April 16, 2025 • 16 mins
On today's podcast:
1) Nvidia slides after it warns Trump's curbs on China chips will cost it billions. The US government has restricted Nvidia from selling its H20 chip in China, escalating the tech battle between Washington and Beijing. Restrictions and trade war concerns are expected to negatively impact chip-sector earnings and China's ambitions to compete on the global tech stage.
2) China says it is open to trade talks if President Trump's Administration shows more respect. China wants the US to show more respect by reining in disparaging remarks by members of Trump's cabinet before agreeing to trade talks. Beijing also wants a more consistent US position and a willingness to address China's concerns around American sanctions and Taiwan.
3) Investors await a key speech by Fed Chair Jay Powell. Powell is making a speech in Chicago as traders look for hints on how the Fed will manage rates as President Trump aims to implement his tariff policy, and they're also following retail sales data today.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:02):
Bloomberg Audio Studios, Podcasts, radio News.
Speaker 2 (00:10):
Good morning, I'm John Tucker.
Speaker 3 (00:11):
And I'm Karen Moscow. Here are the stories we're following
today and.
Speaker 2 (00:14):
Karen, futures are dropping on heels. A warning from in Vidia,
the chip giant says it's going to have to report
about five and a half billion dollars in write downs
during the current quarter. That's because the Trump administration has
barred in video from selling its H twenty chip in China.
And Bloomberg's Mike Shepherd says the government is concerned the
chip could be used in or diverted to a supercomputer
(00:37):
in China.
Speaker 4 (00:38):
And that is one of the concerns that the US
government has, is that, in fact, by using a different
package or stack of these Age twenty chips. And remember
the H twenty chip has already been modified and scaled
down for the China market, and that's owing to restrictions
going back to twenty twenty two. And Nvidia has been
on the cross heres since the Biden administration for the
(00:58):
advanced chips produces and sells and have been selling into
the China market, and they have been looking to make
sure that China doesn't get its hands on the best.
Speaker 2 (01:07):
Stuff, Bloomberg's Mike Shepherd in Washington. Shares of Nvidia right
now down more than five percent in early trading.
Speaker 3 (01:14):
Well John also adding it to weakness to chip stocks.
This morning, a disappointing report from Dutch ship equipment maker
ASML Holding. The company reported orders for the first quarter
that were more than one point one billion dollars less
than expected. ASML is also warning that it doesn't know
how to quantify the impact from recent tariff announcements, which
are threatening to upend the semiconductor industry, and shares of
(01:37):
ASML are down more than five percent in Europe.
Speaker 2 (01:40):
And Karen Tesla reportedly suspending plans to ship components from
China with cybercab and semi electric trucks in the US.
Reuter says Elon Musk was prepared to absorb the additional
costs when President Trump imposed the thirty four percent tariff
on Chinese goods, but could not do so when the
terraf went beyond that. Shares of Tesla them more than
(02:00):
three percent at early trading.
Speaker 3 (02:02):
Now, John, let's get the latest on the escalating trade
war between the US and China. Bloomberg News has learned
China wants to see a number of steps from President
Trump's administration before agreeing to trade talks, that include showing
more respect by reigning in disparaging remarks by members of
his cabinet. Meanwhile, President Trump is calling on China to
reach out for trade negotiations. And here's White House Press
(02:25):
Secretary Caroline Lovitt.
Speaker 5 (02:27):
The ball is in China's court. China needs to make
a deal with us. We don't have to make a
deal with them. There's no difference between China and any
other country, except they are much larger. And China wants
what we have. What every country wants what we have
the American consumer, or to put in another way, they
need our money.
Speaker 3 (02:47):
White House Press Secretary Caroline Levitt, speaking yesterday, sources now
Bloomberg that Beijing also wants the US to appoint a
point person for talks who has the President's support and
can help prepare a deal that Trump and Chinese leader
Shieshin Pin can sign when they meet.
Speaker 2 (03:02):
And we have fresh economic data out of China. The
economy there grew via faster than expected five to four
zero point four percent in the first three months of
the year. The surprising strength in the world's second largest
economy comes as concerns mount over the potential impact of
one hundred and forty five percent US tariffs on Chinese goods.
Speaker 3 (03:22):
Well, John is investors await the latest tariff developments. They
will have a key speech by j Powell to digest,
and we get a preview with the Bloomberg's Michael McKee.
Speaker 6 (03:31):
Corporate leaders, economists, investors, and FED officials all have the
same problem. Nobody knows what Donald Trump is actually going
to do on tariffs. FED Governor Chris Waller said Monday,
it's impossible now to forecast how the economy will develop,
which makes FED Chairman Jay Powell's job much harder. Today,
in his Chicago speech, the chair will attempt to reassure
(03:52):
jiterary markets that no matter what happens, the Central Bank
will be on the job, able to raise rates if
Trump's new taxes increase inflation, or cut rates if they
lead the economy just slow significantly. He said all that before.
Of course, it's not clear what he could add to
that message today. Michael McKee, Bloomberg Radio.
Speaker 3 (04:11):
All right, Michael, thank you, Well, Bloomberg will bring you
Jay Powell's full remarks from the Economic Club of Chicago.
Coverage begins at one thirty Wall Street time on Bloomberg Radio,
Bloomberg Television, and the Bloomberg Podcast page on YouTube.
Speaker 2 (04:25):
And looking over in Europe now, UK inflation slipped for
a second straight month. A consumer prices rose just two
point six percent of the twelve months to March. This
was driven by cheaper computer games, falling fuel prices, and
unchanged food costs.
Speaker 3 (04:41):
Well back here in the US, John it appears the
move to increase taxes for the ultra wealthy as gaining
traction among lawmakers, including Republicans, and Bloomberg's Amy Morris has
more from Washington.
Speaker 7 (04:51):
Republicans in the White House, the Senate and the House
are considering a new tax bracket for the wealthiest Americans,
with the House proposal setting a forty percent rate for
those earning one million dollars or more per year. These
talks are part of the effort to pay for a
sweeping tax bill by the end of this year, with
options including offsetting the cost of an expanded state and
local tax deduction with a millionaire's bracket. A White House
(05:15):
official tells Bloomberg President Trump is open to the idea
of a new top tax bracket, but for an income
greater than a million dollars. In Washington, Amy Moore as
Bloomberg Radio Right.
Speaker 2 (05:25):
Thanks Amy. The government's anti trust trial seeking to break
up Meta Platforms that continues today. In testimony yesterday was
revealed seven years ago, Mark Zuckerberg considered spinning off Instagram
from Facebook, fearing the company might be broken up in
the next five to ten years. With the Federal Trade
Commission is now suing Meta to break it up. Alludging
its acquisitions of Instagram at WhatsApp created a social media monopoly,
(05:49):
while Meta argues it faces many competitors.
Speaker 3 (05:52):
And John the White House is starting a new media
policy that restricts wire services access to the president. That
move blocks a traditional press pools that served billions of readers.
It comes after a judge ruled the White House and
violated the Associated Press's free speech by banning it because
it disagreed with the outlet's decision not to rename the
Gulf of Mexico. The White House says it will ultimately
(06:14):
give Press Secretary Caroline Lovett the final say over who
gets to question her boss. Time now for a look
at some of the other stories making news in New
York and around the world. And for that we're joined
by Bloomberg's Michael Barr Michael, Good Morning.
Speaker 8 (06:28):
Good Morning Karen. A federal judge says she will order
sworn testimony by Trump administration officials to determine if they
complied with their orders to facilitate the return of Kilmar
Abrego Garcia, the Maryland man was mistakenly deported to a
notorious L. Salvador prison last month. The US Supreme Court
ordered the Trump administration to return him, but the administration
(06:49):
has so far refused, claiming he's in the MS thirteen gang.
White House spokesperson Caroline Lovett, there.
Speaker 5 (06:56):
Is never going to be a world in which this
is an individual who's going to live peaceful life in
Maryland because he is a foreign terrorist and MS thirteen
gang member.
Speaker 8 (07:05):
Abrego Garcia's attorneys deny the gang allegations and say he
was never charged with a crime. Abrego Garcia's wife, Jennifer Pasquez, sura,
as we continue.
Speaker 9 (07:15):
Through Holy Week, my heart aches for my husband, Whosha
had been here leading our Easter prayers. Instead, I find
myself pleading with the Trump administration and the Buchel administration
to stop playing political games with the life of Kilmar.
Speaker 8 (07:39):
Harvey Weinstein is back in the New York court as
jury's selection begins for his retrial on sexual assault charges.
The legal representative for one of his accusers spoke outside
court Tuesday, attorney Lindsay Goldbrum.
Speaker 3 (07:52):
Over the next several weeks, these women will testify about
these heinous acts that have been committed against them, and
intimate details of their lives will come out.
Speaker 8 (08:03):
New York's highest court over turned Weinstein's conviction in his
twenty twenty trial. Finally, we've lost a game show legend,
and now.
Speaker 6 (08:11):
From Television City in Hollywood, here's your host, Don Gambit,
Wink Martin Dale.
Speaker 10 (08:18):
Thank you very much.
Speaker 8 (08:19):
Weak Martindale, host of such hit game shows as Gambit,
which debut in nineteen seventy two and Tiktak Dooe, has died.
Martin Dale began his career in radio. This publicist says
Martindale died after battling lampoma for a year. Wink Martindale
was ninety one Global News, twenty four hours a day
and whatever you wanted with Bloomberg News. Now, I'm Michael Barr,
this is Bloomberg.
Speaker 3 (08:38):
Karen All right, Michael Barr, thank you time now for
the Bloomberg Sports Update. Here's John Stashaur John, Good morning
morning here.
Speaker 11 (08:49):
Max Freed was the Yankees big free agent signing so
far as good as advertised. He's three and I was
era is under two at the stadium, the Yanks field
to support him against Kansas City into wilda sixth inning
infield single, three straight walks and they had a run
in and three on for Jason Domingo.
Speaker 10 (09:06):
So one to two, blind Dragons pas down the lu
field Live Chisham scores, ful, Py scores, they're a leaving
home wells who well scores. That's up faces clearing double
for Dominguez and the Yankees have taken a four two leads.
Speaker 11 (09:25):
Yeah, that was the final over the Royals. Yes Network
to call in Minnesota, Metsica that home runs from both
the Alonzo and Juan Soto. Alonzo's fifth of the season
came first inning. Soto now homers and back to back games,
but the Twins scored in five straight innings and they
won six to three. The Red Sox won seven to
four at Tampa Bay. Alex Bregman two home runs, five hits,
four RBIs Nationals behind Jake Irvin won three nothing at Pittsburgh.
(09:47):
The NBA postseason is underway pair of wins by home
teams or Orlando by twenty five over Atlanta, so the
Magic advance to play the Celtics. The Hawks now head
home to play Friday against the winner of tonight's Miami
Chicago game. The Warriors got to combine seventy five points
from Jimmy Butler and Steph Curry one twenty one to
one sixteen over Memphis. It'll be Golden State now against Houston. Dallas.
(10:09):
Tonight plays Sacramento the Winter Place Friday in Memphis. Devil's
won five to four in overtime at Boston. Devil's finished
third place of the division. They'll have a first round
playoff series with Carolina. The Islanders last home game of
three to one loss to the Capitals. The Giants at
the third pick of next week's draft. They are heading
to Boulder to watch a private workout by Colorado quarterback
Shadorah Sanders, Johns Stashankler, Bloomberg.
Speaker 7 (10:31):
Sports Karen Jones.
Speaker 1 (10:34):
Coast to coast on Bloomberg Radio, nationwide on Sirius XM,
and around the world on Bloomberg dot Com and the
Bloomberg Business app. This is Bloomberg Daybreak.
Speaker 2 (10:46):
And among our lead stories this morning, it involves the
tech sector, the Trump administration of posing new restrictions on
Nvidia chip exports to China. Let's get more on this
story this morning with Pretty Gupta, host of Bloomberg Radio TV,
but joining us from our London studios. Pretty good morning
to you, Thanks for being with us. In video shares
that should say, among the most actively traded this morning,
(11:08):
down about five point three percent now in Vidia and
even TSMC. We're pledging closer relationships with the Trump administration.
Speaker 12 (11:17):
When happened, well, they're still kind of there. I mean, look,
this is coming twenty four hours after a big investment
that Nvidia had announced in the United States and specifically
in some of the southern states like Texas and Arizona,
to the tune of five hundred billion dollars. But John,
to your point, the sentiment has completely taken a different
tone now to reporting a five and a half billion
(11:39):
dollar hit because the US is clamping down when it
comes to the exports of some of Nvidia's chips, specifically
the Age twenty chip, which in Vidia, by the way,
has created as kind of a watered down version of
the traditional AI chip that is specifically catered to kind
of circumvent and address some of the concerns from the
US government, first under Biden, now under Trump, and still
(12:02):
being able to serve their Chinese clientele. But it looks
like even that is coming across some pretty severe restrictions
under the Trump administration.
Speaker 2 (12:09):
Okay, so this clamping down even predates the Trump administration,
Can we say it doesn't really have anything to do
with the trade war that's taking place.
Speaker 12 (12:18):
It's definitely a piece of it, it feels like it.
But remember Jensen Wong has spent quite some time at
mar Lago before even even Donald Trump was elected, and
since then, right ahead of Nvidia this announcement to kind
of make sure like a lot of the tech CEOs
are there on the winning side of this. So so that
domestic investment is very much coming in that same vein.
Remember they're also choosing not to spend that five hundred
(12:41):
million dollars investment in Asia, so that very much is
a reaction function to the trade war. But this is
actually one that has been happening again under the Biden administration.
Speaker 3 (12:50):
This eg.
Speaker 12 (12:50):
Twenty chip that Nvidia has developed is the third iteration
of a chip to circumvent government restrictions. Like I said,
not just under the Trump administration, but this entire effort
started under the Biden administration and the chip that the
Chips Act and the restrictions there.
Speaker 2 (13:05):
This news we got, this came in a regulatory filing.
It's not like it was an announcement from the Trump administration.
Speaker 12 (13:11):
This isn't a yes, you're one hundred percent right. This
was a regulatory filing from Nvidia. This did not come
unto the Trump administration. But in Vidia going ahead and
talking about a five hundred five excuse me, five and
a half billion dollar hit to their bottom line, we
should just mention there are reports of other from other
media that are suggesting about seventeen to eighteen billion worth
of Age twenty chips that were already developed from and video.
(13:35):
So the key kind of phrase that you need to
keep an eye on in this filing is inventory, purchase
commitments and related reserves because a lot of these chips
have already been produced. So it's a question of if
they don't go to China, where did they go? Given
that they are kind of this water down version.
Speaker 2 (13:48):
Okay, the H twenty water down version. Again, this is
this is a chip that specifically trains AI models.
Speaker 12 (13:58):
It does it specifically has to do with inference. And
so the big concern from the Biden administration and the
Trump administration has been that so much of AI is
being used not just in things like consumer electronics like iPhones,
like washing machines, but ultimately to things like military intelligence
and more sophisticated technology. Now, if the US is able
to export that critical piece or kind of help to
(14:21):
that military technology to the likes of China given the
geopolitical tensions, that's where their concern lies. So Nvidia's solution
to that was to create this chip that still helps
these kind of consumer electronics and helps cater to a
clientele in that safe space, but isn't as advanced to
the point that you can use them in military technology.
(14:41):
And that's the difference here between the AH twenty chip
relative to some of the other products Nvidia offers.
Speaker 2 (14:47):
Remember, like before the trade war, one of the big
concerns for investors had been AI investments, whether these were
going to pay off in the long term, and the
capital expenditures with respect to that. That's sort of faded
to the background. Isn't that back with us as a
concern for technology?
Speaker 12 (15:05):
It is a little bit of a conservative technology because remember,
not so long ago, we were also talking about this
big Deep Seek kind of crash that had happened when
it comes to the cost of innovation around AI as well.
And this is where Nvidia's kind of stuck between a
rock and a hard place because so much of that
technology and that sourcing and that physical manufacturing is happening
abroad because it's cheaper to happen abroad. On top of that,
(15:27):
China has already proven they're able to come up with
technology that is almost eye to eye to what's being
developed in Silicon Valley and do it at a fraction
of the cost. Now, if that continues that they are
able to kind of really pull down those costs, that's
a big deal because Nvidia developing those chips in the
United States increase increases the cost of those chips.
Speaker 3 (15:47):
This is Bloomberg day Break, your morning podcast on the
stories making news from Low Street to Washington and beyond.
Speaker 2 (15:53):
Look for us on your podcast feed by six am
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Speaker 2 (16:15):
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Speaker 3 (16:21):
And don't forget to subscribe to Bloomberg and News Now.
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Speaker 2 (16:34):
I'm John Tucker. Join us again tomorrow morning for all
the news you need to start your day right here
on Bloomberg day Break
Bloomberg Audio Studios, Podcasts, radio News.
Speaker 2 (00:10):
Good morning, I'm John Tucker.
Speaker 3 (00:11):
And I'm Karen Moscow. Here are the stories we're following
today and.
Speaker 2 (00:14):
Karen, futures are dropping on heels. A warning from in Vidia,
the chip giant says it's going to have to report
about five and a half billion dollars in write downs
during the current quarter. That's because the Trump administration has
barred in video from selling its H twenty chip in China.
And Bloomberg's Mike Shepherd says the government is concerned the
chip could be used in or diverted to a supercomputer
(00:37):
in China.
Speaker 4 (00:38):
And that is one of the concerns that the US
government has, is that, in fact, by using a different
package or stack of these Age twenty chips. And remember
the H twenty chip has already been modified and scaled
down for the China market, and that's owing to restrictions
going back to twenty twenty two. And Nvidia has been
on the cross heres since the Biden administration for the
(00:58):
advanced chips produces and sells and have been selling into
the China market, and they have been looking to make
sure that China doesn't get its hands on the best.
Speaker 2 (01:07):
Stuff, Bloomberg's Mike Shepherd in Washington. Shares of Nvidia right
now down more than five percent in early trading.
Speaker 3 (01:14):
Well John also adding it to weakness to chip stocks.
This morning, a disappointing report from Dutch ship equipment maker
ASML Holding. The company reported orders for the first quarter
that were more than one point one billion dollars less
than expected. ASML is also warning that it doesn't know
how to quantify the impact from recent tariff announcements, which
are threatening to upend the semiconductor industry, and shares of
(01:37):
ASML are down more than five percent in Europe.
Speaker 2 (01:40):
And Karen Tesla reportedly suspending plans to ship components from
China with cybercab and semi electric trucks in the US.
Reuter says Elon Musk was prepared to absorb the additional
costs when President Trump imposed the thirty four percent tariff
on Chinese goods, but could not do so when the
terraf went beyond that. Shares of Tesla them more than
(02:00):
three percent at early trading.
Speaker 3 (02:02):
Now, John, let's get the latest on the escalating trade
war between the US and China. Bloomberg News has learned
China wants to see a number of steps from President
Trump's administration before agreeing to trade talks, that include showing
more respect by reigning in disparaging remarks by members of
his cabinet. Meanwhile, President Trump is calling on China to
reach out for trade negotiations. And here's White House Press
(02:25):
Secretary Caroline Lovitt.
Speaker 5 (02:27):
The ball is in China's court. China needs to make
a deal with us. We don't have to make a
deal with them. There's no difference between China and any
other country, except they are much larger. And China wants
what we have. What every country wants what we have
the American consumer, or to put in another way, they
need our money.
Speaker 3 (02:47):
White House Press Secretary Caroline Levitt, speaking yesterday, sources now
Bloomberg that Beijing also wants the US to appoint a
point person for talks who has the President's support and
can help prepare a deal that Trump and Chinese leader
Shieshin Pin can sign when they meet.
Speaker 2 (03:02):
And we have fresh economic data out of China. The
economy there grew via faster than expected five to four
zero point four percent in the first three months of
the year. The surprising strength in the world's second largest
economy comes as concerns mount over the potential impact of
one hundred and forty five percent US tariffs on Chinese goods.
Speaker 3 (03:22):
Well, John is investors await the latest tariff developments. They
will have a key speech by j Powell to digest,
and we get a preview with the Bloomberg's Michael McKee.
Speaker 6 (03:31):
Corporate leaders, economists, investors, and FED officials all have the
same problem. Nobody knows what Donald Trump is actually going
to do on tariffs. FED Governor Chris Waller said Monday,
it's impossible now to forecast how the economy will develop,
which makes FED Chairman Jay Powell's job much harder. Today,
in his Chicago speech, the chair will attempt to reassure
(03:52):
jiterary markets that no matter what happens, the Central Bank
will be on the job, able to raise rates if
Trump's new taxes increase inflation, or cut rates if they
lead the economy just slow significantly. He said all that before.
Of course, it's not clear what he could add to
that message today. Michael McKee, Bloomberg Radio.
Speaker 3 (04:11):
All right, Michael, thank you, Well, Bloomberg will bring you
Jay Powell's full remarks from the Economic Club of Chicago.
Coverage begins at one thirty Wall Street time on Bloomberg Radio,
Bloomberg Television, and the Bloomberg Podcast page on YouTube.
Speaker 2 (04:25):
And looking over in Europe now, UK inflation slipped for
a second straight month. A consumer prices rose just two
point six percent of the twelve months to March. This
was driven by cheaper computer games, falling fuel prices, and
unchanged food costs.
Speaker 3 (04:41):
Well back here in the US, John it appears the
move to increase taxes for the ultra wealthy as gaining
traction among lawmakers, including Republicans, and Bloomberg's Amy Morris has
more from Washington.
Speaker 7 (04:51):
Republicans in the White House, the Senate and the House
are considering a new tax bracket for the wealthiest Americans,
with the House proposal setting a forty percent rate for
those earning one million dollars or more per year. These
talks are part of the effort to pay for a
sweeping tax bill by the end of this year, with
options including offsetting the cost of an expanded state and
local tax deduction with a millionaire's bracket. A White House
(05:15):
official tells Bloomberg President Trump is open to the idea
of a new top tax bracket, but for an income
greater than a million dollars. In Washington, Amy Moore as
Bloomberg Radio Right.
Speaker 2 (05:25):
Thanks Amy. The government's anti trust trial seeking to break
up Meta Platforms that continues today. In testimony yesterday was
revealed seven years ago, Mark Zuckerberg considered spinning off Instagram
from Facebook, fearing the company might be broken up in
the next five to ten years. With the Federal Trade
Commission is now suing Meta to break it up. Alludging
its acquisitions of Instagram at WhatsApp created a social media monopoly,
(05:49):
while Meta argues it faces many competitors.
Speaker 3 (05:52):
And John the White House is starting a new media
policy that restricts wire services access to the president. That
move blocks a traditional press pools that served billions of readers.
It comes after a judge ruled the White House and
violated the Associated Press's free speech by banning it because
it disagreed with the outlet's decision not to rename the
Gulf of Mexico. The White House says it will ultimately
(06:14):
give Press Secretary Caroline Lovett the final say over who
gets to question her boss. Time now for a look
at some of the other stories making news in New
York and around the world. And for that we're joined
by Bloomberg's Michael Barr Michael, Good Morning.
Speaker 8 (06:28):
Good Morning Karen. A federal judge says she will order
sworn testimony by Trump administration officials to determine if they
complied with their orders to facilitate the return of Kilmar
Abrego Garcia, the Maryland man was mistakenly deported to a
notorious L. Salvador prison last month. The US Supreme Court
ordered the Trump administration to return him, but the administration
(06:49):
has so far refused, claiming he's in the MS thirteen gang.
White House spokesperson Caroline Lovett, there.
Speaker 5 (06:56):
Is never going to be a world in which this
is an individual who's going to live peaceful life in
Maryland because he is a foreign terrorist and MS thirteen
gang member.
Speaker 8 (07:05):
Abrego Garcia's attorneys deny the gang allegations and say he
was never charged with a crime. Abrego Garcia's wife, Jennifer Pasquez, sura,
as we continue.
Speaker 9 (07:15):
Through Holy Week, my heart aches for my husband, Whosha
had been here leading our Easter prayers. Instead, I find
myself pleading with the Trump administration and the Buchel administration
to stop playing political games with the life of Kilmar.
Speaker 8 (07:39):
Harvey Weinstein is back in the New York court as
jury's selection begins for his retrial on sexual assault charges.
The legal representative for one of his accusers spoke outside
court Tuesday, attorney Lindsay Goldbrum.
Speaker 3 (07:52):
Over the next several weeks, these women will testify about
these heinous acts that have been committed against them, and
intimate details of their lives will come out.
Speaker 8 (08:03):
New York's highest court over turned Weinstein's conviction in his
twenty twenty trial. Finally, we've lost a game show legend,
and now.
Speaker 6 (08:11):
From Television City in Hollywood, here's your host, Don Gambit,
Wink Martin Dale.
Speaker 10 (08:18):
Thank you very much.
Speaker 8 (08:19):
Weak Martindale, host of such hit game shows as Gambit,
which debut in nineteen seventy two and Tiktak Dooe, has died.
Martin Dale began his career in radio. This publicist says
Martindale died after battling lampoma for a year. Wink Martindale
was ninety one Global News, twenty four hours a day
and whatever you wanted with Bloomberg News. Now, I'm Michael Barr,
this is Bloomberg.
Speaker 3 (08:38):
Karen All right, Michael Barr, thank you time now for
the Bloomberg Sports Update. Here's John Stashaur John, Good morning
morning here.
Speaker 11 (08:49):
Max Freed was the Yankees big free agent signing so
far as good as advertised. He's three and I was
era is under two at the stadium, the Yanks field
to support him against Kansas City into wilda sixth inning
infield single, three straight walks and they had a run
in and three on for Jason Domingo.
Speaker 10 (09:06):
So one to two, blind Dragons pas down the lu
field Live Chisham scores, ful, Py scores, they're a leaving
home wells who well scores. That's up faces clearing double
for Dominguez and the Yankees have taken a four two leads.
Speaker 11 (09:25):
Yeah, that was the final over the Royals. Yes Network
to call in Minnesota, Metsica that home runs from both
the Alonzo and Juan Soto. Alonzo's fifth of the season
came first inning. Soto now homers and back to back games,
but the Twins scored in five straight innings and they
won six to three. The Red Sox won seven to
four at Tampa Bay. Alex Bregman two home runs, five hits,
four RBIs Nationals behind Jake Irvin won three nothing at Pittsburgh.
(09:47):
The NBA postseason is underway pair of wins by home
teams or Orlando by twenty five over Atlanta, so the
Magic advance to play the Celtics. The Hawks now head
home to play Friday against the winner of tonight's Miami
Chicago game. The Warriors got to combine seventy five points
from Jimmy Butler and Steph Curry one twenty one to
one sixteen over Memphis. It'll be Golden State now against Houston. Dallas.
(10:09):
Tonight plays Sacramento the Winter Place Friday in Memphis. Devil's
won five to four in overtime at Boston. Devil's finished
third place of the division. They'll have a first round
playoff series with Carolina. The Islanders last home game of
three to one loss to the Capitals. The Giants at
the third pick of next week's draft. They are heading
to Boulder to watch a private workout by Colorado quarterback
Shadorah Sanders, Johns Stashankler, Bloomberg.
Speaker 7 (10:31):
Sports Karen Jones.
Speaker 1 (10:34):
Coast to coast on Bloomberg Radio, nationwide on Sirius XM,
and around the world on Bloomberg dot Com and the
Bloomberg Business app. This is Bloomberg Daybreak.
Speaker 2 (10:46):
And among our lead stories this morning, it involves the
tech sector, the Trump administration of posing new restrictions on
Nvidia chip exports to China. Let's get more on this
story this morning with Pretty Gupta, host of Bloomberg Radio TV,
but joining us from our London studios. Pretty good morning
to you, Thanks for being with us. In video shares
that should say, among the most actively traded this morning,
(11:08):
down about five point three percent now in Vidia and
even TSMC. We're pledging closer relationships with the Trump administration.
Speaker 12 (11:17):
When happened, well, they're still kind of there. I mean, look,
this is coming twenty four hours after a big investment
that Nvidia had announced in the United States and specifically
in some of the southern states like Texas and Arizona,
to the tune of five hundred billion dollars. But John,
to your point, the sentiment has completely taken a different
tone now to reporting a five and a half billion
(11:39):
dollar hit because the US is clamping down when it
comes to the exports of some of Nvidia's chips, specifically
the Age twenty chip, which in Vidia, by the way,
has created as kind of a watered down version of
the traditional AI chip that is specifically catered to kind
of circumvent and address some of the concerns from the
US government, first under Biden, now under Trump, and still
(12:02):
being able to serve their Chinese clientele. But it looks
like even that is coming across some pretty severe restrictions
under the Trump administration.
Speaker 2 (12:09):
Okay, so this clamping down even predates the Trump administration,
Can we say it doesn't really have anything to do
with the trade war that's taking place.
Speaker 12 (12:18):
It's definitely a piece of it, it feels like it.
But remember Jensen Wong has spent quite some time at
mar Lago before even even Donald Trump was elected, and
since then, right ahead of Nvidia this announcement to kind
of make sure like a lot of the tech CEOs
are there on the winning side of this. So so that
domestic investment is very much coming in that same vein.
Remember they're also choosing not to spend that five hundred
(12:41):
million dollars investment in Asia, so that very much is
a reaction function to the trade war. But this is
actually one that has been happening again under the Biden administration.
Speaker 3 (12:50):
This eg.
Speaker 12 (12:50):
Twenty chip that Nvidia has developed is the third iteration
of a chip to circumvent government restrictions. Like I said,
not just under the Trump administration, but this entire effort
started under the Biden administration and the chip that the
Chips Act and the restrictions there.
Speaker 2 (13:05):
This news we got, this came in a regulatory filing.
It's not like it was an announcement from the Trump administration.
Speaker 12 (13:11):
This isn't a yes, you're one hundred percent right. This
was a regulatory filing from Nvidia. This did not come
unto the Trump administration. But in Vidia going ahead and
talking about a five hundred five excuse me, five and
a half billion dollar hit to their bottom line, we
should just mention there are reports of other from other
media that are suggesting about seventeen to eighteen billion worth
of Age twenty chips that were already developed from and video.
(13:35):
So the key kind of phrase that you need to
keep an eye on in this filing is inventory, purchase
commitments and related reserves because a lot of these chips
have already been produced. So it's a question of if
they don't go to China, where did they go? Given
that they are kind of this water down version.
Speaker 2 (13:48):
Okay, the H twenty water down version. Again, this is
this is a chip that specifically trains AI models.
Speaker 12 (13:58):
It does it specifically has to do with inference. And
so the big concern from the Biden administration and the
Trump administration has been that so much of AI is
being used not just in things like consumer electronics like iPhones,
like washing machines, but ultimately to things like military intelligence
and more sophisticated technology. Now, if the US is able
to export that critical piece or kind of help to
(14:21):
that military technology to the likes of China given the
geopolitical tensions, that's where their concern lies. So Nvidia's solution
to that was to create this chip that still helps
these kind of consumer electronics and helps cater to a
clientele in that safe space, but isn't as advanced to
the point that you can use them in military technology.
(14:41):
And that's the difference here between the AH twenty chip
relative to some of the other products Nvidia offers.
Speaker 2 (14:47):
Remember, like before the trade war, one of the big
concerns for investors had been AI investments, whether these were
going to pay off in the long term, and the
capital expenditures with respect to that. That's sort of faded
to the background. Isn't that back with us as a
concern for technology?
Speaker 12 (15:05):
It is a little bit of a conservative technology because remember,
not so long ago, we were also talking about this
big Deep Seek kind of crash that had happened when
it comes to the cost of innovation around AI as well.
And this is where Nvidia's kind of stuck between a
rock and a hard place because so much of that
technology and that sourcing and that physical manufacturing is happening
abroad because it's cheaper to happen abroad. On top of that,
(15:27):
China has already proven they're able to come up with
technology that is almost eye to eye to what's being
developed in Silicon Valley and do it at a fraction
of the cost. Now, if that continues that they are
able to kind of really pull down those costs, that's
a big deal because Nvidia developing those chips in the
United States increase increases the cost of those chips.
Speaker 3 (15:47):
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on Bloomberg day Break
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