IBM Vice Chairman Gary Cohn says, “the market became addicted to knowing what the Fed was going to do” as he discusses market reaction to Federal Reserve Chairman Kevin Warsh’s handling of the US central bank. Cohn also discusses Japan and the US Treasury Department working together to shore up the yen and the instabilities being dealt with by markets. He speaks on “Bloomberg Surveillance.”
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SpaceX’s revenue exceeded Wall Street’s expectations in the company’s first quarterly financial report following its blockbuster initial public offering in June. Elon Musk’s satellite, space and artificial intelligence conglomerate reported revenue of $7.8 billion on Tuesday, greater than than the $6.81 billion analysts polled by Bloomberg estimated on average. It also unveiled an operating loss of $1.26 billion from its AI business, better than the consensus for a loss of $2.39 billion.

SpaceX’s eagerly awaited quarterly results cap a roller coaster ride since the company raised $86 billion in the largest stock-market debut of all time. Its shares have since plunged in a bout of post-IPO volatility and a broader AI selloff, erasing more than $1 trillion in market value from their peak along with Musk’s status as the world’s first trillionaire. We get reaction from Bloomberg Tech host Ed Ludlow, and Mandeep Singh, Global Head of Technology Research for Bloomberg Intelligence.
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“If you look at our markets outside of software, spreads are actually relatively tight still… But I would characterize those capital markets as very open to do business in,” says The Carlyle Group Chief Financial Officer Justin Plouffe.

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Bloomberg’s Liam Knox joins Scarlet Fu on “Bloomberg Real Yield.” Thousands of faculty members are urging the UC system to reconsider its test-free admissions policy. They argue that more students are arriving underprepared for college-level work since the system stopped considering SAT and ACT scores in 2020.
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Jessica Taylor, Senate and Governors editor at The Cook Political Report, says Michigan’s Democratic Senate primary is a test of whether the party’s progressive energy can translate to a general election in a closely divided state. Taylor says if Abdul El-Sayed wins, Democrats may have to spend more heavily to retain swing voters against Trump-endorsed Republican Mike Rogers. She also says Senator Susan Collins’ opposition to Todd Blanche’s nomination for attorney general reflects the political need to distance herself from President Trump as she enters what Taylor calls her most vulnerable reelection position yet. She speaks with Kailey Leinz and Joe Mathieu on the late edition of Bloomberg’s “Balance of Power.”
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