Bloomberg Businessweek

The people, companies and trends shaping the global economy.
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Energy markets whipsawed for a second consecutive day as investors raced to interpret rapidly shifting comments from the Trump administration over the war in Iran.
Oil prices plummeted after Energy Secretary Chris Wright erroneously posted — and then deleted — a message that the US Navy had escorted an oil tanker through the Strait of Hormuz, only for White House Press Secretary Karoline Leavitt to subsequently concede no such operation had occurred. But, the spokeswoman said, the US military was “drawing up additional options” to address any attempt by Iran to constrain trade through the vital artery.
Later Tuesday afternoon, President Donald Trump posted his own flurry of messages on social media. First, Trump insisted the US had “no reports” of mines being placed, but then urged Iranian forces to remove any explosives they may have laid.
Next, Trump said the US was “using the same Technology and Missile capabilities deployed against Drug Traffickers” to target mining ships. Minutes later, the president reported that the US had “hit, and completely destroyed, 10 inactive mine laying boats” and promised “more to follow.”
Today's show features:
Kevin Gordon, Schwab Head of Macro Research & Strategy as markets digest a flurry of geopolitical headlines
Bloomberg Balance of Power Co-host Joe Mathieu as the White House says the US Navy has not escorted a tanker through the Strait
Mark Gurman, Bloomberg News Managing Editor for Global Consumer Tech on Apple's new $599 MacBook Neo
Anurag Rana, Bloomberg Intelligence Senior Technology Analyst on Oracle's blockbuster earnings report
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As fans of FX’s new limited series, Love Story: John F. Kennedy Jr. & Carolyn Bessette search for real-life versions of the characters' wardrobes, they're running into roadblocks. According to Google Trends, searches for “Calvin Klein 90s” shot up 850% in the US the week Love Story premiered. When customers found more fleece joggers and graphic tees on its website than the sleek basics they were looking for, some turned to secondhand sellers. PVH Corp., the apparel conglomerate that bought the Calvin Klein brand from the designer of the same name in 2003, declined to comment on its CBK strategy—or lack thereof—citing a quiet period ahead of its next earnings release.

Dina Katgara, Bloomberg News Consumer Reporter, joins Bloomberg Businessweek Daily to discuss. She speaks with Carol Massar and Tim Stenovec.
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The people, companies and trends shaping the global economy.

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

President Donald Trump made an emphatic declaration on Friday about his intentions in the widening Middle East war: He’d accept no deal with Iran other than “unconditional surrender” and pledged the US “will work tirelessly” to restore the country’s economy if a new leader is installed whom he deems acceptable.Nearly a week in, the military campaign has sent oil prices soaring and roiled equity and bond markets across the globe. The online missive showed the president — who campaigned as a pro-peace candidate — is digging in on policies that threaten to tear his fragile political coalition apart.

The revolt of “Make America Great Again” influencers including Tucker Carlson, Megyn Kelly and Marjorie Taylor Greene, along with several GOP politicians, has produced a chorus of betrayal. “No one should have to die for a foreign country,” Kelly said on her radio show this week.
Their backlash comes after Trump has already tested his base’s loyalty with an earlier strike on Iran and an operation in Venezuela to capture Nicolas Maduro that represent the kind of military adventurism he’d built his political career on rejecting, as well as his handling of the Epstein files, which frustrated some MAGA devotees who expected the swift and full transparency he promised.

At the same time, the Iran campaign risks alienating the more-casual Trump voters who cast a ballot for him hoping he’d shore up the economy, and see Middle East conflict as a distraction — or even a hindrance. Gasoline prices this week rose to their highest level at any time during a Trump presidency.

Today's show features:
Nancy Cook, Bloomberg News Senior National Economic Correspondent on Big Take: ‘MAGA Is Split': Trump Digs In on Iran War, Divides Loyalists
Jennifer Welch, Bloomberg Economics Chief Geoeconomics Analyst on ongoing impact of Iran/Hormuz on gas prices, inflation/stagflation, energy and other commodities prices
Madison Muller, Bloomberg News Health Reporter on Novo Drops Hims & Hers Lawsuit and Will Sell Wegovy on Site, FDA Plans to Loosen Testing Rules to Boost Biosimilar Drugs
Bloomberg News White House Editor Jordan Fabian on President Trump Says War with Iran is ‘Very Complete'
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Featuring some of our favorite conversations of the week from our daily radio show “Bloomberg Businessweek Daily.” Hosted by Carol Massar and Tim Stenovec Hear the show live at 2PM ET on WBBR 1130 AM New York, Bloomberg 92.9 FM Boston, WDCH 99.1 FM in Washington D.C. Metro, Sirius/XM channel 121, on the Bloomberg Business App, Radio.com, the iHeartRadio app and at Bloomberg.com/audio. You can also watch Bloomberg Businessweek on YouTube - just search for Bloomberg Global News. Like us at Bloomberg Radio on Facebook and follow us on Twitter @carolmassar @timsteno and @BW
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The people, companies and trends shaping the global economy.
Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.
Oracle Corp. and OpenAI have scrapped plans to expand a flagship artificial intelligence data center in Texas after negotiations dragged over financing and OpenAI’s changing needs.
The collapsed talks created an opening for Meta Platforms Inc. to step in and consider leasing the planned expansion site in Abilene, Texas, from developer Crusoe, according to people familiar with the matter. Nvidia Corp., the leading AI chipmaker, helped facilitate Meta’s discussions with the developer, said the people, who asked not to be identified because the talks are private.
The shifting plans underscore the complexity of building out AI data centers, which are expected to cost in the tens of billions of dollars and require cooperation from a wide swath of partners.
The campus being developed by Crusoe in Abilene is part of the highly publicized Stargate project, which was announced last year at the White House with President Donald Trump. While the 1,000-acre site continues to be built, and several parts are up and running, Oracle and OpenAI elected not to go forward with tentative plans to lease a large expansion, the people said.
Oracle and OpenAI are using Nvidia’s AI semiconductors at the Stargate site. With Crusoe seeking a tenant, Nvidia became involved to ensure its products would still fill the expanded data center rather than that of rival Advanced Micro Devices Inc., said the people. Nvidia paid a $150 million deposit to Crusoe and began helping court Meta as a tenant for the expansion, the people said.
Today's show features:
Ed Ludlow, Bloomberg Tech co-host on Oracle and OpenAI End Plans to Expand Flagship Data Center
Ellen Wald, President of Transversal Consulting and Senior Fellow at the Atlantic Council, on oil markets
James Crombie, Bloomberg News Senior Editor on Credit, on how broad credit markers are reacting to war and inflation
Drive to the Close with Sevasti Balafas, CEO at GoalVest Advisory
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