This is Bloomberg day Break Weekend, our global look at the top stories in the coming week from our day Break anchors all around the world. Straight Ahead on the program, the world's most valuable chip maker reports earnings this week. I'm Tom Busby in New York. We'll tell you what to expect from end video.
I'm Caroline Hedge in London, where we're looking ahead to the UK government's autumn statement and it's a gloomy economic back job.
I'm Bryan Curtis in Hong Kong. We look at the US China agreement on fentanyl. What needs to happen to disrupt the supply.
I'm Kaylee Lines in Washington, where Congress has averted a government shutdown for now, with the real spending fight still ahead.
That's all straight ahead on Bloomberg Daybreak Weekend, the business news you need to wrap up your week in just one fifteen minute podcast available on Apple, Spotify, The Bloomberg Business Appen everywhere you get your podcasts.
Good day to you. I'm Tom Busby, and we begin today's program with one of the last important third quarter earnings reports, and it's a biggie and video reports on Tuesday, Fueled by blockbuster demand for its artificial intelligence chips shares up more than two hundred and thirty percent just so far this year. Also in Vidia's latest breakthrough trip and the impact of US restrictions on tech sales to China.
For all that and more, let's bring in Bloomberg Technology host ed Ludlow in San Francisco and Bloomberg Intelligence senior technology analyst man Deep Singing here in New York. Both of you welcome, Ed. Let's start with you. What are you expecting to see from Nvidio's earnings and its outlook?
So they'll just be a big focus on the data center business for Nvideo, right and in the context of artificial intelligence, in video makes GPUs graphics processing units, and those are chips that are basically capable of doing lots of parallel data processes at a very high level. It's kind of what you need in an AI accelerator to train the foundation models that POWERAI. And they've just seen
massive growth in that data center business. You know, last quarter it was kind of one hundred and seventy percent top line growth year on year, and going into this fiscal third quarter, the expectation is that that growth jumps to two hundred and thirty percent approximately year on year, but as you pointed out, the stocks had an incredible run in twenty twenty three so far the story is
well known in video. Is still the kind of market incumbent for this specialized AI chip, and so expectations will be really high. And around the corner they have their next generation chip, the GH two hundred, which is due to go in production in the second quarter of next year. So you know that's how earnings always go, right, how did they do on the things we know they're doing? And when's the next big thing actually going to come
and materialize in their financials? And I'm sure that that will be the discussion man do well.
So from my perspective, you know, the last two quarters and videos come out not only beat their numbers, but raise the guidance by you know, almost thirty forty percent, And now that you know it's happened two times, I think the bar is pretty high. But at the same time, we know the market is still supply constrained. I mean, everyone that we talk to keep saying, you know, they can't find the GPUs, whether it's a eight hundred or the h hundreds, to train the models to really invest
in GENAI. And so from that perspective, it still feels like the market is supply constrained and that goes in in Video's favor. Look, there are announcements from Microsoft yesterday and then from AMD saying that their GPU business could be two billion dollar und rate in twenty twenty four.
But when you compare to where in Video is we're talking about sixty billion in data center revenue next year or even higher, it just tells you like they have the dominant share and they continue to be the preferred accelerator for anyone who is training these a lot of language models.
And Mandy, let me jump in and kind of help out the audience with some of what you said. So supply constrained means that basically there is more demand for their AI accelerators or GPUs than they can actually make
right now. And that's kind of important because the risk or the unknown in the background is China, and China in the data center context has been like twenty to twenty five percent of their business historically, and there are technology export curbs, and how originally Nvidia got around that was to make a lower spec version of the H one hundred called the H eight hundred, or a lower spec version of the A one hundred called the A
eight hundred. Those were GPUs specifically for the China market that were conforming with the US technology export curbs that were put in place. Those curbs were then expanded, and you probably noticed last week some activity in the share price around reports that they're planning three new chips next gen, even lower spec to comply with those with those curbs.
But the reason I make that point, and I'm interesting you take on this, man deep, is that when your supply constrained, if one of your big market, China is a warrior or a problem, there's plenty of demand elsewhere. You know, from countries and companies all over the world who are kind of clamoring to get hold of those
those specialist GPUs. And I know that on the Bloomberg Technology Show and everyone I speak to that's certainly the case, right, people would say, I'll take some of those if we can get them.
Yeah, And look the way to model the revenue for Nvidia or AMD. You know the lift from Jenni is look at the hyperscaler CAPEX. I mean, these are still the largest customers for these chips, because all these chips are being deployed on public cloud. And we know Microsoft has phrased their CAPEX expectations Googled not so much, and Jensen was there at the Microsoft event. So it just tells you that, you know, there is an appetite to
get these chips. However many Nvidia has, and you know, if it's a hyperscaler, they're going to buy it, even if they're investing in their own chips. And right now, the definitely the markets seems like, you know, there is a huge appetite for whatever and video is making on the Accelerator.
Site exactly, and it's kind of important to think about how those chips manifest in the real world. You just outlined it. But in the courter Gone, I actually visited in Nvidia and I got my hands on the now infamous H one hundred. And when we're talking about GPUs or literally semiconductors that are the brains behind training AI models, it's not like a chip you can just hold in
your hand. You know, when people say, oh, I secured a cluster of ten thousand, h one hundreds, they don't just sort of have them in a bag slung over their shoulder. As Mandeep explained, these GPUs go in combination several GPUs into a box called a server design. That server design goes, alongside dozens of others, into the infrastructure that forms data centers. We're talking about like massive scale here.
And what Invidia has done and how it's been able to maintain its lead is that right now, the work that's being done on AI is training foundation models or large language models that have billions and billions of parameters, tens of billions, sometimes hundreds of billions of parameters. Only the h one hundred can can really handle that right now? And what was so interesting manib reference the news from AMD, but specifically Microsoft coming out with its own silicon this week,
the Azure MAYA one hundred. You know, from what I can tell, that's an AI accelerator that's much lower spec right and it will do some of the more the smaller models, more basic models. I guess what I'm saying is like the market expectations super high because in Vidia has a lead, and it looks like it will continue to grow and maintain that lead for the time being.
I mean, what I'm interested in is what the software strategy is so what people forget with then Vidia is not only they have the accelerator, but they also had the Kuda software that really makes it easy to train your llms. And in this case, you know, if the hyperscalers are spending five to ten billion dollars every hyperscaler is spending on these GPU chips, how does it translate
into the cloud revenue next year? Because right now, when you look at the cloud estimates, whether it's Azure, Amazon AWLS, or Google GCP, the accelerator revenue is still not reflected in the number. So I'm curious to see what is the lag when you know the monetization starts to show up in the cloud numbers.
You know, let's talk then let's pivot to the newest chip that it's going to develop and come out next year. You talked at about the Age one hundred, it's going to come out with an Age two hundred. Sure, how will that be different and how much more will it be able to handle these large data sets?
Yes?
Go ahead.
So what we're talking about is the Grace Hopper super chip, and it is both a GPU that we've just been talking about a graphics processing unit, but also it has within the design other components a processor, but particularly it addresses the issue of memory. One of the challenges in artificial intelligence and training large language models, which are basically
the underpinnings of artificial intelligence, is something called the memory wall. Okay, and the memory wall basically is an issue where when you have a really big AI workload, large AI models have basically poor data reuse. They're drawing on lots of data for their training, but when you deploy that AI technology as a chatbot or another generative AI tool, it basically has a poor success rateed cycling data that's already there, and so it's really important to increase the memory capacity.
So in simple terms, the super chip GH two hundred just has a more cutting edge inclusion of high BAM with memory, and GH two hundred is going to go into production in the second quarter of twenty twenty four, so it's not going to be out there in the real world at volume for some time. But from the
sheer technology standpoint, this is now the battleground. If you look at AMD's equivalent, their AI accelerator, they lean very heavily in this idea that they've addressed the high bandwidth memory issue but AMD ain't going to be in production at volume for some time as well.
Well.
A lot to look forward to our thanks to Bloomberg Television Technology host ed Ludlow in San Francisco and Bloomberg Intelligence Senior technology analyst man Deep sing here in New York. Catch Bloomberg Technology weekdays at noon Wall Street Time and get the B Tech podcast wherever you download. Coming up on Bloomberg day Break Weekend, a preview of UK Prime Minister Rishi Sunak's spending plans. I'm Tom Busby and this
is Bloomberg. This is Bloomberg Daybreak Weekend, our global look ahead at the top stories for investors in the coming week. I'm Tom Busby in New York. Up later in our program a look at one of the key agreements reached by the US in China following that presidential meeting in San Francisco. But first in the UK, Rishi Sunak's government will unveil its tax and spending plans in the coming days.
Some positive economic data has given the Prime minister a boost on achieving its economic goals, but the budget may not make for such optimistic reading. For more or let's go to London and bring in Bloomberg Daybreak, europe Banker Caroline Hepger tom.
Rischie Sunak has been on a roller coaster in the past week. He met one of his five key pledges to votus that inflation should come down below five percent by the end of the year, but he suffered a major setback on another to reduce illegal migration, when the UK's top court said that his plan to deport asylum seekers to Rwanda was illegal. Add to that a controversial reshuffle of his top team and it has been a
busy few days. So in the coming week, the Prime Minister, along with his Chancellor Jeremy Hunt, will be trying to reset the government's economic agenda. All this with one eye on a general election that is expected within the next year. The economic and fiscal situation in the UK is still pretty gloomy, with growth flatlining, inflation is still well above the Bank of England's two percent target, and rising borrowing costs.
On Blueberg Radio, I've been speaking to Elizabeth Martin's UK economist at HSBC for her view about the situation facing the chancellor.
What's the UK government borrowing is actually coming in below what the OBR had been expecting in the near terms it's okay, but you know, the amount of issuance into the guilt market is concerning, I think to everyone involved in in that market, and I think, look, we're servicing a debt level of nearly one hundred percent of GDP at rates at fifteen year half. So all of those
things do worry me. And I think whoever wins the election is going to have some difficult choices to make unless we can find that holy grail supply side growth and you know, grow the pie, as Let's Trust used to say.
So that was Elizabeth Martin's UK economists at HSBC for herview. As the governing Conservatives continue to trail behind the opposition Labor Party in the polls, the Chancellor will be keen to make an impact with his autumn statement. And I've been discussing the context with Bloomberg opinion columnist Marcus Ashworth asking him what he thinks the context is to the autumn statement.
I actually think that the data out recently has been very good for the UK and it's why sterling is at one twenty four. So I appreciate that's more dollar drive them, but you know, look, the economy is only at zero. I mean, that's a great result, and I do think interest rates are have Peete and I will come lower. The interesting point is he's got a little bit of wiggle room because if you look at numbers year today, the public finances as ever are completely different
for what the Ober thought they might be. I'm not having a go at them, it's it's the way the system works. But we're probably going to be about thirty six billion or something like that better by the end of this financial year. Were already about twenty billion better. And that means that probably we will have to issue about twenty twenty six less guilts and t bills. He can play around this stuff. He has some headroom that could of course go away, and it's more a political
question whether he wants to spend it now. I think he made There's lots of hints already coming in as his usual UK politics, and I think inheritance tax is something he wants to do something about very soon. He may cup the limit from forty percent tax down to say,
I know, thirty or even twenty percent. That's a sort of to keep the background is happy a bit, but he wants to keep the dry powder for clearly the the budget in March, and I think all they can really do this government is at least give the inclination that they will cut taxes in the future, wait for the Bank of the until possibly have cut rates by the time of the next election. But you know, they've not got much room, but they have enough room to
do something. They could of course increase spending, but I think all they'll really do is set traps for the next labor government.
What about any tax books do you think for UK businesses, because that's the other big kind of lobby is companies who want to be able to invest, to grow businesses, to get to get well an extension of tax breaks that they've enjoyed. Do you think that's possible. Would it be well received by market?
It should be possible, It should be the right thing to do. The question is how many votes are actually in there, and that's a very horrible situation we're in. The right thing to do is to extend these basically all investments investment be set up against tax, which they've had to because of again these OBR rules, they had to limit that to three years. They're playing games of
their around their own rules. It's a situation we're in. Unfortunately, we're boxed in by this this ridiculous fiscal framework, and that's why if you're investing, you will need an horizon longer than three years. At the moment, the tax breaks only out for three years and it's about to expire. They will increase that. Will they extend it permanently? I hope they do so in essence or business investment can be offset against corporation tax. I don't think they'll cut
corporation tax every roll, but they'll increase analysis. It's the right thing to do. I hope they do it. Whether they do it or not depends purely on the politics sadly here, and I think there is a chance they may delay that or certainly put that into it in a situation where it makes it all that pain will come in future fiscal years and not this currently.
There's also been a drive to try to turn around the fortunes of London listings to try to get pension funds and we've spoken about this before, to get them to invest into UK businesses. Now today we've been talking this money on big Radio about the British ier. I mean, is that the answer to the poor performance of UK stocks. Would it work. There's a chance they're going to do it.
It's the answer for UK stockbreakers for sure. I mean it's amazing to read some of the commentary on perhaps great ideas coming out. Let's make a British ier and increase the allowances. I'm very, very nervous when they're talking about putting our pensions, for instance, into sort of infrastructure products. Please leave our sayings alone. That's not where the government
should be. If you want to give us greater allowances, fine, but don't alter or steer it in such a way that you are making you invest in something which we shouldn't necessarily be investing in. And I think it's a very dangerous subject. I do think there's a halfway house. They can increase the allowance if you put it into UK things, but I don't think you should be altering the current allowances to invest around the world or where you want to, because I don't think that's what and
should be steering and picking winners. So yes, they may play with this. This has been flagged quite hard, so I imagine there will be something, whether they leave it till the budget or they do it now. They also said I don't know, but yeah, we might get something on that. To sound all pro British.
The issue, you know, more broadly is about the kind of inflationary pressures and what the Bank of England does. I mean, put that into context. How much further does the Bank of England have to work to bring down inflation in the UK.
They don't have to do anything. They've overdone it. In fact, I think the panic hike in Dune and fifty basis points two days later they got the CPI number which realized the actual fact they didn't need to do anything. And we've seen the numbers out this week that you know, particularly services inflation down to six point six that's already well above where the Bank of England expects to be a six point nine at the end of this quarter.
They've overdone it, as has I think the European Central Bank as well, which brings us into As I said, I expect a rate cut before the next election. As I think the economy, as I said, flatlining at zero. It's a fantastic result. In our economists expect overall drop a one four percentage point in ghost domestic product over the course of the next year. I think that's certainly possible, and I think we'll be talking more about the prospect
of inflation coming down too quickly. And I'm the worries again of getting below that target a little and earth than they're expected.
So I think the cost.
Of living crisis we're now should we say, reverse earnings are now substantially above where inflation is. I think food prices can you come down. We've already seen the energy stuff watch out, so I personally think we'll get some good us on that front.
That was Bloomberg opinion columnist Marcus Ashworth. My thanks to him for joining me. I'm Caroline Hepgar here in London. You can catch us every weekday morning for Bloomberg Daybreak eu at beginning at six am in London. That's one am on Wall Street.
Tom our thanks to Bloomberg Daybreak Europe banker Caroline Hepgar and coming up on Bloomberg day Break weekend, the plan for a crackdown on fentanyl by both the US and China. I'm Tom Busby and this is Bloomberg. I'm Tom Busby in New York with your global look ahead at the top stories for investors in the coming week. The US government avoids another possible shutdown, at least for now, as
we'll look at what's next for Congress. But first, the deal that President Biden reached with Chinese President shi Jinping to combat the manufacture and export of fentanyl into the US has been characterized by senior US officials as the most important agreement coming out of that summit. So what's next? What steps are needed to disrupt the supply?
For more?
Bloomberg Daybreak Asia anchor Brian Curtis speaks with Michelle Cortes Bloomberg Medical Science and Tech reporter.
Tom We focus on one of the key areas of agreement between President Biden and Chinese Leadershijenping, combating the spread of fentanyl. Fentanyl is a synthetic opioid produced by companies in China. China said that it would take actions to prevent the raw materials of the drug, known as precursors, from being exported without controls. The precursors find their way into Mexico and into the hands of primarily two criminal gangs,
the Sineloa Cartel and the Cartel Jalisco New Generation. The gang synthesize the chemicals into fentanyl and hire US citizens for the most part, to smuggle the drugs into the United States. So how does that chain get disrupted? Well, joining us now is Michelle Cortez from Bloomberg's Global Business Asia team, So in terms of how does he get disrupted, I suppose it's at the source. That's what this is all about. Can they do it?
Good news, of course that China and the US are working together on pretty much anything these days. We're a fan of that, but particularly when we're talking about something like the opioid christ which is killing about one hundred and fifty Americans every single day. And Brian, you're exactly right. What they're doing is they're going after the source material, the active pharmaceutical ingredient for the fentanyl. China is the manufacturing hub of the entire world. That is certainly true
for pharmaceutical products, and fentanyl is an improved drug. It is used for real medical reasons and a lot of that production comes out of China. But what is also happening is this illegal production that is being also done in China, and for a long time was fed directly to the US. There was a crackdown on that, and what has happened since then is a lot of those precursor ingredients are now being sent to Mexico in the
form of powders and liquids. They're being built into medicines, pills and drops that are smuggled over the border as you pointed to, getting to Americans. And it's that piece. It's actually nailing down who's making the active ingredients in China, making sure that only the legitimate stuff is shipped out to the right place.
So do we know much about the way in to these companies and the flow out of the chemicals.
Right, So that's exactly the point. We don't know certainly as people in general, as users, as reporters, we don't know who's making real ventanyl, who's making illicit ventanyl, and where it's going. That is going to require the Chinese government to really buckle down and to put money, time and effort into organizing and they're going to really have to put effort into figuring out which companies, which manufacturing plants,
are making what medicines and where they're sending it. And that's the piece that's where the rubber hits the road that they're going to have to actually do the investigations. The bureaucracy, the paperwork, all of that kind of nitty gritty stuff. It is not easy. It is not going to be fast, but that's the stuff that's going to have to happen in order to reduce the trade.
It's always something of a black box in China. It's not easy to know exactly what sorts of controls there are. Do we know much about the controls that are already in place and what needs to be added?
Well, we certainly know about the controls where the Food and Drug Administration comes in and reviews all of the manufacturing that's happening to make sure that it's being done on the up and up. So anything that is FDA approved manufacturers those companies we know. The problem is is
that that's not where the issue is. That's not the companies normally that are sending out the illicit material, and so finding those companies people who are doing things on the side, perhaps who have the knowledge, maybe they're getting the access to these ingredients for things that aren't actually medicines. They're used in many other things, painting and automotive uses, stuff
like that. These chemicals aren't just medicines. So there's a lot of different avenues where you can get into that, and we are going to really be relying on the Chinese government to buckle down and dig deep to find them.
Well, let me ask you this, If by chance we get serious controls put in place, what's to stop the Mexican cartels from accessing this material elsewhere? Is it really hard to make? Is it really China that specializes in this.
Well, we have seen since the crackdown on China in about twenty nineteen that a lot of this effort has shifted over to China, I mean, has shifted over to India. China and India are the two big active pharmaceutical ingredient producers for the world, and we have seen that shift. It is difficult to make medicines. We see that with shortages of generic drugs and many other medicines, you know,
things for cancer, chemotherapy is really important things. It is not easy to just crank something up and start generating these medicines and rolling it out. So it would be difficult for Mexico to actually start producing it. For these crime cartels to be doing it on their own, they need to get the access to it from where. But whether or not they can shift all of the demand, all the supply to India or other manufacturing powerhouses.
We'll have to watch.
And Michelle from the medical science standpoint, why is it that fentanyl is killing so many people?
It is all overdose. Fentanyl is a synthetic opioid, an incredibly powerful medication. It's one hundred times stronger than morphine, for example. And the issue is that when you're talking about this illegal production of it, there is just not
the safety guardrails that are put up. And it is so powerful, so potent, and so inexpensive that it's easy for these crime syndicates to make their pills and their other drugs, slip in a little bit of fentanyl to kind of give the other ingredients a boost so that you're still getting some kind of a some kind of a pain relief, some kind of a you know, a drug benefit from it in terms terms of illegal drug benefit,
but it's much less expensive. The thing is that that fentanyl is so powerful that if you don't do it in in exactly the right amount, then you can easily give somebody an overdose. And it varies, it varies for every person. It varies based on how much you weigh it varies how much you've been using. It varies what you've eaten and done that particular day. So you could potentially take a ventanyl pill. You can take an opioid
you don't even know what it is. You could think that you're buying LSD or heroin, and in fact you get ventanyl slipped into it, and you get it from the same person. You think it's the same batch. One day you're fine, the next day you've overdosed.
In any case, the spotlight has really been shown now on this triangle from China to Mexico to the United States. And we can all hope for progress on stopping or combating some of the distribution, but will there be other benefits as well, more like just on educating the public about what's really happening here.
Well, anytime you can educate the public, that's definitely going to be a good thing. And absolutely we know that, certainly from the US perspective, there's been a lot of excitement and celebration around the fact that they have gotten some meeting of the minds with China when it comes to this, because in the US there has been effort made to reducing the supply, to catching it early and to trying to reduce demand.
But that is just so very very.
Difficult to do.
And the hope is that by actually hitting some of that supply early that you can reduce the demand, you can reduce the access, you can reduce the give and take on that end. So when we have some positive news, that's great, something welcome to tell Americans that something that is affecting every single community, every single town, all across the country. Everyone knows somebody who has either died from this, been exposed to it, maybe had to give a life
saving narcandos to someone. Some of our colleagues actually carried around with them just because they live in big cities and have had to use it. So anything that's positive definitely will take it.
Michelle, Thanks so much for your insights. Michelle Cortes from Bloomberg's Global Business Asia team. Michelle is a specialist in health technology and medical science. I'm Brian Curtis along with Doug Krisner. You can catch us every weekday here for Bloomberg day Break Asia, beginning at seven am in Hong Kong and six pm on Wall Street tom Our.
Thanks to Bloomberg day Break Asia anchor Brian Curtis and coming up here on Bloomberg day Break weekend, the US once again averting a government shutdown for now. We head to Washington next. I'm Tom Busby, and this is Bloomberg. This is Bloomberg day Break Weekend, our global look ahead at the top stories for investors in the coming week.
I'm Tom Busby in New York. Stop gap two tiered temporary funding bill, finding a lot of support in the House and Senate and helping avert a government shutdown at least for now. But Congress will have to do this all over again in just a few short months. Can they get a resolution done for more? Let's head to our Bloomberg ninety nine one newsroom in Washington and Bloomberg Sound On. Co host Kaylee Lines.
Yeah, Tom, a shutdown has been averted. Congress has saved the holidays for themselves, and in fact, everyone already left town for Thanksgiving this past week. But come the new year, there is going to be a reckoning on Capitol Hill.
The real funding battle still lies ahead. This stop gap Continuing Resolution only extends funding for some parts of government until January nineteenth, and the other parts until February second, and meeting those deadlines is probably going to prove pretty challenging here with Mara is Mike Dorning, who helps lead
our congressional coverage at Bloomberg. So Mike Speaker Mike Johnson has already said he does not intend to pursue another continuing resolution, no more st gap measures, and it seems like hardline conservatives in the House do intend to hold him to that. So I kind of see two options here, one being do the work finish all the appropriation bills in time, the other being shut down. How hard is it going to be to go with option one to make option one happen and avoid option two.
Well, actually, I think at the end of the day, it'll probably be something in between the two, although it
may involve a shutdown. They've sort of teed up what the conservatives don't like, the omnibuses, but almost like little mini buses where you won't do all the twelve appropriations bills because it just looks like there's just divisions in the Republican Party that are blocking them from even getting some of them out of the House with a Republican version of them, let alone, you know, actually compromising with
Democrats and coming up with something. But it does tee up like essentially two trashes of global settlements, one for part of the government initially and then someone for the rest of the government in early February. And I think there's a very high risk of a shutdown and at least the first instance, and probably maybe both instances, because the divisions are just so great well.
And to your point on division specifically the divisions within the Republican Conference. What Mike Johnson just did pass a clean continuing resolution with no spending cuts with overwhelming Democratic support is exactly what we saw Speaker McCarthy do earlier this fall that ultimately led him to be ousted as speaker. So I wonder if the question we're dealing with is not singularly will the government shut down, but also a question of will Mike Johnson keep the speaker's gavel.
I think that if that becomes a problem, it'll be a problem in late January early February, when all of this comes to a head and they are teeing it up for the sort of grand fight over funding the government to be Then you know, he does come into this with some credibility, and any reasonable person would say, hey, he was barely in the speaker's job three weeks when you know he's facing a shutdown, so you got to
give him some ability to get give an extension. And he is really a sort of a core, very credible, very conservative guy. I mean, this is a guy who basically came up representing the Christian right in lawsuits before he ever ran for elective office. So that wasn't some
opportunistic you know, positioning himself for the Republican primary. This appears to be who he is so much like Nancy Pelosi was like this incredibly progressive person with this long track record, and she was able to have credibility with progressives. This is a guy who is a true ultra conservative. He called himself an arch conservative and that helps his credibility for now until the robber. It's the road the end of January, beginning of February.
So the outlook is murky to see the waste. Mike Dorning, one of the leaders of our congressional coverage here at Bloomberg in Washington, thank you so much, and Tom the.
Fight ain't over yet, thank you. Kaylee. That was Bloomberg's sound on co host Kaylee Lines, reporting from our Bloomberg ninety nine one newsroom in Washington, and you can hear sound on weekdays one to three pm Wall Street Time on Bloomberg Radio. That does it for this edition of Bloomberg day Break Weekend. Join us again Monday morning at five am Wall Street Time for the latest on the market's overseas and the news you need to start your day.
I'm Tom Buzzby. Stay with us. Top stories and global business headlines are coming up right now.