>> 30 minutes into the u.s. trading day, here are the top stories we are following. china worries radel big tech companies. the country is front-end cental -- and center after setting a 5% growth target for the year. our markets just says that ai is still the hottest thing in town and for good reason. we will discuss what that means for nvidia and everywhere else. an offer you cannot ignore. gabrielle carvana -- gavriel kahane talks about the boosted bid for macy's. all of that and more coming up.

katie: welcome to bloomberg markets and it is a down day for markets, at least if you are looking at equities because the s&p 500 off .5% which does not seem to bad and the nasdaq is down by over 1%. there is some green to be found and no surprise it is in the cryptocurrency space. bitcoin continuing to surge higher up about 2% at the moment. we are on watch for the all-time high, maybe today is the day. we have some breaking ism data for michael mckee. michael: this is not good news for those looking for a growth scenario in the u.s.. the ism services index falls more than anticipated but at 52 point six after 53.4 the consensus was from 53. what is interesting is the sub indexes are almost all better. in this case new orders are up

to 56.1 from 55. production is up to 57 point two from 55.8. employment is one of the few that goes down. that is something to keep in mind for friday and it might have an impact on the market forecast for what we get on friday. prices paid, 58 point six down from 64 which is also good news in that it tells a fed that may be inflation will not be a major issue. yesterday we had rafael bostic talking about companies being enthusiastic about what is going on in the u.s. economy and one of the things that he pointed out, inventories were law or -- were lower and they suggest that maybe companies will have to rebuild some dust stocks and that will boost the economy. a lot of crosscurrents. we also mentioned that factory

orders coming in down 3.6% after a -.3 to -- -.3 in december of factory orders. transportation down. this is the hangover from boeing not getting any orders in january. capital goods orders flat better than what we have seen before and a slight decline. so businesses are at least not pulling back. katie: before we get to friday and the jobs numbers we have to get through powell's testimony and i believe that kicks off tomorrow. what are we expecting to hear from the fed chair? michael: wall street and washington want to know when the fed will cut rates and by how much. that will affect what you can earn and whether you get elected. but the fed chair will probably not talk about that too much and probably reiterate that the fed has more work to do on inflation and they will be watching the data and the decision will have nothing to do with politics.

plenty of other political topics could come up including bank regulation, the balance sheet in which they lose money and other things. it could be an interesting hearing, but nobody will get what they really want, which is a date certain for a rate cut. katie: thank you so much. i know you will be playing -- paying close attention as well as markets. let us get the market implications. she is the founder and ceo and let us start with the broader macroeconomic environment and how that is informing risk assets. the s&p 500 is down on the day and recouping some losses. what do you make of the set up as we hovered near all-time highs. >> it had strong economic data notwithstanding what we just heard. that has led people to believe that even with higher rates we could still have strong economic growth. that said, the data that just came out i think is a verbal for

the folks who want the fed to cut rates. anything that shows potential softening would be a good thing because we have had strong gdp growth and the job market remains tight and inflation remains elevated. the fed will be looking at data points that indicate the economy will soften to justify a rate cut, which is what they want to do. and up until now, there had not been a lot that they could .2 to say that. overall, i think the markets are looking at the overall trend. there is a feeling that higher for longer is bad. it is not so bad if the economic growth is 3% to 4%. katie: let us talk about the ultimate risk at said -- asset. bitcoin. it is surging to its first record high cents november 2021.

it has been quite the journey to get us there to say the least. and i mean, talk to me about that. the difference between november 2021 when fed funds were at zero, effectively and where we are now well above 5%. what do you make of those types of moves in the market? shana: risk is on and people want to be in risk assets and bitcoin is the ultimate risk asset. i think the launch of the 11 bitcoin spot etf's has a lot to do with driving market demand. if you look at the actual available liquidity in bitcoin, something like 85 to 95% is liquid and that is that 10% that is being played with and the flows are tremendous. i believe there are four over $1 billion. the blackrock one is at $9 trillion. if you think about it, the flow

is very strong. i think those two sayings are part of the story. and then you have the having coming up in april which will also push the price up. a lot of tailwind from bitcoin right now, not the least of which is that people are more likely to take a chance on risk assets. katie: really appreciate that and you mentioned the spot bitcoin etfs upwards of 10 or so that launched as new etf's. as an investor, how do you do due diligence on those products and that they all hold the same thing? what does the process look like from your shoes? shana: for me i look at the issuer. the big winners are fidelity and blackrock with overall trust and a lot of experience running etf's. for me i like bitwise bit b. this has been dedicated to the crypto space for years now.

i first met matt hogan in 2017 when they were just getting up and running. and he has really been able to help with the advising market and they are good at the education and dedicated to the space. i am encouraged that people see that but i want to be with an issue where who knows what they are doing and is dedicated to the space. i tend to prefer something like bit b, like -- more than ibit and fidelity's product which would've been the winners with a large scale of the firms behind them. the due diligence comes beef -- comes because of the issuer and not the underlying. katie: it is one of those beat -- etf's with a total market cap of 1.8 billion. talk to me about the rest of the risk asset universe. you have bitcoin ripping to record highs and an you have risky parts of the equity

market, small caps, even though they had a great end to 2023, they have not been able to keep up the momentum in 2024. what are your thoughts on that space? shana: here is an interesting stat. 75% of the return of the russell 2000 is from subaru micro -- super micro computer which should be added to the s&p 500. 75 percent of the returns of the russell 2000 are attributed to super microcomputer. it is not a great thing for small caps. if you believe that we will have softening the u.s. economy and you think about what happens into later stages of the economic cycle and then start a new economic cycle into the early stages, that is typically favorable. that said small caps have not behaved at all like they would have historically based on

things like new bull markets and watching market trends. but i think that is because they are not as exposed to bigger trends other than super microcomputer, ai, cloud computing and things of that nature. there is not a lot with exposure and that is one of the biggest headwinds. katie: stick with us. we have not even talked about ai but you are going to sit tight because we will take a quick look at what is moving underneath the markets with emily sitting to my left. tell me about target? emily: we had a good quarter, there adjusted eps beat estimates versus estimates of 240. the sales declined 2.4% which slightly beat estimates but it did fall for the third consecutive quarter. like a lot retailers target struggled with their profit as inflation is higher and consumers spend less on items when they go to these retailers

which has been an area of focus. they are saying the biggest jump in november and another area of focus is the inventory and are they able to clear the inventory so they do not see as much of a loss when they cannot sell all of it because people do not want to pay for it. target says they reduced inventory by 12% which was better than expected. katie: you can see that being rewarded in the shares up 11%. it is a different story for stitch fix. emily: this is a small cap company down as much as 20%, the biggest intraday decline since june 2022. it is not looking good for this retail company where consumers can get a personalized stylist and they go online and take a style quiz and then stitch fix send you a box with five or six different items that are tailored to you and you can choose whether you want to buy

it or not. they reported a heavier than expected loss per share. the full-year forecast missed estimates. the street is bearish on this. piper sandler has it underweight and this decline underscores the difficulties externally and within. a lot of those clothing rental companies were big during the pandemic and they are falling. this one is down 80%. katie: the world has changed for a lot of these companies. quickly tell me about sophia a stock really prettily -- feeling pressure. shana: this is an online personal finance company. they announced a proposed convertible senior notes offering. bond offering june 2029. according to an article which sites people familiar they are offering a 1% to 1.5% coupon further $750 million convertible bond. it does not seem like the street is long -- is liking it because the stock is plunging. katie: that is emily.

thank you. coming up, china setting an aggressive goal of 5%. just how the country will get there. details next. ♪ chances of a plane crash -- 1 in 11 million. you're not gonna finish those salted nuts, right? never waking up from anesthesia -- 1 in 185,000. validate your parking or just see how it goes? what? why stress about the unlikely? does a killer clown worry about being struck by lightning -while winning the lottery? -sure don't. but your odds of falling victim to online crime are 1 in 4. you need aura. you, your family, all protected from scary online stuff. [ laughs ] protect everything your family does online with aura.

katie: china said a gdp goal of 5% at the 2024 national people's congress which is putting pressure on the top leaders to release more stimulus. joining us with more is tom of bloomberg economics. 5% is the goal. how are they going to get there? tom: at first sight, 5% does not look like a particularly stretching target in 2023, china

grew 5.2% so why cant they do another 5%? remember growth last year was flattered by a low base from covid lockdowns in 2022 which boosted the growth number, this year heading to 5% will be more challenging. still, that is the aspiration. the question that the markets have is where is the stimulus going to come from to get us there? the growth target was in his speech, but there were not a lot of details on what would back it up in terms of fiscal spending or monetary stimulus or more support for the ailing real estate sector. katie: talk to us about the growth target in the context of geopolitical tensions. when it comes to the u.s.-china relationship it feels like a lot of that is playing out in the semiconductor industry. one of the most read stories is about amd selling its ai chip

tailored for china hitting a roadblock. how are you thinking about that at bloomberg economics? tom: it is interesting. i think wall street is looking at the premier's work report and saying where's the details? it is certainly true that the details on stimulus are not there. but when you think about the priorities for china's leadership boosting defense capacity, listing spending on science and technology to try and ensure reliance or independence from u.s. tech, that is where the detail is in this national people's congress. and that speaks to a shift in priorities in beijing from a dash for growth to the crucial importance of securing the nation in a more hostile world. of course, the mood on china has changed in the united states. one of the key initiatives from the biden administration has

been a move to block semiconductor sales to china. amd thought they had produced an ai chip that was regulation consistent on which they could sell into the chinese market. they have just heard from the u.s. government that that will not be the case and they will need regulatory approvals. katie: really appreciate your insight. that is tom orlik of bloomberg economics. let us welcome back shana. we were just talking about amd and i want to keep the conversation going on the chip sector because nvidia is just stealing headlines and eyeballs, really carrying the market forward. we did get their earnings a couple weeks ago. how are you thinking of how this mega cap company the fact that so much of the market gains euphoria seems to depend on a? shana: full disclosure i own the stock so i am happy about this. i think that nvidia is uniquely

positioned and not a lot of competition. there is too much demand for the chips. they are not able to keep up with demand for their chips. they are in a a lot of really core markets. we talked about nvidia with ai a ton, but data centers and a thomas vehicles are a huge part, not to mention the foundational business which started the conch -- the company, the gpu chip. they have a lot of demand and not a lot of competition. all of those reasons are positive. i heard someone say this is 1999, this is the tech bubble all over again and i want to point out that is not the case. this is a cash rich company that is growing revenue at triple digits. and that is very different from what we saw in 1999 when we had companies going up with no earnings or cash flow and no real business. this is a real business making real money and for those

reasons, i think it will continue to benefit from the tailwind that comes with the ai revolution which we are really only in the second inning of and they are such an important component. katie: it is also a mature business. nvidia has been around for decades. to your point it does not have a lot of true competition, let us bring it back to amd which is trying to rival nvidia's lineup. how long will that headstart truly last? shana: i think it last long because as people develop new technology relative to ai, they will be using the default chip. and once that technology becomes dependent on their chips, it is hard for somebody to break in unless the chip is substantially better. i do not know much about what amd is working on and how much better it is than nvidia, but

also nvidia has a great market share of all different types of semiconductor chips for all different areas of the market. i think it is a well-rounded business, and has been around for a long time and i have been following it since 2000. and i watched it get included in the s&p 500 in 2002. it is a long tailwind, and i think there will be people who want to come into the space and there is demand and nvidia cannot keep up with demand. there is an opportunity to fill in the gaps and so nvidia needs to really focus on being able to increase the production and make sure that they can meet demands so that somebody like amd cannot sneak into take advantage. katie: there are rivals that would want to triple what -- two pull away. in addition, i know that you are also favorable on some of these

energy names as well. diamondback energy in particular, what is the opportunity in that name? shana: it is interesting because it is one of the few independent producers that can make good money and have strong margins on oil and -- at lower numbers. they are breakeven is $50 a barrel just different than larger producers which need a higher energy or oil price in order to really have good profit, revenue and margins. they are very much executing well and financials are strong. management is strong. the company has the opportunity to be an acquirer or be acquired. that gives a lot of flexibility. it is also trading relatively at a reasonable multiple. and so these are things that i look for. there is not a lot in the energy sector but that is a stock that i do like that has done well and

it has a great taker. katie: the taker is -- ticker is faang. come back soon. that is shana. still ahead, we will look at the companies making the most social blood -- social buzz today. this is bloomberg. ♪

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katie: time for social climbers, a look at the stocks making waves on social media. first up, get lab out with -- gitlab out with a weaker forecast. it might be reflecting uncertain demand. next up, tesla on the skid after news that its china shipments pledged to the lowest levels in a year. figures point to a slowing eb market. finally, not so good news for novo nordisk, ozempic not as effective in cutting his knee -- kidney disease risk. you can follow all of the buzz on your bloomberg terminal. coming up, outhouse and brigade capital increase their offer to buy macy's. we speak to the >> ceo, managing partner and cofounder next. ♪

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katie: we now welcome in our tv and radio audiences. arkhouse management is raising your offer to buy macy's 14%. macy's has responded to the offer, saying the board will carefully review and evaluate the latest proposal consistent with the board's fiduciary duties and in consultation with its financial and legal advisors. shareholders do not need to take any action at this time. join us now is one of the minds behind the offer. sitting next to me is gavriel kahane, arkhouse ceo and cofounder. great to have you in person. let's talk about this raised offer. the big going to $24 a share. are you prepared to raise it again if macy's rejects this?

gavriel: we certainly hope they don't reject it, and, you know, they said they will carefully review this offer in that statement. we sincerely hope they really do carefully review it in good faith, as they should have more than three months ago at this point, our initial offer. we also think macy's shareholders, you know, in that statement, you know, macy's executives are telling shareholders they don't need to do anything right now. our view is that macy's shareholders own this company, and they should do something, which is reach out to their executives and urge them to engage sincerely and in good faith with our credible buyer group. katie: i want to bring you a line from the press release you put out in relation to this offer. we remain frustrated by the delay tactics adopted by macy''' board of directors and its continued refusal to engage with our credible buyer group. have communications changed or opened up since this latest

raised offer? gavriel: is -- it is hard to say. dialogue continues, but what we are asking for is the dialogue progress from communications and dialogue to action. to substantive conversation and engagement, wherein we can contract and give shareholders a really significant premium in the cash today. katie: you are probably aware, but there is a train of thought out there that arkhouse and your partners in this bid are chiefly invested in macy's real estate portfolio. you have said that is not the case, but what do you make of macy's plans to close 150 stores? gavriel: i think it is a shame. we are not focused on store closures, and hope we get to close on the company before they close any stores. our view is that the real estate is incredibly valuable. in part because of its tenant, macy's. katie: hypothetically should

they actually go ahead and offload those 150 stores, close those doors before you close on any bid, what that lesson the appeal of macy's for you? gavriel: it is hard to say without the diligence we are requesting. we are taking an outside view in, so i can't speak to that. katie: let's say hypothetically you acquire macy's before they were to shut those doors. in the plans is it possible you could actually close more than 150 stores? what would you actually do with the real estate? gavriel: there would be very surprising. from -- for us it is much more of a capital markets re- jiggering and capitalizing on the awesome asset base they have, as opposed to, let's close stores and redevelop them. certainly i'm sure it is the case that there is redevelopment opportunities in this portfolio. probably largely not through demolition and redevelopment, but in malls and other

interesting in developing opportunities i'm sure will be available to us when we get that diligence. right now we are not underwriting that. our base case assumption is that all macy's malls stay open, all macy's locations stay open, and we enhance the credit worthiness of the tenant inside the store. katie: i promise we are going to talk about something other than real estate and a couple of minutes, but i do have another question. gavriel: i like real estate, so it's all good. katie: this bid values macy's at $8.7 billion, the entire company. there is an interesting analysis that estimates the real estate alone is upwards of $8 billion. from that perspective, $24 a share, it could be seen still as a lowball offer. are you worried at other bidders coming into this process? gavriel: i am. i'm really hopeful and pretty optimistic that we have put together the right buyer group to be incredibly competitive in

any process that starts. and i have a high degree of confidence we will win. katie: let's talk about if you win. of course, you would take macy's private. what can you accomplish by taking macy's private versus keeping it as a public company? gavriel: a lot. as a public company is hard to blame existing management for focusing on the quarter, because that is how they are judged. they are judged day today, their share price changes, the cost of capital changes instantaneously. as a private company you can focus on long-term prosperity, growth, and a stabilization of this business that is otherwise seemingly headed in a scary direction. katie: what info do you still need from macy's when it comes to your due diligence you are doing on this company, that you were doing in potentially raising another bid if they reject this one? what do you still need from macy's? gavriel: really confirmatory diligence. it is not complicated, but it is

a lot of work. katie: you have, of course, nominated nine people to macy's board. how confident are you that you actually have the votes they are do that? gavriel: so, you know, the nine director nomination is a really -- is really a function of the board size. they are 14 directors, so to ensure we are speaking to shareholders directly, and really to ensure shareholders can exercise their desires, and effectuate a change, we need to nominate nine. katie: how is the communication was shareholders happening? is that you reaching out proactively to shareholders? are you seeing in lasts? gavriel: i would say it is a combination. we have not submitted any proxy materials. we are not soliciting votes at this time.

but we have received inbounds from shareholders, you know, on an unsolicited basis, and i'm happy to speak with anyone. we are a significant shareholder in this company and have strong views about it. katie: let's talk more about financing here. that has been one of the questions. how would you pay for this? you have also identified large global financing sources that represent 100% of the capital required to buy the shares in macy's that we do not already own. can you give us detail about who those large global institutional financing sources could be? gavriel: yes, so they are, like you said, large, global, money-center banks. there is so much interest in participating. they have a really great asset base. hearing some of the responses that it is a tough financing environment, all of that is true. notwithstanding that, there is a robust interest in this privatization. katie: it's going to be

interesting to watch this one player. up to continue this conversation soon. that is of real connie, -- gavriel kahane, the ceo of arkhouse. let's get a quick check on these markets. we are over an hour into the u.s. trading day. we are going to do that with abigail doolittle. abigail: we are looking at some bearish action today. before we take a look at what is happening let's start out with a bright spot. it is not macy's, but it is target. shares are surging, up more than 10%, heading to the best day of the year after they beat adjusted earnings by 27%, putting up nearly three dollars in adjusted earnings on better gross margins as inventories have gotten a little bit under control. investors really liking that. as for the bearish outlook, let's take a look at the s&p 500, down .9%. overall we are looking at session lows. you can see the nasdaq underperforming for a second day in a row. really being dragged down by

apple and tesla, and of course weakness from both of these companies coming out of news from china, apple the first six weeks for the iphone of this year, down 24% on a year-over-year basis as apple's popularity slides into fourth place for smartphones in china. tesla down 5% on the news yesterday that their activity for february, the lowest in more than a year. turning this to bitcoin, though, this is a bright spot. of course, bitcoin today hitting an all-time high. you can see this five-year chart. not a picture of stability. a parabolic uptrend, so like those last two then-record highs, we may see a reverse. for the crypto gold bugs, they are enjoying this rally, as are the physical gold bugs. gold spot hitting an all-time high on the day, up .8%. you put that together with a 10-year yield, and then stocks

lower, it really creates a bit of a risk-off picture as investors are looking for havens and getting out of stocks. katie: there is definitely something about the fact you have gold and bitcoin hit their all-time highs on the same day. abigail doolittle, thank you so much. we are going to hear from jon kramer, harvard lecturer, about the costs of inflation. the conversation coming up next. this is bloomberg. ♪

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abigail: this is bloomberg markets. coming up, scott sanborn, joined bloomberg tv at 12:30 p.m. new york time. this is bloomberg. katie: it is time now for wall street week. today we are looking at habit the high cost of borrowing is impacting how americans feel about the economy. david westin set down with judd

cramer, who penned an article about the trend. david asked him why consumers are not buying the story of a strong economy, despite some of the data. judd: traditionally economists have been able to look at gdp growth, inflation, and unemployment, and from that get a good measure of where consumers will have been. but this time around something seems to have broken. and so that is what led us to really try to do again to the inflation measures. and see what might have been different now, versus how we were measuring things in the 1970's. david: how is it different now? judd: yeah, so, before 1983 housing prices, and crucially for our research, mortgage rates, were included in the cpi. when we saw mortgage rates jump last year to 7%, if we have been measuring inflation the way we did in the 1970's, instead of seeing inflation take around 10%

last year we would have seen that jump all the way to 18%. we take that old methodology and apply it to current data, a kind of makes more sense to us why consumers are still in the dumps. not only did prices rise, but after that interest rates rose so much, and that is something that has really been weighing on their finances. david: for those of not -- for those of us old enough to remember, there was something called the misery index. why did we move away from that misery index? why did we take out some of those borrowing costs that affect consumers? judd: the misery index was so pivotable -- pivotal in explaining the way people were feeling about jimmy carter that we have sort of cap using a going forward, and people are still you -- still looking at cpi inflation and the employment rate. but what they don't realize is the way we have measured inflation has changed. what we did is, we constructed -- we reconstructed the original misery index.

we show is, that is much more powerful than the simplified misery index we look at today. if we use the old measure we can explain about 70% of the so-called vibe-cession. david: i take it that you basically used the consumer sentiment index. does that track with your new inflation index? judd: we think the michigan sentiment is the best measure, and that is what people have been siding, because it has been lagging other economic indicators. as we say, when we broaden the scope a little bit on some of those indicators it does a much better job of explaining what is going on in the university of michigan index. we have not expand all of it. there is certainly room for partisanship or inequality or some other american-specific factors, but we do think that thinking about borrowing costs

in the cost of money that everyday americans are paying goes a long way to explaining why they feel the way they do about this economy. david: a big issue in financial markets right now is, what is the fed going to do with interest rates? how much are they going to cut? some people suggest they might raise. let's assume the fed decided today, we are going to use your measurement of inflation. how might it affect monetary policy? judd: certainly there would have been no impetus for the idea of rate cuts starting at the end of last year. i our older measure inflation would have still been a percent in november. certainly they would not have been thinking about using the right policy to try to stimulate the economy. david: the inflation rate would be higher under your measurement than what we are seeing right now. on the other hand, part of inflation on your measurement would include the cost of our owing, which the fed affects. if it's job is price stability

and one of the prices is the price of borrowing money, they can bring down your inflation measurement by cutting rates, could they not? judd: partially, and that is one thing we looked at when we went back to the volcker era he made the inflation he eventually slayed look a lot harder than it actually was. that is why the two things were more comparable. the cost of money as part of the cost of living, so if we raise interest rates we are raising the cost of living. that is the antithesis of what we are trying to do. that is one of the other reasons why punting on the issue of the cost of money and excluding it from the cpi is where we landed. but, yes, it is a very interesting argument, because when you ask people on the street, they certainly consider the cost of borrowing, the cost of their credit card debt, the cost of car financing or the cost of mortgage. part of their consumption

basket. putting that in, the measure the fed targeted could get us in an odd direction. katie: that was judd cramer and david westin, who joints me now. i'm glad -- who joints me now. i'm glad you asked that, because it does feel circular. what with the fed do for that if they did count inflation that way? david: when i talked to mary daly yesterday asked her this question. she said they do take into account or run cost on individuals, although they did -- although she didn't say how. if they want to get it down they should cut rates, right? they can fix that. david: katie: fight inflation by cutting rates. it feels wrong to even say. i think it is an important point. we think about the costs and price pressures americans feel, a lot of that does come from higher interest rates and the fact that is taking up a larger part of their spend. david: this is particularly important for president biden as

he tries to seek reelection. because that man on the street is the voter on the street as well. ok, you are feeling the pain of those borrowing costs, but is not my fault, so don't blame me. katie: exactly. that relationship, it is tenuous at this point. i'm sure that biden the candidate would love to cut rates, but he cannot say that. david: exactly. i thought it was an interesting expert nation. it makes sense we should take into account borrowing costs in assessing what is going on with the economy. katie: great conversation. who else do we have coming up? friday we are going to have larry summers, the co-author, to talk about that paper. but more importantly, talk about the jobs numbers friday. and also we have the state of the union on thursday. we are going to ask larry what he thought of that. a full discussion coming up friday at 6:00 p.m. eastern time. katie: busy week. great conversations coming up. david westin, thank you so much.

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katie: voters from 15 states are heading to the polls today for the super tuesday primaries, and 13 of those 15 states are winner take all states, meaning the former president could secure the republican nomination tonight. joining us now is kailey leinz for more. it sounds like tonight could easily turn into a victory lap for donald trump. kailey: it is the expectation. he could sweep all 15 of the super tuesday states after winning almost every single primary because far. the exception of here in washington over this past weekend. nikki haley did win the primary here. as you say, a lot of this comes down to the delicate math. 215 delegates is the number he

needs. he cannot get there tonight but he could get very close and theoretically have the nomination locked up by the end of march. then it becomes a question of whether or not this will still be a competitive republican contest. nikki haley is still on the ballot today. she is committed to staying in through super tuesday but it is not clear what will happen to her campaign after tonight. katie: that is where i wanted to go. one of the big questions is whether or not this is the last hurrah for nikki haley but like you said, it is up in the air. katie: she has passionately kailey: she has indicated she will stay in this race if she was competitive. i asked one of her most powerful sarah gets, chris sununu about that yesterday. he didn't want to put any numbers around that, but did point to the idea that nikki haley has gotten more than 40% of the vote in places like new hampshire. more than 20% in other states as well. he said those numbers show there is an appetite for someone who is not trump. the other thing to consider is

just financing. nikki haley is still raising millions of dollars. she pulled in $12 million in february. her campaign has set another million dollars in march. if she has the money she very well could, it just becomes a question of why she would be doing that knowing that the math, especially of trump wins all the states tonight, means she cannot get the delegates needed. it could be she just wants to be there as a backup should something happen with donald trump, like, say he is convicted of a felony and that changes what could happen at the convention in july. katie: some big questions. hoping to get some clarity tonight. kailey leinz, thank you so much. bloomberg and kailey will have special coverage of super tuesday beginning tonight at 8:00 p.m. new york time. let's quickly take a look now at some of the stocks hitting highs and lows this morning, because first up we have disney hitting highs after morgan stanley raises the price target on the stock to an hundred $35. we are toggling -- $135.

we are toggling around. but synchrony having a great day, up about 2.5% to hit a 52-week high after it revises its 2024 outlook. you can see that shareholders clearly like what they saw. synchrony financial, up about 2.5%. on the others we do have some bad news, and that is for warner bros., hitting a 52-week low, down over 5% over the past two days. it is despite the boxed office win with "doomed to." -- dune 2." i thought it was a little long, but no one asked me. warner bros. discovery, down today. we have the founder of future perfect ventures joining bloomberg technology with caroline hyde and ed ludlow. that does it for us. this is bloomberg.

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announcer: from the heart of where innovation and money collide, this is "bloomberg technology." with caroline hyde and ed ludlow. caroline: i'm caroline hyde at bloomberg's headquarters in new york. ed: i'm ed ludlow in san francisco. this is "bloomberg technology." caroline: apple shares slide as the iphone maker sees a big drop in china sales, with the in correction. we will break down everything you need to know. ed: we stay with china as amd faces a u.s. roadblock in selling its artificial intelligence chips in the chinese market. bloomberg exclusive ahe