controlled fashion. next is to increase the cadence of launch. this is an incredibly powerful launch system. we wait to see when they get their next license and go again. for now, a big success for spacex and starship test flight 4. this is bloomberg. ♪ >> in new york, welcome to bloomberg markets. you take a look at markets on this thursday morning. it is actually pretty quiet. you look at the s&p 500, pretty much unchanged. the nasdaq 100 is currently lower by about .3% or so. big tech has been leading the way. we have paid a lot of attention to the likes of nvidia, for example, which has been powering

both benchmarks hire, including the philadelphia semiconductor index. that is your big underperformer today. sox currently off as nvidia falls to the tune of 3% or so. after nvidia joined the $3 trillion club. in doing so, it becomes the first chip company ever to hit a $3 trillion market cap, surpassing apple. never thought that we would see that day, or it certainly looked less likely to years ago. tom mackenzie has the details for us. i guess the question is, after $3 trillion how big could nvidia get? tom: on one count this is not surprising given the grind up we see in terms of the shares, the company, the enthusiasm around it. 150% up, tripled the value of the stock last year, adding one point $8 trillion in market cap this year alone. on another measure, it's

remarkable given the size and scope, the first time we've had a $3 trillion market cap for a chip company ever on record. can it get bigger? certainly jensen would like to think that it can. his team in taiwan really outline that product cycle, the annual product cycle, reminding us that the data center part of the nvidia business that makes up 70% of revenues now, they want to expand into laptops, into the commercial conscription's, and then the software and services component as well. nvidia, many investors think they can grow. coming in around 120 billion u.s. dollars with margins of 360 and 70%. there is the competitive threat, but that is further down the line. katie: we talk about nvidia's

headstart that has propelled it to the $3 trillion market cap, but you have amd, intel, who would, for example, love to make up that gap. how tough of a climb is it? tom: they are significantly behind. amd coming out with their upgraded chips this week as well, talking robustly confidently about the prospects, but the reality is they're looking to not jump revenues within those ai accelerators of 4 billion u.s. dollars this year compared to $100 billion plus for nvidia. he was touting intel's ai chips, they are building their own foundries, taking ownership of one of the extreme and extreme ultraviolet daca fee machines. nvidia has the package of the software, services, and hardware and they want to embed themselves not only in the data center part but the enterprise and individual laptop story, as well as sovereign component. so, the gap is huge. they know that they have to play catch-up. they are investing around it. the other risk potentially for nvidia down the line is some of its key customers. you think of meta and amazon

developing its own ai chips. that seems to be further down the line. demand for nvidia's chips are still out stretching and outstripping supply through 2025 is the estimate. katie: you have certainly seen that in the stocks, incredible run up. tom mackenzie, appreciate your insight. that is bloomberg's tom mackenzie. let's welcome nancy, the ceo and cio of laffer tangle or investments. i think that we have to start with nvidia and the domination. what we were talking about with tom. you have a lot of second and third place players may be down the list that would like to catch up. how much of a headstart does nvidia really have and what does that mean for the rest of the market? nancy: thank you for having me. they, of course, are yards or miles ahead of their next competitors. that is reflected in the run-up of the stock price. i think that there are other

opportunities around the edges in hardware and software that you can benefit from as an investor. i am interested to see what happens at wwdc for apple. that will be pivotal. with the chip names around nvidia broadcom, lam research, and even amd although they are behind. with air saying about demand. katie: absolutely. we think about in taiwan this week where a lot of news was made from these chip companies. also a big topic of conversation was the notion of a ipc's. if we think about the next exciting narrative, ai pc's could be up there. nancy: i think that that will be an upgrade cycle to end all upgrade cycles. it will benefit microsoft, probably hp, dell.

you want to participate as an investor, because this is pivotal. we have talked before about our analogy to the 1990's. some are saying that that is not relative, there are a lot of differences. of course there are, but there are a lot of similarities. a major one that we saw with unit labor costs lower than expected for the first quarter and revised down from the initial numbers but productivity still in a really impactful level. 0.2. i do think that we are in a productivity-driven growth environment. it is going to be driven by things like ai pc's and software applications. katie: upgrade cycle to end all upgrade cycles. it will be interesting to watch that. other big names out there, the $3 trillion market cap for nvidia surpassing some of their rivals. you highlight microsoft and amazon in your note as companies

who are also quite large. it seems like you are pretty favorable? nancy: what we saw from -- goldman published a piece and we watched that software got pummeled in the last month or so. it was the worst selloff in technology for the previous 11 weeks and 60% of the selloff was in software. that is the hedge funds. they come and go quickly. the good news is, they will be back. microsoft seems like an obvious recommendation. if you want to be certain about who will survive the ai narrative, it will be microsoft. they have the ai pc upgrade that will also benefit the margins. i think that that is one to own. amazon continues to generate growth. they cut costs. aws grew at 17% 18% last quarter. azure at 31%, google at 28%.

the hyper scalars are where you want to park and sit it out. katie: let's bring the fundamentals into a more technical discussion because there was an interesting note from goldman talking about the wall of money that goldman sees fueling a stockmarket rally. they say that the new quarter, third quarter, the second half of the year, that is when a wall of money comes into the equity market quickly. which makes it sound like you are going to see a lot of buying in july. does that theory hold water with you? nancy: i think so, katie. this is a bull market. the naysayers can talk it down day to day but the growth narrative behind this bull market will continue for some time. yes, we will get shocks, we have an election, we have earnings season starting in a few more weeks -- or restarting. it never ends it seems. you want to pick your spots. what i've learned over the

long-term is to let the hedge funds create the volatility and step in the gap with your money on the sidelines. the other thing in the report that is not mentioned is share buybacks. that will continue to put a floor under a lot of the large names. we saw with lululemon that they announced a new buyback. i do think that you want to own the high quality names. you want to stay in. as peter lynch said, don't let the market scare you out of stocks. you want to stay in and invested. i've seen this play before. it continues for some time. we are in the first act. katie: to your point on earnings season, it never ends. i will get that tattooed so i can bring that up on air. the election that you mentioned, that is one of the potential risks out there. we were speaking with jason a few days ago and he mentioned that when it comes to the election you are probably going to see some stimulus.

the party in charge wants to get elected again. that could theoretically be a favorable set up.when you think about the different factors, earnings season, geopolitical risks, the fed, how high does the election rank when you're thinking about the different crosscurrents? nancy: historically, election years have been good for stocks for the reason that you mentioned.the incumbent once to stimulate enthusiasm -- wants to stimulate enthusiasm. there is still $4 trillion on the sidelines that has been appropriated but not spent. it also takes a big engine to deploy those moneys, and we've seen it with the charging stations. something like four or $6 billion and there are like three that have been built. it is not as easy as it sounds. what you're seeing from strategists are comments about a trump administration, which we haven't seen mentioned for yea rs.

i think that the market is starting to price in. we will see. i don't think that either party will be good for spending. i think that we have to do something about spending. this wall of debt is, in my view, a bigger problem than the wall of money on the sidelines. we've got to get the debt under control. if you look at it in terms of total debt -- and mind you, the cbo doesn't quote total debt they quote that that. total debt is maybe $36 trillion and rapidly increasing. versus the gdp number of about 26. you have to step back and take a breath and say that this isn't sustainable. the treasury is funding at the short end interest costs are going up. they doubled the 800 billion dollars. we need to deal with that. i think that that's going to be something that the market will be watching. katie: while of money, wall of

debt, maybe we will talk about the maturity wall next time. it's great to get time with you this morning. our thanks to nancy tengler. under the markets, we will look at that with emily graffeo. nancy brought up lululemon. they are having a great day. emily: the biggest intraday jump since october. they first boosted their earnings-per-share guidance for the year and reported first quarter net revenue of $2.2 billion. that beat expectations and marks a 10% year-over-year jump for the retailer. like nancy mentioned, they approved a $1 billion increase to their stock repurchase program. overall, analysts are saying that the results were better than feared. ceo calvin mcdonald had interesting macro messages that perhaps we can learn from this report. he said that consumers are still spending but are being selective about where they spend and what they choose to buy. maybe also a fashion note. he said loose fitting pants and biker shorts were hot products.

katie: those are polar opposites. emily: exactly. they also said they were trying to target male customers and may making not ask for golf. katie: we were talking about that. the men's section of lululemon's is underappreciated. in any case, needed good news for lululemon. let's talk about robinhood with the crypto deal. emily: this is an expansion of crypto businesses for robinhood. they agreed to buy the european crypto exchange bit stamp that specializes in institutional trading. this will be valued at about $200 million and is expected to close in the first half of 2025. shareholders are liking the move. we are seeing gains up about 2% after the open. this comes a month after the u.s. sec warned robinhood that it faces an enforcement action over its own crypto business.

we will have to keep an eye on that regulatory approval. the deal hasn't yet been approved, but it is pending. katie: interesting to see robinhood doubling down on crypto, helping out the shares. let's talk about five below because of squishmallows are not cool anymore. lisa: you know what they are? katie: i own one. lisa: i had to look it up, but i recognized the term because i see on tiktok a lot of people collect them. katie: i don't do that. let me say that. lisa: five below, the discount retailer, thought that people would be buying a ton of these and oversupplied. the headline caught my eye. five below falls as shoppers prioritize food over squishmallows. they oversupplied these and that contributed to an unexpected drop in same-store sales in the first quarter and the ceo is

saying, just like lululemon, that consumers are being more discerning. people on tiktok have collected like 700 squishmallows and are now shifting to food and beverages. that stock has the biggest intraday decline since march 2022. it is a painful earnings report. katie: i only own one and it is for my cat because they like to make mittens on squishy things. emily graffeo, thank you so much. like 360 set to debut on the nasdaq today. the cofounder and ceo next. ♪

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katie: social networking company life360 is hitting the u.s. public market today listing under the ticker lif. the app allows families to share their locations with each other. joining us from the exchange we have chris hulls, the life360 cofounder and ceo. let's get into the weeds. this is a dual listing. you are listed in australia but are based here. can you explain why you listed in australia first? chris: we are a global company. we are excited about the opportunity asx gave us when we were smaller giving us the benefit of being public earlier in our life, but we are a u.s. company. we are the 14th biggest app in the country and this is the right long-term home for us and a great source of capital to access as we continue to expand because we have big ambitions. katie: i'm very interested in this. we were talking about how you

see london-based companies coming to the u.s. you are a different story, but when it comes to the global exchange network by listing first in australia did that allow you to raise more money in your eventual u.s. ipo? chris: it was not directly related to how much money we were able to make here. we are a global business with users all over the globe. in australia we were able to demonstrate that we can run as a reliable public company. we have grown our amr four times. we have shown that we can put up good guidance come hit our numbers, and it prepared us well for the nasdaq. katie: why now when it comes to the u.s.? as i'm sure you know, when it comes to u.s. ipo markets, it has been muted, pretty depressed. i am curious, why now for you? chris: we are now getting the recognition i think we deserve as a company. we were never spending huge amounts of money to grow. we have been consistently able to grow through word-of-mouth

and we now generate cash. in this market environment where people are looking for growth and profitability, we are a good company that shows that you can do that predictably with a great upside story. we are growing throw quickly -- so quickly through word-of-mouth and saving lives. we are showing that you can have profitable growth. katie: when it comes to your u.s. ipo raising just over $155 million, what do you plan to do with that fresh capital? chris: it will largely sit on the balance sheet but we have a lot to accelerate growth from launching new verticals, marketing, expanding into new regions, eventually m&a. we want to have that ready for when the market is open to that type of move. we are generating cash now, the balance sheet is growing, but we like having a strong work test. this will get great liquidity and flow which is important to us because we already have the dual list. we wanted to have enough investors on the register that we can get off to a good start. katie: let's talk about where you see the growth.

life360 now is pretty much known for basically parents keeping tabs on their children. how do you grow from there? is it about growing that audience? do you see other potential uses? chris: we are already broader than that. one thing that is surprising for people to hear is it is only in the 30% of our customers who have teenagers at home. our free users span the range from couples without kids to people taking care of their aging parents. the premium product is strong when you give kiss the keys. the users love us beyond that carried -- beyond that. what is exciting as building products for life stages. in the same way that we were early to location sharing on people we think that devices for pets, things, laptops, cars, keys, they're going to be part of the ecosystem too. that type of use case is broader than families with teenagers and we are all part of families even

if we don't have kids ourselves. katie: different products for different life stages. you mentioned subscription for example. when you get with a subscription versus the free version? chris: i will talk about the platinum, which is an amazing value. you get more value, more locations, more places, no ads, live customer support. on top of that, crash the tension with emergency dispatch. we know if you are in an accident without any sensors on your phone. emergency, travel response, live sos feature, stolen phone protection, a long list of things that are broader than people realize. everything that you might worry about for your family bundled into one place at a low cost. katie: i know that it's a busy day for you. appreciate your time. thanks to chris hulls of life360. we will look at the companies making the most social buzz today in our social climber segment next. this is bloomberg. ♪

katie: it is time for social climbers, look at the stocks making ways on social media. t.j. maxx and marshall employees are reportedly being given body cameras in efforts to curb aft. the cameras will be worn by loss prevention officers and footage will only be shared with the police upon request according to the parent company. the national retail federation estimates that retail theft accounts for more than $112 billion in industry losses. next, chips ahoy is debuting a new cookie recipe fans call half-baked. the biggest update to the snack in over a decade, but some cookie critics claim the taste is "nasty, overcooked, truly

terrible." the company behind the brand says that they considered different recipes before settling on this one. that is just how the cookie crumbles. seatgeek is said to be adding banks to its lineup for the planned ipo that could happen later this year. the ticket seller is working with citi and wells fargo on the planned listing being led by morgan stanley deirdre representatives for seatgeek, citigroup, and wells fargo declined to comment. you can follow all of the latest company buzz on your bloomberg terminal. take a look at these markets. the s&p 500 is pretty much unchanged. very slightly higher if you are optimistic. you look at the sector level and leading losses you have big tech with the nasdaq 100 currently unchanged. you are seeing the sox pair some of its loss, the philadelphia semiconductor index, still off by more than 1% on this thursday morning. coming up, skyhigh adventures.

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katie: the world's first dogs only airline offers charter flights from new york to l.a. to london. the price tag with the first tag flight experience starts at $6,000. here with more i'm thrilled to say we have the bark ceo and cofounder. i minister with a question people ask when they read some of those headlines is why should this exist? matt: it should exist because the dog is part of the family we want to travel with our whole

family and travel with them in comfort and dignity so we've heard from all over the world people have been looking for a solution like this. we felt it ourselves but it is great to hear it from others that they appreciate it exists now. katie: let's get into the details of the flight because we are not talking about commercial jets, these are private jets with up to 14 seats. matt: it is a gulfstream five, we are only seating 10. the dogs have a little bit more room. we would love -- our dream is what you are showing in the video, that 747 and room for up to 77 passengers with the dog park on board. >> it looks like you've got to get some jumps in there as well. we have to talk but the prices. it starts at $6,000. you want to go to london with

your dog it cost about $8,000. i was talking this through with matt miller, another anchor here who found a flight to the maldives the cost about $4000 so this is quite expensive and we are in a very high inflationary environment. people are deaf cutting back. who is this for theoretically? matt: hopefully in time it's for everyone who wants to travel with their dog. certainly it is starting at the most expensive at i hope or we hope it will ever be. but we have to start somewhere and these prices we are running pretty close to breakeven on it. really trying to test the demand and see if there is demand for more routs and if we have that demand than we have more -- hopefully more planes. we take a longer look at it instead of leasing one-off we lease for a longer periods of time. and that allows us to be our cost down. so not too unlike the commercial

airlines which the economy ticket was $600 in 1980 dollars so about 2300 and today dollars. today it's about $400. so we need the time to grow into it, but this is where we have to start. katie: how much visibility on demand do you have right now. my understanding is you offer once a week flights from new york to l.a. it's twice a month trying to fly to london. how booked out are you? matt: very. which is really gratifying. and we got several sold-out flights throughout the summer even though we did not give everyone a lot of time to book. so that is great and in terms of demand, or requests let's say in the first week we had 15,000 requests for new destinations and routes and we are trying to

accommodate those we've recently added paris as a route starting in the fall but many more to come based on that request and the demand we've seen so far. katie: have those tended to be more international or for more within country? matt: everywhere. certainly within the country i can give you a little spoiler that the dogs and people of chicago are feeling very underserved. so we need to serve them, but really everywhere. south america, asia, throughout europe, everywhere. it's really good to see. >> it's his thing to hear the comments about demand and that you're close to breakeven. i was reading through some of the transcript from your earnings call and you talked about the halo effect that bark air has had and the potential to have on your products. reading that i was wondering is this more of a really elaborate marketing campaign then it is a moneymaking venture? matt: no.

the hope is it's a moneymaking venture prayed that it is sustainable and a service we can provide for everyone who wants to travel with their dog in this way. forever and ever. we do not know if we have a business yet, right now we know we have a lot to demand and like i said we are breaking even on many or most of our flights that we have scheduled already but there's a long way to go, if we get a benefit of the marketing halo and the world paying attention we will take that, but it is a genuine effort to build a business here. >> let's talk about some legal concerns because it's interesting. you look at westchester county has sued bark alleging it violates the airport use restrictions in westchester saying those basically prohibit commercial uncharted aircraft with more than nine seats from using the private jet terminal. how do you plan to navigate

complaint such as that one? matt: my understanding is we are not alone there. that there are some other air services in westchester that fall under that same category and have ongoing litigation or a dispute with westchester county, so we are kind of falling right in with that. certainly we will adhere to whatever rulings the faa makes there. but right now our sense is that won't disrupt our operations in any way. katie: another challenging question, this airline is just for dogs and you are talking to a cat lady. i've traveled across the country with my cat and my natural question is when there is good to be meow air? matt: we are dog people so we speak to the dogs, we know the experience we can make for them. but we have made a couple of exceptions for cats so our

standing rule now is cats are welcome so long as there's a dog in the family who will vouch for them and fly with them but the interesting thing is we've been approached by every animal you can imagine, we have had requests for pigs, for roosters, for parrots and snakes, for everything. so the cats have made the cut as long as the dog is flying with them. katie: snakes on a plane, i think there's a movie about that. let's talk about the business overall. bark air you are known for things of that nature. it's interesting you reported earnings recently and the revenue forecast for fiscal 2025 i think it disappointed a lot on wall street. i thought that was interesting because this is a time when plenty of pet owners are happy to spend up when it comes to their animals. so how do you turn it around, how do you capture some of that? matt: we have turned it around.

in the last 2.5 years i returned is the ceo and we were hemorrhaging cash and so the first thing was to stop that or that's the end of the company right there and we reverse that so this past quarter was our second profitable quarter of our fiscal year. we are forecasting our first profitable year in the year ahead of us here. and i had said when i returned to the role that in order to grow the company and fulfill our mission and our dreams, we needed to slow down in order to speed up. we slowed down, we put the business on a more solid foundation and from here we have now brought in that talent to really drive the top line, we have turned our entire management team in the last 100 days so we just need to give them a little bit of time to get up and running but the

horsepower is really significant and i'm confident we will return to growth very quickly here. katie: hope to speak with you again soon for it our thanks to matt of park. let's get a check on these markets. we will do that. >> taking a look at the broader market the s&p 500 trading higher so it briefly turned lower after the opening bell but of course as you know it did trade and closed at record highs today as well as the nasdaq 100 so marching higher. really what happened in early trading was nvidia had been trading higher. if you look at the philadelphia semiconductor index it was down about 1% so you it and intel and other stocks like that with micron technology moving lower. looking at what's happening with the euro not surprising that that's trading out higher after the ecb's interest rate decision today. that was widely expected looking

at those interest rate cuts and even though christine lagarde was tightlipped about the future of what other rate cut expectations could be if you look at the curve there are those expectations there would be at least two more interest rate cuts but a diversions when you think about the path of the federal reserve and also on the back we had the bank of canada cut interest rates is well earlier this week and then you think about the bank of england. a different situation because of them grappling with the inflation problem but recent data out of the bank of england showing that mild recession is starting to improve moving out of that. seeing some individual stocks this morning some things i'm keeping a close eye on. nvidia the 10 for one stock split before trading on monday in order to be qualified to test for that stock split you have to be a shareholder today so that something important. i had a stock split you see stock run-up and they give back a little bit of those gains. retail space if you think about

luxury retail when it comes to athletes are aware, lululemon is higher because it boosted its annual profit outlook. on the opposite side of that, five below is trading lower here down about 11% so it's on pace for its worst percentage loss since the start of the pandemic. a lot of that was because it's cut it sales outlook for the year and a lot of that was inventory at stacked up because of these plush toys. these -- they were selling and that's -- not as many people were buying those. i have to point out what's happening, of this stock went public just about a year ago it's up about 300% in that span but the reason it's down is because it's largest stakeholders is planning to sell about 3 million shares according to a regulatory filing. katie: quite well acquainted with those. yes, thank you so much. we will discuss how an election year impacts the future climate initiatives.

we will do that with bill daley, the former white house chief of staff and former commerce secretary. he joins us next. this is bloomberg. ♪ investment opportunities are everywhere you turn. but at t. rowe price, we're letting curiosity light the way. asking smart questions about opportunities like advances in healthcare. and how these innovations

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katie: time for our daily wall street week conversation and today we are talking to the former white house chief of staff and former commerce secretary but he has a new role today as senior advisor to sustainable finance company crux. david westin joins us now. a really interesting next act in an already fascinating career. david: bill, congratulations on your new gig.

your jp morgan, wells fargo. you've been in the government. tell us about this relatively new startup and what it's doing. bill: it is new, it's in the clean energy finance space. the first thing they created was a platform to trade under the inflation reduction act you can out transfer credits energy credits so the developers of a project who have credits can out transfer them and sell them to buyers who need them for their tax purposes. it's the first platform that not only addresses buyers and sellers but also the intermediaries like the banks, advisors, accountants so it's a platform the right now has over $10 billion of credits that are available for purchase and for sale so it's an exciting opportunity for me to join a company that even though it's early in its startup phase has been very successful, raised $27

million from smart investors, some of the largest clean energy companies. they put together a team of 27 really great people who are young and active and innovative and are out there providing a service for an important part of the economy and the growing economy in our country. there's over $300 billion worth of projects that have been announced in the clean energy space. and that's a great boon for many states, small towns, big cities where these projects are happening as we try to address the energy needs in all sorts of ways with new products and innovation. that's the only way we will address our energy needs in the 21st century is to have more innovative opportunities for energy space than the traditional ones. katie: it's interesting to see your own trajectory of course from the white house to wall

street and now a startup to try and take advantage of some of that and make it better. when it comes to this transfer market for tax credits, that platform that they have plat -- pioneered, how developed is that market. how much is left? bill: it's continuing to grow, of the opportunities are enormous as more and more projects have been developed, put online and taken advantage of the opportunities, there's much discussion around the subsidies, of the energy credits have been in our system for a very long time. but the change that happened was the ability to transfer those credits. that gives a company like sbc power down in greenville, south carolina. they had a project, they sold twice in 23 and 24 that gave them more cash to invest in their growth in greenville creating more jobs, so it is

really a win-win for all the parties that are involved in trying to take advantage of these opportunities and grow economies throughout the country. so it is fun. david: this statute specifically provides for this transfer. how durable are these credits because we do have an election coming up in november and two very different approaches to climate and the inflation reduction act. if donald trump were reelected do these survive that. bill: that's speculating about what may happen in the election for sure, but these are creating opportunities for economic growth throughout the country. it is not a red or blue state that doesn't have an opportunity going on by virtue of the subsidies and support that the ira gave. let me just point out for every dollar the government spends on these projects the private sector is investing five dollars. so it is not as though this is

some big giveaway. it is growing our economy, creating opportunities for new energy that our needs will be serviced by its innovative and creative. i think as the legislators in one of the next congresses looks at the real success at what's going on out there in the economy, the question will be do they want to kill these opportunities and this innovation or do we want to support it. my guess is is the former, sect, or secretary it's a pretty easy analysis. katie: when it comes to the private sector i hear your points but when it comes to the future of investment from the private sector how much is at stake in an election year. how much could that change if we took in a new administration. bill: the new administration obviously is good have to look at what are they going to do to

grow the economy. we can all talk about things that maybe stymie it. it's all about growth. the key to our economy, and this is just logic obviously has to grow. what a bigoted do to make the economy grow. right now there are $300 billion worth of projects that have been announced that will be built and move forward on. those are jobs, those are opportunities. those are new creative ways to address our energy needs which will only grow if the economy grows. we can just address them by the traditional sources of energy. there have to be new ones. when you look around the world, you look at china and what they've done in the eeev space. we've got to replicate that here in our country and grow our economy with new innovations and new ways to address the energy needs of the country if we continue to grow.

>> do you have any sense what tech traits actually get traded. others saying we understand how many of those total credits get traded. >> as this market grows, what it does is it gives those developers extra resources when they do sell their credits that they can then put into the project as example i mentioned in south carolina. it continues to churn and grow the opportunities for developers. >> they will really appreciate your time. thank you. the white -- former white house chief of staff and former commerce secretary. >> tomorrow we stay in the midwest, we will hear from jim farley at michigan central station. big announcement in detroit. we will hear about the rise and

fall and rise of the auto industry tomorrow on wall street week. >> a lot to discuss there. this is bloomberg. ♪

katie: let's look at some stocks

hitting highs and lows this morning. nvidia hit a 52-week high earlier today becoming the third stock to ever reach $3 trillion in value. giving back some of those gains. it was down more earlier so clawing back here. let's talk at asml getting a boost as bank of america raises its price target on the chip equipment maker to a street high. it's good for about a 1.5% rally in the shares. five below hitting a 52-week low after the discount retailer cut sales guidance for the year. hit by an oversupply of squish mellows. a wipeout, it's even worse if you take a look also down after the social media management company cut its forecast for the year. the news prompting a number of wall street downgrades.

coming up we did -- we do have bloomberg technology with caroline hyde and ed ludlow but that does it for bloomberg markets. i'm katie greifeld and 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 where you grew a dream into a reality. the all new godaddy airo. put your business online in minutes with the power of ai.

>> in the heart of her 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 at bloomberg world headquarters in new york. ed: this is bloomberg technology. caroline: nvidia continues its meteoric rise, touching $3 trillion in market cap. coverage ahead. >>