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Chapter 1: What is the main topic discussed in this episode?
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News when you want it with Bloomberg News Now. I'm Stephen Carroll.
And I'm Caroline Hepker.
Traders have dumped stocks from across the software financial services and asset management sectors after a new AI automation tool from Anthropic sparked a massive sell-off. The latest release has supercharged disruption fears that have been simmering across the software industry for months.
Jeffrey Favuzza, who works on the equity trading desk at Jefferies, summed up the $285 billion route as an apocalypse for software-as-a-service stocks. He added that trading is very much get-me-out style selling. Mandeep Singh, Bloomberg Intelligence's Senior Global Head of Technology Research, isn't quite so severe in his assessment.
Right now, what we are seeing is, you know, the power of these large language models in coming up with a new interface, a chatbot or some sort of a simple interface where you can throw in data, you can automate, you know, steps of your workflow. But generalizing that everything, you know, will be fully automated is a stretch.
Mandeep Singh speaking there as software stocks slid from India to Japan following similar declines among their US and European peers.
Almost half a trillion dollars has been wiped off cryptocurrencies in less than a week as the sell-off accelerated. Bitcoin dropped as much as 7%, falling to just under $73,000 on Tuesday, its lowest level since early November. Famed big short investor Michael Burry is now warning that the plunge could deepen.
into a self-reinforcing death spiral, in his words, inflicting lasting damage on companies that have spent the past year stockpiling the token.
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Chapter 2: What triggered the $285 billion software sell-off?
Why did they skip over lots of better qualified people and allow our country to be embarrassed in this way?
Conservative Party leader Kemi Badenoch speaking there. They're following the release of US Justice Department files, which appear to show Mandelson forwarding internal Downing Street emails to Epstein.
The European Commission is also assessing whether the former Labour peer breached its code of conduct through contact with Epstein, given that Mandelson was the EU's trade commissioner from 2004 to 2008.
Novo Nordisk has warned of a steep decline in sales of its drugs and a move that shocked investors. The company says it expects sales will fall by as much as 13% due to lower prices for its blockbuster weight loss medicines, driven by a US government push to bring down drug costs. Novo's American depository receipts fell by 15% on Tuesday, their biggest decline since July.
Novo's CEO, Mike Dowstar, spoke to Bloomberg after the announcement.
Of course, I can understand that negative numbers are not good news to the market. But once again, this is something that we had anticipated. And the obesity market is quite dynamic.
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Chapter 3: How are AI tools impacting the software industry?
And the reason the range has its numbers on each end is because so many things can happen.
Novo Nordisk CEO Mike Dastar speaking there as the company also announced that it'll start a new share buyback program worth as much as $2.4 billion.
Santander has announced a ā¬5 billion share buyback after confirming it has agreed to buy Webster Financial for ā¬12 billion. The deal will give Santander a major presence in the northeast of America. It is one of the largest ever US transactions by a European lender. Spain's biggest bank reporting better than expected fourth quarter net income this morning coming in at 3.76 billion euros.
The results were brought forward after Santander announced that it will pay a total consideration of $75 per share in cash and stock for Webster.
Well, let's bring you some of the other big European bank earnings out this morning. UBS announcing a share buyback of $3 billion with the potential for more as its fourth quarter net income came in more than $200 million ahead of expectations. Profits at the Swiss lenders key wealth management unions came in at $1.29 billion. That was slightly below estimates.
In France, Credit Agricole's profits missed expectations in the fourth quarter, coming in at $1.03 billion. That's as costs rose to revamp its Italian business and it set aside more money for souring loans and other risks.
President Donald Trump has insisted that the United States and Iran are maintaining diplomatic talks even after a drone incident in the Arabian Sea, which has pushed oil prices up for a second day. The U.S. says that it shot down a drone in self-defense that, quote, aggressively approached the USS Abraham Lincoln with, quote, unclear intent.
Now, following this skirmish, Trump told reporters at the White House that talks with Iran are ongoing.
They are negotiating. They'd like to do something, and we'll see if something is going to be done. They had a chance to do something a while ago, and it didn't work out, and we did midnight hammer. I don't think they want that happening again, but they would like to negotiate. We are negotiating with them right now, yes.
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