Beto O’Rourke said President Donald Trump’s promise to pay American adults $5,000 apiece is a “gimmick” and will never be paid. The former US representative from Texas says Republicans can’t offer voters real change. He also talks about how Democratic Senate candidate James Talarico can win his race in Texas. O’Rourke speaks to Bloomberg’s Julie Fine and Kailey Leinz in Dallas.
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Eclipse CEO Lior Susan says AI needs guardrails, drawing a parallel to how governments responded to the risks of automobiles with regulations and safety measures — rather than abandoning the technology altogether

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Bloomberg Television brings you the latest news and analysis leading up to the final minutes and seconds before and after the closing bell on Wall Street. Today’s guests are T. Rowe Price CIO, Co-Head of Global Investments Sebastien Page, T. Rowe Price Chief U.S. Economist Blerina Uruçi, T. Rowe Price. Lead Portfolio Manager, Active ETFs Jodi Love, T. Rowe Price Head of Global Distribution Dee Sawyer, & T. Rowe Price CEO Rob Sharps.

Chapters:
00:00:00 Bloomberg The Close
00:03:07 T. Rowe Price CIO on AI, Market Broadening & Momentum
00:06:17 AI Capex, Nvidia & the Sustainability of the AI Boom
00:09:25 Fed Policy, Inflation & Rising Treasury Yields
00:13:01 AI, Fundamental Research & Active Management
00:16:15 Nvidia’s $3.5 Billion MediaTek Partnership
00:19:46 Nvidia, Custom Chips & Circular Financing
00:23:26 T. Rowe Price Economist on Fed Hikes & Inflation
00:26:55 Labor Markets, Wages & the Fed’s Inflation Mandate
00:30:44 AI Productivity, Treasury Yields & Rate Volatility
00:32:36 Stock of the Hour: PG&E & California Wildfire Risk
00:36:23 T. Rowe Price Lead Portfolio Manager on Small Caps & Active ETFs
00:39:30 Market Concentration, Growth Stocks & Active Management
00:42:31 Russell Rebalancing, Momentum & ETF Opportunities
00:46:00 Market Movers: Tesla, CrowdStrike & Deere
00:49:08 Biggest Losers: PG&E, Pinterest & Herbalife
00:53:11 T. Rowe Price’s Dee Sawyer on Growth & Diversification
00:56:19 Active ETFs, Fixed Income & T. Rowe Price’s Expansion
00:59:06 Private Assets, Goldman Sachs & Institutional Strategy
01:02:25 AI, Client Solutions & T. Rowe Price’s Baltimore Roots
01:04:01 Apple’s Post-Tim Cook Era & AI Strategy
01:08:22 T. Rowe Price CEO Rob Sharps on Retirement & Firm Strategy
01:12:14 Active Management, ETFs & T. Rowe Price’s Transformation
01:15:36 Private Assets in 401(k)s & the Goldman Sachs Partnership
01:19:46 Fixed Income, ETFs & the F/M Investments Acquisition
01:22:08 M&A, Consolidation & T. Rowe Price’s Independence
01:25:54 AI’s Role in Investment Research
01:28:26 Crypto, Baltimore & the Future of T. Rowe Price
01:31:02 Asset Management Consolidation & Closing Thoughts
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President Donald Trump offered voters a quid pro quo: elect Republicans and get a $5,000 payout, which he called the Trump dividend. The proposal is unlikely to become law, as fellow Republicans have already rejected similar ideas and Congress would need to approve a cash payment program with a price tag well over $1 trillion.

Iran is ready for a more intense war and will escalate counterstrikes if the US continues attacking its territory and infrastructure, according to a senior official from the Islamic Republic.

The Opening Trade has everything you need to know as markets open across Europe. With analysis you won’t find anywhere else, we break down the biggest stories of the day and speak to top guests who have skin in the game. Hosted by Anna Edwards, Guy Johnson and Tom Mackenzie.

Chapters:
00:00:00 – The Opening Trade
00:01:47 – Trump’s Payout Promise, Bessent Debt Buyback
00:05:09 – Energy Prices Soar
00:07:29 – ECB Set to Hike Rates
00:13:36 – 57% Americans Who Disapprove of Trump’s Performance
00:19:40 – Europe Gas Futures
00:23:28 – Apple Foldable Phone ‘iPhone Duo’
00:27:40 – ECB Expected to Hike by 25 BPS
00:41:01 – Treasuries Dismiss President’s Promise: MLIV
00:47:34 – Stocks to Watch: Porsche, LVMH, AB Foods
01:05:52 – Firstrand Bank CEO Mary Vilakazi
01:14:17 – Trump Floats $5,000 Payment to American Citizens
01:22:28 – Replit CEO Amjad Masad
01:28:34 – ECB Governors Arrive in Berlin
01:32:18 – US CPI Report
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The Roosevelt Island Tram is a monument to the 1970s stagflation era when New York City ran out of money and couldn’t borrow any more to build a subway between Manhattan and the island in the East River. On this episode of Everybody’s Business, Stacey Vanek Smith and Allison Schrager ride the tram and talk stagflation: what is it and are we headed in that direction again? Listen to the full episode wherever you get your podcasts.
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