Oil Slide Outweighs AI Jitters, World Leaders Honor Graham, More
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Bloomberg Green returns to New York during Climate Week on September 22nd and 23rd, bringing together industry leaders, policymakers, and climate innovators to explore what's next in the transition to a more resilient and future-ready world. Powered by Bloomberg's editorial coverage and data-driven insights, we'll examine how climate intersects with the forces shaping our future, from technology and the economy to policy and community. Learn more at BloombergLive.com slash GreenNY Radio.
News when you want it with Bloomberg News Now, I'm Amy Morris. A sell-off in semiconductor stocks deepened as signs of progress in China's advanced chipmaking compounded worries about the sustainability of the AI spending boom. Mandeep Singh is Global Head of Tech Research for Bloomberg Intelligence.
This is a multi-year technology spend, and you are going to see phases of nervousness around, are we spending too much right now? But overall, everyone feels they have to invest. There is no way out of it. And, you know, this is another one of those phases where you will see a correction, but it's not going to be meaningful.
Hear more from Mandeep Singh on the Bloomberg Intelligence podcast. The NASDAQ 100 index trading near a correction, now nearly 1% lower. NVIDIA CEO Jensen Huang on Capitol Hill today speaking to reporters during his visit to the Senate calling open weight models crucial for AI security.
We need open weight for the American industry. We need open weights for security. We need open weights for safety. And it's really important for for the vibrancy of the whole industry.
Wang also reportedly met with Commerce Secretary Howard Ludnick today as the Trump administration investigates potential violations involving NVIDIA chip exports to China. Axios reports it is not immediately clear what the men discussed. Apple became just the second company ever to achieve a $5 trillion market valuation. It has since dipped back below that threshold, which is a little more than $340 per share. Apple shares right now just shy of that. Oil is lower, but that has outweighed the chip sell-off, and markets have moved higher. We check those markets for you all day long here at Bloomberg. The S&P 500 up 0.3%. NASDAQ down just 0.1%, but the Dow has jumped 1.2%. The 10-year Treasury yield at 4.6%, and the 2-year yield at 4.27%.
Crude oil more than 4% lower, WTI crude at $79 a barrel, and Brent crude closing in on $84 a barrel. The Philadelphia Semiconductor Index down more than 4%, led by Micron, which has fallen nearly 9%. Consumer confidence fell in July as Americans' views about current business conditions and the labor market deteriorated. The conference board's gauge of confidence decreased 1.4 points. It's down to 90.8. That's after an upward revision the month before.
How did semiconductor sell‑offs and China chip progress fuel AI spending fears?
Senior U.S. economist Yelena Shiliteva with the conference board says the report highlights how sensitive consumers are to gasoline prices.
In July, gasoline prices are still 10 cents lower than they were in June. And consumers took a note of that. If you look at spending plans on services, they picked up slightly. And consumers were planning to spend a little bit more on going out, on traveling. So consumers definitely took a note of that.
Senior U.S. economist Yelena Shiliteva with the conference board on Bloomberg Intelligence. President Trump and Israeli Prime Minister Netanyahu had a lengthy meeting at the White House to talk about the latest with Iran. Bloomberg's Jerusalem correspondent Dan Williams says there have been cracks in the alliance between Netanyahu and Trump.
Is this a parting of ways? Over Iran, is Trump reading Netanyahu the Riot Act in terms of wanting Israel to accept less that Israel may have hoped for from this war?
What did Bloomberg Intelligence say about the multi‑year nature of AI tech spending?
Or, alternatively, are they discussing potentially a reunification in the fighting against Iran?
Bloomberg's Dan Williams at the White House on balance of power. That meeting came before today's funeral service for Senator Lindsey Graham. President Trump gave the eulogy.
To honor a beloved friend, a devoted brother,
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