>> welcome to build a markets and in matt miller and let's take a look at the markets. we have had a real roller coaster ride today with gains at the top at around 10:00, we saw the s&p come down, tech stocks as well. we are looking at a drop of 7/10 of 1% after a 1% gain yesterday. 4406 is the level on the broader benchmark and yields are going

up again. the 10-year is yielding 4.2234 and yields are rising across the curve, the bloomberg dollar index, maybe because of the higher yields, interacting -- attracting investors and 1241 is the level for the dollar against 10 major trading partners. $79 and $.11 is what a barrel of west texas intermediate will cost you. investors are you building -- are eagerly awaiting comments from fed chairs -- fed chair jay powell's comments at jackson hole. we caught up with jim bullard to says the pickup in economic activity this summer could delay plans for the central bank to wrap up its rate increases. >> this re-acceleration could put upward pressure on

inflation, stem the disinflation that we are seeing and instead delay plans for the fed to change policy. >> memory separate those questions in terms of -- let me separate those questions in terms of inflation absent the growth level we have at the moment and it is early read from the atlanta fed, absent that, would you be thinking inflation will re-accelerate anyway based on what you have seen in the economy? >> there has been talk about base effects fading and going to the other way for the second half of the year so we will see if that occurs. i like to look at the 12 month numbers because they rent out -- rinse out some of the seasonal effects so you could get a pause in a disinflation or a little reseller ration --

reacceleration and that would suggest a higher rate profile for the fed been otherwise. michael: chairman powell and the other numbers of the committee have been careful about what they said about additional rate increases because they seem to feel they are tight right now and they want to make sure you don't take the economy into recession. -- make sure they don't tip the economy into the -- procession. >> the unemployment rate is 3.5% and we were aggressive in 2022 and into 2023 but the real side of the economy has been growing faster than potential labor markets -- potential, labor markets are strong and that should continue, proceed apace here in the second half of 2023 and in the meantime, cpi -- headline cpi -- was that 9% at

one point and now 3%. the core measures are coming down so it looks like the 2022 policy, including 75 basis point heights for meetings in a row. has a goods -- good chance for success. if there was ever a soft landing, taking six percentage points off the headline inflation rate without an increase in unemployment would sound like a soft landing to meet. matt: mike mckee joins us now live from jackson hole. great interview there with jim bullard and i wonder what we can expect today from -- for tomorrow from jerome powell -- or tomorrow from two more -- jerome powell. if you look at the minutes, the fed considers its rate restrictive already. michael: exactly and the point jay powell will make tomorrow is

the one he has been making for some time, the fed to keep rates high and assume that will help bring inflation down. if it doesn't, they could raise rates again. that depends on the inflation dating -- data. i don't think he will go out on a limb and make any promises about what will happen next? . we had two other fed officials saying the same thing. one person saying they have done enough and they should think about pausing and susan collins says she could go either way so that -- so at this point, there is not much percentage in pricing a whole lot more -- matt: we know from janet yellen that the minutes can be massaged and the fed may be split until it makes a unanimous decision at the end. are they all at the same page?

michael: there's a difference between strategy and tactics. the strategy, they are on the same page and they want to bring inflation down. strategy is to keep interest rates moving up, either leave them where they are or raise them a little bit. matt: tactically or passively -- actively or passively? michael: let the numbers go where they are. that is the division but they are agreed on the path so at this point you would not say they are terribly divided. matt: for those of us who have not been to this symposium, how does it work out? to the important people arrive today? do they all go to the same bar? as everyone spent the weekend there -- this everyone spent the weekend there -- does everyone spent the weekend there? michael: some already have been here and some central bankers from europe and the u.s. come out of their families a little early to spend time. most of them get back by the end

of their weekend to their homes because they have to get back to work. the ecb has a meeting soon so they will be work -- at work right away and the bank presidents will get back as well. by sunday night, this place will be back to forests only -- tourists only. matt: mike mckee coming from jackson hole. the fed symposium, debtor is tonight and we will get a speech tomorrow from jay powell. bloomberg surveillance has special coverage at 8:00 a.m. and tom and john and lisa are there on assignment. the nvidia rally, we saw shares should up another severed percent -- under the 7% and it wanes a bit in the later trade and we will talk about the record high they hit and why some investors are taking profit and the company's earnings of course. stacy rasgon joins us next to

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matt: this is bloomberg markets. shares of nvidia drove the nasdaq and broader market higher before pulling back. stacy rasgon is a senior analyst and we see the nvidia shares of the rest of the market has come

up. talk to me about the earnings report and how impressed you were yesterday with the raised outlook. stacy: it was clearly a good report, a great report. expectation have been going up markedly into the print and i have been doing this job for a while and i have never seen a print that was as widely anticipated at -- as this one was. they blew through the expectations, the quarter and the guide. the guidance for the quarter was $11 billion. they did over $10 billion in data center in over 13 plus in revenues and the guide was for $60 billion in revenue which probably implies 12.5 billion in data center next quarter. there okta controls -- the numbers are going up materially, massively for the second quarter

in -- a second quarter in a row. there's not a lot to say. it was great in the wake of the ai-they delivered. matt: i have a few questions. how do they get enough supply to meet demand? they don't make their own chips. they go to tsmc. how did they convince tsmc to get them enough because everyone wants chips from them? stacy: they are big. i don't think they are having a problem convincing tsmc to get them so they probably want more than they are getting. there getting a good amount. it takes time to bring it up and they said they will ramp up supplies sequentially every quarter and through this year and my guess is much for the -- through last -- my guess is much through last year -- next year -- they will be improving that supply sequentially every quarter going forward for a while. matt: the other thing is they

are up to 33 -- 233% year-to-date sauce talk like this, they can't just meet expectations and they set our expectations for next quarter or the current current -- for the current quarter is 60 billion. what we see 17 billion or 18 billion? stacy: nvidia in general, when they put out a number they believe typically they can beat it. discordant -- this current quarter they got it and they did 13 plus -- $13 billion. matt: they uproot another $25 billion in buyback -- they approved another $25 billion in buyback. couldn't that money be better spent -- elsewhere? stacy: maybe but they will be generating a ton of class -- cash.

they are generating so much cash, they have to do something and there existing buyback was almost done. in terms of m&a, m&a and semiconductors are top from a regulatory standpoint particularly with china. we happy intel tower deal get stymied because they can get -- we saw that intel tower deal get stymied because they could not get approval. there are probably things they can do and i will not speculate on air what they might be. they have to do something with that cash and i have been buying back 2030 -- 2030 -- $20 billion a year. they are going to be generating a lot. matt: how much of a concern is that u.s. china relationship and the fact, one person pointed out himself in a call that they have already throttled back the gpu say given to china and if --

they have given to china and if the regulation gets narrower, they will have to lose out more revenue. stacy: that will happen anyway whether or not they never regulation. they put restrictions on what can be shifted to china and nvidia has designed product and there are thresholds against bandwidth that prevent you from shipping. the speculation is they will lower the thresholds lower. if they don't, they will never raise the thresholds so other -- overtime, the gap between what is legal to sell in china versus the rest of the world will get bigger and bigger so that china long-term opportunity will probably be under pressure regardless. if they do narrow the sanctions or make them tougher, you will get to that point quicker but my personal opinion, it will happen anywhere -- anyways.

they have plenty of other problems -- over the long-term, this is something that needs to be thought of. matt: what is your view on the valuation? what are the most important tricks to look at, on the bloomberg terminal i see forward earnings and they are trading at 48 times. what do you look at? stacy: it is 30 times square next year is ending up. matt: your talk about fiscal 25? -- you are talking about fiscal 25? stacy: my numbers went up 60% or something. the stock is up two or three. the stock is cheaper today materially and it was yesterday, similar to last earnings were post earnings were materially cheaper. numbers went up a lot more. the stocks have been getting cheaper for months. matt: you have a price target

here? we are looking at 485. stacy: we went out to 675 last night. matt: stacy rasgon talking to us about nvidia on which they have on bernstein up rating at 675, and we are looking at 485.93 at the moment. what is going on with vinfast? this company that makes tv cars and bikes has a bigger market cap than ford and general motors put together and you may be have never heard of them. one man owns 99% of the company and it is worth $120 billion. john chambers calls the valuation and sign -- jim chambers cost evaluation insane. we will talk about it next. this is bloomberg.

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matt: this markets. the u.s. has added more than 1200 public fast charging stations in the past year, expanding the reach of a cross-country ev will trip but is it enough? reporter wrote about this for business week and this guy knows what he is talking about when he -- talking about cars. a week -- are we ready to get to get an easy --ev? >> we are not ready yet but the electron deserts are disappearing. the american public has been a laggard for ev enter structure. -- infrastructure and we are

catching up. 1300 new stations in the past 12 months since last summer and that is a quarter of all the stations in the country. this is public fast charging stations that are not tesla station so it is a lot of growth in what is interesting to me is a lot of the stations are going in rural areas where there on a lot of ev's. it is notable because it is connecting the dots and making rotors possible and for this piece, i looked at route 50 which is an iconic coast-to-coast highway. it is scenic and off the feed -- the been packed and it is not a major industry -- is off the beaten path and it is not a major industry -- interstates. . there is one in lamarck colorado that connected this 330 mile

gap. this is happening all over the country so if you have any ev, there is a lot of places that are safe to drive there weren't a few months ago and once we get full coverage, it becomes about redundancy and how -- having enough station so you don't have to wait 25 minutes to plug in your car which is what happens in some of the denser ev areas. matt: i feel like there is is the learning curve so i have not owned an ev. i test drive ev's sometimes and for me it is a pain to find a station that works, and there are already three or four people fighting on who is next but for ev owners, it is like writing a bike -- riding a bike. kyle: you figure out quickly the networks you like or the network of free charging for a year or

two and people figure out their own charging so unless you are going on a trip, you are pretty well sorted. if you own it an ev and you have a garage, you are charging at home 90% of the time. the rest of the time, you are doing homework but there is a learning curve and there is more planning to it. it is also -- a real luxury to never go to a gas station or to go twice a year. matt: although i love that smell, what about tesla versus not tesla? is it a huge advantage to be ever to charge about the tesla supercharger stations? kyle: it still is but it is shrinking. the rest of the network collectively is getting comparable in scale. tesla has way more plugs and cords. in terms of where the stations are located, it is less of an advantage.

a huge part of the tesla network is going to be open to non-tesla drivers, towards the end of this year and early next year thanks of this -- thanks to this deal with the biden administration. it will be less of an issue and more -- tesla will be a fueling station like 7-eleven. matt: i'll --kyle, is the story in this issue out today? kyle: it is, it is published online and available on the terminal. matt: you know i like the paper magazine. kyle stock, thank you very much and you can read his article on bloomberg businessweek. shares of vietnamese carmaker vinfast jumps more than 50% again today and the company is more -- worth more than $100 billion, a higher market cap than ford and gm put together. bloomberg's bailey lipshultz has been reporting on this and one guy owns 99% of the company so

he will be on the bloomberg risk -- ritualist soon -- rich list soon. >> he is already on their buddy cannot sell. that is why you are seeing these real and -- weird sharp swings on the downside as the company went public. matt: who is this guy and what is this company? >> that share owns about 99% of this company so when you look at the company going public through a spec deal --spac deal -- more than 80% of those investors redeem their share so there is a low number of shares outside trading so that is why people are buying the shares and we are seeing millions of shares traded, you see massive spikes to the downside and when i talked to my context for short that short-sellers, they are saying they want to sell it but

they cannot get a borrower because it is so illiquid. they have vehicles they -- that are out there and they probably have not had the best reviews relative to others and they have had issues with cost for expansion for some of those deliveries. not the best reviewed companies but when you go on their website, you can order their vf 9 starting at 83 grand so i don't know if that is next for the miller household. matt: that is a little bit pricey. i look at ford and gm together and they were $93 billion and vinfast is trading,? it cap? bailey: 120? matt: 106 right now. billie lourd shows covers the meme stocks for us at bloomberg and sometimes -- billy -- bailey

lifshitz covers the meme stocks boris abenberg and sometimes -- the meme stocks for us at bloomberg. this is bloomberg. ♪

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matt: -- >> welcome to bloomberg markets. i am amber kanwar. >> the s&p 500 taking another leg lower and now down 9/10 of 1%. 4398 is a level -- pushing they

yield higher about three basis points and we see it at 4.221 four and the bloomberg dollar index is rising in about a third of 1% -- and about all the third of 1%. i makes crude price is up by $.16 a barrel to another big move and it is still under $80 at $79.05. >> it seems like we are through the major catalyst of the week which is nvidia and investors are concerned about what jerome powell may have to say and nvidia is interesting, barely up and only up about 2.5% and it initially when it came out with blood what -- with blockbuster results, and led to a glow for a -- the whole schechter -- sector. as the nasdaq underperforms, it is because of a retailer, dollar tree, pushing an outlook that was is appointing relative to expectations so dollar tree is

the worst performer on the nasdaq 100, offsetting that, some strength we are seeing in shares of guess, most of us know of them from the 1990's, it is back. matt: unbelievable. i don't know why the kids today don't learn from the mistakes we made in the 1990's. they are wearing the same stuff and they will regret it like we did. let's talk about retail with bloomberg simone foxman. we have earnings that disappointing -- disappointed. >> we got discount was going to be this panacea. consumers feeling their while his pension and they are trading down and they go to the discount stores and dollar tree said it has gotten 2.6 million new customers with incomes over $125,000.

a lot of them are buying consumables, food products. low-margin products and even though the company is talking about how it is getting that sales traffic through, it is not necessarily converting that into high-margin spend and that is the concern going forward. some questions about the long-term guidance. >> are people stealing from their stores as well? simone: shrink is an issue and that was raised as a significant issue and interesting because each the earnings -- hr nancy -- season, we have a retailer coming out and saying shrink is -- is not just dick's sporting goods but also dollar tree. it is hard to quantify exactly what hit this is taking on industry overall. we asked the national retail foundation how large shrink was in last year, they will tell you it is roughly the same as it has

been. matt: shrink his injury -- is industry jargon for theft. i have talked to analysts who are skeptical about this as an biggest use and some say, theft doesn't make up nearly as much of a drop in revenue as promotions new. --do. it is a bigger head to the top and bottom line -- a bigger hit to our top -- the top and bottom line. amber mentioned guess. what is going on with this 1990 sprint -- 1990's brand? simone: we have to look at who is buying. sales in the united states and america's are down substantially but there are better-than-expected sales in europe and asia. matt: anna nicole smith.

that is what i think of. don't you think of her when you think of guess? amber: i think about being insecure as a teenager walking into the stores and feeling like maybe i was on the wrong side of puberty. nevertheless, i tried to be a guest girl. that 90's look and you are seeing it show up in abercrombie as well and i am wondering if a 90's were buyer is what the gap need. --needs. they have the person behind the barbie resurgence at the helm of the clothing retailer. simone: all of the focus is going to be on what the brand-new ceo richard dixon says for his future of the brand. you mentioned abercrombie. you look at what they've done and they change the product mix and they have pushed toward -- we used to be this exclusive brand where only people where washboard abs are acceptable and now we will be more inclusive and have different sizes and cater to do -- different

ethnicities. for gap, the challenge has been they have relied on their other brands like -- those brands have seen a slowdown in shares. everyone expects the earnings numbers will be ugly. the question is what is the way forward, what is the guidance because frankly, there was reporting from bloomberg been nobody wanted this job, this challenging job so we will see if he can turn things around. matt: thanks very much for joining us come simone foxman on the retail or is at bloomberg and coming up, tv bank, toronto dominion misses estimates as expressions and provisions for credit losses rose third quarter. we will talk to a chief investment officer. this is bloomberg. ♪

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amber: this is bloomberg markets. i am cap amber kanwar -- i am amber kanwar with matt miller. we are looking at the latest results from two of canada part five biggest banks. tv bank missing expectations. royal bank of canada be expectations held by the performance of its traders and investment bankers. let's bring in the chief investment officer at 1st avenue investment and he joins me now at the desk. you are shareholder in both -- a shareholder in both and so much of the common refrain in holding in these canadian banks is for the u.s. exposure but in both

banks, the u.s. is under pressure. what is -- it you see? -- what did you see? >> we think the canadian banks did well getting out of the market nine or 10 times the size of the canadian banking sector but in the downturn part of the banking sector, the amplitude of credit experience is 3:04 trader in the united states than it is in canada so several people we will hear from later in the week have good beach heads. we would give the edge to loyal -- royal in terms of the scorecard for q2 results. amber: pd's --td's conference

call began 10 minutes ago. what do you want to hear about their ability to do deals in the u.s. because there has been some concern about -- that they are being shut out by regulators and not effectively communicating that to shareholders. brian: we share those concerns so we want to hear candid discussion of what is the plan for the capital and we have seen actions speaking louder than words already with the bank buying back $14 million of its shares in a this latest -- in this latest quarter and the opposite pitcher at the royal bank where they have a different drink -- dividend re-investment bank. they have a target in scope andh it issbc -- is hsbc canada. we want to hear there will be more deals in the segment --

like the cohan deal that closed a couple quarters ago which was additive to their results. will there be a more rapid cadence of dividend increases or this drip feed of share buybacks. matt: in terms of costs, banks are facing this as well. they have to raise the interest they pay on deposits in order to keep those, stop from losing them but i feel like canadian bank should be better positioned because you already have in canada high-interest savings products that were very popular even before we had the svb problems. brian: you are right and the deposit betas, to use industry jargon, is worse for the canadian bacon -- making segments than it is for the u.s. banking segments.

even in core canadian banking where deposit date's having generally been typically high, there has been sort of a product mix affect that has gated next -- net interest market expansion and it has been a phenomenon of cash and checking and transactional banking accounts being pulled out of a 15 year lungs -- longer -- slumber into term deposits, products like guaranteed investment certificates. that has been a break or a gating factor on the canadian bank net interest market. matt: we have rcd ar --are cds here. i am curious to what use think about -- you think about --

i don't think you are in the double digits of their. do they -- are they able to serve the end customer as well with such a smaller amount of banks? brian: have not been a pull any punches -- i am not going to pull any punches. our regulatory model is an -- unambiguously better and america does a lot of things well and banking is not one of them. it is difficult to regulate in this industry with 4000 players in it and it is much easier to regulate a ministry with a double digit of regulated banks. six of which controlling three quarters of more of the overall deposit base. banks don't generally fail here and don't need bailouts and don't get onto the front page of the newspapers for the wrong reasons. from a consumer perspective, canadians love to hate banks and

that love-hate relationship, there is ongoing tension but it serves consumers and shareholders well. amber: love to hate them but they are in almost every single canadian part five portfolio and i am wondering how you are thinking about the canadian banks. outside the nuances, they have been under pressure and they have underperformed the bond market and they have gotten dividend yields, 4.5%, 6% in some examples and are not valuations that have typically represented buying opportunities. brian: that is what we are doing. the canadian banks are a core part of our portfolio as well and we management dividend growers portfolio, north america mandated. it is unwise to zero weight the canadian banks because over a cycle, historically and empirically, we know that they compound at a faster rate than the -- composite index. they do it consistently, however

-- having outperformed the market the past 18 years as a group and we think we have identified the best of great names and you don't need to know shown all of them -- we don't need to own all of them but we own three of them and we are buying on dips. as you say, the clouds apart when the credit cycle turns as it inevitably does and there is an upside to work when the pressures of datas. matt: it is quick to get your taken perspective on canadian banks and the north american banking, the differences that we have. he is chief investment officer at 1st avenue investment counsel coming to us out of toronto and moving to another company story, t-mobile is cutting 7% of its staff, an amount that could affect 5000 drops -- jobs. are reported joins us.

-- our reports are joins us. you when i used to cover telecom together -- telecoms together. >> they said they are going to cut 7% of their staff or 5000 workers. these are mostly in their corporate and back office staff and a couple technology roles but not consumer facing positions they have and this is basically because they have been dangling a lot of promotions and heavily offering discounts to people in this hunger games among the mobile carriers, they are fighting for new wireless customers because they are getting competition from cable companies like comcast and charter for encroaching on their territory so they are having to up the marketing cost to fight for customers. amber: when i speak to people about investing in the telecoms case, they described t-mobile as the best host in a bad able hood -- neighborhood but this shows t-mobile is not immune to the

pressures we have been seeing in telecoms. >> it came as a surprise because they had a pretty good most recent quarterly report and they did better than at&t and verizon so it shows that they are not immune to this competitive environment that all the carriers are facing. amber: molly, we have to leave it there, thank you for that perspective, that is molly schuetz joining us. coming up next, republican presidential contenders unite in credit lies -- in criticizing bidenomics. this is bloomberg. ♪

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matt: this is -- amber: this is bloomberg markets, i am amber kanwar with matt tueller -- matt miller. the number is 65 which is the current u.s. retirement age and it is coming under pressure as the 2024 u.s. election cycle ramps up. earlier today, one of the candidates, nikki haley spoke about raising the age of our time and while also addressing the state of the u.s. economy. >> we have to focus on the issues at hand. how do we get inflation down? too many families can afford rotaries and cannot afford the rent, they can afford gas, they can afford childcare. 50% of american families cannot pay for diapers and one in six american families cannot pay their utility bill and while everyone would love to save joe biden did this to us, republicans did this to us as well and that's why i called out

tim scott and ron desantis and mike pence and donald trump for spending like drunken sailors and raising the debt limit. it is time we get our fiscal sanity in order. >> that was a big moment for you not only calling out democrats for members on your own party at the debate stage. here in washington, as you pointed out, the trump administration added $8 trillion to the debt. let's be specific, the third rail no one was to touch is the entitlement, how to get our arms -- our arms around soaring debt? >> you have multiple candidates on the stage that said they would not touch entitlements including trump and any can admit -- any candidate that says they won't touch entitlements says they will leave america bankrupt. the way we deal with it is we

don't touch anyone's retirement or anyone who has been promised in but we go to people like my kids in their 20's when they are coming into the system and say the rules have changed will stop change retirement age to reflect life expectancy. we limit the benefits on the wealthy and we expanded medicare advantage plans. >> what is the right age there? >> we have to do the numbers, we have to figure out what it is but what we do know is 65 is too low and we need to increase that according to life expectancy? >> you raised your hand, when asked you would support the republican nominee and if that ended up being something else, i know you are running for president but if donald trump is responsible for adding $8 trillion to the national debt, how could you support him again for another administration? >> i don't think donald trump will win the nomination and i think i will win and secondly, i think we have to focus on the fact that anybody is better than

a president kamala harris. you look at the socialism creep that joe biden and kamala harris has -- have gotten us into. whether you see the green subsidies they are doing, there are the ones that have left us into a situation where i don't think our kids will forgive us for it. matt: that was nikki haley speaking to bloomberg's annmarie hordern and joe mathieu about the debate. interesting that donald trump wasn't there, he was doing his own interviewed several people with tougher carlsen on twitte . i will be interested to see what the rating show. we are more focused on the markets and the main event wasn't the republican primary debate, but nvidia's earnings release. forecasting 16 billion dollars in sales for the current quarter when the street was only looking

for $12.5 billion. it was driving markets this morning and they have come down. amber: i have run out of adjectives to describe nvidia's quarter and there was no blemish. when you look at the core down we are seeing in the shares he probably could just chalk it up to profit-taking but. it is interesting to see that nvidia seems to be sucking out -- the oxygen out of the rest of the tech sector but with nvidia out-of-the-way, investors want to take chips off the table literally and figurative -- figuratively into jackson hole. matt: we have the big event and tune in for bloomberg surveillance and they have a special coverage starting at 8:00 a.m. for amber kanwar, i am matt miller. ♪

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>> happy friday eve. i'm scarlet fu. >> i'm sonali basak. we are kicking off to the closing bell here in the u.s. it is a down day today. a lot of exuberance we saw, wiped away. the s&p 500 down .1%. mixed earnings picture out here in the u.s. the semiconductor index, this is where nvidia earnings could have had more of a difference