ed: and we sit down with the ceo of qualcomm. caroline: and the cfo of doordash joins us to run through the company's latest results. there is a wealth of micro data today that we will be digging into, not to mention new york-based peloton. i am looking at a plot -- at a broad index. we are seeing the nasdaq up .7%. we are relieved we will not see rate hikes but no signal of rate cuts as we see a resilient u.s. overall jobs picture which we get no detail of friday. yes there is a cooling, the slowest increase in jobs since november. we are seeing a 10 year yield down one basis point. we anticipate the jobs data and the bloomberg dollar index weaker as we see a bit of a relief. down .4%. what is bitcoin during versus the u.s. dollar? they were up 3%. a risk on trade today. what are you watching on this corporate news front? ed: let's start with peloton. wild morning session. the ceo will step down. 50% of the global headcount will be cut. things are not getting better for peloton. look at the chart to illustrate the point. when th

qualcomm has a large exposure to smartphones in china and that helps qualcomm's while everyone else suffers most high end android oem's have launched their devices late early this year, that has higher esp, that helps them with a richer mix while most of the groups are suffering through the market. haidi: what are we seeing when it comes to china because i have defended the sense of confidence that they are not seeing across weakness when it comes to the android segment? >> there is in china, he had to look at different mid tier, the high end tier, from there, commentary, the flagship phones are not seeing the similar weakness that the mass-market is seeing. that is where they play and it helps them. like i said, a weakness in china was predominantly for apple and that is again a better deal for them because every android headset that sells at the cost of apple, all come gets an uplift. annabelle: you mentioned that qualcomm was standing out from the rest of the pack, md was one that had a big slide -- amd was one that had a big slide, concern around the ai chip forecast? >> it is more than

it is not good for sky works but it could be good for qualcomm because qualcomm is a customer.ualcomm so the market share, that is something analysts would be looking for on the earnings call. this is a risk, owning wireless -- highly competitive with high customer concentrations. so if apple drops qualcomm, you can see massive moves. lastly, incidents -- investors will be looking for qualcomm commentary on independent levels and demand. >> i appreciate that, thank you. doordash, tell us. >> hey, scott. expected after the bell, outperforming uber but underperforming instacart on a 12 month basis so close to uber. it will give an indication of consumer health, something that is top of mind right now. how much people are ordering and delivering but also grocery as it grows the business, it is not restaurant delivery business which has a lot of straight analysts excited. the street is expecting better margins of profitability on the back half of the years to watch guidance. this quarter however expecting a slower pace of sales and gop, that is gross order volume growth. -- top of

if you pulled up a chart of qualcomm, you would not know that qualcomm has the same amount of nvidia20%. it's unbelievable but no one talks about qualcomm because it's not a direct ai story. memory stocks have been on a blistering pace higher micron, semi cap, and the other group that is catching attention is the cyclical analog semis like texas instrument analogues that have caused in industrial demand. ed: i want to linger just a moment longer. we talk about qualcomm on this program quite a lot. but the story is about ai shifting from the modern-day computer severac onto device. qualcomm may be the fishery in the first instance what if the consumer does not buy these devices? jordan: that's the risk unless you give consumers a reason to go out and upgrade their smartphone or pc your new book. they will probably use what they already have. these phones are so good today. you need to see apple and google who controls android create new functionality and features related to ai that offer efficiency, productivity and new things you can do with your phone that you cannot do with an exis

we have seen a resurgence from huawei and qualcomm last night resurgence of android premium.is eating into the apple market share on the other hand, remember apple is entering the earnings with very bad comps. if you remember one year ago, supply chain disruption by the end of 2022 pushed demand into q1 of 2023 this without the numbers are the inflation of the supply chain. >> you are one of the few who puts nuance in it. we rely on data from china we don't have full transparency. a.i. and apple people talk about the need for apple to have a.i. development do you agree with that does there need to be a leap forward for other areas with a.i. proproficiency? >> a.i. is the elephant in the room you have amazon and alphabet and microsoft all giving out pretty good numbers, including lemeta some ways, with a.i. they are increasing in revenues and profits. apple has been missing in it action we probably won't hear much on the earnings call with the ecb decision in june we are expecting to see a slew of announcements with what we can see. >> people keep saying apple needs a.i. devel

cristiano amon of qualcomm.nal hockey league playoffs are in full swing, and fans are tuning in at record levels? yes. nhl commissioner gary bettman walking down our hall right now, first on fox business, to tell us why he thinks the stanley cup playoffs are so hot compared to previous years, so hot they could melt the ice. there's gary, he's coming up. and the company known as ice, intercontinental exchange, that's the parent of the new york stock exchange, not as 40 hot. first quarter miss. stock is down about 1.7%. they had a first quarter revenue if miss, specifically. we are coming right back with, he shoots, he scores, gary bettman of the national hockey league. ♪ ♪ a perfect day for a family outing! shingles doesn't care. but shingrix protects. only shingrix is proven over 90% effective. shingrix is a vaccine used to prevent shingles in adults 50 years and older. shingrix does not protect everyone and is not for those with severe allergic reactions to its ingredients or to a previous dose. an increased ri

he said qualcomm and intel have gotten a little too close to china. that might not be the total effect. qualcomm has said that their shipments to china and huawei have two in two a trickle. in the future, they see a getting less. but nevertheless, the u.s. really focusing on huawei not getting advanced chips. right now qualcomm can sell, has been able to sell chips that go into 4g phones, but not more advanced like 5g. you are going to see, according to the sources, potentially the u.s.-biden administration going after six chinese companies with sanctions for providing ships and chipmaking equipment potentially through a third in huawei. yes, it's tightening of the screws on huawei by the biden administration. haslinda: you have to wonder if huawei will push back. chances are it will. what form might that take? stephen: this has been something that huawei has been phased through the trump administration and the biden administration. there have been ways that we saw this, and we have the video. i believe it was last year when the bloomberg investigator

skyworks saw an inflection at the bottom qualcomm, looked like business as usual >> we'll get to qualcomm'scause the stock is up. but on apple, you've said consistently, own it, don't trade it, for the longest period of time. >> exactly >> you know -- this quarter is not conceivably going to be a strong one >> i said the stock could go to $160, and i would still like it, but i'm betting that it's the next iteration of the phone could be very -- >> we're getting closer to the june meeting, in which we're going get more details >> absolutely. we need to see that. and i have been saying, listen, let's make the vision pro both consumer and business-to-business they have always studiously avoided any business-to-business product at apple >> right and the vision pro, you guys may have been talking about it, i can barely hear during the bell there, but that's not really doing much of anything right now. >> no. but maybe they can reignite it, and we want to see, of course, more companies right for it. the more you -- >> i know, you're a believer in the enterprisein terms of what that could mean. yo

qualcomm is showing compelling opportunities on the edge with a.i.'m not putting a dollar into apple right now. >> if you are seeking tech stocks that are already kind of delivering these perfect results, how are you able to get a good deal and provide a return in the future? is that perfection, in other words, indicative of future returns or better future returns, or are you better off looking at those who missed the mark, traded down, buy on those dips and capitalize in the future >> i think investors are in a pause moment they've seen that the macro environment isn't really stable. these jobs numbers are a little flimsy we see a gdp not growing companies have been rewarded for lowering opex. right now, they're looked at for a perfect blend of capex spend there are companies that had multiples pull back. i mention ed qualcomm. several of the other stocks they're compared to, much lower. they showed some stability in the handset business and a boom in their automotive business people are saying, maybe there is an a.i. story there we'll pour into it

there's real intellectual property at qualcomm. this is similar again to stephanie with broadcom that this is a different way of playing a.i. you saw the announcement they're providing -- qualcomm is providing chips for a.i.-enabled computers. that's huge. this is in addition to edge computing on smart phones as far as a.i. capabilities go. so there's a reason that the stock is breaking out. i just want to say one more thing. i remember recommending this stock in early 2022 at 190 and then it went into the desert. i felt bad about that. i did. but if you stuck with it as i have and if you stuck with me, you're now reaping the rewards. >> stick with the farmer. i do want to hit pay low w palo alto, our chart of the day. i don't need an opinion from people who don't own it. the stock is down about 3%, and that's a recovery. the intraday from where it was after earnings yesterday to where it opened this morning, we'll take that as a w, i think, if you're in shares of palo alto. the analysts are defending it, too, like dan ives. crowds

you can see qualcomm was able to beat that. on export controls, interestingly, qualcomm confirming that they have continued to sell products to huawei under current licenses they have, but quote, do not expect to seven product revenues from huawei beyond the current calendar year, so, you can potentially hear more about the competition between both companies going forward. expect management to also talk about plans to release this a.i. chip for laptops starting this summer, but we know that won't impact forecasts for awhile, but it seems like the focus right now is just on this premium tier market that's what they're talking about on the earnings call >> kristina, thank you there's real concerns, after skyworks yesterday, particularly when it came to potential android weakness, which they dispelled. >> they did. and they certainly said, in the higher end, is -- which is where they live, it's been an interesting ride for qualcomm, which has had a pretty good run. it's up almost 15% pulled back a little bit into the numbers. valu

let's shift to qualcomm.hares jumped the most in two and a half years after an upbeat forecast pointing to a rebound in demand for smartphone shapes the ceo told us what is driving growth in the key chinese market. >> the story on handsets in china is pretty simple. the market has stabilized, we had said that a couple of quarters ago. end users are buying better phones. it is really for us, a story of flagship within the android, especially a lot of those black ships lunching with genai. i think we are seeing the very beginning of gen ai coming to devices, and that drove a lot of the growth. it is 40% not only in this quarter, but it is actually expected to have the same in the next quarter as we look at the guide. it has been a good story as the smartphone market stabilizes and the android flagship has stayed resilience. >> as you know and our audience knows, we will talk about the device when it comes to generative ai. let's linger on china. looks like the domestic players that android faced are gaining mar

ed: you broke astarte before a story about qualcomm.an: they are a server chip company and teaming up with qualcomm to bring in this accelerator to bring cheaper alternatives to what nvidia is selling for tens of thousands of dollars. caroline: we sat with renee james at various times throughout that event and she is a breath of fresh air to the area of computing but it's like a trifecta is going on. they can't do it alone they have to work through qualcomm but energy efficiency? ian: as you point out she is making a point which many agree we can't carry on like this. the cost of ai is just too great right now. we need technology answers to that problem and more efficient chips and cheaper chips and she is trying to offer her company as a solution to that problem. caroline: managing to come out to the market with a combination offering. it's brilliant that you got to break it for us. coming up we will talk about walmart's earnings results and finish on the e-commerce side. 4 billion deliveries in one day and same day over the last year.

qualcomm says it has recovered in china. no signs of weakness there.qualcomm does is sell the processers for the android phones mostly. but they also sell chips for cars, and their automotive segment was up 35% in the quarter, and the stock is getting rewarded today. stuart: are you seriously going to collect for me to have a pair of goggles for my birthday? if. lauren: i prefer the oculus from meta because they're a tenth of the price. i would buy those for you. >> you probably get what you pay for. in for a penny, if in for a pound. come on, lauren -- [laughter] lauren: done, on the record. stuart: okay. hold on, novo nordisk, they've got wegovy. i know sales have almost double- lauren: yep. stuart: why is the stock down like that? lauren: because prices are coming down a little bit. that's the best answer i have for you. the numbers are really good. 1300,000 americans -- 13 if 00,000 americans take a weekly wegovy injection. that's not ozempic, that's just wegovy. and we're seeing novo nordisk keeps underestimating demand, hence, or they're lifting

the former qualcomm ceo is running the surge and he could even be a contender.a 30 year insider, stephanie pope, who knows where all the bodies are buried and she has a engineering background and that is preferred. and the third is shanahan who has 30 years at boeing supply chain operations and is now the spirit ceo and was part of the trump administration with various defense secretary roles. scarlet: what we are saying about steve mollenkopf that he could be a contender, he was a former qualcomm ceo. this would be eight dick cheney situation where he is looking for the vice -- this would be a dick cheney moment where he is looking for the vice presidency. with this get support? sheila: you need somebody to rub and lives -- someone to revolutionize boeing and somebody who is good with the workforce and has 20% to 30% of union negotiations as well. you really need somebody that is all in an good with regulators which steve has proven himself. clearly we don't cover qualcomm and never did but he has a good pass with regulatory relationships, activists, a takeover

it is a nonevent for us in terms of what you are seeing with qualcomm and intel. ed: we are speaking live to the arm ceo rene haas. we are on the ground here at bloomberg tech in san francisco. last week christy was on the show telling caroline and i this was the last year. you gave a slightly different answer. maybe it is not the year of the ai pc. you don't want to see just one supplier. you said you would like to see two or three. what is your beef with qualcomm? rene: one large ecosystem has already moved on in a very big way. apple is 100% based on arm. all of the apple silicon is based on arm. you see amazingly good products relative to what they have delivered. fantastic battery life. performance, no fans. the windows market is different. it is highly fragmented. lots of different players. the ecosystem matters. the channel matters. price points matter. gaming machines versus low-end devices that are cloud enabled. what is all that mean? it generally has meant that vendor choice multiple options to provide a full scope is what matters. what i'm hearing is o

qualcomm with a strong earnings report with strong orders from chinese smartphone makers and then theesk in the fourth spot. wti is the u.s. benchmark and below 8$80 a barrel it is up 1%. brent crude is up 1% lastly, bitcoin here is under pressure it is trading below $58,000. it trades around the clock $57,775 right now. >>> that is the set up now let's turn back to the big story. the federal reserve and the decision to hold steady with interest rates the central bank noting the challenges in getting inflation to the 2% target in the press conference, jay powell saying the next movelike. >> we don't like to react to one or two months data this is a full yquarter. it is appropriate to take signal the signal is it will take longer for us to gain confidence we are on a sustainable path to 2% inflation >> for more on this, let's bring in roger ferguson. the former ceo and president of tiaa and cnbc contributor. roger, great to see you. i want your take on the fed decision and the comment from jay powell did he close the door on all of the people that watch all of the reports? did he final

. >> much of this, because of these chips, specifically qualcomm was part of the announcement, we're used to seeing ai being run on cloud services. can you talk about what's being done in the cloud, versus what's being done on these pc's to make them stand out? >> reporter: the chapter of ai innovation that we're unveiling is on that on device action. we have 40ai models that are on the device, that allow you to do that creation in realtime, or recall. all of that happens locally. it's all very private. but we still can go do the cloud to get updates. we'll update these models through the cloud. finally, copilot will run with the latest gpt 4.0. you get the best of both. >> then folks today, who might have a computer and looking at these features, they may not be ready to buy a new device, are they ever going to get features like you just mentioned? >> some of these devices do require this new pc with the new mpu. you need that new performance. you need that new ai model on that device, so this will be a reason to go buy a new pc. >> qualcomm is obviously the new chip maker here. you

the sentiment is really riding high in qualcomm. but so are the fundamentals.ngs are being revised upwards, meaning you're doing ai computing on your phone, not sending it to a data center. >> this thing's breaking out. >> thank you, my brother. just throwing that out there. i love you. >> i thought the response was a little patronizing. >> i didn't mean it patronizing. >> i'm going to own it both. not a bad point. i've got a lot of qualcomm, josh, i do. >> i would never patronize him. >> i'm just kidding. "falras"reexin tde a nt. bringing you an elevated experience, tailor-made for trader minds. go deeper with thinkorswim: our award-wining trading platforms. unlock support from the schwab trade desk, our team of passionate traders who live and breathe trading. and sharpen your skills with an immersive online education crafted just for traders. all so you can trade brilliantly. (♪♪) car, this isn't the way home. that's right james, it isn't. car, where are we going? we're here. (♪♪) surprise!!! the future isn't scary. not investing in it is. car, were you in on

qualcomm called out to strong demand for premium tier and ai phones. obviously apple is not an ai phone but is also premium tier. we are seeing qualcomm is a great day. that could be an indication to apple, as well. also, with china. tim cook reminded everybody in mainland china that the iphone is four of the top six positions in terms of the seller . so while they are making a base they are still selling a lot of phones. all three of us are in agreement. the long term strong fundamentals and tim could not do it. but also with the discipline strategy like joe. it is making lower lows and higher highs. that could stop if we get a pop after the airings, tonight. >> malcolm maybe the biggest fear is related to china. and whether we are going under a secular change. and what was thought to be the beginning cyclical and the business was going to come back around. it is actually more structural and secular. the dynamics in that market are more national purchasing, if you will. while taking market share that joe alluded to. what if that is a bigger issue than

. >> what about qualcomm, joe, it is intel jenny, qualcomm joe, morgan stanley telling about the impactrictions on shipping to huawei so jenny, take intel >> the next line is impact should be minimal for both companies. and so i think i don't like even thinking about headlines like this as they relate to intel because i keep telling everyone intel is super, super, super long. >> because the others are so positive that come out >> because if you want to hold intel, like you have to be in it for -- ha-ha-ha. >> it was funny. >> i know, but i wish i could s -- everyone could see him laughing at me i've said if you are going to stick with it, it is incredibly long term. so just tune out all the short term noise and stick with the fact that they have like billions of dollars coming their way as get these -- and if we keep reading it, separately intel is in talks with a deal to build a factory in ireland that takes time but they will generate significant money for them tune out the short term noise. >> qualcomm wants its five year high from january of 2022 up at 193. obviously when you look a

. >> qualcomm at ebay tonight. keep your eye on crude closer to 79 than 80 let's get to the judge >>> welcome to "the halftime report." the market's earnings and investment committee on the case on all of that joining me for the hour today, jenny herrington and steve weiss. we're green on the dow, in the red on the s&p 500, and the nasdaq's given back .5%. we know what's on the table, though, don't we the fed this afternoon looming large. joe, all sorts of questions about the economy, the rally, rate cuts, and everything else how should we be thinking about this before we get to big news about your rebalancing of the etf? >> i think the firm landing is here i said that haft week. i continue to see moderation in the economic numbers i'm hearing commentary on the part of ceos, certainly what we heard from starbucks last night that the consumer is becoming more cost conscious. the effect of higher rates, the effect of inflation is real. it's impacting lower income -- lower income consumers, and i don't think without q

>> qualcomm, in those as well. very happy about that.n both in the glasses and elsewhere, you know, battery life there especially the glasses not carrying around a big battery pack on the side of your head, i hope. >> you hope. jon, appreciate it. la> coming up, jobless cims and productivity data. don't go anywhere. "squawk box," coming right back. happy mother's day! some things never change. like a mother's love. get something as timeless as a mother's love at harryanddavid.com. life is a gift. share more. >>> welcome back to "squawk box" on cnbc. we are approaching the initial jobless claims data. also get productively numbers and a look at the trade deficit. the futures ahead of all of that data continue to be strong this morning with the dow adding 183 points you can see the numbers there. nasdaq particularly strong as well treasurys, worst-case scenario didn't happen yesterday. stuck still around 461 two year moderated in yield. now down below 5%, and a lot of reversals across the board also we had bitcoin coming back after a real

lo and behold, qualcomm also rocketing to an all-time record. benchmark and rosenblatt hiking price targets to $240, right now qualcomm is $2000 and change. perhaps the market's moves are just a bit tentative due to the fact that that we have seven fedheads out and about speaking today, sick of who are -- six of whom are voting members of the interest rate-setting committee. five have already made their remarks, we're waiting on two others. most notable so far, governor chris waller who held rate cut hopes at bay when he said morning he needs to see several more months of good, meaning slowing, inflation records before he's ready to give a thumbs up to any rate cut. still, though, markets are up. bond yield withs down slightly with the 2-year yielding at the moment 4.42. we do have some investors moving to lock in longer dated treasury, the 10- year down to 4.48%. but what may be the strongest near-term catalyst for stocks, nvidia earnings out after the bell tomorrow. shares of the a.i. chip leader were in the red early part of the session here,

government, it has reversed licenses allowing huawei to purchase semiconductors from qualcomm and intelically affecting u.s. sales of chips used in huawei phones and laptops. the commerce department confirmed the withdrawal of certain licenses for export to huawei but declined to offer specifics. we have heard from the likes of the house foreign affairs committee chairman michael mccaul republican from texas, who says this will block any chips sold to huawei. saying that intel and, our two companies they are worried about being a little too close to china. for qualcomm's's sake, they say their business with huawei is already pretty limited and will surely shrink down to nothing over time. it has been allowed to sell older 4g network trips to huawei, but again, not 5g and advanced chips. huawei doesn't rank in the list of top 10 customers for qualcomm or intel according to bloomberg's supply chain analysis. u.s. is also said to be considering sanctions against six chinese firms they suspect could be supplying chips to huawei. u.s. also of course, we have been reporting that they have bee

government is banning both intel and qualcomm from selling its chips to huawei.intel bringing their guidance to the low end of the range with the stock down 2.5%. katie: thank you so much. tiktok challenge the u.s. governments divest or banned law we will hear from the former u.s. treasury secretary steven mnuchin about his interest in buying tiktok. later today, tune into another episode of the circuit with emily chang who speaks with the google ceo on the future of ai at 6 p.m. in new york here on bloomberg television. ♪ >> the challenge for everyone and the opportunity is how you have the notion of what subject is real in a world where there is a lot of synthetic content and that's part of what will define search in the next decade. people often come to google right away to see something they saw somewhere else and if it actually pat -- happened. it's a common pattern and we are making progress but it will be an ongoing journey. - super excited to open up my diploma from southern new hampshire university. ♪ ♪ - i'm nervous, i'm excited. ♪ ♪ - [man] okay, let's

we have seen interesting announcements with microsoft and qualcomm, or qualcomm and dell on the ai pcm. when you look through the data center, they have the opportunity to go to market with a lot of companies, and that can only be good for them. haidi: the superlatives when you look at the price is extraordinary. more than a 90% high this year. i wonder, there are questions and bets being taken as to when it becomes the largest company in the united states. does this value compute with you, and we do see evidence of the big scale institutional investors taking money off the table more broadly when it comes to ai, will more be needed in terms of the evidence of this maturing industry for investors to feel this good about one particular stock, even if it is an video? maribel: -- even if it is nvidia? maribel: as long as they can continue to prove they are rapidly innovating, they have the opportunity to continue market momentum. this is the largest technology transition we have seen since the internet. it has extreme legs in terms of growth over the next 6-10 years. on that horizon they

qualcomm still down .4. intel suffering harder. down by almost 3%.aking news that we had yesterday that the u.s. is curtailing chip sales for the phones, the laptops of huawei. and this is going to mean that intel's guidance is going to be a little bit below the midpoint. so, the global conversation continues later. this is "bloomberg technology." caroline: let's just check in on the shares of shopify. because they're down the most on record after the company forecast lower profit margins. the company reported a net loss in the first quarter after the sell of its logistics business last year. joining us now to break down the results, harley finkelstein, shopify president. and harley, i remember speaking with toby and he said any time anyone talks about the share price in the office, well, everyone has to be bought doughnuts. harley: tidbits to be specific. caroline: yeah, harley, i mean, what does it feel like when you see the shares down that hard? harley: oh, i mean, we've always managed the business in a long-term way. what we actually is i came o

why the switch to qualcomm. are they able to offer the speeds like microsoft co-pilot and a.i. capabilities and at the speed and battery legislative necessary as opposed to with were previously getting with intel? >> because all of the new ai the application is totally new. so it is about art not so important. >> do you think this will rekindle the debate and give life to the old debate of p.c. versus mac? >> this time i do believe it is a good opportunity for those p.c. brands including asia's to complete with apple because of the introduction of the qualcomm c.p. and -- c.p.u. and n.p.u. >> there's been a lot of hypoover ai but at -- hype over ai but when is it too much. >> this is an opportunity for the industry. so right now i do believe the p. p.c. industry stakeholders we are developing necessary technology to overcome the challenge brought by the ai technology. we will overcome and beat it. >> co-pilot ai will be on the consumer laptops. i believe they require access to user information for co-pilot. how are you navigating that tricky requirement? >> according to the exp

qualcomm. >> okay. i need you to redo my piece on sunday. i had my immediate on qualcomm.e lightning round! trading at schwab is now powered by ameritrade, giving traders even more ways to sharpen their skills with tailored education. get an expanding library filled with new online videos, webcasts, articles, courses, and more - all crafted just for traders. and with guided learning paths stacked with content curated to fit your unique goals, you can spend less time searching and more time learning. trade brilliantly with schwab. this is our future, ma. godaddy airo. creates a logo, website, even social posts... in minutes! -how? -a.i. (impressed) ay i like it! who wants to come see the future?! get your business online in minutes with godaddy airo what is cirkul? cirkul is the fuel you need to take flight. cirkul is the energy that gets you to the next level. cirkul is what you hope for when life tosses lemons your way. cirkul, available at walmart and drinkcirkul.com. if you've ever grilled, you know you can count on propane to make everything great. but did you know pro

there was an indication that qualcomm understood this was coming and earnings they indicated that they did not expect revenues from huawei beyond this calendar year and was an indication that the companies knew this was coming. for now, commerce has revoked these licenses for experts to huawei. >>> stocks try to hold onto gains in the final stretch as the s&p less than 2% from record highs. chris verrone at strategas research partners is back with where he sees the market going. gosh, a few weeks ago we felt, are we in the store for a 10% or more correction and here we are. should we be believers in this bounce back? >> we should for a couple reasons, by the third week of april, we saw the oversold conditions come together and the judge of an oversold is how the market responds and i think it has been compelling. number one, the victim back to where it was before the correction, credit conditions which never deteriorated even as the market was coming in. triple c's friends are on their lows and most importantly financials are back at the highs, these banks go to the correction and comi

qualcomm the guide was great. particular and finally everyone's waiting for apple after the bell at 1.6%. revenue expected to decline. earnings up a little bit. people want apple to start growing again what will they say. >> all eyes on apple pay focus will be paid on what they have to say about china. abigail doolittle thank you so much. opportunities in private credit. we will hear from joshua easterly. copresident and cio 6th street about the -- about this. this is bloomberg. ♪ - super excited to open up my diploma from southern new hampshire university. ♪ ♪ - i'm nervous, i'm excited. ♪ ♪ - [man] okay, let's see it. let's see it. - oh my gosh. - jesus suarez, i did it and it's here. (group cheers) ♪ ♪ - [narrator] next term starts soon. visit snhu.edu. visit snhu.edu. abigail: you're looking at a live shot of the principal room. kkr partner and head of global macro balance sheet and risk joints bloomberg tv and radio. this is bloomberg. katie: time for our daily wall street week conversation. today we are focu

now, these tools are all powered with new ai chips from qualcomm to deliver longer battery life.ters because today most ai software runs in the cloud, which uses a lot of energy. being able to work on the device thanks to more processing power. well, that not only improves data security, it's also more climate—friendly. microsoft is betting its new ai tricks will help kick start a new era of pc sales. the uk "is approaching a soft landing" after last year's mild recession, but could face a £30 billion hole in the public finances, according to the international monetary fund's health check of the british economy. the imf upgraded growth forecasts for this year from 0.5% to 0.7%, but pointed to "difficult choices" on tax and spending in the next parliament. the report warns against tax cuts while the uk faces what it calls a "medium—term fiscal challenge". the imf said it "would have recommended against the national insurance cuts, given their significant cost." joining us now is suren thiru, economics director at the institute of chartered accountants in england and wales. good to

ago. >> i know qualcomm has been a horse, 120, goes to 200.say -- i wanted more followup on the ai. what is the implications of a dramatic refresh. we had one hul lert packard upgrade. the refresh they're talking about, it will be common to have this pc next year at this time. that means everything you have is going to be literally changed. if that's the case, how can you not want to own hewlett packard, own the venues where they sell pcs. i don't get it. i think that was lost in the shuffle yesterday. everybody's pc is going to be obviated. >> jim's right. higher multiple, aipcs will help out. also del with a positive catalyst call. >> dell was down 4 yesterday. when michael dell was with jensen, obviously jensen -- he meets people and people get pictures. i get pictures. like i said, getting it right with jensen is the single most important thing you can do in the last two years. you have to be -- he's very easy to get right because he's incredibly kind. by the way, most ceos like to be tough guys. they gravitate to being tough. he is kind.

qualcomm, snapdragon and x-elite chip with microsoft copilot a.i.t is able to be sold at the end of the month are you going to market? >> we announced the first a.i. pc in china in early may we expect shipment to be within this month i think hopefully within the next week. we will continue to aptly rollout products we are optimistic that the market will like our products and that's one reason why we believe that growth can be sustained going forward. >> your company has said a.i. pcs mark a major inflection point for the industry what kind of demand are you anticipating and do you expect people to hold off on the refresh in anticipation for the a.i. pc? >> i think the penetration will slowly go up i think based on our own estimate, initially we have a.i. pcs at different definitions i think we believe that the initial definition this year will be low single digit and we grow it. i think there will be a period when people know how to use the ecosystem and know how to use it and how to improve their work or their quality of life. i think it will take

other than intel was also talk about qualcomm.en before this, the revenues they are collecting from huawei which is purely on 4g products, we have fallen off after this year. so we do not see that much of an impact on either of these names in the long-term. haidi: does it complicate intel's turnaround plan at all? kunjan: not really. when you look at the amount of laptops or desktops that huawei was using intel chips in, when you think about it, it is less than low single digits in terms of the total market. it does not move the needle that much for intel's turnaround plan. haidi: kunjan sobhani stephen: -- official chinese data suggests sales jumped 12% in march. it is an early sign of success can efforts to turn around the decline after retailers cut prices. the tech giant last week surprised investors by reporting quarterly revenue from china that beat expectations. you can get more on the latest when it comes to apple in today's big tech, focusing on who might potentially succeed tim cook as ceo. mark gurman takes a look at so

make sure in some -- qualcomm has high quality earnings. if you look at their trend and volatility, this risk management momentum is doing very well for qualcomm, and revisions are up 5% since march 31st. this is a really good stock, especially if there's any pullback. it's play a little bit in ai, as well. so that's a good one, i think. there's some other positions out there. if you are looking for global income, ing, they had a very strong results, they have free -- a lot of income growth that was more than expected. and let's talk about this, a 9% dividend yield. that's a pretty good stock for a choppy market. and if you are a small-cap player, asc. this is a shipping company. they have very, very strong financials, very low debt, high ratings. i think the valuation is still very cheap here. and for a small-cap company, it carries a 5% yield. so there's some really good opportunities out there. >> you're brave, going for a shipping name right now. you have ing with 9% dividend. that's usually here comes nervous nellie again, i don't know

you got back into nvidia, crowdstrike, qualcomm, microsoft.eels like names are beginning, really far and few between. is it just better to chase momentum for lack of a better word than again, to try to find something that hasn't turned yet? >> well, be careful about the word momentum. we don't buy a stock after it's up huge. we're looking for things emerging and nvidia emerged the last week on the big gap off of earnings just like in january, five-month trading range emerged. so we're going to look foremore of that we'll stay where the strongest areas of the market. look right now easily is semis. i can tell you amd may be turning the corner today, arm holdings may be turning the corner. my only word there, softbank own as ton and i worry about a secondary but, as long as things show up we'll go after it. stay away from areas, there are some bad shape areas right now. this just comes from as i always say to you, we'll scan 1500 names tonight, 200 sectors, every country, and stay with the uptrends and completely ignore the downtrends and there

qualcomm shares rising the most in more than two years.n apollo global rose 26% in the first quarter, just shied estimates, but the firm has launched the best performance among of publicly traded peers this year. you see a polish shares up more than 4%. and take a look at peloton also because the ceo announced lance to step down at the company looks to another restructuring to reduce annual expenses by more than $200 million. they plan to reduce headcount by 50%. have a ton shares down now more than 12% on the day. speaking of jobs, the next big thing that marcus their focus on is the april -- markets are focused on is the april u.s. jobs report and more rain says the data is -- laura rhame says the data is key to her outlook. >> if you said i would get one economic indicator it would be initial claims. until that moves higher it is hard to get too nervous about the health or the state of the labor market. >> the broader risk sentiment in the market, you are getting the bed in the equity market. we are not yet done with earnings season. wh

pcs with qualcomm's first ever pc chip and the software side like new a.i. features in windows and then of course there's copilot, that's microsoft's marquee a.i. assistant, microsoft has been making a big push to sell it to businesses this year, but investors have little clarity on how well it's selling despite all that hype from microsoft. i spent some time catching up with ctos and other execs who decided to buy tools like co pilot to see how it's being received. the answers were picked. no one we spoke to is ready to deploy copilot widely, just testing with a couple hundred employees at a time. they say it's too expensive while they can't quantify the benefit. but not all bad. almost everyone i spoke with said they love copilot, how it summarizes video meetings in the teams app or organizes email. microsoft has given some nuggets on copilot sales, most notably i.t. company cognizant bought 20,000 copilot seats for employees but not much for investors to go on. perhaps more hints at the event next week. >> we've had a couple of a.i. events this week alrea

qualcomm benefits. intel, i'm not sure.hat goes into a way weight laptop -- into a huawei laptop? jonathan: could you talk to us about nvidia? what have they been doing in anticipation of some moves around china? mandeep: they have come up with a scaled-back version of their chips. that is how they have been skirting the restrictions on the latest. nvidia pretty much has the entire gpu space to themselves in the sense that everyone needs whatever they can make. even if they are making a low-end chip the market is taking it. especially the chinese oem companies trying to catch up, they don't mind taking the low-end chip because what is the alternative? in that case, it hasn't affected nvidia in a big way. barring an outright ban where you cannot sell to the china market at all, that is when it will hit nvidia. this news may be good for apple, too. if huawei cannot make a good smartphone, and that is who they were targeting the premium end of the market, it benefits apple to an extent because suddenly the iphone is a viable a

regulators and the administration if just yesterday said to both qualcomm and intel, no more exportingyour chips to huawei, the chinese phone and big tech company in china. have you modeled for how that might affect you in any way, shape or form? >> we haven't, but that licensing situation is something i'm actually pretty familiar with because when you go back a few years and huawei was put on the entity the list, two the companies ini colluding qualcomm and 13we8, they applied for a license to ship their products. they were granted that license, so for the last four years, they've been shipping to huawei. those are the licenses that have been revoked. we just adhere to the rules as written. we didn't apply for a license, so there's no impact to us at all because we had no licenses to revoke. liz: okay. okay, all right. but know that those two names are definitely among your customers. all right. and finally, there's a new study out, ren if e, i'm sure you saw it, the semiconductor industry associate finds that the u.s -- what a difference a couple years makes -- the u.s. i could soon

and i think some of those names like qualcomm got a huge upgrade on the price target.er the radar for those names. they're big name but just not gargantuan. i've got less than a minute to go. got to get your thoughts on the ped and rate cuts. should we be clamoring for rate cuts knowing that historically in the beginning they're not always that great for the market? >> right. remember, you're cutting rates because the economy is going down. the economy remains strong, wages remain strong. i think more of what's going on is we're entering this period of normality and normalcy where rates are going to be higher for longer meaning not 0%, and i think most near-term investors are kind of shortsighted thinking that we need rate cuts for the stock market to go up. i don't think the fed -- i think it's very likely the fed cuts once after the election, and i that's why i think this move in small cap this move in value to broadening out of the market makes a lot of sense, and we're very bullish on small cap. charles: sounds great. brian, have a great weekend. appreciate it. >>

so qualcomm saying this will slowdown in china.ou do about that, how do you fight that. jonathan: is it consumer preferences just the strength of the consumer. starbucks saying it was the latter and not the former. did apple really want to get on the call leader and start talking about the chinese consumer they do not like u.s. brands anymore. >> tim cook is a massive ambassador and that's what we've been saying. an ambassador between the u.s. and china. elon musk ditched out on a meeting in india to cater to the chinese officials. do you see a similar tone from tim cook at the time to trying to expand into india. people will be looking at this like a similar diplomatic address at the press conference. >> that report coming later but out already and narrower than expected first-quarter, cost-cutting offsetting a steep decline which they were expecting to receive. an rsv vaccine in the coming days. wonderful to catch up with you. the stock is just about positive in the premarket. you talk abut how your balancing cost cuts here with

nvidia was at a 50% high, you see qualcomm and texas instruments, ai is changing the performance of the stocks. adam: is it going to face the pressure a venture -- apple eventually faced, not enough billions and billions, what you want to call it, you got to beat even the whisper numbers, $26 billion in revenue. even though the expectations are closer to 24 billion. to make the point it is now in that rarefied lead, they are greater than great, magnificent. >> the performance and expectations are so high, tech stocks, not performing this year, apples break even, not so much the magnificent seven, nvidia has been that, and this is going to rock the markets. adam: record is down a little bit today. it's very volatile but rewarding for shareholders. that's an understatement up 40% this year, professor double over the last year and found some. is this what good companies that make a good amount of money do? >> the last four or five years, easy to fall in love with these big technology stocks. they had been the leaders and nvidia is top of the list, apple as well. we've seen a changing of th

qualcomm shares rose after an upbeat forecast.utlook signals the market is bouncing back, tracking with forecasts that demand would recover. the u.s. company reported better results for the second quarter. coming up, ing announcing a 2.5 billion share buyback. the ce l of the dutch bank to talk earnings. that is next, this is bloomberg. ♪ tom: welcome back. ing reported first-quarter profit beating estimates. the bank announced a two point 5 billion euros share buyback. i am joined by the chief financial officer of ing. thank you for your time, let's start with a buyback. what does it tell us about your ambitions? we had a peak in buybacks. >> thank you, i think we had a strong start to 2024. growth is strong, deposit growth is strong. feed generation has been exceptionally strong. we are on track. capital generation allowed us to do this share buyback. to address your questions, we targeted we would reduce the level of capital from our current 14 .8 percent to around 12%, so we are trying to make that conversion over two years. t

related companies, look at pretenning this morning you got nvidia pushing higher apple pushing inquiry qualcommok at some of the more industrial type companies a little bit of weakness on that side of the house, so at this point in time this is still, selective, technology related names. >> does that jive with fundamental side in terms of earnings so far. >> so far if you look at nvidia example from last week, got a lot of attention, yeah they beats numbers, but they also raised guidance, if you go back through look at some of the rl quarterly numbers that have been reported so far, you've not been seeing forward guidance quite as strong as one we think happening at this point in time really technology companies driving this if you take out magnificent seven the earnings numbers would have been lower. >> that is pretty much in step with what we've been seeing for awhile tech dominating interest rates your take 10-year treasury yield this morning trading, lower, by 3/10 basis points reversal from earlier investors examining federal reserve will not cut interest rates this summer futures pricing

what you've seen in nvidia you're citing alphabet, amazon, apple, cisco, microsoft, motorola and qualcommthrough some of these. alphabet, what's your take >> sure, we're seeing them capitalize on generative a.i we have seen in the last couple of weeks that they're transforming search, they're creating more value for users on one side, advertisers on the other and i think the cloud platform is underappreciated amazon, they're continuing to redefine the consumer experience, aws, their cloud platform is healthy. microsoft, continued strong growth in azure, their platform. if i look at some other names, motorola solutions is an example, they're a leader in public safety and they have very strong growth prospects of areas like video think about the command center and 911 centers, a lot of them can't receive text and video that whole area needs to get revolutionized and transformed and modernized qualcomm, they're a key enabler of intelligence connectivity and security in low power environments think about factories, cars, all of that will get connected and qualcomm really sits at the heart of

i say this, amd, intel, qualcomm, arm, talked to all's them.o ask these questions, but how would i notice how much better, like, my pc would be if it was an a.i. pc? >> three major points. stealing this from qualcomm cfo. spoke to him about it. performance. any database or anything a.i. computing program you run, will run faster on your computer. that's the performance a.i. capabilities. one of them. the last one, seems to be the major driver now, battery life. all competing on battery life saying that you can work on your aipc and not work if you're not connected to a power supply for quite some time. wondering, what's will i use it for? obviously saying take copilot write emails without having to connect to the cloud. intel told me, hey, if you're deaf and warrant to do sign language, sign to your computer and it can write for you. an example of the a.i. capabilities coming in the near term. >> they want corporations, hit the security factors? it's more secure. going on the cloud. >> but there is a little bit of pushback on that. yes, more se

jpmorgan chase and goldman sachs and qualcomm as well as costco.he ten-year note yield at 4.75%. the 30-year long bond at 4.49%. >>> let's check on the top corporate stories with silvana henao. silvana. >> good morning, dom. let's start with cisco. shares are popping after the third quarter reports that topped expectations. beating the street, but revenue was down 13% from a year ago marking the biggest drop in 15 years. cisco raising its 2024 revenue guidance to the range of expectations. >>> and netflix stated the ad-tier hits 40 million users. t netflix revealing it will launch its advertising platform and no longer partner with microsoft for the technology and the rollout set to begin later this year. >>> and the meme stock tumble is set for a second day. the likes of gamestop, amc and blackberry all lower ahead of the open after falling yesterday halting their two h-day win streak. gamestop and amc are still up more than 120% and 80% so far this week, dom. >> the roller coaster ride continues. thank you, silvana. >>> turning back to inflation