tv Bloomberg Markets Bloomberg April 12, 2024 10:00am-11:00am EDT
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>> it is friday, april 12. bank earnings kickoff. jp morgan points to a normalization. we will talk to a ceo of a tequila company. shoring up consumer confidence. moments away from the consumer sentiment numbers after another hot inflation we -- inflation read this week. i am sonali basak again welcome to bloomberg markets. looking at the s&p lower on the
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day, leading to perhaps the second week of declines on the s&p 500. the nasdaq 100 also down on the day. still has a chance to end on the green, now down more than .9%. the two year yield breaking below the 4.90% mark. about 4.89%. we have the kbw bank index down 1.3% and almost every stock barring two are down in that index. consumer sentiment data crossing the terminal now. michael mckee joins us to break it down. mike: if you did not like the cpi report you will not like the sentiment report because it shows some on mooring of inflation expectations. the one year ahead inflation expectation jumps to 3.1% from 2.9%. five to 10 year from 3% to 2.8%. enable -- maybe gas
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prices reflecting that. the sentiment number goes up a little overall -- actually falls, rather, to 77.9, current conditions to 82.5. so in march, we saw consumer sentiment rise little bit and inflation expectations were steady. now there is more concerned perhaps about the economy going forward and certainly more concerned about inflation. sonali: we know expectations here are everything and more than the expectations of prices to climb at an annual rate of more than 3% over the next year, basic costs rising over the next five to 10 years. what does this mean for longer-term expectations here? mike: it's going to be a question of this is followed through and what we see in markets. as long as they don't price this
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and, things are probably fine. if this just fades with gasoline prices when they go down again, it's not going to be a problem for the fed, but the fed does keep a close eye on expectations because expectations -- if you think inflation is going up, you might ask your boss for a raise. so that is the circle they are trying to avoid. sonali: thank you for breaking down the data for us. great interviews. mike is also heading over to another conversation with someone from the university of michigan for more insight on the report. you can find that on live go on your bloomberg terminal. the banks. earnings calls have begun and we still see many stocks down on the day. i want to take a look before we get to our reporter with what's going on on those calls because that sour tone you heard about the outlook at jp morgan is sending most of the index lower. the only two banks on the day that are up our citigroup and
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state street. citigroup had a turnaround story and state street positive when it came to interest income expectations, but goldman sachs the second worst performer on the day. goldman reports monday. joining me is sally bakewell with more. how do you read through what is going on? you would not think goldman would be down this much given the wall street businesses that did well? sally: perhaps a general malaise about the banking industry. given the results. there was an expectation would jp morgan particularly, but net interest income, the biggest source of its revenue, was going to steal the show. there was a lot of debate around a -- around jp morgan that they would revise upwards their guidance for this year. however, jp morgan kept its main figure stable, but it did boost its guidance for niix excluding
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markets, so it's taken a conservative approach. wells fargo missed estimates. i think the idea that banks will be big beneficiaries of rates highe for longer was undermined. sonali: last year, a lot of people were worried about the economy and provisioning for loan losses that have come in better-than-expected, but it seems the story is now changing toward a potential slowdown on what's possible in lending. is that the right read? what did jp morgan say? sally: they generally said that net charge-offs remain broadly stable. if you look at the commentary from management about the economy, it was a reiteration of what we have heard before. jamie dimon says -- he was asked about the macro economic outlook and says he does not want to get productions for a recession or not but in his opinion things are likely to be worse than we expect. on monday, he was saying the expectation for a 70% to 80%
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soft landing, the odds for that were a lot lower. still, they maintain that the consumer is in good shape and spending and jeremy barnum, chief financial officer of jp morgan, says corporations are flush with cash. at the lower end of the consumer scale, there does appear to be more pressure. sonali: thank you for leading our coverage, covering a slew of bank earnings. complicate a story. breaking news. tech information platform the information has reported that stubhub is aiming to go public violate this summer -- go public by late this summer. that would set up another sizable ipo after read it when public earlier this month -- after reddit went public earlier this month. stubhub would be a new test.
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it also has high yields for evaluation in line with the $16.5 billion valuation. it raised money according to the paper. it would call office listing if it cannot get close to that valuation. a lot to keep an eye on. we know the banks also had boom profits when it came to underwriting. we will dive deeper into the banks and markets with bill sneed. he's with us. his holdings include fifth third bank and western alliance. perfect person to talk about this banking system with after a busy day of earnings. we were talking about the consumer story, the main street story, the wall street story, the return of investment banking. what makes you more excited? >> well, the banks have done really well since november and
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it looks to us like people are selling the news today, which is not to be unexpected. you know, jp morgan -- we bought jp morgan at $34 and $.50 in june of 2012. you throw dividends compounded in there, the stock has gone up about sixfold. but the rest of the market is so expensive from a historical perspective, banks are actually cheapest relative to the stock market than at any other time in the last 70 years on a relative basis. you cannot eat relative alpha. you can only eat absolute alpha. so these stocks are probably due for some profit-taking. remember, making a lot of money over the long term is a marathon, not a sprint, and we had a spring from the beginning of november to the recent past. sonali: jp morgan, six consecutive years of record
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there is so much confidence because of how well the stock market has been doing that that combination of largess causes the economy to baffled the people who think we are going into a recession. sonali: what if we hit harder times, bill? there's an open question. we were talking to our reporter, sally bakewell, about the idea you will see a pace slowdown in growth when it comes to interest income, but should consumers hit a bigger wall, should inflation become a bigger problem from them -- problem for them, do you think the propensity to borrow money on credit cards could start to hit a wall too? bill: it's funny you asked this. i will give you historical context. we felt strongly beginning four years ago that the combination of the massive amount of money borrowed to fight the covid war
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was similar to the vietnam war and 1968 -- in 1960 eight and we are in the camp that thinks we are going to have a difficult inflationary period for the next 10 years for and so -- next 10 years. and so that makes things more difficult for banking but especially more difficult for owners of common stock. it is so interesting how things work. you can look at the archives of when i was on your show five years ago. i would have been saying that interest rates would normalize. people were saying when is that going to happen? you cannot hold your breath until then. but when it finally came, it took so long to get there that it came in a rush. and i think that is the same way -- stocks are not really priced against a five or 6% 10 year interest rate or two year interest rate. they are price for 1% or 2%. they are priced as if we are going to go back to 1% or 2% and
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we think that is a big mistake on the part of investors. sonali: you think about the wide range of expectations you have seen for the direction of the 10 year across investors. you have had investors worn publicly and privately they could fall to 3%. you have people saying they could go up to 5% in the near term. ultimately, how does this volatility play out beyond jp morgan and the banking system? the reality is we are just getting started with his earnings season. bill: yeah. again, what we like about these banks is if 10 years from now jp morgan has grown their earnings 8% a year, that means they will double and probably trade at a similar price earnings ratio, and in an s&p environment where stocks historically -- stocks are historically expensive, especially where most of the capitalization is, we think that the s&p will make zero, so if
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you double your money over the next 10 years and make 7% compounded, you might look like a fantastic investment. i think that's the way these people are trying to run these banks, not get too carried away with current circumstances and say, ok, let's run this is if there's going to be many different circumstances in the next 10 years and the problem is everybody is so focused on what's going to happen in the next six months. the answer is that's above our pay grade. sonali: bill's meet. stick with us. we will talk about that market. we take a look at what's moving in markets with bloomberg's just mentioned. >> many different things. beyond the banks, looking ahead to next week, because we will be getting earnings reports from netflix. obviously used to be part of the faang, not necessarily the magnificent seven, but they hit a 52 week high earlier this
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week. they rolled the crackdown on password sharing out last summer. second half of last year, they had a record amount of net subscriber growth. it was a record compared to the prior six months in 2022. the question is how much longer connect growth continue? netflix put out a pretty wide margin. if you look at the first quarter of last year, it was around 2 million. so it's a big range to see how those numbers could play out but that is something i'm watching. >> it's interesting. speaking of some of this optimism, it begs the question about whether the idea behind them is changing as we hit rockier times. you see that certainly on a rocky day with alphabet earlier hitting the $2 trillion in value mark after a 15% rally this year. there are others near that point too. >> amazon in particular.
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let's talk hit a record thursday. the last time was in july of 2021. this is one of the pandemic darlings. once it cooled off and all of us got back into the world, the stock got pressured, but it's one of the last of the big five tech companies in the s&p 500 to be at a record recently, and within striking distance of the $2 trillion valuation. the catalyst will be later this month when amazon has those earnings results. sonali: let's talk about what is outside of those traditional big tech names and talk about the chip sector. >> intel and amd in particular are the big stocks that are under pressure. this came after the wall street journal had an exclusive story looking at how china was directing some of its biggest telecom carriers to phase out there use when it comes to foreign chipmakers by 2027.
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so not surprisingly you would see intel and amd pressured by this because they are the biggest ones supplying a lot of this growth not just for china but globally. you are seeing that as well if you look over to the philadelphia semiconductor index. that's down more than 2% today. putting it into context, up about 15% year to date, outpacing the nasdaq 100, and china has had issues in the past when it comes to these telecom carriers and others trying to become more reliant because it has not been quite as good as more of those the mystically focused chips. it remains to be seen how this plays out. even though we are seeing chip stocks pressured today. overall, we are adding to gains. sonali: thanks for keeping an eye on all those things outside the banks and all over the place. we will also bring in some more breaking news because a big deal making a big potential decision. we have news breaking now that u.s. steel and nippon steele are
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deliberating a decision to push back the timeframe they expect to close their contentious $14.1 billion deal. we know the biden administration has voiced concerns about this deal and such a move would be more of a formality given the second quarter is nearly halfway done and the takeover is embroiled in a firestorm according to our reporting at bloomberg. we will bring more details as they calm. that second half of 2024 is headed into the election. things are getting interesting. next, a read on the consumer with jeff. stick with us. this is bloomberg. ♪
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sonali: we are back with bill smead. we will go beyond the banks for a minute because as you are watching investors recalibrate heading in earnings season, how do you think about where to take cards off the table and where to put them on? bill: welcome, if i understand your question, we are nervous about what the stock market's going to do because of an incredible cacophony of extreme psychological readings that we have been analyzing . from a historical perspective, people were probably as bullish two or three weeks ago about the u.s. stock market as they have ever been, and participation is very high, so to make money when participation in the stock market goes down, you have to find some pockets that are doing well despite the difficulties, and the number one difficulty is inflation. so we looked back at the 1970's
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and found that if you wanted to make a lot of money in stocks in the 1970's, you had to own oil and gas. here we are today with nerve-racking things going on in the middle east and the only good sector today is oil and gas. sonali: how do you think about how to play that sector? how much money are you willing to put to work as a percentage of your portfolio if you think that is the winter? bill: we are about 25% or 26%. we are not in bad company. i just read the book about t. rowe price by cornelius bond. t. rowe price, one of the greatest growth stock investors of all time, in 1968 not only pivoted to oil and gas in his growth fund that started a new fund, which i think still exists, which was absolutely loaded with oil and gas and
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gold, and ironically, we have about a 25% position in oil and gas in our main strategy, and our international value strategy is higher than that because stocks outside the u.s. are very cheap since they don't have the more popular big tech names. sonali: how do you feel about some of those high flyers we were talking about? some of the big tech firms hitting that 2 trillion dollars mark. a lot of optimism in some names still. do you share that optimism? bill: you know, it is ironic that we are probably more optimistic about what might be accomplished through technology from an on the ground business standpoint the most people and are way more pessimistic because the success of the technologies being used does not historically go hand-in-hand with stock price performance.
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in 1923, what --1% of u.s. household had a radio. rca went up tenfold from 19 27th 1929 and spent a miserable decade at less than $10. so the problem is it's not that ai is not going to be important, just like it was important that the internet was going to change your life. the problem is they frontload the success in the stock prices and no company can ever seem to actually attain the level of success fast enough. amazon had its crash and burn. microsoft had its crash and burn. we will get that crash and burn out of these text -- these
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sonali: time for a social climbers, the stocks making waves on social media. first is stubhub, reportedly looking to go public by summer. the company has seen a post-pandemic boom in sports and live concerts including lucrative tours from beyonce and taylor swift. taylor swift is back on tiktok despite an ongoing dispute between the platform and her record label. the timing coincides with the impending release of her newest album friday. you can follow all the latest,
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and he buzz on your bloomberg terminal. coming up, we talk about tequila. we will talk about the ghost tequila ceo. ♪ relax into a caribbean state of mind. visit sandals.com or call 1-800 sandals. food isn't just fuel to live. it's fuel to grow. my family relied on public assistance to help provide meals for us. these meals fueled my involvement in theater and the arts as a child, which fostered my love for acting.
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sonali: agave sales are on the decline but ghost tequila is trying to resurrect sales of the spirit. here is the ghost tequila ceo. it is friday, so you are thinking about inflation in the morning and having a drink at night. jeff: it is friday. sonali: when it comes to inflation, let's talk about what it means for you and how you are running your business. jeff: ghost tequila is an on premise brand which means that most drink it in a margarita, spiced margarita. the on premise had a little bit
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of a slow down with inflation. we have seen less drinks. when people go out, they may go out less frequently and have one drink instead of two or three. with ubers and all of the responsible things, of course. ghost tequila has seen our sales booming. tequila, over the last five years, has gone from number four in the spirits category -- ahead of it was rum and brown spirits like whiskey and bourbon and vodka was number one. as of today, tequila is the number one category within spirits. in the last five years it boomed past everything to where it is the number one category in spirits. spicy tequilas are the number one growth segment in tequila. sonali: what is driving that change? i have moved from whiskey to tequila. i don't know why i did that. jeff: because you are smart. sonali: what is the macro
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picture on why consumers are switching? jeff: spice is a macro trend. look at wendy's chick-fil-a, all have a spicy variant option. even coca-cola came out with a spicy coke. spicy is everywhere. with ghost tequila, most of them are jalapeno or a vegetal space. we use ghost pepper, a complex spice. it accents the drink and it doesn't overpower like jalapeno does. jalapenos are great liquids, but they tend to be one drink with just jalapeno. sonali: how do you think that consumers are changing overall? you alluded to inflation being one problem, but there are a lot of concerns from beverage providers that people are drinking less alcohol and more people are drinking less per sitting as well. how do you see that playing out for you? jeff: that is a fact.
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what you said is a fact. more headwind's gen z with the moderation trend, dry january and dry february that has grown to a life of its own. moderation means that you have to compete more as a brand owner. you have to compete more every night of the week. you can't just be to end three margaritas on a thursday, friday, saturday night. we want to be consumed every night of the week given the moderation trend. inflation complicates things. when they go out they are having less drinks. ghost is priced right. $30 to $34 if you buy ghost in a package store. we came out with a repazato which is sipping, kind of a ranch water in tequila. it is under $40. anything above $40 and price point in tequila has been down over the past 12 months. i'm talking petrone. casa migos which has been a
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rocket ship, it had headwinds last year due to the price point of over $50 for their blanco. sonali: how do you hit the fine tuning between what is too much to charge and what is just enough? if people are drinking less don't you have to charge more to keep your margins higher? jeff: at our price point and being on drink menus and expanding into the off premise -- which part of our strategy to expand is to get the off premise. we can make a margarita in three steps. no modeling health pinos or anything. we are perfect absorption rate. i think that we are built for the times, for the brands above $40 out there trying to get their fair share of what's going on. they have to discount. we have seen the net prices of petrone, castle migos, go way down below what their net
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promoted price was. sonali: you have a long history in the beverage business, everything from red bull to coors, and now you are in the tequila business. what is the biggest difference from what you're doing now to the other types of beverages that you have overseen the distribution, sales, and creation of? jeff: i am a career beverage person. i say it is like being a professional athlete without having to be athletic. you get to compete. you get a scoreboard. you are in the game and do build your team. tequila is booming and i live in dallas, texas, the number to tequila state in the country. tequila is overtaking vodka in value in dollar sales. tequila is the number one category in the united states. over 90% of the premium tequila consumption globally is in the united states, in north america. it is booming. right now, we kind of have the double wins.
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we are in the fastest-growing category in spirits and in spice, the fastest-growing subsection in tequila. sonali: how consumers and you are feeling inflation, we started talking about agave. there have been shortages and other issues that could make the prices of goods higher. do you see that pain? do you think it will get worse or better? jeff: agave prices are going down. they have gone down over 30% and that is the number one component in real tequila like ghost. we are 100% agave tequila. we have a good blanco base where we at the ghost pepper two. although demand is up, that is counterintuitive. it is a seven year growth cycle in the big agave plants. they're just coming in the harvest even though they've had great demand. the agave prices are falling and projected to fall more. some of the big boys are stuck with previous contracts at higher cogs that they hedged
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their agave prices with. sonali: how do you make your margarita? jeff: spicy. we like to say that we make margaritas perfectly spicy, which means that ours accents the margarita. i brought you some samples. you should try one tonight. i recommend pineapple or watermelon margarita. sonali: what is the next big evolution in spicy margarita making? do you see yourself making a different product in the next 12 to 16 months? jeff: absolutely. margarita is our wheelhouse, our number one occasion. the repazato, that will be ranch water, the number one thing. also espresso martini. the thing about ghost is we make everything perfectly spicy. so, if you have one tonight, you will be perfectly spicy. you can put it in an espresso martini and it is magic. coffee, chocolate, and spice.
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sonali: thanks, jeff popkin of ghost tequila. thank you for little bit of inflation and a little bit of fun. we will check on the markets because we are seeing real moves. >> traders are definitely focused on geopolitics and earnings. the s&p 500 is on pace for a second weekly loss. the nasdaq 100 is down as well. keep in mind yesterday was the biggest intraday jump since late february. keeping an eye on oil, brent crude is now at the highest level since october. yields are moving slightly lower. of course, one of the big things that we have been watching for this year is the breath of this rally. take a look at this chart. it shows the number percent of the s&p 500 members trading above 50-day moving average. it was 85 percent in january, and it dropped to 57%.
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that means that this is fading. yields are not helping as well when it comes to big tech companies. let's talk about individual stocks. it is all about banks. we see j.p. morgan is down after the bank mr. net interest income guidance. wells fargo, net interest income was below consensus. citigroup is slightly down, however profits topped analysts expectations. blackrock is also down. long-term inflows came in slightly below forecast. if we break down inflows for blackrock across different types of etf's, we see the biggest inflow was took or equity etf. it was $37 billion. of course, we saw a lot of action in bitcoin etf for blackrock as well. sonali: coming up, we will talk about the stalemate over steel.
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robert: this is an example of the first time that we've had two presidents who are economically isolationists and their policies back to back. they are competing to figure out how we can add protections. in the case of the steel industry, trump put on a 25% tariff that biden kept in place. already people ask about inflation. that gives you a pretty good idea of steel prices will go up. this case is nippon steel, a japanese company, wanting to buy u.s. steel. invest more capital, keep the jobs, and technology and competition. but the steelworkers, who president biden once the court, have resisted, along with one other u.s. company that wanted to pay half as much for u.s. steel and have a monopoly position. it gives you an example of the politics now that is running the economic flow.
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>> the free flow of capital, investment in nippon steel, i would've thought in general that that was progrowth, pro-productivity, and was, if anything, deflationary? robert: that is what most economists would think. if you want to have a healthy steel industry in the united states, nippon steel is the fourth largest producer and helps compete against chinese companies. it wants to added vance to technology for the types of glass furnaces that u.s. -- and wants to add technology for the types of glass furnaces that u.s. steel has. no layoffs. you ask, what is going on? my guess is what is going on is for the other company in the area, they wanted to buy u.s. steel for a song and frankly have a monopoly position that would raise prices for other
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steel users, and probably combined with the union tried to get additional subsidies or benefits which have become popular for the biden administration. it isn't good for the u.s. economy but it plays into the rhetoric that you have seen trump and biden promote. david: you wrote an op-ed piece about these issues basically saying that both president biden and former president trump's positions were nostalgic. you started in government in 1985 under george w. bush and you continued under george w. bush. -- george herbert walker bush and you continued under george w. bush. how is it different now than 1985? robert: let me give you a reference point as an example? in 1900, agriculture accounted for 40% of american workers. today it is 1% to 2%, but they produce a lot more.
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after world war ii agricultural production increased three times up to today, but working hours are 80% less. that is productivity. that's how you increase growth, increase wages, and more opportunities. but jobs change. the same thing happened to manufacturing. not only in the united states. manufacturing workers in germany have come down about 50% over the past 25 years. in australia, about two thirds. it is not a surprise that you have fewer workers in the manufacturing sector. it is now 10% of the u.s. workforce. they are more productive and frankly they reflect changes in the nature of economy from 1985. what people want to buy, medical services, entertainment, travel, higher technology devices, you have to keep changing the economy but also help people adapt to it. david: bob, give us insight as a
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policymaker come would you have been in various administrations, how do you weigh volume of production and trade and the other value? you described fewer workers but you could have higher value things being produced and more productivity. how do you weight those two things? robert: if each worker can produce higher value, like in 2019 the average manufacturing worker produced $140,000 of added value. that was by far larger than any other country. korea was 40,000 behind. china was 100,000 behind. that is the benefit of productivity and the benefit of growth for the workforce. now, people might be surprised over the past 20 years that u.s. manufacturing exports have doubled. the value of our manufacturing exports exceeds that of germany, japan, korea, and india combined.
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but we are producing different things. we are no longer producing textiles and apparel, no longer producing footwear. we are producing more sophisticated equipment. that is what you would expect with the more developed economy. think about all of the things in the news about ai and different technology developments. in 1985, who would have considered that? david: we also have, i think, and more complex supply chain then in 1985. i wonder, as policymakers address something like in steel, it's one thing for the steel companies but another for those who have to use steel, for example to make cars. there is a disagreement between pennsylvania and my home state of michigan about the nippon steel deal. michigan would just assume have less expensive steel. robert: nippon steel values the customer relationships that u.s. steel has. they believe that they can be an effective producer, bringing in
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some of the plants that u.s. steel had. they had safety violations, they had fires, u.s. steel said that they couldn't invest in new technology. why wouldn't you want to help those factories become more competitive unless you are the competitor who wants a monopoly position? sonali: that was bob -- that was robert zoellick with david westin. this is bloomberg. ♪ the future is not just going to happen. you have to make it. and if you want a successful business, all it takes is an idea, and now becomes the future.
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>> the inflation numbers that came in this week where on what i would call the high end of what was expected. if you look at the first quarter, certainly inflation is elevated compared to where it was as we ended 2023, but it doesn't change my baseline outlook that inflation will come down with a healthy labor market. i just think that it will take more time. it is premature to tell whether the elevated numbers we just saw our a bump on that path or something more concerning. i don't see it as a significant turn, but it is important to continue to look at the data holistically and let the data tell us what is really going on. michael: yesterday, you said that the danger of over tightening has moved out of the picture at this point. growth is strong, unemployment remains low, inflation is at least sticky if nothing else. why cut rates at all? susan: i wouldn't say that there
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is no risk avoiding too long. i would say that it is an -- that it is two sided. there is more need to focus on making sure that we don't start easing too quickly. we are resolute. i am certainly resolute about the commitment to bring inflation back down to 2%. ic policy is as being moderately restrictive at this point. in my view, it will be appropriate as we get closer to that trajectory, appropriate to begin easing, but we aren't there yet. i don't think that we wouldn't definitely want to stay where we are. my baseline would still have us starting to ease later this year, but when i see is likely to be later than i had been previously thinking.
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sonali: that was the boston fed president susan collins speaking earlier with bloomberg's michael mckee. we will look at stocks hitting highs and lows. an update with oil prices on the rise. occidental hitting a two-week high after it was raised to the sector to perform at scotia bank. a new overweight rating at barclays and exxon hitting highs after announcing a new oil project in guyana. the animal health company hitting a two week low after a report on the side effect for its drugs for arthritis in animals. a quick check on the banks, you have jp morgan extending its declines on the day with the worst day it has been having since march of 2023. down more than 5.6% on the day. this comes after jp morgan didn't raise its net income interest expect patients. after wall street hoped for more. wells fargo also declining just a bit, just about .1%. citigroup facing declines of .6% lower despite eating its targets
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on profit. according to wall street -- beating its targets on profit according to wall street expectations. the s&p is still on to decline near session lows. you can see the same thing all around as a lot of geopolitical risk is also being priced into the markets, as well as more bad news on the inflation front with consumer sentiment expectations helping drive those markets get lower again with the s&p 500 down 1% ending in the red. nasdaq 100, 1 .4% lower. small caps also taking a hit of 1.3% lower. that does it for bloomberg markets on the day. bloomberg technology is next. we have some love in the tech stocks. i know the ed ludlow and caroline hyde will be talking about it. i am sonali basak. this is bloomberg. ♪
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[alarm beeping] amelia, turn off alarm. amelia, weather. 70 degrees and sunny today. amelia, unlock the door. i'm afraid i can't do that, jen. why not? did you forget something? my protein shake. the future isn't scary, not investing in it is. you're so dramatic amelia. bye jen. 100 innovative companies, one etf. before investing, carefully read and consider fund investment objectives, risks, charges expenses and more in prospectus at invesco.com.
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>> from the heart of where innovation and money collide, this is bloomberg technology with caroline hyde and ed ludlow. caroline: i am caroline hyde at bloomberg's world headquarters in new york. ed: i am ed ludlow in san francisco. this is "bloomberg technology." caroline: semiconductor slide on reports that china told telecom providers to drop foreign chips. ed: overhauling the line of mac computers to add an ai-focused tech processor. caroline:
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