Donald Trump has already changed the way we think about the US economy. Now he's back in the White

House and Bloomberg's Trumponomics podcast is here to help. I'm Stephanie Flanders, head of

government and economics at Bloomberg. Whatever the big question of the week is, we'll have something

interesting to tell you about it in a lively conversation with the reporters and analysts closest to the action.

Listen to new episodes every Wednesday and follow Trumponomics on Apple Podcasts, Spotify, or wherever you listen.

From the heart of where innovation, money and power collide in Silicon Valley and beyond, this is Bloomberg Technology

with Caroline Hyde and Ed Ludlow.

Live from New York, I'm Caroline Hyde.

And I'm Jackie DeVallis in San Francisco.

This is Bloomberg Technology.

Coming up, arms shares are down after a conservative forecast.

We get the CEO's take on the strength of smartphone and AI demand.

Plus, Roblox shares slump after users and engagement slide.

We dissect the worst sell-off since May.

And the CEO Vanguard joins to discuss the company's record fee cuts for dozens of mutual funds

and ETS.

But first, we look at these broader markets right now.

We're wobbling around gains and losses on the NASDAQ 100 more broadly.

Muted, we're up just about a tenth of a percent. There are some big moves when you look underneath

the Hodeinvidia on a points upside here. On the downside, we're a little bit anxious about Tesla.

We'll get into that later. But move on to see what the individual moves are from an earnings perspective. Qualcomm off by 4.8%. One of the biggest points drags to the downside.

Look, they manage to beat in terms of earnings. They beat in terms of forecast. But the outlook for the

...