Episode summary
Progressive El-Sayed Projected to Win Primary; Houthi Threat amid Hormuz Talks | Bloomberg...
Bloomberg Daybreak: US Edition
· · Guests: Abdul El-Sayed, Haley Stevens, Mike Rogers, Yahya Saree, Elon Musk
Summary
Abdul El-Sayed was projected to edge Haley Stevens in Michigan’s Democratic Senate primary, a result the host and the guest framed as another sign of pressure on the party’s establishment wing. The guest said the race reflects a broader shift toward insurgent candidates, though she argued Michigan remains winnable for a progressive if he can make a convincing case to a swing-state electorate focused on affordability and skepticism toward Donald Trump.
The show also focused on the latest Iran-related market move. Oil prices turned higher after the Houthis threatened attacks on Saudi vessels in the northern Red Sea, even as talks over a possible interim arrangement on the Strait of Hormuz appeared to be advancing. The host said Qatar had drafted proposal language, while the guest described a possible 60-day opening that could allow limited shipping and potentially ease pressure on gas prices.
Later, the hosts turned to SpaceX, where shares fell after the company reported heavier-than-expected AI spending. The guest said the market is reacting to the company’s cash burn and the question of how SpaceX will fund its ambitions, even as Elon Musk projected a path to $100 billion in annual revenue and ultimately $1 trillion in revenue by 2030.
Key takeaways
- The host said Abdul El-Sayed was projected to defeat Haley Stevens in Michigan, reinforcing the party’s internal split between establishment and insurgent Democrats.
- The guest said Michigan still gives a progressive a path to win in November if he can persuade voters on affordability and competence.
- Oil rose after a Houthi spokesperson threatened attacks on Saudi vessels, offsetting optimism around a possible Strait of Hormuz agreement.
- The guest said a 60-day shipping arrangement could be prepared, but warned the deal is not finalized and still faces uncertainty.
- SpaceX shares fell as the company’s $18.4 billion quarter included heavy AI capex, and the guest said investors are focused on whether that spending is sustainable.
Notable quotes
“We all knew they were going to spend their money. We didn't know they were going to spend $70 million of their money”
“it would be the biggest win in a progressive wave for Democrats that started in New York and stretched as far as Colorado”
“I think it'd be very smart to make a deal. We'll see what happens. Uh they had a very good day. The negotiations were good”
“SpaceX spent a staggering $18.4 billion in the quarter and the vast majority of that 86% was on AI infrastructure”
“I think um they would be happy with the three divisions um second quarterly sales data but of course as you mentioned it's all about the cash burn levels”
How the episode opens
Bloomberg Audio Studios podcasts, radio news. — Good morning. I'm Nathan Hager — And I'm Karen Moscow. Here are the stories we're following today.
Karen will have the latest on progress toward an Iran deal in a moment, but we begin this morning with politics in this country. Voters headed to the polls for primary elections in five states. The race to watch is in Michigan where a hardfought Senate race could signal the direction of the Democratic party.
With 94% of votes counted, NBC News is projecting progressive Abdul Elsad will defeat establishmentbacked Congresswoman Haley Stevens 48.7 to 47.3%. Now, the Associated Press has yet to call this race, and Elsa told his supporters last night he knew it was going to be tight.
We all knew they were going to spend their money. We didn't know they were going to spend $70 million of their money. We didn't know that they were going to outspend us $11 to $1. And yet we're still standing.
Now, if Abdul al-Saied's lead holds, it would be the biggest win in a progressive wave for Democrats that started in New York and stretched as far as Colorado. The winner in Michigan will face former Republican Congressman Mike Rogers in a state that President Trump carried in two of the last three elections. Well, Nathan, Democrats are also focusing in on Virginia and their quest to take control of the House in November.
Voters there went with establishment candidates in two districts that the party hopes to flip in November. In the first district, Richmond era prosecutor Shannon Taylor won the Democratic primary with 53% of the vote. She'll face longtime Republican incumbent Rob Widman.
And in the militaryheavy second district, it'll be a rematch between a Democratic former Congresswoman Elaine Lauria and the Republican who ousted her in 2022, Jen Kiggins.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- michigan democratic senate primary
- us senate general election
- houthi attacks shipping
- strait of hormuz talks
- spacex ai spending
Companies and tickers mentioned
- SpaceX
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Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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