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Speaker 1: Good morning.

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Speaker 2: I'm Nathan Hager and I'm Karen Moscow. Here are the

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Speaker 2: stories we're following today.

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Speaker 3: We begin with the fighting between Israel and Hamas. Israel

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Speaker 3: is trying to maintain international support for its aim to

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Speaker 3: destroy the Palestinian militant group, but global leaders continue to

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Speaker 3: express concern about civilian lives. Israeli Prime Minister Benjamin Netanyah,

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Speaker 3: who had a fifty minute call yesterday with Russian President

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Speaker 3: Vladimir Putin, He criticized Israel for the humanitarian cost in Gaza,

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Speaker 3: while Netanyahu went after Russia over its cooperation with Iran.

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Speaker 3: Secretary of State Anthony Blincoln says he is also urging

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Speaker 3: Israel to do more to protect Palestinian civilians.

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Speaker 4: There's a gap between the intent and the results, and

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Speaker 4: that's the gap that we're trying to make sure it

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Speaker 4: is closed. Look, this could be over tomorrow. This could

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Speaker 4: be over tomorrow if a moscot out of the way

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Speaker 4: of civilians instead of hiding behind them.

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Speaker 3: Secretary of State Anthony blinkn spoke on ABC's This Week

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Speaker 3: Heard Sundays on Bloomberg Radio. The Hamas run Health Ministry

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Speaker 3: says nearly eighteen one thousand Palestinians have been killed in Gaza.

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Speaker 3: It does not differentiate between civilian and combatant deaths.

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Speaker 2: Well back at home, Nathan, President Biden's facing a waning

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Speaker 2: support for his stance on Israel from within his own party.

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Speaker 2: A new poll from CBS News and you gov shows

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Speaker 2: thirty eight percent of Democrats think the President has shown

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Speaker 2: too much support for Israel's war with Hamas. That's a

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Speaker 2: from twenty eight percent in October. Progressive Senator Bernie Sanders

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Speaker 2: says the White House faces a tough balancing act.

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Speaker 5: What the President is trying to do is trying to

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Speaker 5: make clear to NEThing Yahoo and his right wing extremely

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Speaker 5: extreme with government is yet, you can go to war

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Speaker 5: against Kamak, but you cannot go to war against the

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Speaker 5: Palestinian people and cause the horrific damage to human life

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Speaker 5: that we are seeing right now.

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Speaker 2: Senator Bernie Sanders made the comments on Face the Nation

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Speaker 2: from CBS, which you can hear every Sunday on Bloomberg

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Speaker 2: Radio I.

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Speaker 3: Meanwhile, Karen Top two universities remain under intense scrutiny for

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Speaker 3: their sponsors to anti Semitism on their campuses. University of

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Speaker 3: Pennsylvania President Liz McGill announced her resignation on Saturday, after

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Speaker 3: her testimony last week to Congress, which she and the

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Speaker 3: presidents of Harvard and MIT struggled to say directly that

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Speaker 3: calling for the genocide of Jews violates school harassment policies.

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Speaker 3: McGill will remain at Penn's Law school this tenured faculty.

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Speaker 3: Harvard's president has apologized for her testimony, while MIT says it.

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Speaker 1: Is currently standing by its president well Nathan.

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Speaker 2: Turning to the world's other major conflict, in Ukraine, President

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Speaker 2: Vladimir Zelenski will visit Washington tomorrow. He'll meet with President

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Speaker 2: Biden and congressional leaders to push for continued support for

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Speaker 2: his country's fight against Russia. But on Capitol Hill there

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Speaker 2: remains a big gap and talks over funding for both

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Speaker 2: Ukraine and Israel, and Bloomberg's at Baxter joins us with

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Speaker 2: those details.

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Speaker 6: The sticking point has been and still is aid for

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Speaker 6: closing the US southern border. Lead Democrat negotiator Chris Murphy

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Speaker 6: on NBC has heard on Bloomberg says dangerous.

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Speaker 7: Vladimir Putin is right now in Republicans insistence that we

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Speaker 7: get a deal on immigration reform and if we don't,

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Speaker 7: then they are going to allow Vladimir Putin to march

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Speaker 7: into Ukraine and perhaps into Europe. I think this is

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Speaker 7: one of the most dangerous moments that I've ever faced

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Speaker 7: in American politics.

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Speaker 6: Murphy says, they are still in the room trying, but

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Speaker 6: it is difficult. Meanwhile, the White House says it has

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Speaker 6: found a way to send some tank supplies to Israel.

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Speaker 1: Ed Baxter Bloomberg Radio, Okay and thanks.

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Speaker 3: We're also following politics in New York City, where former

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Speaker 3: President Donald Trump says he will not testify in his

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Speaker 3: civil fraud trial today.

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Speaker 1: This is a reversal for Trump.

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Speaker 3: Heed earlier said he would testify a second time in

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Speaker 3: the case that accuses the Trump organization of inflating asset

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Speaker 3: values to get better loan terms.

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Speaker 2: Well, Nathan to markets now, and a big week for

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Speaker 2: the economy. We get the November Consumer Price Index tomorrow.

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Speaker 2: Producer Price Index comes out on Wednesday, and it comes

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Speaker 2: as the final FED meeting of the year gets under way.

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Speaker 2: Well here from veed cher Jerown Powell on Wednesday as well,

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Speaker 2: and former Treasury Secretary Larry Summers. It could be a

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Speaker 2: while before Powell signals he's cutting rates.

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Speaker 8: The moment they turn or announce they're going to turn,

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Speaker 8: is going to be a seismic moment, and for that reason,

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Speaker 8: they probably need to be very deliberative and careful about

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Speaker 8: getting to that point and waiting until they see some

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Speaker 8: overwhelming evidence of inflation being locked in low or see

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Speaker 8: some real evidence of the economy turning over.

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Speaker 2: Former Treasury Secretary Larry Summers is speaking on Bloomberg's Wall

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Speaker 2: Street Week, which you can hear every Friday evening on

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Speaker 2: Bloomberg Radio and television.

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Speaker 3: In corporate news, Macy says it has received a five

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Speaker 3: point eight billion dollar buyout offer from Arc House Management

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Speaker 3: and Brigade Capital Management. It's about the retailer can execute

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Speaker 3: it's turnaround better as a private firm. Source to say

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Speaker 3: investors offered twenty one dollars a share for the department

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Speaker 3: store giant. These shares have fallen sixteen percent this year.

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Speaker 2: We also have economic news in Japan. Nathan Bloomberg News

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Speaker 2: is reporting the Bank of japan' sees little need to

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Speaker 2: end its monetary policy of negative interest rates. Sources the

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Speaker 2: officials have yet to see enough evidence of wage growth

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Speaker 2: to support sustainable inflation. It contradicts the market's recent view

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Speaker 2: that the BOJ could scrap negative rates this month, and.

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Speaker 3: In sports news, sources say a Fenway Sports Group consortium

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Speaker 3: was chosen to enter into final negotiations to be a

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Speaker 3: co investor in the entity that's being formed by the

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Speaker 3: PGA Tour and Saudi Arabia's public investment fund. PGA Tour

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Speaker 3: Policy Board unanimously decided to work with Strategic Sports Group,

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Speaker 3: which includes New York Mets owner Steve Cohen's family office

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Speaker 3: and billionaire Mark Lazry. Over the weekend, Saudi Arabia signed

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Speaker 3: one of the world's top golfers, John Rahm.

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Speaker 1: To its Live Golf League.

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Speaker 3: Now, let's get a check out what else is happening

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Speaker 3: in the world. For that, we turned to Bloomberg's Amy Morris.

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Speaker 3: Good morning, Amy, Good.

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Speaker 1: Morning, Nathan. Restrictions are in place.

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Speaker 9: More precautions are being taken because of the stormy weather

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Speaker 9: moving through the Northeast region. Empty tractor trailers and tandem

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Speaker 9: trucks on MTA bridges and tunnels are scheduled to be

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Speaker 9: banned on MPTA bridges and tunnels until six this morning.

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Speaker 9: Governor Hochel is warning residents to stay alert, saying that

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Speaker 9: in some areas. The rain is changing to wet heavy

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Speaker 9: snow now. That stormy weather also moved through the southern

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Speaker 9: United States over the weekend, creating powerful tornadoes and causing

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Speaker 9: a lot of damage. Tennessee Governor Bilde says charities are

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Speaker 9: already stepping in and he is asking the federal government

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Speaker 9: for help.

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Speaker 6: We also, of course, have begun the formal process of

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Speaker 6: emergency declaration and of pursuing.

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Speaker 1: Relief through that federal government.

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Speaker 9: Six people died at least three dozen were hurt in

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Speaker 9: those tornadoes that touch down in Tennessee. In a new

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Speaker 9: court filing, Texas Attorney General Ken Paxton says a mother

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Speaker 9: of two should be forced to carry her baby to term,

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Speaker 9: even after doctors say there are severe risks involved. Paxton

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Speaker 9: won a temporary restraining order against Kate Cox, stopping her

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Speaker 9: from carrying out her abortion after doctors set her twenty

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Speaker 9: week fetus has a severe abnormality and no chance of survival.

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Speaker 9: Jonathan Stone is a special counsel for the Texas Attorney General,

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Speaker 9: linus have not.

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Speaker 1: Shown that they will suffer an im media interrreparable injury.

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Speaker 9: Both sides of the debate rallied this weekend outside the

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Speaker 9: Texas Supreme Court protester Karen Bergman expressed her main concern.

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Speaker 4: Remade control of reproduction always tortures women, and we can't

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Speaker 4: have it.

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Speaker 9: They're hoping the State Supreme Court issues its final ruling soon.

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Speaker 9: As the Israel Hamas war drags on, protesters around the

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Speaker 9: world continue to call for a permanent cease fire. In

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Speaker 9: New York City, pro Palestinian protesters stormed the Brooklyn Bridge

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Speaker 9: Saturday night, temporarily shutting the Manhattan bound side down all

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Speaker 9: part of the flood of Brooklyn. For Palestine. Protest demonstrator

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Speaker 9: Amal Colleen, the point is everybody, any mother, any mother

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Speaker 9: in this world, will ask season to cease fire.

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Speaker 1: Coast kids, babies, babies are killed.

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Speaker 9: The UN Secretary General warn of a historic and catastrophic

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Speaker 9: humanitarian crisis in Gaza without a ceasefire. Global News twenty

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Speaker 9: four hours a day and whenever you want it with

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Speaker 9: Bloomberg News. Now, I'm maybe Morrison, This is Bloomberg.

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Speaker 1: Nathan, all right, Amy, thank you.

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Speaker 3: You know you can get much more of Bloomberg News

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Speaker 3: right from your dashboard if you download the new version

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Speaker 3: Apple CarPlay and Android Auto, you get access to every

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Speaker 3: Bloomberg News podcast, including headlines of the click of a button.

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Speaker 3: With Bloomberg News Now live audio feeds from Bloomberg Radio,

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Speaker 3: print stories in audio form from Bloomberg News. All you

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Speaker 3: Store or Google Play. Get the Bloomberg Business App updated,

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Speaker 3: new Bloomberg Business App is presented by our sponsor, Interactive Brokers.

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Speaker 3: Time now for the Bloomberg Sports Update, brought to you

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Speaker 3: by Tri State Out.

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Speaker 1: Are you good morning, John Stetshow.

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Speaker 10: Good morning Nathan.

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Speaker 11: It was a stunning second half performance by the Jets

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Speaker 11: in the rain and met life. Jets and Texans combined

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Speaker 11: for eleven first half punts and no points. And then

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Speaker 11: suddenly the Jets, who in their five game losing streak

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Speaker 11: and scored only forty five points total, put up thirty

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Speaker 11: three touchdowns three field goals. They beat Houston thirty to six.

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Speaker 11: Zach Wilson was on fire twenty seven of thirty six

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Speaker 11: three hundred yards.

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Speaker 1: His coach is Rob Salam I.

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Speaker 12: Thought Zach probably played the best game of his career.

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Speaker 12: Just the off schedule stuff. The timing and rhythm and

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Speaker 12: getting the ball out to where it needed to get to,

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Speaker 12: being aggressive but smart at the same time scrambled. I

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Speaker 12: know he had the scramble, but just the aggressiveness of

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Speaker 12: scramble and the I mean he was out there having

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Speaker 12: a good time.

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Speaker 11: And I think there was a report that Wilson, who

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Speaker 11: had been benched two week fire, didn't want to play

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Speaker 11: big AFC game in Kansas City, Buffalo won twenty to seventeen.

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Speaker 11: The Chief for a moment appeared to have gone ahead

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Speaker 11: with a minute left on what would have been the

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Speaker 11: NFL's Players Play of the Year, a Travis Kelce catch,

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Speaker 11: run and lateral throw at Cadarius Tony, but Tony had

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Speaker 11: lined up offside. Last night, Dallas won easily over Philadelphia

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Speaker 11: thirty three to thirteen. Both teams ten and three tied

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Speaker 11: for first game of the day was in Baltimore, Rams

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Speaker 11: and Ravens seven league changes. The Ravens won in overtime

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Speaker 11: on a seventy six yard punt return by Tylan Wallace,

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Speaker 11: who before yesterday had never returned to punt. Jonathan Quick

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Speaker 11: la King's going for sixteen years won two Stanley Cups.

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Speaker 11: Now the Rangers backup. He beat his old team at

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Speaker 11: the Garden Rangers one four to one. Devil's lost for

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Speaker 11: one in Edmonton, Lebron James was there recording the moment

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Speaker 11: when his son Browny made his debut for USC, five

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Speaker 11: months after he suffered cardiac arrets. John Stashieward Bloomberg Sports.

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Speaker 13: From coast to coast, from New York to San Francisco,

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Speaker 13: Boston to Washington, DC, nationwide on SIRISXAM, the Bloomberg Business

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Speaker 13: Appen Bloomberg dot Com.

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Speaker 1: This is Bloomberg day Break. Good morning.

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Speaker 3: I'm n Israel's war with Hamas is turning into a

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Speaker 3: fight to maintain international support as much as it is

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Speaker 3: about defeating the militant group in Gaza. The US just

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Speaker 3: defeated a UN Security Council resolution calling for an immediate Ceaspire.

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Speaker 3: But the latest polling in this country shows President Biden's

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Speaker 3: support for Israel's fight maybe turning into even more of

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Speaker 3: a political liability for the president from within his own party.

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Speaker 3: And for more on all this, we're joined by Bloomberg

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Speaker 3: News Senior editor Bill Ferries. Bill, it's good to speak

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Speaker 3: with you this morning. We are more than two months

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Speaker 3: into this war Israel seems relentless in its determination to

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Speaker 3: defeat Hamas. But that is creating this international pushback.

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Speaker 14: Now you're exactly right.

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Speaker 15: I mean, as you mentioned, the US vetoed this resolution

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Speaker 15: at the United Nations that was going to call for

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Speaker 15: an immediate seaspire. The amazing or remarkable thing about it

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Speaker 15: was the US was the only country on that council

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Speaker 15: to vote against it. And it's this is not you know,

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Speaker 15: loaded with opponents of the United States. You've got You've

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Speaker 15: got France, and you've got the UK. You've got countries

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Speaker 15: like Japan and UH and even Ghana on there.

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Speaker 14: So it's UH.

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Speaker 15: I think at this point it's the US, UH and

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Speaker 15: Israel that look increasingly isolated internationally as this continues, the

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Speaker 15: US saying it's really Israel has to has to run

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Speaker 15: this war UH on its own terms and go after Hamas.

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Speaker 10: UH.

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Speaker 15: The US has obviously expressed a lot of frustration about

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Speaker 15: the civilian death toll, and that's driving a lot of

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Speaker 15: the international frustration. But I don't think the UH, the US,

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Speaker 15: the Biden administration is interested in really cutting Israel off

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Speaker 15: on its own and UH and and demanding that ceasefire

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Speaker 15: along with the rest of the international community.

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Speaker 14: But it's something that is going to potentially hit President

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Speaker 14: Biden as he heads into an election year.

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Speaker 3: I mean, that is just a remarkable statement on its

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Speaker 3: own to say that the US and Israel are being

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Speaker 3: viewed as increasingly isolated on the global stage, and you

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Speaker 3: have to wonder whether that support that the President has

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Speaker 3: continued to show for Israel is going to be able

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Speaker 3: to be maintained when we have the kind of polling

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Speaker 3: that we've seen from just this past weekend from CBS

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Speaker 3: News and you gov that democratic opposition to the president's

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Speaker 3: stance in regards to Israel is growing.

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Speaker 14: Right, You kind of wonder what the tipping point might be.

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Speaker 15: But what we a remarkable comment we got from Anthony

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Speaker 15: Blincoln as well over the weekend was that he doesn't

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Speaker 15: see some of the precautions that he's argued for in

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Speaker 15: terms of protecting civilians being carried out. So there's definitely

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Speaker 15: been a lot of warning shots sent to Israel from

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Speaker 15: the US, but they are sticking. The Biden administration is

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Speaker 15: sticking with Israel for now. But heading into twenty twenty four,

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Speaker 15: I think think the monetary costs of sustaining US support

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Speaker 15: and obviously the costs on the battlefield, both on the

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Speaker 15: Israeli side and the Palestinian side, will only continue to

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Speaker 15: add up.

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Speaker 3: So what are you going to be looking for next

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Speaker 3: Bill when it comes to how this war is playing out?

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Speaker 3: I mean, from some of the latest reporting, we're seeing

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Speaker 3: the conflict is really spread out across the Gaza strip

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Speaker 3: at this point.

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Speaker 15: Right, I think you know, I think you we're still

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Speaker 15: looking for signs that at some point could there be

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Speaker 15: a second temporary cease fire that allows more hostages to

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Speaker 15: be freed. I think that's something both sides that at

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Speaker 15: some point in the last you know, in the recent

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Speaker 15: week or two have talked about. But it doesn't sound

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Speaker 15: like what we're hearing from the mediators and Cutter that

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Speaker 15: that's they're making much progress on that. But that certainly

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Speaker 15: I think, you know, Israelis have said they would really

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Speaker 15: like to see all those hostages returned, So there's always

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Speaker 15: a chance I think you could have a breakthrough there,

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Speaker 15: and then I think you're gonna You're gonna keep watching

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Speaker 15: this this death toll. We do get their questions about

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Speaker 15: the total death toll in Gaza, but uh, they are

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Speaker 15: the numbers we have. As that continues to rise. Will

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Speaker 15: there be you know, will for public frustration hit a

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Speaker 15: tipping point where more direct warnings are raised with Israel

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Speaker 15: about how long they can prolong this conflict.

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Speaker 3: I wonder whether the UH debate around support for Ukraine,

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Speaker 3: which has already gotten more complicated, is going to come

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Speaker 3: into a greater focus now when we're expecting the President

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Speaker 3: of Ukraine to be in person in Washington tomorrow.

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Speaker 10: Yeah.

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Speaker 15: I think that's a high stakes trip for President Zelenski

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Speaker 15: coming to Washington to meet with President Biden and to

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Speaker 15: meet with congressional leaders.

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Speaker 14: UH. He plans to address the entire Senate.

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Speaker 15: I think it's it's hard to imagine a lot of

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Speaker 15: people changing their minds at this point as they run

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Speaker 15: up against this issue about spending for Ukraine and policies

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Speaker 15: at the border. Something is going to have to give there,

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Speaker 15: potentially by Friday or Saturday this week, if the White

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Speaker 15: White House wants to see any of that funding approved,

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Speaker 15: and if they want and if Republicans want to some

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Speaker 15: of whom support Ukraine want to go home for the

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Speaker 15: holiday break having done more to secure the border.

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Speaker 3: Okay, Bill, thanks for this as always. Bill Ferries, Senior

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Speaker 3: editor for Bloomberg News, with us this morning, Karen Well Nathan.

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Speaker 2: We turned now from geopolitics to a focus on artificial intelligence,

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Speaker 2: and Bloomberg's Tom mackenzie got a chance to catch up

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Speaker 2: with ARMED CEO re Day Haas. The pairs spoke about

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Speaker 2: the company's future and the generative AI revolution and how

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Speaker 2: Hass's role has changed since arms public listing.

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Speaker 16: We've been public now for a few months. Yeah, so

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Speaker 16: I would say I feel like the eyes are upon

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Speaker 16: me a little bit more than they were prior. But

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Speaker 16: on the other and I try to think about it

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Speaker 16: in terms of the future of roment is really not

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Speaker 16: measured in what we are today. It's what we're going

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Speaker 16: to be in a few years.

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Speaker 17: And how do you balance the demands of investors in

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Speaker 17: the company now, those new investors and the legacy investors

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Speaker 17: and of course Massi Orshuysan SoftBank being the big force,

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Speaker 17: gravitational force, So how do you balance those demands.

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Speaker 16: So ARM is really a company that it's hard to

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Speaker 16: look at quarter to quarter because the technology we're working

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Speaker 16: on today is really technology that's going to end up

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Speaker 16: in products three years from now, four years from now.

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Speaker 16: So while the financial results are important, they're really the

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Speaker 16: results of strategies we put in place a number of

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Speaker 16: years ago, which we're quite successful. This is what we

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Speaker 16: try to do is just make sure that the investors

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Speaker 16: understand that while the near term results are very important,

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Speaker 16: it's really also important to really think about the long

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Speaker 16: term and where we're going directionally.

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Speaker 18: But ARM was set up in the nineteen nineties, You've

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Speaker 18: been the building.

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Speaker 17: Blocks of our digital globe, digital world, digital economy since then.

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Speaker 17: And now at this point where we're focused on generative

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Speaker 17: AI and that is reshaping this digital ecosystem that we

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Speaker 17: now live.

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Speaker 18: In or that we will be living on.

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Speaker 17: What role do you see ARM playing in that transformed

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Speaker 17: digital space in the years ahead.

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Speaker 16: Yeah, So, ARM in the thirty plus years has just

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Speaker 16: been foundational to computing in a way that no other

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Speaker 16: computer architecture before it, and I dare say after it

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Speaker 16: has been seventy percent of the world's population touches ARM

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Speaker 16: today in some way. We were well known for smartphones

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Speaker 16: and for that non smartphones, feature phones, if you will.

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Speaker 16: The ARM of today is not only much more diversified

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Speaker 16: around as I mentioned before, data centers, automotive, IoT, but

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Speaker 16: now as AI and AI workloads are finding their way

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Speaker 16: into every single application, whether it's your thermostat or your

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Speaker 16: data center, ARM will be there. So I think for

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Speaker 16: us in the upcoming years and decades, ARM will be

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Speaker 16: foundational to everything going on with AI.

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Speaker 17: So you can assure investors that you will remain you

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Speaker 17: were sent right now.

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Speaker 18: To this digital world that we live in. You will be.

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Speaker 17: Essential in that generative AI reshaped world in the years ahead.

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Speaker 18: You will continue to play that as s.

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Speaker 10: You can't run AI without armor.

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Speaker 16: It's foundational, and AI is going to find its way

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Speaker 16: into every single electronics device that we use. Again, whether

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Speaker 16: it's the smallest device in your home or the largest

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Speaker 16: data center that sits out in the out in the wild.

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Speaker 17: Every AI executive that I speak to, whether it's deep

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Speaker 17: mind or coher or inflection or others, say, the scramble

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Speaker 17: for compute is front and center along with the fight

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Speaker 17: for talents. How do you see that fight for compute

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Speaker 17: going forward?

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Speaker 16: I do think for the next number of years we

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Speaker 16: are going to see a increasing demand for more and

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Speaker 16: more compute. Now, I think it's also going to drive

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Speaker 16: is a high degree of need for power efficiency because

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Speaker 16: these data centers require hundreds of watts megawatts up to

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Speaker 16: the gigawatts of type of energy. We don't produce that

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Speaker 16: much energy as a planet. Limitations relative to fossil fuels,

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Speaker 16: limitations su sustainable.

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Speaker 10: So a rush to get to power.

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Speaker 16: Efficiency around these compute models is going to be very,

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Speaker 16: very significant. That's great for ARM because the DNA of

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Speaker 16: our company is around power efficiency. I want to go

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Speaker 16: back to twenty seventeen. You diversified the business. You broke

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Speaker 16: out these four different divisions IoT, cloud, infrastructure, autonomous vehicles.

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Speaker 18: Why did you see that as necessary?

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Speaker 16: You us to twenty seventeen, we would design a mobile

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Speaker 16: processor and then really attempt to squeeze it or peanut

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Speaker 16: butter it, if you will, into the server space, or

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Speaker 16: into the automotive space, or into different areas of IoT.

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Speaker 16: It just wasn't sufficient, and we had a lot of

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Speaker 16: questions early on, why isn't what's taking ARMS so long

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Speaker 16: to be successful in the servers. Many different reasons contributed that,

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Speaker 16: but one of them was candidly, we just didn't have

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Speaker 16: the right products, and we were able to create neoverse.

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Speaker 16: We were able to add custom extensions, things like confidential

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Speaker 16: compute that are necessary for building high grade data centers.

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Speaker 16: We could put those in the products, and now with neoverse,

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Speaker 16: we have a world class competitive entry that you're seeing

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Speaker 16: the benefits of it, whether it's the Microsoft, Cobalt or AWS.

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Speaker 16: We had to do that in twenty seventeen because it

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Speaker 16: was clear that these other markets were demanding it and

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Speaker 16: the selfware ecosystem needed to be able to support it.

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Speaker 17: What kind of revenue mix would you need to see

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Speaker 17: to kind of declare a success in that diversification push.

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Speaker 10: I'm going to declare some modicum of success now.

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Speaker 16: We were over sixty percent revenue in smartphones, maybe even

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Speaker 16: higher prior to this change. Smartphones now, while a very

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Speaker 16: large market for US, are about forty percent and declining,

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Speaker 16: and our largest growth in terms of revenue are coming

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Speaker 16: from these new markets, as I mentioned, cloud and automotive.

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