WEBVTT - Global Markets Await Nvidia; Buffett Dumps More BofA Shares

0:00:02.480 --> 0:00:10.760
<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news. Good morning, I'm Nathan

0:00:10.800 --> 0:00:13.760
<v Speaker 1>Hager and I'm Karen Moscow. Here are the stories we're

0:00:13.800 --> 0:00:15.400
<v Speaker 1>following today, Karen.

0:00:15.480 --> 0:00:19.040
<v Speaker 2>Markets are bracing for results from Nvidia. They come out

0:00:19.079 --> 0:00:22.840
<v Speaker 2>after the closing bill this afternoon. Stocks are trading near

0:00:22.920 --> 0:00:26.160
<v Speaker 2>all time highs ahead of those earnings. At Yard Denny

0:00:26.320 --> 0:00:28.800
<v Speaker 2>of yr Denny Research says there is still plenty of

0:00:28.800 --> 0:00:31.040
<v Speaker 2>money on the sidelines that will be put to work.

0:00:31.440 --> 0:00:35.200
<v Speaker 3>The market has demonstrated not only that it's a bullmarket,

0:00:35.280 --> 0:00:39.720
<v Speaker 3>but it's it's a very superchargabull market. I think what's

0:00:39.960 --> 0:00:43.040
<v Speaker 3>supercharging that is there's still a tremendous amount of liquidity

0:00:43.080 --> 0:00:45.320
<v Speaker 3>in the financial system.

0:00:45.560 --> 0:00:45.760
<v Speaker 4>You know.

0:00:45.840 --> 0:00:49.080
<v Speaker 3>The increase in indust rates encouraged a lot of people

0:00:49.120 --> 0:00:51.960
<v Speaker 3>to pile into money market mutual funds. So we have

0:00:52.000 --> 0:00:54.760
<v Speaker 3>a record six trillion dollars in money market mutual funds

0:00:54.800 --> 0:00:57.760
<v Speaker 3>and two and a half trillion of that is retail

0:00:57.920 --> 0:01:02.480
<v Speaker 3>and is the FED lowers into streets that money. Some

0:01:02.600 --> 0:01:05.920
<v Speaker 3>of that money will pour into the stock market.

0:01:06.080 --> 0:01:09.080
<v Speaker 2>Investor ed Yard Denny remains one of the biggest bulls

0:01:09.120 --> 0:01:11.000
<v Speaker 2>on Wall Street well as.

0:01:10.920 --> 0:01:14.440
<v Speaker 1>For Nvidia, Nathan, the results could have a huge impact

0:01:14.480 --> 0:01:17.280
<v Speaker 1>not only on that stock, but the overall market. The

0:01:17.319 --> 0:01:20.200
<v Speaker 1>options market implies a move of nearly ten percent in

0:01:20.240 --> 0:01:23.480
<v Speaker 1>either direction. The day after, we get an earnings preview

0:01:23.480 --> 0:01:25.520
<v Speaker 1>from Bloomberg's Tom Busby.

0:01:25.720 --> 0:01:29.160
<v Speaker 5>Wall Street expecting Nvidia to report blowout results for its

0:01:29.240 --> 0:01:32.240
<v Speaker 5>latest quarter on blockbuster sales of its AI chips and

0:01:32.280 --> 0:01:36.080
<v Speaker 5>the big focus its outlook. Some are expecting revenue growth

0:01:36.160 --> 0:01:39.160
<v Speaker 5>rising as much as seventy percent for the current quarter,

0:01:39.520 --> 0:01:42.920
<v Speaker 5>and despite sufficient demand for its current chip lineup, investors

0:01:42.920 --> 0:01:45.120
<v Speaker 5>will want to hear the latest on the delayed rollout

0:01:45.200 --> 0:01:49.040
<v Speaker 5>of its upcoming Blackwell chips. Consensus calls for revenue of

0:01:49.040 --> 0:01:51.680
<v Speaker 5>twenty eight point eighty six billion on adjusted earning some

0:01:51.800 --> 0:01:55.720
<v Speaker 5>sixty five cents a share. Tom Busby, Bloomberg Radio, All.

0:01:55.720 --> 0:01:58.240
<v Speaker 1>Right, Tom, thanks, and ahead of those results, shares of

0:01:58.360 --> 0:02:01.960
<v Speaker 1>Nvidia are up half percent. After we get the results,

0:02:02.040 --> 0:02:05.960
<v Speaker 1>joined Bloomberg Technology for a half hour in vidias special

0:02:06.360 --> 0:02:10.360
<v Speaker 1>highlighted by an exclusive interview with CEO Jensen Wong. That's

0:02:10.400 --> 0:02:13.320
<v Speaker 1>at six thirty pm Wall Street time on Bloomberg Radio

0:02:13.440 --> 0:02:14.279
<v Speaker 1>and television.

0:02:14.400 --> 0:02:15.880
<v Speaker 2>Will we be keeping an eye on shares of a

0:02:16.000 --> 0:02:18.680
<v Speaker 2>Bank of America, Karen, they're a little change to the

0:02:18.760 --> 0:02:21.960
<v Speaker 2>downside in early trading, but Warren Buffett is continuing to

0:02:22.040 --> 0:02:26.440
<v Speaker 2>unload his stake in the US's second biggest bank. Buffett's

0:02:26.440 --> 0:02:29.720
<v Speaker 2>Berkshire Hathaway sold an additional nine hundred eighty two million

0:02:29.760 --> 0:02:33.080
<v Speaker 2>dollars in Bank of America. The conglomerate has trimmed its

0:02:33.080 --> 0:02:36.600
<v Speaker 2>steak by almost thirteen percent since mid July, generating five

0:02:36.680 --> 0:02:41.120
<v Speaker 2>point four billion dollars. Berkshire still remains the bank's biggest stockholder,

0:02:41.160 --> 0:02:44.960
<v Speaker 2>with almost nine hundred four million shares worth thirty five

0:02:45.000 --> 0:02:46.520
<v Speaker 2>point nine billion dollars.

0:02:47.000 --> 0:02:49.880
<v Speaker 1>Well, Nathan, there's job cuts at Apple. Bloomberg News has

0:02:49.960 --> 0:02:52.480
<v Speaker 1>learned the iPhone maker took the rare step of cutting

0:02:52.480 --> 0:02:55.880
<v Speaker 1>about one hundred positions in its digital services group. The

0:02:56.000 --> 0:02:59.240
<v Speaker 1>layoffs included some engineering roles, and the biggest cuts were

0:02:59.280 --> 0:03:02.120
<v Speaker 1>at the team responsible for the Apple Books app and

0:03:02.160 --> 0:03:05.920
<v Speaker 1>Apple Bookstore. There were also layoffs and other services teams,

0:03:05.919 --> 0:03:08.600
<v Speaker 1>including the one that runs Apple News Karen.

0:03:08.680 --> 0:03:12.280
<v Speaker 2>Job cuts maybe on the way at HSBC. Bloomberg News

0:03:12.320 --> 0:03:15.800
<v Speaker 2>has learned Europe's biggest lender is considering plans that would

0:03:15.840 --> 0:03:20.160
<v Speaker 2>remove layers of middle management. Sources say incoming CEO George

0:03:20.160 --> 0:03:23.080
<v Speaker 2>Elle Hedriy's looking at moves similar to rival City Group

0:03:23.120 --> 0:03:26.640
<v Speaker 2>and Standard Chartered. Bloomberg's Adam Haig has more from Sydney.

0:03:27.040 --> 0:03:30.200
<v Speaker 6>This is the first sign of what we're seeing from

0:03:30.280 --> 0:03:33.120
<v Speaker 6>the new CEO and really wanting to make his mark

0:03:33.160 --> 0:03:35.480
<v Speaker 6>early on in terms of the cost control. So what

0:03:35.520 --> 0:03:37.640
<v Speaker 6>we know at this point is that it's likely to

0:03:37.720 --> 0:03:41.320
<v Speaker 6>affect middle management roles, so that could include country head

0:03:41.320 --> 0:03:44.480
<v Speaker 6>type roles in some of its global network. But there's

0:03:44.480 --> 0:03:47.080
<v Speaker 6>still uncertainty as to how this plays out, and of

0:03:47.120 --> 0:03:50.720
<v Speaker 6>course these plans are potentially subject to change of course

0:03:50.760 --> 0:03:51.200
<v Speaker 6>as well.

0:03:51.520 --> 0:03:54.320
<v Speaker 2>Bloomberg's Adam Haig says the discussions are the latest sign

0:03:54.400 --> 0:03:57.040
<v Speaker 2>the banks looking to rein in costs as rate cuts

0:03:57.080 --> 0:03:59.800
<v Speaker 2>threaten the margins of global lenders like HSBC.

0:04:00.560 --> 0:04:04.160
<v Speaker 1>Well. Another news this morning, Nathan SpaceX is once again

0:04:04.240 --> 0:04:07.880
<v Speaker 1>delaying the first ever private spacewalk, this time because of

0:04:07.960 --> 0:04:11.880
<v Speaker 1>weather after Tuesday's initial launch was scrubbed for a helium lake.

0:04:12.000 --> 0:04:16.359
<v Speaker 1>SpaceX says it's standing down from liftoff opportunities today and

0:04:16.400 --> 0:04:20.320
<v Speaker 1>tomorrow because of an unfavorable forecast in the spacecraft's splash

0:04:20.400 --> 0:04:23.960
<v Speaker 1>down area off the coast of Florida. SpaceX says teams

0:04:23.960 --> 0:04:27.039
<v Speaker 1>will continue to monitor weather for better conditions if it

0:04:27.080 --> 0:04:29.919
<v Speaker 1>gets off the ground. Polaris Dawn is in for a

0:04:30.000 --> 0:04:33.160
<v Speaker 1>fifteen to twenty minute spacewalk by two of the four

0:04:33.240 --> 0:04:35.120
<v Speaker 1>private astronauts on board.

0:04:35.200 --> 0:04:39.120
<v Speaker 2>Back on Earth, Karen. The US Special Council investigating Donald

0:04:39.120 --> 0:04:43.840
<v Speaker 2>Trump for election interference is pressing ahead. Bloomberg's Nancy Lyons

0:04:43.880 --> 0:04:44.560
<v Speaker 2>has the latest.

0:04:46.160 --> 0:04:49.000
<v Speaker 7>Special Council Jack Smith is not giving up on his

0:04:49.120 --> 0:04:52.440
<v Speaker 7>prosecution of Donald Trump, even though he faced a setback

0:04:52.480 --> 0:04:56.279
<v Speaker 7>this summer before the Supreme Court. He's filed an updated

0:04:56.320 --> 0:04:59.400
<v Speaker 7>indictment following the court's rolling that Trump was at least

0:04:59.440 --> 0:05:03.800
<v Speaker 7>partially immune from prosecution related to his official access president.

0:05:04.279 --> 0:05:08.039
<v Speaker 7>The new indictment removes allegations related to Trump's communications with

0:05:08.120 --> 0:05:11.360
<v Speaker 7>government officials at the Department of Justice during his presidency,

0:05:11.680 --> 0:05:14.640
<v Speaker 7>but it keeps intact the same four charges against Trump,

0:05:14.880 --> 0:05:20.200
<v Speaker 7>which include accusations of conspiring to overturn election results in Washington.

0:05:20.279 --> 0:05:22.240
<v Speaker 7>Nancy Lyons Bloomberg Radio, all.

0:05:22.240 --> 0:05:24.239
<v Speaker 1>Right, Nancy, thank you. Now, let's get to the latest

0:05:24.320 --> 0:05:28.520
<v Speaker 1>on geopolitics. White House National Security Advisor Jake Sullivan is

0:05:28.640 --> 0:05:31.919
<v Speaker 1>meeting for a second day with Chinese Foreign Minister Wang

0:05:32.000 --> 0:05:35.760
<v Speaker 1>Yi in the outskirts of Beijing. Bloomberg Staldesus is in

0:05:35.839 --> 0:05:38.719
<v Speaker 1>Hong Kong and says the two leaders have a full played.

0:05:38.920 --> 0:05:41.640
<v Speaker 8>The US obviously feels very strongly about China's involvements in

0:05:41.720 --> 0:05:45.320
<v Speaker 8>backing of Russian forces fighting the war in Ukraine. You've

0:05:45.320 --> 0:05:49.080
<v Speaker 8>also have a lot of concerns over semiconductors and tariffs

0:05:49.080 --> 0:05:51.200
<v Speaker 8>and other punitive measures that the US and its allies

0:05:51.240 --> 0:05:53.800
<v Speaker 8>have taken on a lot of Chinese projects. Just this

0:05:53.880 --> 0:05:57.800
<v Speaker 8>week we had Canada US ally implements some new tariffs

0:05:57.839 --> 0:06:00.440
<v Speaker 8>on Chinese evs. That's certainly on the agenda. And then

0:06:00.440 --> 0:06:02.640
<v Speaker 8>you also have a lot of concerns around military actions

0:06:02.640 --> 0:06:05.039
<v Speaker 8>within the South China Sea. That's something that likely the

0:06:05.160 --> 0:06:07.560
<v Speaker 8>US is going to be bringing up here also any

0:06:07.560 --> 0:06:10.800
<v Speaker 8>issues to robbing Taiwan, which of course China claims as

0:06:10.880 --> 0:06:13.160
<v Speaker 8>its own territory even though it operates independently. So we're

0:06:13.160 --> 0:06:14.440
<v Speaker 8>really just running the gamut.

0:06:14.720 --> 0:06:17.479
<v Speaker 1>In Bloemerrige dal and diesis or Port, Sullivan is hoping

0:06:17.520 --> 0:06:19.960
<v Speaker 1>to make clear to the Foreign Minister that he is

0:06:20.080 --> 0:06:23.360
<v Speaker 1>not speaking for the next administration and speaking.

0:06:23.120 --> 0:06:26.120
<v Speaker 2>Of whatever the next administration may be. Karen Vice President

0:06:26.200 --> 0:06:29.279
<v Speaker 2>Kamala Harris and her running mate Tim Walls are getting

0:06:29.320 --> 0:06:31.680
<v Speaker 2>back on the campaign trail today, kicking off a two

0:06:31.800 --> 0:06:35.800
<v Speaker 2>day bus tour through the battleground state of Georgia. While there,

0:06:36.160 --> 0:06:39.440
<v Speaker 2>Harris will give her first interview since becoming a candidate.

0:06:39.480 --> 0:06:42.799
<v Speaker 2>She has agreed to appear on CNN tomorrow night. Republican

0:06:42.880 --> 0:06:45.880
<v Speaker 2>running mate jd Vance was on the campaign trail in Michigan,

0:06:45.920 --> 0:06:48.160
<v Speaker 2>and he criticized Harris's convention speech.

0:06:48.520 --> 0:06:50.359
<v Speaker 5>I think our tone is ridiculous. In our speech, they

0:06:50.360 --> 0:06:54.159
<v Speaker 5>are extremely serious consequences to voting for Donald Trump.

0:06:54.240 --> 0:06:56.799
<v Speaker 2>I don't think that's persuasive to most Americans, and warning

0:06:56.839 --> 0:06:59.400
<v Speaker 2>them about voting for the wrong person is just I

0:06:59.400 --> 0:07:02.400
<v Speaker 2>think it's ridicul The Republicans JD Vance and Donald Trump

0:07:02.400 --> 0:07:05.200
<v Speaker 2>have been pressuring Harris to do more unscripted events. Tomorrow

0:07:05.279 --> 0:07:07.920
<v Speaker 2>Night's interview with Harris and Tim Walls will air on

0:07:08.040 --> 0:07:15.920
<v Speaker 2>CNN at nine pm tomorrow. Wall Street Time, and it's.

0:07:15.800 --> 0:07:17.360
<v Speaker 1>Time now for a look at some of the other

0:07:17.520 --> 0:07:20.240
<v Speaker 1>stories making news in New York and around the world.

0:07:20.320 --> 0:07:22.840
<v Speaker 1>And for that we're joined by Bloomberg's Michael Barr.

0:07:22.880 --> 0:07:26.679
<v Speaker 4>Michael, Good Morning, Good morning, Karen. A horrifying story after

0:07:26.760 --> 0:07:30.280
<v Speaker 4>a couple in their fifties was kidnapped and assaulted while

0:07:30.440 --> 0:07:35.040
<v Speaker 4>house hunting in Danberry, Connecticut. Authorities say their Lamborghini was

0:07:35.080 --> 0:07:38.440
<v Speaker 4>intentionally rear ended by a van. Six men said to

0:07:38.480 --> 0:07:41.239
<v Speaker 4>be from Florida attacked the couple and forced them into

0:07:41.280 --> 0:07:44.920
<v Speaker 4>the van. Witness alerted police and pursue the van until

0:07:44.920 --> 0:07:48.360
<v Speaker 4>it crashed, leading to the couple's rescue. All six suspects

0:07:48.360 --> 0:07:53.040
<v Speaker 4>were caught. Sergeant Stephen Castravinci is with the Danberry Police.

0:07:53.240 --> 0:07:55.320
<v Speaker 2>We've did a lot of background work on them, but

0:07:55.640 --> 0:07:56.920
<v Speaker 2>this time it doesn't seem.

0:07:56.760 --> 0:07:59.440
<v Speaker 1>They have any connections to the northeast. Are all Miami,

0:07:59.520 --> 0:08:00.520
<v Speaker 1>Florida guys.

0:08:00.720 --> 0:08:05.840
<v Speaker 4>All six face multiple charges, including assault and kidnapping. Ukrainian

0:08:05.880 --> 0:08:08.880
<v Speaker 4>President Vladimir Lenski will present a plan to force Russia

0:08:08.920 --> 0:08:11.640
<v Speaker 4>to hold its invasion of his country to President Joe

0:08:11.640 --> 0:08:16.000
<v Speaker 4>Biden just weeks before the US holds November elections. Selensky

0:08:16.080 --> 0:08:19.160
<v Speaker 4>says that he wants to discuss the blueprint with Biden

0:08:19.480 --> 0:08:22.360
<v Speaker 4>during his trip to the United Nations General Assembly meeting

0:08:22.360 --> 0:08:25.560
<v Speaker 4>in New York in September. Zelenski also says he will

0:08:25.680 --> 0:08:30.000
<v Speaker 4>present it to presidential candidates Kamala Harris and Donald Trump.

0:08:30.640 --> 0:08:35.160
<v Speaker 4>Personal injury attorney Tom Girardi, who gained notoriety when his

0:08:35.320 --> 0:08:39.440
<v Speaker 4>wife Erica appeared on the Real Housewives of Beverly Hills,

0:08:39.760 --> 0:08:42.959
<v Speaker 4>has been found guilty of embezzling fifteen million dollars from

0:08:43.000 --> 0:08:46.200
<v Speaker 4>his clients. The prominent Los Angeles attorney was a key

0:08:46.240 --> 0:08:49.600
<v Speaker 4>figure in helping secure a settlement that later became the

0:08:49.640 --> 0:08:54.199
<v Speaker 4>storyline to the movie Erin Brockovich. US attorney Martine Strata

0:08:54.400 --> 0:08:57.240
<v Speaker 4>is insatiable appetite for money.

0:08:57.800 --> 0:08:59.120
<v Speaker 7>Is it led him to court?

0:08:59.320 --> 0:09:02.000
<v Speaker 4>And what led to the verdict today? Kimberly Archie, who

0:09:02.040 --> 0:09:06.240
<v Speaker 4>once worked as a legal consultant for Girardi's firm, spoke

0:09:06.280 --> 0:09:07.080
<v Speaker 4>after the verdict.

0:09:07.640 --> 0:09:11.080
<v Speaker 9>I actually believe at one point that Tom Girardi was

0:09:11.080 --> 0:09:14.160
<v Speaker 9>a decent human being, that he was a hero. You

0:09:14.200 --> 0:09:17.199
<v Speaker 9>know what they say about meeting your heroes, right, I'm

0:09:17.200 --> 0:09:18.160
<v Speaker 9>going to disappoint you.

0:09:18.800 --> 0:09:22.200
<v Speaker 4>Girardi sentencing is set for December sixth. We're learning. Police

0:09:22.200 --> 0:09:25.400
<v Speaker 4>in Nassau County made their first arrest under a new

0:09:25.440 --> 0:09:29.800
<v Speaker 4>local law matning face masks and the announcement yesterday. Officers

0:09:29.800 --> 0:09:32.480
<v Speaker 4>responded to reports of a suspicious person on a street

0:09:32.559 --> 0:09:36.400
<v Speaker 4>near the Levittown and Hicksfield town line. Sunday night. Authority

0:09:36.480 --> 0:09:40.520
<v Speaker 4>say eighteen year old Westland Omar Ramirez Castile was wearing

0:09:40.720 --> 0:09:43.880
<v Speaker 4>black clothing and a black ski mask that covered most

0:09:43.880 --> 0:09:47.560
<v Speaker 4>of his face and displayed other suspicious behavior. Police said

0:09:47.559 --> 0:09:51.040
<v Speaker 4>that Ramirez Castile was carrying a fourteen inch knife. He

0:09:51.160 --> 0:09:54.240
<v Speaker 4>was arrested without incident. Global News twenty four hours a

0:09:54.320 --> 0:09:56.720
<v Speaker 4>day and whenever you want it with the Bloomberg News. Now.

0:09:56.920 --> 0:10:00.240
<v Speaker 4>I'm Michael Barr, and this is Bloomberg Karen ray Bar.

0:10:00.360 --> 0:10:00.760
<v Speaker 6>Thank you.

0:10:05.679 --> 0:10:08.960
<v Speaker 1>Time now for the Bloomberg Sports Update with John stash Hour.

0:10:09.040 --> 0:10:11.360
<v Speaker 10>John, good morning, Good morning Caaren. The Mets road trip

0:10:11.400 --> 0:10:14.400
<v Speaker 10>continuing that Arizona, another hot team like San Diego, who

0:10:14.400 --> 0:10:16.640
<v Speaker 10>the Mets just split with. Mets took the opener eight

0:10:16.679 --> 0:10:19.280
<v Speaker 10>to three. Pete Alonso two run homers, second and he

0:10:19.320 --> 0:10:21.240
<v Speaker 10>Mets then put it away with six in the fifth,

0:10:21.280 --> 0:10:23.679
<v Speaker 10>tenth win for Shawn and Iya took a shutout to

0:10:23.720 --> 0:10:25.840
<v Speaker 10>the seventh and he struck out eleven. Atlanta one at

0:10:25.840 --> 0:10:28.880
<v Speaker 10>Minnesota remained three games ahead of the Mets. The Yankee

0:10:28.960 --> 0:10:31.880
<v Speaker 10>lead Ali's trimmed to a game. Baltimore beat the Dodgers

0:10:31.920 --> 0:10:34.840
<v Speaker 10>after The Yankees lost in Washington four to two, shutout

0:10:35.240 --> 0:10:37.439
<v Speaker 10>until the eighth didn't fail to score against the NAT's

0:10:37.480 --> 0:10:40.840
<v Speaker 10>Patrick Corbin, who came in three and twelve. Garrett Cole

0:10:40.920 --> 0:10:42.600
<v Speaker 10>serves up a couple of solo home runs and the

0:10:42.679 --> 0:10:44.280
<v Speaker 10>Yanks committed four errors.

0:10:44.559 --> 0:10:47.000
<v Speaker 11>Here's aaron, Judge, you can't do that if we expect

0:10:47.040 --> 0:10:48.520
<v Speaker 11>to win ball games. You know, we had a chance

0:10:48.559 --> 0:10:50.800
<v Speaker 11>to at the end a couple of chances last Suings

0:10:50.840 --> 0:10:52.480
<v Speaker 11>had come back and maybe won it. And I stinkd

0:10:52.480 --> 0:10:55.040
<v Speaker 11>that went out, but you know, couldn't come away with it.

0:10:55.080 --> 0:10:57.000
<v Speaker 11>But I think we had a don't know if it

0:10:57.080 --> 0:10:58.760
<v Speaker 11>was three or four hours on the on the night,

0:10:58.840 --> 0:11:01.720
<v Speaker 11>but anytime something like that happens, let's till the win

0:11:01.760 --> 0:11:02.160
<v Speaker 11>a ball game.

0:11:02.280 --> 0:11:04.040
<v Speaker 10>Judge came up eight. Dinny with the basisload of No.

0:11:04.080 --> 0:11:06.040
<v Speaker 10>One out hit into a double play Red Soaps mae

0:11:06.080 --> 0:11:08.400
<v Speaker 10>Toronto six to three. Kansas City won six to one

0:11:08.480 --> 0:11:11.160
<v Speaker 10>at Cleveland. The surprising Royals have won ten in the

0:11:11.200 --> 0:11:13.920
<v Speaker 10>last thirteen. They'd moved into a tie for first Al Central.

0:11:13.920 --> 0:11:16.480
<v Speaker 10>The Guardians have been in first almost all season.

0:11:16.480 --> 0:11:16.880
<v Speaker 4>Primetime.

0:11:16.880 --> 0:11:19.200
<v Speaker 10>At the US Open, Carlos Alcoraz in what figured to

0:11:19.200 --> 0:11:22.760
<v Speaker 10>be an easy one in Australia's Lee two. A qualifier

0:11:22.800 --> 0:11:26.160
<v Speaker 10>had only played in one Grand Slam match ever, and

0:11:26.280 --> 0:11:29.120
<v Speaker 10>yet he took the second set. Alcoraz did win in four.

0:11:29.520 --> 0:11:32.439
<v Speaker 10>An outer court match between Daniel Evans and Karin catching Off,

0:11:32.440 --> 0:11:35.679
<v Speaker 10>Evans won in five sets. All five took more than

0:11:35.679 --> 0:11:38.280
<v Speaker 10>an hour. The match took a US Open record five

0:11:38.320 --> 0:11:41.440
<v Speaker 10>hours and thirty five minutes. The Giants cut Isaiah Hodgkins.

0:11:41.440 --> 0:11:43.079
<v Speaker 10>He played a big role a couple of years ago,

0:11:43.160 --> 0:11:46.040
<v Speaker 10>had over one hundred receiving yards in the playoff win

0:11:46.080 --> 0:11:49.240
<v Speaker 10>at Minnesota. Another whiteout. Kadarius Tony cut by the Chiefs.

0:11:49.480 --> 0:11:51.800
<v Speaker 10>Giants gave up on Tony the year after they drafted

0:11:51.880 --> 0:11:53.560
<v Speaker 10>him the first round. He did have some big plays

0:11:53.840 --> 0:11:57.600
<v Speaker 10>in Kansas City Super Bowl win. Johns Stashedward Bloomberg Sports Care.

0:11:57.559 --> 0:12:00.240
<v Speaker 1>Nathan, all right, John, thank you all for your listening

0:12:00.320 --> 0:12:03.240
<v Speaker 1>to us in Boston. Our new home is starting September third,

0:12:03.400 --> 0:12:07.160
<v Speaker 1>will be ninety two nine FM. That's the day right

0:12:07.200 --> 0:12:10.440
<v Speaker 1>after Labor Day. Bloomberg Radio moving to ninety two nine

0:12:10.679 --> 0:12:15.520
<v Speaker 1>FM in Boston, Coast to coast.

0:12:15.360 --> 0:12:19.320
<v Speaker 4>On Bloomberg Radio, nationwide on Sirius XM, and around the

0:12:19.360 --> 0:12:22.880
<v Speaker 4>world on Bloomberg dot Com and the Bloomberg Business app.

0:12:23.080 --> 0:12:26.679
<v Speaker 2>This is Bloomberg Daybreak. Good morning, I'm Nathan Hager. The

0:12:26.720 --> 0:12:29.720
<v Speaker 2>earnings that investors have been waiting for weeks are now

0:12:29.920 --> 0:12:33.320
<v Speaker 2>hours away. In Vidia opens its second quarter books after

0:12:33.360 --> 0:12:36.480
<v Speaker 2>today's closing bell with another high bar to clear to

0:12:36.520 --> 0:12:40.360
<v Speaker 2>show the AI spending. Boom still has momentum, joining us

0:12:40.400 --> 0:12:44.160
<v Speaker 2>ahead of Nvidia. This morning, Bloomberg TV and radio anchor

0:12:44.600 --> 0:12:47.560
<v Speaker 2>Kritty Gupta Critty, good morning. It seems like investors have

0:12:47.600 --> 0:12:51.920
<v Speaker 2>gotten used to blowout earnings quarter after quarter for Nvidia.

0:12:52.040 --> 0:12:54.600
<v Speaker 2>So how high is the bar this time and what

0:12:54.679 --> 0:12:57.640
<v Speaker 2>will the reaction be if Nvidia doesn't meet it.

0:12:58.200 --> 0:13:00.040
<v Speaker 12>Well, it's a blessing and a curse to be a

0:13:00.280 --> 0:13:02.640
<v Speaker 12>plus student. And I think that's the big issue here

0:13:02.920 --> 0:13:05.000
<v Speaker 12>with Nvidia, because to your point, it has been a

0:13:05.040 --> 0:13:07.560
<v Speaker 12>win after win, But this is I think the first

0:13:07.600 --> 0:13:10.480
<v Speaker 12>time we're actually seeing more nerves than I've seen in

0:13:10.520 --> 0:13:12.640
<v Speaker 12>the last couple of quarters around it. And let me

0:13:12.679 --> 0:13:14.920
<v Speaker 12>just put this into some perspective here in terms of

0:13:14.960 --> 0:13:17.160
<v Speaker 12>some of the numbers that they are expecting when it

0:13:17.200 --> 0:13:20.079
<v Speaker 12>comes to estimates for the second quarter. The revenue estimate

0:13:20.160 --> 0:13:22.880
<v Speaker 12>right now is about just I have twenty nine billion

0:13:22.920 --> 0:13:25.360
<v Speaker 12>dollars for the second quarter, so that's the number that

0:13:25.360 --> 0:13:27.280
<v Speaker 12>they have to beat. With the third quarter of kind

0:13:27.280 --> 0:13:29.480
<v Speaker 12>of forward guidance being at about thirty just ty have

0:13:29.520 --> 0:13:31.640
<v Speaker 12>thirty two billions. Those are the numbers that Nvidia has

0:13:31.679 --> 0:13:34.840
<v Speaker 12>to beat from a revenue perspective. Anything short of that

0:13:34.880 --> 0:13:36.960
<v Speaker 12>would signals some sort of slow down in the a

0:13:37.240 --> 0:13:40.680
<v Speaker 12>underlying AI demand, not just from kind of the broad

0:13:40.679 --> 0:13:43.720
<v Speaker 12>tech space, but a lot of it coming from the hyperscalers.

0:13:43.720 --> 0:13:45.760
<v Speaker 12>So you're what they're calling kind of the big tech

0:13:45.800 --> 0:13:49.800
<v Speaker 12>companies Amazon, Microsoft, Alphabet, the ones that have been trying

0:13:49.840 --> 0:13:52.800
<v Speaker 12>to really invest in a really big way in AI

0:13:52.960 --> 0:13:56.040
<v Speaker 12>while also getting their own in house operations up to

0:13:56.120 --> 0:13:57.839
<v Speaker 12>par when it comes to AI. So it's kind of

0:13:57.840 --> 0:14:00.560
<v Speaker 12>been a little bit of a liquidity transfer basic the

0:14:00.720 --> 0:14:03.480
<v Speaker 12>richest companies in the States and arguably in the world

0:14:03.920 --> 0:14:06.760
<v Speaker 12>spending in a really big way to Nvidia, to the

0:14:06.760 --> 0:14:09.560
<v Speaker 12>point that makes Nvidia's bottom line over fifty percent of

0:14:09.600 --> 0:14:12.840
<v Speaker 12>it coming from just a handful of those MAGS seven names.

0:14:12.880 --> 0:14:14.800
<v Speaker 12>So that's kind of I think the bar or I

0:14:14.840 --> 0:14:17.520
<v Speaker 12>think what's at stake here when it comes to these

0:14:17.520 --> 0:14:18.199
<v Speaker 12>earnings today.

0:14:18.520 --> 0:14:21.200
<v Speaker 2>So we do have a lot of companies doing a

0:14:21.200 --> 0:14:24.080
<v Speaker 2>lot more in house development of these kinds of chips

0:14:24.120 --> 0:14:27.080
<v Speaker 2>that in Nvidia up to this point has been the

0:14:27.120 --> 0:14:29.800
<v Speaker 2>only game in town providing could we see more color

0:14:29.880 --> 0:14:33.240
<v Speaker 2>from Nvidia on whether it's concerned at all about losing

0:14:33.240 --> 0:14:34.000
<v Speaker 2>some market share.

0:14:34.360 --> 0:14:36.720
<v Speaker 12>So this was one of the concerns going into after

0:14:36.800 --> 0:14:39.600
<v Speaker 12>the last quarter, which was this idea of diversification. Because

0:14:39.640 --> 0:14:41.440
<v Speaker 12>so much of their money, or so much of their

0:14:41.440 --> 0:14:44.000
<v Speaker 12>customer base comes from really just a handful of big names,

0:14:44.120 --> 0:14:46.720
<v Speaker 12>the questionnaire is how do they make it a bigger thing?

0:14:46.840 --> 0:14:49.360
<v Speaker 12>For example, is AI something that just kind of the

0:14:49.400 --> 0:14:51.440
<v Speaker 12>nerdiest of the nerdy can really use, or is this

0:14:51.480 --> 0:14:55.680
<v Speaker 12>something that can see broader adoption in other sectors, in infrastructure,

0:14:55.720 --> 0:14:59.960
<v Speaker 12>in renewables, in industrials, even in things like medical equipment.

0:15:00.200 --> 0:15:02.960
<v Speaker 12>And that was the case that Jensen Wong was trying

0:15:03.000 --> 0:15:04.640
<v Speaker 12>to make in the last quarter, was that this is

0:15:04.880 --> 0:15:07.320
<v Speaker 12>just the beginning. This is just tech getting on board

0:15:07.320 --> 0:15:10.680
<v Speaker 12>of AI. The applications go much farther when it comes

0:15:10.680 --> 0:15:14.120
<v Speaker 12>to the near term picture. To answer your question, Nathan, specifically,

0:15:14.160 --> 0:15:15.920
<v Speaker 12>for today, a lot of investors are going to be

0:15:15.960 --> 0:15:18.680
<v Speaker 12>looking for the update on the Blackwell chip and The

0:15:18.680 --> 0:15:21.040
<v Speaker 12>way to think about some of the chips that Nvidia

0:15:21.080 --> 0:15:23.080
<v Speaker 12>puts out when it comes to gaming or data centers

0:15:23.360 --> 0:15:25.240
<v Speaker 12>is I would compare it to the likes of kind

0:15:25.280 --> 0:15:27.520
<v Speaker 12>of getting a new iPhone from Apple, and that they

0:15:27.520 --> 0:15:31.280
<v Speaker 12>have this design cycle, this innovation cycle where they're releasing

0:15:31.320 --> 0:15:34.240
<v Speaker 12>a new version every year, every two years that is

0:15:34.320 --> 0:15:38.160
<v Speaker 12>cutting edge, etc. The problem is Blackwell, which is their

0:15:38.200 --> 0:15:41.080
<v Speaker 12>latest product, is expected to have some delays. So one

0:15:41.080 --> 0:15:42.880
<v Speaker 12>of the pieces of commentary that a lot of folks

0:15:42.880 --> 0:15:45.120
<v Speaker 12>are going to be sensitive to what did the delays

0:15:45.160 --> 0:15:48.520
<v Speaker 12>look like? Doesn't impact future product projects and does the

0:15:48.560 --> 0:15:51.880
<v Speaker 12>signal kind of this capacity constraint or any sort of

0:15:51.880 --> 0:15:54.880
<v Speaker 12>supply chain constraint when it comes to getting the AI

0:15:55.080 --> 0:15:57.680
<v Speaker 12>delivered to some of their customers.

0:15:58.000 --> 0:16:00.200
<v Speaker 2>Just thirty seconds left, we're going to be getting some

0:16:00.240 --> 0:16:03.640
<v Speaker 2>more commentary from Nvidia CEO Jensen Wong on a Bloomberg

0:16:03.680 --> 0:16:08.200
<v Speaker 2>Technology special this evening. If you were at Ludlow this evening,

0:16:08.400 --> 0:16:10.400
<v Speaker 2>what would you be asking Jensen Wong.

0:16:10.440 --> 0:16:13.600
<v Speaker 12>Well, knowing ed Ludlow, I bet his verse be on montization,

0:16:13.800 --> 0:16:15.760
<v Speaker 12>what that pricing looks like, because that's going to be

0:16:15.760 --> 0:16:18.800
<v Speaker 12>the game changer here. They've developed the technology they've marketed

0:16:18.800 --> 0:16:21.840
<v Speaker 12>the technology. How much money can you make on the technology?

0:16:22.080 --> 0:16:24.040
<v Speaker 12>I bet that would be a top of live bread.

0:16:24.360 --> 0:16:27.280
<v Speaker 2>This is Bloomberg day Break Today, your morning brief on

0:16:27.320 --> 0:16:30.880
<v Speaker 2>the story's making news from Wall Street to Washington and beyond.

0:16:31.160 --> 0:16:33.920
<v Speaker 1>Look for us on your podcast feed at six am

0:16:34.000 --> 0:16:37.640
<v Speaker 1>Eastern each morning, on Apple, Spotify, and anywhere else you

0:16:37.720 --> 0:16:38.880
<v Speaker 1>get your podcasts.

0:16:39.000 --> 0:16:41.720
<v Speaker 2>You can also listen live each morning starting at five

0:16:41.760 --> 0:16:44.400
<v Speaker 2>am Wall Street time on Bloomberg eleven three to zero

0:16:44.400 --> 0:16:47.200
<v Speaker 2>in New York, Bloomberg ninety nine to one in Washington,

0:16:47.360 --> 0:16:50.240
<v Speaker 2>Bloomberg one oh six to one in Boston, and Bloomberg

0:16:50.280 --> 0:16:52.000
<v Speaker 2>ninety sixty in San Francisco.

0:16:52.360 --> 0:16:55.520
<v Speaker 1>Our flagship New York station is also available on your

0:16:55.560 --> 0:17:00.280
<v Speaker 1>Amazon Election devices. Just say Alexa play Bloomberg eleventh.

0:17:00.680 --> 0:17:03.560
<v Speaker 2>Plus listen coast to coast on the Bloomberg Business app,

0:17:03.640 --> 0:17:07.639
<v Speaker 2>serious XM, the iHeartRadio app, and on Bloomberg dot Com.

0:17:07.680 --> 0:17:08.760
<v Speaker 2>I'm Nathan Hager and.

0:17:08.760 --> 0:17:12.040
<v Speaker 1>I'm Karen Moscow. Join us again tomorrow morning for all

0:17:12.080 --> 0:17:14.600
<v Speaker 1>the news you need to start your day, right here

0:17:14.760 --> 0:17:16.080
<v Speaker 1>on Bloomberg Daybreak