WEBVTT - Nvidia Fuels Global Rally; Goldman & Boeing Management Changes

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news. Good morning.

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<v Speaker 2>I'm Nathan Hager and I'm Amy Morris. Here are the

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<v Speaker 2>stories we're following today.

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<v Speaker 1>That surge in futures, particularly the two percent gain for

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<v Speaker 1>the Nasdaq futures, follows another blowout quarter from Nvidia. The

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<v Speaker 1>AI Darling is up more than twelve percent in early trading.

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

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<v Speaker 1>world's most valuable chip maker says revenue in the current

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<v Speaker 1>period will come in at a better than expected twenty

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<v Speaker 1>four billion dollars. On the conference call, in Vidia CEO

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<v Speaker 1>Jensen Wang says the future looks bright.

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<v Speaker 3>We guide one quarter at a time, but fundamentally the

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<v Speaker 3>conditions are excellent for continued growth calendar twenty four to

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<v Speaker 3>calendar twenty five and beyond. And let me tell you

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<v Speaker 3>why we're at the beginning of two industry wide transitions.

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<v Speaker 1>Nvidia CEO Jensen Wang says demand for Nvidia's newest products

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<v Speaker 1>will continue to outstrip supply for the rest of the.

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<v Speaker 2>Year, and Nathan other tech stocks are riding the Nvidia

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<v Speaker 2>train this morning. In early trading, shares of super microcomputer

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<v Speaker 2>are surging about fifteen percent. Advanced micro devices, Planeteer and

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<v Speaker 2>Marvel Technologies all up six percent, Applied Materials up almost

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<v Speaker 2>four percent, Intel up about two percent.

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<v Speaker 1>Man, Amy, we're seeing the Nvidia effect impact stocks in

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<v Speaker 1>Europe as well. Let's get the latest on that now

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<v Speaker 1>from Bloomberg's un pods.

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<v Speaker 4>Good morning, un, Good morning, Nathan and Amy. The artificial

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<v Speaker 4>intelligence party rolls on into Europe. The stocks ex hundred

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<v Speaker 4>hitting a record high this morning, with optimism around economic

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<v Speaker 4>growth feeding the rally. But it is the tech story

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

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<v Speaker 4>Shares in b Semiconductor jumping after reported high revenue on

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<v Speaker 4>AI chip demand. Also at the party today, chip Machine

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<v Speaker 4>giants ASML of the Netherlands IT shares adding to you today,

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

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<v Speaker 4>Blinberg Radio.

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<v Speaker 2>Thanks you, and we were also seeing stock surge in Asia,

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<v Speaker 2>in fact, a milestone for Japanese stocks. The NYK two

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<v Speaker 2>twenty five index rallied more than two percent to close

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<v Speaker 2>above a peak last achieved in nineteen eighty nine. Technology

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<v Speaker 2>shares and chip gear producers led the gains.

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<v Speaker 1>Now this hype around in Vidia's earnings, Amy is overshadowing

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<v Speaker 1>a hawkish tone. From the minutes of the Federal Reserve's

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<v Speaker 1>last policy meeting, most officials remained more worried about the

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<v Speaker 1>risk of cutting interest rates too soon than keeping them

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<v Speaker 1>high for too long. We caught up with former Fed

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<v Speaker 1>Vice chairman in current PIMCO Global Economic Advisor Richard Clarida.

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<v Speaker 5>Most of the members noted the risk of moving too

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<v Speaker 5>quickly to cut rates. There was also a reference to

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<v Speaker 5>some of the progress on disinflation may have been due

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<v Speaker 5>to idiosyncratic factors, so that skewed a little bit in

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<v Speaker 5>a bit of a hawk ish a direction. Of course,

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<v Speaker 5>since that meeting, you know, we and the fat have

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<v Speaker 5>gotten the CPI inflation data which came in.

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<v Speaker 1>Former FED Vice chair Richard Claieda says FED officials agree

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<v Speaker 1>interest rates are likely at their peak, but the exact

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<v Speaker 1>timing of the first rate content remains unclear.

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<v Speaker 2>On the political front, President Biden is weighing a unilateral

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

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<v Speaker 6>The administration is considering executive action, including curbing asylum claims

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<v Speaker 6>by migrants crossing the southern border. This while the President's

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<v Speaker 6>continuing to call on Congress to get border and aid

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<v Speaker 6>packages passed. Any unilateral action would include the so called

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<v Speaker 6>two twelve f which is very controversial and actually was

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<v Speaker 6>used by Donald Trump. Republicans have continually asked him to

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<v Speaker 6>act in this manner, and with immigration becoming the number

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<v Speaker 6>one issue now headed into the election, this could be

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<v Speaker 6>something he feels has to be done. It would face

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<v Speaker 6>court challenges. Ed Baxter, Bloomberg Radio.

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<v Speaker 1>All right, ed, thanks right now. President Biden's on a

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<v Speaker 1>campaign fundraising swing through the West Coast, and he's sharpening

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<v Speaker 1>his rhetoric against Russia and the Republic Wilikins. At an

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<v Speaker 1>event in San Francisco, the President called Vladimir Putin a

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<v Speaker 1>quote crazy sob, and he laid into GOP front runner

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<v Speaker 1>Donald Trump for comparing his legal battles to the death

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<v Speaker 1>of Russian opposition leader Alexei Navalni. President says, if he

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<v Speaker 1>said the things Trump does ten or fifteen years ago, quote,

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<v Speaker 1>you'd all think I should be committed.

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<v Speaker 2>And turning to Wall Street, a management surprise this morning

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<v Speaker 2>at Goldman Sets, we get those details from Bloomberg's John

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<v Speaker 2>Tucker John and Amy.

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<v Speaker 7>After thirty years at Goldman, Beth Hammock is calling it quits.

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<v Speaker 7>The fifty two year old was seen as a top

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<v Speaker 7>choice to become the next chief financial officer. That would

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<v Speaker 7>have been a rare elevation for a woman. The lack

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

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<v Speaker 7>No woman has ever been appointed to the role of chair,

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

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<v Speaker 7>She moved me into her latest role running the financing

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<v Speaker 7>unit and it being passed over for CFO back in

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<v Speaker 7>twenty twenty one. Goldman and Hammock declined to comment, I'm

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<v Speaker 7>John Tucker Bloom Radio.

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<v Speaker 1>All right John Now. Goldman Sachs is and the only

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<v Speaker 1>company seeing a management shake up. Boeing has removed the

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<v Speaker 1>head of its seven thirty seven Max unit more than

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<v Speaker 1>a month after the door panel blowout on an Alaska

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<v Speaker 1>Airlines model. Boeing says Ed Clark is stepping down effective

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<v Speaker 1>immediately after nearly eighteen years of service. Katie Ringold is

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<v Speaker 1>succeeding him as vice president of the seven three seven program.

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<v Speaker 2>And another company News. Shares of Rivian Automotive down fourteen

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<v Speaker 2>percent in early trading. That evmaker has revealed plans to

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<v Speaker 2>cut ten percent of its salaried workforce, and its production

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<v Speaker 2>guidance is coming in well below Wall Street's expectations. Let's

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<v Speaker 2>get those details now from Bloomberg's Charlie Pellett.

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<v Speaker 8>It comes as the maker of electric vehicles grapples with

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<v Speaker 8>stagnant demand and economic turbulence. The company said it would

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<v Speaker 8>build fifty seven thousand vehicles this year, roughly in line

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<v Speaker 8>with its twenty twenty three output. The forecast fell far

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<v Speaker 8>short of Analost Savage justament of more than eighty thousand

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<v Speaker 8>units in twenty twenty four. Thelo that detailed fourth quarter

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<v Speaker 8>results underscores the challenge of scaling production and stemming losses

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<v Speaker 8>in an environment of waning consumer demand for battery powered vehicles.

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<v Speaker 9>In New York.

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<v Speaker 8>Charlie Pellett, Bloomberg Radio.

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<v Speaker 1>Okay, Charlie.

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<v Speaker 10>Thanks now.

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<v Speaker 1>On the flip side, Mercedes is up about five percent.

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<v Speaker 1>The German automaker announced a three point two billion dollars

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<v Speaker 1>share buyback program amid better than expected cash flow. And

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<v Speaker 1>now it's time to take a look at some of

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<v Speaker 1>the other stories making news in New York and around

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<v Speaker 1>the World with Bloomberg's Michael Bark, Good morning, Michael.

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<v Speaker 9>Good morning, Nathan. A District attorney in Arizona and Manhattan

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<v Speaker 9>DA Alvin Bragg Aret odds it stems from a man

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<v Speaker 9>in custody suspected of stabbings in Arizona and a murder

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<v Speaker 9>at a Soho hotel in New York City. Twenty six

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<v Speaker 9>year old Ride Almansouri is being held in Maricopa County,

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<v Speaker 9>where District Attorney Rachel Mitchell says she will not willingly

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<v Speaker 9>give him the to the NYPD because the times in

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<v Speaker 9>Arizona could be mandatory prison time.

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<v Speaker 2>We will not be agreeing to extradition. I've instructed my

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<v Speaker 2>extradition attorneys not to agree to that. We're going to

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<v Speaker 2>keep him here.

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<v Speaker 1>These are mandatory prison sentences.

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<v Speaker 9>Then Mitchell took a swipe at Bragg, saying she has

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<v Speaker 9>concerns that al Mansuri could be released on bail if

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<v Speaker 9>he has extra died at Manhattan. Having observed the treatment

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<v Speaker 9>of violent criminals in the New York area, Bragg's office

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<v Speaker 9>fired back. A spokesperson for the Manhattan District Attorney said

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<v Speaker 9>it is deeply disturbing that d. A. Mitchell is playing

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<v Speaker 9>political games in a murder investigation. Attorneys for Wiki League's

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<v Speaker 9>founder Julian Massage were in a British court fighting his

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<v Speaker 9>extradition to face espionage charges in the United States. Speaking

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<v Speaker 9>during a protest following massage his latest court hearing in London,

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<v Speaker 9>Stella Assage compared her husband to Russian opposition leader Alexi Navaldi,

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<v Speaker 9>who died last Friday in an Arctic penal colony.

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<v Speaker 7>Julian's life is that severe risk every single day he

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<v Speaker 7>is in prison.

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<v Speaker 10>He's a political prisoner.

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<v Speaker 7>He is the world's most famous political prisoner.

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<v Speaker 9>Lawyers for the US government argued Assage put innocent lives

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<v Speaker 9>at risk and went beyond journalism in his bid to solicit, steal,

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<v Speaker 9>and indiscriminately published classified US government documents. A court decision

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<v Speaker 9>is not expected until at least next month. Justice. That's

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<v Speaker 9>what the New York City Police union officials are saying

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<v Speaker 9>about a thirty four year old woman being sentenced to

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<v Speaker 9>the maximum twenty seven years in prison in the hid

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<v Speaker 9>and run death of an NYPD officer on the Long

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<v Speaker 9>Island Expressway. Prosecutor say Jessica Bouvey admitted drinking and smoking

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<v Speaker 9>pot during the tragedy. In April of twenty twenty one.

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<v Speaker 9>At her sentencing, police officers packed the courtroom. The widow

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<v Speaker 9>of Detective Anastasios Sakos, Irene, gave an emotional statement detailing

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<v Speaker 9>the difficult days after her husband's death.

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<v Speaker 1>Well Jessica Bouffe was sobering up in a police station

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<v Speaker 1>that morning.

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<v Speaker 10>Our world was collapsed.

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<v Speaker 9>During her sentencing, Bovey said, I am sorry that I

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<v Speaker 9>hit him and that he is dead. New York City

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<v Speaker 9>Mayor Eric Adams said he'll no longer carry out a

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<v Speaker 9>plan round of budget cuts and would have affected libraries,

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<v Speaker 9>trash pickup services to older adults. Adam says better than

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<v Speaker 9>expected tax revenue from the city's economic recovery will halt

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<v Speaker 9>plans to trim those services. Global News twenty four hours

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<v Speaker 9>a day and whenever you want it with Bloomberg News Now.

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<v Speaker 9>I'm Michael Barr, and this is Bloomberg Nathan.

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<v Speaker 1>Okay, Michael, thanks time now for the Bloomberg Sports update

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<v Speaker 1>brought to you. I Trice state out of your's John

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<v Speaker 1>stash Out.

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<v Speaker 7>Thanks Nathan.

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<v Speaker 10>When we last saw the next they were decimated by injury,

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<v Speaker 10>had lost four games in a row back from the

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<v Speaker 10>All Star break. Tonight in Philadelphia the next hoping to

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<v Speaker 10>have some of those injured players like Isaiah Hardenstein, Dante DiVincenzo,

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<v Speaker 10>and boy On Bogdanovich healthy enough to play. It's gonna

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<v Speaker 10>be while for Julius Randall, and he did admit it's

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<v Speaker 10>possible he'll need season ending surgery on his injured shoulder.

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<v Speaker 10>Big games tonight because if the season ended now, the

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<v Speaker 10>Knicks would play Philly in the first round of the playoffs,

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<v Speaker 10>and the two teams separated by only a half game.

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<v Speaker 10>Sixers or without their start Joel Mbi, and they've lost

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<v Speaker 10>nine of their last twelve. Next play tonight in Toronto.

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<v Speaker 10>The new Nets coaches Kevin Ollie played thirteen NBA seasons

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<v Speaker 10>for eleven different teams. He coached Yukon to the NCAA

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<v Speaker 10>Championship a decade ago, but was fired four years later.

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<v Speaker 10>He then filed and settled a lawsuit with the school.

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<v Speaker 11>Now, I just thank guy for all the opportunities I've

0:10:34.600 --> 0:10:37.400
<v Speaker 11>been through Yukon and ups and downs. With that, I've

0:10:37.440 --> 0:10:40.000
<v Speaker 11>always learned and I'm gonna take those experiences from that

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<v Speaker 11>as lessons and no losses in the wins. I'm gonna

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<v Speaker 11>continue to you know, praise them and have them.

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<v Speaker 10>Also Tonight Lakers and Warriors know Lebron James as a

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<v Speaker 10>sore ankle. Rangers tonight bring their eight game winning street

0:10:53.760 --> 0:10:57.040
<v Speaker 10>to New Jersey. Bruins beat Edmonton sixty five and overtime.

0:10:57.120 --> 0:11:00.480
<v Speaker 10>Toronto beat Arizona. As Austin Matthews scored twice, He's reached

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<v Speaker 10>fifty goals in fifty four games. That's the Fewistons. Mary

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<v Speaker 10>o Lemieux twenty eight years ago, much needed win for

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<v Speaker 10>struggling Saint John's Red Storm blew much of a twenty

0:11:08.920 --> 0:11:11.480
<v Speaker 10>two point lead, but held on and won at lowly

0:11:11.600 --> 0:11:14.680
<v Speaker 10>Georgetown ninety to eighty five. LSU scored at the buzzer

0:11:14.679 --> 0:11:18.040
<v Speaker 10>at upset Kentucky Penn State, a one point upset win

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

0:11:21.920 --> 0:11:24.960
<v Speaker 10>playing golf today in Florida. He's hoping to qualify for

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<v Speaker 10>the upcoming PGA tourney near his home. If he makes

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<v Speaker 10>it into the field, he'll play at a younger age

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<v Speaker 10>than when Tiger made his PGA debut when he was sixteen.

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<v Speaker 10>John Stashellard Bloomberg Sports, Stephen.

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<v Speaker 1>All Right, John, thank you and we go now to

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<v Speaker 1>the top story of the morning. That would be in

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<v Speaker 1>Nvidia delivering another quarter forecasting a massive sales gain for

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<v Speaker 1>its industry leading artificial intelligence chips. It's adding to a

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<v Speaker 1>streak that has made the AI chip powerhouse one of

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<v Speaker 1>the most valuable companies in the world, certainly the most

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<v Speaker 1>valuable chip maker for some analysis. We are joined now

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<v Speaker 1>by one of Wall Street's loudest tech bulls, Dan Ives,

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<v Speaker 1>senior equity research analyst at Webbush Securities. Dan, thanks for

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<v Speaker 1>being with us on an early morning. I want to

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<v Speaker 1>start right with your note calling this a game changing

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<v Speaker 1>moment for tech bulls and the AI revolution. What has

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<v Speaker 1>you saying that about Nvidia's latest earnings.

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<v Speaker 12>Look, this is a tower swift moment I mean for

0:12:24.559 --> 0:12:30.520
<v Speaker 12>the tech bullmarket. AI revolution starts within video and this

0:12:30.600 --> 0:12:33.400
<v Speaker 12>is a game change in quarter. It shows that this

0:12:33.480 --> 0:12:38.199
<v Speaker 12>is not peaking, it's accelerating. This is jet fuel into

0:12:38.240 --> 0:12:42.959
<v Speaker 12>the broader tech rally from Microsoft for chip memes for

0:12:43.120 --> 0:12:45.680
<v Speaker 12>for what I view as as probably the most important

0:12:45.720 --> 0:12:47.599
<v Speaker 12>earnings we've seen in five years.

0:12:48.480 --> 0:12:51.680
<v Speaker 1>It's not peaking, but it's accelerating. I mean it has

0:12:51.960 --> 0:12:56.760
<v Speaker 1>been accelerating. It can in vidio maintain this kind of acceleration.

0:12:58.000 --> 0:13:00.960
<v Speaker 12>Look at one point, law of numbers in But the

0:13:01.080 --> 0:13:04.560
<v Speaker 12>reason is in this quarter was so important. It shows

0:13:04.600 --> 0:13:08.000
<v Speaker 12>what the enterprise demand looks like on the other side

0:13:08.000 --> 0:13:11.200
<v Speaker 12>of this. And the important thing is that now this

0:13:11.440 --> 0:13:15.520
<v Speaker 12>title is of spend, it's coming to the rest at tech.

0:13:16.280 --> 0:13:19.280
<v Speaker 12>So we're going to continue right now to see a

0:13:19.360 --> 0:13:25.080
<v Speaker 12>market that, in our opinion, that goes higher significantly because

0:13:25.320 --> 0:13:29.160
<v Speaker 12>this shows the foundation of AI. This is not hype,

0:13:30.000 --> 0:13:32.240
<v Speaker 12>real the AI revolutions on the doorstep.

0:13:33.040 --> 0:13:36.760
<v Speaker 1>So you're saying that Nvidia is the rising tide that's

0:13:36.800 --> 0:13:40.200
<v Speaker 1>going to lift all boats. Does Nvidia as an individual

0:13:40.280 --> 0:13:44.320
<v Speaker 1>company have to worry about some of those boats coming

0:13:44.360 --> 0:13:44.760
<v Speaker 1>after it?

0:13:45.840 --> 0:13:50.600
<v Speaker 12>Look the godfather of AI, Jensen and Video and that's

0:13:51.040 --> 0:13:54.200
<v Speaker 12>you know, when they talk, everyone listens because they're the

0:13:54.200 --> 0:13:56.840
<v Speaker 12>only game in town for the next few years. Now,

0:13:56.840 --> 0:14:00.600
<v Speaker 12>at one point they'll have competition. But right now, when

0:14:00.640 --> 0:14:04.840
<v Speaker 12>it comes to GPUs fueling AI, it isn't VDA, it's Jensen.

0:14:04.880 --> 0:14:08.160
<v Speaker 12>And that's why everyone, regardless where you are in the world,

0:14:08.720 --> 0:14:11.440
<v Speaker 12>was listened to this call. I mean, you could say,

0:14:11.880 --> 0:14:14.960
<v Speaker 12>you know, Steve the market. In my opinion, I think

0:14:14.960 --> 0:14:20.000
<v Speaker 12>there's a different narrative. It puts more jet fuel in

0:14:20.080 --> 0:14:23.560
<v Speaker 12>this tech bow market. In the most important earnings we've

0:14:23.600 --> 0:14:25.160
<v Speaker 12>seen many many years.

0:14:25.440 --> 0:14:28.480
<v Speaker 1>Now, a lot of bears are gonna fire back and

0:14:29.040 --> 0:14:33.080
<v Speaker 1>talk about in Video's valuation, that it's still trading at

0:14:33.520 --> 0:14:37.680
<v Speaker 1>huge multiples on forward earnings. Do you see the outlook

0:14:37.720 --> 0:14:40.800
<v Speaker 1>for Nvidia justifying those kind of numbers.

0:14:41.080 --> 0:14:45.560
<v Speaker 12>Look to transformational elite tech names, they grow into valuations,

0:14:45.640 --> 0:14:48.520
<v Speaker 12>and I think those bears that have missed from Meta

0:14:48.600 --> 0:14:52.680
<v Speaker 12>to Apple, to Tesla to Amazon to know every other

0:14:52.720 --> 0:14:56.120
<v Speaker 12>transformational and tech name by sticking with the one year

0:14:56.240 --> 0:15:00.880
<v Speaker 12>pe valuation, I continue think that's the role move and

0:15:00.920 --> 0:15:03.760
<v Speaker 12>that's why they're deep in hibernation mode this morning.

0:15:04.720 --> 0:15:07.880
<v Speaker 1>But there I've got to be some headwinds for in Vidia.

0:15:07.920 --> 0:15:12.360
<v Speaker 1>I'm thinking about, you know, the restrictions from China chief

0:15:12.400 --> 0:15:16.040
<v Speaker 1>among them. What could that mean for long term growth

0:15:16.320 --> 0:15:20.040
<v Speaker 1>if you've got the weight of China restrictions on a

0:15:20.080 --> 0:15:20.760
<v Speaker 1>company like.

0:15:20.680 --> 0:15:24.200
<v Speaker 12>In Vidia, Yeah, need Like I'd say the biggest risk

0:15:24.840 --> 0:15:28.360
<v Speaker 12>is China. It's not valuation, it's not demand. I think

0:15:28.680 --> 0:15:34.040
<v Speaker 12>those boxes at all checked the China's story. Look, that

0:15:34.160 --> 0:15:36.520
<v Speaker 12>was actually a headway in the quarter relative to even

0:15:36.560 --> 0:15:40.720
<v Speaker 12>these numbers the restrictions. That's a tight group that now

0:15:40.840 --> 0:15:44.000
<v Speaker 12>needs to be navigated. But I do believe there's a

0:15:44.040 --> 0:15:47.440
<v Speaker 12>way that Nvidia has figured out from a chip perspective

0:15:48.240 --> 0:15:51.560
<v Speaker 12>to kind of navigate this tug of war, give chips

0:15:51.600 --> 0:15:54.360
<v Speaker 12>to China while continuing to stay with some of the

0:15:54.480 --> 0:15:55.479
<v Speaker 12>US restrictions.

0:15:56.640 --> 0:15:59.680
<v Speaker 1>This is Bloomberg Daybreak Today, your morning brief on the

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<v Speaker 12>The