Bloomberg Intelligence

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Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu

-Jennifer Bartashus, Bloomberg Intelligence Senior Analyst, Retail Staples & Packaged Food, recaps Walmart earnings. Walmart warned that fuel costs are squeezing the company’s bottom line and could lead to higher prices for shoppers. The company said comparable sales in US stores rose 4.1%, excluding fuel, in the latest quarter, and forecast adjusted profit for the second quarter that missed analysts’ expectations.

-Angelo Zino, Senior Vice President and Equity Analyst, at CFRA Research, recaps Nvidia earnings. Nvidia aims to rely less on giant data center operators and predicts other businesses and governments will become a bigger source of revenue for its chips and computing products to support artificial intelligence ambitions. The company faces growing competition from chipmakers trying to carve out a piece of the AI computing business, and major buyers of Nvidia's technology are developing their own in-house components.

-Christopher Ciolino, Bloomberg Intelligence Senior US Machinery Analyst, recaps Deere earnings. Deere shares fell sharply as farm machinery sales stayed sluggish, raising questions on when the agriculture economy will start getting better. The company kept its profit outlook unchanged as it reported fiscal second-quarter results, with net sales in its top segment of production and precision agriculture falling 14% in the second quarter.

-Anthony Hughes, Bloomberg US Equity Capital Markets Reporter, discusses the future SpaceX IPO. SpaceX has pulled back the curtain on a business empire with ballooning losses and debt after acquiring a cash-hungry startup and pumping billions of dollars into futuristic endeavors. The company's prospectus filed for an IPO reveals concerns over whether private companies are reaching unjustified valuations, with SpaceX seeking to achieve a $2 trillion valuation from the outset.
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Nvidia, the world’s most valuable company, delivered a sales forecast that drew a lukewarm reaction from investors, even as revenue from data center operators continued to surge.Sales in the three months ending in July will be about $91 billion, the company said in a statement late Wednesday.
Though analysts estimated $87 billion on average, projections ranged as high as $96 billion, according to data compiled by Bloomberg.
For instant reaction and analysis, Bloomberg Businessweek Daily hosts Tim Stenovec and Emily Graffeo speak with:
Ed Ludlow, Bloomberg Tech co-host
Paul Meeks, Head of Technology Research at Freedom Capital Markets
Jay Goldberg, Seaport Research Partners
Kunjan Sobhani, Bloomberg Intelligence Senior Semiconductor Analyst
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Watch Paul and Scarlet LIVE every day on YouTube: http://bit.ly/3vTiACF.

Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu

- Jennifer Bartashus, Bloomberg Intelligence Senior Analyst, Retail Staples & Packaged Food, recaps Target earnings. Target Corp.'s comparable sales jumped 5.6% last quarter, the biggest increase since the end of 2021 and triple the gain analysts were expecting. The company raised its annual revenue guidance by 2 percentage points to about 4%, but executives warned of tougher comparisons and more cost challenges ahead.

-Mary Ross Gilbert, Bloomberg Intelligence, Senior Equity Analyst, Covering Retail, discusses TJX Earnings. TJX Cos. raised its sales growth expectations for the year as cautious shoppers spend on lower priced goods at the company's discount chains. The company's comparable sales from its stores and e-commerce sites are now seen expanding as much as 4%, up from previous guidance for an increase of as much as 3%.

-Drew Reading, Bloomberg Intelligence U.S Homebuilding Analyst, recaps Lowe's earnings. Lowe’s Cos. reported sales growth in the first quarter that just missed estimates, with comparable sales rising 0.6% during the period. The company kept its full-year outlook unchanged, citing productivity boosts from artificial intelligence, and expects to offset higher transportation costs through productivity initiatives.

-Matthew Schettenhelm, Bloomberg Intelligence Media Litigation Analyst, discusses a jury rejecting Elon Musk's claims that OpenAI betrayed its mission to benefit the public by morphing into a for-profit business, finding that he waited too long to sue the company. The verdict is a major relief for OpenAI as it eyes a potential initial public offering, and Musk and his lawyers have vowed an appeal.

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Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu

-Drew Reading, Bloomberg Intelligence U.S Homebuilding Analyst, discusses Home Depot earnings. Sales at Home Depot locations open at least a year rose 0.6% during the three months ended May 3, slightly below analysts' estimates. Home Depot's business has been hit by elevated interest rates and high housing prices, leading Americans to take on smaller projects instead of extensive remodels.

-Caroline Hyde, BTech Co-Anchor, discusses top tech stories. Meta Platforms is reassigning workers to new jobs related to artificial intelligence as part of a broad corporate restructuring. Alphabet's Google agreed to create an artificial intelligence cloud business with Blackstone Inc.

-Riley Griffin, Bloomberg Tech Reporter, discusses the Bloomberg Big Take story: “Meta’s $200 Billion Data Center Rises From the Bayou.” Meta’s $50 billion "Project Sucre" data center is rapidly transforming Richland Parish, Louisiana—one of the nation's poorest regions—into a massive construction hub the size of Manhattan.

-Brendan Greeley, Author of "The Almighty Dollar: 500 Years of the World's Most Powerful Money" and contributing editor at the Financial Times, discusses his new book. In THE ALMIGHTY DOLLAR, Financial Times journalist and Princeton financial historian Brendan Greeley argues that the dollar is not fundamentally a U.S. creation or a state-controlled currency.
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Dell CEO Michael Dell and Nvidia CEO Jensen Huang say supply chain constraints are still the biggest bottleneck to AI growth, even as demand surges worldwide, including in China. Speaking with Bloomberg News' Ed Ludlow at Dell World in Las Vegas, Huang says demand in China is “incredible” and expects the market to open further over time.
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