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Good morning, I'm Nathan Hager. And I'm Karen Moscow. Here are the stories we're following today. Here and we begin with new developments in the war in Ukraine. Russia reportedly fired an intercontinental ballistic missile last night as part of a barrage targeting the central Ukrainian city of Deneepro. That's according to Ukraine's Air Force. Bloomberg opinion columnist Mark Champion says the use of ICBMs would be a significant development.
They are the same kinds of missiles that would be used in a nuclear strike. It's perhaps less terrifying that that sounds in terms of the nuclear issue just because you can be certain that the Russians will have told the Americans in advance that this would carry a conventional payload.
Bloomberg Opinion columnist Mark Champion says Ukraine's Air Force has a shot down six of seven cruise missiles fired during the attack and Russia says it intercepted two UK made storm shadow missiles along with six high Mars rockets and 67 drones fired by Ukraine.
And Nathan President Biden is trying to lock in even more support for Ukraine before he leaves office. The White House says it plans to cancel $4.65 billion in Ukraine's debt. That's about half of a $9 billion loan that Congress approved as part of a $60 billion supplemental package for Ukraine. Republican Senator Rand Paul posted on X that he'll force a vote on the Senate Florida stop this. But both houses of Congress would need to approve Paul's resolution, and President Biden could also veto it.
Turning to markets now, Karen, we're watching shares of NVIDIA this morning. They're down more than 3%. The world's most valuable company delivered a revenue forecast that failed to meet Wall Street's highest expectations. NVIDIA is predicting fourth quarter sales of about $37.5 billion. That's slightly above the average analyst estimate, but it is below the most optimistic forecast. NVIDIA CEO Jensen Wang says demand for its newest Blackwell chips still exceeds supply.
Blackwell production is in full steam. In fact, we will deliver this quarter more blackwells than we had previously estimated. And so the supply chain team is doing an incredible job working with our supply partners to increase blackwell. NVIDIA CEO Jensen Weing says sales are poised to double for a second year in a row before this morning's losses. NVIDIA shares were up almost 200% this year.
Anything the powerful rally in Bitcoin continues this morning as the digital currency closes in on $100,000. It's being fueled over optimism that President-elect Donald Trump's support for crypto and also over potentially friendly regulations. The crypto market as a whole has gained approximately $900 billion in Trump's election win. And checking Bitcoin right now, it is up three and a quarter percent. It's at $97,500.
Attorney to the Trump transition now, Karen, Republicans on the House Ethics Committee have voted against releasing a report on their long-running investigation into President-elect Trump's nominee for Attorney General, former Congressman Matt Gates. But the tug of war over this report is not over yet, as we hear from Bloomberg's Amy Morris in Washington.
Democrat Susan Wilde of Pennsylvania says the ethics panel, which is evenly split between the two parties, voted at a two-hour-long closed-door meeting, and no Republicans joined Democrats who want to release the report. The panel is expected to meet and vote again in December. Meanwhile, Gates met four hours behind closed doors with Republican senators who have questions about the sexual misconduct and other allegations against him.
At least one Republican, Senator Lindsey Graham, decried the, quote, lynch mob forming against Gates. In Washington, Amy Morris, Bloomberg Radio. All right, Amy, thank you. Well, President-elect Trump is filling out more of his diplomatic ranks. His name former Congressman Pete Hochstra, U.S. Ambassador to Canada. Hochstra was Ambassador to the Netherlands in the first Trump administration, and cheers the Republican Party in the swing state of Michigan.
And Trump has tapped Matt Whitaker to be his ambassador to NATO. Whitaker was Trump's acting attorney general after he forced out his first AG Jeff Sessions. And staying with the transition, Karen Elon Musk and Vivek Ramiswami say they want to eliminate work from home policies for the federal government. We get more on that from Bloomberg's Doug Krsner.
Musk and Rama Swami are leading the new Department of Government Efficiency. In a Wall Street Journal op-ed, the pair wrote, requiring federal employees to come to the office five days a week would result in a wave of voluntary terminations that they welcome. And they said, if federal employees don't want to show up, American taxpayers shouldn't pay them for the COVID-era privilege of staying home.
But eliminating those policies could spark clashes between the new administration and government employee union. On the other hand, a full return to office could benefit the local Washington, D.C. economy. In New York, I'm Doug Krisner, Bloomberg Radio.
All right, thank you. Well, in legal news this morning, US prosecutors have charged Guantam and Donnie with helping drive a $250 million bribery scheme. It's a stunning blow to India's most powerful businessman and close ally of Prime Minister Narendra Modi. Federal prosecutors say the tycoon and other defendants
promised to pay more than $250 million in bribes to Indian government officials to win solar energy contracts with billions of dollars. The Adani Group is denying the allegations. Adani Group's stocks and bonds plunged on the news, wiping nearly $30 billion off the conglomerate's market value.
And Karen, the founder of Archigos Capital Management, Bill Wong, has been sentenced to 18 years in prison. Back in July, a jury found Wong guilty of misleading banks into providing his family office with billions of dollars in trading capacity. Bloomberg Shaquille Amari says the former Financier Express regret during the proceedings in a New York courtroom.
Wang was remorseful, telling the judge he felt deep pain for what happened to Archigos. Now prosecutors, they wanted a 21-year sentence because they said that Wang was a repeat or fender in all of this because back in 2012, he pled guilty to insider trading with another company, Tiger Capital. On the other hand, his defense, they wanted no jail time, but the judge says that was utterly ridiculous.
Bloomberg Shaquille Amari there outside the courtroom. Archigos fell into a spiral after its March 2021 sell-off in Viacom CBS shares prompted billions of dollars in margin calls and that led to the collapse of Wong's $36 billion dollar family office and the fallout included the demise of credit Suisse as well as significant losses for Morgan Stanley, UBS, numeral holdings and other banks.
about Nathan the Justice Department and a group of states are proposing major changes to Alphabet's Google. They include a forced sale of a company's Chrome web browser in the wake of a landmark ruling that the tech giant illegally monopolized online search. In a court filing yesterday, antitrust enforcers said they would also prefer a divestiture of the Android smartphone operating system. Google opposes the proposal, arguing it would harm Americans privacy and security, stymie its AI investments, and hurt other companies that rely on its revenue.
And it's time now for a look at some of the other stories, making news in New York and around the world. And for that, we're joined by Bloomberg's John Tucker. John, good morning. Good morning, Karen. The FBI arrested a man who's been charged with planning an attack on the New York Stock Exchange, more from Bloomberg's Jeff Bellinger.
The FBI says 30-year-old Haroon Abdul Malik Yaneer of Coral Springs, Florida, wanted to reboot the U.S. government by planting a bomb at the New York Stock Exchange and detonating it with a remote-controlled device. Authorities found bomb-making sketches, along with timers and other electronics that could be used for building explosive devices. They say Yaneer also searched online for things related to bomb-making.
The suspect allegedly told undercover FBI agents that he wanted to detonate the bomb the week before Thanksgiving. Jeff Bellinger, Bloomberg Radio. A warning if you have an iPad or Mac, there is a security flaw that may have been actively exploited. Apple's just released what it calls a zero-day patch. The flaw was uncovered by Google's threat analysis group.
And the top US consumer watchdog will now supervise Apple and other major technology firms that offer digital wallets and payment apps. The Consumer Financial Protection Bureau will now treat those companies more like banks as long as they handle more than 50 million transactions a year. And Pamela Hayden, the voice of Mill House, is retiring from the Simpsons after 35 years.
Everything's coming up, Millhouse. The 70 year old actress's final episode will air this Sunday. The show's creator named the blue haired boy with class's Millhouse as a humorous nod to President Richard Millhouse Nixon. Global News 24 hours day and whenever you want it with Bloomberg News now, I'm John Tucker and this is Bloomberg Karen.
I don't know if you can do that voice. Can you, Joan? Maybe. Oh, I'm not even going to try. All right. All right. Well, John Tucker, thank you. As criminal ransomware and state-sponsored attacks continue to escalate, a bolted-on approach to cybersecurity isn't cutting it. In fact, the more security tools an organization uses, the more security incidents it has. According to new research from Google, companies that use 10 or more security tools average 14 incidents per year. That's more than double the amount for those that use fewer than 10 tools.
To proactively manage cyber attacks, organizations should invest in productivity tools across email, documents, and video conferencing that are secure by design, hopping off the treadmill of software patching and lightning the load on their embattled IT and cybersecurity teams. To learn more, visit g.co slash workspace slash more secure.
The forces shaping markets and the economy are often hiding behind a blur of numbers. So that's why we created The Big Take from Bloomberg Podcasts, to give you the context you need to make sense of it all. Every day, in just 15 minutes, we dive into one global business story that matters. You'll hear from Bloomberg journalists like Matt Levine. A lot of this meme stock stuff is, I think, embarrassing to the SEC. Follow The Big Take podcast on the iHeartRadio app, Apple Podcasts, or wherever you listen.
Time now for the Bloomberg Sports Update brought to you by Tri-State Audi. Here's John Stashauer. John, good morning. Good morning, Karen. Next, after a four-game home stand, now have a five-game road trip. First stop, Phoenix. The sun's without Kevin Durant. The next one easily scored 44 points. The first quarter shot 58% won 138 to 122. Jalen Bronson and Carl Anthony Towns have become quite the one-two combination they teamed up for 70 points. In stores, the Yukon women won by 44 over fairly Dickinson for the Huskies.
legendary coach Gino Oriama career victory number one thousand two hundred and seventeen moving and past the recently retired Stanford coach Tara van de Vere most coaching wins in college basketball history men or women. Sayang what is the Braves Chris sale that Tigers Terrace scuba the two south pause had almost exactly the same season sale in Atlanta was eighteen and three with a two point three eight ERA scuba in Detroit when eighteen and four with a two point three nine.
Giants coach Brian Debo on Monday announced he was making Tommy DeVito his starting quarterback. He talked about the second year QB, giving the team a spark. DeVito is confident that will happen. Bring a certain confidence energy. So like whatever you call it to the team, to the people around me.
I think I've kind of always had that growing up like from when I was even younger. So I kind of just bring that energy and it's all about really enjoying it. For me, I kind of said that last year, you know, it's like it is a it is a children's game. This is a lot more money and a lot more stakes into it. Davido on the Giants Sunday, host Tampa Bay, the game tonight, eight and two Pittsburgh at two and eight Cleveland. John Stash and Albert Bloomberg Sports.
Coast to Coast on Bloomberg Radio nationwide on Sirius XM and around the world on Bloomberg.com and the Bloomberg Business app. This is Bloomberg Daybreak. Good morning. I'm Nathan Hager on a morning where Nvidia's earnings remain a major focus for investors. The AI chip powerhouse gave a revenue forecast that fell short of Wall Street's biggest expectations. But CEO Jensen Wong says the next generation Nvidia Blackwell chips
are on track to ship with very strong demand. It is the case that demand exceeds our supply and that's expected as we're in the beginnings
of this generative AI revolution as we all know. NVIDIA CEO Jensen Wong spoke on the company conference call last night for more on the results and the outlook for AI going forward. We are joined by Dan Ives, global head of technology research at Wedbush Securities. Dan, great to have you back with us this morning. So NVIDIA didn't meet Wall Street's biggest expectations. Did it meet yours? Good morning. Hello. This is just like last quarter. I mean, the bears try to poke at it.
And look what happened to the stocks and up 17%. I believe this was just ultimately a press release. They should frame it and put it in the move. It's the start of the trip. What I believe is the track before trillion and beyond super bullish. I believe there's a stock that's probably up to the end of the day.
Though we did hear just a moment ago, Jensen Wong saying that supply is having trouble keeping up with demand. Is that going to continue to be an issue going forward? What can it do to get that back into balance?
Well, to put some numbers, I mean, Street thought this would be two to three billion a quarter in terms of Blackwell. It's probably going to be close to eight to 10 billion. Demand to supply 15 to one. So it's going to take time from the supply constraint perspective. That's a high class problem. And it's your street continues to underestimate demand. And that's why, well, as this all plays out,
I mean, you look what NVIDIA is doing. We're talking unprecedented in terms of the AI industrial revolution. And they're leading. They are the only game in town led by Godfather of AI, Jim, to NVIDIA.
The demand in terms of the data center piece still seems like it's concentrated in those big cloud providers, Amazon, Apple. Does Nvidia need to do more to broaden out the demand that it's seeing for data centers particularly?
Yeah, right now at the front of the line, front of the velvet groups, it's a big tech, right? They have a front seat, but behind them it's sovereigns, and it's other, called global 2000s, they're now going to be waiting in line to go down the AI route. Only 4% of companies have even gone down it. You look at big tech, that's 300 billion alone of AI catbacks next year. So we're talking now trillions of AI catbacks, and guess what? There's only one game in town.
It's invading in terms of the chips. But this also shows a broader attack. Second, third, fourth derivative, get the popcorn out. It's still 9.30, 10 PM in this AI party that goes to 4 AM. Did Jensen Wong do enough to allay some of the concerns that we heard going into this report about overheating in the Blackwell chips and not contributing to the production delays that we've seen? Oh, yeah. I mean, he called it out right away. And I just, it was neat. And we've talked about it before.
When you're at the top of the mountain, the bears are going to come out of hibernation mode that have missed this historic run. They'll try to poke holes. There's no poking holes here. I mean, we're talking about production that's ramping ahead of street expectations. And that's why any weakness today, it's just what I believe is an opportunity as this is a $4 trillion and potentially in the next few years, $5 trillion market.
At the same time up to now, we've seen such dramatic growth for Nvidia. It's really been like a rocket ship for this company. Can it continue to maintain that kind of momentum or do investors need to start preparing for a little bit more of a leveling off in terms of the growth trajectory?
well though that will be a question but this is this is my homes in high school one one soda when he's fourteen right in terms of where in video is and in terms of as is all plays out in the air revolution it's insatiable demand and there's no other competitor out there and that's why what were you really it's not just about video what it shows about big tech
This is real. This is the most pronounced tech spending wave that we've probably ever seen. And it just speaks to our view, NASDAQ 20,000. And eventually in next year's NASDAQ 25,000 going to be conversations that didn't happen being led by AI. This is Bloomberg Daybreak, your morning podcast on the stories making news from Wall Street to Washington and beyond.
Look for us on your podcast feed by 6 a.m. Eastern each morning on Apple Spotify or anywhere else you listen. You can also listen live each morning starting at 5 a.m. Wall Street time on Bloomberg 1130 in New York Bloomberg in 99 one in Washington Bloomberg 929 in Boston and nationwide on Sirius XM channel 121.
Plus, listen coast to coast on the Bloomberg Business app now with Apple CarPlay and Android Auto interfaces. And don't forget to subscribe to Bloomberg News Now. It's the latest news whenever you want it in five minutes or less. Search Bloomberg News Now and your favorite podcast platform to stay informed all day long. I'm Karen Moscow. And I'm Nathan Hager. Join us again tomorrow morning for all the news you need to start your day right here on Bloomberg Daybreak.
Not everybody likes talking about money. Some people find it awkward. Sometimes they even find it a little embarrassing. I do not. I like talking about money. Whether it's the boardroom, the newsroom, the trading floor. I've spent the last 30 years talking about money, writing about money, and talking about it and writing about it a little bit more. Amerisomes at work. And every week senior aboard a John Steppock and I answer your questions about personal finance and we discuss the best strategies for making the most of your money.
Listen up for the kind of insights and explanations everyone can use to help them make better saving and investment choices for themselves and their families. My question is whether you think maxing out my comfy pension match is enough for when it comes to saving for my pension. Should I attempt to pay my Charles University fees and living costs?
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