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Senator Dave McCormick says the U.S. must modernize its defense industrial base by accelerating procurement and investing in next-generation technologies like drones and AI alongside traditional military capabilities. Speaking to Bloomberg's Tyler Kendall on the sidelines of the Pennsylvania Defense & Innovation Summit, McCormick says that procurement reform is critical as the current acquisition process is overly bureaucratic. He also applauds the Trump administration's efforts to cut red tape and increase competition.

Gecko Robotics CEO Jake Loosararian says the company's AI and robotics platform is helping the US Navy reduce ship inspection and maintenance timelines, with the goal of improving fleet readiness and strengthening the defense industrial base. Joining Bloomberg's Tyler Kendall at the Pennsylvania Defense & Innovation Summit, Loosararian says that faster deployment of robotics, AI and resilient energy infrastructure is critical for the US to compete with China.

Hanwha CEO Michael Colter and CSO Alex Wong say the company is investing $5 billion to expand the Philadelphia Shipyard while bringing South Korean shipbuilding technology and workforce training to the US in an effort to rebuild domestic industrial capacity. Speaking to Bloomberg's Tyler Kendall at the Pennsylvania Defense & Innovation Summit, they say that bipartisan support for defense manufacturing, stronger US-South Korea industrial ties and faster Pentagon procurement are underpinning investments in shipbuilding, munitions and artillery production.

An underlying gauge of US producer price inflation was softer than expected in June, suggesting pressures earlier in the pipeline were abating before the latest flare-up in the Iran war. Drew Matus, Chief Market Strategist at Metlife Investment Management, talks about how the markets are pricing in Kevin Warsh and inflationary data from the last few days.

Federal Reserve Chairman Kevin Warsh testifies that President Donald Trump has not tried to interfere with the central bank. He speaks at a Senate Banking Committee hearing.

Federal Reserve Chairman Kevin Warsh says higher prices driven by the build-out of AI infrastructure are not necessarily inflationary. He speaks at a Senate Banking Committee hearing.

Former US Ambassador to NATO Kay Bailey Hutchinson tells Bloomberg's David Gura she thinks Ukraine's success with drones has earned President Trump's respect. She also adds that she thinks US support for Ukraine is in a much stronger position.

Mahesh Saireddy, Global Co-Head of the Capital Solutions Group at Goldman Sachs, sees continued momentum in capital markets. He joined Bloomberg Open Interest following Goldman's blockbuster second-quarter results, with debt underwriting hitting a fresh record and equity underwriting more than doubling. He outlines three key themes driving capital markets activity: infra buildout, merger activity, and continued expansion of alts/private markets.

During a tense exchange, US Senator Elizabeth Warren challenges Federal Reserve Chairman Kevin Warsh over allegations of a longstanding culture of corruption and ethical lapses within the central bank, particularly focusing on personal stock trading by senior officials.

Stefan Slowinski, global head of software research at BNP Paribas, says software companies are unlikely to see a recovery in spending in the months ahead as companies focus more on products related to artificial intelligence and cybersecurity. He speaks on "Bloomberg Surveillance."

Mark Esper, Former Secretary of Defense spoke with David Gura at the Aspen Security Forum and said that he believes a ceasefire was never in place with Iran, but that the Memorandum of Understanding was thrown out the window. he also discussed NATO's involvement in Russia's war with Ukraine.

On this episode of Stock Movers: - PayPal (PYPL) shares are rallying after Reuters reported Stripe and private equity company Advent International have made a joint offer to buy PayPal for $60.50 per share, valuing the payments firm at more than $53 billion. - Conagra Brands (CAG) shares are moving on news it is cutting its dividend in half, freeing up cash as its new chief executive officer begins his efforts to turn around the packaged food company. - SpaceX (SPCX) shares have fallen to the brink of falling below their initial public offering price after three days of losses, with shares closing at $136.08 each.