sonali: thank you for your time. we are watching parts of the industry, energy, artificial intelligence. with that capital flowing into one sector, investors are trying -- turning their focus to what fuels that sector. at the end of the day, that is energy. the cost of energy report from the low end price range for renewable sources increased for the first time while overall ranges have tightened. it showed renewable cost getting more expensive with fossil fuel prices and discusses the future of power, gas, everything the people are watching in this economy. bilicic -- george bilicic joins us now. when you look at this study, everything you're looking at across every form of energy really out there. what are investors must focused on in terms of places that could see more volatility ahead? >> the investor base is looking at the cost profile of generation as an overarching matter because the country needs a ton of new power because of the artificial intelligence dynamic and because of on shoring of manufacturing becau

sonali: this is bloomberg markets.t is time for the stock of the hour. taking a look at gamestop shares after the investor known as roaring kitty is driving a rally in those shares. billy lipshultz is here to explain why the renewed excitement around the meme stocks especially when it comes to gamestop. how much did he say he bought? bailey: he said his position is worth $116 million so close to five x that was the last time he was that unread in love 2021 so i substantial increase. in the common stock as well as call options. worth about $65.7 million. if he could exercise it, that would add 12 million shares to that steak and be on paper a tremendous windfall. sonali: it is safe to say he has gotten quite wealthy in the meantime. bailey: very different from the initial meme investor, the retail trader who on paper not many investors are worth north of $116 million. sonali: you are seeing the retail really come into play. what else is being affected? bailey: we are seeing amc. another of the other stocks caught up in

sonali: i am sonali basak and this is bloomberg real yield. time for the auction block where there was a rush of sales before the ecb decision. we started asia where dollar bond sales climbed for a third consecutive month in may with new offerings in march of 50%. with the strong demand spreads tighten to an unprecedented low of 141 basis points. japanese dollar debt sales have not been a part of this rush this year but sam tory was part of u.s. high-grade sales this week. the deal helped push weekly issuance to around $33 billion. u.s. high-yield issuers bought more than $8 billion worth of deals. notable names include restaurant brands. when it comes to credit invesco's matt brill says returns will, eventually. >> we came into this year they didn't he it would be the year of the bond and five months in returns are basically flat. they were down so flat is starting to look like a win. going forward we believe there are significant money to be made with fixed income. with signs that cuts are on the way i think it is a wake-up call that this is

: i am sonali basak.omberg real yield. it's time for the auction block. we wrap up the more -- month-end quarter for issuance. and a u.s. high-grade of foreign flavor to this week's sales. yankee bonds like vodafone and no mira driving june sales passed 100 billion dollars and year to date sales past 800 $60 billion, the second highest amount to start a year on record. asia-pacific dollar bond sales at this week tallied around 20 billion dollars, the highest since january 2023. companies and governments locking in historically tight spreads before they potentially climb further. on u.s. high yield june was slow, the slowesta month this year for issuance. activity remains well above year earlier levels. anticipated shares will be relatively slow this summer. speaking of credit as we get the bloomberg invest conference we spoke with some of the biggest names in credit about their outlooks for this year. >> we think there is big opportunity in credit. >> higher rates for longer has catalyzed a lot of things

rowe price sonali: this is bloomberg markets and i'm sonali basak.e going to get to the commercial real estate market. taking a look at property values changing over the past 12 months. office bearing the brunt of the declines. maryanne gilmartin is the founder and ceo of mag partners and has worked on projects from the new york times building to barclays center. abigail doolittle joins us as well. the first question is about interest rates and how this might start to impact the sectors that have been the hardest hit here. i'm much relief are you seeing under the surface as we see at least traders bidding the bond market into lower interest rate territory? maryanne: rather than focus on where interest rates are going, whether we are entering a recession or stagflation, i prefer to were focused what we know. what we know is in a crisis there is a great opportunity. we are seeing movements in interest rates but in my business, it is about long-term value creation and you really focus on the future and interest rates are going to move. we are confident

sonali: i am sonali basak and this is "bloomberg real yield."dose of inflation data in the fed put a sudden stop to the credit issuance surge we have seen all year, at least for a week. it was the slowest week of the year for high-grade u.s. sales with just under $6 billion of new supply. one sale that stood out in the u.k. was burberry. it sold bonds for the first time since 2020 as it works to raise cash for a turnaround. it had a $300 million -- 300 million pound offering and received more than 990 pounds of orders. in sovereigns, the 10-year and 30-year treasury had strong demand. the bid to cover ratio was the highest since 2018. credit suisse still sees opportunity brewing and credit. >> there is a push and pull between spread buyers and yield buyers. yield buyers are winning. anytime you see a backup in yields, a widening in spreads, people get in. investment grade at 5.5%, 6%? historically that's a home run. hi yield a percent? historically that's a great -- high yield 8%? historically that's a great bet. expecting rates to be higher for

sonali: welcome to bloomberg markets. i'm sonali basak.e than 5 billion's of option set to expire today threatening to trigger sudden price swings in the market. let's check the markets and how they are reacting. if we had the s&p 500 earlier this week touching $5,500. now we are well below that. at the market is looking to hang onto gains. really flat on the day. the nasdaq 100 seeing a similar story. flat on the day. the s&p 500

sonali: this is "bloomberg markets." i'm sonali basak.ime for the stock of the hour, none other than roaring kitty. he is back. keith gill started his livestream on youtube, and shares of gamestop have been stopped multiple times for volatility, including now. it is currently down more than 30% on the day. the retailer also on excitedly released earnings and announced a plan to sell up to $75 million in additional shares. bloomberg's carmen reineke has been covering gamestop. it is not the first time we have seen shares of gamestop turnaround. should retail traders should have known? carmen: this is the second time they have done it on this wave of the meme stock trading mania. gamestop is usually a sleeper trend day of this is the second time they have said they would sell additional shares gave the last time they raised about $1 billion, so that is obviously very significant for gamestop. sonali: how did the livestream start today? when it came up that skill would addressing traders, what was the first and he had to say? carmen: we were

sonali: fascinating.er owner here looking at smaller ticket sports as well as those big ticket sports. that is milwaukee brewers owner who believes the new rules will be discussed to create huge opportunities for professional leagues. i caught up with him yesterday after the bloomberg invest conference. he has a few more leagues that he is looking into. >> we want to look for change. everything that we will talk about with time warner, who led this investment in the pga, everything that made that a complex investment is what created the opportunity. the change in college sports will create enormous opportunities for investment that we cannot even define yet. stepping back, looking forward over the next couple years, that is one of the places that we will look to gain opportunity. otherwise, right now, there is nothing like a live sporting event. we are looking at everything from women's volleyball to professional sailing. larry ellison is setting up a league to replicate what happened in f1. as well as th

sonali: welcome to bloomberg markets. stocks begin the week with renewed volatility as the market really takes a breather. let's get a check on these markets. the s&p 500 looking for some direction, still up on the day about 3/10 of 1%. cannot say the same thing for the nasdaq 100. tech heavy stocks down 3/10 of 1%. bonds are looking for direction. no bid at all. you have a gentle move in the two-year by a basis point but basically flat on the day at 474. the 10 year standing flat generally at 426 on the day. mid-day movers on the equity side. nvidia falling for the third day. it has lost roughly $400 billion in market cap since thursday when it was valued above $3.3 trillion. bitcoin is down after the crypto market's second worst week of 2024. man has cooled over uncertainty over monetary policy and simply this is a precursor for a broader stock market downturn. the bifurcation between the s&p 500 performance and breath has worked -- has a rich one of the worst levels in decades. bringing you alex semenova who wrote the

sonali: what does that mean? does that mean you think that things can really start to hit a cliff at some point here? anything about the data that tells you that we go from something like a softer cooling of the job market to a much more drastic one? andy: just these increased numbers of layoffs. the fact that we have seen for five months in a road this elevated number of layoff numbers coming from companies announcing potential job cuts, or actual job cuts they are going to make, it could lead to the cooling happening more quickly than everybody hopes. the goal is that this happens smoothly. but there is always the chance that it goes too quickly and that there are some signals of that with the number of layoffs and the low number of hiring announcements we are tracking right now. sonali: andy, thank you for joining us. that's andy challenger with the most recent report on layoffs we've seen across the united states. coming up, robinhood making its first acquisition outside the united states. we discussed that d

sonali: thank you so much for the analysis. ceo talks about his outlook on our terms of investing as we watch the interest rate environment change right before us. stick with us, this is bloomberg. ♪ investment opportunities are everywhere you turn. do you charge forward? freeze in your tracks? or, let curiosity light the way. at t. rowe price, we ask smart questions about opportunities like advances in healthcare and how these innovations will create a healthier world tomorrow. better questions. better outcomes. sonali: checking in on markets because you have an s&p 500 still up about one point 1% on the day. absolutely flying with all that green on the screen at to the cpi print this morning. the nasdaq 100 gaining steam, up nearly 1.5% on the day. the 10 year yield is down more than 15 basis points now and that bid has been accelerating ahead of the fomc meeting and you are now watching the 10 year at 4.25 on the day which is not only the lowest levels on the day but is the lowest level since december. it's time for the wall

sonali: what about the rest of the elon musk world?pening against a backdrop in which he's facing multiple lawsuits. >> many lawsuits across many different companies. the latest is the sexual harassment lawsuit brought by spacex employees. you also havoc class-action lawsuits and lawsuits involving severance to farmers employees of x this is. who elon musk delights to take reap -- legal risk and when challenged, he fights. he's always been involved in these scandals but what's different right now is you have this new political mix. elon musk is getting closer to president trump as we and others have reported and becoming essentially a more polarizing figure than he was in the past. long-run, that could present some real challenges for tesla which depends on marketing to consumers. sonali: power with more dollars in the bank. thank you so much for breaking it down for us. be sure to catch the podcast of musk inc. which max hosts. coming up, the private credit world joining the bond issuance rush. more on this story in today's wall stree

sonali: this is bloomberg markets and i'm sonali basak. it is time for the stock of the hour.ublic at year ago and shares have more than tripled since the company's ipo. evaluation equates now $33 billion -- $33 million per restaurant. that's an eye-popping number the mix a few million per year. bailey lipschultz joins us now. the valuation feels a little bit of a way to navigate a risk factor for valuations. what are people across the street saying about what that means? bailey: the downgraded jp morgan was predicated on that. is higher than the value that chipotle gets and is the gold standard. whether double what -- when you look at each restaurant on average over the last year is closer to 2.75, less than $3 million in revenue per storefront, that's kind of a job dropping multiple. for the $10 billion valuation. the stock is up 4x, 300% from going public year ago. that is join questions. when you look on the comp races, portillos. wing stop only at $5 million per store. this is a company predicated on the fact they want to get to 1000 restaurants in the next decade. when y

sonali: live from bloomberg's world headquarters in new york, i'm sonali basak. tim: and i'm tim stenovec and welcome to "bloomberg crypto." sonali: bitcoin taking a summer slump, outflows from digital assets are hitting the crypto market. tim: we talk about volatility and the road ahead with meltem at coin shares. sonali: startups are seeing a slowdown. edith from raise capital joins us to talk about the opportunities inside of and outside of the united states. tim: first, a snapshot of the market, read all around. bitcoin with a one-month low. prospect of higher rates for longer leading to pain in the wider crypto market over the last seven days. all coming at a time when we are seeing new record highs when it comes to equity markets. the s&p 500 hit its 30th record just yesterday area in stocks and bonds have delivered better returns than bitcoins in the second order of the year. quite a turnaround from the first quarter, when digital assets outperformed traditional markets by a significant degree. it's not just bitcoin going lower. we had solana, tether, all

sonali: welcome to bloomberg markets. i'm sonali basak. there are more than 5 billion's of option set to expire today threatening to trigger sudden price swings in the market. let's check the markets and how they are reacting. if we had the s&p 500 earlier this week touching $5,500. now we are well below that. at the market is looking to hang onto gains. really flat on the day. the nasdaq 100 seeing a similar story. flat on the day. the s&p 500 struggling in some red territory as well. the philadelphia semiconductor index down more than .4%. the dow jones industrial average also roughly flat on the day. mid-day movers on the equity side, autonation, some 15,000 auto dealers reeling from a cyberattack of cdk that is used to complete transactions. at some dealers are handling tasks on paper until the service is restored. cdk has warned a second attack thursday is likely to keep systems down for several days. it down more than four point 4%. amex today announced it will buy a restaurant reservation company known for catering to high-end and e

sonali: what about financial watchdogs? reasons that would scare people away from the market that are nonfinancial and are there more financials besides this one? are people getting stopped out? is this becoming a losing trade? denitsa: people are like is it really worth all the pressure, the fact investigators may show up at your door tomorrow and say you are doing something. we are investigating market manipulation. andrew left had a good quote about it. he said i wish i bought tech stocks. i didn't want my family to be worried. there are the regulators. there companies suing you. there are traders million saying you are shorting their stock. there are government bands. if we look at china and south korea, there have been recent restrictions to shortselling. but in much any side of the financial markets has turned against them. they are an easy victim and it is easy to say it is their fault for certain selloffs. sonali: short-sellers fear extension in every let the stock market. check it out on the bloomberg terminal and

sonali: fascinating.ing money back, a lot of people say, this is to recycle. put that into new private equity funds. why would you put it into new private equity funds if you're not getting the money back in the first place? >> if we zoom out a little and think about how did we get here, investors 15 years ago or so was zero interest rate environment were really ramping of exposure to private markets. which is what the fed intended, to incentivize risk-taking. lots of money went into private markets and it worked and distributions worked. with higher rates, we are seeing there are not those realizations happening. there aren't the distributions modeled out by these lps and at the same time gps are continuing to call capital, which is putting the crunch on the quiddity. we just on article last week about large pension funds who are struggling with figuring out how to source their liquidity. with think about what is this matter? why do lps need liquidity? it is about important missions they are serving in o

sonali: how does that look? goldman saved money but on the other hand they got out first to the expense of others? what is the reputational fallout after? are they better off or worse off? >> do you think that if you go to a senior goldman executive, are they worried about the reputation of being hard-edged and hard-nosed about the process? or are they bragging about the fact that they didn't lose any money? and does credit suisse get any credit for saying let's do this slowly and in a calculated manner without spooking the markets? they are not around to tell you the tale. that tells you how goldman will do it again. sonali: why wasn't a regulator called at the beginning? >> the fact that it was happening on the spot live -- sonali: 72 hours, shouldn't they regulator have been called? x they were going to the biggest banks saying that they were trying to meet market -- margin calls elsewhere, give us cash, officers have a tomorrow, are you sure you are good or it tomorrow? fine, have $300 million? did they get

sonali: welcome to bloomberg markets. i am sonali basak. wall street strategists warning for volatility and the week is a big week. u.s. cpi data and the fed rate decision later in the week. before that we have to get to markets to start off. the s&p 500 up about .1%. a little more than that on the day. the nasdaq 100 also in green. starting with optimism. if you look at the two year yield, fascinating. you're getting a one basis point move lower on the day we look at the short end of the curve. we are higher than the lows of last week. the 10 year yield, which hit below the 4:30 mark -- the 4.30 mark. we will zero thrust of the week brings. midday movers on -- we will see what the rest of the week rings. airlines mover on a report that activist investor elliott has put a $2 billion stake in southwest. that would make elliott one of its largest shareholders. the airline has struggled to capitalize on travel demand out of the pandemic and you are seeing southwest up more than 8.4% after the news. looking at shares of crowd strike as well. we

sonali: we appreciate you sue very much.oming up next, we will talk about apple hitting record highs after the tech giant introduced its long-awaited new ai features yesterday. it was a low reaction but that is rebounding nicely today. we will talk about it next, this is bloomberg. ♪ how am i going to find a doctor when i'm hallucinating? what about zocdoc? so many options. yeah, and dr. xichun even takes your sketchy insurance. xi-chun, xi-chun, xi-chun! you've got more options than you know. book now. you know what's brilliant? boring. think about it. boring is the unsung catalyst for bold. what straps bold to a rocket and hurtles it into space? boring does. boring makes vacations happen, early retirements possible, and startups start up. because it's smart, dependable, and steady. all words you want from your bank. for nearly 160 years, pnc bank has been brilliantly boring so you can be happily fulfilled... which is pretty un-boring if you think about it. sonali: this is bloomberg markets. it's time for the stock of the h

sonali: this is "bloomberg markets." i am sonali basak.ou are looking at a live shot of a biden campaign event in north carolina. we are waiting for president biden to join us with comments. he will be speaking. it is time now for the stock of the hour. the consensus seems to be that biden lost last night's presidential debate and the boost to donald trump in public opinion. the trump media company stock rose early in the day but has given back those gains. republican presidential candidate vivek ramaswamy joined bloomberg technology. . vivek: this was sad for the united states of america to see the current president joe biden in the mental state he is in. there was joking about drug testing. it looked more like he had a lobotomy. it is a sad thing speaking as an american regardless of partisanship. when you think about the country that has produced the greatest of innovation and the leaders in the private sector, to see the person leading the federal government be as absent as he was yesterday is a damming indictment of the modern democra

sonali: we are talking about citi's services investors day.is something that has been traditionally very hard to explain to investors. it is the plumbing of the financial universe here. they move money around for corporations around the world. ultimately, about $5 trillion a day. large clients, amazon, uber, the u.s. government are among clients for this business at citigroup. that amounts to roughly half of its profit. it is hard to describe to investors, which is why they are having this investor day today. the key question here is what about the other businesses? the wealth management business, the investment banking business where there is a new leader, do they also have the promise of having their own investor days in the future? by and large, jane fraser stood up to investors and said we are no longer the financial supermarket of the past. we are honing in on these five businesses. matt, this will be jane fraser's legacy as the ceo of citigroup, simplifying the bank. investors initially are reacting well. shares up roughly two percent so

sonali: i think we are scratching the surface on what the dodgers can do.i had to bet, they would be the first team to hit $1 billion in revenue. we have a global franchise. matt: that was the elders industries ceo talking a little bit about a24, ai and the dodgers. you can watch in real-time on your bloomberg terminal. live go on the terminal. we will look at the companies making the most social buzz today. social climbers is next. this is bloomberg. ♪ ♪ o happen. you have to make it. and if you want a successful business, all it takes is an idea, and now becomes the future. a future where you grew a dream into a reality. it's waiting for you. mere minutes away. the future is nothing but power and it's all yours. the all new godaddy airo. get your business online in minutes with the power of ai. starting a business is never easy, but starting it eight months pregnant.. that's a different story. i couldn't slow down. we were starting a business from the ground up. people were showing up left and right. and so did our business needs. the chase ink card made

sonali basak and -- joins us now with more. it is a big event and it is not surprising about whether you are in the private equity or private growth equity area of the market or hedge fund or whatever it is you are, everyone seems to be talking about artificial intelligence. sonali: it certainly does pervade a lot of the conversations we are having and -- and philippe laffont is one of those people perfect to talk about it. as he was talking to david rubenstein he asked if there was a lot of of hype around ai and he really in -- leaned into the opportunities happening to ai and downplayed a lot of opportunities say quantum computing. what is he seeing in ai? this up -- this idea of artificial brains being implanted in a robot that lives alongside humans, all that is probably 15 years away according to laphonza. he is seeing a lot of opportunity and power which is a lot of wall street is also watching, the banks and hedge funds. certainly in the morning return opportunity, a little opportunity on the ai front. we talked to todd

. ♪ ♪ sonali: live from bloomberg's world headquarters in new york, i'm sonali basak. bloomberg crypto. sonali: we are going to have a live exclusive interview in studio with the galaxy digital's mike nova gretz. we will discuss everything from bitcoin to ethereum to lending. tim:tim: we will be joined by coinbase's head of particle and the creator of base jesse pollock as investors await potential ether

sonali: we will discuss

he spoke with sonali basak. >> i do not think it suggests that they are a bad asset class. we are seeing d banking going on . they are transitioning. if you look at them, they are a lot less levered than banks, so it is a preferred systems that are moving credit into lower lever institutions. but we think there is a big opportunity in credit. with partnership with our company. >> recently in the market, it was reported that you are looking at buying a fairly sizable credit firm out of europe and that firm has gone off to seek management buyout instead. what does this say about your ambition to consolidate the asset management industry? are you looking at more private credit firms? >> if you look out there again, a lot of these businesses are semi between 30 to 50 billion. there -- they are trying to figure out what is their growth strategy? in partnership with an insurance company that is growing, scaling and reinvesting its capital into that growth, there is a lot of opportunity. the insurance company, as it grows, the asset manager grows. you get the benefit of the scale,

avalarahhh ahhh sonali: from new york city, i'm sonali basak and "bloomberg real yield" starts right

. (♪♪) sonali: from new york city for our viewers worldwide, i'm sonali basak.ts right now.

sonali: from new york city our viewers worldwide, i am sonali basak and bloomberg real yield starts right

that was citigroup cfo mark mason with bloomberg's sonali basak.ithin the crypto space climbing amid speculation that the sec probe on the digital asset may may be easing. in a posting on x consensus, a developer of ethereum said, quote, the enforcement division of the sec has notified us that it is closing its investigation into ethereum 2.0. this comes amid a possible approval of an ether etf in the us. joining us now is bloomberg's emily nicole emily. walk us through what's been happening because ether is up in the session a little over 2%. the rest of the crypto space getting a bit of a lift as well. how consequential do you think this is? well, if it is the case that the sec is dropping that probe, then it would be pretty big news for ether. and so you'd expect the token to have a little bit of a boost. it did go up as much as 3.6% in the asia session overnight for us. you know, in the early mornings it's come a little bit off that. now. and we're not seeing everything else kind of bump up to the same extent. but, you know, good news for one i

. ♪ sonali: welcome to bloomberg markets. tech is driving record highs for the s&p 500.ers are weighing the latest economic data for clues about fed rate policy and that is driving yields lower. let's get a check on the markets. the s&p hitting record highs. the nasdaq 100. you're seeing 7/10 of 1% gain on the s&p 500 shaking off the worries started the week. we

. ♪ sonali: welcome to bloomberg markets.anada in cutting interest rates, setting -- setting the table for the fomc next week. let's check on where markets stand, stocks flipping into bed territory. the s&p 500 down 1/10 of 1%, the nasdaq 100 fallings

sonali: live from our world headquarters in new york, welcome to "bloomberg crypto."y from the u.s. presidential debate between joe biden and donald trump. today we will focus on the increasing role of crypto in the presidential race. tim: in a moment you will hear

. (♪♪) ♪ ♪ >> [speaking foreign language] ♪ sonali: welcome to bloomberg markets. u.s. inflation broadly cools in may and wall street is awaiting comments from the federal reserve. let's get a check on the markets with a lot of green on the screen with the s&p 500 flying past 5400, up more than 1.1 per se -- percent today in the two year yield seeing a massive like lower with a 15 basis point move this year's bit in the bond market as the markets price and more rate cuts this year with a two-year below 470 and standing at 468 now ahead of that critical fed meeting. the 10 year yield is also below that critical 430 level.

avalarahhh ahhh sonali: welcome to "bloomberg markets."wed a slowdown in u.s. consumer spending. sparking more jitters about the consumer. leaving that with an s&p 500 up .1%. we were about flat earlier. gaining steam now. the nasdaq 100 is still on the red on the day, but just rarely. the two-year yield really recouping some losses