THAT EXPECTED REVENUE THAT THEY
TALKED ABOUT RECENTLY, THAT IS KIND OF UNDERPINNED BY THE
HYPERSCALERS INVESTMENT CYCLE.
但就短期而言，我認為其利潤率極高，且地位穩固。
08:21
BUT THE QUESTION IS IF THAT
INVESTMENT CYCLE DOESN'T GET AND CUSTOMER DEMAND, THAN THAT
HYPERSCALER INVESTMENT CYCLE WILL COME TO AN END QUICKER
THAN EXPECTED, AND THAT WOULD
MATT：中國的出貨已經停止，我認為預測中已不再包含這部分。
08:33
THEN BECOME A PROBLEM FOR
NVIDIA.
您對該業務的未來有何預期？
08:40
BUT FOR THE KIND OF NEAR TERM,
I THINK THERE ARE INCREDIBLY HIGH MARGINS IN STRONG POSITION.
>> 這是個好問題，我想沒有人真正知道答案。
08:49
MATT: CHINA DELIVERIES HAVE STOPPED
AND I THINK ARE NO LONGER ACCOUNTED FOR IN THE FORECASTS.
我的感覺是，即使美國...（字幕中斷）對 NVIDIA 來說，中國仍將是一個非常困難的市場。
08:56
WHAT DO YOU EXPECT FROM THE FUTURE THAT BUSINESS?
你對該業務的未來有何預期？
09:00
>> IT IS A GOOD QUESTION AND I
THINK NO ONE REALLY KNOWS FOR SURE.
>> 這是個好問題，我認為沒有人真正知道答案。
09:04
MY SENSE IS THAT IT WILL
CONTINUE TO BE A VERY DIFFICULT MARKET FOR NVIDIA TO KIND OF
LATE ON, EVEN IF THE U.S.
我的感覺是，即使美國...（字幕中斷），對 NVIDIA 來說，中國仍將是一個非常困難的市場。
09:12
FOR LANXESS RESTRICTIONS INTO
CHINA.
針對LANXESS在中國的限制。
09:18
I THINK THE CHINESE MARKETS AND
THE CHINESE GOVERNMENT IS ENCOURAGING IF THE METHOD FIRMS
TO SOURCE LOCALLY, SO EVEN IF NVIDIA GETS BACK INTO THAT
MARKET IN A MEANINGFUL WAY THEY
我認為中國市場和中國政府正在鼓勵當地企業在地採購，所以即使NVIDIA以實質性的方式重返該市場，
09:30
ARE GOING TO FIND COMPETITION
MUCH TOUGHER THAN WHEN THEY WERE THERE BEFORE.
他們將面臨比以往更激烈的競爭。
09:37
MATT: TUNE IN TO OUR EXCLUSIVE
INTERVIEW WITH THE CEO OF NVIDIA JENSEN HUANG AFTER THOSE
EARNINGS.
MATT：在財報公布後，請鎖定我們對NVIDIA執行長黃仁勳的獨家專訪。
09:47
THAT WILL BE AT 6:30 P.M.
時間是今晚6點30分。
09:47
EASTERN TONIGHT AND OF COURSE WE WILL BE REPLAYING THAT
INTERVIEW FOR YOU THROUGHOUT THE DAY TOMORROW.
東部時間，當然我們明天也會整天為您重播該專訪。
09:55
LISTED ON SOME OF THE OTHER TOP
STORIES TRENDING THIS MORNING.
列出今早其他一些熱門頭條新聞。
09:59
THE DUTCH GOVERNMENT SUSPENDED
ITS POWERS OVER CHIPMAKER NEXT.
荷蘭政府暫停了其對晶片製造商Next的權力。
10:05
-- NEXPERIA.
NEXPERIA。
10:06
THE ORDER THE DAVID NETHERLANDS THE POWER TO BLOCK OR REVISE
DECISIONS WAS BLOCKED AS A SHOW OF GOODWILL.
該命令暫停了荷蘭政府阻止或修訂決策的權力，作為一種善意的表示。
10:17
U.K.
英國
10:17
INFLATION FELL FOR THE FIRST TIME IN SEVEN MONTHS.
通膨七個月來首次下滑。
10:24
CONSUMER PRICES INCREASED.
消費者物價上漲。
10:28
THE DROP WAS DRIVEN BY ENERGY
PRICES RISING LESS THAN THEY DID IN 2024.
這次下跌是由於能源價格漲幅低於2024年。
10:34
THE BANK OF ENGLAND RATE CUT.
英國央行降息。
10:41
CHINA ESCALATED RETALIATION
AGAINST JAPAN SUSPENDING EXPORTS OF JAPANESE SEAFOOD AND
HALTING APPROVALS FOR NEW FILMS.
中國升級對日本的報復措施，暫停日本海鮮出口並停止新電影的審批。
10:49
SIGNED THAT THE
DIPLOMATIC SPAT IS FAR FROM OVER.
這表明外交爭端遠未結束。
10:54
THE NATION HAD ALSO SUSPENDED TALKS ON RESUMING BEEF IMPORTS
AND WARNED CHINESE CITIZENS AGAINST TRAVELING TO JAPAN.
該國還暫停了關於恢復牛肉進口的談判，並警告中國公民不要前往日本旅遊。
11:02
RELATIONS BETWEEN THE COUNTRIES SOURED AFTER THE JAPANESE PRIME
MINISTER BECAME THE FIRST SITTING JAPANESE LEADER IN
DECADES TO PUBLICLY LINK A
兩國關係在日本首相成為數十年來首位公開將
11:10
TAIWAN STRAIT CRISIS WITH THE
POTENTIAL DEPLOYMENT OF JAPANESE TROOPS.
台海危機與日本軍隊潛在部署聯繫在一起的在任日本領導人後惡化。
11:16
COMING UP, GOLDMAN SACHS PRESIDENT JOHN WAHLBERG SAYS
THERE'S MORE DECLINES EXPECTED TO COME, BUT THEY COULD BE
MODEST.
高盛總裁約翰·瓦爾德隆表示，預期市場將有更多跌幅，但跌幅可能不大。
11:22
OUR NEW EXCLUSIVE INTERVIEW WITH BLOOMBERG
ECONOMY FORUM NEXT.
接下來是我們在彭博經濟論壇的獨家專訪。
11:26
THIS IS BLOOMBERG.
這裡是彭博。
11:36
MATT:
THIS IS BLOOMBERG BRIEF, I'M MATT MILLER IN NEW YORK CITY.
麥特：這裡是彭博快訊，我是紐約市的麥特·米勒。
11:42
THE S&P 500 IS DOWN MORE THAN 3% ON THE MONTH ON COURSE FOR
THE WORST MONTH SINCE MARCH.
標普500指數本月跌幅超過3%，有望創下自3月以來最差的單月表現。
11:48
FORMER BARCLAYS CEO BOB DIAMOND
CALLED A HEALTHY CORRECTION.
巴克萊前執行長鮑勃·戴蒙德稱此為健康的修正。
11:54
GOLDMAN SACHS PRESIDENT JOHN
WALDRON ECHOED THAT SENTIMENT SPEAKING EXCLUSIVELY TO OUR OWN
FRANCINE LACQUA.
高盛總裁約翰·瓦爾德隆在接受我們的法蘭辛·拉夸獨家專訪時，也呼應了這一觀點。
12:01
>> I WOULD SAY YOU ARE SEEING
THE MARKETS RIGHT NOW A PULLBACK WHICH I THINK IS
HEALTHY.
>> 我想說，你們現在看到的是市場的一次回檔，我認為這是健康的。
12:05
MARKETS OF RUN QUITE A BIT THIS
YEAR.
今年市場的漲幅相當可觀。
12:08
U.S.
美國
12:08
MARKETS IN PARTICULAR.
市場尤其如此。
12:09
MARKETS ARE HEAVILY FOCUSED ON THIS AI DYNAMIC.
市場高度關注AI這股動能。
12:13
RETURNS OF CAPITAL INVESTED THAT THE MARKET EXPECTS AND IS
PRICED IN.
市場預期並已反映在價格中的資本投入回報率。
12:21
WE ARE GOING TO SEE NVIDIA
EARNINGS LATER TODAY WHICH WILL BE VERY IMPORTANT MOMENT THE
MARKETS.
我們將在今天晚些時候看到輝達的財報，這將是市場的一個非常關鍵時刻。
12:26
SECOND TOPIC VERY MUCH ON THE
MINDS OF INVESTORS IS LABOR.
投資者非常關注的第二個主題是勞動力。
12:29
WE HAD THE GOVERNMENT SHUTDOWN
WHICH IS OBVIOUSLY BEHIND US NOW BUT THE STATISTICS WILL LAG
AND THE DATA WILL LAG US OF THE MARKET IS NOT QUITE SURE WHAT
TO MAKE OF LABOR.
政府停擺雖然現在已經結束，但統計數據會有延遲，數據也會延遲，因此市場不太確定該如何看待勞動力狀況。
12:39
SO OBVIOUSLY LABOR IS A MAJOR
ISSUE AND A MAJOR CONCERN.
所以，勞動力顯然是一個主要議題，也是一大隱憂。
12:43
AND THE THIRD TOPIC I THINK IS
INFLATION WHICH REMAINS PRETTY STUBBORNLY HIGH.
我認為第三個主題是通膨，它仍然居高不下。
12:47
HE OBVIOUSLY SAW A CYCLE IN THE U.S.
他顯然看到了美國的一個景氣循環。
12:48
WITH A LOT OF FOCUS ON
AFFORDABLY.
其中很大一部分關注點在於可負擔性。
12:50
THOSE THREE TEMPLATES ARE
REALLY SHAPING MARKETS RIGHT NOW.
這三個模版目前確實正在形塑市場。
12:52
YOU'RE SEEING INVESTORS KIND OF PULLBACK.
你會看到投資者正在回撤。
13:01
FRANCINE:
DO YOU THINK WE NEED MORE OF A CORRECTION OR IS AI A NATURAL
BUBBLE?
FRANCINE:
13:07
>> WE WILL FIND OUT WHAT THEY
SAY ABOUT THEIR OWN PROSPECTS WHICH HAS HAD SOME IMPACT ON
THE PSYCHE OF THE MARKETPLACE.
>> 我們將會了解他們對自身前景的看法，這對市場心理產生了一些影響。
13:14
IT STRIKES ME THAT THE MARKET
COULD PULL THAT FURTHER FROM HERE.
我覺得市場可能會從這裡進一步拉回。
13:17
I DO THINK THE TECHNICALS ARE MORE BIASED FOR MORE PROTECTION
AND MORE DOWNSIDE, MORE SHORT ACTIVITY, MORE MACRO HEDGING
AND KIND OF PROTECTING THE
IT IS A BIT MORE BIASED THE NEGATIVE THAT I DON'T KNOW THAT
IT WILL BE THAT MUCH MORE.
目前稍微偏向負面，但我不確定是否會跌得更多。
13:36
IT WORRIES ME BECAUSE ANYTIME
YOU SEE THAT MUCH INCREASE IN CREDIT FORMATION IN A SHORT
TIME, YOU -- STANDARDS.
這令我擔憂，因為任何時候你看到短期內信貸規模如此大幅增加，你——標準。
13:45
AND WE SEEN IN CERTAIN
EXAMPLES, STANDARDS HAVE COME DOWN.
而我們在某些例子中看到，標準已經下降。
13:49
PRICING IS TIGHTENED, SO THERE IS CLASSIC LATE STAGE BEHAVIOR,
THAT DOESN'T MEAN WE ARE GOING TO HAVE A CREDIT CRISIS.
定價正在收緊，所以出現了典型的末期行為，但這並不意味著我們將會發生信貸危機。
13:57
THE MOST IMPORTANT THING IS ECONOMIC FUNDAMENTALS.
最重要的是經濟基本面。
14:01
IF THE ECONOMY HANGS IN THERE, THE CREDIT MARKETS WILL BE FINE.
如果經濟持續支撐，信貸市場將會保持穩定。
14:06
YOU'RE GOING TO SEE MORE CREDIT FORMATION COMING IN 2026
BECAUSE I THINK YOU WILL SEE DEREGULATION IN THE BANKING
SECTOR, PRINCIPALLY IN THE
你將會看到2026年有更多信貸形成，因為我認為你將會看到銀行業的監管放鬆，主要是在。
14:14
UNITED STATES WHICH WILL
RELEASE MORE CAPITAL INTO THE ECONOMY WHICH PROBABLY KEEPS
SPREADS TIGHTER AND PROBABLY KEEPS MORE SUPPLY OF CREDIT,
WHICH IS ACTUALLY NEEDED
BECAUSE GOVERNMENT SECURITY IS
GOING TO HAVE TO COME IN AND FINANCE A LOT TO DO WITH THE
CARBONIZATION, INVESTMENT IN ENERGY AND THE LIKE.
因為政府公債將不得不介入並提供大量資金，用於與碳化、能源投資等相關的項目。
14:33
I THINK WE WILL SEE CREDIT MARKETS CONTINUE TO BE PRETTY
CONSTRUCTIVE AS LONG AS THE ECONOMY HANGS IN.
只要經濟持續支撐，我認為我們將看到信貸市場繼續保持相當積極的態勢。
14:39
FRANCINE:
BUT WHAT ARE THE REAL RISKS WE ARE NOT LOOKING AT?
FRANCINE:
14:46
>> SUBPRIME.
>> 次級房貸。
14:47
I PREDICT MORE PROBLEMS IN SUBPRIME.
我預測次級房貸會出現更多問題。
14:51
I DO THINK THE WEAKEST PART OF THE ECONOMY IS THAT LOWER END
CONSUMER, ESPECIALLY LENDING INTO THE SUBPRIME PART OF THE
ECONOMY.
我確實認為經濟中最薄弱的一環是低收入端消費者，特別是針對經濟中次級貸款領域的放貸。
14:59
I WOULDN'T BE SURPRISED TO SEE
MORE ISSUES ARISE.
我對看到更多問題浮現不會感到意外。
15:05
WE WORRY A BIT ABOUT LEVERAGE
PARTICULARLY INVESTING.
我們對槓桿有些擔憂，特別是在投資方面。
15:13
MORE INVESTING AS YOU GET
PRICES THAT ARE RISING.
隨著價格上漲，投資越多，買入的價格就越高。
15:16
I THINK THAT LEVERAGE IS
CONCERNING.
我認為槓桿令人擔憂。
15:20
ECONOMIC FUNDAMENTALS WOULD BE
THE MOST IMPORTANT THING.
經濟基本面才是最重要的事。
15:25
MATT:
THAT WAS THE BLOOMBERG ECONOMY FORUM IN SINGAPORE.
麥特：以上是新加坡彭博經濟論壇的報導。
15:29
IN TERMS OF MARKETS, WE DO SEE A BIT OF A RECOVERY TODAY IN
FUTURES.
就市場而言，我們今天確實看到期貨出現了一些復甦。
15:38
S&P 500 FUTURES UP, THE
BLOOMBERG U.S.
標普500期貨上漲，彭博美元指數
15:41
DOLLAR INDEX ON THE RISE THIS
MORNING UP ABOUT 1/10 OF 1%.
今早走升，上漲約0.1%。
15:44
IN THE U.S.
在美國，
15:48
10 YEAR YIELD RESUME THEIR
GAINS AS INVESTORS FEEL COMFORTABLE ENOUGH TO SELL OFF
THAT DEBT.
10年期公債殖利率重新開始上升，因為投資者感到足夠安心以賣出該債券。
15:55
LOOK AT CABLE HERE, 1.3122.
看看英鎊兌美元這裡，1.3122。
15:56
YOU SEE A BIT OF A DROP IN THE POUND.
你會看到英鎊有些下跌。
15:59
THE U.K.
英國
16:03
10 YEAR AS WE GET THE FIRST
REVERSAL OF INFLATION IN SEVEN MONTHS.
10年期（殖利率），因為我們迎來了七個月來的首次通膨反轉。
16:06
COMING UP, THE U.S.
接下來，美國
16:08
CONGRESS IS SET TO SEND A FILTER PRESIDENT TRUMP TO FORCE
THE RELEASE OF THE JEFFREY EPSTEIN FILES.
國會預計將送交過濾文件給川普總統，以強制公布傑弗瑞·愛普斯坦的相關文件。
16:15
THAT AND A LOOK AT WHAT ELSE IS MAKING HEADLINES IN YOUR
FRONT-PAGE NEWS.
此外，還將關注其他登上頭版新聞的焦點。
16:20
THIS IS BLOOMBERG.
以上是彭博新聞。
16:29
THIS IS BLOOMBERG.
這是彭博社。
16:34
MATT:
I'M MATT MILLER IN NEW YORK.
麥特：
16:40
THE LATEST EPISODE OF “CHIEF
FUTURE OFFICER” ANNA EDWARDS SPOKE WITH STANDARD CHARTERED
CFO DIEGO DI GIORGI.
在最新一集的《首席未來長》節目中，安娜‧愛德華茲與渣打銀行財務長迪亞戈‧迪‧喬爾吉對談。
16:47
LET'S TAKE A LISTEN.
讓我們一起來聽聽。
16:49
>> HE HAD THIS UNDERSTANDING.
>> 他有這樣的理解。
16:50
THESE DIGITAL ASSETS HAVE THE ABILITY TO CHANGE THE PAYMENT
LANDSCAPE OF THE WORLD.
這些數位資產有能力改變全球的支付版圖。
16:54
AND WE NEED TO BE READY.
而我們需要做好準備。
16:56
WE, THE REGULATORS, THE WORLD NEEDS TO BE READY FOR A NEW
WAVE OF TECHNOLOGY.
我們、監管機構、全世界都需要為新一波科技做好準備。
17:03
>> ALMOST ENTIRELY USED IN THE
MECHANISMS OF TRADING CRYPTOCURRENCIES.
>> 幾乎完全用於加密貨幣的交易機制中。
17:07
WHAT WE SAW AT THE OPPORTUNITY FOR DIGITAL ASSETS BROADLY TO
USE AS A MEDIUM OF EXCHANGE OUTSIDE OF THE CRYPTO WORLD,
WHAT IS TODAY THE FIAT CURRENCY.
我們看到了數位資廣泛使用的機會，作為加密世界之外的交換媒介，也就是現今的法定貨幣。
17:17
AT SOME POINT I THINK THESE
DIGITAL ASSETS WALLETS WILL BE BIG ENOUGH THAT PEOPLE WILL BE
COMFORTABLE USING.
我認為在某個時間點，這些數位資產錢包將變得足夠龐大，讓人們能安心使用。
17:22
I THINK WE WILL HAVE A FLIP FROM CONVENTIONAL MECHANISMS.
我認為我們將會從傳統機制發生翻轉。
17:29
>> DOES THAT MEAN BANKS SUCH AS
YOURSELVES ISSUING STABLECOINS?
>> 這是否意味著像貴公司這樣的銀行將發行穩定幣？
17:33
>> WE COULD.
>> 我們可以這樣做。
17:35
WE ARE IN A SANDBOX FOR
DEPOSITS IN HONG KONG.
我們在香港有一個關於存款的監管沙盒。
17:41
WE ARE ISSUING TOKENS RELATED
TO TRADE FINANCE IN SINGAPORE.
我們在新加坡發行與貿易融資相關的代幣。
17:43
IT'S ALL ON THE TABLE.
這一切都有可能。
17:46
YOU'RE ALWAYS GOING TO TIE IT BACK TO WHAT OUR CLIENTS WANT
AND NEED.
你總是需要回歸到客戶想要和需要什麼。
17:54
>> THE MARKET CAPITALIZATION IS
VERY LOW.
>> 目前的市場總值非常低。
17:58
STABLECOINS TODAY HAVE $20
BILLION OF FLOWS A DAY, LESS THAN 1% OF THE FLOWS OF THE
PAYMENT SYSTEM IN THE WORLD.
穩定幣目前每天有200億美元的流量，不到全球支付系統流量的1%。
18:04
BECAUSE THEY HAVE THE ABILITY
TO BE VERY HELPFUL, PARTICULARLY IN RETAIL TO BEGIN
WITH, AND POTENTIALLY ON THE OUTSET SIDE, I THINK WE WILL
SEE A LOT MORE OF THEM.
因為它們非常有幫助，尤其一開始在零售領域，以及可能在開端方面，我認為我們將會看到更多它們的身影。
18:16
MATT: NOW WITH US, DIEGO DI GIORGI, THE
STANDARD CHARTERED CFO, ANNA EDWARDS.
麥特：現在與我們同在的是渣打銀行財務長迪亞哥·迪·喬爾吉，以及安娜·愛德華茲。
18:19
CAN CATCH THE FULL INTERVIEW TONIGHT AT 9:30 P.M.
可在今晚9點30分收看完整訪談。
18:23
EASTERN AND I DO HIGHLY RECOMMEND IT.
東部時間，我強烈推薦您收看。
18:27
IT'S A FANTASTIC PROGRAM.
這是一個非常精彩的節目。
18:28
TIME FOR YOUR FRONT-PAGE NEWS.
現在是頭版新聞時間。
18:30
FIRST OFF, CONGRESS IS POISED TO SEND A BILL TO PRESIDENT
DONALD TRUMP TO FORCE THE JUSTICE DEPARTMENT TO RELEASE
FILES RELATED TO JEFFREY
首先，國會準備將一項法案送交給唐納·川普總統，迫使司法部公開與傑佛瑞·愛普斯坦相關的文件。
18:43
EPSTEIN.
愛普斯坦。
18:44
THE HOUSE PASSED THE BILL ON A 427-1 VOTE IN THE SENATE AGREED
TO DEEM THE LEGISLATION PASSED AS SOON AS IT ARRIVES FROM THE
HOUSE WITH NO CHANGES.
眾議院以427比1的票數通過該法案，參議院同意在法案從眾議院送達後，不做任何修改即視為通過。
18:52
NEXT UP ON THE WALL STREET
JOURNAL, ELON MUSK'S ARTIFICIAL INTELLIGENCE COMPANY XAI IS AN
ADVANCED TALKS TO RAISE 5
BILLION IN NEW EQUITY AND A 200
$30 BILLION VALUATION, A NEW VALUATION TO REPRESENT A
SIGNIFICANT INCREASE FROM THE 13 BILLION AFTER ACQUIRING
MUSK'S SOCIAL MEDIA SITE IN
AND PRESIDENT TRUMP IS SAID TO
HAVE AUTHORIZED CIA PLANS FOR COVERT ACTION IN VENEZUELA.
據報導，川普總統已授權中央情報局在委內瑞拉進行秘密行動的計劃。
19:30
SOURCES SAY TRUMP IS ALSO AUTHORIZED BACK CHANNEL
NEGOTIATIONS THAT AT ONE POINT RESULTED IN PRESIDENT NICOLAS
MADURO OFFERING TO STEP DOWN
消息人士指出，川普也授權了秘密管道談判，一度導致尼古拉斯·馬杜羅總統提出願意下台。
19:37
AFTER A DELAY OF A COUPLE OF
YEARS, A PROPOSAL THAT THE WHITE HOUSE REJECTED.
在延遲幾年之後，這項提議遭到了白宮的拒絕。
19:42
IN TERMS OF MARKETS IN EUROPE RIGHT NOW, THE LIVE TRAIT
DOESN'T LOOK SO BAD.
至於目前歐洲市場的情況，即時走勢看起來沒那麼糟。
19:47
THE FTSE IS UP 1/10 OF 1%.
富時指數上漲0.1%。
19:51
THE DAX UP 1/10 OF 1%.
DAX指數上漲0.1%。
19:54
MIXED TRADE AFTER THE BIG DROPS
WE SAW YESTERDAY.
在昨天看到大幅下跌後，目前呈震盪走勢。
20:02
COMING UP HERE IN NEW YORK,
STEPHANIE, THE CIO OF ROBIN HOOD JOINS US TO TALK ABOUT
WHETHER OR NOT INVESTORS ARE BUYING THE DIP THE BIGGEST
MONTHLY DROP WE HAD SINCE MARCH
FUTURES STEADY AHEAD OF THE
QUARTERLY RESULTS FROM NVIDIA.
在 NVIDIA 公布季度業績之前，期貨保持穩定。
21:08
THEY COME OUT AFTER THE CLOSING
BELL.
數據將在收盤後公布。
21:12
BRACE FOR MORE.
請為更多波動做好準備。
21:15
GOLDMAN SACHS SEES FURTHER
MARKET PULLBACK, ALTHOUGH IT COULD BE MODEST IN AN INCLUSIVE
INTERVIEW COMING UP.
高盛預見市場將進一步回調，儘管在即將播出的獨家訪談中，回調幅度可能不大。
21:21
AND PRESIDENT TRUMP PLANS THE
FORMALLY DESIGNATE SAUDI ARABIA AS A MAJOR
NON-NATO ALLY FOLLOWING A DAY OF DEALMAKING IN WASHINGTON AND
RIYADH.
而川普總統計劃在華盛頓和利雅得進行一天的交易談判後，正式指定沙烏地阿拉伯為主要非北約盟友。
21:31
HE SAID MBS NEW NOTHING OF THE
KILLING OF JOURNALIST JAMAL KHASHOGGI.
他表示 MBS 對記者 Jamal Khashoggi 的遇害一事並不知情。
21:37
IN TERMS OF THE MARKETS RIGHT NOW WE SEE S&P FUTURES RISE OF
ABOUT ONE THIRD OF 1%, SO INCREASING FROM A HALF HOUR AGO.
就目前市場而言，我們看到標準普爾 500 指數期貨上漲約三分之一個百分點，因此較半小時前有所回升。
21:44
SMALL CAPS GAINING ALMOST HALF A PERCENT IN THE PREMARKET.
小型股在盤前交易中上漲近半個百分點。
21:50
FOR SOME STOCKS TO WATCH, LET'S GET OVER TO VALERIE TYTEL
STANDING BY IN LONDON.
關於一些值得關注的股票，我們來連接在倫敦的 Valerie Tytel。
21:56
VALERIE: THAT START WITH A CHECK IN THE
ENERGY SPACE.
Valerie：我們先來關注能源領域。
22:01
SEEING SHARES OF CONSTELLATION
ENERGY IN THE GREEN COME UP 3.5% IN PREMARKET.
Constellation Energy 的股價在盤前交易中上漲 3.5%，處於上漲狀態。
22:04
THIS IS THE U.S.
這是美國。
22:06
LARGEST DEVELOPER OF NUCLEAR
ENERGY.
最大的核能開發商。
22:09
THEY SECURED A GOVERNMENT LOAN
TO THE TUNE OF ONE MILLION.
他們獲得了一筆政府貸款，金額高達十億美元。
22:13
-- BILLION TO AID THEM IN
REOPENING THREE MILE ISLAND.
以協助他們重啟三哩島核電廠。
22:16
WE DID HEAR THAT CONSTELLATION
ENERGY WANTED TO REOPEN THREE MILE ISLAND AND THAT IS MOSTLY
TO THE SELECT CONTRACT THEY SIGNED WITH MICROSOFT IN ORDER
TO POWER ITS AI NEEDS.
我們確實聽說 Constellation Energy 想要重啟三哩島核電廠，這主要是因為他們與微軟簽署了一份選購合約，以滿足微軟的 AI 用電需求。
22:28
THIS IS TELLING US THAT NUCLEAR
POWER IS REALLY AT THE FOREFRONT WHEN IT COMES TO THIS
ENERGY RACE AND GOVERNMENT BACKING IS BEHIND IT.
這告訴我們，核能在這場能源競賽中確實處於最前線，並且有政府的支持作為後盾。
22:33
LET'S MOVE ONTO ANOTHER ENERGY SOURCE FOR GOVERNMENT BACKING
LACKING THESE DAYS.
讓我們轉向另一種近期缺乏政府支持的能源來源。
22:37
THAT IS GREEN ENERGY.
那就是綠色能源。
22:39
THE HYDROGEN FUEL CELL DEVELOPER PLUG POWER IS
PLUMMETING IN THE PREMARKET, DOWN OVER 16% IN THE MOST
ACTIVELY TRADED SHARE IN THE
氫燃料電池開發商 Plug Power 在盤前交易中暴跌，在今早盤前交易最活躍的股票中跌幅超過 16%。
22:48
PREMARKET SO FAR THIS MORNING.
這是他們宣布發行稀釋性可轉換債券，以償還明年到期的債務之後發生的。
22:50
THIS COMES AFTER THEY ANNOUNCED A DILUTED CONVERTIBLE BOND
OFFERING IN ORDER TO PAY DOWN DEBT THAT IS DUE NEXT YEAR.
最後，讓我們以半導體領域的晶片股作結。
22:55
LASTLY, LET'S END IN THE CHIP SPACE ON SEMICONDUCTORS.
這家公司在汽車和工業領域製造感測器。
22:59
THIS COMPANY MAKES SENSORS IN THE AUTOMOTIVE AND INDUSTRIAL
SPACE.
SHARES WERE HIGHER THIS MORNING
TO THE TUNE OF 3.20 5% AFTER THE BOARD AUTHORIZED A $6
BILLION BUYBACK PROGRAM TO TAKE PLACE OVER THE NEXT THREE YEARS.
麥特：非常感謝。
23:16
MATT: THANKS VERY MUCH.
現在加入我們的是 Robinhood 的首席投資長 Stephanie Guild。
23:19
JOINING US NOW IS STEPHANIE
GUILD, CIO OF ROBINHOOD.
很高能得到您的數據，因為您對散戶投資者有非常出色的觀察。
23:24
IT'S ALWAYS GOOD TO GET DATA
FROM YOU BECAUSE YOU HAVE SUCH A FANTASTIC VIEW OF THE RETAIL
INVESTOR.
我知道目前的跌幅看起來還不算大，所以稱之為回調可能有點可笑。
23:32
I KNOW THAT THIS DOESN'T SEEM
LIKE THAT BIG OF A DIP YET SO IT SEEMS A LITTLE BIT SILLY TO
CALL IT A CORRECTION.
但這對您的一大部分投資者來說很重要。
23:39
AND THAT'S IMPORTANT I GUESS TO
A LARGE COHORT OF YOUR INVESTORS.
他們是在趁低買進嗎？
23:46
ARE THEY BUYING THE DID?
他們是在買進嗎？
23:48
>> ON THE STOCK SIDE IS BEEN A
SMALL NET BUY.
>> 在股票方面，目前是小幅淨買入。
23:53
THIS DIP, IT'S KIND OF NORMAL.
這波回檔算是正常的。
23:55
I ACTUALLY WOULD LOVE A CORRECTION AND IF YOU COULD WISH THAT INTO EXISTENCE, IT'S
LIKE A REAL CORRECTION.
我其實很希望出現修正，如果你能許願讓它成真，那會是真正的修正。
24:03
MATT: 10% DROP.
MATT: 下跌10%。
24:07
>> WE'VE BEEN SEEING THEM IN
THIS WHOLE TECH SPACE.
>> 我們在整個科技領域都看到了這種情況。
24:13
NVIDIA IS IN THERE, META-.
NVIDIA 和 META 也在其中。
24:15
IT'S BEEN MOSTLY IN THE SPACE THAT HAS BEEN HURT THE MOST.
主要集中在受創最嚴重的領域。
24:19
AND THAT IS PRETTY COMMON FOR OUR CUSTOMER BASE.
這對我們的客戶群來說相當常見。
24:26
ON THE CRYPTO SIDE, THERE'S
BEEN SOME DEBT BUYING BUT THE VOLUMES HAVEN'T BEEN AS BIG AS
IN OTHER COINS WHEN THE MARKETS WERE DOWN.
在加密貨幣方面，有一些債券買盤，但成交量不如市場下跌時其他幣種那麼大。
24:32
MATT:
WHICH IS INTERESTING, BECAUSE THAT'S WHERE YOU SEE REAL
CORRECTION.
MATT: 這很有趣，因為那裡才看得到真正的修正。
24:41
DROPPING DOWN TO 89,000, SO
MANY PEOPLE WHEN WE WERE UP AT THOSE HIGHS MUST'VE BEEN SAYING
IF ONLY IT WOULD SELLOFF A LITTLE SO I COULD GET BACK IN
HERE.
跌到 89,000，許多在高點時的人一定在說，要是能再賣一點讓我進場就好了。
24:48
THEY ARE NOT PILING BACK IN?
他們沒有重新進場嗎？
24:52
>> AGAIN, I'M LOOKING AT THE
LAST FEW DAYS OF DATA SO MAYBE TODAY IF YOU ARE STARTING TO
SEE A TURNAROUND.
>> 再說一次，我看到的是過去幾天的數據，所以也許今天如果你開始看到反轉。
25:00
MAYBE THAT IS DRIVING IT
BECAUSE I HADN'T LOOKED AT THIS MORNING'S VOLUME.
也許這就是推動因素，因為我還沒看今天早上的成交量。
25:03
MATT:
WHAT DOES THE AI BUBBLE DEBATE LOOK LIKE TO YOU BECAUSE THERE
ARE COMPANIES LIKE NVIDIA THAT
MATT: 對你來說，AI 泡沫的爭議是什麼樣子？因為有些公司像 NVIDIA，
25:15
MAKE A TON OF MONEY AND SHOW
STILL MASSIVE REVENUE GAINS THAT JUSTIFIES THEIR INVESTMENT
CERTAINLY, BUT THEN THERE ARE COMPANIES LIKE OPENAI,
OBVIOUSLY NOT PUBLICLY TRADED
賺了很多錢，營收依然大幅成長，這確實證明了他們的投資，但還有像 OpenAI 這樣的公司，
25:26
THAT THEY WANT TO INVEST .4
TRILLION AND THE ONLY HAVE 13, $14 BILLION IN REVENUE.
他們想投資 4000 億美元，但營收只有 130、140 億美元。
25:30
>> ORACLE I THINK HAS BECOME
THE PROXY FOR SOME OF THOSE MOVES.
>> 我認為 Oracle 已經成為其中一些走勢的代表。
25:37
I MEAN, I THINK SOME OF IT IS NOT UNFOUNDED IN THE FACT THAT
I GET THERE ARE SOME PEOPLE IN THE MARKET THAT HAVEN'T
FORGOTTEN ABOUT WHAT HAPPENED
我的意思是，我認為其中一些並非沒有根據，因為市場上有些人沒有忘記 2000 年發生的事，
25:49
IN 2000, INCLUDING ME, I WAS
AROUND FOR THAT.
包括我，我經歷過那段時期。
25:52
I THINK THERE IS SOME CONCERN
BECAUSE THERE HAS BEEN SUCH A MOVEMENT THAT YOU KIND OF CAN'T
TELL WHERE IT'S GOING.
我認為有些擔憂是因為出現了這樣一股趨勢，讓人有點看不清方向。
25:58
WHILE I DO BELIEVE IN AI IN THE
LONGER TERM AND THE BENEFIT OF IT, I DO THINK ALSO AS AN
INVESTOR AT THOSE VALUATIONS WE
雖然我長期看好 AI 及其益處，但我也認為，以目前這些估值來看，作為投資人我們
26:08
HAVE TO LOOK AT HOW MUCH GROWTH
IS HAPPENING IN IS THAT GETTING TO A POINT WHERE IT IS GETTING
TOO MUCH?
必須審視增長究竟有多少，是否已經到了過度的地步？
26:15
I THINK WHAT AMAZON IS BORROWING MONEY AND ALSO
CUTTING JOBS, YOU'RE KIND OF LIKE OK, WHERE IS THE FOCUS IN
ARE YOU GOING TO GET THE RETURN
我覺得亞馬遜一邊借錢又一邊裁員，這讓人不禁想問，重點究竟在哪？你們能否獲得
26:23
ON INVESTED CAPITAL?
投入資本的回報？
26:25
MATT:
WHEN WE SEE COMPANIES LIKE AMAZON OR WE SEE COMPANIES LIKE
GOOGLE BORROWING MONEY, DOES IT REALLY BOTHER YOU THAT A
COMPANY WITH TRILLIONS OF
麥特：當我們看到像亞馬遜或谷歌這樣的公司借錢時，一家市值達數兆美元的公司
26:35
DOLLARS IN MARKET CAP IS
BORROWING LIKE DOUBLE-DIGIT BILLIONS?
借了數百億美元，這真的會讓你感到困擾嗎？
26:39
IT'S LIKE THE OPENAI PROBLEM IN REVERSE.
這就像是 OpenAI 問題的反過來版本。
26:45
>> AMAZON, CAN THEY AFFORD TO
PAY THE DEBT ON THAT?
>> 亞馬遜，他們有能力償還這筆債務嗎？
26:49
ARE THEY NET EARNINGS?
他們有淨利潤嗎？
26:50
I FEEL LIKE THEIR NET EARNINGS ARE STILL NOT AMAZING.
我覺得他們的淨利潤表現仍然不算出色。
26:53
MATT:
THAT'S ALWAYS THE CASE WITH AMAZON.
麥特：亞馬遜一直都是這樣。
26:58
>> MARKET CAP DOESN'T MATTER
THAT MUCH.
>> 市值沒那麼重要。
27:01
YOU LOOK AT A COMPANY THAT IS
REALLY SMALL AND THEY INCREASE THEIR DEBT FROM $980 MILLION TO
$3 BILLION IN THIS PAST QUARTER.
看看一家規模很小的公司，他們在上一季將債務從 9.8 億美元增加到 30 億美元。
27:07
THAT'S MAYBE A LITTLE MORE
CONCERNING.
這可能更令人擔憂一些。
27:09
THEY ARE ALSO PART OF THE WHOLE
AI TRADE.
它們也是整個 AI 交易的一部分。
27:14
SO I'M A LITTLE BIT SURE, CAN
AMAZON HANDLE IT?
所以我有點不確定，亞馬遜能應付得來嗎？
27:18
PROBABLY, BUT WILL HE GET THE
RETURNS FROM THE MONEY THEY'RE ARE SPENDING AND BORROWING?
應該可以，但他們花的和借來的錢能帶來回報嗎？
27:22
I STILL THINK THAT IS A LITTLE BIT OF A QUESTION BECAUSE IT IS
SO FAR IN THE FUTURE TO REALLY SEE IT THROUGH.
我認為這仍然存疑，因為要真正看到成果還需要很長一段時間。
27:31
>> IN TERMS OF THE RATES AND
THE LAYOFFS, WHAT DO YOU SEE HAPPENING WITH THE FED AND HOW
MUCH DOES IT MATTER TO THIS MARKET?
>> 關於利率和裁員，你認為聯準會會怎麼做？這對市場有多大影響？
27:40
>> I THINK THE FED MATTERS A
LITTLE LESS THAN IT USED TO.
>> 我認為聯準會的影響力已經不如以往。
27:46
I THINK THE FED IS BETWEEN A
ROCK AND A HARD PLACE.
我認為聯準會正處於左右為難的境地。
27:51
I'VE SHARED THIS AND OTHER
PLACES SO SORRY IF YOU'VE HEARD THIS BUT IF YOU THINK ABOUT
WHAT HAPPENED IN EUROPE POST 2008, IT'S YOU HAD LIKE
ONE-MONTH OR POLITY IN ONE
CURRENCY BECAUSE ALL THOSE
COUNTRIES THAT GERMANY WAS DOING FANTASTIC AND PROBABLY
NEEDED HIGHER RATES, SPAIN AND GREECE NEEDED LOWER RATES, AND
I'M A LITTLE WORRIED THAT
我有點擔心的是，
28:09
BECAUSE WE HAVE THIS
BIFURCATION OF ECONOMIES WHERE YOU HAVE THE LOWER END THAT
BILLY NEEDS HELP AND THE STOCK MARKET, AND THE TECH SECTOR
THAT DOESN'T NECESSARILY NEED
THAT HELP, IT PROBABLY NEEDS
SOME CALIBRATION, A WORRY THAT THEY ARE KIND OF STUCK BETWEEN
THOSE TWO THINGS.
它們可能需要一些調整，我擔心的是聯準會卡在這兩者之間，動彈不得。
28:26
THE LABOR MARKET SHOWED THAT
THE BIGGEST LAYOFFS ARE STILL COMING FROM THE GOVERNMENT BUT
I THINK THAT A STARTING TO CHANGE A LITTLE BIT BECAUSE IF
THEY ARE RAISING MONEY AND
MATT: WE SAW A TON OF LAYOFFS IN
OCTOBER, REALLY STARTING TO PUSH HIGHER.
MATT：我們看到十月份有大量裁員，真的開始推升了數據。
28:42
AND YET OBVIOUSLY THE TOP QUINTILE IS STILL DOING FAIRLY
WELL.
然而，顯然收入最高的前 20% 族群仍然過得相當好。
28:47
PRESIDENT TRUMP HAS TALKED ABOUT REVIVING ANOTHER $2000
CHECK GOING OUT.
川普總統談到要再發放一張 2000 美元的支票來振興經濟。
28:55
>> HOW DO YOU GET LONG-TERM
RATES DOWN IF YOU'RE GOING TO TAKE THE MONEY THAT YOU EARNED
TO PAY DOWN YOUR DEFICITS AND THEN GIVE IT AWAY INSTEAD OF
PAYING DOWN THE DEFICITS?
AND I THINK THERE IS A WIDER
SWATH VERSUS THE TWO BIGGEST NAMES IN THE SPACE THAT COULD
FROM THAT.
我認為相對於該領域最大的兩個名字，有更廣泛的範圍可以從中受益。
30:59
MATT: STEPHANIE, I'M GOING TO TAKE
YOUR POST-2008 ANALOGY AND BUN WITH AN THE NEXT FEW DAYS.
麥特：史蒂芬妮，我將把你的 2008 年後類比
31:05
ON MY PROGRAM, TO BE SURPRISED.
放在我的節目上，未來幾天拭目以待。
31:09
STEPHANIE GUILD FROM ROBINHOOD.
Robinhood 的史蒂芬妮・吉爾德（Stephanie Guild）。
31:10
COMING UP, WASHINGTON AND RIYADH STRENGTHENING TIES AFTER
A DAY OF DEALMAKING AND BACKSLAPPING AT THE WHITE HOUSE.
接下來，華盛頓和利雅德在白宮進行一天的交易達成和握手言歡後，加強了關係。
31:15
MORE ON THAT NEXT.
更多相關內容稍後播出。
31:17
THIS IS BLOOMBERG.
這是彭博（BLOOMBERG）。
31:24
♪ >> THE AGREEMENT THAT WE ARE
SIGNING, MANY YEARS OF
♪ >> 我們正在簽署的協議，多年的
31:35
TECHNOLOGY, AI AND DELIVERABLES.
技術、AI 和可交付成果。
31:38
THAT WOULD CREATE A LOT OF INVESTMENT OPPORTUNITY.
這將創造大量的投資機會。
31:43
TRUMP:
YOU ARE SAYING TO ME NOW THAT THE $600 MILLION TO BE
TRILLION.
川普：你現在是在跟我說那 6 億美元將變成兆元。
31:48
>> DEFINITELY.
>> 確實如此。
31:53
MATT: SAUDI CROWN PRINCE MOHAMMAD
BIN SALMAN PLEDGING THAT RIHANNA WILL INVEST AS MUCH AS
TRILLION IN THE U.S., HELPED
麥特：沙烏地阿拉伯王儲穆罕默德
32:02
OUT A LITTLE BIT BY PRESIDENT
TRUMP WAS THAT HE WILL OFFICIALLY DESIGNATE SAUDI
ARABIA AS A MAJOR NON-NATO ALLY.
總統川普的推波助瀾下，正式指定沙烏地
32:11
HE ALSO SAID MBS NEW NOTHING
ABOUT THE DISMEMBERMENT AND MURDER OF JOURNALIST JAMAL
KHASHOGGI.
他還表示，穆罕默德王儲對
32:18
LET'S BRING IN BLOOMBERG
GOVERNMENT SENIOR ECONOMIST REPORTED JONATHAN TAMARI IN
WASHINGTON.
現在讓我們連線彭博社
32:26
IT DOES LOOK LIKE THE
DIPLOMATIC TIES BETWEEN THE U.S.
美國與沙烏地阿拉伯之間的
32:31
AND SAUDI ARABIA ARE FULLY
HEALED FROM THAT BRIEF RESPITE WE HAD AFTER THE JAMAL
KHASHOGGI MURDER.
外交關係，似乎已從賈馬爾·卡舒吉
32:40
HOW IS THIS GOING TO WORK IN
TERMS OF, FOR EXAMPLE, SELLING F-35'S?
這對例如出售 F-35戰機
32:50
>> TO NAME ONE VERY CLOSE U.S.
>> 以美國一個非常親密的盟友為例，
32:53
ALLY, SOME OF THE DETAILS HONESTLY ARE A LITTLE BIT VAGUE.
許多細節老實說仍有些模糊。
32:59
BOTH THE SAUDI INVESTMENTS COMING TO THE U.S.
沙烏地對美國的投資
33:02
SUPPOSEDLY AND ON THE U.S.
據稱以及美國對沙烏地的
33:03
COMMITMENTS TO SAUDI.
承諾都是如此。
33:05
THERE ARE MANY STEPS TO LEFT TO GO IN EXACTLY HOW THESE THINGS
WILL PLAY OUT TO ALLOW ADVANCED AI CHIPS TO BE SOLD TO SAUDI
ARABIA.
若要允許向沙烏地出售先進的人工智慧晶片，
33:17
SO THE DETAILS WERE LEFT PRETTY
UNCLEAR YESTERDAY, BUT AS YOU KIND OF SONG FROM THOSE IMAGES,
THE BIGGEST THING THAT CONCRETELY HAPPENED YESTERDAY
因此昨天的細節仍相當
33:30
IS A REHABILITATION OF --, A
FLYOVER OF JETS, A LAVISH STATE DINNER.
重大事件是形象的修復——
33:33
THAT BASICALLY SAYS THAT THE TENSION FROM THE JAMAL
KHASHOGGI KILLING AND OTHER ISSUES IN THE TRUMP
ADMINISTRATION IS GONE.
這基本上宣告了因賈馬爾·卡舒吉
33:43
>> IN TERMS OF REPLICATION WE
ALSO SAW ELON MUSK MAKING HIS RETURN TO THE WHITE HOUSE.
>> 在製造業方面，
33:48
AT THOSE TENSIONS THAWED AS WELL >> AT LEAST A LITTLE BIT.
他們之間的緊張關係也隨之解凍，>> 至少緩和了一些。
33:54
IF YOU REMEMBER THE ATTACKS THAT HE AND THE PRESIDENT
RELAUNCHING EACH OTHER, IT IS REMARKABLE TO SEE HIM THERE.
如果你還記得他們兩人過去
34:01
THE NEXT STEP, DOES HE GET BACK INVOLVED POLITICALLY, DOES HE
START DONATING MONEY TO CANDIDATES AND MIDTERM
ELECTIONS AND IS THAT A
下一步，他會不會重新涉足政治，他會不會開始在期中選舉捐款給候選人，這對共和黨來說是
34:07
POSITIVE OR NEGATIVE THING FOR
REPUBLICANS BECAUSE DEMOCRATS USE MUSK AGAINST REPUBLICANS
PRETTY EFFECTIVELY LAST YEAR, BUT OBVIOUSLY HAS A LOT OF
MONEY TO ENABLE CANDIDATES
好事還是壞事，因為去年民主黨人利用馬斯克來打擊共和黨人
34:18
AROUND THE COUNTRY.
候選人。
34:19
MATT:
PRESIDENT TRUMP ALSO SPOKE ABOUT HIS FED CHAIR PICK.
麥特：
34:22
HERE'S ANNMARIE HORDERN AT THE WHITE HOUSE EVENT.
安瑪莉·霍登在白宮活動現場為我們報導。
34:27
ANNMARIE: HAVE YOU STARTED THE INTERVIEWS
FOR THE FED CHAIR?
安瑪莉：您是否已經開始面試
34:34
FROM: YES.
川普：是的。
34:35
I THINK I ALREADY KNOW MY
CHOICE.
我想我已經知道我的
34:43
I LIKE HIM BUT HE'S NOT GOING
TO TAKE A JOB HERE.
我很欣賞他，但他不會
34:47
>> I GUESS HE WAS POINTING AT
SCOTT BESSENT.
>> 我猜他指的是
34:49
CAN I MAKE THAT ASSUMPTION?
我可以這樣假設嗎？
34:54
>> IT SEEMS LIKELY THAT THAT IS
SO HE WAS POINTING TO AND HE SEEMED TO INDICATE HE'S NOT
GOING TO TAKE THE JOB.
>> 這似乎很有可能就是他指的人選，而且他似乎暗示對方不會
35:01
HE'S MENTIONED FIVE DIFFERENT
CANDIDATES INCLUDING CURRENT AND FORMER FED GOVERNORS.
他提到了五位不同的
35:06
WE KNOW THE PRESIDENT LIKES A LITTLE BIT OF DRAMA.
我們知道總統喜歡一點戲劇性。
35:10
HE WAS THE HOST OF A SHOW ABOUT MAKING BIG HIRES.
他曾經主持過一個關於做重大招聘的節目。
35:14
THEY SAID THAT THEY'RE LOOKING FOR AND OF DECEMBER TO
HOPEFULLY HAVE AN ANNOUNCEMENT.
他們表示正在尋找人選，希望能在十二月
35:23
THE PRESIDENT AT ONE POINT SAID
HE LIKES TO GO POLITICALLY CORRECT SO MAYBE IT WILL BE A
MORE CONVENTIONAL CHOICE, BUT AS A MENTION HE LIKES THE
DRAMA, HE LIKES TO KEEP PEOPLE
總統一度表示
35:31
GUESSING.
猜測。
35:31
WE WILL HAVE TO KEEP WATCHING.
我們必須持續關注。
35:33
MATT:
JONATHAN, THANKS VERY MUCH FOR JOINING US.
麥特：
35:37
APPRECIATE YOUR TIME SO EARLY THIS MORNING.
非常感謝您這麼一大早就接受我們的訪問。
35:41
LET'S TURN TO EARNINGS NOW, INVESTORS COUNTING DOWN TO THE
RESULTS FROM NVIDIA SET TO COME OUT AFTER THE MARKET CLOSE.
現在讓我們轉向財報，投資人正在倒數 NVIDIA 的結果，預計在收盤後公布。
35:52
IN SOME RESPECTS, THIS IS THE
BIG EVENT.
從某些方面來看，這是一場大事。
35:56
ON ANOTHER LEVEL, THOUGH, THIS
IS LIKE THE COMPANY THAT PEOPLE AREN'T REALLY THAT WORRIED
ABOUT.
但在另一個層面上，這就像是大家其實不太擔心的那家公司。
36:04
THEY ARE STILL GOING TO GROW
REVENUE 60% REGARDLESS OF ITS QUARTER WE ARE TALKING ABOUT,
AND MAKE A MASSIVE AMOUNT OF
不論我們談論的是哪一季，他們的營收仍將增長 60%，並創造出龐大的
36:16
MONEY.
獲利。
36:18
>> IS A HUGELY PROFITABLE --
PROFITABLE COMPANY GENERATING THE CASH THAT IS GOING TO CYCLE
BACK INTO THE AI ECONOMY AND OBVIOUSLY THE ANNOUNCED A DEAL
YESTERDAY TO INVEST MORE IN AND
>> 是一家獲利能力極強的公司，產生的現金將回流到 AI 經濟中，而且昨天顯然宣布了一項交易，要加大對此的投資
36:26
PROFITS.
與獲利。
36:32
I THINK IN THE NEAR TERM FOR
SURE, NVIDIA IS NOT A COMPANY THAT PEOPLE WORRY ABOUT TOO
MUCH BECAUSE THEY ARE THE BIG BENEFICIARY OF ALL OTHER
CAPITAL SPENDING THAT IS COMING
OUT FROM THE LIKES OF GOOGLE
AND META AND AMAZON, ALL KIND OF THIS HUGE DEMAND FOR THE AI
ACCELERATED CHIPS.
谷歌、Meta 和亞馬遜等巨頭，對 AI 加速晶片有著巨大的需求。
36:54
I GUESS IT'S A BIT FURTHER DOWN
THE LINE, MAYBE TWO OR THREE YEARS OUTWARD PERHAPS THINGS
BECOME A LITTLE BIT MORE CLOUDED IF THE END USER DEMAND
DOESN'T TAKE OUT THE KINDA
我想再往後一點，也許兩三年後，如果終端用戶的需求無法支撐，情況可能會變得有點不明朗，無法維持 AI 的投資。
37:05
SUSTAIN THE AI INVESTMENTS.
SUSTAIN THE AI INVESTMENTS.
37:08
AND OBVIOUSLY THERE IS COMPETITION THERE FOR THEM FROM
THE LIKES OF GOOGLE AND AMD, WHO ARE DEVELOPING THEIR OWN AI
HAVE ACCELERATED CHIPS.
AND OBVIOUSLY THERE IS COMPETITION THERE FOR THEM FROM THE LIKES OF GOOGLE AND AMD, WHO ARE DEVELOPING THEIR OWN AI HAVE ACCELERATED CHIPS.
37:22
MATT:
ARE WE GOING TO SEE ANY SIGN OF WILTING END USER DEMAND, ARE
YOU GOING TO SEE ANY SIGN OF STRONGER COMPETITION IN, FOR
EXAMPLE, TODAY'S OUTLOOK?
MATT: ARE WE GOING TO SEE ANY SIGN OF WILTING END USER DEMAND, ARE YOU GOING TO SEE ANY SIGN OF STRONGER COMPETITION IN, FOR EXAMPLE, TODAY'S OUTLOOK?
37:32
>> I DON'T THINK SO.
>> I DON'T THINK SO.
37:41
I THINK AT THE END USER LEVEL,
CERTAINLY THAT IS IMPROVING.
I THINK AT THE END USER LEVEL, CERTAINLY THAT IS IMPROVING.
37:45
I'M NOT SURE IF WE WILL SEE TOO
MUCH DETAIL BUT WHAT PEOPLE WOULD REALLY LIKE TO SEE IS
MORE CASE STUDIES AND MORE SPECIFICS ABOUT HOW BIG
CORPORATES ARE DEPLOYING AI TO
I'M NOT SURE IF WE WILL SEE TOO MUCH DETAIL BUT WHAT PEOPLE WOULD REALLY LIKE TO SEE IS MORE CASE STUDIES AND MORE SPECIFICS ABOUT HOW BIG CORPORATES ARE DEPLOYING AI TO
37:56
RETURN ON INVESTMENT.
RETURN ON INVESTMENT.
37:58
ENOUGH THAT THEY PLAN TO CONTINUE TO EXPAND THE SCOPE OF
AI WITHIN ORGANIZATIONS.
ENOUGH THAT THEY PLAN TO CONTINUE TO EXPAND THE SCOPE OF AI WITHIN ORGANIZATIONS.
38:04
JENSEN HUANG ALLUDES TO THAT A
LOT BECAUSE HE TALKED ABOUT THIS VIRTUOUS CYCLE THAT WE ARE
NOW IN BUT I THINK THE MORE THEY CAN DO TO SHOW SPECIFIC
EXAMPLES OF THAT WILL GIVE
JENSEN HUANG ALLUDES TO THAT A LOT BECAUSE HE TALKED ABOUT THIS VIRTUOUS CYCLE THAT WE ARE NOW IN BUT I THINK THE MORE THEY CAN DO TO SHOW SPECIFIC EXAMPLES OF THAT WILL GIVE
38:13
PEOPLE MORE CONFIDENCE.
人們更有信心。
38:14
BUT I DON'T THINK HE WILL GET TOO MUCH OF THAT TODAY.
但我認為他今天不會得到太多那種信心。
38:18
MATT:
THANKS VERY MUCH FOR JOINING US.
麥特：
38:22
OTHER TECH COVERAGE FOR US OUT
OF LONDON.
我們在倫敦的其他科技新聞報導。
38:27
DON'T MISS OUR EXCLUSIVE
INTERVIEW WITH THE CEO OF NVIDIA, JENSEN HUANG AFTER
THOSE EARNINGS IS GOING TO SIT DOWN WITH ED LUDLOW AT 6:30 P.M.
請不要錯過我們對輝達 (NVIDIA) 執行長黃仁勳的獨家專訪，
38:35
EASTERN, AND YOU'LL SEE IT RIGHT HERE ON BLOOMBERG TV,
HERE IT ON BLOOMBERG RADIO.
美東時間，您可以在彭博電視 (BLOOMBERG TV) 上觀看，
38:39
OF COURSE WE WILL CONTINUE TO
PLAY THAT FOR YOU THROUGHOUT THE DAY TOMORROW.
當然，我們明天全天也會繼續為您播放。
38:42
STICKING WITH EARNINGS WITH YOUR FOR MAJOR RETAILERS BEFORE
THE BELL INCLUDING TARGET, LOWE'S AND T.J.
繼續關注財報，四大零售商將在開盤前公布財報，
38:47
MAXX.
T.J. Maxx。
38:48
TJ ASKED.
TJ Maxx。
38:49
JOINING US NOW IS BLOOMBERG CONSUMER REPORTER MATTIE PARKER.
現在加入我們的是彭博消費者新聞記者 Mattie Parker。
38:55
WHAT WE EXPECT TO HEAR FROM THE RETAILERS AS SO MANY ARE
VOICING CONCERNS ABOUT THE STATE OF THE U.S.
隨著許多零售商對美國消費者的狀況表示擔憂，
39:05
CONSUMER?
消費者？
39:07
>> OBVIOUSLY TARGET FOR THE
MAIN ONE TO COME OUT.
>> 顯然塔吉特是主要的焦點。
39:10
TODAY THEY ARE GOING TO BE
WATCHED VERY CLOSELY BY CONSUMERS, BY OTHER RETAIL
BRANDS AND ALSO BY WALL STREET IT WILL BE INTERESTING TO SEE
IF THEY ARE ABLE TO RECAPTURE
今天，消費者、其他零售品牌以及華爾街都將密切關注他們，
39:19
SOME OF THAT GROWTH AS THEY
TRANSITION OVER TO THEIR NEW CEO WHO THEY APPOINTED EARLIER
THIS YEAR WHO VERY MUCH SAID HE WAS GOING TO FOCUS ON
MERCHANDISING AND TECHNOLOGY.
這位新執行長曾明確表示，他將專注於商品銷售和技術。
39:27
IT WILL BE REALLY INTERESTING
TO SEE WHETHER THEY HAVE THE MARK DURING THAT KEY BACK TO
SCHOOL TIME WITH ZOOMERS WHO ARE REALLY KIND OF LOOKING FOR
GOOD QUALITY GROCERIES AND
看看他們在關鍵的返校季期間，
39:36
ESSENTIALS BUT ALSO AT
REASONABLE PRICES AS WELL.
同時價格也要合理。
39:42
MATT: SO WHO IS EXPECTED TO DELIVER
THE STRONGEST GAINS HERE?
麥特：那麼，預期誰會在這裡交出最強勁的成長？
39:46
TYPICALLY A COMPANY LIKE T.J.
通常像 T.J. Maxx 這樣的公司...
39:48
MAXX DOES WELL IN AN ECONOMY WHERE THE CONSUMER IS WEAKENING.
MAXX 在消費疲軟的經濟環境中表現良好。
39:53
>> DEFINITELY.
>> 確實如此。
39:54
THE COMPOUNDING INFLATION OF
THE PAST FEW YEARS WILL LIKELY KIND EVEN EDGE TO SOME OF THOSE
LIKE T.J.
過去幾年的複合通膨，可能會對像 T.J. Maxx 這樣的零售商造成影響。
40:03
MAXX.
MAXX。
40:04
THEY ARE ABLE TO PROCURE MORE
OF A DISCOUNT TO CONSUMERS.
他們能夠提供給消費者更多的折扣。
40:10
FEELING THE PINCH OF INFLATION,
ALSO FROM THINGS THAT RETAILERS HAVE BEEN WARNING ABOUT FOR
MONTHS LIKE CARROTS RAISING PRICES IS.
消費者感受到通膨的壓力，還有零售商幾個月來一直在警告的東西，例如胡蘿蔔漲價。
40:16
IT WILL BE INTERESTING AS WE APPROACH TO SEE THE CONSUMERS
GO FOR THE DISCOUNT TO TAKE ADVANTAGE OF THOSE SALES AS
WELL.
接下來觀察消費者會如何為了折扣而消費，以及如何利用這些促銷活動，將會很有趣。
40:26
MATT: MORE SALES HERE.
MATT: 這裡還有更多銷售資訊。
40:29
WHAT ABOUT JOBS, ARE WE GOING
TO SEE MORE HIRING INTO THE HOLIDAYS OR ARE WE GOING TO SEE
THAT SLOW DOWN FROM PAST SEASONS?
就業方面呢？我們會看到在假期前更多招聘嗎？還是會看到比過去季節更慢的招聘速度？
40:39
>> TRADITIONALLY RETAILERS DO
HIRE MORE SEASONAL WORKERS AS THEY APPROACHED THE HOLIDAYS.
>> 傳統上，零售商在接近假期時確實會僱用更多季節性員工。
40:47
I SUSPECT THAT RETAILERS HAVE
DEFINITELY TAKEN A HIT.
我懷疑零售商肯定受到了衝擊。
40:52
THE KIND OF GOLDEN QUARTER OF
RETAIL THAT WE ARE APPROACHING INCLUDE THANKSGIVING, BLACK
FRIDAY AND CHRISTMAS.
我們即將迎來的零售業黃金季度，包括感恩節、黑色星期五和聖誕節。
40:57
WE WILL STILL LIKELY SEE VERY
STRONG SALES.
我們可能仍會看到非常強勁的銷售。
41:01
THEY WILL BRING IN MORE
EMPLOYEES JUST FOR THAT PERIOD THAT IT WILL BE INTERESTING TO
SEE HOW CONSUMERS RESPOND.
他們將會在那段期間引進更多員工，觀察消費者如何反應將會很有趣。
41:14
MATT:
THANKS VERY MUCH FOR JOINING US, TALKING U.S.
MATT: 非常感謝您加入我們，討論美國零售業。
41:17
RETAIL EARNINGS.
獲利狀況。
41:18
WE ARE GOING TO GET THOSE
THROUGHOUT THE DAY.
我們將在今天全天關注這些數據。
41:21
COMING UP, WE ARE GOING TO GET
YOU SET UP FOR YOUR TRAINING DATE WITH NVIDIA EARNINGS
REALLY THE KEY EVENT ON DECK AND FED MINUTES.
♪ MATT:
THAT'S TAKE A LOOK NOW WHAT IS AHEAD TODAY.
♪ MATT: 現在讓我們看看今天有哪些行程。
41:48
AS WE SAID BEFORE THE BREAK, RETAIL EARNINGS ARE COMING OUT.
正如我們在中場休息前所說，零售業財報即將公布。
41:53
TARGET IS REPORTING AS WELL AS LOWE'S AND T.J.
Target 將公布財報，Lowe's 和 T.J. Maxx 也一樣。
41:56
MAXX BEFORE THE BELL.
他們都將在開盤前公布。
41:59
THEN WE GET THE FED RELEASING
ITS LATEST MINUTES, THAT IS AT 2:00 P.M.
接著聯準會將發布
42:03
EASTERN AS IN THE PAST, MOVE THE MARKET, SO DEFINITELY
IMPORTANT TO PAY ATTENTION TO THAT, ESPECIALLY IF YOU'RE
FOCUSED ON RATES.
和過去一樣，東部時間的數據會影響市場，因此絕對
42:11
BUT THE MAIN EVENT FOR THIS
MARKET IS NVIDIA.
但對這波行情來說，焦點
42:17
IT REPORTS EARNINGS AFTER THE
MARKET CLOSED AND WE ARE EXPECTING TO SEE MASSIVE 60%
GAINS IN REVENUE.
它將在收盤後公布財報，我們預期營收將大幅成長 60%。
42:25
MORE THAN 70% MARGINS AS WELL.
毛利率也將超過 70%。
42:31
TUNE IN TO A CONVERSATION WITH
LAWRENCE WONG, MINISTER FOR FINANCE AND BLOOMBERG
EDITOR-IN-CHIEF FROM THE BLOOMBERG NEW ECONOMY FORUM AND
THEN OF COURSE AFTER NVIDIA
我們將先收看財長黃循財
42:39
EARNINGS, ED LUDLOW IS GOING TO
SIT DOWN WITH THE CEO JENSEN HUANG.
財報公布後，Ed Ludlow 將
42:43
IN TERMS OF THE SHARE MOVEMENT FOR THE MARKET OPEN, NVIDIA
SHARES OF ABOUT A 10TH OF 1% IN THE PREMARKET.
