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Speaker 1: Bloomberg Audio Studios, Podcasts, radio News.

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Speaker 2: Good morning, I'm Nathan Hager and I'm Karen Moscow. Here

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Speaker 2: are the stories we're following today.

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Speaker 3: Karen, we begin with trade this morning. In the latest

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Speaker 3: announcement from President Donald Trump, as heard live on Bloomberg Radio,

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Speaker 3: the President says tariffs on semiconductor imports are coming soon.

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Speaker 4: Chips and semiconductors will be putting tariffs on companies that

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Speaker 4: aren't coming in. We'll be putting a tariff very shortly,

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Speaker 4: probably our hearing. We'll be putting a fairly substantial tariff

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Speaker 4: on not that high, but fairly substantial tariff.

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Speaker 3: President Trump says the levies could spare companies like Apple,

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Speaker 3: which have pledged to boost investments in the United States.

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Speaker 3: The President previously suggested the tariff rate on ships could

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Speaker 3: be well above one hundred percent, reaching potentially two hundred

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Speaker 3: or three hundred percent.

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Speaker 2: Well, Nathan, President Trump was speaking at a White House

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Speaker 2: dinner attended by some of the world's biggest tech leaders.

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Speaker 2: The guest list ranged from Apple's Tim Cook, open Ai,

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Speaker 2: Sam Altman, and Google Sundar Peshai, and sitting beside the

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Speaker 2: President was metis Markus Zuckerberg. He was pressed by the

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Speaker 2: President on the company's US investments.

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Speaker 4: How much are you spending would you say over the

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Speaker 4: next few years?

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Speaker 5: Oh, gosh, I mean I think it's probably going to

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Speaker 5: be something like, I don't know, at least six hundred

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Speaker 5: billion dollars through twenty eight in the US.

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Speaker 2: Yeah, to met As Mark Zuckerberg speaking at the White

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Speaker 2: House earlier Thursday, many of the same executives joined First

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Speaker 2: Lady Malania Trump for a discussion on AI.

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Speaker 3: And we have a major new development potentially in the

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Speaker 3: AI space this morning, Karen, We've learned that open ai

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Speaker 3: is partnering with Broadcom to design and produce artificial intelligence

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Speaker 3: chips and what would be a direct challenge to Nvidia.

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Speaker 3: Bloomberg News is reporting the first accelerator chips that begins

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Speaker 3: show next year. Broadcom CEO told investors on his latest

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Speaker 3: earnings call that the company's AI outlook will improve significantly

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Speaker 3: next year, with expected revenue from semiconductors to reach more

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Speaker 3: than six billion dollars in the fourth quarter.

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Speaker 2: Nathan, let's turn to the economy now. In today's critical

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Speaker 2: jobs report, which could cement a rate cut at this

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Speaker 2: month's FED meeting, markets are currently pricing in a quarter

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Speaker 2: point cut in September. Speaking at a fireside chat yesterday,

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Speaker 2: Chicago Fed President Austin Goulesby said the number will be important,

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Speaker 2: but stressed he's looking at a broad range of data points.

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Speaker 6: I'm one of the data dogs, so you're never going

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Speaker 6: to hear me say throw away a number and pay

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Speaker 6: no attention to it.

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Speaker 7: But I'm just going to index on that.

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Speaker 6: Number tomorrow morning, a little bit less than we normally would.

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Speaker 2: Chicago Fed President Austin Goulesby says if the job market

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Speaker 2: shows further deterioration, it could be assigned to loosen monetary policy.

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Speaker 2: The August Jobs report drops at eight thirty Wall Street Time.

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Speaker 2: Please stick with Bloomberg for live coverage to the data

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Speaker 2: on blue Burg Surveillance with Tom Keen and Paul Sweeney

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Speaker 2: on Bloomberg Radio and the Bloomberg Podcast page on YouTube.

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Speaker 3: Well, Karen Golsby's not the only Fed speaker talking about

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Speaker 3: raid cuts. New York Fed President John Williams says the

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Speaker 3: Central Bank is facing a delicate balancing act when it

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Speaker 3: comes to policy.

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Speaker 8: We need to keep the labor market in balance to

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Speaker 8: ensure that the effects of terrorists do not spill over

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Speaker 8: into a longer lasting broad increase interflation. On the other hand,

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Speaker 8: maintaining a stance of too restricted policy for too long

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Speaker 8: could increase risks to a maximum employment mandate.

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Speaker 3: New York Fed President John Williams says the impact of

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Speaker 3: tariff's on inflation has been less than originally feared. He

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Speaker 3: says the labor market is undergoing gradual cooling consistent with

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Speaker 3: a slowdown in the economy.

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Speaker 2: And we turned out to New York City's mayoral race.

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Speaker 2: The New York Times is reporting Nathan that Mayor Eric

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Speaker 2: Adams told Confidence that he's weighing job opportunities that would

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Speaker 2: prompt him to abandon his re election bid. Reports indicate

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Speaker 2: Adams had been in talks with advisor to President Trump

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Speaker 2: about a potential job if he quits the race, which

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Speaker 2: he's denied. President Trump wade in on the race at

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Speaker 2: the White House last night.

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Speaker 4: I would like to see two people drop out and

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Speaker 4: have it be one on one, and I think that's

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Speaker 4: a race they could be one.

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Speaker 2: The President emphasized he'd prefer not to have a communist

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Speaker 2: mayor of New York City, referring to current Democratic front

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Speaker 2: runners are run Mom Donnie for full transparency. Michael Bloomberg,

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Speaker 2: founder a majority owner of Bloomberg LP, the parent company

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Speaker 2: oft Bloomberg Radio, has endorsed Andrew Cuomo in the mayor's race.

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Speaker 3: What's turned out care into the latest and President Trump's

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Speaker 3: efforts to oust FED Governor Lisa Cook. The Justice Department

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Speaker 3: has opened a criminal investigation into whether Cook committed mortgage fraud,

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Speaker 3: sources tell Bloomberg. Federal prosecutors have issued subpoenas relating to

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Speaker 3: allegations that Cook misrepresented information on mortgage applications. Last month,

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Speaker 3: the President said he was removing Cook after Federal Housing

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Speaker 3: Finance Agency Director Bill Poulti accused her of mortgage fraud.

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Speaker 3: Cook is suing her lawyer denies the charge and says

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Speaker 3: the President lacks valid grounds to remove her, and in

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Speaker 3: a filing late last night, Cook said a court ruling

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Speaker 3: in favor of Harvard University backs her argument that President

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Speaker 3: Trump's attempt to fire her is a pretext.

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Speaker 2: At the same time, Nathan, President Trump is asking the

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Speaker 2: Supreme Corps to let him fire FTC Commissioner Rebecca Kelly Slaughter,

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Speaker 2: testing a nineteen thirty five Supreme Court ruling that said

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Speaker 2: Congress could insulate high ranking officials from being fired. The

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Speaker 2: filing follows a federal appeals court decision reinstating Slaughter, who

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Speaker 2: is challenging Trump's attempt to alster. Trump sought to remove

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Speaker 2: Slaughter from her position in March. She sued, arguing that

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Speaker 2: her olster flouted the FTC Act, which says a president

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Speaker 2: can remove commissioners only for cause.

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Speaker 3: On Capitol Hillcare and there are plenty of fireworks at

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Speaker 3: multiple hearings, one involving President Trump's FED pick Stephen Myron,

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Speaker 3: the President selected as chair of the White House Council

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Speaker 3: of Economic Advisors to fill Adriana Coogler's seat on the

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Speaker 3: FED Board. Democrats raised concern that because Myron says he

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Speaker 3: wants to keep his White House job while serving at

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Speaker 3: the FED, that could compromise Central Bank independence. Myron addressed

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Speaker 3: those concerns during Bloomberg's live coverage of the hearing.

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Speaker 9: The President nominated me because I have policy views that

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Speaker 9: I suppose that he liked. If I'm confirmed to this role,

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Speaker 9: I will act independently as the Federal Reserve always does,

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Speaker 9: based on my own personal analysis of economic data, my

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Speaker 9: own personal analysis of the effects of economic policies upon

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Speaker 9: the economy and act based on my judgment of my

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Speaker 9: judgment of the best economic policy possible.

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Speaker 3: Stephen Myron says he spent much of his career studying

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Speaker 3: monetary policy. Last year, he wrote a paper detailing numerous

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Speaker 3: proposals to overhaul the FED.

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Speaker 2: Meanwhile, Nathan Health and Human Services Secretary Robert F. Kennedy

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Speaker 2: Junior was criticized by Democrats and some Republicans. At his hearing.

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Speaker 2: Senators challenged Kennedy's changes to federal health agencies, including overhauling

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Speaker 2: a key vaccine advisory and slashing you a support for

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Speaker 2: global immunization efforts. He had a heated exchange about COVID

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Speaker 2: with Democratic Senator Mark Warner of Virginia.

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Speaker 7: There was so much.

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Speaker 10: Data chaos coming out of the CDC, and it would

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Speaker 10: all take.

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Speaker 4: Out incentives and these are modeling.

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Speaker 10: You know, I know the answer of how many America

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Speaker 10: side from COVID. This is the Secretary of Health and

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Speaker 10: Human Services.

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Speaker 2: Senator Mark Warner addressed the hearing with Bloomberg afterwards.

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Speaker 10: This guy promised that he was going to follow science,

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Speaker 10: not you know, across the board fire experts he's on.

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Speaker 10: It feels like a persh against any of the respective scientists.

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Speaker 2: Virginia Senator Mark Warner was speaking on Bloomberg's Spellance of Power,

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Speaker 2: and it's time no off for a look at some

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Speaker 2: of the other stories making news in New York and

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Speaker 2: around the world. And for that we're joined by Bloomberg's

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Speaker 2: Michael Barr Michael, Good.

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Speaker 11: Morning, Good morning, Karen. Massachusetts Governor Mara Heally says the

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Speaker 11: Bay State will vaccines available to its residents no matter

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Speaker 11: what happens at the federal level. That means insurance carriers

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Speaker 11: will have to cover vaccinations required by the States Department

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Speaker 11: of Public Health, no matter what is recommended at the

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Speaker 11: federal level. The move comes after AJHS Secretary Robert F.

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Speaker 11: Kennedy junior fire the CDC director, restructured the department and

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Speaker 11: attacked doctor groups that recommended vaccinations. Heally says they won't

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Speaker 11: let the Trump administration get between doctors and patients.

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Speaker 7: We're forced to do this as states because of the

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Speaker 7: abdication of responsibility by the federal government, and so we've

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Speaker 7: worked quickly here in Massachusetts.

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Speaker 3: We've worked with other states.

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Speaker 7: We're going to invite other states to join our coalition

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Speaker 7: so that there is more of a consensus.

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Speaker 11: Governor Healy says no one in Massachusetts is going to

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Speaker 11: be denied because of cost. Josh Kraft is contributing an

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Speaker 11: additional three point five million dollars to his campaign to

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Speaker 11: unsea Boston Mayor Michelle Wo, The son of billionaire New

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Speaker 11: England Patriots owner Robert Craft, has spent a total of

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Speaker 11: five point five million dollars of his own fortune on

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Speaker 11: the campaign, which has also been funded by donations from

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Speaker 11: his father's friends and associates. Despite out spending his opponent,

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Speaker 11: Craft trails Woo by thirty points in a recent poll.

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Speaker 11: The thirty day deployment of the National Guard in Washington,

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Speaker 11: d C has been extended until at least the end

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Speaker 11: of November. Brigadier General Leland Blanchard made the announcement via

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Speaker 11: social media.

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Speaker 6: I've made the decision to extend the encampment as we

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Speaker 6: continue to work to ensure that everyone that walks through

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Speaker 6: these city streets is safe.

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Speaker 11: The order applies only to the DC National Guard, not

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Speaker 11: those sent from other states. Rhode Island and Connecticut sue

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Speaker 11: the Trump administration over its order blocking further construction of

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Speaker 11: a nearly completed offshore wind farm meant to provide power

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Speaker 11: to the two New England states. The States asked a

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Speaker 11: federal judge to vacate to stop work order the administration

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Speaker 11: issued against the revolution Win Project located off the coast

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Speaker 11: of Rhode Island. Global News twenty four hours a day

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Speaker 11: and whenever you want it with the Bloomberg News Now

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Speaker 11: Michael Barr and this is Bloomberg Karen.

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Speaker 2: Thanks Michael. Time now for our Bloomberg Sports up, Hey,

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Speaker 2: and for that we bring in John stash.

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Speaker 6: Hour, Thanks Daring. The first game of the NFL season

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Speaker 6: included a lightning delay of more than an hour in Philadelphia.

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Speaker 6: The Eagles and Cowboys had a lot of scoring before

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Speaker 6: the delay that came in the third quarter. None afterwards,

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Speaker 6: Philadelphia beat Dallas twenty four to twenty. Arena Sabalenka and

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Speaker 6: Amanda in Smoa both lost the first sent and won

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Speaker 6: the next two semifinal winners at the US Open. The

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Speaker 6: men's semifinals are today. Kate link Clark. Due to her injury,

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Speaker 6: we'll miss the rest of the WNBA season. That's a

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Speaker 6: Bloomberg Sports update.

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Speaker 2: Stay with us. More from Bloomberg Day Break coming up

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Speaker 2: after this.

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Speaker 1: Coast to Coast on Bloomberg Radio nationwide on Sirius XM

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Speaker 1: and around the world on Bloomberg dot Com and the

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Speaker 1: Bloomberg Business app. This is Bloomberg Daybreak.

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Speaker 6: Good morning.

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Speaker 3: I'm Nathan Hager. Some of the biggest names in big

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Speaker 3: tech were over at the White House last night touting

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Speaker 3: their investment pledges and boosting their ties with President Donald Trump.

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Speaker 3: The President says he's not worried about competitors like China

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Speaker 3: catching up in the AI race.

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Speaker 4: We have the smartest people, we have the greatest technology,

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Speaker 4: and they can copy, but they can't create like we

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Speaker 4: can create.

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Speaker 3: And that was President Trump at a White House dinner

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Speaker 3: with among others, met A CEO, Mark Zuckerberg, Apples, Tim Cook,

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Speaker 3: and Satya Nadella of Microsoft and comments. Heard live on

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Speaker 3: Bloomberg Radio this morning. We're joined by Bloomberg's Valerie Titel

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Speaker 3: and Vali guess. One of the biggest headlines to come

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Speaker 3: out of the dinner last night as President Trump once

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Speaker 3: again saying substantial tariffs on chip imports are coming very soon.

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Speaker 3: But is this much different from what we've heard from

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Speaker 3: the President in the past.

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Speaker 6: Good morning.

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Speaker 7: Honestly, it's not, because he's still touted that some companies

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Speaker 7: like Apple will be carved out of these tariffs that

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Speaker 7: he was foreshadowing could be coming shortly, him noting specifically

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Speaker 7: that Tim Cook will be in pretty good shape. Of course,

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Speaker 7: that is Apple's CEO. And with Apple achieving some of

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Speaker 7: those carveouts, it's also understood that some other companies with

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Speaker 7: their chip exports and imports, will be getting a similar

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Speaker 7: carve out as well, as long as they tout these

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Speaker 7: investments in the US. And as you mentioned, many of

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Speaker 7: these tech leaders in the room in the White House

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Speaker 7: doing so yesterday talking about their spending valves, their investment

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Speaker 7: into the US to build these data centers, to get

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Speaker 7: the right energy infrastructure in place to complement the boom

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Speaker 7: and AI that Trump wants to build.

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Speaker 3: Did we get a sense last night, val on what

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Speaker 3: the President's priorities are when it comes to boosting Silicon Valley.

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Speaker 7: Well, look, I think energy infrastructure is a big part

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Speaker 7: of that. We know that many regions globally do not

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Speaker 7: have the kind of energy infrastructure that is needed to

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Speaker 7: drive the data centers, so many of them pledging investments

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Speaker 7: into data centers as well. That's something that's laying the

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Speaker 7: groundwork almost for this AI boom. But I also want

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Speaker 7: to bring you attention to what's going on in the market.

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Speaker 7: This morning. We have shares of Broadcom up nearly nine

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Speaker 7: percent in pre market trade. They came out with a

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Speaker 7: beat and earnings, and this is important for the chip

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Speaker 7: sector because they also foreshadowed a pact a new customer,

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Speaker 7: Open Ai, which they'll be getting ten billion dollars of

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Speaker 7: revenue from. This is very interesting. They are partnering with

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Speaker 7: the chat GPT owner OpenAI to design and produce an

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Speaker 7: AI chip. This will be a direct challenge to Navidia's

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Speaker 7: dominance in the AI chip market, but very interesting to

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Speaker 7: see this announced and the shares of Broadcom lifting not

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Speaker 7: only the tech sector but the broader SMP index this morning.

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Speaker 3: So you our last thirty seconds, then, val, I mean,

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Speaker 3: how much of an issue could that be? Foreign Vidia?

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Speaker 3: I mean, they've really dominated this space for so long.

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Speaker 7: There's a lot of questions about that whether adding a

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Speaker 7: new competitor into the market it will suffer margins will

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Speaker 7: suffer off the back of that. But note Navidia has

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Speaker 7: some ninety five percent market share, AMD is the leader

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Speaker 7: behind that, and then Broadcom not far behind. But you

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Speaker 7: could definitely argue there needs to be more competitors in

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Speaker 7: this space to drive the cost down of these AI

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Speaker 7: chips could help Trump's AI boom, which he so desperately

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Speaker 7: wants to take place in the US.

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