>> we are 30 minutes into the u.s. trading day. here are the top stories. keeping up with nvidia is getting harder. analysts struggling to figure out the revenues. vera bradley planning a transformation in mid july. will that bring shoppers back. the c.e.o. joins us. trump's v.p. pick has turned into a public contest. we will preview the potential picks for donald trump's running phaeufplt -- mate.

>> there's a little bit of green on the screen at the s&p 500 currently up by .3% and building on a three-week rally. it is different with big tech, the nasdaq 100 down by .1% and philadelphia semiconductor index down 1% all because of nvidia. extending losses down about 3% with the chipmaker on track it wipe out nearly $300 billion in market cap. ed ludlow joins us. i want to go back to the fundamentals of nvidia. since april of 2023 the company has managed to beat even its own

forecast by about 13% on average. when you think of what that means for wall street strategists this is one hard to forecast. >> it is about the predictability of top lane growth and not from a surprise or negative standpoint. it has had incredible growth. whatever function you do, if you change the period to quarterly at this bizarre situation where remember the fiscal years don't line up with the calendar year but back to the fourth quarter of fiscal 2023 you had a negative year on year growth. into fiscal 2024 you jump that to more than 200% top lane growth. reference being the data point you mentioned, what tends to happen is on average in that time period revenue comes in on

average 13% higher than management forecast so management doesn't know how much sales will grow and you have the sell side and buy side who are going with their gut. >> 10 you have investors trying to decide to chase am moment at 200% sounds like a wild goose share. this comes from a bloomberg opinion saying the market share for ai chips with nvidia is around 90% which is shocking, ed. >> the stock is up 156% year to date but if you believe the thesis that there is this ginormous market for ai accelerators that you can use it train ai models, nvidia is the only real volume producer. there are two other players

a.m.d. and intel. a.m.d. will likely do $4 billion and intel if they are looky will do $500 million. but it is not just the percentage or share of the market but nvidia continues to grow its top line. it has been able to scale its output of ai accelerators in an environment where there are supply constraints. demand is greater than the ability to supply so the interesting factor if you believe in that if they were able to make for supply from their contract manufacturer top land growth would be greater this is casing momentum versus income do much more. >> it has been amazing to follow. i know you will be doing that at 11:00 a.m. eastern. always appreciate your reporting. let's bring this conversation to

the broader markets. with me we have northern trust wealth management chief investment officer. let's stick with the momentum chase with mr. ed ludlowment when you think of the market the s&p 500 record high after record high how much is this momentum driven and specifically an nvidia moment of driven market? >> clearly nvidia is leading the way. as you just reported investors are chasing not just momentum but fundamentals. the persistent outperformance of nvidia with the attributes you referenced could be even doing better if they were able to get more chips. i think there's a fundamental underpinning to what was like a momentum driven market. >> how does that compare to 2021 when i think of reallymomentum casing markets. it was leak things are

different. you have the fundamentals to match it some of the chief bubble features you think of the i.p.o. and m and a rush not in this market now. should that give investors a little comfort? >> i think so. the fundamentals are very strong across these large dominant technique companies. if you look back it premiere periods of momentum being too optimistic and irrationally exhuberant you can look at some measures which would give you comfort. for instance, price to cash flow is nothing what it was. you referenced 2021 and some of the momentum stocks then didn't have cash flow. so i don't think it is like 2021. i certainly don't think it is like a bubble that we have seen in the pass of 1999 or 2000 but a concentrated market is more fragile. there's more opportunities for

something to go wrong when you are so overweighted in the top stocks. >> let's talk about another source of fragility. you look at e.t.v., short interest fear record less feels look everyone has rushed to win side of the boat and with the strong fundamental underpinning it is the companies that can back it up that are rewarded but with that type of positioning what does that mean? >> there is summer some complacency in the market. being look have the v.i.x. or short interest but we anticipate more of the 493 or 495 in the s&p 500 start carrying their weight more. last year was a terrible year for, outside of the mag7. this year the mag 5 held it but away anticipate the second and

third quart and fourth quarter we will have broadening of earnings participation is it is not irrational to be relatively constructive. >> when it comes to the broadening it will be the beginning of the rate cutting cycle. but if we're three months from the fed's first rate cut shouldn't we see that rally start now? >> we might see it start to happen relatively shortly. i think there is strong momentum behind these tech names but we are seeing the wobble a little bit. but the broader market is still doing ok. so i think you are already starting to see that. last week we started to see more green shoots with small outperforming large so i think it is starting to happen but it is in fitful starts. >> that's a good way it put it. it feels like it has been that way since last october.

i want to stick on short interest. you mentioned you look at nvidia and you are starting to see short tick up a little. in thinking of that not buying any more nvidia is one decision. selling it is another. and outright shorting nvidia it a different decision. how dangerous is it short some of these high flying momentum names right now? >> well, i would go very cautiously in shorting anything that has a combination of momentum but very solid, strong fundamentals. we are going to continue to hear strength out of ai, nvidia, ai adjacent names so i would be cautious betting against those companies. >> is this a market where you can short or not the decision to make right now? >> like i said, we are constructive on equities.

it is the combination of soft landing scenario which seems to be playing out. we will probably hear friday inflation is continuing to inflate at a very good pace. we'll probably get a 2.6 just on the fed's target which will allow the fed, not require, to cut rates for the right season so i think the set-up for equities is positive and i refer back to my comment about the broadening out of earnings. we are expecting 11% it 12%, this year. that should support stocks. >> we will be back to but let's see what is moving underneath the market with isabel lee. it is coming out with the crypto names. >> we had crypto link, microstrategy and throws going down because bitcoin saw the

second worst decline. remember when it was around 74,000 it is now 61,000. a lot of analysts are sag it is macro. it calls into question with bitcoin is still a hedge and this is the demands of the things we saw earlier. so shares are not looking nice today because they are edging down. >> crypto notoriously volatile. tell me about the conversation with the c.e.o. on friday. what is going on with shares today. >> that feels a great interview. shares are up this. is on friday he revealed a new factory in italy to produce the first electric super cars. the facility is worth around $200 million and shielded from public view adds now they are

making their debut. works will be dressed in red overalls and assisted with white shiny robots. that is exciting to me. it comes be-e demand is coming. younger buyers are more skewing toward electric vehicles because of environmental reasons but away also cannot forget the established clients of ferrari who loathe to give up the roar of the car. i wouldn't know. i take the subway. >> that is something they will have to adapt to. it will be fascinating when that e.v. hits the road. what is going on with r.x.l. >> it is acquiring a unit of u.p.s. for more than $1 billion so this will make it the third largest provider of broker transportation it ends the u.p.s. nine-year involvement.

wall street like this saying it is favorable from an valuation and commercial perspective and it is highly attractive. so that is why shares are popping. >> as we were discussing with katie nixon p.c.e. in the spotlight. we will have a preview coming up next. this is bloomberg.

katie: this friday brings more inflation data for investors to digest with the fed preferred gauge of consumer cost expecting to confirm easing price measures. michael mckee is here with us.

you think of what we learned from c.p.i. in may making a big splash with the totally unchanged reading. what do we expect this friday? michael: unchanged read is the forecast. economists are able to take inputs from the p.p.i. and c.p.i. and put them in to calculation for p.c.e. and we expect no change which is enough to bring down the year over year to 2.6%. the core goes down to 2.6% on at the the core will be up a 10th. so generally we continue to see improvement. the underlying question with the p.c.e. as with the c.p.i. each month is what is housing going to do. we get reports on housing this week in terms of housing prices. katie: when you think of where we are in the trajectory toward the fed's first rate, confirming

we need a few more prints like c.p.i. maybe september. how disappointing would be a surprise to the up side? michael: it would disappoint the bond market bass they want to tread water until we get an update suggesting their path, which is maybe a good chance for september and if not september definitely november, december, is the right path. we just released our bloomberg economist survey for the economic data for the rest of the year. when you look at inflation economists think we'll get there. p.c.e. inflation will continue falling headline and kerr the rest of the year adds c.p.i. will 10 falling. the fed didn't target c.p.i. but the general direction of inflation will be the same. we will see things move down as the year goes on and the fed

would have reason to cut if that's what they want to do. katie: a lot riding on this friday. i'm sure we will be talking to you before then. let's head back to katie of northern trust wealth management. mike mckee was telling us it is the bond market that will be the shock absorber with the top tier data releases. that is with we have seen the past couple years. when you think of the markets the different asset classes, how are you thinking about the bond market, which has been it was like the epicenter of volatility. >> you are right. if you look at what asset class has responded to make row surprises -- microsurprises it is the rates market. not even the bond market because spreads have an absorbed pretty well. but the rates market has not. any up side surprise would be a negative surprise for bonds.

we are not anticipating that. the two and 10-year treasury are well win our six month forecast range is we are comfortable holding bonds and investment grade securities recognizing that once we get through this normalization process bonds will resume their role in portfolios. katie: that is the thing, risk control. you think of bonds being back, sure they are back in the sense you were yield, earn income. but when it comes to offsetting losses when you have stock market volatility was like we are not quite there. >> we will get there when we get closer to the fed cut cycle where bonds will normalize and bond volatility will normize and they won't be more normal than stocks. we expect it will normalize. it will just take time and we are telling our clients to

redefine rick to say -- risk to say it is not volatility for a person who is using bonds to funds their life style. it is really gold relative so you want to duration match it to when you need the money and that takes the volatility off the table balls you don't care how volatile the bond is so long as you get the interest payments and get the 100 cents on the dollar when you need it. katie: it is a good point. there's a way around that bond market volatility but on with that where is the haven in this market? where are you finding that? >> the haven so far has been equities. it is low volatility, reaching new highs on a very regular basis. so there's been a lot of comfort. you and i chatted about it earlier where you can look at all of these different metrics

to show you investors are pretty confident and feel very safe and secure in their equities. so, we certainly are still very constructive on that. and i would say cash. you are still earning a very nice yield on cash and money markets don't tend to react to rate cuts until they happen. so you can keep that 5% cash return from now until probably isn't. that is not a bad play. katie: certainly a lot of investors agree with what is still $6 trillion in money market funds. lets talk about risks we know are coming the presidential cycle. you think of with we are seeing in france and upheaval that is caused in some european markets. is there anything we can extrapolate with we are seeing in france and europe into the u.s. presidential cycle? >> i don't think so. but what i would say is looking at prior presidential cycles

there are some partners we think investors should be aware of. primarily, it is volatility hides in the tall grass until we start getting through the summer. so away anticipate that markets mean more volatile heading toward november. we have a presidential debate it wing and we will have lots of looks news it digest between now and november. the polls are pretty close. that creates an aura of uncertainty as well. we are cautioning clients expect there to be some volatility toward november and that would be in keeping with the historical pattern in the u.s. katie: some volatility expected there. but to wrap all of this together, it sounds like you are constructive on equities, comfortable in bonds right now. what could go wrong? what risks keep you up at night? >> the biggest risk right now is we don't have inflation cooperating and we see a

resurgence in inflation. that will keep the fed on hold. we are not anticipating that there feels a risk earlier with it running hot that the fed mate hike rates again. but in terms of rick cases inflation would be a key risk because that with keep rights high longer and the more we are in it the more apt the economy is to show tragedy and undermine the soft handing west so important to be constructive on the market. katie: we will get more information on friday with the p.c.e. release. enjoyed this conversation. that is katie nixon of northern trust wealth management. we will look at the companies making the most social buzz today next.

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katie: it is time for social climbers a look at stocks making wavers on social media. two astronauts are stranded in space thanks to issues with the boeing starliner spacecraft. they were scheduled to return june 13 after a week but it has been extended a third time. that is the latest in set backs for boeing's spacecraft. the largest restaurant chain in the philippines known for fried chicken is investigating an alleged data breach. it impacts other brands understood jolly b. which are burger king and panda express. the hot weather is paying off for disney. the pixar sequel dominated for the second weekend in a row bringing in over $100 million a much needed blockbuster.

you can follow all the latest company on tre and go. coming up srer are bradley is -- vera bradley is set for a full makeover. we will speak to their c.e.o. next.

ses. >> 2024 so far hasn't been kind to vera bradley but now the company is getting ready for a refresh as we head into the second half of the year. >> it has been a little bit of a rough year here. for vera bradley but it has been for some of its competitors as well. look at this board. you can see the shares down about 26% year to date. but buckle and some of these other names are also down on the year. so in terms of this sector, it's in line to some degree with what's happening. relative to what could be a bright spot ahead in terms of that revamp that you're talking about, keeping it away at least

from products and beneath the surface. if we look at revenues we can see one reason that the stock is down this year is that in the last quarter that was reported, there was a bit of a drop on a sequential basis, year over year basis. but in the upcoming quarter, the second quarter of fiscal year 2025, we're going to see a sequential increase. this is actually still a year over year drop of a little bit less than 10%. but for the third quarter, not only is this a sequential increase but it's also a year over year increase. so this is something that investors are probably looking forward to that, that possibility of growth returning. to put it into greater con tetion of it's not just -- context of it's not just vera brad liquors it's the sector. the s&p 500 here over the last year. up a very healthy let's call it 26% where's the s&p 500 retailing in apparel index, it is down about 8%. so there's a wide divide there and bigger questions in terms of what's pressing on retail. >> great setup as always.

really appreciate that. let's keep this conversation going now with jacklin audrey, vera bradley president and c.e.o. with me in person. great to see you. there thanks for having me. >> let's look ahead to the future. tell us about project restoration. it's billed as this full 360 brand transformation. what does that look like in practice? >> it's such an exciting transition for us as a brand. we really -- 18 months ago when i joined, we started this really comprehensive analysis of the business and looking at everything from our store experience, our website experience, our products, everything that we could affect and came up with this plan that is really a four-pillar plan. i've talked about this a lot. that's what project restoration is. it's addressing the consumer, it's addressing product, it's addressing our channels of distribution. and then it's also addressing the brand. so this is a really, again, as you said, 360-degree

transformation. and it is so important i think for a brand transformation to look at the kind of size of what we need to deliver to change our results, you have to look at everything. we went back, a lot of sales data, we looked at our history. but also looked at current competitors, we looked at the market and said, you know, what is the customer looking for? what does she need now? and a big trend in accessories is around customization and personalization. so we really set out to do something brand new in the accessories space. keeping our colorful heritage, which is many people as we talked just earlier know this brand and love this brand. we have a lot of brand recognition for the size of our company. and we just wanted to make it fresh and relevant and modern. so i am so excited with what the team has delivered here. everything from all of our product is really transformed. it's all new. but you'll recognize it as vera

bradley. when you walk into the room and you see everything and you walk into a retail store or experience our new updated website, it feels like vera bradley. but it's very modern. and it's still colorful, it's a nod to the heritage that the brand started with. but it's just -- all i can say is that it's all new and exciting. >> let's talk a little bit more in debail about what -- detail about what to expect. i think of those paisley wristlets and wallets that everyone in high school and college had. so it sounds like you're still going to colorful but more solids, for example. are you introducing new items actually such as items of clothing or are you sticking to bags here? >> we really are focusing more on our key heritage which is travel and hand bags and we still will have clothing, some of the things. we're de-emphasizing that a little bit to really return to our core. and it's colorful, there's still paisleys in the line but it's a

modern and fresh take. because if you really look at the retailers who are doing well now, you've got two segments. you've got the value segment and brands who are transformed or really innovative and that's really what we're going for. we're really going for this innovative solution. and when you look at how the line all works together, we believe a trend right now in accesssies is around -- accessories is around customization. the modern woman is doing so much. there's this whole phenomenon of a bag within a bag. you have your tote bag and wristlet or other small things you want to tuck in there. we've provided these really thoughtful solutions for her which is a haul hallmark. of the brand as well. >> speaking of who she is, it seems like you're targeting that 35 to 55-year-old woman. not exactly high schoolers. thinking about that, it reminds me a bit of what abercrombie and fitch is doing, that reimagination that they've had of their brand and focusing on a

slightly older client. what was the thought process and the decision tree that led to you that specific age group? >> great question. we're very fortunate in that we have a multigenerational customer. so if you look at where, in our different age ranges, where we have customers and where we've always had customers, we're very fortunate in that we're anywhere from 18 to 65. so -- and we want to keep that. the reason for the focus on that 35 to 54-year-old is really that's -- whether the brand was really successful, that's really where we had many more customer than we do today. so that was one reason. the second reason is that that generation influences both her kids and her mom. and that is really what is so special about this brand. the stories that i hear from customers about their first vera bradley bag, it's almost always connected to somebody else in their household which is really

special. the 35 to 54-year-olds, also, they have more money to spend as well. so that was another more practical reason. so for all those reasons that's why we refocus there. >> let's talk about when this could start to bear fruit. you're expecting a stronger back half of the year. but is that enough time for that turn-around to really take root? what gives you the confidence that the second half of 2024 is when we'll start seeing this pickup? >> one thing that we did that i think we did really well last year was reposition our cost structure so that we could afford to invest in the marketing that we needed, to actually launch this transformation and that is really what you'll see. you'll see a lot of marketing from the minute we launch this in a couple of weeks, through the rest of the year. so we were able to really reinvest in marketing to kind of get the word out there for both of our existing customers are

extremely loyal and we think that they're going to be delighted by some of the changes that we've made. but we also need new customers and new people to interact with the brand. so that's where our marketing, our new marketing plans come in. >> we voanl about a minute left with you but where within that marketing trajectory are you investing? are we talking bottom of the funnel, sort of social media type initiatives or what are you investing in? >> it's really all three of the funnels. so you'll see a lot more toppal funnel than we've done. we have a celebrity partner who we'll be introducing in a short time here. which we're really excited about. and just all through the funnel we'll be spending our marketing investments. >> really excited to see this turn-around get off the ground. of course coming in mid july. it's great to he see you. thank you so much. >> thank you. >> let's get a check on these markets about an hour into the u.s. trading day. we'll do that again with abigail.

>> a nice little pop for the s&p, especially given the fact that the futures had been ever so absolutely lower and -- slightly lower. right now up about .3% after the triple witching of monday. still not purchase of a storm on the surface here. if we go beneath the surface, lots of movement relative to individual stocks. apple trading higher by about 1%. some weakness last week, especially technically it is though stillwell below that $220 level. we could see apple go significantly higher. if back below $200, there's going to be probably a significant move lower, back down into the range. stay tuned there because of course as the second largest company of the world, at least right now, because there's this race between microsoft and nvidia, an importance influence. jpmorgan up. for the down side we have nvidia, down 4%. now down three days in a row, down more than -- i think down 6% into the two days into today. so let's just call it down about

10% over the last three days. correction territory as investors really rethink whether or not the 180% year to date rally into thursday if they deserve that, there's big, big growth there, but a parabolic up trend. some healthy consolidation here. then microstrategy down 4.4% with by the coin. we have by the coin -- bitcoin down on the day. last week down 4%, more than 4%. the second worst week of the year. so if we look at bitcoin relative to the chart, we can see that over the last few months, for much of this year, it's not so dissimilar from stocks although it's a different range, we're looking at it $60,000. we could see bitcoin drop toward this level, let's calling this $56,500 if. below that level, you're probably going to see an equal and opposite move to the down side. the longer term charts do

suggest consolidation could be ahead. maybe down toward the long-term up trend of $30,000 if that's a risk tell, that might be a period of risk off. >> we'll see, $60,000, a big psychological test for bitcoin. we'll keep an eye on it. thank you so much. now coming up, investors weighing rising political risks. we'll speak with greg, chief u.s. policy strategist over at a.g.f. investments next. this is bloomberg.

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to schedule your free inspection, call 833.leaf.filter today or visit leaffilter.com. >> this is bloomberg markets. coming up, breakout capital partner c.i.o. joins bloomberg tv at 3:30 p.m. new york time. . this is bloomberg. >> investors of course are watching out for rising political risks this week, the first presidential debate between president biden and republican challenger donald trump scheduled for thursday in atlanta. joinings now to discuss that and more is greg, chief u.s. policy

strategist at a.g.f. investments in washington. i want to talk about the potential v.p. pick for trump because taking a look at your note that you put out just recently, it seems like you've narrowed it down to three leaders here. >> i think that's right. i think it's between marco rubio, who i would say is the frontrunner, j.d. advance, the senator from ohio, who most people have never heard of. and then the governor of north dakota, doug bergham, who people have really never heard of. you have those three and i think that based on his experience, his knowledge of foreign affairs, the fact that he's hispanic, i think that rubio is in the lead. >> so rubio being in the lead, you point out that for him to actually become the v.p., he would have to change jurisdictions so that him and trump of course can't be from the same state. but you think about marco rubio, he was born in miami. it feels like that would be a

big change for him to make. >> yeah, it's complicated, it's unusual. but i would point out that dick cheney did this about 20 years ago. he changed the jurisdiction because he wanted to be on the ticket. he lived in texas and bush lived in texas. cheney went to wyoming. so it's been done before. >> it's been dofer been. it's a fair point. but let's say that, i mean, rubio is the pick and trump doesn't win, for example, now you have rubio having switched his jurisdiction. what would that mean for his own political future? >> he'd probably go back. i think he could. it might raise some eyebrows, but i do think he could. or he could be in a wide range of other posts. he could wait for the 2028 election, he could wait for a cabinet position in 2028.

he would have other options in my opinion. >> ok. fair points there. of course. he has a long political career ahead of him. let's talk about j.d. vance. you think about a long political career. he's relatively young compared to some of these other picks out there. tell us about j.d. vance. what would that look like in terms of a trump presidency? >> j.d. vance, like marco rubio, a decade ago was ripping into donald trump. rubio called trump a con artist. j.d. vance has called trump equally harsh things. but they've forgot been that now and they've become very strong supporters. for vance in ohio, i think he probably would guarantee the ohio senate seat would go to -- [no audio] >> l. it seems like we might have -- all right, it seements like we might have lost greg

there. unfortunately a really interesting conversation about who trump's potential v.p. pick would be. of course this as we count down to thursday's debate in atlanta. of course when president biden and donald trump will be squaring off, going to be following that one closely. much more ahead. this is bloomberg.

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>> let's bring you some breaking news from a couple of minutes ago and that is that senior banker jonathan kaye has resigned from the firm after a widely share video showed him striking a woman in brooklyn. more details. of course this is breaking news. but what do we know so far? >> this was a very serious incident. you may remember back in early june in park slope, there was a video that went viral that appeared to have jonathan kaye striking a woman during pride

festival celebrations in the brooklyn neighborhood. now, media reports subsequently also said that that strike, that punch, followed disagreements between kaye and the people around him, with the people around him having thrown liquids on kaye, as a jewish man who had said that they were on the wrong side of the issue when it came to israel and palestine. now, what do we know now? days later someone started an investigation internally and we know now that kaye has resigned. what we do not know is if he resigned voluntarily. we also do not know whether moelis had asked him to resign. we don't know the outcome of the investigation internally. and the other thing, we do know, is that, yes, there was a police report that was filed after the incident, the woman was 38 years old, but there have been no reports of charges pressed or arrests being made around this

incident. >> good context there. a lot we don't know at this point but what we do know is senior moelis banker jonathan kaye has resigned from the firm. we're going to continue to follow that story. but let's move to one of the other big stories on wall street this morning. that is bobby jane raising $5.3 billion. this is the biggest hedge fund debut since about 2018 or so. >> yeah. it's the biggest debut since exodus point capital. bob j jain was a deputy back at millennium so the fact that it's bobby jain starting this hedge fund as well as how much he's bringing in, $5.3 billion, he will start trading on july 1. very soon. he's raised money around the world. it's interesting, remember, he had tried initially to gather as much as $10 billion. he ended up reducing that together to between 5dz billion and $-- $5 billion and $6 billion. the fundraising environment is very tough out there. even with the reduced target, it's still a monster fund. highly anticipated across all of

wall street and of course already ready to go across all of many asset classes. so in addition to that fundraising call, that day one of trading will be very highly watched across wall street as well. >> it must be nice to be able to reduce your targets and still raise $5.3 billion. but tell us a little bit more about who he's raising from. where he's actually getting these commitments from. >> big institutional investors. sovereign wealth funds, endowments, foundations, family offices. very traditional hedge fund investors here. i've got to say, one thing that's interesting about bob j jain, remember, because not only he worked at millennium here, he had a former past also at credit suisse as well. he's hired 215 people, sorry, 42 of them portfolio managers. we have been all other those hires as -- all over those hires as they come. they have business in asia pacific already. they're looking at the business that's becoming very hot on wall street which is doing those bank capital relief trades as well.

he's been used to, between his time at millennial and credit suisse, learning to ash taj parts of the market that have been very popular trading strategies that really he had pioneered let's see what else he pioneers. >> 215 people hired, 42 portfolio managers. they are ready to go across asset classes. what do we know about the types of strategies they're going to be pursuing with these big commitments they have? >> you were talking about the kinds of investors a little earlier. when you think about those bank stress relief trades, s.r.t.'s, or commodities or even trading in asia, for example, the moment of the market is not just kind of these ash tragedy trading strategies but the fact that he can go macro at this point in time. we know macro has had a very mixed track record in the last couple of years. but with $5.3 billion, you have certainly investors entrusting him to enter a part of the market that even if there has

been mixed track records across the market, there has certainly been a lot of interest. i would also say anything he does in the world of treasuries will also be fascinating given the treasury environment we're in and the volatility that people expect. if we get that volatility, especially that post-election volatility, it is going to be one of the more interesting six months we've ever seen for a hedge fund of this size to start out at. >> just quickly before i let you go, so the fact that he was able to raise this much money, even though he did reduce his expectations, who else is raising right now? what other hedge funds are debuting? >> it's interesting. there are spinoff type of funds that have been raising. particularly you have others that have bought in money from former millennium traders. think about diego, telecapital management started trading with $5 billion. that came in hot, that was something that was also widely anticipated. of course people have been talking a lot about jain global based here in the united states.

so had been working with the big prime brokerages. there have also been spinoffs from citadel as well. people have been watching free stone grove. i know you're talking to them tomorrow at bloomberg invest. so that's another hot startup. of course free stone grove came from citadel, two long-time money managers at citadel. this spinoff moment for these firms are pretty interesting. it's a new generation of hedge funds really that are getting started and not at an easy time. >> not at all. really appreciate your reporting, of course. and be sure to tune in to day one of bloomberg invests. conversations there coming up as well. you can follow all these conversations on bloomberg tv and live go. meanwhile, look at these markets right now. the s&p 500 holding steady even though you have a big drawdown under way in nvidia. seems like we're seeing some market resilience at least when it comes to the s&p 500.

can't say the same for some of those other indexes. now coming up, the senior portfolio manager of the wealth enhancement group joins us next. that does it for "bloomberg markets." this is bloomberg ♪ ♪ relax into a caribbean state of mind. visit sandals.com or call 1-800 sandals. (♪♪) (♪♪) what took you so long? i'm sorry, there was a long line at the thai place. you get the sauce i like? of course! you're the man! i wish. the future isn't scary. not investing in it is. nasdaq-100 innovators. one etf. before investing, carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com

announcer: 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. ♪ ed: i am ed ludlow in san francisco. caroline hyde is off. this is "bloomberg technology." nvidia slides for a third consecutive day. almost $400 billion wiped off the market cap. full coverage ahead.