Caterpillar财报显示720亿美元积压订单和数据中心电力设备需求排到2030年，但亚太映射仍缺少新增公司级订单落点

# 美股盘后催化 4/11: Caterpillar创纪录积压订单显示AI数据中心电力设备需求排到2030年

- 美股会话: 2026-08-04
- 方向: POSITIVE；类型: 财报/指引；规划重大性: 8/10
- 映射模式: sector_sympathy
- 美股驱动（规划器初判，需独立核验）: 事实：Caterpillar二季度业绩超预期，Bloomberg称其积压订单达720亿美元，并在电话会上表示电力设备订单已覆盖到2030年，数据中心需求同时拉动电力、施工和铜矿设备业务。推断：AI基础设施投资正在从芯片扩散到发电、备用电源、施工机械和矿山设备，提升工业链估值。

## 本催化相关美股真实收盘行情

- Eaton (ETN.US): 444.77 +1.49%
- GE Vernova (GEV.US): 1018.53 +1.17%
- Caterpillar (CAT.US): 876.54 +5.60%
- Cummins (CMI.US): 635.96 -1.99%
- Generac (GNRC.US): 218.63 +8.66%

## 亚太映射假设（仅候选，必须查证）

- HD Hyundai Electric (267260.KS) [KR/供应商/positive]: 数据中心电力设备和变压器需求若全球扩散，韩国电力设备厂可能受益。；核验问题: 核实其美国数据中心客户、订单积压和交付周期。
- 日立 (6501.JP) [JP/供应商/positive]: 电网、变压器和工业电力系统需求增加可能传导至日本电力设备供应商。；核验问题: 确认日立能源相关订单是否直接来自北美AI数据中心。
- 三菱电机 (6503.JP) [JP/供应商/positive]: 数据中心电力分配、自动化和设备需求提升可能带来同业重估。；核验问题: 核实其数据中心电力设备收入占比和北美交付能力。

## 必答问题

- Caterpillar订单中数据中心占比是多少？
- 关税退款对本季利润的一次性贡献是否被市场高估？
- 亚洲电力设备厂是否有同类长期积压订单披露？

## 原始证据全文（4 条）

### [E0003] Bloomberg TV+ | 2026-08-04 14:00 UTC | 盘中
「Bloomberg TV+」直播转录 21:30–22:00
URL: http://39.105.42.197:20307/event/live
【实时直播转录 · Bloomberg TV+】
来源:Bloomberg TV+(bloomberg 直播间 btv_us) · 标题:Bloomberg TV+
时段:2026-08-04 21:30–22:00(Asia/Shanghai),共 139 段
说明:以下为该时段该直播间的连续语音转录(直播 ASR,可能有同音/识别误差)。请从中识别与 AI算力/芯片/服务器/光模块/液冷/数据中心/大模型/机器人·具身智能/自动驾驶 等相关的、**可交易**的公司/产品/订单/产能/需求/合作/高管或官员表态,判断是否构成可交易事件;若通篇无可交易内容,判为不做。识别误差请结合上下文与常识修正,勿据孤立音近词臆断。

--- 转录正文 ---
[21:30] A new high watermark for its market cap, some of the health care names not doing well too, so maybe that's more of a risk on trade after we got some earnings.
[21:30] FromBoth Pfizer and Merck, looking at the sector breakdown, again, its energy that's going to be at the bottom, if not near the bottom, we'll see that in just a moment.
[21:30] There you go it is at the bottom down three nearly 3% again is just because the price of oil is falling with optimism on an off ramp to peace or at least the straight of Hoormose.
[21:30] Reoping real estate utilities staples, so again it's the more safety stocks if you look at all the ones that are selling today so it's kind of a very classic risk on.
[21:30] On a day with info tech, materials, industrials, all of those doing well, caterpillar is going to be sitting somewhere up in there for a gain of about half of percent for.
[21:30] Time high on a closing basis for your s&P coming up on the show, we're going to dive back into Spacex earnings will it be enough to turn around the stock?
[21:30] Ahead of a flood of new share issues this week, we're going to discuss with man deep saying it's coming up next.
[21:31] Today's CFfoOs are reshaping the C suite B'.
[21:31] light on these dynamicWhat's the skill set that you would advise every aspiring CFfoO to develop psychology?
[21:31] I think analytical skills are important, obviously you need to like the numbers if you don't like numbers then don't go into finance, you know it's sort of like a.
[21:32] For disasters, if you don't like numbers, not only for the CFO, but also the company's management, that's a communication.
[21:32] On the collaboration I spent a lot of time figuring out how to take the complex and make it simple and then finding a way to.
[21:32] A to communicate that both internally and externally I think it's relationships, whether it's working with investors, bankers with the senior manager.
[21:32] the board having your head down is one thing as a finance person, but keeping your ears open is super important as well, and I think that all of that is.
[21:32] Um what kind of builds out being a successful CF what chief future officer only on bloomberg?
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[21:34] The sell side and get some top calls here with that is normra linda hey nora, hey danny first up looking at shares of Nikke down after being.
[21:34] at jp morgan the farm's message is pretty simple Nikke's comeback is taking longer than expected and it's going to weigh on sales and profits.
[21:34] For a while, you're seeing shares of Nikke down about 2.7% now over to retail walmart getting it downgraded oppenheimer.
[21:34] Says the stock has had a great run and there's just not as much upside from here analysts also point to some pressure in walmart's.
[21:34] Business sharehars of walmart down about 1.7% this morning and finally we've been talking about it all morning palets are soaring for.
[21:34] Dits up about 21% and heading for its best day in more than a year that's after another round of bullish calls from wall street following its earnings.
[21:35] Report analysts are saying that demand for its ai software keeps getting stronger and they don't think the competition is catching up anytime soon top.
[21:35] Sanny North, thank you very much, we'll catch up with you in the next hour, let's get more into the AI earnings Bomberg intelligence head of global tech Research man deep S.
[21:35] Joins us we can talk about what we're expecting from SpaceX in a moment, but just picking up of where nora ended on palantier I mean revenue, US commercial revenue.
[21:35] Climbing nearly 150%. It is so strong. Does it show that CEO Alex Karp has kind of convinced companies that we are should be.
[21:35] YourForay into AI, like set aside the large language models, use our products we're more safe, is that message working for them?
[21:35] It comes to the government contracts and you that particular customer base around defense use cases, they clearly have nailed.
[21:35] This was their 13th consecutive quarter of accelerating top line growth. So very impressive. But when a company.
[21:36] Is that sort of nichey, You would expect growth rates to normalize. We haven't seen that with palentir, just because they have.
[21:36] Executed so well. But at the end of the day, it's a very high AsP product. They've got thousand customers with which now they're doing close trade.
[21:36] dollars in revenue. And that, to me, is a big risk. is once your customers are maxed out and they talk about open.
[21:36] Open rate models. If customers are using open rate models, Why would they pay up so much for your product, And that's where the numbers look.
[21:36] Great right now. but my fear is they will normalize. and it's just a matter of then. Well, are they right that they have no real.
[21:36] So they were one of the earliest ones to come up with this FDE concept for deployed engineer.
[21:36] And really customize the government work to get these products to execute to what the government contracts.
[21:36] Were looking for. And now they have expanded to every adjacent industry where the contracts are similar to what the.
[21:37] Governments do, but when it comes to LLMs, they didn't have any LLM play right from the get go.
[21:37] Actually transition to and they don't even train their own LLMs, They use open weight or open Aentthropics.
[21:37] That's where I feel like they're not to a true LLM play, but obviously they have pivoted well and they are able to execute on that.
[21:37] For me the real question is can they expand the customer base and that they didn't answer last night So that's palenter get SpaceX.
[21:37] For this company, I just wonder if we're anything close to true price discovery, it's something we all talked about yesterday too, the fact you're going to have this lock up.
[21:37] But does their earnings release, does that get us closer to understanding what this company should actually be trading at?
[21:37] Rich, IPO at 80 times, it still is probably the most expensive stock when you think about the overall tech comp.
[21:38] Yes, I expect them to post good news. The AI numbers would look good with the computer deals, but in the end.😊
[21:38] They have to lay out the two, three year out vision, and that's where the Capex numbers are very important, more than the top line growth. I'm looking at what.
[21:38] They are going to do in terms of their Capex because we know that all the hyperscalers are close to $200 billion for next year, probably.
[21:38] Higher what is Spacex going to do, Because right now, the consensus is more around 13 billion for AI. Are they going to raise that significant.
[21:38] Only to get closer to 100 billion. And that would be a confident sign that, Ok, they actually believe.
[21:38] The compute deals will translate into higher revenue and hopefully better margins, and that could be positive for the start. Well do we get a real view.
[21:38] Yet on what this company is, you're talking about the capital spend on the AI side, but they're a rocket company.
[21:38] Satellite company, they're a car company, how long till we figure out where it's all going to come together you're right?
[21:39] Some of the parts framework is probably the best way to look at this company and the satellite business, the startling business should do very well.
[21:39] That's the cash cow. The space business, to me, it's too far out. Like, yes, we can talk about space data centers, but there's nothing.
[21:39] Where I can model any revenues anytime soon. So if they want to show accelerating top line growth for the next few.
[21:39] Then AI is your driver. And within AI is really the compute piece of it. They're all large language model, graph model.
[21:39] Ist what is going to drive that AI revenue growth, It has to be that compute line. And we saw all the hyperscalers did really well this quarter.
[21:39] Microsoft AWS, so to me, they are similar in that regard. How much of it is something that other companies might emulate like a meta wanting to be.
[21:39] Fund all the spending they're doing through selling compute. Obviously, they don't have like a starlink in rocket business, but is there something to that business model should investor.
[21:40] Rewarded today that perhaps again someone like a me could emulate I think so, I mean, meta probably is headed that route.
[21:40] We would, I anticipate some announcement from them over the course of this year where they would get into compute rental business because right now.
[21:40] Every company needs more computes, especially the large language model providers like Open Anthropic, they are after a life.
[21:40] CompAnd that's what I think SpaceX did well during the time of IPO. So I is there a trade off, though, that you rent out your own computer?
[21:40] That means you're using less so Goc isn't advancing maybe as much as the others is that a calculus they have to make I think there is a tacit acknowledgement.
[21:40] That our model is not being used. We hope same for Me as well. Me and Gc, I think their models are not being used.
[21:40] I hopepe to continue to improve it, but for now they want to generate revenue out of all that compute that's sitting idle. All right, Man, thank you so much for joining us.
[21:40] We'll catch up tomorrow after these earnings man deep singh from bloomberg intelligence coming up another side of this trade, the data center boom.
[21:41] fuelueling profit growth, a caterpillar will break down their earnings next as the shares rally 9% in this morning's trade.
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[21:43] 20 minutes into your trading day and we trade at all time highs and we'll end there if we can close at this level we just need to get above 4609.
[21:43] Well above there on the s&P nasdaq that rallies 2% the dow jo itself already trading at a record another 1% if you care at all.
[21:43] Brent crude down 4.6% so that's eating this overall session as yields come in, a dollar a little change maybe the end is more interesting this morning.
[21:44] Getting weaker as treasury secretary scott besson was speaking invidia, a good day for them paling and even better day after their earnings mdonald's.
[21:44] Into gains after their u. sales disappointed Spotify also reported earnings though shares just marginally down after that.
[21:44] You can see their caterpillar up 9.4% after reporting earnings that may be reestablished that yes.
[21:44] The AI infrastructure trade is alive and while for more we're joined by bloomberg's Matthew Griffin on Catpillar, feel it used should be this kind of like.
[21:44] thing people would say at the beginning when Caterpillar was starting to enter sort of the AI power business saying, oh great, I guess AI a caterpillar is an AI company.
[21:44] Now, after this earn season, can we definitively say yes, caterpillar is an AI company now Well, this will help clarify.
[21:44] That narrative in investors minds for sure, there had actually been some questions, of course, across Wall Street about the AI rally, AI infrastructure.
[21:44] Now you have this company reporting a record backlog $72 billion at the end of the second quarter they said on the earnings.
[21:45] They're getting orders for power equipment to power data centers out to 2030 i've been talking to investors this morning said.
[21:45] is calming a lot of the fear on Wall Street. Of course, they're also cautioning that a lot of this is driven by the macro, so nothing is so.
[21:45] About the AI trade, but right now, I mean, if you just look at this stock, it is clawing back a lot of those recent declines I was looking through the earnings report.
[21:45] Power generation constructions up big and there seems to be an AI thread that runs through most of their divisions Yes, so the construction.
[21:45] AsSa there grew 35% year over year, that business, unlike power, had been in a bit of a downturn investors were waiting for it to.
[21:45] Pick up and data centers are part of that story. you need construction equipment to build a data center. you also use a lot of copper.
[21:45] To their mining equipment business. And it also helps, of course, it's also linked to the AI boom. So maybe some risk.
[21:46] But the stronger that unit is the stronger ground this stock is on because the more drivers it has, if ever.
[21:46] Deal for the powerI was just thinking,, heading into Catpillar, we got Ims yesterday and some of the commentaries specifically around material.
[21:46] This has been really star. Someone said no normalcy in sight in the world of medals. It makes me yearn for the coronavirus pandemic chaos, which was more manageable.
[21:46] Whatever this is that we are in now, and I just wonder some of that angst over metals and materials, how that factors into caterpillars.
[21:46] Business right now it is helping them directly they actually just said on the call that demand for metals like copper is helping the mining equipment.
[21:46] BusinessSa there were up 20% in the quarter that one investors have kind of seen as the laggard, the last one to pick up.
[21:46] And the tighter the metal market remains, yes, a big problem for other companies, but it's a direct benefit to caterpillar Department of footnotes.
[21:46] Some of the profit update came from tariff refunds, which is obviously something that is not going to continue and now we're going to have new tariffs.
[21:47] Portray that within their outlook. Yes, so Caterpillar tweaked its outlook for tariff costs a little bit down. They saw 2..
[21:47] 2.4 billion in expenses this year now 2.2 billion that is, of course, a big number some of that.
[21:47] Being refunded now 392 million in the most recent quarter, so again, big number of but investors think the company is managing it.
[21:47] Very well, and they're starting to lap some of the tariff headwinds. so they're the same as they were a year ago, and that helps these growth numbers look.
[21:47] Good now that the companies kind of figured that out. Anything to be upset with here. sounds pretty good and straightforward across the board. The tariff thing was called.
[21:47] It is sort of a low quality element of the beat, but it didn't contribute everything to that beat that's less than a dollar of benefit and they beat.
[21:47] On adjusted earnings per share by two full dollars, another thing an analyst said is backlog was really strong, some investors might have had even higher expectations.
[21:48] But from the way the stock is reacting, it seems like most of them were met up 7 and a half percent there or about trading at its biggest gains.
[21:48] Apri, Mattheww, thank you so much for joining Bloomberg's Matthew Griffin, coming up in hour two of open interest in Johnnyee Day of Fotsie Russell on her Mac.
[21:48] plus Goldman's chief credit strategist samanda line and we're going to talk to an Earl Spacex executive jim Cantrell.
[21:48] At of SpaceX earnings and Bob Sloan S3 partners talk to tech Shorts, all that to come, this is Bloomberg, open interest.
[21:50] 🎼The scientists sayI the project that we're working on isn't actually aiming to make the AI have particular.
[21:50] Values or like moral system instead it's based on building an AI that would be completely haunted.
[21:50] And humble about what it knows and doesn't know, once you have something like this, you can ask questions about particular preferences.
[21:50] That you or I or a particular company or government has about know what is acceptable, what is not acceptable because if you build an AI.
[21:50] 🎼That embodies a particular set of moral values, well, maybe different people have different views of what is good.
[21:50] 🎼YeahAnd different countries and so on. the preferences in different companies would also be different. So that's one reason why it would be better if it is something we can.
[21:50] 🎼Do at runtime to ask, is this action going to violate these instructions?
[21:51] And also, honesty is super important, like I wouldn't want anI that decide.
[21:51] To lie to me for my good sake, according to the AI.
[21:51] Future where humans remain in charge, especially about moral choices and societal choices, and we have a tool for this.
[21:51] 🎼I going to the.
[21:51] gains across European equity're.
[21:51] Come to as markets bringing you up to the minute global news whenever.
[21:51] And wherever it happens, I'm Joanna Perace in alaa, Saudidi Arabia and this is Bullberg.

### [E0004] Bloomberg TV+ | 2026-08-04 14:30 UTC | 盘中
「Bloomberg TV+」直播转录 22:00–22:30
URL: http://39.105.42.197:20307/event/live
【实时直播转录 · Bloomberg TV+】
来源:Bloomberg TV+(bloomberg 直播间 btv_us) · 标题:Bloomberg TV+
时段:2026-08-04 22:00–22:30(Asia/Shanghai),共 148 段
说明:以下为该时段该直播间的连续语音转录(直播 ASR,可能有同音/识别误差)。请从中识别与 AI算力/芯片/服务器/光模块/液冷/数据中心/大模型/机器人·具身智能/自动驾驶 等相关的、**可交易**的公司/产品/订单/产能/需求/合作/高管或官员表态,判断是否构成可交易事件;若通篇无可交易内容,判为不做。识别误差请结合上下文与常识修正,勿据孤立音近词臆断。

--- 转录正文 ---
[22:00] able,That's a very interesting question by a lot of indicators, the consumer, the average consumer.
[22:00] Lower end consumer, they are under stress. There is no doubt about that, but there is a strange disconnect there where most of the consumption in the United States.
[22:00] Is driven by the top 10%. And actually, it's not even the top 10%. It's really the higher end. the top 5 and the two percentage points.
[22:00] sense there is a disconnect where most of the consumption is coming from wealth and the higher end consumer. So the stress.
[22:00] You see and in the lower end consumer tends to not get reflected in the headline GDP numbers and the headline.😊
[22:00] Eity return number, so there is that little bit of disconnecting inherently how the U economy has transformed over time Ron, always such a pleasure to have you.
[22:00] Thank you so much for joining and Johnny Day of Foitzy Russell and a check on your equity market that is trading at all time highs for the S&P 500.
[22:00] At 7668 just want to note that the nasdaq still has a ways to go before it gets there it needs to trade above 30,000 in order to be an.
[22:01] Time high, again, the dow was already there yesterday if you follow the Dow10 year yields, those are coming in again, and drawing was just talking about.
[22:01] phenomenon where we're seeing these companies that were already so linked to what yields were doing because they longer duration aka tech now.
[22:01] Com even more so, so yields come down, you see equities rally and that is because of brrenent crude brrent crude back below $80 a barrel for the first time.
[22:01] Mid july that's trading at 7982 let's look at some of the movers on our radar this morning with that is nora good morning nora good.
[22:01] Three stocks of the move for you palantte here, let's kick things off there up 23% on track for its best day in a year and a half.
[22:01] When you've raised both its revenue and its profit outlooks, the CEOo al carp calling demand for the company's aI software quoteotherworldly.
[22:01] safefe to say investors like that now over to heavy machinery or maybe shall we call it AI caterpillar crushing second quarter expectations.
[22:02] AndBeating on both profit and revenue, you are seeing shares up about 6%, turns out that the company is also benefiting from the AI boom too.
[22:02] Strong demand for the power equipment, helping run data centers. we are seeing shares, of course, to the upside and finally mdonald's post.
[22:02] the second quarter in a row the company says customers are still watching their pockets so it's leadinging into value meals to keep customers.
[22:02] Think an egg Mc muffin, coffee, a hash brown, guys be honest, you're definitely craving a hash brown right now, I'm sure we are seeing shares up about 1.
[22:02] 4our% right now though those are your more movers, Sandra, thank you very much always making us hungry with these normal li we'll catch up with the in about.
[22:02] 20 minutes time coming up first Goldman sachs chief credit str amanda linenon just joins the show to discuss Ai risk and debt markets that's coming up next.
[22:02] This is Bloomberg Open interest.
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[22:06] Experts say that more data is needed away from the world of rats into banking, wells Fargo is launching tokenized deposits for commercial clients.
[22:06] Blockcha to enable real time cross border payments, the program starts with U dollar and british pound transactions and willll expand next year.
[22:06] The bank says that clients won't need to change how they bank while gaining faster 24/7 payment capabilities and jp morgan is stepping up.
[22:06] AI push on wall street, the bank hired an nyu ai professor to join its new quantitative finance group where the focus is using machine.
[22:06] learning to improve electronic trading from generating trading signals to executing trades elsewhere loan investors are students.
[22:06] Starting to push back as aI related debt continues to grow, pimco president christian Str wade here on bloomberg open interest yesterday.
[22:06] The beauty of AI is that it's disrupting technology and it's generating a lot of excitement through that disruption, of course.
[22:07] The downside risk is that it's disrupting through its technology and so you could see a lot of disruption risk down the road.
[22:07] You don't want to have too much risk in any one project or in the whole conflict, so that's something that we're very much keeping an eye on it's a great opportunity.
[22:07] But you want to be moderate and measured in how you deploy into itLet's continue the conversation usda.
[22:07] ss chief credit strategist, it feels like everywhere you look, there is this conversation concern about concentration risk happening, whether it's in private.
[22:07] Markets or public, which pinmco of course, looks at both of them, whether it be equity markets, and because of that, you are now starting to see some of the spreads widen whether.
[22:07] Loans, whether it be cdS on some of these ai related companies is there real pushback happening in these markets and if so, is that push?
[22:07] Back warranted well good morning thank you for having me i would say yes, the concentration theme has come up in a few different facets in the credit market one.
[22:08] As AI related issuance broadly has accelerated the credit market, investors are becoming more mindful about the various exposures they have, not just in their credit portfolio.
[22:08] But also in equities and because credit investors don't share in the upside of our equity peers, we tend to pay more attention to the concentration risk.
[22:08] I think some of the pushback that you're seeing in other markets, I would separate that from the AI narrative and a lot of that is just the software narrative.
[22:08] Some of these software refinancings are coming through the market, and keep in mind many of these transactions were kind of struck in the 2021 era.
[22:08] Of very elevated valuations and very low rates and so some of these capital structures just need to be right sized, we tend to not pay a ton of.
[22:08] Attention to maturity walls across the credit market, but here in loans and in private credit, the 2028 maturity walls do matter.
[22:08] Expect to see more differentiation from the investor base as these different business models flow through, and it will really be up to investors to determine how much of the.
[22:08] I right sizing a capital structure and how much of it is actually parsing through potential business disruption risk from AI it pushing.
[22:09] There's one way or another into different kinds of capital structures as they try to figure out which is going to be the safest and yet bring you the return.
[22:09] ssers that are looking for certainty of financing, customization, kind of a bespoke solution, the private markets are worthy.
[22:09] Gravitate more and I would say there's a lot of demand from investors in the private markets by pre estimates, there's four and a half trillion of dry powder.
[22:09] Globally across all those strategies, So that's pretty meaningful. I think for solutions that fit more cleanly into a syndicated transaction right now.
[22:09] Because there're still a relatively low cost of capital. and so that's a good solution. I think what is most striking from our perspective is this kind of interplay across asset.
[22:09] That we'ved because our view is that debt financing will play a larger role in this AI build out so that open and.
[22:09] Receptivity, openness and receptivity of the credit markets has become more relevant for equity investors and our high level view is that we're not concerned.
[22:10] About access to capital, but we just don't expect, for example, the U. iG bond market to do all the heavy lifting of the financing and that it will be a more new.
[22:10] across Well, you've talked about this that we have an overlap in borrowers in both syndicated credit and.
[22:10] D lending, you're seeing them use both channels, one of the things you also point out with that that especially in direct lending, I'm assuming this is what you're referring to.
[22:10] The standard measures of credit risk have kind of changed, or what are the more important metrics to be looking at in this environment?
[22:10] So a lot of investors will look at default activity and kind of missing the nuances under the surface that in private credit, we can have covenant defaults.
[22:10] That aren't necessarily the case in the syndicated market really the first default is a payment default those have very different outcomes, so for that reason we focus.
[22:10] More on realized losses in private credit and then in terms of signpost to watch, we focus on things like non arual rates and payment and kind, so basically.
[22:10] Paying your debt with additional principal as opposed to cash interest, the high level view is that through the first quarter, so that's the most recent data that we have.
[22:11] We're seeing a modest uptick in non acral rates and it's very consistent with the view that this is a market of dispersion, but not widespread market disruption.
[22:11] That will be key to watch, however just like liquid credit, private credit is very growth sensitive, so right now the growth backdrop is arguably.
[22:11] Enough for credit that will be key and then beyond that kind of this left tail that we're watching, both in liquid and private credit of companies that.
[22:11] Aren't yet kind of growing into their capital structures even a couple years after the pandemic now, that will be, I think, where we would be most focused.
[22:11] And potential signs of stress how sanguine are investors about interest rates, which is a nice way of saying does the F matter at this point it does?
[22:11] It absolutely matters, I would say for credit, it's a bit of an inverse reaction in that higher yields actually deploy a lot of our investor base into.
[22:11] MarketBecause they're incentivized to capture these all in yields, I would say, though, the speed and the drivers of the rate moves are really what matter to our market.
[22:12] If rates are elevated because growth is holding in well, and maybe there's optimism around productivity around AI that.
[22:12] Different backdrop than if rates are rising because inflation expectations are becoming unanchored, which is not the view by many market participants.
[22:12] Speak to so i think for now it's been a backdrop that's very manageable what our equity colleagues have also noted alongside us however, is that the speed of that rate.
[22:12] Backrup really matters and so if rates are selling off in a disorderly way, that confidence of that yield based investor really diminishes to deploy an our.
[22:12] And so that tailwind doesn't work as well. if we don't get cuts, though, and maybe we even get hikes, how much of an issue is that for the direct lending universe when.
[22:12] F this backlog of private equity action, part of it, maybe some can kicking, and I guess across the whole industry much?
[22:12] Has there just been can kicking, waiting for a more rate friendly environment so a hike, while not the base case of our economists would certainly be an unwelcome.
[22:12] It meant for floating rate borrowers that are already managing through higher cost inputs from higher commodities, the software potential overhang that we mentioned earlier.
[22:13] So wouldn't be a welcome development in terms of how have the markets kind of managed through this environment we've seen a lot of amed.
[22:13] Aivity, even in commercial real estate, parts of the credit market, I think the distinction as this moves forward is, are you a good business model?
[22:13] Bridging to the other side of a potentially temporarily stretched balance sheet, or are you just a business model that will not grow into your capital structure.
[22:13] So I would say again, going back to this point on dispersion but not widespread disruption, it hasn't been a material headwind to the market.
[22:13] Nor do we expect it to be, but I do think for these companies that we're kind of lagging in an environment of above trend growth and low rates.
[22:13] Just another headwind that they need to contend with is there a timeframe for when you've got to write those people off and?
[22:13] I always say that bad loans are made at good times is there something to worry about here right so the 2028 maturity walls are very key here especially.
[22:14] Or the leverage loan and private credit market because they do have some heavy software concentration on the bright side, we've actually seen some of these amended extend activity.
[22:14] Go fairly well in that sector, but I do think as we get closer to that maturity wall, there will need to be some more nuanced conversations around.
[22:14] Is the viability of the business model and can it really grow into its capital structure, but for now, I would say the market is still taking its time and evaluating.
[22:14] Those stories right Amanda, so great to have you on thank you for joining us Amanda lineham of Goldman Sachs ahead we look forward to.
[22:14] SpX earnings joining us will be Phantom space CEO jim cantrell, one of the early employees at SpaceX this is boomberg open interest.
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[22:16] You're watching Bloomberg welcome to Bberg this weekend this is bloomberg you missed.
[22:16] Can this really continue at this rate what we see in data as a consumer so spending?
[22:16] We're spend in America, that means economy is okay, and that probably means the rest of the markets and the construct and the final demand is there what are the potential?
[22:16] R they could potentially sty me some of the pipeline people are borrowring because they see opportunity, what it's equipment buying, what it's hiring, what it's building a plant, whether it's.
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[22:17] Like no one else, ETFIQ Mondays on bloomberg.
[22:17] Just about under an hour into your trading day and we're still at all time highs if we hold at this level will' close.
[22:17] Well above them, about half of a percent over the all time high we hit in June 2nd, Nasdaq isn't there, but it is rallying outperforming.
[22:17] 2% the russell 2000 a good run to the dow also at a record all of that is really being helped not just by earnings but against that in the moment.
[22:17] What's happening in the macro landscape, brrenent crude falling is optimism that aman and Qatar have reached something of a temporary peace agreement.
[22:17] That will allow the st to be reopened so brent crew below $80 a barrel for the first time since mid july10 year yields down four basis points.
[22:18] So the rest of this board, a lot of it is really good earnings, good earnings from palantir, of 25% solid earnings from caterpillar.
[22:18] Donald's actually not very strong earnings, but those kind of flipped theyre getting a new head of the U. and the U. is where the weak spot was Kimberly clerk up%.
[22:18] But they trimmed their annual growth forecast SpaceX we're awaiting that we're going to get earnings after the bill and coming up we're going to talk more about it.
[22:18] Fantom space CEO jim krell on what the overall space universe is looking at as we get this report again' going.
[22:18] Lup period which means more selling a spacex share shortly after this earnings result, so a lot to watch out for we'll cover all of that for you.
[22:18] The other side of this break, you're watching Bloomberg Open interest.
[22:20] TheWorl's most powerful investors don't bring a bell, they quietly reshape.
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[22:20] 🎼Bloberg at Bloberg and I want to talk about the broader deal in M&A environment. This is a moment in time. we'll see how long we're here.
[22:20] 🎼too early to call. There is an under investmentsment in what's going on in private markets because everyone's looking for additional a.
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### [E0011] Bloomberg TV+ | 2026-08-04 16:30 UTC | 盘中
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[00:00] wellThank you so much coming up the senate still unclear about the clarity act summer meer blockchain association ce.
[00:00] former cfttc commissioner joins us to discuss the path that she sees ahead for the bill and to access all the latest data news on crypto.
[00:00] W we go on the terminal, this is bloomloomberg.
[00:01] The top names in global aviation are on bloomloberg for worse.
[00:01] 🎼I got an oil price that's at 90 bucks to barrel any sign at this show that consumers are starting to get a little bit more cautious again so very complex.
[00:01] 🎼economy is a very complex world, because we have more visibility than others with the backlog we have, we're ramping up production across many of our product lines.
[00:01] Markets are very strong, so our backlog is very very strong, so our story is really focusing on executing that backlog.
[00:01] year ramp both with our commercial customers and in defense right we're sold out into the early 2030s we have our work cut out for.
[00:01] We have to provide our customers and governments with new means of facing those stress.
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[00:02] 🎼To help all our nations feel safer. the news that matters is on bloomloomberg context changes everything.
[00:02] 🎼Yeah.
[00:02] 🎼
[00:02] 🎼Yeah.
[00:02] The crypto industry's profile in politics has risen.
[00:02] During president trump's second term in office, but that doesn't guarantee immediate passage of the clarity act, which is intended to establish regulatory jurisdiction.
[00:02] Bitcoin and other cryptocurrencies romaine bossk spoke with dan Doliv of Misoho about his timeline for the legislation.
[00:03] Clarity act is not happening Bitcoinco, which is highly you don't think clarity act will happen you this year it's off the table August.
[00:03] Right now and at some point it's going to happen but it's not going to happen you know this year senators tos and galle are leading a bipartisan.
[00:03] To work on a solution giving states a role in enforcing the clarity acts ethics provisions joining us for more in washington is summer Mer art.
[00:03] chain Association CEO and of course, former CFTC commissioner, some are great to speak with you, there are a couple of things that are kind of.
[00:03] Delaying the clarity act, but from where you sit is ethics the single biggest obstacle to the senate passing the Cla act?
[00:03] I think we're getting there in ethics, we seem to be on kind of the 10 yard line here.
[00:03] The right players are working on it,ve had they've had good discussions, good negotiations, and I think that we are headed.
[00:04] In direction where we're going to get a good vote on this bill, but as you've mentioned, you've said ethics are the elephant in the room blocking the clarity Act've also said the industry.
[00:04] And trying to dictate ethics provisions and what they should look like the president, we should note disclose a $1.4 billion in personal.
[00:04] Crypto income his family runs world libertyerty financial plus a meme coin, Democrats vote without Democrats will not vote without.
[00:04] new guardrails, can the industry really afford to stay neutral on ethics when ethics could be the thing that kills it.
[00:04] It's up to the government officials, you know, this is an ethics agreement that will impact all of the elect.
[00:04] ffAnd so that's something that they need to work out together again the right people are having the right conversations and so we're headed in a good direction.
[00:04] And from crypto side, you know weve just really encouraged them to keep talking so that we can get us across the finish line.
[00:04] From an ethics perspective, what gets it across the finish line, like who has to give here?
[00:05] I think where the two senators tell in gallego where it sounds like they are headed, probably.
[00:05] Is the right direction at the end of the day we are still waiting for democras to say that they support this bill.
[00:05] Ho that this is what gets them to yes I wonder also about the context cryptocurrencies have been mired in a slump people.
[00:05] Call it a crypto winter if bitcoin were trading above 100,000 rather than holding at around 60,000, do you think there would be more urgency for both demo?
[00:05] And republicans to reach some kind of compromise because right now, both sides probably feel that they have time on their side to press.
[00:05] CaseI think what both sides recognize is the status quo is not working, that they have.
[00:05] To get something done and the longer it takes to get something done, the longer we are without certain customer protection.
[00:06] Without law enforcement tools. and so i think there's this recognition that we need to get something done sooner rather.
[00:06] Later, the status quo is not going to work in the long term, and the opportunity is now, let's take advantage of it.
[00:06] Something needs to get done for consumers, those who either invested or trade crypto.
[00:06] Are trying to move on chain what's in it for them, how is clarity act going to change how they proceed, how they move forward?
[00:06] There's a number of disclosures, a disclosure regime that does not exist right now will be in place, you will also have regular.
[00:06] Overseeing these markets, and that means you're going to have people in there examining them, making sure they know where the money is.
[00:06] Right now you don't have requirements for customer funds segregation, so there's no protection from bank.
[00:06] This is something that the bill will do is ensure that customer funds are kept safely and remote from any bankruptcy proceedings.
[00:07] In this bill that makes it a strong customer protection law in the previous lifetime, you were a long time senior advisor.
[00:07] Or to Senate Major leader, John Tune, can your relationship with him, with his office, get this across the finish line?
[00:07] You know, we're both from small towns in South Dakota and I think what he would say.
[00:07] What I would say is independent thinking is in our blood, so I have no illusions that you know my voice is coming.
[00:07] To be what makes him come to a conclusion, he's working closely with his caucus.
[00:07] The minority leader and all of the other kind of issues that are out there are playing together as far as timing, but yeah, he's an independent.
[00:07] Thinker and that's part of the reason I enjoyed working for him is that he does things the right way in.
[00:08] With his own reasoning, Have you spoken him about this, You know, I have spoken to some of his staff.
[00:08] close contact with them mostly it kind of coordinating the blockchain association has done a ton of grassroots work.
[00:08] Last month, we've had hundreds of meetings in the Senate, we created a new website called clarity4ammerica.com.
[00:08] AndThat's where you can go and send a cons unique constituent letters to senators so making sure they know.
[00:08] That we are putting in where we see maybe offices that have questions that need to be clarified.
[00:08] It really is we're working hand in hand to get this done and before we let you go somewhere I just want to get a sense again of.
[00:08] Based on your years of experience in washing, understanding the legislative calendar, explain to us why this is kind of the last.
[00:08] Wd of opportunity for the senate to move forward with clarity act because if it doesn't get it done before the recess, then what does the calendar?
[00:09] Look like in the fall and post midterm elections Yeah, I mean, I think this is an ideal time you know.
[00:09] A lot of times, in my experience, the Senate does perform best when there are timelines in place when there's a deadlineup.
[00:09] Some sort and I think we're facing that right now with the upcoming August recess and you know, things just get harder around.
[00:09] Midterm elections, things are really hard to do in lame duck sessions, so i'm not saying it's impossible.
[00:09] But you know right now the timing is right, we're so close and you know given my years of experience in the senate.
[00:09] Capitol hill, I think we're going to get there when by the end of the week, I think we'll at least have a.
[00:09] Some kind of closer vote, at least to see where, you know, to see where everyone is to see if we can you know.
[00:10] Moved ahead with the bill there might be a break in between when you get closer on the motion to proceed and when you actually have final.
[00:10] But that's okay because cryptos not going to go away, we're going to keep pushing around this, we're going to stay on the hill, we're going to keep having these.
[00:10] Conversations send in these letters and making sure that no one forgets that this is critically important to their crypto voters.
[00:10] In the United States somemersing our blockchain association CEO, also former cTC commissioner joining us from.
[00:10] Washington well, coming up the big story of the weekend, an ongoing hack of cold Bitcoincoin wallets has the crypto industry on edge.
[00:10] With more than $100 million worth of Bitcoin already stolen, that's next, this is Bloomberg.
[00:11] My old mentor, Roger Saawback, who told me when I transitioned, footballball will never leave you, but you need to leave it.
[00:11] Wow, everyone has a dream and a lot of dreams are, you know, my dream is to play football and play professional football and you get the dream comes true, but it is going to end.
[00:12] And the day it ends, the day before it ends, you're one of the best in the world great, the next day you wake up, that's gone What you.
[00:12] Great at and the truth is nothing right I'm not great at anything else I talk about it all the time, Steve is this whole idea of is not from penhouse,
[00:12] PenhouseAnd what I mean by that is you played for 1520 years and you're in the penthouse. That doesn't mean that you come to the business world and you're going to be.
[00:12] Spenhouse, now that you don't start in the third floor or the lobby, you actually have to start in the basement.
[00:12] Bringing you up to the minute global news whenever and wherever it happens, I'm jona versace in Ellajaa, saudi ara.
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[00:12] Take a look at your midday movers first up us stocks are on track for record highs as investors grow more optimistic that a deal between the us and.
[00:13] reachTreasury secretary s bessant said an agreement to reopen the Str of ho moves could come as soon as today or tomorrow.
[00:13] Now among individual movers, caterpillar crush second quarter expectations shares are climbing after beating on both profit and.
[00:13] Revenue turns out caterpillar is benefiting from the AI boom2, with strong demand for the power equipment used in data centers.
[00:13] Meanwhile to the downside, ford is falling after july vehicle sales dropped more than 10% from a year ago while ev sales plunged.
[00:13] Nearly 75% and finally turning to crypto cipher digital is lower after second quarter revenue missed expectations.
[00:13] As bitcoin mining revenue declined, those are your midday movers, i'm norra melinda.
[00:13] Ters have found a way to steal more than $100 million worth of bitcoin from thousands of accounts on kin kitite's cold wallet, which means it.
[00:14] Isn't connected to the Internet. Bloomberg's, Lauren Tara La Coraage, reported on this, and she joins us here in New York.
[00:14] I mean I was reading about one of the victims here and he said his part of the system was in a safety deposit box at a bank.
[00:14] I mean, people had the perception that if you have a cold wallet that it's secure, and I think this has kind of upended that impression, you know.
[00:14] There was a security flaw in Coinkite's system that someone it seems might have even.
[00:14] hacked into it all the way back in April times. but then the news kind of blew up over the weekend because a lot of other users were complaining about,
[00:14] Their accounts getting drained and so they have a whole mess on their hands now and do most people have while they bitin in one?
[00:14] Storage place or do they kind of diversify and spread it out kind of the way that people spread out their deposits at banks just depends.
[00:14] There were some very sympathetic harrowing stories of one guy was saying he bought two Bitcoin for his children's future.
[00:15] Another guy lost all of his savings because he just had it there, but I'm sure some of the users have it in different places too there can we draw any sort of corollary?
[00:15] Like if this were to happen to somebody and at a bank and like, you know, their account were somehow compromised at one of the.
[00:15] A regulated financial institution, would there be better recourse than if it's lost in Bitcoin, certainly?
[00:15] I mean, that's going to be a big question that we still don't have an answer to is what are the repercussions for coinne kitite, if any?
[00:15] Is there going to be litigation, is there going to be any enforcement action, but in terms of the money, I mean it's kind of like you don't have the same FDIC.
[00:15] Insurance and things like that yeah I'm guessing coininkite doesn't pay anyone to ensure the deposits there what do we know about coininkite the company?
[00:15] Not a whole lot, it's a small company, it's based in Toronto, I believe there was some commentary online by upset.
[00:16] Users about the CEO saying that he was not aware enough about the flaws. I'm sure that we'll find out more about them in the coming.
[00:16] DaI mean, our team certainly is trying to get in touch with people there, but I think they're heads down trying to get their arms around the problem.
[00:16] ,This was a system where something's in cold storage is seen as a lot safer than a system where something can.
[00:16] L online, like maybe, in an exchange, for example, does this just shatter that notion?
[00:16] I mean, I would say so, yeah, because it's exactly like what you're saying people had this perception that it's safe because it's on like a physical work.
[00:16] So I mean, look, you're not going to give financial advice or advice about people, how people should store their crypto, but based on the folks you've spoken to and your team.
[00:16] reporting on this, what is the right way to store a digital asset You know, you've seen some of the exchange executives come out.
[00:16] say that their way is better. And then you've seen some people come out and say, you know, this doesn't ruin cold wallets. This is one bad example.
[00:17] Rre the whole bunch, but I think time will tell if there are more hacks like this, because are not the only one that provides that device, you know, right?
[00:17] And there have been a series of hacks, too, perhaps not as many, given that Bitcoinins price action has not been as robust as it was in previous years.
[00:17] Vaucius of Bloomberg intelligence has been writing that the cold storage Bitcoinco Heist definitely shakes the faithful and strengthens the ETF case.
[00:17] You get exposure to Bitcoin through ETFs rather through actual, I don't want to say physical Bitcoin, but through owning Bitcoin and putting it in cold storage.
[00:17] Yeah, certainly, I mean you could see the argument for that right if you had the ETF and not the actual underlying asset, you might not be in such a bad situation.
[00:17] So it's a good time for Eric to be writing about it do we know that you know we can not we, but this type of asset.
[00:17] Can be traced, and I'm wondering if the authorities, I that the point of the blockchain, it is, I mean, and I'm wondering if authorities have any sort of not.
[00:18] About who has it, but at least where it went. Yeah, I mean, this is already, there are a lot of technical analysts going out there trying to scour.
[00:18] the coin kite application and the flaws and who it's like a big who done it in cryptoor, right, no one knows who the original hacker was, but now there's,
[00:18] More than a dozen that have been identified. And they're just identities. You don't know their name or anything. So I think there will be more to cover in the coming days.
[00:18] still a lot to unravel then lauren T la kra, thank you so much she is a reporter for bloomberg news covering multi cross assets.
[00:18] Cryptocurrency Tim well coming up next, tokenization of traditional assets, it's gaining momentum, but Ophelia Snyder, the co founder.
[00:18] Of 21 shares warns that the hyps surrounding tokenization are outpacing the reality, this is Bloomberg crypto.
[00:20] 🎼The scientist A the project that we're working on isn't actually aiming to make the AI have particular.
[00:20] Values or like moral system instead it's based on building an AI that would be completely honest.
[00:20] And humble about what it knows and doesn't know, once you have something like this, you can ask questions about you know particular preferences.
[00:20] That you or I or a particular company or government has about you know what is acceptable, what is not acceptable, because if you build an AI.
[00:20] That embodies a particular set of moral values, well, maybe different people have different views of what is good and bad.
[00:20] 🎼And different countries and so on, the preferences in different companies would also be different so that's one reason why it would be better if it is something we can do.
[00:20] 🎼At runtime to ask, is this action going to violate these instructions?
[00:21] And also, honesty is super important, like I wouldn't want an AI that decides.
[00:21] To lie to me for my good sake, according to the AI.
[00:21] Inture where humans remain in charge, especially about moral choices and societal choices, and we have a tool for this.
[00:21] 🎼Ca morning morning. This is.
[00:21] 🎼S welcome back to the opening trade. Itberg money. This is the Asia trade. This is Wall Street read. We to balance of power. You're watching.😊
[00:21] 🎼Welcome to Bberg this weekend this is Bloberg television bringing you the.
[00:21] 🎼And wherever it happens, I'm Haslenda Imman in Mumbai, this is Luomberg.
[00:22] Welcome back.

### [E0013] Bloomberg TV+ | 2026-08-04 17:30 UTC | 盘中
「Bloomberg TV+」直播转录 01:00–01:30
URL: http://39.105.42.197:20307/event/live
【实时直播转录 · Bloomberg TV+】
来源:Bloomberg TV+(bloomberg 直播间 btv_us) · 标题:Bloomberg TV+
时段:2026-08-05 01:00–01:30(Asia/Shanghai),共 157 段
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--- 转录正文 ---
[01:00] The super majors in the oil industry launching of investigations or probes into, suppose that price.
[01:00] Guging in the gas retail gasoline market, I remember Biden said something along the lines in 2022.
[01:00] You know, the big oil companies are making more money than God, and you had Trump say something pretty similar yesterday in the Oval Office.
[01:00] Saying that they're making way too much profit and they need to give money back to shareholders, the irony for Trump is that, with Biden.
[01:00] That was Russia's invasion of Ukraine that triggered the price spike, this was Trump's own actions that triggered the most recent price spike.
[01:00] There's the difference for you all right, Jordan fabian leading our white House and politics team here at bloomberg thank you so much it's like Jordanr knew exactly where.
[01:00] We were planning to go next as he talks about what we heard from the president in the Oval Office yesterday calling out specific oil majors for it.
[01:00] Profis listen they're making too much money based on a shortage, they're making too much money I don't like it Cheron.
[01:01] Mo Exxon Mo, much, too much money when you look at one company where they made 12 times what they made the year before.
[01:01] They only give some of that back to the public and they better cut the retail price, the consumer price.
[01:01] So to jo's point, sounds like something we've heard from prior administrations as well Well yeah, that's true and it's kind of amazing since we.
[01:01] Yous so much about the President's relationship with the oil industry, while we may not be seeing a lot of additional drilling.
[01:01] vibes thing that there's just more positive energy in the energy space when it comes to this administration, but stopping down to call them out, what are we looking at for?
[01:01] Alllan of Ga today, Kaylee $4 according to AAA and8 cents nationally, and we wanted to talk this out with Mike Summers.
[01:01] And he was listening to this as well, Mike of course runs the American Peroleum Institute where he's president and CEO speaking for the industry, it's great to see you Mike.
[01:02] welcome back to Bloomberg is this an argument within the family, how would you describe the relationship between?
[01:02] This administration and your industry. And what you're looking for here, Well, first of all, I give the president a lot of credit. His energy dominance agenda.
[01:02] Re made the difference we've opened up the Gulf of America again for production, we have more production on federal lands and of course, in federal waters.
[01:02] Their regulatory agenda has been very positive for the American oil and gas industry, there's no question this president has been focused on more production.
[01:02] Here in the United States. And that has provided a buffer during this time when the Strait of Hormz has been effectively closed. So I give him.
[01:02] A lot of credit for his energy dominance agenda. At the same time, we know that this industry is a price taker, not a price maker and because.
[01:02] The trade of for moves has been shut down for basically five months, we're of course going to be dealing with higher prices at the pump.
[01:02] In other words, is higher profit not a choice or could they make a different choice Well, of course, this is an industry, as I said, we are priced.
[01:03] Not price makers and as a consequence of the Strit of Hus, which has been 20 million barrels of oil a day not making it through.
[01:03] You're going to have to deal with higher prices. I'll remind you, though, in, I was actually in a meeting with the president in the.
[01:03] Ca room where this industry was actually dealing with low prices. In fact, negative $32 prices and that was.
[01:03] Time when this industry was making virtually zero earnings. So this is a commodity business. prices go up, prices go down. We have to deal with.
[01:03] The price swings and on average, this industry actually makes a fewer earnings in other large industries like tech, like finance.
[01:03] So this is an industry that we do have to deal with those highs and lows, and high prices now mean investments for future production, one example.
[01:03] OfThat is during the 2008, 2012 period when we were dealing with significant earnings at that point, too, that was allowed us to finance.
[01:04] Eventually became the shale revolution, the fracking revolution, which allowed us today now produce about 14 million barrels of oil under.
[01:04] standands everything we're talking about here right I mean he knows that there's a refining bottleneck in this country, that there's a disconnect we talk about crack spreads between.
[01:04] The price of crude and what we pay at the pump that distilled products are their own story is he just sounding the?
[01:04] Populist alarm and an election season I feel your pain. Well, I do think that everyone is concerned about high prices at the pump for American consumers.
[01:04] High electricity colony of guys out by name, though, Exxon, Mobil and Chevron, absolutely, but we understand that we're in an election year and we're going to have to deal.
[01:04] With that kind of incoming, But at the same time, American consumers have to understand that during this time of high earnings, this is the time when we.
[01:04] Invest for future production going forward Well, as Joe's talking about the political considerations here, that arguably is why we've seen the president flow.
[01:04] Things like a gas tax holiday, for example, do you fear that he could even go so far if we see prices permanently above $4?
[01:05] A gallon for example, to suggest that maybe there should be export bans put in place in this country, what would that do Well, we would also be very concerned about it.
[01:05] Any kind of an export ban. I will say that there are a lot of policies that they put in place that have provided some kind of a buffer. For example, the Jones Act waiver that.
[01:05] Put into place There are other things they could do. There are changes that they could make to the renewable fuel standard right now that are providing.
[01:05] A higher price at the pump that we don't need to sustain right now, given the kind of challenges that we have, but we would be concerned.
[01:05] AndAbout an export ban, primarily because there is a mismatch between the kind of production that we have in the United States, this WTI that we.
[01:05] Here in the United States isn't necessarily refined here in the United States. So we import a lot of product from overseas, and then we export a lot of.
[01:05] Product from the United States to be refined elsewhere. That's actually to the benefit of American consumers because we buy that lower quality.
[01:06] Crude from other countries like Canada and then sell it to American consumers at a discount. So any kind of an export ban, I think would be.
[01:06] A great concern to this industry we've talked about the refining bottlenecks in this country and the need to maintain these refineries.
[01:06] AtSome point you need to take them down and fix the hardware in a country that hasn't built a refinery, I believe, since the 1970s.
[01:06] Is this the part that needs to be fixed Well, it's one of the reasons why we're so focused on getting legislative permitting reform done.
[01:06] Very hard to build anything in this country, particularly a new oil refinery. You're exactly right. We haven't built refinery in this country since.
[01:06] And if you think about the market that we were in in compared to the one that we are in today, it's a completely different story.
[01:06] Importing oil at that point. Now we're exporting oil. It doesn't make any sense. We should be building more refineries in this country.
[01:06] That's the real bottleneck right now, even when you're dealing with lower prices from a crude perspective, you don't have the refining capacity that you need.
[01:07] To turn it into the products that we use on a daily basis like gasoline and diesel, what are you hearing about permitting reform on Capitol Hill right now?
[01:07] I guess maybe a better question is are you hearing about it because we often don't this should be such a layup for the United States Congress right now.
[01:07] I believe it should be a political imperative for them. You see prices going up, particularly on the electricity side because of more demand on the electrical grid.
[01:07] Because of data centers and the advent of artificial intelligence, unfortunately, lawmakers just aren't focused on it because we're in an election.
[01:07] I think that this should have been the first thing on the agenda this Congress. Republicans and Democrats should be able to agree because all sides benefit.
[01:07] Whether it's alternative energies like wind and solar or pipelines, that would benefit oil and natural gas, but unfortunately I think.
[01:07] They're a little bit too focused on what's coming in November, and everybody wants to wait until they figure out who's going to win to decide who's going to benefit from permitting reform.
[01:08] Great hope in the markets today we see crude oil in the 70s for the first time and some time is encouraging how long would we need to.
[01:08] Stay at these levels or move lower to see a significant change in gas prices here's the bottom line, unfortunately we're still not getting enough product through the straight of hormone.
[01:08] even at the highest ends, they're saying that we're getting only about 7 million barrels of oil through the Strait of Hers at this point.
[01:08] New pipeline capacity. You only need to get that level up to about 11 million barrels a day through the straightrait because of a lot of that product now flow.
[01:08] GoThroughsThat is a great news story for the Middle East. And I think over time, we need to continue to build that infrastructure so that we can avoid.😊
[01:08] The straight over time. But right now, we need to get that up to about 11 million barrels a day on a sustained basis if we're going to get back to.
[01:08] Where we need to be back to where we were prior to this conflict beginning Well should this administration also tap the rest of the?
[01:08] SPR drawdown that they said they would complete, I believe there's 39 million barrels left in that program so there are about 39 million barrels left in that program.
[01:09] Still have product in the strategic Peroleum reserve. That was something that they negotiated at the beginning of this that expires at the end of August. They need to think about where.
[01:09] and start considering whether they're going to do another release or another exchange, which is how this program is developed. I don't know the answer to that yet I don't think we're going to know.
[01:09] Until we know the results of whether this potential deal in the Middle East comes through, we've seen this before, of course.
[01:09] think that that has provided an important relief valve for American consumers, those targeted SPR releases not just in the United States.
[01:09] out the world so there are a lot of these policies again, we're going to have to extend the Jones Act waivers as well that has provided an important relief out for America.
[01:09] miike Summers, the CEO and president of the Americanic pettroleum Institute here with us in our washing DC studio, we still have more ahead.
[01:09] on balanceal of power will assemble our political panel next on luber TV and radio.
[01:10] 🎼Technology is embedded in every aspect of our lives and that revolution is playing out in real time.
[01:10] 🎼Finance to defense tech AI to entertainment from the road to the stars Loomberg is bringing you the stories of companies.😊
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[01:11] 🎼I'm Ed Lodlow live in San Francisco and this is Bloomberg Tech every weekday only on Bloomberg Tele.😊
[01:11] 🎼Asia is at the forefront of some of the world's biggest stories and we're here where the action starts in Sydney and in Tokyo.
[01:11] 🎼as the global trading the Asia trade weekdays only on Blo.
[01:11] On a different aspect of global finance flows, funds and the forces shaping markets on ETF IQ the future of money.
[01:11] With Bloomberg crypto the players behind major transactions on Bloomberg deals rates, risk and the cost of capital on Bloberg.
[01:11] And personal finance retirement and wealth management on Bloberg money a different topic every weekday only onlo.
[01:11] Television bringing you up to the minute geopolitical news whenever.
[01:12] And wherever it happens, I'm and hoin in Turkey this is bloomberg world.
[01:12] 🎼economy with a growing influence in global affairs Bberg, the China show brings you the unmatched expertise you need to keep track.
[01:12] 🎼Of breaking news in depth market analysis and the most influential newsmakers in and around China. We need to do more to engage the market more.
[01:12] 🎼On I think we caught a little sweet spot massive savings is already a different Bberg the China show weekday and9 PM Eastern.😊
[01:12] 🎼Right here on B context changes everything what is going to be the.
[01:12] We have seen modest gainss across European equity marketss take a look at how we're faring when it comes to Asian markets.
[01:12] In case you missed it on blueberg surveillance.
[01:12] t to ask can this really continue at this rate what we see in our data as a consumer sospending the consumer spend in America, that means economy is okay.
[01:13] And that probably means the rest of the markets and the construct and the final demand is there what are the potential threshold they could potentially sty me some of the pipeline.
[01:13] People are borrowring because they see opportunity, what's equipment buying, what it's hiring, what's building a plant, whether it's the inventory buildup don't miss bloomberg surveillance.
[01:13] Live every weekday.
[01:13] It's 121 on Wall Street, we do check markets all day along here at Bloomberg, we have got stocks continuing to push higher.
[01:13] Both the Dow Jones Industrial Aver and the S&P 500 index trading at a record right now, looking at a 1000 point jump.
[01:13] On the dow right now we're at 54175. that is a gain of 1.9% the S&P 500 index.
[01:13] Also at a record of 134 trading above 7700 will we close above that number right now up by 1.8.
[01:14] Nsdaq and the Nasdaq 100 index, both rip and higher, no record, but we've got the Nasdaq 100 index up now by3.
[01:14] 🎼%The Nasdaq composite index up by2.4% socks the Philadelphia stock Exchange semiconductor.
[01:14] Index no strangers to big swings both to the upside and the downside right now the socks is up by6. a5%.
[01:14] Among the names moving higher there, advanced micro devicesice up 8.3% AMD reports after the close of trading.
[01:14] 6 with a two year currently yielding 4.19%, the 10 year, 4.62% and the 30 year 5..
[01:14] 9% gold at 4099 the ounce spotock gold up 1.1% crude major story it is selling off that.
[01:14] 🎼Giving a lift of stocks right now, WTI 75,9 a barrel down 5 and a half% barrel of front,79,36.
[01:14] 🎼52% below80 barrel earnings boost2.
[01:15] sales outlook after strong demand for newer drugs shares of merck they are advancing by7 tenth0 of 1%.
[01:15] Earnings and another drug maker Pfizer up now by 1.6% Chipotle Mexican grill shares they are plunging now.
[01:15] By7.2% Chipotle removed jalapenos from multiple stores in Minnesotaneso after learning the peppers maybe.
[01:15] 🎼Li to a salmonella outbreak in the stake again in the state Chipotle, Mexican grill down now by 7.1%.
[01:15] After the close of trading, we will be hearing from both AMD and SpaceX SpaceX ahead of earnings up now by 7.1%.
[01:15] Reapping a 988 point jump right now for the dow up 1.9% S&P also to record of by.
[01:15] 1.8% Joe and Ca, that is a Bberg business right Charlie, I guess if it's not the lettuce, it's the.
[01:16] Charlie will be back with more on the markets. it's about 20 minutes time powerful rally underway today and we'll be following it straight through the close with much more to discuss.
[01:16] mentioned SpaceX ad on the late edition of balance of power will unpack it all with bloomberg'sed Ludlow that starts B.
[01:16] itionAt 5 PM Eastern time. Hy primary day. This is something we haven't had a chance to get to with so much news coming out of the.😊
[01:16] It is at last time to decide in states, including mi, which is one of the most closely watched and most.
[01:16] Senate primaries in the country,$56 million spent to help conwoman.
[01:16] Lily Stevens, the Democrat for Michigan closed the gap with Abdul El Saed, who in recent polls.
[01:16] Out running the establishment choice for this primary by double digits. My old friend Ed O'kefe now.
[01:16] CbsS New went to Michigan to talk with both of them and asked them if they win, who should be in and who should be out of the Democratic Party.
[01:17] Anybody who wants to take on fascism, anybody who wants to get money out of politics, anybody who wants to fight for union rights, anybody who wants.
[01:17] Make sure that people can live free with clean air and drink clean water, anybody who wants to guarantee health care, come on in, the water is fine.
[01:17] I am very eager to say that this is about the future of my state and anyone who's on board with the future of michigan.
[01:17] And our manufacturing economy and stopping members of Congressgress and presidents and vice presidents from trading.
[01:17] Staxswell in office of you, ushering in kind of a new generation of prosperity for folks.
[01:17] So let's get into this now with our political panel as Bloomberg politics contributors, Rick Davis and Jeannie Shanz.
[01:17] Join us Rick of course, repuban strategist and stone cart capital partner Jeannie, our democratic analyst and democracy visiting fellow at harvard Kennedy schools.
[01:18] Center Jeannie, as the democrat, I'll come to you first because there's kind of a near term and long term way of looking at what's at stake in this race.
[01:18] InThe near term, obviously, it's about who wins and who's going to take on mike rogers in novem how likely that person is to win and what that means for the balance.
[01:18] Of the Senatenate, then there's the longer term view as to what this signals in terms of a trajectory shift for the Democratic Party.
[01:18] So as a democrat right now, how are you feeling about the near and long term Yeah, and I think that's a great way to frame it.
[01:18] Of course, in the short term, if Alsed does do what the polling suggests and wins this thing, he's got an uphill battle in the general.
[01:18] EleL term, this is a huge wake up call in my mind, Kae, for the Democratic Party.
[01:18] You know, the Emerson poll that we've been talking about, which showed Alsed up, I think, by like 15 points also showed.
[01:18] Something that I think was even more important, an enormous generational divide and support for these two candidates.
[01:19] Both in their early40s, you know, they are around the same age, so it's not about the candidates, but people under the age.
[01:19] Of5 by and large, support al sayed by double digit numbers and people over 60.
[01:19] More narrowly, but still double digit supports Stevens, and I think what the Democratic Party has to reckon with going forward.
[01:19] Grand is in a tank, they have an insurgency coming from their left that they've been unable to control this has been going on since.
[01:19] Before 2016 and they've got to grapple with that and if they're just going to offer the same old and for many people, Stevens.
[01:19] Offering a win in the general, but not much else, then their candidates are going to lose, so they've got to take seriously.
[01:19] What they're offering and that this has more to do with just winning and getting the better of Donald Trump it's got to do with a lot more about the party.
[01:20] That goes back many, many years Rick, do you buy the narrative in the media as somebody who's been around political campaigns?
[01:20] A long time that this is a fight for the soul of the Democratic Party and if you're Mike Rogers, are you actually hoping that?
[01:20] E Saade wins Yeah, I think this is actually more important story than all the previous.
[01:20] Sort of liberal Democratic congressional districts fighting over, you know, whether or not a socialist is going to be a mainstream Democrat.
[01:20] Those things really don't matter to the democratic Party, Michigan's a big deal, Michigan's a swing state and you got to win Michigan, they've been losing Michigangan lately.
[01:20] Democrats and and so they got to take this incredibly seriously, I don't know about the soul, I don't know what the soul of the Democratic Party is.
[01:20] But you know, Ab Elsed is like Blue Magga, I mean, like he's the real deal.
[01:20] s with him and the contingent in Michigan is why Donald Trump has done so well.
[01:21] ssues apply to the mega base that have applied tell sides base. and so yeah, Democrats have to sort of get right with this.
[01:21] As Jeannie says, if polls are correct, he swings into election as a Democratic nominee and look.
[01:21] I love Mike ros, I want Mike ros to be a senator, and I think he'd be a really good one his strength.
[01:21] Foreign policy, national security, not something you want to talk about in Michiganchi right now, I mean, the war is incredibly unpopular and he lostlysa.

## 研究交付要求

这是一条已经从整场材料语义拆出的独立催化，不要重新把它压回大盘总评。核实美股异动原因和传播时序；用结构化供应链、内部 KB 与公司披露坐实每个亚洲候选；逐腿查真实行情和本地市场 price-in；候选不成立也要逐条给出有证据的 AVOID。