little bit in

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Speaker 5: a bit of a hawk ish a direction. Of course,

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Speaker 5: since that meeting, you know, we and the fat have

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Speaker 5: gotten the CPI inflation data which came in.

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Speaker 1: Former FED Vice chair Richard Claieda says FED officials agree

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Speaker 1: interest rates are likely at their peak, but the exact

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Speaker 1: timing of the first rate content remains unclear.

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Speaker 2: On the political front, President Biden is weighing a unilateral

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Speaker 2: attempt to titan migrant rules. Bloomberg's Ed Baxter has those details.

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Speaker 6: The administration is considering executive action, including curbing asylum claims

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Speaker 6: by migrants crossing the southern border. This while the President's

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Speaker 6: continuing to call on Congress to get border and aid

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Speaker 6: packages passed. Any unilateral action would include the so called

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Speaker 6: two twelve f which is very controversial and actually was

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Speaker 6: used by Donald Trump. Republicans have continually asked him to

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Speaker 6: act in this manner, and with immigration becoming the number

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Speaker 6: one issue now headed into the election, this could be

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Speaker 6: something he feels has to be done. It would face

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Speaker 6: court challenges. Ed Baxter, Bloomberg Radio.

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Speaker 1: All right, ed, thanks right now. President Biden's on a

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Speaker 1: campaign fundraising swing through the West Coast, and he's sharpening

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Speaker 1: his rhetoric against Russia and the Republic Wilikins. At an

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Speaker 1: event in San Francisco, the President called Vladimir Putin a

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Speaker 1: quote crazy sob, and he laid into GOP front runner

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Speaker 1: Donald Trump for comparing his legal battles to the death

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Speaker 1: of Russian opposition leader Alexei Navalni. President says, if he

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Speaker 1: said the things Trump does ten or fifteen years ago, quote,

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Speaker 1: you'd all think I should be committed.

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Speaker 2: And turning to Wall Street, a management surprise this morning

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Speaker 2: at Goldman Sets, we get those details from Bloomberg's John

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Speaker 2: Tucker John and Amy.

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Speaker 7: After thirty years at Goldman, Beth Hammock is calling it quits.

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Speaker 7: The fifty two year old was seen as a top

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Speaker 7: choice to become the next chief financial officer. That would

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Speaker 7: have been a rare elevation for a woman. The lack

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Speaker 7: of women at Goldman's highest levels has been a sore point.

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Speaker 7: No woman has ever been appointed to the role of chair,

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Speaker 7: a chief executive officer, president or CFO in the company's history.

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Speaker 7: She moved me into her latest role running the financing

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Speaker 7: unit and it being passed over for CFO back in

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Speaker 7: twenty twenty one. Goldman and Hammock declined to comment, I'm

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Speaker 7: John Tucker Bloom Radio.

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Speaker 1: All right John Now. Goldman Sachs is and the only

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Speaker 1: company seeing a management shake up. Boeing has removed the

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Speaker 1: head of its seven thirty seven Max unit more than

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Speaker 1: a month after the door panel blowout on an Alaska

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Speaker 1: Airlines model. Boeing says Ed Clark is stepping down effective

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Speaker 1: immediately after nearly eighteen years of service. Katie Ringold is

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Speaker 1: succeeding him as vice president of the seven three seven program.

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Speaker 2: And another company News. Shares of Rivian Automotive down fourteen

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Speaker 2: percent in early trading. That evmaker has revealed plans to

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Speaker 2: cut ten percent of its salaried workforce, and its production

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Speaker 2: guidance is coming in well below Wall Street's expectations. Let's

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Speaker 2: get those details now from Bloomberg's Charlie Pellett.

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Speaker 8: It comes as the maker of electric vehicles grapples with

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Speaker 8: stagnant demand and economic turbulence. The company said it would

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Speaker 8: build fifty seven thousand vehicles this year, roughly in line

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Speaker 8: with its twenty twenty three output. The forecast fell far

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Speaker 8: short of Analost Savage justament of more than eighty thousand

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Speaker 8: units in twenty twenty four. Thelo that detailed fourth quarter

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Speaker 8: results underscores the challenge of scaling production and stemming losses

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Speaker 8: in an environment of waning consumer demand for battery powered vehicles.

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Speaker 9: In New York.

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Speaker 8: Charlie Pellett, Bloomberg Radio.

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Speaker 1: Okay, Charlie.

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Speaker 10: Thanks now.

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Speaker 1: On the flip side, Mercedes is up about five percent.

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Speaker 1: The German automaker announced a three point two billion dollars

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Speaker 1: share buyback program amid better than expected cash flow. And

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Speaker 1: now it's time to take a look at some of

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Speaker 1: the other stories making news in New York and around

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Speaker 1: the World with Bloomberg's Michael Bark, Good morning, Michael.

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Speaker 9: Good morning, Nathan. A District attorney in Arizona and Manhattan

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Speaker 9: DA Alvin Bragg Aret odds it stems from a man

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Speaker 9: in custody suspected of stabbings in Arizona and a murder

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Speaker 9: at a Soho hotel in New York City. Twenty six

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Speaker 9: year old Ride Almansouri is being held in Maricopa County,

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Speaker 9: where District Attorney Rachel Mitchell says she will not willingly

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Speaker 9: give him the to the NYPD because the times in

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Speaker 9: Arizona could be mandatory prison time.

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Speaker 2: We will not be agreeing to extradition. I've instructed my

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Speaker 2: extradition attorneys not to agree to that. We're going to

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Speaker 2: keep him here.

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Speaker 1: These are mandatory prison sentences.

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Speaker 9: Then Mitchell took a swipe at Bragg, saying she has

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Speaker 9: concerns that al Mansuri could be released on bail if

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Speaker 9: he has extra died at Manhattan. Having observed the treatment

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Speaker 9: of violent criminals in the New York area, Bragg's office

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Speaker 9: fired back. A spokesperson for the Manhattan District Attorney said

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Speaker 9: it is deeply disturbing that d. A. Mitchell is playing

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Speaker 9: political games in a murder investigation. Attorneys for Wiki League's

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Speaker 9: founder Julian Massage were in a British court fighting his

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Speaker 9: extradition to face espionage charges in the United States. Speaking

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Speaker 9: during a protest following massage his latest court hearing in London,

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Speaker 9: Stella Assage compared her husband to Russian opposition leader Alexi Navaldi,

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Speaker 9: who died last Friday in an Arctic penal colony.

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Speaker 7: Julian's life is that severe risk every single day he

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Speaker 7: is in prison.

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Speaker 10: He's a political prisoner.

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Speaker 7: He is the world's most famous political prisoner.

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Speaker 9: Lawyers for the US government argued Assage put innocent lives

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Speaker 9: at risk and went beyond journalism in his bid to solicit, steal,

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Speaker 9: and indiscriminately published classified US government documents. A court decision

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Speaker 9: is not expected until at least next month. Justice. That's

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Speaker 9: what the New York City Police union officials are saying

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Speaker 9: about a thirty four year old woman being sentenced to

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Speaker 9: the maximum twenty seven years in prison in the hid

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Speaker 9: and run death of an NYPD officer on the Long

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Speaker 9: Island Expressway. Prosecutor say Jessica Bouvey admitted drinking and smoking

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Speaker 9: pot during the tragedy. In April of twenty twenty one.

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Speaker 9: At her sentencing, police officers packed the courtroom. The widow

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Speaker 9: of Detective Anastasios Sakos, Irene, gave an emotional statement detailing

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Speaker 9: the difficult days after her husband's death.

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Speaker 1: Well Jessica Bouffe was sobering up in a police station

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Speaker 1: that morning.

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Speaker 10: Our world was collapsed.

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Speaker 9: During her sentencing, Bovey said, I am sorry that I

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Speaker 9: hit him and that he is dead. New York City

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Speaker 9: Mayor Eric Adams said he'll no longer carry out a

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Speaker 9: plan round of budget cuts and would have affected libraries,

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Speaker 9: trash pickup services to older adults. Adam says better than

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Speaker 9: expected tax revenue from the city's economic recovery will halt

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Speaker 9: plans to trim those services. Global News twenty four hours

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Speaker 9: a day and whenever you want it with Bloomberg News Now.

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Speaker 9: I'm Michael Barr, and this is Bloomberg Nathan.

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Speaker 1: Okay, Michael, thanks time now for the Bloomberg Sports update

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Speaker 1: brought to you. I Trice state out of your's John

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Speaker 1: stash Out.

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Speaker 7: Thanks Nathan.

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Speaker 10: When we last saw the next they were decimated by injury,

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Speaker 10: had lost four games in a row back from the

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Speaker 10: All Star break. Tonight in Philadelphia the next hoping to

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Speaker 10: have some of those injured players like Isaiah Hardenstein, Dante DiVincenzo,

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Speaker 10: and boy On Bogdanovich healthy enough to play. It's gonna

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Speaker 10: be while for Julius Randall, and he did admit it's

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Speaker 10: possible he'll need season ending surgery on his injured shoulder.

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Speaker 10: Big games tonight because if the season ended now, the

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Speaker 10: Knicks would play Philly in the first round of the playoffs,

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Speaker 10: and the two teams separated by only a half game.

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Speaker 10: Sixers or without their start Joel Mbi, and they've lost

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Speaker 10: nine of their last twelve. Next play tonight in Toronto.

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Speaker 10: The new Nets coaches Kevin Ollie played thirteen NBA seasons

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Speaker 10: for eleven different teams. He coached Yukon to the NCAA

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Speaker 10: Championship a decade ago, but was fired four years later.

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Speaker 10: He then filed and settled a lawsuit with the school.

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Speaker 11: Now, I just thank guy for all the opportunities I've

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Speaker 11: been through Yukon and ups and downs. With that, I've

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Speaker 11: always learned and I'm gonna take those experiences from that

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Speaker 11: as lessons and no losses in the wins. I'm gonna

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Speaker 11: continue to you know, praise them and have them.

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Speaker 10: Also Tonight Lakers and Warriors know Lebron James as a

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Speaker 10: sore ankle. Rangers tonight bring their eight game winning street

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Speaker 10: to New Jersey. Bruins beat Edmonton sixty five and overtime.

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Speaker 10: Toronto beat Arizona. As Austin Matthews scored twice, He's reached

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Speaker 10: fifty goals in fifty four games. That's the Fewistons. Mary

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Speaker 10: o Lemieux twenty eight years ago, much needed win for

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Speaker 10: struggling Saint John's Red Storm blew much of a twenty

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Speaker 10: two point lead, but held on and won at lowly

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Speaker 10: Georgetown ninety to eighty five. LSU scored at the buzzer

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Speaker 10: at upset Kentucky Penn State, a one point upset win

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Speaker 10: over twelfth Night Illinois. Tiger Woods his fifteen year old son, Charlie,

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Speaker 10: playing golf today in Florida. He's hoping to qualify for

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Speaker 10: the upcoming PGA tourney near his home. If he makes

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Speaker 10: it into the field, he'll play at a younger age

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Speaker 10: than when Tiger made his PGA debut when he was sixteen.

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Speaker 10: John Stashellard Bloomberg Sports, Stephen.

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Speaker 1: All Right, John, thank you and we go now to

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Speaker 1: the top story of the morning. That would be in

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Speaker 1: Nvidia delivering another quarter forecasting a massive sales gain for

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Speaker 1: its industry leading artificial intelligence chips. It's adding to a

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Speaker 1: streak that has made the AI chip powerhouse one of

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Speaker 1: the most valuable companies in the world, certainly the most

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Speaker 1: valuable chip maker for some analysis. We are joined now

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Speaker 1: by one of Wall Street's loudest tech bulls, Dan Ives,

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Speaker 1: senior equity research analyst at Webbush Securities. Dan, thanks for

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Speaker 1: being with us on an early morning. I want to

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Speaker 1: start right with your note calling this a game changing

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Speaker 1: moment for tech bulls and the AI revolution. What has

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Speaker 1: you saying that about Nvidia's latest earnings.

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Speaker 12: Look, this is a tower swift moment I mean for

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Speaker 12: the tech bullmarket. AI revolution starts within video and this

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Speaker 12: is a game change in quarter. It shows that this

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Speaker 12: is not peaking, it's accelerating. This is jet fuel into

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Speaker 12: the broader tech rally from Microsoft for chip memes for

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Speaker 12: for what I view as as probably the most important

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Speaker 12: earnings we've seen in five years.

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Speaker 1: It's not peaking, but it's accelerating. I mean it has

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Speaker 1: been accelerating. It can in vidio maintain this kind of acceleration.

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Speaker 12: Look at one point, law of numbers in But the

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Speaker 12: reason is in this quarter was so important. It shows

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Speaker 12: what the enterprise demand looks like on the other side

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Speaker 12: of this. And the important thing is that now this

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Speaker 12: title is of spend, it's coming to the rest at tech.

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Speaker 12: So we're going to continue right now to see a

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Speaker 12: market that, in our opinion, that goes higher significantly because

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Speaker 12: this shows the foundation of AI. This is not hype,

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Speaker 12: real the AI revolutions on the doorstep.

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Speaker 1: So you're saying that Nvidia is the rising tide that's

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Speaker 1: going to lift all boats. Does Nvidia as an individual

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Speaker 1: company have to worry about some of those boats coming

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Speaker 1: after it?

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Speaker 12: Look the godfather of AI, Jensen and Video and that's

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Speaker 12: you know, when they talk, everyone listens because they're the

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Speaker 12: only game in town for the next few years. Now,

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Speaker 12: at one point they'll have competition. But right now, when

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Speaker 12: it comes to GPUs fueling AI, it isn't VDA, it's Jensen.

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Speaker 12: And that's why everyone, regardless where you are in the world,

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Speaker 12: was listened to this call. I mean, you could say,

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Speaker 12: you know, Steve the market. In my opinion, I think

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Speaker 12: there's a different narrative. It puts more jet fuel in

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Speaker 12: this tech bow market. In the most important earnings we've

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Speaker 12: seen many many years.

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Speaker 1: Now, a lot of bears are gonna fire back and

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Speaker 1: talk about in Video's valuation, that it's still trading at

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Speaker 1: huge multiples on forward earnings. Do you see the outlook

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Speaker 1: for Nvidia justifying those kind of numbers.

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Speaker 12: Look to transformational elite tech names, they grow into valuations,

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Speaker 12: and I think those bears that have missed from Meta

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Speaker 12: to Apple, to Tesla to Amazon to know every other

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Speaker 12: transformational and tech name by sticking with the one year

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Speaker 12: pe valuation, I continue think that's the role move and

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Speaker 12: that's why they're deep in hibernation mode this morning.

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Speaker 1: But there I've got to be some headwinds for in Vidia.

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Speaker 1: I'm thinking about, you know, the restrictions from China chief

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Speaker 1: among them. What could that mean for long term growth

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Speaker 1: if you've got the weight of China restrictions on a

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Speaker 1: company like.

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Speaker 12: In Vidia, Yeah, need Like I'd say the biggest risk

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Speaker 12: is China. It's not valuation, it's not demand. I think

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Speaker 12: those boxes at all checked the China's story. Look, that

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Speaker 12: was actually a headway in the quarter relative to even

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Speaker 12: these numbers the restrictions. That's a tight group that now

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Speaker 12: needs to be navigated. But I do believe there's a

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Speaker 12: way that Nvidia has figured out from a chip perspective

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Speaker 12: to kind of navigate this tug of war, give chips

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Speaker 12: to China while continuing to stay with some of the

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Speaker 12: US restrictions.

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Speaker 12: The