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ABEER: GOOD MORNING. OUR TOP STORIES THIS MORNING -- OIL RISES ON FRESH CONCERNS AMID HOSTILITIES BETWEEN THE U.S. AND IRAN AND DISRUPTION OF ENERGY FLOWS. AND SHEIN STRUGGLES IN ITS HONG KONG DEBUT, SHARES FALLING AS INVESTORS QUESTION IS VALUE. AND NVIDIA'S MEGADEAL MARKING THEIR BIGGEST DIRECT INVESTMENT OUTSIDE THE UNITED STATES. IT'S JUST GONE 8:00 A.M. ACROSS THE EMIRATES. LET'S START WITH WHAT'S HAPPENING ON THE FIRST TRADING DAY OF THE MONTH.

S&P FUTURES NOT DOING ANYTHING, A LITTLE BIT OF FLAT MOVEMENT TO THE DOWNSIDE. J.P. MORGAN ANALYST HAVE TAKEN OFF THEIR BULLISH STANCE ON U.S. EQUITIES AND HERE IS WHAT THEY SAID -- THEY ARE SHIFTING TO A TACTICALLY CAUTIOUS VIEW ON U.S. STOCKS AFTER THE HAWKISH STANCE BY KEVIN WARSH DURING THE JACKSON HOLE SPEECH. U.S. 10 YEAR NOTES UP THREE BASIS POINTS, 4.78%, ALSO KEEPING AN EYE ON THE 30 YEAR YIELD. LOOK AT THIS LAID OUT BY OUR MARKETS TEAM, SAYING THEY ENTER SEPTEMBER WITH THE WORST STRETCH SINCE 2006.

AS OF YESTERDAY, THE YIELD ON THE 30 YEAR NOTES HAVE SETTLED ABOVE THE 5% ARC ON 55 DAY SINCE THE START OF JANUARY, THE MOST CLOSES ABOVE THE MARK IN ANY YEAR SINCE 2006 AND BONDS ACROSS ASIA ARE ALSO MOVING LOWER. BRENT CRUDE A BIG STORY AND WE WILL TALK ABOUT THAT IN A SECOND, $91 A BARREL, AND BITCOIN, 78 POINT $7,000. THEY RESUMED PURCHASES OF BITCOIN. THEY ARE BELOW THE $80,000 MARK. FOR A LOOK AT WHAT'S HAPPENING IN ASIA THIS MORNING, WE HAVE WINNIE HSU IN HONG KONG FOR US.

WHAT ARE YOU LOOKING AT THIS MORNING? WINNIE: TODAY IT'S ABOUT HOW OIL PRICES ARE EXTENDING GAINS AND CONCERNS AROUND INFLATION. OF COURSE THERE IS EXPECTATION FOR THE FEDERAL RESERVE TO RAISE RATES LATER THIS MONTH. THOSE ARE SHOWING UP AND MARKETS BUT WE ARE SEEING ASIA STOCKS HOLDING UP QUITE WELL, DRIVEN BY GAINS IN CHINESE -- TAIWANESE CHIPMAKER MEDIATEK AFTER THEY SECURED INVESTMENT FROM NVIDIA. BUT YOU CAN SEE BONDS MOVING LOWER ALONG WITH TREASURIES.

THE 10 YEAR YIELD IN JAPAN AT ONE POINT REACHING THE 3% LEVEL. WE HEARD FROM LOCAL MEDIA SAYING BESSENT IS URGING JAPANESE AUTHORITIES TO RAISE RATES IN THE NEXT MEETING BUT WE ALSO HEARD FROM THE FINANCE MINISTER PUSHING BACK OR PLAYING DOWN COMMENTS AS WELL. OVERALL THE EXPECTATION IS STILL FOR THE BANK OF JAPAN TO RAISE RATES, ALSO DRIVEN BY THE WEAKNESS IN THE JAPANESE YEN. WE JUST HAD THE 10 YEAR JGB OPTION SHOWING DEMAND IN LINE WITH EXPECTATIONS.

HERE'S A LOOK AT HOW SHEIN IS DOING IN HIS FIRST DAY -- IT'S FIRST DAY. THEY PARED SOME OF THEIR LOSSES OF AS MUCH AS 10% EARLIER TODAY. THEY CAME ALONG WAY AFTER HAVING FAILED TO IPO IN NEW YORK AND LONDON. WE WILL HAVE MORE DETAILS FOR YOU LATER IN THE SHOW. ABEER: THANK YOU, AND WE WILL HAVE MORE DETAILS ABOUT SHEIN. OIL IS RISING FOR A SECOND SESSION AS CONCERNS MOUNT OVER FRESH HOSTILITIES BETWEEN THE U.S. AND IRAN, FURTHER DISRUPTING ENERGY FLOWS IN THE STRAIT OF HORMUZ.

PRESIDENT TRUMP HAS DISMISSED THAT IT IS USING FIREPOWER. PRESIDENT TRUMP'S LATEST REMARKS, IT'S A LITTLE WAR, BUT THERE WAS A SIGNALING TO A POSSIBLE RETURN TO MILITARY ESCALATION. HOW POSSIBLE IS THAT AND WHAT ARE THE IMPACTS OF A FULL RETURN TO THE ATTACKS IN THE REGION.

WE NEED TO LOOK AT THE LARGER COMMENTS THAT CONTEXT OF THE COMMENTS TRUMP MADE THERE HAD BEEN NO INDICATIONS OF A MAJOR OPERATION IN IRAN INTO TUESDAY. THERE ARE TWO MAIN CONSTRAINTS, ONE, PRESIDENT TRUMP HAS MAINLY ALLUDED TO, THAT THE U.S. IS RUNNING LOW ON MUNITIONS. HE REFERRED TO THEM, CALLING THEM ELITE BOMBS. THAT'S A CONSTRAINT AND DICTATING SOME OF THE U.S. ACTION. THE SECOND IS THE REGIONAL OPPOSITION TO THE CURRENT STATE OF AFFAIRS MOST RECENTLY THE ADVISOR THE PRESIDENT.

THE REGION DOESN'T WANT THE STATE OF AFFAIRS THAT'S NEITHER AWARD NOR -- THROUGH THE STRAIT OF HORMUZ AND THE REST OF THE WORLD AND THAT'S TAKING A TOLL ON THE ECONOMY. WHEN TRUMP IS PROMISING RETALIATION NOT REALLY DOING ANYTHING WE NEED TO THINK ABOUT HIS NEED TO BALANCE THE CONSTRAINTS AND HIS DESIRE TO REACH WHATEVER POLITICAL IN-STATE HE WOULD LIKE TO SEE IN IRAN AND TO SAY THE LEAST, THAT END STATE HAS VARIED. ABEER: WHAT IS HAPPENING IN THE STRAIT OF HORMUZ -- WE'VE SEEN A TRICKLE OF MOVEMENT ON WHAT'S GOING THROUGH THE WATERWAY BUT WE STILL SEE ATTACKS.

WHAT IS THE STATE OF PLAY -- WHO IS ATTACKING, IRAN, THE U.S.?

THERE BEEN MAJOR DEVELOPMENTS IN THE LAST 12 HOURS OR SO, ONE WAS AN INCIDENT WHERE A SHIP WAS HIT BY THREE PROJECTILES CLOSE TO OMAN. ANOTHER ONE WITH AN INCIDENT THAT THE U.K. NAVY SAID THERE WAS AN INCIDENT INVOLVING THE MILITARY AND A SHIP. WHAT'S VERY CLEAR IS WHAT'S GOING ON, THE U.S. AND IRAN WANT TO IMPOSE WHAT THEY THINK SHOULD BE THE END STATE OF HORMUZ BY CHASING MILITARY MEANS. WE'VE SEEN THAT THE PLACE FURTHER MINDS AND THEIR FACILITIES OR EQUIPMENT ON THE ISLAND, TO EXPAND.

ABEER: AND IT'S HAVING AN IMPACT ON OIL. THANK YOU AS ALWAYS. OUR MANAGING EDITOR FOR THE MIDDLE EAST AND NORTH AFRICA. ALSO KEEPING AN EYE ON MEDIATECH SHARES AFTER NVIDIA ANNOUNCED ITS INVESTING 3.5 BILLION DUSTERS -- 3.5 BILLION DOLLARS. JENSEN HUANG AND RICKS I SPOKE EXCLUSIVELY TO BLOOMBERG ABOUT THE DEAL AND BRUSHED OFF CONCERNS ABOUT CIRCULAR FINANCING.

IT'S NOT CIRCULAR BECAUSE OBVIOUSLY THEY DO THEIR OWN BUSINESS AND WE DO OUR OWN BUSINESS. MEDIATECH IS ALREADY INCREDIBLY PROFITABLE AND SUCCESSFUL. THEY ARE THE WORLD'S BEST SOC MAKER, THEY MAKE MORE THAN ANY COMPANY IN THE WORLD. IT'S A PLEASURE TO INVEST IN A TECHNOLOGY COMPANY IN TAIWAN, AND THE INVESTMENT IS GROUNDED IN A PARTNERSHIP THAT WILL BE MULTIPLE YEARS. THE ROADMAP WE ARE EXECUTING RIGHT NOW, IT'S NOT ONE OR TWO YEARS, IT IS A DECADE LONG.

THIS PARTNERSHIP IS EXTREMELY IMPORTANT TO US AND WE NEED TO MAKE SURE WE DEMONSTRATE EVERY OPPORTUNITY TO DEMONSTRATE THE IMPORTANCE, THE SERIOUSNESS, THE CONFIDENCE IN THE PARTNERSHIP AND INVESTMENT WE ARE MAKING DEMONSTRATES THAT. ULTIMATELY, IT WILL BE A PHENOMENAL INVESTMENTS FOR US AND GENERATE INCREDIBLE RETURNS.

IN JULY MEDIATECH SAID IT WOULD SUPPORT AND GROW THE SUPPLY CHAIN. YOU TALKED ABOUT SPEED TO MARKET. WHAT DO YOU PLAN TO DO WITH THE PROCEEDS? WHEN YOU TALK SUPPLY CHAIN DO WE NEED -- DO YOU NEED MORE U.S. OR TAIWANESE SUPPLIERS?

CERTAINLY IN THE END OF JULY WE COULD NOT DISCUSS THE STRATEGIC INVESTMENT BUT I THINK IT WILL BE MULTIPLE PURPOSES, THE SUPPLY CHAIN BEING ONE OF THEM. ON THE OTHER HAND, I THINK AS JENSEN SAID SO ELOQUENTLY, IT'S A VERY STRONG TECH COMPANY. WE WILL DEFINITELY INVEST IF ANYTHING MORE, INTO THE TECHNOLOGY . INTO OFFENSE PACKAGING. I THINK THE KEY IS THE COLLABORATION AGREEMENT WE HAVE BUILT AND EXPENDED WITH NVIDIA.

THOSE ARE THE KEY THINGS. IT WILL MAKE THOSE THINGS HAPPEN BETTER AND FURTHER.

YOU TALKED WITH CONFIDENCE THAT THE GPU ARCHITECTURE IS SUPERIOR. YOU'RE TALKING ABOUT THAT LARGELY BECAUSE YOU ASKED ABOUT CUSTOM SILICON. THE SENSE IS THAT THE FUSION MAKES IT EASY TO TAKE XPU AND DROP IT INTO THE DATA CENTER -- THAT WOULD SHOW THAT NVIDIA SEES XP YOU COMING INTO THE MARKET AND THE DIFFERENCE YOU'RE THINKING THIS WEEK AT WHAT YOU OUTLINED LAST WEEK?

I SEE XPU'S IN THE MARKET, NOT COMING INTO THE MARKET. IT'S A SPECIALIZED CHIP. NVIDIA'S GPU IS A GENERAL-PURPOSE ACCELERATOR. WE ACCELERATE THE ENTIRE LIFECYCLE OF AI FROM DATA PROCESSING TO PRETRAINING TO POST TRAINING TO AGENDA INFERENCING. WE ACCELERATE EVERY AI MODEL IN THE WORLD FROM CLOSE MODELS, OPEN MODELS. BIOLOGICAL MODELS IN PHYSICS AND ROBOTICS MODELS. WE ACCELERATE EVERY AREA OF AI. THAT EXPLAINS WHY WE ARE THE MOST FUNGIBLE AND DURABLE AND RENTABLE INFRASTRUCTURE IN THE WORLD.

WE ARE ABLE TO ADDRESS MARKETS THAT FRANKLY NOBODY ELSE CAN BECAUSE OF THE ARCHITECTURE OF OUR COMPANY AND THE ENTIRE FULL STACK PLATFORM WE HAVE. ABEER: THAT WAS THE NVIDIA CEO AND MEDIATECH CEO SPEAKING EXCLUSIVELY WITH ED LUDLOW. COMING UP, ANZ'S HEAD OF RESEARCH. THAT'S NEXT. THIS IS BLOOMBERG. ♪ ABEER: YEN TRADERS ARE ON ALERT FOR ANOTHER ROUND OF INTERVENTION AFTER THE CURRENCY BREACHED THE KEY 160 LEVEL VERSUS THE U.S.

DOLLAR. THIS AS FINANCE MINISTER SAYS JAPAN CONTINU