we were discussing that with annabelle droulers earlier. e-mini futures down more than half a percent currently. we've had lots of thank earnings to factor in already this morning. a 2 billion euro buyback. 2 billion euros, also results out of spain for bbva. we will have interviews with them later in programming as well. but if we put the port over to the cross asset picture, you are looking at the 10 year u.s. treasury yield low or three basis points at 4.27% currently. traders having trimmed best slightly out of fed easing off the back of the latest u.s. economic data. the yen, 152 handle as we digest the boj decision and await the press conference from governor ueda. the pound back at one dollar 29 off the back of yesterday's u.k. budget and print trading at $72 a barrel. stronger as we digest the latest developments in the middle east. as i say, ing results came out this morning. we were speaking to the cfo and we should correct that the share buyback was indeed 2 billion euros, not 2.5 billion euros. the dividend, 500 million euros as

let's bring in tech reporter annabelle droulers with details. the results came through a day early, trying to find out why that was. no doubt questions to executives on the call later at two u.k. time. take us through what we heard. >> some of the highlights there, the big concern was how badly they missed in the third quarter. what analysts had been expecting was $5.9 billion in sales to be booked. they came in around the $2.8 billion market, so a huge mess on what analysts had been expecting. as well as the guidance for 2025. that was lowered by the share price reaction is flowing into asia today. results a day early, something that surprised the market, the company saying it was a technical error. a lot for investors to consider. it points to that two speed recovery in the chips space. on the one hand, you have got all that excitement around ai chips persisting and that strong outlook we're seeing. at the same time, the legacy chips for things like consumer electronics and automotive's, that is still finding his way out of the industry slump.

let's get more with our tech reporter annabelle droulers, who standing by. this would be, if it comes to pass, a historic antitrust breakup. annabelle: certainly, but i think that big question is if it comes to pass. we haven't seen washington pushing to break up a major u.s. tech giant for monopolization going back to microsoft two decades ago. in that effort was not successful. this is very significant, this development. over the summer we have the u.s. judge ruling that google had illegally monopolized the search market. now we are moving to the remedy phase. we are getting the proposals that the doj puts forth. that came through in a 32 page filing yesterday. and included's quite extreme measures, you could say. as you said, yes that proposal that they could be forced to break up the business. that would be one of those. there are other things in play, including forcing google to provide access to underlying data that it uses to build its search results for its ai products. that's one other solution. they are looking at requiring google to allow more webs

annabelle droulers looks at the challenges ahead. indle, nintendo switch and even ring doorbells. foxconn is making these and more. assembling the devices mostly in china has allowed the company to build an enormous business. generating nearly $200 billion in revenue last year. but the market for many types of electronics, in particularly smartphones, is maturing. foxconn wants to move up to products that generate better products. ai service is one area where it's making progress. sales has risen as foxconn works with the likes of nvidia, microsoft and amazon on artificial intelligence infrastructure. semiconductor is filled with a focus right now mostly on older, less sophisticated ships. at present these mostly go towards in-house needs, including ev's. this is an additional space where the taiwanese company wants to compete. with a value proposition similar to what it once told apple. foxconn can build part or all of your car in less time or at lower cost. >> we believe this design manufacturing service is the same way as smartphon

let's bring in our tech reporter, annabelle droulers. when might that cap be implemented? nabelle: the conversations are fluid and the details could change but what we're hearing from our sources is that the commerce department in the u.s. is essentially looking at further expanding the framework already in place called the validated end-user program. it restricts exports of certain technologies to places like india and china. that mechanism was amended to include centers and could be used to restrict exports. the concern with the middle east in particular even though we have seen the u.s. and uae g out a joint statement on their shared ambitions around ai technology and shared acknowledgment of how could be used but essentially it is because the middle east has a growing relationship with china and there's the broader concern that even if you restrict technology exports to places like china, chips can still find their way to the mainland through these third-party countries and that includes the middle east and does have a growing relationship with beijing as well. haslinda

for more, let's bring in our tech reporter annabelle droulers. about the layoffs? annabelle: we are getting details around the geographies these are going to be happening in. we are not talking about layoffs in korea. we are hearing about reductions overseas. you think about samsung's workforce, actually more than half of them outside of korea. they've got about 150,000 staff, or just under, a broad. the markets we are hearing about these job losses, south asia, australia, new zealand, about 10% of the workforce in those places could be affected although that number could very little bit. we are hearing those layoffs have started. for instance, one of our bloomberg colleagues was speaking to someone in singapore in particular and that was saying on tuesday, so just yesterday staff were being poured into meetings with hr. their reporting managers to share details of their severance packages headcount reduction happening overseas, subsidiaries in particular. haslinda: we've heard a slate of other stuff recently, too. annabelle: this is according to

let's bring in annabelle droulers on the ground for us. on of these results and what it tells us about the demand. annabelle: it just really tells us in the discourse has significant this business is becoming for the likes of hon hai, because ai servers are seen as perhaps one of the best growth drivers for this business moving forward. it is a part of the business where they are working closely with the likes of nvidia in the design of these. they receive the checks from tsmc manufactured there. they assembly servers sent off to some of their customers, including amazon, microsoft, alphabet. all of that ramping up this ai cloud infrastructure. that is where hon hai is making gains in becoming quite dominant. in the latest figures for the third quarter period we saw the component doing quite well, and overall we saw sales around $60 billion. that was better than what wall street had been expecting a better than what the company was expecting, saying it was their best third-quarter results better. we are watching a big tech to coming up as w

haslinda: that was a chairman speaking with annabelle droulers and taipei.r news, hyundai is seeking to raise $3.8 billion in its indian unit in what could be the country's ever -- biggest ever listing. let's get more with our reporter. what we know about the pricing and valuation? manuel: an interesting one. india is on fire, it's such a booming market. hyundai is just the latest and biggest ipo to come to market. we just saw the news on the price range. that translates to about $22. the valuation will be $19 billion. this will be the largest ever ipo in india. it will be very important to watch closely as it will be a bellwether for other ipo's in the pipeline. definitely one to watch closely the left -- the next couple of weeks. trading should start october 22, that's the schedule as of now. the books will open to receive orders in the coming days as well. definitely one to watch and one that is keeping us busy. haslinda: you said euphoria in the indian market, what are the next steps from here? manuel: the next steps starting next week, books will open a

let's bring in annabelle droulers. the most recent disappointment. >> speaks to the -- the -- the -- the scope of expectations because we soar amd doing better, $5 million in sales from aai accelerators put exactly what disappointed came down to the forecast expecting 7.5 billion in revenue. close but not good enough and you saw a slump. it -- it -- it -- it -- chip growth versus the -- the -- the -- the main ones and amd continues to play catch up. tom: they would be hoping to sell into alphabet and earnings were a solid beat. what stood out to you? annabelle: exactly. the cloud stood out but you think about infrastructure and there is -- there is amazon, alphabet. the pie keeps expanding so companies can gain a larger share. ravinia better than what had been projected and a beat. across the board we saw strong numbers coming through, how long will optimism drive growth? this came up in the earnings call. they said we are seeing great efficiencies, looking at headwinds from cost, big question is how do they manage. 17

let's bring in annabelle droulers. y is biden looking to these measures, adjustments, now we have details on further restrictions? annabelle: incremental developments based on the end-user program, a mechanism to restrict exports of high and technology so the program expanded to include data centers and could be expanded further to restrict exports to the middle east. firstly you got a region building out ai and very deep pockets, capacity to fund. also growing relationship with china and u.s. looking to restrict shiners advancements. if chips continue to these third parties they could make their way into the mainland. tom, yeah, we know. i ask talk about potential leverage play that the u.s. is -- is thinking about. are they planning to use it? maybe as leverage. annabelle: it is a tool. we -- we -- we -- we -- we know companies could be asked to reduce ties with china. one way they can look 2 -- 2 -- 2 -- 2 -- two imply pressure or risk falling behind, another concerned. you've got a question over exports, could it be

let's get more on asml's earnings call and bring in annabelle droulers. what stood out? nabelle: really more context given the grim numbers about 24 hours earlier, why have we seen such a big drop in sales in the third quarter? we got more details on that and it points to the tuesday recovery in the semiconductor industry, on the one hand you have a i chips were meaning hot and on the h we have sales of so-called legacychips used in things like cars, consumer electronics and those are still weaker. that's why we thought -- saw perhaps the lower guidance going into 2025 and the executive talking about how customers are pushing out orders. take a listen. >> ai is a key driver of the industries cover a. risk potential aside. we see segments recovering more slowly than anticipated. the recovery will extend well into 2025, which is leading to some push outs and investment. annabelle: more details from the ceo and also part of a conversation on the earnings call he was pushed on repeatedly is demand from china and this will account for the company's bottom line going forward be

let's bring in annabelle droulers.loomberg app reported this prior to the details today suggest puts it in a category of its own, one of the most valuable startups in the world alongside spacex and bytedance. this is a big moment. annabelle: that is right, it is a very exclusive club openai is sitting in, one of the most valuable startups in the world, and it tells you how much tech industry titans continue to believe in the use case for alien the future. one company chipped in $1.3 billion. we are told microsoft, which is the biggest contributor around $750 million. others include postal ventures, tiger global, softbank as well. looking at its estimated valuation which was $157 billion. the question is how does openai plan to use this cash given they have got that power to be working through. they will be putting it toward ai research and adding to view capacity. it is certainly transfixing a lot of people in silicon valley. tom: it is a huge ticket number. to some extent it is indicative of the continued demand for e