November 20, 2025 • 20 mins
Your morning briefing, the business news you need in just 15 minutes.
Content Warning: This episode contains discussion of sexual assault and suicide.
On today's podcast:
(1) Nvidia delivered a surprisingly strong revenue forecast and pushed back on the idea that the AI industry is in a bubble, easing concerns that had spread across the tech sector.
(2) US President Donald Trump signed legislation to compel the Department of Justice to release files on the late, disgraced financier Jeffrey Epstein.
(3) China is considering new measures to turn around its struggling property market, as concerns mount that a further weakening of the sector will threaten to destabilize its financial system.
(4) Many Federal Reserve officials said it would likely be appropriate to keep interest rates steady for the remainder of 2025, according to minutes of the central bank's October 28-29 meeting.
(5) Oxford University Has Failed Women Over Harassment Concerns, Staff Say.
Podcast Conversation: The Five Things Luxury Shoppers Want Right Now
See omnystudio.com/listener for privacy information.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:02):
Bloomberg Audio Studios, podcasts, radio news.
Speaker 2 (00:10):
This is the Bloomberg dayba Q podcast. Good morning, It's Thursday,
the twentieth of November. I'm Caroline Hepkit in London.
Speaker 1 (00:15):
And I'm Stephen Carolin Brussels. Coming up today in Vidia's
earnings beat estimates as the AI chip joint delivers a
bullish forecast, easing market fears over soaring tech valuations.
Speaker 2 (00:27):
US President Donald Trump signs a law to compel the
Justice Department to release the Epstein files in a stunning
about face.
Speaker 1 (00:36):
Plus a nine month Bloomberg investigation finds Oxford University has
repeatedly been slow to act against male academics accused of
sexual misconduct and inappropriate behavior.
Speaker 2 (00:47):
Let's start with a roundup of our top stories.
Speaker 1 (00:50):
Global stocks have been boosted after and Nvidia delivered a
robust revenue forecast, easing worries about a potential AI bubble.
Shares in the artificial intelligence chip job and surged by
five percent in post market trading on Wall Street. As
in videos, Headed expects sales of about sixty five billion
dollars in the three months to the end of January.
(01:10):
That's roughly three billion more than analysts had predicted, the
world's most valuable company also reported third quarter results the
top donalyst estimates, with revenue up sixty two percent to
fifty seven billion dollars. In video, CEO Jensen Wang spoke
exclusively to Bloomberg.
Speaker 3 (01:27):
Sales are off the charts for Blackwell and in video
GPUs in the cloud are sold out. We got plenty
of Blackwells to sell you. We have lots of Blackwells coming,
We're making a lot of Blackwells, and we have a
bunch of Vera Rubens coming, and so business is very,
very strong.
Speaker 1 (01:45):
In video CEO referring there to Blackwell, the company's most
advanced chip and its upcoming upgrade, Vera Rubin. Jensen Wang
said last month of the company expects over five hundred
billion dollars in revenue in the coming quarters. Yesterday, the
cfo's jest they may surpass that target now.
Speaker 2 (02:02):
US President Donald Trump has signed legislation requiring the release
of all files related to convicted sex offender Jeffrey Epstein.
It follows a month's long attempt to block the measure
by the President, in a fight that raised tensions within
the Republican Party. The bill passed by four hundred and
twenty seven to one votes in the House. Speaking ahead
(02:23):
of its signing, Bloomberg contributor and former Republican stratus Rick
Davis from a Stonecourt Capital predicted further controversy when.
Speaker 4 (02:32):
These documents come out, and with all the search capability
you have, we're going to learn a lot of new things.
And if it's not clear what it is, the Department
of Justice and the Trump administration is going to come
under withering pressure to clarify things that are maybe redacted
and or not ultimately produced.
Speaker 2 (02:53):
Stone Court Capital's Rick Davis speaking there, The decision inflicts
another political setback on the president, just two weeks after
his party suffered defeats in state and local elections. Only
four in ten Republicans approve of Trump's handling of the
Epstein files, according to a poll from Reutter's IPSOS in October.
Speaker 1 (03:12):
China is considering new measures to revitalize its struggling property
market amid growing concerns about financial stability. The options being
floated include new buyer mortgage subsidies, raising income tax rebates
for homeowners, and lowering some transaction costs. Our Chief North
Asia correspondent Stephen Engel says the stalling market poses a
serious problem.
Speaker 5 (03:32):
The property was now into its fourth or well past
his fourth year, into its fifth year, really, and it
is at the heart of all the big issues in
the Chinese economy, whether it's persistent deflation, lack of consumption,
it is all tied to, of course, household of households
feeling their wealth effect has deteriorated over the last a
(03:53):
half decade.
Speaker 1 (03:54):
That'spienberk Stephen Engel. The plan is intended to lure back
home buyers who've been reluctant to enter the market, with
the average to mortgage rate for buyer's first homes and
forty two big cities covering just above three percent in
recent months.
Speaker 2 (04:07):
Minutes from the Federal Reserves October meeting revealed that many
officials said it was appropriate to keep interest rates steady
for the rest of the year. The record published yesterday
showed that several policymakers were against lowering the Fed's benchmark rate.
Here is Bloombggs Mike McKee.
Speaker 6 (04:22):
Some thought that inflation was going to rise too high,
some thought that unemployment rise too high, and nobody could
agree on what to do. At the December meeting. In general,
they agreed that inflation had moved up, the economy was
expanding at a moderate pace, and the unemployment rate remained low,
but they did not agree on the.
Speaker 2 (04:41):
Outlook Bloomberg's Mike McKee there. It comes as the Bureau
of Labor Statistics canceled it's October jobs report due to
the record long government shutdown in the US. Instead, it's
incorporating those figures into its November reports, set to be
published after the fed's final meeting of the U Today's
September non Van Payroll's figures could be the last piece
(05:04):
of big data that the FED sees before that decision,
which is on the tenth of December. Olds of a
December cut fell markedly yesterday, with traders pricing just a
twenty five percent chance, down from fifty percent earlier.
Speaker 1 (05:19):
This week, senior Pentagon officials have arrived in Ukraine to
discuss efforts to end the war with Russia in a
meeting with President Vladimir Zelenski. It comes as an unofficial
US Russian proposal modeled on the Gaza ceasefire, received a
tempered reception from Ukraine supporters. Neither Washington nor Moscow have
officially confirmed the plan, which is said to feature major
(05:40):
concessions from Ukraine. Meanwhile, EU foreign ministers will meet today
in Brussels to look at further measures against Russia's shadow
fleet of tankers transporting oil.
Speaker 2 (05:50):
The British Retail Consortium says that UK consume a confidence
tumbled in November after government hints about higher taxes, which
cause people to worry about their own personal finance. It's
Bloomberg's un Pots has more.
Speaker 7 (06:03):
The BRC's measure of UK consumer confidence slumped in November
to minus forty four, the worst reading since April, following
what it's CEO called a tumultuous month of budget speculation.
Almost sixty percent of Britains expect the economy to worsen
over the next three months, with only about one in
seven expecting a pickup. With less than a week until
(06:23):
the budget, the Chancellor will be hoping that yesterday's lower
inflation print fills consumers with at least a little bit
of Christmas cheer. In London, I'm ewing pots Bloomberg Radio.
Speaker 1 (06:33):
And those are your top stories on the markets this hour.
The Mscirish Pacific Index one point one percent. Hire, the
Nicke and Tokyo is up by two point seven percent,
the cost be two point three percent. Hire European Stock
Future is also pointing to a strong open up nine
tenths for Eurostars fifty at the moment, Nasdaq futures one
point eight percent, hire SMP mini is up by one
point three percent.
Speaker 2 (06:53):
Now, in a moment, we're going to bring you more
on Nvidia's strong growth forecast, plus a Bloomberg investigation into
harassment concerns at Oxford University.
Speaker 1 (07:03):
But other story we've been reading this morning is about
the luxury sector and apparently the era of quiet luxury
is over and we're now in the era of private luxury,
which is sad because I so much enjoyed saying quiet
luxury for such a long time. But this is according
to an interview with the CEO of the fashion brand Berluti,
who's been speaking to our colleague Chris Rovzar. Now, this
(07:24):
is a relatively small brand under the LVMH Empire. They're
best known as a shoemaker and leather goods brand, and
they don't have plans to expand beyond that, and that,
the CEO says, is part of this concept of private luxury.
He says that shoppers now want things that are distinctive
or rare rather than the trending item. But you know,
everyone's talking about and everyone has and also Chris has
(07:46):
been delving into some of his insights into the renewed
focus on quality from luxury shoppers as well. Just because
the sector has exploded and more people are spending on
luxury items doesn't mean that people don't want them to
be very good quality as well. And the McKenzie you
have actually published reports on this saying that you know,
(08:06):
luxury is kind of weakening some of its craftsmanship elements
by the fact that so much more money has gone
into the sector as well. It's an interesting insight into essentially,
you know, this idea of keeping it small still being
you know, something that a luxury, a leading luxury brand
can do.
Speaker 2 (08:24):
Yeah, I think this is finally the luxury that I
get quality, authenticity and not everyone knows about it. And
believeally obviously they have this kind of ombre style of
leather that is very beautiful. I get it. It's very
aspirational thousands of dollars just for leather jacket. But it's
not just Balluted that is taking this on as Chris
(08:47):
is sort of saying is a bit of a trend
because you also spoke to the Van Cleef and Apple CEO,
and also they don't want to expand because the other
thing is they don't want to expand beyond the thing
that they do very very well. But yes, maybe they.
Speaker 1 (09:00):
Just like us, Caroline. That's why this podcast is so short.
We just like to keep it, you know, short and sweet.
So perhaps we too are considering ourselves private luxury. We'll
think about that. Let's bring you more though on our
top story this morning and the results from in Vidia
that are helping to dispel some of the fears that
the AI industry is in a bubble. Joining us to
discuss Matt Bloxham, Senior analyst at Bloomberg Intelligence. Matt, good morning.
(09:24):
Let's start them with the forecast, which is a big
focus for markets from Nvidia. How bullish was it?
Speaker 8 (09:30):
Moderately bullish? Show? I would say, you know, so, yeah,
so that the market was looking in the Q four
to be about sixty two billion of cells, as you
said earlier, that they're guiding to sixty five billion plus
or minus two percent, So that would be a beat
of anywhere between three and seven percent. So it's decent,
but it's not, you know, kind of a crazy upside.
And I think probably most people, if you kind of
(09:52):
push them, said, you know, really, you were probably thinking
that they would do more than that sixty two billion,
weren't you. I think the answer would be, but yes,
because you know, there is so much investment going into
this market from the big hyperscalers like Google and Amazon
and Meta. So you know, I think it's you know, encouraging,
but you know, I don't think it kind of really
(10:12):
changes the overall picture that people had in their heads.
Speaker 2 (10:15):
Okay, I like that very calm assessment. What in Video doing?
Speaker 4 (10:19):
No.
Speaker 2 (10:19):
One of the key questions in the report was what
the company expects from its China business as US government
is restricting the shipment we know of the advanced chips there.
Just want you to listen into what the CEO, Jensen
One told Bloomberg's Ed Ludlow in our exclusive interview about that.
Speaker 3 (10:35):
Have a listen, and Video's forecast for China market is zero.
We're going to continue to engage the US government, continue
to engage the China government to advise them and to
encourage them to allow us to go back and compete
in the open market, and so until then we should
assume zero.
Speaker 2 (10:52):
Okay, So assuming zero matt, how important is China then
to in Vidia's growth, if not now sometime in the future.
Speaker 8 (10:59):
Yeah, I mean it used to be quite a big
part of their business, you know, probably fifteen to twenty
percent of the revenues. I think, you know, what he
says is a very appropriate thing assumption to have that
you know, China is going to be zero of their
business going forward. I think, you know, if you compare
the past to the future, Historically the issue was mainly
(11:20):
about US government restrictions. Obviously those restrictions are still there
and there are lots of different dynamics in that. I
think going forward is increasingly a competitive issue too, because
the likes of Huawei are catching up those technology is
still behind, but it is the gap is closing, and
the Chinese government is encouraging Chinese firms to use Chinese technology.
(11:43):
So I think even if the US restrictions are lifted,
a lot of Chinese companies, either because they see better
technology homegoing technology, or because they're listening to the government,
are simply not going to want to buy in video chips.
Speaker 1 (11:58):
And something to keep an eye on the story, as
well as our latest reporting that White House officials are
urging members of Congress to reject a measure that would
limit in Video's ability to sell AI chips to China
or other adversary nations. That's something to keep an eye
on as that ledgister processes underway as well. But the
big picture from these results, do they dispel the fears
(12:18):
of an AI bubble or will we keep asking this
question every quarter until growth starts to slow down.
Speaker 8 (12:24):
I think we're going to keep asking that question. I think,
you know, twenty twenty six is probably the turning point
because we've got very clear indications from their major customers,
which is still the hyperscalers, that their big investment age
is going to continue. So that's where this kind of
five hundred billion dollars of kind of forward demand that
(12:45):
in Vidio talk about is coming from. The turning point
comes when okay, right now, those big hyper scalers are
investing for current and also anticipated demand from their big
enterprise customers. Enterprise customers are still a very early stage
you're evaluating AI and how it's going to transform their businesses.
If they come to the conclusion that actually the return
(13:06):
on that investment isn't so exciting as they thought, and
their natural demand kind of starts to wane. Then the
hyperscalers are going to take their foot off the investment pedal.
That's going to infect in video, That affecting video that's
not going to happen for quite a few quarters to come.
So I think whise that kind of plays out, we're
still going to have these kind of questions, and I
think a lot of the focus is going to turn
(13:29):
to what big corporates are doing, and I think they're
quarterly results. People be asking what's your investment in AI,
how's it working out for you, what's the return on investment?
Because that's ultimately what's going to dispel that the bubble issue.
Speaker 1 (13:43):
Okay, Matt, great to have you with us. Thanks for
your analysis this morning. Mark blox and their senior analyst
at Bloomberg Intelligence.
Speaker 2 (13:50):
Stay with us. More from Bloomberg Daybakube coming up after this.
Well now to a special Bloomberg investigation. University of Oxford
has repeatedly been slow to act against male academics accused
of sexual misconduct and inappropriate behavior, including alleged rapes, bullying
(14:11):
and predatory behavior towards more junior female staff and students.
That's according to a nine month investigation by Bloomberg's Katherine
Griffith based on documents and interviews with almost fifty people.
Well I sat down with Catherine to discuss her exclusive reporting,
and firstly, she began by telling me what she's uncovered.
Speaker 9 (14:33):
We have found lots and lots of women have come
forward as part of our investigation. Some of them have
been very kind of emotional and found it quite difficult
to speak about things that have happened to them. Others
it hasn't necessarily had a huge individual toll, but have
come forward to talk about what they have experienced and
what some of people they know have experienced. And those
(14:57):
accounts have varied from some very very serious things like
people who have said they have been raped by individuals
while at Oxford University, to people who have been assorted
to people who feel that there it's best described as
sexual harassment, and it's a lot of different types of
(15:17):
experiences of things that have happened. But then also the
way when some of these people have tried to come
forward with those experiences have had some really difficult times
dealing with the university and trying to get the university
to hold individuals to account. How has the university responded
when you've put your reporting, including the serious allegations, to them.
(15:41):
So Oxford has given us an on the record statement
and they have said sexual harassment has no place at Oxford.
Our sympathies and thoughts are with anyone who has experienced
harassment or misconduct. We strive to ensure that Oxford is
always a safe space for all students and staff. We
(16:02):
take concerns seriously, applying robust procedures. Support for those affected
is a priority, and we take precautionary and or disciplinary
action where justified. We reject any suggestion that the university
tolerates harassment or puts reputation before people's safety. While we
cannot comment on individual cases, we are committed to continuous
(16:26):
improvement and have strengthened our approach over recent years. Our
single comprehensive source of information sets out our approach, support
and training. We encourage anyone who has a concern to
raise it.
Speaker 2 (16:42):
Okay, So that's the full Oxford University response. Do you
think that Oxford University is worse than other institutions? So
I think it has shown itself to be worse in
quite a few different ways. It's quite a complicated question
because different universities do things in slightly different ways, and
(17:05):
Oxford has certainly brought in changes over time, as indeed
have other universities and of course other institutions. But I
think both in terms of the actual procedures and rules
and also crucially in terms of how they are implemented
in people's attitudes, Oxford does have a problem that women
(17:26):
who are there today feel it is not really wanting
to deal with properly. What are the problems with universities
in general?
Speaker 9 (17:34):
So universities have some really really big challenges in this
kind of area, and those are the clear power imbalances
that exist between tutors, professors and their students and their
junior academics, which can make it really, really hard for people,
whether it's sexual harassment or other problems, to bring a
(17:54):
challenge to their tutors or their senior colleagues. And we
see that both in terms of for example, people doing
say a PhD, where their supervisor is so so crucial
to the success of that PhD and their further career
that they really don't feel they can kind of bring
(18:14):
a challenge to those people, and for junior academics it
can be as bad, if not worse a problem because
people are very early on in their careers, they're very,
very dependent on people who can be very senior and
powerful in their sectors, not just in a direct relationship
they may have in terms of that un employment relationship
(18:37):
they may have, but also more widely, a senior person
may be well known throughout the sector and may therefore
play quite a big part in whether that younger junior
person is able to flourish in their chosen career.
Speaker 2 (18:51):
Do you think there has been any change. Your reporting
is both about things recently but also quite historic, So.
Speaker 9 (19:00):
I think at Oxford there has been some change. For example,
they brought in a new policy in September this year
dealing mainly with problems that students may have. But actually
what really is quite striking is talking to people going back,
say twenty twenty five years up until the present day,
(19:21):
there have been several moments where people thought, finally it
was a real crisis that had kind of risen to
a level of consciousness that would force a stronger set
of changes. There was, for example, an incredibly sad example
of a young woman committing suicide in twenty thirteen that
people thought at the time would lead to Oxford introducing
(19:44):
stronger processes for dealing with senior academics. More recently, in
the last few years, there was some reporting by Al
Jazeera about certain professors at Oxford University that women at
Oxford at the time also thought would lead to big changes.
Some of those people talking to us now say how
disappointed they feel that that does not seem to have
(20:04):
led to change.
Speaker 1 (20:07):
This is Bloomberg Daybreak Europe, your morning brief on the
stories making news from London to Wall Street and beyond.
Speaker 2 (20:13):
Look for us on your podcast feed every morning, on Apple, Spotify,
and anywhere else you get your podcasts.
Speaker 1 (20:19):
You can also listen live each morning on London DAB Radio,
the Bloomberg Business app, and Bloomberg dot Com.
Speaker 2 (20:25):
Our flagship New York station is also available on your
Amazon Alexa devices. Just say Alexa play Bloomberg eleven thirty.
I'm Caroline Hepka and.
Speaker 1 (20:34):
I'm Stephen Carroll. Join us again tomorrow morning for all
the news you need to start your day Right here
on Bloomberg Daybreak Europe.
Bloomberg Audio Studios, podcasts, radio news.
Speaker 2 (00:10):
This is the Bloomberg dayba Q podcast. Good morning, It's Thursday,
the twentieth of November. I'm Caroline Hepkit in London.
Speaker 1 (00:15):
And I'm Stephen Carolin Brussels. Coming up today in Vidia's
earnings beat estimates as the AI chip joint delivers a
bullish forecast, easing market fears over soaring tech valuations.
Speaker 2 (00:27):
US President Donald Trump signs a law to compel the
Justice Department to release the Epstein files in a stunning
about face.
Speaker 1 (00:36):
Plus a nine month Bloomberg investigation finds Oxford University has
repeatedly been slow to act against male academics accused of
sexual misconduct and inappropriate behavior.
Speaker 2 (00:47):
Let's start with a roundup of our top stories.
Speaker 1 (00:50):
Global stocks have been boosted after and Nvidia delivered a
robust revenue forecast, easing worries about a potential AI bubble.
Shares in the artificial intelligence chip job and surged by
five percent in post market trading on Wall Street. As
in videos, Headed expects sales of about sixty five billion
dollars in the three months to the end of January.
(01:10):
That's roughly three billion more than analysts had predicted, the
world's most valuable company also reported third quarter results the
top donalyst estimates, with revenue up sixty two percent to
fifty seven billion dollars. In video, CEO Jensen Wang spoke
exclusively to Bloomberg.
Speaker 3 (01:27):
Sales are off the charts for Blackwell and in video
GPUs in the cloud are sold out. We got plenty
of Blackwells to sell you. We have lots of Blackwells coming,
We're making a lot of Blackwells, and we have a
bunch of Vera Rubens coming, and so business is very,
very strong.
Speaker 1 (01:45):
In video CEO referring there to Blackwell, the company's most
advanced chip and its upcoming upgrade, Vera Rubin. Jensen Wang
said last month of the company expects over five hundred
billion dollars in revenue in the coming quarters. Yesterday, the
cfo's jest they may surpass that target now.
Speaker 2 (02:02):
US President Donald Trump has signed legislation requiring the release
of all files related to convicted sex offender Jeffrey Epstein.
It follows a month's long attempt to block the measure
by the President, in a fight that raised tensions within
the Republican Party. The bill passed by four hundred and
twenty seven to one votes in the House. Speaking ahead
(02:23):
of its signing, Bloomberg contributor and former Republican stratus Rick
Davis from a Stonecourt Capital predicted further controversy when.
Speaker 4 (02:32):
These documents come out, and with all the search capability
you have, we're going to learn a lot of new things.
And if it's not clear what it is, the Department
of Justice and the Trump administration is going to come
under withering pressure to clarify things that are maybe redacted
and or not ultimately produced.
Speaker 2 (02:53):
Stone Court Capital's Rick Davis speaking there, The decision inflicts
another political setback on the president, just two weeks after
his party suffered defeats in state and local elections. Only
four in ten Republicans approve of Trump's handling of the
Epstein files, according to a poll from Reutter's IPSOS in October.
Speaker 1 (03:12):
China is considering new measures to revitalize its struggling property
market amid growing concerns about financial stability. The options being
floated include new buyer mortgage subsidies, raising income tax rebates
for homeowners, and lowering some transaction costs. Our Chief North
Asia correspondent Stephen Engel says the stalling market poses a
serious problem.
Speaker 5 (03:32):
The property was now into its fourth or well past
his fourth year, into its fifth year, really, and it
is at the heart of all the big issues in
the Chinese economy, whether it's persistent deflation, lack of consumption,
it is all tied to, of course, household of households
feeling their wealth effect has deteriorated over the last a
(03:53):
half decade.
Speaker 1 (03:54):
That'spienberk Stephen Engel. The plan is intended to lure back
home buyers who've been reluctant to enter the market, with
the average to mortgage rate for buyer's first homes and
forty two big cities covering just above three percent in
recent months.
Speaker 2 (04:07):
Minutes from the Federal Reserves October meeting revealed that many
officials said it was appropriate to keep interest rates steady
for the rest of the year. The record published yesterday
showed that several policymakers were against lowering the Fed's benchmark rate.
Here is Bloombggs Mike McKee.
Speaker 6 (04:22):
Some thought that inflation was going to rise too high,
some thought that unemployment rise too high, and nobody could
agree on what to do. At the December meeting. In general,
they agreed that inflation had moved up, the economy was
expanding at a moderate pace, and the unemployment rate remained low,
but they did not agree on the.
Speaker 2 (04:41):
Outlook Bloomberg's Mike McKee there. It comes as the Bureau
of Labor Statistics canceled it's October jobs report due to
the record long government shutdown in the US. Instead, it's
incorporating those figures into its November reports, set to be
published after the fed's final meeting of the U Today's
September non Van Payroll's figures could be the last piece
(05:04):
of big data that the FED sees before that decision,
which is on the tenth of December. Olds of a
December cut fell markedly yesterday, with traders pricing just a
twenty five percent chance, down from fifty percent earlier.
Speaker 1 (05:19):
This week, senior Pentagon officials have arrived in Ukraine to
discuss efforts to end the war with Russia in a
meeting with President Vladimir Zelenski. It comes as an unofficial
US Russian proposal modeled on the Gaza ceasefire, received a
tempered reception from Ukraine supporters. Neither Washington nor Moscow have
officially confirmed the plan, which is said to feature major
(05:40):
concessions from Ukraine. Meanwhile, EU foreign ministers will meet today
in Brussels to look at further measures against Russia's shadow
fleet of tankers transporting oil.
Speaker 2 (05:50):
The British Retail Consortium says that UK consume a confidence
tumbled in November after government hints about higher taxes, which
cause people to worry about their own personal finance. It's
Bloomberg's un Pots has more.
Speaker 7 (06:03):
The BRC's measure of UK consumer confidence slumped in November
to minus forty four, the worst reading since April, following
what it's CEO called a tumultuous month of budget speculation.
Almost sixty percent of Britains expect the economy to worsen
over the next three months, with only about one in
seven expecting a pickup. With less than a week until
(06:23):
the budget, the Chancellor will be hoping that yesterday's lower
inflation print fills consumers with at least a little bit
of Christmas cheer. In London, I'm ewing pots Bloomberg Radio.
Speaker 1 (06:33):
And those are your top stories on the markets this hour.
The Mscirish Pacific Index one point one percent. Hire, the
Nicke and Tokyo is up by two point seven percent,
the cost be two point three percent. Hire European Stock
Future is also pointing to a strong open up nine
tenths for Eurostars fifty at the moment, Nasdaq futures one
point eight percent, hire SMP mini is up by one
point three percent.
Speaker 2 (06:53):
Now, in a moment, we're going to bring you more
on Nvidia's strong growth forecast, plus a Bloomberg investigation into
harassment concerns at Oxford University.
Speaker 1 (07:03):
But other story we've been reading this morning is about
the luxury sector and apparently the era of quiet luxury
is over and we're now in the era of private luxury,
which is sad because I so much enjoyed saying quiet
luxury for such a long time. But this is according
to an interview with the CEO of the fashion brand Berluti,
who's been speaking to our colleague Chris Rovzar. Now, this
(07:24):
is a relatively small brand under the LVMH Empire. They're
best known as a shoemaker and leather goods brand, and
they don't have plans to expand beyond that, and that,
the CEO says, is part of this concept of private luxury.
He says that shoppers now want things that are distinctive
or rare rather than the trending item. But you know,
everyone's talking about and everyone has and also Chris has
(07:46):
been delving into some of his insights into the renewed
focus on quality from luxury shoppers as well. Just because
the sector has exploded and more people are spending on
luxury items doesn't mean that people don't want them to
be very good quality as well. And the McKenzie you
have actually published reports on this saying that you know,
(08:06):
luxury is kind of weakening some of its craftsmanship elements
by the fact that so much more money has gone
into the sector as well. It's an interesting insight into essentially,
you know, this idea of keeping it small still being
you know, something that a luxury, a leading luxury brand
can do.
Speaker 2 (08:24):
Yeah, I think this is finally the luxury that I
get quality, authenticity and not everyone knows about it. And
believeally obviously they have this kind of ombre style of
leather that is very beautiful. I get it. It's very
aspirational thousands of dollars just for leather jacket. But it's
not just Balluted that is taking this on as Chris
(08:47):
is sort of saying is a bit of a trend
because you also spoke to the Van Cleef and Apple CEO,
and also they don't want to expand because the other
thing is they don't want to expand beyond the thing
that they do very very well. But yes, maybe they.
Speaker 1 (09:00):
Just like us, Caroline. That's why this podcast is so short.
We just like to keep it, you know, short and sweet.
So perhaps we too are considering ourselves private luxury. We'll
think about that. Let's bring you more though on our
top story this morning and the results from in Vidia
that are helping to dispel some of the fears that
the AI industry is in a bubble. Joining us to
discuss Matt Bloxham, Senior analyst at Bloomberg Intelligence. Matt, good morning.
(09:24):
Let's start them with the forecast, which is a big
focus for markets from Nvidia. How bullish was it?
Speaker 8 (09:30):
Moderately bullish? Show? I would say, you know, so, yeah,
so that the market was looking in the Q four
to be about sixty two billion of cells, as you
said earlier, that they're guiding to sixty five billion plus
or minus two percent, So that would be a beat
of anywhere between three and seven percent. So it's decent,
but it's not, you know, kind of a crazy upside.
And I think probably most people, if you kind of
(09:52):
push them, said, you know, really, you were probably thinking
that they would do more than that sixty two billion,
weren't you. I think the answer would be, but yes,
because you know, there is so much investment going into
this market from the big hyperscalers like Google and Amazon
and Meta. So you know, I think it's you know, encouraging,
but you know, I don't think it kind of really
(10:12):
changes the overall picture that people had in their heads.
Speaker 2 (10:15):
Okay, I like that very calm assessment. What in Video doing?
Speaker 4 (10:19):
No.
Speaker 2 (10:19):
One of the key questions in the report was what
the company expects from its China business as US government
is restricting the shipment we know of the advanced chips there.
Just want you to listen into what the CEO, Jensen
One told Bloomberg's Ed Ludlow in our exclusive interview about that.
Speaker 3 (10:35):
Have a listen, and Video's forecast for China market is zero.
We're going to continue to engage the US government, continue
to engage the China government to advise them and to
encourage them to allow us to go back and compete
in the open market, and so until then we should
assume zero.
Speaker 2 (10:52):
Okay, So assuming zero matt, how important is China then
to in Vidia's growth, if not now sometime in the future.
Speaker 8 (10:59):
Yeah, I mean it used to be quite a big
part of their business, you know, probably fifteen to twenty
percent of the revenues. I think, you know, what he
says is a very appropriate thing assumption to have that
you know, China is going to be zero of their
business going forward. I think, you know, if you compare
the past to the future, Historically the issue was mainly
(11:20):
about US government restrictions. Obviously those restrictions are still there
and there are lots of different dynamics in that. I
think going forward is increasingly a competitive issue too, because
the likes of Huawei are catching up those technology is
still behind, but it is the gap is closing, and
the Chinese government is encouraging Chinese firms to use Chinese technology.
(11:43):
So I think even if the US restrictions are lifted,
a lot of Chinese companies, either because they see better
technology homegoing technology, or because they're listening to the government,
are simply not going to want to buy in video chips.
Speaker 1 (11:58):
And something to keep an eye on the story, as
well as our latest reporting that White House officials are
urging members of Congress to reject a measure that would
limit in Video's ability to sell AI chips to China
or other adversary nations. That's something to keep an eye
on as that ledgister processes underway as well. But the
big picture from these results, do they dispel the fears
(12:18):
of an AI bubble or will we keep asking this
question every quarter until growth starts to slow down.
Speaker 8 (12:24):
I think we're going to keep asking that question. I think,
you know, twenty twenty six is probably the turning point
because we've got very clear indications from their major customers,
which is still the hyperscalers, that their big investment age
is going to continue. So that's where this kind of
five hundred billion dollars of kind of forward demand that
(12:45):
in Vidio talk about is coming from. The turning point
comes when okay, right now, those big hyper scalers are
investing for current and also anticipated demand from their big
enterprise customers. Enterprise customers are still a very early stage
you're evaluating AI and how it's going to transform their businesses.
If they come to the conclusion that actually the return
(13:06):
on that investment isn't so exciting as they thought, and
their natural demand kind of starts to wane. Then the
hyperscalers are going to take their foot off the investment pedal.
That's going to infect in video, That affecting video that's
not going to happen for quite a few quarters to come.
So I think whise that kind of plays out, we're
still going to have these kind of questions, and I
think a lot of the focus is going to turn
(13:29):
to what big corporates are doing, and I think they're
quarterly results. People be asking what's your investment in AI,
how's it working out for you, what's the return on investment?
Because that's ultimately what's going to dispel that the bubble issue.
Speaker 1 (13:43):
Okay, Matt, great to have you with us. Thanks for
your analysis this morning. Mark blox and their senior analyst
at Bloomberg Intelligence.
Speaker 2 (13:50):
Stay with us. More from Bloomberg Daybakube coming up after this.
Well now to a special Bloomberg investigation. University of Oxford
has repeatedly been slow to act against male academics accused
of sexual misconduct and inappropriate behavior, including alleged rapes, bullying
(14:11):
and predatory behavior towards more junior female staff and students.
That's according to a nine month investigation by Bloomberg's Katherine
Griffith based on documents and interviews with almost fifty people.
Well I sat down with Catherine to discuss her exclusive reporting,
and firstly, she began by telling me what she's uncovered.
Speaker 9 (14:33):
We have found lots and lots of women have come
forward as part of our investigation. Some of them have
been very kind of emotional and found it quite difficult
to speak about things that have happened to them. Others
it hasn't necessarily had a huge individual toll, but have
come forward to talk about what they have experienced and
what some of people they know have experienced. And those
(14:57):
accounts have varied from some very very serious things like
people who have said they have been raped by individuals
while at Oxford University, to people who have been assorted
to people who feel that there it's best described as
sexual harassment, and it's a lot of different types of
(15:17):
experiences of things that have happened. But then also the
way when some of these people have tried to come
forward with those experiences have had some really difficult times
dealing with the university and trying to get the university
to hold individuals to account. How has the university responded
when you've put your reporting, including the serious allegations, to them.
(15:41):
So Oxford has given us an on the record statement
and they have said sexual harassment has no place at Oxford.
Our sympathies and thoughts are with anyone who has experienced
harassment or misconduct. We strive to ensure that Oxford is
always a safe space for all students and staff. We
(16:02):
take concerns seriously, applying robust procedures. Support for those affected
is a priority, and we take precautionary and or disciplinary
action where justified. We reject any suggestion that the university
tolerates harassment or puts reputation before people's safety. While we
cannot comment on individual cases, we are committed to continuous
(16:26):
improvement and have strengthened our approach over recent years. Our
single comprehensive source of information sets out our approach, support
and training. We encourage anyone who has a concern to
raise it.
Speaker 2 (16:42):
Okay, So that's the full Oxford University response. Do you
think that Oxford University is worse than other institutions? So
I think it has shown itself to be worse in
quite a few different ways. It's quite a complicated question
because different universities do things in slightly different ways, and
(17:05):
Oxford has certainly brought in changes over time, as indeed
have other universities and of course other institutions. But I
think both in terms of the actual procedures and rules
and also crucially in terms of how they are implemented
in people's attitudes, Oxford does have a problem that women
(17:26):
who are there today feel it is not really wanting
to deal with properly. What are the problems with universities
in general?
Speaker 9 (17:34):
So universities have some really really big challenges in this
kind of area, and those are the clear power imbalances
that exist between tutors, professors and their students and their
junior academics, which can make it really, really hard for people,
whether it's sexual harassment or other problems, to bring a
(17:54):
challenge to their tutors or their senior colleagues. And we
see that both in terms of for example, people doing
say a PhD, where their supervisor is so so crucial
to the success of that PhD and their further career
that they really don't feel they can kind of bring
(18:14):
a challenge to those people, and for junior academics it
can be as bad, if not worse a problem because
people are very early on in their careers, they're very,
very dependent on people who can be very senior and
powerful in their sectors, not just in a direct relationship
they may have in terms of that un employment relationship
(18:37):
they may have, but also more widely, a senior person
may be well known throughout the sector and may therefore
play quite a big part in whether that younger junior
person is able to flourish in their chosen career.
Speaker 2 (18:51):
Do you think there has been any change. Your reporting
is both about things recently but also quite historic, So.
Speaker 9 (19:00):
I think at Oxford there has been some change. For example,
they brought in a new policy in September this year
dealing mainly with problems that students may have. But actually
what really is quite striking is talking to people going back,
say twenty twenty five years up until the present day,
(19:21):
there have been several moments where people thought, finally it
was a real crisis that had kind of risen to
a level of consciousness that would force a stronger set
of changes. There was, for example, an incredibly sad example
of a young woman committing suicide in twenty thirteen that
people thought at the time would lead to Oxford introducing
(19:44):
stronger processes for dealing with senior academics. More recently, in
the last few years, there was some reporting by Al
Jazeera about certain professors at Oxford University that women at
Oxford at the time also thought would lead to big changes.
Some of those people talking to us now say how
disappointed they feel that that does not seem to have
(20:04):
led to change.
Speaker 1 (20:07):
This is Bloomberg Daybreak Europe, your morning brief on the
stories making news from London to Wall Street and beyond.
Speaker 2 (20:13):
Look for us on your podcast feed every morning, on Apple, Spotify,
and anywhere else you get your podcasts.
Speaker 1 (20:19):
You can also listen live each morning on London DAB Radio,
the Bloomberg Business app, and Bloomberg dot Com.
Speaker 2 (20:25):
Our flagship New York station is also available on your
Amazon Alexa devices. Just say Alexa play Bloomberg eleven thirty.
I'm Caroline Hepka and.
Speaker 1 (20:34):
I'm Stephen Carroll. Join us again tomorrow morning for all
the news you need to start your day Right here
on Bloomberg Daybreak Europe.
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