Stalling on AI

Bloomberg Morning Briefing Americas  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

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Good morning. AI stocks face fresh scrutiny. Software engineers adapt to coding with Claude. And happy meals are all the rage. Listen to the day’s top stories. — Angela Cullen Market Snapshot S&P 500 Futures 7,602.50 -0.2% Nasdaq 100 Futures 29,509.00 -0.6% Bloomberg Dollar Spot Index 1,214.71 +0.0% Market data as of 06:59 AM ET. Data is subject to provider delays. Your watchlist A strong earnings beat and raised sales outlook from chipmaking giant TSMC weren’t enough to trigger fresh gains for the AI sector that’s fueled most of this year’s stock rally as traders grapple with whether hyperscalers are building more capacity than they’ll need. Investors are also looking for opportunities to rotate to other sectors within the AI trade that will benefit from the global buildout at more attractive prices. Oil steadied after a three-day rally as the US carried out another round of airstrikes on Iran and hit a sanctioned oil tanker near the country’s main export terminal. Over on the Black Sea, Ukraine naval drones hit two large Russian oil tankers as Moscow and Kyiv expand the scope of their mutual maritime strikes. Like many leaders before them, Donald Trump and Vladimir Putin are coming face-to-face with the limits of massive airpower to achieve strategic victory. Russia’s Elite Are Moving Billions Beyond Putin’s Wartime Grasp Read more Trade winds. The US imposed a 25% tariff on certain imports from Brazil effective July 22, accusing the country of unfair practices. Coffee, beef and some ethanol products are exempt. Brazil plans to challenge the move at the WTO. US Trade Rep Jamieson Greer suggested September’s Trump-Xi Jinping summit will focus more on China’s compliance with existing trade commitments than brokering new deals. He also said talks with Switzerland are moving in a “positive direction.” Folk hero. Nvidia CEO Jensen Huang, the man Japanese fans call kawajan-san — Mr. Leather Jacket — drew crowds in Tokyo’s Kanda district, popular for its grilled pork skewers, where he courted AI suppliers. Nvidia is set to sell its Rubin chip to Japanese startup Noetra, which has been tasked with building a homegrown foundational AI model for robots. Over in the US and proving less popular with the locals is an AI data-center hub near Trump’s Mar-a-Lago resort. Palm Beach County commissioners rejected the proposal, siding with residents fearing higher power and water costs. Flash Sale: Save 60% Don't miss out on crucial business stories this summer. Subscribe for $399 $149 for your first year and get unlimited access to trusted reporting, data tools, watchlists, podcasts, exclusive newsletters, live TV, subscriber-only events, Q&As and more. Offer expires July 22, 2026 11:59 PM EST. Unlock 60% off Deep Dive: Coding With Claude Illustration: John Provencher for Bloomberg Businessweek The AI reckoning has already arrived for software engineers. The solitary ritual of writing code for hours is being replaced by typing prompts to an army of chatbots, with as much as half of all programming now being computer-generated. Even Anthropic was surprised by the initial level of enthusiasm for Claude Code, originally developed as a side project. But it would be a sign of things to come. The boom in Claude-powered AI agents also turned the Mac mini, Apple’s smallest desktop, into essential hardware. Yet, while AI coding has reinvigorated the startup scene, it’s been a gutting experience for thousands of programmers trying to figure out how to become what tech bosses refer to as 10X engineers — and not end up as Uber drivers. The Big Take Illustration by Félix Decombat Renting alpha. Firms like Citadel and Point72 came to dominate the hedge fund industry by paying big for talent to generate market-beating returns. Now, they’re doing the unthinkable by venturing outside to tap trading ideas from small managers too niche to be hired. Big Take Podcast All the President’s Profits Opinion Is it a bubble? Photographer: Michael M. Santiago/Getty Images North America The problem with the S&P 500 isn’t that it’s terrifyingly overvalued, it’s that continued growth is in the hands of a shrinking number of companies, writes Nir Kaissar. If they disappoint, the market’s high-flying days are over. More Opinions Parmy Olson The Risk of Jony Ive’s OpenAI Speaker Is That You’ll Love It Javier Blas Iran Risks Overplaying Its Hand on Hormuz John Authers An Englishman Goes Existential on Data and Football Play Alphadots! Our daily word puzzle with a plot twist. Today’s clue is: Hedge against deflation Play now! Before You Go Lobby Bar in Washington offers the Lobby Meal, Veuve Clicquot included. Photographer: Nina Palazzolo/Lobby Bar Meals are getting happier. As inflation reshapes spending habits, set-price dinners fashioned after McDonald’s “Adult Happy Meal” are growing in popularity at fine-dining restaurants for a predictably priced night out that workers can appreciate. A Few More SpaceX to Launch Giant Starship Rocket in First Flight Since IPO Venezuelans Left to Fend for Themselves After Quakes as Rescuers Leave The Six-Figure Hire Becoming Indispensable to America’s CEOs More From Bloomberg Enjoying Morning Briefing Americas? Get more news and analysis with our regional editions for Asia and Europe. Check out these newsletters, too: Money for insights, ideas and tools for doing more with your money AI Today chronicles the disruptions and threats of AI Market Moves delivers the pulse of the market to your inbox Markets Daily has what’s moving in stocks, bonds, FX and commodities Opinion Today for an afternoon roundup of our most vital opinions Explore all newsletters at Bloomberg.com. We’re improving your newsletter experience and we’d love your feedback. If something looks off, help us fine-tune your experience by reporting it here. Follow Us You received this message because you are subscribed to Bloomberg’s Morning Briefing Americas newsletter. If a friend forwarded you this message, sign up here to get it in your inbox. Unsubscribe Bloomberg.com Contact Us Bloomberg L.P. 731 Lexington Avenue New York, NY 10022 |