Bonds Slide Amid Inflation Concerns as Oil Rises on Hormuz Deal Outlook — Bloomberg Brief 08/11/2026

[00:00:00] Speaker ?: . [00:00:13] Speaker 1: IT'S 5:00 A.M. IN NEW YORK CITY, 10:00 A.M. IN LONDON. GOOD MORNING. I'M BONNIE QUINN WITH YOUR BLOOMBERG REEF. LET'S GET YOU SET UP FOR THE DAY. PRESIDENT TRUMP ADDS NEW DEMANDS ON IRAN, DIMMING PROSPECTS FOR AN IMMEDIATE DEAL ON THE STRAIGHT OF HORMOOZE. CRUDE RISING FOR A FIFTH DAY, PUTTING INFLATION BACK IN FOCUS BEFORE KEY U.S. CONSUMER PRICE DATA. AND THE AI BOOM PULLING IN MORE MONEY. NVIDIA TAPS WALL STREET FOR $500 BILLION AS INTEL BRINGS IN $20 BILLION. LET'S GET A CHECK ON MARKETS AROUND THE WORLD. MIXED SESSION IN ASIA. [00:00:47] Speaker 2: LET'S GET TO PAUL DOBSON IN SINGAPORE FOR THE LATEST. PAUL. GOOD MORNING, BONNIE. NOT GOOD NEWS FOR A LOT OF ASIA MARKETS AS WELL. NOT GOOD NEWS FOR GOVERNMENT BONDS BECAUSE RISING OIL PRICES, OF COURSE, ARE INFLATIONARY. NOT GOOD NEWS FOR ASIA'S CURRENCY MARKETS OVERALL EITHER BECAUSE ONE, IT PUSHES UP POTENTIALLY THE U.S. DOLLAR AND THEREFORE WEAKENS ASIAN CURRENCIES. AND TWO, FOR CRUDE OIL IMPORTING NATIONS LIKE THE PHILIPPINE PESO THERE, IT'S AN EXTRA NEGATIVE BECAUSE IT'S GOING TO DRIVE UP THEIR COST. THE DOG THAT DIDN'T BARK TODAY WAS THE JAPANESE YEN. YESTERDAY, IT CONTINUED TO WEAKEN AGAINST THE DOLLAR. IT GAVE UP HALF OF ALL OF THE GAINS THAT IT SAW FROM THAT INTERVENTION IN CURRENCY MARKETS. WE SAW FROM THE JAPANESE AUTHORITIES AND THE U.S. AS WELL. A LITTLE BIT FROZEN IN THE HEADLIGHTS. PEOPLE WORRIED ABOUT THE U.S. THING THAT IS RELATIVELY THIN. IF WE FLIP OVER THE BOARD, SOMETHING FROM THE EQUITIES MARKET I WANTED TO POINT OUT TO YOU THAT I ALSO FOUND QUITE INTERESTING IN TODAY'S SESSION WAS JUST THE CONTINUING GAINS FOR SINGAPORE'S STI. BIT OF AN UNLOVED INDEX RELATIVE TO BROADER MARKETS BUT AS YOU CAN SEE IT'S PERFORMANCE YEAR TO DATE IS NOW AHEAD OF THE BROADER MSCI ASIA INDEX. IT HAD ANOTHER UPDATE TODAY. TWO THINGS GOING IN ITS FAVOR. ONE, GDP DATA WHICH NOT ONLY HAD A BEAT FOR THE SECOND QUARTER BUT THE FORECAST WAS REVISED HIGHER HIGHER REST OF THE YEAR. WE HAVE BANK EARNINGS LAST WEEK WHICH IS ALSO VERY STRONG [00:02:15] Speaker 1: AS WELL AND THAT IS GIVING IT EXTRA IMPETUS TOO. PAUL, WONDERFUL STUFF. I LOVE THAT. THAT IS PAUL DOBSON IN SINGAPORE. [00:02:25] Speaker ?: LET'S GET TO LONDON FOR A LOOK AT THE EUROPEAN SESSION WITH [00:02:26] Speaker 3: JUSTINA LEE. GOOD MORNING, BONNIE. TODAY IS A REMINDER THAT EUROPEAN ASSETS REMAIN VERY SENSITIVE TO MOVES IN OIL. THE U.S. DRAGGED DOWN BY A LOT OF THOSE TREASURE AND LEASURE NAMES. OF COURSE, WHEN OIL PRICES RISE, BOND YIELDS USUALLY FOLLOW. WHAT I FIND INTERESTING IS THAT WE HAVE SEEN A LOT MORE SENSITIVITY IN UK BONDS LATELY. TODAY, THE 10-YEAR YIELD IN THE UK IS UP 5 BASIS POINTS. WE ARE SEEING THE EUROPEAN SENSITIVITY IN EUROPE. 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IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY [00:14:43] Speaker 1: IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY [00:15:04] Speaker 7: IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY [00:15:38] Speaker 1: IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY [00:15:52] Speaker 7: IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY [00:16:16] Speaker 1: IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY [00:16:39] Speaker 7: IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY [00:17:07] Speaker 1: IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY [00:17:24] Speaker 7: THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY [00:17:54] Speaker 1: IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY [00:18:24] Speaker 8: IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY [00:19:43] Speaker 1: IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY OF THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY [00:20:00] Speaker ?: IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY [00:20:12] Speaker 1: IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY [00:21:23] Speaker ?: IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY [00:21:24] Speaker 1: IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY OF THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY OF THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY OF THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY AND THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY [00:23:34] Speaker 4: IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY IN THE EUROPEAN SENSITIVITY WE'VE GOT THE SNEAKER ON SINKING THIS MORNING AFTER LOWER THAN EXPECTED SALES IN THE SECOND QUARTER AS WELL AS A WATERED DOWN OUTLOOK FOR THE SALES FOR THE YEAR AND IT SEEMS THAT IT WAS REALLY DUE TO THE COMPANY NOT DISCOUNTING OLDER MODELS WHICH REALLY WEIGHED ON PERFORMANCE AND WE CAN SEE THAT REFLECTED IN THE SHARE PRICE THIS MORNING WE'RE DOWN ALMOST 15% IN PRE-MARKET TRADING MOVING ON TO THE TELEHEALTH COMPANY HIMS AND HERS WHICH HAS CUT ITS OUTLOOK AS WELL THIS COMPANY HAS ALSO SAID THAT IT WAS PLANNING ON ENTERING THE PEPTIDES MARKET BUT IT SEEMS THAT THIS UPCOMING ENTRY INTO A REALLY BOOMING PART OF THE HEALTH CARE INDUSTRY WAS NOT ENOUGH TO REASSURE INVESTORS GIVEN THIS GUIDANCE CUT AND SO WE'RE DOWN ABOUT 6.5% THERE AND FINALLY LET'S MOVE ON TO A POSITIVE MOVER WE'VE GOT RIOT PLATFORMS WHICH IS A BITCOIN MINING COMPANY THAT HAS RECENTLY STARTED SELLING AI DATA CENTER CAPACITY WE'RE SEEING THAT COMPANY RALLYING THIS MORNING IN PRE-MARKET TRADING ON A REPORT THAT HAS STRUCK A $9 BILLION DEAL WITH ANTHROPIC AS ANTHROPIC REALLY TRIES TO EXPAND THIS COMPUTING CAPACITY AND SO WE'RE UP VERY STRONGLY THERE FOR RIOT PLATFORMS [00:24:44] Speaker 1: INVESTORS. THANK YOU SO MUCH. CHOE MELLY IN LONDON. WITH YIELDS A HAIR'S BREATH AWAY FROM RECENT HIGHS LET'S BRING IN LAURA COOPER GLOBAL INVESTMENT STRATEGIST AND HEAD OF MACRO CREDIT AT NEW VEAN. OF COURSE WE HAVE A LOT TO COME. JACKSON HOLE AT THE END OF AUGUST. LAURA AND TOMORROW'S CPI AMONG A RAFT OF INFLATION DATA WE'RE GOING TO GET THIS WEEK. [00:25:06] Speaker 9: THANK YOU SO MUCH FOR JOINING US. WHAT IS SENDING YIELDS TO THIS LEVEL RIGHT NOW? I THINK WHAT'S BEEN MOST INTERESTING ABOUT THE BACKUP THAT WE HAVE SEEN IN YIELDS IS THE COMPOSITION OF THAT SELL-OFF IN TERMS OF WE'RE SEEING IT PREDOMINATELY BEING DRIVEN BY REAL YIELDS AND LESS SO IN TERMS OF INFLATION EXPECTATIONS WHICH IS PERHAPS COUNTER TO WHAT ONE WOULD EXPECT WHEN WE ARE NAVIGATING POTENTIALLY HIGHER THAN INFLATION REGIME WITH AN ENERGY SHOCK. I THINK THAT REALLY DOES FEED INTO A KEY DEBATE THAT THE FED IS CURRENTLY HAVING IN THAT OUR RATES WHERE THEY CURRENTLY ARE IN TERMS OF INTEREST RATES, ARE THEY SUFFICIENT ENOUGH, SUFFICIENTLY RESTRICTIVE ENOUGH TO NOT WARRANT A RATE HIKE FROM THE FED BUT THEY CAN STAY ON PAUSE OR ARE WE GOING TO SEE SIGNS OF PRICE PERSISTENCE COME THROUGH AND THAT DOES WARRANT THE FED MAYBE HAVING TO START TO TIGHTEN POLICY IN SEPTEMBER? WELL, IT'S A QUIETER CALENDAR OF FED SPEAK THIS WEEK THAN IT WAS LAST [00:26:00] Speaker 1: YEAR AT THE SAME TIME BUT WE DID HAVE BOTH SPEAKING YESTERDAY SAYING SOME NUMBER OF RATE HIKES MAY BE NECESSARY. THAT'S AT LEAST ONE, RIGHT? SO SHE CAN'T BE TOO WORRIED ABOUT ANY FRAGILITIES OF THE LABOR MARKET OR OTHERWISE. [00:26:12] Speaker 9: I THINK IT'S A REALLY INTERESTING DYNAMIC IN TERMS OF THE DESCENTS THAT WE DID SEE BACK IN THE JULY MEETING AND I THINK THE RISK IS THAT IF THE FED DOES TIGHTEN POLICY RATES IN SEPTEMBER THEN TO HAMMICK'S POINT, THE MARKETS WILL START EXTRAPOLATING THAT AND PRICING IN THE RESUMPTION OF A TIGHTENING CYCLE AND IT'S NOT CLEAR THAT THE DATA WOULD WARRANT THAT. YES, WE COULD POTENTIALLY SEE SOME HOTTER THAN EXPECTED. INFLATION MOVED THE NEEDLE IN TERMS OF THAT FED RATE PRICING. BUT IF WE LOOK AT THE BROADER INFLATIONARY TREND, WE ARE SEEING UNIT LABOR COST EASE THAT TENDS TO BE CORRELATED WITH INFLATION AND WE ARE SEEING THAT SOFTNESS IN THE LABOR MARKET AND AS WELL HOUSING INFLATION AS WELL IS ALSO EXPECTED TO START TO SLOW. SO IT'S NOT CLEAR THAT THE FED REALLY NEEDS TO TAKE AN AGGRESSIVE STANCE AS HEMMICK IS POTENTIALLY ALLUDING TO. IF WE DO SEE REAL YIELDS CONTINUE TO STAY AROUND THESE LEVELS OR EVEN [00:27:09] Speaker 1: POTENTIALLY GO HIGHER THOUGH, HOW MUCH IS THERE THE POSSIBILITY THAT WE WILL SEE REAL DIFFICULTIES IN CORNERS OF THE MARKET? I'M THINKING THE AMOUNT OF AI DEBT THAT'S OUT THERE [00:27:20] Speaker 9: AND THAT'S COMING TO MARKET, FOR EXAMPLE. THAT'S CERTAINLY A KEY RISK AND THE FACT OF HOW MUCH CAN FINANCIAL CONDITIONS TIGHTEN BEFORE IT STARTS TO WEIGH ON THE OVERALL GROWTH OUTLOOK. THAT'S NOT THE CASE SO FAR, DESPITE THE BACKUP THAT WE ARE SEEING IN YIELDS, BECAUSE WE ARE STILL SEEING SIGNS OF A VERY RESILIENT BACKDROP, LOOKING AT WHERE GDP IS TRACKING AND Q3 STILL TO BE QUITE RESILIENT. BUT I THINK IF WE START TO REALLY TEST THAT 5% HANDLE IN THE 10-YEAR YIELD AND THAT'S REAL YIELD DRIVEN, PERHAPS THEN THAT COULD BE QUITE CONCERNING. AGAIN, IT'S ONE OF THE REASONS WHY WE THINK THE FED IS GOING TO TAKE MORE OF A WAIT AND SEE STANCE TO SEE HOW THE DATA UNFOLDS, BECAUSE, AS WARSH HAS ALLUDED TO, THIS IS A FED THAT IS VERY DATA DEPENDENT AND THEY'RE NOT GOING TO GIVE THE TYPE OF GUIDANCE. CERTAINLY MARKETS WILL BE WATCHING FOR ALL OF THESE INDICATORS COMING THROUGH FOR HOW MUCH THEY CAN [00:28:15] Speaker 1: PRICE IN THAT TIGHTENING. HOW WILL THE DATA HAVE TO UNFOLD BEFORE THE FED ACTUALLY PULLS THE TRIGGER ON A HIKE, THOUGH, LAURA, BECAUSE, YOU KNOW, OBVIOUSLY OIL IS GOING HIGHER RIGHT NOW. THAT'S GOING TO START PLAYING INTO THE INFLATION DATA THAT WE'RE GETTING IN THE NEXT MONTH OR SO. WOULD THAT BE ENOUGH IF WE SEE OIL-RELATED INFLATION? [00:28:34] Speaker 9: WELL, ONE COULD ARGUE THAT OIL PRICE EFFECTS ARE RELATIVELY TRANSITORY. IT'S MORE AROUND THE OIL PRICE VOLATILITY THAT DOES TEND TO LEND ITSELF TO HIGHER CORE INFLATION OVER TIME. BUT I THINK SOMETHING THAT CAME OUT OF CHAIR WORSH'S PRESS CONFERENCE IN JULY WAS REALLY INTERESTING. AND THE FACT HE SAID THAT THEY ARE LOOKING AT A BROAD RANGE OF UNDERLYING INFLATION METRICS RATHER THAN JUST KIND OF HINGING THEIR VIEW ON ONE KEY INFLATION POINT OR THEIR PREFERRED FED GAUGE AROUND CORE PCE INFLATION. THAT SUGGESTS TO US THAT THEY ARE NOT GOING TO LOOK AT ONE OR TWO DATA POINTS, BUT REALLY A BASKET OF DATA POINTS COMING THROUGH MORE MEANINGFULLY. CERTAINLY IF WE SEE AN UPSIDE SURPRISE THIS WEEK IN CPI AGAINST ANOTHER UPSIDE SURPRISE IN AUGUST INFLATION, PERHAPS THAT COULD TILT THE SCALES A LITTLE BIT MORE SO. BUT I THINK REALLY JACKSON HOLD MAYBE IS KIND OF A KEY PIVOT POINT FOR WHETHER WE START TO SEE ANY FURTHER GUIDANCE IN TERMS OF WHAT THAT SEPTEMBER MEETING COULD BE. [00:29:34] Speaker 1: LAURA, TAKE US THROUGH THE PROCESS FOR YOU AND YOUR TEAM WHEN A WHOLE NEW BATCH OF HYPERSCALER OR OTHER AI COMPANY DEBT DEALS COME DOWN THE LINE. WE ARE SEEING $500 BILLION OF NVIDIA IN CONSORT WITH THE CONSORTIUM OF COMPANIES, THAT WILL COME TO MARKET AT SOME POINT. WHAT DOES YOUR TEAM DO? [00:29:54] Speaker 9: IT IS A FASCINATING TIME TO BE A CREDIT ANALYST AT THIS JUNCTURE. WE HAVE ALREADY SEEN HYPER SCALER DEBT AS A SHARE OF THE U.S. INVESTOR GRADE MARKET DOUBLE TO ABOUT 4%. IF WE LOOK AT WHAT ESTIMATES ARE FOR CAPEX IN THE COMING YEARS OF ABOUT 2 TRILLION FROM THESE HYPER SCALERS, THESE HYPER SCALERS COULD ACCOUNT FOR ANYWHERE UPWARDS OF ONE QUARTER OF THE U.S. DEBT MARKET IN TERMS OF INVESTMENT GRADE, SO THAT IS QUITE NOTABLE. I THINK THE WAY THAT WE LOOK AT IT IS CERTAINLY WE ARE SEEING THIS BEING A DOMINANT TECHNICAL IN THE MARKET, AND INTERESTINGLY, DESPITE HYPER SCALERS COMING TO MARKET WITH MORE THAN 220 BILLION OF ISSUANTS THIS YEAR, THAT IS NOT ACTUALLY CROWDING UP THE MARKET. WE ARE SEEING TIGHT SPREADS ACROSS THE SPACE. SO WE SUSPECT THIS IS GOING TO LEND ITSELF TO MORE DISPERSION AT THE SECURITY LEVEL, AND SO THAT DOES WARRANT A MUCH MORE SELECTIVE APPROACH, LOOKING AT HIGH QUALITY HYPER SCALERS, AND EVEN LOOKING AT OLD ECONOMY SECTORS LIKE INDUSTRIALS, MATERIALS, ENERGY, INFRASTRUCTURE, THAT ARE GOING TO BE A.I. ADJACENT, LET'S SAY, AND NOT DIRECTLY EXPOSED TO A.I. DISRUPTION RISKS AND SOME OF THAT PURE PLAY A.I. [00:31:05] Speaker 1: SOFTWARE THAT IS MORE VULNERABLE. FASCINATING. WE WILL CONTINUE TO KEEP AN EYE ON THE STORY, LAURA. THANK YOU SO MUCH. THAT IS LAURA COOPER OF NEW VINE JOINING US THIS MORNING. NOW, TWO OTHER TOUGH STORIES TRENDING ON THE TERMINAL. PRESIDENT DIANNI INFANTINO AMID A GROWING REVOLT THAT THREATENS INFANTINO'S LEADERSHIP. THE PRESIDENT POSTING ON TRUTH SOCIAL, QUOTE, "FIFA WOULD BE MAKING A TERRIBLE MISTAKE IF THEY EVEN CONSIDERED REPLACING PRESIDENT DIANNI INFANTINO." UNQUOTE. INFANTINO IS FACING CRITICISM OVER HIS FAILED PLAN TO SPIN OFF FIFA'S COMMERCIAL OPERATIONS. GOOGLE'S A.I. TEAM IS ENCOURAGING JOB CANDIDATES FOR ITS OPEN ROLES TO FILL OUT A SPECIAL FORM ALONGSIDE THEIR APPLICATION. TO ELIMINATE THE RISK, IT MAY BE AUTOMATICALLY SCREENED OUT BY THE COMPANY'S INTERNAL AI SYSTEMS, THIS ACCORDING TO A DOCUMENT VIEWED BY BLOOMBERG. GOOGLE DENIED THAT THE COMPANY'S SYSTEMS FILTER OUT APPLICANTS INCORRECTLY. AND A STATE COURT JUDGE HAS ISSUED A RESTRAINING ORDER AGAINST NEW YORK CITY, TEMPORARILY BLOCKING THE ROLLOUT OF MAYOR MAMDANI'S PIE DE TERRE ATTACKS. THE SUING HOMEOWNERS SAID THE CITY HAD CAUSED MASS CONFUSION WITH ITS CONTROVERSIAL IDENTIFICATION OF THOUSANDS OF PROPERTIES THAT IT SAYS ARE POTENTIALLY SUBJECT TO THE TAX ON SECOND HOMES. COMING UP, PRESIDENT TRUMP'S NEW DEMANDS ON IRAN BUT THINKING ABOUT THAT. [00:32:28] Speaker ?: THANK YOU FOR A DEAL IN DOUBT. MORE NEXT. THIS IS BLOOMBERG. [00:32:37] Speaker 8: THANK YOU FOR JOINING US. [00:32:47] Speaker 10: BACK TO THE SUDDEN OF IRAN, CAN YOU GIVE US ANY ESTIMATE OF WHEN YOU THINK THE STRAIGHT OF HOMUZ WILL BE PART OF THE HOMUZ? IT'S OPEN NOW. LOOK, THE ONLY ONE THAT HAS CONTROL OF THE STRAIGHT OF HOMUZ RIGHT NOW IS THE UNITED STATES NAVY. WE LET PEOPLE IN THAT WE WANT TO LET IN AND THOSE PEOPLE COME IN AND THEY'VE BEEN COMING IN AND THEY'RE GOING OUT. SO IT'S ACTUALLY OPEN NOW. [00:33:05] Speaker 1: BLOOMBERG SENIOR WHITE HOUSE REPORTER JOSH WINGROVE QUESTIONING PRESIDENT TRUMP THERE IN THE OVAL OFFICE. THE PRESIDENT SWEEPING NEW DEMANDS ON IRAN HAVE CLOUDED THE OUTLOOK FOR A DEAL TO REOPEN THE STRAIGHT OF HOMUZ. JOINING US NOW IS RACHEL SHULKE OF BLOOMBERG GOVERNMENT. SO IT SEEMS THE PRESIDENT IS MIRRORING PREVIOUS DEMANDS BY IRAN FOR THE U.S. TO PAY, RIGHT? IRAN WASN'T AT THE TABLE, RACHEL. SO WHAT IS THE ADMINISTRATION THINKING? IS THIS GOING TO BRING IRAN TO THE TABLE? [00:33:32] Speaker 11: WELL, THE PRESIDENT HAS TRIED TO SHY AWAY FROM ANY SORT OF PHYSICAL ATTACKS. HE STEPPED AWAY FROM RECURRING BOMBING OF THE COUNTRY. AND SO THE ADMINISTRATION RIGHT NOW IS HOPING TO PUT THIS ECONOMIC PRESSURE ON IRAN TO TRY AND BRING THEM TO THE TABLE AND IS DEMANDING THAT THEY PAY REPARATIONS FOR ALL OF THE DAMAGE DONE NOT ONLY TO THE STRAIGHT BUT ALSO TO THEIR OWN PEOPLE. SO IT'S SOMETHING THAT I THINK THAT THE ADMINISTRATION IS HOPING THAT THE MORE AND MORE THAT THEY PUT THIS PRESSURE ON, THAT THEY WILL SEE SOME SORT OF DEAL THAT COMES IN THEIR FAVOR. BUT THEIR TIME IS KIND OF RUNNING OUT BECAUSE WE ARE HITTING GETTING CLOSE TO THE MIDTERMS WHERE PRESIDENT TRUMP IS HITTING TERM LOWS, REPUBLICANS KIND OF HAVE A DARK CLOUD SOMEWHAT HANGING OVER THEM WITH THIS. AND IT'S ALREADY HARD FOR THEM TO GET GOP VOTERS OUT. AND WITH OIL PRICES RISING AND JUST ENERGY NOT WHERE IT'S SUPPOSED TO BE, REPUBLICANS ARE GOING TO HAVE A HARD TIME IF THIS ECONOMIC PRESSURE DOESN'T PAN OUT. [00:34:23] Speaker 1: ELECTION DAY IS LITERALLY 12 WEEKS AWAY. EARLY VOTING STARTING SEPTEMBER 18TH, WHICH IS JUST MORE THAN A MONTH AWAY AT THIS POINT. SO IT'S GETTING REALLY CRUCIAL. DOMESTICALLY, PRESIDENT TRUMP HAS CITED AN UNPROVEN AUTISM RISK BECAUSE HE'S TRYING TO SEPARATE THE MMR VACCINE. NOW, WHAT HAPPENS NEXT? DOES THAT AUTOMATICALLY BECOME WHAT HAPPENS WHEN YOU GO INTO A DOCTOR'S OFFICE NOW, THAT THEY'RE SEPARATED, OR DOES SOMETHING MORE NEED TO HAPPEN BEFORE THIS BECOMES REALITY? [00:34:52] Speaker 11: WELL, AS WE'VE SEEN WITH A LOT OF PRESIDENT TRUMP'S EXECUTIVE ORDERS, THERE IS SOME PUSHBACK. SO I THINK YOU CAN EXPECT A LOT OF DIFFERENT HEALTH CARE ASSOCIATIONS TO WEIGH IN, AND YOU'RE GOING TO SEE A LOT OF OFFICES AND DOCTORS ORGANIZATIONS TRYING TO MAKE SURE THEY'RE PUTTING OUT THEIR RESEARCH THAT THESE VACCINES ARE NECESSARY. WE'VE HEARD THIS FROM THE ADMINISTRATION BEFORE. THEY'VE TAKEN SOME SOMEWHAT PECULAR STANCES ON VACCINES AND MAYBE WE'VE SEEN IN PREVIOUS ADMINISTRATIONS. AND, AGAIN, IT'S ANOTHER THING THAT IS JUST ADDING, AS YOU MENTIONED, TO THESE EARLY VOTING DAYS, THESE MIDTERMS, WHERE ALL THESE DIFFERENT THINGS THAT ARE PILING UP THAT REPUBLICANS WILL HAVE TO ANSWER FOR THAT ARE NOT POPULAR AT THE BALLOT BOX. SO THE MORE THAT PRESIDENT TRUMP KIND OF STARTS PUTTING THESE EXECUTIVE ORDERS OUT FOR VARIOUS THINGS, WHETHER IT'S FOREIGN POLICY OR HEALTHCARE. IT'S JUST MORE AND MORE THINGS THAT CONGRESSIONAL REPUBLICANS WILL HAVE TO ANSWER FOR. [00:35:41] Speaker 1: MORE CONGRESSIONAL PRIMARY ELECTIONS TODAY. SO WE HAVE KINNETICUT, MINNESOTA, VERMONT AND WISCONSIN. I GUESS THE MINNESOTA GOVERNOR'S RACE IS ONE TO WATCH. PRESIDENT TRUMP HAS IN FACT ENDORSED QUITE THE AMOUNT OF CANDIDATES TODAY. [00:35:51] Speaker 11: YEAH, WE'VE SEEN HIM ENDORSE QUITE A BIT. WE'VE EVEN SEEN HIM ENDORSE AGAINST SOME CONGRESSIONAL REPUBLICANS. HE JUST RECENTLY HAD IN THE LAST SLOVE PRIMARIES A MOSTLY POSITIVE WIN. HE DID LOSE REP ANDY OGLES FROM TENNESSEE. SO THAT WAS KIND OF A HIT. BUT THE PRESIDENT HAS CONTINUED TO SAY THAT HIS CANDIDATES ARE DOING WELL, THAT REPUBLICANS ARE GOING TO KEEP CONGRESS. SO THESE NEXT SLATE OF MIDTERMS WILL BE VERY INTERESTING TO WATCH. ESPECIALLY WE HAVE A SOUTH CAROLINA SENATE GOP PRIMARY AFTER THE DEATH OF LINDSAY GRAHAM. SO THERE'S GOING TO BE A LOT OF DIFFERENT RACES THAT WE'RE PAYING ATTENTION TO TODAY. I THINK A LOT OF PEOPLE WILL BE PAYING ATTENTION TO TO SEE KIND OF THE SCOPE OF WHERE REPUBLICANS ARE AT HEADING INTO SOME OF THESE DIFFICULT GENERAL ELECTIONS THAT THEY'RE GOING TO HAVE TO WIN IN ORDER TO KEEP THEIR MAJORITIES. [00:36:37] Speaker 1: YEAH, WE'LL HAVE ALL OF THE RESULTS TOMORROW MORNING. THANK YOU SO MUCH. TURNING TO TECH, WALL STREET GIANTS LOOKING PAST A.I. FEARS IN A WHOPPING $500 BILLION COMMITMENT TO FUND INFRASTRUCTURE FOR NVIDIA. CEO JENSEN WONG SAYING, THESE FINANCING PLATFORMS WILL HELP CUSTOMERS ACCESS SCARCE COMPUTE AT SCALE AND BUILD THE A.I. FACTORIES THAT WILL POWER EVERY INDUSTRY AND COUNTRY IN THE AGE OF A.I. JOINING US NOW IS MATT BLOCKSOM OF BLOOMBERG INTELLIGENCE. SO, JENSEN WONG IS SOLVING THE FINANCING PROBLEM FOR ALL OF HIS PEERS AS WELL AS HIMSELF, MATT. THE ONLY TROUBLE IS THE RISK IS GOING TO GET OUTSOURCED. IS THERE ENOUGH APPETITE? [00:37:18] Speaker 12: THERE SEEMS TO BE ENOUGH APPETITE FOR A.I. RELATED CAPITAL RIGHT NOW. YOU KNOW, WE'VE GOT THIS KIND OF INTEL RAISE GOING ON AND GOOGLE IS RAISING MONEY TOO. I THINK GENERALLY THAT THE A.I. ECONOMY IS HUNGRY FOR CAPITAL AND THE CAPITAL SEEMS TO BE THERE. IT IS A VERY BROAD DEAL. ULTIMATELY, NVIDIA IS HOPING THAT IT IS GOING TO BE A CATALYST FOR PEOPLE TO SPEND MORE MONEY ON THEIR KIT. IT ADDS TO THIS COMPLEX CIRCULAR ECONOMY THAT WE HAVE BUILDING AROUND A.I. POTENTIALLY, I THINK, RAISES SOME QUESTIONS ABOUT THE POSSIBILITY OF SYSTEMIC RISK SOMEHOW DOWN THE LINE, YOU KNOW, GIVEN THAT WE ARE KIND OF REALLY DRAWING SOME HUGE FINANCING INSTITUTIONS INTO THE FUNDING FOR A.I. [00:38:05] Speaker 1: YEAH, THAT'S A GREAT POINT. I MEAN, APOLLO, BLACKSTONE, BLACKROCK, BOOKFIELD, GOLDMAN SAX, EVERYBODY AND ANYBODY. I MEAN, GOLDMAN IS THE ONLY BANK IN THERE, I GUESS, BUT EVERYBODY ELSE IS INVOLVED. WHAT WILL IT LOOK LIKE? IT'S GOING TO BE A $500 BILLION PLATFORM, BUT WILL IT LOOK LIKE CHUNKS OF STRUCTURED PRODUCTS COMING TO THE MARKET? YEAH, I MEAN, DETAILS ARE QUITE THIN RIGHT NOW, BUT I THINK [00:38:25] Speaker 12: GIVEN THE SIZE OF IT, IT'S GOING TO BE A HUGE SPREAD OF THINGS FROM CLASSIC VENDOR FINANCING THROUGH TO PERHAPS STUFF THAT LOOKS A LOT MORE LIKE LONG-TERM INFRASTRUCTURE FUNDING. JENSEN HUANG WAS VERY CLEAR TO KIND OF DESCRIBE THESE COMPANIES AS THE PROVIDERS OF LONG-TERM CAPITAL. THE VENDOR FINANCING MARKET IN ITSELF IS PROBABLY WORTH LESS THAN $100 BILLION, SO IT MASSIVELY SWAMPS THAT. ULTIMATELY, I THINK WE ARE GOING TO SEE LOTS OF DIFFERENT DEALS, SOME GOING TOWARDS FUNDING, THE UNDERLYING INFRASTRUCTURE, SO DATA CENTERS, EVEN THE POWER THAT'S NECESSARY TO KIND OF DELIVER INTO THOSE DATA CENTERS. SOME OF IT IS GOING TO BE MORE TRADITIONAL VENDOR FINANCING WHERE CUSTOMERS SAY, OKAY, I NEED A CERTAIN NUMBER OF NVIDIA CHIPS TO KIND OF FUND MY PLANS, AND THIS HELPS TO KIND OF FACILITATE ACCESS TO THAT CAPABILITY. [00:39:16] Speaker 1: NOW, ANTHROPIC HAS STRUCK A $9 BILLION CLOUD DEAL WITH RIOT PLATFORMS OF ALL COMPANIES. IT'S FASCINATING. ANTHROPIC SEEMS TO HAVE JUST A MASSIVE APPETITE FOR COMPUTE. [00:39:31] Speaker 12: CAN IT CONTINUE WITH THESE DEALS? I DON'T THINK ANTHROPICS ALONE, ALL OF THESE BIG CLOUD PLATFORMS ARE LOOKING FOR NEAR-TERM COMPUTE CAPACITY TO MEET THE DEMAND THEY ARE SEEING FROM THEIR CUSTOMERS. YOU'LL SEE THERE'S A LOT GOING ON FOR THE MID-TO-LONG-TERM BUILDING OUT ADDITIONAL INFRASTRUCTURE. BUT THEY NEED STUFF NOW. COMPANIES LIKE RIOT PLATFORMS, WHICH IS A BITCOIN PLATFORM THAT HAS INVESTED OVER THE LAST FEW YEARS IN A LOT OF COMPUTE CAPACITY, REALIZING THAT THERE'S A BETTER RETURN FOR THEM ON THE INVESTMENT THEY'VE MADE BY SELLING IT ON TO THESE BIG A.I. PLATFORMS THAN THERE IS BY GROWING THEIR BUSINESS ORGANICALLY. WE'VE SEEN SIMILAR DEALS ON THE MARGIN WITH SPACEX. META IS LOOKING TO MAKE SOME OF ITS CAPACITY AVAILABLE TO OTHERS. I THINK THIS IS JUST A NECESSARY FLUID PART OF THE MARKET THAT AS COMPANIES LIKE ANTHROPIC LOOK TO HONOR NEAR-TERM CUSTOM DEMAND, THEY FIND THE COMPUTE CAPACITY WHEREVER THEY CAN GET IT. [00:40:29] Speaker 1: MATT, IS THIS SOMETHING THAT ALL BITCOIN AND BITCOIN RESERVE COMPANIES HAVE SORT OF, YOU KNOW, AS A DECK OF CARDS, LET'S SAY, IN THEIR BACK POCKET? WOULD IT BE THE NEXT WAVE FOR ALL THESE BITCOIN RESERVE COMPANIES TO SORT OF PIVOT AND LEASE OUT THEIR COMPUTE? IS IT BECAUSE OF BITCOIN THAT THEY HAVE ALL THIS COMPUTE? [00:40:49] Speaker 12: YEAH, YOU KNOW, I THINK IT'S CERTAINLY A POSSIBILITY THAT OTHER COMPANIES ARE GOING TO BE LOOKING AT THE COMPUTE CAPACITY THEY HAVE AND THINKING ABOUT THE BEST WAY TO GET A RETURN ON IT. I THINK THE BITCOIN IS GOING TO BE A LITTLE BIT COMPANIES THAT ARE GOING TO BE A LITTLE BIT COMPANIES. ALMOST A YEAR AGO, I WAS AT A BIG INFRASTRUCTURE INVESTOR EVENT AND EVEN ONE ROW DOWN THERE WERE COMPANIES THAT HAD BEEN BUYING LAND BANKS, SO BANKS OF LAND THAT COULD AT SOME POINT BE KIND OF USED FOR COMMERCIAL OR RESIDENTIAL KIND OF REAL ESTATE OR POSSIBLY DATA CENTERS AND THEY ARE ACTUALLY COMPANIES INVESTORS. I THINK THAT IT IS A LITTLE BIT COMPANIES THAT HAVE BEEN RETHINKING THE INVESTMENTS THEY HAVE MADE AND THE BEST WAY TO [00:41:39] Speaker 1: MAKE A RETURN ON THEM. IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES [00:41:49] Speaker ?: AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES [00:42:00] Speaker 1: AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES AND IT IS A LITTLE BIT COMPANIES though, pointed higher.