October 30, 2025 • 23 mins
On today's podcast:
1) President Trump and Chinese President Xi Jinping agreed to extend a tariff truce, roll back export controls and reduce other trade barriers in a landmark summit on Thursday, potentially stabilizing relations between the world’s biggest economies after months of turmoil.
In the first sitdown between leaders since Trump’s return to the White House, the pair agreed China would pause sweeping controls on rare-earth magnets in exchange for what Beijing said was a US agreement to roll back an expansion of restrictions on Chinese companies. The US will also halve fentanyl-related tariffs on Chinese goods, while Beijing resumes purchases of soybeans and other agricultural products.
The US is also extending a pause on some of its so-called reciprocal tariffs on China “for an additional year,” the Commerce Ministry in Beijing said in a statement, adding that China “will properly resolve issues related to TikTok with the US side.” Trump said he would visit China next April, with Xi planning to head to the US afterward. Despite speculation that Trump might make additional concessions — including the US opening access to Nvidia Corp.’s most advanced Blackwell line or changing its policy toward Taiwan — the president indicated that those issues hadn’t been part of the discussions. Trump and Xi did discuss access to some of the chipmaker’s other products, however, with the US president saying he planned to speak with Nvidia CEO Jensen Huang.
2) The largest technology companies are betting on an AI future powered by gigantic complexes of data centers filled with humming servers. Now that the staggering cost of this push is coming into sharper focus, it’s testing nerves on Wall Street. Three bellwethers from different corners of the technology world – Alphabet Inc., Meta Platforms Inc. and Microsoft Corp. — together racked up some $78 billion in capital expenditures last quarter. That’s up 89% from a year earlier. Most of that cash was destined for data center construction and graphics processing units and other gear to fill them. Each increased their forecasts for future outlays. That was enough to rattle investors conditioned to expect enormous spending.
3) Treasuries fell the most in nearly five months after Federal Reserve Chair Jerome Powell cast doubt on a December interest-rate cut, even as a sagging labor market prompted policymakers to bring down borrowing costs Wednesday. While the central bank delivered a widely expected reduction in the benchmark lending rate to 3.75%-4%, Powell’s hawkish outlook ruffled the $30 trillion US bond market. At his afternoon press conference, Powell said a further reduction in rates at the December meeting “is not a foregone conclusion,” sending yields across tenors up by the most since June.
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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):
Good morning, I'm Nathan Hager and I'm Karen Moscow. Here
are the stories we're following today.
Speaker 3 (00:15):
Karen, we begin with the latest on US China relations
after President Trump's long awaited meeting with Chinese leader shi Jinping.
The two came face to face on the sidelines of
the APEX summit in Busan, South Korea, and walked away
with an agreement to cut fentanyl related tariffs in half
to ten percent. President Trump says China has also agreed
to buy US soybeans again. On a scale of one
(00:35):
to ten, he says he'd rate the meeting at twelve.
Speaker 4 (00:38):
I thought it was an amazing meeting. He's a great leader,
great leader of a very powerful, very strong country China.
Speaker 3 (00:48):
President Trump spoke aboard Air Force one following the meeting.
China's response was a bit more muted. As we hear
from Bloomberg Steven Engel in Busan.
Speaker 5 (00:55):
He did say that China will cooperate with the United
States on trade again after that hour and forty minute
meeting with Donald Trump, but he also went on to say,
with a little bit of a cautionary tone, he said
the US and China should not fall into a vicious
cycle of retaliation, and says the US should continuously reduce
(01:16):
the list of problems. China and the US should continuously
reduce the list of problems, and that the two nations
should i long term benefit from cooperation.
Speaker 3 (01:28):
Bloomberg Steven Engel reports China's agreed to suspend rare earth
export restrictions for one year, and it says the US
will also pause some of it so called reciprocal tariffs
for a year. China also says it will resolve issues
related to TikTok with the US side, but it did
not give specifics.
Speaker 6 (01:44):
Well.
Speaker 2 (01:44):
One issue that apparently did not come up Nathan and
President Trump's meeting with Shijinping was in Vidia's black Well ship.
The President had indicated he might discuss it giving China
access to the AI chip giant's most advanced semiconductor. Trump
says he and she talked about vida is access to
China in general, and those conversations would continue speculation that
(02:05):
the US my green lights sales and more advanced chips
drove in Vidia to become the first ever five trillion
dollar company.
Speaker 3 (02:11):
Well, let's turn now care into the latest market reaction
to earnings from three high tech heavyweights shares of Microsoft.
They are down nearly three percent in early trading the
world's largest software maker reported a steeper climb and spending
than Wall Street expected. The profit and revenue did top
analyst estimates, and the Azure cloud computing unit posted a
thirty nine percent revenue gain in the quarter that was
(02:33):
also a beat. An aag Rana is a senior tech
analyst at Bloomberg Intelligence.
Speaker 7 (02:37):
You look at Azure growth of thirty nine percent, I
mean given that size, that's pretty good. The margins actually
stood out, you know, way higher than what we were anticipating.
We thought there was going to be pressure on margins
because of all the spending. And then the lastly when
you look at the capex number substantially higher than the
thirty billion that they talked about now in you know,
(02:58):
to some people maybe that's what this ointment. But for us,
that's a good thing because I think they have so
much demand coming in.
Speaker 3 (03:05):
That sound a rag Rana with Bloomberg Intelligence, and on
the company conference call, Chief financial officer Amy Hood said
Microsoft cannot meet current demand for AI and other services well.
Speaker 2 (03:14):
Shares of Meta Nathan they're also pulling back this morning,
they are down more than seven percent. The Facebook owner
is projecting increasing expenses and it's taking a one time
tax charge. And we get more with Bloomberg's Sturlelypellett.
Speaker 8 (03:28):
Meta said the tax charge of fifteen point nine billion
dollars was due to the implementation of the tax bill
signed into law in July. I haven't find Sethos, a
senior partner with Tigris Financial Partners.
Speaker 9 (03:40):
So the Big Beautiful Bill caused the recognition of a
deferred tax asset. It's actually a non cast charge. And
there while it caused a spike in their tax rates
eighty seven percent for the quarter, it actually goes down
significantly going forward. I think this is really a non event.
It's an accounting issue, and I think any weakness is
a buying opportunity. In the stop.
Speaker 8 (03:58):
Meta says it will continue to invest aggressively in artificial
intelligence in New York. Charlie Bloomberg Radio, All right, Charlie,
thank you.
Speaker 3 (04:06):
On the flip side, shares of Alphabet are surging pre
market there now at eight percent. Sales topped quarterly Wall
Street estimates, fueled by a surgeon demand for its cloud
and artificial intelligence services.
Speaker 10 (04:17):
Brook May is a managing partner at evans May Wealth.
Speaker 11 (04:20):
Alphabet is the horse that I would put my money
on right now. You know, they've blown their earnings out
of the water. You know, not only did they have
good earnings growth, but you know the cloud growth was
very strong. You know, search is strong.
Speaker 10 (04:34):
That's brook May of evans May Wealth.
Speaker 3 (04:36):
Alphabet says its capital expenditures for the year will be
ninety one to ninety three billion dollars.
Speaker 10 (04:41):
That's up from an earlier estimate of eighty five billion.
Speaker 2 (04:44):
Well, Nathan, The high tech earnings continue today with Apple
and Amazon reporting after the close of trading, and we
get a preview with Bloomberg's Tom Busby.
Speaker 12 (04:52):
Just days after Apple became the third stock in history
to top four trillion dollars in value, Investors want to
know about its investment in AI, how many new iPhone
seventeen's it's sold, and whether sales in China have started
to rebound. It's projected to report record revenue, topping one
hundred billion dollars for the first time ever. At Amazon,
investors will want to know about growth and its AWS
(05:13):
cloud computing unit, the one that suffered a serious outage
just last week. And they also want to know whether
all the money it's investing in AI is bringing in revenue.
Tom Busby, Bloomberg Radio.
Speaker 10 (05:23):
All right, Tom, thanks.
Speaker 3 (05:24):
Artificial intelligence startup open ai is reportedly preparing to file
for an initial public offering as soon as next year.
Reuter's is reporting that IPO could give the company a
market capitalization of one trillion dollars. Earlier this week, open
ai said it completed a restructuring into a more traditional
corporate organization, which could make an IPO possible. Open Ai
was most recently valued at five hundred billion dollars in
(05:47):
an employee share sale.
Speaker 2 (05:48):
Well, Nathan Elon Musk's one trillion dollar pay package is
being opposed by the biggest pension plan in the US,
California Public Employees Retirement System is planning to vote against
Musk's compensation agreement. A spokesperson for CalPERS the CEO pay
package proposed by Tesla is larger than pay packages for
CEOs and comparable companies by many orders of magnitude. CalPERS
(06:10):
owns about five million shares in Tesla.
Speaker 3 (06:13):
All right, let's turn to the economy, now, Karen in
the latest decision from the Federal Reserve for the second
meeting in a row. The Fed has cut interest rates,
but Chair J. Powell is cautioning investors against assuming another
interrastrate cut is coming in December.
Speaker 13 (06:26):
In the committee's discussions at this meeting, there were strongly
differing views about how to proceed in December. A further
reduction in the policy rate at the December meeting is
not a foregone conclusion.
Speaker 10 (06:39):
Far from it.
Speaker 13 (06:41):
Policy is not on a preset course.
Speaker 3 (06:43):
Japal's comments came after the Fed voted ten to two
to lower rates by a quarter of a point for
the first time in six years. There were to sense
in both directions. One official advocated a larger reduction, another
preferred to stay on hold.
Speaker 2 (06:55):
In Asia, Nathan the Bankage Japan Policy Board left at
spendmark interest rate change in a vote that offered no
new hints on what it might hike, and the BOJ
held its policy rate at zero point five percent.
Speaker 10 (07:07):
And we get another rate decision later this morning.
Speaker 3 (07:09):
Karen from the European Central Bank economists predict the ECB
will keep its interest rate unchanged for a third straight meeting.
Speaker 14 (07:19):
Time.
Speaker 2 (07:20):
Now for look at some of the other stories making
news in New York and around the world. And for
that we're joined by Bloomberg's Michael Barr.
Speaker 10 (07:25):
Michael, good morning, Good morning, Karen.
Speaker 6 (07:27):
The devastation from Hurricane Melissa has resulted in at least
thirty three depths across the Caribbean, with powerful winds tearing
the bird homes and buildings and knocking out electricity. Andrew
Wholeness is Jamaica's Prime Minister.
Speaker 15 (07:41):
I would say about eighty to ninety percent of roofs
were destroyed, Hospitals destroyed, libraries, police station, fourthouses are about
infrastructure destroyed.
Speaker 6 (07:53):
Economic losses in Jamaica are estimated to be seven point
seven billion dollars. Melissa is moving away from the Bahamas
more with Bloomberg meterologist Craig Allen.
Speaker 16 (08:04):
Fortunately, the forward speed has picked up, now moving north
northeast at about twenty to twenty five miles per hour
and increasing. Next up Unfortunately Bermuda, the storm will probably
pass just to the west of the island rather than
a direct hit, but now less than eight hundred miles away,
and it will pass with hurricane conditions for Bermuda during
Thursday night into early Friday.
Speaker 6 (08:25):
Thank you Craig. The government shutdown is now in its
thirtieth day. More than forty million Americans are expected to
lose food benefits this Saturday. This Pennsylvania widow says losing
snap will force her to choose either.
Speaker 2 (08:39):
We eat, or we don't have electricity, or we don't
have gas.
Speaker 6 (08:43):
Republicans are blaming Democrats for the shutdown. Democrats say Republicans
that refuse to address health insurance premiums. A Paris prosecutor
says five more people have been arrested in the investigation
into the theft of Crown jewels from the Louver Museum,
but the treasures remain missing. The prosecutors says two suspects
and the jewel heist have admitted their involvement in the theft.
(09:05):
They were handed preliminary charges for a theft committed by
an organized gang and criminal conspiracy. It took the thieves
less than eight minutes to steal the jewels, valued at
one hundred and two million dollars. Global News twenty four
hours a day and whenever you want it with the
Bloomberg News. Now, I'm Michael Barr, and this is Bloomberg.
Speaker 2 (09:23):
Karen all Right, Michael Barr thank you. Time Now for
the Bloomberg Sports Update, here's John stash Hour.
Speaker 10 (09:33):
John, Good morning, you, Morning Careen.
Speaker 17 (09:34):
Dodger fans are known for being stuck in traffic, arriving
in the games late, and that happened last night. Those
fans missed it. Unprecedented start to a World Series game.
Speaker 18 (09:45):
Game five is underway with a fly ball to t left,
come first to the volume and David Schneider, let's get
it out on Sportsnight Gatto leave off home run has
happened before, even on the first pitch. Derek Jeter did
that in the two thousand Subway Series. But when Vladimir
(10:05):
Guerrero Junior homer two pitches later, that made for World
Series history and a two nothing lead that Toronto never
gave up.
Speaker 10 (10:13):
A night after the Blue.
Speaker 17 (10:13):
Jays beat the Dodgers six to two, they won six
to one and now head home up three to two
in the series. Another pitching jem by their twenty two
year old rookie Treya Savage. The Yankees and the Alds
couldn't get a hit off him. The Dodgers only got three,
a Savage struckout twelve. His manager is John Snyder.
Speaker 19 (10:32):
It's one thing to be in the zone, and it's
another thing to be in his zone and get some
swinging mess. So slider and split were electric. You know,
I said it before the game, it's it's a different
pitcher when he has his stuff.
Speaker 6 (10:46):
You know.
Speaker 19 (10:46):
Game one didn't have a feel for a split, so
kind of blown away at what he did.
Speaker 17 (10:52):
The good news for the Dodgers the Ashinova Yamamoto will
start Game six tomorrow. He's had complete game victories in
his last two starts in the LA. He's alive at
game seven Saturday, and the Nets are on and five
and Brooklyn lost to Atlanta won seventeen one twelve. Michael
Porter led the NEETs with thirty two points. In Boston,
Jalen Brown scored thirty. Celtics beat the Cavs by twenty Indiana.
(11:12):
I went to Game seven of the finals last year.
They're rowing four this season, a two point loss in Dallas.
Lakers are playing without both Lebron James and Luka Donson's
but Austin Reeves just had a fifty one point game
in last night, scored at the buzzer for Laker winn
at Minnesota. The Bulls beat Sacramento to go to four
and oh John Stashawa, Bloomberg Sports Karen.
Speaker 2 (11:31):
Nathan stay with us. More from Bloomberg day Break coming
up after.
Speaker 1 (11:36):
This Coast to coast on Bloomberg Radio, nationwide on Sirius XM,
and around the world on Bloomberg dot Com and the
Bloomberg Business opp This is Bloomberg Daybreak.
Speaker 8 (11:51):
Good morning.
Speaker 3 (11:52):
I'm Nathan Hager. On a scale of one to ten,
he rated a twelve. That was what President Trump said
after his long awaited meeting on trade with China Knese
President she Jenpang.
Speaker 4 (12:01):
It is an outstanding group of decisions.
Speaker 8 (12:06):
I think that was made.
Speaker 4 (12:07):
A lot of decisions were made too. It wasn't too
much left out there.
Speaker 3 (12:11):
That was President Trump on Air Force One after his
nearly two hour face to face with the Chinese leader
in South Korea. Joining us for some more details on
what came out of it is Bloomberg News Global Trades
are Brendan Murray and Brendan. It seems like we're getting
kind of a drip drip of headlines on some of
the details coming out of this encounter. Walk us through
what we've learned of what we know so far. Good morning.
Speaker 14 (12:32):
Yeah, Basically it means we're not headed into a big
trade war with China over the next year. They've agreed
to what they're calling a one year truce. From the
US side, the US gave up the following concessions. They
agreed to lower the fentanyl tariffs on Chinese imports from
twenty percent to ten. They're suspending an expansion of its
(12:53):
US Entity list. That's a list of Chinese companies that
are barred from doing some commerce with US companies. They're
suspending that expansion, and they're also suspending the threat of
Trump's one hundred percent tariffs on Chinese goods is also
off the table. On the Chinese side, they agreed to
suspend the tougher rare Earth's controls that they had threatened
(13:16):
a couple of weeks ago that was going to disrupt
the global supply chain for everything from defense systems to
just every day electronics. And China also agreed to buy
more US soybeans, something they haven't done over the past
several months in protests of Trump's tariffs on the world's
second largest economy. They also agreed to suspend ship fees
(13:36):
on each other. The US was putting fees on Chinese
ships that would dock at US ports and China reciprocated
doing the same to American flagships, so they're suspending those
for a year. And lastly, they agreed to work together
to resolve the TikTok ownership situation. So there were quite
a few things on the table. None of these would
be considered to be game changers in the overall relationship
(13:58):
between the US and China, but these were sticking points
that we're leading to tensions that could have escalated into
something a lot worse. But they seem to have. President
she and President Trump seemed to have settled things down
for at.
Speaker 3 (14:13):
Least a year, So it sounds like it opens the
door at least to getting some kind of resolution around
some of those issues you mentioned, like the TikTok situation.
But it was interesting, Brendan, because you know, going into
this meeting, President Trump kind of surprised Wall Street with
this idea that he might talk about China's blackwell chip.
Speaker 10 (14:31):
Apparently that did not come up.
Speaker 14 (14:33):
Yeah, that's that's the reporting that we that were getting.
We'll still get some readouts from US officials as President
Trump flies back to the States today, but as far
as we know, the initial reporting that we have is
that that wasn't an issue of any substantive discussion, but
of course it will be on the table in the
(14:54):
talks going forward. We're going to work. This isn't the
end of the US China trade tensions. This is going
to play out, you know it could. At the moment,
things are things have stabilized, but you know, as we've
seen recently, things can things can escalate pretty quickly. And
you know, we're right back where we were with you know,
threats on both sides.
Speaker 3 (15:14):
And I guess there's a possibility that we could see
even more headlines coming because we just had a social
media post from the President talking about China purchasing more
US energy, not just soybeans.
Speaker 10 (15:26):
What more do we know about that?
Speaker 16 (15:27):
Yeah?
Speaker 14 (15:28):
This, you know, this is this The details are still fuzzy.
If it probably involves some uh some projects in Alaska.
But the you know, the the the the the ability
of President Trump to get China to buy these kinds
of things is a is a big part of what
he's promised. And of course, his his his first trade
deal with with China five and a half years ago
during his first term, had a lot of these kinds
(15:50):
of things. These purchases, two hundred billion dollars worth of
purchases were agreed to back then, So delivering those kinds
of pledges are definitely high on President and Trump's goal
list of goals to accomplish with with China.
Speaker 3 (16:05):
So we have about a minute left here, Brendan, Where
does this leave the US China relationship? Is it progress?
Is it back to uh where we were with trade
war one point zero?
Speaker 10 (16:16):
Where would you put it on that scale?
Speaker 14 (16:18):
It feels like we're in for a long, a longer
period where it's going to take a lot of management
to keep this relationship on an even keel. That that
they both sides agreed that this is this is that
that talking is the best way to to maintain that
sort of stability. And so it feels like they're not
going to walk away from this at PISA and the
(16:39):
document that they've signed with you know, with things fixed
and resolved and we you know, we move into a
new era of of you know, US China relations It's
gonna it's going to take some micro managing, it feels like,
to keep it from escalating. And you know, of course,
you know, we've got you know, countries in Southeast Asia
(17:00):
now have new tariffs on them, and the Europeans are
also looking at this carefully and trying to weigh up
how they're going to respond to China.
Speaker 6 (17:07):
So it.
Speaker 14 (17:09):
All it sets the table for more drama in the
future for the trade relationship.
Speaker 10 (17:17):
Thanks Brendan.
Speaker 3 (17:18):
As always, that's Bloomberg Global Trades are Brendan Murray Karen.
Speaker 2 (17:22):
Nathan Less repeat some of our top stories this morning.
The Fed cut interest race at quarter point for a
second straight meeting, but one voter dissented in favor of
a half point cut, well another.
Speaker 10 (17:33):
Voted for a pause.
Speaker 2 (17:34):
Chair j Powell says a December cut is not a
foregone conclusion.
Speaker 3 (17:39):
Hurricane Melissa has moved past Jamaica, Haiti and Cuba, believing
at least thirty three dead and almost eight billion dollars
in damage.
Speaker 2 (17:47):
And a prominent Senate Democrat says there have been no
formal discussions on ending the government shutdown. New Hampshire's Jean
Shaheen tells Bloomberg News it's not clear how the standoff
will end, and we have more on those stories come
up on Bloomberry Day Bag, but right now we continue
to watch shares of a trio of tech heavyweights after
they reported earnings after the closing bill and right now,
(18:09):
shares of Meta they are down more than seven and
a half percent. Microsoft shares they're lower by almost three percent.
In Alphabet, those shares are higher, up seven and a
half percent. We want to take a closer look now
with Bloomberry's Karati Gupta Creaty. Good morning, and let's just
start with your takeaway because we're getting real different investor
reaction here.
Speaker 20 (18:30):
Good morning, We absolutely are. I mean, we'll start with
a positivity. It's always good to start with some sunshine.
Alphabet is having a really great day. Goog is your
take of the shares? Just on a tear this morning.
There's a couple of things to know about the cloud space,
and this is perhaps where Microsoft is feeling a little
bit of the pinch. There are a couple of major
players when it comes to cloud and ultimately the technology
(18:52):
used to get to AI and Microsoft and Amazon Web
Services have just dominated the space for such a long time.
They have the majority of market share, but Alphabet, where
Google comes in third, and they've trying to bit alongside Oracle,
trying to kind of build up that market share.
Speaker 10 (19:08):
And that's what investors are rewarding them for this time around.
Speaker 20 (19:12):
Their sales are beating on that cloud unit growth, and
that is a very important piece for Alphabet because this
is a company that traditionally has gotten a good chunk
of its revenue from AdSpend. Think YouTube, thinks social media,
think the Google search engine as well. That's kind of
where it's gotten the majority of its games from. And
so the fact that you are now going to see
it kind of actively be viewed in cahoots or in
(19:34):
competition with the likes of Microsoft and Alphabet Amazon excuse me,
is a very big sea change in terms of how
this share price is going to be looking. And that's
kind of what is getting this kind of Wall Street
equivalent of a round of applause for the Alphabet shares.
That being said, it's those exact same concerns around the
buildout and the execution for the cloud unit that is
(19:56):
weighing on Microsoft, because look, Microsoft has this incredible reputation
of just beating their expectations quarter after quarter after quarter.
They're the A plus plus student, So how do you
beat how do you get a better grade when you're
already an A plus plus student? And that's what Microsoft
has kind of struggled with today. It looks like they
came out with earnings that didn't meet those enormous expectations
(20:17):
that they've kind of attuned the market to, and you're
starting to see those results, which were still fairly good,
just not as good as expected, and that's really what
is getting punished for. But again, a three percent drop
for Microsoft is nothing compared to the seven percent drop
you're seeing in Meta platforms, which again comes to a
question of this massive AI spend that's starting to worry
(20:38):
a lot of investors that have maybe seen this picture before,
given that Meta did this big push for the metaverse
and they kind of had to reel it back. So
there are some questions about the execution when it comes
to Meta.
Speaker 2 (20:48):
Okay, but let's talk about that AI spend in general, because,
like all of these companies together, they racked up what's
seventy eight billion dollars in capex last quarter. That that's
a big number. That's according to US, it's eighty nine
eighty nine percent higher from a year ago. So let's
talk about that number. Why, why such a push and
why so much money?
Speaker 20 (21:09):
Well, it's really interesting because when you think about technology
stocks or growth stocks broadly, you don't think about capex.
In fact, they're rewarded for not being value intensive. Think
of up here like an Exxon Mobile or Chevron, where
they need to buy physical equipment to do oil drilling.
That is kind of what you associate the likes of
CAPEX spending for. So you are now seeing these tech
companies trade at these massive valuations on the assumption that
(21:32):
some of the growth and AI is going to be
coming down the pike. But to get to that growth,
you need to build out the infrastructure. The problem is
that there's so much money going into the infrastructure.
Speaker 10 (21:41):
It won't all be a success.
Speaker 20 (21:43):
And that's really where a lot of the concerns lie
because to your point, they're leveraging a lot of the
cash on their balance sheets that they haven't been spending
for years in terms of bolt on acquisitions. And that's actually,
again something the market has rewarded them for that in
the worst of situations in a recession, they can rely
on that cash. They can kind of tap into that
extra cushion, those extra pennies under the mattress. Except if
(22:05):
you have these pennies again, trillions being spent in the
AI space. How quickly you will you get that return
on investment. And that's kind of what's worrying the market,
because again, when you think about tech, you don't associate
it with capex spend.
Speaker 2 (22:19):
This is Bloomberg Daybreak, your morning podcast on the stories
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Speaker 3 (22:26):
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Speaker 10 (23:05):
And I'm Nathan Hager.
Speaker 3 (23:06):
Join us again tomorrow morning for all the news you
need to start your day, right here on Bloomberg, Da
Bray
Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2 (00:10):
Good morning, I'm Nathan Hager and I'm Karen Moscow. Here
are the stories we're following today.
Speaker 3 (00:15):
Karen, we begin with the latest on US China relations
after President Trump's long awaited meeting with Chinese leader shi Jinping.
The two came face to face on the sidelines of
the APEX summit in Busan, South Korea, and walked away
with an agreement to cut fentanyl related tariffs in half
to ten percent. President Trump says China has also agreed
to buy US soybeans again. On a scale of one
(00:35):
to ten, he says he'd rate the meeting at twelve.
Speaker 4 (00:38):
I thought it was an amazing meeting. He's a great leader,
great leader of a very powerful, very strong country China.
Speaker 3 (00:48):
President Trump spoke aboard Air Force one following the meeting.
China's response was a bit more muted. As we hear
from Bloomberg Steven Engel in Busan.
Speaker 5 (00:55):
He did say that China will cooperate with the United
States on trade again after that hour and forty minute
meeting with Donald Trump, but he also went on to say,
with a little bit of a cautionary tone, he said
the US and China should not fall into a vicious
cycle of retaliation, and says the US should continuously reduce
(01:16):
the list of problems. China and the US should continuously
reduce the list of problems, and that the two nations
should i long term benefit from cooperation.
Speaker 3 (01:28):
Bloomberg Steven Engel reports China's agreed to suspend rare earth
export restrictions for one year, and it says the US
will also pause some of it so called reciprocal tariffs
for a year. China also says it will resolve issues
related to TikTok with the US side, but it did
not give specifics.
Speaker 6 (01:44):
Well.
Speaker 2 (01:44):
One issue that apparently did not come up Nathan and
President Trump's meeting with Shijinping was in Vidia's black Well ship.
The President had indicated he might discuss it giving China
access to the AI chip giant's most advanced semiconductor. Trump
says he and she talked about vida is access to
China in general, and those conversations would continue speculation that
(02:05):
the US my green lights sales and more advanced chips
drove in Vidia to become the first ever five trillion
dollar company.
Speaker 3 (02:11):
Well, let's turn now care into the latest market reaction
to earnings from three high tech heavyweights shares of Microsoft.
They are down nearly three percent in early trading the
world's largest software maker reported a steeper climb and spending
than Wall Street expected. The profit and revenue did top
analyst estimates, and the Azure cloud computing unit posted a
thirty nine percent revenue gain in the quarter that was
(02:33):
also a beat. An aag Rana is a senior tech
analyst at Bloomberg Intelligence.
Speaker 7 (02:37):
You look at Azure growth of thirty nine percent, I
mean given that size, that's pretty good. The margins actually
stood out, you know, way higher than what we were anticipating.
We thought there was going to be pressure on margins
because of all the spending. And then the lastly when
you look at the capex number substantially higher than the
thirty billion that they talked about now in you know,
(02:58):
to some people maybe that's what this ointment. But for us,
that's a good thing because I think they have so
much demand coming in.
Speaker 3 (03:05):
That sound a rag Rana with Bloomberg Intelligence, and on
the company conference call, Chief financial officer Amy Hood said
Microsoft cannot meet current demand for AI and other services well.
Speaker 2 (03:14):
Shares of Meta Nathan they're also pulling back this morning,
they are down more than seven percent. The Facebook owner
is projecting increasing expenses and it's taking a one time
tax charge. And we get more with Bloomberg's Sturlelypellett.
Speaker 8 (03:28):
Meta said the tax charge of fifteen point nine billion
dollars was due to the implementation of the tax bill
signed into law in July. I haven't find Sethos, a
senior partner with Tigris Financial Partners.
Speaker 9 (03:40):
So the Big Beautiful Bill caused the recognition of a
deferred tax asset. It's actually a non cast charge. And
there while it caused a spike in their tax rates
eighty seven percent for the quarter, it actually goes down
significantly going forward. I think this is really a non event.
It's an accounting issue, and I think any weakness is
a buying opportunity. In the stop.
Speaker 8 (03:58):
Meta says it will continue to invest aggressively in artificial
intelligence in New York. Charlie Bloomberg Radio, All right, Charlie,
thank you.
Speaker 3 (04:06):
On the flip side, shares of Alphabet are surging pre
market there now at eight percent. Sales topped quarterly Wall
Street estimates, fueled by a surgeon demand for its cloud
and artificial intelligence services.
Speaker 10 (04:17):
Brook May is a managing partner at evans May Wealth.
Speaker 11 (04:20):
Alphabet is the horse that I would put my money
on right now. You know, they've blown their earnings out
of the water. You know, not only did they have
good earnings growth, but you know the cloud growth was
very strong. You know, search is strong.
Speaker 10 (04:34):
That's brook May of evans May Wealth.
Speaker 3 (04:36):
Alphabet says its capital expenditures for the year will be
ninety one to ninety three billion dollars.
Speaker 10 (04:41):
That's up from an earlier estimate of eighty five billion.
Speaker 2 (04:44):
Well, Nathan, The high tech earnings continue today with Apple
and Amazon reporting after the close of trading, and we
get a preview with Bloomberg's Tom Busby.
Speaker 12 (04:52):
Just days after Apple became the third stock in history
to top four trillion dollars in value, Investors want to
know about its investment in AI, how many new iPhone
seventeen's it's sold, and whether sales in China have started
to rebound. It's projected to report record revenue, topping one
hundred billion dollars for the first time ever. At Amazon,
investors will want to know about growth and its AWS
(05:13):
cloud computing unit, the one that suffered a serious outage
just last week. And they also want to know whether
all the money it's investing in AI is bringing in revenue.
Tom Busby, Bloomberg Radio.
Speaker 10 (05:23):
All right, Tom, thanks.
Speaker 3 (05:24):
Artificial intelligence startup open ai is reportedly preparing to file
for an initial public offering as soon as next year.
Reuter's is reporting that IPO could give the company a
market capitalization of one trillion dollars. Earlier this week, open
ai said it completed a restructuring into a more traditional
corporate organization, which could make an IPO possible. Open Ai
was most recently valued at five hundred billion dollars in
(05:47):
an employee share sale.
Speaker 2 (05:48):
Well, Nathan Elon Musk's one trillion dollar pay package is
being opposed by the biggest pension plan in the US,
California Public Employees Retirement System is planning to vote against
Musk's compensation agreement. A spokesperson for CalPERS the CEO pay
package proposed by Tesla is larger than pay packages for
CEOs and comparable companies by many orders of magnitude. CalPERS
(06:10):
owns about five million shares in Tesla.
Speaker 3 (06:13):
All right, let's turn to the economy, now, Karen in
the latest decision from the Federal Reserve for the second
meeting in a row. The Fed has cut interest rates,
but Chair J. Powell is cautioning investors against assuming another
interrastrate cut is coming in December.
Speaker 13 (06:26):
In the committee's discussions at this meeting, there were strongly
differing views about how to proceed in December. A further
reduction in the policy rate at the December meeting is
not a foregone conclusion.
Speaker 10 (06:39):
Far from it.
Speaker 13 (06:41):
Policy is not on a preset course.
Speaker 3 (06:43):
Japal's comments came after the Fed voted ten to two
to lower rates by a quarter of a point for
the first time in six years. There were to sense
in both directions. One official advocated a larger reduction, another
preferred to stay on hold.
Speaker 2 (06:55):
In Asia, Nathan the Bankage Japan Policy Board left at
spendmark interest rate change in a vote that offered no
new hints on what it might hike, and the BOJ
held its policy rate at zero point five percent.
Speaker 10 (07:07):
And we get another rate decision later this morning.
Speaker 3 (07:09):
Karen from the European Central Bank economists predict the ECB
will keep its interest rate unchanged for a third straight meeting.
Speaker 14 (07:19):
Time.
Speaker 2 (07:20):
Now for look at some of the other stories making
news in New York and around the world. And for
that we're joined by Bloomberg's Michael Barr.
Speaker 10 (07:25):
Michael, good morning, Good morning, Karen.
Speaker 6 (07:27):
The devastation from Hurricane Melissa has resulted in at least
thirty three depths across the Caribbean, with powerful winds tearing
the bird homes and buildings and knocking out electricity. Andrew
Wholeness is Jamaica's Prime Minister.
Speaker 15 (07:41):
I would say about eighty to ninety percent of roofs
were destroyed, Hospitals destroyed, libraries, police station, fourthouses are about
infrastructure destroyed.
Speaker 6 (07:53):
Economic losses in Jamaica are estimated to be seven point
seven billion dollars. Melissa is moving away from the Bahamas
more with Bloomberg meterologist Craig Allen.
Speaker 16 (08:04):
Fortunately, the forward speed has picked up, now moving north
northeast at about twenty to twenty five miles per hour
and increasing. Next up Unfortunately Bermuda, the storm will probably
pass just to the west of the island rather than
a direct hit, but now less than eight hundred miles away,
and it will pass with hurricane conditions for Bermuda during
Thursday night into early Friday.
Speaker 6 (08:25):
Thank you Craig. The government shutdown is now in its
thirtieth day. More than forty million Americans are expected to
lose food benefits this Saturday. This Pennsylvania widow says losing
snap will force her to choose either.
Speaker 2 (08:39):
We eat, or we don't have electricity, or we don't
have gas.
Speaker 6 (08:43):
Republicans are blaming Democrats for the shutdown. Democrats say Republicans
that refuse to address health insurance premiums. A Paris prosecutor
says five more people have been arrested in the investigation
into the theft of Crown jewels from the Louver Museum,
but the treasures remain missing. The prosecutors says two suspects
and the jewel heist have admitted their involvement in the theft.
(09:05):
They were handed preliminary charges for a theft committed by
an organized gang and criminal conspiracy. It took the thieves
less than eight minutes to steal the jewels, valued at
one hundred and two million dollars. Global News twenty four
hours a day and whenever you want it with the
Bloomberg News. Now, I'm Michael Barr, and this is Bloomberg.
Speaker 2 (09:23):
Karen all Right, Michael Barr thank you. Time Now for
the Bloomberg Sports Update, here's John stash Hour.
Speaker 10 (09:33):
John, Good morning, you, Morning Careen.
Speaker 17 (09:34):
Dodger fans are known for being stuck in traffic, arriving
in the games late, and that happened last night. Those
fans missed it. Unprecedented start to a World Series game.
Speaker 18 (09:45):
Game five is underway with a fly ball to t left,
come first to the volume and David Schneider, let's get
it out on Sportsnight Gatto leave off home run has
happened before, even on the first pitch. Derek Jeter did
that in the two thousand Subway Series. But when Vladimir
(10:05):
Guerrero Junior homer two pitches later, that made for World
Series history and a two nothing lead that Toronto never
gave up.
Speaker 10 (10:13):
A night after the Blue.
Speaker 17 (10:13):
Jays beat the Dodgers six to two, they won six
to one and now head home up three to two
in the series. Another pitching jem by their twenty two
year old rookie Treya Savage. The Yankees and the Alds
couldn't get a hit off him. The Dodgers only got three,
a Savage struckout twelve. His manager is John Snyder.
Speaker 19 (10:32):
It's one thing to be in the zone, and it's
another thing to be in his zone and get some
swinging mess. So slider and split were electric. You know,
I said it before the game, it's it's a different
pitcher when he has his stuff.
Speaker 6 (10:46):
You know.
Speaker 19 (10:46):
Game one didn't have a feel for a split, so
kind of blown away at what he did.
Speaker 17 (10:52):
The good news for the Dodgers the Ashinova Yamamoto will
start Game six tomorrow. He's had complete game victories in
his last two starts in the LA. He's alive at
game seven Saturday, and the Nets are on and five
and Brooklyn lost to Atlanta won seventeen one twelve. Michael
Porter led the NEETs with thirty two points. In Boston,
Jalen Brown scored thirty. Celtics beat the Cavs by twenty Indiana.
(11:12):
I went to Game seven of the finals last year.
They're rowing four this season, a two point loss in Dallas.
Lakers are playing without both Lebron James and Luka Donson's
but Austin Reeves just had a fifty one point game
in last night, scored at the buzzer for Laker winn
at Minnesota. The Bulls beat Sacramento to go to four
and oh John Stashawa, Bloomberg Sports Karen.
Speaker 2 (11:31):
Nathan stay with us. More from Bloomberg day Break coming
up after.
Speaker 1 (11:36):
This Coast to coast on Bloomberg Radio, nationwide on Sirius XM,
and around the world on Bloomberg dot Com and the
Bloomberg Business opp This is Bloomberg Daybreak.
Speaker 8 (11:51):
Good morning.
Speaker 3 (11:52):
I'm Nathan Hager. On a scale of one to ten,
he rated a twelve. That was what President Trump said
after his long awaited meeting on trade with China Knese
President she Jenpang.
Speaker 4 (12:01):
It is an outstanding group of decisions.
Speaker 8 (12:06):
I think that was made.
Speaker 4 (12:07):
A lot of decisions were made too. It wasn't too
much left out there.
Speaker 3 (12:11):
That was President Trump on Air Force One after his
nearly two hour face to face with the Chinese leader
in South Korea. Joining us for some more details on
what came out of it is Bloomberg News Global Trades
are Brendan Murray and Brendan. It seems like we're getting
kind of a drip drip of headlines on some of
the details coming out of this encounter. Walk us through
what we've learned of what we know so far. Good morning.
Speaker 14 (12:32):
Yeah, Basically it means we're not headed into a big
trade war with China over the next year. They've agreed
to what they're calling a one year truce. From the
US side, the US gave up the following concessions. They
agreed to lower the fentanyl tariffs on Chinese imports from
twenty percent to ten. They're suspending an expansion of its
(12:53):
US Entity list. That's a list of Chinese companies that
are barred from doing some commerce with US companies. They're
suspending that expansion, and they're also suspending the threat of
Trump's one hundred percent tariffs on Chinese goods is also
off the table. On the Chinese side, they agreed to
suspend the tougher rare Earth's controls that they had threatened
(13:16):
a couple of weeks ago that was going to disrupt
the global supply chain for everything from defense systems to
just every day electronics. And China also agreed to buy
more US soybeans, something they haven't done over the past
several months in protests of Trump's tariffs on the world's
second largest economy. They also agreed to suspend ship fees
(13:36):
on each other. The US was putting fees on Chinese
ships that would dock at US ports and China reciprocated
doing the same to American flagships, so they're suspending those
for a year. And lastly, they agreed to work together
to resolve the TikTok ownership situation. So there were quite
a few things on the table. None of these would
be considered to be game changers in the overall relationship
(13:58):
between the US and China, but these were sticking points
that we're leading to tensions that could have escalated into
something a lot worse. But they seem to have. President
she and President Trump seemed to have settled things down
for at.
Speaker 3 (14:13):
Least a year, So it sounds like it opens the
door at least to getting some kind of resolution around
some of those issues you mentioned, like the TikTok situation.
But it was interesting, Brendan, because you know, going into
this meeting, President Trump kind of surprised Wall Street with
this idea that he might talk about China's blackwell chip.
Speaker 10 (14:31):
Apparently that did not come up.
Speaker 14 (14:33):
Yeah, that's that's the reporting that we that were getting.
We'll still get some readouts from US officials as President
Trump flies back to the States today, but as far
as we know, the initial reporting that we have is
that that wasn't an issue of any substantive discussion, but
of course it will be on the table in the
(14:54):
talks going forward. We're going to work. This isn't the
end of the US China trade tensions. This is going
to play out, you know it could. At the moment,
things are things have stabilized, but you know, as we've
seen recently, things can things can escalate pretty quickly. And
you know, we're right back where we were with you know,
threats on both sides.
Speaker 3 (15:14):
And I guess there's a possibility that we could see
even more headlines coming because we just had a social
media post from the President talking about China purchasing more
US energy, not just soybeans.
Speaker 10 (15:26):
What more do we know about that?
Speaker 16 (15:27):
Yeah?
Speaker 14 (15:28):
This, you know, this is this The details are still fuzzy.
If it probably involves some uh some projects in Alaska.
But the you know, the the the the the ability
of President Trump to get China to buy these kinds
of things is a is a big part of what
he's promised. And of course, his his his first trade
deal with with China five and a half years ago
during his first term, had a lot of these kinds
(15:50):
of things. These purchases, two hundred billion dollars worth of
purchases were agreed to back then, So delivering those kinds
of pledges are definitely high on President and Trump's goal
list of goals to accomplish with with China.
Speaker 3 (16:05):
So we have about a minute left here, Brendan, Where
does this leave the US China relationship? Is it progress?
Is it back to uh where we were with trade
war one point zero?
Speaker 10 (16:16):
Where would you put it on that scale?
Speaker 14 (16:18):
It feels like we're in for a long, a longer
period where it's going to take a lot of management
to keep this relationship on an even keel. That that
they both sides agreed that this is this is that
that talking is the best way to to maintain that
sort of stability. And so it feels like they're not
going to walk away from this at PISA and the
(16:39):
document that they've signed with you know, with things fixed
and resolved and we you know, we move into a
new era of of you know, US China relations It's
gonna it's going to take some micro managing, it feels like,
to keep it from escalating. And you know, of course,
you know, we've got you know, countries in Southeast Asia
(17:00):
now have new tariffs on them, and the Europeans are
also looking at this carefully and trying to weigh up
how they're going to respond to China.
Speaker 6 (17:07):
So it.
Speaker 14 (17:09):
All it sets the table for more drama in the
future for the trade relationship.
Speaker 10 (17:17):
Thanks Brendan.
Speaker 3 (17:18):
As always, that's Bloomberg Global Trades are Brendan Murray Karen.
Speaker 2 (17:22):
Nathan Less repeat some of our top stories this morning.
The Fed cut interest race at quarter point for a
second straight meeting, but one voter dissented in favor of
a half point cut, well another.
Speaker 10 (17:33):
Voted for a pause.
Speaker 2 (17:34):
Chair j Powell says a December cut is not a
foregone conclusion.
Speaker 3 (17:39):
Hurricane Melissa has moved past Jamaica, Haiti and Cuba, believing
at least thirty three dead and almost eight billion dollars
in damage.
Speaker 2 (17:47):
And a prominent Senate Democrat says there have been no
formal discussions on ending the government shutdown. New Hampshire's Jean
Shaheen tells Bloomberg News it's not clear how the standoff
will end, and we have more on those stories come
up on Bloomberry Day Bag, but right now we continue
to watch shares of a trio of tech heavyweights after
they reported earnings after the closing bill and right now,
(18:09):
shares of Meta they are down more than seven and
a half percent. Microsoft shares they're lower by almost three percent.
In Alphabet, those shares are higher, up seven and a
half percent. We want to take a closer look now
with Bloomberry's Karati Gupta Creaty. Good morning, and let's just
start with your takeaway because we're getting real different investor
reaction here.
Speaker 20 (18:30):
Good morning, We absolutely are. I mean, we'll start with
a positivity. It's always good to start with some sunshine.
Alphabet is having a really great day. Goog is your
take of the shares? Just on a tear this morning.
There's a couple of things to know about the cloud space,
and this is perhaps where Microsoft is feeling a little
bit of the pinch. There are a couple of major
players when it comes to cloud and ultimately the technology
(18:52):
used to get to AI and Microsoft and Amazon Web
Services have just dominated the space for such a long time.
They have the majority of market share, but Alphabet, where
Google comes in third, and they've trying to bit alongside Oracle,
trying to kind of build up that market share.
Speaker 10 (19:08):
And that's what investors are rewarding them for this time around.
Speaker 20 (19:12):
Their sales are beating on that cloud unit growth, and
that is a very important piece for Alphabet because this
is a company that traditionally has gotten a good chunk
of its revenue from AdSpend. Think YouTube, thinks social media,
think the Google search engine as well. That's kind of
where it's gotten the majority of its games from. And
so the fact that you are now going to see
it kind of actively be viewed in cahoots or in
(19:34):
competition with the likes of Microsoft and Alphabet Amazon excuse me,
is a very big sea change in terms of how
this share price is going to be looking. And that's
kind of what is getting this kind of Wall Street
equivalent of a round of applause for the Alphabet shares.
That being said, it's those exact same concerns around the
buildout and the execution for the cloud unit that is
(19:56):
weighing on Microsoft, because look, Microsoft has this incredible reputation
of just beating their expectations quarter after quarter after quarter.
They're the A plus plus student, So how do you
beat how do you get a better grade when you're
already an A plus plus student? And that's what Microsoft
has kind of struggled with today. It looks like they
came out with earnings that didn't meet those enormous expectations
(20:17):
that they've kind of attuned the market to, and you're
starting to see those results, which were still fairly good,
just not as good as expected, and that's really what
is getting punished for. But again, a three percent drop
for Microsoft is nothing compared to the seven percent drop
you're seeing in Meta platforms, which again comes to a
question of this massive AI spend that's starting to worry
(20:38):
a lot of investors that have maybe seen this picture before,
given that Meta did this big push for the metaverse
and they kind of had to reel it back. So
there are some questions about the execution when it comes
to Meta.
Speaker 2 (20:48):
Okay, but let's talk about that AI spend in general, because,
like all of these companies together, they racked up what's
seventy eight billion dollars in capex last quarter. That that's
a big number. That's according to US, it's eighty nine
eighty nine percent higher from a year ago. So let's
talk about that number. Why, why such a push and
why so much money?
Speaker 20 (21:09):
Well, it's really interesting because when you think about technology
stocks or growth stocks broadly, you don't think about capex.
In fact, they're rewarded for not being value intensive. Think
of up here like an Exxon Mobile or Chevron, where
they need to buy physical equipment to do oil drilling.
That is kind of what you associate the likes of
CAPEX spending for. So you are now seeing these tech
companies trade at these massive valuations on the assumption that
(21:32):
some of the growth and AI is going to be
coming down the pike. But to get to that growth,
you need to build out the infrastructure. The problem is
that there's so much money going into the infrastructure.
Speaker 10 (21:41):
It won't all be a success.
Speaker 20 (21:43):
And that's really where a lot of the concerns lie
because to your point, they're leveraging a lot of the
cash on their balance sheets that they haven't been spending
for years in terms of bolt on acquisitions. And that's actually,
again something the market has rewarded them for that in
the worst of situations in a recession, they can rely
on that cash. They can kind of tap into that
extra cushion, those extra pennies under the mattress. Except if
(22:05):
you have these pennies again, trillions being spent in the
AI space. How quickly you will you get that return
on investment. And that's kind of what's worrying the market,
because again, when you think about tech, you don't associate
it with capex spend.
Speaker 2 (22:19):
This is Bloomberg Daybreak, your morning podcast on the stories
making news from Wall Street to Washington and beyond.
Speaker 3 (22:26):
Look for us on your podcast feed by six am
Eastern each morning, on Apple, Spotify, or anywhere else you listen.
Speaker 2 (22:32):
You can also listen live each morning starting at five
am Wall Street Time on Bloomberg eleven three to zero
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Bloomberg ninety two nine in Boston, and nationwide on serious
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Speaker 3 (22:46):
Plus listen coast to coast on the Bloomberg Business app
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Speaker 2 (22:52):
And don't forget to subscribe to Bloomberg News Now. It's
the latest news whenever you want it in five minutes
or less. Search Bloomberg News Now and your favorite podcast
platform to stay informed all day long. I'm Karen Moscow.
Speaker 10 (23:05):
And I'm Nathan Hager.
Speaker 3 (23:06):
Join us again tomorrow morning for all the news you
need to start your day, right here on Bloomberg, Da
Bray
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