d 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. sonali: welcome to bloomberg markets. i'm set ali baz inc. and is another green day. this november had the chance to end in the green on another week looking at the rise in the s&p 500 normally .1% higher but we are higher on the week as well. the nasdaq higher by .6% and the same for the nasdaq 100. even the stock semiconductor index is facing arise after nvidia results sent nvidia, the

worst performer in that index and almost every other sock in the index is on the rise. look at the bond market. two year yields over 10 days have had an extraordinary round-trip. two year yields surpassed 508 in the last 10 days and we have seen a whipsaw in the 28 basis points. the two-year back on the rise today in terms of yields on the heels of university of michigan sentiment data with investors and consumers now expecting inflation tos remain a little higher for longer. moving to another big story over not the stock market, the pope -- but the private market. where is sam altman is back at the helm of openai. what a series of twists and turns that started with him being fired, hired by microsoft, then brought on again as openai staff. almost 770 staff members threatened to quit. a few moments ago we heard from vinod khosla about altman's

return prayed he was an early investor in artificial intelligence. vinod: i am very happy to see sam back. he is uniquely positioned for stewardship of this very important company. it's much more than just a company. it is a benefit of ai to humanity in a much larger way over the next few decades. i think we have restored that path. sonali: for more we are joined by mandeep singh of bloomberg intelligence. think about openai, microsoft trying to bring on sam altman. now sam altman back at openai where it has huge investment. how important is it for microsoft to get board representation at openai? mandeep: they will probably have more say in openai than before even with the 49% stake. i don't know if they will end up taking a board seat because obviously they want the process to be driven by the members nominated. bret taylor is the most prominent one, and larry

summers, of course. from the microsoft perspective, they have standardized everything on openai. when you compare that to google or meta they have their own large language models. microsoft has the compute capacity, the distribution, but, they rely on openai for all that. sonali: does it create too much alliance? how much pressure does it create for rivals to get more access to burgeoning parts of artificial intelligence? mandeep: they will probably offer all these models on their cloud. right now the big difference is all the other hyper skill -- hyper scalers have developed their own large language models. microsoft based on what transpired in the last one week would probably want to develop their own large language model even if it takes 6-12 months. they would rather have that underpin their copilot as opposed to having everything

driven by openai. sonali: thank you mandeep singh. larry summers is a harvard university professor and patron to peter to bloomberg intelligence. for more on the investment landscape we are joined by daniel flats. when you think about this story, what does it mean for microsoft moving forward? there's a lot of conversation about the importance of ai to even what they can do in the future with cloud. daniel: it helps to solidify microsoft offerings. clearly, they will rely on openai property as we think about the next several months and quarters. if we think about the microsoft roadmap, they have done a good job infusing ai into office. clearly it is a bigger driver for azure their cloud platform. eight spent over the next couple years we will see microsoft continue to invest in openai and develop their own models. it is really about harnessing

all the capability and delivering value to customers. if they are able to do that, i think it will help them grow and ultimately contribute to driving shareholder value. sonali: what you think about the reliance on openai? how important is it for microsoft to start looking to new platforms? daniel: i think they will continue to look to make internal investments. i think they will make other external investments. really it's a combination. what we see across the broader landscape is all the companies, and google is one example, amazon with aws is another. they will invest in their own models. they will bring other models onto their platform. and, depending on the use case, i think that is what will drive which models to see more growth. so over time what will happen is the models will get better and better and they will find their way into the heads of -- hands of many millions more developers. of course, enterprises as well as the consumer world, where we are seeing a lot of excitement with chatgpt. sonali: if you are an investor

in public markets and you look at the rise of nvidia, how much its stock has risen recently, then you look at the private markets where you have openai, cohere, and tropic, also fast-growing with potential capital needs for yet how do you think of public versus private? do you worry that the better opportunities are not in the public market? daniel: we look at both public and private investments. we try to remain selective thinking about the investments in the technology space, and more broadly. the key from where we stand is it is about the intellectual property. harnessing that and driving product cycles, whether in the private public markets. and ultimately, scaling that, delivering value to users in a very differentiated way. and ultimately translating that into revenue growth and free cash flow growth providing capital to reinvest back into the business.

we will continue to look selectively into the public and private where there are opportunities now and i suspect we will see many more over the next several years. sonali: my colleagues at bloomberg ed ludlow and ashlee vance reported openai looked to see billions of dollars for a chip venture to rival nvidia. if they were able to do such a thing, called project tigress, how long would that take before a new incumbent really starts to put a dent into nvidia in the future? daniel: what we are seeing with the hyper scalers google, amazon, openai, they could do the same. they are looking to develop silicom that will make sense in their specific environment. at the same time, we are seeing this with google and amazon among others. they are continuing to aggressively invest with nvidia. with nvidia it is a story of

broadening growth drivers across silicon. a $10 billion revenue run rate networking business, software. putting all that together with an ecosystem that is vibrant with millions of developers, i think that positions nvidia well over the next 1-2 years. sure there will be competition. it has always been fierce and i think that will continue. with nvidia specifically we will see how china evolves. but, we continue to like that story driven by the innovation, the product cycles, and what we think will be differentiating offerings that drive growth. sonali: when you look at nvidia as an investment opportunity given how much it is risen -- has risen and how much it is selling off now, what price is it to consider fair value for nvidia at this point? daniel: i think the stock is attractive at current levels and i say that because when we look at the growth drivers in their data center businesses for one example, they have many more

product cycles underway than they had even just a couple years ago. so, this expansion of the growth drivers and a very strong execution as they continue to wrap supply with their partners, i think it sets the company up well to deliver exceptional revenue andv free cash flow growth as we think about the next 2-3 years and i think that what will matter most in the market, and sure, quarters will remain volatile with seasonality, cyclicality, china, like we talked about. it will be durability of free cash flow growth that i think will drive nvidia stock when we said about the next couple years. sonali: do you buy on these types of selloffs or see a need to set off to get even more? daniel: we are continuing across a broad range of internal strategies to assess positioning in a name like nvidia or any other company. what we saw from results last night, and as we think about the next several quarters, the next

couple years is you will product cycles emerging. that will help, i think, feel a strong durable growth as we think about 2024, and increasingly 2025, which the market is now focused on. as it questions whether growth is sustainable. from what we can tell, the data, the commentary, and our own research and discussions with customers, we think the growth is durable and will continue into 2025 and beyond. sonali: daniel, what about it side -- outside of nvidia? what is your biggest conviction play in the technology world these days with the most room to rise? mandeep: we like google at current levels and it is driven by their ability to continue to reinvent core search. we are seeing google successfully infuse ai into search. i think that will create markets . it will create value for users

on one side and advertisers on the other. that strengthens the platform and will help drive growth in the core search business, which in our view, in many ways, still has many good years of growth ahead. we also see a significant opportunity in the youtube platform. we think that remains vibrant. we think there is a lot of growth ahead there. i will rounded out with cloud. they are the number three player behind amazon web services and microsoft azure. but, the google cloud platform delivers a lot of value to customers that we speak to in areas like analytics, official intelligence. while that business is inherently lumpy, there is a significant growth opportunity. when we look at the key drivers of that company, the revenue commit a free cash flow generation, and the reinvestment back into the business we see a very attractive opportunity at current levels. sonali: thank you daniel flax of neuberger berman. coming up we will discuss a big

store in the last when he four hours, a -- 24 hours,. this is bloomberg.

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unlock our best deal of the year during the miracle-ear black friday sale. call 1-800-miracle now. sonali: this is bloomberg markets. i'm sonali bostic. the binance ceo pled guilty to money laundering and sanctions violations under a sweeping settlement with the u.s. allowing the crypto exchange to keep operating. his rival coinbase ceo brian armstrong says the plea deal would let the crypto industry turned page. brian: it's not only been an

opportunity for coinbase to step in but for the industry to turn the page are saying, some of the rules are clear around aml, ky see, novak, the issues binance had stepped over the line on. but some areas of the law are not yet clear and we need regulatory clarity to make sure the future of the industry is built here in america, not on offshore under regulated exchanges. sonali: for more we are joined by meltem demirors the coin share head of strategy. i get what he is saying about turning the page and all that. at the same time, how can customers be sure that not only is there money safe, but, the idea here that these exchanges, particularly, international exchanges have a cleaned up a lot of behavior you have seen binance get in trouble for? meltem: i think that's a really tough question. at the end of the day, what's really challenging for regulators or, now, traditional financial institutions looking to engage with bitcoin, cryptocurrency, and just assets

that operate on blockchain generally is crypto does not function the same way as traditional banking. there are not banking services that offer separation of accounts. we have seen the ftc go after crack and for that this week. that has not been talked about as much. but there are some really fundamental challenges. when you're trying to figure out how to make crypto compatible with rules and regulations that apply to traditional financial services businesses. it has always been a challenge. i have been doing this for almost a decade now and it has always been a challenge and continues to be a challenge. the good news is i think a lot of the overhang whether it is ftx, binance, it started -- it is starting to get cleaned up, partly a perception and partly a rules and regulations issue. i think the industry has done a good job pushing forward, creating standards. we have seen a lot of sharing of information of best practices among firms. i am optimistic.

i agree with brian. i would love to see the center of crypto remain in the u.s.. for that to happen, we still need clarity. we have not seen a lot of that yet. 2024i am hoping it's our year. sonali: what about the future of binance? on one hand you have a new ceo now. they have only faced a couple hundred million worth of outflows according to data. 1.3 data from the platform around the 24 hour timeframe. that's nowhere near what it saw at its worst. this is an exchange with well over $65 billion of exchange assets. what is the future of binance as the world's largest crypto exchange? meltem: at the end of the day it is all about where traders want to be. traders want to be where liquidity is. right now binance is a very liquid exchange that offers a lot of trade pairs and it offers trade pairs you don't necessarily see on a lot of other exchanges. i think over the last few years,

with all of these enforcement actions we have seen a lot of the standard news where people trade where there is steep liquidity. it sort of dried up over the last year. we have seen a lot of market makers, of c.t.s., the larger volumes of trading happening also disappeared as a result of some credit crisis fallout there. really the question is not who will absorb the volume. we have seen binance dominance in the market dropping already. the question is, will there be new players that emerge? already we are seeing the launch of new exchanges in different jurisdictions looking to maybe take the market share and take advantage of new opportunity. the question is really, what jurisdictions will be most attractive? where will the liquidity be? right now still a lot of it is on binance. coinbase obviously has great liquidity for u.s. exchanges. it is a question of what new players will emerge. there are players currently in other parts of the crypto

services stack that might be thinking, hey, this might be a good time to step into the exchange business. i think again, this is a wide open playing field after ftx, you know, melted down. there are not a lot of places left. i am personally very excited about seeing new players emerge and maybe traditional financial institutions. sonali: speaking of existing exchanges, i keep harping on coinbase because i asked brian armstrong yesterday how much influence they are seeing on the heels. he said it was too early. he took to twitter to say i should be decentralized as much as possible and open-source is a great step towards this trade then he said crypto should be decentralized. it's interesting. there are a lot of buzzwords in this particular statement. what does it exactly mean do have a crypto world that is more decentralized? is this a big bid for d5?

meltem: this is one of the fundamental ideological contradictions of crypto. the whole point of bitcoin that got me excited in the early days was, hold your own keys come your own coins. nobody has access other than you. now, the ideological contradiction is coinbase is a custodial company. the services they provide are fully custodial to a large degree. they are starting to move into a direction that is a little more noncustodial. those products and services are fundamentally incompatible with u.s. laws around how capital markets to function. so, this is one of those interesting contradictions of the industry. yes, there are certainly technically savvy users that value decentralization, that value self custody of their assets. but by and large, my litmus test is my dad. my dad is retired. he manages's money in a

brokerage account with you does not want his own wallet and own keys. he wants to log into one account where he has confidence is assets are safe and secure so he can trust the platform he is on. that is the reality for many allocators whether in the u.s. or elsewhere. it's an interesting ideological contradiction. a lot of buzzwords are there. one over the coming decades will continue to play out and we will see generational preferences start to shift their. but, people want their assets safe. sonali: thank you meltem demirors of coin shares for unpacking what is going on. next we shift to oil dropping after opec-plus pushed back a meeting scheduled this weekend. we discussed why it was delayed and the turbulence for the market ahead. this is bloomberg. this is bloomberg.

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sonali: this is bloomberg markets. i'm sonali basak. we listen to rebecca babbitt that spoke earlier with bloomberg to talk through the oil market today. rebecca: i think we reached an agreement. i think the reason we are having the issues is because we will get deeper cuts. that will help the market recover and stabilize. if you are trading at the end of the year with the holidays do you really want to play that and make your bed? it does not look like the market wants that now. sonali: that was rebecca babin speaking on bloomberg tv referring to issues between opec-plus nations after pushing their weekend meeting back to next week. joining us now is bloomberg's vivica kumar to talk about expectations. the market is respecting -- is expecting a cut here. how reasonable is the expectation and what's the process to get there? what's going into the weekend most people priced in an extension of least saudi arabia

and unilateral cuts into next year. now it will be necessary to prop up or at least linda for two prices because there are significant questions about demand and supply. with the latest snag we will probably see other countries have a pretty strong say on whether they want to join saudi arabia on this effort or not, particularly, african nations. there has been a lot of discussion back and forth about whether or not they have the capacity to produce at higher levels. there has been some pushback from nigeria and angola in particular about wanting to produce higher quotas. sonali: we were talking about this idea before. we are about back to a 76 handle. you think that the floor has been created? how much pressure is on the downside? devika: it really comes back to the idea of sentiment. speculators versus opec, in a way. because, the longer the talks go on, the more it allows short positions to flood into the

market causing more selling pressure and amplifying moves in either direction because there was so much uncertainty going into next week now. sonali: how much pressure is on the demand side? this has been a supply story for so long. our demand questions more in the picture now? devika: we have bright spots. diesel demand is strong. inventory data came off strongly in the u.s.. there are bright spots, but i think demand indicators tend to be difficult to read real-time. therefore, the market always digests it almost after the fact. so, there will still be some questions going forward. but so far, not disastrous. sonali: silver linings and tough economic data ahead. that's too kumar of bloomberg news. coming up, strength of the consumer going into the holiday season with jennifer lee the bmo capital markets senior economist. markets are still up on the day. this is bloomberg. ♪

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markets. we what to get to some breaking news. we are monitoring headlines coming out of niagara falls. the bridge connecting the u.s. and canada has been closed after an explosion. the u.s. side of the bridge, the

mayor's office in niagara falls saying the incident involved a vehicle crossing into the u.s. kathy hochul was the monitoring situation. fbi is at the scene right now. we are continuing to monitor some of the headlines on this. on x, the governor saying she has been briefed on the incident and is closely monitoring the state -- the situation. state agencies on site. we will monitor that closely but also want to track what is happening in the archives this wednesday. sonali: quick check on the markets first. we are looking into thanksgiving in the u.s. another green day. s&p 500 up more than 5%. and of the 30 stocks, 28 are in the green. nvidia the biggest loser. broadcom mostly flat.

nearly 1% gain in the stocks. yield story back in play. two-year yields up six basis points on the day, just over 4.9 we. we have done a round circle over 10 days with a big drop off. expect -- inflation expectations stay high. 10 year yield rising by two basis points. jon: we are also watching individual movers, in the technology sector, where we are tracking the market reaction to nvidia's quarterly results. topline power compared to last year but a ho-hum reaction on wall street with shares down. another company often cited in the ai conversation these days -- and for good reason today after sam altman returning to openai -- microsoft shares up about 1.5%.

we wanted to talk more about the overall economy. investors have been sharing sales of deere today. it seems to be a concern about crop prices and whether or not farmers are going to be as interested in buying new equipment right now. as we head into a holiday shopping season, a lot of questions around the health of the consumer. for nordstrom, the financial picture impacted as they shift away from discounts. watching to see how that impacts retailers going forward. sonali: there is a lot going on that will impact the markets. earlier today, we spoke with torsten slop, who talks specifically about the rate of fact on companies? >> for the next three quarters,

gdp growth will be basically .5% for the next nine months. so this expectation that everything will still be fine is guided. the fed is trying to slow the economy, to get inflation down. with that backdrop, we should expect rates higher for longer. there is a a missing conversation about rates that will have a negative impact on companies with high leverage and week cash flows. sonali: americans not expecting relief from price pressures anytime soon. u.s. short-term inflation expectations climbed into a seven-month high end november. a longer run prices remained at levels not seen since 2011. for more, we are joined by jennifer lee, bmo capital markets senior economist. the story on rates and when you compare the market expectation for rate cuts with consumer expectations of higher for

longer inflation, do you worry that those cut thoughts are misguided? jennifer: a little bit. a queue for having me. happy thanksgiving. i will just talk about fed rate cuts sooner rather than later are a bit premature. we just saw this in the university of michigan consumer expectations inflation data. the expectations for inflation over the next year is at its highest level in seven months. the fed is more focused onr expectations. those were changed -- and change but still at 3.2% over the next five years. it is the highest in over 12 years, concerning. this is going to feed into consumer behavior. because of this backdrop, i think the fed is going to stay on the sidelines. they will not be cutting or

hiking anytime soon. that cognizant of any head fakes it could appear. but we are not looking for the fed to do anything until the last quarter or so of next year. then we will look for a couple of rate cuts. sonali: how do you think about this idea of longer-term inflation? with the consumer still inspect -- expecting longer-term inflation to remain well above 3%, is there needing to be an adjustment of our star? jennifer: this is coming off of a unique situation. a few years ago with the pandemic and the rebound, these are the absent flows of economic activity. overall, we need to bring it down to 2%. if we change it now, it will question defense credibility for central banks. this 2% target, all the major

central bankers are tracking down and saying they are not to be changing that target anytime soon. this is all with rate hikes to bring inflation back down to a tolerable pace. jon: here in canada today, we heard the bank of canada governor talk about in his opinion rates likely being restrictive enough in the fight against inflation for now but since central banks will likely try to keep a bit of wiggle room to move on rates again if needed, what will be the determining factor if ultimately rates are not restrictive enough? what would you be watching for on the leash in front? jennifer: energy prices for sure but definitely the housing market. that is the biggest driver. you see that playing out in

homeowner behavior. or those who are looking for a home to purchase. i think that is one thing we will continue to watch for. the latest inflation data, we cannot set our goals unjustly one report. we have to see a continuation of slower growth. are we seeing that already or slower economic activity? we also looking for thanks to do anything until probably the second half of next year and then a couple of rate cuts to follow. jon: great perspective. jennifer lee, bno capital senior economist, as we continue to track the inflation story, back to niagara falls after there was an explosion on the rainbow bridge. joining us now is sarah mcgregor . thanks for being with us.

the governor of new york, kathy hochul saying that under her direction, the new york state police are working with the fbi to monitor all points of entry to new york. can you walk us through what we may know at this time? sarah: it is a breaking news situation, so information is coming out slowly. there was an explosion at the rainbow bridge, about a mile from niagara falls. right now, that preaches shut down. no vehicles are able to get over the border. the vehicle that exploded was trying to get into the u.s. from canada. but so far we have limited information. jon: since this is a situation that seems to have a number of law enforcement officials monitoring it closely, one thing the governor said on x is that

there are state agencies on site. they are ready to assist. what should we be watching for these next few minutes in terms of the activity? there was a headline suggesting the governor is traveling to buffalo to meet with law enforcement and emergency responders. sarah: what we know so far is the fbi is on site, coordinating with local, state, and federal law enforcement. some of the images coming over twitter are still unverified at this point but they show a serious explosion. everything will be on the table in terms of trying to determine the cause -- an accident? intentional? obviously a busy week going into thanksgiving. we do not have any sense right

now whether they were casualties, whether anyone was hurt. sonali: what does it also mean? abc reporting that the fbi is placing canine officers at each of the international bridges as a precautionary measure. how widespread is the caution? sarah: with everything going on in the world right now, there is a lot of tension and conflict. the u.s., there has been warnings that have gone out for people to be careful. there might be threats against the u.s. no indication that that is the case but this is the caution that we are seeing right now. until we can get a handle on what happened, again, it could be accidental, there will be a lot of caution. jon: absolutely. we appreciate you helping. sarah mcgregor joining us on the

situation at the rainbow bridge. this is bloomberg. ♪

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situation out of niagara falls after an explosion on the rainbow bridge. i am in toronto. sean ali is in new york. when it comes to this particular passing, this is what connects the two countries across the niagara river. some reports suggesting we saw the vehicle explode.

fbi field office near niagara investigating. there are photos and video taken by a variety of news organizations. some photos on social media showing a security booth in flames. we are still watching the situation unfold. kathy hochul says she has been briefed and is monitoring the situation. this comes at a busy travel time ahead of angst giving. the rainbow bridge one of four water crossings connecting ontario to western new york. laura, this is a developing situation, but what more can you tell us about the headlines we are hearing and seeing? laura: we know very little at this point. it was initially described as an incident at the rainbow bridge, but the fbi field office in

buffalo described it as an explosion. all of the bridges between the u.s. and canada now closed. sonali: what can you expect of governor holcomb's office in terms to a response to what is happening? the rainbow bridge, the peace bridge, and two other border crossings closed as they investigate. laura: we do not know exactly what kathy hochul plans to do later today but her office said that she has been briefed and that state police is working with the fbi joint terrorism task force to monitor all points of entry into new york at this time. she is also headed to buffalo, which is where she is from, to lead with law enforcement and

emergency responders. she plans to give an update when more information becomes available. what form that update will take -- a live briefing, a social media post you're not sure. jon: a lot of people are trying to gather information right now on social media. there have been various images shared. in one, thick smoke can be seen in video from the scene. we should remind the global audience that this is coming at a very busy travel period, a lot of people getting ready for a thanksgiving weekend. this is one, as we were referencing earlier, he crossing points -- key crossing points between ontario and new york. in terms of the headlines, maybe you could recap what you were just telling us before, some of

the language the field office for the fbi in buffalo was using. we should remind the audience once again that on x, they described this as a fluid situation. laura: about 45 minutes ago, governor hochul's office released a statement saying that they were looking into an incident at the rainbow bridge between new york and canada at niagara falls. about half an hour ago, the fbi field office in buffalo released a statement on social media saying that they were "investigating a vehicle explosion" heavy rainbow bridge. the fbi field office describe the situation as "very fluid." governor hochul is currently on her way to buffalo.

she plans to update new yorkers on what is happening sometime later today. jon: thank you for the update. a lot to continue monitoring. we appreciate your update and we will update the audience as well. along with those comments from the governor, chuck schumer saying he is closely monitoring the situation on the rainbow bridge and that federal, state, and local law enforcement officials are on the ground investigating. we wait for more details and continue our coverage. this is bloomberg. ♪ ( ♪ ♪ )

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situation in israel. sonali: we are set to hit -- hear from the israeli prime minister. i am joined by ian marlowe. we think about what the israeli prime minister has to say on what will be a significant moment in the middle of this war, the short truce set for the hostage release, what do you expect him to get across? ian: it is an interesting moment, a turning point in the war. we have a lot of people globally pushing for something more than this limited humanitarian truce. a lot of people in the arab world pushing for a more permanent cease-fire. within israel itself, there is also some pressure on netanyahu,

on his government. given the fact that you are orchestrating a deal with a terrorist organization, that launched a brutal attack on your country, so -- and a lot of people are not sure whether everything is going to go according to plan. there is some optimism here. everybody taking it piece by piece. for netanyahu in particular, this is a sensitive political moment, but he and his government, the country writ large is hoping for this to go well, but there are more hostages that have been taken and there is still the war to be fought and they promised to deliver on the other side.

there is a lot of tension right now. jon: as part of the diplomatic breakthrough, which is highlighted by the freeing of the 50 hostages from gaza and the four day cease-fire and the release of 150 palestinian prisoners, that additional detail from the prime minister about extending cease-fire activity by a day for each 10 additional hostages, we will have to wait and see how things play out. first major lull in the conflict. ian: exactly. it is a sensitive moment. people are optimistic about what could come out of this, but there is still a lot of reservations, given that netanyahu's government had been dealing with hamas in gaza and hoping that things were on a better track ahead of october 7,

when they were blindsided. there is a lot of fear that this could fall apart. jon: really helpful to get your context. we will continue to monitor the headlines of israel. we want to get back to the breaking news situation at the rainbow bridge in niagara falls. the fbi investigating a vehicle explosion. this is a key border crossing between the u.s. and canada. the fbi said it is coordinating with local, state, and federal law enforcement partners in the investigation but they were clear that this was a fluid situation. the cause of the explosion? we are trying to figure out. some eyewitnesses say there was a blast followed by a plume of smoke. we will continue to monitor

those headlines coming out of the rainbow bridge. we have seen some other bridges impacted and roadways, particularly here in ontario. more details ahead. this is bloomberg. ♪

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at the u.s.-canadian border on the northeast portion. the rainbow bridge, a popular crossing to get into niagara falls, is now closed. all border crossings in the niagara region closed as authorities investigate a car that was on fire on the bridge. we do not know the cause of the fire, but the governor of new york, kathy hochul, as well as