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Pauline Brown, former chair of LVMH North America, joined the discussion to analyze the ongoing k-shaped economic recovery, particularly within the luxury retail sector. She highlighted that even among luxury brands, performance is diverging significantly. She speaks with Romaine Bostick & Katie Greifeld on "The Close."

Hormel Foods reported adjusted earnings per share and organic sales for the second quarter that exceeded analyst expectations, driving a notable increase in its stock price. John Ghingo, President of Hormel Foods, discussed the company's ongoing turnaround plan and its positive impact on results. He speaks with Romaine Bostick and Katie Greifeld on "The Close."

Fed's Musalem Says He Expects Warsh Will Consult, Try and Steer FOMC Alberto Musalem, St. Louis Federal Reserve president, said he expects new Federal Reserve Chair Kevin Warsh to consult with the full Federal Open Market Committee and then steer members to fulfill the Fed's dual mandate. Musalem, speaking to Stephanie Flanders at the Reykjavik economic conference, also said that while he is an AI optimist, it is a 'risky proposition' to rely on the possibility of productivity gains from AI to reduce inflation.

Zscaler CEO Jay Chaudry expects says the company's track record is 'very good' when it comes to revenue, and that Anthropic's Mythos has added 'fuel to the fire' on cybersecurity.. The security software company gave a fourth-quarter revenue forecast earlier this week that was weaker than expected. Evercore downgrades the stock, noting slowing net new customers.

Anthropic PBC raised $65 billion in a funding round that valued the artificial intelligence company at $965 billion including the new investment, eclipsing rival OpenAI's value for the first time. Ed Ludlow reports on "Bloomberg The Close."

Clayton Seigle, senior fellow at the Center for Strategic and International Studies, said that now that Iran has seen the extent of the leverage the Strait of Hormuz holds over the oil market and the global economy, Tehran is unlikely to cede the new authority even if the US and Iran are able to reach a deal.

Dan Ives of Wedbush Securities talks about the AI space, earnings from Salesforce and Snowflake and if Tesla and SpaceX should merge. He speaks on Bloomberg Surveillance.

Democrat Representative from Wisconsin Mark Pocan said that he doesn't have faith in Secretary of Defense Pete Hegseth and that the department doesn't have a game plan when it comes to defense spending, after requesting a record defense budget request of $1.5 trillion. Pocan said that the administration also does not have a plan when it came to the long term implications of war with Iran.

David Forgash, managing director and head of leveraged finance at Pimco, joins Dani Burger on "Bloomberg ETF IQ." They speak at the Goldman Sachs Annual Leveraged Finance Conference in Dana Point, California.

Dan Ahrens, CIO & portfolio manager at AdvisorShares, joins Katie Greifeld and Eric Balchunas on "Bloomberg ETF IQ." They discuss the AdvisorShares Psychedelics ETF (ticker: PSIL).

Todd Sohn, ETF strategist at Strategas, joins Katie Greifeld and Eric Balchunas on "Bloomberg ETF IQ." Nasdaq instituted a rule change that shortens the time for newly public companies to be added to its index, while S&P Dow Jones and FTSE Russell are considering similar changes. This comes ahead of expected mega IPOs from SpaceX, OpenAI and Anthropic.

Roxanna Islam, head of sector & industry research at TMX VettaFi, joins Katie Greifeld and Eric Balchunas on "Bloomberg ETF IQ." Bitcoin briefly fell below $73,000 on Thursday despite a fresh push from President Trump for the CLARITY Act, suggesting pro-crypto messaging from  Washington is losing its ability to drive gains in digital assets.