Chapter 1: What factors contribute to the UK's appeal as a business destination?
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 Nathan Hager. And I'm Karen Moscow. Karen, trading begins this morning with stocks at or near record highs, and chip companies are the ones doing some of the heavy lifting. Let's get more this morning from Bloomberg's John Tucker. John, good morning. Good morning, Nathan. Yeah, the Dow finished at a record.
The S&P 500 drove to within a few points of its record close. Two of the strongest forces pushing the S&P 500 upward were NVIDIA, up 2.4%. Broadcom surged 3.3%. Those are the beneficiaries of all that CapEx spending. But always lingering in the background, you have worries about whether all the huge spending on AI is going to produce enough profit to make the investments worth it.
Andrew Slimit at Morgan Stanley marvels at how investors seem to climb a wall of worry. I think the biggest risk is we go into a kind of a real blow-off stage, and every time I start to worry about it, you know, the market sells correct. So I think that's a healthy thing, and that's why I don't think we're end of cycle. One interesting feature of this market is the surge in memory chip prices.
It's driven a vast divide between winners and losers. You have companies from Nintendo to big PC brands and even Apple suppliers seeing shares slump on profitability concerns. But the memory producers, they're soaring to unprecedented heights. In New York, I'm John Tucker, Bloomberg Radio. All right, John, thank you.
Meanwhile, Alphabet is selling sterling and Swiss franc-denominated bonds for the first time, including an ultra-rare issue of a 100-year note following a $20 billion deal in the U.S. Bloomberg Tech co-anchor Caroline Hyde reports it's just the latest salvo in the AI spending spree. You've just got hot on the heels of Oracle having sold $25 billion of debt at the beginning of last week.
They got $129 billion of demand, a record set. You might be bracing for $400 billion of investment-grade debt coming to finance AI. And Bloomberg Tech co-host Caroline Hyde. Yesterday, Alphabet raised $20 billion in a seven-part dollar debt sale, exceeding earlier expectations for a $15 billion deal.
The offering attracted more than $100 billion of orders at its peak, among the strongest ever for a corporate bond offering. Turning to the economy now, Karen, President Trump says his pick to lead the Federal Reserve, Kevin Warsh, could get the U.S.
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Chapter 2: How are chip companies influencing stock market performance?
economy to grow at a rate of 15 percent. The president spoke to Fox Business. If our new head of the Fed, who I think is going to be great, and he's a really high quality person, but if he does the job that he's capable, we can grow at 15 percent. I think more than that. President Trump says Kevin Warsh was his runner up in his last search for a Fed chair.
He says it was a big mistake to pick Jerome Powell. Nathan, the Justice Department is facing new pressure to release more information about its investigation into Jeffrey Epstein. The lawmakers who sponsored the bill to compel the agency to unseal its documents were able to review the unredacted files. Republican Thomas Massey says what he saw could lead to more criminal prosecutions.
The user interface is a little clunky at first, but what I saw that bothered me were the names of at least six men that have been redacted that are likely incriminated by their inclusion in these files. Republican Thomas Massey was joined by Democrat Ro Khanna. He described those six men as, quote, very powerful people who raped these underage girls.
Meanwhile, on Capitol Hill, Jeffrey Epstein's convicted former girlfriend, Ghislaine Maxwell, appeared for a video deposition before the House Oversight Committee, but it didn't last long. At any point during your personal relationship with Jeffrey Epstein, were you aware that Mr. Epstein was sexually abusing minors and adult women?
I would like to answer your question, but on the advice of counsel, I respectfully decline to answer this question and any related questions. Ghislaine Maxwell repeatedly invoked the Fifth Amendment during the five-minute hearing. It led the Oversight Panel's top Democrat, Robert Garcia, to ask, who is she protecting?
We turn now to Arizona, Karen, where the investigation into the disappearance of today's show co-host Savannah Guthrie's mother, Nancy, is now into a second week. Authorities are investigating the apparent kidnapping with a ransom deadline set by her purported abductors who sent ransom notes demanding money for her return.
Savannah Guthrie released a video saying her family is at an hour of desperation. We believe our mom is still out there. We need your help. Law enforcement is working tirelessly around the clock trying to bring her home, trying to find her. She was taken and we don't know where. And we need your help. Investigators believe Nancy Guthrie was taken against her will from her home.
There is growing concern about her health due to her need for daily medication and pre-existing medical conditions. Time now for the Bloomberg Sports Update, and we bring in John Staschauer. John. Thanks, Karen. Arizona was a unanimous number one in college basketball. The Wildcats took their 23-0 record to Kansas, and Arizona had an 11-point lead.
Back came the Jayhawks, took their first lead midway through the second half, and Kansas won 82-78. Big fight in the NBA in Detroit's win at Charlotte. It happened in the third quarter. It started... Between Jalen Duren and the Pistons and Moussa Diabate of the Hornets, Isaiah Stewart of the Pistons left the bench. Four players were ejected. That's your Bloomberg Sports Update. Thanks, John.
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