And right now we are 2 minutes away from the end of the trading day. Romaine Bostick alongside Katie Greifeld, taking you through to that closing bell with a global simulcast. Carol Massar Tim Stanovec join us from the radio booth as we bring together our audiences across all of our Bloomberg platforms, including our partnership with YouTube.Yesterday, guys, we faced a fire hose of earnings. We get quite a few more today, including out of some big names like Apple and Amazon. I thought you maybe forgot firm ...

Drug Trafficking Trends - Drug trafficking in Brazil's Amazon has surged due to gang expansion and increased surveillance along Brazil's southern border [1] - Cocaine seizures in Arizona state have tripled (increased by 200%) in 2 years due to increased river inspections [1] - Increased cocaine production in Colombia and Peru is driving smugglers to find new routes to global markets [2] Geopolitical Implications - Brazil's role as a transit country for the global drug business could lead to conflict with US President Donald Trump's anti-drug efforts [2][3] - Brazil will host the COP 30 climate conference in the Amazon city of Berlin in November, highlighting social and environmental challenges [3]

What does being nice to AI models actually mean. If we agree that AI is conscious and deserves some sort of, you know, welfare, would that come with, I guess, financial rights, like property rights, compensation. Do we need to start paying the robots.>> I think it's also maybe a question of like, is this a thing that AI systems value. >> Some AI systems seem to value this. There's a few sort of experiments that are happening with regards to uh giving an AI system a crypto wallet.Um and it was a fascinating ...

So you take a look at IDC numbers. This was a record breaking quarter for Apple in terms of shipments. But then you take a look at revenue for the iPhone nebula coming in at $49 billion.That is just shy of estimates. And I wonder how one record didn't translate into another. Well, you know, that's a really good question, I think, because obviously there's a lot of, you know, different pieces.Definitely the iPhone makes a huge part of Apple's total revenue, Right. Majority of 50% share. But if you just focus ...

I know you've been relatively comfortable here with the way that this company has been managed. When you look at the sales numbers, particularly on the product side, you look at the revenue on the services side. Gil, does that match up with valuation and the rise that we've seen in the stock over the past three months.Not quite. And in fact, that iPhone number is a little light. I think that we were expecting closer to 50.And the stock, which has had a nice run up in the last few weeks, really had embedded ...

Financial Performance - Amazon had its cleanest quarter in some time [1] - Amazon moderately beat on revenue after adjusting for one-time item normalizations in operating income [2] - The most important line item was the 20% AWP growth [2] Growth Trajectory - There's an upward trajectory in terms of growth rate going into 2026 [3] - AWP growth will start getting a bigger contribution from entropic in the depressed business [2] Market Outlook - Amazon is possibly on the verge of becoming the next Google trade that happened in 2025 [3] - The stock has been held back, multiples compressed, and the company is at the beginning of an acceleration in the core business [3]

Safety and Technology - Roblox is committed to establishing a gold standard for safety on its platform and throughout the industry [1][2] - The company plans to use facial age estimation, powered by AI, to estimate the age of all users [1] - In addition to text filtering, critical harms monitoring, and prevention of image sharing, age estimation will help control communication [1] - The new age verification technology aims to gate who communicates with whom on the platform [1] - Roblox believes this initiative will establish a standard for safety and civility in the future [2]

Market Technicals & Supply/Demand - The underperformance was largely driven by technical factors, including uncertainty around tax exemption and pulled-forward supply [1] - Supply wasn't met by enough buyers due to questions around tariffs and concerns around federal spending [2] - A recovery of the technical sell-off has been observed recently [3] - Supply tends to dampen a bit in the fourth quarter, which is constructive for yields [11] Federal Funding & State Budgets - Reduced federal funding is expected under the current administration, impacting state budgets [3] - Medicaid accounts for approximately 60% of state revenues from the federal government, making it a key area of impact [4] - States have limited options: cut coverage or make difficult budget decisions [5] California's Fiscal Situation - California's revenues are more than 50% higher than pre-COVID levels, indicating a spending problem rather than a revenue problem [7] - California is dipping into its reserves despite 20+% equity market gains, which is concerning [7] - A credit downgrade for California is possible as early as this summer [9] - A downgrade would be a notch downgrade from A to single-A, still very strong [8] Investment Strategy - Investments favor local geos and public schools financed by property taxes due to their reliability [9] - The industry expects to achieve the year of carry for 2025 [11]

We can say a lot about what was not accomplished or what didn't happen. Yes, we don't have an international crisis this morning, but we don't have a lot of details either. How are you reading this meeting.Well, it's a little bit sense of back to the future. We you know, a lot of this conflict was stirred up by President Trump and attempts to gain some leverage. China showed a very strong weapon in its rare earths exports.And I think the US blinked. So I think that, you know, the former Treasury secretary, L ...

You bet. You raised revenues up 22% growth in remaining performance obligations strong. How much is I driving this bill.Everything is about it. I Caroline, you know, right now, the entire global economy is being reshaped around air. And what's unique about the service now, a platform for business transformation.It's one engineered platform that covers everything from your I. T. estate, how you manage security operations assets to the employee customer experience, and obviously also your engineers and how th ...