October 7, 2025 • 5 mins
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Speaker 1 (00:01):
News when you wanted with Bloomberg News. Now, I'm Doug Prisner.
The federal government remained shut down for a seventh day
and funding proposals from both Republicans and Democrats are stalled
in Congress. And at the same time, President Trump opened
the door to blocking back pay for certain federal workers
when the government reopens. Here's Trump.
Speaker 2 (00:20):
Depends on who we're talking about. I can tell you this.
The Democrats have put a lot of people in great
risk and jeopardy. But it really depends on who you're
talking about. But for the most part, we're going to
take care of our people. There are some people that
really don't deserve to be taken care of, and we'll
take care of them in a different way.
Speaker 1 (00:37):
At the same time, today, a memo drafted by the
White House Office of Management and Budget said federal workers
are not guaranteed compensation during the shutdown. However, Democrats were
quick to push back. Here is House Minority Leader Haakim Jeffreys.
Speaker 3 (00:51):
The law is clear. Every single furlough federal employee is
entitled to back pay, period, full stop. The law is clear,
and we will make sure that that law is followed.
Speaker 1 (01:07):
That is House Minority leader Jakeim Jeffries. We moved to
Business News next. The spot price of gold is trading
above four thousand dollars right now in Asian trading.
Speaker 4 (01:17):
Now.
Speaker 1 (01:17):
A portion of this move reflects the US government shutdown
combined with speculation on the FED cutting interest rates. Earlier
in the day, Goldman Sachs raised its price forecast for
gold in December twenty twenty six to forty nine hundred dollars.
That's up from the prior estimate of forty three hundred.
Goldman cited ETF inflows as well as central bank buying.
(01:39):
At the same time, billionaire investor Ray Daallyio told us
gold is certainly more of a safe haven than the
US dollar.
Speaker 5 (01:47):
Gold is a very excellent diversifier of the portfolio. So
if you would look at just from the strategic acid
allocation mixed perspective, you would probably have something low like
as the optimal mix, something like fifteen percent of your
portfolio end goal because of the fact that if you
(02:09):
didn't even have a tactical because it is the one
asset that does very well when the typical parts of
your portfolio go down.
Speaker 1 (02:16):
That is Ray Dalio speaking to Bloomberg. The Elon Musk
backed artificial intelligence startup Xai is raising more financing than
it initially had planned, and this will include an equity
investment from in Vidia. We are told in Nvidia is
investing as much as two billion dollars in the equity
portion of this funding deal with Xai. Now, that would
(02:38):
bring Xai's ongoing funding round to roughly twenty billion dollars.
Here is Bloomberg Zenebel droolers.
Speaker 6 (02:45):
Of that twenty billion dollars. Again, that sources are telling
us Xai is looking to raise about seven point five
percent is going to be equity and the remainder is
going to be debt. Now it's the debt portion that's
actually quite complex, but what sources are telling us is
that it's going to be structured viron SPV, or a
special purpose vehicle, and then that SPV is going to
be used to buy Nvidia chips. Xai is then going
(03:08):
to rent out the Nvidia chips from that SPV for
a period of five years. And that is the way
that we're hearing that Wall Street investors are going to
be able to recoup some of their investments.
Speaker 1 (03:18):
That is Bloomberg's Annabelle Jewelers shares an Oracle fell two
and a half percent today on a report the company's
profit margins for its cloud computing business are lower than estimated.
The Information reports Oracle generated nine hundred million dollars in
revenue from server rentals. However, the company only captured one
hundred and twenty five million dollars in gross profit. Bloomberg's
(03:40):
Nora me Linda says this comes as a surprise.
Speaker 7 (03:43):
Just last month, the company said that they projected revenue
to jump by seven hundred percent over the next three
fiscal years, particularly in this segment. So, I mean there's
been a lot of anticipation going into this, not only
about the broader Ai story, but really about what Oracle
contribute can contribute here, and so you are seeing that
reflecting in the trade as we are seeing a bit
of a breather here, that.
Speaker 1 (04:02):
Is Bloomberg's Nora Melinda. President Trump and Canadian Prime Minister
Mark Carney met at the Oval Office to discuss trade.
Trump said he is expecting the US and Canada to
eventually reach a deal. However, he did remain vague about
how and when an agreement might be achieved. Trump described
these countries as being in natural conflict because they're competing
(04:23):
for the same business. Carney, on the other hand, said
he was confident Canada would get the right deal from
the US.
Speaker 8 (04:30):
Conflict maybe not so much conflict.
Speaker 1 (04:32):
We compete.
Speaker 8 (04:33):
There are areas where we compete, and it's in those
areas where we have to come to an agreement that works.
But there are more areas where we are stronger together
and that's what we're focused on, and we're going to
get the right deal, right deal for America, right deal
obviously from my perspective.
Speaker 1 (04:48):
For Canadian Prime Minister Mark Carney speaking there. Attorney General
Pambondi faced the Senate Judiciary Committee today and she clashed
with Democratic senators over President Trump's imm gration crackdown. Bondi
defended the administration's efforts and said officials in Illinois are
not enforcing the law and federal authorities are needed to
(05:09):
crack down. Here's an exchange between Bondi and Illinois Democratic
Senator Dick Durbin.
Speaker 4 (05:15):
Tell me a specific grant that I have turned off
in Illinois that would help law enforcement, and I will
work with you, but you have not done that. And
there the National Guard is on the way right now
as we speak. Oh, by the way, so is Director
Patel and Deputy Attorney General Todd Blanche. You're sitting here
grilling me, and they're on their way to Chicago to
(05:37):
keep your state safe.
Speaker 1 (05:38):
Bondi was also pressed about the case against former FBI
director James Comy. She sidestepped those questions and said she
would not discuss pending cases or conversations with the president.
And that is news when you want it with Bloomberg News. Now,
I'm Doug Prisner, and this is Bloomberg
News when you wanted with Bloomberg News. Now, I'm Doug Prisner.
The federal government remained shut down for a seventh day
and funding proposals from both Republicans and Democrats are stalled
in Congress. And at the same time, President Trump opened
the door to blocking back pay for certain federal workers
when the government reopens. Here's Trump.
Speaker 2 (00:20):
Depends on who we're talking about. I can tell you this.
The Democrats have put a lot of people in great
risk and jeopardy. But it really depends on who you're
talking about. But for the most part, we're going to
take care of our people. There are some people that
really don't deserve to be taken care of, and we'll
take care of them in a different way.
Speaker 1 (00:37):
At the same time, today, a memo drafted by the
White House Office of Management and Budget said federal workers
are not guaranteed compensation during the shutdown. However, Democrats were
quick to push back. Here is House Minority Leader Haakim Jeffreys.
Speaker 3 (00:51):
The law is clear. Every single furlough federal employee is
entitled to back pay, period, full stop. The law is clear,
and we will make sure that that law is followed.
Speaker 1 (01:07):
That is House Minority leader Jakeim Jeffries. We moved to
Business News next. The spot price of gold is trading
above four thousand dollars right now in Asian trading.
Speaker 4 (01:17):
Now.
Speaker 1 (01:17):
A portion of this move reflects the US government shutdown
combined with speculation on the FED cutting interest rates. Earlier
in the day, Goldman Sachs raised its price forecast for
gold in December twenty twenty six to forty nine hundred dollars.
That's up from the prior estimate of forty three hundred.
Goldman cited ETF inflows as well as central bank buying.
(01:39):
At the same time, billionaire investor Ray Daallyio told us
gold is certainly more of a safe haven than the
US dollar.
Speaker 5 (01:47):
Gold is a very excellent diversifier of the portfolio. So
if you would look at just from the strategic acid
allocation mixed perspective, you would probably have something low like
as the optimal mix, something like fifteen percent of your
portfolio end goal because of the fact that if you
(02:09):
didn't even have a tactical because it is the one
asset that does very well when the typical parts of
your portfolio go down.
Speaker 1 (02:16):
That is Ray Dalio speaking to Bloomberg. The Elon Musk
backed artificial intelligence startup Xai is raising more financing than
it initially had planned, and this will include an equity
investment from in Vidia. We are told in Nvidia is
investing as much as two billion dollars in the equity
portion of this funding deal with Xai. Now, that would
(02:38):
bring Xai's ongoing funding round to roughly twenty billion dollars.
Here is Bloomberg Zenebel droolers.
Speaker 6 (02:45):
Of that twenty billion dollars. Again, that sources are telling
us Xai is looking to raise about seven point five
percent is going to be equity and the remainder is
going to be debt. Now it's the debt portion that's
actually quite complex, but what sources are telling us is
that it's going to be structured viron SPV, or a
special purpose vehicle, and then that SPV is going to
be used to buy Nvidia chips. Xai is then going
(03:08):
to rent out the Nvidia chips from that SPV for
a period of five years. And that is the way
that we're hearing that Wall Street investors are going to
be able to recoup some of their investments.
Speaker 1 (03:18):
That is Bloomberg's Annabelle Jewelers shares an Oracle fell two
and a half percent today on a report the company's
profit margins for its cloud computing business are lower than estimated.
The Information reports Oracle generated nine hundred million dollars in
revenue from server rentals. However, the company only captured one
hundred and twenty five million dollars in gross profit. Bloomberg's
(03:40):
Nora me Linda says this comes as a surprise.
Speaker 7 (03:43):
Just last month, the company said that they projected revenue
to jump by seven hundred percent over the next three
fiscal years, particularly in this segment. So, I mean there's
been a lot of anticipation going into this, not only
about the broader Ai story, but really about what Oracle
contribute can contribute here, and so you are seeing that
reflecting in the trade as we are seeing a bit
of a breather here, that.
Speaker 1 (04:02):
Is Bloomberg's Nora Melinda. President Trump and Canadian Prime Minister
Mark Carney met at the Oval Office to discuss trade.
Trump said he is expecting the US and Canada to
eventually reach a deal. However, he did remain vague about
how and when an agreement might be achieved. Trump described
these countries as being in natural conflict because they're competing
(04:23):
for the same business. Carney, on the other hand, said
he was confident Canada would get the right deal from
the US.
Speaker 8 (04:30):
Conflict maybe not so much conflict.
Speaker 1 (04:32):
We compete.
Speaker 8 (04:33):
There are areas where we compete, and it's in those
areas where we have to come to an agreement that works.
But there are more areas where we are stronger together
and that's what we're focused on, and we're going to
get the right deal, right deal for America, right deal
obviously from my perspective.
Speaker 1 (04:48):
For Canadian Prime Minister Mark Carney speaking there. Attorney General
Pambondi faced the Senate Judiciary Committee today and she clashed
with Democratic senators over President Trump's imm gration crackdown. Bondi
defended the administration's efforts and said officials in Illinois are
not enforcing the law and federal authorities are needed to
(05:09):
crack down. Here's an exchange between Bondi and Illinois Democratic
Senator Dick Durbin.
Speaker 4 (05:15):
Tell me a specific grant that I have turned off
in Illinois that would help law enforcement, and I will
work with you, but you have not done that. And
there the National Guard is on the way right now
as we speak. Oh, by the way, so is Director
Patel and Deputy Attorney General Todd Blanche. You're sitting here
grilling me, and they're on their way to Chicago to
(05:37):
keep your state safe.
Speaker 1 (05:38):
Bondi was also pressed about the case against former FBI
director James Comy. She sidestepped those questions and said she
would not discuss pending cases or conversations with the president.
And that is news when you want it with Bloomberg News. Now,
I'm Doug Prisner, and this is Bloomberg
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