00:00 Speaker A
Well, for the first thing you need to know, we’re going to focus on the labor market. After a round of weaker than expected job market figures this week, the August jobs reports out today at 8:30 a.m. Eastern. The report is expected to confirm these trends seen elsewhere in the US economy. Economists are expecting the US economy to have added 75,000 jobs in August, a slight uptick from July’s number. Meanwhile, the unemployment rate is expected to have risen to 4.3% from 4.2%.
00:29 Speaker A
And now turning to wages and economists are also expecting hourly earnings to have increased 0.3% over the prior month in August.
00:46 Speaker A
Okay, the next thing you need to know about is all about energy and we’re talking about the wind and the clash between Trump administration and the Danish firm Orsted. It received approval from shareholders for its emergency $9.4 billion rights issue shortly after it issued a fresh profit warning. Orsted’s pitch to raise the capital comes amid turmoil caused by President Trump’s sustained attacks on offshore wind projects. In fact, the White House ordered the company to halt work on a nearly complete wind farm just last month. Shares of the company, which have fallen nearly 90% from a 2021 peak are up over 2% currently in a-as we speak.
01:29 Speaker A
And the last thing you need to know about, we head to the world of tech. And US President Donald Trump yesterday hosted a high profile dinner with more than two dozen tech executives in the White House Rose Garden, where industry leaders lauded his administration’s stance on AI and business. The rare get together included the likes of Meta’s Mark Zuckerberg, Apple’s Tim Cook, and Microsoft founder Bill Gates, but no Elon Musk. In fact, this morning, the FT is reporting that the Tesla board will award him $1 trillion if the EV maker hits some formidable targets. Well, just take a listen to the exchange now between the Meta boss and the president.
02:22 Speaker C
I thought you’d say a few words and we could take a couple of questions later maybe. Mark, would you like to say a few words about the company?
02:30 Speaker B
Sure. Well, I mean, I mean it’s uh Sorry, should I turn this on?
02:33 Speaker C
Yeah.
02:34 Speaker B
All right. Um, well, thanks for for hosting us. I mean, this is quite a group to get together and you know, I think um, you know, all of the companies here are building just making huge investments in in the country in order to build our data centers and infrastructure to uh power the next wave of innovation.
02:54 Speaker B
So it’s um, you know, we don’t often get together as a as uh the the the CEOs of the different companies, but it’s it’s a good to see everybody.
03:03 Speaker C
How much are you spending uh, would you say over the next few years?
03:07 Speaker B
Oh gosh. Um, I mean, I think it’s probably going to be something like I don’t know, at least $600 billion through 28 in the US. Yeah.
03:22 Speaker C
It’s a lot? No, it’s uh, it’s significant.
03:36 Speaker A
Today, we’re wrapping up a big week in artificial intelligence earnings reports with some big news. Broadcom and OpenAI are teaming up to build AI chips. That’s according to the Financial Times. And this is the latest sign that there’s a growing divide between winners and losers in artificial intelligence. Let me explain. Broadcom stock is a standout winner. Look at this, more than 9% up in the pre-market
04:02 Speaker A
after the company reported record revenue last night. Reminder here of how big this is. Broadcom’s valuation is about $1.45 trillion. So we’re talking about roughly $130 billion being traded overnight. Broadcom also got investors excited by delivering record revenue of approximately $16 billion for Q3 with AI revenue surging and an even stronger outlook on top of that. The news of Broadcom OpenAI partnership is driving speculation this morning that Broadcom will aim to take on Nvidia.
