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Chapter 1: What is the main topic discussed in this episode?
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People who didn't do what John of God wanted them to do, they usually disappeared. John of God was once Brazil's most famous spiritual healer. But in this limited series podcast, we uncover the darker truth behind his global empire of faith and fear. From Exactly Right and Adonde Media, this is Two-Faced, John of God.
Listen on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts. Bloomberg Audio Studios. Podcasts. Radio. News. Bloomberg Tech is live from coast to coast with Caroline Hyde in New York and Ed Ludlow in San Francisco. This is Bloomberg Tech. Coming up, NVIDIA says it's now getting orders from China and ramping up sales of its H200 chips.
Plus, NVIDIA CEO Jensen Wang says that OpenClaw is, quote, definitely the next chat GPT. A comment that sent Chinese AI stocks higher. And we bring you an exclusive interview with the CEO of Kalshi. That's after Arizona filed criminal charges against the prediction market platform. But first, we check in on these public markets.
roiled by geopolitics by macro events and we keep an eye on what's happening in terms of the stock market nasdaq 100 is off by five tenths of a percent the s p is lower after two straight days of gains and this is as we see oil spiral higher at more than 5.5 percent this is a question of conflict in the middle east that seems to be accelerating and
And we're starting to see infrastructure continue to be targeted. That is, of course, spiraling concerns about oil prices. Now, all of this is an inflationary pressure on the back of PPI numbers today that show that inflationary pressure is already here in the United States. What will the Fed do later today? All eyes on macro policy at this moment.
all eyes on what's happening in terms of individual stocks and there is a macro tale at play when it comes to nvidia and the demand for compute and also what's happening with china demand signals actually a sign off from the chinese government at least we're starting to see a bit more of an appetite for buying into nvidia stocks as gtc continues let's just get more context on the market moves what's happening with nvidia bloomberg carmen reinecke joins us look
NVIDIA is one of the few names that pushes to the green today alongside the likes of Micron and others. Carmen, how is NVIDIA able to shake off what for the rest of the market is angst about the Middle East and inflation? Yeah, I mean, it really seems like investors are getting a little bit more confident with Nvidia here.
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Chapter 2: What is Nvidia's current outlook and order status from China?
And what more can the CEO really talk about? Absolutely. I mean, they are expecting killer results, but the physical world is going to impact their results, too, because you can only ship what you make. And they are running up, everybody in this industry is running up against... you know, supply problems. And you can see that as the chip builders are complaining about it.
So I would be, I am very enthusiastic about Micron for the long haul.
Chapter 3: How is Nvidia's CEO describing OpenClaw in relation to ChatGPT?
I think they're a great company. But in the short term, I wonder, can they ship enough to satisfy investors' demand? And I guess tonight we'll see. We've also seen perhaps a slight quietening of the anxiety around the AI trade just from a can we afford it? Will it really come? Do we need this level of data center build out perspective, Kim?
Where is the anxiety right now for you when it comes to the still optimism we see baked into the stock market? Sure. Well, I have some real questions about how much capacity is needed. While I'm a huge bull on AI, I understand what it can do. I am not still convinced that large language models are the way forward forever and ever. Amen.
I think they've done wonderful things in solving natural language processing, but I don't know that that is what we're going to do in, let's say, five years. So my fear still is that we are building, our investors are building their expectations on what they know today.
And I think things can change very, very quickly with innovations like, I don't know, OpenClaw or whatever it is, you know, where I'm sure, where companies are using less processing power and getting more bang for the buck. On predictability in the stock market, that's exactly what Howard Marks was calling out today when it comes to AI. Kim Forrest, CIO of Boca Capital Partners.
Great to have some time with you. Now, coming up, we're going to be speaking with Tarek Mansour, Kalishi CEO and co-founder.
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Chapter 4: What are the macroeconomic factors affecting Nvidia's stock performance?
That's after Arizona filed criminal charges against the prediction market platform. More next. This is Bloomberg Tech. Effective marketing is smarter, not louder. Cutting-edge technology alone won't deliver better experiences or outcomes. Adobe helps marketers use data and AI to drive smarter engagement, reduce noise, and use AI effectively and responsibly.
The brands winning in the AI era aren't the ones chasing every trend. They're the ones with the right systems and strategy. It's time to lead with insight, agility and innovation. It starts with Adobe. Hello, I'm Stephen Carroll. I'm in Brussels, where many of Europe's biggest decisions get made. And I'm Caroline Hepke in London. We're the hosts of the Bloomberg Daybreak Europe podcast.
We're up early every weekday, keeping an eye on what's happening across Europe and around the world. We do it early so the news is fresh, not recycled, and so you know what actually matters as the day gets going. From Brussels, I'm following the politics, policy and the people shaping the European Union right now.
And from London, I'm looking at what all that means for markets, money and the wider economy. We've got reporters across Europe and around the globe feeding in as stories break. So whether it's geopolitics, energy, tech or markets, you're hearing it while it happens. It's smart, calm and to the point. And it fits into your morning.
You can find new episodes of the Bloomberg Daybreak Europe podcast by 7am in Dublin or 8am in Brussels, Berlin and Paris on Apple, Spotify, YouTube or wherever you get your podcasts. For decades, people traveled across the world to see John of God, desperate for cures no doctor could offer. And when they arrived, they saw things they couldn't explain. This is real.
This guy's actually doing surgery, and it's a miracle. I never believed that miracles were real until that point. But behind those adoring crowds was something much darker. One of the reasons why I never went to the police is because I saw at least five or six men with guns everywhere he went. That was clear to me, like, close your mouth, don't open your mouth, don't say anything.
I'm your host, Martina Castro. And in the podcast Two-Faced, John of God, we'll look back on a man who claimed he could perform miracles and got people from all around the world to believe him. From Exactly Right and Adonde Media, this is Two-Faced, John of God. Listen on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts.
Arizona has filed criminal charges against Kalshi, accusing the company of operating an illegal gambling business. New Meg's Tim Stenevik joins us now with Kalshi co-founder and CEO. Tim, take it away. Hey, we're joined by Tarek Mansour. He's the CEO and co-founder of Kalshi. Tarek, good to see you. Thanks for joining us on this.
Look, even though other state regulators have taken steps to crack down on what they say is unlicensed betting on Kalshi's site, Arizona appears to be the first to escalate to criminal charges. Look, I mean, these charges have nothing to do with gambling or the merits. If it was about gambling or the merits, they would let the judicial process run its course in the federal courts.
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Chapter 5: What impact do Nvidia's orders from China have on the stock market?
We have spent four years getting regulated by the federal government. And we have a federal government in the CFTC that is coming strongly in favor of our position. Following these charges is a total, total overstep and an overreach from an AG that's up for reelection. And we find that unfortunate, but we will stay focused on what we do best, which is building a great product.
So certainly the CFTC, we know where the CFTC stands and we know where Mike Selig stands on this. We don't know where courts stand on this. And I'm wondering if we see a state like Nevada, for example, block access to your business, what will you do? Will you continue to operate or will you say, okay, we're not going to operate in Nevada?
Well, first of all, let's get to that point, and we'll have to make a decision as a company what we do. What I can reiterate is we will 100% abide by the law. That's what we will do as a company. It's always been our position. That's why we spent four years getting regulated up front, regulatory first as a company, and always abide by the law.
But what I always say, the law applies to us as much as it applies to the government. And when government oversteps the law and goes out of bound, we're going to fight that in court, which we look forward to. How long does that process take? Because it seems like there's a regulatory limbo happening.
It's almost like your legal team is going to have to play whack-a-mole with all these states that are filing suit or bringing criminal charges. How long is this going to take? And gladly, we have a legal team to handle these types of things.
things and what they're going to be focused on and you know maybe it's a question for them i mean look whatever whatever long it takes we're going to fight for prediction markets i spent eight years building this company four out of which have which are getting regulated up front i really believe in this marketplace i'm very excited about the growth that we're seeing it's one of the fast-growing company companies in america right now um and so what i'm going to be focused on is keep building a great product and that's what's sort of most important for me
The more important sort of question is, you know, when it comes to this is not really about, you know, whether this is gambling or not. It's not really about state versus federal, which are both coexisting and both growing both models. This really is turning into sort of some special interests that like the status quo.
The status quo is working very well for monopolies, but not for the consumers that are flocking to prediction markets right now, which we're going to keep fighting for. Tarek, there is this perception, though, that people think this is gambling. An Ipsos survey from just a few weeks ago, for example, shows 61% of adults say prediction market trading is closer to gambling.
8% say it's closer to investing. So there is this public perception that doesn't necessarily match with what you say the platform is. How do you respond to that, and how do you battle that? Like, how is this not gambling? I haven't really looked at these polls. The thing I will say is there's always been a battle of whether financial derivatives are gambling.
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Chapter 6: How is Nvidia addressing the demand for AI and computing power?
On the one hand, this has seemed to be a huge boost for Anthropic, especially as a consumer product, which typically it is not thought of as a consumer product. It's chatbot cloud. But the app has gotten extremely popular, a big boost in popularity. And at the same time, the company says this could be... hundreds of millions or even billions of dollars in damage.
And it cited in a court filing last week some specific ways that it's already starting to harm the company financially. Rachel Metz on the latest with Anthropic and the Pentagon. We appreciate it. Welcome back to Bloomberg Tech. We check in on these markets, which in many ways are in the eye of a geopolitical storm, a macro storm. We're off by 0.5% on the Nasdaq 100.
More broadly, stocks have turned lower and the S&P 500 because Brent crude is on the higher side, more than 5% higher. The conflict with the Middle East, within the Middle East, seems to be, well, worsening rather than coming to any near conclusion. We're currently seeing, therefore, inflationary pressure be the key concern for the market.
PPI readings coming in today showing that there's inflationary pressure even before the conflict erupted some 19 days ago. And we look towards what the Federal Reserve will do in response. That meeting today, we're not expecting any change in rates, but certainly a conversation to be had with the Fed chair.
Let's move on and have a look at what tech stocks are doing, because in amongst NASDAQ 100, which is down, we're actually seeing Nvidia trying to do its best in the green. We're up three-tenths of a percent. Now, this is as we have some extraordinary...
dictations coming from the ceo jensen huang who's talking about this moment in open claw the fact that we've got a new chat gpt on our hands in the world of agentic ai it is driving those words driving chinese stocks in particular minimax up almost 20 as they release new agentic ai tools for its user base gpu is up almost 20 as well look these are record highs at the moment due to open claw frenzy
that has beset the entire Chinese world alike. Look, let's stick more broadly with Chinese stocks, because another giant that has been betting on the use of open-claw style agents is Tencent, which actually just released its earnings results, showing the company plans to at least double its investments in AI in 2026.
Pleased to say, here in New York, for the time being, is Bloomberg's Asia stocks reporter. It's Yukyung Lee. Great to have you here for a couple of months. Yukyung, talk to us a little bit about Tencent and what they said on the numbers. Yeah, I think there are three key takeaways from their earnings this morning. I think number one is this top-line growth.
It said 13% sales growth for the December quarter, which is its fifth straight quarterly result. It was posted double-digit growth, and that was in line with expectations thanks to its advertisement and gaming department. So I think that's the first key takeaway. And secondly and more importantly,
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