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

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Speaker 2: This is the Bloomberg dayba Q podcast. Good morning, It's Thursday,

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Speaker 2: the twentieth of November. I'm Caroline Hepkit in London.

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Speaker 1: And I'm Stephen Carolin Brussels. Coming up today in Vidia's

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Speaker 1: earnings beat estimates as the AI chip joint delivers a

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Speaker 1: bullish forecast, easing market fears over soaring tech valuations.

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Speaker 2: US President Donald Trump signs a law to compel the

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Speaker 2: Justice Department to release the Epstein files in a stunning

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Speaker 2: about face.

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Speaker 1: Plus a nine month Bloomberg investigation finds Oxford University has

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Speaker 1: repeatedly been slow to act against male academics accused of

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Speaker 1: sexual misconduct and inappropriate behavior.

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Speaker 2: Let's start with a roundup of our top stories.

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Speaker 1: Global stocks have been boosted after and Nvidia delivered a

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Speaker 1: robust revenue forecast, easing worries about a potential AI bubble.

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Speaker 1: Shares in the artificial intelligence chip job and surged by

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Speaker 1: five percent in post market trading on Wall Street. As

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Speaker 1: in videos, Headed expects sales of about sixty five billion

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Speaker 1: dollars in the three months to the end of January.

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Speaker 1: That's roughly three billion more than analysts had predicted, the

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Speaker 1: world's most valuable company also reported third quarter results the

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Speaker 1: top donalyst estimates, with revenue up sixty two percent to

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Speaker 1: fifty seven billion dollars. In video, CEO Jensen Wang spoke

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Speaker 1: exclusively to Bloomberg.

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Speaker 3: Sales are off the charts for Blackwell and in video

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Speaker 3: GPUs in the cloud are sold out. We got plenty

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Speaker 3: of Blackwells to sell you. We have lots of Blackwells coming,

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Speaker 3: We're making a lot of Blackwells, and we have a

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Speaker 3: bunch of Vera Rubens coming, and so business is very,

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Speaker 3: very strong.

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Speaker 1: In video CEO referring there to Blackwell, the company's most

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Speaker 1: advanced chip and its upcoming upgrade, Vera Rubin. Jensen Wang

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Speaker 1: said last month of the company expects over five hundred

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Speaker 1: billion dollars in revenue in the coming quarters. Yesterday, the

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Speaker 1: cfo's jest they may surpass that target now.

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Speaker 2: US President Donald Trump has signed legislation requiring the release

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Speaker 2: of all files related to convicted sex offender Jeffrey Epstein.

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Speaker 2: It follows a month's long attempt to block the measure

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Speaker 2: by the President, in a fight that raised tensions within

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Speaker 2: the Republican Party. The bill passed by four hundred and

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Speaker 2: twenty seven to one votes in the House. Speaking ahead

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Speaker 2: of its signing, Bloomberg contributor and former Republican stratus Rick

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Speaker 2: Davis from a Stonecourt Capital predicted further controversy when.

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Speaker 4: These documents come out, and with all the search capability

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Speaker 4: you have, we're going to learn a lot of new things.

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Speaker 4: And if it's not clear what it is, the Department

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Speaker 4: of Justice and the Trump administration is going to come

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Speaker 4: under withering pressure to clarify things that are maybe redacted

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Speaker 4: and or not ultimately produced.

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Speaker 2: Stone Court Capital's Rick Davis speaking there, The decision inflicts

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Speaker 2: another political setback on the president, just two weeks after

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Speaker 2: his party suffered defeats in state and local elections. Only

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Speaker 2: four in ten Republicans approve of Trump's handling of the

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Speaker 2: Epstein files, according to a poll from Reutter's IPSOS in October.

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Speaker 1: China is considering new measures to revitalize its struggling property

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Speaker 1: market amid growing concerns about financial stability. The options being

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Speaker 1: floated include new buyer mortgage subsidies, raising income tax rebates

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Speaker 1: for homeowners, and lowering some transaction costs. Our Chief North

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Speaker 1: Asia correspondent Stephen Engel says the stalling market poses a

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Speaker 1: serious problem.

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Speaker 5: The property was now into its fourth or well past

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Speaker 5: his fourth year, into its fifth year, really, and it

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Speaker 5: is at the heart of all the big issues in

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Speaker 5: the Chinese economy, whether it's persistent deflation, lack of consumption,

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Speaker 5: it is all tied to, of course, household of households

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Speaker 5: feeling their wealth effect has deteriorated over the last a

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Speaker 5: half decade.

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Speaker 1: That'spienberk Stephen Engel. The plan is intended to lure back

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Speaker 1: home buyers who've been reluctant to enter the market, with

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Speaker 1: the average to mortgage rate for buyer's first homes and

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Speaker 1: forty two big cities covering just above three percent in

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Speaker 1: recent months.

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Speaker 2: Minutes from the Federal Reserves October meeting revealed that many

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Speaker 2: officials said it was appropriate to keep interest rates steady

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Speaker 2: for the rest of the year. The record published yesterday

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Speaker 2: showed that several policymakers were against lowering the Fed's benchmark rate.

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Speaker 2: Here is Bloombggs Mike McKee.

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Speaker 6: Some thought that inflation was going to rise too high,

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Speaker 6: some thought that unemployment rise too high, and nobody could

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Speaker 6: agree on what to do. At the December meeting. In general,

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Speaker 6: they agreed that inflation had moved up, the economy was

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Speaker 6: expanding at a moderate pace, and the unemployment rate remained low,

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Speaker 6: but they did not agree on the.

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Speaker 2: Outlook Bloomberg's Mike McKee there. It comes as the Bureau

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Speaker 2: of Labor Statistics canceled it's October jobs report due to

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Speaker 2: the record long government shutdown in the US. Instead, it's

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Speaker 2: incorporating those figures into its November reports, set to be

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Speaker 2: published after the fed's final meeting of the U Today's

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Speaker 2: September non Van Payroll's figures could be the last piece

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Speaker 2: of big data that the FED sees before that decision,

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Speaker 2: which is on the tenth of December. Olds of a

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Speaker 2: December cut fell markedly yesterday, with traders pricing just a

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Speaker 2: twenty five percent chance, down from fifty percent earlier.

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Speaker 1: This week, senior Pentagon officials have arrived in Ukraine to

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Speaker 1: discuss efforts to end the war with Russia in a

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Speaker 1: meeting with President Vladimir Zelenski. It comes as an unofficial

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Speaker 1: US Russian proposal modeled on the Gaza ceasefire, received a

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Speaker 1: tempered reception from Ukraine supporters. Neither Washington nor Moscow have

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Speaker 1: officially confirmed the plan, which is said to feature major

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Speaker 1: concessions from Ukraine. Meanwhile, EU foreign ministers will meet today

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Speaker 1: in Brussels to look at further measures against Russia's shadow

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Speaker 1: fleet of tankers transporting oil.

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Speaker 2: The British Retail Consortium says that UK consume a confidence

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Speaker 2: tumbled in November after government hints about higher taxes, which

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Speaker 2: cause people to worry about their own personal finance. It's

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Speaker 2: Bloomberg's un Pots has more.

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Speaker 7: The BRC's measure of UK consumer confidence slumped in November

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Speaker 7: to minus forty four, the worst reading since April, following

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Speaker 7: what it's CEO called a tumultuous month of budget speculation.

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Speaker 7: Almost sixty percent of Britains expect the economy to worsen

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Speaker 7: over the next three months, with only about one in

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Speaker 7: seven expecting a pickup. With less than a week until

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Speaker 7: the budget, the Chancellor will be hoping that yesterday's lower

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Speaker 7: inflation print fills consumers with at least a little bit

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Speaker 7: of Christmas cheer. In London, I'm ewing pots Bloomberg Radio.

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Speaker 1: And those are your top stories on the markets this hour.

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Speaker 1: The Mscirish Pacific Index one point one percent. Hire, the

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Speaker 1: Nicke and Tokyo is up by two point seven percent,

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Speaker 1: the cost be two point three percent. Hire European Stock

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Speaker 1: Future is also pointing to a strong open up nine

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Speaker 1: tenths for Eurostars fifty at the moment, Nasdaq futures one

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Speaker 1: point eight percent, hire SMP mini is up by one

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Speaker 1: point three percent.

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Speaker 2: Now, in a moment, we're going to bring you more

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Speaker 2: on Nvidia's strong growth forecast, plus a Bloomberg investigation into

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Speaker 2: harassment concerns at Oxford University.

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Speaker 1: But other story we've been reading this morning is about

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Speaker 1: the luxury sector and apparently the era of quiet luxury

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Speaker 1: is over and we're now in the era of private luxury,

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Speaker 1: which is sad because I so much enjoyed saying quiet

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Speaker 1: luxury for such a long time. But this is according

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Speaker 1: to an interview with the CEO of the fashion brand Berluti,

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Speaker 1: who's been speaking to our colleague Chris Rovzar. Now, this

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Speaker 1: is a relatively small brand under the LVMH Empire. They're

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Speaker 1: best known as a shoemaker and leather goods brand, and

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Speaker 1: they don't have plans to expand beyond that, and that,

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Speaker 1: the CEO says, is part of this concept of private luxury.

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Speaker 1: He says that shoppers now want things that are distinctive

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Speaker 1: or rare rather than the trending item. But you know,

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Speaker 1: everyone's talking about and everyone has and also Chris has

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Speaker 1: been delving into some of his insights into the renewed

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Speaker 1: focus on quality from luxury shoppers as well. Just because

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Speaker 1: the sector has exploded and more people are spending on

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Speaker 1: luxury items doesn't mean that people don't want them to

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Speaker 1: be very good quality as well. And the McKenzie you

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Speaker 1: have actually published reports on this saying that you know,

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Speaker 1: luxury is kind of weakening some of its craftsmanship elements

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Speaker 1: by the fact that so much more money has gone

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Speaker 1: into the sector as well. It's an interesting insight into essentially,

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Speaker 1: you know, this idea of keeping it small still being

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Speaker 1: you know, something that a luxury, a leading luxury brand

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Speaker 1: can do.

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Speaker 2: Yeah, I think this is finally the luxury that I

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Speaker 2: get quality, authenticity and not everyone knows about it. And

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Speaker 2: believeally obviously they have this kind of ombre style of

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Speaker 2: leather that is very beautiful. I get it. It's very

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Speaker 2: aspirational thousands of dollars just for leather jacket. But it's

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Speaker 2: not just Balluted that is taking this on as Chris

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Speaker 2: is sort of saying is a bit of a trend

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Speaker 2: because you also spoke to the Van Cleef and Apple CEO,

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Speaker 2: and also they don't want to expand because the other

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Speaker 2: thing is they don't want to expand beyond the thing

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Speaker 2: that they do very very well. But yes, maybe they.

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Speaker 1: Just like us, Caroline. That's why this podcast is so short.

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Speaker 1: We just like to keep it, you know, short and sweet.

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Speaker 1: So perhaps we too are considering ourselves private luxury. We'll

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Speaker 1: think about that. Let's bring you more though on our

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Speaker 1: top story this morning and the results from in Vidia

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Speaker 1: that are helping to dispel some of the fears that

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Speaker 1: the AI industry is in a bubble. Joining us to

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Speaker 1: discuss Matt Bloxham, Senior analyst at Bloomberg Intelligence. Matt, good morning.

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Speaker 1: Let's start them with the forecast, which is a big

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Speaker 1: focus for markets from Nvidia. How bullish was it?

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Speaker 8: Moderately bullish? Show? I would say, you know, so, yeah,

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Speaker 8: so that the market was looking in the Q four

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Speaker 8: to be about sixty two billion of cells, as you

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Speaker 8: said earlier, that they're guiding to sixty five billion plus

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Speaker 8: or minus two percent, So that would be a beat

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Speaker 8: of anywhere between three and seven percent. So it's decent,

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Speaker 8: but it's not, you know, kind of a crazy upside.

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Speaker 8: And I think probably most people, if you kind of

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Speaker 8: push them, said, you know, really, you were probably thinking

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Speaker 8: that they would do more than that sixty two billion,

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Speaker 8: weren't you. I think the answer would be, but yes,

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Speaker 8: because you know, there is so much investment going into

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Speaker 8: this market from the big hyperscalers like Google and Amazon

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Speaker 8: and Meta. So you know, I think it's you know, encouraging,

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Speaker 8: but you know, I don't think it kind of really

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Speaker 8: changes the overall picture that people had in their heads.

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Speaker 2: Okay, I like that very calm assessment. What in Video doing?

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Speaker 4: No.

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Speaker 2: One of the key questions in the report was what

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Speaker 2: the company expects from its China business as US government

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Speaker 2: is restricting the shipment we know of the advanced chips there.

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Speaker 2: Just want you to listen into what the CEO, Jensen

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Speaker 2: One told Bloomberg's Ed Ludlow in our exclusive interview about that.

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Speaker 3: Have a listen, and Video's forecast for China market is zero.

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Speaker 3: We're going to continue to engage the US government, continue

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Speaker 3: to engage the China government to advise them and to

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Speaker 3: encourage them to allow us to go back and compete

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Speaker 3: in the open market, and so until then we should

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Speaker 3: assume zero.

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Speaker 2: Okay, So assuming zero matt, how important is China then

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Speaker 2: to in Vidia's growth, if not now sometime in the future.

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Speaker 8: Yeah, I mean it used to be quite a big

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Speaker 8: part of their business, you know, probably fifteen to twenty

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Speaker 8: percent of the revenues. I think, you know, what he

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Speaker 8: says is a very appropriate thing assumption to have that

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Speaker 8: you know, China is going to be zero of their

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Speaker 8: business going forward. I think, you know, if you compare

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Speaker 8: the past to the future, Historically the issue was mainly

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Speaker 8: about US government restrictions. Obviously those restrictions are still there

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Speaker 8: and there are lots of different dynamics in that. I

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Speaker 8: think going forward is increasingly a competitive issue too, because

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Speaker 8: the likes of Huawei are catching up those technology is

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Speaker 8: still behind, but it is the gap is closing, and

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Speaker 8: the Chinese government is encouraging Chinese firms to use Chinese technology.

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Speaker 8: So I think even if the US restrictions are lifted,

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Speaker 8: a lot of Chinese companies, either because they see better

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Speaker 8: technology homegoing technology, or because they're listening to the government,

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Speaker 8: are simply not going to want to buy in video chips.

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Speaker 1: And something to keep an eye on the story, as

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Speaker 1: well as our latest reporting that White House officials are

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Speaker 1: urging members of Congress to reject a measure that would

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Speaker 1: limit in Video's ability to sell AI chips to China

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Speaker 1: or other adversary nations. That's something to keep an eye

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Speaker 1: on as that ledgister processes underway as well. But the

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Speaker 1: big picture from these results, do they dispel the fears

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Speaker 1: of an AI bubble or will we keep asking this

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Speaker 1: question every quarter until growth starts to slow down.

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Speaker 8: I think we're going to keep asking that question. I think,

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Speaker 8: you know, twenty twenty six is probably the turning point

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Speaker 8: because we've got very clear indications from their major customers,

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Speaker 8: which is still the hyperscalers, that their big investment age

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Speaker 8: is going to continue. So that's where this kind of

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Speaker 8: five hundred billion dollars of kind of forward demand that

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Speaker 8: in Vidio talk about is coming from. The turning point

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Speaker 8: comes when okay, right now, those big hyper scalers are

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Speaker 8: investing for current and also anticipated demand from their big

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Speaker 8: enterprise customers. Enterprise customers are still a very early stage

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Speaker 8: you're evaluating AI and how it's going to transform their businesses.

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Speaker 8: If they come to the conclusion that actually the return

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Speaker 8: on that investment isn't so exciting as they thought, and

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Speaker 8: their natural demand kind of starts to wane. Then the

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Speaker 8: hyperscalers are going to take their foot off the investment pedal.

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Speaker 8: That's going to infect in video, That affecting video that's

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Speaker 8: not going to happen for quite a few quarters to come.

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Speaker 8: So I think whise that kind of plays out, we're

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Speaker 8: still going to have these kind of questions, and I

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Speaker 8: think a lot of the focus is going to turn

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Speaker 8: to what big corporates are doing, and I think they're

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Speaker 8: quarterly results. People be asking what's your investment in AI,

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Speaker 8: how's it working out for you, what's the return on investment?

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Speaker 8: Because that's ultimately what's going to dispel that the bubble issue.

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Speaker 1: Okay, Matt, great to have you with us. Thanks for

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Speaker 1: your analysis this morning. Mark blox and their senior analyst

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Speaker 1: at Bloomberg Intelligence.

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Speaker 2: Stay with us. More from Bloomberg Daybakube coming up after this.

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Speaker 2: Well now to a special Bloomberg investigation. University of Oxford

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Speaker 2: has repeatedly been slow to act against male academics accused

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Speaker 2: of sexual misconduct and inappropriate behavior, including alleged rapes, bullying

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Speaker 2: and predatory behavior towards more junior female staff and students.

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Speaker 2: That's according to a nine month investigation by Bloomberg's Katherine

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Speaker 2: Griffith based on documents and interviews with almost fifty people.

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Speaker 2: Well I sat down with Catherine to discuss her exclusive reporting,

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Speaker 2: and firstly, she began by telling me what she's uncovered.

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Speaker 9: We have found lots and lots of women have come

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Speaker 9: forward as part of our investigation. Some of them have

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Speaker 9: been very kind of emotional and found it quite difficult

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Speaker 9: to speak about things that have happened to them. Others

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Speaker 9: it hasn't necessarily had a huge individual toll, but have

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Speaker 9: come forward to talk about what they have experienced and

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Speaker 9: what some of people they know have experienced. And those

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Speaker 9: accounts have varied from some very very serious things like

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Speaker 9: people who have said they have been raped by individuals

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Speaker 9: while at Oxford University, to people who have been assorted

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Speaker 9: to people who feel that there it's best described as

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Speaker 9: sexual harassment, and it's a lot of different types of

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Speaker 9: experiences of things that have happened. But then also the

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Speaker 9: way when some of these people have tried to come

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Speaker 9: forward with those experiences have had some really difficult times

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Speaker 9: dealing with the university and trying to get the university

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Speaker 9: to hold individuals to account. How has the university responded

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Speaker 9: when you've put your reporting, including the serious allegations, to them.

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Speaker 9: So Oxford has given us an on the record statement

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Speaker 9: and they have said sexual harassment has no place at Oxford.

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Speaker 9: Our sympathies and thoughts are with anyone who has experienced

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Speaker 9: harassment or misconduct. We strive to ensure that Oxford is

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Speaker 9: always a safe space for all students and staff. We

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Speaker 9: take concerns seriously, applying robust procedures. Support for those affected

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Speaker 9: is a priority, and we take precautionary and or disciplinary

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Speaker 9: action where justified. We reject any suggestion that the university

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Speaker 9: tolerates harassment or puts reputation before people's safety. While we

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Speaker 9: cannot comment on individual cases, we are committed to continuous

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Speaker 9: improvement and have strengthened our approach over recent years. Our

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Speaker 9: single comprehensive source of information sets out our approach, support

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Speaker 9: and training. We encourage anyone who has a concern to

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Speaker 9: raise it.

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Speaker 2: Okay, So that's the full Oxford University response. Do you

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Speaker 2: think that Oxford University is worse than other institutions? So

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Speaker 2: I think it has shown itself to be worse in

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Speaker 2: quite a few different ways. It's quite a complicated question

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Speaker 2: because different universities do things in slightly different ways, and

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Speaker 2: Oxford has certainly brought in changes over time, as indeed

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Speaker 2: have other universities and of course other institutions. But I

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Speaker 2: think both in terms of the actual procedures and rules

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Speaker 2: and also crucially in terms of how they are implemented

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Speaker 2: in people's attitudes, Oxford does have a problem that women

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Speaker 2: who are there today feel it is not really wanting

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Speaker 2: to deal with properly. What are the problems with universities

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Speaker 2: in general?

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Speaker 9: So universities have some really really big challenges in this

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Speaker 9: kind of area, and those are the clear power imbalances

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Speaker 9: that exist between tutors, professors and their students and their

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Speaker 9: junior academics, which can make it really, really hard for people,

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Speaker 9: whether it's sexual harassment or other problems, to bring a

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Speaker 9: challenge to their tutors or their senior colleagues. And we

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Speaker 9: see that both in terms of for example, people doing

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Speaker 9: say a PhD, where their supervisor is so so crucial

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Speaker 9: to the success of that PhD and their further career

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Speaker 9: that they really don't feel they can kind of bring

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Speaker 9: a challenge to those people, and for junior academics it

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Speaker 9: can be as bad, if not worse a problem because

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Speaker 9: people are very early on in their careers, they're very,

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Speaker 9: very dependent on people who can be very senior and

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Speaker 9: powerful in their sectors, not just in a direct relationship

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Speaker 9: they may have in terms of that un employment relationship

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Speaker 9: they may have, but also more widely, a senior person

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Speaker 9: may be well known throughout the sector and may therefore

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Speaker 9: play quite a big part in whether that younger junior

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Speaker 9: person is able to flourish in their chosen career.

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Speaker 2: Do you think there has been any change. Your reporting

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Speaker 2: is both about things recently but also quite historic, So.

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Speaker 9: I think at Oxford there has been some change. For example,

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Speaker 9: they brought in a new policy in September this year

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Speaker 9: dealing mainly with problems that students may have. But actually

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Speaker 9: what really is quite striking is talking to people going back,

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Speaker 9: say twenty twenty five years up until the present day,

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Speaker 9: there have been several moments where people thought, finally it

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Speaker 9: was a real crisis that had kind of risen to

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Speaker 9: a level of consciousness that would force a stronger set

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Speaker 9: of changes. There was, for example, an incredibly sad example

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Speaker 9: of a young woman committing suicide in twenty thirteen that

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Speaker 9: people thought at the time would lead to Oxford introducing

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Speaker 9: stronger processes for dealing with senior academics. More recently, in

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Speaker 9: the last few years, there was some reporting by Al

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Speaker 9: Jazeera about certain professors at Oxford University that women at

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Speaker 9: Oxford at the time also thought would lead to big changes.

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Speaker 9: Some of those people talking to us now say how

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Speaker 9: disappointed they feel that that does not seem to have

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Speaker 9: led to change.

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Speaker 1: This is Bloomberg Daybreak Europe, your morning brief on the

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