Episode summary
Senate Reverses Course on Iran; Micron Soars on Forecast | Bloomberg Daybreak: US Edition
Bloomberg Daybreak: US Edition
· · 17 min
Summary
Senate Republicans briefly broke with the White House over the war with Iran, then reversed course after a tense closed-door lunch with President Trump. The host and a guest described the meeting as a shouting match centered on the Senate’s war powers vote, with Senator Bill Cassidy defending his support for the measure and later saying he had lost his temper. Senator Rand Paul also changed his vote, saying he wanted to give peace talks a chance, while the guest said Republican leadership appeared to fall back in line with the president’s wishes.
The president used a rally on the National Mall to argue that the Iran conflict had improved America’s position and would push oil prices and inflation lower. The guest said the White House still faces lingering questions about the negotiations, including the future of the Hormuz arrangement and whether more details will be shared with senators.
Markets were focused on a sharp rebound in chip stocks after Micron’s forecast topped estimates. The company projected roughly $50 billion in fiscal fourth-quarter revenue and about $31 a share in profit, helping fuel a jump in Nasdaq futures. Separately, the European Union approved its trade deal with the US, and major US banks passed the Fed stress test, clearing the way for bigger payouts.
Key takeaways
- The host and a guest said the Senate’s war powers fight over Iran became a shouting match with President Trump before Republicans reversed course.
- Senator Bill Cassidy said he had lost his temper, while Senator Rand Paul said he voted present to give peace talks a chance.
- The guest said concerns about the Iran negotiations are not fully resolved, especially around the future of the Hormuz arrangement and congressional briefings.
- Micron’s forecast for about $50 billion in fiscal fourth-quarter revenue and about $31 a share sent chip stocks sharply higher.
- The European Union approved its US trade deal, and the biggest US banks cleared the Fed stress test and lifted dividends and buybacks.
Notable quotes
“I think we had a really great meeting and we're very proud of the party. We like our leader. We like everybody really in the room”
“The way Cassidy described it is is Trump asked who could possibly have voted for this thing and Cassidy said, "Do you want you know the real answer”
“I lost my temper. That's not appropriate. It's the Irish”
“The street is start going to get more comfortable at growth rates for the hyperscalers and the broader capex of 40% plus”
“For the first time in 3,000 years, we are finally going to have peace in the Middle East”
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, we begin with tensions flaring on Capitol Hill between President Trump and Senate Republicans. President went into lunch with members of his own party upset over a vote in the Senate rebuking his war with Iran. The president refused to sign a bipartisan housing bill that Congress had just passed ahead of the meeting. Afterward, the president put a positive spin on it.
I think we had a really great meeting and we're very proud of the party. We like our leader. We like everybody really in the room. I don't like a few people, but that's okay. I think you know who they are.
Now, President Trump spoke to reporters on Capitol Hill after the lunch. Bloomberg's Steven Dennis reports Republican Senator Bill Cassidy drew the president's anger for voting for the war powers resolution.
The way Cassidy described it is is Trump asked who could possibly have voted for this thing and Cassidy said, "Do you want you know the real answer? And and Trump said yes. And he said, "Well, you know, we haven't been briefed.
You said this war was going to last 4 weeks. It's lasted 4 months. None of your original aims have been met.
Bloomberg Steven Dennis reports Senator Cassidy got a White House briefing on Iran after the lunch from Vice President JD Vance. By the end of the day, Cassidy said he shouldn't have lost his cool.
I lost my temper. That's not appropriate. It's the Irish. — Last night, Senator Cassidy and fellow Republican Ran Paul reversed their votes and rejected a separate war powers resolution. Paul posted on X that he voted present to give the president more space and leverage to negotiate a lasting peace.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- senate iran resolution
- us iran negotiations
- micron earnings forecast
- ai memory chip demand
- eu us trade deal tariffs
Companies and tickers mentioned
- MU
- Micron Technology
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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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