WEBVTT - US Ratchets Up Iran Pressure; OpenAI Funding to Top $100 Billion

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, Radio News.

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<v Speaker 2>Good morning, I'm Nathan Hager and I'm Karen Moscow. Here

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<v Speaker 2>are the stories we're following today and Karen.

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<v Speaker 3>Oil is on the rise again after gaining the most

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<v Speaker 3>since October yesterday this morning, West Texas Intermediate is up

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<v Speaker 3>one percent. That's as Axios has reported, the Trump administration

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<v Speaker 3>is closer to a major war in the Middle East

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<v Speaker 3>than most expect. Axios says a US operation would likely

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<v Speaker 3>be a week's long campaign. We get more from Bloomberg

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<v Speaker 3>Managing editor Paul Wallace in Dubai.

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<v Speaker 4>It sounds as if Iron has roughly two weeks to

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<v Speaker 4>get back to the Americans, and then if they're broadly satisfied,

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<v Speaker 4>the Americans will say, okay, let's go to round three.

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<v Speaker 4>And we don't know where that will be. But of

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<v Speaker 4>course there are plenty of people, including in the oil market,

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<v Speaker 4>who think America might be essentially trying to allowl Ran

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<v Speaker 4>into a false of security and maybe willing to strike

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<v Speaker 4>the country, you know, before Iran, you know, returns with

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<v Speaker 4>those proposals, because that's you know, in some senses, that

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<v Speaker 4>echoes what happened in June last year with the twelve

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<v Speaker 4>day war between Iran and Israel and then America at

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<v Speaker 4>the end. You know that will happen when, or at

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<v Speaker 4>least it started when the US and Iran were in

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<v Speaker 4>the middle of nuclear talks.

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<v Speaker 3>Bloomberg's Paul Waller says the US has announced visa restrictions

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<v Speaker 3>on Iranian officials and executives for repressing recent anti regime

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<v Speaker 3>protests and cutting off internet access.

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<v Speaker 2>Now Nathan to the latest fallout from the Jeffrey Epstein files.

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<v Speaker 2>Billionaire retail mogul Les Wesner testified behind closed doors about

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<v Speaker 2>his relationship with the late sex offender to Democrats on

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<v Speaker 2>the House Overside Committee. The former CEO of L Brand

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<v Speaker 2>said he visited Epstein's private island once with his wife

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<v Speaker 2>and children, but was unaware of any sex trafficking operation,

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<v Speaker 2>and he repeatedly said he could not recall the key

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<v Speaker 2>details of his relationship with the late sex offender, including

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<v Speaker 2>giving him considerable financial support. Arizona Democrat Yesim and Ansari

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<v Speaker 2>says it's all on the record.

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<v Speaker 5>He allowed Jeffrey Epstein to live in his homes, to

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<v Speaker 5>have hundreds of millions of his dollars to use his

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<v Speaker 5>yachts and his planes. This was obviously a very very

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<v Speaker 5>close relationship, and so far what we have seen is

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<v Speaker 5>a denial of that relationship.

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<v Speaker 2>Congressoman Yesim and Ansari spoke to reporters from Ohio, where

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<v Speaker 2>Wexner agreed to testify under an agreement with the committee.

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<v Speaker 2>The Justice Department named Wexner as one of the ten

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<v Speaker 2>co conspirators in its twenty nineteen investigation into Epstein. Wexner

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<v Speaker 2>was not charged in the case and says he was

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<v Speaker 2>duped by Epstein well.

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<v Speaker 3>Meanwhile, Karen Bill Gates has backed out of a speech

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<v Speaker 3>at the high profile AI summit in India, just hours

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<v Speaker 3>before he was due to speak. In a post on

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<v Speaker 3>x the Gates Foundation said the Microsoft co founder made

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<v Speaker 3>the decision to make sure the focus remains on the

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<v Speaker 3>event's key prior parties. Gates has come under criticism for

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<v Speaker 3>his ties to Epstein. The Gates Foundation did not mention

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<v Speaker 3>the financier and its statement, but Gates has called his

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<v Speaker 3>relationship with the late sex defender a huge mistake.

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<v Speaker 2>Nathan, Let's get to the latest in the search for

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<v Speaker 2>Nancy Guthrie. It's been nineteen days since the mother of

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<v Speaker 2>Today's Show host Savannah Guthrie was last seen at her

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<v Speaker 2>home near Tucson. Police are still looking for new leeds

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<v Speaker 2>as they sort through upwards of fifty thousand tips. Pima

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<v Speaker 2>County Sheriff Chris Nanos spoke with BBC News.

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<v Speaker 6>I think she's somewhere here the work locally.

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<v Speaker 7>No, what makes you think that.

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<v Speaker 2>I just do.

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<v Speaker 6>I don't know why.

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<v Speaker 8>I don't have any evidence to prove that, but I

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<v Speaker 8>just believe that she's somewhere locally.

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<v Speaker 2>Pima County Sheriff Chris Nano's speaking to the BBC. The

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<v Speaker 2>sheriff has come under some criticism for his handling of

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<v Speaker 2>the investigation. He declared the scene at Nancy Guthrie's home

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<v Speaker 2>done three days after her disappearance, only to return later,

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<v Speaker 2>and he has not held a news conference in almost

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<v Speaker 2>two weeks. In an interview with The Wall Street Journal,

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<v Speaker 2>Nanos some of the criticism is politically motivated, and in

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<v Speaker 2>his words, haters are going to hate.

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<v Speaker 3>Karen Meta CEO Mark Zuckerberg has testified in a social

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<v Speaker 3>media and safety trial in Los Angeles. He says it's

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<v Speaker 3>very difficult to enforce Instagram's age limits, but Zuckerberg says

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<v Speaker 3>Meta has introduced some proactive tools to try to identify

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<v Speaker 3>and remove accounts that violate the rules, but he calls

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<v Speaker 3>it a challenging problem. Bloomberg Kurt Wagner says, this is

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<v Speaker 3>a signature moment for social media to.

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<v Speaker 9>Kind of be challenged with these allegations, and in Mark

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<v Speaker 9>Zuckerberg's case, to defend himself and his company against these accusations.

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<v Speaker 9>And so it's been highly watched, highly anticipated, and this

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<v Speaker 9>is just really the first of more than a thousand

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<v Speaker 9>potential trials that we could see.

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<v Speaker 3>Bloomberg's Kurt Wagner says, this trial centers on a twenty

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<v Speaker 3>year old woman who blames Meta's Instagram and Google's YouTube

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<v Speaker 3>for her years of mental health struggles.

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<v Speaker 2>Well Nathan, Bloomberg News has learned open Ai is close

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<v Speaker 2>to final the first phase of a new funding round

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<v Speaker 2>that's expected to bring in more than one hundred billion dollars.

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<v Speaker 2>Source of say the overall valuation of the company, including

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<v Speaker 2>the eventual funding, could exceed eight hundred and fifty billion.

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<v Speaker 2>Brad Smith is Vice chair and president of Microsoft, a

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<v Speaker 2>key OpenAI partner, and he says the chat GPT maker

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<v Speaker 2>is branching out.

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<v Speaker 10>It's not as exclusive as it was, say a few

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<v Speaker 10>years ago. OpenAI uses our compute they train models in

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<v Speaker 10>our data centers, but they work with other companies as well.

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<v Speaker 10>We critically rely on OpenAI's frontier models. They are among

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<v Speaker 10>the best. Many days they are the best in the world,

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<v Speaker 10>but we have a relationship with anthropic.

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<v Speaker 2>Microsoft's Bread Smith made the comments earlier in an interview

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<v Speaker 2>with Bloomberg, and you can check out that interview as

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<v Speaker 2>well as live streaming news, all our Bloomberg TV shows, documentaries,

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<v Speaker 2>and more. It's all in one place at Bloomberg dot Com.

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<v Speaker 2>Forward to slash videos.

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<v Speaker 6>It's turn to the markets now, Karen.

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<v Speaker 3>Futures have turned lower after yesterday's gains on Wall Street.

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<v Speaker 3>The NASDAK dumped eight tenths of one percent. Barbara Reinhardt

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<v Speaker 3>is Chief investment Officer of Multi asset Strategies at Voya

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<v Speaker 3>Investment Management.

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<v Speaker 11>Short term are very oversold at this point. Look, you've

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<v Speaker 11>had a thirty three percent correction in US software stocks

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<v Speaker 11>from their peak in October of last year. It seems

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<v Speaker 11>to be a bit overdone and somewhat indiscriminate selling at

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<v Speaker 11>this point. So I don't think there's a reason for

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<v Speaker 11>us to go to cash at this point. Earnings for

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<v Speaker 11>the fourth quarter. We're very strong earned your visions are

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<v Speaker 11>still holding in their relatively well, and the labor market,

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<v Speaker 11>which is a big part of consumer spending, seems to

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<v Speaker 11>be getting a second second breeder at this.

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<v Speaker 3>Point, Voya Investment Management's Barbara Reinhardt. The Nasdaq is still

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<v Speaker 3>down more than five percent from its all time high

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<v Speaker 3>from late October. We have this red headline crossing the

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<v Speaker 3>Bloomberg terminal, Karen. The BBC is reporting that the UK's

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<v Speaker 3>former Prince Andrew has been arrested on suspicion of misconduct

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<v Speaker 3>in public office. The report shows cars arriving at the

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<v Speaker 3>former Princess Sandrimis State comes after local police said they

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<v Speaker 3>were assessing a complaint that the former prince may have

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<v Speaker 3>shared confidential material with the late sex offender Jeffrey Epstein.

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<v Speaker 3>Andrew has denied any wrongdoing. Again, the BBC is reporting

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<v Speaker 3>former Prince Andrew of the UK has been arrested on

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<v Speaker 3>suspicion of misconduct in public office.

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<v Speaker 2>Time now for look at some of the other stories

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<v Speaker 2>making news in New York and around the world, and

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<v Speaker 2>for that we're joined by Bloomberg's Michael Barr.

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<v Speaker 12>Michael, good morning, Good morning, Karen in New Jersey. Flights

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<v Speaker 12>in and out of Newark Airport were temporarily suspended last

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<v Speaker 12>evening after a reported engine failure forced a Jet Blue

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<v Speaker 12>flight to return to the airport and evacuate passengers shortly

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<v Speaker 12>after takeoff. The flight heading to West Palm Beach immediately

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<v Speaker 12>returned to the airport after takeoff. This passenger says, while

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<v Speaker 12>everyone remained calm in the air, once they were safely

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<v Speaker 12>evacuated on the slide, it became emotional.

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<v Speaker 13>Everybody was panicked, but the moment we got off the plane,

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<v Speaker 13>everybody was. There was a lot of release of emotions,

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<v Speaker 13>a lot of tears and shaking and shoutings.

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<v Speaker 12>Airport operations resumed after flight five forty three was removed

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<v Speaker 12>from the taxiway. Authorities say the bodies of eight backcountry

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<v Speaker 12>skiers have been found and one remains missing after Tuesday's

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<v Speaker 12>avalanche near Lake Tahoe in California. Six others were found alive.

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<v Speaker 12>Heavy snow and the threat of additional avalanches slowed the

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<v Speaker 12>rescue effort in the mountains near Castle Peak, Nevada County

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<v Speaker 12>Sheriff Shannon.

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<v Speaker 7>Moon it's a very remote, rugged area on the north

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<v Speaker 7>side of the highway. There it is not a groomed

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<v Speaker 7>area or a ski resort area. This is a back

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<v Speaker 7>country area, rugged terrain.

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<v Speaker 12>Sheriff Moon says this is the deadliest skiing avalanche in

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<v Speaker 12>modern US history. The New York area could get another

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<v Speaker 12>winter storm system this weekend. Bloomberg medirologist Rob Carolyn has

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<v Speaker 12>the latest.

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<v Speaker 14>Michael, the weather pattern's getting rather active. We've got another

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<v Speaker 14>weather system which is going to bring rain to the

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<v Speaker 14>Tristed area late tonight and tomorrow, then a stronger storm

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<v Speaker 14>system which could potentially affect the area's Sunday and on

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<v Speaker 14>into Monday. The problem right now is the computer models

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<v Speaker 14>aren't in agreement. Some of them take it out to

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<v Speaker 14>see to the south of the Tristate area don't bring

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<v Speaker 14>us any precipitation at all, and some of them bring

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<v Speaker 14>it close enough to us that we'll be dealing with

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<v Speaker 14>some snow during the day on Sunday that would end

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<v Speaker 14>Monday morning. We'll be keeping a watch on this over

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<v Speaker 14>the next several days. I'm Rob Carolyn, Bloomberg Radio.

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<v Speaker 12>Global News twenty four hours a day and whenever you

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<v Speaker 12>want it with the Bloomberg News. Now, Michael Barr And

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<v Speaker 12>this is Bloomberg.

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<v Speaker 2>Hemon Well thanks Michael all the time. Now for our

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<v Speaker 2>Bloomberg Sports update, and for that we bring in John

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<v Speaker 2>stash Hour.

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<v Speaker 8>Guys, darreny was quite a day at the Olympics, with

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<v Speaker 8>the Kayals shiffer in winning the gold medal in the slalom,

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<v Speaker 8>and three quarter final hockey games went to overtime, including

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<v Speaker 8>Team USA's dramatic two to one victory over Sweden women's hockey.

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<v Speaker 8>Today the US versus Canada for the gold medal and

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<v Speaker 8>Jordan Stoles goes for a third gold medal in Speedskatie.

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<v Speaker 8>Just a couple of days after Tony Clark resigned as

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<v Speaker 8>the head of the Baseball Players Association, they've promoted his assistant,

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<v Speaker 8>Bruce Meyer. That's a Bloomberg Sports Update.

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<v Speaker 6>Stay with us.

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<v Speaker 2>More from Bloomberg Daybreak coming up after this.

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<v Speaker 1>Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

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<v Speaker 1>and around the world on Bloomberg dot Com and the

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<v Speaker 1>Bloomberg Business app. This is Bloomberg Daybreak.

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<v Speaker 6>Good morning on Nathan Hager.

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<v Speaker 3>After the latest ground of Iran nuclear talks, both the

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<v Speaker 3>US and Iran said they had made progress on a deal,

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<v Speaker 3>but oil is on the rise. This morning on reports

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<v Speaker 3>the US maybe edging closer to war than many Americans

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<v Speaker 3>might think.

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<v Speaker 6>Here's White House Press Secretary Caroline Levitt.

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<v Speaker 15>The President has always been very clear though, with respect

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<v Speaker 15>to Iran or any country around the world, diplomacy is

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<v Speaker 15>always his first option, and Iran would be very wise

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<v Speaker 15>to make a deal with President Trump and with this administration.

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<v Speaker 3>White House Press Secretary Caroline Levitt. This morning, we're joined

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<v Speaker 3>from Dubai by Bloomberg News Managing editor Paul Wallace. Paul,

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<v Speaker 3>that sounds like a veiled threat. Is that how Iran

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<v Speaker 3>is taking it? This morning?

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<v Speaker 6>Good morning, Hi, good morning.

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<v Speaker 4>Yes, it is a threat of Iran for sure. The

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<v Speaker 4>thing is that the Americans in the White House, they've

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<v Speaker 4>been pretty consistent in the last few weeks. They have

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<v Speaker 4>said publicly that they want to try to make the

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<v Speaker 4>negotiations with Iran work, to try to resolve this diplomatically.

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<v Speaker 4>They've said they know it will be very difficult. Dealing

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<v Speaker 4>with the Islamic Republic is anything but easy. But at

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<v Speaker 4>the same time, if they don't reach a deal, if

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<v Speaker 4>Iran doesn't agree to a deal, then it should be

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<v Speaker 4>prepared for military action, which I think is something you know,

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<v Speaker 4>Caroline Levitt was reiterating yesterday.

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<v Speaker 6>I think what you've.

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<v Speaker 4>Got also, you know, to note, is you've got a

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<v Speaker 4>massive build up of US forces in the region, naval

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<v Speaker 4>ships and jets as well, and a second aircraft carrier

0:12:10.880 --> 0:12:12.840
<v Speaker 4>is on the way and should be in the Middle

0:12:12.840 --> 0:12:16.640
<v Speaker 4>East pretty soon. So this is a huge amount of

0:12:16.640 --> 0:12:19.640
<v Speaker 4>but looking bigger than what the US had off the

0:12:19.679 --> 0:12:23.959
<v Speaker 4>coast of Venezuela in you know, December and at the

0:12:24.000 --> 0:12:27.440
<v Speaker 4>beginning of January before it captured Nicholas Maduro. So there's

0:12:27.520 --> 0:12:30.880
<v Speaker 4>a lot of military hardware there. It seems as if

0:12:30.920 --> 0:12:34.360
<v Speaker 4>the US is pretty much ready to go, the military

0:12:34.400 --> 0:12:36.760
<v Speaker 4>is ready to go to moments notice, if Trump decides

0:12:36.800 --> 0:12:39.120
<v Speaker 4>to go that route. And there are some people who

0:12:39.120 --> 0:12:41.880
<v Speaker 4>think that even though the US is saying it will

0:12:41.960 --> 0:12:45.600
<v Speaker 4>let to promise you run its course, that it may

0:12:45.640 --> 0:12:48.640
<v Speaker 4>not actually do that. It may decide to strike whilst

0:12:48.640 --> 0:12:52.560
<v Speaker 4>the talks are ongoing and before there's been any collapse

0:12:52.600 --> 0:12:56.320
<v Speaker 4>in them. So that's something that's sort of hanging over

0:12:56.360 --> 0:12:57.800
<v Speaker 4>the oil market right now, and I think that's a

0:12:57.800 --> 0:12:58.679
<v Speaker 4>big reason why.

0:13:00.120 --> 0:13:00.600
<v Speaker 14>Is rising.

0:13:00.800 --> 0:13:01.040
<v Speaker 6>Paul.

0:13:01.080 --> 0:13:04.319
<v Speaker 3>What are we hearing about whether the administration is close

0:13:04.360 --> 0:13:06.520
<v Speaker 3>to making that decision, what's the latest that we're hearing.

0:13:06.559 --> 0:13:08.120
<v Speaker 3>We've only got about thirty seconds left.

0:13:08.280 --> 0:13:08.520
<v Speaker 6>Yeah.

0:13:08.679 --> 0:13:10.800
<v Speaker 4>To be honest, I don't think it's a cliche in

0:13:10.840 --> 0:13:13.920
<v Speaker 4>this situation to say only Donald Trump knows. I mean,

0:13:14.040 --> 0:13:15.760
<v Speaker 4>some of the things we're hearing from the White House

0:13:15.760 --> 0:13:18.560
<v Speaker 4>suggests that even pretty senior White House people don't know

0:13:18.600 --> 0:13:21.079
<v Speaker 4>that Donald Trump is going to make that decision himself,

0:13:21.160 --> 0:13:23.920
<v Speaker 4>and he hasn't fully let on what he'll do yet.

0:13:25.880 --> 0:13:29.319
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<v Speaker 12>Dabray