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Speaker 1: News when you wanted with Bloomberg News Now, I'm Doug Prisner.

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Speaker 1: State lawmakers in California have passed a legislative package to

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Speaker 1: advance a partisan redistricting plan. It aims at winning Democrats

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Speaker 1: up to five more seats in the US House during

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Speaker 1: the twenty twenty six elections, and the move marks the

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Speaker 1: latest step in a tit for tat jerrymandering battle, after

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Speaker 1: Texas Republicans advanced their own redrawn map to pad their

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Speaker 1: House majority by the same five seats at the urging

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Speaker 1: of President Trump. Here as California Governor Gavin Newsom, they

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Speaker 1: fired the first shot Texas. We want to be here

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Speaker 1: at Texas.

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Speaker 2: Not done what they just did. Donald Trump didn't do what.

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Speaker 1: He just did, California Governor Gavin Newsom there now. The

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Speaker 1: statewide vote in California for this new congressional map will

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Speaker 1: be held in November. We moved to monetary policy next.

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Speaker 1: The head of the Chicago Fed, Austin Goulsby, says, while

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Speaker 1: some recent inflation readings have come in better than expected,

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Speaker 1: he is hoping one dangerous data point is just a blip.

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Speaker 1: Goulesby spoke to Bloomberg on the sidelines of the fed's

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Speaker 1: annual conference in Jackson Hole, Wyoming.

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Speaker 2: We've had mixed messages. We've had some inflation reports that

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Speaker 2: came in milder than we expected, and I was feeling

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Speaker 2: good because I thought, if the tariffs kind of stay

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Speaker 2: in their lane and imported goods, they are only eleven

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Speaker 2: percent of the economy. There is a real sense in

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Speaker 2: which maybe we never left the golden path.

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Speaker 1: Bostin Goulesby there, the head of the Chicago FED, speaking

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Speaker 1: to Bloomberg on the sidelines of the Jackson Hole symposium.

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Speaker 1: Friday morning, we'll hear from FED shared Jay Powell. We

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Speaker 1: are told his speech will focus on structural changes in

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Speaker 1: the labor market. Markets, though, are hoping for clues on

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Speaker 1: the Fed's next move when it comes to interest rates.

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Speaker 1: The Director of the Federal Housing Finance Agency, Bill Poulti,

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Speaker 1: is defending his call for an investigation into FED Governor

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Speaker 1: Lisa Cook. Earlier, Poultie said Cook may have admitted mortgage fraud,

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Speaker 1: and he said his decision to refer the case to

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Speaker 1: the DOJ is part of his agency's wider efforts to

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Speaker 1: root out mortgage fraud. Here is Pulti, speaking earlier to Bloomberg.

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Speaker 3: We refer people almost every day. I refer people every

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Speaker 3: week on a minimum, to the Department of Justice for

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Speaker 3: mortgage fraud. This is literally what I am required to

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Speaker 3: do underneath the Housing and Economic Recovery Act of two

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Speaker 3: thousand and eight, which is to ensure the safety and

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Speaker 3: soundness of the mortgage market.

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Speaker 1: He has built. Pulty, the director of the Federal Housing

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Speaker 1: Finance Agency now the Department of Justice, told Fedschair J

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Speaker 1: Powell this case requires further examination. Although Powell does not

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Speaker 1: have the legal authority to fire Cook, only the President

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Speaker 1: can remove a FED governor, and only for cause. Nvidia

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Speaker 1: has reportedly told some of its component suppliers in Asia

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Speaker 1: to suspend production work related to the H twenty chip.

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Speaker 1: This chip is tailor made for AI applications in the

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Speaker 1: Chinese market. Now the Information reports. The directive comes weeks

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Speaker 1: after the Chinese government told local tech companies to stop

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Speaker 1: buying the AH twenty due to alleged security concerns. Here,

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Speaker 1: as Bloomberg's Annabel droolers.

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Speaker 4: This morning, though, what we've got is a production halt.

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Speaker 4: What is interesting, though, is that it's not coming from

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Speaker 4: the US side. It's coming from the Chinese side instead,

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Speaker 4: or it's a result of Chinese government policies. So it

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Speaker 4: tells you very much that Nvidia's hopes of maintaining that

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Speaker 4: foothold in the Chinese market do remain in limbo right now.

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Speaker 1: Bloomberg's Annabel droolers there. Recently, both Nvidia and its rival

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Speaker 1: Advanced micro Devices secured Washington's approval to resume sales of

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Speaker 1: lower end AI chips to China, with the condition that

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Speaker 1: they give the US government a fifteen percent cut of

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Speaker 1: revenue from Chinese sales. Meta Platforms is hiring another key

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Speaker 1: Apple artificial intelligence executive, even though Meta is slowing its recruitment.

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Speaker 1: We are told Frank Chu will be joining Meta's Super

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Speaker 1: Intelligence Labs or MSL.

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Speaker 3: Now.

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Speaker 1: Chew has led Apple AI teams focused on cloud infrastructure,

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Speaker 1: training and search. Here is Bloomberg's Mark German.

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Speaker 5: Apple has been bleeding talent to Meta. They've lost now

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Speaker 5: upwards of six senior AI model related engineers and executives

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Speaker 5: of the last two months to the social network. For Meta,

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Speaker 5: it's very clear because of this hire that they're working

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Speaker 5: on AI infrastructure, which means they're wanting to optimize cloud compute.

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Speaker 5: We reported as well, Meta and Google Cloud signed a

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Speaker 5: ten billion dollar deal. So what you're probably going to

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Speaker 5: see here with this Frank chu Hire is more optimization

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Speaker 5: for how to use that cloud infrastructure and maybe the

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Speaker 5: development of Meta's own cloud infrastructure.

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Speaker 1: That is Bloomberg's Mark German. After decades in prison, the

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Speaker 1: Menendez brothers got their parole hearings, and at a hearing

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Speaker 1: on Thursday evening, Eric was not granted parole. He will

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Speaker 1: continue to serve a live sentence alongside his brother Lyle

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Speaker 1: for murdering their parents in nineteen eighty nine, and according

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Speaker 1: to the California Department of Corrections and Rehabilitation, the legal

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Speaker 1: team for Eric Mendez cannot appeal this decision. Meantime, the

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Speaker 1: parole hearing for Lyele Menendez is scheduled for Friday. President

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Speaker 1: Trump's pick to be the top federal prosecutor in New

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Speaker 1: Jersey was blocked by a district court judge from handling

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Speaker 1: any cases. The judge called Alina Habba's appointment invalid. In response,

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Speaker 1: US Attorney General Pam Bondi vowed to immediately appeal the decision,

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Speaker 1: and in a post on ex Bondi said Habba is

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Speaker 1: quote doing incredible work in New Jersey and that we

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Speaker 1: will protect her position from activist judicial attacks. And that

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Speaker 1: is news when you want it with Bloomberg News. Now,

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Speaker 1: I'm Doug prisoner, and this is Bloomberg