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Speaker 1: Bloomberg Audio Studios, podcasts, radio news. Good morning, I'm Nathan

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Speaker 1: Hager and I'm Karen Moscow. Here are the stories we're

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Speaker 1: following today, Karen.

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Speaker 2: Markets are bracing for results from Nvidia. They come out

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Speaker 2: after the closing bill this afternoon. Stocks are trading near

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Speaker 2: all time highs ahead of those earnings. At Yard Denny

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Speaker 2: of yr Denny Research says there is still plenty of

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Speaker 2: money on the sidelines that will be put to work.

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Speaker 3: The market has demonstrated not only that it's a bullmarket,

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Speaker 3: but it's it's a very superchargabull market. I think what's

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Speaker 3: supercharging that is there's still a tremendous amount of liquidity

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Speaker 3: in the financial system.

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Speaker 4: You know.

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Speaker 3: The increase in indust rates encouraged a lot of people

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Speaker 3: to pile into money market mutual funds. So we have

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Speaker 3: a record six trillion dollars in money market mutual funds

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Speaker 3: and two and a half trillion of that is retail

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Speaker 3: and is the FED lowers into streets that money. Some

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Speaker 3: of that money will pour into the stock market.

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Speaker 2: Investor ed Yard Denny remains one of the biggest bulls

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Speaker 2: on Wall Street well as.

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Speaker 1: For Nvidia, Nathan, the results could have a huge impact

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Speaker 1: not only on that stock, but the overall market. The

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Speaker 1: options market implies a move of nearly ten percent in

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Speaker 1: either direction. The day after, we get an earnings preview

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Speaker 1: from Bloomberg's Tom Busby.

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Speaker 5: Wall Street expecting Nvidia to report blowout results for its

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Speaker 5: latest quarter on blockbuster sales of its AI chips and

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Speaker 5: the big focus its outlook. Some are expecting revenue growth

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Speaker 5: rising as much as seventy percent for the current quarter,

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Speaker 5: and despite sufficient demand for its current chip lineup, investors

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Speaker 5: will want to hear the latest on the delayed rollout

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Speaker 5: of its upcoming Blackwell chips. Consensus calls for revenue of

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Speaker 5: twenty eight point eighty six billion on adjusted earning some

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Speaker 5: sixty five cents a share. Tom Busby, Bloomberg Radio, All.

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Speaker 1: Right, Tom, thanks, and ahead of those results, shares of

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Speaker 1: Nvidia are up half percent. After we get the results,

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Speaker 1: joined Bloomberg Technology for a half hour in vidias special

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Speaker 1: highlighted by an exclusive interview with CEO Jensen Wong. That's

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Speaker 1: at six thirty pm Wall Street time on Bloomberg Radio

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Speaker 1: and television.

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Speaker 2: Will we be keeping an eye on shares of a

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Speaker 2: Bank of America, Karen, they're a little change to the

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Speaker 2: downside in early trading, but Warren Buffett is continuing to

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Speaker 2: unload his stake in the US's second biggest bank. Buffett's

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Speaker 2: Berkshire Hathaway sold an additional nine hundred eighty two million

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Speaker 2: dollars in Bank of America. The conglomerate has trimmed its

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Speaker 2: steak by almost thirteen percent since mid July, generating five

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Speaker 2: point four billion dollars. Berkshire still remains the bank's biggest stockholder,

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Speaker 2: with almost nine hundred four million shares worth thirty five

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Speaker 2: point nine billion dollars.

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Speaker 1: Well, Nathan, there's job cuts at Apple. Bloomberg News has

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Speaker 1: learned the iPhone maker took the rare step of cutting

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Speaker 1: about one hundred positions in its digital services group. The

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Speaker 1: layoffs included some engineering roles, and the biggest cuts were

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Speaker 1: at the team responsible for the Apple Books app and

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Speaker 1: Apple Bookstore. There were also layoffs and other services teams,

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Speaker 1: including the one that runs Apple News Karen.

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Speaker 2: Job cuts maybe on the way at HSBC. Bloomberg News

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Speaker 2: has learned Europe's biggest lender is considering plans that would

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Speaker 2: remove layers of middle management. Sources say incoming CEO George

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Speaker 2: Elle Hedriy's looking at moves similar to rival City Group

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Speaker 2: and Standard Chartered. Bloomberg's Adam Haig has more from Sydney.

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Speaker 6: This is the first sign of what we're seeing from

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Speaker 6: the new CEO and really wanting to make his mark

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Speaker 6: early on in terms of the cost control. So what

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Speaker 6: we know at this point is that it's likely to

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Speaker 6: affect middle management roles, so that could include country head

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Speaker 6: type roles in some of its global network. But there's

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Speaker 6: still uncertainty as to how this plays out, and of

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Speaker 6: course these plans are potentially subject to change of course

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Speaker 6: as well.

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Speaker 2: Bloomberg's Adam Haig says the discussions are the latest sign

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Speaker 2: the banks looking to rein in costs as rate cuts

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Speaker 2: threaten the margins of global lenders like HSBC.

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Speaker 1: Well. Another news this morning, Nathan SpaceX is once again

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Speaker 1: delaying the first ever private spacewalk, this time because of

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Speaker 1: weather after Tuesday's initial launch was scrubbed for a helium lake.

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Speaker 1: SpaceX says it's standing down from liftoff opportunities today and

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Speaker 1: tomorrow because of an unfavorable forecast in the spacecraft's splash

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Speaker 1: down area off the coast of Florida. SpaceX says teams

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Speaker 1: will continue to monitor weather for better conditions if it

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Speaker 1: gets off the ground. Polaris Dawn is in for a

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Speaker 1: fifteen to twenty minute spacewalk by two of the four

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Speaker 1: private astronauts on board.

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Speaker 2: Back on Earth, Karen. The US Special Council investigating Donald

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Speaker 2: Trump for election interference is pressing ahead. Bloomberg's Nancy Lyons

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Speaker 2: has the latest.

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Speaker 7: Special Council Jack Smith is not giving up on his

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Speaker 7: prosecution of Donald Trump, even though he faced a setback

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Speaker 7: this summer before the Supreme Court. He's filed an updated

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Speaker 7: indictment following the court's rolling that Trump was at least

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Speaker 7: partially immune from prosecution related to his official access president.

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Speaker 7: The new indictment removes allegations related to Trump's communications with

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Speaker 7: government officials at the Department of Justice during his presidency,

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Speaker 7: but it keeps intact the same four charges against Trump,

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Speaker 7: which include accusations of conspiring to overturn election results in Washington.

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Speaker 7: Nancy Lyons Bloomberg Radio, all.

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Speaker 1: Right, Nancy, thank you. Now, let's get to the latest

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Speaker 1: on geopolitics. White House National Security Advisor Jake Sullivan is

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Speaker 1: meeting for a second day with Chinese Foreign Minister Wang

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Speaker 1: Yi in the outskirts of Beijing. Bloomberg Staldesus is in

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Speaker 1: Hong Kong and says the two leaders have a full played.

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Speaker 8: The US obviously feels very strongly about China's involvements in

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Speaker 8: backing of Russian forces fighting the war in Ukraine. You've

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Speaker 8: also have a lot of concerns over semiconductors and tariffs

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Speaker 8: and other punitive measures that the US and its allies

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Speaker 8: have taken on a lot of Chinese projects. Just this

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Speaker 8: week we had Canada US ally implements some new tariffs

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Speaker 8: on Chinese evs. That's certainly on the agenda. And then

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Speaker 8: you also have a lot of concerns around military actions

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Speaker 8: within the South China Sea. That's something that likely the

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Speaker 8: US is going to be bringing up here also any

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Speaker 8: issues to robbing Taiwan, which of course China claims as

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Speaker 8: its own territory even though it operates independently. So we're

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Speaker 8: really just running the gamut.

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Speaker 1: In Bloemerrige dal and diesis or Port, Sullivan is hoping

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Speaker 1: to make clear to the Foreign Minister that he is

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Speaker 1: not speaking for the next administration and speaking.

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Speaker 2: Of whatever the next administration may be. Karen Vice President

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Speaker 2: Kamala Harris and her running mate Tim Walls are getting

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Speaker 2: back on the campaign trail today, kicking off a two

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Speaker 2: day bus tour through the battleground state of Georgia. While there,

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Speaker 2: Harris will give her first interview since becoming a candidate.

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Speaker 2: She has agreed to appear on CNN tomorrow night. Republican

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Speaker 2: running mate jd Vance was on the campaign trail in Michigan,

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Speaker 2: and he criticized Harris's convention speech.

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Speaker 5: I think our tone is ridiculous. In our speech, they

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Speaker 5: are extremely serious consequences to voting for Donald Trump.

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Speaker 2: I don't think that's persuasive to most Americans, and warning

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Speaker 2: them about voting for the wrong person is just I

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Speaker 2: think it's ridicul The Republicans JD Vance and Donald Trump

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Speaker 2: have been pressuring Harris to do more unscripted events. Tomorrow

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Speaker 2: Night's interview with Harris and Tim Walls will air on

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Speaker 2: CNN at nine pm tomorrow. Wall Street Time, and it's.

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Speaker 1: Time now for a look at some of the other

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Speaker 1: stories making news in New York and around the world.

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Speaker 1: And for that we're joined by Bloomberg's Michael Barr.

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Speaker 4: Michael, Good Morning, Good morning, Karen. A horrifying story after

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Speaker 4: a couple in their fifties was kidnapped and assaulted while

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Speaker 4: house hunting in Danberry, Connecticut. Authorities say their Lamborghini was

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Speaker 4: intentionally rear ended by a van. Six men said to

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Speaker 4: be from Florida attacked the couple and forced them into

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Speaker 4: the van. Witness alerted police and pursue the van until

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Speaker 4: it crashed, leading to the couple's rescue. All six suspects

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Speaker 4: were caught. Sergeant Stephen Castravinci is with the Danberry Police.

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Speaker 2: We've did a lot of background work on them, but

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Speaker 2: this time it doesn't seem.

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Speaker 1: They have any connections to the northeast. Are all Miami,

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Speaker 1: Florida guys.

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Speaker 4: All six face multiple charges, including assault and kidnapping. Ukrainian

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Speaker 4: President Vladimir Lenski will present a plan to force Russia

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Speaker 4: to hold its invasion of his country to President Joe

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Speaker 4: Biden just weeks before the US holds November elections. Selensky

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Speaker 4: says that he wants to discuss the blueprint with Biden

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Speaker 4: during his trip to the United Nations General Assembly meeting

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Speaker 4: in New York in September. Zelenski also says he will

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Speaker 4: present it to presidential candidates Kamala Harris and Donald Trump.

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Speaker 4: Personal injury attorney Tom Girardi, who gained notoriety when his

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Speaker 4: wife Erica appeared on the Real Housewives of Beverly Hills,

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Speaker 4: has been found guilty of embezzling fifteen million dollars from

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Speaker 4: his clients. The prominent Los Angeles attorney was a key

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Speaker 4: figure in helping secure a settlement that later became the

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Speaker 4: storyline to the movie Erin Brockovich. US attorney Martine Strata

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Speaker 4: is insatiable appetite for money.

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Speaker 7: Is it led him to court?

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Speaker 4: And what led to the verdict today? Kimberly Archie, who

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Speaker 4: once worked as a legal consultant for Girardi's firm, spoke

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Speaker 4: after the verdict.

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Speaker 9: I actually believe at one point that Tom Girardi was

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Speaker 9: a decent human being, that he was a hero. You

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Speaker 9: know what they say about meeting your heroes, right, I'm

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Speaker 9: going to disappoint you.

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Speaker 4: Girardi sentencing is set for December sixth. We're learning. Police

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Speaker 4: in Nassau County made their first arrest under a new

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Speaker 4: local law matning face masks and the announcement yesterday. Officers

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Speaker 4: responded to reports of a suspicious person on a street

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Speaker 4: near the Levittown and Hicksfield town line. Sunday night. Authority

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Speaker 4: say eighteen year old Westland Omar Ramirez Castile was wearing

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Speaker 4: black clothing and a black ski mask that covered most

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Speaker 4: of his face and displayed other suspicious behavior. Police said

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Speaker 4: that Ramirez Castile was carrying a fourteen inch knife. He

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Speaker 4: was arrested without incident. Global News twenty four hours a

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Speaker 4: day and whenever you want it with the Bloomberg News. Now.

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Speaker 4: I'm Michael Barr, and this is Bloomberg Karen ray Bar.

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Speaker 6: Thank you.

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Speaker 1: Time now for the Bloomberg Sports Update with John stash Hour.

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Speaker 10: John, good morning, Good morning Caaren. The Mets road trip

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Speaker 10: continuing that Arizona, another hot team like San Diego, who

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Speaker 10: the Mets just split with. Mets took the opener eight

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Speaker 10: to three. Pete Alonso two run homers, second and he

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Speaker 10: Mets then put it away with six in the fifth,

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Speaker 10: tenth win for Shawn and Iya took a shutout to

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Speaker 10: the seventh and he struck out eleven. Atlanta one at

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Speaker 10: Minnesota remained three games ahead of the Mets. The Yankee

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Speaker 10: lead Ali's trimmed to a game. Baltimore beat the Dodgers

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Speaker 10: after The Yankees lost in Washington four to two, shutout

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Speaker 10: until the eighth didn't fail to score against the NAT's

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Speaker 10: Patrick Corbin, who came in three and twelve. Garrett Cole

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Speaker 10: serves up a couple of solo home runs and the

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Speaker 10: Yanks committed four errors.

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Speaker 11: Here's aaron, Judge, you can't do that if we expect

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Speaker 11: to win ball games. You know, we had a chance

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Speaker 11: to at the end a couple of chances last Suings

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Speaker 11: had come back and maybe won it. And I stinkd

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Speaker 11: that went out, but you know, couldn't come away with it.

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Speaker 11: But I think we had a don't know if it

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Speaker 11: was three or four hours on the on the night,

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Speaker 11: but anytime something like that happens, let's till the win

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Speaker 11: a ball game.

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Speaker 10: Judge came up eight. Dinny with the basisload of No.

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Speaker 10: One out hit into a double play Red Soaps mae

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Speaker 10: Toronto six to three. Kansas City won six to one

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Speaker 10: at Cleveland. The surprising Royals have won ten in the

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Speaker 10: last thirteen. They'd moved into a tie for first Al Central.

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Speaker 10: The Guardians have been in first almost all season.

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Speaker 4: Primetime.

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Speaker 10: At the US Open, Carlos Alcoraz in what figured to

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Speaker 10: be an easy one in Australia's Lee two. A qualifier

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Speaker 10: had only played in one Grand Slam match ever, and

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Speaker 10: yet he took the second set. Alcoraz did win in four.

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Speaker 10: An outer court match between Daniel Evans and Karin catching Off,

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Speaker 10: Evans won in five sets. All five took more than

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Speaker 10: an hour. The match took a US Open record five

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Speaker 10: hours and thirty five minutes. The Giants cut Isaiah Hodgkins.

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Speaker 10: He played a big role a couple of years ago,

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Speaker 10: had over one hundred receiving yards in the playoff win

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Speaker 10: at Minnesota. Another whiteout. Kadarius Tony cut by the Chiefs.

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Speaker 10: Giants gave up on Tony the year after they drafted

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Speaker 10: him the first round. He did have some big plays

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Speaker 10: in Kansas City Super Bowl win. Johns Stashedward Bloomberg Sports Care.

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Speaker 1: Nathan, all right, John, thank you all for your listening

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Speaker 1: to us in Boston. Our new home is starting September third,

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Speaker 1: will be ninety two nine FM. That's the day right

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Speaker 1: after Labor Day. Bloomberg Radio moving to ninety two nine

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Speaker 1: FM in Boston, Coast to coast.

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Speaker 4: On Bloomberg Radio, nationwide on Sirius XM, and around the

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Speaker 4: world on Bloomberg dot Com and the Bloomberg Business app.

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Speaker 2: This is Bloomberg Daybreak. Good morning, I'm Nathan Hager. The

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Speaker 2: earnings that investors have been waiting for weeks are now

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Speaker 2: hours away. In Vidia opens its second quarter books after

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Speaker 2: today's closing bell with another high bar to clear to

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Speaker 2: show the AI spending. Boom still has momentum, joining us

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Speaker 2: ahead of Nvidia. This morning, Bloomberg TV and radio anchor

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Speaker 2: Kritty Gupta Critty, good morning. It seems like investors have

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Speaker 2: gotten used to blowout earnings quarter after quarter for Nvidia.

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Speaker 2: So how high is the bar this time and what

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Speaker 2: will the reaction be if Nvidia doesn't meet it.

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Speaker 12: Well, it's a blessing and a curse to be a

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Speaker 12: plus student. And I think that's the big issue here

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Speaker 12: with Nvidia, because to your point, it has been a

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Speaker 12: win after win, But this is I think the first

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Speaker 12: time we're actually seeing more nerves than I've seen in

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Speaker 12: the last couple of quarters around it. And let me

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Speaker 12: just put this into some perspective here in terms of

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Speaker 12: some of the numbers that they are expecting when it

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Speaker 12: comes to estimates for the second quarter. The revenue estimate

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Speaker 12: right now is about just I have twenty nine billion

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Speaker 12: dollars for the second quarter, so that's the number that

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Speaker 12: they have to beat. With the third quarter of kind

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Speaker 12: of forward guidance being at about thirty just ty have

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Speaker 12: thirty two billions. Those are the numbers that Nvidia has

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Speaker 12: to beat from a revenue perspective. Anything short of that

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Speaker 12: would signals some sort of slow down in the a

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Speaker 12: underlying AI demand, not just from kind of the broad

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Speaker 12: tech space, but a lot of it coming from the hyperscalers.

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Speaker 12: So you're what they're calling kind of the big tech

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Speaker 12: companies Amazon, Microsoft, Alphabet, the ones that have been trying

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Speaker 12: to really invest in a really big way in AI

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Speaker 12: while also getting their own in house operations up to

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Speaker 12: par when it comes to AI. So it's kind of

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Speaker 12: been a little bit of a liquidity transfer basic the

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Speaker 12: richest companies in the States and arguably in the world

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Speaker 12: spending in a really big way to Nvidia, to the

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Speaker 12: point that makes Nvidia's bottom line over fifty percent of

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Speaker 12: it coming from just a handful of those MAGS seven names.

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Speaker 12: So that's kind of I think the bar or I

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Speaker 12: think what's at stake here when it comes to these

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Speaker 12: earnings today.

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Speaker 2: So we do have a lot of companies doing a

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Speaker 2: lot more in house development of these kinds of chips

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Speaker 2: that in Nvidia up to this point has been the

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Speaker 2: only game in town providing could we see more color

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Speaker 2: from Nvidia on whether it's concerned at all about losing

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Speaker 2: some market share.

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Speaker 12: So this was one of the concerns going into after

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Speaker 12: the last quarter, which was this idea of diversification. Because

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Speaker 12: so much of their money, or so much of their

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Speaker 12: customer base comes from really just a handful of big names,

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Speaker 12: the questionnaire is how do they make it a bigger thing?

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Speaker 12: For example, is AI something that just kind of the

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Speaker 12: nerdiest of the nerdy can really use, or is this

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Speaker 12: something that can see broader adoption in other sectors, in infrastructure,

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Speaker 12: in renewables, in industrials, even in things like medical equipment.

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Speaker 12: And that was the case that Jensen Wong was trying

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Speaker 12: to make in the last quarter, was that this is

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Speaker 12: just the beginning. This is just tech getting on board

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Speaker 12: of AI. The applications go much farther when it comes

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Speaker 12: to the near term picture. To answer your question, Nathan, specifically,

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Speaker 12: for today, a lot of investors are going to be

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Speaker 12: looking for the update on the Blackwell chip and The

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Speaker 12: way to think about some of the chips that Nvidia

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Speaker 12: puts out when it comes to gaming or data centers

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Speaker 12: is I would compare it to the likes of kind

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Speaker 12: of getting a new iPhone from Apple, and that they

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Speaker 12: have this design cycle, this innovation cycle where they're releasing

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Speaker 12: a new version every year, every two years that is

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Speaker 12: cutting edge, etc. The problem is Blackwell, which is their

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Speaker 12: latest product, is expected to have some delays. So one

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Speaker 12: of the pieces of commentary that a lot of folks

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Speaker 12: are going to be sensitive to what did the delays

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Speaker 12: look like? Doesn't impact future product projects and does the

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Speaker 12: signal kind of this capacity constraint or any sort of

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Speaker 12: supply chain constraint when it comes to getting the AI

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Speaker 12: delivered to some of their customers.

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Speaker 2: Just thirty seconds left, we're going to be getting some

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Speaker 2: more commentary from Nvidia CEO Jensen Wong on a Bloomberg

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Speaker 2: Technology special this evening. If you were at Ludlow this evening,

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Speaker 2: what would you be asking Jensen Wong.

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Speaker 12: Well, knowing ed Ludlow, I bet his verse be on montization,

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Speaker 12: what that pricing looks like, because that's going to be

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Speaker 12: the game changer here. They've developed the technology they've marketed

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Speaker 12: the technology. How much money can you make on the technology?

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Speaker 12: I bet that would be a top of live bread.

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Speaker 2: This is Bloomberg day Break Today, your morning brief on

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