katie: we are 30 minutes into the u.s. trading day on this tuesday, june or. just getting started kammerer first guest says it's hard to fade the magnificent seven and that maybe the tech rally is just getting started. think norm attack was unveiled today for athletes and individuals today. the chief innovation officer joins us to talk about the recovery and wellness economy. a channel check on regional banks, citizens financial group chairman and ceo joins us to discuss commercial real estate concerns. they are pushing to private they -- banking and the nyc market opportunity.

♪ katie: i'm katie greifeld in new york, welcome to bloomberg markets. it's an interesting story in markets right now. the s&p 500 is lower by 0.1% with the nasdaq 100 down about 0.1% and the 10 year yield is falling now, currently lower by about six basis points. one of things putting that into the bond market is the u.s. april job openings data the just dropped. in april, u.s. job openings fell . the estimate had been for 8.30 5 million. maybe some good news for the fed. liz mclaurin's it just liz mccormick joins us now. i'm looking at the 10 year and

the two-year and we are falling now in reaction. >> yeah, this jolts number was below consensus and was even below some of the numbers from people there were already below consensus. we've had a string of data that has revived the hopes of how much the fed will call -- will cut this year. yields were down to come into the day on they are falling more office. as you see now, fully priced for a cut in november and over 70% chance for one more. for a while, we were swiping away only one in recent weeks. the data leads to this. with friday, we have the main jobs data and then ism services. the jolts data coming in below consensus was taken as a welcome thing for the bond market. katie: as you said, there is a

lot of economic data left to chill on. all that matters is it feels like we got good news on jolts. what will matter is the friday nfp report. when it comes to the fed, does that move the needle that much or is inflation just still too high to cut rates right now? >> inflation is too high for them now but i think they have started, besides the hawkish stance we've seen lately, they are clearly concerned about the economy. they are trying to pull off not having a recession and getting inflation down. i think chairman powell had said i will be concerned if there is unexpected weakening in the economy so they are watching. they don't want things falling off a cliff but they do want more softening in the labor market. they want inflation to come down more. i don't know if it will change the fed much.

we will get the new dot plot next week and they were at three cuts and many people they will go down to two. i think you are right, they will not completely change their calculus. they will be happy to see softening in the jobs data if we see it friday. katie: we appreciate your insight there. let's turn now to the india election becausemodhi is claiming victory saying that indians voted for his alliance for third time. his ruling party is set to lose their majority with the race now on to align allies inform a government. we get more details now. modi is trying to -- is trying to take a victory lap but this was much closer than anyone expected? >> absolutely. the incumbency is only expected to take 290 c so well below what

we've seen in the past from this party. what it means for the economy is the question. it's an economy of 1.4 billion people. the verdict is still out and i don't think you can expect much change but in terms of structural forums, they expect labor forms that are necessary for the economy to continue growing. it will be a little more challenging from that perspective. katie: talk us through what we are seeing in the market because it's been pretty dramatic. the index is down about 6%, its worst day in more than four years. what does that tell you? >> is where you see the weakness. you see it in the majors. indian equities have done really well so you are playing with the houses money a little bit in the indian rupee relative to the dollar. it's one of the currencies that have done really well. we know the story from the fixed income side.

you are seeing this natural structural bid for the bonds but to your point, the overnight action is down 6% in equities. these are some pretty big moves. it's the same thing you see in places like mexico. one of the few countries over the past three years since the pandemic where you've seen the currency appreciate versus the dollar and they are playing with the houses money so the pain will not spread too far into the emergency -- into the emerging markets. katie: it's not just india when it comes to surprise results. we had mexico as well. you've had a long morning so i will let you go. our thanks to damian sassower a bloomberg intelligence. joining us now on these markets, we have jason, the chairman of strategic is reached -- partners. maybe we should start with politics. you had mexico, india this week

we are hurtling toward our own election in the states coming up in november. how do you expect that to impact these equity markets over the next few months? >> that's a great question. it's not only an election year but national elections for 40% of the worlds population and a good portion of the world's equity market. i think the biggest potential impact on the equity market is incumbents want to get reelected and incumbents grease the skids either through physical means or regulatory policy to help themselves get elected. that's what we expect here in the states and even though there are some signs the economy is slowing, i would be careful about pulling too hard in that string. i think there are other levers that the administration can use and will use as we go into

november. katie: whether or not biden wins the fact that he is trying to get reelected maybe as a bullish set up it is equity market. >> it could be especially with bond yields falling. it would be more problematic if yields were increasing. i think this level of spending is unsustainable. i think it's dangerous but there is a little bit -- people worry about that after the election is over. for now, it will keep the economy a little stronger than it ordinarily would be. we are running budget deficits now that are about 7% of gdp. we've never john that with an unemployment rate low 7%. now the unemployment rate is below four. all administrations, do this to get reelected. i think the biden administration is taking this to an art form certainly in terms of their

willingness to use these tools to get reelected. katie: that's a good point. when it comes to the fiscal trajectory, maybe looking untenable at the moment. i don't think a lot of people would disagree with you. let's talk about the monetary side of things. one of the questions out there is when will the fed deliver its first cut but it probably doesn't want to have the appearance of being political. how much of a consideration is that for jay powell at this point? >> it's hard to know. to the extent there is no coordination between fiscal and monetary policy come it was strike me chairman powell is probably not at risk of seeming overly political. the fed should probably stand pat but my own opinion doesn't matter. i think the fed wants to ease this year and is likely they will ease.

i tend to believe the consensus that september is the most likely time they would do that. as we know, the fed has a dual mandate and inflation is too high in the cumulative effects of inflation are still impacting people but there are signs that the employment picture is probably weakening a bit. that will probably give them enough justification to ease. i would be careful come i think the chances of another wave of inflation at 2025 are quite high. we need to stay the course on monetary policy. katie: we will get more info about the labor market on friday and whether the edges truly coming up or we are reading too much into the jewels data. i'd thought this line from we are just from your notes was interesting. maybe the tech rally is getting started. a lot of people look at valuations and how far we've come and things are looking pretty stressed right now.

it sounds like you are taking the other side of that. >> it's a reminder that what you quoted came from a piece where we try to compare today's market to what we saw in the late 1990's. in many ways, there are more differences than similarities. i remember the market quite well and there were a lot of signs of excessive, almost manic buying of equities at that point. we don't have quite the same thing to the same extent this time around. the ipo market is pretty moribund. you seen some stocks split but not a lot. we took a look at cisco in the late 1990's versus nvidia today. that's a pretty good comparison. if you put those charts on each

other, maybe nvidia has a long way to go. in the late 1990's, you wound up paying peak multiples on peak earnings. i agree that multiples are stressed right now. there is probably a lack of publicly traded equities out there in comparison to bonds. katie: if you are looking for a stock split, we have the nvidia 10 for one stock split coming up next week but i take your point that overall, we are not seeing a ton there. ipo's have been kind of nonexistent. when it comes to the late 1990's comparison, many people will talk about what's going on in the late 90's and it was the internet. people have compared ai to the internet that maybe we are in a similar moment can you invest around that? do you feel comfortable doing that? >> i feel comfortable investing in the raw materials let's say

of ai. i think it's real and it's clear that every company out there is trying to figure out how they will use ai and how it will benefit them. i think that's clear but who will be the winners in that i think is less clear. i think about bill gates admonitions that people tend to over estimate the impact over the next year and underestimate it over the next 10 years. that's a little bit what's maybe happening now. nvidia as an example in my opinion, it's a hard stock to fade. it's essentially the infrastructure part of ai that is going to be used whether it's profitable or not. we will find out later on who winds up using the technology most effectively. for right now, it seems clear people will be using the technology. katie: i really enjoyed this conversation we covered a lot so i appreciate your time.

coming up, recovery innovator revealing its latest creation. we will speak to the founder and chief innovation officer next. this is bloomberg. ♪

katie: let's talk air therapy. this fourth recovery company unveiling latest product. we are talking about the normatec elite which is designed to improve blood circulation and help you get you back on your feet quickly. joining snow furnace collusive interview is the normatec

founder and the chief innovation officer. it's great to see you in person. let's talk about this new product. i am familiar with normatec and have used it many times and i ran in college but this new product announced today, who is this for? is this for professionals or individuals to buy and put in their homes? >> the easy answer is everyone. . we started with the best athletes in the world and that informed a lot of our decision-making in terms of how to create a product that work. because we are -- are all built the same, works on you whether you are someone in the nba or a weekend warrior or someone who wants to feel better after a long shift on their feet all day. katie: maybe you're a television anchor wearing high heels. how much is this listed for? >> the new elites art $999 and we did some incredible things with this technology and we are limited the hose that generates the compression.

we integrated it right into the leg boots themselves are completely wireless it really elevates the experience and makes something that was really good that much better. katie: theoretically, much more mobile and i could travel with this more easily than i could with that hose mechanism. >> traveling wasn't an issue beforehand but eliminating that aspect of it, even the clicking in and pressing the start button really makes a big difference. it's been cool to get his great feedback from the athletes that have used it in the run-up to the launch in terms of how much more they are integrating this into their daily routine. katie: let's talk about the customer base. you talk about athletes and individuals. what segment are you focusing on? where are you putting the most muscle? >> we divide the market into a couple of different areas. first and foremost, we have to make sure al khor, our original core are the best athletes in the world so and eight -- so nba, nhl are using the products.

then you stepped down to the collegiate level and everybody else, if you look at the market as of pyramid, from the bottom 25% up, we are focusing on the technology and making more accessible from a financial perspective and bringing the cost down over the years. we started as -- at a 4500 dollar device and is coming in at under $1000 with more technology packed into it. we are proud of that and we work hard and that every day. katie: how much of a focus is selling to universities and getting those types of deals and contracts when it comes to schools and colleges and universities but potentially gyms? >> we have a lot of different areas we focus on. we have great relationships with colleges and universities analytic teams. being able to work with the next layer down, people going to the gyms and accessing it, it was

never about making the best product and only a few could use. we wanted to be something that everybody, democratize the technology and make it something that everyone can enjoy. katie: let's talk about the price tag. nearly $1000, there is a lot of people who would say there is no way. you think about the economic environment we are in now with high inflation and maybe the labor market is weakening a little bit. how has that impacted your customer base? are you seeing any noticeable softening when it comes to sales? >> not at all right now. as we hear during these times, people like to focus on their body and their health and wellness. we break it down to the cost per session. we are talking three or four dollars. you compare that to what it's like to have to go get a massage. even though a massage feels great, once you are done, you are done in this thing last four years.

we do like testing with the product and it's been the field now for 15 years one generation or another. we been able to get great feedback over the years and put that into the next generation of equipment. katie: who are you competing with? is it other products? are you competing against masseuses? >> not competing but we call it a welcome adjunct. we really like to focus from a competition perspective on education. a lot of people don't know recovery is a thing. you say recovery years ago in they would say what's wrong with you. recovery is a means of doing this category that has developed. you look at the athletes and everyone is trying to push the pace legally. we are trying to do things whether it's coaching or gear or nutrition and what the next frontier is outside of training that you can do. it never made sense to me that we are so proactive about those

elements that go into the training and conditioning but we are passive about the recovery so focusing on the recovery is something athletes are latching onto. katie: you talk about pushing the limits in a legal manner and you think about the development of super shoes when it comes to running. that has led to some big breakthroughs there. let me talk about the broader business. there is also the hyper bulb which is a massage gun. theragun is popular as well so how you compete there? >> this really created the first consumer massage tool. the percussion technology is unbelievable especially when you work in adjunct with other technologies. from a competition standpoint, we spend a lot of time focusing on how to make the best product, the quietness, the working with the best athletes in the world to get their feedback to put it

into the product. the best late -- the dna of the best athletes is inside our product into testament damage they use it and how well it works. katie: i remember the first generation massage guns were so loud. it sounded like a real gun. >> they were not originally designed for home consumer use. that's one thing we were able to do is focus on consumer tech. what's exciting is even though that's how things started, where we are going in the next 18-24 months is something i've never been a part of. we are so excited about what's coming down the pike and it started to share as things get ready for launch. katie: keep in touch and i enjoyed this conversation and our thanks to you. still ahead, we will look at the companies making the most social buzz today up next. this is bloomberg. ♪

(♪♪) ♪ well i was raised by careful hands ♪ ♪ yeah, they made me who i am ♪ ♪ so i'm off to see... ♪ we invent them. we design them. we build them.

and one day, we have to let them soar. ♪ i'm always coming home ♪

katie: it's time for social climbers. first up is bath and body works smelling like roses after posting its first-quarter earnings that beat estimates. the ceo of the fragrance and body care retailer sites demand uncertainty and the likelihood of worsening sales at as consumers pull back on spending. next up is spotify hitting a sour note for some users. the swedish music streaming service announced it will raise the price of premium subscriptions. spotify has been trying to boost its margins by cutting its marketing budget and announcing layoffs. you can follow the latest company buzz on your bloomberg terminal. coming up, more warnings around the commercial real estate industry we will discuss those concerns with the citizens financial group ceo and chairman. he joins us next. this is bloomberg. ♪

her uncle's unhappy. i'm sensing an underlying issue. it's t-mobile. it started when we tried to get him under a new plan. but they they unexpectedly unraveled their “price lock” guarantee. which has made him, a bit... unruly. you called yourself the “un-carrier”. you sing about “price lock” on those commercials. “the price lock, the price lock...” so, if you could change the price, change the name! it's not a lock, i know a lock. so how can we undo the damage? we could all unsubscribe and switch to xfinity. their connection is unreal. and we could all un-experience this whole session. okay, that's uncalled for.

>> one factor we haven't talked about yet which i don't think is a financial stability risk but it's nonetheless a risk to the u.s. economy and the european economy is commercial real estate. we expect there to be big losses in the commercial real estate sector. we think most banks seem like they are well-positioned positioned to handle those losses. katie: that was the minneapolis fed president speaking in london last tuesday. let's talk more about the market and regional banks in general. we are joined by citizens financial ceo. citizens is one of the largest

retail banks in the u.s.. great to have you on set with me. we will start with cred. you said last week that there is still a lot of uncertainty in the cre market. where is that uncertainty? bruce: i would say we are still waiting to see more transactional activities, so the indications of value are not clear at this point. i would say rates moving down would help create potentially more financings and more transactions, but the office is the space everyone is focused on. the rest of commercial real estate you shouldn't just generalize it. multi-families in recently good shape -- reasonably good shape. retail is in pretty good shape. it's really just that office segment that focus -- folks are focused on. katie: there's plenty of opportunity when it comes to

cre, but office is shaky. he went where i wanted to go which is the fed. they would certainly like to cut rates but the data does not back it up. if we are truly in a higher for longer interest rate environment, what is that mean for cre and regional banks as a whole. bruce: in general, it would be beneficial for borrowers if rates came down. i think banks have an ability to work with the borrowers to try and extend loans if they are still in good credits and sometimes you will have to come of the bank will take a charge on part of the loan and the borrower will put in some equity , so you can re-underwrite the loan. it's a long workout process that we are going through and 24 i think it will be set through all of 25 or geared up for that. most of the super regionals have a small percentage of their loan book in commercial real estate

with plenty of capital and reserves to handle it then we will really try to focus mainly on our offensive agenda. katie: i do want to meditate on higher for longer a little bit more because think about the effect that has had on money market funds for example. money markets offering 5% and above. that's really attractive for a lot of people. when it comes to competing with cash how is that looked on the deposit side? bruce: i would say most of the money that's got to migrate to those more favorable investment alternatives is already happened so if you look back over the last four or five quarters you see that migration really slow to a crawl. that is good. if the fed does not raise rates again we have probably seen the worst of it. so i think banks have generally positioned themselves for this higher for longer environment. we are relatively neutral of the fed goes higher or lower.

we won't have a big impact on net interest income. the bigger impacts from rates moving down will obviously first off help some borrowers but it will spur more capital markets activity. you have a lot of money in private equity sitting on the sidelines ready to go to work and that will be a good day when the fed decides that they have basically conquered the inflation beast and can start to bring rates back down. >> it does sound like what you're saying is another hike would certainly be disruptive. >> i think that's a very low probability case. so i think with the fed is saying is what's keep rates here. the patient is taking the medicine ok. we don't need to increase the dosage but eventually we will be in a position where we can cover that. katie: that's the fed picture, the macroeconomic picture. i want to talk about your efforts in private banking in

particular. how is that pushpin going? >> we stepped into a void first republic went down. j.p. morgan bought the bank but a lot of the talent did not want to fit in to that model at jp morgan so they came over to us. we have teams now in boston and florida and three teams in california. they are off to a great start. they are getting a lot of receptivity from previous clients who value the service and are offering advice they get from those bankers. we also have our own ability to attract new customers. we hit 2.5 billion in deposits at the end of the first quarter and were growing. so we are opening a lot of new accounts. we are also acquiring some wealth advisors so we did a lift out of the wealth teams in san francisco. we announced another team from boston so we want to have more choice to the customers in terms of wealth options. >> there's a lot to dig into

there. it sounds are you are hiring from your rivals to fuel this expansion. bruce: this is a fairly sizable bet for us. we lead 150 people, world-class talent came in on a day in june. another 70 people. 220 people and in a choppy environment where the expenses will show up day one and the revenues and customers will come in gradually over time, we made that investment last year and that was a loss for us. this year we expect to break even. next year we should be significantly -- it should boost our bottom line. >> how important is the new york market. how much opportunity do you see in new york city? bruce: the new york strategy is more broad than the private bank. we went out a couple years back and bought hsbc's west coast branches.

a number 10 deposit market share. you can start to see here all of our green signage. we are making a great mark on the city and raising our brand visibility. we are obviously advertising on tv and you can see some of our spots where we partner with the new york road runners, the queens citizen 10k in a couple weeks here. a great opportunity for us to bring our style of banking to new york city. >> you're also doing tv interviews. you just rattle off acquisitions that you've done. if you look at the landscape right now you have had pnc talking about the need to do bigger m & a, to get bigger through m & a. is that your strategy as well, would you say you are pursuing a growth by acquisition strategy? bruce: not necessarily.

all banks have different forks in the road they can pursue. i think right now we basically are describing ourselves as a three legged stool where we have a transformed consumer bank, the best position commercial bank and now we have the opportunity to build a premier bank on the wealth platform. and so i think we have enough there to build a great sustainable franchise. we are focused on that if opportunities arise down the road to potentially do acquisitions we will be prepared. katie: bruce, hope to stay in touch. as you progress further on those efforts. our thanks to bruce of citizens financial group. let's get a check on these markets. we will do that with abigail doolittle. abigail: looking at a trend for the 10 year yield and in fact speaking of commercial real estate a stone sources i speak to, this relief in yields can be felt quickly within a week or two. you can see over the last four

days alone down 25 basis points i would argue this has more to do with a haven bid with economic uncertainty out there as it goes to timing around the fed cutting particularly. one thing you expect it to do is to give stocks a lift. we are not seeing that so much. maybe stocks are a little bit higher than they were the last time i looked. we have been talking about the divergence with the dow. the dow generally underperforming today. a bit of a reversal that. crude oil down for another day down 1.7%. traders perhaps not liking opec-plus has started to talk about how they will at some time take away the production cuts and then silver down. the worst day in more than a month. i'm not exactly sure what's behind this. we have a little bit of dollar strength but i don't think enough to boil silver like this. this may point to the idea of a

little bit of a risk off feeling because silver often trades more like a stock as opposed to a haven. finally we look at the s&p 500 and what it's been doing year-to-date or out of the october lows you can see this nice rally. it's important to relook at these charts and see what's going on. the s&p 500 right now just slightly higher but take a look at this rsi momentum falling suggesting we may see the s&p 500 fall back into the range. we will check in on this chart for the next big directional swing for stocks. katie: really appreciate that update. our thanks to abigail doolittle. a victory for claudia sheinbaum sparking a second session of losses for mexico. maria of the atlantic council joins us next to explain. ♪

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i've got another one. how am i going to find a doctor when i'm hallucinating? what about zocdoc? so many options. yeah, and dr. xichun even takes your sketchy insurance. xi-chun, xi-chun, xi-chun! you've got more options than you know. book now. cleaning them can be dangerous, mucky, yuck. get leaffilter. it's as easy as one, two, three. call or click today. get your free gutter inspection on your schedule and get leaffilter installed in as little as a few hours. you'll never have to clean out your gutters again, guaranteed. get leaf filter today. call 833 leaffilter or go to leaffilter.com as easy as 1, 2, 3 abigail: you are looking at a live shot of the principal room.

an interview with galaxy digital ceo at 12:00 eastern and 5:00 in london. this is bloomberg. katie: it's time for our wall street week daily conversation read a landslide victory for claudia sheinbaum in mexico. the mexican peso sinking for a second session over concerned the ruling party could increase state control of the economy. joining us we have maria fernanda, deputy director the atlantic council latin american center along with david westin. it has been a very busy week when it comes to a political elections. david: dramatic news out of india and mexico now as well. we tend to focus on the economy finances pray talk about what we think we know about some of the

policies as she takes over, start with trade. trade across the southern borders and -- terribly important. what do we expect out of this administration. maria: thank you for having me. during the campaign we didn't really hear from her so much on what would be her foreign policy priorities we don't really hear from her on the economy either. she presents herself as a more pro-market friendly, more business friendly candidate or politician president than her predisaster ever did. she understands the nuances, some of the things she has said since her victory on sunday are i would say hopeful.

i would say even though we saw how the markets have been reacting we see this go down quite a bit at levels we haven't seen since 2020 the pandemic started or even 2008 the financial crisis. we have heard her say for example on energy that mexico will start to implement some of the energy transition. she understands what is at stake here with climate, with the environment. mexico has a lot of issues with access to water. i do think we are going to start to see for the next few months as she starts to distance herself a little from her predisaster, we see some encouraging sites on how she sees foreign investment in mexico. katie: it has been stunning to

watch. it's interesting, you authored in may a paper with some of your colleagues. you wrote that ideally the administration would reimagine a more efficient u.s. mexico border also to unlock investment. when you think about the sheinbaum administration, are either those priorities. maria: i think her team and she understand just how important trade is for the country. with regards to the border we found the atlantic council that just a 10 minute weight reduction at the u.s.-mexico southern border would mean up to $312 million commercial, that would go both ways. that's a big number for only a

10 minute weight reduction -- wait reduction per the spillover effects on communities and the border. with respect to trade, we have the usmca that's up for review in 2026, of the sunset clause. united states, mexico and canada have to come to the table and say whether the agreement is working for them or it isn't. in this specific sunset clause review i think if mexico -- how mexico approaches those conversations is going to be hugely consequential for north america writ large and for the near shoring you are talking about as well. david: talk to us about that as

people come out of china. if in fact president sheinbaum wants to be more pro-investment what is she need to do particularly when it comes to pretty debility of the laws. the predecessor came in. what about the infrastructure supporting investment? maria: i would say a lot of the levels of investment we are seeing in mexico during this administration have been in spite of the government, mexico is very privileged with its geographic position, where it is right next to the united states but also mexico is very competitive vis-a-vis china is well below you the united states, china tensions that have been developing over years now have really benefited mexico. so those investment levels have come again in spite of the

current administrations policies. claudia sheinbaum has acknowledged to a degree she does not want to overtly what her previous desk predecessor as to said. you need to have judicial certainty. investors need to come to mexico and need to know the rules apply the same for everyone. foreign or national companies. at this point, claudia sheinbaum has hinted that national companies would be favored over foreign investors on energy for example. they are still going to be to a certain degree funneling funds to the state owned oil refinery which has a lot of inefficiencies. it doesn't really produce as much as it should.

i think she understands that as well, she understands the need for developing infrastructure especially in the southern part of mexico. katie: let's talk about the u.s. side of things. we are about to go through our own presidential election in november. a lot of the things we are talking about when it comes to the border, to near shoring. it depends on the u.s. administration and its early and speculative. how might claudia sheinbaum interact with another trump administration? maria: a lot has been said about the fact she is a woman, so if i may also mention she is a mother. she knows of a deal with tantrums and meltdowns. -- how to deal with tantrums and meltdowns. to have a good working relationship whether it be biden or trump 2.0.

yes, of the united states election is ramping up, immigration, trade, mexico will be hot issues. and we are going to see how the president-elect will deal with that starting in october. she comes into office on october 1 a few weeks before the election in the united states. at the end of the day mexico needs the united states and the united states needs mexico. whether from an immigration point of view or a trade point of view or security, all the major issues, they need each other. >> really appreciate your time and that context. our thanks to maria of the atlantic council. david: we will deal with the other big election, the election which is still up in the air as we speak. talking with the former central bank governor of india who is now out of chicago to try and figure out what exactly the ramifications for the indian economy and their financial markets will be. >> really looking forward to

that conversation. another very timely conversation. what you're seeing right now is a live shot of the indian prime minister about to address his party from the bjp headquarters in new delhi. this is bloomberg. ♪ this is our future, ma. godaddy airo. creates a logo, website, even social posts... in minutes! -how? -a.i. (impressed) ay i like it! who wants to come see the future?! get your business online in minutes with godaddy airo

katie: let's take a quick look

at some stocks hitting highs today. hitting a 52-week high from walmart on the news its sam's club chain this fall for the move intended to attract new members and better compete with costco. nvidia hitting highs today. the ceo says the company is working on the certification process for samsung's memory chips. it's a final step before samsung can supply nvidia with an essential ai training component. we were at a high but now we are down 2/10 of 1%. we will follow that one. take a look at the broader market right now. we are lower on the day on the s&p 500 currently off about 2/10 of a percent. briefly got to positive territory just about but that quickly faded. same on the nasdaq 100 lower by 2/10 of a percent in the bond market rally continuing after that jolts data currently down for basis points. coming up, a rune matthew joins

bloomberg technology next but that does it for bloomberg markets. ♪ people couldn't see my potential. so i had to show them. i've run this place for 20 years, but i still need to prove

that i'm more than what you see on paper. today i'm the ceo of my own company. it's the way my mind works. i have a very mechanical brain. why are we not rethinking this? i am more... i'm more than who i am on paper.

>> from the heart of where innovation, money and power collide in silicon valley and beyond, this is bloomberg technology with caroline hyde and ed ludlow. caroline: i'm caroline hyde in new york. ed: i'm ed ludlow in san francisco and this is bloomberg technology. caroline: the competition for ai chip dominance heats up as intel takes on nvidia. ed: the latest on tates from paramount's meeting. caroline: