Government Shutdown Impact - Current government shutdown differs from past ones due to lack of communication between parties, potentially leading to a longer duration [2] - The President's potential use of the shutdown to shrink government size could have a greater impact on GDP than usual [3] - October 15th military payday is a key date to watch, as both parties will want to avoid blame for troops not being paid [4] - Risk of recession caused by the shutdown is minor due to its typically short duration and eventual backpay [5] Credit Rating and Fiscal Governance - Shutdowns and political dysfunction signal concerns to global investors regarding U S fiscal governance [6] - Rating agencies view government dysfunction as a factor impacting the ability to utilize U S resources to maintain ratings [7][8] - The U S is currently on an unsustainable fiscal path, with an inevitable and potentially "ugly" adjustment [9]

Strategic Partnership - AMD's deal with OpenAI is structured as a win-win for AMD, OpenAI, and AMD's shareholders [1] - The partnership focuses on rapidly deploying significant computing power [2] - AMD views OpenAI as a deep partner in building out a large-scale computing vision [3] Financial Implications - AMD anticipates increased revenue and earnings as OpenAI purchases chips [3] - The company expects the deal to be accretive to shareholders from day one [3] Confidence and Commitment - AMD expresses full confidence in OpenAI's capabilities and commitment [2] - AMD is committed to working with OpenAI to achieve their shared goals [3]

Government Shutdown & Potential Consequences - A government shutdown appears likely, with a potential White House announcement of mass firings if a vote fails [2][4] - Missed paychecks for federal workers starting October 10th and military members starting October 15th could pressure Democrats to compromise [6][7] - A shutdown could lead to essential workers refusing to work, impacting GDP and potentially forcing a resolution, similar to the 2019 shutdown [7][8] Legislative Maneuvering & Political Strategy - Moderate Republicans are attempting to negotiate a short-term deal and address Obamacare subsidies to avoid escalating rhetoric [4][9] - Republicans may be trying to weaken Chuck Schumer's negotiating position by encouraging Democratic defections [11] - There's a possibility the Senate could change its rules to allow a stopgap spending bill to pass with a simple majority, potentially ending the legislative filibuster [12] - Republicans are wary of changing filibuster rules, fearing future Democratic actions like statehood for D C and Puerto Rico [12] - Republicans are trying to attract a few more Democrats, focusing on appropriators who could secure victories in appropriations bills [13][14] Key Issues & Potential Compromises - Democrats are prioritizing the issue of Obamacare subsidies, with 70-80% of recipients in Republican states [6][15] - A White House proposal to limit Obamacare subsidies to previous enrollees is being considered [16] - A potential compromise involves passing a minibus funding bill for Agricultural Veterans Affairs and other departments, possibly paired with a defense bill and a Labor Health and Human Services bill with increased funding for the National Institutes of Health [5]

Event Overview - Screentime event focuses on the future of pop culture, Hollywood studios, sports, live music, and the impact of AI on creative industries [1] - The event will be held in Hollywood over a day and a half [1] - Discussions and debates will cover the future of media consumption and creation [1] Key Discussion Topics - The event will address the challenges and opportunities in a fractured media landscape [1] - The impact of AI on the creative industries will be a key topic [1] Notable Participants - Late-night host Jimmy Kimmel will be in conversation with Bloomberg's Lucas Shaw [1] Event Timing - The event starts at 9:30 pm ET [1] - Jimmy Kimmel's session begins at 10:40 pm ET [1]

One of the biggest US bank deals this year, if not the biggest. Fifth. Third is buying Comerica in an all stock deal valued at 0.9% billion.The combined company will be the ninth largest bank in America. I'm pleased to say that. Joining the program now is Tim Spence, chairman, president and CEO of Fifth Third Bank.Tim, great to have you on. Congratulations on this. Why this deal. Why now.Yeah. Good morning, Dani. Thank you.And based on your last segment on tax, I think the next time we have a deal, we're go ...

Partnership & Strategy - AMD and OpenAI are embarking on a massive buildout of 6 gigawatts of AI compute, representing a significant milestone for both companies and the AI industry [3] - The partnership between AMD and OpenAI is an "all-in" commitment, involving hardware, software, and supply chain collaboration to meet OpenAI's AI compute needs [9] - The initial target is 1 gigawatt of compute in the second half of 2026 using the next-generation MI450 chip [4][8] - AMD views this deal as a win for AMD, OpenAI, and its shareholders, expecting it to be accretive to AMD's earnings from day one [19][21] Market Demand & Compute Landscape - The world is underestimating the demand for AI compute, with an explosion of demand driven by products like ChatGPT, which has 800 million weekly active users [5] - The industry is heading towards a "compute desert" due to the exponential improvement of AI models and the increasing reliance of the economy on AI [6] - OpenAI sees compute as a limiting factor for launching new features and products due to a lack of computational power [5] - The AI accelerator total addressable market (TAM) is estimated to be over $500 billion in the next few years [39] Supply Chain & Manufacturing - The industry requires an industry-wide effort to increase compute capacity, involving energy, cloud providers, and the entire supply chain [11] - AMD is prioritizing building in the United States to create a strong US AI stack and is working with global partners to meet the expected demand [25][26] - OpenAI is deploying AMD in its own data centers and with cloud providers, including Oracle, emphasizing the need for as much compute as possible [12][13] Technology & Competition - AMD's MI450 series is viewed as an incredible chip with a good balance of memory and computational power, suitable for inference workloads [28] - The deal with AMD is incremental to what OpenAI is already doing with NVIDIA, with AMD technology offering specific benefits for inference [27] - There is a diversity of workloads across customers, models, and use cases, positioning AMD well in the market [31]

Leadership Change & Strategy - Verizon appointed Dan Schulman, former CEO of Virgin Mobile and executive at AT&T, as the new CEO, aiming for a fresh perspective to address growth challenges [2][3] - The appointment of Dan Schulman as CEO was unexpected, as Sampath, the head of the consumer unit, was considered a potential candidate for the role [4] - The industry anticipates Verizon may explore adjacent markets like consumer finance to stimulate growth under Schulman's leadership, leveraging his experience at American Express and PayPal [5] Performance & Challenges - Verizon is facing growth problems and has been trailing AT&T and T-Mobile for several quarters [1] - Actions taken to improve growth in the postpaid wireless business have not yet yielded significant positive results [1][4] - The board's decision to appoint a new CEO reflects dissatisfaction with the current performance, despite Sampath's dynamic personality [5] Market Reaction - Shares experienced a decline following the announcement, potentially reflecting investor uncertainty about the changes [3]

Tesla is leading the Mag seven higher today after a cryptic tease. A product announcement may be coming tomorrow. Let's bring in Bloomberg Global Autos editor Craig Trudell.Craig, I guess that's enough to get shareholders excited. The video is what, like a weird Tesla hubcap spinning or something like that. What announcement could we possibly be getting.Yeah, I know a few companies that would love to get a two and a half percent bump off of a couple of social media posts. But, you know, these these couple o ...

The stock to watch this morning is AMD open air having such an outsized impact on this public market. Shares up, check this out, nearly 36%. It signed a deal of a datacenter with open air.It could get a nearly 10% stake in the chipmaker. AMD expects the deal to lead to tens of billions of dollars in revenue. And let's get more into that story on the AMD Open I news at Bloomberg Tech's Ed Ludlow.Ed, what exactly was agreed upon here. I mean, you have a great command of the basic details, but there's a lot of ...

Economic Indicators & Data Uncertainty - Traditional economic indicators are currently unreliable due to ongoing circumstances [1] - Key data releases including trade figures, jobless claims, and inventories are anticipated but may be delayed [1] - The market is closely watching New York Fed inflation expectations and the University of Michigan sentiment index [2] - The availability and reliability of CPI data are uncertain, potentially based on only 45% of usual data [5][6] Federal Reserve (Fed) Communication & Policy - Fed minutes from the first meeting and ongoing Fed speaker events are being monitored for insights into rate-cutting cycle [2] - The impact of Fed speakers is questioned due to the lack of new economic data [3] - Jay Powell's upcoming speech on the economic outlook is a key event [4] Upcoming Economic Data - CPI, PPI, retail sales, import prices, and housing starts data are highly anticipated but their release depends on government operations [5]