Good morning, this is bloomberg daybreak europe. I am tom mackenzie. Asian bonds fall extending selling pressure seen in treasuries after a cell of 10 year notes was met with epidemic. China exports return to growth in april while the yen gains after one boj member indicates rates may rise faster than expected. The bank of england is expected to hold rates at their highest levels in 16 years, what will the central bank signal when it will start lowering borrowing costs . We will review the decision. U. S. President joe biden says he will halt additional shipments of offensive weapons to israel if the country proceeds with a grounded division of redchip. Com rafah. Market seem to be looking for direction, market sending flat yesterday way down the by the stories from alphabet and tesla, losses for both of those of megacap tech stories yesterday. The earning story remains in focus, the rates story switches to the boe of today and continuing to tied together the messaging from the fomc members and those within the fed suggesting higher for longer is where we should be on a rates. European futures, the unchanged, the ftse 100 looking to gains of close to point to a 1 . Ftse looking at losses. Nasdaq futures down. 2 of 1 . Megacap tech names disappointed in the session yesterday. Lets look cross asset, the progress on the pound today. If we get a debit sense in terms of the rhetoric from Andrew Bailey and team and a shift on the mpc, that could impact the pound. We watched the open at 8 00 a. M. U. K. Time. Brent close to 84, a little bit of strength coming through for oil. Iron ore in focus as well. One of the major cities, population in china getting the developments curbs edit restrictions around property purchases leading to expectations that could happen across the country and may be more demand for iron ore. We will check in on u. K. Miners as well. Ten year, 450. The 42 billion dollars auction was not well received by markets. Avril hong standing by in singapore. Avril we are looking at china, japan on a day when asian stock benchmarks are mostly well into negative territory. Csi 300 the standout performer, and this again we are seeing is following on from trade numbers out of the asian giant. Exports return to growth that was betterthanexpected, but the import numbers are also worth highlighting, because this gives us a sense that may be demand is coming back in china as the gain was more than markets had anticipated, so csi 300 well in the green, but it was already trading in positive territory. Lets flip the board and take a closer look at why, because hong kong stocks were running ahead. A key to this, chinese tech names as they continued their a defense. There is earnings optimism i of next week. Today we got the likes of meituan getting their price target upgraded by citi, and more importantly is what we are seeing out of the chinese property sector, the toptier city scrapping all of its homebuying curbs, and the idea that tier two cities could follow suit. This could be a big development. You are seeing the gauge of Chinese Developers extending the gains as well. I want to talk you through what we are seeing out of japan as we got comments from boj official sounding hawkish, talking about rate all on the data boj summary of opinions were dropped. There were discussion about rate hikes, to currency traders do not believe the hawker sentiment coming through from these japanese officials, because do not forget, the outcome from the april meeting was a dovish one. The june meeting does look like a live one. Lets flip the board, because where more of a reaction to those comments is coming from his in the jgb soace space, japanese bonds coming under pressure but this is mirroring what we are seeing globally. 10 year moves of about 70 basis points as well. Tom avril hong with the deep dive. We will stay on the bond space and the asian reaction we are seeing a loss the markets today after pressure that came through on treasuries yesterday. Bit of a selloff, attention today turning to the 30 year auction in the u. S. Susan collins warning rates will likely stay higher for longer. There is a significant amount of uncertain around that outlook and data tells me it will take longer than previously thought. Tom lets bring in Mark Cranfield for the details at a reaction to the fed speak at a reaction to these auctions. How was the fed speak likely to be tied to the 30 year auction today, the 10 year yesterday, not particularly well received. Traders would have liked to have more of a dovish outlook from fed speakers overnight. The 30 year on the back of a not particularly good 10 year. You can see yields are backing up in asia today not just because of the fed speakers talking about higher for longer, which is not helping bond traders much. The japanese market is under pressure, and that is significant because if jgb yields are heading higher that will have a global impact, and we are seeing that throughout australia and new zealand. Treasuries unusually soft in asia on the day of an auction, yields are up a couple of basis points in the Treasury Curve even before london starts to come into start trading, so people are nervous about it. They are not going to give you any carrots in terms of really rate cuts, so that does not help people going into the auction later today when they are still sitting on 10 year bonds, which are underwater. There is been no improvement in price. You see the secondary market coming into supported. So we go into the 30 year auction today with the market on the back foot. Not ideal for people to take on a large chunk of longterm bonds. Tom what is your best assessment in terms of the outlook near term for treasuries. It is all about the cpi report. Both times it kicked off a bigtime rising to real said we have not recovered. Just focusing on the 10year yield and treasuries, we had two mega blips in the last couple of months that have both at the cpi reports delivered in the two previous numbers, so if we get another hot cpi number it will be challenging for the bond market, so you can understand why people want to be defensive. And not just from the bond market point of view. The last one triggered dollaryet going through 152 and onto 160. Dollar traders, on traders, everyone is fixated what happens on the cpi report even if it is a benign report. The fed mean several benign reports in a row to be talking about rate cuts. Next weeks cpi is huge, and all of the bond traders know that. Tom cross asset implications of the inflation print out of the u. S. Interests are significant it will be being set up beautifully by Mark Cranfield with a deep dive on the auctions coming through. It would be a challenging day for the 30 year auction. To the bank of england with the central bank is expected to keep Interest Rates on hold at 5. 25 . Governor bailey may give a stronger signal on when banks can lowering Lower Borrowing costs. Lets bring lizzy burden standing outside of their boe. What clues could we get from bailey and team about when monetary easing might start here in the u. K. . Doubt anyone expects the bank of england to be as gracious with their clarity. Some doubt that change the guidance to say the cuts are coming in coming months, but it may be Andrew Bailey follows Christine Lagardes lead and tells us which data points to watch. Before the cuts come as a bit of a hinthint, winkwink if they are coming in june or august, and also watching the vote split whether you have the Deputy Governor joining the cut today. Our recent speech and suggest he has a dovish tilt, and i will also watch the forecast, because if they lower the forecast below the 2 target, it would suggest whacking the finger on the market curve on which the forecast is predicated, but your question will dominate the press conference today, whether the cuts are coming after they start, and if they do not come in june, if they wait for august, it is going to be incredibly difficult when you already have the chancellor jeremy hunt saying rate cuts would be a feelgood factor for voters, and it will be even harder if inflation gets back to target over the summer before they start to cut. Tom how should we be thinking about potential Market Reaction then, lizzie . Markets are currently pricing in the headache i just described, a wait until august. If we get any definitions today from the forecast, the vote split, the press conference then you might see bond traders changing their bets, piling on for cuts in june, and actually you would see a weaker pound potentially end of boost to guilds, but there is been a lot of speculation about we is in european currencies because of a divergence opening the between the european rates and the feds path for rates and the currency we is feeding back into european inflation. Let me put it to you that in the case of the bank of england perhaps that is a red herring, because for the bank of england what matters is your euro sterling, not the pound against the dollar. Most of our trade is with europe despite brexit, and actually if you had Andrew Bailey saying u. K. Inflation story is more like the euro area inflation story perhaps you will find bank of england following the ecb path more closely than the fed and therefore less weakness against the euro, the dollar not bettering too much. Tom lizzy burden outside the bank of england and she will be across the story without the details. The bank of england decision coming at 12 00 p. M. London time. Special coverage of that and the press conference will also be streamed on our youtube page at markets. It later today we will bring you an interview with Andrew Bailey. From Central Banks to individual banks and the story around potential consolidation in spain. Bbva, this is breaking news, now launching an all share offer for sabadell. The offer the came through, they said they would not be able to upgrade it yesterday for sabadel l. Bbva launching an also offer for its spanish counterpart. 2 euros 12 cents per share. One share per each 1. 3. 4. 3 of the equivalent of sabade ll shares. This is an all share offer coming through from sabadell. So we will see with the response will be on the back of this news and be watching the stock price of both of those companies very closely. Potential consolidation in the spanish banking place. Is the ai hype overblown . We put that question to the google deep mind ceo in an exclusive conversation. Ai is overhyped in their shortterm and underestimated in the longterm, and that is probably true with a lot of breakthrough technologies. Tom more from that conversation later this hour. Wayve secures backing from nvidia, microsoft, and softbank and it won a billion pound funding run. I will speak to alex kendall 6 30 this morning. This is bloomberg. Tom welcome back to bloomberg daybreak europe. President biden says he will hold additional shipments of offensive weapons to israel if it goes ahead with the Ground Invasion of rafah. He says the potential loss of civilian life is just wrong. Pres. Biden i made it clear that if they go into rafah, i am not supplying the weapons that have been used historically to deal with rafah, to deal with the cities, to deal with the problem. We will make sure israel is secure and they are able to respond to attacks like came out of the middle east recently. Tom for more on this i am joined by dana in dubai. Pretty forceful, what does it mean in terms of u. S. Support for israel during the war . Is this a pivot moment in terms of that support . It is unusual for the u. S. To pause any shipments to israel. It has not have been sent to the october war on gaza. This is the u. S. For the first time using its leverage against israel and depositing the shipm ent. We saw the u. S. Saying later it would review and may review new term agreements for weapons if israel goes ahead with a full offensive on rafah. They chose specific arms, which is this 2000 pound bomb that has been criticized by humanitarian agencies for its use in the gaza or saying it causes too much collateral damage. This might not impact israels ability to launch an offensive by the distant strong morning by the u. S. To say listen to us, do not go into rafah. Tom what is the latest in terms of developments on the ground in rafah . We saw it israel taking over the rafah border crossing, and this is what prompted a lot of un agencies say this is dangerous, because gaza is in famine and there were warning of fuel shortages. People were moving to an area where israel says it has access to humanitarian aid, and we saw people setting up their own makeshift tents among the ruins of gaza, so the situation is dire and terms of humanitarian aid despite the fact that israel said it reopened and aid is coming. This is the u. S. Saying and that you and agency saying israel needs to do more to allow more humanitarian aid to coming to gaza. Tom ok, dana on the latest and significant comments coming through from the u. S. President. Other stories making the news today, russia has ramped up its attacks on ukraines energy infrastructure, kitting facilities across the country with a barrage of missiles. The largest power producer says three of its thermal power plants were targeted, the fifth time it cites have been attacked in 1. 5 months. Electricity will be rationed for businesses due to those strikes. Plenty more coming up including the latest in terms of xis visit to europe, currently in hungary. This is bloomberg. Tom welcome back to bloomberg daybreak europe. Chinese president xi jinping is made the final stop of his five day European Tour arriving in hungary to an eu member state that has gone all in on economic links with the worlds number two economy. Lets bring in bloombergs depressed she for the latest on the consequences of this visit. Why did the chinese president choose hungary for the last leg of his visit to europe . As you mentioned, while others have been critical especially in the west when it comes to the trade relationship of china, viktor orban has gone all in and has things to show for it. There have been Major Chinese investments, especially in the electronic vehicle, battery plants, recently byd. The chinese ev powerhouse carmaker finance it is setting up its first plant in hungary. For president xi hungary is an eu country, and he is pointing to hungary saying this is what that relationship could look like. Tom what are you going to be watching for, you and the team in terms of building out this economic relationship between hungary and china in the next 12 to 24 hours . Are we expecting more deals to be signed, and will they be of consequence . We shall see if they will be of consequence. Prime minister orban hopes that they will be. More than a dozen agreements are expected to be signed. Hungary is the only eu country with the belt and road initiative. Hungary is looking to expand its participation trying to bring in modernization projects, energy projects, and very importantly hungarys budget is cash strapped, so it is looking to lock in chinese financing for many of these investments. Tom thank you very much indeed, our bureau chief in budapest monitoring president xi jinpings last leg of his European Tour. They need and demand is there certainly. Lets check in on how asian markets are faring, because we have seen the selloff in bonds, treasuries and that has rippled across asian markets as well. That issuance by the u. S. Treasury, 42 billion not well received by u. S. Markets. 30 year today, and Mark Cranfield saying it could be a challenging day again in terms of issuance, and it is having an impact on yields of asian bonds. Across the equity space, flat is the benchmark, a little more optimism when it comes to the trade picture of china. A data suggesting there is more sentiment. In nikkei in japan currently fled. Csi 300, 3660, adding. 8 of 1 , and there have been developments in the Real Estate Market in a city of 800 million. We will be speaking to the cofounder and ceo of wayve, really interesting company. Recently raising one billion pounds in funding from the likes of nvidia, microsoft, and southbank. Massive backers for this u. K. Start up in the autonomous driving space. We bring you that exclusive interview with the google deep mind ceo on the future of ai and ai developed pharmaceuticals. That conversation next. This i tom good morning. This is bloomberg daybreak europe. These are the stories that set your agenda. Extending selling pressure seen in treasuries after tenure notes was met with tepid demand. Chinese exports return to growth. The yen gains after rates may rise faster than expected. The bank of england expected to hold rates at their highest levels in 16 years. What the Central Bank Signals when it starts to Lower Borrowing costs. We preview the decision. A lukewarm revenue forecast. The google deep mine ceo tells me about his hopes for a major ai breakthrough. We are already working on programs. I would be expecting in the next couple of years the first ai design in the clinic. Tom we will bring you more of that interview in the next minute or so. Lets check in and markets. Markets grasping for a catalyst. We heard further fed speak reiterating this higher for longer regime. The inflation print out next week is going to be really consequential. Then the option of the 10 year treasuries yesterday, not particularly well received by the markets. European futures pointing lower. Down 1 10 of 1 . Ftse 100 with an eye on the bielby decision. Its the commodity story thats going to be more important for the ftse 100 today. You can tie that to the china story. S p futures off by 1 10 of 1 after a soggy session yesterday. Losses coming through from tesla and alpha bat. Alphabet. Losses of 2 10 of 1 . We keep an eye on the pound. The yen in focus as well. More yet rhetoric coming through from officials in japan. 124 on the pound right now. We will see the movements if theres much volatility. Yields moved three basis points higher yesterday. 84 on brent. Iron ore, theres the pop for that. Up 2 in the session. The feedthrough to the miners minors later on the ftse 100 will be important. To the tech story. Shares up. Holdings tumbling after a firm based in the u. K. Gave a lukewarm forecast. The chip designer sees sales of 4. 1 billion for the time. Analysts are addicting sales of over 4 billion. The forecast raises concerns that the Tech Industry ai spending spree might be slowing. The arm ceo will speak to my colleagues in the u. S. You can catch that interviewed on Bloomberg Technology at 4 00 u. K. Time. Stay with ai. We bring you an exclusive interview. Google deep mind has released a new version of its also its alphabet tool for biological resource. Ai designed drugs may be ready for testing in the next couple of years. Of course, biology is a dynamic system. All the Emergent Properties of biology and life are due to interactions between different molecules and structures. Thats what its about. A first step in that direction. Understanding this dynamic picture and understanding what proteins interact with and how they interact with those other types of molecules. Not just other proteins but also dna and rna. For the medical world, how significant do you think this could be in the months and years ahead . The holy grail for Drug Discovery is not just knowing the protein structure but also designing drug compounds that get into the protein surface. You want to know where it binds and how strongly it binds in order for you to design the right kind of drug compounds. This is a big step in that direction of predicting protein linking binding and have an interaction will work. Tom given the technology you now have at your fingertips, what is your best guess as to what will be the first ai derived and discovered drug . We announced big partnerships with eli lilly and novartis. We are working on real drug programs. I would be expecting in the next couple of years the first ai designed drugs in the clinic. Tom thats really interesting. I know this is a passion of yours. You oversee this unit. Its a separate business under the bow alphabet family. You have those partnerships. Novartis and eli lilly. Up to 3 billion of revenue. Does alpha fold three get you closer . Yeah. Its a critical part of the tools we have at isomorphic. Theres a lot of different techniques and modules that are needed in order to cover the whole of that very difficult process. Alphafold2 is one small component of that. Moving into things like biochemistry so we can design the right drug compounds. Tom are you under pressure to commercialize these products . What is the potential revenue stream of that . First and foremost, its the most beneficial thing. The number one thing ai can do for humanity, solving hundreds of terrible diseases. I cant imagine a better use case for ai. Thats partly the motivation behind isomorphic and alpha fold and all the work we do in science, to advance society and benefit society in big ways. I also think that if you could revolutionize Drug Discovery process, make it 10 times faster and more efficient, more likely to pass through the clinical trials, that has to be a enormously of commercial value. So i hope to do both. Build a hundred dollar billion hundred billion dollar business. It has the potential as well as being beneficial for society and humanity. Tom speaking exclusively to us. The cofounder of google deep mind. All things ai with alphabet are up to dennis. In the ai space, a u. K. Company reaping the benefits of investor appetite for all things ai. Nvidia joining a one billion pound funding drive for wayve. One of the biggest fundraisers for an ai company in europe. Its been led with softbank. Bill gates is a fan, putting in further funds as well. Founded in 2017. Wayve wants automakers to install technology and the vehicles rather than operating the cars itself. Im joined by the cofounder and ceo. When u. K. Politicians talk about the u. K. Being at the forefront of technology, Companies Like wayve come to mind. Its a massive raise. Presumably it gives you a lot of runway. In terms of the deployment of this capital around this fascinating company, does it go on you build out your own models. I know how intensive that is in terms of cost. The infrastructure. How much of the funding goes towards infrastructure, how much towards the build out of the business . It is super exciting for us as a team because it gives us the capability to invest further in the spaces. Weve been building for seven years now. Being able to turn it into a product for the automotive industry. We will be investing further in increasing the data to be able to train ai. The scale of ambition goes beyond what weve seen from Large Language Models today. We have to train an ai that we trust to physically interact with us in the world. Turning it into broad affiliate building architecture to make this a winning and trusted solution. Tom trust is important. Theres a differentiation between what you do and the competitors out there because your model is based on this ai model. It takes in the input from its outside environment, feeds it into the model. The inputs as well from the driver. Different from some of the other prospects out there. How wide is the mode now that you have versus your competitors . Alex its been a different approach for the last seven years. One thats been contrarian for the rest of the industry. The first generation of these technologies built systems that would largely follow or work within constrained areas following a High Definition map that told them how to operate. What weve built as an embodied ai system. I want to extend the conversation from chatbots and copilots and Search Engines to things like alphafold or embodied ai. Bringing ai into the physical. Thats the big opportunity that we have here. Weve been pioneering this Talk Technology out of london to come up with some of the ideas that can allow it to be robust and trusted in the physical world and ultimately start operating in the automotive industry. Tom you were contrarian. Famously musk as well. You had a conversation with him and he challenged you on this. People are coming around to the system that you put in place including elon musk. In terms of that, are you feeling Competitive Pressure now . Alex ultimately we want to be deploying pressure is a privilege. We are excited to be building it out here. Ultimately, we want to build an ai that can be a platform across the automotive industry. I think the safest system is going to be trained with the data and experience from the largest diversity of experience, all of the automotive brands. We want to see experience across the industry and provide that solution. Tom youve been testing the system since 2018. Give us a timeframe. When do we expect to see these cars deployed on the roads . Alex its coming. We dont want to add to the hype of the iustries. I want to make sure we can focus on building this. Yesterday, i was on a demo drive through central london. Our system can drive with hands off where you have no interaction with the controls of the car, drive through all the complexities of central london, big bend, all of these sites. You know the complexity we have on the road with cyclists, buses cutting in and out, taxis. Tom theres an image problem around autonomous driving. You are at the center of trying to change that. Is that fair to say . Your competitors are using different systems. Do you have to change the branding . The promises have been significant. We havent matched them. You are part of trying to reset that. Alex the benefits are enormous and the world is aligned around those. Improving road safety, freeing up time, improving sustainability of transportation. Tom how do you convince people that these are safe systems . Alex setting the right expectations. The model we are taking about getting the system deployed as driver assistance first. Being able to improve active safety. Being able to reduce the stress. You still monitor the system. Thats the right way to get started to earn trust. The experience of deploying and million of vehicles will allow us to grow the system quickly. I think thats a better model than starting immediately with robotaxis in an unproven way. We want to grow the technology, earn trust, and work with regulators. Tom how much runway does this funding give you . An ipl has to be in the back of your mind. I know its there. Give us a sense as to the listing plans for this business and whether it happen in the u. K. Alex this funding funds our entire Business Plan which is a thrill, to have that. It lets us build out this technology. Tom 12 months . Alex we need to get the product shipped first. Thats what we are focused on right now. We are heads down. When we earn the right to have a conversation around an ipo, we will have that. Alex it will not be the u. K. We are focused on what we are doing. Tom in terms of the data, who opens it . Alex we have commercial arrangements. Theres a wide variety of data. We can train our system on driving experience from the Autonomous Vehicles we work with or the automotive money factor is partner with. Also internet scale data. Dashcam data. This is the amazing thing about ai right now. Its becoming multimodal and able to bring together sources of data across the board to ensure we can build the most intelligent system with the reasoning to deal with the long tail of edge cases you see on the road. Tom whats the potential topline market value of this particular sector . Alex you can read some management quotes that its in the trillions. I believe that. Tom you think this is a trillion dollar market . Alex embodied ai is the next wave. Calculators, technology. Machines that are intelligent, that you can trust, that you can delegate tasks to. This is bringing enormous potential. A taunus driving will be the first example of this because there exists the data to get going. But we will see a whole wealth of different Intelligent Machines that will support our lives. Embodied ai makes it possible. Tom thank you very much. Fascinating company and story as well. Generated here in the u. K. We continue to monitor that on you. For you. Cofounder and ceo of wayve. The banking space of spain. There was an offer that dropped 44 minutes ago. Summerdale deal to be eps created after one year. Bbva seeing a 0. 85 billion synergy story over three years in the deal. I will bring you the top lines that crossed at the start. Around six 12 u. K. Time. All share offer. We are waiting for the response to this. Theres been too and fro between the companies. This could be the first significant consolidation in spain that weve seen in a while. Again, they see the deal potentially accretive after one year. We continue to monitor the story for you of course throughout the next few hours. Coming up, the bank of england decides, will todays announcement be the last told before a cut . We discussed that with jackie bow. What to watch for from the statement and what we hear from the boe governor as well. We will be sitting down with him. Stay with us. This is bloomberg. Tom welcome back to bloomberg daybreak europe. Markets are expecting the boe to keep rate cuts at their highest level in 16 years when it announces its policy decision today. The language and statement will be in focus. Maybe a dovish tilt. Jackie dowie joins us now for the details in terms of setting us up with a great preview. What is the expectation from you . What will you be zeroing in on . Do you expect that dovish tilt . Jackie if we look back to the last bank of england meeting, it was an important one. Only one rate cut. Theres definitely more expectation that we may get one or two members of the mpc voting for a cut this time. Important to point out that only a few meetings ago, we had a three week split in the mpc with still some voting for the rate increase. There has been quite a big shift towards the hold and the cut. Looking at the vote, secondly looking at the forecast for growth, they been clear that they are data dependent, not going to cut Interest Rates until inflation is firmly headed towards the target. Looking at revisions for growth, gdp slightly stronger in q1. So its maybe got some new information to help make that decision today. Tom as things stand, what is your view in terms of when they cut and what the sequencing will look like . Jackie yeah. It still looks like the first cut could come in june. But weve got to remember how much this market has shifted from the end of last year across all hundred banks Central Banks. The Market Pricing and rate cuts across. Whats happened is the extent of the cut is being reduced. The timing getting pushed out and pushed out. It definitely feels like theres one coming. Could be june or it could be after the summer. Seeing the peripheral european markets already starting to cut Interest Rates with sweden yesterday. Tom do those moves give cover to some extent to the boe to diverge from the fed . Jackie theres been a story that the fed was going to beat the rate cut. Then the other markets would follow. I think we are firmly in this position where those markets will move Interest Rates according to their own situations. I think the cut in sweden yesterday was interesting. The case for rate cuts is very strong there because the economy is very weak. Inflation is in better shape than it is in the rest of europe. Of any clear direction that the rate cut will was the right thing to do. Not looking to be led by the fed at all. Tom on the inflation story, what could derail the progress thats been made in u. K. Inflation . What are the risks to the inflation story for the u. K. . Jackie generally, it came around because of external factors. Energy prices. We dont need to repeat all of that. It stayed sticky because it became very much embedded in the u. K. Wage inflation. And that embedded in the services sector. We need to see inflation. What will derail it would be another external shock. Given everything thats going on geopolitically, you are watching very closely whats happening there and what the impact will be on the energy markets. Hard to predict what that is. Generally, pay really close attention to when they expect inflation to hit that 2 target. We might see a slight improvement for that. Tom really interesting. The focus on the inflation forecast from the boe, setting us nicely with a detailed preview there. Thank you very much. The bank of englands decision comes at 12 00 p. M. London time. Bloomberg tv viewers will see special coverage of that answer press conference. Later today, we will bring you an interview with the boe governor Andrew Bailey. Stay with us. Plenty more coming up. This is bloomberg. Tom welcome back. Happy thursday. Lets take you through the big tech stories that evolved overnight. Read its first earnings since the ipo did not disappoint. Revenue jumping 50 . The gains coming through from reddit. Advertising sales doing well as well. A look at intel. Additional restrictions coming through from the Biden Administration in terms of the sale of chips to huawei. More consequential was the forecast. Slightly softer in terms of the Second Quarter for intel and that led to downside for that stock. U. K. Based u. S. Listed arm. Is this the canary in the coal mine in terms of softness and cooling in terms of the spending around ai . Maybe we get more detail from the ceo coming later. There was pressure on that stock after the forecast disappointed investors. It fell around 9 . This is the company that provides the blueprints and licensing for the chips that go into 90 of the worlds smartphones, trying to pivot toward the ai story. Later, we speak to a ceo who will be talking to my colleagues ed ludlow and caroline hyde. Thats part of our special coverage at the bluebird technology summit, 4 00 p. M. U. K. Time. Up next, a deep dive into markets. A big day for the boe. 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