>> welcome to bloomberg markets. matt: let's get a quick check on the markets at this hour. right now we see a rally continuing with the s&p 500 up two thirds of 1%. the nasdaq gaining more than 1%. by the way, we have picked up in the equity index is because we had a killer 20 year auction. you can see, 7670, and the yield drops as investors by those

bonds -- buy those bonds after the auction. this is the exact opposite of what we saw with the bad year option that we had a couple of weeks ago. that, i think, giving some confidence to this market that things look ok after $16 billion of 20 year bonds went off without a hitch. the record high yield on this was 5.25%. things look a lot better in that sense to equity investors. risk as it investors in general. -- asset investors in general. jon: some analyst commentary is also part of the stock stories we are watching today. boeing is the best performer, up close to 5%. deutsche bank, with a bullish view on the deliveries ahead. the stock could enjoy them upside -- enjoy more upside as a result. webbush had petition concerns, off about 1% for the shares.

it feels like most of the day is based around tech stocks whether it is nvidia, with earnings coming up this week, and nvidia's stock so far this month at least in terms of the market cap has added another $220 billion in value. if we are going to talk a.i., we have to zero in on microsoft. a lot of investors giving a nod of approval for the wheeling and dealing over the weekend, bringing in sam altman in house, still showing his commitment to openai, and a fast-moving story we are continuing to watch. matt: it is a story everyone was obsessed with all weekend long and it continues to have twists and turns that are amazing, the talk of silicon valley. hundreds of openai employers are threatening to quit following the ouster of leader sam altman. even some of the board members that fired sam altman are now threatening to quit openai and

go to microsoft. and the last hour we heard from the ceo of a company that uses openai, about his thoughts on the whole debacle. take a listen. >> a big believer in sam, the community is a big believer in sam, i know him back from 2012. openai, i was there, it was the peak of their technology, excitement was off the charts, it went really well. now there is a little bit of -- a lot of mistrust on what is going to happen. matt: for more on how we got to this point and where we could go next, we want to bring in bloomberg's rachel metz, doing incredible reporting on this story. one of the things i appreciated about what you've been uncovering was zeroing in on the why. we were quickly charging ahead on the changes without fully knowing what was happening behind the scenes. i do wonder, after all these

months of watching the openai story play out, are we left with the fact that a once non-profit that still had a nonprofit component that went for profit ultimately was a business that had some complication behind the scenes. >> i think that the answer to that question is still a bit tbd, right? as you pointed out, it's got a complicated structure, when they changed over from being a nonprofit to being a capped profit company. they even have an explanation on the website for people. i try to understand better what does that mean and how does it inform the control of the company on the control the board has that sits at the top of all of it? matt: how great is this for sachin? apparently he was blindsided and live it about firing of sam

altman but then the most important -- livid about the firing of san but then the most important, they are volunteering to walk across the street and go work for him instead, i know they invested like $13 billion, but it's better than buying the company for $100, right? >> it's pretty wild. i think there are probably a bunch of regulatory issues that might come into play if that were actually to happen, if every single person who signed this letter were to say, ok, i'm going across the street to microsoft. but it sends a huge signal. what we have learned as of a few minutes ago is that the vast majority of the company has signed this letter, saying, we may leave if the board does not resign greg and sam -- if greg and sam don't come back and we don't get some dependent directors in here. it is over 700 employees signing this letter.

there's about 770-ish people at openai at this point, that is like 91%, 92% of the company saying we may leave if you don't do what we want. jon: so, with some of that reporting about the openai staff threatening to leave, rachel, what kind of board conversations happen next? i would have to think that having a conversation with microsoft might have to be part of the equation for where we go next in this whole situation? >> i think some of it is kind of like a shrugging emoji -- we will have to wait and see what happens here. it depends on what the board's aims are. the existing members of the board, if their aim is to really slow down the development of the kinds of technology that openai has been so good at, then i

don't know if they are going to want all these people to stay. i think it's going to sort of remains to be seen. but i will point out that elias e., one of the people from openai that had been instrumental in the process to oust sam altman, he signed this letter, i think that is a bit of an interesting twist here. we are just going to have to stay tuned and keep figuring out what's going to happen next. matt: rachel metz there reporting. nonstop on this story that continues to peak our interest. here in manhattan, the final beam is up on the jp morgan global headquarters, the co jamie dimon, kathy hochul and eric adams appeared at the construction site to celebrate the new 1300 foot building. we have been watching this go up for a long time. i'm guessing you saw it, jon, when you were in town last week.

i think it's a great sign for new york. they build it -- they built it here and not in miami. jon: and in a time when there's a lot of conversation around corporate real estate, and the architects behind that donut facility in cupertino, california that apple operates, they were behind this design as well, where there is equally a focus on green but wellness is going to be a priority here, y oga access and other things. it is an interesting time -- it is going to take a while to get to the finish line but by 2025 how many people are coming to the office, with the factors that bring people into the office also an interesting part of the story. matt: yoga access would be enough for me. that's why i come here every single day, to have access to yoga. [laughter] which is very nearby. coming up, another practitioner of yoga, we will speak with hans humes, and longtime argentina bull. he will talk to us about the

election results last night. he owns the bonds. we will see how they reacted to a libertarian outsider coming into run the country. he may dollarize the whole economy, at least that's what he says he is going to do. this is bloomberg. ♪

thanks to avalara, we can calculate sales tax automatically. avalarahhhhhh what if tax rates change? ahhhhhh filing sales tax returns? ahhhhhh business license guidance? ahhhhhh -cross-border sales? -ahhhhhh -item classification? -ahhhhhh does it connect with acc...? ahhhhhh ahhhhhh ahhhhhh

that first time you take a step back. i made that. with your very own online store. i sold that. and you can manage it all in one place. i built this. and it was easy, with a partner that puts you first. godaddy. the chase ink business premier card is made for people like sam, who make- everyday products, designed smarter. like a smart coffee grinder, that orders fresh beans for you. oh, genius! for more breakthroughs like that- i need a breakthrough card. like ours! with 2.5% cash back on purchases of $5,000 or more. plus unlimited 2% cash back on all other purchases. and with greater spending potential, sam can keep making smart ideas- a brilliant reality! the ink business premier card from chase for business. make more of what's yours.

jon: this is bloomberg markets. time for our stock of the hour segment. we've been keeping an eye on shares of argentina's stable and oil drill, ypf, having their biggest intraday gain on record, moving higher after javier's

election victory. he has pledged swifter forms to turn around the economy including in this case privatizing ypf. obviously taking an axe to inflation if you can suckle that which is a huge issue for the country right now. matt: that's what both sides promised they would do. the question is, will they be able to or will they make it worse? for more on the results, we are joined by bloomberg's governments managing editor in buenos aires. what we know? -- what do we know? >> the latest is there are some talks between the camps -- the two camps to have a meeting. this is a first step in the transition. what people want to know is more details on what's going to be the plan, particularly the question of dollarization.

he promised that during the campaign. a lot of people voted for him because of that. but we know it is going to be technically very difficult to do this dollarization. at least if we consider it to completely reach the argentine peso and replace it as currency from day one. more details on that and crucially who was going to be milei's economy minister. that's what we are going to try to find out in the next few days. matt: thank you so much for joining us, juan pablo. setting us up for my next interview. one investor not initially convinced by milei is hans humes. the long-term argentina bull had considered sergio to be the most pro-market candidate. he joins us to discuss the results. thank you so much for coming in. what do you think? >> the argentine people spoke, and i thought that masa

represented some kind of continuity. matt: continuity is what they did not want. >> exactly, 55% plus percent of the people, thank god for democracy, they spoke. we are going to undertake a shock change. i think it makes sense to sort of backup a little bit. what does argentina need? it needs confidence. more importantly, international market confidence and confidence of the people. nobody has confidence in the peso. what's important is we see, as one pablo was saying -- juan pablo was saying, really competent people introduced to the team. everything he does in the next little while is going to be seen in the eyes of what is going to give stability to argentina? whatever he does, if there is confidence, it's going to work.

matt: initially, i'm looking at etf's, the u.s. traded stocks of argentina and companies, they just sort -- argentinian companies, they just soared. when you look across the assets, what reaction do you see? >> we focus on external bonds and they were up 8%, 9%, and then they sort of faded as more headlines started coming out about what a big junkie has to do -- big job he has to do. there are a lot of legs in economic recovery because you can't get away from the fact that this is probably an alltime low in terms of confidence and they mile governmenti has a real opportunity to change the dynamic and instill confidence in the system. we will see. jon: in terms of changing the system, this is somebody who has talked about cryptocurrencies, bitcoin, would you be surprised to see bitcoin as legal tender

in argentina going forward? >> personally, i'd be a bit surprised. i think that that is seen as somewhat aggressive. you saw that with will kelly in el salvador. the perception of that is more on the fringe than central. a narrative on dollarization would be prudent. shock dollarization, you have to have the team, you have to look more to ecuador than any of the other countries, panama, with dollarization. i'd be a little surprised if we see crypto as legal tender. but let's see. jon: in terms of fixed income, how are you going to be approaching this going forward? what are you going to be looking for from the president-elect, which doesn't take the traditional paths and became popular on television as well?

but having conversations i would imagine with people investing in the country's bonds is a different kind of conversation? >> the bonds are a pretty obvious signal to the market about confidence on the international side. today was a bank holiday in argentina. so we don't have real transparency on what their markets are going to think. if there is a lot of enthusiasm coming out of the blocks tomorrow morning i think we are going to see a good backstop and that is going to be creating some of the positive sort of cycle of confidence coming in, prices going up. but it's really going to be heading off some of the bigger amortizations coming next year. if they are a competent team, engaging in constructive dialogue with the imf, i mean, everybody would be more than happy to see a good, solid base to an argentine recovery. i would have to say, the winds should be in their sales on this -- sais on this -- sails on this. there are a lot of amorphous

measures behind the scenes to point to, some pretty solid performance by argentina. i think it just has to make the most of it and provide a sense of stability and predictability to the next steps. he's laid out a vision. dollarization and the narrative might be the trickiest part of it. i think we will see. the markets are probably positioned in a way to be ready for a rally on the fixed income side. . and if that works well, i think you get the positive impact of the improving prices. matt: has he had a dialogue with bondholders, with investors during the campaign? what do you expect them to do in terms of paying back debt? >> i think consistent with his narrative, they are going to do everything they can to service the debt. there has been communication between his team. meetings here in new york and connecticut. i think that that -- that the messaging on that has been reasonable. it is a bit early now to say, the results came in less than 24 hours ago, masa conceded at 6

p.m. our time, 6:13 p.m. matt: not that i was paying any attention. [laughter] 6:13 p.m. we will see what happens. tomorrow's going to be the day that we see the tone. jon: ok. good to have you, hans humes. on the story of argentina. coming up, we will get the view on retail sales, as we head into the holiday shopping season. stacy widlitz of sw retail advisors joins us next. this is bloomberg. ♪

is $14.63, please. $14 girl, what is you doing? but making smoothies is such a hassle. not with blendjet. what's going on? shhhh. hold that thought. just pour in some milk, throw in some frozen fruit, and in 20 seconds you've got yourself a nutritiou and delicious smoothie. mmm! tastes just like the ones they sell here. and for a whole lot less. i'm ruined. awww. kick your expensive smoothie bar habit to the curb. order yours now at blendjet.com.

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. jon: this is bloomberg markets. we want to talk about the retail holiday season. people will be getting ready for

that this week. we will also get another batch of earnings in the sector tomorrow. lowe's and cole's -- kohl's, abercrombie and fitch, best buy. with us we have stacy widlitz of sw retail advisors. we appreciate having her, joining us to talk about the retail sector right now. set the stage for us, what kind of holiday shopping period are you anticipating? >> so far, the retailers we have heard from have said it's been very specific, whether you are walmart, grocery, everybody's been benefiting from inflation, we know that consumers are spending on necessities, right? they are spending less on big-ticket items. . home depot talked about that. williams-sonoma talked about big-ticket furniture, under real pressure. pottery barn, costs into double digits. we have best buy reporting tomorrow. . we will hear more of that.

it is no surprise. the good thing is that we know inventories are very lean going into holiday because retailers and the they sell to have been burnt with too much stuff. so they have corrected that mistake. i think investors are largely giving these stocks a pass, if their operating margins are ok, despite the fact that they are missing sales. matt: i also consider myself somewhat of an international store hunter. i'm looking for discounts. when you tell me inventories arlene -- are lean, that worries me a little bit, are we not going to see a lot of discounting this holiday season? >> oh, he will see it. it's already started. it is pretty healthy out there. the key is, for some of the promotions this year, that used to be 40% off everything, now it is up to, so you have to dig a little deeper, you've got to look a little harder for the discounts for the items you really want. also, there will be a lot of

these doorbuster situations, as we have seen in the past, with 20 limited quantities, and you go in -- but in general, because inventories arlene -- re lean -- are lean, they won't have to give away as much stuff as last year. jon: we are talking about ai and the use of technology. i wonder at what point we shift away from just talking about cyber monday to talking about the digital take over if you will love the retail holiday shopping season. >> yeah. digital for so many of these retailers is half of their business already. apparel is about 40%, 50%. increasingly, shoppers are -- they don't want to be in stores. we've heard about all the theft. you also seeing retailers lock stuff up. so i have to wait 20 minutes to get a pair of socks unlocked at target behind the plastic

counter. you are seeing a lot of people buy online and pick up in store. they are coming in, getting delivery to their car, and avoiding stores because it is increasingly difficult. fortunately for some of these retailers and brands, that falls right into the hands of amazon because click, collect, next day to your doorstep, you have to stand around and wait for help at the stores. matt: thanks so much for joining us. jon, we saw a 20 year option on the top of the hour which went well, and as a result, risk assets which already were doing well in today's session continue to rise. we see stocks up on the s&p 500 now, .7%. you can see the 10 year yield coming down to 4160. the 20 year coming down after that option. a weaker dollar and crude that

$78.15. this is bloomberg. ♪

romaine: altman is out, milei is in. i'm romaine bostick. katie: i'm katie greifeld, kicking you off to the closing bell in the u.s.. take a look at where equity markets stand right now. they are continuing to rally. big tech, doing even better. the nasdaq 100 up by 1% at this moment. it probably helps you are seeing a bit of a rally coming into the bond market. take a look at the 10 year