katie: the s&p 500 unchanged. the centerpiece of the week is coming up tomorrow. you are seeing a bit of a rally. two years yields down by three basis points.

look at the 10 year. down two points. adam celeb ski is stepping down. aws account for most of amazon's profit and the new ceo is that the units top sales and marketing executive ventures of oracle are rising after information was reported x ai has been talking to oracle executives about spending $10 billion to run cloud servers from the company. at the deal would make x i -- x ai one of oracle's largest customers. let's bring in ed ludlow.

let's start with aws and changes in the c-suite. what we know about matt garman? ed: matt garvin is a long time or at aws. he started in 2005, full-time in 2006. he went from being a product guy in the early days of aws, particularly on the compute side. andy jaffe task tim moore with demand on the lead generation side, being vice president for sales and marketing around the world. selipsky stepping down as a bit of a surprise but he leaves aws and a pretty rude health. the annual revenue run rate is starting to show signs they are starting to make money, sales from generative ai. we are still trying to work out if this means a change at all in strategy. katie: that's the big question. garman is no stranger to amazon

or aws. starting as an intern in 2005. here we are. now he is running it. ed: yes. look, andy jassy already put his stamp on aws. when jeff bezos stood down as ceo of amazon and andy jassy took the helm he had been at the head of aws. adam selipsky was at the head of tableau and andy jassy ask him to come back in the pandemic. i don't think there is any sense matt garman will discontinue aws's position as the important bottom line driver for that. katie: now let's turn to president biden delivering remarks on policies to boost u.s. jobs. pres. biden: i assume you are standing in case you have to run when the rain starts.

have a seat. thank you for all you do to fight for american steelworkers. i mean that sincerely and i want to recognize all labor unions here today. steelworkers, autoworkers, sheet metal workers, ibew, communication workers, boilermakers, machinists. i am proud. you heard me say it before, wall street is important. a lot of good folks are there, but they do not build america. the middle-class built america and unions built the middle class. leaders from key american industries are here including steel, aluminum, solar, semiconductors, automakers. members of my cabinet are here. janet yellen. treasury department, julie sue, our treasurer of labor, katherine tai, our national trade representative and upstanding members of congress as well. from michigan debbie stabenow is here, to become a welcome.

and haley stephens is here. no -- there you are. they told me you might not make it, i'm sorry. all right. and congresswoman debby dingell. smile, debby, it's ok. you are responsible for a lot of this. thank you for joining us. i will announce a series of actions. to make sure that american workers and american business corporations can compete and win in that industries of the future. that is what it is about. the fact is, american workers can outwork and outcompete anyone as long as the competition is fair. for too long it has not been fair. for gives the chinese government paid state money into chinese companies across a number of industries, steel, aluminum, semiconductors, electric vehicles, solar panels. the industries of the future and even critical health equipment like gloves and masks.

china heavily subsidized all these products. pushing chinese companies to produce far more and dumping excess products out of the market at unfairly low prices, driving other manufacturers around the world out of business. i won't go into it. but, we were talking today about how many aluminum plants there used toi won't go into it. be. the price is unfairly low because chinese companies don't need because the chinese government subsidizes them heavily. the chinese rely on other anticompetitive tactics as well. like forcing american companies to transfer technology to do business in china. i have spent a lot of time with xi jinping and early on i told him. he said, are you being unfair with china? i said, we will play by the same rules. if you want to do business in china you need 51% chinese ownership and provide access to all your intellectual property, etc.. do you want to do that in america?

there was silence. sometimes they steal through the cyber espionage or other means. it has been well-documented and internationally recognized. when you have tactics like these, you are not competing. that's not competition. that is cheating. we have seen damage here in america. one example. pennsylvania, ohio lost their jobs. i won't let that happen again. today i am announcing you -- new tariffs in key sectors of the economy to ensure our workers are held back by unfair trade practices including what i am announcing today, a 20 5% tariff on chinese steel and aluminum products. we will counter chinese overcapacity in these industries. we are making major investments in clean america steel and

aluminum. clean american steel and aluminum. it is a big deal. clean because of the way we manufacture. compete fairly. 25% tariff on electric vehicle batteries from china. a 25% tariff on critical minerals that make those batteries. folks, look. i am determined that the future of electric vehicles be made in america by union workers.

we will do that by following international trade laws. american companies are invested in tens of billions of dollars in electric vehicle batteries. my bipartisan infrastructure law is building a network of 500,000 charging stations across america creating thousands and thousands of jobs across america. the reason is simple. electric charging stations have to be as easy to find as a gas station. that is what this will be. you won't have to worry about not being able to make it all the way across the country without having to figure something else out. my partners around the world are making similar investments. they want a supply for invoke -- electric vehicles not dominated by unfair trade practices from china. america can bite any kind of car they want whether it is gas, electric, or hybrid. we will never allow china to

unfairly control the market for these cars. we will raise tariffs on chinese solar panels from 25%-50%. again because the chinese government is subsidizing excess capacity and flooding the market. they are driving manufacturing companies out of business in europe and we won't let that happen here in america. we are putting a 50% tariff on semiconductors made in china. those are those little tiny computer chips, smaller than a fingertip. they power our everyday lives. everything from smart phones, automobiles, dishwashers, satellites. america invented these chips but over time we stopped making them and then vested overseas. -- and invested over c3 it now thanks to my chips and science act, we are bringing the vital industry back home to where it started in the united states of america.

[applause] . finally we are putting tariffs on health equipment like masks and gloves that nurses and doctors wear every day. the pandemic taught us we need a secure supply of essential supplies at home. folks, these key sectors of my administration are combining investments in america with tariffs that are strategic and targeted. it is a smart approach. compare that to what the prior administration did. my predecessor promised to increase american exports and boost american manufacturing but he did neither. he failed and signed a trade deal with china. they are supposed to buy $200 billion more in american goods. instead chinese imports from america barely budged. now donald trump and republicans want across tariffs on all imports from all countries if reelected. that would drive up the cost for families on an average of $1500 per year each year. he simply does not get it.

for years i heard many republicans and even democratic friends say china is not on the rise. china is on the rise. america is falling behind. i have always believed they got it wrong. america is rising. we have the best economy in the world. since i have come to office our gdp is up in our trade deficit with china is at the lowest level in a decade and we are standing up to unfair practices. we are standing up for peace and stability across the taiwan strait. i revitalized our partnership with our pacific allies. in india, australia, japan, south korea, the philippines, pacific island nations. i made sure the mast -- the most advanced american technologies we invent cannot be used by the chinese government to undermine national security. frankly before it rains, friendly, for all this tough talk on china, it never occurred

to my predecessor to do any of that. i want bottom -- i want fair competition with china, not conflict and we are in position to win the competition for the 21st century against china or anyone else because we are investing in america again, in american workers. let me close with this. i come from scranton, a town like a lot of working middle-class neighbors across america. once a manufacturing boom until trickle-down economic came along in the middle class was hollowed out. six years ago my predecessor showed up with a golden shovel saying that there would be a new manufacturing complex built in racing that would be the eighth wonder of the world. that big promise never came true . he used his golden shovel to dig a hole and then fell into it. i am delivering for racing. thanks to the investment of my administration, microsoft is investing millions to build a new data center in racine.

the view from towns like scranton is different than mar-a-lago. everybody is entitled to dignity and respect and deserves a fair shot. we lived nobody behind me that is the america we are building together. i am going fast because of the rain. you have to remember who we are. we are the united states of america. there is nothing, nothing beyond our capacity. god bless you all. you better get out of the rain. thank you very much. katie keller that was president biden announcing new tariffs on imports of chinese goods. president biden saying chinese exports of u.s. goods barely budged under the trade deal and he wants fair competition with china, not conflict.

let's bring in kailey leinz for more details. it is an election year. you could feel that listening to his speech. kailey: it is just as much about domestic politics as a geo-economics. on the one hand, yes, as the president said, he wants fair competition with china, not looking for conflict. he says the u.s. is in a stronger position to compete with china if they invest in american workers and that is where the real politics comes in. he led them are marked as saying he is the most prounion president in american history, something he has said repeatedly throughout this campaign cycle, attempting to seek reelection and be voted for a second term in the oval office come november. he is focused on american workers and american manufacturers making things like electric vehicles or batteries, solar cells, steel and aluminum. really aimed at the union vote. he says essentially what china has been doing with its trade

practices is holding americans back. he said american workers can outwork and outcompete anyone as long as the competition is fair. he says essentially write out what china is doing is unfair and not competition, but cheating. katie: it is interesting thinking about this being an election year, comparing what we heard from president biden just now to what a potential president trump, another round for president trump, what that could look like in terms of china policies. how did stack up? kailey: we have seen the biden administration take a more nuanced, targeted approach. yes there are some massive increases in tariffs happening today under the proposal including on electric vehicles going all the way to 102.5% on chinese ev, larger than the 60% tariff donald trump said it would be in place, but that's for all goods coming out of china, not what the biden doing here. you heard the president speaking

there to perhaps lie. he noted how donald trump's tariff plan would drive up costs for americans. the idea that this could be inflationary. that is the other thing the administration is trying to straddle. trying to protect american workers and make sure more products are made at home while also making sure the products that need to be purchased aren't too expensive for americans. of course, if there is higher cost paid by importers a lot is passed onto the consumer. if you set the tariff rate too high that could end up with higher ticket prices when people are going out to purchase things unserved or damage president biden as he is trying to win against rump in november. katie: difficult needles to thread when it comes to the geopolitical and economic side as well. thank you kailey leinz. coming up, meme stock mania returns with imc capitalizing on the moment. gamestop, the stock of the hour, is next. this is bloomberg.

>> it is a side game, really. it's a completely different animal from what 99% of the investing community is actually trying to do. it's not unhealthy and it is not healthy. it's really just a completely

different animal. from our side, we cannot really take any takeaways from something that is completely different from what we are trying to do as investors. it is what it is. >> it is what it is. that was jeremy pryde from gradient investment speaking to me earlier today about an intense rally in meme stocks this week. that leads to our stock of the hour, amc. shares are surging as the meme era potentially returns. it could be an opportunity for the company to shore up finances. bloomberg's bailey lipschultz covers basically everything including meme stocks and ipo's and spac's and everything else. let's talk meme stocks. i want to talk about gamestop. but let's start with imc. ansi seemingly taking advantage of the moment with about $250

million of new equity capital being raised in and at the money offering. walk us through this. it is not brand-new. bailey: exactly. step back. this company has a struggle with finances. it has a $4.5 billion debt load. it has near-term debt it needs to service. it goes back to the whole preferred shares. it is finding ways to raise more cash. a market offering is one way to do that. they unveiled in march 250 million dollars. basically, you create shares, your bankers create shares and sell them to the market. they sold through the beginning of may. with yesterday's trading and trading over the last few days they were able to finish off and top up the remaining 120 $5 million. $250 million does not get you anywhere near the 4.5 billion other figure. that is why the stock is still down 97% from the all-time high. katie: good perspective.

even though this was announced in march, it feels like they got lucky. bailey: other companies getting caught in the short squeeze as have atm's on the shot -- the sidelines are probably: baker saying we need to get c-shares out the door. that is interesting comparing amc to gamestop for even going all the way back to bed, bath & beyond, gamestop does not have debt relative to what amc or bed, bath & beyond or a number of other companies had. that is something to keep an eye on. amc is, likely at least from a fundamental standpoint, do need to do this again. so the question is, but without harming be like? katie: back to gamestop, you look at their balance sheet and they don't have the debt load that amc has. that in mind, would it be surprising for them to try to take advantage in the same way and sell shares? >> the sell side analysts i talked to on the record and on background happily point out the

fact that any time you're shares are trading higher you should probably raise cash. this company does have a good backlog of cash. they have ryan cohen and management members at the team able to put cash to work however they see fit. that is hotly debated. looking at the financial structure of gamestop, talking to investors, they have cash to continue operating. even though they are losing money broadly they can continue to keep going compared to a company like anc that has to service that debt. katie: let's talk about price action. gamestop has been bananas this week. you know that better than anyone. is it a short squeeze? do we know that is what is driving it? >> nowhere near the magnitude of 2021. call it 25% of shares available in game stock sold short. 100 40% was at that number in january. we don't see the call auction volume we saw in january.

it is a very different rally. that is why it was interesting to see the stock up 150% in premarket trading. retail traders are typically closed off from trading outside normal market hours and there are underlying things that play that early in the morning, whether it is momentum traders or others that could be getting in and out of the stock. it is still up 37% today with 130 million shares traded, breathtaking. >> that's a staggering amount. when it comes to the premarket trading, that's not really the retail crowd that would be playing at those hours. we were both up watching it. there you go. we have seen a spread that started with gamestop but has moved to amc. who is on the watchlist when it comes to other meme stocks? >> this is where we get into a debate on our desk. what we call a meme stock? i called these two companies meme stocks because it started with a meme.

there are a lot of heavily shorted stocks. bed, bath & beyond comes to mind. a number of eb makers have been shares rally but i would not call them meme stocks. investors, even looking at energy renewable names in the solar spaces that have staged massive rallies of the last couple days, high-speed interest could be wall street buying it but it is not necessarily tickers being spread on a read or stock twist. that is making it different than a typical meme stock. >> deep philosophical discussions. what is a meme stock? i am sure it will continue to be redefined. thank you bailey lipschultz for what is going on with gamestop, amc, you name it. the s&p 500 is unchanged. take a look at the nasdaq 100. still a very quiet day over all. we heard from jerome powell this morning saying you need to be

patient. it's not really showing up anywhere in the markets right now. that does it for bloomberg markets. i'm katie greifeld. this is bloomberg.

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