May 27, 2025: SpaceX Starship Rocket Destroyed, Musk on Spending Bill, More

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Episode Transcript

Speaker 1 (00:01):
News when you want it with Bloomberg News Now, I'm
Doug Prisner, and we begin with the launch of the
ninth test flight of Starship. Today marked the third major
setback for SpaceX. The Starship rocket suffered a leak halfway
through its flight, tumbled out of control in space, and
then exploded. The previous two test flights, one in January
another in March, also ended in explosions. Elon Musk says

(00:25):
he is disappointed by the price tag of the domestic
spending bill passed last week by Republicans in the House.
Here is Musk speaking to CBS News in an interview
scheduled for broadcast on CBS Sunday morning.

Speaker 2 (00:38):
I think a bill can be big, or it can
be beautiful, but I don't know if it could be
buked opinion now.

Speaker 1 (00:46):
Musk's comments appear to put him at odds with President Trump,
who has championed the package. This legislation still needs to
clear the US Senate. Among the bill's attributes the extension
of the twenty seventeen tax cuts, a boost to border
security and work requirements on Medicaid, as well as a
rollback on clean energy tax credits. Wall Street kicked off

(01:09):
the week with a rally in stocks. The market was
boasted by a sharp rebound in consumer confidence and an
agreement between the US and the European Union to speed
up trade talks. Stephen Myron is the chairman of the
Council of Economic Advisors.

Speaker 2 (01:23):
Look, President Trump is one of the best negotiators in history,
and throughout his long career he's forged hundreds of deals
in commercial real estate, in residential real estate and financial markets,
in legislation, and yes, in international trade as well. And
what he's demonstrated yet again is that he knows how
to bring the sides together to talk. And just as

(01:43):
his tariffs bought China to the negotiating table to force
the Phase one trade deal in his first term, he's
managed to bring the EU to the negotiating table as well.

Speaker 1 (01:51):
That was Stephen Myron, chair of the White House Council
of Economic Advisors, speaking on Bloomberg's balance of Power. Incidentally,
today the S and P five hundred picked up two
percent shares in Nvidia, We're up by more than three
percent today. The chip maker will be the last of
the Magnificent seven tech companies to report earnings. Those numbers
are due tomorrow after the closing bell, we have a

(02:13):
preview from Bloomberg's Tom Busby.

Speaker 3 (02:15):
While demand for Nvidia's AI chips remain strong from US
firms still building out their AI infrastructure, the big question
how the company is dealing with curbs on chipping its
products to customers in China that prompted the company to
already announce a five and a half billion dollar write
down a few weeks back. Also key for investors any
update on plans to launch cheaper Blackwell chips just for

(02:35):
the Chinese market and a timeline for its next generation
Rubin processors. Despite the expected write down, Bloomberg consensus calls
for revenue of forty three point three two billion dollars
adjusted earnings per share of eighty eight cents. Tom buzzby Bloomberg.

Speaker 1 (02:50):
Radio tomorrow evening Bloomberg sed Ludlow will be sitting down
with Nvidia CEO Jensen Huang, and you can catch that
conversation tomorrow night, six thirty pm Wall Street Time on
Bloomberg Radio. The Trump administration is aiming to cancel all
remaining federal contracts with Harvard University. They are worth an
estimated one hundred million dollars. Here is Bloomberg's Janet Lauren.

Speaker 4 (03:13):
So the government contracts with universities like Harvard and Yale
and other schools in the University of Texas for research,
basic research and other things, and they're often multi year contracts.
Sometimes you have other universities as subcontractors, and those are
now gone. And I suppose in theory the government could

(03:38):
in another round choose other universities to perform these research.

Speaker 1 (03:44):
That is Bloomberg's Janet Lauren. The Department of Homeland Security
is asked the Supreme Court to intervene in a deportation
case more from Bloomberg's Amy Morris in Washington.

Speaker 5 (03:54):
The emergency request to block a judge's order requiring the
government to give people notice and an opportunity to object
before they are deported to a so called third country.
This stems from a case before a Massachusetts federal judge
who last week said the administration violated his earlier order
by attempting to send eight migrants convicted of crimes to

(04:15):
South Sudan. This is one of a growing number of
instances of judges finding US officials failing to fully comply
with their orders. In Washington, Amy Morris Bloomberg Radio

Speaker 1 (04:26):
And that is news when you want it, with Bloomberg
News Now, I'm Doug Chrisner, and this is Bloomberg