SpaceX首次发债融资，押注AI雄心

MATT: GOOD MONDAY MORNING. 30 MINUTES UNTIL THE START OF CASH TRADE. "BLOOMBERG OPEN INTEREST" STARTS RIGHT NOW. MATT: COMING UP, STOCKS DRIFT WHILE OIL DROPS AS IRAN CLAIMS MAJOR PROGRESS AFTER ALL MY TALKS WITH THE U.S. DANI: IN THE U.K., KEIR STARMER RESIGNS AS PRIME MINISTER, PAVING WAY FOR BRITAIN'S SEVENTH LEADER IN A DECADE. MATT: SPACEX LOOKING TO RAISE BILLIONS MORE TO ITS AI AMBITIONS, KICKING OFF ITS FIRST EVER BOND SALE. DANI: SPACEX FALLING AGAIN. IT WAS ALREADY DROPPING SO NOT NECESSARILY FROM THE BOND SALE. YOU SHOW YOU. SPACEX IS DOWN, DROPPING FOR A THIRD STRAIGHT TRADING DAY BUT CHIP STOCKS ARE GETTING A BOOST. MICRON UP 5% MICRON UP 5%. INTEL UP 3%. MICRON EARNINGS IN A VERY "NOTHING IS GOING ON" WEEK. MATT: IT FEELS LIKE IT. DANI: BUT EVERYTHING IS GOING ON. MATT: SO MUCH FROM A MACRO PERSPECTIVE. WE WILL TOUCH ON THE DEATH OF ALAN GREENSPAN. I AM LOOKING AT CHEVRON SIGNING A DEAL WITH MICROSOFT TO PROVIDE POWER FOR A WEST TEXAS DATA CENTER OPENING IN 2020. MICROSOFT YEARS ARE OFF A BIT IN THE PREMARKET. CHEVRON SHARES ARE UP A LITTLE BIT AS WELL. THAT IS ONE OF THE DEALS WE ARE FOCUSED ON. REALLY DOES NOT COMPARE WITH THE SPACEX, WITH THE HYPE OF SPACEX'S BOND SALE. DANI: BECAUSE IT IS NOT JUST EQUITY MARKET SUPPLY FROM SPACEX IT IS -- MARKET SUPPLY FROM SPACEX, IT IS ALSO THE BOND MARKET. LET'S DISCUSS WITH ED LUDLOW. FEELS LIKE WE WERE ONLY HERE A WEEK AGO WHEN IT CAME YET, THIS IDEA YOU HAVE A LOT OF CASH. WHY CAP THE BOND MARKET?

WHAT DOES IT MEAN FOR SPACEX TO GO IN THIS ARENA? ED: AS OF JUNE 19, IT SITTING ON MORE THAN 00 OF CASH ANYWAY FOR THEM, IT A TREASURY MANAGEMENT THEY WILL USE THIS BOND SALE TO PAY DOWN AND REFINANCE EXISTING DEBT. THERE IS A BIG LONGER-TERM VIEW THAT SPACEX'S MANY LIGHT YEARS FROM POSITIVE FREE CASH FLOW. THEY ARE GOING INTO A WORLD WHERE THEY WILL HAVE TO SPEND INCREDIBLY IMPRESSIVELY. THIS IS JUST ONE MECHANISM TO KEEP THAT BALANCE SHEET IN THE ORDER THEY ALL NEED FOR THE PROJECT THEY OUTLINED IN THE PROSPECTUS. MATT: YEAH. SPACEX, AS WE HEARD FROM BRUCE RICHARDS EARLY LAST WEEK, IS JUST THE BIGGEST RISING STAR OUT THERE. THEY HAD DEBT AT MORE THAN 12%, AND THEY MANAGED TO CUT THAT TO 4%. I AM GUESSING THIS WILL BE AROUND THERE AS WELL. WHAT IS THE STORY WITH THE MICROSOFT-CHEVRON DEAL?

IT IS A PRETTY BIG NUMBER. ED: YEAH. IT IS 2.6 GIGAWATTS RAMPED UP OVERTIME STARTING IN 2028 BUT FOR NATURAL GAS. AS BOTH A COMMON SENSE STORY WHERE MICROSOFT HAS THIS COMMITMENT OF DUBLIN IS DOUBLING ITS COMMITMENT. FOR THE PROJECT IN WEST TEXAS, THEY ARE SAYING WE WILL USE NATURAL GAS AS THE ENERGY SOURCE TURBINES FOR THE POWER GENERATION, AND IT IS ALL LOCAL, ALL LOCALIZED. 2.6 GIGAWATTS IS MASSIVE THAT IS THE POWER CONSUMPTION OF THE CITY OF SAN FRANCISCO FOR EXAMPLE. MICROSOFT HAS BEEN IN THIS PLACE WHERE IT WALKED BACK PRIOR COMMITMENTS TO SOURCING RENEWABLE ENERGY ARE MATCHING THE PROCUREMENT OF RENEWABLE ENERGY TO ITS USE. NATURAL GAS INTERESTING BUT SHOULD IS FEELING THE BENEFIT OF THE STORY -- CHEVRON IS FEELING THE BENEFIT OF THE STORY. MATT: TEXAS IS INTERESTING BECAUSE THEY HAVE 30 GIGAWATTS OF PLANNED DATA CENTER BUILDOUT. CAN FORWARD TO YOUR PROGRAM THAT LOOKING FORWARD TO YOUR PROGRAM AT 11:00 A.M. BRENT IS TRADING BELOW $80 A BARREL AS IRAN'S PRIME MINISTER SAYS -- FOREIGN MINISTER PROGRESS WAS MADE GIVING ALL MY TALKS WITH THE U.S. VICE PRESIDENT VANCE HAD THIS TO SAY. >> WE LAID A GOOD FOUNDATION FOR A SUCCESSFUL FINAL DEAL. THE FINAL DEAL IS THE HOUSE. WE SET THE FOUNDATION. WE HAVE NOT BUILT THE HOUSE BUT HAVE LAID A SUCCESSFUL FOUNDATION TO GET TO GET A GOOD PLACE FOR THE AMERICAN PEOPLE. THIS IS NOT A DEAL THE UNITED STATES IS IMPOSING ON THE REGION. THIS IS A DEAL THAT THE REGION HAS DESPERATELY ASKED THE UNITED STATES TO PUT IN PLACE. MATT: JOINING US NOW IS BLOOMBERG'S WASHINGTON CORRESPONDENT TYLER KENDALL. THIS IS JUST THE BEGINNING. WE HAVE ESSENTIALLY 60 DAYS OF NEGOTIATIONS TO GO, BUT WHAT HAVE WE LEARNED SO FAR?

TYLER: YOU ARE RIGHT. LEARNED SO WE HEARD FROM THE VICE PRESIDENT TO SAY THAT ESSENTIALLY THIS WEEKEND WAS TO ESTABLISH FOUR MAIN ACCOMPLISHMENTS. THE FIRST IS TO OUTLINE THE FRAMEWORK TO KEEP THE TALKS GOING. THE SECOND IS THIS IDEA OF A DECONFLICTION MECHANISM THAT WOULD EXTEND THE CEASEFIRE TO THE FIGHTING IN LEBANON. HE CONFIRMED IRAN TRY TO WALK OUT OVER THE TALKS EARLIER. THE THIRD IS I BEEN WILL INVITE INSPECTORS BACK IN THE COUNTRY AS SOON AS THIS WEEK. THE FOURTH IS THEY ESTABLISH A MECHANISM FOR COMMUNICATION OPEN REGARDING THE STRAIT OF HORMUZ BECAUSE WE ARE STARTING TO SEE THAT TRAFFIC GO UP. OF COURSE, WELL BELOW MORE LEVELS. WE HEARD 55 VESSELS READING 17 MILLION BARRELS OF OIL TRANSITED THROUGH. FOUR EMPTY LNG TANKERS ARE CURRENTLY ON THEIR WAY BACK TO QATAR, THE LARGEST NUMBER OF EMPTY SHIPS THAT HAVE TRANSITED SINCE THE CONFLICT BEGAN. ONE OTHER THING FOR YOUR RADAR THAT CAUGHT OUR EYES IS VICE PRESIDENT JD VANCE DISPUTE SOME COMMENTS FROM IRAN THAT ASSETS HAVE ALREADY STARTED TO BE UNFROZEN. HE SAID THAT HAS NOT HAPPENED YET WHEN IT DOES, THE ASSET PURCHASE OF AMERICAN AGRICULTURAL GOODS BUT DID NOT GIVE US MUCH MONEY ON EXACTLY HOW THAT COMPONENT WOULD WORK -- MUCH CLARITY ON EXACTLY HOW MUCH THAT COMPONENT WOULD WORK. DANI: WOULD WE KNOW ABOUT THE FUND AND WHO WOULD PAY FOR THE THING?

TYLER: AT THIS POINT, THE U.S. HAS DISPUTED THAT IS GOING TO BE A MAIN FOCAL POINT OF THIS. PRESIDENT TRUMP HAS SAID IT WILL NOT BE U.S. MONEY BUT WHAT -- WOULD PERHAPS COME FROM REGIONAL ALLIES AND HE WOULD NOT PROHIBIT ANYONE FROM INVESTING IN IRAN OR HELPING THE COUNTRY REBUILD. THE U.S. SAID THEY WILL BE LOOKING SOME MECHANISM HERE IN ORDER TO ALLOW THE COUNTRY TO REBUILD AFTER THE STRENGTHS. BUT IT REALLY DOES SHOW THE LATEST IN A LONG LIST OF STICKING POINTS AT THIS MOMENT TO GETTING THIS FINALIZED DEAL OVER THE FINISH LINE. DANI: THANK YOU VERY MUCH. TYLER KENDALL IN WASHINGTON. IN THE U.K., KEIR STARMER STEPPING DOWN AS PRIME MINISTER. >> THE QUESTION MY PARTY IS ASKING NOW IS WHETHER I AM BEST PLACCED TO LEAD US TO THE NEXT GENERAL ELECTION. I HAVE HEARD THE ANSWER OF MY PARLIAMENTARY PARTY TO THAT QUESTION. AND I ACCEPT THAT ANSWER WITH GOOD GRACE. EVERY DECISION I HAVE TAKEN HAS BEEN ABOUT PUTTING COUNTRY I LOVE FIRST. THAT IS WHY I WILL RESIGN AS LEADER OF THE LABOUR PARTY. DANI: STARMER'S RESIGNATION OPENS THE DOOR FOR THE'S FIFTH PRIME MINISTER THAT THE U.K.'S FOR PRIME MINISTER SINCE 2022 AND SEVENTH IN A DECADE AND ALSO OPENS THE DOOR FOR ANDY BURNHAM. DOES THIS CHANGE THE TRAJECTORY OF THE U.K.?

>> IT VERY WELL COULD. ANDY BURNHAM IS EXPECTED TO LEAD THE COUNTRY IN A WAY THAT IS MORE LEFT, TAXING AND SPENDING MORE. WE WILL HAVE TO SEE. CHANCELLOR IS AN IMPORTANT DECISION FOR MARKETS. INVESTORS ARE WATCHING THAT CLOSELY. VERY DISCIPLINED WITH THE MANAGEMENT OF THE FINANCES. WILL ANDY BURNHAM SELECT SOMEONE SIMILAR?

IT IS A KEY QUESTION MARKETS ARE WATCHING. IMMEDIATE FOCUS IS ANDY BURNHAM ARRIVING IN PARLIAMENT, BEING SWORN IN AS AN MP, AND WHEN HE MIGHT BECOME PRIME MINISTER. WE INSPECT IF THERE IS NO OTHER CONTENDER, IT COULD BE PRIME MINISTER BY JULY 18 SO SOMETIME NEXT MONTH. THINGS MOVE QUITE FAST HERE. ANDY BURNHAM COULD BE PRIME MINISTER IN JULY. A LOT OF WORK TO DO. WHO WILL BE HIS TOP TEAM?

WHAT IS HIS POLICY PLANS GOING TO BE? LOTS OF UNANSWERED QUESTIONS TODAY. MATT: WHAT ARE THE CHANCES WE GET AT SOME POINT NEW ELECTIONS AND A NIGEL FARAGE CANDIDACY THAT HAS SOME REALLY HAVE TO -- SOME REAL HEFT?

>> THAT IS THE CLAIM BY NIGEL FARAGE NOW THAT WE NEED AN ELECTION CAP ANDY BURNHAM IS NOT HAVE A NATIONAL MANDATE AT BEST, HE WON A SPECIAL PARLIAMENTARY ELECTION BUT DOES NOT HAVE A MANDATE FOR THE PUBLIC. AS FOR NOW, LABOUR ARGUMENT IS THAT THEY HAVE A MAJORITY IN THE HOUSE OF COMMONS AND THAT IS ENOUGH EVERY ON ENOUGH FOR HIM TO CARRY ON. THAT IT MIGHT BE GOOD FOR INTO BURNHAM TO GO FOR IT NOW. HE WILL NOT BE MORE POPULAR THAN HE IS NOW. THESE ARE VERY UNCERTAIN TIMES. MATT: THANK YOU VERY MUCH. I AM SURE YOU WILL CONTINUE TO BE VERY BUSY AS YOU HAVE