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Chapter 1: What is the main topic discussed in this episode?
The UK stands apart as a place to do business. Not because of one advantage, but many working together. Over 10 trillion pounds in capital. Four of the world's top universities. A 10-year industrial strategy in action. It's 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 Doug Krisner. SpaceX and its wholly owned subsidiary, XAI, are competing in a secretive new Pentagon contest. The goal is to produce autonomous drone swarming technology. Now, initial voice commands would be translated into digital instructions with the capability of running multiple drones.
This project will be done in phases, beginning with software development and progressing to real-life testing. The ultimate aim is to create technology used for offensive purposes. Talks to extend a contract between Anthropic and the Pentagon have hit a snag.
We are told Anthropic wants guardrails in place to stop its clawed AI tool from being used for mass surveillance of Americans or to develop weapons that can be deployed without a human involved. Now the Pentagon wants to be able to use CLAWD as long as its deployment does not break the law. Secretary of State Marco Rubio was in Budapest, Hungary on Monday.
It was there he praised Prime Minister Viktor Orbán as the U.S. doubled down on its support for the strongman leader. Orbán is facing an election in April that could bring an end to his 16 years in power. Rubio pledged U.S. assistance if Hungary ever ran into financial trouble. That statement follows President Trump's endorsement of Orban. Rubio also addressed talks over Iran's nuclear program.
They are set to start tomorrow in Geneva, Switzerland. Rubio insisted President Trump is looking for a diplomatic solution.
It's been very difficult for anyone to do real deals with Iran because we're dealing with radical Shia clerics who are making theological decisions, not geopolitical ones. But let's see what happens. I hope it works out. We all hope it works out.
President Trump has threatened to strike at the Islamic Republic unless it agrees to a deal curbing Tehran's nuclear program in exchange for sanctions relief.
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Chapter 2: What are the latest developments in the SpaceX and xAI Pentagon contract contest?
The executive chairman of Hyatt Hotels, Tom Pritzker, will retire from his position at the company and he will not seek re-election to Hyatt's board. Pritzker cited an association with Jeffrey Epstein. In a statement, Pritzker said he deeply regrets his association with both Epstein and Ghislaine Maxwell.
He also condemned their actions and feels sorry for the pain they inflicted on their victims. The board named Mark Hoplamazian, Hyatt's president and CEO, as his successor to Pritzker, effective immediately. The federal government will not cover any cost overruns on the Hudson River Rail Tunnel Project. It's known as Gateway, and it's got a $16 billion price tag.
Chapter 3: How is autonomous drone swarming technology being developed?
Now, Gateway would add train capacity between New Jersey and Manhattan by building a new tunnel, and upgrading the existing North River tunnel. In a post on Truth Social, Trump urged authorities to avoid cost overruns and offered meetings to ensure the project does not go above budget. It's a holiday-shortened week. The path of U.S.
interest rates will remain in focus after a tame reading last Friday on U.S. retail inflation. Markets are now fully pricing a Fed rate cut in July and the strong possibility of a rate cut in June. Meantime, AI disruption is rippling through markets. Here is Natalia Lipikina, head of EMEA strategy at J.P. Morgan.
I think for now, we're so much focused on what is happening in the tech sector because the disruption just happens so fast. The market just trying to figure out who will be the winner, who will be the loser. But if you look outside and think about how much the hyperscalers are spending. We're going to have $600 billion again this year.
And that has positive impact on semis, on industrials, on utilities, on like such a big portion of the market.
That is Natalia Lipikina from JP Morgan. U.S. markets will be back online Tuesday with plenty of earnings to consider in the week ahead. We have a preview from Bloomberg's Charlie Pellett.
Investors are looking beyond the headline and guidance numbers for clarity on AI capital investments. Mark Lushini is chief investment strategist at Janney Montgomery Scott. He's watching revenue.
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Chapter 4: What issues are arising in the Anthropic-Pentagon contract negotiations?
I mean, right now we're seeing not only estimates, obviously, as we're closing out confession season for the first for the fourth quarter, continue to beat expectations. That's a pretty heady pace, not only on earnings, but revenues. Among this week's most closely watched reports will be Walmart, also reporting tech names, Palo Alto networks, analog devices, and cadence design systems.
In New York, Charlie Pellett, Bloomberg Radio.
Chapter 5: What are the implications of the Pentagon's demand for AI deployment regulations?
Just in time for tax season, the U.S. Treasury Department and the IRS have released new guidance on restrictions to clean energy tax credits under the One Big Beautiful Bill. More from Bloomberg's Nathan Hager in Washington.
The guidance provides more details on prohibited foreign entity rules, which require clean energy developers to limit contracts and supplies from China, Russia, and other covered nations. The specific rule is related to what's called the material assistance cost ratio. Companies have to calculate it so they make sure components from those countries don't exceed a certain amount.
Tax practitioners say this is one of the more complex areas in the new tax law. In Washington, I'm Nathan Hager, Bloomberg Radio.
Legendary actor Robert Duvall has died. Today in a post on social media, Duvall's wife said he died peacefully at his home in Middleburg, Virginia over the weekend. Duvall starred in such film classics as The Godfather and Apocalypse Now. Here is a moment from Apocalypse Now.
Nothing else in the world smells like that.
I love the smell of napalm. Duvall won an Academy Award for Best Actor as a former country music star in the 1983 film Tender Mercies. Robert Duvall was 95. And that is news when you want it. With Bloomberg News Now, I'm Doug Krisner, and this is Bloomberg.
As a place to do business, the UK stands apart. Not because of a single advantage, but a uniquely powerful combination of many. As one of the world's leading financial centres, the UK puts over £10 trillion to work every day, fuelling innovation across every sector. Home to four of the world's top universities, it provides exceptional talent and breakthrough research.
This sits alongside a clear 10-year industrial strategy, unlocking smarter regulation and making it faster and easier to operate. Stability with dynamism. Global connectivity with local depth. It all adds up to greater growth.
Visit business.gov.uk slash growth. Hello, I'm Stephen Carroll. I'm in Brussels, where many of Europe's biggest decisions get made.
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