Jones Act Relief Extended, Iran War Presses On | Bloomberg Businessweek Daily 8/10/2026

>> THIS IS "BLOOMBERG BUSINESSWEEK DAILY," REPORTING FROM THE MAGAZINE THAT HELPS GLOBAL LEADERS TO STAY AHEAD WITH INSIGHT ON THE PEOPLE, COMPANIES, AND TRENDS SHAPING TODAY'S COMPLEX ECONOMY, PLUS GLOBAL BUSINESS, FINANCE, AND TECH NEWS AS IT HAPPENS. "BLOOMBERG BUSINESSWEEK DAILY" WITH CAROL MASSAR AND TIM STENOVEC, LIVE ON BLOOMBERG RADIO, TELEVISION, YOUTUBE, AND BLOOMBERG ORIGINALS. TIM: A VERY GOOD AFTERNOON TO EVERYBODY. LIVE ON BLOOMBERG RADIO, TELEVISION, YOUTUBE, AND BLOOMBERG ORIGINALS. IT IS "BLOOMBERG BUSINESSWEEK DAILY" ON THIS MONDAY, AUGUST 10, 2026. ON TIM STENOVEC, LIVE WITH NORAH MULINDA. CAROL MASSAR IS OFF. NORAH, WE ARE GLAD TO HAVE YOU. HOW ARE YOU? NORA: HAPPY TO BE HERE. TIM: WE ARE HAPPY TO HAVE YOU. STOCKS ARE WAVERING. MIKE MCKEE WILL BE HERE TO BREAK DOWN ALL OF THAT, AND CHARLIE PELLETT WILL GIVE US AN UPDATE ON EVERYTHING HAPPENING INTO THE MARKET. WE WANT TO SQUARELY FOCUS ON EVERYTHING OUT OF THE MIDDLE EAST AND HOW THAT AFFECTS INFLATION. CHRIS KENNEDY WILL BE COMING BY, ECONOMIC STATECRAFT LEAD FOR BLOOMBERG ECONOMICS. ALSO, A COUPLE OF DIFFERENT COMPANIES, WE HAVE A GREAT DEAL OF CEO'S. NORAH: WE DO. WE HAVE THE CEO OF GRINDR BACK WITH US DAYS AFTER THE COMPANY UPPED ITS FORECAST FOR REVENUE AND ADJUSTED EBIT. WE HAVE GARY EVANS STOPPING BY FROM U.S. ANTIMONY, BEFORE HIS VISIT TO THE WHITE HOUSE ON FRIDAY. TIM: IT IS A FACT HOUR ON "BLOOMBERG BUSINESSWEEK." FIRST WITH A CHECK OF OUR BUSINESS STORIES. CHARLIE: THE DOW, AND S&P, NASDAQ ALL TRADING LOWER. S&P 500 INDEX A LITTLE CHANGED, PERHAPS THE KEY TAKEAWAY, HOLDING CLOSE TO A RECORD. WE ARE LOOKING AT A DECLINE AS WE TURN AROUND, NO MOVE HIGHER, IF THERE IS, IT WILL BE ANOTHER RECORD ON THE S&P. WE ARE AT 7751 ON THAT INDEX, DOWN NOW BY SIX POINTS, A DROP OF UNDER .1%. THE DOW INDUSTRIALS DOWN 130 ON THE DOW, A DECLINE OF .2%. NASDAQ COMPOSITE INDEX DOWN .4%, THE NASDAQ 100 INDEX DOWN .3%. ALL OF THIS WITH THE STOCKS, THE PHILADELPHIA STOCK EXCHANGE AND SEMICONDUCTOR INDEX DOWN 2%, AND THE VIX RIGHT AROUND 15 NOW. YOUR TWO YEAR AT 4.23%, THE 10 YEAR 4.6 5%. GOLD AT $4363 THE OZ, UP .5%, AND WEST TEXAS INTERMEDIATE CRUDE $81 A BARREL, AT 4.8% DID WE WILL HAVE MORE ON THE CRUDE OIL PICTURE COMING UP HERE ON "BLOOMBERG BUSINESSWEEK DAILY." IN THE MEANTIME, BRENT, $87.53 NOW, UP BY ABOUT 4.8%. SOURCES TELL BLOOMBERG A GROUP OF U.S. INVESTMENT GIANTS ARE NEARING A PARTNERSHIP WITH NVIDIA ON $500 BILLION IN FUNDING FOR A BUILD OUT OF A NIGHT INFRASTRUCTURE. THOSE SOURCES SAY APOLLO GLOBAL MANAGEMENT, BLACKSTONE, BLACKROCK, BROOKFIELD ASSET MANAGEMENT, GOLDMAN SACHS, AND KKR ARE AMONG THE FIRMS IN TALKS WITH NVIDIA ON INVESTMENT. NVIDIA SHARES RIGHT NOW DOWN BY 2.5%. FOR ON DEMAND NEWS 24 HOURS A DAY, SUBSCRIBE TO BLOOMBERG NEWS NOW WHERE EVER YOU GET YOUR PODCAST. TIM AND NORAH, THAT IS THE BLOOMBERG BUSINESS FLASH. TIM: THANK YOU, CHARLIE. OUR BLOOMBERG ECONOMICS TEAM TALKING ABOUT FUTURES INDICATING A MOVE COULD STILL BE ON THE TABLE. WITH THAT POLICY DISCOURSE OVER THE NEXT MOVE THE FED IS GOING TO MAKE. IT IS SPLIT RIGHT NOW. ONE BELIEVES THE FEDERAL BANKING IS COMMITTED TO PRICE ABILITY, HIKING PARTICULARLY TO COVER CREDIBILITY. ANOTHER CAMP THANKS PRICE GAINS ARE ON THE WAY DOWN AND THE FED IS CORRECT TO SAY THE CREDIT COURSE. FOR NOW, WE ARE JOINED BY MICHAEL MCKEE, BLOOMBERG INTERNATIONAL ECONOMICS AND POLICY CORRESPONDENT. MIKE, WHICH IS RIGHT? [LAUGHTER] MICHAEL: THE ONE WHO WINS? TIM: I HAD MY MONEY ON YOU SAYING, "YES." [LAUGHTER] MICHAEL: OK, "YES." IT IS VERY HARD TO FIGURE OUT WHERE WE ARE AND WHERE WE ARE GOING WITH SO MANY CONFUSING CROSSWINDS AT THIS POINT, THAT EITHER SIDE COULD TURN OUT TO BE CORRECT, AND THAT IS GOING TO BE THE TOUGH THING FOR THE FED IS MAKING A DECISION ON WHAT YOU DO, BECAUSE THERE'S GOOD ARGUMENTS ON BOTH SIDES. THEY ARE ROUGHLY EVENLY SPLIT RIGHT NOW BETWEEN THOSE WHO THINK WE NEED A RATE INCREASE OR VERY LIKELY COULD IF INFLATION DATA THAT WE GET THIS WEEKEND LATER ON CONTINUES TO SHOW INFLATION HANGING AROUND. AND THEN OTHERS WHO THINK THEY ARE TIGHT ENOUGH RIGHT NOW, THAT WILL DO THE JOB, AND IF WE SIT BACK AND WAIT OUT THE WAR, I GUESS, WE WILL SEE INFLATION CONTINUE TO COME DOWN. SO IT IS TOUGH, BUT THEY DO HAVE UNTIL SEPTEMBER 16. TIM: I THINK THE WAITING ON THE WAR PART IS DIFFICULT, BECAUSE WAITING IT OUT, WE HAVE NO IDEA WHAT THE TIMELINE ON THIS WILL BE. MICHAEL: RIGHT. TIM: I IMAGINE IF YOU GO BACK TO FEBRUARY OR EARLY MARCH AND TALK TO PRESIDENT TRUMP, HE WOULD SAY WE ARE NOT GOING TO BE TALKING ABOUT A WAR IN AUGUST. MICHAEL: WELL, THE PRESIDENT HAS GOT TO HOPE WE ARE NOT TALK ABOUT A WAR IN OCTOBER OR NOVEMBER, WHICH WE VERY WELL COULD BE THE WAY THINGS ARE GOING RIGHT NOW. THE THING TO KEEP IN MIND IS WHILE OIL PRICES GO UP AND DOWN QUICKLY, GASOLINE PRICES GO UP QUICKLY AND DOWN SLOWLY. I WAS LOOKING TODAY, AND WHEN WE HAD THE MEMORANDUM OF UNDERSTANDING IN JUNE AND OIL PRICES FELL RAPIDLY, GASOLINE PRICES ONLY WENT DOWN TO $3.80, SO THAT WOULD STILL MAKE AMERICANS UNHAPPY I THINK AT THAT LEVEL. SO YOU CANNOT REALLY ASSUME WHAT IS GOING TO HAPPEN AS FAR AS PRICES AND AFFORDABILITY. NORAH: WELL, OUTSIDE OF WHAT IS GOING ON IN THE MIDDLE EAST AND IMPACT ON OIL MARKETS, WHAT DO YOU SEE TO BE THE STICKIEST PART OF INFLATION RIGHT NOW? PPI COMING OUT LATER THIS WEEK. WHAT EXACTLY DO WE HAVE TO SEE FOR A HIKE TO BE SET ON THE TABLE? MICHAEL: WELL, DIFFERENT THINGS IN DIFFERENT INDEXES, BUT THE CPI, WHAT WORRIES THE PEOPLE WHO WANT TO RAISE RATES IS THAT THE SERVICE PRICES OUTSIDE OF HOUSING HAVE BEEN RELATIVELY STICKY, AND WE ARE NOT SEEING A QUICK DROP THERE. SO THEY ARE GOING TO BE LOOKING AT THAT. AND REMEMBER WE USED TO DO THE SUPER COURT INDEX? THAT MEASURE WILL BE COMING BACK. I IMAGINE THEY WILL BE LOOKING AT THAT ON WEDNESDAY WHEN THEY GET PPI. PPI HAS CLERKS, AND THERE WILL BE SOME INTERESTING QUIRKS IN THAT TO WATCH. WE WILL BE LOOKING AT COMMODITIES OTHER THAN ENERGY BUT ALSO WHAT HAS BEEN GOING ON ON WALL STREET WITH FUND MANAGEMENT, BECAUSE FUND MANAGERS, AS THE BANKS ALL TOLD US, MADE A TON OF MONEY IN THE MOST RECENT QUARTER, BECAUSE THEY GET PAID EITHER WAY. SO THAT COULD BE ANY SORT OF WILD CARS THAT COMES OUT OF PPI AND GETS PUT INTO BPCE, WHICH IS THE FED'S TARGET INDEX, SO THERE ARE SOME THINGS OUT THERE TO KEEP AN EYE ON. TIM: I WANT TO GO BACK TO SOMETHING YOU SAID, MIKE, THE PRESIDENT TALKING ABOUT THE WAR IN OCTOBER AND NOVEMBER, AND THEY GOT ME THINKING OF AS WE WERE LISTING OFF THE ACRONYMS THIS WEEK, CPI AND PPI, THE GENERAL AMERICAN CITIZEN DOES NOT REALLY CARE ABOUT THOSE NUMBERS. WHEN THEY CARE ABOUT IS WHEN THEY GO TO THE GROCERY STORE, HOW MUCH, YOU KNOW, A DOZEN EGGS OR A POUND OF GROUND BEEF OR CHICKEN, THOSE KINDS OF THINGS. IS ANY RELIEF COMING THERE? MICHAEL: NOT IN THE NEAR TERM. YOU DON'T SEE PRICES GO DOWN AGAIN EXCEPT FOR A FEW COMMODITIES. YOU MIGHT SEE BANANAS GO DOWN, IF THEY ARE CHEAPER, BUT WHAT YOU HAVE TO HAVE IS A LONG SERIES OF VERY LOW INFLATION, AND PEOPLE'S INCOMES GOING UP AT THE SAME TIME, SO THAT THEY ARE OUTPACING INFLATION, AND THEY REMEMBER THAT STEAK IS $25. MEATS COULD COME DOWN AS TIME GOES ON. TIM: THAT'S NOT AN EXAGGERATION, BY THE WAY. MICHAEL: NO, THAT'S NOT AN EXAGGERATION. IT IS A PSYCHOLOGICAL QUESTION FOR MOST AMERICANS, BECAUSE IT'S A PAINFUL LEVEL OF PRICING AS OPPOSED TO THE CHANGE, AND YOU NEED A LOT OF CHANGE TO MAKE SURE THE LEVEL DOES NOT KEEP GOING UP. NORAH: WELL, HOW ARE YOU THINKING ABOUT THE JOB MARKET RIGHT NOW? I THINK WE'VE BEEN SPENDING A LOT OF TIME TALKING ABOUT THE FACT THAT A LOT OF CONSUMERS ARE TIGHTENING THEIR WALLETS. BUT WE SEE THEM HOLDING UP IN OTHER AREAS OF SPENDING. HOW ARE YOU THINKING ABOUT THE BROADER HEALTH RIGHT NOW THE LABOR MARKET? MICHAEL: RIGHT NOW IT SEEMS TO BE RELATIVELY STEADY, AND THE FED WILL TELL YOU YOU LOOK AT THE UNEMPLOYMENT RATE, AND IT IS 4.1 PERCENT, NEAR HISTORIC LOWS, AND THAT TELLS YOU THEY ARE NOT A LOT OF PEOPLE WHO HAVE BEEN LOSING JOBS AND CAN'T FIND JOBS AND THEREFORE ARE CUTTING BACK ON THEIR SPENDING. SO IN THAT SENSE, THE ECONOMY IS IN RELATIVELY GOOD SHAPE. NOW, WE ARE NOT ADDING A LOT OF JOBS, AND WE ARE NOT SEEING OUR WORDS -- SEEING AVERAGE HOURLY EARNINGS, BUT COMPARED TO WHERE INFLATION IS, THE FED HAS DECIDED TO FOCUS ON THAT RATHER THAN THOSE THINGS, ESPECIALLY THINGS LIKE AVERAGE HOURLY EARNINGS, THAT THEY CANNOT AFFECT. TIM: WE GOT NEWS OUT OF WASHINGTON THAT THE PRESIDENT HAS EXTENDED A WAIVER ALLOWING FOREIGN SHIPS TO TRANSPORT OIL AND OTHER COMMODITIES AROUND THE U.S. FOR 90 MORE DAYS. THERE'S NEW LIMITS ON THIS, THE. WE ARE TALKING ABOUT THE JONES ACT AND THE NARROWING OF THE WAIVER WITH THE SHIPPING MANDATES WITH THE JONES ACT. THIS IS A RESULT OF THE WAR DISRUPTING CRUDE FLOWS AND HIKING FUEL COSTS. CAN YOU GIVE US A MARITIME HISTORY LESSON WITH THE JONES ACT? MICHAEL: THAT IS SOMETHING THAT COMES UP EVERY SO OFTEN, EVERY 10 OR 15 YEARS, AND PEOPLE ALWAYS SAY, THIS IS A TERRIBLE PIECE OF LEGISLATION, AND THEN THEY DON'T DO ANYTHING ABOUT IT. 1920 MARITIME ACT BASICALLY REQUIRES ANY SHIP BORN TRANSPORT BETWEEN TWO U.S. PORTS HAS TO BE ON A SHIP THAT IS BUILT IN THE UNITED STATES, OWN BY U.S. CITIZENS, FLAGGED IN THE UNITED STATES, AND CREWED BY AMERICANS. TIM: THIS SOUNDS LIKE IT COULD HAVE BEEN WRITTEN BY PRESIDENT TRUMP. [LAUGHTER] MICHAEL: YES. THERE AREN'T THAT MANY SHIPS THAT MEET THAT CRITERIA, BECAUSE ALL OF THOSE CRITERIA'S DRIVE OF THE COSTS. SO WHAT HAPPENS IS ALL THE SHIP OWNERS GO OVER TO SOME OTHER COUNTRY AND FLAGGED THEIR TANKERS OR WHATEVER. SO THAT RAISES THE COST OF TRANSPORTING THINGS INSIDE THE UNITED STATES. SO WITH THE WAR DRIVING UP COSTS, ESPECIALLY FOR NOT JUST ENERGY BUT OTHER COMMODITIES, THE PRESIDENT HAD WAIVED THE JONES ACT AND THAT ANYBODY CAN TRANSPORT THIS STUFF, WHICH HAD A MINOR EFFECT ON THE COST OF ENERGY AND GASOLINE. AND NOW HE HAS RENEWED IT FOR 90 DAYS, BUT HE HAS TAKEN SOME OF THE COMMODITIES THAT WERE COVERED ON IT OUT. THERE ARE A LOT OF PEOPLE WHO, EVERY TIME THIS COMES UP, SAY THIS IS A GREAT OPPORTUNITY TO GET RID OF THE JONES ACT FOREVER, BUT THEY NEVER DO IT. SO I WOULD ASSUME THAT THIS WILL PROBABLY EXPIRE AT SOME POINT, IN THE JONES ACT WILL REMAIN. NORAH: WHEN YOU THINK ABOUT THE JONES ACT WAIVER, WHEN YOU THINK ABOUT ENERGY PRICES, ARE YOU HEARING ANYTHING? WHAT IS THE THOUGHT THERE? MICHAEL: WELL, IT'S A LITTLE MORE DOWNSTREAM, BECAUSE WE DON'T TRANSPORT A LOT OF OUR CRUDE OIL FROM PORT TO PORT THAT WE MINE HEAR OR BRING UP HERE, BUT WE DO TRANSPORT THINGS LIKE GASOLINE, JET FUEL, AND THINGS LIKE THAT. IN THE REFINED PRODUCTS AREA, IT CAN HAVE AN IMPACT, BECAUSE THE SHIPPING COSTS ARE GOING TO BE LOWER, AND THAT ADDS A LOT, ESPECIALLY WHEN YOU CONSIDER THE FACT THAT SHIPPERS HAVE TO PAY MORE FOR THEIR FUEL. SO IT IS A GOOD NEWS SAYING ON THE MARGINS FOR WHAT IS GOING ON. TIM: WE ARE SPEAKING WITH MICHAEL MCKEE, BLOOMBERG TV AND RADIO ECONOMICS AND POLICY CORRESPONDENT. HE JOINS US HERE IN THE BLOOMBERG NEWS BUREAU. MIKE, IT'S ABOUT THAT TIME TO START FINDING THE HATBOX AND GETTING READY FOR JACKSON HOLE. MICHAEL: YEP. TIM: IT'S ALSO TIME FOR US TO START TALKING ABOUT WHAT FEDERAL RESERVE CHAIR KEVIN WARSH MIGHT DO AT JACKSON HOLE. CAN YOU JUST COME OF THE SHORT HISTORY THAT I HAVE IS REALLY CHAIRMAN POWELL THEY ARE AND THE WAY HE HAS USED THE EVENT AS A WAY TO COMMUNICATE WHAT IS FEDERAL RESERVE THANKS NOT JUST ABOUT THE ECONOMY BUT ALSO IN RECENT YEARS, HE, YOU KNOW, HE WAS RESPONSIBLE A FEW YEARS AGO FOR A HUGE SURGE IN STOCK PRICES AS A RESULT OF HIS COMMENTARY THERE. AT THIS POINT, DO WE HAVE ANY IDEA WHAT CHAIRMAN WARSH WILL SAY, WHAT HE WILL USE THIS AS AN OPPORTUNITY TO COMMUNICATE CAN ANYTHING LIKE THAT? MICHAEL: WE HAVE ROOF IDEAS, BECAUSE HE TALKED ABOUT IT -- ROUGH IDEAS, BECAUSE HE TALKED ABOUT IT AT THE NEWS CONFERENCE. AND YOU ARE RIGHT, CHAIR POWELL HAS OCCASIONALLY USED THAT OPPORTUNITY, BUT IT GOES BACK TO BEN BERNANKE, THE GREAT FINANCIAL CRISIS, QE WAS SOMETHING THE FED WAS GOING TO DO IN 2009, AND THEN IN 2010, HE MADE THE NEXT UES PART OF HIS SPEECH. THAT BECAME FOCUSED THEN FOR WALL STREET, BECAUSE THE FED CHAIRMAN GOES TO JACKSON HOLE AND TELLS US WHAT IS GOING TO HAPPEN. THIS FED CHAIRMAN DOES NOT WANT TO TELL YOU WHAT'S GOING TO HAPPEN, SO I DON'T THINK WE WILL GET A SPEECH LIKE THAT, BUT I THINK BECAUSE OF THE QUESTIONS ABOUT FED CREDIBILITY THAT HAVE COME UP RECENTLY, IT WILL GO BEYOND THE COME OF WHAT IS USUALLY THE OTHER TYPE OF SPEECH THAT CHAIRS GIVE, WHICH IS JUST SOMETHING ABOUT THE BACKGROUND OF THE TOPIC THEY ARE DISCUSSING, WHICH THIS YEAR IS PAYMENT SYSTEMS, WHICH WOULD BE A MAJOR SNOOZE FOR MOST PEOPLE. AND I THINK HE WILL OUTLINE THE CHANGES THAT HE WANTS TO MAKE, WHY HE WANTS TO MAKE THEM, AND GIVE SOME MORE GROUNDING, WHAT HE THINKS HE CAN ACCOMPLISH WITH THE TASKFORCES. SO, TRY TO BUILD HIS OWN CREDIBILITY BY MAKING A CASE FOR THE THINGS THAT HE'S TRYING TO DO. TIM: OK. I'M INTO PAYMENT SYSTEMS. I CAN GIVE A CREDIT ABOUT THAT. [LAUGHTER] WE DO IT ALL WITH MIKE MCKEE PIT WE TALKED JONES ACT, HE TALKS JACKSON HOLE AS WELL. BLOOMBERG'S MICHAEL MCKEE, INTERNATIONAL ECONOMICS AND POLICY CORRESPONDENT. THAT BRINGS US TO THE LATEST OUT OF IRAN. FOR MORE, CHRIS KENNEDY, BLOOMBERG ECONOMICS ECONOMIC STATECRAFT LEAD, JOINS US FROM WASHINGTON, D.C. CHRIS, I WAS GOING TO SAY WE DO CHECK IN WITH YOU, I WAS GOING TO SAY PERIODICALLY, BUT HAVE BEEN MORE AND MORE RECENTLY. OVER THE WEEKEND, DID YOU HEAR ANYTHING FROM THE PRESIDENT THAT WOULD INDICATE THAT PEACE IS ANYWHERE CLOSE TO BEING ON THE HORIZON? CHRIS: NOT REALLY. WE DID HEAR THAT THE PRESIDENT IS TAKING A MORE LOW-KEY APPROACH TO THE IRAN WAR, SO THAT WOULD SUGGEST MAYBE FEWER STRIKES IN THE IMMEDIATE FUTURE. NOT ENTIRELY SURPRISING, GIVEN THE NEWS THAT WE HAD ABOUT THE CHALLENGE OF THE THREE-DAY U.S. STOCKPILES OF BOTH OFFENSIVE AND DEFENSIVE MUNITIONS. BUT NOTHING GIVING US MUCH INDICATION ON WHEN THIS CONFLICT MIGHT END. NORAH: WE TALK ABOUT TALKS BETWEEN THE U.S. AND IRAN, HOW MUCH LEVERAGE DOES THE U.S. HAVE IN THESE CONVERSATIONS? CHRIS: NOT MUCH AT THE MOMENT. OF COURSE, THE U.S. IS STILL A SUPERIOR MILITARY POWER. BUT WE HAVE SEEN THAT THE U.S. HAS BEEN UNABLE TO PREVENT IRAN FROM SUCCESSFULLY STRIKING TANKERS AS THEY ATTEMPT TO TRANSIT THE STRAIT OF HORMUZ, OUTSIDE OF IRAN'S CLAIM OF AUTHORITY. AT THE SAME TIME, THE U.S. HAS BEEN PUTTING STRONG ECONOMIC PRESSURE ON IRAN NOT JUST DURING THIS CONFLICT BUT FOR DECADES. I FIND IT HARD TO ENVISION A SCENARIO, WHERE INCREASED U.S. SANCTIONS PRESSURE IS GOING TO BRING IRAN TO THE TABLE IN THE NEAR TERM. THERE IS PERHAPS ONE EXCEPTION, IF THE U.S. GOT REALLY TOUGH WITH CHINA, WHICH IS AN ALLY OF IRAN. WE HAVE AN UPCOMING BILATERAL COMING UP BETWEEN PRESIDENT XI JINPING AND DONALD TRUMP. WE BELIEVE THAT THE U.S. AND CHINA WANT TO AVOID ANY ESCALATION, SO IT IS A DIFFICULT POSITION FOR WASHINGTON AT THE MOMENT. TIM: I'M GLAD YOU BROUGHT THAT UP BECAUSE THAT IS THE FIRST THING I THOUGHT WHEN PRESIDENT TRUMP SAID HE WAS GOING TO LET ECONOMIC PRESSURE ON IRAN BUILD. APART FROM CHINA, IS THERE ANYTHING ELSE THAT THE U.S. COULD DO OR ALLIES COULD DO, TO WEAKEN IRAN'S ECONOMIC POSITION THAT HAS NOT BEEN TRIED? CHRIS: RUSSIA IS ANOTHER ALLY OF IRAN AND IT IS HARD TO SEE HOW INCREASED ECONOMIC PRESSURE ON RUSSIA WOULD DO ANYTHING AS WELL. IT IS POSSIBLE, THERE COULD BE SOME CREATIVE TOOL WE HAVE NOT SEEN YET, BUT THE U.S. HAS BEEN DOING THIS NEXT PRESSURE FOR A WHILE AND THE PRESSURE IS AS HIGH AS IT'S EVER BEEN, AT THE MOMENT. AT SOME POINT, SOMETHING MIGHT GIVE IN THE IRANIAN ECONOMY AND YOU MIGHT SEE SOME MASS CIVIL ISAAC -- CIVIL MOBILIZATION AGAINST THE REGIME. IT IS HARD TO SEE RIGHT NOW, THAT THE COUNTRY IS MOVING IN THAT DIRECTION. NORAH: WHAT ARE YOU MONITORING TO GET A SENSE OF WHAT MIGHT COME NEXT? CHRIS: I AM MORE INTERESTED IN THE SORTS OF LEVERS THAT MIGHT BRING WASHINGTON BACK TO THE TABLE. RIGHT NOW, GLOBAL BENCHMARK CRUDE PRICES ARE RELATIVELY LOW COMPARED TO WHERE THEY WERE AT OTHER POINTS DURING THE CONFLICT. PRESSURE ON U.S. STOCKPILES OF CRUDE AND PRODUCTS WAS SOMEWHAT RELIEVED AFTER THE MOU. THAT IS INCREASING AGAIN. WE SAW THE U.S. STRATEGIC PETROLEUM RESERVE DRAWDOWN NUMBERS TODAY. I'M GOING TO CONTINUE WATCHING THOSE NUMBERS ON WEDNESDAY, WHEN WE GET ADDITIONAL DATA. TIM: WATCHING IT ALL DOWN IN D.C.. OUR ECONOMICS STATECRAFT LEAD. COMING UP NEXT, THE CEO OF GRINDR JOINS US. THAT'S NEXT ON BLOOMBERG. ♪ SHARES OF THE DATING APP GRINDR FELL ON FRIDAY AFTER THE REVENUE FORECAST TRAILED THE AVERAGE ANALYST ESTIMATE. THE COME -- THE COMPANY SAYS THEY EXPECT REVENUE TO BE ABOUT $540 MILLION. THEY ALSO SAID THEY EXPECT TO FINISH THE YEAR WITH QUOTE, MEANINGFULLY FEWER EMPLOYEES THAN ORIGINALLY PLANNED. WE'VE GOT GEORGE ARISON WITH US, THE CEO OF GRINDR. WELCOME BACK. FIVE MONTHS INTO THE DEBUT OF THESE NEW AI FEATURES AND SUBSCRIPTION TIERS THAT YOU ARE TESTING OUT. CAN YOU UPDATE US ON HOW THAT IS GOING? GEORGE: THE TESTS ARE GOING VERY WELL. THE PRODUCT FEATURES ARE QUITE POPULAR. WE ARE TRYING TO FIGURE OUT WHAT THE PRICE SHOULD BE AND WE HAVE NOT LAUNCHED ANYTHING AT THIS PRICE POINT BEFORE THAT IS PREMIUM FOCUSED. SO WE'VE BEEN ITERATING ON WHAT IS THE BEST WAY TO POSITION THE PRODUCT AND EXPLAIN IT. TIM: WHAT ARE YOU THINKING ABOUT RIGHT NOW? GEORGE: WE TESTED $80. TIM: ANNUALLY? GEORGE: MONTHLY. WE TESTED ALL THE WAY UP TO $375. THERE IS A BROAD RANGE OF WHERE WE THINK WE MIGHT LAND. TIM: THAT IS SOME EXTREME PREMIUM. NORAH: TELL ME ABOUT THE $80 THOUGH. WHAT WILL THAT ENTAIL? GEORGE: HISTORICALLY, GRINDR'S PAID TEARS WOULD GIVE YOU ACCESS TO MORE PEOPLE. YOU WOULD SEE MORE PEOPLE. THIS ONE GIVES YOU A LOT MORE INFORMATION ABOUT THE PEOPLE YOU SEE. ON THE PROFILE, YOU NOW HAVE AI GENERATED INFORMATION ABOUT A PERSON. WE GO THROUGH ALL OF THEIR MESSAGES AND CREATE A LIST OF PEOPLE HE SHOULD BE TALKING TO AND SUMMARIES OF CONVERSATIONS YOU'VE HAD, KIND OF A SHORT LIST OF PRIME TARGETS AND WE GIVE PEOPLE HE SHOULD ENGAGE WITH BASED ON WHAT WE KNOW ABOUT YOU AND THEM. TIM: WHEN YOU ARE TESTING OUT THE DIFFERENT PRICE POINTS, WHAT ARE YOU NOTICING ABOUT THE WAY PEOPLE ARE THINKING ABOUT THE STICKINESS OF IT, OR HOW RECEPTIVE THEY ARE TO IT, DOES IT CHANGE BASED ON LOCATION? GEORGE: THIS PRODUCT IS MORE STICKY THAN OTHER THINGS WE THOUGHT WOULD BE. THAT IS GREAT. ON THE PRICE POINT, THERE IS SOME -- SOME PEOPLE JUST DON'T CARE. I THINK THAT IS PART OF HOW MANY PEOPLE DO YOU WANT IN THE PRODUCT VERSUS HOW MUCH MONEY DO YOU WANT TO MAKE. WE'VE SAID PUBLICLY THIS IS GOING TO BE THE DRIVER OF OUR REVENUE GROWTH. IT IS A BALANCE OF FINDING WHAT IS THE HIGHEST PRICE POINT FOR THE TOTAL NUMBER OF USES YOU WANT USING YOUR PRODUCT. NORAH: WHEN YOU THINK ABOUT THE USER BASE IN THOSE INDIVIDUALS WILLING TO PAY THAT PRICE, WHAT DEMOGRAPHICS COME OUT? YOUNGER, OLDER, WHERE DOES IT FALL? GEORGE: GRINDR RELEASED DEMOGRAPHIC DATA LAST YEAR IN NOVEMBER. 47% OF USERS ARE IN THE 18-29 RAGE, AND THEIR PAY RANGE IS QUITE LOW. WE LIKE KEEPING IT THAT WAY BECAUSE WE WANT THEM TO HAVE AN AWESOME EXPERIENCE WITH THE PRODUCT. AS THEY AGE, PAY RATES INCREASE SIGNIFICANTLY. THIS PRODUCT IS TARGETED TO OLDER USERS. TIM: WITH MORE MONEY. GEORGE: THEY HAVE A LOT MORE DISPOSABLE INCOME, EXACTLY. TIM: I'M CURIOUS ABOUT THE WAY GEN Z IS INTERACTING WITH THE APP AND HOW YOU HAD TO MAKE CHANGES. GEORGE: WE HAVEN'T CHANGED ANYTHING SPECIFICALLY FOR GEN Z. WE HAVE TRIED TO INNOVATE A LOT MORE OVERALL. THEY WANT PRODUCTS TO BE INNOVATING AND CREATING NEW FEATURES. WE ADDED ALBUMS, MESSAGES SAVING. WE ADDED THE ABILITY TO SEND PICTURES THAT DISAPPEAR AS SOON AS THEY ARRIVE. JUST A FEW EXAMPLES OF WHAT HAS HAPPENED. 46% OF OUR USERS ARE UNDER 30. GEN Z IS EVEN BIGGER THAN THAT, BUT JUST THAT SMALL COHORT. SO WE HAVE NO ISSUES WITH GETTING GEN Z ONTO THE PRODUCT. THIS IS MORE OF AN OPPORTUNITY WITH THE OLDER YOU WERE -- USER BASE TO GET THEM TO REENGAGE WITH THE PRODUCT. NORAH: HOW ARE YOU THINKING ABOUT AI? IS IT SOMETHING YOU BELIEVE CAN IMPROVE THE DATING EXPERIENCE, OR DO YOU THINK TOO MUCH WILL MAKE THAT EXPERIENCE LESS LIFELIKE? GEORGE: WE ARE A PRODUCT THAT AIMS TO CONNECT BOTH DIGITALLY AND IN PERSON. THAT SAID, DENSITY IS AN ISSUE FOR ALL GAY PEOPLE WILL STOP OUTSIDE OF NEW YORK AMONG YOU WON'T HAVE A LOT OF PEOPLE TO MATCH WITH. IF WE CAN DO BETTER MATCHES IN A BROADER GEOGRAPHY, THEN I THINK AI REALLY HELPS. OBVIOUSLY THERE WILL BE SOME GROWING PAIN ALONG THE WAY, BECAUSE WE WILL MAKE MISTAKES AND THINGS WILL HAPPEN THAT PEOPLE DON'T EXPECT. TIM: THIS IS SOMETHING YOU'VE TALKED ABOUT A LOT, AI IN CODING. YOU'VE WRITTEN TO INVESTORS A LOT. THE THING THAT STRUCK ME IN YOUR MOST PEACE -- RECENT EARNINGS REPORT, I WAS YOUR TALK ABOUT HEADCOUNT AND THE WAY YOU SAID YOU ARE GOING TO END THIS YEAR WITH QUOTE, MEANINGFULLY FEWER EMPLOYEES. GIVE US THE NUMBERS, THE DETAILS AND WHY YOU ARE DOING THAT. GEORGE: AI HAS BEEN INCREDIBLE FOR CODING. WE HAVE INCREASED PRODUCTIVITY BY A MINIMUM OF 2.5X. TEAM ONLY GROWING 15%. INCREDIBLE CHANGE. I HAD AN EXAMPLE THAT I GOT IN MY SLACK THIS MORNING, AN ENGINEER SAW THE COMMENT WHILE WALKING HIS DOG, TOLD DEVON, ONE OF THE AI CODING TOOLS, TO LOOK AT THE BLOG. IT REPLICATED THE BUG, FIXED THE BUG, AND SENT TO ENGINEER A MESSAGE SAYING, IT'S READY TO BE CHECKED IN. DO YOU WANT TO RELEASE IT? ALTHOUGH HE WAS STILL WALKING THE DOG. JONATHAN: AND A HUMAN BEING WALKING THE DOG, NOT THE DOG. DOES THAT MEAN FEWER ENGINEERS? GEORGE: WE HAVE NOT FIRED ANYBODY, THAT WE ARE GOING TO HIRE ROUGHLY 20 LESS ENGINEERS THAN WE HAD PLANNED FOR THIS YEAR BECAUSE WE ARE GETTING SO MUCH PRODUCTIVITY. JONATHAN: DO YOU THINK THAT YOU'LL HAVE ANY LAYOFFS? GEORGE: I DON'T THINK SO. NOT BECAUSE OF PERFORMANCE MANAGEMENT BUT BECAUSE OF AI. NORAH: YOU HAVE INVESTED A LOT AROUND PRODUCT INVOLVEMENT WITH EDGE. ONCE THAT IS FULLY ROLLED OUT AND DRIVING REVENUE IN 2027, IS THERE ROOM FOR PRODUCT DEVELOPMENT EXPENSE TO MODERATE? GEORGE: NOT REALLY. WE WANT TO INVEST IN THE FUTURE. WE ALREADY HAVE INCREDIBLE MARGINS. I THINK WE ARE GUARDING 42 POINT FIVE. CAN WE BE A LITTLE BIT BETTER THAN THAT? SURE. I WOULD RATHER TAKE THE SAVINGS WE GET FROM LESS PEOPLE AND INVEST BACK INTO THE PRODUCT, MAKING THE PRODUCT BETTER PICKUP YOU WANT THE PRODUCT TO GROW AT THE PACE IT IS GROWING NOT JUST FOR THE NEXT COUPLE OF YEARS, BUT FOR THE NEXT 10. TIM: CAN YOU HELP US UNDERSTAND THE COMPETITIVE LANDSCAPE? MATCH GROUP INVESTED, GIVING THEM THE OPTION TO BUY A REMAINING STAKE. WHAT IS THE COMPETITION YOU ARE SEEING FROM THEM? GEORGE: WE HAVE HAD A TON OF COMPETITION ALWAYS FROM STRAIGHT PRODUCTS THAT HAVE GAY USERS COMING TO SPECIFIC PRODUCTS. THERE ARE A BUNCH OF COMPANIES. I AM VERY GLAD THAT SNIFFY GOT THE DEAL THAT THEY DID. OUR SUCCESS IN THE PUBLIC MARKET HELPING THEM TO BE MORE CONVINCED IN DOING THAT DEAL, WHICH IS GREAT FOR THE ECOSYSTEM. I DON'T REALLY WORRY ABOUT COMPETITION SO MUCH. I WORRY ABOUT WHAT WE CAN DO FOR THE USER. TIM: DOES THAT SHOW YOU THAT OTHER PRODUCTS RESONATE FOR CERTAIN REASONS WITH A SPECIFIC DEMOGRAPHIC? DOES IT MAKE YOU SAY, WHY ARE THEY WORKING WITH THIS GROUP, WHAT CAN WE ADOPT THAT THEY DO? GEORGE: I THINK MATCH TRYING TO BUILD AN APP FOR THE GAY USERS THEMSELVES AND FAILED, THEN TRY TO HAVE AN ACQUISITION. SNIFFYS AS A PRODUCT STARTED OUT BECAUSE CRAIGSLIST SHUT DOWN PERSONALS BECAUSE OF CONCERNS AROUND TRAFFICKING OF PEOPLE. THEY REPLICATED A LOT OF WHAT THEY OFFERED TO THE MORE CRUISING AUDIENCE. THAT IS THE PRODUCT THEY HAVE. THERE IS AN AUDIENCE FOR THAT PRODUCT AND IT SEEMS TO WORK WELL. NORAH: HOW ARE YOU THINKING ABOUT MARKET SHARE SCALE? DO YOU FORESEE ANY ACQUISITIONS DOWN THE ROAD? GEORGE: WE ARE OPEN TO ACQUISITIONS. IF WE DO THEM, THEY WILL PROBABLY MORE ADJACENT TO US RATHER THAN TO THE SPECIFIC CORE CASE THAT WE OFFER BECAUSE WE ARE PRETTY GOOD AT THAT. DEFINITELY AREAS THAT WE HAVE LOOKED AT. GIVEN WE ARE THE BIGGEST PLAYER, MOST THINGS THAT ARE FOR SALE COME TO US ONE WAY OR THE OTHER. WE TAKE A LOOK AT THEM. THINGS -- FOR EXAMPLE, HEALTH IS A HUGE OPPORTUNITY FOR SCALE AND GROWTH. GAY MEN'S HEALTH IS KIND OF A UNIQUE ENTERPRISE. IF THERE IS SOMEBODY THAT WE MIGHT BENEFIT FROM ACQUIRING IN THAT SPACE, WE ARE OPEN TO THAT, BUT WE ARE NOT ACTIVELY PUSHING. NORAH: WHAT QUALITIES WOULD THESE COMPANIES HAVE TO POSSESS? GEORGE: THEY NEED TO BE DOING SOMETHING THAT WE ARE NOT DOING, HAVE EXPERTISE IN THINGS THAT WE DON'T YET KNOW THAT WE WOULD OTHERWISE HAVE TO FIGURE OUT ONE WAY OR THE OTHER. WE ARE A PRETTY LEAN ORGANIZATION. WE CALL THAT GRINDR MODE. WE WERE PRETTY HARD. I DON'T THINK WE ARE QUITE, SAY, ELON LEVEL, BUT WE ARE MORE HARD-CORE THAN NOT. THAT IS SOMETHING THAT COMPANIES THAT WE MIGHT LOOK AT. BUT THAT IS SECONDARY. WE DON'T HAVE A CORPORATE FTE. IT IS NOT SOMETHING WE ARE FOCUSED ON. WE ARE FOCUSED ON THE OPPORTUNITY IN FRONT OF US, TRYING TO GROW THAT AS WE CAN. TIM: GEORGE ARISON, CEO OF GRINDR. THE COMPANY IS UP ABOUT 20% SO FAR THIS YEAR. MARKET CAPITAL OF 2.9 BILLION DOLLARS. LET'S TAKE A LOOK AT HOW STOCKS ARE DOING. NASDAQ COMPOSITE DOWN 0.4%. THE DOWN IS DOWN 0.3%. IN TERMS OF COMMODITIES MOVING, YOU HAVE OIL HIGHER. FUTURES FOR BRENT UP ANOTHER 5% TODAY, $87.82. WTI AT $82.88. IT IS "BLOOMBERG BUSINESSWEEK DAILY." ♪ YOU MAY RECALL FRIDAY AFTERNOON DURING OUR PROGRAM, PRESIDENT TRUMP TOUTED $3 BILLION IN U.S. INVESTMENTS IN CRITICAL MINERALS MINING AT A MEETING WITH TOP INDUSTRY EXECUTIVES, AIMED AT WINNING THE U.S. OFF SUPPLY CHAINS DOMINATED BY CHINA. THE PRESIDENT WAS JOINED BY EXECUTIVES FROM PROMINENT COMPANIES INCLUDING RIO TINTO, USA RARE EARTH, ENERGY FUELS, THE METALS COMPANY, AND MORE. ONE OF THE PEOPLE THERE AT THE MEETING WITH THE PRESIDENT WAS GARY EVANS, CHAIRMAN AND CEO OF U.S. ANTIMONY. IT HAS A MARKER CAP OF A BILLION DOLLARS, REFINES AND PRODUCES ANTIMONY PRODUCTS. SHARES ARE UP 34% THIS YEAR SO FAR. GARY, GOOD TO HAVE YOU BACK WITH US. I JUST WANTED TO HEAR YOUR MAIN TAKE AWAY FROM THAT MEETING WITH THE PRESIDENT ON FRIDAY. WHAT WERE YOUR MAIN TAKEAWAYS? GARY: I THINK MORE THAN ANYTHING ELSE, WE HAVE AN ADMINISTRATION THAT VERY MUCH RECOGNIZES THE DIRE NEED OF CRITICAL MINERALS FOR OUR COUNTRY, FOR OUR INDUSTRIES IN THIS COUNTRY, AND OBVIOUSLY, OUR MILITARY. THE SUPPORT OF THIS ADMINISTRATION HAVE PROVIDED TO THE MINING INDUSTRY HAS BEEN IMMENSE. THE REAL EVENT ON FRIDAY WAS A $100 MILLION GRANT THAT THE FEDERAL GOVERNMENT IS GIVING TO UNIVERSITIES AND SCHOOLS, IN ORDER TO TRAIN NEW ENGINEERS AND GEOLOGISTS, THE TECHNICAL PEOPLE WE NEED IN THIS INDUSTRY. WE ARE ALL GETTING OLDER, A LOT OF PEOPLE ARE RETIRING. THIS INDUSTRY HAS BEEN IN THE DOLDRUMS FOR THE BETTER PART OF 30 YEARS. HAVING THAT KIND OF FINANCIAL COMMITMENT TO THE SCHOOLS -- THERE ARE LOTS OF ADMINISTRATORS THERE. FOR ME, THE BIG TAKEAWAY WAS SOME INCREDIBLE CONTEXT WE MADE AT THIS FORUM. THERE WERE A LOT OF VERY INFLUENTIAL PEOPLE INVOLVED IN THE CRITICAL MINERALS SPACE BOTH FROM A BANK, FINANCE AREA, AS WELL AS SOME OF THE ADMINISTRATORS LIKE THE SECRETARY OF INTERIOR, SECRETARY OF STATE. WE WERE ABLE TO HAVE ONE-ON-ONE MEETINGS WITH THEM ABOUT ISSUES WE MAY HAVE. WHAT I CAME AWAY FROM THAT CONFERENCE REALIZING, IF I NEED HELP, THERE ARE PEOPLE I CAN CALL TO GET HELP. THAT IS VERY, VERY IMPORTANT, SOMETHING WE'VE NEVER HAD. TIM: TAKE US INTO SPECIFIC CONVERSATIONS. WHO DID YOU SPEAK TO FROM THE ADMINISTRATION, WHAT DID YOU TELL THEM THAT YOU NEEDED? GARY: SPECIFICALLY, THE SECRETARY OF INTERIOR, HE AND HIS ASSISTANT WHERE THEY ARE, AND HE STAYED AFTER IT WAS OVER AND WAS TALKING TO PEOPLE AND I WENT UP TO HIM WITH AN ISSUE IN ALASKA. SPECIFICALLY RELATED TO THE BLM UNDER HIS VENUE. IT HAS TO DO WITH A NEW PROPERTY WE BOUGHT IN ALASKA IN JANUARY, AND WE ARE GETTING PUSHED AND SLOWNESS FROM LOCAL OFFICIALS, NOT UNDERSTANDING THAT THE ANTIMONY WE ARE TRYING TO BRING OUT OF THIS MINE IS NEEDED BY THE GOVERNMENT. WE HAVE A CONTRACT TO FILL THE NEEDS OF THE MILITARY, AND WE HAVE LOCAL PEOPLE IN ALASKA HOLDING THINGS UP. HE SAID I WILL BE ON IT MONDAY, AND I HAVE NO DOUBT HE WILL BE. THAT IS THE KIND OF THING THAT WE EXPRESSED TO THEM. NORAH: WHEN YOU THINK ABOUT THESE CONVERSATIONS YOU ARE HAVING AND THE FUTURE OF ANTIMONY, YOU ARE PRETTY OPTIMISTIC COMING OFF OF THAT. ANYTHING OTHER THAN THAT THAT YOU WOULD TAKE CONCRETE THAT YOU ARE LOOKING TO SEE ADVANCEMENTS ON AS IT RELATES TO RELATIONSHIPS BETWEEN YOUR COMPANY AND THE U.S. GOVERNMENT? GARY: WE WON A $27 MILLION GRANT LAST YEAR. WE HAVE OVER 350 MILLION DOLLARS IN ADDITIONAL GRANT REQUESTS TO VARIOUS DEPARTMENTS AT THE FEDERAL GOVERNMENT TO ASSIST US, NOT ONLY IN ANTIMONY BUT TUNGSTEN AND OTHER CRITICAL MINERALS WE ARE INVOLVED IN. WHEN I'M KIND OF HEARING -- WHAT I'M HEARING FOR THE CONVERSATIONS IS THE PRESIDENT REALLY WANTS TO GO FROM A GRANT WHICH IS BASICALLY A GIFT, TO MORE OF AN EQUITY COMPONENT. WE WANT A PIECE OF YOUR COMPANY. HE TALKED AT THIS FORUM ABOUT THE SUCCESS HE HAS HAD WITH INTEL, WITH NP MATERIALS. SO THERE WAS A NEW FELLOW THAT I MET FROM DALLAS, THAT IS NOW KEY AT THE WHITE HOUSE AND I ALSO HEARD VERY LOUD AND CLEAR, THEY WANT TO DO BIGGER DEALS, 500 MILLION DOLLARS MINIMUM. WE ARE LOOKING AT PACKAGING SOME THINGS, WE CAN STEP IT UP AND THAT IS ONE OF THE THINGS WE ARE DOING. TIM: IT RAISES THE QUESTION, HOW MUCH OF YOUR COMPANY WOULD YOU BE WILLING TO SELL TO THE U.S. GOVERNMENT? GARY: THAT DEPENDS ON HOW MUCH MONEY THEY ARE WILLING TO GIVE. WE ARE A PUBLICLY TRADED COMPANY WITH A MILLION DOLLARS IN MARKET CAP. I WOULD LOOK AT IT LIKE ANY OTHER INVESTMENT. IF THE GOVERNMENT WILL GIVE A CERTAIN ADDITIONAL INCENTIVES, LIKE PRICE FLOORS OR MINIMUM CONTRACTS OR OTHER THINGS THAT WOULD HIT THE SISTER BUSINESS, YOU CAN LOOK AT NOT JUST EQUITY BUT OTHER THINGS, IT GIVES THE GOVERNMENT INCENTIVES. WE WOULD LOOK AT IT LIKE ANY INVESTMENT BANKING TRANSACTION, BUT IF YOU ASKED ME SIX MONTHS AGO, I WOULD SAY I WOULD RATHER HAVE THE GRANT. HAVING THE GOVERNMENT AS A SHAREHOLDER, I WOULD PREFER NOT OVER 20% WOULD BE FINE. NORAH: HOW QUICKLY WHEN WE THINK ABOUT THE U.S. DOMESTICALLY, IN TERMS OF OUR CRITICAL MINERAL SUPPLY CHAINS, HOW QUICKLY DO YOU THINK WE COULD ACTUALLY PUSH FORWARD WITH THOSE STRATEGIES AND PLANS, AND IS GOVERNMENT SUPPORT ENOUGH TO MAKE THESE PROJECTS ECONOMICALLY VIABLE? GARY: WHAT HAS MADE THEM VALUABLE TODAY IS THE PRICE OF ALL OF THESE CRITICAL MINERALS AND RARE EARTHS HAVE GONE UP DRAMATICALLY. WHY IS THAT? CHINA HAS GONE AROUND AND TIED UP ALL OF THESE CRITICAL MINERALS. FOR ANTIMONY, THEY OWN 85% OF THE WORLD RESERVES. WE HAVE SAT AND LET OUR COUNTRY STAY BEHIND THE EIGHT BALL FOR YEARS WHILE CHINA HAS DONE THIS. SO WE ARE PLAYING CATCH-UP, NO DOUBT. IT'S GOING TO TAKE TIME, BUT HAVING THE REGULATIONS REMOVED SO THAT WE CAN MOVE QUICKER. WE'VE LEARNED A LOT FROM THE PAST, WE ARE VERY BIG ENVIRONMENTALISTS AT OUR COMPANY. WHEN WE DIG UP SOMETHING, WE TRY TO BURY IT WITHIN WEEKS, NOT YEARS DOWN THE ROAD. WE GIVE KUDOS TO A LOT OF REGULATORY AGENCIES. I AM A BIG CONSERVATIONIST. I LOVE TO HUNT, I LOVE TO FISH. WE'VE MADE SURE THAT WE ARE THE TYPE OF COMPANY THAT PEOPLE WISH HAD COME RATHER THAN SOMEBODY ELSE. THAT IS VERY IMPORTANT. TIM: WE'VE GOT TO GO. GARY EVANS, GOOD TO CHECK IN WITH YOU. THAT IS DOWN IN MIAMI, GARY EVANS, CHAIRMAN AND CEO OF U.S. ANTIMONY. UP NEXT, WE GOT STOCKS ON THE MOVE. THIS IS BLOOMBERG. ♪ TIM: YOU ARE NOT WITH US TOMORROW ARE YOU? NORAH: JUST TODAY. TIM: CAROL IS OUT FOR A COUPLE OF DAYS, BUT YOU WILL BE BACK ON WEDNESDAY. WE ARE GRATEFUL THAT NORAH MULINDA IS HERE, ON A DAY WHEN WE ARE SEEING STOCKS NOT DOING A LOT. THE S&P 500, DOWN LESS THAN .1%. THAT WAS THE S&P 500, I'M SORRY. THE DOW IS DOWN .3%. THE NASDAQ DOWN .3%. NORAH: WHAT IS INTERESTING, THE BIGGEST LANGUOR AS I AM LOOKING AT THE SMALL CAPS, THE RUSSELL IS DOWN ABOUT 6/10 OF A PERCENT. WE ARE SEEING THE RUSSELL SEEING MORE DECLINE. ALSO LOOKING AT THE VIX, YOU TAKE A LOOK AT THE VOLATILITY IN THE MARKET, WE SEE IT HANGING JUST ABOVE THAT 15 HANDLE. TIM: ALSO LOOKING AT WHAT IS ACTUALLY MOVING IN TERMS OF INDUSTRY GROUPS. NOT SURPRISINGLY, HIGHER BY ENERGY. THIS ON A DAY WHEN BRENT FUTURES ARE UP. THAT IS A 4.8 PERCENT INCREASE ON THE DAY. IT IS ALL EMANATING FROM WHAT IS HAPPENING IN THE MIDDLE EAST, OR A LACK THEREOF, AND CONCERNS ABOUT HIGHER ENERGY PRICES. NORAH: WE WERE JUST TALKING ABOUT THE FACT THAT YOU SEE THE PRICE OF GAS AT THE PUMP GOING UP, BUT IT TAKES LONGER TO COME BACK DOWN. IF YOU TAKE A LOOK AT THE AVERAGE RIGHT NOW FOR GAS, RETAIL GAS, IT IS AROUND FOUR DOLLARS RIGHT NOW. TIM: IT COULD BE A LOT WORSE. I AM USED TO HIGH PRICES. LET'S TAKE A LOOK AT SOME STOCKS ON THE MOVE TODAY. I AM TIM STENOVEC ALONG WITH NORAH MULINDA. WE ARE JOINED BY EMILY. WHAT ARE YOU WATCHING? EMILY: THERE ARE SOME REALLY BIG MOVERS. THERE ARE SOME NOT MOVING SO MUCH BUT PRETTY BIG NAMES. LET'S START WITH BERKSHIRE HATHAWAY. UP AS MUCH AS 3% ON POSITIVE EARNINGS. COMING A LITTLE DOWN NOW, ONLY UP ABOUT 1%. AT ONE POINT HITTING THEIR HIGHEST LEVEL IN OVER TWO MONTHS. JUST GOING THROUGH SOME OF THESE RESULTS. 4.5 BILLION DOLLARS TO BUY BACK ITS OWN STOCK. TO THE SHAREHOLDERS LIKE THAT? TIM: OF COURSE. IT SAYS SOMETHING ABOUT VALUATIONS I GUESS. EMILY: THEY ALSO HAD GAINS IN THE MANUFACTURING SERVICE THAT HELPED LIFT OPERATING -- WALL STREET TENDS TO LIKE THIS STOCK. TIM: SOME PRESSURE OF LATE. SHARES ARE HIGHER. EMILY: MONDAY.COM, THIS IS A SOFTWARE COMPANY THAT HAS FALLEN UNDER A LOT OF STRESS AS INVESTORS DOUBT WHETHER ALL OF COMPANIES THAT EXIST CONTINUE TO NEED TO EXIST, GIVEN THE DISRUPTION FROM AI. SHARES ARE DOWN ABOUT 5%. THEY GAVE A REVENUE FORECAST THAT WAS WEAKER THAN EXPECTED. HONESTLY IT HAS BEEN A BIT OF A MIXED BAG. NORAH: THE STOCK IS DOWN ABOUT 40% THIS YEAR. THEY REALLY BEEN STRUGGLING AS OF LATE. TIM: $87 A SHARE RIGHT NOW. IS THIS ON YOUR RADAR BECAUSE OF THE PRIVATE CREDIT ANGLE? EMILY: IT IS. I WRITE ABOUT CREDIT NOW. EVERYTHING COMES TOGETHER IN THE MARKET, AND THIS HAS BEEN SOMETHING THAT THE CREDIT FOLKS HAVE BEEN WATCHING. PRIVATE CREDIT DUMPED SO MUCH MONEY INTO SOFTWARE NAMES, AND THERE HAS BEEN A BIT OF A RECKONING. NORAH: WHEN YOU LOOK AT THE WALL STREET ANALYSTS IN TERMS OF MONDAY.COM, ONLY ONE SELL RATING DESPITE THE FACT THAT THE STOCK IS DOWN ABOUT 40% THIS YEAR. 25% OF THE STREET IS SAYING TO HOLD THE STOCK. 17% IS SAYING BUY. EMILY: TD HAS A BUY. I DON'T KNOW. PEOPLE ARE STILL BULLISH. NORAH: MAYBE THEY ARE BUYING THE DIP. TIM: WHAT IS YOUR LAST ONE? EMILY: I HAD NOT HEARD OF IT, BUT THE SHEER MAGNITUDE OF WHAT IS GOING ON. TENX. SHARES PLUMMETED 90% TODAY. THE COMPANY REPORTED THAT ONE OF THEIR BIGGEST DRUGS FAILED TO MEET PRIMARY ENDPOINT OF IMPROVING THE SIX MINUTE WALK DISTANCE VERSUS THE PLACEBO IN A TRIAL. ESSENTIALLY WE SEE THIS HAPPEN WITH A LOT OF BIOFARMA STOCKS BUT THIS IS A REALLY BIG MOVE. NORAH: THE STOCK RIGHT NOW IS TRADING AT $1.38. TO YOUR POINT, I FEEL LIKE WHENEVER THERE IS SOMETHING GOING ON OR YOU NEED TO FIND COMING TO TALK ABOUT, BIOTECH ALWAYS HAS THOSE BIG OUTSIZED MOVES. TIM: VERY VOLATILE. EMILY: IT'S ONLY ABOUT $50 MILLION IN MARKET CAP. TIM: MORE CONVERSATIONS LIKE THIS, CHECK OUT OUR STOCK MOVERS PODCAST. CHECK OUT STOCK MOVERS ON APPLE, SPOTIFY OR ANYWHERE YOU GET YOUR PODCASTS. SPEAKING OF PHARMACEUTICALS, THE PRESIDENT IS MAKING SOME COMMENTS IN THE OVAL OFFICE. HE SAYS THE U.S. VACCINE SCHEDULE HAS TO DO WITH AUTISM. HE ALSO SAYS THE MMR SHOT WILL BE SPLIT INTO THREE. WE WILL BRING YOU ADDITIONAL HEADLINES. IF YOU ARE STICKING WITH US ON RADIO, BLOOMBERG BUSINESSWEEK DAILY CONTINUES. ON TV, THE CLOSE STARTS RIGHT NOW. THIS IS BLOOMBERG.