WEBVTT - Ukraine Says Russia Fires Missile; Nvidia Disappoints

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

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<v Speaker 2>Good morning.

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<v Speaker 1>I'm Nathan Hager and I'm Karen Moscow. Here are the

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<v Speaker 1>stories we're following today.

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<v Speaker 2>Karin, we begin with new developments in the war in Ukraine.

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<v Speaker 2>Russia reportedly fired an intercontinental ballistic missile last night as

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<v Speaker 2>part of a barrage targeting the central Ukrainian city of

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<v Speaker 2>de Nepro. That's according to Ukraine's Air Force. Bloomberg opinion

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<v Speaker 2>columnist Mark Champion says, the use of ICBMs would be

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<v Speaker 2>a significant development.

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<v Speaker 3>They are understanding kinds of missiles that would be used

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<v Speaker 3>in a nuclear strike. It's bat left terrifying that that

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<v Speaker 3>sounds in terms of the nuclear issue, just because you

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<v Speaker 3>can be certain that the Russians will have told the

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<v Speaker 3>Americans in advance that this would carry a conventional beload.

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<v Speaker 2>Bloomberg Opinion columnist Mark Champion says Ukraine's air force says

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<v Speaker 2>it shot down six of seven cruise missiles fired during

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<v Speaker 2>the attack, and Russia says it intercepted two UK made

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<v Speaker 2>storm Shadow missiles, along with six high Mars rockets and

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<v Speaker 2>sixty seven drones fired by Ukraine.

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<v Speaker 1>And Nathan, President Biden is trying to lock in even

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<v Speaker 1>more support for Ukraine before he leaves office. The White

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<v Speaker 1>House says it plans to cancel four point sixty five

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<v Speaker 1>billion dollars in Ukraine's debt. That's about half of a

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<v Speaker 1>nine billion dollar loan that Congress approved as part of

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<v Speaker 1>a sixty billion dollars supplemental package for Ukraine. Republican Senator

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<v Speaker 1>Ran Paul posted on x that he'll force a vote

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<v Speaker 1>on the Senate Florida stop this, but both houses of

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<v Speaker 1>Congress would need to approve Paul's resolution, and President Biden

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<v Speaker 1>could also veto it.

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<v Speaker 2>Turning into markets now, Karen, we're watching shares of Nvidia

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<v Speaker 2>this morning. They're down more than three percent. The world's

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<v Speaker 2>most valuable company delivered a revenue forecast that failed to

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<v Speaker 2>meet Wall Street's highest expectations. In Vidia's predicting fourth quarter

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<v Speaker 2>sales of about thirty seven and a half billion dollars.

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<v Speaker 2>That's slightly above the average analyst estimate, but it is

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<v Speaker 2>below the most optimistic forecasts. In Vidia CEO Jensen Wang

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<v Speaker 2>says demand for its newest Blackwell chips still exceeds supply.

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<v Speaker 4>Blackwell production is in full steam. In fact, we will

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<v Speaker 4>deliver this quarter more blackwells than we have previously estimated,

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<v Speaker 4>and so the supply chain team is doing an incredible

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<v Speaker 4>job working with our supply partners to increase Blackwell.

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<v Speaker 2>And Video CEO Jensen Wang says sales are poised to

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<v Speaker 2>double for a second year in a row. Before this

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<v Speaker 2>morning's losses, and Video shares were up almost two hundred

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<v Speaker 2>percent this year, and if.

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<v Speaker 1>Then the powerful rally in bitcoin continues this morning, as

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<v Speaker 1>the digital currency closes in on one hundred one thousand dollars,

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<v Speaker 1>it's being fueled over optimism that president like Donald Trump

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<v Speaker 1>support for crypto and also over potentially friendly regulations. The

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<v Speaker 1>crypto market as a whole has gained approximately nine hundred

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<v Speaker 1>billion dollars since Trump's election win, and checking bitcoin right now,

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<v Speaker 1>it is up three and a quarter percent. It's at

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<v Speaker 1>ninety seven five hundred dollars.

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<v Speaker 2>Turning to the Trump transition now, Karen Republicans on the

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<v Speaker 2>House US Ethics Committee have voted against releasing a report

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<v Speaker 2>on their long running investigation into President elect Trump's nominee

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<v Speaker 2>for Attorney General, former Congressman Matt Gates. But the tug

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<v Speaker 2>of war over this report is not over yet, as

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<v Speaker 2>we hear from Bloomberg Sammy Morris in Washington.

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<v Speaker 5>Democrats Susan Wild of Pennsylvania says the ethics panel, which

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<v Speaker 5>is evenly split between the two parties, voted at a

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<v Speaker 5>two hour long closed door meeting and no Republicans joined

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<v Speaker 5>Democrats who want to release the report. The panel is

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<v Speaker 5>expected to meet and vote again in December. Meanwhile, Gates

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<v Speaker 5>met four hours behind closed doors with Republican senators who

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<v Speaker 5>have questions about the sexual misconduct and other allegations against him.

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<v Speaker 5>At least one Republican Senator, Lindsey Graham, decried the quote

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<v Speaker 5>lynch mob forming against Gates in Washington, Amy Morris, Bloomberg Radio, All.

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<v Speaker 1>Right, Amy, thank you. While President elect Trump is filling

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<v Speaker 1>out more of his diplomatic ranks. He's named former Congressman

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<v Speaker 1>Pete Hoakstra US ambassador to Canada. Holkstro was Ambassador to

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<v Speaker 1>the Netherlands in the first Trump administration and chairs the

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<v Speaker 1>Republican Party in the swing state of Michigan. And Trump

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<v Speaker 1>has tapped Matt Whittaker to be his ambassador to NATO.

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<v Speaker 1>Whitaker was Trump's acting Attorney General after he forced out

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<v Speaker 1>his first AG, Jeff Sessions.

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<v Speaker 2>In staying with the transition, Karen Elon Musk and Vivik

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<v Speaker 2>Ramaswami say they want to eliminate work from home policies

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<v Speaker 2>for the federal government. We get more on that from

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<v Speaker 2>Bloomberg's Doug Prisner.

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<v Speaker 6>Musk and Ramaswami are leading the new Department of Government Efficiency.

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<v Speaker 6>In a Wall Street Journal op ed, the pair wrote

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<v Speaker 6>requiring federal employees to come to the office five days

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<v Speaker 6>a week would result in a wave of voluntary terminations

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<v Speaker 6>that they welcome. And they said if federal employees don't

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<v Speaker 6>want to show up, American taxpayers shouldn't pay them for

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<v Speaker 6>the COVID era privilege of staying home. But eliminating those

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<v Speaker 6>policies could spark clashes between the new administration and government

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<v Speaker 6>employee union. On the other hand, a full return to

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<v Speaker 6>office could benefit the local Washington, DC economy In New York.

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<v Speaker 6>I'm Doug Prisoner Bloomberg Radio.

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<v Speaker 1>All right, dog, thank you well. In legal news this morning,

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<v Speaker 1>US prosecutors have charged Gwantam and Donnie with helping drive

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<v Speaker 1>a two hundred and fifty million dollar bribery scheme. It's

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<v Speaker 1>a stunning blow to India's most powerful businessman and close

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<v Speaker 1>ally a prime minister in Aarndramodi. Federal prosecutors say the

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<v Speaker 1>tycoon and other defendants promised to pay more than two

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<v Speaker 1>hundred fifty million dollars in bribes to Indian government officials

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<v Speaker 1>to win solar energy contracts worth billions of dollars. The

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<v Speaker 1>Adannie Group is denying the allegations. A Donni Group stocks

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<v Speaker 1>and bonds plunged on the news while being nearly thirty

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<v Speaker 1>billion dollars off the conglomerates market value and Karin.

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<v Speaker 2>The founder of our Kegos Capital Management, Bill Wong, has

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<v Speaker 2>been sentenced to eighteen years in prison. Back in July,

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<v Speaker 2>a jury found Wang guilty of misleading banks into providing

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<v Speaker 2>his family office with billions of dollars in trading capacity Bloomberg.

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<v Speaker 2>Shaquille Amari says the former financier express regrets. During the

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<v Speaker 2>proceedings in the New York courtroom, Wang.

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<v Speaker 7>Was remorseful, telling the judge he felt deep paid for

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<v Speaker 7>what happened to our Kagos Now prosecutors they wanted a

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<v Speaker 7>twenty one year sentence because they said that Wang was

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<v Speaker 7>a repeat offender in all of this because back in

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<v Speaker 7>twenty twelve he pled guilty to inside a trading with

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<v Speaker 7>another company, Tiger Capital Now. On the other hand, his defense,

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<v Speaker 7>they wanted no jail time, but the judge says that

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<v Speaker 7>was utterly ridiculous.

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<v Speaker 2>Bloomberg Shaquille Amari there outside the courtroom. Our Kagos fell

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<v Speaker 2>into a spiral after its March twenty twenty one selloff

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<v Speaker 2>in ViacomCBS shares prompted billions of dollars in margin calls,

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<v Speaker 2>and that led to the collapse of Wang's thirty six

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<v Speaker 2>billion dollar family office and the fallout included the demise

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<v Speaker 2>of Credit Sueese, as well as significant losses for Morgan Stanley, Ubs,

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<v Speaker 2>Numural Holdings, and other banks.

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<v Speaker 1>Well Nathan. The Justice Department and a group of states

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<v Speaker 1>are proposing major changes to Alphabet's Google. They include a

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<v Speaker 1>for sale of the company's Chrome web browser in the

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<v Speaker 1>wake of a Landmark ruling that the tank and I

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<v Speaker 1>legally monopolized online search and a court filing yesterday, anti

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<v Speaker 1>trust enforcers said they would also prefer a divestiture of

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<v Speaker 1>the Android smartphone operating system.

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<v Speaker 2>Google opposed is the proposal.

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<v Speaker 1>Arguing it with harm Americans privacy and security stymy its

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<v Speaker 1>Ai investments, and hurt other companies that rely on its revenue.

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<v Speaker 1>And it's time now for look at some of the

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<v Speaker 1>other stories making news in New York and around the world.

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<v Speaker 1>And for that we're joined by Bloomberg's John Tucker, John,

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<v Speaker 1>Good Morning, Good Morning, Karen.

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<v Speaker 8>The FBI arrested a man who's been charged with planning

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<v Speaker 8>an attack on the New York Stock Exchange. More from

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<v Speaker 8>Bloomberg's Jeff Bellinger.

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<v Speaker 9>The FBI sas thirty year old Harun Abdul Malik Yanier

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<v Speaker 9>of Coral Springs, Florida, wanted to reboot the US government

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<v Speaker 9>by planting a bomb at the New York Stock Exchange

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<v Speaker 9>and detonating it with the remote controlled device. Authorities found

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<v Speaker 9>bomb making sketches, along with timers and other electronics that

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<v Speaker 9>could be used for building explosive devices. They say in

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<v Speaker 9>air all also searched online for things related to bomb making.

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<v Speaker 9>The suspect allegedly told under cover FBI agents that he

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<v Speaker 9>wanted to detonate the bomb the week before Thanksgiving. Jeff

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<v Speaker 9>Bellinger Bloomberg Radio.

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<v Speaker 8>A warning if you have an ipheld, iPad or Mac,

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<v Speaker 8>there is a security flaw that may have been actively exploited.

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<v Speaker 8>Apple's just released what it calls a zero day patch.

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<v Speaker 8>The flaw was uncovered by Google's threat analysis group, and

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<v Speaker 8>the top US consumer watchdog will now supervise Apple and

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<v Speaker 8>other major technology firms that offer digital wallets and payment

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<v Speaker 8>apps the Consumer Financial Protection Bureau when I'll treat those

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<v Speaker 8>companies more like banks as long as they handled more

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<v Speaker 8>than fifty million transactions a year. And Pamela Hayden, the

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<v Speaker 8>voice of Millhouse, is retiring from the Simpsons after thirty

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<v Speaker 8>five years.

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<v Speaker 2>Everything's coming up Milhouse.

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<v Speaker 8>The seventy year old actress's final episode will air this Sunday.

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<v Speaker 8>The show's creator named the blue haired boy with Glasses

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<v Speaker 8>Millhouse as a humor not to President Richard Milhouse Nixon.

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<v Speaker 8>Global News twenty four hours Day and whatever you want

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<v Speaker 8>with Bloomberg News.

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<v Speaker 1>Now.

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<v Speaker 8>I'm John Tucker and this is Bloomberg Karen.

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<v Speaker 1>I don't know if you can do that voice, can you?

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<v Speaker 4>John?

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<v Speaker 2>Maybe I'm not even gonna try.

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<v Speaker 1>All right, all right, well, John Tucker, thank you time

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<v Speaker 1>now for the Bloomberg Sports up date, brought to you

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<v Speaker 1>by Tri State Odie. Here's John stash Hour.

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<v Speaker 10>John.

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<v Speaker 2>Good morning, Good.

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<v Speaker 10>Morning, Karen Nicks.

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<v Speaker 11>After a four game homestand now have a five game

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<v Speaker 11>road trip first stop Phoenix.

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<v Speaker 10>The Sons without Kevin Durant.

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<v Speaker 11>The next one easily scored forty four points in the

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<v Speaker 11>first quarter shot fifty eight percent won one thirty eight

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<v Speaker 11>to one twenty two. Jalen Bruns and then Karl Anthony

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<v Speaker 11>Towns have become quite the one two combination. They teamed

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<v Speaker 11>up for seventy points in Stores. The Yukon women won

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<v Speaker 11>by forty four over Fairleigh Dickinson. For the Huskies, legendary

0:09:50.200 --> 0:09:53.640
<v Speaker 11>coach Gino Oriama career victory number one thousand, two hundred

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<v Speaker 11>and seventeen. Moving in past, the recently retired Stanford coach

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<v Speaker 11>Karav van Derveer most coaching wins in college basket well

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<v Speaker 11>history men or women, Cy Young winners the Braves, Chris Sale,

0:10:03.880 --> 0:10:07.199
<v Speaker 11>the Tiger's Trek Scooball. The two South Paws had almost

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<v Speaker 11>exactly the same season. Sale in Atlanta was eighteen and

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<v Speaker 11>three with a two point three eight e Ra Schoobl

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<v Speaker 11>in Detroit went eighteen and four with a two point

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<v Speaker 11>three nine.

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<v Speaker 10>Giants coach Brian Dable.

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<v Speaker 11>On Monday announced he was making Tommy DeVito his starting quarterback.

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<v Speaker 11>He talked about the second year QB giving the team

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<v Speaker 11>a spark.

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<v Speaker 10>Davido is confident that will happen.

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<v Speaker 12>I think I bring a certain confidence energy, you know, sag,

0:10:31.280 --> 0:10:33.800
<v Speaker 12>whatever you call it, to the team, to people around me.

0:10:34.760 --> 0:10:36.679
<v Speaker 12>I think I've kind of always had that growing up,

0:10:36.720 --> 0:10:38.240
<v Speaker 12>like from when I was even younger. So I kind

0:10:38.240 --> 0:10:40.520
<v Speaker 12>of just bring that energy, and it's all about really

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<v Speaker 12>enjoying it for me. I kind of said that last year.

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<v Speaker 12>You know, it's like it is a children's game, obviously

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<v Speaker 12>a lot more money and a lot more stakes into it.

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<v Speaker 11>Divido and The Giant Sunday host Tampa Bay the game

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<v Speaker 11>tonight eight and two Pittsburgh at two and eight Cleveland.

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<v Speaker 11>John Stashewer of Bloomberg Sports characterm Coast to Coast on Bloomberg

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<v Speaker 11>Radio nationwide on Sirius XM, and around the.

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<v Speaker 6>World on Bloomberg dot Com and the Bloomberg Business app.

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<v Speaker 2>This is Bloomberg Daybreak. Good morning, I'm Nathan Hager. On

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<v Speaker 2>a morning where Nvidia's earnings remain a major focus for investors.

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<v Speaker 2>The AI Chip Powerhouse gave a revenue forecast that fell

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<v Speaker 2>short of Wall Street's biggest expectations, but CEO Jensen Wong

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<v Speaker 2>says the next generation in Vidia Blackwell chips are on

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<v Speaker 2>track to ship with very strong demand.

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<v Speaker 4>It is the case that demand exceeds our supply, and

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<v Speaker 4>that's expected as we're in the beginnings of this generativity

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<v Speaker 4>I revolution as we all know.

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<v Speaker 2>In Nvidia's CEO Jensen Wong spoke on the company conference

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<v Speaker 2>call last night for more on the results and the

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<v Speaker 2>outlook for AI going forward. We are joined by Dan Ives,

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<v Speaker 2>global head of Technology Research at web Bush Securities. Dan,

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<v Speaker 2>great to have you back with us this morning. So

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<v Speaker 2>in Nvidia didn't meet Wall Street's biggest expectations, did it

0:11:58.120 --> 0:11:58.640
<v Speaker 2>meet yours?

0:11:58.640 --> 0:11:59.079
<v Speaker 10>Good morning?

0:12:00.120 --> 0:12:02.800
<v Speaker 13>Hello, Look, this is just like last quarter. I mean,

0:12:02.840 --> 0:12:06.080
<v Speaker 13>the bears try to poke at it, and look what

0:12:06.160 --> 0:12:09.680
<v Speaker 13>happened to the stock sentence up seventeen percent. I believe

0:12:09.880 --> 0:12:13.319
<v Speaker 13>this was just ultimately a press release. They should frame

0:12:13.400 --> 0:12:16.240
<v Speaker 13>it and put it in the love. It's the start

0:12:16.559 --> 0:12:18.800
<v Speaker 13>of the trick. What I believe is to track the

0:12:18.880 --> 0:12:22.280
<v Speaker 13>four trillion and beyond super bullish. I believe there's a

0:12:22.320 --> 0:12:24.080
<v Speaker 13>stock that's probably up the end of the day.

0:12:24.880 --> 0:12:27.800
<v Speaker 2>Nough, we did hear just a moment ago, Jensen Wong

0:12:27.920 --> 0:12:33.160
<v Speaker 2>saying that supply is having trouble keeping up with demand.

0:12:33.480 --> 0:12:37.600
<v Speaker 2>Is that going to continue to be an issue going forward.

0:12:37.640 --> 0:12:41.199
<v Speaker 2>What can it do to get that back into balance.

0:12:41.800 --> 0:12:44.000
<v Speaker 13>Look to put some numbers, I mean Street thought this

0:12:44.040 --> 0:12:46.400
<v Speaker 13>would be two to three billion a quarter in terms

0:12:46.400 --> 0:12:48.720
<v Speaker 13>of black Bell. It's probably gonna because of eight to

0:12:48.840 --> 0:12:52.760
<v Speaker 13>ten billion demand the supply of fifteen to one. So

0:12:52.800 --> 0:12:55.880
<v Speaker 13>it's going to take time. From a supply can train perspective,

0:12:56.000 --> 0:12:59.160
<v Speaker 13>that's a high class problem and into a street continues

0:12:59.160 --> 0:13:03.240
<v Speaker 13>to under the demand. And that's why Look is this

0:13:03.320 --> 0:13:04.320
<v Speaker 13>all plays out?

0:13:04.880 --> 0:13:06.440
<v Speaker 14>I mean you look what videos and.

0:13:06.360 --> 0:13:11.120
<v Speaker 13>We're talking unprecedented in terms of AI industrial.

0:13:10.600 --> 0:13:12.800
<v Speaker 14>Revolution, and they're reading they are the only.

0:13:12.679 --> 0:13:16.600
<v Speaker 13>Game in town, led by godfather of AI, Jensen and Video.

0:13:17.360 --> 0:13:20.320
<v Speaker 2>Now, the demand in terms of the data revenue or

0:13:20.360 --> 0:13:23.440
<v Speaker 2>the data center piece still seems like it's concentrated in

0:13:23.520 --> 0:13:28.839
<v Speaker 2>those big cloud providers, you know, Amazon, Apple, does in

0:13:28.920 --> 0:13:33.200
<v Speaker 2>Nvidia need to do more to broaden out the demand

0:13:33.200 --> 0:13:35.359
<v Speaker 2>that it's seeing for data centers particularly.

0:13:36.000 --> 0:13:38.080
<v Speaker 13>Yeah, right now, at the front of the line, front

0:13:38.080 --> 0:13:40.920
<v Speaker 13>of the velvet roops, it's big tech, right they have

0:13:41.000 --> 0:13:44.360
<v Speaker 13>a front seat, But behind them it's sovereigns and its

0:13:44.480 --> 0:13:47.839
<v Speaker 13>other called global two thousands that are now going to

0:13:47.880 --> 0:13:50.520
<v Speaker 13>be waiting in line to go down the AI route.

0:13:50.520 --> 0:13:52.880
<v Speaker 13>Only four percent of companies have even gone down it.

0:13:53.360 --> 0:13:56.560
<v Speaker 13>You look at Big Tech, that's three hundred billion a

0:13:56.640 --> 0:14:01.000
<v Speaker 13>loan of AI catbacks next year. So we're talking trillions

0:14:01.040 --> 0:14:03.280
<v Speaker 13>of AI capbacks. And guess what, there's only one game

0:14:03.320 --> 0:14:05.920
<v Speaker 13>in town, DYNVIDI in terms of the chips. But this

0:14:06.040 --> 0:14:09.840
<v Speaker 13>also shows a broader tech second, third, fourth derivative. Get

0:14:09.880 --> 0:14:13.280
<v Speaker 13>the popcorn out. It's still nine thirty ten pm in

0:14:13.320 --> 0:14:15.520
<v Speaker 13>this AI party that goes to four am.

0:14:15.920 --> 0:14:19.000
<v Speaker 2>Did Jensen Wong do enough to allay some of the

0:14:19.040 --> 0:14:23.040
<v Speaker 2>concerns that we heard going into this report about overheating

0:14:23.240 --> 0:14:25.960
<v Speaker 2>in the black Weell chips and not contributing to the

0:14:25.960 --> 0:14:27.320
<v Speaker 2>production delays that we've seen.

0:14:28.040 --> 0:14:29.880
<v Speaker 13>Oh yeah, I mean he called it out right away,

0:14:29.920 --> 0:14:33.520
<v Speaker 13>and I just need we've talked about the four When

0:14:33.520 --> 0:14:35.760
<v Speaker 13>you're at the top of the mountain, the bears are

0:14:35.760 --> 0:14:38.000
<v Speaker 13>going to come out of hibernation mood, you know that

0:14:38.080 --> 0:14:41.920
<v Speaker 13>have missed this historic run. They'll try to pull holes.

0:14:42.320 --> 0:14:44.920
<v Speaker 13>There's no poking holes here. I mean, we're talking about

0:14:44.960 --> 0:14:48.640
<v Speaker 13>production that's ramping a head of street expectations. And that's

0:14:48.680 --> 0:14:52.000
<v Speaker 13>why any weakness today, it's just what I believe is

0:14:52.000 --> 0:14:56.520
<v Speaker 13>an opportunity as this is a four trillion and potentially

0:14:56.560 --> 0:15:00.280
<v Speaker 13>in the next few years five trillion dollar market.

0:15:00.160 --> 0:15:01.840
<v Speaker 2>At the same time, up to now, I mean, we've

0:15:01.880 --> 0:15:05.880
<v Speaker 2>seen such dramatic growth for Invidia. I mean it's it's

0:15:06.000 --> 0:15:09.320
<v Speaker 2>really been like a rocket ship for this company. Can

0:15:09.400 --> 0:15:12.240
<v Speaker 2>it continue to maintain that kind of momentum or do

0:15:12.360 --> 0:15:15.840
<v Speaker 2>investors need to start preparing for a little bit more

0:15:15.840 --> 0:15:18.240
<v Speaker 2>of a leveling off in terms of the growth trajectory.

0:15:19.000 --> 0:15:23.320
<v Speaker 14>Look, that will be a question, But this is Mahomes

0:15:23.360 --> 0:15:25.520
<v Speaker 14>in high school Moan.

0:15:25.440 --> 0:15:27.960
<v Speaker 13>Soto when he's fourteen, right, I mean in terms of

0:15:28.040 --> 0:15:31.120
<v Speaker 13>where in Vidio is and in terms of as is

0:15:31.280 --> 0:15:34.680
<v Speaker 13>all plays out in terms of AI revolution, it's in

0:15:34.840 --> 0:15:38.680
<v Speaker 13>tatiable demand and there's no other competitor out there. And

0:15:38.720 --> 0:15:41.640
<v Speaker 13>that's why what you really it's not even just a

0:15:41.680 --> 0:15:45.160
<v Speaker 13>mountain video what it shows about big tech. This is real.

0:15:46.000 --> 0:15:49.680
<v Speaker 13>This is the most pronounced tech spending wave that we

0:15:49.880 --> 0:15:53.160
<v Speaker 13>probably have ever seen, and and it just speaks to

0:15:53.160 --> 0:15:56.320
<v Speaker 13>our view NASDAK twenty thousand and events in the next

0:15:56.320 --> 0:16:01.560
<v Speaker 13>few year's NASDAK twenty five thousand conversations happened being led

0:16:01.640 --> 0:16:02.320
<v Speaker 13>by AI.

0:16:02.640 --> 0:16:06.040
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<v Speaker 9>Hey,