Speaker 1: Good morning.
Speaker 2: I'm Nathan Hager and I'm Karen Moscow. Here are the
Speaker 2: stories we're following today.
Speaker 3: The jump in Nasdaq futures follows better than expected earnings
Speaker 3: from both Amazon and Facebook parent Meta Platforms. Let's get
Speaker 3: the details from Bloomberg's John Tucker John Nathan Holidays.
Speaker 4: Spending online led to strong growth in sales and profit
Speaker 4: for Amazon, and the craze around artificial intelligence driving healthy
Speaker 4: sales and its cloud computing arm. Its profit last quarter
Speaker 4: surge to ten point six billion dollars. That's the strongest
Speaker 4: in two years, and it got there in part by
Speaker 4: cutting about thirty five thousand jobs. Facebook parent Meta reported
Speaker 4: fourth quarter results that beat expectations. They gave an outlook
Speaker 4: that's seen as strong. They also partly got there as
Speaker 4: a result of cost cutting. Meta cut head count by
Speaker 4: twenty two percent last year, and they also had money
Speaker 4: to spare, Meta unveiling plans for a fifty billion dollar
Speaker 4: stock buyback and even announcing its first ever quarterly dibenend.
Speaker 4: The two stocks have combined to serve by more than
Speaker 4: two hundred seventy billion dollars in pre market trading right now,
Speaker 4: Meta up more than eighteen percent Amazon is up about
Speaker 4: nine percent. John Tucker, Bloomberg Radio.
Speaker 2: Right, John, thanks Well, Meta investors are not the only
Speaker 2: ones reaping the benefits of the company's first ever dividend.
Speaker 2: Chief executive Mark Zuckerberg stands to receive a payout of
Speaker 2: about seven hundred million dollars a year. According to data
Speaker 2: compiled by Bloomberg, Zuckerberg holds about three hundred and fifty
Speaker 2: million shares, and that means he would take home about
Speaker 2: one hundred and seventy five million dollars in each quarterly
Speaker 2: payment before taxes.
Speaker 3: Well, Karen, it's a different earning story at Apple. Those
Speaker 3: shares are down about one percent. The company's latest quarterly
Speaker 3: results are triggering investor fears that Apple's losing clout in China,
Speaker 3: which generates roughly a fifth of its sales. Bloomberg's Emily
Speaker 3: Chang spoke with one of Apple's top executives after that
Speaker 3: earnings report.
Speaker 5: I did just speak with Apple CFO Luka Maastri. He said,
Speaker 5: we're not happy with it, but we know that China
Speaker 5: is the most competitive market in the world and we
Speaker 5: do still see a lot of long term opportunity there.
Speaker 5: He did call out that the iPhone declined less than
Speaker 5: the other product categories. That is, the iPhone did better
Speaker 5: than the other product categories. In China, he said that
Speaker 5: there they saw a record install base. They're still seeing
Speaker 5: strong growth in upgraders. But again, you know, this is
Speaker 5: a market that folks have been very concerned.
Speaker 3: About, and Bloomberg's Emily Chang says revenue from China plunged
Speaker 3: thirteen percent last quarter. That marked the worst decline since
Speaker 3: the twenty eighteen holiday season.
Speaker 2: Well, Nathan, the world's leading AI chip maker, is looking
Speaker 2: to grow overseas, and Videos CEO Jensen Huang says countries
Speaker 2: like India, Japan, France, and Canada are talking more about
Speaker 2: building what he calls sovereign AI capabilities. He says that
Speaker 2: focus on homegrown AI infrastructure will drive demand for invidious products.
Speaker 6: Has become abundantly clear to each one of the countries
Speaker 6: that their natural resource, which is the data of their country,
Speaker 6: should be refined and produce intelligence of their country for
Speaker 6: their country.
Speaker 2: And Video CEO Jensen Huong tells Bloomberg it's an America's
Speaker 2: interest for companies to win in overseas markets well.
Speaker 3: A big tech scribe in the spotlight this morning, Karen
Speaker 3: It is also a big day on the economic front.
Speaker 3: We get the highly anticipated jobs report for the month
Speaker 3: of January, and the median forecast is for a gain
Speaker 3: of one hundred and eighty five thousand jobs. We get
Speaker 3: a preview now from Bloomberg's Michael McKee.
Speaker 7: The FED is no longer expecting a big jump in
Speaker 7: unemployment and wants to see a strong labor market. Chairman
Speaker 7: J Powell said this week economists think they will get it.
Speaker 7: The forecast is for another month of large job gains,
Speaker 7: and while there is a slight tick up in unemployment scene,
Speaker 7: January should be the twenty fourth consecutive month with a
Speaker 7: jobless rate under four percent. What the numbers won't do
Speaker 7: is bring any action from the Central Bank. Although Powell
Speaker 7: suggests rake cuts are coming, he all but ruled out
Speaker 7: the next meeting in March. Michael Key, Bloomberg Radio.
Speaker 2: All right, Mike, thanks, And speaking of J. Powell, we'll
Speaker 2: hear more from the Fed chairman this weekend. He will
Speaker 2: appear on sixty Minutes on CBS this Sunday. The network
Speaker 2: says Powell will discuss inflation risks, expected rate cuts, and
Speaker 2: the banking system.
Speaker 3: Well Karen Monetary policies also in focus in Europe. Despite
Speaker 3: leaving rates unchanged yesterday, the Bank of England did open
Speaker 3: the door to interest rate cuts this year, but BOE
Speaker 3: Governor Andrew Bailey tells Bloomberg factors like Middle East turmoil
Speaker 3: and rising living standards could be inflationary.
Speaker 8: We haven't cleared a risk, by the way, a new
Speaker 8: risk actually, which is we're really reflecting obviously sort of
Speaker 8: tragic events of them, at least in the impact that
Speaker 8: can have for the Red Sea effects. So I think
Speaker 8: now the question is for us as really is for
Speaker 8: how long do we need to mind tine this stance
Speaker 8: going forwards? You know, I've said a number of times
Speaker 8: we're going We're not making predictions.
Speaker 4: At this point.
Speaker 3: BOE Governor Andrew Bailey's comments come as the Monetary Policy
Speaker 3: Committee in the UK saw its first member vote to
Speaker 3: cut rates since the Panda Well.
Speaker 2: Turning back to the markets, Nathan, we continue to follow
Speaker 2: shares of New York Community Bank Corp. They've tumbled for
Speaker 2: two straight days as well. Street downgrades piled up and
Speaker 2: Moody's put the lender on review for a credit rating cut.
Speaker 2: The stock is trading at its lowest level since two thousand.
Speaker 2: It's sank eleven percent yesterday, adding to Wednesday's record thirty
Speaker 2: eight percent plunge.
Speaker 3: And shares of Clorox are up more than seven percent
Speaker 3: in early trading. Careen, the company, which makes Pine salt
Speaker 3: surface cleaners and Glad trash bags, is raising its sales
Speaker 3: and profit forecast for the year. Clorox has restocked its
Speaker 3: inventory rapidly following a cyber hack that paralyzed its manufacturing
Speaker 3: operations last.
Speaker 2: Year, and Nathan Visa said it blocked a record amount
Speaker 2: of suspected fraud last year. The San Francisco based payments
Speaker 2: giant says it blocked forty billion dollars worth, and that's
Speaker 2: nearly double the twenty three billion scene in the year before.
Speaker 2: Visa says block transactions in the US were out more
Speaker 2: than four hundred and fifty percent year on year in December.
Speaker 2: Time now for a look at some of the other
Speaker 2: stories making news around the world. For that, we're joined
Speaker 2: by Bloomberg's Amy Morris Amy, Good morning, Good morning, Karen.
Speaker 9: Senate negotiators are closing in on a deal now that
Speaker 9: would address the southern border and send aid to Israel
Speaker 9: and Ukraine. Bloomberg's Nancy lyons with the latest Senate.
Speaker 10: Majority Leader Chuck Schumer sounded optimistic during a speech on
Speaker 10: the Senate floor.
Speaker 11: Conversations are ongoing, some issues still need resolution, but we
Speaker 11: are getting very close on the National Security supplemental.
Speaker 10: Schumer says the text of the proposal will be ready
Speaker 10: no later than Sunday, with the vote planned for midweek.
Speaker 10: It's expected to provide money for more border agents, as
Speaker 10: well as grant the president new powers to expedite the
Speaker 10: deportation of undocumented migrants, and also titan criteria for applying
Speaker 10: for asylum in Washington, Nancy lyons Bloomberg Radio.
Speaker 9: Meanwhile, the acting head of Immigration and Customs Enforcement has
Speaker 9: revealed a big operation resulting in one hundred and seventy
Speaker 9: one arrests in more than two dozen cities. ISA director
Speaker 9: Patrick Lechligner praised the agency's officers, who he said, work
Speaker 9: hard despite having few resources.
Speaker 6: We're working with the Department and Administration and our partners
Speaker 6: obviously in Congress from appropriations.
Speaker 4: Listen, we need more resources and we're working to get
Speaker 4: that as.
Speaker 6: Hard as we can.
Speaker 9: Leck Liner warned his team may have to make some
Speaker 9: tough decisions if Congress does not provide more funding by March.
Speaker 9: President Biden meanwhile falling out of favor with minority voters.
Speaker 9: A new poll done in Texas shows Donald Trump holds
Speaker 9: a six point lead among Hispanics. Mark Jones ran the
Speaker 9: poll for the University of Houston.
Speaker 3: While Biden handily defeated Trump among Latinos back in twenty twenty,
Speaker 3: now they're effectively tied, with Trump having a fight advantage.
Speaker 9: Jones says the president is losing Latino support along the border,
Speaker 9: where the states push to stop illegal immigration is popular.
Speaker 9: Votors in South Carolina are said to cast the first
Speaker 9: ballots in the Democratic primary tomorrow. The Palmetto state was
Speaker 9: essential in helping Biden's twenty twenty campaign turn around. Valley
Speaker 9: Brook outreached Baptist Church pastor Curtis Johnson is concerned about
Speaker 9: the lack of enthusiasm among black voters this time around.
Speaker 12: I am concerned about lack of enthusiasm. I am concerned
Speaker 12: that so many about a community, and I understand feeling
Speaker 12: that some of the issues that are more relevant to
Speaker 12: us and not being addressed.
Speaker 9: More than twenty two percent of South Carolinians planning to
Speaker 9: vote in the Democratic primary tomorrow said they were undecided
Speaker 9: on which candidate would receive their vote. Global news twenty
Speaker 9: four hours a day and whenever you want it with
Speaker 9: Bloomberg News Now, I maybe Morris and this is Bloomberg Kear.
Speaker 2: Right, Amy. Thanks. We do bring you news throughout the
Speaker 2: day right here on Bloomberg Radio. But now you can
Speaker 2: get the latest news on demand whenever you want it.
Speaker 2: Just subscribe to Bloomberg News Now to get the latest
Speaker 2: headlines of the click of a button. Get informed on
Speaker 2: your schedule. You can listen and subscribe to Bloomberg News
Speaker 2: Now on the Bloomberg Business app, Bloomberg dot Com, plus apples, Spotify,
Speaker 2: and anywhere else you get your podcasts. I'm now for
Speaker 2: the Bloombergy Scores update with Dan Schwartzman.
Speaker 7: Dan, Good morning, Karen.
Speaker 11: Round two of the eighteen and T Pebble Beach Pro
Speaker 11: Am coming up later this morning. Thomas Detria topped the
Speaker 11: leaderboard after the first round at nine under in second
Speaker 11: American Patrick Canley in third place Matthew Pavon at seven under. Meanwhile,
Speaker 11: big trade in Major League Baseball the Baltimore Orioles acquiring
Speaker 11: former Cy Young Award winner Corbyn Burns from the Milwaukee
Speaker 11: Brewers in return the Oriols shipping to Milwaukee Joey Ortiz,
Speaker 11: an infielder left handed DL Hall, as well as the
Speaker 11: thirty fourth pick in the twenty twenty four draft. Burns
Speaker 11: coming off the season of going ten and eight for
Speaker 11: three point three nine ERA and two hundred tricads in
Speaker 11: a little over one hundred ninety three innings. Burns will
Speaker 11: be a free agent after next year. NBA scoreboard. Big
Speaker 11: win by the Lakers as they went on the road
Speaker 11: in Boston.
Speaker 13: Here's a dry by Reeves slips it by the back
Speaker 13: of the corner to Princes, drives the baseline, skips at Hatchamurra.
Speaker 11: Up top, it goes the're all solo train till three.
Speaker 11: That's courtesy of ESPN. Boston losing at home to the
Speaker 11: Lakers one fourteen to one oh five. The Knicks continue
Speaker 11: to be red hot. Day now won nine trade I
Speaker 11: come from behind one o nine one oh five home
Speaker 11: win over the Indiana Pacers. Jalen Brunson forty points in
Speaker 11: the win for New York Cavaliers. A one eight one
Speaker 11: oh one win over the Grizzlies in Memphis. All the
Speaker 11: seventy six Ers slip past the Utah Jazz one twenty
Speaker 11: seven to one twenty four. Speaking of the Sixers, big
Speaker 11: news as reigning league MVP Joel Embiid will be missing
Speaker 11: some time after he suffered a lateral meniscus injury in
Speaker 11: his left knee when Ford Jonathan Comingo the Golden State
Speaker 11: Warriors fell on his leg on Tuesday, and Beid's going
Speaker 11: to be out the rest of the weekend. Treatment options
Speaker 11: are being thought out. That's your Bloomberg Sports update. I'm
Speaker 11: Dan Schwartzman.
Speaker 13: From coast to coast, from New York to San Francisco,
Speaker 13: Boston to Washington, DC, nationwide on Syrias Exam, the Bloomberg
Speaker 13: Business app, and Bloomberg dot Com. This is Bloomberg day Break.
Speaker 3: Good morning. I'm Nathan Hager. Big tech remains a big
Speaker 3: focus for investors. We got earnings after the bell yesterday
Speaker 3: from Apple, Amazon, and Metal platforms for Amazon and Meta.
Speaker 3: Cost cutting and restrategizing seem to be paying off, and
Speaker 3: even Apple has gotten a return to growth, but that's
Speaker 3: getting overshadowed just a bit by a slowdown in China.
Speaker 3: Let's get more on these tech earnings now. We're joined
Speaker 3: by Bloomberg's Alex Webb and Alex. Let's start off with
Speaker 3: Meta because that stock is really getting attention this morning,
Speaker 3: a big surge in the shares. Is this just all
Speaker 3: about the fact that investors are going to get a
Speaker 3: dividend for the first time.
Speaker 14: I'm sure that is a big factor. It's kind of interesting.
Speaker 14: It's almost like the final pillar in a pivot. Well,
Speaker 14: I don't if it's final way with that we do more,
Speaker 14: but it's another pillar in this pivot away from being
Speaker 14: perceived just as an outright growth stock. Right that the
Speaker 14: obviously we've seen in over the past year or so
Speaker 14: that growth stocks aren't being rewarded in quite the same way.
Speaker 14: People are looking for something a little bit different, and
Speaker 14: we've seen Meta really focus on a thing. It had
Speaker 14: its so called year of efficiency last year. It cut
Speaker 14: a lot of jobs. The comments from Mark Zuckerberg yesterday
Speaker 14: with that he's not looking to do any meaningful hiring
Speaker 14: this year doesn't mean they're not spending money. They are
Speaker 14: spending quite a lot on you know, things like the
Speaker 14: metaverse and AI, but that doesn't necessarily mean more headcount. Ultimately,
Speaker 14: the actual core advertising business didn't do brilliantly but the
Speaker 14: overall earnings, you know, it was a significant beat on
Speaker 14: the top line, and this this cherry on the cake
Speaker 14: in the form of the dividend.
Speaker 3: We did get a pretty strong forecast, though, didn't we
Speaker 3: When it comes to the ad market, that core business
Speaker 3: for Meta platforms, does that say something about whether they
Speaker 3: can pull off this pivot that, at least as far
Speaker 3: as the metaverse has gone for Meta hasn't really been
Speaker 3: rewarded so far from Mark Zuckerberg.
Speaker 14: No, although the Reality Labs business, which is what they're doing,
Speaker 14: you know, that's where the virtuality headsets come from, did
Speaker 14: post its first quarter where it had more than a
Speaker 14: billion dollars in revenue. Ultimately, the question has been is
Speaker 14: the ads market resilient enough to be able to sustain
Speaker 14: the cash expense on all these new technologies, And the
Speaker 14: message seems to be yes. It is a lot of
Speaker 14: the business appears to be coming from particularly Chinese direct
Speaker 14: to consumer websites names like she In for instance, that
Speaker 14: have actually been in some way has been taking chunks
Speaker 14: out of Amazon. But of course to find their customers,
Speaker 14: they are using platforms, many of Meta's platforms, in particular Instagram.
Speaker 3: Let's talk about Amazon had a blowout holiday quarter. What's
Speaker 3: the big takeaway from those results for you?
Speaker 14: Again, it's a similar story to Meta that they have
Speaker 14: been focusing on costs to a far greater extent than
Speaker 14: we've seen previously. They've cut fair number of jobs, but
Speaker 14: in things like Prime Video and Twitch, which is its
Speaker 14: game streaming service to you to watch games being live streamed.
Speaker 14: The numbers, but thirty five thousand jobs have cut obviously
Speaker 14: significant impact on the poor people who've lost their jobs.
Speaker 14: But in the grand scheme of things, Apple, Amazon sorry,
Speaker 14: employs one and a half million people in full time
Speaker 14: part time roles, so you know, the numbers themselves pretty
Speaker 14: much met expectations. There was, you know, this online sales
Speaker 14: pretty much in line with expectations. Same with Amazon Web services.
Speaker 14: The good thing for investors when you look at AWS
Speaker 14: is that there had been a little bit of concern
Speaker 14: that maybe it wasn't as strong in AI as Microsoft
Speaker 14: and Google, who have really been making good headway there
Speaker 14: doesn't seem to have had too detrimental an effect on
Speaker 14: the growth in AWS, So you know, that is a
Speaker 14: little certainly a bright spot for investors now.
Speaker 3: It's so bright though for Apple investors, getting a bit
Speaker 3: of a dip even after returning to growth for the
Speaker 3: first time, and I think four quarters.
Speaker 2: Yeah, it.
Speaker 14: Beat estimates on the revenue line. Much of that was
Speaker 14: seemed to be to do with Europe, where it did
Speaker 14: far better than the street had been expecting. But China
Speaker 14: is a big disappointment. People knew that it was going
Speaker 14: to be bad. There's a certain upswell in patriotism there,
Speaker 14: particularly when it comes to buying mobile phones. We saw
Speaker 14: this or smartphones. We saw the six or seven years
Speaker 14: ago where Apple took a bit of a hit in
Speaker 14: China as local brands such as Oppo, Viva at the time,
Speaker 14: Silmi and Huawei took share out of Apple. It looks
Speaker 14: like that is happening again. Analysts had been expecting about
Speaker 14: twenty three and a half billion dollars in sales in China.
Speaker 14: In the end it was less than twenty one billion.
Speaker 14: And the commentary looking forward doesn't seem all that bullish
Speaker 14: for that market either.
Speaker 3: Just thirty seconds left Alex But could we see Apple
Speaker 3: get more love later on today when the vis Pro
Speaker 3: finally hits stores.
Speaker 14: I think the thing about the Vision Pro is is
Speaker 14: really a statement piece that shows says Apple we are
Speaker 14: still leading technologically, right, it's not going to make any
Speaker 14: meaningful difference to their earnings in the near term, maybe
Speaker 14: in the media term. And the other piece to that,
Speaker 14: of course, is that Apple doesn't need it to be
Speaker 14: a success per se. It just needs it to do
Speaker 14: better than whatever Meta comes out with.
Speaker 6: Right.
Speaker 14: If Meta were to somehow own this space of virtuality
Speaker 14: augmented reality, that would be a big problem for Apple.
Speaker 14: But if none of them are successful, then ultimately it's
Speaker 14: not the end of the world for Tim Cook.
Speaker 3: Bringing it right around to the competition, the fierce competition
Speaker 3: around wearables and AI in this big tech space. Thank
Speaker 3: you for this as always, Alex Webb of Bloomberg News.
Speaker 2: Well, Nathan, he did mention AI, and a lot of
Speaker 2: the excitement around these megacap names has been driven by
Speaker 2: the promise of artificial intelligence, and there is no bigger
Speaker 2: chip maker in that space than Nvidia now, the semiconductor
Speaker 2: maker CEO Jensen Wong says demand for his company's products
Speaker 2: will be driven not just by its current customer is
Speaker 2: in the Magnificent seven. He's pointing to companies and governments
Speaker 2: overseas andming to build and run their own homegrown AI
Speaker 2: infrastructure in media CEO Jensen Wog disgusted with the Bloomberg
Speaker 2: Technology co host and Ludlow, and let's listen into part
Speaker 2: of that conversation.
Speaker 7: Now you have.
Speaker 6: Seen India, Japan, and France, Canada, now Southeast Asia, Singapore
Speaker 6: speak up about the importance of investing in sovereign AI capabilities.
Speaker 6: It has become abundantly clear to each one of the
Speaker 6: countries that their natural resource, which is the data of
Speaker 6: their country, should be should be refined and produce intelligence
Speaker 6: of their country for their country. And that capability of
Speaker 6: refining the data of their country, of their country and
Speaker 6: turn it into their artificial intelligence is now possible in
Speaker 6: quite a quite a democratized way. Almost every country should
Speaker 6: be able to do it for themselves. And and what's needed,
Speaker 6: of course is the technology and the know how of
Speaker 6: standing up AI infrastructure. And that's where we could be
Speaker 6: quite helpful to to various regions. And so I think
Speaker 6: that the the recognition of the importance of sovereign AI
Speaker 6: capabilities is now quite quite global.
Speaker 15: Jensen, does that recognition and your ability to help extend
Speaker 15: to China, Well.
Speaker 6: We're American company, and we have to comply with American policies,
Speaker 6: and whatever the rules and regulations are and the laws are,
Speaker 6: will number one, comply with them. Work closely with the
Speaker 6: regulators and understand understand their intentions and their desires, work
Speaker 6: within those boundaries, and be able to create products for
Speaker 6: for the various countries that are involved, fully in compliant
Speaker 6: with the regulations that are that are in front of us,
Speaker 6: and beyond that once we once we comply, our goal
Speaker 6: are in the United States would love to see us
Speaker 6: be a successful country and in one of the pillars
Speaker 6: of national security of successful industries, and it creates jobs
Speaker 6: and allows our country to stay ahead and technologically.
Speaker 4: And so.
Speaker 6: It is of a great interest of our nation that
Speaker 6: our American companies are successful around the world. And so
Speaker 6: once once we comply with the regulations, we'll do our
Speaker 6: best to serve the local markets. And we have full
Speaker 6: we have excellent communications with the administration.
Speaker 15: How should we think about sovereign AI as a business
Speaker 15: line for you? Is there a way that we can
Speaker 15: understand how in videos work, even if it's building supercomputers
Speaker 15: like in the UK, for example, what proportion of your
Speaker 15: overall business that will represent.
Speaker 6: The vast majority of the computing market has been the
Speaker 6: United States and to a small to a much longer,
Speaker 6: smaller degree, China. For the very first time, every industry
Speaker 6: would be every single country will become a computer industry,
Speaker 6: and every industry will become a technology industry. And so
Speaker 6: artificial intelligence or the automation uh the production at scale
Speaker 6: of intelligence matters to every single country. It matters to
Speaker 6: every single industry. And so for the very first time,
Speaker 6: there's a there's a whole new computer market that is
Speaker 6: going to be uh in in every single country, in
Speaker 6: every single every single market. And UH it starts with
Speaker 6: it starts with, of course, uh the native computer industry itself.
Speaker 6: But you're seeing you're seeing a great adoption in healthcare,
Speaker 6: great adoption and logistics uh in, UH in transportation, of course,
Speaker 6: uh in manufacturing, in the large industries, the heavy industries.
Speaker 6: UH For the very first time, because of Jariti AI,
Speaker 6: computers are going to be computer technology is going to
Speaker 6: impact literally every single industry in every single country.
Speaker 1: This is Bloomberg day Break Today, your morning brief on
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