Powerful Winter Storm, China on Nvidia H200 Orders, More

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Bloomberg News Now 7 min 5 speakers 4 chapters transcribed 2 months ago

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Transcript generated automatically by AI and may contain errors.

What is the main topic discussed in this episode?

Karen Moskow 0:01

News when you want it with Bloomberg News Now.

How widespread is the powerful winter storm and who is under alerts?

Karen Moskow 0:04

I'm Karen Moscow, a large part of the country bracing for a powerful winter storm. In fact, about 160 million people are under a variety of watches, warnings and other alerts this weekend. The East Coast is expected to get hit hard. We get the very latest with Bloomberg meteorologist Rob Carolyn in New York.

Rob Carolin 0:22

Major winter storm that will be developing later today is going to affect over 30 states and more than 200 million people as it works its way over 1,500 miles from eastern New Mexico to the coast and central parts of New England. Be looking at that snow developing late Saturday afternoon, Saturday evening in the district. It'll end Sunday night. 8 to 12 inches looks likely for the district in Baltimore. There will be some sleet that mix in during the storm. New York City will see snow developing by early Sunday morning. It'll end late Monday afternoon, 8 to 14 inches is possible, and we may see some sleet mixing in with some of the snow Sunday night, especially south of the city, and that may cut into the accumulation south of the city.

Rob Carolin 0:58

Southern New England will see the snow developing by mid to late afternoon on Sunday. It ends Monday evening, 10 to 16 inches, with some sleet possible south of Boston. Highest amounts may be north and west of Boston. I'm Rob Carroll in Bloomberg Radio.

Karen Moskow 1:12

All right, Rob, thank you. Meanwhile, Texas Governor Greg Abbott issued disaster declarations for more than half the counties in his state ahead of that powerful winter storm that'll be one of the toughest tests of the electric grid since a deadly 2021 collapse. The storm's worst is also expected to sweep the south from eastern Texas and Louisiana to Arkansas and North Carolina, Georgia and Virginia, where as much of an inch of ice will encrust trees and power lines, leading to widespread outages. Chinese officials have told the country's largest tech firms, including Alibaba Group, that they can prepare orders for NVIDIA's H200 AI chips. It suggests Beijing is close to formally approving imports of components essential to running artificial intelligence.

Karen Moskow 1:56

We get more with Bloomberg's Isabel Lee.

What are the expected snowfall amounts and timing for major East Coast cities?

Isabel Lee 1:58

This means Beijing will encourage companies to buy a certain amount of domestic chips as a conditional approval. So the government is obviously prioritizing the needs of major Chinese hyperscalers. But what does this mean for NVIDIA? It's definitely a major win because NVIDIA has been angling for years to resume business with the world's largest semiconductor. We have CEO Jensen Huang saying that the AI chip segment alone could generate $50 billion in the coming years. So that's definitely an eye-popping number.

Karen Moskow 2:25

And that's Bloomberg's Isabel Lee. Nvidia shares are up more than 1% in early trading. Shares of Intel are plunging this morning down more than 13%. The chipmaker gave a lackluster forecast and warned that it was struggling with manufacturing problems. In other news this morning, we're getting more details about President Trump's framework deal over Greenland. Sources tell Bloomberg the U.S. wants to rework its defense agreement with Denmark that it signed in 1951 and amended in 2004 to remove any restrictions on U.S. military operations on the island indefinitely. President Trump says the deal is still being negotiated.

3:08

We'll have something in two weeks. There's a good spirit to get something done, and we have to have it. There's strong freedom. We have to have the ability to do exactly what we want to do.

Karen Moskow 3:15

President Trump spoke on board Air Force One. It's unclear whether Denmark will agree. Greenland Prime Minister Jens Fredrik Nielsen says he's open to talks.

3:24

As I said, we are ready to discuss a lot of things and we are ready to negotiate a better partnership and so on. But sovereignty is a red line.

Karen Moskow 3:35

And Greenland Prime Minister Jens Fredrik Nielsen notes the current agreement poses few limits on the U.S. and both Greenland and Denmark have been pushing for a greater U.S. military presence for years. And now, with President Trump making progress on Greenland, he's openly musing about sending NATO troops to the southern border with Mexico.