Bloomberg Daybreak: US Edition

Artificial Intelligence and Big Tech dominated market sentiment in 2025. Now, we look to what may come in the new year. In this episode, Nathan Hager speaks with Wedbush Managing Director and Senior Equity Research Analyst Dan Ives and Deepwater Managing Partner and Co-Founder Gene Munster. Ives and Munster offer their short and long-term outlook for the technology industry heading into 2026.See omnystudio.com/listener for privacy information.

On today's podcast:1) Covid-era subsidies that help Americans pay for Obamacare health plans will expire today. It will result in more than 20 million Americans paying higher premiums next month. Democrats have tried to extend the additional support beyond the December deadline, but Republicans have balked, citing the cost of some $350 billion over the next decade. Meantime, a handful of House Republicans have joined Democrats in a maneuver that will put a three-year extension of the subsidies to a vote next month. 2) Russia and Ukraine struck each other’s Black Sea ports overnight, damaging infrastructure including an oil refinery. A drone attack on the Russian coastal city of Tuapse damaged a berth at the port and equipment at the local refinery, according to a statement from the emergency services. Fires at both sites were put out, while several residential buildings were also damaged. Two people were hospitalized. The Tuapse refinery, owned by Rosneft PJSC, has a processing capacity of about 240,000 barrels a day and produces mainly fuel oil, naphtha and diesel for export. In Ukraine, Russian forces struck the port city of Odesa, injuring at least six people and damaging residential properties and infrastructure, according to the local authorities. Some residents are without power, water and heating.3) Israeli Prime Minister Benjamin Netanyahu says Iran should heed President Trump Warning's about not restarting its nuclear program. Speaking Tuesday to Fox News, he added that Iran is 'trying to' rebuild its missile capacity at new sites, and said he is aligned with Trump on wanting to give the new Syrian government a chance.See omnystudio.com/listener for privacy information.

On today's podcast: 1) President Trump’s campaign to end the war in Ukraine faced new complications on Monday when Russian President Vladimir Putin said he would revise his country’s negotiating position after the Russian leader claimed Ukrainian drones targeted his residence. Putin told Trump of his decision in a call Monday, according to the Kremlin, even as Kyiv cast the Russian allegations as a fabrication aimed at derailing the peace process. Trump addressed the dispute while speaking to reporters in Florida, saying that Putin had told him about the purported attack during their discussion. The US president, seeming to side with Putin, said he was “very angry.” 2) President Trump expressed concern that Iran is moving to rebuild its nuclear capabilities and bolster its ballistic missile program after strikes by the US and Israel earlier this year, and threatened to target the country again to prevent Tehran from stockpiling weapons. “Now I hear that Iran is trying to build up again, and if they are we are going to have to knock them down,” Trump said Monday at his Mar-a-Lago resort in Florida as he met with Israeli Prime Minister Benjamin Netanyahu. The president also said he would support Israel in strikes if Iran continued with its ballistic missile program, which Netanyahu highlighted earlier this year as “existential” threat along with Tehran’s nuclear development. 3) President Trump said the US struck a facility inside Venezuela, in what would be a significant escalation in its campaign against alleged drug trafficking operations there. Trump’s reference to an attack within Venezuela would mark the first time the US has announced a land strike in the country. The administration has raised pressure on the government of Nicolas Maduro by bombing boats in the region and implementing a blockade to disrupt the country’s oil exports. Separately, the US carried out another strike on an alleged drug boat in international waters on Monday, US Southern Command announced on X, sharing a 22-second video showing a vessel being destroyed in a fiery explosion. See omnystudio.com/listener for privacy information.

On today's podcast:1) President Trump said he made “a lot of progress” in talks with Ukrainian President Volodymyr Zelenskiy over a possible peace deal, but that it might take a few weeks to get it done and there’s no set timeline. The pair met at the US president’s Mar-a-Lago resort Sunday, where they had lunch and later spoke on the phone with a group of European leaders to brief them on their progress. Among the major sticking points left to be resolved: the future of Ukraine’s Donbas region, which is partially occupied by Russian forces. Trump told reporters the issue was still unresolved, but “getting a lot closer.”2) President Trump has another high profile meeting on the docket at his Mar-a-Lago resort in Florida. He is scheduled to meet with Israeli Prime Minister Benjamin Netanyahu this afternoon. The two aim to boost a U.S.-brokered ceasefire in Gaza, which faces challenges as it looks to move into a more complicated second phase. That phase involves rebuilding Gaza under international supervision, creating an international security force and normalizing relations between Israel and the Arab world.3) China kicked off military maneuvers around Taiwan that will include live-fire drills, a move that comes after the US announced one of its biggest arms packages ever for the self-run democracy. The exercises starting Monday would involve the army, navy, air force and Rocket Force, the Chinese military said in a statement. The exercises named “Justice Mission-2025” would “test the actual combat capability of theater troops in joint operations.” The People’s Liberation Army said in a separate statement that from 8 a.m. to 6 p.m. Tuesday it would hold live-fire exercises in five blocks around Taiwan, saying “any irrelevant vessel or aircraft is advised not to enter” the area.See omnystudio.com/listener for privacy information.

Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week. John Authers, Bloomberg Opinion Columnist, discusses the five forces that broke Capitalism Tim Craighead, Bloomberg Intelligence Bloomberg Intelligence Global Chief Content Officer, describes the European stocks to watch in 2026 John Lee, Bloomberg Intelligence APAC content manager, looks at what we can expect from Asian stocks in 2026 See omnystudio.com/listener for privacy information.

On today's podcast:1) Ukrainian President Volodymyr Zelenskiy said he plans to meet his US counterpart Donald Trump “in the coming days,” signaling optimism about reaching a peace deal to end Russia’s almost four-year war.“A lot could be decided before the New Year,” Zelenskiy said Friday in a Telegram and X post after receiving an update from Rustem Umerov, Ukraine’s top negotiator with the US and head of the National Defense and Security Council. The Kyiv Post reported earlier that Zelenskiy is expected to travel to Florida, where Trump is spending the Christmas break, as soon as Sunday. It cited a person familiar with the matter who wasn’t identified. Kyiv and Washington are seeking to align on a 20-point peace plan to present to Russian President Vladimir Putin, including the provision of strong security guarantees modeled on NATO’s Article 5, and a global post-war development program for Ukraine.2) The US launched a military strike in Nigeria against Islamic State targets in a security and intelligence collaboration with the African nation’s government, which has been struggling to contain increasing levels of terrorist attacks in parts of the country. President Trump said he directed American forces to carry out “a powerful and deadly strike” against ISIS. Nigeria’s foreign affairs ministry confirmed the “precision hits on terrorist targets” and said it remains engaged with international partners including the US to address the “persistent threat of terrorism and violent extremism.”3) Gold, silver and platinum jumped to all-time highs to extend a historic end-of-year rally for precious metals, with support from escalating geopolitical tensions and US dollar weakness. Frictions in Venezuela, where the US has blockaded oil tankers and ramped up pressure on the government of Nicolás Maduro, have added to the precious metal’s haven appeal. The Bloomberg Dollar Spot Index, a key gauge of the US currency’s strength, was down 0.7% for the week, its biggest drop since June.See omnystudio.com/listener for privacy information.

On this special Christmas edition of Bloomberg Daybreak, host Nathan Hager speaks with: Cameron Dawson, Chief Investment Officer at Newedge Wealth and Brian Levitt, Global Market Strategist at Invesco discuss what we should expect from markets in 2026 Amanda Agati, Chief Investment Officer at PNC, breaks down the cost of the 12 days of Christmas. See omnystudio.com/listener for privacy information.

On today's podcast:1) The US Justice Department released another tranche of files related to Jeffrey Epstein, including some that add fresh pressure on President Trump over his past relationship with the late, disgraced financier. The trove includes thousands of additional pages of material related to investigations of Epstein, including a 2020 email from a prosecutor that contains new detail about Trump’s trips on Epstein’s private jet in the 1990s, which the president has said never took place. There are also fresh details on Epstein’s relationships with financial firms and figures.2) The US Supreme Court has refused to let President Trump start deploying National Guard troops in Chicago, dealing a setback to his drive to use the military in liberal cities across the country. Rejecting a Trump request in a 6-3 decision, the court on Tuesday left in force a judge’s ruling that has blocked the deployment since Oct. 9. The president wanted to use hundreds of troops to aid immigration enforcement in the third-largest US city. The court said the legal provision Trump sought to invoke probably doesn’t permit deployment of the National Guard in situations where the president wouldn’t have authority to send in active-duty military. The court said that under federal law, the president can deploy the armed forces to help execute the laws only in “exceptional” circumstances.3) A federal judge says the Trump administration can move ahead with a $100,000 fee on new H-1B visa applications, providing a setback for US technology companies that rely on hiring skilled foreign workers. US District Judge Beryl Howell said in a ruling Tuesday that President Trump’s move to radically increase the cost of the popular visa is lawful. The decision provides a boost to the administration’s campaign to restrict immigration and push demand for US workers. The U.S. Chamber of Commerce, which sued to block the proposal, can appeal. Howell rejected the Chamber’s argument that the president doesn’t have the power to impose the fee, finding that his proclamation was issued under “an express statutory grant of authority to the President.”See omnystudio.com/listener for privacy information.

On today's podcast: 1) President Trump warned Venezuelan President Nicolas Maduro not to challenge the US, and vowed to keep oil seized from a supertanker but declined to say if he’s seeking to oust the Venezuelan leader. “He can do whatever he wants to do, whatever he wants to do, if he wants to do something, if he plays tough, it’ll be the last time he’s ever able to play tough,” Trump told reporters at a press conference at his Mar-a-Lago estate on Monday evening. Asked if he would try to push Maduro out, he responded, “That’s up to him.” Trump spoke after the US stepped up its blockade of tankers going to and from Venezuela over the weekend, boarding a non-sanctioned ship owned by a Hong Kong-based entity on Saturday and pursuing a third oil tanker off the coast of Venezuela. Another very large crude carrier, the Skipper, was intercepted on Dec. 10. 2) During Monday's press conference, Trump also said he believed “people are very angry that pictures are being released” that connect them to notorious sex offender Jeffrey Epstein, days after the Justice Department released a new tranche of files tied to the late financier. Trump said he hated to see former President Bill Clinton, who appeared frequently in the release, being tarnished by the association, describing the situation as “terrible.” The Epstein files, and the fight over their disclosure, have sparked infighting among Trump’s supporters, adding to the political headwinds that the president is facing heading into next year’s midterm elections. 3) President Trump reiterated his desire for US control over Greenland on Monday, after announcing plans to appoint Louisiana Governor Jeff Landry as a special envoy to the island. The president said Landry was “a deal-maker-type guy” who could help execute his vision for taking control of the territory. The president also said his desire was not rooted in Greenland’s energy or mineral reserves — saying the US had plenty of resources — but that he did not believe Denmark had devoted enough spending to protect the island.See omnystudio.com/listener for privacy information.

On today's podcast:1) The US’s pursuit of a third oil tanker off the coast of Venezuela has intensified a blockade that the Trump administration hopes will cut off a vital economic lifeline for the country and isolate the government of President Nicolás Maduro. The US Coast Guard chased the US-sanctioned Bella 1 on Sunday as it was en route to Venezuela. It boarded Centuries, a ship owned by a Hong Kong-based entity, on Saturday — the first non-sanctioned vessel to be targeted. Another very large crude carrier, the Skipper, was intercepted on Dec. 10. The moves on three separate vessels represent the most concerted attempt to date to sever the financial links sustaining a government that Washington says is led by a drug-trafficking cartel, and one that it has also recently designated as a foreign terrorist organization. Maduro has so far withstood the onslaught, but the blockade is beginning to limit hard currency and to hurt an already battered economy.2) Democratic lawmakers said they plan to explore “all legal options” after the Justice Department announced it will not release all documents about the disgraced financier Jeffrey Epstein by the Friday deadline, threatening to prolong a high-stakes political fight as the midterm elections come into view. The US Justice Department released thousands of pages of pictures, phone records and notes from investigations into notorious sex offender on Friday, revealing new details about the late financier’s relationships with prominent business leaders and politicians. The department said more files will be released in coming weeks because the volume of material was too much to process by the Friday deadline set by Congress, sparking rebukes from many Democrats. The tranche included heavy redactions, a step intended to comply with the provisions of the law including protections for survivors and other accommodations.3) A Supreme Court ruling that scraps President Trump’s tariffs — and refunds the import fees collected — would create a major “administrative problem,” the president’s top economic adviser said Sunday. “We really expect the Supreme Court is going to find with us,” Kevin Hassett, director of the National Economic Council, told CBS’s Face the Nation. Even if the court didn’t find in the Trump administration’s favor, Hassett argued it would be “pretty unlikely that they’re going to call for widespread refunds because it would be an administrative problem to get those refunds out there.” The Supreme Court is weighing a legal challenge to tariffs Trump imposed on dozens of nations under the 1977 International Emergency Economic Powers Act. Administration officials have drawn up options for reimposing import taxes in case of an adverse ruling, while publicly maintaining that a court defeat is unlikely.See omnystudio.com/listener for privacy information.

Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week. In the US – a look ahead to U.S GDP data and a tech outlook for 2026. In the UK – a look at UK politics and what 2026 may hold in store for Prime Minister Keir Starmer. In Asia – a look ahead to the challenges facing China’s economy in 2026. See omnystudio.com/listener for privacy information.

On today's podcast:1) Officials have found the dead body of the suspected shooter in a Brown University rampage and the murder of a Massachusetts Institute of Technology professor in his Boston-area home. The suspected shooter — Claudio Manuel Neves Valente, a 48-year-old Portuguese national who was a former student at Brown — took his own life, Providence Chief of Police Oscar Perez said at a press briefing on Thursday night. Meantime, the Trump administration halted the US green card lottery program, which it said was used by the suspect. Homeland Security Secretary Kristi Noem said in a post on X that she’s asking US Citizenship and Immigration Services to pause the lottery, officially known as the Diversity Immigrant Visa Program.2) A trove of Justice Department records tied to Jeffrey Epstein is set for release Friday, part of a long-awaited public reckoning over the convicted sex offender’s ties to elites and years of alleged abuse. The documents could shed new light on government investigations dating back nearly two decades. President Trump, who had previously resisted efforts to unseal the files, signed legislation last month mandating their release, while the Justice Department has yet to specify a time for publication.3) European Union leaders have agreed to loan Ukraine €90 billion ($106 billion) for the next two years in a bid to strengthen Kyiv’s hand at the negotiating table and keep the war-torn country afloat. The EU will fund the loan through joint debt raised on the capital markets and backed by the bloc’s budget, a significant pivot from the preferred plan to use Russian assets frozen on European soil. The decision came early Friday morning after marathon talks at a summit in Brussels. Ukraine won’t need to repay the loan until Moscow compensates Kyiv with reparations — and in the meantime, the Russian assets will remain immobilized in the EU.See omnystudio.com/listener for privacy information.

On today's podcast:1) President Trump looked to reassure Americans concerned about the rising cost of living by announcing plans to award a special holiday payment to military service members and roll out new housing reforms in the new year. Trump announced the plans Wednesday during a prime-time address from the White House, which he used to extol his accomplishments from his first year back in the White House and convince voters they should still blame his predecessor for persistent economic anxieties. Trump’s biggest announcement was a move to award service members $1,776 payments, a decision that should provide a holiday boost to 1.45 million Americans.2) The US has approved a package of arms sales to Taiwan worth up to $11 billion — one of its biggest ever — a move that drew criticism from Beijing. The approvals announced late Wednesday by the State Department cover a broad range of equipment, including missiles, drones and artillery systems aimed at strengthening the democracy’s defenses. The package includes the High Mobility Artillery Rocket System, or HIMARS, valued at up to $4.05 billion and howitzer guns worth about $4 billion. The total value of the weaponry is up to $11.154 billion, according to a statement from Taiwan’s Defense Ministry. The State Department said that the final amount would be lower depending on factors such as budget authority and military needs. Chinese Foreign Ministry spokesman Guo Jiakun later said his nation “strongly opposes and condemns” the US arms sale. 3) European Union leaders will try to overcome staunch resistance to both a funding plan for Ukraine and a massive trade deal with South America during a summit in Brussels starting Thursday — insisting that the bloc’s reputation is on the line. The gathering has taken on unusually high stakes as the EU is up against deadlines on both fronts. Officials say the EU’s Ukraine funding plans could fall apart if no agreement is found at the summit, forcing everyone back to the drawing board. And the trade pact with the Mercosur bloc — Argentina, Brazil, Paraguay and Uruguay — may enter a prolonged freeze if the EU can’t approve it before a tentative signing ceremony on SaturdaySee omnystudio.com/listener for privacy information.

On today's podcast:1) President Trump ordered a blockade of sanctioned oil tankers going into and leaving Venezuela, ratcheting up pressure on Caracas as the US builds up its military presence in the region. The move threatens to choke off the economic lifeblood of a country that was already under severe financial pressure. But it will have a less profound impact on global markets due to the diminished status of Venezuela’s oil industry. The OPEC member’s crude output has slumped about 70% through more than 25 years of socialist rule to less than 1 million barrels a day. It could potentially rebound if the governing regime were to change.2) The US is preparing a fresh round of sanctions on Russia’s energy sector to increase the pressure on Moscow should President Vladimir Putin reject a peace agreement with Ukraine, according to people familiar with the matter. The US is considering options, such as targeting vessels in Russia’s so-called shadow fleet of tankers used to transport Moscow’s oil, as well as traders who facilitate the transactions, said the people who spoke on condition of anonymity to discuss private deliberations. The new measures could be unveiled as early as this week.3) OpenAI is in initial discussions to raise at least $10 billion from Amazon.com Inc. and use its chips, a potential win for the online retailer’s effort to broaden its AI industry presence and compete with Nvidia Corp. The deal under discussion could value OpenAI north of $500 billion and see it adopt Amazon’s Trainium chip, a person with knowledge of the matter said, asking to remain anonymous to describe private negotiations. Talks, however, are at a preliminary stage and terms could change, the person added. A deal would mark a win for Amazon’s fledgling semiconductor division. While Nvidia dominates the market for the powerful chips required to create AI platforms, developers such as Meta Platforms Inc. are starting to explore rival offerings from the likes of Alphabet Inc.’s Google.See omnystudio.com/listener for privacy information.

On today's podcast:1) US negotiators offered more significant security guarantees to Kyiv as part of President Trump’s renewed push to end the Russia-Ukraine war, but the effort still appeared part of a bid to pressure President Volodymyr Zelenskiy on territory. The Trump administration offered to provide Ukraine with strong “Article 5-like” security guarantees — a reference to NATO’s mutual defense clause — as part of the current deal to find a diplomatic solution to the conflict, a US official told reporters, without providing any details. Later on Monday, Trump said a negotiated end to the war was “closer than” ever and that the US was working with Europe on security guarantees. But then he appeared to suggest Ukraine ought to give up land as part of the deal. 2) Nick Reiner, 32, was arrested and booked for the murder of his parents, the Hollywood director and actor Rob Reiner and photographer Michele Singer Reiner. The son was being held in jail in Los Angeles on no bail, the Los Angeles Police Department said in a statement on X. The case will be presented to the Los Angeles County District Attorney for filing consideration on Tuesday. Reiner, who directed 1980s classics like The Princess Bride and This Is Spinal Tap, was found dead Sunday at his home with his wife, both of whom appeared to have died from stab wounds, NBC News and other outlets reported, citing a source close to the family.3) Shock over a shooting rampage at Brown University over the weekend is giving way to frustration over the lack of video footage and suspects. Authorities in Providence, Rhode Island, said Monday they hadn’t identified any new persons of interest in the shooting that killed two people and injured nine on the Ivy League campus Saturday afternoon. A person detained earlier was released late Sunday, and officials have said a lack of clear security-camera footage from inside the Barus & Holley engineering building where the shooting took place has slowed the search.See omnystudio.com/listener for privacy information.

On today's podcast: 1) Brown University, mourning two students killed during a shooting rampage Saturday, sent students home and called off final exams, classes and assignments for the fall semester. A blanket of snow covered the campus and downtown Providence, Rhode Island, on Sunday morning as the Ivy League school reeled from its first encounter with mass violence. Students recounted barricading themselves in their homes, waiting out the shelter-in-place orders by huddling together in the dark for hours as a manhunt ensued for the suspect who opened fire as the undergrads were preparing for exams. The shooting interrupted the second day of finals on Brown’s campus, shattering the calm in a study session in the Barus & Holley engineering building. 2) Australian Prime Minister Anthony Albanese and state leaders pledged to strengthen gun laws a day after a father and son killed 15 people in the nation’s deadliest terror attack. The National Cabinet has tasked police ministers and attorneys-general to explore options including caps on the number of firearms an individual can hold, limits on open-ended licenses, stricter rules on the allowed types of guns and modifications, and a requirement that license holders be Australian citizens. Albanese also said in a statement following an emergency National Cabinet meeting that ministers pledged to eradicate antisemitism, hate, violence and terrorism. 3) Hollywood director and actor Rob Reiner, who helmed 1980s classics like The Princess Bride and This Is Spinal Tap, died Sunday in murky circumstances that triggered a police investigation. He was 78. Reiner was discovered in his Los Angeles home alongside wife Michele Singer Reiner, both of whom appeared to have died from stab wounds, NBC News and other US outlets reported, citing sources close to the family. Representatives for Reiner didn’t immediately respond to requests for comment.See omnystudio.com/listener for privacy information.

Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week. In the US – a look ahead to the November jobs report and quarterly earnings from Nike. In the UK – a look ahead to the Conference of Paris. In Asia – a look ahead to the next monetary policy decision from the Bank of Japan. See omnystudio.com/listener for privacy information.

On today's podcast:1) Global stock gauges have record highs in their sights after a week in which affirmation that the Federal Reserve’s interest-rate easing cycle remains intact helped clear the way for a year-end rally. Europe’s Stoxx 600 rose as much as 0.5% to a fresh peak. A measure for Asia advanced to less than 2% from its all-time high. S&P 500 futures were slightly lower after the benchmark posted a new closing milestone in the previous session, when gauges for blue-chip and small-cap US stocks also pushed into record territory.2) Broadcom Inc., a chip company vying with Nvidia Corp. for AI computing revenue, slumped after its sales outlook for the red-hot market failed to meet investors’ lofty expectations. The shares fell about 5% in premarket trading on Friday, following unsettling commentary from Chief Executive Officer Hock Tan on a conference call with analysts. He said the company has a backlog of $73 billion in AI product orders that will be shipped over the next six quarters — a number that disappointed some investors. But Tan sought to clarify that the figure was a “minimum.” 3) President Trump said the US would be willing to contribute assistance to Ukraine as part of a security agreement to end the war with Russia, but continued to express frustration with the pace of talks. Still, he expressed disappointment that Ukraine President Volodymyr Zelenskiy had not more readily signed off on an American peace plan, adding to pressure on officials in Kyiv who pushed back on an earlier US proposal seen as too accommodating to Moscow.See omnystudio.com/listener for privacy information.

On today's podcast:1) US forces intercepted and seized a sanctioned oil tanker off the coast of Venezuela, marking a serious escalation of tensions between the two countries. A senior Trump administration official referred to the ship as “a stateless vessel” that was last docked in Venezuela. Bloomberg News was first to report the seizure. The US action may make it much harder for Venezuela to export its crude, as other shippers are now likely to be more reluctant to load its cargoes. Most of the nation’s oil goes to China, usually through intermediaries, at steep discounts owing to sanctions risk. Brent futures edged higher after the news.2) A coalition of Ukraine’s allies will discuss a bid to move swiftly on President Trump’s peace proposal on Thursday as Kyiv’s forces carried out their first-ever attack on Russian Caspian Sea oil production. Leaders from more than 30 countries that are part of the so-called coalition of the willing group will hold a virtual meeting, their second this week, Ukrainian President Volodymyr Zelenskiy said in a video address. Allies will discuss the state of peace talks and the latest draft plan that Ukrainian officials sent to Washington overnight, people familiar with the planning said. UK Prime Minister Keir Starmer, French President Emmanuel Macron and German Chancellor Friedrich Merz are expected to brief participants on an exchange they had with Trump on Wednesday.3) A market party after the Federal Reserve’s policy decision came to an abrupt halt within hours as a plunge in Oracle Corp.’s shares reawakened concerns over tech-stock valuations. Now investors are left to ponder whether they will still get a Christmas rally. The MSCI All Country World Index had been a whisker away from its peak before changing course, while gold snapped what would have been a three-day winning streak. The earlier gains were a reflection of enthusiasm following the Fed’s latest interest rate cut and Chair Jerome Powell’s upbeat assessment of the US economy. The upbeat mood faded after Oracle’s stock plunged on the company’s below-consensus sales and spending increase that rekindled worries over tech shares’ expensive valuations. That caused Nasdaq futures to slump as much as 1.6% and 10-year Treasury yields to drop by three basis points at one point.See omnystudio.com/listener for privacy information.

On today's podcast:1) Stocks are marking a second straight day of restrained moves as traders await the Fed’s outlook for interest rates in 2026 after an expected cut at Wednesday’s policy announcement.2) President Donald Trump said people were “starting to learn” the benefits of his tariff regime as he sought to convince voters his administration was moving to address affordability concerns, taking to the road in hopes of countering a mounting political vulnerability.3) Paramount Skydance Corp. and Netflix Inc. — the entertainment heavyweights locked in a bidding war for Warner Bros. Discovery Inc. — are girding for a battle they predict will stretch well into 2026.See omnystudio.com/listener for privacy information.

On today's podcast:1) The US president’s son-in-law. One of the largest alternative-asset managers. The CEO’s father who fleetingly commanded a fortune exceeding Elon Musk’s. Paramount Skydance Corp.’s hostile takeover bid Monday for Warner Bros. Discovery Inc. brought together an array of banks, billionaires and sovereign-wealth funds, all with the aim of torpedoing Netflix Inc.’s deal last week.2) President Donald Trump granted Nvidia Corp. permission to ship its H200 artificial intelligence chip to China in exchange for a 25% surcharge, a move that lets the world’s most valuable company potentially regain billions of dollars in lost business from a key global market.3) Stocks wavered and US bond yields softened from a two-month high as traders held off on making big bets ahead of the Federal Reserve’s final interest-rate decision of 2025. S&P 500 futures were little changed after the US benchmark halted a four-day rally. A dayslong slump in US Treasuries has curbed risk appetite as traders grow cautious about the pace of rate cuts beyond Wednesday’s policy meeting.See omnystudio.com/listener for privacy information.

On today's podcast:1) President Donald Trump raised potential antitrust concerns around Netflix Inc.’s planned $72 billion acquisition of Warner Bros. Discovery Inc., noting that the market share of the combined entity may pose problems.2) The Trump administration on Monday plans to unveil a long-awaited farm aid package, according to a White House official, offering $12 billion in assistance to a key base of support hit hard by low crop prices and the impact of the president’s tariff policies.3) Yardeni Research now recommends effectively going underweight the Magnificent Seven megacap technology stocks versus the rest of the S&P 500, expecting a shift in earnings growth ahead.See omnystudio.com/listener for privacy information.

Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week. In the US – a look ahead to next week’s Fed decision and earnings from Oracle and Adobe. In the UK – a look ahead to the Blackhat cybersecurity conference. In Asia – a look ahead to China consumer and producer price data. See omnystudio.com/listener for privacy information.

On today's podcast:1) Warner Bros. Discovery Inc. has entered exclusive negotiations to sell its film and TV studios and HBO Max streaming service to Netflix Inc., according to people familiar with the discussions. Netflix is offering a $5 billion breakup fee if regulators don’t approve the deal, said the people, who asked to not be identified because the discussions are private. The two companies could announce a deal as soon as in the coming days, assuming talks don’t fall apart, the people said. The move suggests Netflix has pulled ahead of Paramount Skydance Corp. and Comcast Corp., who were also competing for the asset. Prior to the closing of the sale, Warner Bros. — valued at more than $60 billion overall — will complete the planned spinoff of cable channels including CNN, TBS and TNT.2) The US lobbied several countries in the European Union in an effort to block EU plans to use frozen Russian central bank assets to back a massive loan to Ukraine, according to European diplomats familiar with the matter. US officials argued to member states that the assets are needed to help secure a peace deal between Kyiv and Moscow and should not be used to prolong the war, said the diplomats, who spoke on the condition of anonymity.3) India will pay about $2 billion to lease a nuclear-powered submarine from Russia, according to people familiar with the matter, finalizing delivery of the vessel after roughly a decade of talks just as President Vladimir Putin makes a visit to New Delhi. Talks for leasing the attack submarine from Russia had stalled over the years because of price negotiations, the people said, asking not to be identified because the discussions are private. The two sides have now agreed on the deal, with Indian officials visiting a Russian shipyard in November.See omnystudio.com/listener for privacy information.

On today's podcast:1) Kevin Hassett may not have the ability to deliver the rapid pace of interest rate cuts President Trump would like, even if he is approved as the next Federal Reserve Chair, said Gregory Peters, co-chief investment officer at PGIM Fixed Income. Peters made the remarks amid rising talk that Hassett, the White House National Economic Council Director, may ease monetary policy aggressively to please Trump if he is picked to run the Fed. But the PGIM fund manager suggested that — since Fed rate decisions are ultimately decided by committee — Hassett won’t have the power to deliver on his own. Peters’ remarks were in response to a Financial Times report that bond investors, including those on the borrowing advisory committee, have voiced concerns to the US Treasury about Hassett’s potential appointment as the Fed chief.2) President Trump’s aides and allies are discussing the possibility of making Treasury Secretary Scott Bessent the top White House economic adviser — in addition to his current job — should the president pick Kevin Hassett as the next chair of the Federal Reserve, according to people familiar with the matter. Tapping Bessent to lead the White House’s National Economic Council would allow him to consolidate oversight of Trump’s economic policies if Hassett — the current NEC director — becomes the next leader of the US central bank, an announcement Trump has hinted at in recent days. If Bessent is also named to the NEC, he would become the chief arbiter of the administration’s economic portfolio spanning the purview of both the Treasury Department and White House. It would also give Bessent a West Wing office, granting him even more physical proximity to the president.3) The Pentagon watchdog concluded that Defense Secretary Pete Hegseth risked endangering American troops and the US mission against Houthi rebels in Yemen when he shared attack plans on the Signal messaging app, a person familiar with the matter said. The acting Pentagon inspector general’s classified report, delivered to a Senate committee yesterday, said Hegseth violated government policies by using his personal phone and Signal to transmit the information, which was marked “Secret.” The person describing the contents of the report asked not to be identified discussing private information.See omnystudio.com/listener for privacy information.

On today's podcast:1) The Kremlin said Vladimir Putin held “very useful” talks with US envoys Steve Witkoff and Jared Kushner though the sides failed to reach agreement on a plan to end Russia’s war in Ukraine. The negotiations lasting almost five hours were “constructive and very informative,” though “a compromise hasn’t been reached yet” on the critical issue of territorial control, Kremlin foreign policy aide Yuri Ushakov told reporters in Moscow. A possible meeting between Putin and President Trump “will depend on what progress is being made,” Ushakov added.2) Republicans averted an upset in a Tennessee-based US House race Tuesday, a relief to President Trump and his congressional allies. Matt Van Epps, the Trump-backed Republican candidate, was projected to win by the AP, NBC News and Decision Desk HQ, an election analysis website. Trump praised the GOP victory in a social media post and Van Epps declared victory. Yet even in victory, voters in a district Trump won overwhelmingly just over a year ago swung away from Republicans, the latest data point in a trend that is raising alarm about the GOP’s prospects in next year’s midterm elections, as Van Epps’ victory came about only after Republicans surged resources and expended political capital in a strident GOP district that would typically be considered safe.3) President Trump said he plans to announce his selection to lead the Federal Reserve in early 2026 and teased National Economic Council Director Kevin Hassett as his possible choice on Tuesday, fueling further speculation about the next leader of the US central bank. Hassett is seen as the likely choice to succeed Powell, people familiar with the matter told Bloomberg News last week, and Trump nodded to that position at a separate event shortly after the Cabinet meeting on Tuesday. Trump’s comments offer a clearer timeline for the announcement. Treasury Secretary Scott Bessent, who has been overseeing the selection process, previously said the pick could be revealed around Christmas.See omnystudio.com/listener for privacy information.

On today's podcast:1) US envoy Steve Witkoff is traveling to Moscow to meet with President Vladimir Putin, who claimed a key Ukrainian city had fallen to Russia on the eve of talks about a potential peace plan to end his war. Putin said Russian troops had taken the city of Pokrovsk in Ukraine’s eastern Donetsk region in a video announcement posted late Monday by the Kremlin, an advance that would be Russia’s most significant on the battlefield in nearly two years. Ukraine’s Military Staff spokesman Bohdan Senyk denied its forces had lost the city in a message early Tuesday. Bloomberg isn’t able to independently verify the claims of either side. Witkoff is due to hold talks with Putin on Tuesday on the latest proposals for ending Russia’s full-scale invasion of Ukraine following negotiations between US and Ukrainian officials in Florida. Amid fears in Europe that the plan risks rewarding Russian aggression by forcing Kyiv into a deal, Ukrainian President Volodymyr Zelenskiy said the latest version “looks better” during a visit to Paris on Monday to meet with French counterpart Emmanuel Macron.2) The White House defended the Pentagon’s handling of a September attack on an alleged drug-running boat and denied that Defense Secretary Pete Hegseth had given an order to kill everyone on the vessel, rebutting a report that had led to allegations of possible war crimes. White House spokeswoman Karoline Leavitt confirmed there were two strikes on the vessel in the Sept. 2 attack but stressed the actions were lawful amid a deadly domestic opioid crisis in the US. The comments signaled Trump continues to support Hegseth, who came under fresh scrutiny after the Washington Post reported Friday that he ordered the attack and demanded that those strikes kill everyone on board. That report led to accusations that the US military was committing war crimes in the waters off the coast of South America.3) Almost $1 billion of leveraged crypto positions were liquidated during another sharp drop in prices on Monday that brought fresh momentum to a wide-ranging selloff. Bitcoin slid as much as 8% to $83,824 in New York, bringing its decline since early October to almost 30%. Ether dropped as much as 10% to as low as $2,719, and is down 36% over the past seven weeks. The market downturn has been even tougher on smaller, less liquid tokens that traders often gravitate toward because of their higher volatility and typical outperformance during rallies. A MarketVector index tracking the bottom half of the largest 100 digital assets is down almost 70% this year. The crypto market is on shaky ground after a weeks-long selloff that began when some $19 billion in levered bets were wiped out in early October as President Trump whipsawed markets with threats of higher tariffs, data compiled by tracker Coinglass show. That was just days after Bitcoin set an all-time high of $126,251.See omnystudio.com/listener for privacy information.

On today's podcast:1) US and Ukrainian negotiators said they had productive discussions about a framework for a peace deal, but there was no final breakthrough as President Trump continues to push for a truce with Russia. “There’s more work to be done,” Secretary of State Marco Rubio told reporters in Florida after meeting for at least four hours with Ukrainian officials led by National Security and Defense Council Secretary Rustem Umerov. “This is delicate. It’s complicated.” The meeting, which took place in Hallandale Beach, Florida, with US special envoy Steve Witkoff and Trump’s son-in-law Jared Kushner also in attendance, was likely the last chance for Ukraine’s negotiators to sway Witkoff before he leads a US delegation for talks in Russia this week. The two sides discussed potential parameters for a ceasefire as they pored over a 19-point proposal that emerged in Geneva last week — as well as the status of the Russian-occupied Zaporizhzhia nuclear power plant, the biggest in Europe, according to people familiar with the discussions. 2) US authorities believe the man suspected of fatally shooting a National Guard member and seriously wounding another in Washington, DC, was radicalized while in the US, Homeland Security Secretary Kristi Noem said. Asked on NBC’s Meet the Press about the suspect’s motive, Noem said investigators are still collecting information and talking to his contacts. Federal authorities have identified the suspect as Rahmanullah Lakanwal, 29, an Afghan national who worked with US forces and the CIA in Afghanistan before arriving in the US in 2021. He was subdued and taken into custody shortly after the shooting on a street a few blocks from the White House on Wednesday.3) President Trump said Sunday he has decided on his pick for the next Federal Reserve chair after making clear he expects his nominee to deliver interest-rate cuts. Trump has frequently excoriated current Fed chief Jerome Powell for failing to lower rates swiftly and signaled he wants a chair who will more forcefully pursue cuts. People familiar with the matter told Bloomberg News last week that White House National Economic Council Director Kevin Hassett, Trump’s chief economic adviser, is seen as the likely choice to succeed Powell.See omnystudio.com/listener for privacy information.

Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week. In the US – a look ahead to earnings from Crowdstrike, Snowflake, and Salesforce. In the UK – a look ahead to the seventh Milken Institute Middle East and Africa Summit. In Asia – a look ahead to whether Asia's Labubu toy has hit its peak. See omnystudio.com/listener for privacy information.

On today's podcast:1) One member of the West Virginia National Guard who was shot in the attack near the White House in Washington, DC, died after being in critical condition, President Trump said Thursday. US Army Specialist Sarah Beckstrom, 20, originally from Webster Springs, West Virginia, died after being shot Wednesday. US Air Force Staff Sergeant Andrew Wolfe, 24, remains in critical condition. Federal authorities have identified the suspected shooter as Rahmanullah Lakanwal, 29, an Afghan national who previously worked with US forces and the CIA in Afghanistan before arriving in the US in 2021. He was subdued shortly after the shooting and taken into custody. Trump said he is in serious condition.2) President Trump called for “reverse migration” in the US as he outlined a series of potential measures to crack down on immigration, including halting admissions from unspecified developing nations and revoking citizenship from some naturalized migrants. In a pair of Truth Social posts late Thursday that disparaged many US immigrants, Trump said he would “permanently pause migration from all Third World Countries” and “denaturalize migrants who undermine domestic tranquility.” Trump offered no details on how he would implement these policies or what he considers a “third world” country, an ill-defined and often offensive term for developing nations. Congress for years has failed to pass major immigration reforms, and courts have blocked some of his previous executive orders limiting immigration.3) Washington's proposals for ending the war in Ukraine could be the basis for future agreements, but no final version exists yet, Russian President Vladimir Putin said, while signaling an openness to talks. The Kremlin confirmed on Wednesday that US presidential envoy Steve Witkoff was expected to visit Moscow next week and meet with Putin, as President Trump continues his push for a resolution to Moscow’s nearly four-year-old invasion of Ukraine. Trump on Tuesday said there was “tremendous progress” made over the past week on his peace proposal, the original draft of which drew the ire of Ukrainians and Europeans.See omnystudio.com/listener for privacy information.

On this special Thanksgiving edition of Bloomberg Daybreak, host Nathan Hager speaks with: Poonam Goyal and Lindsay Dutch of Bloomberg Intelligence look ahead to Black Friday and what we can expect in the retail space. Scott Martin, Chief Investment Officer of Kingsview Wealth Management, looks ahead to what 2026 will bring for market volatility Mike McGlone, Bloomberg Intelligence Senior Commodity Strategist, discusses the recent bitcoin crash and looks ahead to crypto in the new year. Jen Rie, Bloomberg Intelligence Senior Litigation Analyst, updates on the latest antirust battles facing high tech See omnystudio.com/listener for privacy information.

On today's podcast:1) US presidential envoy Steve Witkoff, fresh from the triumph of the Gaza peace deal, held a phone call last month with a senior Kremlin official to suggest they work together on a similar plan for Ukraine — and that Vladimir Putin should raise it with Donald Trump.2) White House National Economic Council Director Kevin Hassett is seen by advisers and allies of President Donald Trump as the frontrunner to be the next Federal Reserve chair, according to people familiar with the matter, as the search for a new central bank leader enters its final weeks.3) Stocks climbed as elevated expectations for US interest-rate cuts helped sustain traders’ newfound optimism into the Thanksgiving holiday. The S&P 500 was set to extend a three-day, 3.5% rally marked by broad gains across sectors. Alphabet Inc. rose 1.5% in premarket trading after three straight closes at all-time highs. The US benchmark also drew technical support as it moved back above its 50-day moving average. The dollar headed for back-to-back losses, while Treasuries eased.See omnystudio.com/listener for privacy information.

On today's podcast:1) US President Donald Trump held back-to-back calls with the leaders of China and Japan, as escalating tensions over Taiwan threaten to derail his weeks-old trade truce with Beijing. Trump’s hour-long conversation with President Xi Jinping on Monday marked their first contact since Japan’s new prime minister enraged Beijing by suggesting her nation’s troops could be drawn into a Taiwan crisis. Xi told his US counterpart Taiwan’s return to China was an “integral part of the postwar international order,” in a call the Chinese Foreign Ministry later said was “initiated by the US.”2) A US official is in Abu Dhabi for meetings with a Russian delegation as President Donald Trump cited progress on his peace proposal and Moscow and Ukraine carried out airstrikes overnight.3) Nvidia shares fell on a report that Meta is in talks to spend billions on Google’s AI chips, suggesting the internet search leader is making headway in efforts to rival the industry’s bestselling AI accelerator. Meta is in discussions to use the Google chips — known as tensor processing units, or TPUs — in data centers in 2027, The Information reported, citing an unidentified person familiar with the talks. Meta also may rent chips from Google’s cloud division next year, the news outlet said.See omnystudio.com/listener for privacy information.

On today's podcast:1) Ukrainian and US negotiators prepared an “updated and refined framework document on peace,” according to a top aide to President Volodymyr Zelenskiy, as Kyiv sought more favorable terms from a proposal backed by Donald Trump. 2) Global stocks advanced after a late Wall Street comeback on Friday as investors prepare for a week of key economic data amid rising expectations for a December US interest-rate cut.3) Treasury Secretary Scott Bessent said the Trump administration is working on bringing down US health-care costs and an announcement to address the issue is planned for this week.See omnystudio.com/listener for privacy information.

AI is rising on the agendas of global CEOs, according to the latest edition of the CEO Radar. But a surprising number of chief executives are still struggling to embed the technology into their businesses. On this episode of the CEO Radar Podcast, Edward Adams of Bloomberg Media Studios is joined by BCG Global Chair Rich Lesser and Vlad Lukić, BCG Global Leader of Tech and Digital Advantage, to explore how CEOs can compare themselves to their peers when it comes to corporate integration of AI. This episode is sponsored by BCG.See omnystudio.com/listener for privacy information.

Bloomberg Daybreak Weekend with Host Nathan Hager takes a look at some of the stories we'll be tracking in the coming week. In the US – a look ahead to earnings from Dell, Kohl’s Abercrombie & Finch, and retail ahead of the holiday season. In the UK – a look ahead to the UK's highly anticipated autumn budget. In Asia – a look ahead to China PMI data. See omnystudio.com/listener for privacy information.

On today's podcast:1) Global stocks are poised for their worst week in seven months as concerns over lofty valuations and whether massive investments in artificial intelligence will pay off prompt investors to retreat from riskier assets. The MSCI All Country World Index has slumped 3.1% this week, putting it on track for its sharpest weekly drop since April 4, when President Trump’s tariffs rattled markets. Bitcoin fell below $84,000, extending its drop from an all-time high less than seven weeks ago to more than 30%. European and Asian shares were also set for their biggest weekly decline since April after Wall Street’s Thursday selloff. Sentiment remained fragile for US assets, with S&P 500 futures fluctuating after the benchmark slipped to its weakest level since September.2) Philadelphia Fed President Anna Paulson said she’s approaching next month’s rate-setting meeting with caution, though she remains more concerned about weaknesses in the job market. “Each rate cut brings us closer to the level where policy flips from restraining activity a bit to the place where it is providing a boost. So, I am approaching the December FOMC cautiously,” Paulson said Thursday, referring to next month’s gathering of the Federal Open Market Committee. “Each rate cut raises the bar for the next cut.” Deep divisions have emerged among policymakers after they lowered rates at two consecutive meetings. Some remain concerned more by weakness in the labor market while others have expressed growing worry over inflation. The lack of official data during the long government shutdown has also blurred policymakers’ view of the economy.3) President Trump and New York City Mayor-elect Zohran Mamdani are set to meet at the White House on Friday, the president said in a social media post. The meeting marks the first time the two leaders will come together to discuss how they can work with each other since the election earlier this month. Mamdani was elected as mayor of New York City after campaigning on a progressive platform that includes freezing the rent on more than 1 million stabilized apartments, providing universal child care, funding free buses and operating city-owned grocery stores. Mamdani, a democratic socialist, is seeking higher taxes on corporations and the wealthy to pay for his agenda.See omnystudio.com/listener for privacy information.

On today's podcast:1) Nvidia Corp. 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. The world’s most valuable company expects sales of about $65 billion in the January quarter — roughly $3 billion more than analysts predicted. Nvidia also said that a half-trillion-dollar revenue bonanza due in coming quarters may be even bigger than anticipated. The outlook signals that demand remains robust for Nvidia’s artificial intelligence accelerators, the pricey and powerful chips used to develop AI models. Nvidia had faced growing fears in recent weeks that the runaway spending on such equipment wasn’t sustainable. Nvidia results have become a barometer for the health of the AI industry, and the news lifted a variety of related stocks.2) Bond investors are zeroing in on Thursday’s US labor market report, which is expected to either kill or rekindle waning expectations for a Federal Reserve interest-rate cut next month. The September payrolls report, due at 8:30 a.m. New York time after a delay caused by the government shutdown, will be the only official major jobs data published before Fed policymakers meet for the final time this year. A report showing a resilient employment situation could undercut the case for more rate cuts and dash hopes of a further rally in the $30 trillion US Treasuries market. A soft reading, on the other hand, could revive bets on a third consecutive quarter-point cut at the Dec. 10 meeting and boost a market that’s already headed for its best year since 2020. Odds of a December cut assigned by the market have steadily slipped in recent weeks as some policymakers pushed back against further easing while inflation continues to run above the Fed’s 2% target.3) President Trump has signed legislation to compel the Department of Justice to release files on the late, disgraced financier Jeffrey Epstein. Trump said in a social media post that he signed the legislation Wednesday, approving a measure he had spent months trying to block in a fight that inflamed tensions in his own party and threatened to undermine his agenda. The president’s signature marked a stunning about-face for Trump, who had assailed the effort to require the release of the government’s files on Epstein — a convicted sex offender, who was facing federal charges of trafficking underage girls when he died in jail in 2019. It followed a lopsided 427 to 1 vote in the House — where a lone Republican lawmaker provided the only no vote — and the Senate agreeing unanimously to send the measure to the president’s desk.See omnystudio.com/listener for privacy information.

Nvidia, the world’s most valuable company, gave a strong revenue forecast for the current period, helping counter concern that a global surge in AI spending is poised to fizzle. Sales will be about $65 billion in the fiscal fourth quarter, which runs through January, the chipmaker said in a statement Wednesday. Analysts had estimated $62 billion on average, with some predictions ranging as high as $75 billion. The outlook signals that demand remains strong for Nvidia’s artificial intelligence accelerators, the pricey and powerful chips used to develop AI models. Nvidia has faced growing fears that the runaway spending on such equipment isn’t sustainable. Nvidia shares gained about 4% in late trading after the report was released. They had been up 39% this year through the close.For instant reaction and analysis, Bloomberg Businessweek Daily hosts Carol Massar and Tim Stenovec speak with: Jay Goldberg, Senior Analyst, Semiconductors & Electronics with Seaport Research Partners Bloomberg Tech Co-Host Ed Ludlow Bloomberg News Big Tech Team Leader Sarah Frier See omnystudio.com/listener for privacy information.

On today's podcast:1) President Trump’s firm control of Washington showed signs of weakening Tuesday as Congress voted to compel the Justice Department to release its files on sex trafficker Jeffrey Epstein, whose earlier ties to the president have been the subject of intense scrutiny. The legislation overwhelmingly passed the House in a 427 to 1 vote. Within hours, the Senate agreed unanimously that the bill would be passed without further action once it arrives in the Senate. It will then be sent to Trump, who has said he’ll sign it. Trump late Sunday relented on his prior opposition and directed Republicans to vote to release the files. Senate Republicans ignored calls by Speaker Mike Johnson to give the Justice Department additional leeway to withhold documents. 2) President Trump said he would formally designate Saudi Arabia as a major non-NATO ally in a further strengthening of ties between the two countries, capping a day of dealmaking between the US leader and the kingdom’s Crown Prince Mohammed bin Salman. The designation for nations with close strategic relationships with the US provides financing and priority access for purchases of certain military equipment, as well as the ability to participate in joint research efforts. Saudi Arabia will become the 20th ally designated under the status, joining other nations in the Middle East including Egypt, Israel, and Qatar. MBS, as Saudi Arabia’s de facto leader is known, was joined by prominent executives and celebrities including Elon Musk and soccer star Cristiano Ronaldo at the Tuesday evening event, with Apple CEO Tim Cook, Nvidia’s Jensen Huang, and FIFA President Gianni Infantino also in attendance.3) Wall Street will get a sense of where the billions of dollars being spent on artificial intelligence are going when Nvidia reports its earnings after the bell on Wednesday. Analysts expect the chip behemoth to show more than 50% growth in both net income and revenue in its fiscal third quarter. The reason is fairly straightforward. Microsoft Corp., Amazon.com Inc., Alphabet Inc. and Meta Platforms Inc. — which taken together represent more than 40% of Nvidia’s sales — are projected to increase their combined AI spending by 34% over the next 12 months to $440 billion, according to data compiled by Bloomberg. The risk is that these numbers could become unreliable if the big AI spenders, in particular closely held OpenAI, have to pull back on their commitments.See omnystudio.com/listener for privacy information.

On today's podcast:1) Global markets extended a broad selloff, with US stock futures signaling a fourth day of losses and Bitcoin briefly slipping below $90,000 as traders pulled away from speculative assets. S&P 500 futures fell 0.3% after the benchmark closed below its 50-day moving average in the previous session, a sign of scope for further losses. Bitcoin slid more than 1%. European stocks declined for a fourth day. Stock gauges across Asia were in the red, with Japan’s Nikkei 225 posting its worst day since April. Bonds were the biggest beneficiaries as investors sought havens, with the yield on 10-year US Treasuries dropping four basis points to 4.10%. The dollar held steady as gold fell closer to $4,000 an ounce. The cross-asset moves underscored continued unease over interest rates and tech earnings, with Nvidia Corp.’s report on Wednesday poised to test investor nerves over lofty valuations in the artificial-intelligence sector. Focus will then turn to the delayed September jobs report due Thursday, a key gauge for the Federal Reserve’s policy outlook.2) Federal Reserve Governor Christopher Waller repeated his view that the central bank should again lower interest rates when policymakers meet in December, citing a weak labor market and monetary policy that is hurting low- and middle-income consumers. In a speech titled ‘The Case for Continuing Rate Cuts’ delivered in London, Waller said another rate cut would represent good “risk management” by the rate-setting Federal Open Market Committee. He said he isn’t concerned about inflation accelerating or inflation expectations rising significantly given clear signs of softening demand for workers.3) Saudi Arabia’s Crown Prince Mohammed bin Salman will likely be greeted with great fanfare by President Trump during his visit to the White House on Tuesday. The crown prince hopes to secure an executive order from Trump to bolster Saudi Arabia’s security and potentially pave the way for a stronger defense treaty. The two are also expected to reach an agreement that would allow the kingdom to purchase F-35 stealth planes, despite Israel wanting to keep a monopoly on access. Discussions on the future of Gaza and the thorny issue of relations with Israel are on the agenda as well. There also remains tension over access to AI chips and nuclear technology.See omnystudio.com/listener for privacy information.

On today's podcast:1) The Justice Department would have to publicly release unclassified records relating to the late financier and convicted sex offender Jeffrey Epstein under a House proposal set for a vote this week. On Sunday, President Trump said House Republicans should vote to require the DOJ to release the files, effectively reversing a position he’d held for months. Trump has been under increasing pressure from some within his party to release the investigative materials on the disgraced financier, who ran an underage sex ring and died in prison in 2019. A congressional committee last week released some 20,000 pages of emails and other documents, pivoting attention away from the fight over the government shutdown and forcing the White House to respond.2) US airlines will be able to resume normal operations starting Monday after more than a week of government-mandated flight reductions. The US Department of Transportation and Federal Aviation Administration announced late Sunday they would lift cuts across 40 major US airports that were imposed during the government shutdown, starting from 6 a.m. Monday New York time. On Friday, officials earlier eased up on flight reductions, capping them at 3% from 6%. The cuts first went into effect on November 7th at a rate of 4% and were supposed to slowly increase to 10% by November 14th. However, the government froze the rate at 6% Wednesday, shortly before President Trump signed legislation to end the longest federal closure in US history. 3) Treasury Secretary Scott Bessent said President Trump’s proposal to send $2,000 “dividend” payments from tariffs to US citizens would require congressional approval. Trump, who has touted the billions raised in US tariff revenue this year, has talked about the checks as public frustration mounts over the cost of living. Speaking to reporters on Air Force One on Friday, Trump said the checks would go out sometime next year to “everybody but the rich.”See omnystudio.com/listener for privacy information.