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Featuring some of our favorite conversations of the week from our daily radio show "Bloomberg Businessweek Daily."
Hosted by Carol Massar and Tim Stenovec
Hear the show live at 2PM ET on WBBR 1130 AM New York, Bloomberg 92.9 FM Boston, WDCH 99.1 FM in Washington D.C. Metro, Sirius/XM channel 121, on the Bloomberg Business App, Radio.com, the iHeartRadio app and at Bloomberg.com/audio.
You can also watch Bloomberg Businessweek on YouTube - just search for Bloomberg Global News.
Like us at Bloomberg Radio on Facebook and follow us on Twitter @carolmassar @timsteno and @BWSee omnystudio.com/listener for privacy information.
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Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.
Bloomberg Businessweek Senior Reporter Max Chafkin on Elon Musk’s departure from his White House role Monica Duffy Toft, Professor of International Politics at Tufts University’s Fletcher School of Law and Diplomacy, on geopolitical conflicts Tyler Rosenlicht, Portfolio Manager & Head of Natural Resource Equities at Cohen and Steers on alternative investment strategies
Elon Musk said he will continue to advise President Donald Trump even after stepping away from the Department of Government Efficiency effort he has spearheaded.
“I expect to remain a friend and an adviser, and hopefully, if there’s anything the president wants me to do, I’m at the president’s service,” Musk said alongside Trump during a press conference Friday at the White House. “This is not the end of DOGE, but really the beginning.”
The comments indicate that the chief executive officer of Tesla Inc. and SpaceX plans to remain in the president’s orbit despite vows to pull back from Washington and prioritize his business empire. As the head of DOGE, Musk’s efforts to slash spending and cut government jobs have drawn pushback from federal workers and Democratic lawmakers as well as a consumer backlash to his business interests.
Musk’s divided attention has rattled investors and Wall Street analysts who underestimated the damage being done to Tesla’s brand around the world. As discontent grew over his focus, the billionaire vowed to pull back “significantly” from his government work to devote more time to Tesla as it nears the critical launch of robotaxi service.
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Costco Wholesale Corp. posted better-than-expected earnings in the third quarter, a sign that the nation’s largest club chain is flexing its scale and devoted following to navigate tariffs and other forces of economic turbulence.
The retailer said it generated earnings per share of $4.28 for the quarter ended May 11, above what Wall Street analysts were expecting. The metric suggests that Costco is growing its business even as consumers prioritize necessities to save money.
Burt Flickinger, Managing Director of Strategic Resource Group, reacts to Costco's earnings other key players in the retail sector, including Walmart, The Gap and Ulta Beauty.
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Bloomberg News US Legal Reporter Erik Larson and Jimmy Gurulé, Professor of Law at Notre Dame Law School and Founder and Director of the Exoneration Justice Clinic Elizabeth Economy, Hargrove Senior Fellow and co-chair of the Program on the US, China, and the World at Stanford University’s Hoover Institution Dr. David Kelly, Chief Global Strategist and Head of the Global Market Insights Strategy Team for J.P. Morgan Asset Management
A federal appeals court offered President Donald Trump a temporary reprieve from a ruling threatening to throw out the bulk of his sweeping tariff agenda, offering at least some hope to a White House now facing substantial new restrictions on its effort to rewrite the global trading order.
The administration celebrated the order from the US Court of Appeals for the Federal Circuit as validating its vow to aggressively challenge a ruling issued Wednesday night by the Court of International Trade blocking sweeping parts of Trump’s tariffs over his use of the International Emergency Economic Powers Act, or IEEPA.
“I can assure you, American people, that the Trump tariff agenda is alive, well, healthy, and will be implemented to protect you, to save your jobs and your factories,” trade adviser Peter Navarro told reporters on Thursday.
Even as Navarro celebrated the temporary stay, the possibility that the appeals court could ultimately back the original ruling and block Trump’s tariff policy hung heavy over the White House. Separately, a second federal judge declared a number of Trump’s levies enacted using emergency powers unlawful, but limited his decision to the family-owned business that sued and delayed the order from taking effect for 14 days to allow the Justice Department time to appeal.
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Bloomberg News Chief Correspondent for Global Macro Markets Liz McCormick explains why Asian investors are rethinking their strategy of investing in US assets. The trend has been driven by concerns over the US budget deficit, political polarization, and the impact of Trump's policies on the dollar.
The shift away from US assets could lead to a significant unwinding of dollar investments, with potential beneficiaries including emerging markets, Europe, and Japan, and a possible appreciation of Asian currencies.
This story is the subject of the latest Bloomberg Big Take. You can read the full story, and more from Bloomberg The Big Take on the Bloomberg Terminal and at Bloomberg.com/bigtake.See omnystudio.com/listener for privacy information.
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Nvidia, the world’s most valuable chipmaker, gave an upbeat revenue forecast for the current period, even as a slowdown in China weighed on results. Sales will be about $45 billion in the second fiscal quarter, which runs through July, the company said on Wednesday. That included the loss of roughly $8 billion in revenue from China because of export controls. The forecast was in line with analysts’ estimates, according to data compiled by Bloomberg.
Nvidia shares rose about 4% in extended trading following the announcement. The outlook shows that Nvidia is ramping up production of Blackwell, its latest semiconductor design. The chipmaker — now the world’s largest by revenue — dominates the market for AI accelerators, the components that help develop and run artificial intelligence models. And an ever-broader lineup of hardware and software is letting Nvidia sell more products to customers.
Bloomberg Intelligence Senior Tech Industry Analyst Mandeep Sing Joe Kaiser, Managing Director at Mercato Partners
For instant reaction and analysis, hosts Carol Massar and Tim Stenovec speak with:See omnystudio.com/listener for privacy information.
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Jay Goldberg, Senior Analyst at Seaport Research Partners on Nvidia earnings Bloomberg Businessweek Senior Reporter Max Chafkin Bloomberg News Cross-Asset Reporters Emily Graffeo and Vildana Hajric
Nvidia Corp., the world’s most valuable chipmaker, gave an upbeat revenue forecast for the current period, even as a slowdown in China weighed on results.
Sales will be about $45 billion in the second fiscal quarter, which runs through July, the company said on Wednesday. That included the loss of roughly $8 billion in revenue from China because of export controls. The forecast was in line with analysts’ estimates, according to data compiled by Bloomberg.
The outlook shows that Nvidia is ramping up production of Blackwell, its latest semiconductor design. The chipmaker — now the world’s largest by revenue — dominates the market for AI accelerators, the components that help develop and run artificial intelligence models. And an ever-broader lineup of hardware and software is letting Nvidia sell more products to customers.
As part of that push, the company is increasingly offering its chips as part of whole computer systems — a move it says is necessary to speed up the deployment of more complex and powerful technology. Nvidia expects AI infrastructure to eventually transform much of the economy, part of what Chief Executive Officer Jensen Huang refers to as a new industrial revolution.
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Sukhinder Singh Cassidy, Chief Executive Officer of cloud software company Xero, discusses the New Zealand-based company's outlook and its push to grow its small-business customer base in the United States.
Xero is a global small business platform that helps customers supercharge their business by bringing together the most important small business tools, including accounting, payroll and payments. Singh Cassidy cites strong revenue growth in the US from its most recent earnings report, and also explains how the emergence of artificial intelligence could help lift her business to new heights.See omnystudio.com/listener for privacy information.
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Meghan Robson, Head of US Credit Strategy for BNP Paribas Bloomberg News Managing Editor for Global Consumer Tech Mark Gurman Bloomberg News Managing Editor for Deals Liana Baker Nate Rempe, President and Chief Executive Officer of Omaha Steaks
Wall Street kicked off the week with a rally in stocks as consumer confidence rebounded sharply while the US and the European Union sped up trade talks. A global surge in bonds also helped sentiment.
As equities halted a four-day slide, the S&P 500 climbed 2%. Nvidia Corp. paced gains in megacaps ahead of its results. Treasuries got a boost, pushing the 30-year yield below 5% on signs Japan will be ready to calm jittery debt markets. The moves in the US extended after a sale of two-year notes was met with solid bidding metrics. The dollar rose against all developed-market currencies.
President Donald Trump noted he was encouraged the EU is speeding up negotiations on trade, days after he said the bloc would face 50% tariffs if they fail to reach a deal with the US. Trump extended a deadline for those taxes to take effect to July 9 after a call with European Commission President Ursula von der Leyen.
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Marc Morial, President and CEO of the National Urban League, speaks on what has transpired in the five years since the killing of George Floyd. Plus his thoughts on the US Steel & Nippon Steel "partnership"
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Featuring some of our favorite conversations of the week from our daily radio show "Bloomberg Businessweek Daily."
Hosted by Carol Massar and Tim Stenovec
Hear the show live at 2PM ET on WBBR 1130 AM New York, Bloomberg 92.9 FM Boston, WDCH 99.1 FM in Washington D.C. Metro, Sirius/XM channel 121, on the Bloomberg Business App, Radio.com, the iHeartRadio app and at Bloomberg.com/audio.
You can also watch Bloomberg Businessweek on YouTube - just search for Bloomberg Global News.
Like us at Bloomberg Radio on Facebook and follow us on Twitter @carolmassar @timsteno and @BWSee omnystudio.com/listener for privacy information.
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Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.
Bloomberg News White House Editor Jordan Fabian on Trump's 25% Tariff Threat on Apple CFO Briefing: Jill Woodworth, Chief Financial Officer of Prenuvo and Bloomberg News Senior Editor Nina Trentmann Rod Baltzer, Chief Executive Officer of Deep Isolation and Bloomberg News Energy Reporter Will Wade
President Donald Trump said that the tariffs he threatened against Apple Inc. earlier Friday would also be aimed at a wider range of device makers including Samsung Electronics Co. to spur them into moving manufacturing of their products to the US.
“It would be more,” Trump said when asked at the White House whether his tariff threat would only apply to Apple. “It would be also Samsung and anybody that makes that product, otherwise it wouldn’t be fair.” Trump indicated that the import levies would be “appropriately done” and ready for implementation by the end of June but provided no other details.
The president’s remarks clarified his social media post from earlier in the day warning that Apple would face tariffs of 25% if the Cupertino, California-based company failed to shift production of its iconic iPhone to the US from overseas. The warning came days after a Tuesday meeting between Trump and Apple Chief Executive Officer Tim Cook at the White House, a US official said.
“He said he’s going to India to build plants. I said, that’s okay to go to India, but you’re not going to sell into here without tariffs, and that’s the way it is,” Trump said. Apple’s stock fell as much as 3.9% in New York trading. Separately Friday, Trump also threatened a 50% tariff on the European Union that would go into effect June 1, which weighed on the broader market.
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Ben Reinhardt, CEO of Speculative Technologies and Businessweek Contributing Writer, breaks down how the US should study China's playbook, create new manufacturing paradigms, and preserve American strengths, such as its scientific and technological leadership and its relationships with allies.
He argues this can be achieved by attracting foreign investment, building industrial hubs, developing new technologies like artificial intelligence, and fostering a welcoming environment for skilled immigrants, rather than relying on tariffs and isolationist policiesSee omnystudio.com/listener for privacy information.
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Bloomberg Team Leader for DC Breaking News Kasia Klimashinska on US Bans Harvard From Enrolling Foreigners Bloomberg News Finance Reporter Max Abelson on the Bloomberg Big Take: The Trump Family’s Money-Making Machine Bloomberg Intelligence Consumer Finance Analyst Ben Elliott Drive to the Close with Kathy Jones, Chief Fixed Income Strategist, Schwab Center for Financial Research
The Trump Administration blocked Harvard University from enrolling international students, delivering a major blow to the school and escalating its fight with elite colleges to unprecedented levels.
The US revoked Harvard’s Student and Exchange Visitor Program certification, meaning foreign students can no longer attend the university. Existing international students must transfer or lose their legal status, the Department of Homeland Security said in a statement Thursday.
“Harvard’s leadership has created an unsafe campus environment by permitting anti-American, pro-terrorist agitators to harass and physically assault individuals, including many Jewish students, and otherwise obstruct its once-venerable learning environment,” according to the statement. The blockade on international student enrollment will compound the financial pressures for Harvard. The Trump administration has frozen more than $2.6 billion of Harvard’s funding and cut off future grants in an increasingly contentious standoff over the school’s handling of alleged antisemitism on campus and government demands for more oversight.
Trump has also called for the institution to lose its tax-exempt status, a move that the Cambridge, Massachusetts-based school has cautioned would have “grave consequences for the future of higher education in America.”
Harvard responded by calling the government’s latest action unlawful.
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Matthew Skaruppa, Chief Financial Officer of Duolingo, details the language-learning platform's push into artificial intelligence.
A Bloomberg Intelligence analysis indicates Duolingo's AI investments and expansion into math, music and chess lessons have the potential to attract more users to the platform and maintain its downloads lead in the large and fragmented language-learning market. Underpinned by the Duolingo Max subscription tier and its realistic speaking exercises, revenue could gain 33-35% in the next 12-18 months, based on our calculation and consensus.
New subscribers, pricing leverage and recent changes to Apple's App Store policy may somewhat offset the cost of AI enhancements, supporting margins and sustainable growth.
Skaruppa will also be featured on the latest installment for the Bloomberg TV series, “Chief Future Officer.”See omnystudio.com/listener for privacy information.
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Wall Street’s worries about a ballooning deficit that threatens America’s status as a safe haven were reflected in a $16 billion Treasury sale that saw lackluster demand - with stocks, bonds and the dollar falling.
Treasuries got hit after a weak auction of 20-year bonds, whose 5% coupon rate was the highest since the tenor was reintroduced in 2020. Long-term debt bore the brunt of the selling, with 30-year yields jumping over 10 basis points. The equity market saw its worst session in a month, with the S&P 500’s slide topping 1.5%.The greenback dropped against most major currencies. Bitcoin pared its advance, but was still set for a record.
Traders have been piling into bets that long-term bond yields would surge on concerns over the US’s swelling debt and deficits, with Moody’s Ratings on Friday lowering the nation’s credit score below the top triple-A level. For many, the message was: Unless America gets its finances in order, the perceived risks of lending to the government will rise.
Bloomberg News Rates Reporter Rates Reporter Michael Mackenzie Sandy Villere, Portfolio Manager for Villere & Co. Jenny Rooke, PhD, Founder and Managing Director of Genoa Ventures MP Materials Co-Founder, Chairman and CEO Jim Litinsky with Bloomberg News metals and mining reporter Joe Deaux
The White House amped up the pressure on Republicans on Wednesday urging lawmakers to quickly approve President Donald Trump’s signature tax bill, adding that a failure to do so would be the “ultimate betrayal.”
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Jennifer Grancio, head of ETFs at TCW, discusses investment options through ETFs amid market volatility and the trade war.
Wall Street’s rally took a breather on Tuesday, with stocks falling as traders awaited fresh catalysts after a six-day run that put the S&P 500 up almost 20% from its April lows. The US equity benchmark lost steam following an $8.6 trillion surge.
Long-term Treasury yields climbed as fractious US budget negotiations kept focus on the growth in deficit spending. President Donald Trump is growing frustrated with demands to significantly boost the cap on the state and local tax deduction, according to a senior administration official, signaling a deadlock as Republicans aim to quickly pass a giant tax-cut bill.See omnystudio.com/listener for privacy information.
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Elon Musk said he’s committed to still leading Tesla Inc. five years from now and expects to pare back his political spending, assuaging some investors’ concerns about the future of his most valuable company.
The billionaire offered new details about his plans in a wide-ranging interview with Bloomberg News that also touched on his compensation, Tesla’s sliding sales and a possible spinoff of SpaceX’s Starlink satellite business. Musk repeated his criticisms of a familiar cast of characters, from Bill Gates to the Delaware judge who’s twice ruled against his massive Tesla pay package.
Musk, whose $375.5 billion fortune leads the Bloomberg Billionaires Index, reiterated that he wants to own more shares of Tesla for reasons of authority, rather than wealth.
“It’s not a money thing,” he said during a remote appearance Tuesday at the Qatar Economic Forum in Doha. “It’s a reasonable control thing, over the future of the company.”
Musk has been chief executive officer of Tesla since 2008, one of the longest active stints atop the world’s largest automakers. His level of engagement with the company has come under greater scrutiny as the carmaker has followed up its first annual sales drop in over a decade with steeper declines early this year.
Musk, 53, downplayed the extent of Tesla’s challenges, saying that “it’s already turned around.” When pressed about this — the carmaker’s vehicle sales continued to plunge across Europe’s biggest electric vehicle markets in April — the CEO said that the region is the company’s weakest, but that it’s strong elsewhere.
Today's show features:
Bloomberg News Senior Reporter Max Chafkin on Elon Musk’s Qatar Economic Forum interview
Siyu Huang, Co-Founder and Chief Executive Officer of Factorial Energy
Bloomberg News National Security Team Leader Nick Wadhams
Bloomberg News Senior Editor, Equities Americas Eric WeinerSee omnystudio.com/listener for privacy information.
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Bloomberg News Wealth Reporter Annie Massa speaks on Dominari, the tiny investment bank that, less than three years ago, pivoted from developing cancer therapies into finance. Since then it has lost about $70 million.
For years its shifting priorities and tribulations remained largely out of the spotlight. That changed when it gained two recognizable backers: Donald Trump Jr. and Eric Trump.See omnystudio.com/listener for privacy information.
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Bloomberg News Rates Reporter Michael Mackenzie on Bond market reaction to Moody's Downgrade Nick Wadhams, Bloomberg National Security Team Leader, on Trump Says Ukraine, Russia to Start Ceasefire Talks Immediately Mark Gurman, Bloomberg News Managing Editor for Global Consumer Tech, on Bloomberg Big take story: Apple Is Spending Billions and Still Hasn't Managed to Crack AI and we Drive to the Close with Ryan Detrick, Chief Market Strategist at the Carson Group
The US was stripped of its last top credit rating by Moody’s Ratings, reflecting deepening concern that ballooning debt and deficits will damage America’s standing as the preeminent destination for global capital and increase the government’s borrowing costs.
Moody’s lowered the US credit score to Aa1 from Aaa on Friday, joining Fitch Ratings and S&P Global Ratings in grading the world’s biggest economy below the top, triple-A position. The one-notch cut comes more than a year after Moody’s changed its outlook on the US rating to negative. The credit assessor now has a stable outlook.
“While we recognize the US’ significant economic and financial strengths, we believe these no longer fully counterbalance the decline in fiscal metrics,” Moody’s wrote in a statement. Moody’s blamed successive administrations and Congress for swelling budget deficits that it said show little sign of abating. On Friday lawmakers in Washington continued to work towards a massive tax-and-spending bill that’s expected to add trillions to the federal debt over the coming years.
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