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. Apple reported holiday period revenue topping Wall Street estimates driven by strong demand for the iPhone 17, growth in services, and a rebound in China. The company released a statement saying that revenue jumped 16% in the fourth quarter, setting a record.
Bloomberg Tech co-host Ed Ludlow says the strong results reflect the success of the latest iPhones.
Either the phone has got traction or they've done something smart with the timing of it and it's sold well. The bit that's missing, of course, is that that commentary does not have anything specific to do with Greater China. We know the numbers in Greater China are really good, but how did this iPhone do that?
Apple's renewed growth should help ease concerns about its AI push, which is getting an overhaul this year after some recent stumbles. Apple shares are about a half percent higher in post-market trading. Now let's look at Microsoft, which slid 10 percent in regular trading, erasing $357 billion in market value. Bloomberg Tech co-host Caroline Hyde.
We're seeing Microsoft having its worst day ever. Since March 2020, you have got $400 billion more than wiped off of its market capital expenditure, and it beat. But it's spending a lot to get growth, and the growth isn't showing up fast enough, particularly in the cloud part of the equation.
It was Microsoft's worst sell-off in nearly six years. And sources tell the Wall Street Journal that Amazon is in talks to invest up to $50 billion in open AI. The maker of chat, GPT, is seeking up to $100 billion in new capital from investors, which could value it as much as $830 billion.
Wall Street did see a sharp bounce from session lows as dip buyers stepped in following a slide driven by concerns over whether this unprecedented spending on AI is justified. We bring you the closing numbers each day here at Bloomberg. The S&P down nine points. NASDAQ lost 172 points. The Dow gained 56 points. The 10-year treasury yield at 4.24%, the two-year yield at 3.56%.
Law enforcement is investigating allegations that Meta personnel can access WhatsApp messages, despite the company's claims that the chat service is private and encrypted. Former Meta contractors claim they and some Meta staff had unfettered access to WhatsApp messages. A Meta spokesperson says that's impossible. Meta shares closed the highest in six months.
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Chapter 2: What drove Apple's record revenue this quarter?
With about 36 hours to go before the shutdown deadline, Senate Democrats blocked a spending package while lawmakers sought a deal with President Trump to rein in his immigration crackdown. Senate Minority Leader Chuck Schumer insisted that Republicans agree to remove long-term Homeland Security funding from a massive spending bill to keep the government open past tomorrow.
Americans do not support ICE terrorizing our streets, operating outside the law. Killing American citizens. If Republicans refuse to work with us to rein in ICE and to end the violence, they're telling the American people they're choosing to protect ICE over choosing to protect people's safety.
Senate Majority Whip John Barrasso says they'll keep working to keep the government open.
This nation deserves safety and security, not another government shutdown.
The deadline for a deal is Friday night. California Governor Gavin Newsom says all of this started in California about a year ago. And while he does sharply criticize the Trump administration's immigration crackdown, he says shutting down the government is not an option.
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Chapter 3: How did the iPhone 17 contribute to Apple's success?
You want your republic, you want to save this democracy, you want to enjoy the 250th anniversary, maybe make the 251st anniversary of the historic project of our founding fathers. It's not an option.
California Governor Newsom speaking to Bloomberg's Brad Stone at a newsmaker event in San Francisco. A federal judge in New York dismissed the Bank of New York Mellon, BNY Mellon, from a proposed class action lawsuit by victims of Jeffrey Epstein. They accused the bank of aiding in Epstein's sex trafficking scheme.
The judge dismissed four of six claims against Bank of America, allowing two of those claims to move forward. President Trump says he'll announce his nominee to chair the Federal Reserve next week. Trump reiterated his expectation that the new Fed chair will lower interest rates.
It's not cutting. It's not saying we have to get rid of jobs. It's just like literally so easy to do. But we have a guy that doesn't want to do it because he's unemployed. I think he's politically biased.
Fed Chair Jay Powell's term expires in May, but he could stay on at the Fed through 2028. The Fed decided to hold rates steady during their meeting this week. President Trump announced during that cabinet meeting today that Venezuelan airspace is reopened as of today.
I've instructed Sean Duffy and everybody else concerned, including the military, that if you would, by the end of today, I'd like you to add up the Airspace over Venezuela. Planes can go to Venezuela opened up. OK. Yes. Thank you very much.
President Trump says he's had what he calls a very productive telephone conversation with Mexico's president, Claudia Scheinbaum. The president posting on social media that most of that conversation focused on the border, drug trafficking and trade. He says they'll be setting up meetings with Scheinbaum in both the U.S. and Mexico.
Russian attacks have killed six people in central and southern Ukraine. And these attacks are coming as Ukraine is dealing with its toughest winter since the start of the war. Those Russian strikes are cutting off heating and power to millions. President Trump says he is asking Russia to temporarily stand down.
And because of the cold, extreme cold, they have the same that we do. I personally asked President Putin not to fire on Kiev and the cities and towns. for a week and he agreed to do that.
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Chapter 4: What factors led to Microsoft's historic slide in the market?
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. Stability with dynamism. Global connectivity with local depth. It all adds up to greater growth. Visit business.gov.uk slash growth.