Biden Warns Israel; Another Record for Bitcoin

Bloomberg Audio Studios, Podcasts, Radio News. Good morning, I'm Nathan 0:00:12.119 --> 0:00:15.080 Hager and I'm Karen Moscow. Here are the stories we're 0:00:15.120 --> 0:00:15.960 following today. 0:00:16.200 --> 0:00:18.520 We begin with the latest developments in the Middle East. 0:00:18.640 --> 0:00:21.880 President Biden is warning Israel that any invasion of the 0:00:21.920 --> 0:00:25.040 southern Gaza city of Rafa would cross a red line. 0:00:25.079 --> 0:00:28.560 In an interview with MSNBC, the President criticized the high 0:00:28.640 --> 0:00:29.800 death toll in Gaza. 0:00:30.440 --> 0:00:33.720 There's red lines that if he crosses in the cannot 0:00:33.720 --> 0:00:35.159 have thirty thousand. 0:00:34.760 --> 0:00:38.440 More Palestinians dead as a consequence of going up. 0:00:38.520 --> 0:00:41.920 There's other ways to deal to get to to deal 0:00:42.000 --> 0:00:43.720 with with. 0:00:44.159 --> 0:00:46.200 The trauma caused by Hamas. 0:00:46.440 --> 0:00:48.920 The President Biden had helped for a breakthrough in cease 0:00:48.960 --> 0:00:53.080 fire talks before Ramadan, which began last night, but negotiations 0:00:53.200 --> 0:00:54.360 have stalled. 0:00:54.600 --> 0:00:57.600 Well, Nathan, Israel has said that barring a total surrender 0:00:57.600 --> 0:01:00.600 by Hamas, it has to launch an assault on Rafa 0:01:00.720 --> 0:01:04.120 because it's the last Bashi of the around Back group began. 0:01:04.240 --> 0:01:07.520 More on Israel's likely response to President Biden's warning from 0:01:07.520 --> 0:01:09.400 Bloomberg Stewart living Stone Wallace. 0:01:09.920 --> 0:01:12.480 Nathan, he does have a long track record as largely 0:01:12.520 --> 0:01:14.920 ignoring US presidents when it doesn't suit him. And I 0:01:15.000 --> 0:01:17.360 think in this instance, what he's trying to balance up 0:01:17.720 --> 0:01:20.480 is the goal that he sets for the country after 0:01:20.520 --> 0:01:22.640 the events locked over the Servant, which was, we need 0:01:22.680 --> 0:01:25.600 to destroy the Hamas leadership. And the only conceivable way 0:01:25.640 --> 0:01:27.560 he can do that is to go into Raffa, because 0:01:27.680 --> 0:01:29.520 you know that's where many of them still are. If 0:01:29.560 --> 0:01:32.160 he doesn't go into Raffa, then you know, basically hasn't 0:01:32.200 --> 0:01:34.800 fulfilled the pledge that he made after the attack on Israel. 0:01:35.080 --> 0:01:38.280 Bloomberg, Stewart Livingstone Wallace said Hamas is believed to be 0:01:38.319 --> 0:01:41.560 holding about one hundred and thirty Israeli hostages. A Hamas 0:01:41.560 --> 0:01:44.600 official and an interview with Bloomberg claimed dozens have been 0:01:44.680 --> 0:01:46.080 killed by Israeli fire. 0:01:46.319 --> 0:01:49.040 Turning back home to the nation's capital, Karen. Later today, 0:01:49.080 --> 0:01:52.240 President Biden sends Congress his budget request for the next 0:01:52.320 --> 0:01:55.160 fiscal year. That's his lawmakers race to finish work on 0:01:55.200 --> 0:01:57.960 their remaining government funding bills for this year man avoid 0:01:58.000 --> 0:02:00.520 a shutdown at the end of next week. US Beinoriti 0:02:00.600 --> 0:02:03.680 leader Hakim Jeffries is putting pressure on Speaker Mike Johnson 0:02:03.720 --> 0:02:07.600 to act on ninety five billion dollars installed aids Ukraine, Israel, 0:02:07.720 --> 0:02:08.400 and Taiwan. 0:02:08.720 --> 0:02:11.200 The reason why it's not happening is because there's a 0:02:11.240 --> 0:02:16.280 pro potent faction in the Republican Party led by Donald 0:02:16.320 --> 0:02:20.639 Trump and Tucker Carlson, who are blocking this legislation, and 0:02:20.720 --> 0:02:21.919 that's shameful. 0:02:22.040 --> 0:02:25.160 Democratic Leader Hakim Jeffries was on CBS's Face the Nation 0:02:25.320 --> 0:02:28.520 Heard Sundays on Bloomberg Radio while he releases his budget, 0:02:28.520 --> 0:02:31.240 President Biden will be in Manchester, New Hampshire today to 0:02:31.280 --> 0:02:34.040 talk about lowering costs for families. It's part of a 0:02:34.080 --> 0:02:36.680 tour of battleground states this week following his State of 0:02:36.680 --> 0:02:37.560 the Union address. 0:02:38.120 --> 0:02:40.680 Well, turning to the economy now Nathan. This week, the 0:02:40.720 --> 0:02:43.680 bond market faces its own Super Tuesday of sorts the 0:02:43.760 --> 0:02:48.080 release of the Consumer Price Index. It's fresh inflation data 0:02:48.080 --> 0:02:50.600 that investors will use to predict when the Fed will 0:02:50.600 --> 0:02:54.520 start cutting interest rates. Former Treasury Secretary Larry Summer says 0:02:54.560 --> 0:02:56.559 there is potential for surprises. 0:02:56.960 --> 0:03:02.240 Market used to be expecting six cuts in twenty twenty four. 0:03:02.360 --> 0:03:07.840 Now the markets expecting three cuts, and the Fed's carried 0:03:07.840 --> 0:03:12.280 that off skillfully. There hasn't been much disruption or dislocation 0:03:12.880 --> 0:03:16.680 as that change has taken place, but I think that's 0:03:16.760 --> 0:03:20.080 going to be there with us. 0:03:20.280 --> 0:03:23.200 And Larry Summers added that there's an increasing chance that 0:03:23.280 --> 0:03:26.640 policymakers don't end up lowering their benchmark rate this year. 0:03:26.919 --> 0:03:29.519 You can hear Summer's full comments on the Bloomberg Wall 0:03:29.560 --> 0:03:33.399 Street Week podcast, available on Apple, Spotify and anywhere else 0:03:33.440 --> 0:03:34.559 you get your podcasts. 0:03:34.639 --> 0:03:34.760 Well. 0:03:34.760 --> 0:03:37.440 Now the latest on the equity markets, Karen, Futures are 0:03:37.560 --> 0:03:39.720 lower as we begin a new trading week, but look 0:03:39.760 --> 0:03:42.520 at bitcoin. It is on the rise once again, topping 0:03:42.640 --> 0:03:46.160 seventy one thousand dollars for the first time. Checking Bitcoin 0:03:46.240 --> 0:03:48.680 right now, it's trading at seventy one thousand, two hundred. 0:03:48.840 --> 0:03:51.960 We're also seeing crypto stocks rise on the news. Coen 0:03:52.000 --> 0:03:54.920 based Global is up more than five percent in early trading. 0:03:55.160 --> 0:03:57.680 Micro Strategy is up more than seven percent. 0:03:58.160 --> 0:04:01.440 Well in company news, nathany social media platform or Reddit 0:04:01.600 --> 0:04:03.840 is closing in on one of the biggest initial public 0:04:03.920 --> 0:04:06.600 offerings so far this year. We get the details from 0:04:06.640 --> 0:04:07.960 Bloomberg's Doug Krisner. 0:04:08.320 --> 0:04:10.520 It would be one of the biggest IPOs so far 0:04:10.600 --> 0:04:13.080 this year. We are told Reddit is planning to sell 0:04:13.160 --> 0:04:16.839 twenty two million shares. They would be priced between thirty 0:04:16.839 --> 0:04:20.239 one and thirty four dollars each. Earlier, Bloomberg reported Reddit 0:04:20.360 --> 0:04:22.720 was targeting evaluation of as much as six and a 0:04:22.720 --> 0:04:26.520 half billion dollars. We're also told Reddit is setting aside 0:04:26.560 --> 0:04:29.640 nearly one point eight million shares to be bought by 0:04:29.800 --> 0:04:34.440 users and moderators who created accounts before January first. Those 0:04:34.440 --> 0:04:36.960 shares would not be subject to a lock up period, 0:04:37.000 --> 0:04:39.560 and that means the owners can sell them on the 0:04:39.600 --> 0:04:42.240 first day of trading in New York. I'm Doug Prisoner, 0:04:42.240 --> 0:04:43.000 Bloomberg Radio. 0:04:43.160 --> 0:04:44.000 Okay, Doug, thank you. 0:04:44.040 --> 0:04:44.120 Now. 0:04:44.160 --> 0:04:46.440 There could be a bad omen for Apple, and it's 0:04:46.480 --> 0:04:49.200 coming from Warren Buffett. More on that in this report 0:04:49.200 --> 0:04:50.880 from Bloomberg's John Tucker. 0:04:50.839 --> 0:04:53.800 And Nate Warren Buffett's Birshire Hathaway sold just over one 0:04:53.839 --> 0:04:57.480 percent of its holdings in Apple last quarter. When Berkshire 0:04:57.560 --> 0:05:00.640 last sold these stock between twenty nineteen and twenty twenty, 0:05:00.920 --> 0:05:04.520 that's selling persisted for several quarters. Apple stock has been 0:05:04.600 --> 0:05:07.360 hit hard by a drumbeat of negative news, including a 0:05:07.440 --> 0:05:11.080 two billion dollar anti trust fine, slumping sales in China, 0:05:11.520 --> 0:05:14.520 and the scrapping of a decade long car project. I 0:05:14.640 --> 0:05:18.039 spend ten billion dollars on that car project. Apple saw 0:05:18.120 --> 0:05:20.960 iPhone sales in China dropped twenty four percent of the 0:05:21.000 --> 0:05:23.839 first six weeks of this year and lost its title 0:05:23.920 --> 0:05:28.360 of China's best selling smartphonemaker. Analyst revenue outlook for this 0:05:28.520 --> 0:05:31.960 quarter and next is pretty grim. Berkshire Hathaway sold ten 0:05:32.080 --> 0:05:35.280 million apples heares equivalent to about one point six to 0:05:35.400 --> 0:05:39.080 nine billion dollars in the final quarter of twenty twenty three. 0:05:39.560 --> 0:05:43.120 Apple hasn't participated in this year's stock rally since at 0:05:43.120 --> 0:05:46.360 the start of the year. It's down eleven percent. John Tucker, 0:05:46.400 --> 0:05:47.480 Bloomberg Radio. 0:05:47.560 --> 0:05:49.320 All right, John, thanks, so we'll we have another note 0:05:49.360 --> 0:05:51.920 on Apple this morning. The company is preparing to open 0:05:52.000 --> 0:05:55.279 its eighth store in Shanghai this month. The move adds 0:05:55.320 --> 0:05:58.520 to its largest retail network after the United States. At 0:05:58.560 --> 0:06:00.920 a time, iPhone sales and are slowing. 0:06:01.120 --> 0:06:01.240 Now. 0:06:01.279 --> 0:06:03.320 If you think you missed out on the massive rally 0:06:03.400 --> 0:06:06.720 in the so called Magnificent seven stocks, there may still 0:06:06.839 --> 0:06:10.840 be time. Strategists did JP Morgan Chase say those stocks, 0:06:10.880 --> 0:06:14.720 which include Nvidia, Microsoft, and Amazon, are cheaper compared to 0:06:14.760 --> 0:06:16.640 the rest of the equity market than they were five 0:06:16.720 --> 0:06:20.359 years ago. Given their latest set of earnings. JP Morgan 0:06:20.440 --> 0:06:23.120 says it still favors growth over value stocks. 0:06:23.680 --> 0:06:26.080 Now Nathan to news in the airline industry and more 0:06:26.160 --> 0:06:29.880 trouble for Boeing. Delta CEO says the airline now expects 0:06:29.920 --> 0:06:33.240 deliveries of its Boeing seven thirty seven Max ten aircraft 0:06:33.360 --> 0:06:35.960 could be pushed out to as late as twenty twenty seven. 0:06:36.400 --> 0:06:39.200 Delta has orders for one hundred Max ten planes and 0:06:39.320 --> 0:06:42.440 options to purchase thirty more, and was expecting to receive 0:06:42.480 --> 0:06:45.159 them as soon as next year. The potential delay comes 0:06:45.200 --> 0:06:48.440 as Boeing faces more federal safety and criminal reviews after 0:06:48.520 --> 0:06:51.640 a series of incidents, including the blowout of a fuselage 0:06:51.800 --> 0:06:59.000 section during an Alaska Airline's flight in January. And it's 0:06:59.040 --> 0:07:00.360 time now for a look at some of the other 0:07:00.440 --> 0:07:02.919 stories making news in New York and around the world. 0:07:03.000 --> 0:07:05.640 And for that we're joined by Bloomberg's Michael Barr Michael, 0:07:05.640 --> 0:07:06.760 Good Morning, Good Morning. 0:07:06.880 --> 0:07:10.360 Karen Oppenheimer was crown Best Picture at the ninety six 0:07:10.440 --> 0:07:14.680 Academy Awards. Christopher Nolan also took home Best Director honors 0:07:14.720 --> 0:07:15.400 for Oppenheimer. 0:07:15.840 --> 0:07:18.080 Movies are just a little bit over one hundred years old. 0:07:18.120 --> 0:07:20.600 I mean, imagine being there one hundred years into painting 0:07:20.960 --> 0:07:23.800 or theater. We don't know where this incredible journey is 0:07:23.840 --> 0:07:27.120 going from here, but to know that you think that 0:07:27.200 --> 0:07:29.520 I'm a meaningful part of it means the world to me. 0:07:29.920 --> 0:07:33.320 The most closely watched contest of the Academy Awards, aired 0:07:33.360 --> 0:07:36.520 on ABC, went to Emma Stone, who won Best Actress 0:07:36.600 --> 0:07:39.920 for her performance as Bella Baxter in Poor Things. It's 0:07:39.960 --> 0:07:43.080 about a team that came together to make something greater 0:07:43.200 --> 0:07:45.400 than the sum of its parts, and. 0:07:46.880 --> 0:07:48.720 That is the best part about making movies. 0:07:49.240 --> 0:07:53.160 Killian Murphy also won his first Oscar named Best Actor. 0:07:53.600 --> 0:07:57.280 Robert Downey Junior won Best Supporting Actor at the Academy Awards, 0:07:57.360 --> 0:08:01.160 notching his first Oscar. Divine Joy Randolph took home Best 0:08:01.160 --> 0:08:05.600 Supporting Actress Hunters for her role in The Holdovers. Meanwhile, 0:08:05.720 --> 0:08:09.240 protest over Israel's war in Gaza snarl traffic around the 0:08:09.320 --> 0:08:18.400 Academy Awards. It slows the celebrities arrival at the Red carpet. 0:08:18.880 --> 0:08:22.080 Threats to the US pos by China, Russia, Iran, North 0:08:22.160 --> 0:08:24.720 Korea will be in the spotlight. Later today at a 0:08:24.840 --> 0:08:28.520 Senate hearing, the Intelligence Committee will hear from the heads 0:08:28.560 --> 0:08:33.880 of the CIA FBI, National Security Agency, Defense Intelligence Agency, 0:08:34.240 --> 0:08:38.480 and the State Department's Bureau of Intelligence and Research. Lawmakers 0:08:38.559 --> 0:08:41.640 are expected to question the officials about key world threats, 0:08:42.000 --> 0:08:46.000 including increasing aggression from Russia, instability in the Middle East, 0:08:46.280 --> 0:08:49.960 and the looming challenge from China. Democratic Senator Bob Menendez 0:08:50.000 --> 0:08:52.880 and his co defendants will appear in a federal court today. 0:08:53.240 --> 0:08:56.240 The senator from New Jersey is facing a new superseding 0:08:56.400 --> 0:09:00.599 indictment and more charges brought by federal prosecut in the 0:09:00.800 --> 0:09:04.000 Southern District of New York. Added new charges for the 0:09:04.080 --> 0:09:08.960 senator his wife alleged co conspirators include conspiracy to obstruct 0:09:09.200 --> 0:09:13.760 justice and obstruction of justice. The accuse Medendez of working 0:09:13.800 --> 0:09:17.120 to benefit Cutter. Along with Egypt, heavy rain has brought 0:09:17.160 --> 0:09:19.800 flooding to parts of the northeast. In Essex County, New 0:09:19.880 --> 0:09:22.880 Jersey along the Basaic River, A number of residents in 0:09:23.000 --> 0:09:25.839 Fairfield have already moved their cars to higher ground in 0:09:25.920 --> 0:09:30.120 anticipation of the water level continuing to swell. Yards are 0:09:30.160 --> 0:09:33.880 already submerged, especially those along the Basaic. One resident says 0:09:33.960 --> 0:09:37.400 FEMA raised her house to a second level seventeen years ago, 0:09:37.760 --> 0:09:38.959 so now she feels safe. 0:09:39.280 --> 0:09:42.640 They elevated me way above the base flood level, like 0:09:42.679 --> 0:09:43.360 a foot above. 0:09:43.800 --> 0:09:45.360 I'm self contained upstairs. 0:09:45.400 --> 0:09:46.080 It's wonderful. 0:09:46.360 --> 0:09:47.400 I fish you off the deck. 0:09:47.480 --> 0:09:49.439 I grilled my food, and I don't have to go 0:09:49.520 --> 0:09:50.480 to work for a few days. 0:09:50.559 --> 0:09:51.440 It's a good excuse. 0:09:51.920 --> 0:09:54.360 Today's strong wind guests will hit the Tri State area 0:09:54.520 --> 0:09:56.920 of at least fifty miles an hour. Global news twenty 0:09:56.960 --> 0:09:58.719 four hours a day, and whenever you want it with 0:09:58.760 --> 0:10:01.520 Bloomberg News. Now, Lebarn, this is Bloomberg Camry. 0:10:01.679 --> 0:10:08.199 All right, Michael, thank you, and it's time now for 0:10:08.240 --> 0:10:11.400 the Bloomberg Sports Update, brought to you by Tri State Audi. 0:10:11.480 --> 0:10:13.960 For that we bring in John stash Hour. John, good morning, 0:10:14.160 --> 0:10:14.920 Good morning, Karen. 0:10:15.000 --> 0:10:17.160 To say the NIXT struggle to score would be quite 0:10:17.240 --> 0:10:19.839 the understatement. Only fifteen points in the first quarter. The 0:10:19.880 --> 0:10:23.280 second quarter was better. They scored sixteen. They finished with 0:10:23.400 --> 0:10:25.400 seventy three. If you had scored an NBA game this 0:10:25.480 --> 0:10:28.000 season at the Guard in Philadelphia, won an ugly one 0:10:28.520 --> 0:10:31.400 seventy nine seventy three. Nick shot only thirty three percent, 0:10:31.480 --> 0:10:34.080 had nineteen turnovers. Their coach is Tom Thibodeau. 0:10:34.800 --> 0:10:37.720 Thought our defense was good. I thought the rebounding was good. Enough, 0:10:39.360 --> 0:10:43.040 you know, and then they made a couple shots at 0:10:43.320 --> 0:10:45.719 you know, late in the third start to fourth, but 0:10:45.840 --> 0:10:48.480 we fought, got back, they had a chance at the 0:10:48.600 --> 0:10:51.400 end and we had, you know, a couple turnovers that 0:10:51.520 --> 0:10:51.800 hurt us. 0:10:51.840 --> 0:10:52.000 There. 0:10:52.080 --> 0:10:54.320 The same two teams right back at the Garden tomorrow. 0:10:54.400 --> 0:10:57.280 The Knicks still sits fourth in the East, but just barely. 0:10:57.760 --> 0:11:00.920 They led to Orlando by a half game, won Indiana 0:11:01.000 --> 0:11:02.640 by a game and a half. In Miami by two. 0:11:02.720 --> 0:11:05.680 The Pacers beat the Magic the Heat We're upset, lost 0:11:05.720 --> 0:11:07.400 at home to the Wizards. Good win for the Nets 0:11:07.480 --> 0:11:09.800 one twenty to one. On one on Cleveland. Mckel Bridges 0:11:10.040 --> 0:11:12.960 scored twenty five in La Anthony Davis scored twenty seven. 0:11:13.040 --> 0:11:17.280 He had twenty five rebounds, seven steals, five assists, and 0:11:17.360 --> 0:11:20.720 three blocks, and the Lakers win over Minnesota. Islanders stay 0:11:20.760 --> 0:11:22.400 hot one through six in a row, six to one. 0:11:22.480 --> 0:11:26.160 At Edmonton. NFL free agency kicks off Wednesday, there's word 0:11:26.200 --> 0:11:28.439 that Russell Wilson will sign a one year deal with 0:11:28.520 --> 0:11:31.320 the Pittsburgh Steelers. They drafted Kenny Pickett in the first 0:11:31.360 --> 0:11:33.719 round two years ago. He seemed to regress in his 0:11:33.880 --> 0:11:37.800 second season. Another QB baker Mayfield staying with Tampa Bay. 0:11:37.840 --> 0:11:40.360 A year ago he signed with the Bucks for four million. 0:11:40.480 --> 0:11:43.920 This deal is for one hundred million over three years. 0:11:43.960 --> 0:11:47.000 Half of that guaranteed. The Patriots will reportedly trade QB 0:11:47.160 --> 0:11:50.800 mac Jones to the Jaguars. He's a Jacksonville, Nada. Scottie 0:11:50.800 --> 0:11:53.520 Scheffler shot sixty six, pulled away won the Palmer Golf 0:11:53.559 --> 0:11:57.120 at Bay Hill by five strokes. John Stasheward Bloomberg Sports 0:11:57.240 --> 0:11:59.800 Nathan Okay, John, Thanks, want to turn right back to 0:11:59.840 --> 0:12:02.160 the market. Gets you set for the trading week ahead, 0:12:02.240 --> 0:12:06.160 at a time when gold and bitcoiner trading at record highs, 0:12:06.640 --> 0:12:08.959 while futures are pulling back a bit as we wait 0:12:09.080 --> 0:12:12.480 key inflation data later on this week. Joining us now 0:12:12.600 --> 0:12:15.760 is Dennis Gartman, the chairman of the University of Akron 0:12:15.840 --> 0:12:19.680 Indowment Investment Committee and the former publisher of the Gartment Letter. 0:12:19.840 --> 0:12:22.360 It's a pretty interesting time in the market here, Dennis, 0:12:22.480 --> 0:12:25.680 with some of these inflation headges trading at all time highs. 0:12:25.800 --> 0:12:29.240 We saw that big swing and Invidia stock to end 0:12:29.320 --> 0:12:32.800 the week. How do you read that swing to the 0:12:33.000 --> 0:12:37.160 downside now for Nvidia, I. 0:12:37.280 --> 0:12:40.640 Pay attention to the charts. Fundamentally, you want to understand 0:12:40.640 --> 0:12:42.640 why something is working. Then you want to understand why 0:12:42.679 --> 0:12:45.880 the technicals are how the technicals are functioning. And one 0:12:45.920 --> 0:12:50.000 of the most important technical circumstances that can prevail is 0:12:50.080 --> 0:12:52.040 what's known as a reversal day. When you make a 0:12:52.720 --> 0:12:56.000 new high trade to new highs on volume and then 0:12:56.160 --> 0:12:59.079 break below the previous days low and close below the 0:12:59.120 --> 0:13:01.880 previous days low. When you have an outside reversal day, 0:13:01.960 --> 0:13:04.960 that's important, and outside reversal week is even more important. 0:13:05.400 --> 0:13:09.240 But you had an outside reversal day after just euphoria 0:13:09.400 --> 0:13:11.880 in Nvidia on Friday, and I think that that can 0:13:12.000 --> 0:13:14.599 mark a very important top in that stock. It's the 0:13:14.640 --> 0:13:17.000 first time I've talked about that for a while, but 0:13:17.120 --> 0:13:20.120 we had an outside reversal day in Nvidia, and you 0:13:20.240 --> 0:13:22.640 had weakness across the board and most of the other 0:13:23.080 --> 0:13:26.160 high tech stocks on Friday following what happened to Nvidia. 0:13:26.240 --> 0:13:27.599 So I think you have to pay attention to the 0:13:27.679 --> 0:13:30.400 fact that so many people had bought into that stock 0:13:30.440 --> 0:13:32.760 in the course of the past two or three or 0:13:32.800 --> 0:13:35.439 four weeks and now find themselves trapped in a rather 0:13:35.760 --> 0:13:40.160 uncomfortable positions. So I think Friday was an important technical 0:13:40.240 --> 0:13:43.360 circumstance for Nvidia and for the stock market generally. 0:13:43.640 --> 0:13:45.080 Now on the other side of the coin, we did 0:13:45.160 --> 0:13:47.800 hear from a JP Morgan Chase strategist saying that the 0:13:48.679 --> 0:13:52.480 Magnificent seven stocks, which include Nvidia, could have more room 0:13:52.559 --> 0:13:54.800 to run, that they're cheaper compared to the rest of 0:13:54.840 --> 0:13:57.160 the market because of their latest set of earnings. 0:13:57.240 --> 0:13:57.600 What did that. 0:13:59.440 --> 0:14:03.679 Timeshelters whether that is a viable alternative or not a 0:14:03.840 --> 0:14:07.120 viable outlook or not. I think that that probably is 0:14:07.160 --> 0:14:10.719 a little misbegotten or shall prove to be misbegotten. And 0:14:10.880 --> 0:14:12.800 of course the next two or three weeks I pay 0:14:12.800 --> 0:14:15.920 attention to reversal days, and that was the first reversal 0:14:15.960 --> 0:14:19.160 we've seen in quite some period of time in Nvidia 0:14:19.160 --> 0:14:21.360 and and a high tech stock. So I think that 0:14:21.480 --> 0:14:24.520 that outlook will prove to be incorrect over time. Time 0:14:24.560 --> 0:14:25.000 shall tell. 0:14:25.480 --> 0:14:27.480 Now we have yet to see a reversal when it 0:14:27.600 --> 0:14:31.640 comes to not just gold but bitcoin. I mean, the 0:14:32.360 --> 0:14:35.960 move that we're seeing in the digital currency is just 0:14:36.200 --> 0:14:41.000 breathtaking right now. I know you've been skeptical of bitcoin 0:14:41.200 --> 0:14:43.400 in the past. What is your read on this now? 0:14:44.200 --> 0:14:47.720 I remain skeptical of bitcoin, but let's be blunt. I 0:14:47.800 --> 0:14:51.880 have been wrong. I'm too old to be involved in bitcoin. 0:14:51.960 --> 0:14:56.120 It's a young person's trade, to be blunt. I much 0:14:56.200 --> 0:14:59.440 prefer being an owner of gold as an inflation hedge, 0:14:59.440 --> 0:15:04.200 as a geopolitical risk hedge. And I congratulate those people 0:15:04.240 --> 0:15:08.800 who have listened to and followed, and played with and invested. 0:15:08.920 --> 0:15:13.080 I put the word invested in quotation marks concerning bitcoin. 0:15:13.520 --> 0:15:16.560 But congratulations to those people who have invested in bitcoin. 0:15:16.640 --> 0:15:20.640 They they have been proven correct. It's a generational circumstance 0:15:20.800 --> 0:15:24.520 rather than a fundamental circumstance. But I do understand why 0:15:24.560 --> 0:15:29.480 they have. It has risen because of scarcity values and 0:15:29.840 --> 0:15:32.040 the having, as they call it, will be taking place, 0:15:32.120 --> 0:15:34.840 I guess later this month or early next month, which 0:15:34.920 --> 0:15:38.400 slows the creation of bitcoin. And that's the that's the 0:15:38.480 --> 0:15:41.880 one fundamental that does make some sense. There is a finite, 0:15:42.000 --> 0:15:45.080 a very distinct, finite amount of bitcoin that can be created, 0:15:45.560 --> 0:15:51.400 and soon that that amount will be finalized. So unlike 0:15:53.080 --> 0:15:55.000 debt here in the United States, which can go on 0:15:55.120 --> 0:15:59.240 and grow exorbitantly and exponentially, the amount of bitcoin that 0:15:59.280 --> 0:16:02.800 will be created is a finite circumstance. I still will 0:16:02.840 --> 0:16:06.280 be skeptical of it, and congratulations to those people who 0:16:06.320 --> 0:16:09.600 have done the job and been involved, but I shall 0:16:09.680 --> 0:16:09.920 not be. 0:16:13.680 --> 0:16:16.680 This is Bloomberg Daybreak Today, your morning brief on the 0:16:16.760 --> 0:16:20.120 stories making news from Wall Street to Washington and beyond. 0:16:20.440 --> 0:16:23.160 Look for us on your podcast feed at six am 0:16:23.320 --> 0:16:26.920 Eastern each morning, on Apple, Spotify, and anywhere else you 0:16:27.040 --> 0:16:28.000 get your podcasts. 0:16:28.320 --> 0:16:31.000 You can also listen live each morning starting at five 0:16:31.040 --> 0:16:33.640 am Wall Street Time on Bloomberg eleven three to zero 0:16:33.720 --> 0:16:36.480 in New York, Bloomberg ninety nine to one in Washington, 0:16:36.680 --> 0:16:39.520 Bloomberg one oh six to one in Boston, and Bloomberg 0:16:39.600 --> 0:16:41.239 ninety sixty in San Francisco. 0:16:41.680 --> 0:16:44.800 Our flagship New York station is also available on your 0:16:44.880 --> 0:16:50.240 Amazon Alexa devices. Just say Alexa play Bloomberg eleven thirty plus. 0:16:50.360 --> 0:16:53.760 Listen coast to coast on the Bloomberg Business app, SERIUSXM, 0:16:53.880 --> 0:16:57.440 the iHeartRadio app, and on Bloomberg dot Com. I'm Nathan 0:16:57.520 --> 0:16:58.000 Hager and. 0:16:58.040 --> 0:17:01.320 I'm Karen Moscow. Join us again tomorrow morning for all 0:17:01.400 --> 0:17:03.880 the news you need to start your day right here 0:17:04.080 --> 0:17:05.320 on Bloomberg Daybreak.