Qualcomm Earnings, Musk $1 Trillion Pay Vote
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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, Qualcomm gives an upbeat forecast, but it fell short of investor expectations. We'll discuss why with the CEO. Plus, the earnings don't stop there. Executives from Figma, Robinhood, Chime and Lyft, they join us after reporting results. And all eyes on Tesla as we await the outcome of a shareholder vote on a $1 trillion pay package for Elon Musk. And Tesla, it weighs on the broader market side. Let's get to those broader markets on the day because, well, overall, we've got a lot of macro data to be digesting and that feeds in the angst that we've been seeing in tech stocks more broadly.
We're off by 1.7% on the NASDAQ 100. We're still questioning valuations. It's interesting that the AI play moves into the macro in terms of jobs data, not coming from the federal departments, but it is coming from Challenger Grey and Christmas. And they're saying we've never seen an October as bad as this in 20 years in terms of 153,000 jobs losses. AI automation being blamed. Bitcoin off by 1.7%. We've got some risk aversion, Ed. Yeah, in the chip sector, we have two very similar stories with two very different reactions. Arm has given us a bullish outlook for the current period, which basically suggests they're making traction in AI. The shares had opened a lot higher. We're now down 2%. Qualcomm, again, giving a pretty bullish outlook for the current period, traction in traditional markets, diversifying revenue.
But that stock is down 4%. At the high end of estimates, they didn't quite get there. Then there's in the media and entertainment space. Warner Brothers Discovery actually missed estimates on revenue in the quarter, but amid plans for a sale or some kind of transaction, that's really all the street really cared about. It is. And let's dig into that street reaction, the stock reaction. Hannah Miller's here to covering all things media. And really, almost these numbers vindicated the decision by David Zaslav to be separating out the businesses. Talk us through it. Yeah, so this morning we heard David Zaslav really play up the strength of the studio segment. They had some big blockbuster hits this summer with Superman and weapons.
He wants buyers to look at the movie business, not the TV networks business. Of course, Mr. Zaslav was asked about what happens next, and his response was pretty straightforward. We have an active process underway. Are you able to tell us any more, Hannah, about what an active process underway means? Yeah, they want to move quick on this. And we're expecting to get more news in December about this deal. You know, the bids have to come in. They have to consider all the interest they're getting from players like Netflix, Comcast and Paramount. It's going to be really interesting to see how it plays out. But Hannah, are they the names that we're limited to? Or could we see big tech throw its hat in the ring?
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