Bloomberg Businessweek

The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF

In late January, the week before Commerce Secretary Howard Lutnick announced a $1.6 billion government commitment to fund a US magnet maker, bankers at his former financial services company, now run by his sons, were busy earning fees raising $1.5 billion more for the company from private investors.

The parallel deals have been questioned by Democratic lawmakers alleging possible conflicts of interest involving Lutnick and his sons. But a more basic set of questions has dogged the project: Can USA Rare Earth Inc., the company getting these public and private funds, actually produce the critical minerals and magnets the government needs to break China’s chokehold on global supplies?

For a closer look, we speak with Joe Deaux, Bloomberg News Senior Reporter for Corporate & Economic Statecraft.

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President Donald Trump said he would meet again with Chinese leader Xi Jinping in November, following what he said was a successful summit in Washington that was seemingly light on concrete policy outcomes. Meanwhile, oil prices declined on tentative signs that talks between the US and Iran to reopen the world’s most important energy shipping route were progressing. 

On today's episode:

- Jennifer Welch, Chief Geoeconomics Analyst for Bloomberg Economics
- Mekala Krishnan, Partner at the McKinsey Global Institute
- Carolyn Rodrigues Birkett, Permanent Representative of Guyana to the UN
- Rudina Seseri, Founder & Managing Partner at Glasswing Ventures

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Featuring some of our favorite conversations of the week from our daily radio show "Bloomberg Businessweek Daily."
Hosted by Carol Massar and Tim Stenovec

Hear the show live at 2PM ET on WBBR 1130 AM New York, Bloomberg 92.9 FM Boston, WDCH 99.1 FM in Washington D.C. Metro, Sirius/XM channel 121, on the Bloomberg Business App, Radio.com, the iHeartRadio app and at Bloomberg.com/audio.

You can also watch Bloomberg Businessweek on YouTube - just search for Bloomberg Global News.
Like us at Bloomberg Radio on Facebook and follow us on Twitter @carolmassar @timsteno and @BW

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Oracle Corp. is moving to shield itself from racking up expenses on a massive data center being built in New Mexico, adding a fresh wrinkle to a project beset by opposition and regulatory setbacks.
The technology giant sent the project’s developer, a unit of Blue Owl Capital Inc., a notice citing force majeure, according to people familiar with the situation. Rather than trying to walk away as the site’s main tenant, Oracle is attempting to put off payments should the data center dubbed Project Jupiter get derailed and fail to come online in 2028 as planned, the people said, asking not to be identified discussing private matters. Companies typically invoke force majeure to free themselves from contractual obligations when problems arise beyond their control. In this case, Oracle is seeking to assert its contractual position if the build-out is delayed.

For a closer look, we speak with Anurag Rana, Senior Tech Analyst for Bloomberg Intelligence.

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The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF

Presidents Donald Trump and Xi Jinping addressed their intense competition over artificial intelligence on Thursday during a summit aimed at keeping ties between the world’s largest economies on track. How the leaders are handling AI is one of the key questions looming over the state visit, with the US president arguing for unfettered development to keep his nation’s edge. China, meanwhile, has criticized American export controls on semiconductors and other inputs that it argues constrains its companies. By contrast, China’s top leader indicated some openness to setting boundaries.

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The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF

Jeffrey Cole and Harlan Lebo of USC Annenberg's Center for the Digital Future join to discuss their book Disrupters at the Gate and why transformative change often comes from unexpected outsiders. They explore how AI, digital technology, and shifting consumer behavior can upend even the world’s most dominant companies.

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The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF

President Donald Trump welcomes China's Xi Jinping to Washington today for a state visit that looks more focused on pageantry than policy, with low expectations for breakthroughs on long-standing feuds. The summit will bring together a robust gathering of US corporate leaders, but no comparable delegation from China, raising questions about the prospects of even any new business. One area Trump and Xi may find common ground is AI safety. While Silicon Valley debates the possibility of the technology wiping out humanity, Washington and Beijing have signaled no intention to slow down development. Meanwhile, energy risks and related inflationary impacts tied to conflict in the Middle East continue to weigh on global economies.

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The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF

Anthony Scaramucci, Founder & Managing Partner at Skybridge Capital & former White House Communications Director, discusses his new book All the Wrong Moves, which argues that major bipartisan policy decisions on China trade, the Iraq War and the 2008 financial crisis helped create the economic and political conditions behind Donald Trump’s rise to power.

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President Trump said US officials had a “very good” meeting with Iranian representatives, a rare direct encounter that offers a fresh opportunity to restart talks to end the nearly seven-month war. Trump didn’t provide details on who participated in the meeting, but referred to his special envoys Steve Witkoff and Jared Kushner, who sat alongside the president.

The US administration has signaled a renewed effort to end the war in the Middle East, with Trump claiming the conflict will end just after the November US midterm elections, if not before. Earlier on Tuesday in his UN address, Trump threatened to “annihilate” Iran if its officials don’t strike a deal. Meantime, President Trump dismissed calls for an international agreement to put guardrails around the development of artificial intelligence, brushing off concerns about the dangers of frontier models going rogue.

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The people, companies and trends shaping the global economy. 

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF 

CNN, MS Now and Politico filed a lawsuit seeking to allow their journalists to enter the White House grounds days after President Donald Trump revoked their access, turning to the courts in their fight over constitutional protections for the press. The news outlets claim the ban is a “direct assault” on the First Amendment and “a blatant violation of our most fundamental constitutional principles,” according to the complaint filed Monday in federal court in Washington. 

For more, hosts Carol Massar and Tim Stenovec speak with Tim O’Brien, Senior Executive Editor for Bloomberg Opinion.

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The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF

Oil fell below $100, heading for its longest run of declines since June, as robust flows through the Strait of Hormuz and diplomacy around the US-Iran war tamed a recent rally. Satellite data showed that Saudi Arabia’s observed oil loadings from inside the Persian Gulf jumped over the weekend, with the highest number of ships seen at the nation’s main Persian Gulf port since June. Meanwhile, US President Donald Trump told Fox News he would “probably” be open to meeting his Iranian counterpart, Masoud Pezeshkian, on the sidelines of the UN General Assembly in New York this week.

Trump will also hold a summit with Chinese President Xi Jinping, and may meet leaders of Persian Gulf nations. Iran’s Islamic Revolutionary Guard Corps, for its part, said it has prepared itself for a protracted war, state media reported.

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Billionaires are difficult to ignore these days — flying into space, funding election campaigns, promoting AI, warning about AI and generally making a racket on social media. One billionaire sits in the Oval Office, while others control the world’s large language models and internet algorithms, including the choice of just how addictive our devices should be.

A new book, The Everywhere Millionaire: Who Is Really Rich in America and How They Got There, tries to uncover much more about this somewhat hidden slice of America’s upper crust. Sifting through the available evidence, economists Owen Zidar and Eric Zwick argue we’re getting distracted by the loudest and richest billionaires and missing the much more numerous “Main Street millionaires” who are the real sources of wealth and power in America.

We speak with the book's authors Owen Zidar, Professor of Economics and Public Affairs at Princeton University, and Eric Zwick, Associate Professor of Finance at the University of Chicago School of Business.

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Featuring some of our favorite conversations of the week from our daily radio show "Bloomberg Businessweek Daily."
Hosted by Carol Massar and Tim Stenovec

Hear the show live at 2PM ET on WBBR 1130 AM New York, Bloomberg 92.9 FM Boston, WDCH 99.1 FM in Washington D.C. Metro, Sirius/XM channel 121, on the Bloomberg Business App, Radio.com, the iHeartRadio app and at Bloomberg.com/audio.

You can also watch Bloomberg Businessweek on YouTube - just search for Bloomberg Global News.
Like us at Bloomberg Radio on Facebook and follow us on Twitter @carolmassar @timsteno and @BW

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The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF

Saudi Aramco told at least two oil refining customers in Europe that they will be allocated no crude next month under long-term agreements after the kingdom’s key pipeline to the Red Sea was attacked, people informed of the decision said. European customers normally receive Saudi Arabian crude on so-called term contracts, ensuring a steady flow of supply every month. Those deliveries will not take place next month, the people said, asking not to be identified because the information isn’t public.

The decision applies to all European buyers, they said.Saudi Aramco declined to comment. The absence of Saudi flows next month will heighten the need for European buyers to secure replacements.

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The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF

The University of Kansas's David Booth Kansas Memorial Stadium is undergoing an $800 million renovation that includes luxury seats and amenities, showing how the new financial model in college sports resembles that of professional teams. Colleges are looking for new revenue sources, such as fancier facilities that can command higher ticket prices and host concerts and other events, to help pay for expenses like player compensation and coach salaries. Meantime, a bipartisan bill called the Protect College Sports Act aims to regulate the changing landscape of college sports by putting guardrails around name, image, and likeness deals and allowing schools to spend more on player retention, with the legislation likely to pass the Senate.

For more, guest hosts Alexis Christoforous and Lisa Mateo speak with Janet Lorin, Bloomberg News Higher Education Reporter.

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The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF

OpenAI shared several undisclosed incidents of its AI models misbehaving and unveiled a new framework for tracking and disclosing such occurrences going forward. Some of the previously unreported instances included OpenAI’s technologies concealing and fabricating information in order to return results, the company said in a blog post Wednesday. The ChatGPT maker has faced increased scrutiny since saying in July that some of its most advanced AI models had breached the systems of an external software company, Hugging Face. None of the newly disclosed misalignment incidents involved a hack or breach of a third party, OpenAI said in a separate statement.

In the report, OpenAI detailed various instances of its artificial intelligence models misbehaving in order to complete a task or succeed at an evaluation. Some examples included the models fabricating missing data, attempting to bypass network restrictions and AI agents sharing files with each other that they were supposed to keep private.

On today's episode, guest hosts Alexis Christoforous and Lisa Mateo speak with:

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The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF

Joe Magazine, Partner at Fortuna Investments & Miami Beach City Commissioner, examines how macroeconomic forces and government policy are influencing investment decisions in sectors including space, robotics, nuclear energy, critical metals and data centers. He also discusses the growth of Miami as a financial hub and how Fortuna seeks out opportunity in unconventional spaces.
Magazine speaks with hosts Carol Massar and Tim Stenovec from the sidelines of the Future Proof Festival in Huntington Beach, California.

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The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF

The Federal Reserve raised interest rates by a quarter percentage point and penciled in an additional hike later this year, steps aimed at containing inflation that will test Chairman Kevin Warsh’s relationship with President Donald Trump. Following the US central bank’s first rate increase since July 2023, Warsh restated his concerns over inflation, saying too many categories of products and services were showing annualized price gains above 3% on a 6- and 12-month basis.

On today's episode, Carol Massar and Tim Stenovec come to you live from Future Proof in Huntington, California:

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The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

On this special edition of the show, Carol Massar and Tim Stenovec speak with Doug and Heather Boneparth of Bone Fide Wealth. Authors of the book, 'Money Together', the married couple focus on helping couples better understand their finances and the relationship between relationships and wealth management. They speak with them live in Huntington Beach, California during Future Proof.

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The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF

Wall Street traders refrained from making riskier bets in the countdown to the Federal Reserve decision, with stocks falling as elevated oil prices drove bond yields to multi-year highs. Almost 350 firms in the S&P 500 dropped.

Benchmark 10-year yields hit the highest level in nearly two decades. Longer-dated Treasuries extended losses after a weak $13 billion sale of 20-year bonds. Brent crude settled above $108, fueling inflation worries. Bitcoin tumbled as the US Senate blocked a landmark crypto bill in an industry loss. 

On this special edition of the show, Carol Massar and Tim Stenovec host live from Huntington Beach, California from the Future Proof Festival.

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The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

Guest hosts Alexis Christoforous and Jess Mention speak with Shanta Thake. She's Ehrenkranz Chief Artistic Officer at Lincoln Center and joins to discuss the institution's ongoing commitment to making world-class performance more accessible through special programs and more. She also discusses some highlights from the upcoming seasons at the Lincoln Center, including the fifth annual 'Festival of Firsts' in October which spotlights artists exploring new territory.

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The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF

AI developers including Anthropic and OpenAI are clashing with the Trump administration over their calls for an industrywide slowdown in artificial intelligence development, a proposal that’s already triggered a selloff across technology stocks and has brought into question the resilience of a global data center boom. 

Bloomberg Economics uses a state-of-the-art approach to estimate exposure to AI across major economies, and expertise from the US and UK to Mainland China, South Korea, Taiwan and beyond to assess the current impact and future outlook.

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Prediction Market platform Kalshi is launching the 'first-of-its-kind' perpetual futures, fully regulated by the CFTC. Kalshi Chief Risk Officer Udesh Jha discusses how the company is hoping to expand past gold & silver eventually, to seek approval for regulated perpetual futures tied to single stocks.

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Be it the influence of AI or the rise of unicorns, startups face an evolving growth landscape. This raises some crucial questions for founders: What does scale look like, how can it be achieved and where in the world is the best place to do it? Hear from a leading VC firm and an enterprising startup about the shifting growth expectations facing founders, and the business ecosystems that facilitate success.  

This episode is sponsored by the Dubai Department of Economy and Tourism.

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The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF

Federal Reserve Chairman Kevin Warsh faces intense pressure to raise interest rates at next week’s policy meeting after a highly anticipated inflation report showed US consumer prices marched higher last month. It comes as US diesel prices rose above $6 a gallon for the first time ever, as the conflict in the Middle East expands with Houthi rebels attacking a key Saudi energy facility.

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Featuring some of our favorite conversations of the week from our daily radio show "Bloomberg Businessweek Daily."
Hosted by Carol Massar and Tim Stenovec

Hear the show live at 2PM ET on WBBR 1130 AM New York, Bloomberg 92.9 FM Boston, WDCH 99.1 FM in Washington D.C. Metro, Sirius/XM channel 121, on the Bloomberg Business App, Radio.com, the iHeartRadio app and at Bloomberg.com/audio.

You can also watch Bloomberg Businessweek on YouTube - just search for Bloomberg Global News.
Like us at Bloomberg Radio on Facebook and follow us on Twitter @carolmassar @timsteno and @BW

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Veteran Wall Street journalist William D. Cohan joins Bloomberg Businesweek Daily to discuss his new book, "Money to Burn: The Unvarnished Truth About Leon Black, Apollo and the Rise of a New Wall Street." Cohan explores Black's career, the founding of Apollo Global Management, how Apollo has shaped the alternative asset space, controversy surrounding Black's relationship with disgraced pedophile Jeffrey Epstein, and more.

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The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF
Set against the backdrop of the US Open Tennis Championships, Bloomberg Power Players returns to New York to convene the leaders shaping this global industry. Bloomberg Businessweek Daily speaks to team owners and college sports leaders about the investment in the industry, and how to capitalize on popularity growth.
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Twenty-five years after the attacks that fundamentally reshaped modern history, this conversation looks back at a generation of conflict, intelligence transformation, and shifting global security.

For more, Carol Massar and Tim Stenovec spoke with Mark Jacobson, Spy Museum Historian and Retired US Navy Intelligence Officer, who was inside the Pentagon when American Airlines Flight 77 struck on September 11th, 2001.

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Apple unveiled the iPhone Duo, the company's first foldable smartphone, which will have a 7.6-inch display when unfolded and a 5.4-inch outer screen.

The presentation serves as a debut for CEO John Ternus, who took the helm on September 1. Bloomberg Intelligence's Global Head of Technology Research Mandeep Singh and Bloomberg Tech Host Ed Ludlow react to the announcement and discuss what the product launch means for the company.

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The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

The joy of a mechanical watch. Oris is an independent Swiss watchmaking company based in Hölstein, where for over 122 years Oris has been creating beautiful, timeless, and high-performing mechanical watches. Oris' Geneva Watch Days launched with Disney's The Muppets, which is a Gonzo The Great Edition, which was priced at $10,500.

For more, Carol Massar and Tim Stenovec speak with VJ Geronimo, Oris CEO and Chris Rovzar, Bloomberg Pursuits Editor-at-Large

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The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

Brent oil advanced to the highest since late July due to strikes on Middle East energy infrastructure, stoking fears of fresh supply tightness. The global benchmark edged up to settle close to $98 a barrel after reported explosions at Iran's vital export hub Kharg Island. Markets are increasingly pricing a prolonged Mideast conflict, with Goldman Sachs Group Inc. analysts modestly raising the bank's oil-price estimates on the assumption that shipping disruptions will persist.

On this episode, Carol Massar and Tim Stenovec speak with:

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The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

Lululemon Athletica Inc. lowered its full-year outlook for a second straight quarter, reflecting the deepening challenges incoming Chief Executive Officer Heidi O’Neill will face when she takes over the top job next week. The weak results and slashed guidance suggest that O’Neill’s task will be a difficult one as she looks to pull the company back from an extended slowdown and missteps that sparked a management reset. A former Nike Inc. executive, O’Neill is scheduled to take the reins on Tuesday, more than four months after being named to the role.

The results are “bad all around” said Bloomberg Intelligence senior analyst Poonam Goyal, who doesn’t see the company’s performance improving anytime soon. “Even with Heidi joining next week, the issue is product innovation — and that fix doesn’t happen overnight,” Goyal said. Guest hosts Christina Ruffini and Lisa Mateo speak with Goyal for more. 

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The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

Maggie Timoney, Heineken USA CEO, joins Businessweek Daily live from the grounds of the US Open to discuss the company's longstanding partnership with the USTA. At this years' tournament, Heineken announced Serena Williams as the drink makers first ever Heineken 0.0 Global Ambassador.

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Featuring some of our favorite conversations of the week from our daily radio show “Bloomberg Businessweek Daily.” 

Hosted by Carol Massar and Tim Stenovec Hear the show live at 2PM ET on WBBR 1130 AM New York, Bloomberg 92.9 FM Boston, WDCH 99.1 FM in Washington D.C. Metro, Sirius/XM channel 121, on the Bloomberg Business App, Radio.com, the iHeartRadio app and at Bloomberg.com/audio. 
You can also watch Bloomberg Businessweek on YouTube - just search for Bloomberg Global News. Like us at Bloomberg Radio on Facebook and follow us on Twitter @carolmassar @timsteno and @BW

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The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF

Tennis superstars Serena and Venus Williams play open mixed doubles Friday night, drawing a crowd to the Billie Jean King Tennis Center in Queens, NY ahead of Labor Day Weekend. Between the food, drinks, interactive viewing options, and fan experiences -- the USTA and its partners say they work year-round to put on the massive event. Bloomberg Businessweek Daily is live from the grounds of the US Open, speaking to tennis industry experts and the companies that turn the sports tournament into a viral event.

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American Ventures sold major stock holdings amid news coverage linking the Trumps to the investments, the analysis shows. In each of the deals, American Ventures earned a profit or is on track to do so. In each, outside investors saw shares decline. Eric and Donald Trump Jr. are passive investors in American Ventures, which has booked quick profits on stakes as buy-and-hold investors take losses. Guest hosts Christina Ruffini and Lisa Mateo speak with Bloomberg's Zachary Mider for more.

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The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF

This year’s US Open purse will reach $108 million, representing the largest player compensation package in the sport’s history.Winners of the singles main draw will take home $5.5 million, according to a statement Thursday from the United States Tennis Association. Competitors in the first-round will receive $140,000. Overall compensation for this year’s tournament is up 20% from last year, according to the USTA. Hosts Tim Stenovec and Molly Smith broadcast live from the Billie Jean King National Center

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Every three months like clockwork, investors pull $40 billion or more from a BlackRock exchange-traded fund tracking the S&P 500 and deposit most of it into a near-identical Vanguard Group product. A few days later they reverse the trade, and the money flows back the other way. Bloomberg News' Zachary Mider and Denitsa Tsekova write about the trend in today's Big Take.

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The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF

Chevron plans to invest $7 billion over the next five years to more than double crude production in Venezuela through its joint venture partnerships. The announcement comes after President Trump announced a deal to develop Venezuela's oil reserves, giving the Pentagon a stake in the profits. Bloomberg News Washington Correspondent Tyler Kendall spoke with US Energy Secretary Chris Wright and Chevron CEO Mike Wirth about the new deals.

On today's episode, Tim Stenovec and guest host Lisa Mateo speak with:

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The rise of prediction markets has raised concerns about their potential to contribute to gambling addiction, with some experts arguing that they can be just as addictive as traditional sports betting, despite being marketed as a safer and more user-friendly alternative. Ira Boudway, Bloomberg News Global Business Reporter, reports on one man's story of relapse and recovery and what Kalshi says it's doing address the mental health risks of gambling.

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The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF

US-Iran tensions over the Strait of Hormuz heightened after a flurry of military strikes at the start of the week, with neither side prepared to cede ground over the crucial waterway. It caused a surge in oil prices that rippled through global markets, hitting stocks and bonds on worries that higher energy costs will fuel inflation and force the Federal Reserve to boost rates. Bloomberg News Senior Editor Wendy Benjaminson has latest details on fighting in the Middle East, while Bloomberg News Macro Strategist Frank Monkam explains the impacts on the energy and bond markets.

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The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

The Colorado River has lost 20% of its flow due to a 25-year drought and chronic overuse, causing major reservoirs to fall to record-low levels. The federal government has proposed a plan to cut water allocations to California, Arizona, and Nevada, with Arizona potentially losing all of its 3 million acre-feet of river allocation in the long run. A significant portion of the Colorado River's water is used for irrigation to grow alfalfa and other hay to feed cattle, with about 26% of the hay grown in California and Arizona being exported to other countries.

For more, Kristine Aquino and Tim Stenovec spoke with Mark Gongloff, Bloomberg Opinion Columnist who covers climate change.

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Stepping into his new role as Apple Inc.’s chief executive officer on Sept. 1, John Ternus won’t have much time before the company begins its annual fall product rollouts. This year the lineup will include an unusually ambitious slate of devices he’s been teasing for months internally, including the first foldable iPhone and a smart display that can recognize who’s speaking and tailor content to them. Ternus spearheaded those devices in his previous job as Apple’s hardware chief, while also overseeing work on products that won’t be ready for this fall, including AirPods with cameras that can interpret a user’s surroundings, smart glasses, a home security system, a home display attached to a robotic arm and a camera-equipped pendant that can be worn as a necklace or clipped to a shirt. All these devices will be crucial to Apple’s plans to address the most pressing question facing the company: How can it extend its decades-long run of success into the era of artificial intelligence?

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Affirm, the short-term loan company, posted earnings this week that beat expectations and reporting its most profitable quarter on record. Founder & CEO Max Levchin joins Bloomberg Businessweek Daily to discuss how his company sets rates and keeps up with a growing industry, arguing Affirm's transparency makes it stand out from competitors.

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Bloomberg Money is a new, weekly podcast focused on YOUR money. Listen for wealth strategies, retirement tips and a personal finance insights. Join Tom Keene and Scarlet Fu for new episodes every Friday.   

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Featuring some of our favorite conversations of the week from our daily radio show "Bloomberg Businessweek Daily."
Hosted by Carol Massar and Tim Stenovec

Hear the show live at 2PM ET on WBBR 1130 AM New York, Bloomberg 92.9 FM Boston, WDCH 99.1 FM in Washington D.C. Metro, Sirius/XM channel 121, on the Bloomberg Business App, Radio.com, the iHeartRadio app and at Bloomberg.com/audio.

You can also watch Bloomberg Businessweek on YouTube - just search for Bloomberg Global News.
Like us at Bloomberg Radio on Facebook and follow us on Twitter @carolmassar @timsteno and @BW

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The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF

Federal Reserve Chairman Kevin Warsh warned inflation isn’t meaningfully slowing and said policymakers must be confident that it is, otherwise the central bank has “work to do.” He said interest rates are the Fed’s “predominant tool” for achieving its mandate, but stopped short of signaling he would support an interest-rate hike when Fed officials gather in September. Bloomberg Businessweek Daily has the details on Warsh's first major address at Jackson Hole since becoming Fed Chair 3 months ago.

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The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF

Congress in 2022 tweaked the rules governing 529 plans, letting holders roll up to $35,000 in unused funds into a Roth IRA. As a result, savers are pouring money into the accounts after hitting the annual limits for contributing to their retirement plans — treating the 529 as a backdoor for funding a Roth IRA. One in 4 parents surveyed in Fidelity’s 2026 College Savings Indicator Study said they are now more likely to open a 529 account given the rollover and alternative uses. Bloomberg News Personal Finance Reporter Sarah Foster discusses.

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The people, companies and trends shaping the global economy. 

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF 

Nvidia, the chipmaker at the heart of the artificial intelligence boom, said revenue will grow about 70% next fiscal year, easing concerns that AI spending is poised to lose momentum. The projected sales growth for fiscal 2028 outstrips analysts’ estimates for a 45% jump, according to data compiled by Bloomberg. Nvidia shares rose as much as 7.6% to $225.50 after trading got underway in New York on Thursday, adding about $362 billion in market value. The stock was already up 12% this year through Wednesday’s close. 

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The LDS church, widely known as the Mormon Church, has assembled a sprawling real estate empire over the last century. Through a web of subsidiaries, it has accumulated billions of dollars of properties from farms and ranches to apartments and hotels, becoming one of America’s largest — and least transparent — landowners. Behind those holdings is a highly sophisticated investment operation more akin to a sovereign wealth fund than a religious institution, according to brokers and investors who have worked with the church.  Natalie Wong, Bloomberg News Commercial Real Estate Reporter discusses her reporting.

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NOTE: The live program this podcast was created with originally aired prior to Nvidia's earnings call, in which CFO Colette Kress said she expects the company to "grow revenue by approximately 70% in fiscal 2028." This sent shares higher in afterhours trading. You can read the full story here.

Nvidia delivered a sales forecast that left some investors underwhelmed, adding to concerns about the momentum of AI spending. Revenue in the current period will be $108 billion, plus or minus 2%, the company said in a statement Wednesday. Though analysts had estimated $105.2 billion on average, some projections exceeded $110 billion, according to data compiled by Bloomberg. Gross margin, the percentage of sales remaining after deducting the cost of production, will be roughly 74%.

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Private aviation is no longer a niche luxury, it's becoming a major business story. Global private jet activity reached a record 3.9 million flights in 2025, up 34% from pre-pandemic levels, while airports are making major investments to capitalize on growing demand for premium travel experiences. The trend is playing out across the country. As President of VistaJet US, Leona Qi has a unique perspective on these shifts. Vista flies many of the executives, entrepreneurs and investors making expansion and investment decisions around the world, giving the company an early view into where business activity and capital are moving before those trends appear in traditional economic data.

For more, Tim Stenovec and guest host Norah Mulinda spoke with Leona Qi, President of VistaJet.

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Stanley Druckenmiller suggested that US Treasury Secretary Scott Bessent is making a mistake by trying to push down yields in the bond market. Bessent has recently pledged to increase the Treasury’s purchases of long-dated bonds, a move widely seen as an attempt to push down yields in the world’s most important debt market. Druckenmiller, who worked alongside Bessent and George Soros and remains one of the most influential voices on Wall Street, wrote in an opinion column “governments defending prices against fundamentals always lose,”

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Donald Trump's family has won preliminary approval to start a national bank, riding a wave of deregulation under the Trump administration. The Office of the Comptroller of the Currency has approved 22 bank charter applications in the first 19 months of the president's second term, with many going to fintech and digital-asset firms. The Trump family's proposed bank, World Liberty Financial, plans to expand the use of its dollar-backed stablecoin, USD1, and store the assets backing it in the bank, potentially cutting costs and adding legitimacy to the stablecoin.

For more, Norah Mulinda and Tim Stenovec speak with Paige Smith, Bloomberg News Finance Reporter

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Treasury Secretary Scott Bessent threatened economic punishment against any country doing business with Iran as part of an “economic D-Day” campaign. Bessent said countries will face a specific timeline to shut down links with Iran or face unilateral US punishment, and the US is launching an economic onslaught against Iran’s financial connections around the globe. The US unveiled sanctions against more than 60 entities, focusing on five of Iran’s “most vital lifelines,” including digital assets, technology, gold, aviation and shipping.

On this episode, Norah Mulinda and Tim Stenovec speak with:

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Newly-released documents offer a glimpse into the months-long effort to put a sitting president’s signature on US currency for the first time and the resulting tension inside the Bureau of Engraving and Printing. Bloomberg News Senior Investigative Reporter & FOIA Files newsletter author Jason Leopold explains what's revealed in the latest addition of his FOIA Files Newsletter.

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Featuring some of our favorite conversations of the week from our daily radio show "Bloomberg Businessweek Daily."

Hosted by Carol Massar and Tim Stenovec
Hear the show live at 2PM ET on WBBR 1130 AM New York, Bloomberg 92.9 FM Boston, WDCH 99.1 FM in Washington D.C. Metro, Sirius/XM channel 121, on the Bloomberg Business App, Radio.com, the iHeartRadio app and at Bloomberg.com/audio.

You can also watch Bloomberg Businessweek on YouTube - just search for Bloomberg Global News.
Like us at Bloomberg Radio on Facebook and follow us on Twitter @carolmassar @timsteno and @BW

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After a turbulent stretch for the US bond market, traders are heading into the weekend with questions about what Treasury Secretary Scott Bessent’s next move will be. Treasuries slipped Friday, led by the short end, after data showed business activity grew at its fastest pace in more than four years, backing the case for interest-rate hikes. Bloomberg Intelligence's Ira Jersey and Alpine Saxon Woods' Sarah Hunt break down the weeks' moves, and the impact of Bessent's intervention.

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Texas's ban on financial firms that "boycott" fossil fuel has led to higher borrowing costs for the state, with interest rates higher than those of California. Bloomberg News Editor-in-Chief Emeritus Matt Winkler talks about how one Texas town is paying unprecedented costs.

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Broadcom is in talks with a group of lenders to raise more than $60 billion in debt for an AI chip financing deal that will benefit Anthropic and other companies, according to people with knowledge of the matter. The financing, which is still being ironed out, may also include a roughly $30 billion junior debt tranche, said some of the people, who asked not to be identified because the information is private. Under the proposed plan, Broadcom would guarantee a portion of the senior-secured tranche, which could range from about $60 billion to $70 billion, some of the people said. The numbers under discussion would potentially bring the total to as much as $100 billion.

On today's episode, Carol Massar and guest host Emily Graffeo speak with:

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Rocks, lime, concrete, and steel -- it's all feeding in to today's AI data center build out.
Carol Massar and guest host Emily Graffeo speak with Kathryn Thompson of Thompson Research Group about where the industry is headed.

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Several Federal Reserve officials favored an interest-rate hike last month and many indicated that policy tightening would be necessary if inflation didn’t decline. The FOMC voted 9-3 in July to hold the benchmark federal funds rate in a range of 3.5% to 3.75%, with some officials dissenting in favor of raising rates. The release of minutes comes as the total US public debt has surpassed $40 trillion for the first time, with a surge of a third in less than five years.

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Zocdoc, the healthcare access infrastructure that connects patients to great care, announced a first-of-its-kind partnership with the Gemini app to make agentic healthcare appointment booking a reality. Zocdoc’s AI-Informed Patient Report shows 26% of patients have used AI for a health question and 85% of providers are seeing more AI-informed patients.

CEO Dr. Oliver Kharraz explains how the new partnership works, saying it's important for Zocdoc to help enable patients to get the healthcare and answers they need, and quicker than ever before.

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Sovereign borrowing rates are surging around the world, with yields on 30-year US Treasuries rising to the highest since 2007. Plus, a selloff in chipmakers sent stocks lower, with the market also falling over inflation angst and rising government debt. Questions remain over what it all might mean for the Fed, and how economic pressures may sway President Trump's relationship with China ahead of a meeting with Xi Jinping next month.

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Young Americans are reacting to economic pressure by building their own businesses and creating multiple income streams, with some investing in speculative investments or obsessively saving for retirement. Micah Stanley, a 24-year-old who never finished high school, has built a successful business with vending machines that dispense flavored vape pens and nicotine pouches, and now drives a Lamborghini and coaches others on how to start their own vending machine businesses. Gen Z is increasingly turning to entrepreneurship as a way to build wealth, with applications to form new businesses increasing by 66% in the past year, and many younger people saying they want to be their own boss and have multiple sources of income to achieve financial security.

For more, Carol Massar and Tim Stenovec speak with Redd Brown, Bloomberg News Consumer Reporter

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President Donald Trump said he’s not interested in extending the expiring agreement with Iran. The price of Brent crude climbed above $90 a barrel as fresh concerns about an escalation of the war jolted global energy markets. Tensions in the Middle East were already on the rise over the weekend, with Israel’s military saying it killed senior Hezbollah commander Abu Hassan Alaa in southern Lebanon.

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Hollywood has once again cheated death. The first seven-plus months of 2026 have revived the industry’s faith — not just in movies but in the act of going to the theater. Global ticket sales have increased 15% from a year earlier and are on pace for their best annual total since 2019. Five movies have eclipsed $1 billion, with Spider-Man: Brand New Day almost clearing that on opening weekend. With new installments of Dune and Avengers coming, that group could swell to seven — the second-most on record. Bloomberg News Media & Entertainment Managing Editor Lucas Shaw brings us the latest from Hollywood.

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Featuring some of our favorite conversations of the week from our daily radio show "Bloomberg Businessweek Daily."

Hosted by Carol Massar and Tim Stenovec
Hear the show live at 2PM ET on WBBR 1130 AM New York, Bloomberg 92.9 FM Boston, WDCH 99.1 FM in Washington D.C. Metro, Sirius/XM channel 121, on the Bloomberg Business App, Radio.com, the iHeartRadio app and at Bloomberg.com/audio.

You can also watch Bloomberg Businessweek on YouTube - just search for Bloomberg Global News.
Like us at Bloomberg Radio on Facebook and follow us on Twitter @carolmassar @timsteno and @BW

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The people, companies and trends shaping the global economy. 

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF 

OpenAI is on track to generate annualized revenue of more than $40 billion based on its current performance, according to people familiar with the matter, roughly doubling its run rate from the end of 2025 and bolstering the company’s plans for a Wall Street debut. The ChatGPT maker’s revenue has accelerated in recent months, driven in part by the growth of its AI coding software, said the people, who spoke on condition of anonymity as the information is not public. The gains also reflect momentum from subscription sales and its nascent advertising business. Its core consumer business continues to grow, too.  OpenAI declined to comment.  

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Liberal democracy has failed its supporters on several key promises: when it stopped delivering shared prosperity; elevated a new college-educated elite; and drifted away from free expression and democratic self-government. In his new book, Nobel Laureate in Economics Daron Acemoglu argues that repairing liberal democracy is not the answer and offers a new framework: Working-Class Liberalism.

For more, Carol Massar and Tim Stenovec spoke with Daron Acemoglu, Nobel Laureate & MIT Institute Professor

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“SaaSpocalypse” was the buzzword in markets in the early months of the year, as new AI tools emerged to threaten the business models of software-as-a-service providers. A massive software selloff ensued in public markets and quickly spread to the world of private capital, where firms had spent billions upon billions of dollars stacking their portfolios with SaaS companies when interest rates were low.Suddenly those investments — built on the assumption that subscription revenue from software companies was ever-steady — looked like castles built on sand.  fears that rapidly developing AI tools could replace existing tech products still have investors worried that a swathe of SaaS wagers could go sideways all at once. That could bring some nasty consequences for private equity firms, private credit lenders and also retail investors who have built exposure to software loans.

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The market and tech sector are looking more signs of monetization in the AI Revolution to drive tech stocks further. There will be a waiting period until Nvidia earnings at end of month, but chip activity out of Asia has accelerated over the last month. Overall, it’s crystal clear AI models and data infrastructure heading into next phase of the buildout which is very important for tech sector. And software companies now should start to better participate.

For more, Carol Massar and Tim Stenovec speak with Dan Ives, Partner & Senior Managing Director at Yorkville Ives

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In-line July CPI readings gave US equities and Treasuries room to rise as markets relaxed after the data, even as Middle East uncertainty keeps energy shock tail risks alive. Core CPI rose 0.2% on the month, moving the annual rate to 2.5%, matching the slowest annual pace since March 2021. Combined with last week’s weak jobs report that pushed September hike odds to about 40% from roughly 50% before Wednesday’s release.
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On this special edition of the show, hosts Tim Stenovec and Kristine Aquino are joined by Bloomberg News Senior Economic Statecraft Reporter Joe Deaux for a deep dive into the critical minerals industry. Together, they explore its pivotal role in global markets, the heightening geopolitical competition in the mining sector, and the governmental forces reshaping it.

Tim, Kristine and Joe speak with:

- Polly Mosendz, Bloomberg News Investigative Reporter 

- Gracelin Baskaran, Director of the Critical Minerals Security Program at CSIS 

- Tripp Hornick, Principal of Quince Street Strategy

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Pakistan’s defense minister said the US and Iran are “close to some sort of arrangement” over the Strait of Hormuz, even after both sides appeared to toughen their positions in the long-deadlocked negotiations. “Things are shaping up in favor of peace,” Khawaja Asif told reporters in Islamabad on Tuesday, without giving details of any breakthrough. Pakistan’s Interior Minister Mohsin Naqvi will shortly arrive in Tehran to hold talks with his Iranian counterpart, the Islamic Republic’s semi-official Fars agency reported.

On today's episode, Tim Stenovec and Kristine Aquino speak with:

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Grindr unveiled new app features and shared details around its premium subscription tier as part of a larger effort to integrate artificial intelligence across its LGBTQ dating platform. The premium plan unlocks access to new AI features and deeper personalization, including a "Discover" tool, Profile Insights, and A-List. Grindr is also investing in AI-powered safety tools and other features, such as a Health Center and a Smart Inbox tool, to enhance the user experience.

For more, Tim Stenovec and guest host Norah Mulinda speak with George Arison, CEO of Grindr. 

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A group of US investment giants are nearing a partnership with Nvidia on $500 billion in funding for the buildout of AI infrastructure. The firms in talks with Nvidia include Apollo Global Management Inc., Blackstone Inc., and Goldman Sachs Group Inc., among others. Nvidia has already inked hundreds of billions of dollars worth of deals with companies across the AI ecosystem, stoking concerns from some investors that the chipmaking giant is inflating demand and valuations across the industry.

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Some people have been taught that success comes from careful planning, learning the ropes, and earning one promotion at a time. But what about the people who seem to skip all that? In "You Can Just Do Things", Cate Hall argues that the so-called “rules” of success aren’t rules at all — they’re productivity guidelines for low-agency people. Hall shows readers how to live with agency and take control of your future

For more, Carol Massar and Tim Stenovec speak with Cate Hall, author of the book “You Can Just Do Things: How High-Agency People Get What They Want Out of Life”

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Our Townfrom Bloomberg’s Big Take podcast follows residents of Gainesboro, Tennessee, after a group of far-right Christians moves in with plans for a radical social experiment.

Listen to Episode 1 on the Big Take.

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Featuring some of our favorite conversations of the week from our daily radio show "Bloomberg Businessweek Daily."
Hosted by Carol Massar and Tim Stenovec

Hear the show live at 2PM ET on WBBR 1130 AM New York, Bloomberg 92.9 FM Boston, WDCH 99.1 FM in Washington D.C. Metro, Sirius/XM channel 121, on the Bloomberg Business App, Radio.com, the iHeartRadio app and at Bloomberg.com/audio.

You can also watch Bloomberg Businessweek on YouTube - just search for Bloomberg Global News.
Like us at Bloomberg Radio on Facebook and follow us on Twitter @carolmassar @timsteno and @BW

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The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

US employers unexpectedly cut jobs in July and hiring in the prior two months was revised lower, suggesting the labor market is weaker than previously thought after surprising strength earlier this year.

Nonfarm payrolls decreased 23,000 last month following a combined 103,000 downward revision to the May and June figures, Bureau of Labor Statistics data showed Friday. The unemployment rate fell to 4.1% as labor force participation continued to slide, and wage growth slowed.
The report suggests the labor market may be starting to falter amid rising prices and uncertainty from the Iran war, despite recent data showing strength in consumer spending and business investment. The data could also prompt the Federal Reserve to delay interest-rate increases as officials weigh inflation against risks to employment.US stocks opened higher and Treasury yields fell as investors reduced bets on a Fed rate hike in September. Still, upcoming reports on consumer prices — including data for July next week — could ultimately decide the Fed’s course of action next month.

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OpenAI said the artificial intelligence models behind an attack on Hugging Face Inc. began communicating with each other through undetected message boards, working together to break out of their testing environment as early as May. The researchers said that the roots of the breach went back to when OpenAI scientists gave an experimental AI system a new task to complete, and the models demonstrated a propensity to cheat on their assignments and showed persistence in trying to complete a given task. The incident has fueled calls for more thorough safety reviews of AI models, and OpenAI has slowed its research to focus on enhancing responses to security anomalies, warning that governments and businesses should expect hackers to intentionally deploy AI agents in a similar fashion.

For more, Carol Massar and Tim Stenovec speak with Maggie Eastland Bloomberg News Tech & Industrial Policy Reporter and Rachel Metz Bloomberg News AI Reporter 

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US President Donald Trump has periodically spoken by phone with Federal Reserve Chair Kevin Warsh since he took the role, people familiar with the matter said, the latest sign of Trump’s effort to exert greater influence over the central bank.

Trump and Warsh have spoken multiple times since the latter was confirmed in May, with Trump inquiring about Warsh’s forecasts and opinions but not pushing him to take any specific course of action, one of the people said, speaking on condition of anonymity to discuss the private conversations. One person said they speak irregularly, and another said their calls are infrequent. It’s unclear if the two have discussed monetary policy.

“President Trump has repeatedly stressed that he is giving Chairman Warsh the space he needs to restore confidence and competence in Fed decision-making,” White House spokesman Kush Desai said in an emailed statement. “While the President has his First Amendment right as an American citizen and duty as Commander in Chief to voice his thoughts about the Fed, he has also repeatedly reaffirmed Chairman Warsh and the Fed’s independence.

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Child safety online has become a national issue. The US surgeon general has called for warning labels on social media sites. Congress has held hearings taking CEOs to task. And lawsuits claiming harm to thousands of kids have been piling up in the courts.

For more, Carol Massar and Tim Stenovec speak with Olivia Carville, Bloomberg News Investigative Reporter

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Kalshi is being defended by a team of Milbank lawyers in court fights that could upend US predictions markets, including a new suit by New York Attorney General Letitia James claiming the company operates as an illegal gambling business. The New York suit poses the greatest potential threat to Kalshi because state law gives the AG wide powers, and could potentially bring the company to its knees, according to sports betting and gaming attorney Daniel Wallach. The cases, which have yielded mixed results, could eventually be headed to the US Supreme Court, testing a Milbank litigation practice boosted by the addition of lawyers such as Neal Katyal and Josh Sterling.

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For the ultra-wealthy, paying taxes is increasingly becoming optional. In this episode, we break down a Bloomberg investigation revealing how quantitative giant AQR Capital Management and Wall Street competitors are using sophisticated "tax-aware" strategies to help the top 1% slash their tax bills to zero. We examine how leveraged separately managed accounts manufacture artificial short-side losses to wipe out massive capital gains, the explosive $70 billion boom behind these products, and why regulators are starting to scrutinize whether this high-tech financial engineering crosses the line.

For more, Carol Massar and Tim Stenovec speak with Sri Natarajan, Bloomberg News Chief Wall Street Correspondent

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SpaceX’s revenue exceeded Wall Street’s expectations in the company’s first quarterly financial report following its blockbuster initial public offering in June.

Elon Musk’s satellite, space and artificial intelligence conglomerate reported revenue of $7.8 billion on Tuesday, greater than than the $6.81 billion analysts polled by Bloomberg estimated on average.
It also unveiled an operating loss of $1.26 billion from its AI business, better than the consensus for a loss of $2.39 billion. SpaceX’s eagerly awaited quarterly results cap a roller coaster ride since the company raised $86 billion in the largest stock-market debut of all time. Its shares have since plunged in a bout of post-IPO volatility and a broader AI selloff, erasing more than $1 trillion in market value from their peak along with Musk’s status as the world’s first trillionaire.

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Joel Rieger, a former software sales executive, used AI to revive his automated options-trading program, which he had initially tried to build manually with limited success. Rieger's AI-assisted model has shown promising results, returning around 14% this year and outperforming the broader market, after initial losses due to incorrect volatility data and training mistakes. The use of AI in trading is seen as a democratizing force, allowing individual investors to access sophisticated algorithms and strategies previously reserved for hedge funds, but it also poses risks, such as amplifying losses and guiding investors into complex trades.

For more, Carol Massar and Tim Stenovec speak with Bernard Goyder, US Options Reporter

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President Donald Trump said his latest offer of talks is a “last chance” for Iran after he called off what he said was a major attack on the Islamic Republic. Iran denied it was negotiating with the US, but said talks with Oman to get more ships moving through the Strait of Hormuz are making progress. Despite the conflicting signals, the suggestions of renewed diplomacy pushed oil prices lower on Monday, with Brent crude down about 4.6% to just under $84 a barrel.

“I want to give them every last chance before decapitation,” Trump told reporters in the Oval Office. “You’ll find out today or tomorrow. I mean, they’re going to go quickly, one way or the other. It’s not very complex.”

It wasn’t clear what negotiations Trump was referring to or who was involved. He’s repeatedly cited diplomatic efforts when he backed off threats of military escalation only to see talks fail. US and Israeli strikes at the start of the war killed much of Iran’s senior leadership.

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Bloomberg Pursuits Food Editor Kate Krader joins to discuss her latest work including Eight Bosses Share the Biggest Money Regrets in Their Careers and How 13 CEOS and Bosses Psych Themselves Up for Their Big Moments. She speaks with hosts Carol Massar and Tim Stenovec.

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Featuring some of our favorite conversations of the week from our daily radio show "Bloomberg Businessweek Daily."
Hosted by Carol Massar and Tim Stenovec

Hear the show live at 2PM ET on WBBR 1130 AM New York, Bloomberg 92.9 FM Boston, WDCH 99.1 FM in Washington D.C. Metro, Sirius/XM channel 121, on the Bloomberg Business App, Radio.com, the iHeartRadio app and at Bloomberg.com/audio.

You can also watch Bloomberg Businessweek on YouTube - just search for Bloomberg Global News.
Like us at Bloomberg Radio on Facebook and follow us on Twitter @carolmassar @timsteno and @BW

Bloomberg.com Subscribers can submit questions for Bloomberg Radio hosts to ask our guests.Visit: https://www.bloomberg.com/askradio

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Federal Reserve Chairman Kevin Warsh is considering reducing the frequency of the central bank’s scheduled policy meetings, the New York Times reported Friday. Warsh raised the proposal to change the frequency of meetings at this week’s gathering of the Federal Open Market Committee, the paper added. 

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Aon should continue to expand margins, while organic growth remains resilient, aided by its scale, restructuring savings and Aon Business Services operating model. Since 2020, broker results have benefited from cost actions and operating leverage, firm P&C pricing, strong exposure growth and, more recently, higher fiduciary income. Those tailwinds are fading and comparisons are tougher, reducing upside to organic gains and margins across the group. Even so, Bloomberg Intelligence reports that Aon's growth remains competitive and could modestly outpace Marsh in 2026, while ABS and restructuring should support further margin expansion despite a slower sector backdrop

For more, Carol Massar and Tim Stenovec speak with Edmund Reese, CFO at AON

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Amazon.com reported cloud-computing revenue that accelerated for the fifth straight quarter, easing investors’ concerns that the company won’t produce a return on its spending to meet booming demand for artificial intelligence.Revenue jumped 37% to $42.2 billion at Amazon Web Services, which generates about a fifth of the company’s revenue and most of its operating profit, Amazon said Thursday in a statement. It was the fastest pace of growth since the fourth quarter of 2021. Analysts, on average, forecast sales of $40.6 billion, according to data compiled by Bloomberg.

Like its Big Tech peers, Amazon is spending heavily on data centers and chips in an effort to take advantage of rising demand for AI and cloud-computing services. The company reported spending more than $53 billion on property and equipment, including proceeds from some sales, in the period ended June 30.

Meanwhile, Apple Inc. sales grew more slowly than analysts anticipated in China and its services business last quarter, sparking concerns about two key markets for the iPhone maker.Though total revenue topped estimates, the China sales amounted to $18.8 billion in the fiscal third quarter, well short of the $19.6 billion estimated by analysts. Revenue from services was $30.7 billion, compared with a $31.4 billion projection.

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Mehmet Oz has been loyal to Health and Human Services Secretary Robert F. Kennedy Jr. while cultivating a close relationship with President Donald Trump and a reputation as a serious operator in the administration. Oz has been playing a significant role in the administration, with access to the president and involvement in various policy discussions, leading to speculation that he could be the heir apparent to lead the health department if Kennedy departs. Despite potential challenges and criticisms, Oz has earned respect from some outside the administration, including major healthcare companies and industry groups, and has been working to implement the administration's health policies and reduce healthcare costs.

For more on their partnership, Carol Massar and Tim Stenovec spoke with Rachel Cohrs Zhang, Bloomberg News Health Policy Reporter

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Meta Platforms gave a disappointing current-quarter revenue forecast, intensifying investor concerns about the company’s unprecedented spending on artificial intelligence.
The social media giant said third-quarter revenue will be $61 billion to $64 billion, with the midline of that range below the average analyst estimate of $63.2 billion, according to data compiled by Bloomberg. Meta relies on its advertising business to finance its expensive bets on AI products and infrastructure, including data centers and AI-powered glasses.

Investors have questioned how Meta will ultimately recoup its AI investments, and balked earlier this year when Chief Executive Officer Mark Zuckerberg increased projected spending to as much as $145 billion. Meta on Wednesday narrowed its full-year capital expenditure forecast to $130 billion to $145 billion, slightly lifting the bottom end from a previous projection of $125 billion to $145 billion.

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Deputy Defense Secretary Stephen Feinberg wants America’s war machine to get cozier with companies. The private equity firm he co-founded, Cerberus Capital Management, is building a constellation of next-generation businesses to answer the call.

For more, Carol Massar and Tim Stenovec speak with Caleb Melby, Bloomberg News Investigative Reporter

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Chinese startup Moonshot AI is seeking access to more of Nvidia Corp.’s advanced Blackwell chips to train the next version of its model, Kimi K4, The Information reported, citing sources it didn’t name. The Beijing-based artificial intelligence firm trained its earlier model, Kimi K3, using Nvidia chips, Bloomberg previously reported, even though US export controls restrict the sale of advanced chips to China over security concerns.

The development is likely to exacerbate transatlantic angst about Chinese AI models closing the gap with OpenAI and Anthropic PBC. When Moonshot originally announced its Kimi K3 model, which was released publicly on Monday, that triggered a selloff in AI-related stocks.
Much like DeepSeek’s release in early 2025, the K3 debut was taken as evidence that Chinese companies can keep pace on a smaller budget and with fewer cutting-edge resources than rivals with full access to Nvidia AI accelerators.

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