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Chapter 1: What is the main topic discussed in this episode?
I'm Francine Lacroix, an award-winning journalist, and I've got a new podcast, Leaders with Francine Lacroix from Bloomberg Podcasts. I've interviewed everyone from heads of state to fashion icons about the news of the moment. But I've always been curious, who are these people as leaders? I don't think there's one right way to be a leader. Make decisions.
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News when you want it with Bloomberg News Now. I'm Caroline Hepker. Stocks are falling as a sell-off in Apple shares and reporting that OpenAI may delay its IPO rattle confidence in artificial intelligence bets. South Korea's tech-heavy Kospi has tumbled 8%, triggering a 20-minute trading halt. as Asian markets slumped to a two-week low.
In Tokyo, SoftBank shares have plunged 13% after The New York Times reported that the chat GPT maker OpenAI is leaning towards delaying its planned listing until next year. According to the paper, bankers advising the startup believe that recent volatility in tech stocks, along with the performance of SpaceX shares following its record IPO, could dampen retail investor appetite for the offering.
Bloomberg's Romain Bostic says that waiting may be the smart move if the company wants to maximise its value.
SpaceX, Anthropic, OpenAI, they were supposed to be the holy trinity of IPOs this year. Three AI companies all potentially coming out of the gate with trillion-dollar valuations. We got SpaceX. Anthropic has filed confidentially, and the best we know, they still plan to move forward.
OpenAI also making that confidential filing, but this New York Times report suggesting that there have been some discussions with Sam Altman, who leads this company, where basically the advisors said that if you go out of the gate now, you're not going to have that $1 trillion valuation.
Bloomberg's remain bostic there. After OpenAI's latest funding round earlier this year gave it a valuation of $852 billion. Well, that reporting on the chat GPT maker came shortly after Apple announced price hikes for Macs, iPads and home devices. The iPhone maker's stock fell more than 6% in U.S.
trading as the company sought to offset rising costs caused by unprecedented global demand for memory chips. 248 Ventures chief investment strategist Lindsay Bell believes the move is a sign that AI stocks may have peaked.
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Chapter 2: What recent news affects OpenAI's IPO plans?
The container ship Ever Lovely was struck while it was sailing along a recommended route, according to its Taiwanese operator. Bloomberg TV's Middle East correspondent Abir Abu Omar says that it's the first reported attack since the interim US-Iran peace deal came into force.
Now, there are some reports that suggest that the Iranian army, through those projectiles, the U.S. side says it's too early to tell. So it's not really clear yet who the culprit in this attack is. But the latest reporting suggests that it's the IRGC.
Abir Abu Omar added that oil prices, which had earlier returned to pre-war levels, turned higher on the news. Brent crude touched session highs close to $76 a barrel after the attack. They have since declined. Emergency services in Venezuela are still searching for victims after two attacks. Earthquakes struck the country earlier this week.
Rescue teams in the coastal city of Katia Lamar are looking for those trapped by several collapsed buildings after residents compiled lists of missing people on social media. Louise Pache from the Red Cross says that their work is more than just getting people to safety.
They're going to have psychosocial needs. They're going to have physical health requirements. And so we're setting up stations. We've already ordered a mobile health facility. We've already unlocked two million of our own funds to deliver to the Venezuela Red Cross so that they can continue to perform these services. And so we're moving.
That was the Red Cross's Lois Pache who was speaking there. The total death toll from the incident has risen to 235 people, but thousands more injured, according to the country's health minister.
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Chapter 3: How are global markets reacting to tech stock volatility?
A volunteer-run database now lists 11,278 people missing in the coastal city state of La Guaira. Here in the UK, King Charles III has revealed his personal tax bill in a move to increase transparency around the British monarchy. Bloomberg's Tiba Adebayo has the story.
The King of England voluntarily paid Ā£12.9 million in tax last year, whilst his son Prince William paid Ā£7.76 million. The figures were revealed in statements from Buckingham and Kensington Palace released yesterday for the first time ever. The unprecedented window into the finances of the British monarchy come at a time of increasing scrutiny.
Earlier in June, a report from the National Audit Office showed that the disgraced former prince, Andrew Mountbatten-Windsor, received private income by subletting three cottages on the royal estate where he lived. The king's assets range from castles to riverbeds, placing him among the world's wealthiest people. In London, Tiwa Adebayo, Bloomberg Radio.
The heatwave searing much of Europe is officially the most severe ever recorded in the region, with intensely high temperatures pushing politicians to call for action now. Researchers at World Weather Attribution found that temperatures were between 5 and 12 degrees Celsius above seasonal averages in France. Germany, Italy, Spain and southern England.
The UK's Green Party leader, Zach Polanski, has told Bloomberg Radio that laws need to catch up with the reality of climate change.
It's not just infrastructure. We should have a maximum workplace temperature. It's outrageous that we have lowest workplace temperature where you can't work in the cold. But we don't have that for heat. Businesses, schools, we will have to be flexible. And this won't always be a popular message. People don't like change. But if we don't change, we're not going to survive.
And it's as stark as that. As the environmental office put it, we need to adapt or die.
Zach Polanski, who was joined by members of a UK Parliament Environment Committee who wrote to the government asking for its views on how to adapt to overheating. The extreme temperatures have been deadly and our forecast to continue today before easing over the weekend. That's news when you want it with Bloomberg News Now. I'm Caroline Hepke and this is Bloomberg.
Gain insight on the innovators, disruptors, and tech-driven trends shaping today's complex economy. I'm Carol Masser. And I'm Tim Stenevek.
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