>> bloomberg markets. matt: let's get a quick check on the markets. we are looking at an s&p that is up almost .9% a risk on building across a number of asset classes bitcoin is a big -- today. u.s. 10 year yield as investors sell off bonds. you can see a gain of almost four basis points.

the dollar index is up. trading at 12.53. near 20 year low come up about a points under the all-time high that it hit last year. nymex crew to gaining almost two dollars a barrel. this is west texas intermediate at over $90. pretty aggressive moves up in oil. jonathan: we are also watching tech in a big way. some mix performance from these three names. let's start with the losers hp under pressure that warren buffett's unloaded several million shares per yet we are seeing a touch of weakness in adobe stock added the company's quarterly results. adobe when the ai gainers so big expectations. one endless view that etsy -- and others view is that as he

could perform well. that stock responding to that. wall street call today up 3% per year the big story of the day has been the high-profile arm ipo. after that trading debuted we continue to watch the stock. currently up more than 18% at this hour. matt: one we're waiting for all morning. did not start trading until this afternoon per year just after that, caroline hyde spoke with the ceo who discuss interest in the company. >> investors want to understand the opportunity we had in front of us and ai, which you cannot talk about our industry without talking about ai. helping them understand you cannot really run ai without arm, a cpu and pointing out it is everywhere in every device people touch a big part of the process for us. jon: katie ruth covers the ipo

scene for the team and joins us now. the ai enthusiasm, did that ultimately opened the door for highly successful offering like this one? katie: it did not hurt. the stock has been popping in early trading. it is the only big tech ipo we has had since 2021 so bankers confident this was a company they felt like could potentially open the ipo window. i think there's a lot to say about arm. they are profitable. they had strategic investors and it did not sell a lot of shares to the market. we had all of that in combination that help have a safer watch and have it go more smoothly in the first day. matt: when we were kids, there was start trading these ipos an hour after the bell, 10:30. now it seems like 12:00, 1:00,

event later -- even later is the standard operation procedure. why is that? katie: the bigger market ipos, we have seen that it. even back in the day with facebook, it took a while for them to open. matt: but that was a disaster. katie: exactly. sometimes it is not too rare they have a lot of shares to sort out or sometimes we saw in 2021 even if the mother ipo's, five ipos in a day sometimes if you're not the first priority, you open pretty late. jon: thank you a lot. we will continue to track the wall street reaction to this ipo. katie roofjon: joining us and rainmaker securities cofounder greg martin has been tracking this deal today. he joins us with more on the arm initial public offering.

has this played out as you would have anticipated? the market reaction so far. greg: i think this was very carefully orchestrated. i think the bankers and company really targeting pop in 15% range. restting it trade up to 20% so i think they gave -- we are seeing it trade to 20% so i think the people who took the risk on the ipo, and appropriate ipo bump. as katie said, a lot of the risk was litigated by ringing in their customers, nvidia, apple, samsung as investors in the ipo so i created some significant demand -- it created simpson against the died a -- it created sniffing and demand and stability in the price. matt: does the window open

because we have does the windown because we have been an ipo drought? more and more companies going to start coming to market for an exit? greg: i think on the one hand this is a good story. oedipal be notable, it will get a lot of press. a lot of people use words like this is the shot in the arm that the ipo market needs. we need to be careful because arm is very unique. it has -- ubiquitous presence in smart phones. it has a truly unique ai story. it is attached at the hip to nvidia which is the hottest company of the year. substantial growth opportunity there and it has unbelievable profit margins so it is a very different company. it is not really an ipo. as a second ipo but the company has been public. i do not think you can compare this to some of the new issuance for companies that are sort of

10 years old we're going to see the next coming weeks whether it is instacart or turo. i think those be more representative there is a reopening of the ipo market. this is good press. it will create excitement. matt: how do you expect those to go? i'm excited to see how armored sports does. you mentioned instacart. that will be fascinating because they were a darling of the pandemic, certainly seemed revenue fall dramatically since then. how do you expect those ipos to go? greg: every company is different. you have to be careful about bucketing all companies with the same metrics. i think this ipo has demonstrated there is demand for growth businesses, typically companies that go public our growth businesses.

i think each individual company will need to be evaluated on that basis. we still in a situation where rates are higher than they were several years ago. very stable. interest rates for growth businesses create a lot of sensitivity around evaluation. i want -- i think what we are going to see at a minimum is conservative pricing. i think the bankers are going to want to create pops, at least minimum 10% to 50% for each ipo and if we see a steady stream, it could begin opening the floodgates because there is a huge backlog of companies that would like to go public. i think people will closely watch the next four or five companies to see how they perform in aftermarket. jon: when it comes to technology businesses that go public and you made the point arm is not a

new and young company but it is not uncommon for silicon valley entrepreneurs or some technology companies that help get a company off the ground to be investors but there's been so much focus on during this ipo around some of the technology partners behind arm, do you think that playbook gets more attention or more spotlight when it comes to other ipo stories going forward? greg: if you could have most of your major customers invest 730 5 million in your ipo, that is a hugely viable story to take to the public market, and provides greater stability in the ipo. i think it is unusual to be able to do that, but i think that is something that could create a trend. as people inc. about mitigating risk -- as people think about mitigating risk, the more you can bring customers and key partners into that universe --

buyer universe probably more long-term holders so when you price in a deal, you want to place your shares in long-term holders versus short-term traders. i do think as we go there more uncertain environment, that will be a trend. every company is not going to be able to do what arm was able to do. matt: thank you for joining us. pretty important day. regardless of how we look at it, certainly for softbank and arm. rainmaker's security cofounder talking to us about the first day of trading after this ipo. in terms of what is going on with the other big story, i think our ghibli much bigger story for the u.s. economy -- arguably a much bigger story for the u.s. economy, where getting headlines from michigan governor pushing united auto workers and

automakers to reach a contract deal. she spoke at the detroit auto show but this is something we have been talking about that could cause a lot of problems in terms of the economy, certainly from michigan, but also nationally, and in terms of inflation. if these workers strike, and i'm not saying they should or should not, but if they do, that could increase scarcity of cars and therefore drive isis up -- prices up. jon: the political ramifications if we talk about that the election a precious you talk about. we will watch very closely and will have more coverage across the day. went to get to other headlines we are tracking. news on hunter biden. president biden's son hunter indicted on federal charges he purchase a

firearm without disclosing he was unlawfully using drugs. the indictment filed in federal court in delaware today. after several weeks of data since the plea deal fell apart. this is bloomberg. ♪

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here. you're talking about the governor's urging of the automakers and workers to come together on a deal. another headline crossing that gm may have come back to the table today. this morning to help avoid a strike but i guess the bigger issue is how far away is everybody at this point. matt: it looks like the auto workers are asking for a lot compared to what the automakers are offering. but it looks like there -- look lig more than the auto workers have ever gotten. what do we know the chances of uaw workers striking on some of the most important production lines for the big three automakers tonight? gabby: i think the chances are high. i think both sides are working on that.

we do not know exactly what the strategy will be. it is something -- uaw shawn fain is keeping close to the chest. assad into a president of a local here in michigan and he does not know. he's an -- waiting for a phone call. jon: we referenced earlier how closely the white house is monitoring the situation. it is going to feel potentially like a slightly different strike situation just because of how high the stakes seem? gabby: i think this is a different strike for many reasons. the new leadership at the uaw, they are doing things differently than the past. shawn fain would not shake hands of the ceo.

he made the bargaining process transparent announcing the offers on facebook, live online. i think to your point yes, because president biden huge part of his agenda is fighting climate change by pushing much vacation and creating green jobs that are middle-class and whether or not he can deliver on that will come down to what this agreement looks like. former president trump fully aware of anxiety that autoworkers feel about education and how their jobs can change. the wages can go down. jobs. there's a lot of security there. he's working hard to make sure there's a good outcome. matt: president biden has said a couple of times there were not be a strike and he said he's the most prounion president in the history of america. does he get involved here and back the workers? gabby: i think he is limited in what he can do, legally, but i

think -- he needs the success of the automakers just as much. if the automakers do not have a deal that a sustainable, then they're not going to support these jobs in the future. i do not think he can go want to resent on the side of the union because he needs to be pragmatic and in the center. we need to find middle ground. jon: appreciate the update and will watch of developers continue to unfold. we continue to watch the story in detroit. we come back, steyer announcing a climate investment fund. we dive deeper into that and talk to invest their necks. this is bloomberg. ♪

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climate week in new york. billionaire tom steyer solutions firm announced a $1 billion climbed investment fund. the announcement comes as vc climate tech drop in the first six most of the year. managing partner at vallow capital group, looking to benefit to climate tech, he joins us alongside sonali basak. we are happy to have before them here with us on set. has climate tech lost momentum because it feels like there is esg back lash and people group those things together? on the other hand, you're getting so much federal money behind these technologies. >> this is a new time in climate. we had a whole time of climate investment the early 2000's. do not do as well but now you're

seeing a revitalization. a lot of societal pressure. climate issues happening right now as we know. secondly, the ira putting a lot of money towards climate. third i think technology is at that point cost has come down directly such that is the ability to invest in climate. sonali: we look at the market overall, it seems the silver bullet is artificial intelligence. i'm wondering why you're taking on climate at this time. do you think valuations are better? do you think it is more sustainable? what is the thesis? antoine: ai is important for all companies. it's also our portfolio companies about how they can use ai in their day-to-day whether ai is a vertical or horizontal is a good question we ask ourselves. all companies should be looking at ai to see how they can become more efficient. it is clear and obvious.

climate we think is a vertical that is important in the long run. do not think is going to go away. it is something we invested in the past already whether it is through mobility. it is not something that is necessarily new but it is something we are looking to reinforce our investment thesis. jon: part of the conversation people are having on wall street, i'm hearing canada and a conversation on similar things that take place for example parn bay street, when you look around the world for investment opportunities, where are you looking? antoine: are find primarily latin american focus. 80% is latin america. 20% is anywhere in the world. latin america we see opportunities. we see opportunities outside of latin america so u.s., europe technology coming there and we can bring that technology to latin america. if you think about brazil a

market for latin america, believe interesting technologies to be brought there. that's one of our big focus areas. sonali: we're talking multiples. the big day for the ipo market. think about how you exit the opportunities. how long will it be before some of the climate tech ventures you are just invested in can be fully baked enough for you to get meaningful returns? antoine: we are venture capitalists. look at long period so our funds are 10 plus years that we have the time to wait, to look at the investments and get the exes. we have seen climate defined broadly, at the we have seen a number of exits mainly m&a the last several years. we do believe that will come to bear the next several years were you will see ipo's or m&a opportunities so we have a long-term view on it and we think just a general way venture capitalists look at technology. matt: thank you for coming to

the studio. always appreciate bringing the best guess on wall street. another check on arm, the first day of trading. opened up around 12:09 this afternoon. the ipo print was $51 and now it is up almost nine dollars a share, 59.93. 17.5% gain on the initial price. jon: interesting and we have a conversation at the top of the half-hour about unique parts of the arm story that may be do not lend itself to say this the course evaluation, nonetheless -- instacart evaluation, nonetheless a vote of confidence. on the date were you generally see markets stronger, the market reaction to the latest economic data suggesting may be some see the soft landing scenario as

being a realistic one. s&p 500 sitting above the 4500 level. the oil move as well. this is bloomberg. ♪

it's an amazing thing when you show generosity

of spirit to someone. and you want people to be saved and to have a better life, then you don't stop. the idea that we have saved five million people's lives, it's overwhelming. it's everything. romaine: u.s. growth story is alive but so is inflation. live from studio two at bloomberg headquarters in new york, i am romaine bostick. vonnie: and i'm vonnie quinn. we have the s&p and the nasdaq 100 up, the s&p does not have an arm and it but the nasdaq does. there are other things going on as well, economic data for example showing the consumer is remaining resilient with retail