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Speaker 1: Bloomberg Audio Studios, podcasts, radio news, The.

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Speaker 2: Stock Movers podcast, your roundup of companies making moves in

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Speaker 2: the stock market, harnessing the power of Bloomberg Data.

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Speaker 3: Let's take a look at some of the stocks on

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Speaker 3: the move today. I'm Paul Swinging along with Lisa Matteo.

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Speaker 3: We were joined by Bloomberg's Christina Christine. What are you

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Speaker 3: looking at?

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Speaker 1: Well, Paul, let's take a look at Nvidia, tak Her NVDA,

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Speaker 1: one of those performers on the NAZAC and really just

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Speaker 1: in general in you as markets this morning, shares of

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Speaker 1: just over three percent parre some of those opening games.

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Speaker 1: But we did see those shares hit a record high earlier,

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Speaker 1: and that is because the latest news out of the

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Speaker 1: US government space government officials telling Nvidia that they would

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Speaker 1: greenlight export licenses for its H two artificial intelligence accelerator,

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Speaker 1: according to a blog post by in Nvidia, and so

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Speaker 1: that move would restore its ability to fulfill orders to China,

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Speaker 1: which it had written off as lost due to previous

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Speaker 1: government restrictions. So remember, you know, in Vidya, as a

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Speaker 1: response to those China chip curves, they actually designed this

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Speaker 1: hdo chip which is meant to be a less advanced

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Speaker 1: version so that they can comply with those trade curves.

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Speaker 1: But then the Trump team decided in April that they

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Speaker 1: were going to block Hio sales to China without a

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Speaker 1: US permit. So if that is all getting over and

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Speaker 1: done with, then it's potentially a big boon to in

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Speaker 1: Vida's desire to enter the Chinese market at this point.

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Speaker 1: All right, and we go from that to bank earnings.

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Speaker 3: Big day for that today, let's start with City. So

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Speaker 3: traders had their best second quarter and five years.

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Speaker 1: That correct, absolutely, Lisa a big, big day and such

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Speaker 1: a big boon for City as well. So chick or

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Speaker 1: C City shares just up over one point three percent

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Speaker 1: at the moment, and yeah, it is definitely a fixed

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Speaker 1: income trading boon for them. That business sort twenty percent

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Speaker 1: to four point three billion dollars for the quarter versus

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Speaker 1: three point nine a billion for the Bloomberg consensus estimate.

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Speaker 1: And stock traders not doing too shabby as well. Well.

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Speaker 1: They brought in one point six billion dollars of trading

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Speaker 1: revenue deals. Another big part of a city success for

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Speaker 1: the quarter investment banking fees rising thirteen percent from a

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Speaker 1: year earlier to more than one billion dollars. And you know,

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Speaker 1: we did see a warning from City saying that they

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Speaker 1: might need to put a site hundreds of millions more

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Speaker 1: to cover potential losses on loans, but that was not

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Speaker 1: as bad as expected. So their credit costs just up

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Speaker 1: sixteen percent to two point eight seven billion, which is

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Speaker 1: just below the two point ninety four billion that analysts

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Speaker 1: were anticipating.

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Speaker 3: Well, stuck at a fifty two weeks high. Today it's

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Speaker 3: up twenty five percent this year. I worked at City

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Speaker 3: way way way back in the day when they acquired us,

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Speaker 3: when I was at Salomon Brothers. When I was at

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Speaker 3: City on that platform, I felt like there was no

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Speaker 3: deal I couldn't get. I had the best bankers, I

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Speaker 3: had the best trading desk, I had the best you know,

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Speaker 3: cash management. I mean we had, We're the biggest invest

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Speaker 3: in everything, but the stock just never kind of got

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Speaker 3: out of its way. But now maybe under Jane Fraser

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Speaker 3: tur turning things around.

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Speaker 1: Yeah, definitely looking bay fall for sure.

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Speaker 3: All right, what else?

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Speaker 2: Well?

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Speaker 1: Wells Fargo not doing so well this morning, Tick or

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Speaker 1: WFC and DO shares down more than four and a

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Speaker 1: half percent right now. And so you know, it really

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Speaker 1: was the fixed income. The trading boon that city enjoyed

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Speaker 1: was what he leed Wells Fargart suffer essentially, because it

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Speaker 1: is that kind of volatility and interest rate markets that

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Speaker 1: led to their second quarter net interest income coming in

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Speaker 1: at eleven point seven billion, which is just short of

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Speaker 1: analyst estimates, and also led them to lowered or full

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Speaker 1: year net interest income growth target to little change from

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Speaker 1: last year. Now, part of Wells Fargo's problem, of course,

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Speaker 1: is that, you know, up up until June, they have

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Speaker 1: been faced with this Federal Reserve asset restriction which has

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Speaker 1: restricted the growth of their trading and market making business.

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Speaker 1: So that's been lifted in June, and so Wells Fargo

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Speaker 1: officials now saying that they will aim to leverage their

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Speaker 1: trading business to drive net interest income. So we'll see

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Speaker 1: if that ye dividends as soon as sext.

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Speaker 2: Wider the Stockmovers podcast from Bloomberg Radio, check back with

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Speaker 2: us throughout the day for the latest roundup of companies

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Speaker 2: making news on Wall Street and for the latest market

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