Trump Tells Iran Time Running Out & AI in Focus for Tech Earnings | Daybreak Europe 1/29/2026

Watch on YouTube ↗  |  January 29, 2026 at 08:25  |  46:56  |  Bloomberg Markets
Speakers
Tom Mackenzie — Anchor, Bloomberg
Danny Lee — Seoul Bureau Chief, Bloomberg
Morten Wierod — CEO, ABB
Jensen Huang — CEO, NVIDIA
David Merritt — Executive Editor, Bloomberg
James Von Moltke — CFO, Deutsche Bank
Lizzy Burden — Crypto Reporter, Bloomberg News
Elon Musk — CEO, Tesla / SpaceX / xAI

Summary

Bloomberg Daybreak Europe covers a Fed hold with two dissents, record highs in gold, silver and copper, and a heavy earnings day. AI capex and cloud growth divergences drove opposite reactions in Meta and Microsoft, while Tesla outlined a $20 billion AI and robotics investment plan. Deutsche Bank, SAP, Nokia, IBM and ABB reported, and Jensen Huang expressed hope for H200 sales to China. The show also discussed China property weakness and European allocation trends.

  • Fed held rates; Waller and Miran dissented.
  • Gold, silver and copper hit record highs amid debasement and dollar weakness.
  • Meta rose on strong ads while Microsoft fell on cloud growth versus capex concerns.
  • Tesla announced $20 billion AI/robotics capex and plans to streamline models.
  • Deutsche Bank, SAP, Nokia, IBM and ABB reported earnings; SAP announced a buyback.
  • Jensen Huang hopes China approves NVIDIA H200 sales.
  • ABB CEO flagged continued China property weakness.
  • Deutsche Bank CFO noted clients hedging dollar exposure and seeking value outside the U.S.
Ideas
David Merritt Executive Editor, Bloomberg 8:03
Debasement supports metals but frothy.
A large part of the record metals rally is a debasement trade as investors diversify away from the U.S. dollar and pile into real assets because other major currencies are not attractive. Precious metals also benefit from uncertainty and risk aversion, but the pace of gains is frothy and may be an endgame.
GLD SILVER COPPER MED
Tom Mackenzie Anchor, Bloomberg 12:03
Cloud growth lags capex, avoid Microsoft.
Microsoft's cloud business is growing around 30%, but its spending commitments and capex are up 66%, and that divergence between cloud growth and capex is causing investors to avoid the stock. The cloud business is growing but not as fast as many hoped while commitments are being extended.
MSFT HIGH
Tom Mackenzie Anchor, Bloomberg 12:38
Strong ads fund Meta's AI capex.
Meta's core advertising business is firing on all cylinders and AI is helping accelerate advertising, so the profitable core can fund heavy capex of potentially up to $135 billion this year. That makes the capex spend more digestible than Microsoft's.
META HIGH
Tom Mackenzie Anchor, Bloomberg 13:21
iPhone 17, China recovery aid Apple.
Apple's iPhone 17 demand could drive a record quarter around $140 billion in revenue, China is turning around, and the Gemini deal for Siri could bring the AI story to the forefront. However, rising component and memory-chip costs create pricing risk.
AAPL MED
James Von Moltke CFO, Deutsche Bank 26:04
Europe attracts value-seeking global allocations.
The Deutsche Bank CFO says clients are hedging U.S. dollar exposure and seeking value outside the U.S. through valuation differentials, while not abandoning U.S. investments. He says DB is positioning as a gateway to European investment opportunities and financing needs in AI, defense, infrastructure, and digital transition.
VGK MED
Danny Lee Seoul Bureau Chief, Bloomberg 30:58
Tesla pivots to AI/robotics valuation.
Tesla is accelerating capex and vertically integrating into AI, robotics, and semiconductor manufacturing, with a $20 billion investment plan. The traditional car business is weak and losing to Chinese competition, but the pivot is meant to support an elevated AI/robotics valuation.
TSLA MED
Morten Wierod CEO, ABB 34:46
ABB benefits from automation, data centers.
ABB delivered a record year with strong revenue growth, record profitability, and more than 30% fourth-quarter order growth. Management is confident about 2026 because automation and electrification demand, including data centers, is accelerating globally, with data centers a strong growth driver even though they are less than 10% of the company.
ABB HIGH
Morten Wierod CEO, ABB 41:07
China property weakness persists two years.
ABB's CEO says China's building and construction market will remain quiet in 2026 and likely for another one to two years, with too many empty buildings and residential weakness already at very low levels.
China property sector MED
Jensen Huang CEO, NVIDIA 43:03
H200 China approval could boost NVIDIA.
Jensen Huang is optimistic that Beijing will allow NVIDIA to sell H200 chips to Chinese customers. He says a favorable decision would be good for U.S. technology leadership and the Chinese market, and customers want the H200.
NVDA MED
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This Bloomberg Markets video, published January 29, 2026, features David Merritt, Tom Mackenzie, James Von Moltke, Danny Lee, Morten Wierod, Jensen Huang discussing GLD, SILVER, COPPER, MSFT, META, AAPL, VGK, TSLA, ABB, China property sector, NVDA. 9 trade ideas extracted by AI with direction and confidence scoring.

Speakers: David Merritt, Tom Mackenzie, James Von Moltke, Danny Lee, Morten Wierod, Jensen Huang  · Tickers: GLD, SILVER, COPPER, MSFT, META, AAPL, VGK, TSLA, ABB, China property sector, NVDA