Business
First Republic Regulators Rush to Fix Crisis
US regulators are rushing to resolve the First Republic Bank crisis after the deadline passed for submitting final bids to take over the struggling lender. Adam Haigh reports on Bloomberg Television.
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Jonathan Ferro, Lisa Abramowicz and Annmarie Hordern speak daily with leaders and decision makers from Wall Street to Washington and beyond. No other program better positions investors and executives for the trading day than “Bloomberg Surveillance.”
Chapters:
00:00 Bessent’s Bond Challenge, Venezuela Oil and Fed Hike Bets
04:56 Stock Pullbacks Are Buying Opportunities — Sébastien Page, T. Rowe Price
19:26 US-Iran Status Quo Is Working for Both Sides — Clayton Seigle, CSIS
30:36 War, Tariffs Are Driving US Yields Higher — Torsten Slok, Apollo
41:50 Long Bonds May Not Rally in the Next Downturn — Ashok Bhatia, Neuberger Berman
53:31 Rate Hikes Won’t End the Stock Bull Market — Evan Brown, UBS Asset Management
1:07:05 AI Has Become a Midterm Affordability Issue — Ariana Salvatore, Morgan Stanley
1:22:23 Venezuelan Oil Replenishing SPR a ‘Pure Fantasy’ — Stephen Schork, The Schork Group
1:31:04 AI Constraints Are Helping Prevent an Overbuild — Vivek Arya, BofA Securities
1:40:15 Treasuries May No Longer Be a Safe Haven — Kate Moore, Citi Wealth
1:49:31 ADP Says US Companies Added 38,000 Jobs in August — Michael McKee
1:53:39 Higher Costs Could Be the Next Trigger for Layoffs — Yelena Shulyatyeva, The Conference Board
2:07:37 Treasury Buybacks Won’t Be Enough to Lower Rates — Padhraic Garvey, ING
2:18:19 Fed’s Failure to Hike Could Hurt the Bond Market — Kelly Kowalski, MassMutual
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Nvidia agreed to acquire artificial intelligence startup Hugging Face in a transaction valued at about $13 billion, adding a popular software platform to the chip giant’s AI empire. The price includes an equity-based retention program of as much as $1 billion for Hugging Face employees who join Nvidia, according to a statement Thursday. Bloomberg News AI reporter Rachel Metz discussed the acquisition and Bloomberg Tech Host Ed Ludlow discussed his interview with Hugging Face Co-Founder Thomas Wolf. Plus, Jason Tyler, President of Northern Trust Wealth Management talked about the private credit market. Finally, Randall Williams, Bloomberg News Senior Sports Reporter discussed the NBA’s suspension of Steve Ballmer.
Nvidia agreed to acquire artificial intelligence startup Hugging Face in a transaction valued at about $13 billion, adding a popular software platform to the chip giant’s AI empire. The price includes an equity-based retention program of as much as $1 billion for Hugging Face employees who join Nvidia, according to a statement Thursday. Bloomberg News AI reporter Rachel Metz discussed the acquisition and Bloomberg Tech Host Ed Ludlow discussed his interview with Hugging Face Co-Founder Thomas Wolf. Plus, Jason Tyler, President of Northern Trust Wealth Management talked about the private credit market. Finally, Randall Williams, Bloomberg News Senior Sports Reporter discussed the NBA’s suspension of Steve Ballmer.
Chapters
00:00:00 Bloomberg Businessweek Daily
00:01:21 Market Update: Stocks Rally, Bitcoin Tops $81K
00:03:34 Nvidia Acquires Hugging Face for $13 Billion
00:05:18 Why Nvidia Wants to Diversify the AI Ecosystem
00:06:04 AI Models, Cybersecurity & Safety Risks
00:09:54 Markets Rise as Bond Yields Fall
00:10:43 Blackstone Private Credit Fund Limits Redemptions
00:12:09 Private Markets & the Growing Alternatives Boom
00:13:05 Why Companies Are Staying Private Longer
00:14:59 Fed Policy, Rates & the Upcoming Jobs Report
00:17:37 How Investors Are Playing the AI Trade
00:20:40 Nvidia’s Hugging Face Deal Explained
00:23:54 Tesla’s Cybercab & the Robotaxi Challenge
00:25:58 Trump Sons’ Investment Fund & Microcap Stocks
00:27:23 Trump-Linked Fund Sells as Retail Investors Buy
00:29:53 Conflicts of Interest & the Trump Name
00:34:33 NBA Suspends Clippers Owner Over Salary Cap Rules
00:35:09 How the Clippers Circumvented the Salary Cap
00:38:14 Steve Ballmer’s Punishment & Possible Legal Fight
00:39:53 U.S. Open Ticket Prices & the Luxury Sports Boom
00:43:19 Stock Movers: Snowflake Surges on AI Growth
00:44:49 Tyson Foods Hit by U.S. Beef Shortage
00:45:49 Campbell’s Slides as Consumer Demand Weakens
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Jonathan Ferro, Lisa Abramowicz and Annmarie Hordern speak daily with leaders and decision makers from Wall Street to Washington and beyond. No other program better positions investors and executives for the trading day.
Chapters:
00:00 Global Bond Rout, $92 Oil and AI Rate Risk
03:59 Earnings Make Rising Rates Tolerable for Stocks — Cameron Dawson, NewEdge Wealth
17:13 US Assumptions About the Iran War Have Proven Wrong — Lt. Gen. Karen Gibson (Ret.), Academy Securities
32:46 Venezuela Oil Deal May Not Be Sustainable — Doug Rediker, International Capital Strategies
40:52 ‘This Is an Inflation First Fed Right Now’ — Krishna Guha, Evercore ISI
52:40 Stocks Can Keep Grinding Higher Through Year-End — Jordan Jackson, JPMorgan Asset Management
1:06:36 The Last Thing the Economy Needs Is More Stimulus — Henrietta Treyz, Veda Partners
1:18:39 5% Is the ‘Magic Number’ for the 10-Year Yield — Krishna Memani, Lafayette College
1:29:10 Nvidia Is Backstopping the AI Ecosystem — Sara Araghi, Franklin Templeton
1:40:52 AI Trade Is Becoming More Rate Sensitive — Brent Schutte, Northwestern Mutual
1:54:47 Apple’s Next CEO Needs to Take Bigger Swings — Tom Forte, Maxim Group
2:05:36 Fed’s Hawkish Talk May Be More Rhetoric Than Action — Lindsey Piegza, Stifel
2:18:09 Small Caps Face an ‘Ominous’ Setup — Jonathan Krinsky, US Bancorp, BTIG
——–
Watch it live every week day from 6-9 ET on Bloomberg Television, YouTube, Roku, Apple TV, Samsung TV, Android TV, Rakuten TV.
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Bloomberg Daybreak Europe is your essential morning viewing to stay ahead. Live from London, we set the agenda for your day, catching you up with overnight markets news from the US and Asia. And we’ll tell you what matters for investors in Europe, giving you insight before trading begins.
Nvidia gave a bullish sales outlook for fiscal 2028, easing concerns that AI spending is poised to lose momentum. The upbeat outlook offered relief to investors concerned about a bubble in the AI economy.
Bloomberg understands Russia is preparing to escalate attacks on Ukraine after concluding that negotiations for a peace deal have reached a dead end. For now, Russia is said to be weighing an intensification of powerful conventional ballistic missile attacks on Kyiv, including the center of the capital, and infrastructure targets in other Ukrainian cities.
And Iran’s military said it reached a revenue-sharing agreement with Oman on the Strait of Hormuz, as Tehran and Washington’s standoff over control of the crucial waterway continues.
Today’s guest: Vanessa Hudson, Group CEO, Qantas.
Chapters:
00:00:00 – Daybreak Europe
00:00:53 – Stocks, Futures Rise on Nvidia Outlook
00:03:14 – Nvidia CFO: Revenue to Grow About 70% in Fiscal 2028
00:07:07 – Asia Stocks Climb for Third Day on Outlook on Nvidia Outlook
00:10:53 – Nvidia Predicts AI-Fueled Sales to Surge Into 2028
00:14:32 – Qantas to Start Retiring A380 Superjumbos in 2028
00:15:01 – Vanessa Hudson, Group CEO, Qantas
00:20:22 – Qantas Profit Slumps to 4-Year Low as Fuel Costs Soar
00:23:45 – Nepal-China Border Flood Kills at Least 162
00:28:16 – Russia Said to Prepare to Escalate Ukraine War
00:33:18 – IRGC Says US Obstructing, Causing Delays
00:36:17 – Dangote Family on IPO Plans, Succession
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Jaguar Land Rover’s first electric Range Rover will start at £154,070 ($208,420), a price tag that will test wealthy buyers’ appetites for a battery-powered sport utility vehicle. Nigel Blenkinsop, chief operating officer at Jaguar Land Rover, speaks on Bloomberg Television about the new vehicle, the outlook for sales in the US and competition with Chinese automakers.
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More on Bloomberg Television and Markets
Like this video? Subscribe and turn on notifications so you don’t miss any videos from Bloomberg Markets & Finance: https://tinyurl.com/ysu5b8a9
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@justinajoshua9369
January 18, 2024 at 8:42 pm
Nice video stocks are falling and bond yields are rising, but markets still don't seem convinced the Federal Reserve will pursue plans to keep increasing interest rates until inflation is under control. I'm still at a crossroads deciding if to liquidate my $250,000 stock portfolio, what's the best way to take advantage of this bear market?
@gregmassi2067
January 18, 2024 at 8:42 pm
JAIL these bastards in charge!
@propblast82nd
January 18, 2024 at 8:42 pm
Biden is a total failure 😢
@Gadgettime
January 18, 2024 at 8:42 pm
This is a setup for the Fed own everything
@Lukas-cm2b
January 18, 2024 at 8:42 pm
FED obviously fixing the economy. Banks are collapsing.
@kanewaterworth3711
January 18, 2024 at 8:42 pm
Bitcoin
@monerharris9430
January 18, 2024 at 8:42 pm
First Republic Bank was the 14th largest bank in the US, and it wasn't subject to the most strict controls. How many banks actually are subject to those controls, besides the big four? Any bank could suffer a run and fail, and if that happens to a community level or even state level bank it probably won't upset the national economy or ecosystem of banks, but any multi-state bank should be more closely watched.
@georgewbushcenterforintell147
January 18, 2024 at 8:42 pm
Vegas should open up betting odds on which banks might fail . This would generate even more pressure on weak banks that need to fail for the system to get stronger.
@twisted4872
January 18, 2024 at 8:42 pm
It's a bit like when a patient has been on the ventilator for way too long and it's time to pull the plug….best say your farewells and I love yous …you are going to a better place poppets
@bradleyh1964
January 18, 2024 at 8:42 pm
All a bunch of wheeler dealing and underhand business a bunch of crooks there is not a honest wall street banker.
@anupthapa2095
January 18, 2024 at 8:42 pm
Rip First Republic
@johnwick860
January 18, 2024 at 8:42 pm
if you don't allow Banks to fail and close, you are not encouraging free market
@markjackshit4607
January 18, 2024 at 8:42 pm
This guys talks without saying anything. What skill!!!
@leszeka7675
January 18, 2024 at 8:42 pm
The whole lot of banks are in a much worse condition …
The fact that large banks accepted cash from smaller ones means higher interest payments on these deposits for them, and losses on bonds and mortgage loans are not lower at all..? only better accounted..
@id10t98
January 18, 2024 at 8:42 pm
Rich people love recessions and depressions, everything is on sale to them.
@godzillamothra5983
January 18, 2024 at 8:42 pm
house of cards collapsing, abandon ship
@tomhook4819
January 18, 2024 at 8:42 pm
This is good news. FRB failure will wipe out a lot of wealth. With wealth gone, there will be less demand, and less demand will translate into lower inflation.
If another 5 – 10 banks all fail, we might have a chance to get inflation back to 2% faster
@lawrenceralph7481
January 18, 2024 at 8:42 pm
BotA shareholders suffered unfairly when it was "encouraged" to rapidly by the declining WaMu bank at the beginning of the 2008 Credit Crisis. They still suffer from errors WaMu committed
Any new rapid rescue "encouraged" by the government therefore will need to come with written guaranteed indemnification of the purchaser from unknown deficiencies, crimes and penalties to protect the innocent purchasing bank shareholders. FDIC, Fed and Treasury regulators own the problem.
@UnworthySubject
January 18, 2024 at 8:42 pm
This is what makes or breaks a country. Internal conflicts tear nations in half and sometimes create completely new nations. We've gone through similar situations in history. There's nothing that stands in the way of change if people in "positions of power" take issues seriously.
@UnworthySubject
January 18, 2024 at 8:42 pm
We should at the very least figure out a way to better understand ourselves. Growing up with a small friend group might feel safe but it can delay our growth. Depending on how we view the world and our hobbies. We might find ourselves inside a bubble that will only become harder to leave as time goes by.
@UnworthySubject
January 18, 2024 at 8:42 pm
Our country has been turned upside down, growing increasingly hostile towards the working class citizen. We spread sanctions around the world when disagreements occur. We seek conflicts with countries investing inside developing countries. While others figure ways to sustain the population in terms of daily necessitys. Infrastructure in these developing nations isn't supported by western nations. Resources that make up our technology is being sent out displacing wealth.
@UnworthySubject
January 18, 2024 at 8:42 pm
While the "elite" pay their way into schools with absurd donations that would bankrupt any regular working class citizen. With grades that only value our attention seeking ego satisfying need of approval. This leads to insane amounts of corruption and incompetence in and around our institutions. We've turned into self serving power hungry tyrants while we claim to value democracy.
@UnworthySubject
January 18, 2024 at 8:42 pm
Our attention span has been severely altered to the point where information passes right by. We look but don't see, we hear but don't listen. We've become autonomous by design. This goes all the way back to schools and how we undervalue our teachers. The molders of our societies have been exhausted and worked to brink of failure. They've become autonomous themselves leading to an endless cycle.
@UnworthySubject
January 18, 2024 at 8:42 pm
We should be looking outward with open minds. With positive dialog instead of hostile thinking and unfounded baseless statements. All these hostile mindsets are created by social media, news and giant corporations that fund bots who encourage us to argue over silly comments. Propaganda campaigns run rampant in the west.
@UnworthySubject
January 18, 2024 at 8:42 pm
The only democracies we bring are those that unite when outside powers want to intervene. Taking up arms against imperialist that intervene on sovereign land. We place sanctions on countries refusing to submit and obey as puppets then wonder why our interests and partners keep drifting further away towards a multi polar world.
@UnworthySubject
January 18, 2024 at 8:42 pm
Workers are herds of farm animals to employers. What kind of living conditions can we expect in the future when we're seen as undesirables. Supressing discussions of poverty crisis until finally hitting home. Doesn't matter who we follow or what beliefs we carry. We've all been born into this world. Allowing ourselves to be pushed by a few should never be an option.