# October 22, 2026: Tech Selloff Deepens, SpaceX Eyes Access to 80,000 Cell Sites, More

An episode of [Bloomberg News Now](https://invisiblenetwork.ai/podcast/1701403307), 23 Oct 2026, 7:13.

Audio: https://podtrac.com/pts/redirect.mp3/tracking.swap.fm/track/UVBrz8bN8aM2Xe47PEPu/traffic.omny.fm/d/clips/e73c998e-6e60-432f-8610-ae210140c5b1/d9566f78-0464-4367-9dcc-b05700aeec6f/2bc0f5d4-f230-42bb-891b-b4ec00388513/audio.mp3?utm_source=Podcast&in_playlist=7f880b3c-7f67-4b4b-b520-b05700af9172

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## Transcript

[0:01] Speaker 1: News when you want it with Bloomberg News Now. I'm
[0:03] Speaker 1: Doug Krisner. We're seeing losses right now across the Asia-Pacific
[0:07] Speaker 1: in a number of the key equity markets. After a
[0:10] Speaker 1: rout in U.S. stocks on Thursday, the market reevaluating the
[0:15] Speaker 1: trade in artificial intelligence, the declines were most pronounced among chipmakers.
[0:20] Speaker 1: The Philadelphia Semiconductor Index slid 6.7%. Shares in the chipmaking
[0:25] Speaker 1: equipment supplier Lam Research fell by more than 11%. The
[0:29] Speaker 1: company is expecting revenue from China to decline significantly in
[0:34] Speaker 1: the current quarter. Away from the semis, shares in meta
[0:37] Speaker 1: platforms dropped 7% after the company forecast a jump in
[0:41] Speaker 1: AI capital expenditures. Here's Nancy Tengler from Laffer Tengler Investments.
[0:46] Speaker 2: You're damned if you do and damned if you don't
[0:48] Speaker 2: on CapEx spending. So I think as an investor, I
[0:51] Speaker 2: have to step back and say, what's the reason? Are
[0:55] Speaker 2: they making the right decision for the long term and
[0:58] Speaker 2: Have they been able to monetize? Will they be able
[1:00] Speaker 2: to monetize the spend? And we're seeing a number of
[1:02] Speaker 2: the companies that started last quarter being able to monetize
[1:06] Speaker 2: their AI spend.
[1:08] Speaker 1: Nancy Tengler there from Laffer Tengler Investments. Havens were in
[1:12] Speaker 1: high demand, especially U.S. Treasuries. Prices rallied, sending yields down
[1:17] Speaker 1: right across the curve. At the long end, the 10-year
[1:19] Speaker 1: fell 16 basis points to 4.95%, falling below 5% for
[1:21] Speaker 1: the first time in a month. The two-year also fell
[1:28] Speaker 1: 16 basis points to 4.63%. A jump in crude oil
[1:32] Speaker 1: seemed to take a back seat. The New York Times
[1:35] Speaker 1: reported on the U.S. and Israel drawing up plans for
[1:38] Speaker 1: renewed strikes on Iran after the midterm elections. On Wednesday,
[1:42] Speaker 1: the U.S. ordered some diplomats and their families out of
[1:45] Speaker 1: Saudi Arabia because of the threat from Houthi militants. Meantime,
[1:49] Speaker 1: at least four people were killed in attacks on an
[1:52] Speaker 1: Aramco oil site and a Saudi Arabian airport. Today, WTI
[1:56] Speaker 1: was up 2.4% in 99.47. SpaceX is aiming to secure
[2:02] Speaker 1: a minimum of 80,000 cell sites across the U.S. We
[2:05] Speaker 1: are told the company is now in talks with at
[2:07] Speaker 1: least one major cellular infrastructure company as SpaceX moves to
[2:12] Speaker 1: create a standalone wireless carrier in the U.S. President Trump
[2:17] Speaker 1: reportedly asked Elon Musk to lift restrictions on the Starlink
[2:20] Speaker 1: satellite service used by Ukraine. The Wall Street Journal reports,
[2:24] Speaker 1: Trump expressed frustration that connection speeds were still being limited. Now,
[2:29] Speaker 1: Ukraine relies on Star Shield, that is the military version
[2:32] Speaker 1: of Starlink, for air defenses and artillery strikes. The issue
[2:37] Speaker 1: is a major source of tension between Washington and Kyiv.
[2:41] Speaker 1: We are told Ukrainian troops are still seeing limits on
[2:44] Speaker 1: Starlink connection speeds, although the service did improve slightly in
[2:48] Speaker 1: some areas. Shares in Moderna and Merck were down today
[2:52] Speaker 1: after data on the company's widely anticipated melanoma vaccine disappointed
[2:57] Speaker 1: Wall Street. Back in August, the companies announced a personalized
[3:01] Speaker 1: vaccine but provided few details. The companies had been expected
[3:05] Speaker 1: to present their findings this weekend at an oncology conference. However,
[3:09] Speaker 1: some of the results surfaced ahead of schedule. Merck and
[3:12] Speaker 1: Moderna confirmed that fact. Here is Bloomberg's Michelle Faye Cortez.
[3:17] Speaker 3: What the results show is that there was a 42%
[3:18] Speaker 3: reduction in the recurrence of the cancer, which is astonishing.
[3:24] Speaker 3: We've never had a cancer vaccine like this before. Not
[3:27] Speaker 3: only that, it's an mRNA vaccine, which uses that technology
[3:30] Speaker 3: that we all are familiar with from COVID to make
[3:33] Speaker 3: this really great reduction in the risk of cancer. The
[3:36] Speaker 3: problem was, is it had been built up pretty significantly
[3:39] Speaker 3: from the results in August. And some investors are looking
[3:43] Speaker 3: at these findings and saying, oh, a 42% reduction in
[3:46] Speaker 3: the risk of the cancer returning, a 38% reduction in
[3:50] Speaker 3: the risk of it returning in a distant metastasis, not
[3:53] Speaker 3: as good as what they were expecting.
[3:55] Speaker 1: That is Bloomberg's Michelle Faye Cortez. Shares in Moderna were
[3:58] Speaker 1: down 17% today. Shares in Merck dropped 1.7%. President Trump
[4:04] Speaker 1: will need to answer questions under oath before the end
[4:07] Speaker 1: of the year. More on that from Bloomberg's Matt Piper.
[4:10] Speaker 4: A judge has ordered President Trump to sit for a
[4:12] Speaker 4: deposition by December 11th in his $ 10 billion lawsuit against
[4:15] Speaker 4: the BBC. It's after Trump missed an earlier date he
[4:18] Speaker 4: had agreed to just last week. He sued in December
[4:21] Speaker 4: over the broadcaster's misleading edit of a speech he gave
[4:24] Speaker 4: to supporters shortly before the January 6th assault on the Capitol.
[4:27] Speaker 4: The BBC apologized before Trump sued, but denies defaming the president.
[4:32] Speaker 4: Matt Piper, Bloomberg Radio.
[4:33] Speaker 1: President Trump and the crypto firm World Liberty Financial are
[4:37] Speaker 1: being sued for allegedly profiting from a foreign government. More
[4:41] Speaker 1: from Bloomberg's Charlie Pellett.
[4:43] Speaker 5: The lawsuit was filed by Benjamin Greenberg. He's a shareholder
[4:46] Speaker 5: in Circle Internet Group, and he claims that the president
[4:50] Speaker 5: violated the Foreign Emoluments Clause in two World Liberty transactions
[4:55] Speaker 5: with the United Arab Emirates and that illegal competition from
[4:58] Speaker 5: World Liberty was has harmed circle investors financially. The Foreign
[5:03] Speaker 5: Emoluments Clause is a provision of the U.S. Constitution that
[5:07] Speaker 5: bars presidents from taking payments from foreign governments without the
[5:11] Speaker 5: approval of Congress. In New York, Charlie Pellett, Bloomberg Radio.
[5:15] Speaker 1: The Justice Department has charged Virginia Democratic State Legislator L.
[5:20] Speaker 1: Louise Lucas with racketeering and money laundering. She's accused of
[5:24] Speaker 1: overseeing a criminal conspiracy to sell marijuana through a family-run
[5:29] Speaker 1: cannabis business. Here is Attorney General Todd Blanch announcing the charges.
[5:33] Speaker 6: Senator Lucas has been charged and indicted with five counts.
[5:38] Speaker 6: Racketeering conspiracy, conspiracy to distribute and possess with intent to
[5:43] Speaker 6: distribute marijuana, conspiracy to launder money, conspiracy to commit honest
[5:47] Speaker 6: services fraud, and maintaining a drug-involved premises.
[5:52] Speaker 1: Since 1992, Senator Lucas has served in the Virginia State
[5:56] Speaker 1: Senate where she is president pro tem. She has been
[5:59] Speaker 1: a vocal critic of the Trump administration. In a statement
[6:02] Speaker 1: through her attorney, Lucas said she will not be bullied.
[6:05] Speaker 1: A top advisor to Health Secretary Robert F. Kennedy Jr.
[6:09] Speaker 1: has resigned. More on that story from Bloomberg's Amy Morris.
[6:11] Speaker 7: Callie Means played a leading role in helping to hold
[6:14] Speaker 7: together Kennedy's coalition of supporters known as the Make America
[6:18] Speaker 7: Healthy Again movement ahead of the midterms. Means was also
[6:21] Speaker 7: a driving force behind a proposal to increase transparency into
[6:24] Speaker 7: food ingredients. His departure is a setback for the administration's
[6:28] Speaker 7: efforts to overhaul the food system. Big food companies had
[6:31] Speaker 7: fought his efforts to create a federal definition of ultra-processed food.
[6:36] Speaker 7: Means released a statement saying that the Maha movement is
[6:39] Speaker 7: just getting started. In Washington, Amy Morris, Bloomberg Radio.
[6:42] Speaker 1: Actor Tom Skerritt has died. Skerritt was a familiar screen
[6:46] Speaker 1: presence for nearly six decades with roles in films MASH, Alien,
[6:51] Speaker 1: and Top Gun. And he won an Emmy Award for
[6:54] Speaker 1: his role as a small-town sheriff on the primetime CBS
[6:57] Speaker 1: series Picket Fences. Skerritt's family said he died of natural causes.
[7:02] Speaker 1: Tom Skerritt was 93. And that is News When You
[7:05] Speaker 1: Want It with Bloomberg News Now. I'm Doug Krisner and
[7:08] Speaker 1: this is Bloomberg.

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