Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2: Good morning, I'm Nathan Hager and I'm Karen Moscow. Here
Speaker 2: are the stories we're following today.
Speaker 3: Karen, those levels are at four year highs for oil
Speaker 3: as President Trump keeps his naval blockade on Iran's ports
Speaker 3: and reportedly considers new strikes. The President says a deal
Speaker 3: has to include Iron giving up its nuclear program.
Speaker 4: They've come a long way.
Speaker 5: The question is whether or not they're going to go
Speaker 5: far enough.
Speaker 6: So at this moment, there will never be a deal
Speaker 6: unless they agree that.
Speaker 4: There will be no no clear workers.
Speaker 3: President Trump spoke at the White House yesterday. This morning,
Speaker 3: Axios is reporting that the President will meet later today
Speaker 3: with the head of US Central Command to discuss potential
Speaker 3: new military options. We get more from Bloomberg's Jumana Bursecci
Speaker 3: in Duban.
Speaker 7: Those include targeted and limited operations. Could be limited attacks
Speaker 7: on infrastructure once again, it could be a Special Forces
Speaker 7: operation to go and extract highly enriched uranium that there's
Speaker 7: also talk about a specific operation that they would conduct
Speaker 7: to reopen a small part of the street to allow
Speaker 7: for commercial vessels to pass through.
Speaker 3: Bloomberg's Jumana BURSETCI reports those options had crude oil on
Speaker 3: the Brent trading as high as one hundred and twenty
Speaker 3: six dollars a barrel overnight. Right now, Brent is up
Speaker 3: two and a half percent at just about one hundred
Speaker 3: and twenty one dollars West Texas Intermediate. It's just shy
Speaker 3: of one hundred and eight, and the war is really
Speaker 3: adding to painted the pump. In California, Triple A says
Speaker 3: that state's average gas price topped six dollars a gallon
Speaker 3: for the first time since October of twenty twenty three.
Speaker 2: On Nithan, Defense Secretary Pete Haiks had faced questions about
Speaker 2: the war as he appeared before the House Armed Services
Speaker 2: Committee to defend the Pentagons proposed one point five trillion
Speaker 2: dollar budget. Bloomberg's Amy Morris supports from Washington.
Speaker 8: The budget request is on top of a trillion dollar
Speaker 8: appropriations from congressional lawmakers for this fiscal year. Lawmakers questioned
Speaker 8: hag Seth over the war's economic impact, noting that it's
Speaker 8: cost twenty five billion dollars so far. Ranking Member Adam
Speaker 8: Smith of Washington.
Speaker 9: We had to start this war, you just said, sixty
Speaker 9: days ago because the nuclear weapon was an imminent threat.
Speaker 9: Now you're saying that it was completely obliterate.
Speaker 4: Had not given up their nuclear ambitions.
Speaker 8: Hag Seth dismissed the criticism as political and rebuked lawmakers
Speaker 8: both Republicans and Democrats, who pushed him for answers in Washington.
Speaker 8: Amy Morris Bloomberg Radio.
Speaker 3: Amy, thanks, the latest war developments and surging oil prices
Speaker 3: maybe overshadowing the latest earnings from big tech. Let's start
Speaker 3: with Alphabet. Shares of the Google parent are up more
Speaker 3: than six percent in early trading. I get the details
Speaker 3: from Bloomberg's John Tucker.
Speaker 10: Google's cloud business, which only became profitable three years ago,
Speaker 10: continues to grow quickly, accelerated by demand for AI software
Speaker 10: and infrastructure. The Gemini chatbot app and enterprise tools are
Speaker 10: gaining in popularity. The company expects to spend up to
Speaker 10: one hundred ninety billion dollars this year on capital expenditures.
Speaker 10: That's up from a previous estimate of one hundred eighty
Speaker 10: five billion dollars, which was already double what it's spent
Speaker 10: in twenty twenty five. John Tucker, Bloomberg.
Speaker 2: Radio, All right, John, thank you. Amazon shares they are
Speaker 2: up almost two percent. This morning, the company reported sales
Speaker 2: and profit that beat analyst estimates. Shar's got a boost
Speaker 2: in part by a Bloomberg report that Anthropic, one of
Speaker 2: Amazon's biggest AI investments, is weighing a funding round that
Speaker 2: may more than double its valuation to nine hundred billion dollars.
Speaker 2: CEO Andy jase He says Amazon is spending at a
Speaker 2: rapid rate to expand data center capacity to meet the
Speaker 2: intense demand for artificial intelligence computing power.
Speaker 6: I think it's no secret that you've got you know,
Speaker 6: the AI labs are spending an incredible amount of money
Speaker 6: on compute at this point, and you can compute both
Speaker 6: on the AI side as well as on the core side.
Speaker 2: CEO Andy Jassey says, sales at Amazon Web Services we're
Speaker 2: thirty seven point six billion dollars during the quarter. That's
Speaker 2: of twenty eight percent from a year ago.
Speaker 3: Well, on the flip side, care and shares of meta
Speaker 3: platforms are down about eight and a quarter percent in
Speaker 3: early trading. The Facebook parent is raising its spending out
Speaker 3: look for the year, now projecting full year capital expenditures
Speaker 3: of one hundred and twenty five to one hundred and
Speaker 3: forty five billion dollars driven by Meta's AI strategy and
Speaker 3: higher component pricing. Now that exceeds analyst estimates and marks
Speaker 3: the roughly seven point four percent increase from Meta's previous
Speaker 3: projections back in January.
Speaker 2: Hey then charees a Microsoft. They're down more than one
Speaker 2: and a half percent. The world's largest software company expects
Speaker 2: sales in its Azure cloud unit to increase about forty
Speaker 2: percent in the current quarter and anticipates modest acceleration in
Speaker 2: the second half of the calendar year. It did say
Speaker 2: capital expenditures, largely for data centers, will total about one
Speaker 2: hundred and ninety billion dollar to the end of December,
Speaker 2: and that's more than Wall Street had expected.
Speaker 3: Karen Shares of Qualcomm are surging ten and a half percent.
Speaker 3: The biggest maker of smartphone processor says it's making headway
Speaker 3: in the lucrative data center market and predicts the China
Speaker 3: phone industry will bounce back. Big tech earnings continue today.
Speaker 3: We hear from Apple this afternoon.
Speaker 2: Well. Nathan Shares at Belle Ackman's Pershing Square USA plunged
Speaker 2: eighteen percent in its small Street debut. The drop came
Speaker 2: after they combined initial public offering for the closed end
Speaker 2: fond and his alternative asset manager raised five billion dollars.
Speaker 2: Pershing was hoping to bring in twenty five billion. Ackman
Speaker 2: spoke with Bloomberg yesterday about his goal to build a
Speaker 2: long term diversified holdings company like Warren Buffett.
Speaker 11: Look at Berkshire for the last sixty years, it's built
Speaker 11: most of its value running becoming effectively an insurance holding company.
Speaker 11: That's what Buffett is built over time, and it was
Speaker 11: his successful management of the assets. When you hear Buffet
Speaker 11: buying Apple, it wasn't Buffet buying Apple. It wasn't even
Speaker 11: Berkshire buying Apple. The Berkshire insurance subsidiaries buying Apple. And
Speaker 11: we're going to do the same thing. We're going to
Speaker 11: manage A goal of how to use is to build
Speaker 11: a long term, diverse fight holding company akin to what
Speaker 11: Buffett has done.
Speaker 2: And Pershing Square founder Bill Lackman spoke with our Danny
Speaker 2: Berger on Bloomberg Deals.
Speaker 3: Well, first, Karen, let's turn to the economy. Now, the
Speaker 3: Federal Reserve is leaving interest rates unchanged, but that decision
Speaker 3: may have been overshadowed by a big announcement from current
Speaker 3: Fed chair Jay Powell.
Speaker 12: He's staying after my term as chair ends on May fifteen,
Speaker 12: I will continue to serve as a governor for a
Speaker 12: period of time to be determined. I plan to keep
Speaker 12: a low profile as a governor. There's only ever one
Speaker 12: chair of the Federal Reserve Board. When Kevin Worsh is
Speaker 12: confirmed and sworn.
Speaker 5: In, he will be that chair.
Speaker 3: Jay Powell's term as FED Chair ends two weeks from tomorrow,
Speaker 3: but his seat on the Board of Governors doesn't expire
Speaker 3: until twenty twenty eight. The announcement drew harsh criticism from
Speaker 3: Treasury Secretary Scott Bessant.
Speaker 13: I think it's highly unusual for someone who says he's
Speaker 13: an institutionalist and cares about norms at the FED. This
Speaker 13: is a violation of all Federal Reserved norms.
Speaker 5: And I've got to.
Speaker 13: Tell you also, Larry, I think it is an insult
Speaker 13: to Kevin Warsh, Mickey Bowman, and Chris Waller to think
Speaker 13: that these other Republican nominees do not care about the
Speaker 13: institution of the FED and that he alone can maintain
Speaker 13: the integrity of the FED.
Speaker 3: Treasury Secretary Scott bess And spoke with Larry Kudlow on
Speaker 3: Fox Business Now. Palell says he's concerned about a series
Speaker 3: of legal attacks on the FED and that he will
Speaker 3: leave once a probe into the fed's building renovation project is,
Speaker 3: in his words, truly over. Well back in Washington, Careen,
Speaker 3: the longest partial government shut down in history is a
Speaker 3: step closer to ending. The House has approved the first
Speaker 3: part of a two part plan to reopen the Department
Speaker 3: of Homeland Security.
Speaker 14: On this vote, the eyes of two hundred and fifteen.
Speaker 4: The nays are two.
Speaker 5: Hundred and level of one member voting.
Speaker 15: Press listen the concurrent resolution is adopted.
Speaker 3: That resolution would funnel seventy billion dollars into immigration enforcement
Speaker 3: for the next three and a half years. Today, House
Speaker 3: Speaker Mike Johnson hopes to pass the second part of
Speaker 3: the plan to fund the rest of DHS outside ice
Speaker 3: and border patrol through September thirtieth. All this comes after
Speaker 3: the White House told Congress it will not be able
Speaker 3: to pay most DHS workers after today because the fund
Speaker 3: it tapped for April payments has run out.
Speaker 2: Well Nathan, former FBI Director James Comy, has made his
Speaker 2: first court appearance on a second criminal indictment under the
Speaker 2: Trump administration.
Speaker 5: He's facing two.
Speaker 2: Federal charges related to threatening President Trump's life. The case
Speaker 2: centers on a now deleted Instagram post or the numbers
Speaker 2: eighty six and forty seven were arranged with seashells.
Speaker 5: Critics say it could.
Speaker 2: Have been a reference to killing the president, but Komy
Speaker 2: says that was not his intent. Comy did not enter
Speaker 2: a plea and the government did not ask that he
Speaker 2: be detained. A plea hearing date has not been set.
Speaker 5: Well.
Speaker 3: Finally, Karen, Live Golf maybe coming to an end. Bloomberg
Speaker 3: News has learned Saudi A. Ray Baba's Public Investment Fund
Speaker 3: plans to stop financial support for the league after this season.
Speaker 3: The move would bring a jarring into the breakaway league
Speaker 3: that fractured pro golf and fundamentally altered the sports economics
Speaker 3: by luring stars away from the PGA Tour with giant contracts.
Speaker 3: Live cost the Saudi Public Investment Fund and estimated five
Speaker 3: billion dollars over just four years.
Speaker 2: Time now for look at some of the other stories
Speaker 2: making news in New York and around the world. For that,
Speaker 2: we're joined by Bloomers Michael Barr, Michael, good Morning.
Speaker 16: Good morning. Karen King, Charles and Queen Camilla were in
Speaker 16: New York City as part of their historic state visit.
Speaker 16: The royal couple started the New York leg of their
Speaker 16: trip yesterday with a visit to the Nine to Eleven Memorial. Later,
Speaker 16: Charles attended the Greater Together Reception at Rockefeller Plaza to
Speaker 16: mark the fiftieth anniversary of the King's Trust. That's the
Speaker 16: charity that King Jeralds started to help people aged eleven
Speaker 16: to thirty to develop life skill, get ready for work,
Speaker 16: and access job opportunities.
Speaker 15: At this reception, we can celebrate both my King's Trust
Speaker 15: and the enduring cultural bond between the people in the
Speaker 15: United Kingdom and the United States, which causes a relationship
Speaker 15: route in shared creativity, enterprise, and values.
Speaker 16: King Charles also gathered with leaders of some of the
Speaker 16: world's biggest companies to encourage US UK investment and visited
Speaker 16: a Harlem urban farm program. The Trump administration is hailing
Speaker 16: the Supreme Court decision on the Voting Rights Act as
Speaker 16: a quote complete and total victory for American voters. The
Speaker 16: White House said in a statement, the color of one's
Speaker 16: skin should not dictate which congressional district you belong in.
Speaker 16: Congressman Rich McCormick was asked about fellow Republicans in Georgia
Speaker 16: calling for a special session to draw new maps in
Speaker 16: his state before.
Speaker 5: We started early voting. So I don't think we can
Speaker 5: do it in Georgia. I wouldn't be appropriate.
Speaker 2: At this point.
Speaker 16: Justice Selena Kagan called the ruling the LA chapter in
Speaker 16: the Conservative majorities now completed demolition of the Voting Rights Act.
Speaker 16: Police are calling a stabbing on a London street and
Speaker 16: act of terrorism. Two Jewish men were injured. The suspect
Speaker 16: was arrested after trying to attack the responding officers. Global
Speaker 16: News twenty four hours a day and whenever you want
Speaker 16: it with Bloomberg News. Now. I'm Michael Barr, and this
Speaker 16: is Bloomberg Heron.
Speaker 5: Thanks Michael all the time.
Speaker 2: Now for our Bloomberg Sports Update, and for that we
Speaker 2: bring in John Stashauer.
Speaker 16: Thanks Darren.
Speaker 14: A couple of teams stayed alive in the NBA playoffs.
Speaker 14: Detroit beat Orlando. The Magic Steel lead three games to two.
Speaker 14: Houston beat the Lakers, who still have three two. Also,
Speaker 14: Cleveland beat Toronto and the Calves lead three to two overtime.
Speaker 14: In the Stanley Cup playoffs, Philadelphia a one nothing went
Speaker 14: over Pittsburgh. The Flyers win the series four games to
Speaker 14: two Vegas and double overtime over Utah. Also, Montreal won
Speaker 14: three to two at Tampa Bay. The Canadians and Golden
Speaker 14: Knights have three two series leads. That's a Bloomberg Sports Uptea.
Speaker 2: Cool. Stay with us more from Bloomberg day Break coming
Speaker 2: up after this.
Speaker 11: Coast to coast on Bloomberg Radio, nationwide on Sirius XM,
Speaker 11: and around the world on Bloomberg dot Com and the
Speaker 11: Bloomberg Business app.
Speaker 4: This is Bloomberg Daybreak. Good morning, I'm Nathan Hager.
Speaker 3: The high seas standoff continues between the US and Iran
Speaker 3: with no led up to the naval blockade of Iran Sports,
Speaker 3: but now more than two months into the war, President
Speaker 3: Trump says a further military response is still an option.
Speaker 4: We've got an amazing military.
Speaker 16: Now.
Speaker 4: Now they have to cry uncle.
Speaker 5: That's all they have to do is just say we
Speaker 5: give up.
Speaker 4: I was President Trump at the White House yesterday.
Speaker 3: Joining us this morning from our European headquarters in London
Speaker 3: is Bloomberg Opinion columnist Mark Champion, covering the Middle East
Speaker 3: and international affairs. Great to have you with us, Mark,
Speaker 3: as we watched this pretty sharp reaction in the commodities
Speaker 3: markets to reports that President Trump may be getting a
Speaker 3: briefing at least on new military options. What are we
Speaker 3: hearing this morning? Could the possibilities be good morning.
Speaker 5: Yes, good morning.
Speaker 1: I mean essentially, what we know is that we have
Speaker 1: a continuing blockade, and then you know, what we don't
Speaker 1: know is whether President Trump will also now you know,
Speaker 1: restart the war. That would in a sense be an
Speaker 1: acknowledgment that he doesn't think that the blockade is going
Speaker 1: to work fast enough for him.
Speaker 5: So, you know, we'll see how that goes.
Speaker 1: It's you know that there's been so much said at
Speaker 1: various different times, you know, by the White House that
Speaker 1: turned out not to be you know, quite how things
Speaker 1: are quite accurate. So but you know, on the other
Speaker 1: side in Iran, you see, you know, this is really
Speaker 1: a sort of test of wills, tests of how much
Speaker 1: economic pain each side can take.
Speaker 5: So you see, you know, oil prices going up.
Speaker 1: On the other side, you see the real the anion
Speaker 1: currency weakening very sharply as a result of the blockade.
Speaker 5: Both sides that you know, are feeling the pain.
Speaker 1: The one thing you can be sure of is that
Speaker 1: the Iranians won't say we give up. But you know,
Speaker 1: they may want to come back to the table and
Speaker 1: to preempt either you know, either try and end the blockade,
Speaker 1: either do it by force, you know, by attacking the
Speaker 1: Gulf States again. Certainly they will do that if the
Speaker 1: Americans start restart the war or the Iranians, you know,
Speaker 1: may come back to the table and try and negotiate.
Speaker 4: Again. We've had our own reporting.
Speaker 3: The US Central Command has asked for permission to use
Speaker 3: a hypersonic missile in the in the conflict.
Speaker 4: What potential impact could that have?
Speaker 1: What depends on what they want to use it for,
Speaker 1: I mean, in in you know, in the round. I
Speaker 1: would say not much that sounds you know, you say
Speaker 1: these things much as you know President Putin has in Ukraine,
Speaker 1: we're going to is a hypersonic missile. It does, you know,
Speaker 1: kind of focus attention and it's useful in terms of
Speaker 1: psychological warfare. But you know, the munitions that the US
Speaker 1: has used until now have been extremely effective. What it
Speaker 1: is that they would want to do with a hypersonic
Speaker 1: missile that they couldn't do with, you know, with other kinds,
Speaker 1: not quite sure. You know, they are very good at
Speaker 1: evading air defenses. Sophisticated air defenses. Iran's air defenses are
Speaker 1: pretty much destroyed, so you know, not quite clear.
Speaker 3: Of course, all this is coming is Defense Secretary Pete
Speaker 3: Heggsat has faced some pretty tough questioning on Capitol Hill
Speaker 3: about how the war has been going, the idea of,
Speaker 3: particularly from Democrats, that the US may be heading into
Speaker 3: a quagmire in Iran. Does this look like a quagmire
Speaker 3: at this point to you? Mark not necessarily a quagmire.
Speaker 3: I would very much doubt that this turns into an
Speaker 3: extended war along the lines of Vietnamar again, Stan, even Iraq.
Speaker 5: You know, I think they will.
Speaker 1: Both sides actually do want to need an exit, but
Speaker 1: they also think that the other side is going to
Speaker 1: blink first.
Speaker 5: And that's the real problem here. I really don't see it.
Speaker 2: You know.
Speaker 1: First of all, you know, in order for there to
Speaker 1: be that kind of quagmire, you really need for boots
Speaker 1: to be on the ground, Americans to put troops in.
Speaker 1: And that's what really gets you sucked in, makes it
Speaker 1: difficult to get out. You know, I don't think we're
Speaker 1: going to see that, certainly, not at scale. But nevertheless,
Speaker 1: you know, they even months, you know, weeks or months
Speaker 1: is going to be very, very painful for the global economy,
Speaker 1: and possibly a lot more painful for Europe and Asia
Speaker 1: than it is for the United States.
Speaker 3: Appreciate your perspective this morning. Mark, Thanks so much for
Speaker 3: joining us on Daybreak That is Bloomberg opinion columnist Mark
Speaker 3: Champion covering the Middle East and international affairs from our
Speaker 3: European headquarters in London. You could read much more of
Speaker 3: Mark's thoughts on the conflict at Olpin go on the Bloomberg.
Speaker 4: Terminal Karen Nathan.
Speaker 2: Another major story where following involves earnings from big tach
Speaker 2: We heard from four big ones after the bell and
Speaker 2: we want to break it all down with the Bloomberg
Speaker 2: Intelligence analyst Matt Bloxam. Matt, good morning. So Alphabet, Meta platforms, Amazon,
Speaker 2: and Microsoft. We're seeing investor reaction mixed. What was your
Speaker 2: big takeaway from the earnings?
Speaker 17: Yeah, so a few things. I'll see that there's another
Speaker 17: step up in capital spending by these big companies.
Speaker 5: So where we're already absorbing.
Speaker 17: A seventy percent year, and you increase twenty six versus
Speaker 17: twenty five, which would take this combined spending to six
Speaker 17: hundred and fifty billion dollars based on the overnight reporting
Speaker 17: that six point fifty has now increased to seven hundred
Speaker 17: and twenty three billion dollars, a big chunk of that
Speaker 17: coming from Microsoft and also for Meta, and I think
Speaker 17: some mixed reactions to kind of whether that increased investment
Speaker 17: makes sense, and certainly investors still trying to kind of
Speaker 17: understand when the payback is going to come from these
Speaker 17: investments and how big it's going to be.
Speaker 4: And we saw with.
Speaker 17: Alphabet the parent of Google, that you know, Google's businesses
Speaker 17: are firing on all cylinders, great growth in the kind
Speaker 17: of core ads business, but also really strong growth from
Speaker 17: their cloud business, which increases revenue sixty three percent year
Speaker 17: on year. And a similar story at Amazon where all
Speaker 17: of its different businesses, including cloud, are growing pretty well.
Speaker 17: But at the other end you had Meta, where you know,
Speaker 17: they're not exposed to as many of the kind of
Speaker 17: leavers that's AI's creating much more still focused on and
Speaker 17: ads based business, their large language models lagging behind rivals
Speaker 17: like Anthropic and Open Eye, but they were stepping up kapex,
Speaker 17: and I don't think investors were convinced that the management
Speaker 17: team they have the clarity of what the kind of
Speaker 17: revenue generating opportunity and the return profile looks like.
Speaker 2: Yeah, And when it comes to meta, it seemed like
Speaker 2: CEO Mark Zuckerberg was maybe a bit vague when it
Speaker 2: came to the analysts call, uh, do analysts.
Speaker 5: Really need to hear more from him?
Speaker 2: Then?
Speaker 17: I think maybe not, maybe not so much. Hear more
Speaker 17: from him, but see more in the in the in
Speaker 17: the business and the numbers. And you actually see them
Speaker 17: kind of move forward with their large language model so
Speaker 17: that people feel they've got more bows to their they
Speaker 17: got the kind of opportunity, and also just kind of
Speaker 17: see them solidify the kind of active user basement. Also
Speaker 17: got they've got a huge active user base across their
Speaker 17: different products. But it did dip a little bit in
Speaker 17: the quarter, and I think, you know, there's these kind
Speaker 17: of lingering concerns that as the AI proposition evolves, that
Speaker 17: maybe some of these you know, big established social network
Speaker 17: business and mashing platforms could become more vulnerable and maybe
Speaker 17: the ad dollars will kind of shift elsewhere.
Speaker 2: And we did. We did talk about Amazon just a bit.
Speaker 2: Is cloud division another bright spot here? But we also
Speaker 2: get that report on anthropic can you walk us through
Speaker 2: that too? Is how did that help Amazon?
Speaker 17: There's been so many Anthropic reports.
Speaker 2: Which that Anthropic is wearing a funding round in Anthropy
Speaker 2: is one of Amazon's biggest AI investments.
Speaker 17: Yeah, you know, I think obviously there's a lot of
Speaker 17: focus on how much these businesses are worth, and I
Speaker 17: think that that particular funding ground could put an even
Speaker 17: bigger valuation on Anthropic. So that's kind of definitely a
Speaker 17: big positive carry for Amazon. I think obviously, you know,
Speaker 17: they're potentially kind of very complementary partners with your anthropics
Speaker 17: claud models being super popular with the enterprise community, and
Speaker 17: obviously tying that together with Amazon's market leading Amazon Web
Speaker 17: Services cloud business, You've potentially got a really winning combination.
Speaker 17: So in some ways they kind of win. One way,
Speaker 17: they get revenue coming in through Amazon Web Services, that
Speaker 17: also helps Anthropic, and the anthropic valuation goes up and
Speaker 17: that helps Amazon. So it's kind of a nice reinforcement
Speaker 17: circle they've got there.
Speaker 2: This is Bloomberg Daybreak, your morning podcast on the stories
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Speaker 4: And I'm Nathan Hay.
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Speaker 3: Break