Chapter 1: What is the main topic discussed in this episode?
The UK stands apart as a place to do business, not because of one advantage, but many working together. Over Ā£10 trillion in capital, four of the world's top universities, a 10-year industrial strategy in action, its stability with dynamism, global reach with local depth. It all adds up to greater growth. Find out more at business.gov.uk slash growth.
News when you want it with Bloomberg News Now. I'm Amy Morris. Sharp drops hit Wall Street as tech stocks sank and Bitcoin plunged to roughly half its record price set back in the fall. Several discouraging reports on the U.S. job market didn't help. We bring you the closing numbers each day here at Bloomberg. The S&P lost 84 points. NASDAQ down 364 points. The Dow down 592 points.
The 10-year Treasury yield at 4.18%. The two-year yield at 3.45%. And futures are also lower. Now, Bitcoin is now less than $65,000 as negative momentum deepened across cryptocurrencies. Bitcoin now down more than 12%. Amazon says it plans to spend billions more than expected on data centers, chips, and other equipment.
That's fueled investor concerns that the company's massive bet on AI will take longer to pay off than anticipated. Amazon shares down more than 8% in the post-market. Qualcomm CEO Cristiano Amon discussing the impact of memory constraints on that company's outlook after the largest maker of smartphone processors gave a tepid revenue forecast for the current quarter.
The industry is now defined by the availability of memory that is going to be available for consumer electronics. And it creates a sudden change in how OEMs look at their build plan. And they say, look, I have to size the size of the market, not based on demand, but the memory that I can get for consumer electronics.
Qualcomm CEO Cristiano Amon on Bloomberg Tech. Shares of Qualcomm lost 8.5% in regular trading and are down another 1% in the post-market. Anthropic is releasing a new version of its AI model, Claude Opus 4.6, designed to carry out financial research and other related functions. The release of Opus 4.6 has caused shares of financial service companies to slump.
The week-long sell-off in tech stocks and cryptocurrencies shows no sign of slowing down. Wedbush Securities Managing Director Dan Ives is advising traders to keep a cool head.
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Chapter 2: What recent trends are affecting Bitcoin and Wall Street?
You'll have these moments four or five times in a year. This is not the end of the AI trade. To me, it's like, look at earnings season, look at structure, look at monetization.
Dan Ives with Wedbush on Bloomberg Surveillance. Hims and Hers says it's expanding its weight loss offerings, now adding a needle-free option based at about $49 for the first month. The pill has the same active ingredient as Novo Nordisk's Wegovi. Novo shares nearly 8% lower in regular trading and Eli Lilly shares also about 8% lower, closing down the most in about six months.
We did see a big jump in jobless claims last week to 231,000, way over estimates. The number could reflect seasonal adjustment challenges around the weather and the Dr. King holiday. Last month saw the largest number of layoff announcements for a January since 2009 at the height of the Great Recession. Bloomberg's Michael McKee reports more than 108,000 job cut notices went out.
That's according to the outplacement firm Challenger Gray and Christmas.
Who cut the most? Well, transportation was the biggest, and that was largely due to UPS announcing 30,000 job cuts, followed by Amazon and their 16,000. But health care, which is an unusual one to be in this category, was also big.
Bloomberg's Mike McKee says contract loss, economic conditions and restructuring were the top three reasons why companies announced layoffs last month. Jolt's data came in lower than expected. The layoffs level was higher than forecast. Job openings fell to the lowest level in more than five years to six and a half million in December.
On Capitol Hill, Democratic leaders have presented their list of demands for reform of immigration enforcement, including that federal agents stop wearing masks. Congressman Brendan Boyle.
I represent a lot of Philadelphia police officers. The officers here in Philadelphia and indeed every community in the country, they don't wear masks. They're professionals. Their faces are visible. Why is ICE any different? Why is ICE acting like they're somehow above the law?
Immigration enforcement has lost public support because of its overzealous tactics, but New York Republican Nicole Malliotakis tells Balance of Power deportation of criminals still necessary.
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Chapter 3: How is Amazon's spending impacting its stock performance?
The president says Japan's prime minister is coming to Washington. Trump posted on social media that Sane Takahichi will be at the White House March 19th. The search for Nancy Guthrie continues. Investigators believe the 84-year-old Guthrie is still out there, but they have not identified any suspects.
The FBI and the Pima County Sheriff's Office offering a $50,000 reward for any information that will bring her home. Heath Yonke is the FBI special agent in charge.
And we're going to start today by announcing a $50,000 reward for information leading to the recovery of Nancy Guthrie and or the arrest and conviction of anyone involved in her disappearance.
Police say DNA tests show the blood found on Guthrie's front porch was hers. That's news when you want it with Bloomberg News Now. I'm Amy Morris and this is Bloomberg.
As a place to do business, the UK stands apart. Not because of a single advantage, but a uniquely powerful combination of many. As one of the world's leading financial centres, the UK puts over Ā£10 trillion to work every day, fuelling innovation across every sector. Home to four of the world's top universities, it provides exceptional talent and breakthrough research.
This sits alongside a clear 10-year industrial strategy, unlocking smarter regulation and making it faster and easier to operate.
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Chapter 4: What challenges is Qualcomm facing in the tech industry?
Stability with dynamism. Global connectivity with local depth. It all adds up to greater growth. Visit business.gov.uk slash growth.