Bloomberg: The China Show 06/09/2025
'Bloomberg: The China Show' is your definitive source for news and analysis on the world's second-biggest economy. From politics and policy to tech and trends, Yvonne Man and Stephen Engle give global investors unique insight, delivering in-depth discussions with the newsmakers who matter. (Source: Bloomberg)
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Bloomberg
15 minutes ago
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Stocks Have Likely Bottomed, Says Morgan Stanley's Wilson
Morgan Stanley Chief Equity Strategist Mike Wilson says unless the US trade war with China re-escalates in a negative fashion, trade issues won't be enough to take the momentum out of stocks. In a note, Wilson reiterated his 12-month price target of 6,500 points, implying gains of about 8% from current levels. He is on "Bloomberg Surveillance." (Source: Bloomberg)
CNN
18 minutes ago
- CNN
Mark Zuckerberg is reportedly recruiting a team to build a ‘superintelligence'
Meta CEO Mark Zuckerberg is personally assembling a team to achieve a 'superintelligence,' machines that are capable of surpassing human capabilities, according to a Bloomberg report. Zuckerberg is reportedly so frustrated with Meta's efforts in the artificial intelligence space that he has taken it upon himself to meet with experts in the field at his homes in Lake Tahoe and Palo Alto, California. Meta and Zuckerberg did not immediately respond to a request for comment. Meta has created AI tools that are woven into Facebook, WhatsApp and other Meta-owned apps, as well as its Ray-Ban glasses and chatbots. But the extremely competitive AI landscape continues to be led by ChatGPT-maker OpenAI, and Meta's Llama AI model has faced some recent setbacks. Zuckerberg plans to hire about 50 people and has shifted the layout of the company's Menlo Park headquarters to put the new AI team near his office, Bloomberg reported Tuesday, citing people that asked to remain anonymous. Zuckerberg has personally taken on this task because he's frustrated with the progress of Llama 4, Meta's latest large language model, according to Bloomberg. The New York Times, which separately confirmed many details of the report, also said that Alexandr Wang, the 28-year-old founder and CEO of startup Scale AI, is part of the project with Meta mulling a billions in investment in his company. Zuckerberg has reportedly told people that the initiative would be funded by Meta's massive advertising business. It's unclear how the new team would work with Meta's existing AI team, Bloomberg said. Over the past few years, Zuckerberg has pushed increasingly further into repositioning Meta into an AI powerhouse with mixed success. His intensity in the area has sharpened following the leaps in advancement from OpenAI, a rival that raised tens of billions of dollars in funding. Zuckerberg's superintelligence goal is extremely lofty. Before AI can achieve capabilities that outmatch humans' brains, the technology first needs to become capable of accomplishing anything a human can do – a so-called artificial general intelligence. AI researchers debate how close we are to that AGI goal, with some saying we're years away and other saying we're nowhere close and we have no path to achieving it. Nevertheless, the AI race is as competitive as any tech battle in recent memory. Meta is facing off with Microsoft-backed OpenAI and Alphabet, as well as a host of other major upstarts with serious funding, including Elon Musk's xAI and Anthropic. Apple has gotten a slow start but announced some of its own AI developments this week. Many tech leaders like Zuckerberg believe AI represents an existential threat to their businesses. Meta has been trying to differentiate itself with Llama by making it open source, a free-to-use AI model that seeks to become the basis for the majority of the world's AI (think Android for artificial intelligence). Google believes AI poses a significant threat to its search business: If people can just ask an AI model for the answer, why search for anything? Apple understands that AI may ultimately make apps moot, potentially undermining its smartphone dominance. And OpenAI may have gotten a massive head start with ChatGPT, but competitors are quickly catching up. CNN's David Goldman contributed to this report.
Yahoo
25 minutes ago
- Yahoo
UBS Declines as Analysts Warn Capital Rules to Hurt Buybacks
(Bloomberg) -- UBS Group AG fell the most in two months as analyst warned that new capital demands imposed by Switzerland could crimp the bank's competitiveness and its ability to make investor payouts. Next Stop: Rancho Cucamonga! Trump Said He Fired the National Portrait Gallery Director. She's Still There. Where Public Transit Systems Are Bouncing Back Around the World NYC Mayoral Candidates All Agree on Building More Housing. But Where? Senator Calls for Closing Troubled ICE Detention Facility in New Mexico Shares of the wealth manager declined as much as 7.4% on Tuesday, more than reversing gains from Friday, when the publication of the capital requirements was greeted with initial relief that months of uncertainty had finally ended. 'The overall proposal impact is the worst globally we are aware of,' JPMorgan Chase & Co. analyst Kian Abouhossein said in a note. He cut his share buyback forecast to $3.5 billion from $6 billion for next year, and halved it to $4 billion from $8 billion for 2027. The Swiss government on Friday presented legislative proposals that could end up forcing UBS to add as much as $26 billion to its capital cushion. The bank criticized the plan as 'extreme' and said it will continue its lobbying efforts to change the draft as it goes through Switzerland's drawn-out legislative process. While the lender confirmed its payout plans for this year, it said it would update on its '2026 capital returns ambitions' when it discloses fourth-quarter results. Goldman Sachs Group Inc. analyst Chris Hallam also cut his forecast for UBS's buybacks over the coming years. Investors should focus on whether the lender can find steps to mitigate the capital hit, Hallam wrote late Friday. The new rules are aimed at boosting UBS's resilience to future crises, following its government-engineered takeover of Credit Suisse. Reactions from various Swiss parties indicated that UBS's lobbying campaign will face an uphill battle. The pro-business FDP party, which historically has been a strong proponent of legislation aimed at strengthening Switzerland as a financial center, welcomed the proposals as 'going in the right direction.' It's the party of Finance Minister Karin Keller-Sutter, who originated the reform proposals. The left-leaning SP party even criticized Friday's proposals as 'not going far enough' and said that the long time before implementation means they could be 'watered down beyond recognition.' The party demanded that future capital requirements be increased even further to ensure that the risks posed by an enlarged UBS can be controlled. It may help UBS that the largest single group in parliament, the Swiss People's Party, is broadly against significantly higher capital requirements. The right-wing party controls about a third of seats. 'UBS shares' initial reaction was positive, likely on hopes' that the demand would be watered down by parliament, Vontobel analyst Andreas Venditti wrote in a note. Comments by the political parties since then 'do not point to such outcome.' Tuesday's decline leaves UBS's shares down almost 7% this year, compared with a gain of 4.6% in the Stoxx 600 Financial Services Index. At the current valuation, UBS's 'risk reward is attractive,' JPMorgan wrote. The 'shares have priced these proposals more than enough.' --With assistance from Noele Illien. (Updates with details on share performance, outlook in last two paragraphs.) New Grads Join Worst Entry-Level Job Market in Years The SEC Pinned Its Hack on a Few Hapless Day Traders. The Full Story Is Far More Troubling What America's Pizza Economy Is Telling Us About the Real One Cavs Owner Dan Gilbert Wants to Donate His Billions—and Walk Again America Cast Itself as the World's Moral Leader. Not Anymore ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
