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Chapter 1: What is the main topic discussed in this episode?
The Big Take podcast from Bloomberg News keeps you on top of the biggest stories of the day. My fellow Americans, this is Liberation Day. Stories that move markets.
Chair Powell opened the door to this first interest rate cut.
Impact politics. Change businesses. This is a really stunning development for the AI world. And how you think about your bottom line. Listen to The Big Take from Bloomberg News every weekday afternoon on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts.
News when you want it. With Bloomberg News Now, I'm Doug Krisner. OpenAI has filed confidentially for an initial public offering. The company is looking to join AI rivals in tapping public markets to fund ambitious growth plans. We are told OpenAI is working with Goldman Sachs and Morgan Stanley on a potential listing as soon as this fall.
However, deliberations are ongoing and details of the IPO plan could change. Here is Bloomberg's Michael Haitha.
In its last funding round, Okinawa was valued at $152 billion. That's a lot of money. If you think about sort of a rough gauge of anywhere from, say, 2% to 5% of a valuation being raised, That adds up pretty quickly.
That is Bloomberg's Michael Haitha. Today, Apple unveiled the next generation of its artificial intelligence platform. This new system includes an overhauled Siri digital assistant, including a standalone Siri app with a more chatbot-like interface. The company says its AI platform, known as Apple Intelligence, will be better able to understand the context of a user's request.
Here is Siri co-founder Dag Kittloss.
Yeah, I think it's a great first step in sort of the Siri renaissance. So there's a lot there. It's hard for people to comprehend on such a quick presentation everything that this use of context brings, visual intelligence, and the fact that it very likely worked very well. And that's a difficult thing to convince people of with such a short thing. But I think once they start using it,
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Chapter 2: What recent developments have occurred with OpenAI's IPO?
They argued it exceeded Trump's authority, and they said the fee would be detrimental in key public sectors. Now, the Trump administration is intending to appeal this decision. President Trump has nominated Acting Attorney General Todd Blanch to fill the position on a permanent basis. Blanch is set to face an uphill confirmation fight in the Senate.
Few, if any, Democrats are expected to support his nomination, and some Republican senators, including those not seeking re-election, may also oppose him. The Trump administration has drawn up a plan to increase ICE personnel in New York City. White House border czar Tom Homan said he warned New York Governor Kathy Hochul of the surge. Here is Homan speaking to Fox News.
I made her a promise. You're going to see more ICE agents you've ever seen in New York City, and it's coming. I just reviewed an operational plan. I'm not going to tell you exactly when it's going to happen, but it's coming.
At the same time, New York City Mayor Zoran Mamdani responded by saying he believes ICE should be abolished.
I want to be very clear about the fact that I believe that ICE raids are cruel. They are inhumane. They do nothing to serve in the interest of public safety. I've shared that directly with the president. I've shared that in public.
Now, Trump and Homan have previously threatened to drastically increase the number of immigration agents in New York City. However, they have yet to follow through like the administration did in other Democrat-run cities and states. We go to the Middle East next, where Israel and Iran agreed to ease strikes against each other after a flare-up in violence over the weekend.
Israeli Prime Minister Benjamin Netanyahu said Israel would hold its fire on Iran for now. However, Netanyahu also said he would respond should Tehran attack again. Now, the pledges from these two sides came after President Trump spoke with Netanyahu on Monday. We heard from former State Department official Heather Conley. She says this puts Netanyahu in a tight spot.
Prime Minister Netanyahu has a terrible line to walk here. He has to defend and protect Israel. He will craft this very careful line. because he knows he needs the United States, he needs their support, but he must take action to defend his country.
That is former State Department official Heather Conley speaking on Bloomberg's balance of power. Now, the closure of the Strait of Hormuz has driven up energy prices, as we know, as well as the cost of supplies critical for global food production and chip manufacturing. Former Defense Secretary Lloyd Austin tells Bloomberg the U.S. Navy could open the strait, but it would be costly.
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Chapter 3: How is Apple revamping its AI platform and Siri?
I'm headed there again for the fifth or sixth time today. And we'll be able to beat this back, but we're going to do everything we can, investing over a billion dollars to push this pest back into Mexico, then to eradicate as we did about 50 years ago.
That is Agriculture Secretary Brooke Rollins speaking to CNBC. Now, the USDA also plans to release sterile flies to help eliminate the screwworm population. The initial public offering for SpaceX is well oversubscribed. We are told banks leading this offering are expected to stop taking orders from institutional investors on Wednesday after the market closes in New York at 4 p.m.
Wall Street time. Here is Matt with Heiler. He is head of late stage growth at Wellington Management.
I think if you think about what is happening at SpaceX, it would be hard for me to imagine this happening if not for the fact that Elon Musk is the founder and chairperson of this company.
And the reason for that is because what Elon is able to do is he's able to get investors to buy into a vision of the future that doesn't exist today, that most other entrepreneurs, most other founders, most other CEOs would not get the grace for.
That is Matt Witheyler. He is head of late-stage growth at Wellington Management. SpaceX is looking to raise about $75 billion in this IPO, which would in turn value the company at around $1.8 trillion. And that is news when you want it. With Bloomberg News Now, I'm Doug Krizner, and this is Bloomberg.
The Big Take podcast from Bloomberg News keeps you on top of the biggest stories of the day. My fellow Americans, this is Liberation Day. Stories that move markets.
Chair Powell opened the door to this first interest rate cut.
Impact politics. Change businesses. This is a really stunning development for the AI world. And how you think about your bottom line. Listen to The Big Take from Bloomberg News every weekday afternoon on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts. The Big Take podcast from Bloomberg News keeps you on top of the biggest stories of the day.
Want to see the complete chapter?
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