News when you want it. With Bloomberg News Now, I'm Doug Krisner, and we begin with earnings reported after the bell. Alphabet's fourth quarter revenue was above expectations. However, the company also said it plans to spend far more than investors had anticipated this year. Capex is set to double in twenty twenty six. Here is Bloomberg's Caroline Hyde.
They are dialing this up because they must feel I must be taken that they've felt from the market. You've got some bandwidth to do this right now, because what we've had time and time again think of Microsoft's numbers is that their issue isn't one of demand.
As one of sup Pots, shares an Alphabet were down by something greater than one percent in late US trading. Qualcomm gave a lackluster forecast for revenue in the current period, and the outlook only added to concern over component shortages and how that may drive up prices and in turn hurt consumer demand. Qualcomm is the largest maker of smartphone processors. Here's Jay Goldberg from Seaport Research Partners.
So I think there's a near term problem and a longer term problem. The near term issue is memory. Memory prices are expensive. That cuts into everybody's margins. That's going to eventually cut into consumer demand. Phones will be more expensive because of the memory. It's a well known story. So I think that's a near term headwind. Longer term, I think Qualcom has some pretty significant challenges and I'm not sure they're ready to address them yet.
That's Jay Goldberg from Seaport Research Partners. Shares and Qualcom were down by more than nine percent in late US trading. The sales forecast from the British chip designer ARM Holdings was disappointing, and right now US listed shares in ARM down more than six percent in late US trading. In the equity market today, the appetite for risk was diminished and the rotation out of tech shares gathered momentum. Software firms were caught up in another wave of selling, but
chip makers saw bigger losses. We had the Philadelphia Semiconductor Index down four point three percent today now the Nasdaq one hundred drop nearly one point eight percent and breached its one hundred day moving air That is a level seen by some analysts as a harbinger for more losses. Here is Sarah Hunt, Chief Market strategist at Alpine Woods.
The market was coming into all of this on fairly high levels and had a lot of expectations. And even if you're meeting some of those, it's not good enough in an environment where people are starting to get scared again about what is going to get disrupted by AI.
And you can hear more from Sarah Hunt on the Bloomberg Business Week Daily podcast. The US and Iran are set to meet in Oman on Friday to discuss a nuclear deal. Even so, President Trump sent a warning to Iran's leaders as US military forces entered the region. Here is Trump speaking exclusively to NBC News.
I would say he should be very worried. Yeah, he should be, as you know, they're negotiating with US.
I know they are.
But the protesters have said, you know, where are the Americans. You promised them we would have their back. Do we still have we back?
We've had their back, and look, that country's a mess right now because of US.
We went in.
We wiped out their nuclear So let's wish again, want peace in the Middle East. If I didn't take out their nuclear think of it, if we didn't take out that nuclear we wouldn't have peace in the Middle East because the Arab countries could have never done that. They were very, very afraid of Ara. They're not afraid of Iran anymore.
President Trump, speaking with NBC's Tom yamas Now earlier today, the US said he'd wanted to discuss other issues with Iran. However, Iranian leadership wants to limit discussions to its nuclear program. The Department of Homeland Security will immediately reduce its enforcement presence in Minneapolis by seven hundred agents. White House borders are Tom Homan says the government will rely more on taking custody inside jails rather than making arrest in the community.
More officers taking custody of criminal amilage directly from the jails means less offers on the street during criminal operations. This is smart law enforcement, not less law enforcement. It's safer for the community, safer for the officers, and safer for the alien.
About two thousand immigration agents will remain in Minnesota. The drawdown follows weeks of uproar after immigration agents shot and killed two US citizens. Savannah Guthrie, co host of The Today Show, has broken her silence about the disappearance of her eighty four year old mother, Nancy as new details emerge. Guthrie said in a recorded video posted on social media that her family has heard about a ransom letter in media reports. Here is Guthrie.
We live in a world where voices and images are easily manipulated. We need to know without a doubt that she is alive and that you have her. We want to hear from you, and we are ready to listen. Please reach out to us.
That is Savannah Guthrie. Now, authorities did not offer an up d as investigators try to piece together the moments before and immediately after the disappearance of Nancy Guthrie. The chair of the Wall Street firm Paul Weiss, is stepping down. Brad Karp resigned after a trove of emails detailed his close connections to disgraced financier Jeffrey Epstein. Scott Barchet will now lead Paul Weiss, effective immediately. And that is news
when you want it with Bloomberg News. Now, I'm Doug prisoner, and this is Bloomberg