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YVONNE: 9:00 A.M. IN SHANGHAI AND HONG KONG. YOU ARE WATCHING "THE CHINA SHOW ." DAVID: GOOD MORNING. WE ARE COMING ONTO THE OPENING OF MARKETS IN GREATER CHINA. TECH STOCKS ARE TRACKING THE REBOUND WE HAD OVERNIGHT WITH CHIPMAKERS AHEAD OF THE EXTREMELY CRUCIAL RESULTS COMING OUT OF NVIDIA. INVESTOR SENTIMENT GETTING AN ADDED BOOST FROM A DECLINE IN PRICES. YVONNE: ALIBABA SHARES IN FOCUS AS JACK MA JOINED OTHER SENIOR EXECUTIVES IN BACKING THE RECORD SHARE SALE.

A VOTE OF CONFIDENCE IN THE TECH GIANT POTS AI BUILDOUT -- GIANT'S AI BUILDOUT. DAVID: THE COMPANY IS REPORTING MIXED RESULTS AND WE TAKE A CLOSER LOOK. YVONNE: WE ARE ALSO SPEAKING EXCLUSIVELY WITH GUESTS TO DISCUSS THEIR LATEST NUMBERS. MINMIN: I AM AT A GATHERING OF TECH COMPANIES, POLICYMAKERS, AND FINANCE INDUSTRY EXECUTIVES SEEKING TO HELP STARTUPS RAISE FUNDS AND GO GLOBAL. I WILL BE SPEAKING WITH THE HEAD OF A ROBOTICS COMPANY AND AN AVIONICS COMPANY.

THOSE EXCLUSIVE CONVERSATIONS COMING UP. [MUSIC PLAYING] YVONNE: HAPPY NVIDIA EARNINGS DAY. THE NEXT EVENT TO WATCH HERE. LARGELY SEEN MAY BE AS -- I DON'T KNOW, IS IN A CATALYST OR A CELL THE FACTS EVENT HERE? WE KNOW FUNDAMENTALS WILL BE STRONG. A LOT OF KEY QUESTIONS ON, WHAT ABOUT ALL OF THESE DEALS, THE BILLIONS OF DOLLARS THEY HAVE HELPED FINANCE A LOT OF THE AI COMPANIES AND THE LIKE, AND WHERE ARE WE IN THE WHOLE SUSTAINABILITY OF THE AI BUILDOUT?

DAVID: IT IS PROBABLY THE FIRST SET OF NVIDIA EARNINGS WERE MORE OF THE FOCUS WILL BE ON THE FOCUS OF THE INDUSTRY THAN THE COMPANY ITSELF. THE CAPEX STORY GOES INTO THE INDUSTRY BUT THEY HAVE EFFECTIVELY BECOME A FINANCIER AND PUT TOGETHER A LOT OF THESE DEALS. YES, SUFFICE IT TO SAY THE OPTIONS MARKET IS PRICING IN A RELATIVELY SMALLER MOVE COMPARED TO WHAT WE ARE SEEING FROM NVIDIA. IT COMES AT A TIME WHEN THE BROADENING OUT OF THE RALLIES, A KEY FEATURE OF THIS MARKET, AND IT GOES TO SHOW AS WELL THIS ALSO TELLS US ABOUT SOME OF THE AI PLAYS IN CHINA, WHICH ARE REPORTING EARNINGS.

THE OPTIONS MARKET SUGGESTING MARKET IS SOMEWHAT BEARISH AHEAD OF RESULTS, BUT THAT GOES TO SHOW WE ARE IN THE EARNINGS SEASON BUT LOTS TO GET THROUGH. YVONNE: WHEN IT COMES TO NVIDIA, IT COMES AT A TIME WHEN THE INDUSTRY IS TRYING TO WEAN ITSELF OFF OF THE DEPENDENCE OF NVIDIA. THEY ANNOUNCED THE JALAPENO SHIP AND THEY SAID IT COULD RIVAL THE LIKES OF NVIDIA SO THERE IS A LOT OF NEWS ON THAT FRONT THAT CAN HELP THE CHIP SECTOR IN THIS PART OF THE WORLD.

THERE IS ED LUDLOW HOLDING IT OF COURSE. DAVID: THEY JUST HAD A CONVERSATION WITH THE CHIP CHIEF OF OPENAI. THE LATEST ONE TO BASICALLY TAKE AN ATTEMPT AT PUNCHING HOLES INTO THE NVIDIA MOAT. THIS WILL BE INTERESTING TO SEE HOW MUCH NVIDIA HAS THE PRICING POWER. YVONNE: THEY HAD TO RAISE PRICES RECENTLY. PASS ON AT LEAST. THEY ARE NOT IMMUNE TO THE RISING COMPONENT COSTS AND RISING MATERIAL COSTS AS WELL, SO THAT GOES TO SHOW, WHAT DOES THAT MEAN FOR THE MARGINS MOVING FORWARD?

WILL THEY STAY AT THE HIGH LEVELS? LOTS TO UNPACK FOR NVIDIA. FUTURES ARE SLIGHTLY LOWER IN THE U.S. RIGHT NOW. WE STILL HAVE JACKSON HOLE TO DEAL WITH. THERE IS THE CANADA AND U.S. TRADE DISPUTE. DAVID: GLOVES ARE OFF. YVONNE: SOMEWHAT SPIRALING GIVEN THAT CANADA RETALIATED AND THERE ARE MORE POTENTIAL TRADE MEASURES IN THE GREAT NORTH SO THERE IS A LOT TO DEAL WITH. CHINA SEEMS TO BE KIND OF IN SOME WAYS JOINING THE CONVERSATION A LITTLE BIT.

DAVID: YES. YVONNE: SAYING WE ARE THE STABILITY, THE CHAMPION OF TRADE, AND REALLY APPALLING THE CANADIANS FOR THE CHINA STYLE RETALIATION. DAVID: YEAH, STANDING THEIR GROUND. THERE IS THE GEOPOLITICAL STORY. THE JACKSON HOLE FRONT. THE SOFTWARE DOLLAR. WE GOT SOME DATA OUT OF THE CFTC TO UNDERSTAND THE SHORT POSITION AROUND THE LONG END OF THE TREASURY CURVE. THAT ALSO GOES TO THE OIL AND GOLD STORY WHICH WE ARE NOW UP FOR FIVE STRAIGHT DAYS.

THAT SEEMS TO BE THE STICKING POWER OF THE DEBASEMENT STORY ON TOP OF THE OIL AND THE LIFT IT IS GIVEN TO RISK ASSETS. WE WILL GET INTO THE EARNINGS STORY IN CHINA. WE ARE HALFWAY THROUGH. FAIRLY MIXED RESULTS BUT THERE IS ONE STANDOUT WHICH WE WILL TELL YOU ABOUT LATER ON. ONE NOTE ON THE DOLLAR STORY. WE WILL GET TO IT IN A MOMENT. THE DOLLAR IS NOW THE MOST OVERSOLD AGAINST THE CHINESE OFFSHORE CURRENCY GOING BACK SEVERAL MONTHS.

VERY MUCH IN FOCUS. YVONNE: YEAH. CERTAINLY WE HAVE SEEN A BIT OF SPREAD OF LATE. LET'S GO BACK TO OUR TOP STORY. THE TRUMP ADMINISTRATION IS DISCUSSING ADDITIONAL TRADE ACTIONS AGAINST CANADA FOLLOWING THE CARDI GOVERNMENT'S ANNOUNCEMENT OF NEW TARIFFS ON AMERICAN IMPORTS.

TODAY, I AM ANNOUNCING THAT CANADA WILL MATCH THE UNITED STATES TARIFFS DOLLAR FOR DOLLAR, RATE FOR RATE, EFFECTIVE SEPTEMBER 8. CANADA WILL IMPOSE COUNTERTERRORIST OF 15%, 25%, OR 50% ON $26 BILLION OF EXPORTS FROM AMERICA. DAVID: OUR MANAGING EDITOR IS ON THE SET. LAST WEEK, THE TALKS WERE ROUGHLY TAKING PLACE. HOW QUICKLY THIS ESCALATED.

I MEAN, REALLY. YOU ARE LOOKING AT A MASSIVE UNTANGLING, UNRAVELING OF ALL OF THESE NEGOTIATIONS BETWEEN THE UNITED STATES AND CANADA HERE. THE LATEST WE ARE REPORTING ACCORDING TO A SENIOR WHITE HOUSE OFFICIALS SPEAKING ON CONDITION OF ANONYMITY IS THE U.S. IS IN RESPONSE TO THESE DOLLAR FOR DOLLAR TARIFFS THAT MARK CARNEY SENT OUT CONSIDERING POTENTIALLY HIGHER TARIFFS OR OTHER TRADE ACTIONS TO TAKE AGAINST CANADA.

THIS IS INDICATING TO US THIS COULD GET WORSE BEFORE IT GETS BETTER. JUST TO RECAP SOME OF WHAT WE HEARD FROM MARK CARNEY, YOU ARE LOOKING AT 50% TARIFFS ON A NUMBER OF THE INDUSTRIES, INCLUDING U.S. STEEL. YOU ARE ALSO LOOKING AT U.S. DAIRY PRODUCTS AND SOME OTHER PRODUCTS AS WELL. AGAIN, THAT OCCASION THAT THIS IS WORTH OF U.S. EXPORTS -- THIS IS AFFECTING $20 MILLION WORTH OF U.S. EXPORTS. MARK CARNEY AND HIS ADMINISTRATION EXPECT THIS MAY NOT BE RESOLVED BY THE TIME THE U.S.

MIDTERMS HAPPEN IN NOVEMBER. COULD POTENTIALLY LAST THROUGH THE DURATION OF TRUMP'S TERM IN OFFICE SO YOU ARE LOOKING AT A PROLONGED TRADE FIGHT UNLESS THEY CAN COME TO THE NEGOTIATING TABLE AND TRY TO RESOLVE THIS OTHERWISE. I WENT AGAIN POINT OUT THIS IS A BENEFIT CHANGE OF TACTICS FROM MARK CARNEY WHO IS COMING AND PLAYING HARDBALL AGAINST THE UNITED STATES. YVONNE: YEAH. CHINA SEEMS TO BE IN SOME WAYS ADVANTAGE OF THE SITUATION.

I DON'T KNOW. THEY HAVE TIME DID ON STATE MEDIA ABOUT CANADA'S AGGRESSIVE MEASURES AND IN SOME WAYS APPLAUDING THEM. JILL: YEAH. TO YOUR POINT, IMPLYING IT IS A CHINA STYLE NEGOTIATION TACTIC WHEN IT COMES TO THE UNITED STATES. A REFERENCE TO CHINA STANDING UP AGAINST THE UNITED STATES WHEN THESE TARIFFS WERE INITIALLY ANNOUNCED. TRUMP'S TERRY CREWS HE RATHER WHAT -- TRUMP'S TARIFF REGIME RATHER WAS ANNOUNCED LAST YEAR.

SCOTT BESSENT NOT CALLING OUT CHINA BY NAME BUT ANNOUNCING SOME TENSIONS ON SMALLER HONG KONG AND CHINA-BASED FIRMS. THERE IS THE OVERHANG OF THIS THREAT THAT THERE COULD BE A MAJOR FINANCIAL INSTITUTION IN THE WORKS. OF COURSE, ALL APPLYING TO ECONOMIC PRESSURE THE UNITED STATES IS TRYING TO PUT ON IRAN'S MAJOR TRADING PARTNERS, INCLUDING OBVIOUSLY CHINA. THAT IS IN THE MIX AS WELL. DAVID: OK, SO WHAT IS NEXT ON THE IRAN STORY?

WE HAVE CLEARLY BEEN HERE FOR SEVERAL MONTHS NOW. IT DOES NOT SEEM WE ARE ANYWHERE NEAR ANY RESOLUTION. SO, WHAT IS THE NEW PATH TO A RESOLUTION, IF ANY? JILL: THE ANNOUNCEMENTS FROM SCOTT BESSENT YESTERDAY DID KIND OF INDICATE THE UNITED STATES IS INTERESTED IN APPLYING MORE ECONOMIC PRESSURE BUT NOTHING IN THOSE ANNOUNCEMENTS ROSE TO A REALLY DRAMATIC LEVEL IN TERMS OF MAJOR SECONDARY SECTIONS OR ANYTHING LIKE THAT.

WHAT WE ARE LOOKING AT NOW IS THE NEGOTIATIONS THAT ARE HAPPENING BETWEEN IRAN AND OMAN LEADERS TO TRY TO REOPEN THE STRAIT OF HORMUZ AT LEAST ON A TEMPORARY BASIS AND CREATE A PATHWAY TOWARD SOMETHING THAT MAY BE IN A MORE PERMANENT EXPECTED TO TAKE PLACE OVER 30 TO 60 DAYS. WE HAVE HAD SOME STOPS AND STARTS WHEN IT COMES TO NEGOTIATING THE PATHWAYS TO OPEN THE STRAIT OF HORMUZ. WE WILL HAVE TO SEE HOW THOSE NEGOTIATIONS RESOLVE.

DAVID: THANK YOU FOR WRAPPING COMPLEX GEOPO

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