A global bond selloff

Bloomberg Morning Briefing Americas  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

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Good morning. Inflation fears are sending bond prices tumbling. The US military loses another senior leader, after clashes with Pete Hegseth. And why ex-Congressman George Santos won’t be placing any more bets on Kalshi. Listen to the day’s top stories. — Marcus Wright and Harry Black Market Snapshot S&P 500 Futures 7,657.00 -0.5% Nasdaq 100 Futures 29,218.50 -1.0% US 10-year Treasury yield 4.78% +0.03 Bloomberg Dollar Spot Index 1,198.01 +0.2% Market data as of 07:01 AM ET. Data is subject to provider delays. Your watchlist Bond prices slumped around the world, with inflation fears driving yields on a Bloomberg global gauge to the highest since mid-2008. Traders boosted the odds of a September US rate hike to about 70%, extending a repricing that began last week when Federal Reserve Chairman Kevin Warsh doubled down on a pledge to tame inflation. Japan’s 10-year government bond yield touched 3% for the first time this century. Army Secretary Dan Driscoll is stepping down after repeated clashes with his boss Pete Hegseth, leaving the service without several top leaders even as the conflict with Iran continues. Oil rose as the recent outbreak of renewed hostilities raised concerns about energy flows through the Strait of Hormuz. Donald Trump dismissed worries that the conflict is draining American firepower, telling reporters: “This is a relatively little war for us.” Apple Accuses OpenAI of Destroying Evidence in Exchange of Barbs Read more Anthropic signed a $35 billion computing deal with Lambda, a cloud provider backed by Nvidia, as part of an effort to quickly expand its artificial intelligence capacity, a person familiar said. Meanwhile, Nvidia’s investment in MediaTek has thrust the Taiwanese chip designer into the center of the global AI infrastructure boom. And while electricity-guzzling AI data centers may be unpopular with US voters, in Brazil they’re central to politicians’ pitches to bolster the economy. Nine drugmakers struck pricing agreements with the Trump administration under which they’ll provide discounts on outpatient drugs to state Medicaid programs that align with overseas prices. Cuba’s top diplomat in Washington said that US talks were at a standstill as the island faces continued economic isolation and a “war without bombs.” Last month, Washington placed additional sanctions on Cuba as it pursues a strategy of economic pressure rather than military force. YOU’RE INVITED: What is it like to speak with some of the most influential names in business, tech and culture? Don’t miss this opportunity to ask Bloomberg’s Emily Chang, host of The Circuit, in a Live Q&A conversation with Businessweek editor Brad Stone today at 1 p.m. EDT. Click here to join the livestream and send your questions to us in advance to liveqa@bloomberg.net. Explore recent episodes here. Claim over 50% off before summer ends As Q4 approaches, the rest of your year comes into focus. Prepare for whatever comes next with a Bloomberg.com subscription. Get your first year for just $399 $170. Offer expires September 11, 2026 11:59 PM EST. Unlock more than 50% off Deep Dive: The US and Venezuelan Oil Oil drills at Maracaibo Lake in Venezuela.. Photographer: Leslie Mazoch/AP The White House revealed more details of its plan to take control of Venezuela’s oil reserves, which Trump has said will lower US gasoline prices and replenish depleted crude reserves. The US will have the right to buy 80% of the oil produced by North American Blue Energy Partners, a privately held company granted 100-year concessions on oil fields with more than 65 billion barrels of reserves. The company plans to invest up to $100 billion in new oil infrastructure. Many questions remain about the deal, however, not least where the massive planned investment is supposed to come from. It’s still far from certain that the deal will lead to lower gas prices during Trump’s presidency, if at all. The private company at the heart of the deal is headed by Alejandro Betancourt, a controversial energy investor who has become a key middleman between the US and Venezuela. For more details on why the US is getting involved in Venezuelan oil, here’s our explainer. The Big Take Some in India have tuned to wood and charcoal as a temporary fix during cooking gas shortages. Photographer: Anindito Murkerjee/Bloomberg The Hormuz crisis has reshaped the global trade in cooking gas. From India to the Panama Canal, workarounds have helped the world to avert the most dire predictions made in the early days of war — but they’ve come at a cost. Big Take Podcast Social Media’s Safety Reckoning Is Here Opinion Kevin Warsh at the Fed’s Jackson Hole conference. Photographer: David Paul Morris/Bloomberg The Fed Chair seems sincerely committed to price stability and to the central bank’s overriding responsibility to deliver it, Bloomberg’s Editors write. But an essential tension will soon be laid bare: Warsh can impress investors with his anti-inflation zeal, or he can give the White House the monetary policy it demands. He can’t do both. More Opinions David Drucker Trump’s Popularity Has Reached a Critical Point Liam Denning The US-Venezuela Oil Deal Looks Like It Is Built on Quicksand Play Alphadots! Our daily word puzzle with a plot twist. Today’s clue is: Landscaping budget? Play now! Before You Go George Santos in 2025. Photographer: Yuki Iwamura/Bloomberg Ex-Congressman George Santos won’t be able to place another wager on Kalshi after the prediction market platform banned him for life for allegedly manipulating wagers on his attendance at this year’s State of the Union address. It’s the first such ban by Kalshi, which announced the action on Monday along with a fine of $71,356. A Few More Knicks and the Pope Boost Villanova’s Profile as $170 Million Campus Opens The Ex-Beer Baron Turning Windshield Repair Into a $7.8 Billion-a-Year Empire Dyson Debuts $499 AI-Powered Toothbrush With a Built-In Camera 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. 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Nvidia sharing the wealth

Nvidia’s biggest overseas investment marks MediaTek as the next big name to watch in AI chipmaking. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Here’s your wrap of the latest must-read tech news. For more expansive and analytical coverage from around the globe, get the Tech In Depth newsletter. Market Snapshot MediaTek Inc NT$4,315 +9.9% Tencent Holdings Ltd HK$443.60 -2.1% Apple Inc $316.85 -0.9% Market data as of 02:52 AM ET. Data is subject to provider delays. Your watchlist Top Stories Cook’s goodbye: Outgoing Apple Chief Executive Officer Tim Cook told employees he’ll miss his job. Read his memo here. China’s critique: China criticized Anthropic, saying it’s failed to adequately oversee the safety of its AI models. The charge came in advance of a US-China meeting on AI. Deal in Texas: Anthropic is busy investing in more computing capacity, striking a new deal with Nvidia-backed Lambda for a data center in Nueces County, Texas. It’s a $35 billion agreement. Must Reads Amazon Sued by FTC Over Claims It Ripped Off Advertisers The US Federal Trade Commission and a group of US states sued Amazon.com Inc. over claims the e-commerce giant systematically overcharged advertisers by more than $20 billion since 2019. AI Burnout Hits the People Charged With Defending Hospitals and Banks From Hackers “The humans are going to break before the AI does.” Huawei Profit Decline Widens After Memory Crunch Takes Toll Huawei Technologies Co. posted a deep profit decline after the Chinese tech champion grappled with rising memory costs and poured more resources into semiconductor research. Beyond The Brief Nvidia’s biggest overseas investment to date is in a company that co-founder and CEO Jensen Huang knows well: MediaTek. The largely unheralded chipmaker has risen to become Taiwan’s second-most valuable company with its progress in developing AI data center tech, the very reason Nvidia invested, Debby Wu and Vlad Savov write in today’s Tech In Depth essay. Get the Tech In Depth newsletter for analysis and scoops about the business of technology from Bloomberg’s journalists around the world. Bloomberg Live Q&A Photographer: 731/Bloomberg YOU’RE INVITED: What is it like to speak with some of the most influential names in business, tech and culture? Don’t miss this opportunity to ask Bloomberg’s Emily Chang, host of The Circuit, questions about the show, the interviews and the stories behind them in an interactive Live Q&A conversation today at 1 p.m. EDT. Click here to join the livestream and send your questions to us in advance to liveqa@bloomberg.net. Explore recent episodes here. This Week In Power On When John Ternus takes the helm Tuesday as Apple’s CEO, one of his biggest challenges will be revamping a management team that is essential in steering the company’s culture, Mark Gurman writes in this week’s Power On. Sign up for the Power On newsletter to get the inside scoop from Mark Gurman on all things Apple and consumer tech. Before You Go... Anthropic’s Mega-IPO Plan Looms Over Packed US Listing Calendar Anthropic PBC’s IPO is casting a long shadow over companies’ US listing plans, as they try to find room for their deals to grab attention after the Sept. 7 Labor Day holiday. Read more 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 Tech In Brief 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 |