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Speaker 1: Bloomberg Audio Studios, podcasts, radio news. You're listening to the

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Speaker 1: Bloomberg Intelligence Podcast. Catch us live weekdays at ten am

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Speaker 1: Eastern on Applecarplay and Android Auto with the Bloomberg Business app.

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Speaker 1: Listen on demand wherever you get your podcasts, or watch

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Speaker 1: us live on YouTube.

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Speaker 2: Video Stock trading down hard. They're going to take a

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Speaker 2: five point five billion dollar charge. Let's break this down

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Speaker 2: with men Deep Singing runs all the technology research for

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Speaker 2: Bloomberg Intelligence. Mandeep talk to us about Nvidian particular, why

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Speaker 2: are they taking this rite down specifically and how surprising

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Speaker 2: was it.

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Speaker 3: Well, it was a surprise in the sense that they're

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Speaker 3: you know, stop or barred from selling their twenty chips

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Speaker 3: with the prior administration approved and now they're required to

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Speaker 3: get another license. I mean where you could see you know,

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Speaker 3: the mac some impact is in terms of what happens

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Speaker 3: with the guide. And look, the consensus numbers didn't really

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Speaker 3: come down even though we had the tariff uncertainty for

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Speaker 3: the last couple of weeks. The consensus was around fifty

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Speaker 3: five percent growth for Nvidia this year.

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Speaker 4: Now when you look.

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Speaker 3: At you know, this kind of news where they're going

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Speaker 3: to lose you know, almost fifteen billion dollars in revenue

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Speaker 3: to China this year. Those numbers look very tough to beat,

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Speaker 3: I mean even meet the consensus. So and we've been

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Speaker 3: used to Nvidia beating and raising, so I do think

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Speaker 3: the numbers do get challenging. And look in terms of

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Speaker 3: long term impact, I mean, I can see how China

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Speaker 3: will be a much smaller market given all the back

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Speaker 3: and forth that we have seen with the administration and

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Speaker 3: just I think what we are seeing overall, you know,

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Speaker 3: with their LLM and AI development.

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Speaker 4: The bigger question here is.

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Speaker 3: Is Nvidia or you know, for that matter, AMD the

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Speaker 3: only way to kind of stop China's progress with AI

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Speaker 3: or should the administration be looking at a much broader

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Speaker 3: cut and that would include you know, the semicap equipment

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Speaker 3: vendors like SML and the other fabrillated vendors with China

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Speaker 3: is doing business with to build their own fabs. Remember

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Speaker 3: these are the ready chips that they're using for AI.

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Speaker 3: They're also investing in fabs. So you have to ask yourself,

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Speaker 3: do you need restrictions on the fab makers and you

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Speaker 3: know equipment guys. And that's where it could get much bigger.

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Speaker 3: If this escalates and nobody knows the answer right now.

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Speaker 5: So of course we know in Nvidia it's the golden

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Speaker 5: star of the group. Everyone looks to them and expectations

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Speaker 5: remain high for them. How much do you expect this

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Speaker 5: news to actually change or alter earnings expectations? Of course,

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Speaker 5: we know that they don't report until late in May,

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Speaker 5: but do you expect this to change any sort of

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Speaker 5: outlook for earnings from the company.

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Speaker 4: Yeah.

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Speaker 3: So the good thing when it comes to my moddeling

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Speaker 3: Nvidio's revenue is there are four main hyperscalers here in

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Speaker 3: the US that contribute about forty five percent of their revenue,

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Speaker 3: and we know the two of them have reaffirmed their capex.

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Speaker 3: We are going to learn from Microsoft and Meta when

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Speaker 3: the report earnings if they will keep their numbers intact

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Speaker 3: for the full year. But overall, I think the picture

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Speaker 3: still seems to be good when it comes to the

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Speaker 3: hyperscale capex spending for in video chips.

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Speaker 4: The other big bucket.

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Speaker 3: Is sovereigns and China, and that's where you know, now

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Speaker 3: you can poke some holes that if they're losing China revenue,

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Speaker 3: is there any other sovereign that can pick up that

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Speaker 3: slack in terms of you know, in video chips, and

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Speaker 3: the market is still under supplied, so we know they

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Speaker 3: were undershipping the demand when it comes to you know,

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Speaker 3: how much demand was out.

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Speaker 4: There for in video chips.

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Speaker 3: So from that perspective, it sounds like they shouldn't have

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Speaker 3: a problem, you know, finding buyers for their chips. But

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Speaker 3: that's where the guide will be very important when the

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Speaker 3: report and may.

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Speaker 2: Who is ASML and what did they announce?

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Speaker 3: So ASML is the semicapic fhipment player that I mentioned

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Speaker 3: which is used by all the fab makers. So whether

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Speaker 3: it's TSMC, whether it's Micron on the memory side, Samsung,

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Speaker 3: all these companies rely on ASML's EUV equipment to actually

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Speaker 3: manufacture the chips that in Vidia is designing. And that's

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Speaker 3: where you know, if you're banning the chips but not

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Speaker 3: the equipment sales, then it's pretty much saying okay, China

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Speaker 3: could in theory build a fab that's comparable to TSMC

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Speaker 3: and microns fabs and create their own chips. They don't

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Speaker 3: need to buy from Nvidia NAMD. And that's my point

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Speaker 3: about you know, the wider export restrictions when it comes

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Speaker 3: to what China is able to procure, but SML is

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Speaker 3: a durable monopoly like in video is when it comes

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Speaker 3: to you know, the equipment side.

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Speaker 4: Every company that uses.

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Speaker 3: You know, so the latest au eu Weeek technology relies

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Speaker 3: on SML to buy there.

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Speaker 2: And ASML ships to China, right.

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Speaker 3: Yeah, I mean thirty percent plus revenue exporture to.

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Speaker 4: China, so a lot could happen.

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Speaker 3: But SML is a European company, so it's interesting to

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Speaker 3: see how taris affect them.

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Speaker 2: Based to Collin, Okay, Mandy saying complex global geopolitics, We're

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Speaker 2: starting to see in some of the financial results from

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Speaker 2: some of these big tech companies, and we'll stay on

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Speaker 2: top of that.

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Speaker 1: You're listening to the Bloomberg Intelligence Podcast. Catch us live

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Speaker 1: weekdays at ten am Eastern on Applecarplay and Android Auto

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Speaker 1: with the Bloomberg Business App. Listen on demand wherever you

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Speaker 1: get your podcasts, or watch us live on YouTube.

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Speaker 4: We had retail sales today.

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Speaker 2: They came in kind of right in line with expectations,

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Speaker 2: so it showed some improvement from last month. And the

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Speaker 2: question is how much of that is kind of pulling

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Speaker 2: forward some purchases and consumption on part of consumers are

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Speaker 2: trying to get ahead of the terras. Mari Shore joins

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Speaker 2: US senior equity analyst at Columbia three Needle Investments. Mari,

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Speaker 2: what did you make of the retail sales data today?

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Speaker 4: Yes, thanks for having me.

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Speaker 6: As you said, the retail sales data was strong, showed

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Speaker 6: an improvement versus February.

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Speaker 4: I think some of that was.

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Speaker 6: Driven by unfavorable weather in February, which weighed on that

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Speaker 6: monthly result. But I don't see consumers, as you just suggested,

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Speaker 6: really pulling forward buying ahead of expected tariffs. I think

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Speaker 6: the underlying demand trends had been very stable, with continued

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Speaker 6: outperformance in categories like apparel, beauty, and home furnishings. But again,

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Speaker 6: I think investors are taking the results today with a

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Speaker 6: huge grain of salt given the heightened tariff and recession

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Speaker 6: risk that lies ahead.

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Speaker 5: So you mentioned that people are taking this individual report

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Speaker 5: with a grain of salt. What are you seeing as

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Speaker 5: the broader narrative for the as consumer right now?

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Speaker 6: It is incredibly unclear, uncertain, volatile. I've met with many

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Speaker 6: companies over the past couple of weeks, and honestly, there

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Speaker 6: I would say just as confused as investors and consumers

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Speaker 6: are at this point. I just met with one company

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Speaker 6: earlier today who said this volatility is even worse than

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Speaker 6: what they experienced during the pandemic. So that just shows you,

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Speaker 6: you know, how they are really still trying to figure

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Speaker 6: out the rules of the game before they can put

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Speaker 6: together a game plan. And unfortunately, when you run the numbers,

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Speaker 6: even assuming some mitigate mitigating efforts like taking pricing, the

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Speaker 6: impact on a lot of the companies that I look at,

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Speaker 6: specifically in the apparel and footwear categories is very significant.

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Speaker 5: I mean, it's interesting that you mentioned that in terms

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Speaker 5: of volatility uncertainty, you're saying that this is worse than

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Speaker 5: it Wasn't the pandemic one of the most unprecedented time periods.

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Speaker 5: What are you hearing from people? Does it seem as

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Speaker 5: though in the data looking forward that maybe consumers have

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Speaker 5: more to bracepo.

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Speaker 4: Yes, absolutely.

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Speaker 6: I think that if the worst case, you know, tariffs

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Speaker 6: that we heard from the President on Liberation Day do

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Speaker 6: go through, we will see significant price increases across the board,

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Speaker 6: and I think that that just puts greater risk on

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Speaker 6: consumers being able to spend on discretionary goods. And you know,

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Speaker 6: we're still coming out of the pandemic where we were

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Speaker 6: seeing demand normalization and deflation in a lot of bigger

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Speaker 6: ticket categories, and so I think, you know, of course,

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Speaker 6: we still have to see what the what the final

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Speaker 6: results are, but in my view, the ninety day pause

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Speaker 6: does not really change the result. There's still no easy

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Speaker 6: answers as to how the companies will mitigate these higher costs,

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Speaker 6: and I think as a result of that, a lot

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Speaker 6: of them will end up flowing through to the consumer

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Speaker 6: in the form of higher inflation.

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Speaker 2: Is are there certain categories Mary that retailers can pass

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Speaker 2: along the cost increases more readily than in some other

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Speaker 2: areas historically speaking.

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Speaker 4: It's a great question.

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Speaker 6: I think it's a little bit harder to talk category.

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Speaker 6: It's easier to talk brand because of course, you know,

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Speaker 6: there are certain companies that have that have been performing

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Speaker 6: very well, have very strong brand momentum and product innovation.

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Speaker 6: So in that group, I would highlight, like a name

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Speaker 6: like Tapestry, where there's still a big white space pricing

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Speaker 6: opportunity between themselves and the luxury categories. I think a

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Speaker 6: brand like Ralph Lauren. You know, even in apparel, which

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Speaker 6: is typically a low growth cat category, they've been taking

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Speaker 6: a lot of share. I think beauty is still a

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Speaker 6: category where investors are I'm sorry, consumers are willing to

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Speaker 6: spend on new innovation. Outside of that, it's harder to

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Speaker 6: identify areas where I think the companies will be able

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Speaker 6: to pass through higher pricing without seeing a negative impact

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Speaker 6: on unit demand.

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Speaker 2: H right, very good, Mari Shore, thank you so much

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Speaker 2: for joining us. Marius is senior equity analyst a Columbia

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Speaker 2: thread needle up there in Boston. Joining us via zoom.

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Speaker 1: You're listening to the Bloomberg Intelligence Podcast. Catch us live

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Speaker 1: weekdays at ten am Eastern on Apple, Cocklay and Android

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Speaker 1: Auto with the Bloomberg Business App. Listen on demand wherever

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Speaker 1: you get your podcasts, or watch us live on YouTube.

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Speaker 2: If you look at company news today, one of the

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Speaker 2: big items crossing the tables at in Nvidia Warm, they're

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Speaker 2: warning that the President Trump's curbs on China chips it's

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Speaker 2: going to cost it five point five billion dollars. That's

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Speaker 2: the write down they are taking on some of their

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Speaker 2: chips that are no longer commercially viable in China, at

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Speaker 2: least under the current terriff situation. So let's get the

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Speaker 2: latest reporting there and where else we might see some

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Speaker 2: risk for companies out there. Michael Sheppard, Bloomberg Senior editor

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Speaker 2: in Washington, DC, joins us here. Michael, what did you

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Speaker 2: make of the news out of in Nvidia and can

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Speaker 2: you extrapolate it out to other companies other sectors maybe well, we.

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Speaker 7: Already see one extrapolation playing out in the market today, Paul,

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Speaker 7: and that is advanced micro devices. In Vidia told the

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Speaker 7: world yesterday was facing this charge related to the new

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Speaker 7: restrictions from the Trump administrations on sales of its Age

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Speaker 7: twenty chip to China. But now AMD comes out today

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Speaker 7: and says it too is facing similar curbs on its

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Speaker 7: ability to sell a similar product, a device known as

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Speaker 7: the Mi I.

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Speaker 4: Three to zero eight.

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Speaker 7: Both of these were designed to comply with previous US

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Speaker 7: curbs and restrictions on sales of advanced microprocessors to China,

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Speaker 7: and the idea of those limits is that you don't

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Speaker 7: officials here in Washington don't want Chinese government or Chinese

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Speaker 7: companies to gain too much of a technological edge when

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Speaker 7: it comes to products that could have dual use for

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Speaker 7: the military or potentially give Beijing a leg up in

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Speaker 7: this race for artificial intelligence, so we are hearing from it,

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Speaker 7: and other companies will have to keep their eye out

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Speaker 7: for further restrictions, especially Paul as we see this trade

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Speaker 7: war intensifying.

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Speaker 5: So no one wants to hear this type of news,

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Speaker 5: especially for AI darlinging someone like Nvidia, especially with tariff

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Speaker 5: uncertainty and the degree of those impacts still unknown. What

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Speaker 5: is the environment like in Washington? What are people hearing

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Speaker 5: in regards to this whole tariff story.

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Speaker 7: Well, it's a great question because we really see this

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Speaker 7: as much as part of a larger narrative here in

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Speaker 7: the nation's capital. Hawkishness towards China has been growing.

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Speaker 4: Over the past several years.

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Speaker 7: Both Republicans and Democrats have viewed the world's second largest

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Speaker 7: economy as much more of a rival rather than as

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Speaker 7: purely a trading partner, and they have unified in this

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Speaker 7: approach of trying to restrict access the sensitive technology, not

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Speaker 7: just semiconductors, but also the equipment used to make them.

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Speaker 7: And so this is not a real sea change here

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Speaker 7: that we're seeing today. Rather it is just another step

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Speaker 7: in a direction of travel we have been following.

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Speaker 4: Now.

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Speaker 7: The question was whether some of the big tech companies

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Speaker 7: and their CEOs who have tried to make pleas to

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Speaker 7: Donald Trump, including Jensen Wog of Nvidia, who was at

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Speaker 7: the White House just a few weeks ago, those pleas

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Speaker 7: for maybe a break on some of these export restrictions.

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Speaker 7: It's not so much that they fall on deaf ears.

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Speaker 7: It is just that policymakers inside the Trump administration have

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Speaker 7: really decided that they need to stay the course in

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Speaker 7: getting tough with China.

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Speaker 2: You know, you mentioned, Michael, this has been just another step,

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Speaker 2: be a a big, big step, but another step. And

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Speaker 2: what's kind of been developing over the last several years

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Speaker 2: which I've kind of likened to a technology cold war

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Speaker 2: between China and the US and maybe even China and

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Speaker 2: the West in general. Here, is there any way to

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Speaker 2: get off.

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Speaker 4: This track here? Or is this just where we're going?

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Speaker 7: Well, it's a tough track to escape, because we did

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Speaker 7: see overnight our colleagues in Asia scoop that China is

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Speaker 7: willing to talk with the Trump administration, but they are

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Speaker 7: setting some terms for how they want that conversation to unfold.

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Speaker 7: And this is much more than just the conversation that

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Speaker 7: President Donald Trump might want to have on tariffs. His

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Speaker 7: spokesperson said yesterday the ball is in Beijing's court. Well,

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Speaker 7: Beijing volley back with an indication that they are setting

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Speaker 7: some terms for having this discussion. One, they would like

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Speaker 7: to see, one point, person not the President of the

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Speaker 7: United States, but one of his top aides serving as

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Speaker 7: the main interlocutor with Beijing so that they could negotiate something. Two,

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Speaker 7: they really want to make sure that these technology curves

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Speaker 7: are part of the conversation, as well as the eternally

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Speaker 7: contentious question of Taiwan. And then three, they would like

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Speaker 7: to see some of the more disparaging rhetoric coming from

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Speaker 7: some Trump administration officials, including jd Vance, comments that officials

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Speaker 7: in Beijing have not taken to well.

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Speaker 4: They want to see that dial down.

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Speaker 7: But we're a long way off from seeing the two

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Speaker 7: sides actually taking a step toward meeting the way that

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Speaker 7: we saw earlier this week the European Commissions Trade top

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Speaker 7: trade negotiator was in town to have those kinds of conversations.

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Speaker 7: We're a long way from seeing that take place with

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Speaker 7: the Chinese right now.

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Speaker 5: I mean, we also saw news that Trump says that

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Speaker 5: you will attend tariff talks with Japan today. What are

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Speaker 5: we hearing is really the urgency from maybe legislators and

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Speaker 5: other people in Washington to really get these trade relations

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Speaker 5: sorted out with some of our biggest trade partners.

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Speaker 7: Well, they certainly are under some pressure to act, and

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Speaker 7: members of Congress are increasingly concerned that this sweeping tariff's

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Speaker 7: package from the Trump administration could carry some economic blowback

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Speaker 7: that would be felt in their districts and could make

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Speaker 7: it hard for them to win reelection in the upcoming

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Speaker 7: congressional elections in twenty twenty six. And they're also worried

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Speaker 7: about how the blowback from that could affect their districts

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Speaker 7: and their standing too with the folks back home. They've

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Speaker 7: already been hearing from constituents that there may be job

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Speaker 7: losses not only through tariffs, but also the administration's push

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Speaker 7: to cut a lot of federal employees from the government's

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Speaker 7: workforce too.

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Speaker 2: Michael, thank you so much for your reporting. Really appreciate

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Speaker 2: your time. Michael Shepherd, senior editor for a Bloomberg News

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Speaker 2: giving us the latest on kind of what we're seeing

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Speaker 2: coming out of these technology negotiations between the US and China.

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Speaker 1: You're listening to the Bloomberg Intelligence podcast. Catch us Live

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Speaker 2: I'm Paul Sweeney, your live here in our Bloomberg Interactive

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Speaker 2: Broker Studio. We're streaming live on YouTube as well, so

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Speaker 2: you can head over to YouTube dot com search Bloomberg

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Speaker 2: Radio Live, Bloomberg Podcast Live. Either way, we'll get you

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Speaker 2: to where you need to go. All right, here's what

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Speaker 2: I understand of this whole Harvard thing with the Trump administration.

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Speaker 2: The latest is the Trump administration has frozen two point

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Speaker 2: two billion dollars in grants to Harvard citing concerns over

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Speaker 2: anti Semitism and pro Palestinian protests on campus. And Harvard's

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Speaker 2: hired an attorney and this is an interesting hire to

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Speaker 2: represent it, and it's a great store. In the Bloomberg Turmber,

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Speaker 2: one of the most widely read about this attorney, David Verriakos,

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Speaker 2: joins us. He's a legal reporter for Bloomberg News. He

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Speaker 2: joins us live here in our Bloomberg Interactive Broker Studio.

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Speaker 2: So who did they hire?

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Speaker 8: Who was this? William Burkefella, Bill Burke works at Quinn

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Speaker 8: Emmanuel in Washington, and he has very close ties to

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Speaker 8: the Trump adminutetration and in conservative legal circles. Generally, he's

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Speaker 8: represented a lot of billionaires and different people in political

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Speaker 8: settings in the Trump world, and he's considered to be

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Speaker 8: an excellent courtroom advocate and also a very skilled negotiator.

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Speaker 8: So by hiring Bill Burke, Harvard is essentially saying, this

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Speaker 8: is someone who we think has real skills to help

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Speaker 8: us with the Trump administration.

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Speaker 9: So legally, what can Harvard really do here?

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Speaker 5: I mean, how much leverage and stuff does Trump have

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Speaker 5: us he allowed to do this?

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Speaker 9: What are the legalities here?

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Speaker 8: Well, that's the question. Can they withhold billions of dollars

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Speaker 8: in federal funding the way they have done? Harvard says

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Speaker 8: that that is not in compliance with the law, and

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Speaker 8: the Trump administration says that it is. It could end

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Speaker 8: up in a lawsuit in federal court and would determine

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Speaker 8: whether they're following the correct law.

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Speaker 2: So it's never a good strategy to sue the US

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Speaker 2: government in my opinion. I mean, you know, it just

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Speaker 2: seems like that's a tough road to hope. What is

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Speaker 2: the strategy for Harvard how far do they want to

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Speaker 2: take this? How do you think this plays out?

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Speaker 4: Well?

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Speaker 8: Suing the government sometimes works, and it has worked in

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Speaker 8: the second Trump administration for a number of plaintiffs. But

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Speaker 8: I think that the real strategy is to negotiate, and

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Speaker 8: you can either negotiate with or without a lawsuit. A

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Speaker 8: lawsuit can begin a process of negotiations, and I think

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Speaker 8: Harvard would concede that probably that they have some ability

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Speaker 8: to withhold money, but not all the money that they

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Speaker 8: are withholding.

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Speaker 9: So you know, taking it to the federal government can

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Speaker 9: take a while. Is it worth it?

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Speaker 5: I mean, two point two billion dollars sounds like a

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Speaker 5: lot to me. But is this money that Harvard really needs?

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Speaker 8: I think Harvard would say that it is that it's

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Speaker 8: been very important money for their medical research, for their

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Speaker 8: engineering research, and you know, other aspects of the university. Obviously,

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Speaker 8: they're the wealthiest US universities, so they could withstand not

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Speaker 8: having that money for a while and withstand a protracted

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Speaker 8: legal fight in a way that other colleges and universities

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Speaker 8: may not be able to do. But I mean, there

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Speaker 8: are questions revolve around the procedure by which the money

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Speaker 8: was withheld and also First Amendment questions. They say that

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Speaker 8: under the First Amendment law, it's clear that you know,

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Speaker 8: their activities and speech are protected, and so that this

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Speaker 8: is illegal retaliation.

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Speaker 2: So, I mean, I just had this whole economics of

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Speaker 2: government investment in universities explained to me over the week,

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Speaker 2: and I wasn't really clear. But this is a government

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Speaker 2: giving money to a university. And it's not just Harvard,

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Speaker 2: it's University of Texas, University of Florida, whatever, all these

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Speaker 2: state universities, huge research grant universities, Penn State University. They're

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Speaker 2: investing in these universities. They're investing in the research and

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Speaker 2: development of these universities, the labs, all that kind of

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Speaker 2: stuff so that the US can develop cool new stuff,

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Speaker 2: whether it's medicines or technologies. So it's an investment by

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Speaker 2: the US government, and they're saying, who's going to do

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Speaker 2: all this research and development for US?

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Speaker 4: Well, let's use the.

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Speaker 2: Scientists that are already on these campuses and already have

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Speaker 2: these labs there. That's kind of what developed post World

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Speaker 2: War two, and that's been the reason, and that has

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Speaker 2: created all the great technology and advancements that US governments

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Speaker 2: had right.

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Speaker 8: Right the argument is that these are investments that help

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Speaker 8: the entire nation, not just that private university, That they

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Speaker 8: are directed investments that help push cutting edge developments in

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Speaker 8: a number of areas, and that there is a benefit

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Speaker 8: to it. The Trump administration says that those investments can't

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Speaker 8: be made with no strings attached, that there are essentially

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Speaker 8: important strings that involve following civil rights law, and their

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Speaker 8: position is that Harvard is not following existing civil rights law.

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Speaker 2: Got it?

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Speaker 4: So the question is how.

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Speaker 8: Much leverage does the government really have over Harvard? And

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Speaker 8: that's what we're waiting to find out.

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Speaker 5: So are we are people expecting We've seen other universities,

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Speaker 5: We've seen Trump say something and then they kind of

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Speaker 5: buckled the cower and they let it go. That being said,

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Speaker 5: are we expecting this with Howard or sorry, Harvard rather,

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Speaker 5: do we expect them to remain steadfast on this journey

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Speaker 5: against you know, the US government or are people thinking

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Speaker 5: that they may end up backing down?

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Speaker 8: Well, that's that's what we're waiting to find out. I mean,

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Speaker 8: the position that garbage taking now is that we refuse

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Speaker 8: your demands and we're going to sit tight and fight you.

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Speaker 8: And they will do that until they don't you know.

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Speaker 8: I'm sure that it's a bit of a negotiating position,

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Speaker 8: and we'll see what they're able to extract in the hearts.

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Speaker 2: I hired this high profile attorney, but they have not

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Speaker 2: yet sued the US government. Is that a decision they

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Speaker 2: could take, and what would they sue for? Just to block.

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Speaker 8: Them a lawsuit seems like a distinct possibility. It hasn't

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Speaker 8: happened yet. Essentially, they have two arguments as I understand it,

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Speaker 8: which they've outlined in letters to the government. One is

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Speaker 8: that this is a violation of their protected First Amendment rights,

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Speaker 8: and the other is that the government did not follow

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Speaker 8: the correct procedure in withholding this money. So both of

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Speaker 8: those are via legal claims that could work in a

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Speaker 8: federal court. It depends on how they're arguing and how

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Speaker 8: the judge of US it.

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Speaker 2: Sorry, so we'll be on most I guess we'll just

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Speaker 2: kind of wait and see kind of The next step

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Speaker 2: is probably ball is probably in Harvard's court.

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Speaker 8: Right at this point, it seems like the ball is

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Speaker 8: in Harvard's court because earlier this week the federal government

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Speaker 8: froze the two point two billion okay that they had

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Speaker 8: promised to Harvard, and now the question is what is

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Speaker 8: Harvard's reaction going to be?

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Speaker 2: Every other university is just holding its breath, you know,

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Speaker 2: keep its head down. David Verriaco's legal reporter for Bloomberg News,

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Speaker 2: joining us live here in on our Bloomberg Interactive Broke Studio,

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Speaker 2: giving us the latest report to here reporting on this

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Speaker 2: fight between Harvard and the Trump administration.

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Speaker 1: the iHeartRadio app, tune In, and the Bloomberg Business app.

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Speaker 1: You can also watch us live every weekday on YouTube

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Speaker 1: and always on the Bloomberg terminal