Palantir财报后上调全年展望，美国商业AI收入同比约149%，但亚洲软件服务映射缺少直接新增订单

# 美股盘后催化 9/11: Palantir上调全年收入和利润展望，美国商业AI收入同比增长约149%

- 美股会话: 2026-08-04
- 方向: POSITIVE；类型: 财报/指引；规划重大性: 6/10
- 映射模式: sector_sympathy
- 美股驱动（规划器初判，需独立核验）: 事实：Palantir业绩后股价大涨约29%，公司上调收入和利润展望，Bloomberg多次提到美国商业收入同比增长接近149%，CEO称AI软件需求“otherworldly”。推断：这强化了AI从硬件资本开支向软件货币化扩散的证据，但估值和客户扩张可持续性仍是市场争议点。

## 本催化相关美股真实收盘行情

- 微软 (MSFT.US): 492.81 +1.06%
- Oracle (ORCL.US): 145.74 +2.74%
- Palantir (PLTR.US): 162.66 +29.45%
- CRM.US (CRM.US): 190.99 +2.71%

## 亚太映射假设（仅候选，必须查证）

- 富士通 (6702.JP) [JP/竞争替代/mixed]: 企业和政府AI软件预算扩张利好本地SI/AI平台，但Palantir的高端项目能力也构成竞争压力。；核验问题: 核实日本公共部门和企业AI项目中Palantir、本地SI和云厂商的份额。
- NTT Data (9613.JP) [JP/同源本地股/positive]: AI软件需求从美国商业客户扩散，可能提升大型IT服务商AI集成订单预期。；核验问题: 核实其AI相关订单增长和利润率。
- NAVER (035420.KS) [KR/竞争替代/mixed]: 企业AI应用需求增强利好本地模型和云服务，但需确认是否能转化为付费企业收入。；核验问题: 核实韩国企业AI软件付费项目和与Palantir类平台竞争情况。

## 必答问题

- Palantir增长是否来自客户数扩大还是单客户扩容？
- 国际业务增速相对美国是否放缓？
- 亚洲IT服务商是否有类似可量化AI软件收入披露？

## 原始证据全文（5 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.
[21:42] Join me each week on Wall Street Week for stories of capitalism from business, markets, economics, tech and climate more than what you need to.
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[21:43] Bloomberg, you're watching Bloomberg Open in.
[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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[22:05] 🎼In the most red story on the terminal today or one of the most, the rats may finally be on the run. horrible video. I'm so sorry.
[22:05] Look at this new york city says that its war on rats is showing results report sightings are down 22% through july actually it's kind of cute i take that back.
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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.
[22:15] It's the world's second largest economy with a growing influence in global affairs.
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[22:16] 🎼Mning this is. We back to the opening trade. Its fromberg money. This is the Asia trade. This is Wall Street week. We to balance.😊
[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.
[22:16] 🎼Inory build up don boomer surveillance live every weekday he investors top executives global innovators.
[22:16] Join me for in depth conversations with the biggest newsmakers on the day's top stories In with Ha.
[22:17] 🎼On only on the multi trillion dollar industry will show you what's happening in Es.
[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.
[22:20] Entire industries this is the money shaping the world, the deal maker playbook where power and billions of dollars change hands every.
[22:20] from private equity and credit to venture capital in M&A, we bring you the inside scoop on the biggest deals and debates, plus exclusive conversation.
[22:20] With finance's ultimate insiders great scoop on this you've been reporting about an activist investor coming up and trying to shake things at what's the latest.
[22:20] We've been hearing that there is going to be an activist at some point the question was who there is a convergence of technology in national security is a big country.
[22:20] In the northeast that's an economy as big as the United Kingdom this is a really interesting space to watch we're expecting more consolidation as is.
[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.
[22:21] C capacity and it's very tough to build everybody wants to get things going and the IPO market is just one symptom of that.
[22:21] As an early indicator of what we're going to see in the M&A market, let's go to scarcarlett Fu, who's taking a closer look at drone companies with ongoing conflicts in the Middle East.
[22:21] In Ukraineraine, there's renewed investor appetite for new names in the space Excel reporting I'm Danny Berger and this is Bloomberg deals.
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[22:22] SpaceX is set to report its first earnings after the be with investors watching.

### [E0006] Bloomberg TV+ | 2026-08-04 15:30 UTC | 盘中
「Bloomberg TV+」直播转录 23:00–23:30
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【实时直播转录 · Bloomberg TV+】
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--- 转录正文 ---
[23:00] Sns Sline back.
[23:00] My old mentor, Roger Sawback, who told me when I transitioned football.
[23:00] Well never leave you but you need to leave it Wow everyone has a dream and a lot of dreams are, you know, my dream is to play football and play professional football.
[23:01] You get the dream comes true, but it is going to end and the day it ends, the day before it ends, you're one of the best in the world the next.
[23:01] Wake upThat's gone. What are you great at And the truth is nothing right, I'm not great at anything else I talk about it all the time, Steve.
[23:01] idea of it's not from penthouse to penthouse, and what I mean by that is you played for 15, 20 years and you're in the penthouse.
[23:01] It doesn't mean that you come to the business world and you're going to be in friendhouse now you don't start in the third floor or the lobby, you actually have to start in the basement.
[23:01] 🎼Good morning good morning. This is Savan. We back to the opening trade.
[23:01] 🎼Bloomberg money. this is the Asia trade. This is Wall Street week. Welcom to balance of power. You're watching Bberg deal. We to Bloomberg this weekend.😊
[23:02] 🎼This is Bloberg television get your fixed income fixed watch Bberg real yield every Thursday at12.😊
[23:02] The Eastern right here on bloomberg context changes everything.
[23:02] raab released its second quarter earnings yesterday after the closing bell the Southeast Asian.😊
[23:02] Super app boosted its annual earnings and sales forecasts thanks to robust ride and delivery demand in the region.
[23:02] This is how shares currently go 3% on the U listed ADRs. joininging us is grab's chief financial officer, Peter Oe.
[23:02] Like the demand story, you're basically pretty confident about the state of that demand picture on R.
[23:02] And delivery, my curiosity is around like how recent a change that trajectory is, like what's happened.
[23:02] what you were already seeing term it actually what's been really interesting was.
[23:03] That we're seeing actually started well beginning of the year and when we entered the second quarter, especially in the March.
[23:03] We were exiting here one with the fuel crisis and the war happening, we were actually revisiting a situation.
[23:03] What was going to happen in the second quarter, given Southeast Asia, we were the hotest impacted with fuel prices.
[23:03] We didn't actually see the play out, even though fuel prices went up, we leaned in fairly hard in supporting the driver community.
[23:03] We also leaned in in helping the consumers with affordable rides and what we actually saw was completely the opposite actually we saw.
[23:03] Rs grow at 28% on a year a year basis, one of the highs that we've seen, and we saw also our on demand business both on food and.
[23:03] Also on demand GB grew at 21%, so it was a very robust, very resilient ASEAN economy despite.
[23:04] Some of the challenges we had with macro here in Southeast Asia, but also we also saw the marketplace very healthy at the same time.
[23:04] And driving the profitability in the business Peter, the top of the Bloomberg tech story on Grs about the South.
[23:04] What do those transactions look like for you in the period, Like, what kinds of trips are these are they from the CFfoOs.
[23:04] pect the kinds of transactions that you want to see driving top line. Yeah, it was actually a very balanced the way we saw.
[23:04] We saw the domestic commute still very strong, both in two wheels and four wheels, the rights were up 28%.
[23:04] Which is very strong for us. We saw a lot of the one out of four new users coming in through the what we call.
[23:04] The Saber program, which is more affordable rides, but we also saw that premium rides also were up 90% on quarter run.
[23:04] ater base, so it's a really well balanced portfolio all across the many cities that we're in here today. And I think that really speaks just.
[23:05] The the broad range that we have in terms of pricing capacity for our user base, they can enter through more of affordable ride or more.
[23:05] Premium rice at their choice, despite also some of the macros that we were seeing in Southeast Asia now also if you look at food delivery.
[23:05] Very, very similar also that we saw, we saw a very real balanced portfolio between what our Saor and also priority delivery also.
[23:05] On the technology side, you have AI powered concierge and you've introduced the ability to split the far if you're riding with friends.
[23:05] The big question is did that bring new users to the platforms, is there anything tangible there?😡
[23:05] we introduced these new product called group rights where you can share your ride with friends, split the bill effectively, we had it actually in a foot.
[23:05] Liry business and we port it across through our rides and actually that really helped some of the affordability.
[23:06] As friends, we're just grouping rights on the way home on going to work, I going to a party, etca, and that really also helped.
[23:06] The affordable rides are part of our business, and that's great, but also at the same time our airport.😊
[23:06] Rise also was also very strong in the quarter. So despite some of those traveler impacted from.
[23:06] flights coming out of the Middle East. So it is a very, very strong view too despite some of these challenges. Peter, just end.
[23:06] The food delivery business in Southeast Asia is as fierce, right in terms of competition, there are the existing players, you've got new entrants coming.
[23:06] What is your plan to kind of keep ahead there on the tech side we're going to get you a double down edge on.😡
[23:06] On technology and also featuring a lot of the new products around AI capability, one of the things we offer focused.
[23:06] ing one is on grocery delivery and if you look at our Gr Mar branding portfolio, which is really nonfi delivery that really.
[23:07] It grew at 54% just from the number of transaction actually was growing 1.7 times faster than our food.
[23:07] Humans are really starting to embrace grocery delivery in Southeast Asia here, still very early, very nation, but yet we are seeing really good momentum.
[23:07] Good CFO Peteri back on the show. Thank you very much indeed for your time.😊
[23:07] story for the first time, Apple exceeded $10 billion in sales in India, underscoring a widening retail push.
[23:07] Dana Walman joins us with the details what's within this $10 billion dollars right for a long time we've been tracking Apple's traction in that market.😊
[23:07] It's a very different economy to others that Apple prioritizers give us all the info we need. So in these numbers, which I should say were previously.
[23:07] Reported before bloomloberg reported them, it was the iPhone iPhone products that were leading those sales it turned out.
[23:08] MacBooks and iPads were up to, but really the iPhone, which is of course what the company is most known for, was leading that sales surge up from 9 billion.
[23:08] rior fiscal year there's another big report from Bloomberg on Apple, and that is the CEO John Turner.
[23:08] As of September 1, incoming CEO has brought in some talent, a leader for the man.
[23:08] But it's somebody that had left that had retired. Who are we talking about. Yeah, so Laura Leros, who was his lieutenant previously.
[23:08] When he ran hardware engineering, she was a vice president at that level, and it is unusual for Apple to bring back retired executives, but it will probably,
[23:08] erve John Turn as well as he settles into this new role to reach toward someone who was so loyal and reliable.
[23:08] In his previous post and we don't know too much about what she will be doing, she will here to be a vice president and we know that she'll be working.
[23:08] And what is essentially a cross functional, cross disciplinary function, but it will go beyond just beyond her.
[23:09] m hardware And I think most people around the world of technology will know this, but.
[23:09] What is happening on September 1, the big change in leadership at Apple. So Tim Cook is stepping aside, not from the company, but he will.
[23:09] Handover the reigns as CO and he will become executive chairman where he will focus more on things like high level geopolitical relationships.
[23:09] Foreign leaders and that will leave the running of the company itself the core business to m. Turnsman who.
[23:09] OurConum technology editor at Bloomberg Tech. Thank you very much indeed. Let's stay with Apple, the company briefly.😊
[23:09] the telegram messaging app from its app store after finding content that violated a ban on child sexual.
[23:09] Ase material an Apple spokesperson said telegram was restored quote after the developer promptly removed the content and banned.😊
[23:10] the user who posted it this year alone, Telegram said it removed more than 300,000 groups and channels related.
[23:10] To such materials coming up, China's concerns are shifting to America's frontier AI models.
[23:10] 🎼It mean for US and China relations, this is Spberg Tech.
[23:11] Bringing you up to the minute news whenever and wherever it happens, i'm david Gora.
[23:11] In aspen, Colorado and this is bloomberg he executives.
[23:11] Innovators join me for in depth conversations with the biggest newsmakers on the day's top stories.
[23:11] 🎼with Li on only on Bloom Good morning This is the Day here I'mzzie in London.😊
[23:11] 🎼These the stories that secular agenda taking you from the US markets close to the overnight session in Asia will walk you through what.
[23:12] 🎼You need to know to kickstar Europe's trading day live from our European headquarters. We bring you the day's top market moving stories.😊
[23:12] 🎼Unmatched expert analysis and on the ground reporting from across the continent tune in daybreak Europe, only on bloomloomberg television.
[23:12] 🎼context changes everything when news breaks in comes the car into downing street Bloberg has you covered.
[23:12] For all the context and clarity you need a prime.
[23:12] Bird.
[23:12] Let's go over to New York now where Bloomer.
[23:12] har and is standing by yahara take away thanks it's now for talking tech first prediction markets platform.
[23:12] It is looking for capital evaluation topping 20 billion according to sources, Pomarket is in talks with prospective investors.
[23:13] To raise 1 billion the move comes just months after poly market closing early round with investments from hedge fund de shaw and co.
[23:13] Underscoring the rapid growth of the prediction markets industry plus anthropic struck a $10 billion.
[23:13] For computing capacity with cloud startup Volta infer holdings according to sources, Volta is a month old.
[23:13] structure start backed by Nvidia and founded by former executives from Brookfields asset management the deal will provide anthrop.
[23:13] Re from a data center in Norway managed byta and Reuters reporting that the fcc is drafting.
[23:13] 🎼banan on imports of some Chinese data centerric components to protect the US industry's infrastructure proposed ban on.
[23:13] Hyperscalers, of course, heavily rely on to run and train AI programs is aimed at preventing Chinese firms from installing.
[23:14] Alware or sealing data critical to the AI boom Ed you, the China tech rivalry moving.
[23:14] On chips according to sources, officials in Beijing are growing increasingly concerned about anthropics frontier AI models.😊
[23:14] All ahead of a planned September meeting between President Trump and China's Xi Jinping, Bloberg senior tech editor Mike Shepard joins with the latest.😊
[23:14] So I mean the direction of travel in this story is slightly different to those we've been covering in recent weeks and months, but this is China being worried.😊
[23:14] About the leading Us frontier labs and their models. Well, that's right. And What we are seeing is almost the other.
[23:14] Some of the arguments that officials in Beijing are raising really echo some of the arguments that we have heard in previous.
[23:14] Heres some U.S. officials when they've complained about certain tech products, including TikTok, for example, and the national security risk that they.
[23:14] Through data collection and other means of sharing information with an adversarial government in this case.
[23:15] T from Chinese officials is that anthropics, mythos and other powerful AI models could be used as offensive weapons.
[23:15] Against their economy in some fashion, and they didn't offer any specifics, but this is an issue that will be on the table very clearly.
[23:15] They have some misgivings over it not having access to this model, but those are concerns that were shared by a number of U.S allies in.
[23:15] Weeks and months after anthropic made that disclosure that its mythoss system in a was so powerful that it could only be.
[23:15] Shared with a small handful of trusted partners and access has since been expanded, but it still remains small.
[23:15] continue to be denied to China, of course, If you go back to when President Trump visited China,.
[23:15] Of America's chip industry was that he would get some result for them so that they could more freely export lead edge chips to China.
[23:16] Americaica's concern on the chips has been, well, we don't want China's military to have access to that technology that will.
[23:16] lp them in their own national interest or in their own national security context. What was the net result of any of that, Was it discussed in China, Will these.
[23:16] Topics we discussed in September here in the States. Well, there will be a meeting ahead of whatever summit takes place between president.
[23:16] Donaldal Trump and his Chinese counterpart, Xi Jinping, and at that, the lower level officials, probably cabinet level for the U.S.
[23:16] Likely Treasury Secretary scott bessen, who has taken an increasingly po position when it comes to matters of artificial intelligence.
[23:16] Negotiations more broadly with chin, they will discuss some of these parameters before the two leaders actually sit down here.
[23:16] In Washington and the concerns will all be on the table, it will be everything related to AI, including the chip curbs at the U.S.
[23:16] Has gradually been easing, but perhaps not to the extent that China would want while the U.S. is allowing sales onvidias H200.
[23:17] For example, to Chinese customers, China so far really has not given the green light in the other direction for those purchases.
[23:17] We will see some questions raised there, there will also be questions about whether Chinese AI companies themselves are engaging in unfair practices.
[23:17] Anthropic, for example, has accused Alilibaba, one of China's biggest tech companies of using a process known as distillation.
[23:17] fairly gain advantage and essentially copy some of their models. And, of course, it's important to note that in singling out anthropic.
[23:17] China is pointing to a company that does not do business in China, mainly because the CEO Darri Amedade has singled out China as.
[23:17] US. adversary and a threat to national security, so all of this dynamic will be on the table as the two sides meet.
[23:17] Even before the leaders sit down, we'll be wanting to see how they actually negotiate a lot of these intenses differs.
[23:18] Over the way Chinese models have been developed and also some of the export and other curs in place, including our rare earths.
[23:18] 🎼Bberg's Mike Shepard, thank you very much coming up, we're going to get back to Wall Street's expectations for this week's big earnings space.😊
[23:18] 🎼AD both coming after the bell, let's go back to Paantid, the tech earn story of the morning, the stock up 27.😊
[23:18] 🎼On track for its biggest jump, its best day since February of 2024, $380 billion.
[23:18] 🎼Now in market clap, big raise in sales and net income expectations for this year, and it's the U.😊
[23:18] 🎼Commercial business that's driving absolutely all of it Okay, it's half time here in the beautiful city.😊
[23:18] 🎼San Francisco and the Bay Area don't go far, this is Bloomberg Tech.
[23:20] Everybody has a moment where they put into action all they've practiceed.
[23:20] 🎼Where they step up to a challenge and either succeed or fail. But what are those moments for some of the world's most.
[23:20] It was a rough and humbleble world and I thought okay, I can rise up, I can play this game and I did play the game It was great.
[23:20] And it was depressing and it was disappointing my chair at the time sat down with me and said,Session starts now.
[23:20] An award winning journalist for the last 25 years I've interviewed world leaders, bank bosses, even fashion icons.
[23:20] I'm often asking about the news of the moment, but I've always been curious who are these people as leaders join me for the podcast.
[23:20] 🎼ers of leaders with Fran Laqua. I'll start your week with conversations that explore what drives the world's most influential people.😊
[23:20] Leaders got to where they are, where they're going next and how they've transformed their organization in the process make decisions.
[23:21] A poor decision is always better than no decision You have to have truth tellers around and you have to be willing to listen.
[23:21] 🎼To be setting strategy in the middle of a transaction, that's for sure. Do it for the rank reasons. Don't do it because of FO will also learn lessons.
[23:21] 🎼hich we can apply to our work and daily livesT into the podcast version of leaders with Fran Laqua.
[23:21] Watch on Bloomberg television or wherever you get your podcasts The Tra day is about to start.
[23:21] 🎼You're already looking for that edge The opening trade brings you everything you need to know as markets open across Europe I'm Gu Johnson I'm Anna Edwards.
[23:21] 🎼And I'm Tom Mckenie. this is your opening trade only on back it's a multi trillion dollar industry will show you.
[23:21] What's happening in ETFs like no one else, ETF IQ Mondays on Bloomberg.
[23:22] 🎼Welcome back to Bloomberg Tech.

### [E0016] Bloomberg TV+ | 2026-08-04 19:00 UTC | 盘中
「Bloomberg TV+」直播转录 02:30–03:00
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:2026-08-05 02:30–03:00(Asia/Shanghai),共 149 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 ---
[02:30] What is not acceptable because if you build an the eye that embodies a particular set of moral values.
[02:30] 🎼Different people have different views of what is good and bad and different countries and so on the preferences in different companies would also be different so that's one reason why.
[02:30] 🎼It would be better if it is something we can do at runtime to ask, is this action going to?
[02:30] Violate these instructions and also honesty is super important'.
[02:30] an AI that decides to lie to me for my good sake.
[02:30] According to the AI, I like a future where humans remain in charge, especially about moral choices.
[02:30] cietal choices and we have a tool for this, it's called democracy.
[02:30] When news breaks in comes the car into Downing street bloomloberg has you coveredham arriving all the.
[02:31] clarity vision new prime minister here at first on Bloomberg.
[02:31] 🎼Yeah.
[02:31] 🎼
[02:31] The multi trillion dollar industry.
[02:31] We'll show you what's happening in ETFs like no one else ETF IQ Mondays on Bloomberg.
[02:31] It's 240 on wall.
[02:32] 🎼We do check markets all day long here at Bloomberg S&P500 index holding close to our record. Yes off session highs, but still looking.
[02:32] 🎼9% record774 Its up142.
[02:32] 770Dw industrials above 54000 the Dow of 974 have been up more.
[02:32] 1 thousand points few minutes ago up by 1.8% right now, Nasdaq 100 index up 3.3% NAsdaq.
[02:32] 🎼by2.6% the the Philadelphia stock exchanges semiconductor index is rallying.
[02:32] 6.7% the Vs right around 16 right now, and by the way, member of the socks is advanced microcro Device AMD.
[02:32] Reports after the close of trading today amd up now by8 and a half percent two year 4.19% of1.
[02:32] 4.62% and a30 year5.19% gold at 4079 o6.
[02:33] T of1% much of the rally today sparked by the decline in crude, West Texas intermediate down5. a5%5.
[02:33] 90 barrel of brent below 807954 brent include right now down by 5% earnings news caterpillar report.
[02:33] 🎼this morning, the industrial giant up by6 and a half percent McDonald's, meanwhile, naming a new US president McDonald shared.
[02:33] They are just about flat on the day little change actually up now by about1 tenth0 of1% Jeffrey's financial group shares down.
[02:33] 10 of1% now Jeffreries has been told that some of the invoices underpinning its financing of an iron ore trader called.
[02:33] Sapphire metals Corp are not genuine that's according to people familiar with the matter Jeffreyies again down five tenths.
[02:33] 🎼% whole lot more on this topic coming up in just a moment with Kberg Naing a record of 10.
[02:34] 🎼42 points up by2%. we've got Spacex after the close of trading SpaceX up by 8.7%. I'm Charlie.
[02:34] Carol and Tim that is Bloomberg all right got Charlie we're going to pick up where Charlie wrapped up there and talking about Jeffreys finance.
[02:34] The group has been told that some of the invoice is underpinning its financing to an iron ore trader called sapphire Min.
[02:34] or men medals, excuse me, are not genuine according to people familiar with the matter, this been a story that Bndberg's been reporting out over the last week or so.
[02:34] With Moore is Bloomberg News, Chief Wall Street correspondent Sri Naarajan covering the financial spaces here in studio for those who maybe haven't been followed.
[02:34] There's been a lot going on What do we need to know Look, this is the latest in a series of incidents, which is shining another light, shining more.
[02:34] Light on the risk around receivables finance. typically ordinarily, this should be safe you are lending against invoices.
[02:34] Or it's secured by invoices, you expect your client to be ultimately paid and you expect to be paid back when it goes right.
[02:35] It is good money for the lenders, but there are occasions when it can go wrong and it can go horribly wrong. and that's sort of we saw it last year with.
[02:35] First brands and the collapse are on first brands and all the allegations around fraud and scam that came out Now over the last week, we've seen this incident.
[02:35] Since his first with Radiant World, that Bloomberg reported last year. and now another company Sapphire Mint metalt, which seems to be somewhat tied.
[02:35] 2 radiant world, at least at some point, radiant world and its owners were majority owners of sapphire men metal, but the interesting bit for us is the.
[02:35] Connection of point bonita. Point boniita is a trade finance fund, trade finance focused fund at the As management division of.
[02:35] Jeffreries, so it's just another black eye for Jeffres at a time, you really don't want your investors to be asking you more questions.
[02:35] About your investing missteps you mentioned some other examples of this, including last year.
[02:36] Part of a pattern of events or is this just the latest one off to quote Jamie Diamond and.
[02:36] Fels like another cockroach out there. Now, your question is, is it an infestation, not necessarily, is it going to have material financial impact.
[02:36] Back on Jeffrey's not necessarily, it has a 5.9% stake in point boniita, but does it leave a bit of a sour impression for?
[02:36] Their investors and for analysts and for people wondering about banks and other investors and their tie ups with other trade funnels.
[02:36] oversight, like what is it like assessing risks and so on and so forth and to some part, you have to assume some of the allegations.
[02:36] We're talking about falsifying invoices and again, to be clear, Radiant World denied those allegations last week, sapphirreman metal in our story today.
[02:36] iss denying those allegations again, but when your talk if it is what the allegations are, that is outright fraud, you also have to wonder.
[02:36] How easy is it for some of these firms to be doing all the diligence that's required, How do you completely ensure that you snuff that out?
[02:37] Not necessarily possible, but your investors will expect higher standards and much better diligence going forward, and that will focus people.
[02:37] To reassess their processes, to be able to sniff out risk and to be able to avoid some of these landmines, just a reputation, right ultimately.
[02:37] Again, we should say there's still more to be known here, so we're we're going to continue following it, we got to that.
[02:37] stories on the Bloomberg terminal, it's a tax strategy for the rich, built the world's largest hedge fund, you and the team behind it.
[02:37] About behind one of the most red stories, this is about tax loss harvesting on steroids This part of me it's like, oh my God.
[02:37] Actually cool It is cool What is AQR figured out and what is AQR doing and again, well, on the one hand, Carol am slightly.
[02:37] this one to make you north'm I hear taxes, but I know this stuff is really interesting, but that's correct.
[02:38] We're used to these ideas of tax loss harvesting and finding ways in investments where with the growth of the technological tools.
[02:38] Available to us with this sort of ETfs and commission free trading. You can do a lot more of these things. But what is happening when you.
[02:38] Bit a lot of mathematicians and PhDs in a room together and come up with strategies, you suddenly do what Tim Rily described as taking these strategies.
[02:38] And applying steroids on them that they become so much more important that advertising from firms like AQR is like if you put money in.
[02:38] not only will we make sure that your money grows over time, but the interim, we will also keep generating losses.
[02:38] That you can use to write off your capital gains elsewhere, I don't get it, how can you put $100 million into an account it then triples?
[02:38] For the next few years, but then you also have hundreds of millions of dollars and losses to use against other gains aha and with that, we shall explain what tax alpha ist exactly.
[02:38] How this process works so we're very specifically talking about these tax aware long short strategies, songs always go up.
[02:39] Your shots are always going down so that your fund is performing well, but that's not always guaranteed on a day by day basis, that's not going to happen some days.
[02:39] Bets will go wrong, even if over the long term, you were right. But on the days it goes wrong. Sa the market goes down. you can sell some of the longs.
[02:39] Because they have now you've now realized losses against them, replace them with a surrogate on the days that the market's in this bull mode, your shots are not performing.
[02:39] Well, you close out those positions and replace them with a surrogate, So what you're doing is in the interim you're harvesting these little losses that start.
[02:39] To pile up. and in the long term, you make money. So eventually, what does the money look like, AQR says an example for one of their.
[02:39] Fleex products is you put100 million dollars with them over 10 years, they say your money can triple. Very good.
[02:39] At the same time, they will also generate $587 million in capital losses over that1.
[02:40] That is a lot of money to be able to write off capital gains in other parts of your portfolio. You can see the luure for the richer.😊
[02:40] See the luure for so many people wanting to go into a strategy like this legal for the most parts.
[02:40] Seems to be, no one's really said it's illegal. We have had noises from the Trump Treasury, from the Trump administration saying.
[02:40] Of these trade and some of these more aggressive tactics seem to be potentially abusive, but nothing that anyone has really offered out there that closes.
[02:40] These loopholes or has outrighted banned them, but at the same time they are quite effective and as our own Matt Levin once said it's.
[02:40] Very hard to beat the market. much easier to beat the Is with that pitch, you can attract a lot of money. And that, in part, has.
[02:40] AQR to become the world's largest hedge fund, because in the last few years, these strategies have soaked, soaked up.
[02:40] A lot of investments not easy for everyone to beat the IRS No and just another part of the story.
[02:41] A great part of the story too is just Cliff Asus's view about taxes and what he said about them, it's just fascinating a profile of him as well it out.
[02:41] It is the most red story in the Bloberg tree, I'm not bored it anymore, no stor I promise he is our chief Wall Street correspondent.
[02:42] Theorld's most powerful investors don't bring a bell, they quietly reshape entire industries.
[02:42] The money shaping the world the deal maker playbook where power and billions of dollars change hands every day from private equity and credit to venture.
[02:42] Capital and M&A we bring you the inside scoop on the biggest deals and debates, plus exclusive conversations with finance's ultimate insiders.
[02:42] Great scoop on this you've been reporting about an activist investor coming up and trying to shake things that what's the latest we've been hearing that there was going to be an activist at some point.
[02:42] verg of technology and national security the.
[02:43] This is a really interesting space to watch we're expecting more consolidation as this is Bloomberg deals at Bloomberg andInvest.
[02:43] About the broader deal in M&A environment this is a moment in time we'll see how long we're here it's far too early to call.
[02:43] In what's going on in private markets, because everyone's looking for additional AI cloud capacity.
[02:43] Very tough to build everybody wants to get things going and the IPO market is just one symptom of it is an early indicator of what we're going to see in the.
[02:43] 🎼marketLet' go to scarlet food who's taking a closer look at drone companies with ongoing conflicts in the Middle East and Ukraine there's renewed investor appetite for.
[02:43] New Excel I'm dan burgerger and this is bloomberg deals every wenes at Eastern.
[02:43] 🎼loberg day is about to start and you're for that.
[02:44] 🎼B you everything you need to know as markets open across Europe I'm Johnson I' Anna Edwards and I'm Tom Mc this.
[02:44] 🎼Opening trade only on back bringing you up to the minute geopolitical news whenever and wherever it happens I.
[02:44] 🎼And Turkey this is this is business.
[02:44] Daily with Carolol Masser and Tim stovk on Bberg radio and television.
[02:44] Every Ohs upk your.
[02:44] rode, hey, we are seeing stocks just off their highs of the session.
[02:44] Up about 1.9% on the S&P 500 up 145 points, Dow is up almost 1000 points, 1.8% to.
[02:44] The upside Nasdaq 100 up 3.4% 978 points higher and you take a look at a name like.
[02:45] We are kind of obsessing about today and I'm going to just put it out there SpaceX, it's still up just shy 9%, 8.8% to the upside Okay, what's the socks doing?
[02:45] On a daylight today when we've seen the socks tell me Timovk, Well, the socks is up close to 7%.
[02:45] UnI mean, it's one of those days where I'd say it's fair to call this a broad based market move higher.
[02:45] I think bonds are higher and yields had backed off as well, which is interesting, it gets to the conversation that we had with Torsten Slack at Apollo Global Assetment.
[02:45] Yesterday about this 6040 model being broken because you continue to see because of the AI trade and the narrative that.
[02:45] kindind of some of the business cycles, the fiscal concerns that often shaped where stocks and bonds went traditionally, that has come unhinged.
[02:45] And so it's just different, it's a different environment when it comes to the trade, but you don't normally see stocks and bonds go up in terms of that.
[02:46] Maybe somewhat of a different environment for oil today too, with Brent down below $80 a barrel, it's 5% to the downside todayT.
[02:46] Down 5.7% today still at 75, 80 a barrel, both of those up more than 30% so far this year, but it does show the optimists.
[02:46] That traders across assets have about some sort of pause in the conflict, a reopening of the Str before moves for today, I'm glad you said.
[02:46] I don't want to be a pessimist, I would like to see this world, but look at markets, but I know're not being pessimistic, they are looking past this completely exactly all right, well we're going to keep.
[02:46] Tston wasn't yesterday, oh he wasn't yesterday no, he wasn't looking no he was yesterday, but he wasn't looking past what you No he was here yet?
[02:46] He was here, but he was very cautious about, especially on the oil side, about the oil market, maybe not seeing this 100%.
[02:46] Right because he was talking about some of the stuff and the concerns and running out overseas Europe and elsewhere All right, keeping a watch on the markets, I'm Carolss.
[02:46] along with Tim Dennovak, let's get to some stocks on the move on this Tuesday with us is Bloomberg TV Market correspondent Nora Melinda joining us with stock movers.
[02:47] Let's talk about one that reported earnings after the close late yesterday and the best performing stock in the S&P 500 today, we're seeing Pantteer head.
[02:47] For its biggest jump since 2024 now this comes after the company did report that commercial sales rose 149%.
[02:47] A year prior now, this really is just pushing behind all the skeptics that had been thinking about whether or not palalantier was actually going to be able to.
[02:47] Tinue forward in this race, city saying that it defied some of those critics, those skeptics there, we know that the company raised revenue and profit.
[02:47] The forecast there and the CEO also called its demand for its AI software, quote otherworldly.
[02:47] are seeing this talk really being celebrated today was down about 29% year to date through yesterday's close, take a look now and it's down just about.
[02:47] 9% for that time frame still 21% lower than its November high, right not to be a party pooper, but just yeah.
[02:48] You're right, investors buying in in a big way, all right, let's head to Wayfair, its company Tim and I talked to the CFO Kate Gulliver.
[02:48] This stock is just off running today it is and the ticker is pretty simple, W, its US sales actually grew at their.
[02:48] Best pay since 2021, so maybe we're back to those pandemic days where everyone's remodeling and bringing some furniture into their homes.
[02:48] We really did see this all being buoyed by the fact that they're leaning a bit more into brick and mortar stores, we know that Wayfair has really been an online company.
[02:48] For quite a while, but they have been branching out into some of those physical stores there and then also demand for some of its higher brands.
[02:48] G line I'm less familiar with, but apparently it's a hit, we're seeing shares of the company up about 15% for 2026.
[02:48] Yeah, Kate Cor told us what she mentioned that part of the brand specifically, I mean, this is a standalone brand you know much more about this than anybody and she did point out that it's about.
[02:48] I think $400 million in sales, so she did say in terms of the perspective of the overall revenue line, but growing that higher end, and I'm assuming.
[02:49] You know,Maybe comes with higher margins, but you know we will see butel did talk about the stores that they have opened, I visited the atti store, but they've got.
[02:49] more stores coming into 2027, so this is certainly an initiative and they're finding that they're getting new customers, wayfair customers.
[02:49] That are coming into their stores specifically, so it's definitely been a boon for them just got a few seconds left here, let's go to Chipotle Chile.
[02:49] Let's go, I don't know, maybe we should avoid Chipotle and it seems like investors are avoiding they areing to Chipotle that's after Bloomberg.
[02:49] Exclusive did report that the company removed jalapens from multiple stores in Minnesota could be linked to salmonella, a salmonella.
[02:49] Outbreak that essentially has made about 110 people ill, but the full scope is still unclear, but we have been seeing that customers at other mes.
[02:49] CanStyle restaurants have also fallen sick if you think about what we've been watching so much when it comes to the food poisoning and the cyclists sport.
[02:50] right, this is, of course, something that is daunting for a lot of investors right now Yeah, according to the story, Chipotle proactively removed the jalapens and replaced.
[02:50] With products from different growers, quote, upon learning of a potential salmonel outbreak in the supply chain impacting several food service retailers, this according to.
[02:50] Lauri Shao, Chiotpoli's chief corporate affairs and food safety officer all right, so keeping an eye on all of that that is your stock mover segment Nora thank you.
[02:50] So much normal Linda there, check out stock movers, five minute episodes, big winners and losers, you can find it on Apple Spotify, Tim or anywhere, you get your podcasts.
[02:50] Go to I'm ready Are you ready I'm so excited I actually am to designer Starship Well we're waiting on this.
[02:50] Join me each week on Wall Street Week for stories of capitalism from business, markets, economics, tech and climate.
[02:50] 🎼To know that's what you need to think about the countdown is on everything you need to get.
[02:50] at the end of the market day this is the close.

### [E0017] Bloomberg TV+ | 2026-08-04 19:30 UTC | 盘中
「Bloomberg TV+」直播转录 03:00–03:30
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 03:00–03:30(Asia/Shanghai),共 134 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 ---
[03:00] SpaceX full coverage of the company's first earnings report as a public company we're going to hear from former tesla board members steve wesley former harvard.
[03:00] o' sullvin as well as Rossber and so much more sick with us this is the close.
[03:01] Bringing you up to the minute geopolitical news whenever and wherever it happens, I'm tyyler Kendall in Geneva.
[03:01] Switzerland and this is bloom Asia is at the forefront of some of the world's biggest stories.
[03:01] 🎼Where the action starts in Sydney and in Tokyo, yet ahead as the global trading day begins, the Asia trade weekdays.😊
[03:01] Welcome to bloomberg this week I'm da I'm lia and I'mrisine Raffiti for tracking breaking news.
[03:01] WashingtonLet's start overseas is really propel the for the is this will open up new markets and provide some additional liquidity.
[03:01] Now they're going to have we got a big week coming up in politics earnings season is underway we're going to get some key reports, everything you need to know before the marketss open on Mondayday.
[03:02] Bloomberg this weekend bringing a little Bomberg into your weekend routine Gule up.
[03:02] Bringing you up to the Min global news whenever and wherever it happens, I'm Joanna Versace in Ellajaa, Saudidi Arabia and this.
[03:02] Iberg what is going to be the consequence for U markets?
[03:02] Gins across European and equity marketss Take a look at how we're faring when it comes to Asian markets.
[03:02] The media landscape shifts and fallsome folks try to keep up.
[03:02] lierToday we sat down with rich Louu Dennis, the founder and chair of the sundial group of companies as his brand essenceence Ventures makes us strategic.
[03:02] Investment in off script worldwide the parent company of revolt now the move brings together two story brands in a play to boost scale.
[03:03] Across several generations of audiences, here's what he had to say the beauty of the brands that we look at.
[03:03] They have to be brands that have a cultural resonance and value to the communities that we serve, right?
[03:03] It has to be deep trust, has to be authentic, and it has to have the what we like to call.
[03:03] The North Star right and that north star of for us, that North star is, can you use a business to develop a company?
[03:03] And does that fit within our framework of community development. And so as we look out, as we look out.
[03:03] Beyond sort of what's happening in the next 12 months, 18 months, but looking out to say, okay, what we need to have 50.
[03:03] Years from now, what can be relevant 50 years from now, what can drive economic value, 50 years from now, as well as cultural value and heritage.
[03:04] Revolt is stands out and what they're doing at off script we love Well, give me a sense here when we talk about culture, obviously essence.
[03:04] Is an iconic brand that I think every black family, certainly every black woman had on their coffee table back in the day.
[03:04] Has it extended to a new generation, revolt kind of came about after the fact, speaking to a newer younger generation.
[03:04] What's the thread they're combining so the thread for us is multi generationerational right we look at, like I said.
[03:04] 50 years out, we want brands that are here 50 years out, we want to build businesses that are here 100 years from now.
[03:04] Multti generationerational becomes a big, big part of that strategy, right, and so if you take a look at essence, right?
[03:04] is now truly a multi generationerational brand, right You go to festival, you see it in person, you look at our data, you see it in the.
[03:04] We're truly serving multiple generations, with that brand, with the content, with the festival.
[03:05] The experiences there right revolt has revolt is now on its second generation, if you will, right?
[03:05] As essence is probably pushing on its fourth generation right, and so we like brands that have that type of staying power, right?
[03:05] In addition to that where it fits in is essence, women, women, women, women, Refry 29.
[03:05] Women, women, women, women are driving the economy, they are making the decisions in the household, they are influencing.
[03:05] But what revolt has are the men that they care about right and the men that care about them and so what we're now.
[03:05] to do is to offer to the entire marketplace a sort of nucleus around youth culture.
[03:05] Multti generationerational youth culture, and then underneath it all now infrastructure and scale essence fast one of the biggest.
[03:06] out there, huge economic impact for the city of new Orleans, where it's been held now for what 30 years or something 32 years.
[03:06] Or something, but I know the contract with new Orleans is over, there's been some talk as to whether essences will actually overturn when you have.
[03:06] Quanttifiable economic impact in the hundreds of millions of dollars why is there a debate about whether you'll be back don debate.
[03:06] is whether or not will be back let me rephrase that, whether the debate is whether or not we'll be back in New Orleans.
[03:06] Right, so we we just had festival July 4 weekend5.
[03:06] 5,000 people showed up according to the papers in new Orleansan.
[03:06] that are keeping the data there right we had you know 50, 60,000 people come through the convention center a day.
[03:06] over 460 hours of programming for those people that came by free, right.
[03:07] Theconomic impactmp is tremendous with our partner hotels, we're running 95 plus hotel occupancycc.
[03:07] And see in the middle of summer in one of the hottest weekends of the year, so we're driving a tremendous amount of economic.
[03:07] Impact there. and we're working with the city so that we continue to do that and we continue to grow. right It's not the question isn't what.
[03:07] Whether or not we will essence will be back the question is hey will it be back in the city of new or do you think will there next are working like.
[03:07] He to make that happen right going to because our community deserves what it is that we bring to market.
[03:07] New Orleans has been a partner for 32 years. They've been a good partner for 32 years while we've seen investments shrink, right.
[03:07] In fact that we will be able to come to terms and continue what we're doing we're excited about next year. I am curious how you merge.
[03:08] And sort of how you balance out the content and creation side of the business, the live event side of the business and everything that goes in between.
[03:08] Disclose details, financial details of the deal with off script, do you want to disclose them.
[03:08] because I mean you bought refinery, obviously you bought Refry 29, obviously essence, I mean, is the return, the potential return.
[03:08] That you get off of this partnership, this minority investment in off script, is that going to potentially be as accretive?
[03:08] As those other deals that you've made. So I think so, because what we're now able to do is to bring infrastructure together,.
[03:08] together and as I said earlier, drive that scale, right so we're excited about the opportunity to be able to do that.
[03:08] And I think one of the other things is we don't need to own everything, but what we do need to be able to do is to be able to access everything.
[03:08] This gives us the access that we need this gives us a great team over there to work with alongside our great team over at.
[03:09] At essence, we now have the opportunity to merge our inventories, our product to go to.
[03:09] Of clientsient with bigger offerings and better offerings. So that's very exciting. And the other thing for us is it's also.
[03:09] Important that these brands that have been driving our culture are here when we're not here, right, so we're also looking at it.
[03:09] those lenses that was rich dennis, the founder and chair of the sundial group of companies talking about his minority investment.
[03:09] In off script and you can catch the full interview by going to bloomberg.com/vi and when we come back we turn back to the public.
[03:09] And take a closer look at mcDonald's out with its earnings report today it be on several metrics, but a bit of a slowdown in same store sales growth.
[03:09] We're going to catch up with miouho's ni satignan when we come back after the break to get his assessment of what might come next this is the close on Bloomberg.
[03:10] My old mentor Roger sawawbackck, who told me when I transitioned, footballball will never leave you.
[03:10] 🎼To 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.
[03:11] to end 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.
[03:11] What are you 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.
[03:11] Pthouse to penthouse, and what I mean by that is you played for 15, 20 years and you're in the penthouse, that doesn't mean that you come to the business.
[03:11] And you're going to be in penhouse now you don't start in the third floor or the lobby, you actually have to start in the basement.
[03:11] 🎼Mning, good morning. This is. We back to the opening trade watch that this is the.
[03:11] 🎼This is Wall Street week We to balance of power. You're watching Bloberg deal We to Bberg this weekend this is bloomloberg television.😊
[03:12] 🎼And.
[03:12] Time now for our top calls the big movers on the back of analysts.
[03:12] ReWe start off with jp morgan, which cut its overweight rating to neutral4 months ago today downgrading again this time.
[03:12] WThe analyst saying elliott Hills win now's turnaround strategy taking longer than anticipated and will continue to weigh on finances beyond.
[03:12] This year the shares which rallied 2% yesterday giving pretty much all of that back today next up palantir deutsche bank upgrading to.
[03:12] Upgrading after palanter's quarterly results and full year forecast came in ahead of estimates the analysts there are saying palantier operating several.
[03:12] 🎼St ahead of the rest of the software space and converting AI demand into real customer value, those shares up 30%.
[03:12] Best day going back to 2024 and we're going to end with walmart oppenheimer downgrading to a neutral equivalent on what the analyst says maybe be.
[03:13] Second quarter comp sales number that could mistreet expectations when the retailer reports in a couple of weeks the fund $40 price target.
[03:13] Being removed the shares so up slightlyly on the day and those are some of our top calls another stock we're watching is mcDonald's they open higher but have.
[03:13] Drifting lower as the session goes on, the restaurant chain did beat on several key metrics and named a longtime executive sky anderson.
[03:13] To take over its U business this after posting the slowest U comp sales growth since the start of 2025 nick sety joined us.
[03:13] Right now, managing director on equity research analyst covering the restaurant sector over at miuho, what was it like 1.3% comp?
[03:13] Overall.8% here in the U. let's talk about the US.. business that's a considerable slowdown from where they were the previous three or four.
[03:13] That's right. And more importantly, you talked about July that was slightly negative, and so they're clearly a traffic shared donor.
[03:14] Within an industry, and it comes down to having a relative value problem, so pre coviID, they were clearly the value.
[03:14] And I think they've lost their way a little bit they're trying to figure out how to get back to being the value leader, and it's a tough road.
[03:14] Well it's a tough road, but here's what ch Va said on the conference call, he said that they were hurt by.
[03:14] Consistent execution across its restaurant saying we don't have a strategy problem, we simply did not execute you buy that.
[03:14] Well, they didn't execute and the franchisees, about a third their franchisees didn't buy into the under $3 menu, meaning they't.
[03:14] Ler prices what is McDonald's those days because I mean, over, I think in the past, a lot of people looked at McDonald's as a value proposition.
[03:14] And I know there's been a lot of hay made online over the past few years about the cost of the meal at McDonald's certainly relative to as you're alluding to some of it.
[03:14] Competitors, are they trying to be a value play or are they comfortable going up in terms of the income spectrum?
[03:15] Well, I think they're trying to have their cake and eat it too, so they're raising prices another3 to 5% this year and that because they want to.
[03:15] They have to franchise, they can't control franchisee pricing legally the franchisees can take as much pricing as they want and what they're dealing with.
[03:15] Beef inflation, they're dealing with labor inflation, so they're trying to protect their margins as much as they can, but at the end of the day.
[03:15] That's a lot more pricing than fast casual or casual dining is taking, which is why casual dining is winning at the moment and at the same time.
[03:15] Induing value offers, value offer points, and they're trying to get the franchisees to be on board.
[03:15] I said a third of the franchisees did not participate in the under $3 menu rollout in April, which was one of the execution issues that they point.
[03:15] So what does Chris Kaensski and his team sort of articulate in terms of how they can maybe get comp sales back up?
[03:16] To something that's a little bit more commensurate with what we had seen for the previous year or year and a half or so. Well I think they're trying to focus on value.
[03:16] They use it as emergency and so I do think we're going to see a lot more digital offers, I think we're going to see a lot more advertising.
[03:16] And social media focus on value, but that came up on the call, the idea that he seemed to think the CEO seemed to think that maybe they.
[03:16] Did quite sort of take advantage of advertising in the way I wasn't quite clear what he meant, didn't seem like it was more advertising, it was like he just won a more effective advertising.
[03:16] Well, I think theres two parts where I think one of it was he mentioned awareness of the under three menu, and I think they underperformed.
[03:16] Expectations regarding the FIA sponsorship, and so on both of those accounts, I think that there was poor execution.
[03:16] I am godly optimistic that as we go into Q4, we'll see more effective advertising.
[03:16] Take around there just a new management team, but at the end of the day, I think this isn't necessarily a marketing issue, I think it's a value perception issue.
[03:17] All right, Nick, great to have you here, great to have you on settings Nick sat I'm one of the best in the business managing director and equity research analyst over at it.
[03:17] Mizuho, a closer look at chairs of mDonald still in the green up by about three tenths of a percent here on the session.
[03:17] Clo to the closing bells, we're going to take a look at another company Scotts muel Corow turning over a new leaf, the company's new CEO.
[03:17] Axter in town for an investor day, he joins us nexts right here on the close right here on bloomloberg.
[03:18] Do you.
[03:18] Being called an ideological lunatic or a bunch of left wing nut jobs you know i've been called worse things than that.
[03:19] You think she owned the place 23 in me?
[03:19] I think is so incredibly valuable we're coming back have that kind of detective story feel to it.
[03:19] Hot on the trail of something you know that it's very exciting What magazines were you reading as a kid I don't think I was reading magazines until I was in.
[03:19] You are on the cover of all of these Oh and there's many, many more, but weve should people trust?
[03:19] I don't think anybody should trust any company or entity completely with any of this.
[03:19] Force that is far bigger than we are I want to build better businesses around these brands.
[03:19] The shock will never wear off So your brother and sister running one of the most powerful companies in the world when you argue who wins?
[03:20] No one the way I could see AI being banned or blocked is if something really went wrong.
[03:20] And if something really went wrong, then maybe it deserves to be so is it paradise ahead ortica.
[03:20] Mi.
[03:20] 🎼Good morning. This has been back day great here. I'm Lizzie Bur in London. and these are the stories that set your agenda taking you.
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## 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。