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Bloomberg
Financial

AI Spend Has Been 'Critical' for US Economy, Says Torsten Slok

AI hardware continued to drive August's increase in import prices, as it has throughout the year. Commodity-price volatility from the Iran war raised the cost of industrial materials at the border. Companies face higher input costs and rising expenses tied to the AI buildout. Torsten Slok, Chief Economist at Apollo Global Management, discusses the Fed's rate decision and role AI investment has played in supporting the US economy.

Leia mais: AI Spend Has Been 'Critical' for US Economy, Says Torsten Slok
Bloomberg
Financial

Buffett Steps Down as Berkshire Chair, Ending Six-Decade Run

Berkshire Hathaway Inc. founder Warren Buffett is stepping down as the company's chairman to be replaced by his son Howard, effectively ending roughly six decades at the helm of the conglomerate.  Bloomberg Intelligence Senior P&C Insurance Analyst Matt Palazola discusses the move and Buffett's legacy with the company.

Leia mais: Buffett Steps Down as Berkshire Chair, Ending Six-Decade Run
Bloomberg
Financial

On Holdings New Partner; Netflix Analyst Downgrade | Stock Movers

On this episode of Stock Movers: - On Holding (ONON) is higher after it signed Kylian Mbappé as a partner in developing football products and representing the brand. The move marks On mounting a bold challenge to Nike and Adidas' dominance of the sport. - Xenon Pharmaceuticals (XENE) is in a steep decline after it voluntarily halted a trial enrollment of azetukalner, which treats depression and bipolar, after studies showed adverse events. - Netflix (NFLX) shares are lower after Wells Fargo downgraded the stock to underweight, citing concerns about user engagement. Analyst Steven Cahall wrote that Netflix "has lacked big original series and it's showing" and that "breakout hits" are necessary for the stock to work again.

Leia mais: On Holdings New Partner; Netflix Analyst Downgrade | Stock Movers
Bloomberg
Financial

New SVB Review Finds Fed Missed Repeated Warnings

A new draft report found that Federal Reserve officials failed to adequately respond to repeated warnings about Silicon Valley Bank's deteriorating financial condition before its 2023 failure. The report by Starling Trust Sciences was commissioned by Federal Reserve Vice Chair for Supervision Michelle Bowman, who has long pushed for an outside review of SVB's failure. Michael McKee reports on Bloomberg Television.

Leia mais: New SVB Review Finds Fed Missed Repeated Warnings
Bloomberg
Financial

Bowman Expects Finalized Fed Stress Test Revisions in 'Coming Weeks'

Federal Reserve Vice Chair for Supervision Michelle Bowman said she expects the Fed to consider final revisions to the stress test framework in the "coming weeks." Bowman added that the final changes to the agency's marquee exam are likely to address concerns about risk sensitivity and which risks are captured. She spoke Friday in London.

Leia mais: Bowman Expects Finalized Fed Stress Test Revisions in 'Coming Weeks'