Steel Deal In Jeopardy… And Customers Pause On Microsoft’s Office AI Assistant 9/4/24

CNBC's "Fast Money"

CNBC

Business, Investing, News

4.3 • 1.2K Ratings

🗓️ 4 September 2024

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Shares of U.S Steel plunging as the Biden Administration prepares to block the merger deal with Japan’s Nippon Steel. What the fallout means for U.S. Steel’s future, and the job cuts that could follow. Plus Microsoft’s AI snag. Customers of the company’s Office AI assistant pushing back as performance and cost issues arise. The mixed results, and what it means for the tech giant. Fast Money Disclaimer

Transcript

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0:00.0	Live in the Nazak market site in the heart of New York City's Times Square.
0:06.3	This is fast money. Here's what's on tap tonight. No deal.
0:09.3	Shures of U.S. Steel sinking and reports the White House may block its takeover by Japan's
0:13.5	Nipon Steel the implications of the move and what it could mean for future
0:17.0	cross-border M&A. Plus a crude crash. Oil price is falling into negative
0:21.0	territory for the year and energy stocks are dropping
0:23.8	too. Is there any juice left in this trade? We'll debate that. And out of office,
0:27.6	Microsoft customers reportedly pressing pause on the tech giant's AI assistant.
0:32.3	What does this mean for Microsoft's place in the AI race?
0:35.0	I'm Melissa Lee coming to you live from studio be at the Nasak on the desk tonight
0:38.0	Tim Seymour, Karen Piner,
0:40.0	Steve Graso and Guyadami.
0:41.0	We start off at the latest wrench thrown in U.S. Steel's
0:44.2	potential 14.9 billion dollar sale to Japan's Nippon Steel. The stock
0:48.7	plunging as much as 24 percent after twice being halted for volatility amid reports that President Biden is
0:55.0	preparing to block the deal in an effort to keep the company US owned and
0:58.4	operated.
0:59.4	This morning, US Steel warned if the deal falls through it would have to close its Pittsburgh plants
1:05.0	and move its headquarters, which would result in more than 11,000 job cuts and nearly
1:09.6	$140 million in lost state and local tax revenue annually.
1:14.1	For more on this ongoing battle and the potential fallout, let's bring in our senior Washington
1:17.7	correspondent, Aiman Javras.
	...

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