United StatesBreaking News

Chief of Naval Operations Adm. Daryl Caudle says the US Navy needs a larger fleet, faster shipbuilding and expanded munitions production to meet growing global demands while sustaining readiness across multiple theaters. He says the service remains prepared despite heavy operational commitments, points to record recruiting and retention, and argues rebuilding the US industrial base is critical to long-term national security.

Bloomberg Economics analysts Becca Wasser and Dina Esfandiary say the US and Iran remain far apart on key issues, with intermittent strikes and negotiations likely to define the conflict for the foreseeable future. They say technical talks on Iran's nuclear program are a constructive step, but disputes over the Strait of Hormuz, sanctions and implementation of the memorandum of understanding continue to hinder progress.

Bloomberg Tech host Ed Ludlow says Apple's lawsuit against OpenAI reflects an intensifying battle for AI talent and hardware leadership, with Apple alleging former employees improperly took trade secrets as OpenAI expands its device ambitions. He also says SK Hynix expects AI memory demand to outpace supply, plans to increase US investment beyond $35 billion, and sees the next test for the AI boom coming as technology companies report earnings and investors assess whether spending is translating into profits.

Elon Musk has become the world's first trillionaire following SpaceX's record-breaking IPO, creating a fortune unlike anything seen in modern history. Nobel Laureate Paul Krugman and Yale economist Natasha Sarin argue the milestone is about far more than one entrepreneur's wealth it reflects how today's economy rewards ownership of rapidly-appreciating assets, and exposes the limits of a tax system designed more than a century ago. Bloomberg wealth reporter Ben Steverman notes that while America has seen fortunes of comparable economic influence before, the concentration of wealth in today's technology sector has reignited debates over taxation, political influence, inequality, and whether capitalism can continue rewarding innovation without widening the gap between the very richest Americans and everyone else.

Senior Fellow at the Council on Foreign Relations Clara Gillespie says Gulf energy flows face an uncertain recovery as producers work to clear ships, bring in tankers, restart halted output and repair damage to refineries, LNG facilities and ports. She says the Strait of Hormuz remains unstable, with shipping still below prewar levels and US pressure on Iran complicating efforts to restore safe passage.

Bloomberg News Middle East reporter Dan Williams says negotiations between the US and Iran remain focused on securing freedom of navigation through the Strait of Hormuz, even as President Donald Trump's escalating rhetoric underscores the fragile state of the ceasefire. Williams says Iran's leadership remains opaque, questioned claims that recent attacks on commercial shipping reflected a command failure, and warned that Tehran could emerge with greater strategic leverage if it retains effective control over the vital waterway.

Media veteran Michael Wolf discusses Allen & Company's annual Sun Valley Conference and breaks down the mega deals that are reshaping the entertainment industry. He explains why free ad-supported content is the unsung winner of the streaming wars, and digs into the ways AI is changing the value of content.

Nora Wittstruck, Chief Analytical Officer for Governments at S&P Global, joined Romaine Bostick and Katie Greifeld on Bloomberg's 'The Close' to provide insights on FIFA's financial position during the 2026 World Cup. She highlights how FIFA has emerged financially stronger despite facing numerous controversies during the tournament.

Chad Mumm, Co-Founder of Pro Shop and Producer of the Netflix series 'Full Swing,' talks about the world's number-one ranked golfer, Scottie Scheffler, missing the cut at the Scottish Open. He also discusses golf's surge in popularity and the anticipation for the upcoming season of 'Full Swing.' Mumm joins Romaine Bostick and Katie Greifeld on Bloomberg's 'The Close.'

Gary Gensler, Former SEC Chair and professor at MIT Sloan School of Management, joins Romaine Bostick and Katie Greifeld on Bloomberg's 'The Close' and discusses the significant return of IPO activity including SK Hynix, which raised $26.5 billion in the largest foreign debut in the US, Google's $85 billion capital raise and SpaceX going public. He says these big deals are a sign of 'high-valuation market.'

Apple sued OpenAI for trade secret theft, accusing the artificial intelligence startup and its hardware chief of engaging in a coordinated campaign to steal information about upcoming products. Apple alleges that OpenAI encouraged Apple employees to share information, components, drawings and other materials related to upcoming products. Mark Gurman reports.

Comprehensive cross-platform coverage of the U.S. market close on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Katie Greifeld, Carol Massar and Isabelle Lee.