this is "bloomberg technology." caroline: i am caroline hyde. ed: i am ed ludlow. caroline: paramount officially agrees to a deal with sky dance which shares among the industries most traumatic acquisitions. we have details. ed: we assess the impact from elections in the u.k. and france on the technology sector. caroline: raising money,

conversation with the ceo of hebbia.ai. first, let's check in the markets. ongoing political volatility in the u.s., france we get a shock reaction in terms of what the national rally coming in third and the nasdaq holding onto gains. the cac 40 had been higher in the days trading and not falling back toward the clothes as people try to get a -- toward the close. the pound after its political clarity that we got at the end of last week, he remains the best performer from a g10 perspective. the dollar is a little lower. chair of the fed jay powell tuesday and wednesday. what that means for bitcoin. it is more about what is happening with the supply would perhaps the german states setting off some of its holdings

in bitcoin. all about some of those moving averages and where the technicals point us. what are you watching? ed: four quick movers. lucid bringing up the rear. 2100 produced, 2400 or just shy delivered to customers, boosting the stock. still low-volume but that was a record for the company. looking at tesla. great story on the terminal in the last 24 hours about if you are a hedge fund that was short tesla ahead of last week's quarterly deliveries for them, then you got burned because the big run-up in the stock we have had following deliveries. intel and nvidia. intel was 6% higher on track for the biggest jump april. pretty decent run right now most of nvidia has caught up as part of that. our top story is paramount. paramount shares lower. we get a combination, finally, with sky dance.

it is a complicated deal. the terms and players are complicated. down 2% off session lows. caroline: people clearly questioning this deal. let's get to it with lucas shaw busy this weekend. what does the deal spell out? >> david ellison gets his way. he will acquire redstone holding company and paramount will merge with sky dance, which is the acquisition since paramount is a larger company, but since it is this guidance team taking over and seen as a merger. then he tries to turnaround paramount. it is been a media company that has been in decline for several years now. they had a call with investors this running were david ellison and his deputy and some other members of his team explain why they think they can have more luck with that.

ed: we explain in the news story about the background, the saga it is. it is worth explaining who is david ellison and what is guidance? they are a big name behind some big things. >> there was a portion of the call that started with that where you guys know a lot about paramount and you probably don't know as much about sky dance. david ellison first got known to people because of his father larry ellison who was one of the richest people in the world thanks to the oracle. larry's two kids david and megan both got into hollywood around the same time producing movies. megan made art-house movies. people loved her because she was bankrolling these big filmmakers. financially, it was a ruinous plan. david went in the opposite direction where he made the big commercial movies and has worked with paramount for more than a decade because he is a financier and producer on "the mission

impossible" movies and many of the biggest films and franchises at paramount and used his success with those early movies to build a larger enterprise, certainly not as big as paramount, but he makes television shows, animated movies, partnership with the nfl to make sports programming, video game business. sky dance is one of the larger independent studios out there. ed: the team did a good job going through the minutia of the deal because it is complicated. the numbers. it seems like a lot of cash has to be injected into paramount. i am trying to understand why. is it they need to have a revamp? >> i think part of the pitch david ellison and jerry, one of his investment we are going to viscount and mostly keep the

strategic asset six shot -- realistic shot. it has a decent amount of debt relative to earnings. it does not have as many resources. it is a much smaller company then disney or even a company like warner bros. discovery. son o -- some of that is there's only so much money that can be put in. it is a complicated deal because ellison and his backers putting money into by national amusements and then the deal with paramount but they are investing additional capital and doing some tricky stuff trying to allow regular shareholders to feel like they're not getting screwed in the deal. in the initial proposal, a lot of people felt like it was a good deal for sherry redstone but less good for other shareholders. that is one of the reasons why this has been drawn up. caroline: to be specific, non-redstone voting shareholders can get $23 a share.

lucas shaw breaking it down. we are going to get into the nitty-gritty of ultimately why perhaps shareholders aren't buying this deal today. john kline. we can talk about the vision and the ai proposition and the technology in a moment, but i'm interested as to whether shares are selling off and perhaps why these nonvoting shareholders don't like it, don't think it will go through? >> there is all this uncertainty still. it has been a messy deal getting across the finish line. there is still a chance of another party coming in. they have a shopping period where, who knows? larry dillard could jump in or edward is said to be interested. uncertainty causes that sort of phenomenon. they have to make sure --

investors have to make sure this is going to happen. caroline: we continue to question from whether it will go through and ultimately whether will get the deal done. if it does get done, what are the positives from your perspective? we go to you on your kenai on technology. >> everybody's talking about david ellison but let's not forget jeff schell who is a phenomenal rater. he will come in and get his hands on parts of this business and he is first rate. in terms of the blocking, operational initiatives and efforts that have to go into it, they've got a fantastic operator there. in ellison, they have a visionary, enthusiastic owner. which is a huge plus because it means will put effort and money into things. ellison talked today about

re-emphasizing their core competency and storytelling. he also talked about bringing them up to speed on technology. those are two worthwhile goals. when you talk about storytelling today, you've got to be looking at youtube. youtube has changed the definition of what powerful storytelling is because hundreds of millions of people a week come there and watch short form video they love. as lucas was saying come ellison has made his name with the premium like buster-type titles. -- like buster-type titles. it will require a shift in mindset to understand even if you are in the movie business, you can't act nor the fact -- ignore the fact that youtube is watched by more people than anything else anywhere. that will be a mindset challenge for them. not impossible to achieve, but a challenge. ed: what do they do with the 8

billion to emulate that success? >> when you talk about technology, you're talking about direct to consumer. that is what dominates all media today whether you are making hollywood blockbusters, most of which are watched on a small screen in your home. and technology means ai and direct to consumer. and those fit together. the ai of it all also impacts the storytelling. because you can do different less expensive programming using ai now, and that is only going to become even more powerful by next week, let alone next year, when this deal finally comes through. he will be looking for cost savings. and then they're going to put money behind some sort of content initiatives powered by technology. that would be a smart thing to

do. having run an ai platform apple acquired, there is a lot of complexity in ai but a lot of upside with it as well. caroline: we thank you so much for all the expertise, john kline. coming up, we will be joined by seema shah. chip stocks trying to pull the market higher but failing does far. ed: a story out of germany i spotted sunday, stock down on delivery hero. they disclosed they might face up to a 400 million euro fine over antitrust practices. the stock had been down as much as 18% but has paired some of that decline and delivery saying it is going to cooperate with european commission. stay with us. this is "bloomberg." ♪

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caroline: stocks kicking off the week back at all-time highs. led by chip stocks in particular. delving into these markets, seema shah. nvidia, intel, some of the chip stocks playing a key part once again. is this the ongoing narrative? >> it certainly seems to be the case. when we came into the year, the expectation this would look very different than 2023, that you would have a broader set of rallies not just focus on the big tech companies and then fast forward six month and this year so much like 2023 where the mega

caps are still carrying the market. i think the one slight difference for the second half of the year is where the mega caps firms expect to continue to do really well, we are expecting to see that risk appetite and early delivery broadly on the tech companies. you see other companies joining in with positive news. ed: i am just back for like a classic july 4 long weekend in the u.s. where we sit around the table and people say, hey, have you seen nvidia? then they bring up interest rates and they bring up the election. the first thing -- fair thing to say, everyone is asking, what is the thing right now that is the main driver or is it a combination of all three? >> so i think at the moment, for equity markets in general, clearly, the major driver is the mega caps. nvidia, max 7, they continue to

be those major foundations for the equity market rally. at the same time, you are still seeing some kind of optimism into the market with the expectations for fed rate cuts which we would agree with. with the u.s. election, adding volatility but we don't think that will be sustained much beyond the election. so not something we continue to be worried about. caroline: go global. we know you can. the u.k. just had elections, france is still try to work it out, yes we have that anxiety. is the u.s. to play for equities and for bonds? >> the election uncertainty you see unfold in europe has been somewhat damaging. when we think about europe, investors for the first time in years started to get really interested in season earnings delivers, slight cyclical uptick. what you see now is the political turmoil seems to unravel some of the optimism that had been feeding through.

now we are looking to the u.s.. the u.s. has its own election volatility in the last couple of weeks and we expect that to continue through november. but when you look over not just focusing on the next six months but taking more of a long-term perspective, that bull run you see for the u.s. that is built on the technology companies, we think that will still be sustained. of course there are opportunities elsewhere. it makes sense to diversify and try to get exposure to other markets. but as a foundational element of a portfolio, we think the u.s. is the one that really deserves the points. ed: seema shah, good to catch up. coming up, leaders converge in washington for the nato summit this week. a likely hot topic, ai's global impact. navrina singh joins us next. this is "bloomberg." ♪

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ed: president biden says he is determined to remain in the u.s. presidential race, challenging dissenters to end talk of his removal from the ballot. the president wrote -- "i'm firmly committed to running this race to the end and beating donald trump." less than five months until the presidential elections. let's discuss where the candidates stand on ai in the future of ai regulation with navrina singh of credo ai, a platform that streamlines responsible ai adoption by automating ai oversight. also serves on the biden administration national ai advisory committee. welcome back to the program. i want to start with a difficult question. we had vivid ramaswamy and he said, when trump was in office,

this wasn't happening. biden has been through several years of this ai thing, but does biden have a firm grasp on it to your mind? >> thank you so much for having me. there's a lot up in the air, especially with the upcoming elections. one of the core things we have found in the past two years is the policymakers have taken a very proactive stand in understanding artificial intelligence but also how to put guardrails around it so we can ensure responsible use. i would say what we are seeing, especially stakeholders in government, have done a great job at least try and understand. are the experts? no and that is where we come in as an industry to make sure there is this public-partner -- public-private partnership. the global regulation. we bring you on also because

over in washington, there's a nato summit coming up as if biden wasn't busy enough already. i am interested in your perspective on whether we are seeing a global narrative form, western global narrative on governance of ai? >> this is a pivotal week in d.c., primarily because data is celebrating 75 years of bringing together heads of states and governments. caroline, as i tell, it is the only constant is change and ai this year. we are expecting to see not only debate and discussion on what is artificial intelligence and national security and defense on a global scale, but more importantly, is responsible use? it has been fascinating to see nato since 2021 having something called principles of responsible use. they have engaged with the industry, including credo ai, which is in ai governance and risk management and compliance platform that helps

organizations deliver on the goals of responsible ai. what we are going to see coming out of the nato summit is not only going to be our belief -- our belief is not only attention to artificial intelligence, but more international cooperation on standards and evaluations. ed: i find this fascinating. nato is a coalition of 32 member states. within that, the united states is probably the market leader in developing largely which models, generative ai, strong place in france, the united kingdom. how do they agree on anything when it comes to a set of rules given the cross jurisdictional assembly of that group? >> this work has commotion for years. it is not a question and discussion happening right now. especially for the past 4.5 years, and i've been on the advisory commission now for almost two years, there's been a very strong international

cooperation on what is good artificial intelligence governance and standards across artificial intelligence look like. in august, europe's first artificial intelligence asked the -- act goes into effect. it is focused on ai risk but also rights of citizens. we are seeing across the nato allies a lot of discussion but also collaboration and understanding on how paramount it is to focus on artificial intelligence risks for making sure it serves the citizens of all these nations. there has already been a lot of consensus, i believe in coming up with the right frameworks for guardrails. caroline: whenever i post anything on guardrails, on protection come on governance of artificial intelligence, on linkedin or wherever else i'm throwing my ideas, i get so much fight backs and you can't even use a word like "guard rail" when it comes to artificial

intelligence. what is your response? >> i think cynics are what drives innovation forward, is what i would say. one of the big narrative shifts we have seen in the past few years, especially credo ai created the word "ai governance" and the shift we have seen is governance is not a barrier to ai innovation. it is becoming a critical will component a making sure ai actually works for the businesses i am investing in it. if you look at the past earning calls from most of the organizations whether it is meta-, microsoft, adobe, and others, there's been one massive focus on investment in artificial intelligence. as of last week, the financial reporting's also include ai risks and making sure there are right governance structures done only at the business level but at the ai systems level. the narrative i was a has shifted and also the investments is shifting from ai adoption to

now making sure responsible ai adoption is paramount to business success. caroline: always great to have you in the building, navrina singh, credo ai ceo. coming up, you're going to discuss the impact of one key ai leader, france, but the elections have just been influencing the startup scene there and indeed in the u.k. we have had the elections and what does that mean for technology? julian david of techuk to discuss the recent clear majority will reflect the tech sector. ed: in the markets, service shares under pressure, down. guggenheim cutting to sell. basically saying they have a valuation concern. we've been talking a lot more about service in the ai contacts. you remember the conversation with bill mcdermott in vegas, closely aligning himself with mr. dell and mr. jensen on

nvidia. stay with us. this is "bloomberg." ♪ all-day energy starts with clean hydration. lmnt. more electrolytes. zero sugar. you feel the difference when you get it right. stay salty. 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.

caroline: welcome back to "bloomberg technology." ed: what are you seeing in the markets right now? caroline: volatility. to be expected. we are up, record highs once again. we tried to flip into the red but the nasdaq is back on top once again. i'm looking at cac 40, more affected by politics at this moment. clearly, worries about what france is able to achieve and we will dig into that in a moment. it is affecting stocks a bit. bitcoin off by 1.5%. this is more on the supply side issue.

let's move on to look at individual companies. chip stocks, benchmarks rising higher. nvidia doing very well. also intel is doing incredibly well. some of these companies many feel have been left out of the ai trade start to play in and get ahead of any short squeeze. super micro computer is one of those come up more than 8% on the day. meta on the downside. it rallied hard on friday. profit taken happening as we get red bush and other key names saying, look, upgrade your price targets. we are seeing bernstein putting out a thoughtful note saying, maybe we have meta not performing well if trump came to power. let's 12 more on the political landscape. -- let's 12 more on political landscape. ed: france headed into a shock to feed for marine le pen far-right in sunday's election.

left-wing allies will be the biggest group, divided parliament has no clear majority. here to discuss, there is an ai start of ecosystem conversation to be had here, oliver. let's start with where do we stand and what will be protracted coalition building and political bargaining over the coming weeks? >> that's right. protracted bargaining in a nation that is not really accustomed to that sort of thing. a presidential system were generally you have some kind of majority within the parliament, the president appoints the prime minister, and you move along. unprecedented for the president as macron did you dissolve the parliament and call for the snap elections. the fear was the far-right would sweep. that is not the story we have today. it is not any simpler. yet the left coalition that is

composed of people with very different views on the political spectrum. the very far left is among them. none have an outright majority so there will be a lot of discussions. the prime minister tendered his resignation and macron refused. he will be there a least a couple more weeks. no clear path to have this government gets formed. caroline: what is corporate france's reaction? interestingly, a lot of big international businesses within the cac 40. what has been the domestic viewpoint? >> listen, this is not even close to the worst case scenario for business and markets. this gridlock situation, though not ideal, falls short of the other issues you would have had. there is a great consciousness within france and across europe, particularly with the far-right rising as it is about the question of immigration and particularly in france on my home country where i live in germany, a question of where is

the labor? there is not the labor in the market to build the businesses that people need to be building. a lot of the policymakers and the mainstream politics you the answer is immigration. though the far-right did not sweep the elections, let us not fail to mention they are the number one party right now in french parliament. they have set a record. in terms of creating a stable environment for business, this is not an ideal outcome though it falls somewhat short of the worst case scenario. ed: let's focus at a microlevel on the tech sector. this immigration center point is not unique to france. there is a debate around talent and being able to bring talent into a market where france sees itself as an ai leader for example. what do the start of level conversations tell you about the outcome of this election? >> absolutely. it wants to be a nibble economy. that is sort of what macron promise when he came into power,

to make the economy a little more dynamic. home to one of the great ai hubs within europe. where there are not a great many of these leaders to choose from. this is coming at a moment when europe is in a slow burning kind of existential crisis in terms of its own competitiveness. they worry a different level, but at the eu level, how do you boost french competitiveness at a time when you see global blocs fragmented with the united states inflation reduction act, chips act, china that is doing a lot of helping of its own businesses and domestic economic policy. where does that leave europe? one of the situations macron puts forward is more robust union to get that capital flowing across borders. when you have macron this power taken out from under him, it makes it harder to move forward with that, particularly when you

have the far-right and far left and neither of whom are really big fans of a bigger and stronger europe. caroline: oliver cook, we appreciate you staying in paris with us on what is been a long weekend of coverage. thank you. it is not the only political story. we have to get to the u.k. and discuss the recent elections there as the new prime minister cursed him a focus is on each -- cursed armor focuses keri starmer. what does the investment landscape look like for technology now from a government perspective? >> it is interesting. the tech sector in the u.k. is a success story already, has already grown 25% over the last 10 years. investment is coming in and now 150 billion pounds to the whole economy. the starting point is that a great place. what was interesting, today i was at the new chancellor -- first female chancellor, by the

way, giving a speech about what is the macro growth, how they going to go about it? it was very much about changing planning. it was about investment, reform. ed: conversations i've had with the tech industry over the weekend -- good morning from san francisco -- is there big on hope in the u.k. based on the keri starmer government. i went back and read the labor manifesto and they write about ai, fostering a ai industry. one complaint is they don't explain how they're going to do that, particularly when it comes to getting data centers built, talent on the ground. >> really interesting. this morning as an illustration of the new powers to do with planning, the debited prime minister was there as well -- deputy prime minister was there as well. rachel raines said she has two

data centers that were turned down by the previous government. that is quite an indicator of them treating the tech sector -- there is more to do. we want them to state how they're going to use ai. there are some good indicators. how they will use it to reform health provision, across education, skills, and continue to look at how we bring in more tech investment. that is another meeting happening tomorrow morning. a lot of it is about tech. caroline: it should be about tech because despite so-called turmoil, worry about brexit, we still have a notable amount of unicorns in the united kingdom. the key question for me has to be talent and whether or not it is going to get any easier to get talent from are brought into

the u.k. if that is necessary for the ecosystem. >> we need world-class talent. that is how tech thrives. we also need to grow our own talent. the other thing that was interesting is a much more flexible approach to the friendship levy, which businesses have been complaining about for many years. to say, ok, how do we get more flexible use of skills? how ticket return -- how do we get return? something we are very passionate about. i think we are in good shape for this. yes, the argument about migration. i heard you talking. but we live in a citrus government and i think essential whole approach is one that says get the skills we need -- we live in a centrist government and i think the essential approach is one that says get the skills we need. ed: you have basically emboldened labor mayor in

partnership with a labour government who has talked about evolving more power to the mayor's office. do you think that brightens the prospects for that city? >> yes, i do. i also think -- how to say this. a lot of talk was about growing in the u.k. -- ed: it was, formerly. >> seemingly not talking about continue to grow london come as if london -- i think that would change down. that does seem to be the case. we are certainly thinking the view of london, i mean, elon musk was talking about the fact apart from the bay area, london is the next biggest center for ai talent already. so those kinds of things are working for us. if you put that together with an active strategy, a real focus on skills, and there is an investment conference -- as i said, we were saying, how do we get some of the people who want to invest to look at the u.k.,

it is stable, very tech friendly, has lots of talent, and some really great industries throughout the city. ed: julian david, techuk, fresh reaction to a busy weekend of government forming. a story we have been watching overnight turning to samsung, thousands of workers have walked off the job today staging a rally to demand better pay. it is the biggest organized labor action in the south korean company's history. over paid vacation time collapse last month. strike aims to drive home their demands by disrupting production at one of the company's most advanced chip facilities. caroline: coming up, we are going to be joined by the ceo of an ai started hebbia. that is next. this is "bloomberg." ♪

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caroline: hebbia handles pretty complex multistep questions. raised $130 million. here to discuss how the company will use those funds, hebbia founder george sivulka. new york-based company. you're looking to raise funds to what? how do you build up what you're currently building? >> thank you for having me. a really important thing to understand about what hebbia does and who we are is something broader about the larger ai landscape. we fundamentally think there is a problem in ai right now. you have thousands of companies going out and building chatbots

or search engines or things that are great at one-off tasks but at the end of the day, the way we work is much more complex. hebbia's building and has built an ai analyst which is amazing at doing a variety of complex tasks. it understands way we work, breaks it down to single steps, and can execute complex work end-to-end. caroline: the problem is we are getting hyped about ai agents but very little can be done. >> that's true. the last year was a year of experimentation but this your people are trying to get serious value and quantifiable value out of these ai systems. it is hard to find unless you have things that can do more complex work also a chatbot can rewrite an email or help your kids cheat on their homework but at the end of the day, what we have to do is create ai agents i can do complex data, can tackle the interesting parts of what we do. ed: george, i have been reading

about what you build. when i think of my own day-to-day workflow if i'm using slackware google drive, i'm interacting with files in multiple mediums. text and documents but also video, audio. often i want to find things across all of them. how difficult was that to build something that can work across multiple mediums and search across them commonly? >> you are seeing a trend in ai right now were a lot of the things that people are building, a lot of the research people are undergoing is all around embracing multimodality. hebbia is model agnostic. part of the benefit that hebbia provides is the minute the multimodal's are released or anything new happens in ai, can leverage it in an easy, understandable way. when multimodal models came out, hebbia is one of the first places were leading financial

firms, asset managers, fortune 100 companies ended up using those models in production for life, quantifiable use cases that true value. ed: bloomberg has reported this deal values around $700 million. tell me about how quickly of scaled the business side of the company. your sales, your operations and how big a challenge that has been. >> one of the really exciting things about hebbia is how fast we have grown. we work with over one third of the top 50 largest asset managers by aum. we are planning on continuing to grow, to use this funding to become a defective leader in generative ai also going out to a variety of verticals like the legal vertical where we have a variety of new customers and really large fortune 500 companies i previously mentioned. at the end of the day, we are coming of 18 months of where we grew 15x and our revenue.

our headcount quintupled over the last year. i don't think you could be a more exciting time to be building an ai company right here in new york. ed: george sivulka, thank you for your time here on "bloomberg technology." coming up, could the crypto bull run be slowing down? we will discuss bitcoins outlook after its all-time peak in the first quarter, coming up next. this is "bloomberg." ♪

ed: is apple approaches the decade anniversary of the debut of the original apple watch, the company is preparing major updates to its smartwatch line for later this year. apple is working on an apple watch series 10 and apple watch ultra three as well as third-generation version of the apple watch se. the biggest changes to the apple watch line this year will be coming to the series 10. for the first time in several years, apple is planning to make the apple watch quite a bit in her. it is planning to increase the screen size on the series models for the first time since the series 7 launched in 2021. the new series 10 high inversion

will come with the display that approaches the screen size of the apple watch ultra. it is planning an update to the ultra but that will retain the same design that launched in 2022. but the series 10 and the ultra three will get a new processor. that will be a big focus of the company's introduction. there's going to be a new s applee. the company is considering to a plastic case in order to bring down the cost and better compete with lowering smartwatch is from samsung and other providers. caroline: let's talk about microsoft is ordering his china based employees to swap androids for iphones. in an internal memo, workers will be required to use only apple devices to identify identities on work computers. the move is said to impact hundreds of workers across mainland china and meant to

ensure staff use the microsoft authenticator when logging in. bitcoin is down slightly today. feeling concerns maybe this crypto bull run that started last year's waiting further. -- bitcoin that started last year is wan furthering. >> you have the 8 billion worth of bitcoin, sizable chunk that is being repaid to creditors here about a decade after the bankruptcy. talk about how much pressure this has put off the market after the initial exuberance of those bitcoin's but etf's in the united states started. you now have bitcoin plunging below that 56,000 dollar level. remember, that is almost 24% off

the high we saw a little earlier this year. when you have the supply overhang compounded by let's say the lack of excitement around the asset class right now, you do have a tough summer for the cryptocurrency, particularly when you think about other catalysts that should have been more exciting. think in a theory him spot etf was to -- etherium spot etf. ed: it is monday but says in the story "if this decline carries through sunday" like seven days from now, it will be five straight weeks of declines. who starts a week saying that? what other data are we looking at? etf outflows? >> it is interesting. one thing i have, many people who invest in bitcoin have others. they wake up in oak, my god, bitcoin is down another 6%. your point, it is been weeks

where we haven't really seen the strong bit in the market and some significant forces when it comes to selling also. what is a harder struggle to find is what that next catalyst is. what is the next market moment for bitcoin. winter people going to get energized about where this goes next? -- when are people going to get energized about where this goes next? if you talk to most people in the crypto market, they take a macro view. this idea u.s. fiscal spending for example will be a bigger catalyst for bitcoin. what does that draw interested in the near-term into the asset? ed: great daddy on the show. thank you. that does it for this edition of "bloomberg technology." programming note, there is no bloomberg technology for the next couple of days. bloomberg opening interest will be caring fed shall -- will be carrying chairman powell's testimony.

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scarlet: welcome. katie: we were chatting about how july is supposed to be asleep in month. scarlet: if cpi, powell speaking to congress, and the start of earnings season. katie: more than $13 trillion global etf industry and we start with morgan stanley's mike wilson calling for 10% correction between now and november with the s&p 500 sitting at an all-time high, possible volatility. scarlet: a big driver is nvidia which just dethroned tesla as the scott -- stock