Chapter 1: What caused the recent government shutdown and how was it resolved?
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News when you want it with Bloomberg News Now. I'm Nathan Hager.
And I'm Karen Moscow.
Karen, we begin in Washington, where after just four days, the partial government shutdown is over. President Trump has signed his deal with Senate Democrats to reopen the government with less than two weeks of funding for the Department of Homeland Security. That's to allow more time to negotiate on Democrats' demands on new limits for immigration enforcement.
Chapter 2: What are the implications of the new immigration laws enacted after the shutdown?
President Trump says the new law won't stop his immigration agenda.
It continues to fund deportation flights that are removing dangerous illegal aliens from our country. It continues historically successful efforts to reduce crime in our nation's capital. We have a very safe city right now.
That was President Trump at the Oval Office bill signing heard live on Bloomberg Radio. Bloomberg's Eric Wasson reports lawmakers now have just nine days to come to an agreement on reining in ICE agents.
Democrats have a long list of demands, including judicial warrants and taking masks off that Republicans are really not willing to entertain. And it's just very hard. The House would have to pass this very early next week for the Senate in order to take it up and get it done by February 13th. I don't see that happening.
Chapter 3: How is the U.S. government addressing the Iran nuclear talks?
Bloomberg's Eric Wasson reports if they don't reach a deal by next Friday, FEMA and TSA employees could start to miss paychecks. ICE and Border Patrol would continue to receive funds under President Trump's one big, beautiful tax and spending cut law.
We now turn to geopolitics, Nathan. Bloomberg News has learned Iran is asking the U.S. to move diplomatic talks this Friday from Turkey to Oman. Sources say Tehran wants the talks to focus only on Iran's nuclear activities and not its support for proxy militias in the Middle East and its ballistic missiles.
President Trump has threatened to strike Iran if it does not agree to a deal which his administration has signaled must include Iran's missiles and militia support.
Back in Washington, Karen, the dates are set for Bill and Hillary Clinton to testify about their ties to Jeffrey Epstein. The House Oversight Committee says the former president will appear before the panel on February 27th. The former secretary of state will testify the day before, February 26th.
Chapter 4: What are the latest developments regarding Bill and Hillary Clinton's testimonies?
The full House had planned to hold a criminal contempt vote against the Clintons if they continued to defy subpoenas. President Trump commented on it in the Oval Office.
So that takes care of Epstein as far as Trump is concerned. But you got a lot of Democrats out there that are very much involved with Epstein. But I'll be honest with you, you got to get back to running the country.
President Trump again speaking in the Oval Office. The Oversight Committee says the Clintons have agreed to appear for transcribed, filmed depositions behind closed doors. The Clintons' attorneys say they want the hearings open to the public to address their concerns about fairness.
We now turn to the markets, Nathan, where S&P futures are little changed and gold is nearing $5,100 an ounce. Yesterday, tech stocks fell, led by the recent sell-off led by software stocks. And Bloomberg's John Tucker joins us with the latest. John.
And Karen, the theme that seems to have gripped investors is that AI is going to be able to do much of the stuff that software companies do, making their products far less important. That was reinforced when the AI firm Anthropic released an AI tool that does legal work. It looks like a case of sell now and ask questions later.
They add to that the fact that investors are growing impatient about returns for all that CapEx spending. Anika Gupta is at WisdomTree.
Given the fact that now we're seeing CapEx intentions rise 60 to 80 percent and they're rising off very high levels, we're now starting to see investors become a lot more discerning.
Now, in this environment, Microsoft has been crushed down close to 3 percent. Yesterday, the software giant down close to 25 percent from October.
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Chapter 5: Why are software stocks experiencing a significant slump?
In New York, I'm John Tucker, Bloomberg Radio.
John, thanks. Big tech earnings continue today when Alphabet reports this afternoon. We get a preview from Bloomberg's Tom Busby.
Google's parent company, Alphabet, expected to post solid revenue and profit growth for last quarter, with its cloud computing division expected to get a big boost from the release of its latest Gemini AI models, which it also integrated into its Google Search and its Chrome browser.
Like rivals Meta and Microsoft, a big focus for investors, though, is all the spending it's done on AI infrastructure and efforts to power its data centers. Bloomberg Consensus calls for revenue of $111.4 billion on earnings per share of $2.65. Tom Busby, Bloomberg Radio.
All right, Tom, thank you. Well, sticking with earnings, shares of advanced micro-devices down more than 7% in early trading.
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Chapter 6: How is AI influencing the future of software companies?
The Chipmakers report topped analysts' estimates, but its sales forecast underwhelmed investors. It's a sign that AMD is not making the kind of AI inroads that some investors anticipated.
Another chipmaker is soaring in the pre-market, Karen. That's Silicon Labs. Those shares are up more than 32 percent. The Financial Times is reporting Silicon Labs is in talks to be acquired by Texas Instruments for around $7 billion.
Nathan, Bloomberg News has learned NVIDIA is nearing a deal to invest $20 billion in OpenAI as part of its latest funding round. It marks the chipmaker's single biggest investment in the chat GPT developer. OpenAI is looking to raise up to $100 billion in funding for a new round, with much of that coming from large tech firms.
In Europe, Karen, shares of Novo Nordisk are plunging more than 17 percent.
Chapter 7: What impact is Novo Nordisk facing due to increased competition in the pharmaceutical market?
The pharma giant's warning of a steep decline in sales of its drugs. It says those sales will fall by as much as 13 percent. Novo blames increased competition and lower prices for its blockbuster weight loss medicines driven by a U.S. government push to bring down drug costs. We spoke with Novo CEO Mike Dustar.
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. And the reason the range has its numbers on each end is because so many things can happen.
Nova Nordisk CEO Mike Dustar says his company will start a new share buyback worth as much as $2.4 billion.
Time now for the Bloomberg Sports Update, and we bring in John Staschauer. John.
Thanks, Karen. A bunch of trades ahead of tomorrow's NBA trade deadline. James Harden goes from the L.A. Clippers to Cleveland for Darius Garland, a swap of point guards. Veteran Jaron Jackson goes from Memphis to Utah. He was with the Grizzlies for eight years. Point guard Mike Conley moves from Minnesota to Chicago, and center Nikola Vucevic goes from Chicago to Boston. U.S.
flag bearers at Friday's opening ceremonies will be Bob Slitter, Frank Del Duca, and speed skater Aaron Jackson. That's your Bloomberg Sports Update.
Thanks, John. And that's news when you want it with Bloomberg News Now. I'm Karen Moscow.
I'm Nathan Hager. And this is Bloomberg.
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