特朗普对伊朗提出新要求，油价持稳，霍尔木兹海峡谈判陷僵局

NEWSMAKERS AND MARKET MOVERS. THIS IS THE PULSE WITH FRANCINE LACQUA. GOOD MORNING. WELCOME TO THE PULSE. OIL IS HOLDING ONTO GAINS THIS MORNING AFTER PRESIDENT TRUMP MADE SWEEPING NEW DEMANDS OF IRAN IN RESPONSE TO TEHRAN'S REQUEST FOR REPARATIONS. HE CALLED ON TEHRAN TO PAY COMPENSATION FOR DEATHS AND DAMAGES STEMMING FROM REGIONAL CONFLICTS. WE ARE JOINED BY ABEER ABU OMAR IN DUBAI. IF THERE IS ECONOMIC OR IS IT JUST BROKEN TRUST AMONG THE TWO SIDES?

ABEER: TWO GOOD QUESTIONS. YOU MENTIONED OVER THE PAST TWO DAYS WE HEARD A NEW REMARKS FROM PRESIDENT TRUMP THAT HE WILL WAIT FOR THE ECONOMIC TOLD TO TAKE ITS WAY ON IRAN AND IT WILL SOMEHOW BRING OUR BRAND BACK TO THE TABLE. FROM THE IRANIAN SIDE WE HAD MORE DEMANDS OVER THE WEEKEND WITH THE RESHUFFLING OF HARDLINERS. THE GOVERNMENT OF IRAN IS NOW ASKING FOR COMPENSATION FOR THE WAR, ASKING FOR THE U.S. TO LIFT ITS NAVAL BLOCKADE.

IT IS ASKING FOR THE LIFTING OF OIL SANCTIONS, AND PRESIDENT TRUMP IN HIS LATEST REMARKS SAYS IF IRAN ASKS FOR THIS, THE U.S. WILL ASK FOR COMPENSATION FOR ALL THE PEOPLE THAT HAVE BEEN KILLED AND GRAVELY WOUNDED THROUGHOUT THE WAR. OVER THE PAST 50 YEARS HE NAMES THE PROTESTERS. HE SAYS I READ IS IN CHARGE OF THE CASUALTIES AND TRAGEDIES IN NEIGHBORING COUNTRIES INCLUDING YEMEN, SYRIA, LEBANON, AND GAZA. HE DID NOT GIVE A LOT OF CLARIFICATION ON WHAT THAT MEANS.

BUT WHAT IS FOR SURE IS WE ARE SEEING THE DEAL WE HAVE BEEN TALKING ABOUT OVER THE PAST FEW WEEKS OF THE WAR REALLY DRIFTING AWAY FURTHER FROM REALITY. A DISCUSSION BETWEEN OMAN AND IRAN HAS TAKEN PLACE ABOUT A MECHANISM TO REOPEN THE STRAIT OF HORMUZ. THE LATEST WE KNOW ABOUT THAT IS THE NEGOTIATION IS IN THE FINAL STAGES. WE REPORTED OVER THE PAST WEEK OR SO WE HAVE NO CLARITY ON HOW CLOSE IT IS TO THE FINISH LINE.

FRANCINE: SOMETIMES YOU HAVE A LOT OF NEGATIVE PRESS BECAUSE OF ITS TARIFFS -- BECAUSE IT IS A DOMESTIC AUDIENCE AND BEHIND THE SCENES IT IS MORE OPTIMISTIC, THERE'S MORE PROGRESS. IS THERE ANY SIGNS THINGS ARE GETTING BETTER BEHIND THE SCENES? NOT BRENT --ABEER: NOT REALLY. IRAN IS ADAMANT THAT WASHINGTON IS NOT PART OF THE NEGOTIATIONS. WE ALSO UNDERSTAND THERE ARE NO FORMAL DISCUSSIONS TAKING PLACE BETWEEN BOTH SIDES OF THE TABLE.

SINCE THE MOU WAS SIGNED IN SWITZERLAND OUR UNDERSTANDING WAS THAT THE TWO SIDES WERE GOING TO COME AND START DISCUSSION THOSE CONCESSIONS, NAMELY THE NUCLEAR COMPONENT THAT WAS TOP OF THE LIST. THAT HAS NOT GONE ANYWHERE. THAT DEAL, THE MOU, THE INTERIM AGREEMENT, ALL THE CONCESSIONS HAVE LEFT THE WINDOW SINCE ESCALATIONS RESTARTED IN THE MIDDLE EAST. FOR THE TIME BEING, FRONT AND CENTER. PRESIDENT TRUMP TO BLOOMBERG YESTERDAY IN THE WHITE HOUSE SAYING THE STRAIT OF HORMUZ IS OPEN.

THAT IS SOMETHING OBVIOUSLY IRAN REFUTES, ADAMANTLY. THEN YOU HAVE THE FACT THAT THIS WAR IS STILL ONGOING, BUT NOT JUST THAT. THE PARAMETERS OF THE CONFLICT HAVE BEEN EXPANDED IN THE REGION WITH THE YEMEN-BASED HOUTHIS HITTING COUNTRIES LIKE SAUDI ARABIA, THE RED SEA, ANOTHER CRUCIAL WATERWAY SAUDI ARABIA HAVE RESULT OF TWO TO SHIP ITS CRUDE EXPORTS THROUGHOUT THE COURSE OF THE WAR. NOW YOU HAVE ANOTHER CRUCIAL WATERWAY ALONGSIDE THE STRAIT OF HORMUZ GETTING EXPOSED TO THE THREATS BY OUR BRAND MILITIA. -- IRAN BACKED MILITIA PUTTING OUTSIDE PRESSURE ON BRENT CRUDE PRICES INCHING VERY CLOSE YET AGAIN TO THE $90 ON THE BARREL MARK.

NO SIGNS OF POSITIVITY AS OF NOW IN THE MIDDLE EAST. BUT, AS YOU HAVE SEEN OVER THE PAST SIX MONTHS OR SO, THINGS CAN HAPPEN AT ANY GIVEN MINUTE. THOSE ARE THINGS WE WILL CONTINUE TO MONITOR AND UPDATE YOU WITH. FRANCINE: NVIDIA PARTNERED WITH SOME OF THE BIGGEST FIRMS ON WALL STREET TO UNLOCK UP TO $500 BILLION FOR AI INFRASTRUCTURE. INTEL IS INCREASING THE SIZE OF NEW SHARES SOLD IT TO ABOUT $20 BILLION. LET BRING IN MATT BLOXHAM FROM BLOOMBERG INTELLIGENCE.

WE USE TO SPEAK IN HUNDREDS OF MILLIONS. NOW WE THROW BILLIONS AROUND. WHAT DO THE FUNDING PLAN STATUS ABOUT CURRENT AI SENTIMENT? MATT: THE AI ECONOMY IS INCREDIBLY HUNGRY FOR CAPITAL WHEREVER IT CAN GET. I WAS LOOKING EARLIER AT HOW BIG THE FINANCING MARKET IS. IT WAS LESS THAN $100 BILLION. WE WILL SEE LESS MORE DETAILS. IT ADDS TO THIS UNCOMFORTABLE SITUATION THAT THE AI ECONOMY IS BECOMING INCREASINGLY SECULAR. POTENTIALLY, YOU CREATE SYSTEMIC RISK HERE.

BUT ON THE HALL THE FINANCE COMMUNITY IS BACKING AI. SET ONLY DEMAND HAS CLOSED DOWN. THERE IS A BUBBLE. IMPLICATIONS COULD MEET -- BE MUCH BROADER THAN A SMALL GROUP OF TECHNOLOGY COMPANIES. FRANCINE: TELL US ABOUT ANTHROPIC'S WITH RIOT PLATFORMS. MATT: RIOT PLATFORMS IT'S A BITCOIN COMPANY. IT MIND BITCOIN YOU NEED HUGE AMOUNTS OF COMPUTE. THEY SEE THE NEAR TERM SUPPLY CONSTRAINTS ON COMPUTE CAPACITY FOR AI. ALL THE BIG TECH COMPANIES ARE IN THE MARKET FOR COMPUTE CAPACITY.

THEY ARE SEEING A BETTER RETURN ON INVESTMENT BY DOING A LONG-TERM DEAL. ANTHROPIC'S THANK THEM FOR 20 YEARS TO ACCESS JUST SHORT OF 200 MEGAWATTS OF COMPUTE CAPACITY. IT HELPS ANTHROPIC DELIVER AGAINST NEAR-TERM CUSTOMER NEEDS WELL -- WHILST THEY INVEST IN LONG-TERM VERBOSITY FROM OTHER SOURCES. WE HAVE SEEN A NUMBER OF THESE DEALS HAPPEN. XAI, SPACEX HAS BEEN SELLING MARGINAL CAPACITY TO HELP WITH THIS. FRANCINE: THANK YOU FOR JOINING US, MATT BLOXHAM FROM BLOOMBERG INTELLIGENCE ON EVERYTHING TECH AND AI RELATED.

BONDS INCHING LOWER. OIL PRICES REVIVE INFLATION CONCERNS A DAY BEFORE THE RELEASE OF KEY U.S. CONSUMER PRICE DATA. WE TALK ABOUT THAT, THE STRAIT OF HORMUZ, AND OF COURSE, TEXT, WITH GRACE PETERS, COHEAD OF INVESTMENT STRATEGY AT J.P. MORGAN PRIVATE BANK. THANK YOU FOR BEING WITH US. I THINK THESE TWO THEMES ARE RUNNING. I DON'T KNOW WHETHER YOU FIND THE LABOR MARKET MORE OR LESS. I KNOW A LOT OF PEOPLE DROPPED OUT.

IT IS A WHY THERE IS SO MUCH INFLATION FOCUS? GRACE: I DON'T THINK THERE IS. I THINK WE ARE SEEING AN ENDURING SHIFT IN THE COMPOSITION OF GROWTH IN THE ECONOMY. THE CONSUMER, TRADITIONALLY THE BIG ENGINE, ROUGHLY 70% OF U.S. GDP IS FALLING BACK. IN ITS PLACE YOU ARE SEEING CAPEX IN PART DRIVEN BY AI AND COLOSSAL NUMBERS. BILLIONS, MOVING TO TRILLIONS PROBABLY IF WE LOOK FORWARD, ALSO DRIVEN BY SPENDING NEEDS AROUND ISSUES OF NATIONAL SECURITY.

FROM AN INFLATION PERSPECTIVE WHEN WE THINK ABOUT SERVICE AND VERSUS GOODS WE ARE WATCHING THE GOOD SIDE OF THINGS. WE GO FROM THE NON-FOREIGN PAYROLLS LAST WEEK, CONFIRMATION THE LABOR MARKET IS TICKING ALONE. WAGE GROWTH DOWN TO AROUND 3%, CONSISTENT WITH THE FED'S MANDATE, IN OUR OPINION. SERVICES INFLATION IS MORE CONTAINED. GOODS PRICE INFLATION ON A GO FORWARD BASIS BECAUSE OF SONS OF THE SPENDING AND BOTTLENECKS AND MEMORY PRICING HAS SHOT UP AND EVERYTHING IS GOING ON WITH THE STRAIT OF HORMUZ, OIL PRICE CLOSE TO 90.

SO FAR, INFLATION EXPECTATIONS FEEL ANCHORED. THE FED IS A COIN TOSS BETWEEN WHETHER THEY HIGH COURT AROUND. RELATIVE TO MARKET PRICING, WE TAKE THE UNDER. WE ARE AT A SLIGHTLY HIGHER INFLATIONARY BACK TO DOMINO GROWTH WORLD. THAT HAS IMPLICATIONS FOR THE INVESTMENT DECISIONS YOU ARE MAKING. FRANCINE: THE FED IS PROBABLY A COIN TOSS. WE ARE NOT MOVING BUT THE BOND MARKETS ARE GIVING US A DIFFERENT SIGNAL. GRACE: WHEN WE THINK ABOUT THE SHAPE OF THE CURVE, THE BIT WE LIKE TO INVEST IN IS THE FRONT END.

WE THINK ABOUT FIVE YEARS. THE NOTION WE WILL TAKE THE UNDER VERSUS MARKET PRICING ON THE FED. FURTHER OUTCOME OF THE FORCES AND DYNAMICS I MENTIONED ABOUT HIGHER SPENDING HAVE IMPLICATIONS FOR DEFICITS. WE NEED TO THINK ABOUT THE POTENTIAL FOR THE CURVE TO RE-STUPID. WE HAVE A NEW FED CHAIR. THE MARKET IS TRYING TO BUILD TRUST AND CREDIBILITY IN CHAIR WARSH. FIXED INCOME, TO US, IS FOR INCOME. WHEN WE THINK ABOUT REALLY BENEFITING FROM THE DYNAMICS, THE EXPENDITURES, THE CAPEX, WE LIKE OTHER PARTS OF ALTERNATIVE INFRASTRUCTURE.

WE LIKE HEDGE FUNDS, AND EVEN GOLD, WHICH IS HAVING A LITTLE BIT OF A REVIVAL OF LATE. FRANCINE: IT CERTAINLY IS. INFRASTRUCTURE. WHAT PART OF INFRASTRUCTURE? GRACE: WE LIKE OR INFRASTRUCTURE BECAUSE WE ARE TRYING TO TAP INTO A HIGHER NOMINAL GROWTH WORLD CONTR

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