Chip stocks fell after Meta’s plan to develop a business that would sell access to AI computing power raised worries about overcapacity.

OpenAI has begun preliminary discussions about giving the US government a 5% stake in the ChatGPT-developer, according to the Financial Times, citing two people familiar with the talks.

Oil has extended its slide to pre-war levels as flows through the Strait of Hormuz increase and traders grapple with signs of oversupply.

Today’s guests: Paul Donovan, UBS Global Wealth Management Chief Economist, Vlad Tenev, Robinhood CEO, Jim DeMare, Bank of America Co-President, George Arison, Grindr CEO

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“The Pulse With Francine Lacqua” is all about conversations with high profile guests in the beating heart of global business, economics, finance and politics. Based in London, we go wherever the story is, bringing you exclusive interviews and market-moving scoops.

Chapters:
00:00:00 – The Pulse with Francine Lacqua
00:00:25 – Fed’s Warsh speaks at ECB forum in Sintra
00:01:05 – Paul Donovan, UBS Global Wealth Management Chief Economist
00:07:15 – Apple seeks to buy Chinese-made memory chips
00:10:07 – Paul Donovan, UBS Global Wealth Management Chief Economist
00:13:18 – Vlad Tenev, Robinhood CEO
00:23:42 – Thursday headlines
00:24:11 – Central bankers respond to inflation outlook
00:25:25 – Jim DeMare, Bank of America Co-President
00:37:48 – The Big Take: The Leveraged AI Bet That’s Whipsawing Markets Around the World
00:41:15 – George Arison, Grindr CEO
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The frequent swings in the market’s biggest drivers come as traders react to any sign that a near-parabolic rally in chipmakers, the biggest beneficiaries of the vast outlays on AI infrastructure, has run too far. In the latest instance, Meta’s plan to sell computing power raised questions about a glut of capacity.

Traders will also focus on the US jobs report at the end of a holiday-shortened week. The data will offer fresh clues on the path for interest rates after comments Wednesday by Federal Reserve Chair Kevin Warsh dampened speculation of a hike this year.

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
00:01:02 – Market Check
00:02:29 – Chip Selloff
00:05:12 – Oil Extends Drop
00:07:33 – Traders Weigh Fed Rate Path
00:10:44 – Japan Bonds
00:12:32 – Korea’s Kospi Falls
00:22:25 – Merz’s Reform Package
00:23:19 – KNDS Postpones IPO
00:27:15 – Kevin Warsh Says Inflation Risks are Down
00:38:35 – This NFP Print Will Decide the July Fed: MLIV
00:47:26 – Stocks to Watch: Defense, Bayer, Sodexo
00:52:36 – European Tech Stocks Slide
01:02:09 – German Coalition Agrees on Tax Relief
01:12:36 – OpenAI Propose to Give US Gov. 5% Stake
01:25:29 – Quantum Systems Co-CEO
01:32:47 – US Jobs Report Due
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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 BlackRock Global Co-Head of iShares Fixed Income ETFs Steve Laipply, BNY Head of Market Structure Nate Wuerffel, RBC Capital Markets Managing Director, Software Equity Research Rishi Jaluria, Former US Ambassador to Israel & Former US Treasury Secretary Jack Lew, Pivotal Advisors CEO & CIO Tiffany McGhee, CFRA Equity Analyst Zachary Warring, M Science Research Analyst Drake MacFarlane, WSL Strategic Retail CEO & Chief Shopper Wendy Liebmann, Christian & Timbers Founder & CEO Jeff Christian, & NBA Hall of Famer Yao Ming.

Chapters:
00:00:00 Bloomberg The Close
00:02:36 Bond ETF Flows and Fixed Income Positioning
00:03:42 BlackRock on Bonds, Yields and Credit Markets
00:10:30 Treasury Market Reform and Central Clearing
00:16:40 Top Calls
00:23:27 Jack Lew on US–Iran Negotiations and the Dollar
00:33:10 Blackstone’s Data Center Deal Explained
00:35:20 Countdown to the Closing Bell
00:37:00 Pivotal Advisors on Market Leadership and Portfolio Strategy
00:43:17 Closing Bell
00:46:20 Semiconductor Rally, Telecom Selloff and Market Movers
00:55:46 Nike Earnings Preview and Retail Outlook
01:02:30 Bloomberg Intelligence Breaks Down Nike Results
01:05:15 Nike, Competition and the Future of Athletic Footwear
01:10:38 Retail Trends, Luxury Brands and Consumer Spending
01:19:23 Nike’s New CFO and AI-Driven Transformation
01:25:17 Yao Ming on Basketball, China and Global Sports Growth
01:30:58 What to Watch
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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 PIMCO Head of Short-Term Portfolio Management Jerome Schneider, Former FTC Chair & Commissioner William Kovacic, Seaport Research Partners Senior Analyst David Joyce, LSEG CEO David Schwimmer, JPMorgan Executive Director Global Market Strategist Meera Pandit, Former Fed Governor Betsy Duke, Goldman Sachs Economist Joseph Briggs, Honeywell Aerospace CEO Jim Currier, SW Retail Advisors President & Founder Stacey Widlitz, & VCR Group Founder & CEO David Rodolitz.

Chapters:
00:00:00 Bloomberg The Close
00:01:01 AI Rally, Earnings Expectations & Market Risks
00:03:44 PIMCO on Inflation, Rates & Fixed Income Opportunities
00:09:23 Supreme Court Ruling on Presidential Power & the FTC
00:17:28 Comcast Spins Off NBCUniversal & Media M&A Outlook
00:22:32 London Stock Exchange CEO on AI, IPOs & Capital Markets
00:31:40 Rocket Lab’s Acquisition and the Space Race
00:35:18 Countdown to the Closing Bell
00:36:56 J.P. Morgan Asset Management on AI, Earnings & Market Leadership
00:43:17 Closing Bell: Market Wrap & Sector Movers
00:46:20 Comcast, Charter, Tesla & SpaceX Lead the Day
00:49:01 Super Micro, Verizon & Microsoft Under Pressure
00:53:11 Post-Close: Tech Rally & Fed Independence
00:55:04 Betsy Duke on the Supreme Court, the Fed & Jerome Powell
01:01:03 Goldman Sachs on AI’s Impact on Jobs
01:08:09 Honeywell Aerospace Begins Trading as a Standalone Company
01:16:43 Nike Earnings Preview & Turnaround Challenges
01:22:58 Flyfish Club, the Knicks & Premium Hospitality
01:28:17 What to Watch
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Pimco Head of Short-Term Portfolio Management Jerome Schneider expects the Federal Reserve to not move on interest rates for the rest of this year. He talks about how clients and investors can find growth amid hidden risks on “Bloomberg The Close.”
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