Bloomberg Daybreak: Europe Edition

Your morning briefing. All the news you need to start your day.

On today's podcast:

(1) Nvidia’s general counsel intervened in a US government probe of suspected smuggling of AI chips by Megaspeed International, questioning whether the Trump administration played a role in detaining an executive from the Singapore-based firm who’s now at the heart of a scandal threatening Jensen Huang.

(2) Though it’s not uncommon to see cultlike tech CEOs who obsess over details, Huang is in a class of his own. He has led the business since its very beginning 33 years ago, the longest such run in Silicon Valley. And even as Nvidia grew into one of the world’s most powerful companies — with a stock return of more than 700,000% — there’s still no one designated to potentially replace him.

(3) Anthropic sent out and retracted a filing that appeared to show it was aiming to raise as much as $69.3 billion ⁠through an initial public offering, Reuters said.

(4) President Donald Trump said further strikes on Iran wouldn’t be necessary but the US remains “locked and loaded,” an indication that he’s winding down the conflict after Republicans’ midterm elections loss underscored its deep unpopularity.

(5) Russian and Ukrainian envoys will discuss territorial issues and proposals for ceasefire monitoring in the United Arab Emirates this week, according to a senior US official, as a new round of negotiations to end the war gets underway.

(6) Insurers are taking steps to limit their exposure to the risk of losses tied to a wave of street protests in cities across Europe.

(7) China’s trade surplus ballooned to just over $1 trillion for the year despite the biggest surge in imports since 2021, with an increasingly lopsided relationship with the European Union accounting for nearly a third of the overall imbalance.

(8) Taiwan's people are coming to grips with the growing risk that Beijing poses to the status quo and quietly preparing for an invasion, according to interviews with two dozen individuals from different walks of life, ranging from an excavator operator to a diplomat. Paradoxically, this possibility is often coupled with the inability to imagine it might actually happen.

Podcast Conversation: Reality TV’s Newest Viewers Are Here To Make Money
See omnystudio.com/listener for privacy information.

Your morning briefing. All the news you need to start your day.

On today's podcast:

(1) Nvidia Chief Executive Officer Jensen Huang admitted he had an affair with a woman identified in a series of reports as a suspected Chinese spy, plunging the chip colossus into a crisis like none before in its three-decade history.

(2) UBS Chief Executive Officer Sergio Ermotti said the sweep of Democrats in the US midterm elections could trigger a slowdown in the construction of artificial intelligence capacity.

(3) Andy Burnham plans to travel to Dublin this week for a meeting of the European Political Community, as the British prime minister’s push to reopen the Brexit debate revives old divisions.

(4) US Secretary of State Marco Rubio played down the chances of a breakthrough in talks on ending the conflict with Iran, saying Tehran’s demands to date are unacceptable and in some cases “outrageous and ridiculous.”

(5) Poland’s deadliest shooting in decades left the country shaken and searching for answers among its deepening political divisions.

(6) Reducing Europe’s dependence on imports, particularly from China, has become an urgent issue as the materials increasingly get used as economic leverage. The European Union has earmarked dozens of strategic projects for development under its Critical Raw Materials Act, with estimated costs of over €43 billion.

Podcast Conversation: One of Classical Music’s Biggest Stars Says AI Is Degrading Our Taste
See omnystudio.com/listener for privacy information.

Republicans and Democrats moved the boundaries of Congressional districts in an effort to bolster support ahead of the US midterms. But the blue wave of Democrat gains saw the partisan manipulation of maps largely fail to deliver. Our Opinion columnist Mary Ellen Klas joins Stephen Carroll to discuss.
See omnystudio.com/listener for privacy information.

Bloomberg Daybreak Weekend with Host John Tucker take a look at some of the stories we'll be tracking in the coming week.
In the US – a look ahead to U.S CPI data, with a focus on 3 stocks for the week ahead. They include: Paramount Skydance (PSKY) Hims & Hers (HIMS) and TakeTwo Interactive (TTWO)
In the UK – a look ahead to Ireland’s biggest summit ever.
In Asia – a look ahead to China's Singles Day holiday.

See omnystudio.com/listener for privacy information.

Your morning briefing. All the news you need to start your day.

On today's podcast:

(1) The fears had shadowed Wall Street off and on for months. Then, all at once, everyone rushed for the exits. The hardest hit were the companies at the heart of the artificial-intelligence boom.

(2) Jensen Huang got an expensive taste of the Democratic Party’s newfound political power Thursday. The Nvidia Corp. CEO’s net worth fell by $15.1 billion to $150.9 billion as stocks tumbled. Other big losers were SpaceX’s Elon Musk and Oracle Corp. co-founder Larry Ellison.

(3) Japan’s Nikkei 225 Stock Average slumped Friday, putting the tech-heavy gauge on course to enter a technical bear market as investors unwind artificial intelligence-related trades.

(4) Bloomberg Economics modelled what an AI market crash might look like. If the S&P 500 were to drop by 20%, it could wipe 1.6 trillion dollars from global GDP.

(5) Hedge Fund strategies designed to behave independently suddenly lost money in lockstep, exposing crowded positions, heavy leverage and vulnerabilities that had been easier to overlook during the long ascent of AI-linked stocks.

(6) Bank of England Governor Andrew Bailey said another interest-rate hike is more likely than not if the high energy costs seen in recent weeks return.

(7) French protests over the cost of living showed no signs of losing steam on Thursday, raising the pressure on the government as it struggles to push a budget through parliament.

(8) The hackers who stole $6.3 billion from Binance last week found a way to take 40% of the stolen cryptocurrency in one hit, reducing their chances of being caught in the act, and it cost them just $15.

(9) More than 10 flights were forced to divert or were searched by authorities after European airlines suffered a second wave of bomb threats in a week.

Podcast Conversation: Goldman Traders Say Phones ‘Are Exploding’ as AI Selloff Worsens
See omnystudio.com/listener for privacy information.