Speaker 1: Bloomberg Audio Studios, podcasts, radio news. Good morning.
Speaker 2: I'm Nathan Hager and I'm Amy Morris. Here are the
Speaker 2: stories we're following today.
Speaker 1: That surge in futures, particularly the two percent gain for
Speaker 1: the Nasdaq futures, follows another blowout quarter from Nvidia. The
Speaker 1: AI Darling is up more than twelve percent in early trading.
Speaker 1: In fact, it's some more than fourteen percent now. The
Speaker 1: world's most valuable chip maker says revenue in the current
Speaker 1: period will come in at a better than expected twenty
Speaker 1: four billion dollars. On the conference call, in Vidia CEO
Speaker 1: Jensen Wang says the future looks bright.
Speaker 3: We guide one quarter at a time, but fundamentally the
Speaker 3: conditions are excellent for continued growth calendar twenty four to
Speaker 3: calendar twenty five and beyond. And let me tell you
Speaker 3: why we're at the beginning of two industry wide transitions.
Speaker 1: Nvidia CEO Jensen Wang says demand for Nvidia's newest products
Speaker 1: will continue to outstrip supply for the rest of the.
Speaker 2: Year, and Nathan other tech stocks are riding the Nvidia
Speaker 2: train this morning. In early trading, shares of super microcomputer
Speaker 2: are surging about fifteen percent. Advanced micro devices, Planeteer and
Speaker 2: Marvel Technologies all up six percent, Applied Materials up almost
Speaker 2: four percent, Intel up about two percent.
Speaker 1: Man, Amy, we're seeing the Nvidia effect impact stocks in
Speaker 1: Europe as well. Let's get the latest on that now
Speaker 1: from Bloomberg's un pods.
Speaker 4: Good morning, un, Good morning, Nathan and Amy. The artificial
Speaker 4: intelligence party rolls on into Europe. The stocks ex hundred
Speaker 4: hitting a record high this morning, with optimism around economic
Speaker 4: growth feeding the rally. But it is the tech story
Speaker 4: turbocharging gains today, with the sectorizing after Nvidia's blowout sales forecasts.
Speaker 4: Shares in b Semiconductor jumping after reported high revenue on
Speaker 4: AI chip demand. Also at the party today, chip Machine
Speaker 4: giants ASML of the Netherlands IT shares adding to you today,
Speaker 4: gains already in excess of twenty in Dubai. I'm your impulse,
Speaker 4: Blinberg Radio.
Speaker 2: Thanks you, and we were also seeing stock surge in Asia,
Speaker 2: in fact, a milestone for Japanese stocks. The NYK two
Speaker 2: twenty five index rallied more than two percent to close
Speaker 2: above a peak last achieved in nineteen eighty nine. Technology
Speaker 2: shares and chip gear producers led the gains.
Speaker 1: Now this hype around in Vidia's earnings, Amy is overshadowing
Speaker 1: a hawkish tone. From the minutes of the Federal Reserve's
Speaker 1: last policy meeting, most officials remained more worried about the
Speaker 1: risk of cutting interest rates too soon than keeping them
Speaker 1: high for too long. We caught up with former Fed
Speaker 1: Vice chairman in current PIMCO Global Economic Advisor Richard Clarida.
Speaker 5: Most of the members noted the risk of moving too
Speaker 5: quickly to cut rates. There was also a reference to
Speaker 5: some of the progress on disinflation may have been due
Speaker 5: to idiosyncratic factors, so that skewed a little bit in
Speaker 5: a bit of a hawk ish a direction. Of course,
Speaker 5: since that meeting, you know, we and the fat have
Speaker 5: gotten the CPI inflation data which came in.
Speaker 1: Former FED Vice chair Richard Claieda says FED officials agree
Speaker 1: interest rates are likely at their peak, but the exact
Speaker 1: timing of the first rate content remains unclear.
Speaker 2: On the political front, President Biden is weighing a unilateral
Speaker 2: attempt to titan migrant rules. Bloomberg's Ed Baxter has those details.
Speaker 6: The administration is considering executive action, including curbing asylum claims
Speaker 6: by migrants crossing the southern border. This while the President's
Speaker 6: continuing to call on Congress to get border and aid
Speaker 6: packages passed. Any unilateral action would include the so called
Speaker 6: two twelve f which is very controversial and actually was
Speaker 6: used by Donald Trump. Republicans have continually asked him to
Speaker 6: act in this manner, and with immigration becoming the number
Speaker 6: one issue now headed into the election, this could be
Speaker 6: something he feels has to be done. It would face
Speaker 6: court challenges. Ed Baxter, Bloomberg Radio.
Speaker 1: All right, ed, thanks right now. President Biden's on a
Speaker 1: campaign fundraising swing through the West Coast, and he's sharpening
Speaker 1: his rhetoric against Russia and the Republic Wilikins. At an
Speaker 1: event in San Francisco, the President called Vladimir Putin a
Speaker 1: quote crazy sob, and he laid into GOP front runner
Speaker 1: Donald Trump for comparing his legal battles to the death
Speaker 1: of Russian opposition leader Alexei Navalni. President says, if he
Speaker 1: said the things Trump does ten or fifteen years ago, quote,
Speaker 1: you'd all think I should be committed.
Speaker 2: And turning to Wall Street, a management surprise this morning
Speaker 2: at Goldman Sets, we get those details from Bloomberg's John
Speaker 2: Tucker John and Amy.
Speaker 7: After thirty years at Goldman, Beth Hammock is calling it quits.
Speaker 7: The fifty two year old was seen as a top
Speaker 7: choice to become the next chief financial officer. That would
Speaker 7: have been a rare elevation for a woman. The lack
Speaker 7: of women at Goldman's highest levels has been a sore point.
Speaker 7: No woman has ever been appointed to the role of chair,
Speaker 7: a chief executive officer, president or CFO in the company's history.
Speaker 7: She moved me into her latest role running the financing
Speaker 7: unit and it being passed over for CFO back in
Speaker 7: twenty twenty one. Goldman and Hammock declined to comment, I'm
Speaker 7: John Tucker Bloom Radio.
Speaker 1: All right John Now. Goldman Sachs is and the only
Speaker 1: company seeing a management shake up. Boeing has removed the
Speaker 1: head of its seven thirty seven Max unit more than
Speaker 1: a month after the door panel blowout on an Alaska
Speaker 1: Airlines model. Boeing says Ed Clark is stepping down effective
Speaker 1: immediately after nearly eighteen years of service. Katie Ringold is
Speaker 1: succeeding him as vice president of the seven three seven program.
Speaker 2: And another company News. Shares of Rivian Automotive down fourteen
Speaker 2: percent in early trading. That evmaker has revealed plans to
Speaker 2: cut ten percent of its salaried workforce, and its production
Speaker 2: guidance is coming in well below Wall Street's expectations. Let's
Speaker 2: get those details now from Bloomberg's Charlie Pellett.
Speaker 8: It comes as the maker of electric vehicles grapples with
Speaker 8: stagnant demand and economic turbulence. The company said it would
Speaker 8: build fifty seven thousand vehicles this year, roughly in line
Speaker 8: with its twenty twenty three output. The forecast fell far
Speaker 8: short of Analost Savage justament of more than eighty thousand
Speaker 8: units in twenty twenty four. Thelo that detailed fourth quarter
Speaker 8: results underscores the challenge of scaling production and stemming losses
Speaker 8: in an environment of waning consumer demand for battery powered vehicles.
Speaker 9: In New York.
Speaker 8: Charlie Pellett, Bloomberg Radio.
Speaker 1: Okay, Charlie.
Speaker 10: Thanks now.
Speaker 1: On the flip side, Mercedes is up about five percent.
Speaker 1: The German automaker announced a three point two billion dollars
Speaker 1: share buyback program amid better than expected cash flow. And
Speaker 1: now it's time to take a look at some of
Speaker 1: the other stories making news in New York and around
Speaker 1: the World with Bloomberg's Michael Bark, Good morning, Michael.
Speaker 9: Good morning, Nathan. A District attorney in Arizona and Manhattan
Speaker 9: DA Alvin Bragg Aret odds it stems from a man
Speaker 9: in custody suspected of stabbings in Arizona and a murder
Speaker 9: at a Soho hotel in New York City. Twenty six
Speaker 9: year old Ride Almansouri is being held in Maricopa County,
Speaker 9: where District Attorney Rachel Mitchell says she will not willingly
Speaker 9: give him the to the NYPD because the times in
Speaker 9: Arizona could be mandatory prison time.
Speaker 2: We will not be agreeing to extradition. I've instructed my
Speaker 2: extradition attorneys not to agree to that. We're going to
Speaker 2: keep him here.
Speaker 1: These are mandatory prison sentences.
Speaker 9: Then Mitchell took a swipe at Bragg, saying she has
Speaker 9: concerns that al Mansuri could be released on bail if
Speaker 9: he has extra died at Manhattan. Having observed the treatment
Speaker 9: of violent criminals in the New York area, Bragg's office
Speaker 9: fired back. A spokesperson for the Manhattan District Attorney said
Speaker 9: it is deeply disturbing that d. A. Mitchell is playing
Speaker 9: political games in a murder investigation. Attorneys for Wiki League's
Speaker 9: founder Julian Massage were in a British court fighting his
Speaker 9: extradition to face espionage charges in the United States. Speaking
Speaker 9: during a protest following massage his latest court hearing in London,
Speaker 9: Stella Assage compared her husband to Russian opposition leader Alexi Navaldi,
Speaker 9: who died last Friday in an Arctic penal colony.
Speaker 7: Julian's life is that severe risk every single day he
Speaker 7: is in prison.
Speaker 10: He's a political prisoner.
Speaker 7: He is the world's most famous political prisoner.
Speaker 9: Lawyers for the US government argued Assage put innocent lives
Speaker 9: at risk and went beyond journalism in his bid to solicit, steal,
Speaker 9: and indiscriminately published classified US government documents. A court decision
Speaker 9: is not expected until at least next month. Justice. That's
Speaker 9: what the New York City Police union officials are saying
Speaker 9: about a thirty four year old woman being sentenced to
Speaker 9: the maximum twenty seven years in prison in the hid
Speaker 9: and run death of an NYPD officer on the Long
Speaker 9: Island Expressway. Prosecutor say Jessica Bouvey admitted drinking and smoking
Speaker 9: pot during the tragedy. In April of twenty twenty one.
Speaker 9: At her sentencing, police officers packed the courtroom. The widow
Speaker 9: of Detective Anastasios Sakos, Irene, gave an emotional statement detailing
Speaker 9: the difficult days after her husband's death.
Speaker 1: Well Jessica Bouffe was sobering up in a police station
Speaker 1: that morning.
Speaker 10: Our world was collapsed.
Speaker 9: During her sentencing, Bovey said, I am sorry that I
Speaker 9: hit him and that he is dead. New York City
Speaker 9: Mayor Eric Adams said he'll no longer carry out a
Speaker 9: plan round of budget cuts and would have affected libraries,
Speaker 9: trash pickup services to older adults. Adam says better than
Speaker 9: expected tax revenue from the city's economic recovery will halt
Speaker 9: plans to trim those services. Global News twenty four hours
Speaker 9: a day and whenever you want it with Bloomberg News Now.
Speaker 9: I'm Michael Barr, and this is Bloomberg Nathan.
Speaker 1: Okay, Michael, thanks time now for the Bloomberg Sports update
Speaker 1: brought to you. I Trice state out of your's John
Speaker 1: stash Out.
Speaker 7: Thanks Nathan.
Speaker 10: When we last saw the next they were decimated by injury,
Speaker 10: had lost four games in a row back from the
Speaker 10: All Star break. Tonight in Philadelphia the next hoping to
Speaker 10: have some of those injured players like Isaiah Hardenstein, Dante DiVincenzo,
Speaker 10: and boy On Bogdanovich healthy enough to play. It's gonna
Speaker 10: be while for Julius Randall, and he did admit it's
Speaker 10: possible he'll need season ending surgery on his injured shoulder.
Speaker 10: Big games tonight because if the season ended now, the
Speaker 10: Knicks would play Philly in the first round of the playoffs,
Speaker 10: and the two teams separated by only a half game.
Speaker 10: Sixers or without their start Joel Mbi, and they've lost
Speaker 10: nine of their last twelve. Next play tonight in Toronto.
Speaker 10: The new Nets coaches Kevin Ollie played thirteen NBA seasons
Speaker 10: for eleven different teams. He coached Yukon to the NCAA
Speaker 10: Championship a decade ago, but was fired four years later.
Speaker 10: He then filed and settled a lawsuit with the school.
Speaker 11: Now, I just thank guy for all the opportunities I've
Speaker 11: been through Yukon and ups and downs. With that, I've
Speaker 11: always learned and I'm gonna take those experiences from that
Speaker 11: as lessons and no losses in the wins. I'm gonna
Speaker 11: continue to you know, praise them and have them.
Speaker 10: Also Tonight Lakers and Warriors know Lebron James as a
Speaker 10: sore ankle. Rangers tonight bring their eight game winning street
Speaker 10: to New Jersey. Bruins beat Edmonton sixty five and overtime.
Speaker 10: Toronto beat Arizona. As Austin Matthews scored twice, He's reached
Speaker 10: fifty goals in fifty four games. That's the Fewistons. Mary
Speaker 10: o Lemieux twenty eight years ago, much needed win for
Speaker 10: struggling Saint John's Red Storm blew much of a twenty
Speaker 10: two point lead, but held on and won at lowly
Speaker 10: Georgetown ninety to eighty five. LSU scored at the buzzer
Speaker 10: at upset Kentucky Penn State, a one point upset win
Speaker 10: over twelfth Night Illinois. Tiger Woods his fifteen year old son, Charlie,
Speaker 10: playing golf today in Florida. He's hoping to qualify for
Speaker 10: the upcoming PGA tourney near his home. If he makes
Speaker 10: it into the field, he'll play at a younger age
Speaker 10: than when Tiger made his PGA debut when he was sixteen.
Speaker 10: John Stashellard Bloomberg Sports, Stephen.
Speaker 1: All Right, John, thank you and we go now to
Speaker 1: the top story of the morning. That would be in
Speaker 1: Nvidia delivering another quarter forecasting a massive sales gain for
Speaker 1: its industry leading artificial intelligence chips. It's adding to a
Speaker 1: streak that has made the AI chip powerhouse one of
Speaker 1: the most valuable companies in the world, certainly the most
Speaker 1: valuable chip maker for some analysis. We are joined now
Speaker 1: by one of Wall Street's loudest tech bulls, Dan Ives,
Speaker 1: senior equity research analyst at Webbush Securities. Dan, thanks for
Speaker 1: being with us on an early morning. I want to
Speaker 1: start right with your note calling this a game changing
Speaker 1: moment for tech bulls and the AI revolution. What has
Speaker 1: you saying that about Nvidia's latest earnings.
Speaker 12: Look, this is a tower swift moment I mean for
Speaker 12: the tech bullmarket. AI revolution starts within video and this
Speaker 12: is a game change in quarter. It shows that this
Speaker 12: is not peaking, it's accelerating. This is jet fuel into
Speaker 12: the broader tech rally from Microsoft for chip memes for
Speaker 12: for what I view as as probably the most important
Speaker 12: earnings we've seen in five years.
Speaker 1: It's not peaking, but it's accelerating. I mean it has
Speaker 1: been accelerating. It can in vidio maintain this kind of acceleration.
Speaker 12: Look at one point, law of numbers in But the
Speaker 12: reason is in this quarter was so important. It shows
Speaker 12: what the enterprise demand looks like on the other side
Speaker 12: of this. And the important thing is that now this
Speaker 12: title is of spend, it's coming to the rest at tech.
Speaker 12: So we're going to continue right now to see a
Speaker 12: market that, in our opinion, that goes higher significantly because
Speaker 12: this shows the foundation of AI. This is not hype,
Speaker 12: real the AI revolutions on the doorstep.
Speaker 1: So you're saying that Nvidia is the rising tide that's
Speaker 1: going to lift all boats. Does Nvidia as an individual
Speaker 1: company have to worry about some of those boats coming
Speaker 1: after it?
Speaker 12: Look the godfather of AI, Jensen and Video and that's
Speaker 12: you know, when they talk, everyone listens because they're the
Speaker 12: only game in town for the next few years. Now,
Speaker 12: at one point they'll have competition. But right now, when
Speaker 12: it comes to GPUs fueling AI, it isn't VDA, it's Jensen.
Speaker 12: And that's why everyone, regardless where you are in the world,
Speaker 12: was listened to this call. I mean, you could say,
Speaker 12: you know, Steve the market. In my opinion, I think
Speaker 12: there's a different narrative. It puts more jet fuel in
Speaker 12: this tech bow market. In the most important earnings we've
Speaker 12: seen many many years.
Speaker 1: Now, a lot of bears are gonna fire back and
Speaker 1: talk about in Video's valuation, that it's still trading at
Speaker 1: huge multiples on forward earnings. Do you see the outlook
Speaker 1: for Nvidia justifying those kind of numbers.
Speaker 12: Look to transformational elite tech names, they grow into valuations,
Speaker 12: and I think those bears that have missed from Meta
Speaker 12: to Apple, to Tesla to Amazon to know every other
Speaker 12: transformational and tech name by sticking with the one year
Speaker 12: pe valuation, I continue think that's the role move and
Speaker 12: that's why they're deep in hibernation mode this morning.
Speaker 1: But there I've got to be some headwinds for in Vidia.
Speaker 1: I'm thinking about, you know, the restrictions from China chief
Speaker 1: among them. What could that mean for long term growth
Speaker 1: if you've got the weight of China restrictions on a
Speaker 1: company like.
Speaker 12: In Vidia, Yeah, need Like I'd say the biggest risk
Speaker 12: is China. It's not valuation, it's not demand. I think
Speaker 12: those boxes at all checked the China's story. Look, that
Speaker 12: was actually a headway in the quarter relative to even
Speaker 12: these numbers the restrictions. That's a tight group that now
Speaker 12: needs to be navigated. But I do believe there's a
Speaker 12: way that Nvidia has figured out from a chip perspective
Speaker 12: to kind of navigate this tug of war, give chips
Speaker 12: to China while continuing to stay with some of the
Speaker 12: US restrictions.
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Speaker 12: The