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Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.

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Speaker 2: Good morning, I'm Nathan Hager and I'm Alexis Christophers. Here

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Speaker 2: are the stories we're following today, alex As, we begin

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Speaker 2: with the latest from the Middle East. After threatening new

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Speaker 2: attacks on Iran, President Trump now says he's close to

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Speaker 2: a deal to end the war.

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Speaker 3: We just made a great settlement of the war with

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Speaker 3: the red and we're going to be a subject to

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Speaker 3: finalization of documents. We should get done over the next

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Speaker 3: few days.

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Speaker 4: President Trump made that announcement in an Oval Office event,

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Speaker 4: but just this morning, Iran's semi official news agency mayor

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Speaker 4: says the US and Iran are negotiating a potential agreement.

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Speaker 4: We get details from Bloomberg Middle East correspondent to Birabu

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Speaker 4: Omar in Dubai.

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Speaker 5: It's still unclear to us if that MoU Iran or

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Speaker 5: the Iranian media is reporting about is one that matches

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Speaker 5: what President Trump had suggested, and look, some of the

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Speaker 5: most important provisions there include what Iran says, a permanent

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Speaker 5: and immediate cessation of hostilities on all fronts, including in

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Speaker 5: Lebanon and Lebanon is a sticking point for Iran. Full

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Speaker 5: lifting of the naval blockade and the Strait of Her

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Speaker 5: Moves within thirty days, a commitment by the US to

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Speaker 5: withdraw its forces, reopening of the Strait of Her Moves,

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Speaker 5: suspension of sanctions on oil sales, and a lifting of

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Speaker 5: the blocked twenty four billion dollars of frozen assets by

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Speaker 5: the United States.

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Speaker 6: Those are Iranian frozen.

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Speaker 5: Assets, and an affirmation of Iran's commitment not to develop

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Speaker 5: nuclear weapons.

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Speaker 4: Bloomberg's Abirabo Almar reports Iron says final negotiations won't begin

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Speaker 4: until half of its frozen assets are released, oil sanctions

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Speaker 4: are suspended, and the naval blockade is lifted, and Nathan.

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Speaker 2: We now move to the biggest initial public offering of

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Speaker 2: all time. SpaceX has raised seventy five billion dollars in

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Speaker 2: the IPO, pricing more than five hundred and fifty five

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Speaker 2: mills million shares at one hundred and thirty five dollars

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Speaker 2: a piece at the IPO price, elon Musk's rocket, satellite

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Speaker 2: and ai company as a market value of about one

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Speaker 2: point eight trillion dollars. Alexis o'hanian is the founder of Reddit.

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Speaker 6: This feels like a milestone moment.

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Speaker 7: This was an investment thesis that was unthinkable a decade

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Speaker 7: ago for most investors, and I think now people are

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Speaker 7: coming to grips with the fact that space technology is

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Speaker 7: really here. What would have been science fiction US maybe

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Speaker 7: ten years ago is now science fact.

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Speaker 2: Reddit founder Alex o'hanian there. The company will debut on

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Speaker 2: Nasdaq under the symbol spc X.

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Speaker 4: And alexis The IPOs drawn demand for more than four

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Speaker 4: times available shares. Elon Musk's fan base in the retail

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Speaker 4: trading community has placed more than one hundred billion dollars

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Speaker 4: in orders for the stock. Musk will control eighty four

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Speaker 4: percent of the voting power after the IPO. Neil Minnow

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Speaker 4: is vice chairman at Value Edge Advisors. Elon Musk has

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Speaker 4: appointed himself CEO for life.

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Speaker 8: He has all the voting control.

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Speaker 4: He has basically built a moat with alligators.

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Speaker 3: Around himself, and that's not good for shareholders.

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Speaker 4: That's a Value Edge Advisor's vice chair Now Minnow now

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Speaker 4: SpaceX's governance policies in sher Musk is effectively able to

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Speaker 4: choose board members, and that would mean only he could

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Speaker 4: remove himself as CEO.

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Speaker 2: And Nathan Musk's personal wealth will sort of new heights

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Speaker 2: after this SpaceX ipo. Blas Penn's is deputy managing editor

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Speaker 2: for Bloomberg.

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Speaker 9: There is a really, really real chance that he will

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Speaker 9: be the first trillionaire in the world in the not

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Speaker 9: too distance future, depending on how the stock does on

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Speaker 9: the market. One of the positives of this IPO was

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Speaker 9: the sort of intertwined, interconnected nature of Elo Musk's empire,

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Speaker 9: where you take when you think about X Test Law, SpaceX,

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Speaker 9: Borging Company, all these companies have cross ownerships, they do

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Speaker 9: business with each other. There's a very kind of concluded structure.

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Speaker 9: For some people, that's a huge bus because Elo Musk

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Speaker 9: sits at the center of everything, and they believe in

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Speaker 9: Elon Musk. They believe in his and they believe that

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Speaker 9: he can drive more value out of these companies.

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Speaker 2: S Bloomberg's deputy managing editor, Blast Pens. He says shadow

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Speaker 2: markets are pricing of SpaceX stock debut with a potential

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Speaker 2: pomp of at least thirty five percent. Turning to Washington now,

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Speaker 2: and President Trump is nominating j Clayton to be the

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Speaker 2: next Director of National Intelligence. Bloomberg's Amy Morris reports from

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Speaker 2: the nation's capital. Jay Clayton has been serving as the

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Speaker 2: top Federal prosecutor in Manhattan and was chairman of the

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Speaker 2: Securities in Exchange Commission during Trump's first term. The cabinet

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Speaker 2: position oversees and coordinates eighteen US intelligence agencies. President Trump

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Speaker 2: Jay Clayton's an incredible talent.

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Speaker 3: Head of celigant Cromwell. He was head of the secs

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Speaker 3: Now Southern District. I mean, nobody has better credential, but

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Speaker 3: Bill will run for Shure. Well, He's done a fantastic job.

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Speaker 8: Trump's nomination of Clayton comes hours after the House failed

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Speaker 8: to pass an extension of the Foreign Intelligence Surveillance Act,

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Speaker 8: part of pushback over Trump's selection of Bill Poulty to

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Speaker 8: serve best acting Director of National Intelligence in Washington anymore,

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Speaker 8: as Bloomberg Radio, all right.

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Speaker 2: Thanks Amy, and back here in New York. There was

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Speaker 2: still a buzz in the air over the dramatic and

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Speaker 2: historic comeback win by the Knicks, and now fans are

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Speaker 2: possibly just one day away from something they haven't experienced

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Speaker 2: in more than half a century. Bloomberg sports reporter Randall

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Speaker 2: Williams has more on the Knicks quest for an NBA championship.

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Speaker 10: The Knicks haven't won a championship since nineteen seventy three.

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Speaker 10: They haven't even been back to the finals since nineteen

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Speaker 10: ninety nine, where they played the Spurs in that same series.

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Speaker 10: So this series in game four was revenge for not

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Speaker 10: only the Knicks themselves, but for fans. And you have

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Speaker 10: to think about it. James Dolan, the Knicks owner, was

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Speaker 10: talking a lot of smack before the game even began,

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Speaker 10: saying that he guarantee you to win. I wonder what

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Speaker 10: he was thinking when they were down twenty nine, but

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Speaker 10: evidently one of the most miraculous comebacks that I've ever seen.

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Speaker 10: A truly incredible result, Randal.

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Speaker 2: This was an absolutely epic game and one I'm going

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Speaker 2: to say we're going to be talking about forever.

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Speaker 10: I think that og Annubi is absolutely cemented in Nick's history.

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Speaker 10: Just for the last two plays of the game, you

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Speaker 10: have to think about Dearon Fox. This loose ball goes

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Speaker 10: skirting across the floor, Dearon Fox picks it up. All

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Speaker 10: you have to do is dribble. The clockoffs. He goes

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Speaker 10: up for a layup, it's blocked by Og. The next possession,

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Speaker 10: Og comes down, Jalen Brunson misses a shot.

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Speaker 6: OG tips it.

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Speaker 10: In those two plays back to back, you could argue

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Speaker 10: are the most clutch plays for the Knicks over the

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Speaker 10: last fifty years.

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Speaker 2: Yeah, og an instant legend for the next Now you

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Speaker 2: can hear more of Bloomberg sports reporter Randa Williams on

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Speaker 2: the Bloomberg Business of Sports podcast. New episodes drop Fridays

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Speaker 2: at noon. Get it wherever you download podcasts, and always

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Speaker 2: at Bloomberg dot com.

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Speaker 4: Yeah, one more way we can ride the Nicks euphoria,

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Speaker 4: because it is riding high in New York City. Alexis

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Speaker 4: and Bloomberg's John Tucker joins us with more on that

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Speaker 4: end of the story.

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Speaker 6: John, Good morning, Nathan. So how do you possibly top

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Speaker 6: Game four, the.

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Speaker 4: Greenest come back and ahead the playoff history?

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Speaker 6: How about a Game five?

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Speaker 11: When?

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Speaker 6: But that's insane? Anton. Anyway, everybody's excited. We don't quit. No, wait,

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Speaker 6: do that quit?

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Speaker 11: Come on the next Baby Nix five, Baby and the

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Speaker 11: guy behind the ultimate tip og and anwby.

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Speaker 3: Everyone's pretty excited.

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Speaker 11: I'm excited, to trust me, he's excited. And then there's

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Speaker 11: the knickswag. Fans have been snapping it up, whether at

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Speaker 11: the NBA store in Midtown or from street vendors with

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Speaker 11: suspect gear and this incredible ron has been a bonanza

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Speaker 11: for Bars. A word to the wise from Noel Donovan

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Speaker 11: at Bloom's Tavern on how to get in on game night.

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Speaker 12: My advice is get to know your local bartenders and be.

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Speaker 11: Friends of him well Z Bars is selling Blue and

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Speaker 11: Orange cookies, Tompkins Square, Begel's selling the Bruns and Bodega

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Speaker 11: Bengels Sandwich, Tall Poppy, and Chelsea has Nick's Cinnamon rolls,

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Speaker 11: Nicks Fever.

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Speaker 6: Catch it in New York coome John Tucker Bloomberg Radio.

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Speaker 2: I'm gonna get me some Nick Cinnamon rolls. Oh sound good?

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Speaker 12: All right?

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Speaker 2: Thanks a lot, John, The Nickson out the only thing

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Speaker 2: red hot. The heat is on once again up and

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Speaker 2: down the East Coast. The extreme weather has the Trump

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Speaker 2: Administration declaring a power emergency for the southeast. Duke Energy

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Speaker 2: asked for the emergency order with temperatures set to hit

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Speaker 2: up to one hundred one degrees in parts of the Carolinas.

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Speaker 2: The order allows power plans to run at maximum output

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Speaker 2: and go pass some air pollution limits to meet soaring

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Speaker 2: AC demand. It's an effect through tonight.

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Speaker 3: Well.

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Speaker 4: Turning to markets now, Alexis futures are moving higher as

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Speaker 4: details emerge about the draft US run deal. Stocks rallied

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Speaker 4: yesterday with all three indexes gaining at least one point

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Speaker 4: eight percent, and oil continues to drop on optimism the

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Speaker 4: war is nearing an end. West Texas Intermediate It's down

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Speaker 4: four point four percent trading Shive eighty four dollars a barrel.

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Speaker 4: Brent's well below ninety now at eighty six point fifty three.

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Speaker 4: That's the drop of four and a quarter percent, and.

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Speaker 2: Nathan shares of Adobe are down more than four and

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Speaker 2: a half percent here in early trading. The software company

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Speaker 2: is looking for new leadership. Adobe says chief financial officer

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Speaker 2: Dan Dern will leave the company next week. That adds

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Speaker 2: further executive turnover at the company after it's CEO said

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Speaker 2: in March he would step down once his successor had

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Speaker 2: been appointed. Time now for a look at some of

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Speaker 2: the other stories making news in New York and around

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Speaker 2: the world. For that, we're joined by Bloomberg's Michael bar

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Speaker 2: Good morning, Michael.

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Speaker 6: Good morning.

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Speaker 13: Alexis hot weather, as you mentioned, will settled over New

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Speaker 13: York and the US Northeast through the end of the week.

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Speaker 13: Bloomberg Media Religius Craig Allen has the latest.

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Speaker 12: The eastern two thirds of the nation will have to

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Speaker 12: endure another day of heat and oppressive humidity. Temperatures up

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Speaker 12: to fifteen to twenty degrees above average means nineties and

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Speaker 12: a heat index over one hundred for Washington to New

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Speaker 12: York City into New England, just Inland from the harbor

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Speaker 12: around Boston, and with FIFA World Cup Games and the

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Speaker 12: request to take mass transit, there is concern for Amtrak

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Speaker 12: and commuter trains because of heat on the tracks and

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Speaker 12: overhead power lines. Then a few strong thunderstorms to close

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Speaker 12: out today, followed by a brief reduction in temperature and

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Speaker 12: humidity for Saturday.

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Speaker 6: Bloomberg Media religious Greig Allen.

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Speaker 13: Security will be strict this weekend when Soccer's World Cup

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Speaker 13: matches start in the US. John Cohn, senior expert on

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Speaker 13: global threats for the ARGO National Laboratory, has some advice

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Speaker 13: for fans heading to the events.

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Speaker 14: I would dramatically reduce what you carry to these events.

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Speaker 14: Some of these events will have no bag policy, so

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Speaker 14: if you show up with a purse or a bag,

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Speaker 14: you may not be let in with that those items.

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Speaker 14: Expect long lines, expect road closures.

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Speaker 13: John Cohne with the Argo National Laboratory spoke to ABC.

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Speaker 13: President Donald Trump's board at the Kennedy Center is trying

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Speaker 13: to keep his name on the building before a court

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Speaker 13: ordered deadline to remove it by today. The board voted

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Speaker 13: Thursday to seek a stay of a judge's ruling that

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Speaker 13: Donald Trump's name was illegally added. Global News twenty four

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Speaker 13: hours a day and whenever you want it with Bloomberg

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Speaker 13: News Now Michael Barr and this is Bloomberg Alexis.

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Speaker 2: Well, thanks Michael. Time now for our Bloomberg Sports up,

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Speaker 2: and for that we bring in John stash Hour.

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Speaker 15: Game Foundlous Stanley Cup Final in Raleigh in Vegas scored first,

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Speaker 15: but Carolina scored the next four Andre Stetchikov scoring twice,

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Speaker 15: both on the power play. The Hurricanes beat the Golden

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Speaker 15: Knights four to two and lead the series three to two.

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Speaker 15: So history in the WNBA Indiana Beachicago with overtime at

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Speaker 15: Kate Laclark scored thirty two points with tennis sis, her

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Speaker 15: teammate of Leah Boston scored thirty four with twelve rebounds,

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Speaker 15: first time ever teammates with over thirty points and a

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Speaker 15: double double. Mexico and South Korea one in the World Cup.

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Speaker 15: That's a Bloomberg Sports update.

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Speaker 6: Stay with us.

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Speaker 4: More from Bloomberg Daybreak coming up after this.

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Speaker 1: Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

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Speaker 1: and around the world on Bloomberg dot Com and the

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Speaker 1: Bloomberg Business app. This is Bloomberg Daybreak.

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Speaker 6: Good morning on Nathan Hager.

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Speaker 4: Markets are building on hopes for an interim peace deal

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Speaker 4: between the US and Iran, hours after President Trump threatened

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Speaker 4: to strike Tehran for a third straight day. But now

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Speaker 4: the President says a deal is close and for more.

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Speaker 4: We're joined from Dubai by Bloomberg Middle East correspondent Abir

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Speaker 4: Abu almar Abir. What do we know about this potential

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Speaker 4: interim deal? Good morning, Good morning, Nathan.

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Speaker 5: So look, yes, what you mentioned about President Trump saying

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Speaker 5: that a deal is as imminent as this weekend in Europe.

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Speaker 5: It will be signed with the presidence of Vice President JD. Vance. Now,

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Speaker 5: the market has reacted to that news because it was

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Speaker 5: filled with some positive at your sense of this time

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Speaker 5: around is different. But perhaps the market is reacting even

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Speaker 5: more positively to news that emerged about forty five minutes ago.

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Speaker 5: With Iran's semi official news agency Meyher, saying that the

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Speaker 5: negotiations or the potential agreement that is underway is being

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Speaker 5: reviewed and finalized by authorities into Ihran. So according to

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Speaker 5: this semi official news agency, Iran has issued a draft

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Speaker 5: with fourteen provisions. According to it, they're citing a person

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Speaker 5: that is closed to the negotiations, and those fourteen provisions

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Speaker 5: include some of the concessions that we've been talking about

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Speaker 5: over the past couple of months. That includes a permanent

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Speaker 5: and immediate station of hostilities on all fronts, including in Lebanon.

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Speaker 5: Remember Lebanon was a key sticking point for Iran. That

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Speaker 5: also includes a full lifting of the naval blockade within

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Speaker 5: thirty days, a US commitment to withdraw forces from areas

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Speaker 5: around Tehran, the unblocking of the twenty four billion dollars

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Speaker 5: of frozen assets, and the lifting of oil sanctions. The

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Speaker 5: report goes on to say that the final agreement, which

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Speaker 5: focus exclusively on the fate of the highly enriched uranium,

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Speaker 5: something that President Trump has been calling for, and sanctions relief,

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Speaker 5: as well as the reconstruction of Iran economically because of

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Speaker 5: the damage that it has suffered due to this war.

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Speaker 6: Now.

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Speaker 5: Just very important caveat here is that this is still

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Speaker 5: all subject to final approvals by the negotiating team the

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Speaker 5: Iranian government, and we're still waiting for some official statements

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Speaker 5: from people that we have monitored in the past as

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Speaker 5: official outlets for Iran, that includes the Foreign Minister, the

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Speaker 5: Speaker of the Parliament, and the president himself. But for

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Speaker 5: now we're seemingly getting these positive sentiment filled news from

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Speaker 5: the Iranian side. You're seeing Brent crude price is really

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Speaker 5: reacting to this report that just came out about again

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Speaker 5: forty minutes ago, down about five percent, I believe, just

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Speaker 5: above eighty dollars, levels we haven't seen in a while.

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Speaker 4: In terms of the parameters that have been laid out

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Speaker 4: in these semi official Iranian news reports, how do they

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Speaker 4: square with what we've been hearing on the US side

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Speaker 4: in terms of when the strait could reopen and what

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Speaker 4: happens with Iran's frozen assets.

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Speaker 5: Right, So that's the other caveat right. We also don't

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Speaker 5: know if this statement that came out from Meher is

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Speaker 5: in line with the MoU that President Trump passed outed yesterday.

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Speaker 5: So President Trump hassed out it yesterday that the MoU

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Speaker 5: that is underway that is imminent, according to him, will

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Speaker 5: address the reopening, the immediate reopening of the Strait of

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Speaker 5: Her Moves, and it will address Iran's nuclear program. Those

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Speaker 5: are the two things that he has mentioned. But according

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Speaker 5: to the statement that we're getting from Iran, it really

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Speaker 5: falls into Iran's favor because we're seeing that Iran is

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Speaker 5: saying that the negotiations for a final ceasefire or the

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Speaker 5: final deal are not going to go through until the

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Speaker 5: unblocking of half of the twenty four billion dollars in

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Speaker 5: frozen acids goes through, and so President Trump has opposed

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Speaker 5: that in the past. Iran Hawks and Washington have opposed

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Speaker 5: that in the past, adding pressure on President Trump. We're

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Speaker 5: also seeing the lifting of the oil sanctions, yet another

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Speaker 5: thing that Washington is opposed to. So this whole deal

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Speaker 5: seems to be playing very much into Iran's favor, and

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Speaker 5: that is why I added those caveats, because we're still

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Speaker 5: waiting to see what the US responds to this deal

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Speaker 5: is and whether it's in fact what they have been discussing,

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Speaker 5: or whether we're back to this back and forth rhetoric

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Speaker 5: between the warring parties. Israel Nathan, and I may add

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Speaker 5: is another sticking point here because Israel earlier this morning

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Speaker 5: said that it wasn't privy to the Molu that President

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Speaker 5: Trump had touted yesterday. And so Israel continues its incursion

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Speaker 5: in Lebanon, and so we're still getting some of that

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Speaker 5: conflicting or some of those conflicting statements from all parties

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Speaker 5: because Iran is saying all hostilities ending, including in Lebanon.

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Speaker 5: Israel continues its incursion in Lebanon. So we'll have to

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Speaker 5: wait and see if that is in fact addressed, and

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Speaker 5: that over the next twenty four to forty eight hours

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Speaker 5: and into Sunday. As you have mentioned the G seven

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Speaker 5: aspect there, those will be important hours for.

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Speaker 1: Us to watch.

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Speaker 4: I really appreciate you coming on to give us the

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Speaker 4: latest breaking details on this as we continue to watch

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Speaker 4: them emerge. That's Bloomberg Middle East correspondent Abir abu Omar

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Speaker 4: joining us this morning from Dubai. We want to turn

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Speaker 4: now to one of our other major top stories. It

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Speaker 4: is history Made on Wall Street. SpaceX is officially the

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Speaker 4: world's biggest initial public offering, raising seventy five billion dollars

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Speaker 4: on a one hundred and thirty five dollars a share,

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Speaker 4: more than a half a billion shares offered, putting Elon

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Speaker 4: Musk now on the verge of becoming the world's first trillionaire.

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Speaker 6: So many superlatives.

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Speaker 4: Dan Ives is Global head of Tech Research at Wedbush Securities.

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Speaker 12: Anyone that's owning SpaceX, you're buying it for the Musk factor,

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Speaker 12: and maybe that bet against Tessela and Musk going back

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Speaker 12: a decade ago.

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Speaker 3: That was I mean, that was proven historically wrong.

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Speaker 4: I was Whdbush analyst Dan Ives for more were joined

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Speaker 4: by Bloomberg News senior reporter Bailey Lipschultz, and it has

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Speaker 4: to be said, Bailey, so much of this really is

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Speaker 4: driven by the retail excitement around Elon Musk. Is that

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Speaker 4: really what's underpinning you know, just what I was talking about,

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Speaker 4: so many of the superlatives surrounding this spacexipl good morning, Good.

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Speaker 6: Morning, Nathan. I think that's a big driver.

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Speaker 16: And when you talk to folks around the company, there's

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Speaker 16: a view of SpaceX, much like Tesla, that the retail

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Speaker 16: investor understands these companies better, or at least is willing

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Speaker 16: to give Elon Musk more credit, more grace than most

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Speaker 16: institutional investors. But that's not to say that this wasn't

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Speaker 16: a deal that was heavily heavily bid up and chased

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Speaker 16: by institutions. We reported that a number of firms put

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Speaker 16: in orders for more than ten billion dollars worth of shares.

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Speaker 16: We put an put out news that Blackrock indicated an

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Speaker 16: interest of at least five billion dollars. Number of sovereign

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Speaker 16: wealth funds and pension funds also seemingly trying to get

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Speaker 16: their hands on as much as they could.

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Speaker 6: So it is a retail story.

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Speaker 16: Retail is a big component, but when you look at

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Speaker 16: a deal that comes together that raises seventy five billion dollars,

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Speaker 16: it's hard to do that without institutional investors.

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Speaker 6: So certainly a mix.

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Speaker 3: Of the two.

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Speaker 4: I think we'd I had some reporting as well that

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Speaker 4: there was more interest on the retail side than there

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Speaker 4: were even shares available. What does that mean for you know,

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Speaker 4: some of these mom and pops or even some of

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Speaker 4: the institutional investors who who could be left out in

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Speaker 4: the cold after this IPO.

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Speaker 16: There's a lot of excitement, and I think that was

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Speaker 16: a big question going into the pricing and throughout this

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Speaker 16: entire process. Somewhere between twenty and thirty percent of the

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Speaker 16: shares being sold to retail investors. What does that mean

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Speaker 16: called fifteen to twenty billion dollars of stock is taken

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Speaker 16: away from institutional investors. From the company's perspective, and Elon

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Speaker 16: has been a long kind of vocal supporter of retail,

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Speaker 16: that makes sense. Get your loyal investors some shares in

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Speaker 16: their accounts and let them want to chase more. From

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Speaker 16: the institutional side, it can be kind of upsetting because

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Speaker 16: maybe you put in an order that was quite large

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Speaker 16: and you're getting, you know, one tenth one twentieth of

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Speaker 16: what you thought you were going to get. So when

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Speaker 16: you look at kind of how this deal came together,

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Speaker 16: I think the big question is when we do see

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Speaker 16: the stock open up, how much excitement is coming from

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Speaker 16: retail to your perspective, your point, and how much is

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Speaker 16: coming from institutions. Because IPOs can be quite volatile. We've

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Speaker 16: seen that a number of times. Where this thing opens,

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Speaker 16: I think is really anyone's guests. So it's going to

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Speaker 16: be fascinating to watch, Well.

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Speaker 4: What are we expecting when it comes to these shares

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Speaker 4: coming to market when the market opens this morning. How

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Speaker 4: much volatility could we see around space AX a.

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Speaker 6: Lot of volatility.

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Speaker 16: I think that's a foregone conclusion just for folks who

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Speaker 16: have never traded an IPO.

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Speaker 6: It won't open at nine point thirty.

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Speaker 16: We'll start to probably get indications of where it could

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Speaker 16: open in the ten o'clock hour. This is a process

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Speaker 16: that is expected to take probably until one or two

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Speaker 16: o'clock before even the first trade takes place. So we

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Speaker 16: will see a number of headlines coming across the screen

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Speaker 16: of these indications. But the thing to keep in mind

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Speaker 16: that there are no shares trading at the indications. That's

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Speaker 16: simple where Nasdak and some of the other the bankers

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Speaker 16: are seeing and flashing potential demand, but you could see

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Speaker 16: potentially astronomical numbers that are going to make people jump

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Speaker 16: to foreground conclusions when it actually doesn't mean anything quite yet.

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Speaker 4: We heard from Dan Ives a few minutes ago saying

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Speaker 4: that historically, people who've bet against Elon Musk have been

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Speaker 4: left in the cold. We've also heard from short sellers

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Speaker 4: the likes of Jim Chenos saying that this IPO is

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Speaker 4: built on hopes and dreams. Can you sort of lay

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Speaker 4: out the bull and bear cases for this company?

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Speaker 16: Bailey boll case is quite simply, we have a colony

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Speaker 16: on Mars, and as Elon said in his interview with

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Speaker 16: Jamie Diamond, maybe there are hotels on the Moon, and

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Speaker 16: everyone who is using AI is likely a client in

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Speaker 16: some capacity from their data centers here on Earth Day

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Speaker 16: of the partnerships with Anthropic and Google, or using their

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Speaker 16: data centers that are in space, or are also using

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Speaker 16: Grock their own AI bot that would compete with Claude

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Speaker 16: and chat GPT. So the bull case is, there's a

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Speaker 16: lot of potential for this company.

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Speaker 6: There are a lot of hopes and dreams.

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Speaker 16: They laid out a total addressable market north of twenty

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Speaker 16: five trillion dollars, a lot of that driven by AI,

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Speaker 16: and that's the bullpitch. The barecase is it's a company

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Speaker 16: that is going public or sold chairs. I guess at

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Speaker 16: one point eight trillion dollar valuation, it's one of the

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Speaker 16: largest companies in the world. It does not generate a profit.

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Speaker 16: It lost a heck of a lot of money in

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Speaker 16: the first quarter. Elon Muskus says he wants compared the

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Speaker 16: company's ambitions to Union Pacific. Building out the railroad space

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Speaker 16: is very complex and if the company can't be successful

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Speaker 16: building out some of those ambitions.

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Speaker 6: That's the bullcap or bearcase. Excuse me.

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Speaker 2: This is Bloomberg Daybreak, your morning podcast on the stories

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Speaker 2: making news from Wall Street to Washington and beyond.

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Speaker 4: Looks for us on your podcast feed by six am

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Speaker 4: Eastern each morning, on Apple, Spotify, or manywhere else you listen.

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Speaker 2: You can also listen live each morning starting at five

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Speaker 2: am Wall Street Time on Bloomberg eleventh three to zero

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Speaker 2: in New York, Bloomberg ninety nine to one in Washington,

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Speaker 2: Bloomberg ninety two nine in Boston, and nationwide on Sirius

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Speaker 2: XM Channel one twenty one.

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Speaker 4: Plus listen coast to coast on the Bloomberg Business app

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Speaker 4: now with Apple CarPlay and Android auto interfaces.

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Speaker 2: And don't forget to subscribe to Bloomberg News Now. It's

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Speaker 2: the latest news whenever you want it in five minutes

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Speaker 2: or less. Search Bloomberg News Now on your favorite podcast

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Speaker 2: platform to stay informed all day law I'm Alexis Christophers.

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Speaker 4: And I'm Nathan Hager. Join us again tomorrow morning for

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Speaker 4: all the news you need to start your day right

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Speaker 4: here on Bloomberg Day Brand