CEOInterviews.AIBloomberg This Weekend | Jensen Huang Exclusive Interview, White House Correspondents’ Dinner Redo

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Christina Ruffini0:02

Coming up, a White House correspondents' dinner redo. President Trump: It's great to be back at her place I know very well, because I built it, as I said three months ago, the show must go on. President Trump takes the stage again at the annual dinner, three months after a gunman stormed security lines at the Washington Hilton. His comments on the war with Iran and crucial midterm elections.

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David Gura0:32

SpaceX launches its massive Starship rocket in the first test flight since going public. This helped boost shares.

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Christina Ruffini0:37

An exclusive interview with Jensen Huang. His push for more inclusive AI and what he is saying about the growing competition from China.

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Jensen Huang0:49

They are producing more AI researchers than probably all of the world has come, you know, in any given year. Manufacturing intelligence is important. They manufacture the most important version of it, which is the researcher.

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Christina Ruffini1:06

Welcome to the weekend, everybody. We are coming to you live from our world headquarters in New York.

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David Gura1:18

It is Saturday, July 25. Welcome to our listeners and viewers on radio, television, streaming, and watching us on the Bloomberg Business App. A busy morning. After 13 consecutive nights of strikes led by the U.S. in the Middle East, none happened last night. The president was at the postponed White House Correspondents Association dinner.

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Christina Ruffini1:43

There is some action on the others of that waterway, and that is in the Red Sea. We are seeing some attacks against some shipping materials. There were reports that the U.S. might have fired on a ship trying to break that blockade there. Then we are also going to talk about a couple of different things. Ukrainian president is going to the White House next week. You're going to talk about the status of that conflict. And then we are also going to talk about some things, including the new Odyssey and the translation and why the classics are suddenly so popular. First, Lisa with the headlines.

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Lisa Mateo2:20

Last night President Trump headlined a scaled-down White House Correspondents' dinner, three months after the original event was cut short by a gunman. He criticized several reporters by name while also saying he had respect for journalism and the press. He also spoke about the war in Iran.

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Donald Trump2:34

They are talking to us right now. They would love to make a deal. I don't think it is time.

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Lisa Mateo2:42

Listen. It was Trump's first time speaking at the annual event. Before attending the dinner, President Trump hosted the leaders of four advanced nuclear reactor companies at the White House. Trump sees nuclear reactors as a key source of power for data centers and economic growth. While he was there, the president took questions from reporters about the exit strategy in Iran.

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Donald Trump3:10

There is two ways. You can do what we are doing and take it apart piece by piece. You can do it in a rapid fashion, or we can negotiate with them, which we are also doing right now.

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Lisa Mateo3:23

President Trump added that the U.S. is locked and loaded and ready to go. The Houthis have claimed to strike Saudi Arabia after Saudi-led coalition forces carried out a military operation against military targets. New report in the southern Red Sea. The escalation compounds are already a severe squeeze on regional energy flows. The U.S. military did not announce any strikes on Iran overnight and Iranian media did not report any strikes on U.S. bases. The Trump administration, facing fresh legal challenge to the president's latest round of global tariffs. Small businesses file lawsuits in the U.S. Court of International Trade, accusing President Trump and U.S. officials of unlawfully using Section 301 of the Trade Act of 1974 to replace earlier tariffs that were struck down by the Supreme Court. The Trump administration announced Thursday that the U.S. will collect duties of between 10% and 12.5% on imports from most major trading partners. SpaceX's Starship launched the space in its first major test since the company's initial public offering. It lifted off from the company's Starbase facility in South Texas and deployed 20 Starlink satellites. SpaceX has spent more than $15 billion developing Starship. It was the rocket's 13th flight.

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David Gura4:47

This is going to be important for them going forward, getting more practice for that rocket.

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Christina Ruffini4:53

Thanks, Lisa. We could all use a little bit more practice. Speaking of do-overs, last night President Trump returned to the White House Correspondents' dinner. The first ended abruptly after a gunman breached security.

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David Gura5:04

The president attacked political opponents and the press at large.

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Donald Trump5:15

Tonight we come back to answer that heinous attack with unwavering resolve and everyone of us here this evening to show that in America we do not yield to political violence. As I said three months ago, the show must go on. But this place is really the largest group of Trump Derangement Syndrome people ever put together at one time, I suspect. This evening it is really all about the fake news media. And your handling of prizes, writing and producing and performing, made up stories like the Academy Awards. This is somewhat of a scoop. My intention to run for a fourth term as president of the United States. I will be doing that. I will be having an official... In fact, I think I have... I won three times. No one is going to do it again. Thank you.

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David Gura6:22

Joining us now is Jeff Mason. He was at last night's dinner. Jeff, great to see it. I guess I should start by asking you about the feeling in the room. We were all there at the first iteration of this dinner. It took place at the Washington Hilton, a giant ballroom. This was a different affair. How much was the program duplicative of what was supposed to happen at that dinner a few months ago?

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Jeff Mason6:50

It was pretty close. The fact that the president spoke, the president of the association spoke, the awards were given to members of the press and also student journalists were recognized for scholarships, and then there was the mentalist at the end as well. It was pretty much the program that was meant to have gone on in April. Just three months later and the fact that that shooting stopped that dinner, that was overshadowing, I guess you could say, this dinner again. In general the program was the same but the venue was smaller. That was very noticeable. Certainly for someone who has attended a bunch of dinners. The Hilton fits more than 2,000 people. It is the biggest ballroom in Washington. This one was, instead of about 2,600 other people, there were fewer than 700 in the room. That doesn't mean it is small, but it is a much, much more intimate size of a dinner and that changed the mood in the room too. You can talk more about this, but when the president spoke I think that he also was speaking to what for him was an unusual crowd, in that most of the people in that room were journalists like myself and it was not a friendly crowd for what ended up being very much like a rally speech.

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Christina Ruffini8:16

That is an interesting point. We attended the first dinner and it was a huge ballroom. The journalists invite guests, you have entertainment people, you often have people familiar or close to the White House. This is a much smaller room and I imagine if he is used to speaking to a bigger crowd, it is harder when the audience is right in front of you and you can see some of those reactions. What were the reactions to jokes? I'm assuming it was a joke, running for fourth term. Awards were presented to journalists for being hard on this White House. How did the president react to that?

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Jeff Mason8:50

I mean, to your first question first, the reactions were a lot of straight faces in the crowd because that is our job, you know? He certainly was keeping a straight face and I think most of the reporters in the room, who are committed to neutrally covering this president, recognized that that joke, as it were, of him running for what he called a fourth term, is a joke about the constitution, which of course prohibits him from running for another term when he has already served two, which people have at the end of his second term now. I mean, it is also, again, a joke that is rooted in the fact that that is something he was actively thinking about at the beginning of this term and something that he has openly mused about before. I think right now it is a joke. I mean, he has stopped talking about it regularly, particularly after Speaker of the House Mike Johnson basically told him this is unconstitutional, and he seems to have accepted that. So I think he wanted to... he likes to poke at the press with stuff like that and that was one of the things he did last night. Remind me of your other question, Christina?

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Christina Ruffini10:05

That's right, we can move on. I know you have had like three hours of sleep. Jeff Mason, we really appreciate you.

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David Gura10:18

Over the course of this dinner, it has been, should be smaller? As you experienced, did the dinner last night give you an experience of this is the way it is headed? How has the conversation about the longevity of this dinner changed in the context of the one we had last night?

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Jeff Mason10:36

I think the answer to that is still TBD. The incoming president of the association, Jackie Heinrich, who works for Fox News, announced the dinner would be held again next year back at the Hilton. So that was certainly foreshadowing by the association that they are not looking to keep the scaled-down version as a model. But yes, you are not wrong to say that this sparked a lot of conversation, certainly about security at the Hilton and security for this event. But it also sparked some conversation within the press corps itself about this dinner more broadly. And it is, you know, there are people who are big fans of this dinner in Washington and there are people who aren't. And I imagine those conversations will continue.

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David Gura11:24

Come back here in a little bit. We're going to let you take a nap.

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Jeff Mason11:28

I will probably take one.

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David Gura11:34

Jeff Mason joining us on the heels of the White House Correspondents' dinner which took place last night. Just hours ago, the U.K. Maritime Trade Operations Center warned of an incident involving a tanker and military forces in the Gulf of Oman, and it is warning vessels in the area to remain diligent. Stephen joins us now. Great to have you. Announcing this blockade. Maybe I could ask you first what effect that has had so far on the oil trade and sort of what traders, what investors are thinking about the consequences of that going forward?

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Stephen12:17

The market is trying to digest what is happening in the Red Sea, where the Houthis are trying to tighten control. Since the Strait of Hormuz closed since the end of February when the U.S. and Israel began strikes on Iran, Saudi Arabia was beginning to shift more of its oil. 4 million barrels per day were loaded in the Red Sea for the East-West pipeline. Normally that would be flowing through the Strait of Hormuz. The oil would then go south down to the Red Sea through the strait and to customers in Asia. With the Houthi rebels targeting Saudi ships, there was a fear that this key workaround was now in danger. And either would lead to delays or even a reduction in loading from Saudi ports, because that would require them going through the north, through the Suez Canal, then around the southern cape of Africa to get to customers in Asia. We did see a few ships turn over the last week, away from the Bab el-Mandeb strait, but in the last 24 hours we did see two China-linked supertankers carrying Saudi crude did get through. It is a mixed picture. There is oil flowing through, but at the same time there are some ships turning around. And you saw oil prices. Brent was about $100 a barrel when I was leaving the office in Asia afternoon. Close the session U.S. afternoon around $97, which indicates a bit of a fall after those Red Sea flows continued. But at the same time you have to remember, this is Friday. You never know what Trump is going to do. Probably there was a lot of people wanting to enjoy their weekend as well and not have to worry about having a long position going in. At the same time, the market, the way they are looking at this is a risk and this is the biggest escalation of the war in the region, and attacks on infrastructure and risk to oil that we have seen since March and April.

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Christina Ruffini14:22

Can you define that risk a little bit? According to CBS, seven major pipeline projects are under construction trying to find alternatives. I know the main threat right now in the Red Sea is the distribution point, but we have also got reports that the Houthis have claimed to strike Saudi Arabia with missiles. Is the concern mostly about the Red Sea distribution point or that an escalation could start to impact Saudi production as well?

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Stephen14:51

I think that is a really good point. Could impact production? A good point and further, any flare-up between Saudi Arabia and the Houthis attacking ships, President Trump said if their ships are attacked by the Houthis they will attack Iran. He has threatened power plants and bridges. Iran said if that happens they will attack energy infrastructure throughout the region. The biggest risk in the war since February hasn't necessarily been the closure of the straits. The waterways can be closed but with a good peace deal can open in weeks and trade can resume to normal in months. The real fear has been if this escalates into a wider conflict within the region, if energy infrastructure, pipelines, liquefied natural gas plants, ships, if they are getting attacked, that is infrastructure that cannot easily come back online if there is a peace deal. So the reason oil was at $120 in March was not so much because of the Strait of Hormuz closure, it was because Iran kept attacking infrastructure across the region. We haven't gotten to the worst-case scenario we've seen three or four months back, but if it spirals into that sort of situation, certainly that is something the market will be deeply worried about. If Saudi Arabia, Kuwait, other countries, Qatar, if all of those facilities are damaged more or if they have to reduce production, certainly we will see another leg up in Brent and WTI oil prices.

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David Gura16:24

A few weeks ago we talked about the state of inventories around the world, that if countries have begun to refill the reserves they had in the lulls we've seen. It sounds like they haven't. Can you get us up to status on the reserves globally? There has been focus in the U.S. that the Strategic Petroleum Reserve is the lowest it's been in a long time. Whatever it has, have there been efforts around the world to replenish the reserves since the start of this conflict?

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Stephen16:52

I think a better way to look at it, perhaps, is a lot of customers in Asia of Persian Gulf oil are really looking... they were looking at replacing their supply instead of replenishing. There hasn't been a really big effort to refill inventories. The SPR in the United States is the lowest level in decades. A key point is getting low and continues to decrease. Chinese oil inventories are something that are opaque. You are not sure what is going on there, but there is an expectation that China used a lot of their oil inventories when their imports dropped pretty significantly in April, May, and into June. Japan as well, all of the other G-7 nations, had been using their SPRs. You're in a situation where oil inventories are low and other fuels like diesel, gasoline, and jet fuel. The amount of supply globally is at an uncomfortable level. That is why you are seeing product prices rise as well. It's not just oil products, it's natural gas in Europe. Natural gas inventory is at the lowest seasonal level in about five years. They are not on pace to hit an 80% target refill by November, which is where they want to be when winter starts. I think winter in Europe, they use a lot of natural gas for heating. Inventories are a problem. I think the issue is, we pulled the lever in March and April to ease pain in the oil market. Because of the situation with depleted inventories, you can't pull the lever again if the Hormuz closure continues and the Bab el-Mandeb strait is affected.

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Christina Ruffini18:44

It seems to me as we've been covering this conflict, there has been somewhat frustrating optimism, for those of us who cover diplomacy, that this will get resolved. I wonder if it's because they had strategic reserves as a buffer. As those deplete, do you think the optimism will start to wane?

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Stephen19:03

There are a few reasons why oil has... granted, we are at $100 Brent in a few short weeks. I would say we are at a relatively high level, not the highest of $120 we were before and not near $200 which is what one analyst... some analysts were warning about. ADNOC in the UAE being able to do their shuttle service to get some oil out, which is, to a degree, continuing, perhaps, although the ships are going dark. Chinese demand has not returned. China is a big factor, a big buyer of oil globally. As long as Chinese demand doesn't come roaring back, that adds a lot of links. It provides ease to the market. I would say it is showing up in some prices. You look at the diesel run rate, the profits that you can make from refining crude into diesel, gasoline, and other products, it has jumped. There is a need for those fuels and fear that those supplies are depleting. Natural gas supply, natural gas in Europe, those prices are at a settled basis at the highest level since 2023. LNG prices in Asia at the highest level since March and almost the highest since January 2023. You are starting to see some of the pain maybe not showing up in crude itself, which is $20 off from the highs of March, but you're seeing it in other products.

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David Gura20:44

Let me ask about Ukraine and the effect that has had on energy prices, energy-refined products. We have seen Ukraine lodging attacks on energy facilities in Russia and Russia replying in kind, targeting energy facilities in Ukraine. What is our sense of the broader implications of that on the global energy market, the way that that has escalated?

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Stephen21:02

That is one more lever the market was depending on that is gone. From a crude perspective, the Black Sea is a key export area for Kazakhstan oil. It goes through the CPC pipeline to a Russian port. Right now Russia, Moscow, has said it is not safe for them to dock there. Ukraine has targeted in recent weeks over 90 ships that are connected with Moscow. You are removing those Kazakhstan supplies, which I believe is 1% to 1.5% of global seaborne oil supply. It's not nothing. With the Bab el-Mandeb strait, the Strait of Hormuz, that's reduced. You have the refining capacity in Russia which has been greatly disrupted by costs and attacks from Iran on the refineries. And Russia is a pretty big supplier and exporter of the fuel. They've had to restrain, essentially stop exports of diesel. Again, that tightens the global diesel market. You're getting the crude hit from Kazakhstan and the diesel hit tightening things for consumers globally.

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Christina Ruffini22:18

Thank you for breaking that down for us. I learned running rate, diesel run rate. I learned something new. Thank you.

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David Gura22:24

A glossary of terms.

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Christina Ruffini22:32

Don't quiz me on anymore global energy terms. I need a break. Let's check in with Lisa Mateo for the headlines.

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Lisa Mateo22:39

Massive forest fires continue to rage out of control in central Spain. Authorities have evacuated more than 60,000 people. Dozens of firefighters have been injured but no deaths have been reported. Strong winds have complicated the efforts to control the blaze which has been fueled by a heat wave. Southern Korean president wrapping up a two-day visit in San Francisco, meeting with AI leaders, venture capitalists, and Jensen Huang. Ed Ludlow spoke with him at a Korean AI summit, who said this is a golden age for the nation.

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South Korean President23:20

Semiconductor business and industrial business is booming. This is a country that has the ability to help the world build out the AI infrastructure. They are incredibly adept at adopting new technologies.

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Lisa Mateo23:37

NVIDIA teaming up with SK Group to build two gigawatts of data centers on the Korean peninsula. Samsung has won a contract worth more than $200 billion to make chips for Broadcom. The pact will run for five years through 2030 and focus on Samsung's two nanometer and below processes for Broadcom products and will expand the two companies' collaborations across foundry technology. Sky Dance and Warner Bros. Technology will hold off on closing the $110 billion deal until June unless the legal fight over the merger is resolved sooner. California and 11 states have sued to block the merger. It is a pricey pause for Paramount, which has agreed to pay roughly $7 million a day to Warner Bros. shareholders beginning October 1 until the deal is closed.

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Christina Ruffini24:23

That is a lot of money.

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David Gura24:27

That is Matteo's salary.

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Christina Ruffini24:33

She is low-key about it, but she is our fanciest colleague.

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David Gura24:36

The Trump administration plans to replace expiring tariffs with new ones based on accusations of forced labor. Using the Trade Act, tariffs will be placed on 60 nations that supply almost all U.S. imports.

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Christina Ruffini24:54

The administration is laying groundwork for additional Section 301 levies as other investigations are ongoing. For more on this Trump tariff wall, joining us is the Bloomberg global trade editor Brendan Murray. As someone who covers this, I'm very confused as to what is happening. What is the timeline? When are they going into place? Who is adjudicating this?

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Brendan Murray25:14

Let's unravel this. We had the 301 tariffs that took effect on 60 economies on Friday, ranging from 10% to 12.5%, basically 99% of countries that ship goods to the U.S. It is a pretty broad brush that got hit with those tariffs. There is also... Brazil was hit with 301 tariffs this week of 25%. A lot of things are carved out, like coffee, beef, and other things that are not really... that the U.S. doesn't want to hurt U.S. consumers over. And then we have this excess capacity 301 case ongoing. We don't know if it's a couple of weeks or a couple of months away, but that one is really targeted at Chinese industrial overcapacity, but it loops in a lot of other countries as well. What we are seeing and what we saw this week, really, was the president flexing his tariff muscles again. We hadn't heard much about trade war since the Supreme Court dealt him a loss in February in the trade war... when the Iran war started. He sent several reminders this week that he has the authority to use tariffs, and he wants to use them still, even amid concerns about affordability heading into the midterm elections.

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David Gura26:43

About 24 hours ago I had Brendan on the phone.

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Christina Ruffini26:48

I heard you talk without me, I'm not upset. Whatever.

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David Gura26:51

I asked about the market reaction. It was pretty muted. I'm curious now that more time has passed, what you make of that. We have tariffs of 10.5% to 12%. They replaced temporary tariffs in place after the Supreme Court decision. What explains the market trend? Is the general rate remaining roughly the same as it did after those temporary tariffs went into effect?

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Brendan Murray27:14

Exactly. This is a continuation of the 10% baseline that was set up after the Supreme Court ruling went against the president. 10% is basically the fee that if you want to play in the U.S. market, the 10% is the baseline, pretty much, for everybody. Another factor here... the Atlantic Council wrote about this this week... remember on Liberation Day and in the immediate weeks afterward, the bond market really went after the president and the president had to retreat from those reciprocal tariffs. Now financial markets are really baking in the fact that the U.S. government needs tariff revenue and is looking at tariffs as a kind of necessary evil compared to the punishing... the market selloff that followed Liberation Day tariffs. I think what we are seeing is markets and companies absorbing the shocks we are seeing. We had another one that we haven't talked about. The 50% tariff threat against Canada, which sort of came out of nowhere earlier this week and really raised eyebrows as to this is an authority he invoked that hasn't been used before. It's almost 100 years old. Is this the new tool you will use to go after countries individually? Bloomberg Economics expects this is a trial run against Canada and maybe he could use it against other economies. But the president, you know, definitely made headlines this week on tariffs. Jamieson Greer testified to Congress and the Democrats tried to hammer him on the affordability issue, but he pretty successfully fended off some of those criticisms by saying, look, inflation is lower than it was when the president took office. I think what we have shaping up is a real economic and political debate in the three to four months before the November midterms.

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David Gura29:26

Our colleagues interviewed the journalist from the Atlantic Council and he sees tariffs as permanent. They won't go away. There is a tendency to think that if a Democrat wins the presidential election that he or she may remove the tariffs, and he pushed back on that. That's a way to get into a question about the permanence of the tariffs and how fortified the wall the president's building is. Brendan, talk about the way the president and his team have been testing the legality of these tariffs. They seem like they are less subject to legal scrutiny and more likely to stay in place, and what that means about the overall trade policy regime going forward.

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Brendan Murray30:08

Whether you are a Democrat or a Republican, you will have to fund your programs in an environment where the fiscal situation is deteriorating rapidly. Tariffs are bringing in $100 billion per year by some estimates. That is going to fund tax cuts, spending. You will need that. If you are looking for places to cut, ways to generate revenue, you are not going to want to get rid of tariffs as long as consumers absorb them, and they have so far. The legality question is really one that we will see play out. We saw small businesses sue the administration on Friday over these tariffs. It depends on who you talk to. Trade lawyers will tell you they are on firm ground. You can talk to others who say this is a much... this forced labor investigation is much broader than the intent of the statute. There is vulnerability there, perhaps. How can you bring China in with Switzerland on the question of forced labor? We will see a lot of lawsuits and a lot of uncertainty still. That has been the name of the game going forward, to expect the unexpected like we saw this week.

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David Gura31:41

The spice company we talked to fighting this.

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Christina Ruffini31:44

We will have to see. Watchers are hoping as well. You mentioned when you were talking to Jamieson Greer, these investigations. I am stuck on this mechanism and how thorough they are because you have to get through 60 something cases and it seems tedious.

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David Gura32:08

He was going into detail about how rigorous these investigations are. 60 to 80 countries here. Talk about that. The diligence the trade representative has done here.

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Brendan Murray32:23

The forced labor tariffs, the U.S. put out a report, a conclusion of its investigation, and it was 98 pages covering 85 countries including the European Union. Do the math. That is one page per country. You have to wonder how thorough that is and how durable that is going to be under court challenges. Jamieson Greer also said that this other case on excess capacity is more complicated and involves interdependent supply chains and it is much more difficult to unravel. I think he told you he has dozens of lawyers working on this. The big unknown about that particular case on excess capacity is are they going to drop that before the summit between Trump and President Xi Jinping in September. There are folks who will tell you that they will not want to do that and potentially have the Chinese leader back away from that. Some of that President Trump really wants to have been. You start to mix the geopolitical with the technical side of the trade portfolio at the White House and you can see how it is going to get very difficult from a technical aspect. There are only so many lawyers at USTR. It is not a gigantic agency. Do you really want to upset China? Have them revive their rare earths weaponization as a result of your new excess capacity tariffs? Some big questions that political folks and trade attorneys are going to have to hash out.

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David Gura34:20

Great to talk to you two days in a row, Brendan Murray joining us from London. A moving target. We will stay in touch. It is fascinating how fast this is moving.

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Christina Ruffini34:38

This is not only done to adequately restrict imported goods made with forced labor, but it is the U.S. track record on that any better than Switzerland, than some of the other countries we are investigating?

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David Gura34:49

I think you will hear a similar question from these nations as they go through this.

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Christina Ruffini34:55

Measles cases in the U.S. are outpacing more than last year. The reason for the surge and what can be done to stop it.

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Lisa Mateo35:04

Thank you for joining us. Today's top stories. President Trump has a response to the outbreak of cyclospora that contaminated lettuce from Mexico.

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Donald Trump35:18

We ought to put a major tariff on Mexico because of the lettuce. We are going to put a big tariff on Canada because of the smoke. The lettuce or the smoke?

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Lisa Mateo35:31

Trump said he would rather take the smoke. Meanwhile, the outbreak has spread to four more states. The Wall Street Journal says representatives of Taylor Farms have contacted the White House to delay the recall. The company is asking for more proof before being linked to the illness. Taco Bell's lettuce-free burrito, will it help? It shows an improvement in transactions when the restaurant chain started showing the $1 enchirito. Authorities did tie that cyclospora led to top poll... imports from Taylor Farms and several states. LeBron James heading to an eight-year run with the Lakers. He announces plans to join the 76ers, saying that his decision was not based on money or family but rather the desire to compete and win another championship. ESPN says James will sign a two-year, $8 million deal with a player option, so he is leaving his son.

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David Gura36:46

Good news in my household. I have one son in summer camp who has written a letter as a result of this. He has written the news. This apparently meets the threshold.

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Christina Ruffini37:00

That is adorable. I love sleepaway camp. Can we go to sleepaway camp as adults? Thanks, Lisa. Alarming statistics from the CDC. On Friday, the number of measles cases in the United States has hit 2,318, higher than last year and the most since 1981.

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David Gura37:23

For more, we are joined by Dr. Amesh Adalja, senior scholar at Johns Hopkins. Great to have you with us once again. Let me start by asking you how we got to this place and what does the U.S. need to do to get beyond this and get back to the way things were? How far is the cat out of the bag?

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Amesh Adalja37:43

When you think about outbreaks, sometimes it's hard to think about how things got started. With measles, it is a no-brainer. We got there because vaccination rates fell below the threshold. We are talking about the most infectious disease that humans face, one that requires a high level of immunity in the population and one in which it is circulating in many parts of the world. All that it took was for us to lower our force field and then measles came back. It never went away. The solution is simple. It is just to get more vaccines into the arms of people who are unvaccinated. Then this problem will disappear.

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Christina Ruffini38:28

We have a selfish question. We have had MMRs as kids. Are we protected? Does that take you through adulthood or if you are in one of these places with high infection rates, do you need a booster?

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Amesh Adalja38:41

For the vast majority of people, the standard childhood vaccination schedule will protect them for life. That does not mean the vaccination is 100%, but it is pushing above 95%. There is no general recommendation for boosters needed for the population. It is really about people who have had zero doses. That is what is driving this.

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David Gura39:00

In your line of work, a lot of what you do is communication about the need for vaccination. I'm curious at this moment where it seems like there are government officials who are not promoting them or not advocating for them. Maybe it is more incumbent on public health practitioners like yourself to push that. How do you assess the way in which public health professionals are making the case for vaccines at a time where they seem more necessary than other?

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Christina Ruffini39:32

And what kind of campaigns have been effective?

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Lisa Mateo39:37

There may be some who have not gotten their children vaccinated. You have to take a different tack depending on where someone is. It is often better to do it as a one-size-fits-all message on television by a talking head versus a provider sitting in front of a patient or a patient's family and asking what questions you have about measles. I think that is the better way to do it. We know people will move toward vaccination if they can get answers in a nonjudgmental way. That is a different type of rhetoric when you're dealing with the likes of RFK Jr., who is spreading disinformation, and you have to call him out for spreading lies. It is very nuanced and personalized, and that's what works. We know parents trust family doctors, they trust their primary care providers. That is where the actual movement occurs, not so much when someone's blasting from a megaphone about the vaccine.

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Christina Ruffini40:34

I think we talked about this the last time you were on here, but it seems complete now that the U.S. will lose its measles elimination status. There was this hearing, the U.S. requested it be pushed back until the fall, so now the decision won't be coming down until fall. But can you see any way that doesn't happen given the case rates in the U.S.?

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Amesh Adalja40:54

No, I think the U.S. has effectively lost. If by some technicality it maintains its status, does the U.S. have resilience against measles? The answer is no, regardless of what the elimination status will be. There will be politics around the elimination decision. For all intents and purposes, the U.S. does not have the ability to control measles any longer.

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David Gura41:18

On the issue of control, I'm curious how that dovetails with economic considerations. When you look at where the outbreaks are, there's one in Teton County in Wyoming, for instance. So much work has to be done to track down who is exposed to it, get the word out, and mount a vaccination campaign as well. Can you talk about the consequences of having a resurgence in a disease such as measles in the way we are seeing in the U.S.?

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Amesh Adalja41:48

Anytime there is an infectious disease, people can't go about their daily life. A child can't go to school. That child's parents might have to stay home. That child's parents might have to hire somebody to babysit. Then you have a health department that has to investigate who was the person in touch with, do they need to contact people, do they need to do any countermeasures to stop the measles from spreading in a given community? All of that costs money and it is money that doesn't need to be spent because these measles cases are happening voluntarily by people's choices. This is not some force of nature, it is people's choice to not vaccinate their children. They are stuck in bed sick and not out there innovating, and you are taking money that could be used for some other concern now being put back to something that we shouldn't have to be putting money into when we found a solution to this since the 1960s.

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Christina Ruffini42:51

We want to ask you about the other thing Americans are worried about, and that is the cyclospora going around with possibly this tainted lettuce. Did the administration, did the government react fast enough?

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Amesh Adalja43:18

I think it was more of a reactive reaction. The CDC basically got decimated in this administration in terms of cuts to its budget, whole divisions eliminated, including the division that would have been responsible for cyclospora. So there's less people doing this. When you think about a foodborne outbreak, when you have less people around to crunch the data, to do the interviews with people who are case patients, it is going to take longer. The state health departments have done well, but they are chronically underfunded, understaffed. It is something that decreases the overall resiliency to foodborne outbreaks when they don't have a robust system in place or when that system is being actively dismantled.

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Christina Ruffini44:05

Dr. Adalja, thank you for joining us.

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David Gura44:08

I think the story is the way the CDC was monitoring for these kinds of parasites. I have seen reported they scaled back the ones they monitored for, cyclospora was one. Now clearly it has had this profound impact. Were they able to get ahead of it? No.

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Christina Ruffini44:28

But it seems this is a constant battle you hear from public health officials, whether it is Ebola or COVID. When those diseases get under control, it seems to justify to governments they still need that money. It gets pulled back and this is how you get outbreaks.

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David Gura44:44

Coming up, Tesla is struggling after disappointing quarterly earnings report and lagging EV sales. What would become of the Cybertruck, which Elon Musk called Tesla's best product ever made?

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Christina Ruffini44:57

More at livestreaming news and interviews and more in one place. Check it out at Bloomberg/video.

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David Gura45:05

Welcome back. David Gura with you, Christina Ruffini. We will talk in a minute about Teslas, Ford vehicles. Tesla had better earnings this week. This was a fascinating piece we saw on the terminal regarding the way it dazzles Cybertruck. Are you a fan? Would you drive one?

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Christina Ruffini45:22

Absolutely not.

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David Gura45:25

That it may be that heir apparent to the Ford Edsel, which I have never seen on the road.

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Christina Ruffini45:34

I haven't either, but I know it from the butt of jokes that your parents or grandparents would make. In our article, our colleague goes into the reasons it was so controversial. It had this vertical grill in the front, disrupting the way cars were made and looked. But it was also about the way the car functioned. They got ahead of their skis with some of the features. It had a push shift switch on the steering wheel, so people would try to honk the horn and accidentally throw the car into a different gear. He compares it to a Tesla and how that was one of the biggest duds for Tesla.

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David Gura46:10

As we tee up Lisa, this is one of my must-reads of the week. The Edsel was supposed to sell tens of thousands of cars. We look at the Cybertruck, much ballyhoo, this is going to be the truck of the future. Low and behold, it seems like Elon Musk's companies have not caught on.

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Christina Ruffini46:37

NDC, which makes sense given the politics of owning a Tesla, but I see quite a few of them. And there's a few here.

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David Gura46:45

I would not want to park one here in New York City. I have done a fake BTW. Let's get to the real BTW. She has been reading more deeply than I have. A great story. I know you've got more.

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Lisa Mateo47:00

I do, but I've seen those Cybertrucks trying to park and it is pretty scary. Let's start with this. Play-Doh doesn't just for kids. You used to play with it.

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David Gura47:13

I used to eat it.

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Christina Ruffini47:19

Am I the only one who did not eat Play-Doh? Hasbro has growth seeds with Blooms. It is flower arrangements. You can make flowers from the Play-Doh and they are hoping it can catapult their growth. But I wanted you to listen to the Hasbro CEO. He spoke on Open Interest about it.

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Hasbro CEO47:53

I think that building display dynamic, being something more than just for kids, collection being something more than just nerds like myself but much broader, I think that's covering the entire play industry right now, and it's a power trend I don't think will go away anytime soon.

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Lisa Mateo48:13

He's talking about collections. Think like trading cards. Bloomberg is saying Blooms may not be as big a growth as trading cards, but they do see it... it is a smaller category so it will be tough. Do adults really want to do the Play-Doh thing?

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David Gura48:32

Well, they love coloring. Adults like to relieve their stress by coloring.

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Christina Ruffini48:39

I think it is competing with the Lego flower arrangements, but those are permanent. You put them together and they will not wilt or melt. I assume you are not baking this Play-Doh.

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Lisa Mateo48:51

It is on Walmart, TikTok, it is everywhere.

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Christina Ruffini48:55

You bring us Play-Doh and we will reevaluate the answer.

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David Gura48:57

It is not edible. What else you got?

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Lisa Mateo49:01

Are you pickleball fans? Do you play? Have you tried?

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Christina Ruffini49:06

I've played once for a story.

D

David Gura49:08

I've never played. It's very popular.

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Lisa Mateo49:12

Forget pickleball. It is padel. Inside the push to make padel the next pickleball. They share elements with squash and tennis. Played mostly in doubles. This is what padel is. The rackets have holes. The balls look like tennis balls, but not wiffleball.

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Christina Ruffini49:33

Is that what's different?

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Lisa Mateo49:38

Yeah, and the court is a little bigger than a pickleball court. It is surrounded by walls made of glass panels and mesh, so it is a little different than pickleball. But this is becoming huge. There are members who pay a lot of money.

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David Gura49:50

I have heard it is very expensive. Not that that has been my barrier of entry.

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Christina Ruffini49:56

There's one of these in Central Park, where the ice rink is. It is either pickleball or padel.

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David Gura50:04

I have seen one in Brooklyn.

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Lisa Mateo50:06

If it has the walls around it, it is padel.

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David Gura50:09

We have to ask you if you've played pickleball, Lisa.

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Lisa Mateo50:13

I have not. I've tried and failed miserably. Let's move onto this one. Washington's Union Square. I know you've been there a ton. Have you ever seen a little pig...

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Christina Ruffini50:27

There? At Union Station? No.

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Lisa Mateo50:33

A mini pig has a big job. His name is Synergy. He is just over five pounds, seven months old. It belongs to the founder of the H3 Project, which is like a crisis intervention program. So, this little pig goes into Union Station and walks around and helps them get clients. Because if you see a cute little pig, you are going to be more than willing to go up and say, aw. Open up. It is hard to get clients. This little pig is the hottest thing in the train station right now.

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David Gura51:11

The hottest thing in the train station.

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Christina Ruffini51:16

I am going through this train station with my tiny dog Brutus.

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Lisa Mateo51:19

Maybe they will be friends.

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Christina Ruffini51:20

If they meet, I will report back. I don't know what Brutus will think of a tiny pig.

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David Gura51:24

BTW this week. How about that pig? For our radio listeners, he had a little beard. We are coming up on 8:00 a.m.

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Christina Ruffini51:44

The next hour of Bloomberg this weekend starts right now. Coming up on Bloomberg this weekend, a White House correspondents' dinner redo.

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Donald Trump52:10

It is great to be back in the place I don't know very well. As I said, the show must go on.

C

Christina Ruffini52:18

President Trump takes the stage again at the annual dinner three months after a gunman stormed security lines. His comments on the Iran war and midterm elections.

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David Gura52:29

SpaceX launches a Starship rocket in the first test flight since going public.

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Christina Ruffini52:42

An exclusive interview with the CEO of Nvidia. His push for more inclusive AI and what he says about the competition from China.

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Jensen Huang52:49

They are producing more AI researchers than probably all of the world. Manufacturing intelligence is very important, the most important version of it is the research.

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David Gura53:08

Welcome to Bloomberg this weekend. It is 8:00 a.m. in New York City.

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Christina Ruffini53:15

We are here with Lisa Mateo when you view the latest breaking news reports and analysis. We were talking about the White House correspondents' dinner part two last night and what is going on in the Strait and how that story has turned to the Red Sea as we are seeing agility -- potential attacks from the Blue Houthis.

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David Gura53:43

The way the president continues to talk about diplomacy as the solution here. He tells us how talks are continuing and it seems there is no real indication of that happening. It seems a break in the U.S. strikes overnight going into Saturday but there have been 13th Street days of U.S. striking targets in Iran.

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Christina Ruffini54:02

Now we have the specter of this new nuclear deal that the U.S. might strike with Saudi Arabia but there is a big catch and we will talk about that later. First, Lisa with the headlines.

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Lisa Mateo54:12

Last night President Trump headlined a White House correspondents' dinner three months after the original event was cut short by a gunman. He criticized salable reporters by name while saying he had respect for journalism and the press. He talked about the war in Iran. It was Trump's first time speaking at the annual event. Before the dinner President Trump posted the nuclear reactor companies to commit their commodities and milestones. Trump sees nuclear reactors as a key source of power for data centers and economic growth. The president to questions from reporters on Saudi Arabia's new deal.

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Donald Trump54:56

With the Abraham Accords, they have been successful. They and others did not want to do it. There was a problem that they had with Iran.

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Lisa Mateo55:12

The Houthis claim to have struck targets at Saudi Arabia after they led coalition forces in Yemen while carrying out a military operation against Houthi targets in the Red Sea. The escalation compound an already severe squeeze. The U.S. did not announce any strikes on Iran overnight. The Trump administration is facing a fresh legal challenge to the president's latest round of global tariffs that took effect on Friday. Small businesses filed lawsuits in the U.S. Court of International Trade accusing President Trump and U.S. officials of unlawfully using Section 301 of the Trade Act of 1974 to replace tariffs struck down by the court. The Trump administration announced the U.S. will collect duties of 10% from most major trading partners. Meanwhile Peter Navarro, the senior advisor to President Trump is defending the tariff strategy saying that trade deficits are the result of what he calls 'cheating.' He spoke with Joe Mathieu on 'Balance of Power'.

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Peter Navarro56:30

You are not supposed to have chronic bouts of deficits. Things are supposed to adjust. The reason why that happens is because they cheat.

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Lisa Mateo56:41

Peter Navarro says Europe's digital tax is an example of unfair treatment of U.S. companies.

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David Gura56:44

We will have to see how this plays out. We had Brendan Murray a little while ago. The spice company that fought the tariffs. They are fighting those again. It would be fun to catch up with them. Brendan Murray telling me yesterday likely to see a lot of challenges here but unclear how much success they will have.

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Christina Ruffini57:06

It does seem at this point these markets are factoring in there is going to be some sort of 10% tariff. They need predictability to go forward with that in mind.

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David Gura57:20

We will see. Turning to last night's White House correspondents' dinner President Trump says the U.S. is locked and loaded, his words, prepare to launch a major attack on Iran.

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Reporter57:32

He made a decision about the major strikes that you are now referring to. Should we expect to see major strikes?

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Donald Trump57:37

We are talking to them right now. They've been getting more serious as the days go by. We are talking to them right now. There are two ways, I consider that the smarter way. The others are probably the easier way and we can take that to a higher level and we are prepared to do that. We are locked and loaded and ready to go. We are talking to them. I think we will see what comes of that. I believe we are very serious, they should be.

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Reporter58:16

When you say you are talking, who was involved in those talks?

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Donald Trump58:19

Everybody. JD, Marco, a lot of people. It's a big deal. It's not very complex. They cannot have a nuclear weapon. It's very simple, actually. But it's a big deal. They cannot have a nuclear weapon. If they have sort of a nuclear weapon, we will continue to go at higher levels. We are talking right now and we will see what comes of it. Despite whatever they say about the election, I'm not in a hurry.

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Christina Ruffini58:57

A lot of people to talk to says the president. Talking to the president was Jeff Mason following that dinner on very little sleep. You did see him in the Oval Office with reporters. We were talking about this is the first time in two weeks that Iran and the U.S. have not exchanged fire. We know this morning there were no munitions and attacks overnight. Should we read more into that or is this a pause as the White House tries to recalibrate?

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Jeff Mason59:26

It is hard to know because they have done recalibration over the last several weeks and after the MOU was thrown out, it seems like escalation was top of the agenda. That answer that he gave me in the Oval Office yesterday seems to foreshadow that maybe he was ready for a pause. The fact that there were no strikes overnight, again, it seems to confirm that what he said was actually what he intended which is to pull back a little bit while the talks are happening. We don't have a lot of details about those talks and that is why I asked who is leading them because we know that your and Jared Kushner and JD Vance were involved. We will see where that goes.

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David Gura1:00:26

I mentioned at the top of the hour Michael Birnbaum writes six times during the Oval Office appearance the president mentioned that his envoys were talking to Iran and he continues a rhetorical emphasis on diplomacy and he indicates he is ready to increase military pressure on the Middle Eastern country. Talk about that dynamic. We get one thing for the president but it seems to be that he is fully considered ripping up lee Terry pressure on the country. There was the conversation he had with Axios in which he talked about not having made a decision yet but was leaning toward more military action. All the while he is talking about increasing military might.

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Jeff Mason1:01:10

It is in the manic of how he has handled this war from the beginning. ... He is concerned with being a president that will preside over another depression. That is the potential economic impacts of this war that Americans are feeling with high prices which are directly related to the Strait of Hormuz, not getting the oil traffic through that it was before this conflict began. I think both things can be true. He is prepared for another big strike if he needs to. He is the one who will make that determination of need. Really from the very beginning he has been open to off-ramps if he feels the United States is being taken seriously by the Republic of Iran. That played out yesterday. Yesterday was a microcosm of that because you were right to mention what he said to Axios as being prepared for a massive strike and what he said to me which was we are talking and let's wait and see how that plays out before I make a decision about that strike. It is a lot of information and very often contradictory.

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Christina Ruffini1:02:38

I do want to ask you about this announcement that the U.S. is potentially entering into an agreement to help build a nuclear reactor in Saudi Arabia. Before we did get to the details, I will play some sound from the president talking about Saudi Arabia and the Abraham Accords.

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Donald Trump1:02:54

In order to do it they have to be a member of the Abraham Accords. They have been very successful but it is time now that they do it. Others did not want to do it because of the problem that they have with Iran you don't have that problem anymore. You have a problem but the problem is disappearing day by day. They were the bully of the Middle East. They are not going to be that much of a bully anymore.

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Christina Ruffini1:03:26

The issue with this agreement is it would allow Saudi Arabia to control and manufacture its own fuel. It has inspections and the fuel is handled other places. Why does Saudi Arabia, very oil-rich nation, suddenly want a nuclear power plant? Is this a theme about something else? The U.S. has said this cannot happen until Saudi normalizes relations with Israel. That is nowhere near close because the Saudi crown prince says that cannot happen until the situation in Gaza is handled. Is this really anything?

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Jeff Mason1:04:03

Let's dig into that second question. The deal is more or less done and signed when the president came out with his Truth Social post saying that this is all dependent on Saudi Arabia signing up to the Abraham Accords which they don't want to do. He essentially undermined the entire process and the deal which might have been a reaction to some of the criticism that you were referencing about what the U.S. was agreed to with Saudi Arabia. That is what he was being asked about the Oval Office yesterday. Why did you do this? Even Karoline Leavitt on Thursday was asked about it after the Truth Social post. She said this was always known. But it did not appear to have been known before the deal was agreed to by both parties and even by his own administration. Clearly he had a new thought about it and that basically undermined the whole deal.

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Christina Ruffini1:05:01

Jeff Mason, Bloomberg White House correspondent, please go take a nap.

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David Gura1:05:12

We will dig into that last issue with someone who is a renowned expert on nuclear security, that is the vice president for studies at the Carnegie Endowment for International Peace Corey Hinderstein. A lot of questions about why this is happening now. How are you processing this conversation about the White House willingness to facilitate this in Saudi Arabia and what it could mean for the Middle East and the world more broadly?

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Corey Hinderstein1:05:44

Thank you for having me this morning. This is an interesting question. The Saudis have pursued nuclear energy for years from different approaches. They have uranium deposits although they have proven to be maybe less fruitful than they had hoped at one point. Any energy that they use domestically could free up oil that they could sell internationally and the economics of that could be good. They are probably interested in creating options for nuclear weapons in the future. It does not mean they have made a decision to build a nuclear weapon. Leaders at multiple levels have said that they want the possibility to pursue a nuclear weapon if Iran was to acquire one.

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Christina Ruffini1:06:30

That seems like the key issue. Saudi Arabia is not under pressure for energy. If they wanted a nuclear program, they could have had one. Is there a reasonable nonmilitary explanation for not making the same restrictions on the Saudi deal as the U.S. made with the UAE in 2009?

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Corey Hinderstein1:06:53

The United States wants to be the Saudi's nuclear partner as opposed to China or Russia. In order to do that, we have asked for constraints on those programs that China and Russia don't ask for. The real question is which is more important? That the U.S. industry and strategic partnership be engaged at the expense of Russia and China or that we hold to some of these core operation principles? I come from the operation committee. I am committed to these operation principles. There are interesting, creative ways that previous administrations that the first Trump administration, the Biden administration and the current Trump administration have looked at to see are there ways we can get what we want and give a little bit. What they seem to have said is we will engage in a conversation about enrichment. We don't cut it off but there has to be a later decision point. There is a gate that has to go through relating to economics. And if we pass that gate, then yes, potentially, there will be enrichment in Saudi Arabia. But it will be U.S. technology under U.S. control in some sort of black box arrangement. That is creative. I don't know if it can really happen but I think it is better than the alternative of opening the space for Russia and China and certainly better than Saudi Arabia getting fed up and pursuing a domestic program themselves.

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David Gura1:08:22

Let me lean into a chain reaction metaphor here. When it comes to policies, a column was written about this. He said this has been a tactical problem. Saying if the U.S. is allowed to bend rules for Saudi Arabia, why not for Egypt, Turkey, Saudi Arabia or Japan. If it's ok for U.S. allies, then why not for Russian and Chinese ones also? Talk about the way you're thinking through what a carveout like this, going down this path might mean for nonproliferation?

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Corey Hinderstein1:09:06

It's an important question and one loaded with misunderstandings about history. For example, we talk about the gold standard in the context of the United Arab Emirates and what they have agreed to and what they have accepted as far as constraints on their program. But those were not imposed on the UAE. Those were initiated by the UAE. What we have seen is Japan has a different rule than Korea. And that creates problems in the relationships with our East Asian allies. We do have different rules for different countries. We do have a case-by-case basis. There are certain foundational elements that we seek. But for example, we have not required the no enrichment and no reprocessing commitment from other countries, even since the UAE agreed to it. It is ideal. But sometimes we are not living in a perfect world and we are thinking about the relationship, that nuclear energy can create a multi-generational, ongoing engagement with the United States. Sometimes that leverage may be worth more than some things we have to give up.

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Christina Ruffini1:10:13

I also wonder, when you look at who started Iran's nuclear program, the phrase Atoms for Peace comes to mind. If there is some consideration about this administration and the Saudi regime is not friendly toward the United States. But that doesn't mean what comes down the line is going to be. The U.S. fails to learn this lesson time and time again. The weapons that we left with the Shah went against us in Iran. Is there a fear that should this regime change and no longer be friendly to the United States, it could arm a country that could be antagonistic to America?

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Corey Hinderstein1:10:55

This is an important point. These facilities, a nuclear power plant and uranium enrichment plant if they were to pursue that down the road, these are not things I can just be turned off. There are things we could do to constrain capability but it's not a guarantee. You are right that we have not learned that lesson in all cases. There is another area we might be repeating the problems of the past and that's with our own civil nuclear program and how we are pursuing that going forward and looking at the use of some materials including plutonium, that could have this tool use, being possible fuel for nuclear energy and fuel for a nuclear weapon. In the past, we have spread highly enriched uranium all over the world because we thought the research reactors were great collaborative projects and then we spent hundreds and hundreds of millions of dollars collecting that back to the nine states. I don't want to see us doing the same thing with plutonium.

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David Gura1:11:50

The president announced he had this event with the Oval Office. He announced that there would be more civilian nuclear efforts in the U.S. How do you greet that? It seems like there is an increasing conversation that there is an inevitability of there being more nuclear energy in the U.S. Are we at a point in which it seems this is a path the U.S. has to go down?

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Corey Hinderstein1:12:25

In my personal opinion, I think nuclear energy and the expansion of civil nuclear energy is a good thing, especially domestically. But there are ways to do it right and ways to do it wrong. Let's learn our lessons. Let's think about the proliferation sensitivity of the materials we put into that ecosystem and into that supply chain. Let's think about the verification and monitoring that we can help that International Atomic Energy Agency build so that we have warning if things were to go into a non-civilian pathway. And let's use civil nuclear energy as a partnership point and the pursuit of clean energy, lower carbon future and energy security.

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Christina Ruffini1:13:02

Always lovely to see you. Thank you so much. We appreciate it. We will go to Lisa Mateo for the headlines.

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Lisa Mateo1:13:13

Let's get right to it. We are starting with a big win for one of India's largest student movements. The country's education minister has resigned after protests over exam paper leaks. Analysts say it shows the government is finally taking accountability and responsibility for the leaks that impact millions of youth. Protesters have since ended their demonstrations. The race to replace former Senate candidate Graham Platner will come to an end today at the Maine Democratic Party nominating convention. Democrats are expected to nominate Troy Jackson as the party's nominee in the showdown against Susan Collins. The DNC has approved a new primary election calendar, putting South Carolina first. It will be followed by Nevada, New Hampshire, and Michigan. New Mexico and Virginia will round out the primaries leading into Super Tuesday. Waymo has held internal talks about ending the deal with Uber. They partnered in 2023 but have become competitors in some markets. There is an intense lobbying battle over the future of robotaxis. One final brutal day in the mountains for the Tour de France. Three enormous climbs and almost nowhere to recover. It's one last opportunity to attack before tomorrow's finale in Paris. I couldn't even imagine tackling that.

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David Gura1:14:54

Nor I. I missed this whole race.

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Christina Ruffini1:14:57

I feel like we usually hear about it.

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David Gura1:15:01

Going back to the Lance Armstrong days. There were afternoons I would spend a lot of time watching that.

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Christina Ruffini1:15:12

A lot of cyclists in D.C. would put this up at bars and stuff. It's a nerdy city. People like to do niche sports. Cycling seems to be popular.

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David Gura1:15:21

I think they were a lot of high-octane, high achieving people there. They did the sorts of things. Lisa Mateo, thank you very much. Going to Paris, you see the sights of the city.

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Christina Ruffini1:15:40

I will go to Paris for the finale. I am willing to take the trip.

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David Gura1:15:46

If asked, she will serve.

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Christina Ruffini1:15:47

I am happy to take one for the team.

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David Gura1:15:52

Ed Ludlow is the host of Bloomberg Tech and was at NAI Summit that took place there yesterday. Jensen Huang was there as well.

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Christina Ruffini1:15:58

He spoke with Ed Ludlow about the massive 500 billion dollar investment in South Korea's SK Group as well as recent development in Chinese AI.

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Jensen Huang1:16:08

The semiconductor commission has changed. The reason for that, because we used to build computers for people to use and we will continue to build incredible computers. These are processing AIs for humans to collaborate with. We also have AI agents. They will be using computers. Instead of just a billion people using computers, we will have 100 billion agents and robots all using computers. The computer industry built on top of the chip industry surely is not big enough. This is one of the realizations of the semiconductor industry that now computers are built not just for people to use but computers are being built for computers to use. My guess is that the semiconductor industry is probably going to have to be 10 times larger than it is today over the next decade or so. And so working with our partners in Korea and around the world to scale up the supply chain of semiconductors so that we are prepared for this.

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Ed Ludlow1:17:13

How much do you need the Korean economy to get going to increase the supply of HBM bits for Nvidia-based systems, wherever they are?

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Jensen Huang1:17:22

We don't have enough bits. We are constrained in HBM memories. We are constrained in just about every part of the supply chain. We are even constrained now with land and power and construction workers that set up the data centers. I think this is one of the areas that is going to make sure that we continue to build out in a throttled way, for a decade. The reason for that is the structure, unlike for electronic devices and PCs and phones, it is really hard to scale up land powering. All of the supply chain needs to be built out over the years. We are going to have a hard time going much faster.

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Ed Ludlow1:18:10

We have gone over a lot on your commitment to the U.S. in terms of spending. Is that Nvidia spending in the Korean economy or is that SK caps on link expenditures?

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Jensen Huang1:18:26

We will be purchasing from them for many years to come. We buy a lot of computers. In order to build $1 trillion of systems, you have to buy a lot of system memories that go with it. We have purchased agreements and large purchase intentions with SK Hynix. As K-tel, will become in a cloud. We are starting to build already. They are intending to build up to two gigawatts in the near future. In that agreement, we will be selling AI supercomputers to them. Between us, we will do -- have $1 trillion worth of business.

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Ed Ludlow1:19:04

I was able to sit down with the SK Group chairman for about 40 minutes. At the end of the conversation, we got to what is the difference in approach, the academic approach on AI between the United States and China. His view was China was focused on lowering the cost of tokens. In America, we are so focused on the quality of tokens. What do you think of that?

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Jensen Huang1:19:35

The goal of AI is to produce an intelligent and smart answer. You can approach it in a couple of different ways. You can make all of the tokens smarter. As a result, using less tokens to do so. You can also produce AIs that are more efficient and think longer, explore more options. And as a result, produce a smart answer. There are many different ways to reach intelligence and deliver smart answers. In the end, I think you have to take a step back and just realize that both countries have extraordinary AI researchers. And whatever conditions and whatever resources they have, amazing people will find great answers. And so, you are going to find -- my expectation is China and the United States will continue to advance AI. The conditions are different. The constraints are different but these amazing researchers will find answers. And I think that in the case of China, they are producing more AI researchers than probably all of the world has in any given year. And so, they are producing, manufacturing intelligence is important. They manufacture the most important version of it which is the researchers. So, this is an area, a country that will produce excellent AI technology. We should continue to learn from them and work with them. You are here in Silicon Valley and San Francisco. The number of AI researchers that came from China is quite significant. We are really fortunate to have them here. We just have to keep on racing.

E

Ed Ludlow1:21:17

You made your first post on X.

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Jensen Huang1:21:19

I did.

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Ed Ludlow1:21:22

You shared a letter signed by many of your peers, American companies, to talk about the importance of open models. To America, to the industry, to the development of AI. It is pretty well explained, your rationale. What was the catalyst for now? Why did you and others need to do that in this moment?

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Jensen Huang1:21:49

We sense that there's a growing sentiment that -- and the wrong sentiment for open models. It's important to realize that open models is essential for safety. Open models are essential for innovation. It's necessary for company sovereignty. I see a future where the world uses tons of closed models. And I encourage everybody, including my company, to use OpenAI and Cursor and Cognition and Perplexity. Use everything that you can, because it is just easier. And you build only what you must. And so in order to build what you must, you need to have open models to do that with. Maybe it's because we have expertise that we simply cannot afford to share. This is our company's intelligence and we have to make sure to keep that proprietary. Maybe it's because our company works in industry that is regulated and we simply can't pass along the surface level agreement and we have to make sure we can deliver fully on the service. Maybe it's something to do with sovereignty that in particular country, you have to have your own AI, you have to control your own AI. Whatever those reasons are, I think that largely I would recommend people build their own AI especially when they need to control for whatever reason. So I think the future is going to have lots of use of AI that is closed and open. One of the things that people misunderstand about these open models is that yes, you can host it yourself, but most people use computers in the cloud. Frankly I think closed models are cheaper. If you don't have to build or train it yourself, it cost a lot of expertise to fine-tune and maintain and keep it safe and evaluate it. There's nothing cheap about doing that. The reason you need open models is because you need to have control. You need to adapt something for your own very specialized use cases. I think there is a lot of misunderstanding about closed vs. open, but there is a world for both.

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Ed Ludlow1:24:25

There is a distinction.

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Jensen Huang1:24:31

As much openness as you can. The more open it is and the way that we work, we put the weights out there. We also teach people how to train the model from the data that we also open-source. And the reason for that is we want to enable you to produce the model. By us teaching you how to do that, you could then do it for yourself. I think the idea that the world is going to be one or the other is completely wrong. The idea that open models are somehow -- is fundamentally wrong.

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Ed Ludlow1:25:14

We got to talk about the jacket here in a minute but we've got the president of South Korea and you see Nvidia deploying a lot of capital across South Korea now, investing in AI infrastructure, very much continuing the story that we've talked a lot about on the show, this circular nature of investment.

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Christina Ruffini1:25:39

You heard Ed asking about SK Hynix. In proximity to that company, leading the memory chips for that larger infrastructure.

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David Gura1:25:50

And it's interesting watching the Kospi and how these tech companies are becoming to that stock market in South Korea. Hopefully will continue to grow for them, but it's getting to the point where it's going to be a risk factor if the bottom starts to fall out.

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Christina Ruffini1:26:08

Always fascinating to hear from Jensen Huang. China has a very open AI approach. Here we have a more close one.

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David Gura1:26:22

It is saying open models are not inherently unsafe.

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Christina Ruffini1:26:24

You want to talk about the jacket?

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David Gura1:26:27

I'm obsessed with the jacket. I was looking to see if it's the same jacket, if he has many jackets. And one of his jacket was just auctioned off and it went for -- how much?

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Christina Ruffini1:26:39

$1 million.

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David Gura1:26:41

Correct. $960,000. We've got a new story.

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Reporter1:26:50

Another day of deadly strikes on Ukraine. We must be three reporter of the Grand in Kyiv.

Ukrainian President Zelenskyy and Donald Trump are scheduled to meet next week amid efforts to revive diplomatic talks to try to end the war between Russia and Ukraine.

This coming after Zelenskyy says he had a good, important conversation that would bring peace closer with President Trump's envoy Steve Witkoff and Jared Kushner.

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David Gura1:27:24

Andrew, great to speak with you. Set the table for us as we look ahead to the meeting next week. There have been a series of conversations at these international summits. What do you expect to come out of that meeting in Washington, should they get together next week?

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Andrew Kramer1:27:42

Thank you very much for having me on and I apologize for some of the connection problems here. The peace talks essentially stalled even before the Iran war began. For months now, we had back channel conversations but no real progress. It would be an important step if at this meeting which is scheduled for next week, we see a suggestion that these talks could move forward with probably the central issue being control of the Donbas region of Ukraine just as it was in February they broke off last time.

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David Gura1:28:18

Has there been any movement from Zelenskyy? I remember a year or two ago it was we are going to fight for every inch of territory. Has realism come to Kyiv in the fact that Ukraine does seem to have some momentum and they know that they could end this? Or is it still not something they're willing to talk about out loud?

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Andrew Kramer1:28:42

I think the issue is Ukraine will fight as it has no choice. Russia's the country but larger territory, more population, more resources. The toxin held up over a formula for joint political control of the still-Ukrainian controlled portion of the region, and Putin had insisted and has said publicly that they won't stop fighting until they control this area and neither side has accepted the compromise of joint control. So I think that right now, the war is moving in Ukraine's favor. We have multiple strikes in Russia almost every day as well as strikes in Ukraine, and the front line has not moved in months, so the representation had been that it would be captured within 748 months. This was taken on and afterward, at that time is now elapsed and there has been no movement. It's unclear that Russia could achieve these goals militarily. It's been trying to capture this area for more than 10 years, since 2014, and it has not achieved that. But there is a window of about six months Ukraine believe, while the technological advantages still effective before Russia is able to catch up with that. It is really a window of Ukrainian advantage and whether they can be translated.

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David Gura1:30:28

I want to ask you where we are at in terms of what the fight looks like. We've seen about the way that Ukraine is targeting sites in Russian now, energy sites in particular. Moscow, St. Petersburg. I was struck listening to NPR talking about how it is perilous now in Ukraine to go to a gas station, to fill up your car. What does the war look like on the ground today in terms of how it is being prosecuted?

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Andrew Kramer1:31:04

I'm in southern Ukraine, a city which is often targeted for being closer to the frontline, and there are really two wars. There is the battle for control of territory, and because the ground war has been essentially stalled for more than two years now, the ground to a halt, it's becoming an air war. Both sides are hitting critical infrastructure, military targets, energy sites. -- We had three glide bombs come in. Every other gas station in this town is blown up. It's really a long-range, attritional warfare using these types of long range drones and airplanes and a question of which side can hold out longer. Russia is larger and has a larger economy. And more resources. But, there are ways in which this is a disadvantage as well. Because Russia has more of a developed economy, it has more things that can be broken and blown up. Ukraine has adapted over four years. The strikes are in Russia got rolling in a significant way for about a year, now. The oil port has closed. About a quarter of Russia's refining capacity has been destroyed. In the last week or so, we had 150 ships that were targeted, Russian ships were targeted in the Black Sea. They have a lot that can be damaged if this goes on.

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Christina Ruffini1:32:55

You are seeing, it seems suddenly in the last month or so, this penetration by Ukraine into Russia, further and further, targeting the sites. Is that a progression of technology and where they feel politically and diplomatically this is an acceptable thing that Europe and even the U.S. to some extent will not punish them for, or is this a combination of both?

A

Andrew Kramer1:33:20

I think it's a bit of a combination of both. It is largely technological. These are Ukrainian made ammunitions. They don't need to ask permission to use these. And it is also a function of geometry. If you look at the map, Ukraine is on the inside of the circle essentially and Russia is on the outside of the circle. Once you get past the front line, you are moving into ever and ever larger territories in Russia. It's not even, you travel an extra hundred miles and double the range of your drone, you are covering four times as much territory. The opposite is true when weapons are coming into a more confined area. There is an actual geographic advantage in the battlefield and they are reaching out. There was a strike on two men recently in Siberia. That hit a refinery. The ranges are well over 1000 miles. It is a combination of technological advantage and also relying on their own weaponry rather than donated weaponry.

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David Gura1:34:42

In the minute we have left, I want to ask you about President Trump's attitude toward the war and President Zelenskyy as well. A Trump influencer.

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Christina Ruffini1:34:58

MAGA whisper --

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David Gura1:35:01

Sat down. Listen to what she said.

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Laura Blumer1:35:03

I feel terrible about what I said. I would like to apologize to the people of Ukraine about what I said about your country. They have been kind to me. I highly doubt I would be welcomed in Moscow.

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David Gura1:35:16

An astonishing about-face from Laura Blumer. We had President Trump sounding more positive about Ukraine. In the minute we have left here, your assessment about the U.S. and his engagement with the war as we see it.

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Andrew Kramer1:35:37

I think Russia has dominated some of diplomacy for the past year or so. Ukraine is working hard to make inroads with the MAGA influencers of the Republican Party in the United States. That was an important step and accomplishment for Ukraine to win over an important voice in President Trump's movement. There has also been -- the battlefield shifts have favored Ukraine. I think this is changing the opinion and the views of members of the Trump administration.

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David Gura1:36:19

Andrew, great to speak with you. That is Andrew Kramer.

C

Christina Ruffini1:36:23

Thank you so much. Please stay safe. We will continue the discussion on AI after this. Mishal Husain interviews Karen.

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David Gura1:36:33

Take us with you no matter where you go. You can watch Bloomberg this weekend on Bloomberg Television. Listen to the show on Bloomberg radio. Stream us live on the Bloomberg business app. It is Bloomberg this weekend. Stay with us.

C

Christina Ruffini1:36:47

We will be right back.

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David Gura1:37:03

This is Bloomberg this weekend. I am David Gura with Christina Ruffini and Lisa Mateo. We heard from Jensen Huang on the future of AI. On the latest Mishal Husain show, Karen How argued --

K

Karen1:37:28

AI is like the word transportation. Transportation refers to everything from -- to rockets. AI refers to technologies, some of which are designed like rockets. They are very resource intensive and they exact a lot of cost to produce. In general, we only deploy rockets for a very narrow subset of transportation needs. We never go around and say every single person should have a rocket and use that rocket for every one of their transportation needs. That would destroy the environment. It would also be really inefficient. And probably not actually get people to places faster because of the amount of time it would take to boot up the rocket. And so, what I suggest in my book and throughout my other work is that we need to shift our portfolio of AI technologies to better reflect the kinds of specialized AI that we in fact need to tackle real societal challenges. Things like improving health care and accelerating drug discovery. DeepMind is an example of a bicycle of AI. It predicts how a sequence will fold into a structure. This is important for accelerating the understanding of human disease and designing drugs to target those diseases. It won the Nobel Prize for chemistry. This is a technology, even though it is called AI and ChatGPT is called AI, DeepMind is fundamentally different from how ChatGPT is produced and how it operates. It uses very little data and computing resources and there is no need for labor exploitation, either. And it is still able to provide a lot of benefits. My question is when you look at the portfolio of AI technologies, wouldn't you want to pick the ones that have great benefit at very little cost? Why would you pick the ones that have great cost and then --

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Mishal Husain1:39:29

These are value judgments and something you think has no value, someone else might. We know many armies use AI for targeting. And the use of weapons. You might see that as wrong. Others might see that this is necessary defense. It is part of the defense of your realm and if you are not going to do it through the tools of our age, you will fall behind. And the bad actors, terrorists, governments, are going to get you.

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Karen1:39:58

That is a particularly controversial issue where people fall in different places. I am arguing there is many different ways to produce AI. You do not need to unlock the benefits of AI through a corrosive approach. So, why are we not holding these companies to those higher standards?

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Mishal Husain1:40:17

I am conscious that both Anthropic and OpenAI are heading toward public offerings of their shares. Is that a moment that you think could bring greater accountability, that once a company is public and it has all kinds of investors and general meetings that a level of scrutiny that is lacking comes in, a useful one?

K

Karen1:40:37

I do think it could be. I am hopeful that it could be, because when companies become public, they do institute more public infrastructures. But, I lay this critique on existing public companies as well. I called Google and Microsoft empires of AI as well. I think governance needs to come from the public and publicly elected officials. Not just the market forces.

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Mishal Husain1:41:07

Do you think Anthropic is a more principled company than OpenAI?

K

Karen1:41:11

No.

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Mishal Husain1:41:14

Even though it stood up to the Pentagon?

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Karen1:41:20

The CEO of Anthropic said he did not have issues with fully autonomous weapons. In fact, he believes this was a technology where the U.S. probably should keep up. The problem was simply that he did not want this version of Claude to be used for that.

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Mishal Husain1:41:40

It has been used in AI-assisted targeting. It's reportedly been used on the raid on Maduro in Venezuela as well.

K

Karen1:41:45

That's right.

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Mishal Husain1:41:48

Are you following the Chinese AI players, like DeepSeek?

K

Karen1:41:52

Very loosely.

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Mishal Husain1:41:56

Do you believe they behave differently or do you accuse them of imperialism, also?

K

Karen1:42:01

They behave differently because of a particular reason. When ChatGPT first came out, the Chinese tech giants did the same thing as the other U.S. tech giants which was try

U

Unknown1:42:10

Make their own version of ChatGPT. I was at the Wall Street Journal at the time. It was right before ChatGPT came out. The U.S. government used this mechanism called export controls to block Chinese companies from getting access to the most cutting edge AI computer chips. And those are the ones designed by NVIDIA. And so, all of a sudden the entire country of China and these Chinese companies faced an enormous constraint on one of the core resources that the U.S. companies were using to supercharge their AI development. So, Chinese companies had to take a different route. They were not able to scale the same way U.S. companies were. And that, I think, is what led to DeepSeek. DeepSeek was an example of a Chinese company hearing about how to develop the same capabilities of AI, these AI models but for significantly less fraction of computational resources. DeepSeek illustrates the exact point I am making that it is in fact possible to produce AI, different types of AI and also the same exact kind of AI, with significantly less resources. And therefore, have a much less corrosive impact on planetary health. So, why are we not doing that?

C

Christina Ruffini1:43:36

You can watch and listen to the entire interview at Bloomberg.com and wherever you get your podcasts.

D

David Gura1:43:41

Coming up on 9:00 in New York City.

C

Christina Ruffini1:43:50

The next hour of Bloomberg This Weekend.

A

Announcer1:44:03

Welcome to Bloomberg This Weekend live from New York with David, Christina, and Lisa Mateo. The latest headlines, key analysis, big interviews in the stories that hit home on your days off.

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Christina Ruffini1:44:25

Welcome back to Bloomberg This Weekend coming to you live from New York. I'm Christina Ruffini.

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David Gura1:44:29

David Gura.

Saturday, July 25. New U.S. strikes overnight on Iran. President Trump was at the postponement or the second version of the White House Correspondents Association dinner. We were there for the first one that of course was canceled very quickly after a gunman made it through security with the president going about the routine he had planned for that night.

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Christina Ruffini1:45:03

Some awkward moments, but mostly a dinner as they all are. There's a couple things coming up for next week. We had this announcement from the Trump administration that they want to enter a nominally civilian nuclear program with Saudi Arabia. Some pushback on that given that the president then tweeted that is going to have to come after Saudi normalizes relations with Israel, something they look unwilling to do. And then we also have the president of Ukraine lightly building the White House next week as well as the funeral for center Lindsey Graham and dignitaries from around the world.

D

David Gura1:45:37

Charting at over the course of the week, look after the headlines now from Lisa Mateo.

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Lisa Mateo1:45:38

A big win for one of India's largest student union movement in years, analysts say it shows the government is finally taking accountability and responsibility for the leaks that impact millions. Protesters have since ended the demonstrations. The latest in the Middle East, where the Houthis claimed to have struck seven Saudi Arabia. This comes after a Saudi-led coalition force in Yemen carried out a military operation against Houthi military targets near a fork in the southern Red Sea. This compounds the already severe squeeze of regional energy flows. The U.S. military did not announce any strikes on Iran overnight and Iranian immediate not report any Islamic Republic strikes on U.S. bases. Last night, President Trump talk about the war in Iran while headlining a scaled down White House Correspondents' dinner three months after the original event was cut short.

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Donald Trump1:46:39

They love to make a deal. I don't think they are ready to. I don't think it's time yet, but I'm willing to listen.

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Lisa Mateo1:46:50

It was his first time speaking at the annual event which he did not attend during his first term. Before the dinner, he hosted the leaders of four advanced nuclear reactor companies. He sees nuclear reactors as a key source of power for data centers and economic growth and while he was there, the president took questions from reporters about the exit strategy in Iran.

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Donald Trump1:47:16

You can just kind of keep doing exactly what we are doing, we can do it in a more rapid fashion if we would like to, or we can negotiate with them which we are also doing right now.

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Lisa Mateo1:47:31

He added that the U.S. is locked and loaded and ready to go. In other news, fresh legal challenges to the president's latest round of mobile tariffs that took effect Friday. Small businesses filed lawsuits accusing President Trump and U.S. officials of unlawfully using Section 301 of the Trade Act of 1974 to place earlier tariff that were struck down by the Supreme Court. The Trump administration announced Thursday the U.S. will collect the duties between 10% and 12.5% on imports from most major trading partners.

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David Gura1:48:03

Just getting started, it sounds like. There is still a bit of the 301 investigation taking place. It does seem like the administration has found its sweet spot. Feels confident that it is a legal ground.

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Unknown1:48:19

We will have to see, obviously there are already court challenges in the works.

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David Gura1:48:25

This week the Trump administration signed a landmark deal with Saudi Arabia. Only days later, the president out of the caveat that the country must join the Abraham Accords. Take a listen.

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Donald Trump1:48:38

In order to do it, they have to be a member of the Abraham Accords which have been very successful. They and others didn't want to do it because of the problem that they had with Iran. You don't have that problem anymore. You don't have a great power there anymore. You have a problem, but the problem is disappearing day by day. They were the bully of the Middle East. They are not going to be that much of a bully anymore.

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David Gura1:49:06

Joining us now is Carry Young, Senior Fellow at the Middle East Institute. There's a lot to talk about. Let's start with the issue, I'm very curious how you watched this conversation unfolding. The initial proposal from the president that he would help Saudi Arabia with the civilian nuclear program and then this turned that we saw a movement the week. There was this very important caveat that he was placing on this agreement.

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Carry Young1:49:32

That's right, it's been full of surprises and this is typical Trump in some ways. Changing the terms of the deal to sweeten the deal. Normalization as we know has never been part of the Saudi nuclear agreement with the U.S., and this agreement is something that has been in the works, part of negotiations in the Biden administration and the Trump administration and had really been sitting very much completed since the end of last year. It raises questions on why the announcement now and why they kind of turnabout after it was announced in putting this sort of onus on the secretary that perhaps the terms were not with the White House wanted. He creates a sense of chaos.

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Christina Ruffini1:50:22

I know this deal has been around for a while has it always been around in this form? Obviously the controversial bit is the and whether or not that is going to be enriched in Saudi Arabia and what the limitations on that would be, whether it be some form of a black box system. With that always part of the deal, or did this look a lot more like with the U.S. entered into the UAE which is considered the gold standard of these arrangements, where they have nothing to do with fuel, it is a purely civilian nuclear program?

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Carry Young1:50:57

We have to see the actual language and it hasn't been released but in general terms, Saudi Arabia has wanted to reserve the right for enrichment into the future simply because they have large supplies domestically of uranium that they wanted to be able to have the capacity to use what they have at home. This is still a 1-2-3 agreement, to share nuclear technology. It's similar to the one in place with the United Arab Emirates. Supposedly, there's a bit of difference in terms of the 10 year review period for enrichment, and also a bit different in terms of the standard for the inspections. These are the points that perhaps in language are different from previous agreements in the region.

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David Gura1:51:54

Marco Rubio was of the conference earlier this week talking about there being sensitive diplomatic solution to the impasse we see in the Middle East. This think you listen to say.

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Marco Rubio1:52:05

These people who are calling us every day begging us to do a deal, they are running out of countries to send. I just spoke to the Iranians, they want to do a deal. The problem is every time these people do a deal is they either break it or after they make it, they want to change the deal. They are probably not ready to do a deal yet, but they will be soon.

D

David Gura1:52:30

I heard you in conversation on a podcast a few weeks ago talking about the volatility we've been having. Obviously that MOU not being worth the paper that it was printed on. As you listen to the secretary of state talking about Iranian appetite for their being a deal, you hear the president saying they want a deal that we are not there yet. How do you see all this unfold, do you think that is going to bring both these parties back to the table?

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Carry Young1:53:02

As I've said, we should expect volatility for some time. We are not seeing any kind of restoration in the Strait of Hormuz, and we might not ever. We are going to rely on those more, and it's just going to be a long time coming. The idea that we could get a settled agreement with Iran is probably going to be kicked down the road, I would imagine, simply because the U.S. and others still expect that we are creating change inside Iran. That the dealmakers themselves may be different in the months to come. The signal I think you mentioned at the outset of the program is that last night we did not see strikes on Iran retaliations in the region. We've entered this kind of third and final push of the conflict, Trump making an effort to really go hard on Iran. I think that will probably persist another week or so. And the president sometimes changes his mind. He may back down. We don't know and many would argue that increased military pressure on Iran doesn't necessarily their calculus.

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Christina Ruffini1:54:27

The one thing I think everyone learn from this conflict is it is not just the nuclear card, is that they can now close the strait at will. So we seen a lot of these producers and talks of ramping up ways to get that oil out a different way. We were talking to our colleague in Singapore about how you now have the Houthis rubbing up and starting to strike Saudi Arabia. They claim they had Saudi with some missiles last night. It seems to me there's two issues here. This conflict into danger at the actual export point in the Red Sea, and then there is the danger to production when they start being able to target refineries and oil-producing facilities. Are they both a threat, and what are the big concerns?

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Carry Young1:55:22

The Houthis are absolutely a concern and this is always been an issue. To what extent are the Houthis a proxy of Iran and to what extent are they having their own side negotiations with Saudi Arabia? And they have been in a truce for several years. Saudi Arabia paying the public salaries of the Yemeni government in order to keep some of that peace in place. So the attacks are very serious because was physically been the relief valve from the Strait of Hormuz has been Saudi exports which go through about 5 million barrels a day of export. But they also have their own agency. So I would expect that Saudi Arabia is going to enter into negotiations with them as quickly as possible and try to call this down. They can be placated and not directly, in all forms, controlled by Iran. They do certainly rely on Iran for support and military supplies.

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David Gura1:56:36

We saw oil creep up again this week over $100 per barrel. I had enough conversations last week about global complacency as this more got underway and we further presence they look, I heard oil could get the $200 a barrel and it didn't. And with that, maybe this didn't have the ramifications that a lot of people feared. Are you of the camp that believes that if this war continues the way in which it seems that is, there's going to be a lot more difficulty here? We haven't seen them replenished. How do you see this play out over the next 6-12 months is status quo doesn't change?

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Carry Young1:57:19

I see continued volatility. This is really contingent on a couple of things. Chinese demand, for one. We seen a reduction of about 4 million barrels a day not being used in China. When and how that rebounds will believe matter a lot. And the second thing is the inventory question. We draw down quite a bit. If we get a real obstruction in the Strait of Hormuz, we are going to have to rely on inventory releases. If that is a one month closure, may be a 200 million barrel needed again, if that is two or three months it is probably twice that. That is analysis by J.P. Morgan. It's not really clear that we have the international will to do so or the capacity to do so. So we could still see by the end of this year certainly temporary spikes in prices well above $100, and then if we see easement of shipments happening again. What made June so interesting and why we saw this rush of flow, a lot of that was cargos that were laden, sitting in the Gulf ready to go out of 120 million barrels of oil. That's not going to happen again. The relief that we saw in the middle of the summer when the MOU was in place, it's hard to imagine that you get to even another temporary agreement with Iran where you would see the same relief to the markets.

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David Gura1:58:53

Thank you again. Appreciate it.

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Christina Ruffini1:58:59

Six contenders vying to be the next United Nations secretary general argued their case to leave the world body. Conflicts and divisions among global powers have deepened concerns about the agency's effectiveness.

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David Gura1:59:11

Let's go to U.N. headquarters in a debate moderated by Bloomberg Television.

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Unknown1:59:18

How responsibility is to make the U.N. relevant again. To deliver, to touch the hearts and souls of people on the ground, to serve people on the ground. Not to confuse activity with impact.

Moral authority is always needed. You always need to speak out on the issues or human rights for there is violation of international law and humanitarian law. Of course you have to insist on finding ways to put people together.

What we need to do is to restore the credibility of the U.N. as a valid interlocutor, then use the pull.

I would like to see the U.N. back at the table and is conflicts and a U.N. that has rebuilt trust to deliver results on the ground.

The U.N. must be more present, especially in the peace and security arena. We would move from where we are today to a U.N. that is delivering better peace and security both on the prevention side and ending of conflict side.

In reality, global security, peace and stability is something that is incumbent upon the security council and the lack of trust between the members today, particularly between the permanent members, means that crises go on without solutions being found.

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David Gura2:00:56

You can watch that debate at Bloomberg.com and the Bloomberg Business app. A fascinating moment for the U.N. This is an institution that will have this leadership change. As you saw there, several women are vying for this position. There has not been a woman leading the U.N. and its entire history.

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Christina Ruffini2:01:17

We are seeing women to be less common in cabinets around the world, especially in positions like defense and foreign minister. There is a debate about the relevancy of the body. It is not a great time for multilateralism.

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David Gura2:01:31

A dire financial situation as well. Coming up next, what is the future of defense technology? My conversation with the president of Anduril Industries. We will about that supply chain, drones, on making weapons less expensively and faster.

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Lisa Mateo2:02:05

Let tech to you on today's top stories. The race to replace Graham Platner will come to an end today. The main Democratic Party nominating committee in Bangor. Democrats are expected to Troy Jackson as their party's nominee in the showdown with Republican Senator Susan Collins. South Korean President Lee Jae Myung wrapped up a two-day visit to San Francisco, meeting with global AI leaders, capitals, and Jensen Huang. Ed Ludlow spoke exclusively with Myung at us, who talked about the U.S. versus China approach to AI.

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South Korean President2:02:45

In the case of China, they are producing more researchers than probably all the world has in any given year. They are producing and manufacturing intelligence that is important. They manufacture with the most important version, the researchers.

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Lisa Mateo2:03:04

Samsung has won a contract more than $200 billion to make chips for Broadcom. It will run for five years, 32030, and expands the collaboration across memory and foundry technology. Paramount Skydance and Warner Bros. Discovery will hold off on their $110 billion deal until June unless the legal fight over the merger is resolved sooner. California in 11 states sued to block the merger. Paramount agree to pay roughly $7 million a day to one of other shareholders beginning October 1 until the deal is closed.

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David Gura2:03:40

Pricey. We will see what happens.

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Christina Ruffini2:03:44

Can I start fining people that amount of money? New questions about the future of warfare. Ukraine has used an expensive drones to gain advantage over Russia. We have seen a rhonda play similar technology.

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David Gura2:04:11

The president of Anduril Energies, we spoke with him on the silence of the Aspen Security Forum.

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Christian2:04:17

You have to convince people China was a pacing threat and convince them new defense technology was going to be really important. Things like drones and artificial intelligence. You had a lot of eye rolls from people who thought the stuff with science fiction. Now you fast-forward out at 2026, I think the threat landscape is completely upside down. You have seen in the war Ukraine and a lot of other theaters around the world that this technology is absolutely here. The future of where fair is not something that will happen to us in a decade and we have time to get ready. It is unfolding now. A lot of these robotic systems, drums, autonomous systems, different weapons, this is all here. It's only getting better and faster and proliferating everywhere. When you look at something like Operation Epic Fury, you see an environment that is far less permissive for the United States to operate in in terms of flying aircraft. We have lost a lot of remotely piloted aircraft and other things. The ability to transit the Strait of Hormuz when it's under threat from one-way attack drones and robotic weaponized robotic boats and other things. This is just a harbinger of many, many things to come. It's a very different landscape than what we are seeing 10 years ago. The big so what for the United States is, how are we going to continue to be militarily advantageous and relevant in the future where this technology is getting better faster and proliferating everywhere?

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David Gura2:05:53

Situate Anduril. You know are competing with them. You talked about the difficulty of conveying to people 10 years ago where things were headed. Are we at a point where policymakers in Washington and around the world get it?

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Christian2:06:05

I think they do. The question is when we go from getting it and internalizing the lessons to driving that into different behavior, that is starting to happen. I give the current administration credit for really starting to do the things a lot of people for a long time had been talking about but not really doing at scale. As an example, we at Anduril are working on a collaboration with the U.S. Air Force and the Army. This is very much driven through the administration's leadership to mass-produce low-cost cruise missiles. Systems that are quite capable, very long-range, but also much cheaper and simpler and easier to build than our legacy weapons systems. The idea of being able to build larger quantities of systems at a lower price point to get those inventories larger to deal with these potential protracted conflicts, it's an example and there are a lot of others of how this is starting to change. The question is not, can we go to conferences and say things that reflect the fact we think things are different? Are we actually changing our behavior? Are we putting our money, whether as industry or the government, where our mouth is in terms of getting get into those kind of new areas of capability that will be so important?

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David Gura2:07:27

We talk about the Barracuda 500. Alina supply chain, things move faster. How are you able to do that? What is Anduril able to do now?

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Christian2:07:37

A lot of this is not trickery and high fluting technology. It comes back to starting from the beginning and the premise that you have to design weapons and other defense systems that are far simpler, easier, faster, cheaper to build, and can be built by a much larger workforce in our traditional weapons systems where the people who can contribute from the workforce perspective are often very highly skilled and take years to get into a position of being able to contribute on the manufacturing side. We come at it from a different perspective. If the end result I want to have a system that is mass producible by a large number of people on the fastest timeline for the lowest price in the largest volume, you would make radically different choices at the design phase and that is what we have done. Designing out a lot of the complexity and the critical materials and the things that make weapons -- traditional weapons so much more exquisite and expensive and harder to build and build at scale and speed. That is at the essence with the Barracuda is. It's a relatively simple system. How you go about making the system more intelligent and capable, that is where the real special sauce comes in from a software perspective. The advanced autonomy. You can have systems collaborating together in a way that you really are tabled with traditional weapons because you are firing them one at a time. It's a combination of very advanced software but very simplified design and designed for mass production.

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David Gura2:09:14

U.S. demand for this. They are being produced in Poland as well. Talk a bit about Europe's demand for weapons at this moment in time. The policy and your current experience now, how do you help to stand Europe on the eastern flank of NATO?

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Christian2:09:34

European countries have gotten the message. I give the Trump administration a fair amount of credit but not all the credit. The Europeans deserve a lot of credit in terms of starting to meaningfully increase their defense budgets. That is happening across the NATO alliance. There are still laggards but for the most part this is going in the right direction. That is the good news. The challenge for American companies is with that increase in European defense spending a lot of the European countries want that money to go to their own companies and build up their own production capacity. That makes a ton of sense. They have been frustrated with the year long delays they are seeing in the U.S. foreign military sales process of buying weapons that are then exported from the U.S. to Europe. They want to be able to build up their own capacity to rearm themselves. I think and I think there is obviously a European jobs component which is important. I think from our perspective at Anduril, you cannot show up in the traditional way and say, we are here to export you things that were made in America. The way we are going about it and the example you offered is building with Europe for Europe. Teaming up with the state-owned armament company in Poland to take that Barracuda system we have designed and have it in Poland with Polish engineers and Polish manufacturing technicians and workers. And then be able to scale that and provide that out of Poland to other NATO allies. I think that is really just the beginning. You will also see us increasingly looking also to incorporate war collaborate with different kinds of companies across Europe. Whether those are commercial companies, defense companies, new York defense companies. Then possibly actually look to land Anduril in Europe as a European company with European production capacity, with a significant investment of us going into Europe. We are open to all of this and as was said earlier today, different European countries are going to have different demands and desires and needs and we are trying to meet different countries where they are at and give them the benefit of what they want from the United States, which is access to technology and know-how and capital that having to go through the traditional process, you know, intermediated by the U.S. government of buying these things, exported from the U.S. with all of the attendant delays and frustrations that come with that.

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David Gura2:12:11

I want to ask you about weapons. It is something folks have been talking about since the start of the war in Iran. The comes up we say, we are not going to be as well-equipped when something happens in Asia. You have sounded the alarm about the prospects with more in Taiwan for long time. How worried should we be about repaired and is and how worried are you about conflict in that part of the world?

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Christian2:12:33

The good news is the weapon sector in the United States has never been more energized. Whether that is traditional weapons makers, weapons producers like us, and others. There is a huge amount of government focus and resource going into this. Again, give the leadership of the Pentagon credit for actually getting into the nuts and bolts of why we have had these problems. I think a lot of that is starting to get fixed. We are a beneficiary of that. We are signing multiyear framework agreements with the United States Army, with the Air Force for this Barracuda 500 low-cost cruise missile program. I think the challenge is going to be, now we need to get building, and that takes time. It is impossible to look at something like Epic Fury and not the bit struck by the fact that according to public reports we have kind of gone through something like a decades worth of Tomahawk production and a few months of that conflict. Those systems take years to build back, so if we are using them there they are not available elsewhere. That is a reality we are going to have to contend with. The good news now is that everybody in government, industry, old, new, American, European, everyone is focused on munitions scarcity, weapons inventory, the need for weapons production. I think there is a huge opportunity to get this problem right, which has been a problem many of us have known existed for a very long time and we are seeing that come to light. In these current examples. Those realities are what they are. You cannot wish them away. They are there. I think the only thing we can do, which is now starting to happen is we need to build a different kind of weapons inventory. Where the challenge is not how do we build back what we had? It is how do we build back 10 times what we had? Because that is what we are going to need to be ready for not just one conflict, but potentially multiple simultaneously and be able to do this as a function of time where that war is not going to be over in days and weeks. It is going to stretch on months and years. That comment to me is one of the key lessons of Iran and Ukraine. And a lot of these current conflicts. That is, I think, what we are going to have to be ready for, which is this reality of protracted conflict coming back to us.

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David Gura2:14:56

Chris has been at this company for a while. He said initially it was hard to make inroads as an upstart defense contractor in the U.S.. As we talked about on the show many times, the way that defense procurement works radically changed by these two conflicts that are taking place.

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Christina Ruffini2:15:11

And also there is movement from inside the Pentagon. We talked to the chief of naval operations who said the system is broken. There is a bottom up nexus to try to get that change and start ups. I have seen more than recently. Coming up 'The Odyssey.' How much do you know about the original story? Up next.

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Lisa Mateo2:15:34

Thank you for joining us live on Bloomberg This Weekend. NASA for fires continued to rage out of control in Spain and France, forcing the evacuation of or than 260,000 people. Strong winds have complicated efforts to control the blaze, but authorities say more favorable weather today could offer some hope for crews trying to bring those fires under control. SpaceX's Starship launched into space in its first major test since the company's initial public offering. Lifted off in South Texas last night and deployed 20 Starlink satellites. SpaceX has spent more than $15 billion developing Starship it was the rocket's 13th flight. Prices may be coming down. The Wall Street Journal says the Agriculture Department is lifting a more than year-long ban on Mexican cattle imports. They say it will begin in about a month at the port of entry in Douglas, Arizona and eventually New Mexico. U.S. cattle imports have been cut off since last year to stop the spread of New World screw warm. The cyclospora outbreak has spread to four more states. The Wall Street Journal says representatives for Taylor Farms have contacted the White House to try and delay the recall. The company is asking for more time before being linked to the foodborne illness. Meanwhile, Taco Bell's lettuce-free burrito has helped the company recover after a parasites care. Data shows an improvement in transactions when the restaurant chain began selling the one dollar enchiritos.

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Christina Ruffini2:17:21

Lisa, is there anything I'm allowed to eat? It is tough. Can I have a salad? I love my salads.

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David Gura2:17:32

On a road trip this weekend I passed the Taco Bell. I think people are avoiding it.

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Christina Ruffini2:17:34

Thanks, Lisa.

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David Gura2:17:40

Christopher Nolan's film treatment of 'The Odyssey' has had an epic debut. It is on track to rack in nearly $5 million in its first two weekends in theaters.

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Christina Ruffini2:17:52

Blockbuster is based on the Greek poem that inspired Nolan's screenplay. Joining us now is Emily Wilson, professor of classical studies at the University of Pennsylvania, and the first woman to translate the Odyssey into English. I have a very strange anecdote to share with you, but it is relevant to how big this has become. I was in Central Park yesterday walking my dog and I overheard two rows in their 20's explaining the plot of the Odyssey to each other. I turned around and I said, you know, I have Emily Wilson on our show tomorrow and he went, what, no way? I've gotta watch it. She is the chick who did the new translation. Did you ever think you would have Central Park tech wrote name recognition? [Indiscernible]

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Emily Wilson2:18:41

It is so weird. It is so funny. I still wake up and think, this can't possibly be real. It is wonderful, though. I love that Homer is getting all of this new free press thanks to Christopher Nolan, was an English major, not a classics major. He has put his education to good use.

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David Gura2:18:58

I'm curious what you thought of it and as somebody who has been deeply immersed in this work, can you enjoy a film like this? Are you able to enjoy it as a viewer or are you constantly thinking about whether or not it is sticking to the text?

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Emily Wilson2:19:10

I had a lot of fun. As you said, I took my three kids, my teenagers. One of them is over 20. They all had a good time. I thought it was a fun time at the movies. I think there are many ways in which the book is better, but I would say that, right? [Laughter] This is a fun summer movie and I think it is entertaining and I'm really looking forward to any years of discussing with my students how does the book relate to the film? I think it is really going to enrich classroom discussions of the Odyssey around the world.

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Christina Ruffini2:19:45

There are people who take issue with the movie. There are people who take issue with your translation. The book may be better, but it is this big. Is it good that people like you are showing interest in it? Does that lead to more interest in the classics and is controversy a good thing to get people reading these texts?

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Emily Wilson2:20:04

I think it is wonderful there is engagement of whatever kind. I think it is really clear that this film is bringing both lots of people back to the physical movie theaters, which is also a good thing, but also bringing people back to reading big books. Sales of 'The Odyssey' and library checkouts and other translations by some order of magnitude are up this summer, which is wonderful. This new engagement with people who didn't think ancient literature could be for me realizing this is a really fun read an interesting and somebody different ways.

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Christina Ruffini2:20:46

Sales are up 1420% of hard copy books of 'The Odyssey.'

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David Gura2:20:51

Going hand, which is good. Who is knocking on your door these days? What is a classics major look like?

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Emily Wilson2:21:04

It's really very diverse. Kids from all different backgrounds. Back in the day there was the idea that if he had not gone to the private school where you do Latin, there is no hope for you as a classicist. That is not true anymore. There's every possible background, every possible high school. Even if you didn't go to a school where you read 'The Odyssey' in ninth grade or there was not Latin at your school, there are so many opportunities to get into this. One common thread I see especially in the big myth classes I teach is often it is good to read the Percy Jackson books as children. They are very excited about following up with what is different about the Percy Jackson universe versus universe we get in Homer and it's fun.

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Christina Ruffini2:21:50

Does that diversity makes for a better, more holistic study of the classics? You were the first woman to translate this text. Talk a little about what you think your perspective brought to that text as you look at the language and searched for nuance. Two people from different places and backgrounds and ethnicities bring that to these translations as well?

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Emily Wilson2:22:17

That can be the case, yes. The first woman headline, I slightly resist the idea that women's work must always be defined by gender.

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Christina Ruffini2:22:23

Fair enough.

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Emily Wilson2:22:29

There were many female Homerists before me. They had been translated in many languages before me. You could pick out of a lineup which translations are by women, I don't think that stands up to any particular scrutiny. I would say, yes, of course, all kinds of background questions can feed into any interpretive activity, whether it is being a historian, a journalist, translator, a literary critic. The things you both know as a scholar, as a reader, and the things you know through and body are going to feed a deer interpretive work in one way or another. My background in English poetics and Greek and Latin poetics seems essential to what I'm doing as a translator. As I see it it is to do with using traditional metrical verse in contrast to the vast majority who use pros to translate Homer. That has nothing to do with gender. It's about poetics.

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David Gura2:23:32

Can I ask a dumb question about the way you work? Homer wrote this. You mentioned the other translations. Fables, Fitzgerald, Mendelson. As you're doing your translation, how much of that was in dialogue with those translations you had read previously? Were you working principally from the ancient Greek or drawing from inspiration from those translations as well?

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Emily Wilson2:23:58

Primarily from the Greek. In terms of my practice I don't spend much time looking at other translations, because most of the time if I'm wrestling with a particular problem about this line is beautiful and these particular ways, how can I convey that using different words, it will not help me if I look and see he did that. I can't use that anymore because he stole that. You need to spend the time wrestling with it. I read a lot of commentaries. I reread the dictionary over and over to figure out how this word is used, wherever LCD used in ancient Greek. It is not really about looking at other translations. While I was starting the project I was meditating on my experiences in the classroom using many different other translations and thinking about what does not get across when I use Fables or Lattimore. I thought about meter and the vividness, rapidity, and the multi-locality of Homer. In some ways this is about how Homer can work for the screen as well as for the stage. 'The Odyssey' was composed before drama existed but there were amazing speeches by characters who are realized.

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Christina Ruffini2:25:21

Thank you so much, Emily Wilson. Excellent version of 'The Odyssey.' My other is 'Wishbone.' The dog.

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David Gura2:25:34

Waited more than two hours for this. Time for the Pointed News Quiz will step.

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Christina Ruffini2:25:42

Let me tell you what. If you change the rules to benefit David, I will walk off the set.

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David Gura2:25:47

I always defer to Lisa. That is what I do will at this game.

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Christina Ruffini2:25:51

You are giving her cash under the table. I thought we had a girl code and you shattered that last week will step.

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David Gura2:26:00

Respect and admiration. It's important. Don't discount it.

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Lisa Mateo2:26:07

We are talking about the Pointed News Quiz, everybody. The part everybody is waited for. For those at home, what is this game? You can play at home if you want.

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David Gura2:26:18

She might change the rules again.

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Lisa Mateo2:26:21

They will be three categories. David and Christina have 30 chips in front of them. They will place bets on each category depending on how they feel. Maybe they feel confident about the first and not the second. Are you ready for your categories before you place your bets? First off is birds. The second is frequent flyers. Third is world records.

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David Gura2:26:50

Had no stories this week. As part of my strategy.

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Lisa Mateo2:26:54

Are you going 30 across the board?

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David Gura2:26:57

Birds can be frequent flyers.

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Christina Ruffini2:27:03

Lord help us.

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Lisa Mateo2:27:03

Across the board? They have placed their bets. Here we go. Birds. Chinese exports are searching for what type of bird used in a popular dish? This is despite local demand being soft. Chinese exports surging for what kind of bird used in a popular dish? What bird is used in a popular dish from China?

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Christina Ruffini2:27:31

Any time now, David Euro.

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Lisa Mateo2:27:35

He drew a picture. Duck is correct. More specifically, Peking duck.

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Christina Ruffini2:27:43

I've never had Peking duck.

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Lisa Mateo2:27:46

Five tried it and I'm not a big fan.

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David Gura2:27:52

Crispy skin?

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Christina Ruffini2:27:55

They have to do it really well.

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David Gura2:27:58

There's a place close to his ear.

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Christina Ruffini2:28:01

Why the exports up? I'm focusing. Trying to get us back on track.

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Lisa Mateo2:28:06

Soft in the country? They just don't -- not so much. They have it all the time.

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David Gura2:28:14

They are trying to export it.

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Lisa Mateo2:28:18

We are moving onto frequent flyers. Ducks to frequent flyers. What public figure has flown 57,000 miles since June and a Gulfstream private jet, and up to circle the equator twice? I know you know who it is but what is the name? What is this person's name?

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David Gura2:28:39

Gets cryptic.

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Christina Ruffini2:28:44

Now I'm confused.

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Lisa Mateo2:28:52

What is his name? 57,000 miles since June. A private jet. I wonder, David Gura. A lot has been happening since June. A certain sport maybe.

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David Gura2:29:07

I'm ready.

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Christina Ruffini2:29:11

I don't know.

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Lisa Mateo2:29:16

Flip it.

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David Gura2:29:11

Gianni Infantino.

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Christina Ruffini2:29:16

Taylor Swift. Then you said it was a guy.

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Lisa Mateo2:29:23

The president of FIFA. You have the expanded World Cup. There no 48 teams. I get her chips. Listen to the travel schedule. June 26 from a Miami to Dallas, Dallas to Seattle, Seattle to Miami. He has to watch on these games.

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David Gura2:29:37

He's paying for it.

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Lisa Mateo2:29:42

The estimated cost for jet fuel, $350,000.

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Christina Ruffini2:29:47

Quite the carbon footprint.

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Lisa Mateo2:29:47

That as well. Number three. World records.

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Christina Ruffini2:29:52

Continue my suffering.

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Lisa Mateo2:29:56

I did the story so I want to make sure you are listening. Josh Kerr broke the world record for fastest mile. Which Berkshire Hathaway owned brand design his shoes?

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David Gura2:30:07

Such a good question. The world always listens to Lisa Mateo. Pay attention.

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Christina Ruffini2:30:17

I can't remember. We talked about these shoes.

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David Gura2:30:21

Getting ready for the next segment. Listening to what the director has to say, always. Brooks.

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Lisa Mateo2:30:28

Christina! He was wearing a speed suit.

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David Gura2:30:41

Incredible to see him shave the thousandths of a second off.

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Christina Ruffini2:30:43

I don't know how much the speed suit made a difference.

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David Gura2:30:49

Three hours 42 minutes, 66 seconds.

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Christina Ruffini2:30:55

Let's hit the bonus. I can get all my points back will step.

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Lisa Mateo2:30:59

New Jersey. Test the category. James Patton was sentenced to 21 months in prison after he inflated sales from $20,000 to $100 million for what type of New Jersey small business? New Jersey small business. What type of New Jersey small business?

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David Gura2:31:19

Interesting. I really have no idea. New Jersey. I wrote lawn care.

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Christina Ruffini2:31:31

Trash collection.

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Lisa Mateo2:31:31

It is deli.

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Christina Ruffini2:31:37

Did you see that condescending -- it was a very condescending conciliatory pat on the back I just received.

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David Gura2:31:51

Always listen to Lisa Mateo. You can test your knowledge and take the Pointed News Quiz at Bloomberg.com/pointed. You can find it on the Bloomberg Business app.

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Christina Ruffini2:32:00

I hope he goes better for you, dear viewer, then he did for me. That is Bloomberg This Weekend. Join us tomorrow at 7:00 a.m.

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David Gura2:32:07

For our listeners on Bloomberg Radio -- for the TV audience, Wall Street Week with David Westin. It starts right now.