| Bloomberg Morning Briefing Americas |
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| Good morning. Nvidia's forecast underwhelms. Redrawing electoral constituencies isn't all it's cracked up to be. And belting out every Sound of Music song you know around Salzburg might not endear you to the locals. Listen to the day's top stories. — Angela Cullen | |
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| The lukewarm reception to Nvidia's first-quarter outlook, which handily beat estimates, is a stark reminder of the investor skepticism now dogging the world's biggest maker of AI processors. Not included in its forecast was any data center revenue contribution in China, even though the US has granted a license to ship a limited number of Nvidia's less advanced H200 chips to customers there. Beijing's sign-off is still pending. Here's why the AI trade has evolved beyond Nvidia. That said, some strategists see the current pessimism as a buying opportunity.  The alarm bells around the private credit market haven't deterred Apollo Global Management from teaming up with BNP Paribas to expand in Europe, even as investors fret about the sector's exposure to the software industry. There's little risk of contagion to the wider market, according to Marathon Asset Management Chairman Bruce Richards. Meanwhile, high-stakes nuclear talks between the US and Iran in Geneva are prompting traders to take big bets off the table, with only days left before Donald Trump's deadline for a deal—another reminder of how geopolitical crosscurrents are complicating an already fragile market backdrop. | |
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| The US signaled it will keep tariffs on China high, brushing aside Beijing's warning against further increases, as Trump's sweeping levies move back into focus ahead of his upcoming meeting with Xi Jinping. Trade Representative Jamieson Greer said Trump intends to hold duties in the 35% to 50% range, saying last week's Supreme Court's decision to invalidate broad emergency tariffs would have little impact on most levies. Separately, the Justice Department said a retired US Air Force major has been arrested over accusations that he trained Chinese military pilots, injecting fresh tension into the fraught relationship. | |
| Caribbean tensions. Cuban forces killed four people and injured six aboard a Florida-registered speedboat, an incident with the potential to escalate an already tense standoff with the US. Havana said the 10 people on board were planning an uprising. Here's what we know so far. A hacker exploited Anthropic's AI chatbot to carry out a series of attacks against Mexican government agencies, resulting in the theft of a huge trove of sensitive tax and voter information, cybersecurity researchers said. In brighter news, most Venezuelans expect the economy and job market to improve as the US eases sanctions and the government rolls out reforms to attract investment. | |
Deep Dive: Redistricting Revisited | |
 Representative Nancy Mace speaking during the Republican National Convention. Photographer: Hannah Beier/Bloomberg The redistricting battles flaring up across the US feel all too familiar to voters who have endured cycle after cycle of redrawn electoral maps. Increasingly, some are questioning what—if anything—they're getting out of it. - While new maps can help political parties tighten their grip on specific seats, many voters say they're feeling sidelined, even when their own party benefits. In South Carolina, some political leaders have begun to question what redistricting ultimately delivers.
- Staten Island is another flashpoint. Long a Republican enclave within heavily Democratic New York City, its status is under threat in a redistricting battle that's playing out amid a nationwide push to redraw political boundaries ahead of the 2026 midterms.
- With Congress narrowly divided, control of the House could hinge on a handful of skirmishes over district borders. Here's what to know about the origins of redistricting and how the latest fight over congressional maps is unfolding across the country.
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 A joint doctrine team chief with the National Guard Bureau looks at the interface of the Maven Smart System in Arlington, Virginia. Source: Master Sgt. Whitney Hughes/Digital Anthropic's showdown with the Pentagon is about more than guardrails for artificial intelligence. The high-stakes conflict between the Defense Department and the $380 billion tech powerhouse goes to the heart of just how far AI can go in warfare. | |
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 Dario Amodei, co-founder and chief executive officer of Anthropic. Photographer: Bloomberg AI is poised to disrupt many aspects of modern life and few are more consequential than national defense, Bloomberg's editors write. Congress, not contractors, must establish the rules of the road. Lawmakers should start grappling with these dilemmas before it's too late. | |
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| Our daily word puzzle with a plot twist. Today's clue is: First place? Play now! | |
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 Small Alpine lakeside villages like Hallstatt have become screen stars in recent years. Photographer: Anton Petrus/Getty Images Imagine riding a bus through Salzburg, belting out every song you know from the 1965 classic Sound of Music. Or visiting the sun-kissed backdrops of White Lotus and the dramatic landscapes of Game of Thrones. The trend of "set-jetting" is driving an $8 billion tourism boom across Europe but, as fans flock to destinations featured in movies and TV shows, the deluge of day-trippers can be overwhelming for locals. | |
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