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Speaker 1: News when you want, it's with Bloomberg News. Now, I'm

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Speaker 1: Doug Krisner. Let's begin with Apple. The company is preparing

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Speaker 1: to overhaul its line of MAX with a new family

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Speaker 1: of in house processors. We are told they're designed to

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Speaker 1: highlight artificial intelligence. Bloomberg's Mark German tells us these new

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Speaker 1: chips may not boost MAX sales immediately, but the move

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Speaker 1: shows Apple is committed to AI.

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Speaker 2: It's not necessarily the MAX themselves. Obviously, MAX are a

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Speaker 2: small portion of the overall revenue base for Apple right

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Speaker 2: on an annual basis, something around ten percent, and I'm

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Speaker 2: not sure that any investor believes that's going to skyrocket

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Speaker 2: to doubling revenue or even going a third hire. I

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Speaker 2: think it's the focus on AI. I think that investors

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Speaker 2: are seeing that Apple's trying to push artificial intelligence to

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Speaker 2: every nook and cranny it could across the company.

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Speaker 1: That is Bloomberg's Mark German. Now, the new processor is

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Speaker 1: the M four, and Apple is already nearing production. The

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Speaker 1: administration is planning a sweeping effort to block Arctic oil drilling.

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Speaker 1: We have more from Bloomberg's at Baxter.

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Speaker 3: A century ago, the US set aside twenty three million

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Speaker 3: acres of Alaska's North Slope to serve as an emergency

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Speaker 3: oil supply. Now, President Biden is moving to block any

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Speaker 3: oil and gas development across roughly half of it. The

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Speaker 3: administration says the effort will boost land conservation and fight

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Speaker 3: climate change. The oil industry says the plan is more

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Speaker 3: expansive than initially thought and will make it almost impossible

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Speaker 3: to build another megaproject in the region. The companies say

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Speaker 3: they have recently made large discoveries which would yield supplies

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Speaker 3: for decades to come. At Baxter Bloomberg Radio and.

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Speaker 1: We're following the Masters tournament, Bryson D. Chambeau led at

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Speaker 1: seven under, Scottie Scheffler followed at six under, and Nikolai

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Speaker 1: Holigar was third at five under. The forecast for tomorrow

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Speaker 1: mostly sunny and dry conditions at the Augusta National Golf

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Speaker 1: Club in Georgia. Elon Musk's fledgling as I startup Xai,

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Speaker 1: is looking to raise as much as four billion dollars.

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Speaker 1: Such a deal would value the company at around eighteen billion,

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Speaker 1: we are told a pitch deck is circulating among venture

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Speaker 1: capital firms in Silicon Valley. The largest US airlines are

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Speaker 1: asking the Biden administration to halt approvals of new flights

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Speaker 1: between the States and China. The carriers are saying China's

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Speaker 1: damaging anti competitive practices puts US carriers at a disadvantage.

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Speaker 4: Now.

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Speaker 1: This plea was signed by the Airlines for America trade Group,

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Speaker 1: as well as unions representing several worker groups. The wealth

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Speaker 1: unit of Morgan Stanley is now under investigation by a

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Speaker 1: number of regulators. The focus here is on how the

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Speaker 1: company vets clients who are at risk of money laundering.

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Speaker 1: It boils down to whether Morgan Stanley has been sufficiently

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Speaker 1: probative in terms of the identities of prospective clients and

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Speaker 1: where their wealth comes from, as well as how Morgan

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Speaker 1: Stanley monitors its client's financial activity. Bloomberg Intelligence analyst Elliott

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Speaker 1: Stein says it's a bank's responsibility to make sure clients

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Speaker 1: aren't abusing services.

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Speaker 5: They have to have, you know, controls in place, procedures

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Speaker 5: in place, they have to have robust anti money laundering

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Speaker 5: compliance processes. And what often happens is, you know, sword

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Speaker 5: cuts are taken, clients are you know, walked through without

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Speaker 5: the proper you know, they're they're accepted without the proper vetting,

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Speaker 5: and so that's where you know the banks sometimes run into.

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Speaker 1: Trouble, analyst Elliott Stein from Bloomberg Intelligence. Now some of

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Speaker 1: these probes are focused on the bank's international clients. Shares

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Speaker 1: and Morgan Stanley were down more than two percent today.

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Speaker 1: The head of the Boston Fed, Susan Collins, says it

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Speaker 1: may take more time than previously thought for the Fed

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Speaker 1: to gain the confidence necessary on a further drop in

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Speaker 1: inflation before cutting interest rates.

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Speaker 4: The first quarter CPI inflation numbers are higher than I

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Speaker 4: might have hoped. I've already said maybe that's not so

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Speaker 4: much just surprised because they was such a string of

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Speaker 4: very good news earlier. But it's also true that if

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Speaker 4: you look at wage growth, even though wage growth has

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Speaker 4: been faster than it had been pre pandemic, it's still

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Speaker 4: consistent with the trajectory of inflation back down.

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Speaker 5: To two percent.

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Speaker 1: Is Susan Collins, the head of the Boston Fed bank.

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Speaker 1: We also heard today from John Williams, the head of

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Speaker 1: the New York Fed. He says the Fed has made

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Speaker 1: tremendous progress toward better balance on its inflation and employment goals. However,

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Speaker 1: he added there's no need to cut in the very

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Speaker 1: near term. That is news when you want it, with

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Speaker 1: Bloomberg News. Now, I'm Doug Prisner, and this is Bloomberg