Iran-Israel Attacks Appear to Subside, Stocks Gain, More
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Hello, I'm Stephen Carroll. I'm in Brussels, where many of Europe's biggest decisions get made.
And I'm Caroline Hepke in London. We're the hosts of the Bloomberg Daybreak Europe podcast.
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News when you want it with Bloomberg News Now. I'm Karen Moscow. Both Israel and Iran have signaled an end to the fighting after they fired at each other today, while Yemen's youthy rebels launched a missile at Israel and threatened to disrupt Red Sea shipping. It is the most serious escalation since a ceasefire began two months ago and threatens to plunge the Middle East back into war. We get more with Bloomberg's Tyler Kendall in Washington.
We saw the worst flare-up in fighting overnight since the ceasefire was announced back in April. And that is because at the moment, this is all centered on Israel's front against the Iranian-backed militant group Hezbollah in Lebanon. And Iran has long maintained that any ceasefire needs to extend to the fighting there. Now, the U.S. and Israel both have said that this is a separate front, a separate operation, but it is becoming increasingly clear that it could derail the diplomatic efforts that this White House is trying to pursue.
And that's Bloomberg's Tyler Kendall. President Xi Jinping vowing to expand China's trade, agriculture and technology cooperation with North Korea in a meeting with Kim Jong-un in Pyongyang. Xi avoided public mentions of North Korea's nuclear program. He plunged on wavering support for Kim, saying China is ready to expand practical cooperation in areas that included economy and trade, agriculture, construction, science and technology, and medical and health care. That, according to China's state news agency, Xinhua. FTX co-founder Sam Bankman-Fried formally applied for a presidential pardon. This comes more than two years after he was convicted over the multi-billion dollar collapse of his once thriving cryptocurrency empire.
Bankman-Fried has been using social media and interviews with conservative news outlets to angle for executive relief from President Trump. whose embrace of the clemency power during his second term has benefited dozens of white-collar defendants. Trump told the New York Times in January that he had no plans to pardon Bankman-Fried. We're watching shares of Intel this morning. They're up more than 11% on a report from the information that Google recently placed an order for more than 3 million advanced AI chips, known as TPUs, from the chipmaker. The report also says several other major AI chip designers, including NVIDIA, are turning to Intel as a backup manufacturer. Anurag Rana covers tech for Bloomberg Intelligence.
If Intel has the ability to do it, I think this is going to be good news for the entire space because right now we are not constrained by anything but supply of chips, power, and everything that's hardware and chip-related things. It's not dollars. It's not demand.
That's Anurag Rana with Bloomberg Intelligence. The information report says Google's order with Intel would be filled in 2028. It says NVIDIA has not yet placed an order with Intel. Shares of Marvell Technology and Flex are on the move two weeks before they're added to the S&P 500, and Bloomberg's Dan Curtis has more.
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