1
00:00:01,480 --> 00:00:03,600
Speaker 1: News when you want it with Bloomberg News Now, I'm

2
00:00:03,640 --> 00:00:06,120
Speaker 1: Doug Prisner, and we begin with the launch of the

3
00:00:06,240 --> 00:00:09,720
Speaker 1: ninth test flight of Starship. Today marked the third major

4
00:00:09,800 --> 00:00:13,800
Speaker 1: setback for SpaceX. The Starship rocket suffered a leak halfway

5
00:00:13,840 --> 00:00:17,120
Speaker 1: through its flight, tumbled out of control in space, and

6
00:00:17,200 --> 00:00:20,919
Speaker 1: then exploded. The previous two test flights, one in January

7
00:00:21,000 --> 00:00:25,639
Speaker 1: another in March, also ended in explosions. Elon Musk says

8
00:00:25,680 --> 00:00:28,560
Speaker 1: he is disappointed by the price tag of the domestic

9
00:00:28,600 --> 00:00:31,640
Speaker 1: spending bill passed last week by Republicans in the House.

10
00:00:32,159 --> 00:00:35,320
Speaker 1: Here is Musk speaking to CBS News in an interview

11
00:00:35,360 --> 00:00:38,120
Speaker 1: scheduled for broadcast on CBS Sunday morning.

12
00:00:38,960 --> 00:00:41,400
Speaker 2: I think a bill can be big, or it can

13
00:00:41,440 --> 00:00:44,120
Speaker 2: be beautiful, but I don't know if it could be

14
00:00:44,159 --> 00:00:46,320
Speaker 2: buked opinion now.

15
00:00:46,440 --> 00:00:49,360
Speaker 1: Musk's comments appear to put him at odds with President Trump,

16
00:00:49,440 --> 00:00:53,080
Speaker 1: who has championed the package. This legislation still needs to

17
00:00:53,120 --> 00:00:57,000
Speaker 1: clear the US Senate. Among the bill's attributes the extension

18
00:00:57,040 --> 00:00:59,960
Speaker 1: of the twenty seventeen tax cuts, a boost to border

19
00:01:00,120 --> 00:01:04,560
Speaker 1: security and work requirements on Medicaid, as well as a

20
00:01:04,680 --> 00:01:09,000
Speaker 1: rollback on clean energy tax credits. Wall Street kicked off

21
00:01:09,000 --> 00:01:11,440
Speaker 1: the week with a rally in stocks. The market was

22
00:01:11,480 --> 00:01:15,360
Speaker 1: boasted by a sharp rebound in consumer confidence and an

23
00:01:15,360 --> 00:01:18,320
Speaker 1: agreement between the US and the European Union to speed

24
00:01:18,400 --> 00:01:21,480
Speaker 1: up trade talks. Stephen Myron is the chairman of the

25
00:01:21,520 --> 00:01:23,119
Speaker 1: Council of Economic Advisors.

26
00:01:23,319 --> 00:01:26,680
Speaker 2: Look, President Trump is one of the best negotiators in history,

27
00:01:26,720 --> 00:01:30,720
Speaker 2: and throughout his long career he's forged hundreds of deals

28
00:01:30,760 --> 00:01:34,200
Speaker 2: in commercial real estate, in residential real estate and financial markets,

29
00:01:34,240 --> 00:01:38,000
Speaker 2: in legislation, and yes, in international trade as well. And

30
00:01:38,040 --> 00:01:40,520
Speaker 2: what he's demonstrated yet again is that he knows how

31
00:01:40,560 --> 00:01:43,399
Speaker 2: to bring the sides together to talk. And just as

32
00:01:43,400 --> 00:01:46,640
Speaker 2: his tariffs bought China to the negotiating table to force

33
00:01:46,760 --> 00:01:48,920
Speaker 2: the Phase one trade deal in his first term, he's

34
00:01:48,920 --> 00:01:51,559
Speaker 2: managed to bring the EU to the negotiating table as well.

35
00:01:51,600 --> 00:01:53,960
Speaker 1: That was Stephen Myron, chair of the White House Council

36
00:01:54,000 --> 00:01:58,560
Speaker 1: of Economic Advisors, speaking on Bloomberg's balance of Power. Incidentally,

37
00:01:58,600 --> 00:02:01,000
Speaker 1: today the S and P five hundred picked up two

38
00:02:01,040 --> 00:02:04,320
Speaker 1: percent shares in Nvidia, We're up by more than three

39
00:02:04,440 --> 00:02:07,280
Speaker 1: percent today. The chip maker will be the last of

40
00:02:07,320 --> 00:02:11,120
Speaker 1: the Magnificent seven tech companies to report earnings. Those numbers

41
00:02:11,120 --> 00:02:13,680
Speaker 1: are due tomorrow after the closing bell, we have a

42
00:02:13,680 --> 00:02:15,360
Speaker 1: preview from Bloomberg's Tom Busby.

43
00:02:15,480 --> 00:02:18,960
Speaker 3: While demand for Nvidia's AI chips remain strong from US

44
00:02:18,960 --> 00:02:22,000
Speaker 3: firms still building out their AI infrastructure, the big question

45
00:02:22,200 --> 00:02:24,840
Speaker 3: how the company is dealing with curbs on chipping its

46
00:02:24,840 --> 00:02:27,880
Speaker 3: products to customers in China that prompted the company to

47
00:02:27,919 --> 00:02:30,120
Speaker 3: already announce a five and a half billion dollar write

48
00:02:30,120 --> 00:02:32,959
Speaker 3: down a few weeks back. Also key for investors any

49
00:02:33,040 --> 00:02:35,920
Speaker 3: update on plans to launch cheaper Blackwell chips just for

50
00:02:35,960 --> 00:02:38,919
Speaker 3: the Chinese market and a timeline for its next generation

51
00:02:39,240 --> 00:02:43,200
Speaker 3: Rubin processors. Despite the expected write down, Bloomberg consensus calls

52
00:02:43,200 --> 00:02:46,080
Speaker 3: for revenue of forty three point three two billion dollars

53
00:02:46,320 --> 00:02:50,560
Speaker 3: adjusted earnings per share of eighty eight cents. Tom buzzby Bloomberg.

54
00:02:50,080 --> 00:02:53,560
Speaker 1: Radio tomorrow evening Bloomberg sed Ludlow will be sitting down

55
00:02:53,639 --> 00:02:56,560
Speaker 1: with Nvidia CEO Jensen Huang, and you can catch that

56
00:02:56,680 --> 00:03:00,600
Speaker 1: conversation tomorrow night, six thirty pm Wall Street Time on

57
00:03:00,680 --> 00:03:04,680
Speaker 1: Bloomberg Radio. The Trump administration is aiming to cancel all

58
00:03:04,760 --> 00:03:08,960
Speaker 1: remaining federal contracts with Harvard University. They are worth an

59
00:03:09,040 --> 00:03:12,840
Speaker 1: estimated one hundred million dollars. Here is Bloomberg's Janet Lauren.

60
00:03:13,000 --> 00:03:17,040
Speaker 4: So the government contracts with universities like Harvard and Yale

61
00:03:17,120 --> 00:03:22,239
Speaker 4: and other schools in the University of Texas for research,

62
00:03:22,440 --> 00:03:27,000
Speaker 4: basic research and other things, and they're often multi year contracts.

63
00:03:27,080 --> 00:03:32,360
Speaker 4: Sometimes you have other universities as subcontractors, and those are

64
00:03:32,760 --> 00:03:38,000
Speaker 4: now gone. And I suppose in theory the government could

65
00:03:38,160 --> 00:03:44,240
Speaker 4: in another round choose other universities to perform these research.

66
00:03:44,360 --> 00:03:47,960
Speaker 1: That is Bloomberg's Janet Lauren. The Department of Homeland Security

67
00:03:48,080 --> 00:03:51,480
Speaker 1: is asked the Supreme Court to intervene in a deportation

68
00:03:51,720 --> 00:03:54,440
Speaker 1: case more from Bloomberg's Amy Morris in Washington.

69
00:03:54,920 --> 00:03:58,320
Speaker 5: The emergency request to block a judge's order requiring the

70
00:03:58,320 --> 00:04:01,440
Speaker 5: government to give people notice and an opportunity to object

71
00:04:01,640 --> 00:04:04,440
Speaker 5: before they are deported to a so called third country.

72
00:04:04,760 --> 00:04:07,800
Speaker 5: This stems from a case before a Massachusetts federal judge

73
00:04:07,840 --> 00:04:11,720
Speaker 5: who last week said the administration violated his earlier order

74
00:04:12,120 --> 00:04:15,200
Speaker 5: by attempting to send eight migrants convicted of crimes to

75
00:04:15,320 --> 00:04:18,120
Speaker 5: South Sudan. This is one of a growing number of

76
00:04:18,200 --> 00:04:22,400
Speaker 5: instances of judges finding US officials failing to fully comply

77
00:04:22,560 --> 00:04:25,960
Speaker 5: with their orders. In Washington, Amy Morris Bloomberg Radio

78
00:04:26,200 --> 00:04:28,240
Speaker 1: And that is news when you want it, with Bloomberg

79
00:04:28,279 --> 00:04:31,160
Speaker 1: News Now, I'm Doug Chrisner, and this is Bloomberg