Bloomberg Intelligence

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- Geetha Ranganathan, Bloomberg Intelligence Analyst on US Media, discusses Walt Disney’s layoff plans. Walt Disney Co. is moving toward thousands of job cuts with managers asked to target 20% in annual cost savings. The savings could come from job eliminations as well as from expense reductions, and some of Disney's operations will be affected disproportionately. Chief Executive Officer Josh D'Amaro aims to reinvest a portion of the savings into film and TV programming, technology and the theme parks and cruise ship businesses.

-Anurag Rana, Senior Tech Analyst for Bloomberg Intelligence, discusses Apple earnings. Apple Inc. delivered a mixed outlook to investors in its first quarterly report under Chief Executive Officer John Ternus, with tightening profit margins overshadowing an upbeat sales forecast. The company predicted revenue growth of 7% to 10% during the holiday season, but warned that gross margins would be thinner than projected due to higher memory costs and expenses related to the new Siri AI digital assistant.

-Michael Halen, Bloomberg Intelligence Senior Restaurant and Foodservice Analyst, discusses Yum! Brands. Taco Bell is showing signs of recovery about three months after a cyclospora outbreak hurt results, with comparable sales rising 1% so far this quarter. Visits by "heavy" Taco Bell users have fully recovered to pre-outbreak levels, while lighter users are tracking to 95% of their prior frequency. Users of Taco Bell's loyalty program returned to the chain twice as fast as nonmembers, with membership growing 25% in the third quarter compared to the prior year.

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Apple delivered a forecast for the holiday period that topped Wall Street estimates, even as it failed to impress investors who have bid up the shares in recent months. Revenue will rise 7% to 10% in the fiscal first quarter, which runs through December, Apple said during an earnings conference call Monday. Analysts had estimated 6.1% on average, according to data compiled by Bloomberg.
The shares slumped about 4% in late trading, a sign of the lofty expectations surrounding Apple. After a rally added roughly $1 trillion in market value to the company since late June, investors were betting on a blockbuster report.

For instant reaction and analysis, Bloomberg Businessweek Daily hosts Carol Massar and Tim Stenovec speak with Bloomberg Intelligence senior tech analyst Anurag Rana and Bloomberg News managing editor for global consumer tech, Mark Gurman.

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Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu

-Ryan Gould, Bloomberg Deals Reporter, discusses Marvell Technology agreeing to buy Lumentum at an enterprise value of $115 billion in an all-stock transaction. The merger is expected to be completed in the first half of 2028 and will give Marvell shareholders 67% of the combined business. The deal sparked concerns from investors, who sent shares of both companies sliding, due to the risks of embarking on a massive AI deal at a time when the market is jittery about the industry.

-Matthew Schettenhelm, Bloomberg Intelligence Media Litigation Analyst, discusses Anthropic’s legal risks. According to Bloomberg Intelligence: With US law unsettled on AI oversight, Anthropic faces significant legal risk and enormous potential litigation exposure. Just as President Donald Trump's Commerce Department imposed export controls to halt the AI giant's Fable 5 and Mythos 5 models in June, Anthropic's AI models could similarly be blocked going forward under a legal framework with few clear timelines, precedents or standards.

-Jody Lurie, Bloomberg Intelligence Credit Analyst, discusses Marriott International earnings. Marriott International Inc. reported third-quarter earnings that beat expectations, as bookings surged across the company’s US hotels. The company recorded adjusted earnings per share of $3.02, according to a statement Monday. That was higher than the average analyst estimate of $2.85 in data compiled by Bloomberg.

-Roy Strom, Bloomberg Law Correspondent, discusses how a war is brewing in the corporate restructuring world as firms fight to secure talented lawyers specializing in out-of-court debt workouts. Weil Gotshal & Manges is shuttering its operations, putting its top bench of talent within rivals' reach, and intensifying the battle for specialized attorneys. Firms are positioning themselves for an expected economic downturn that will push companies to restructure outside bankruptcy court, with a strong restructuring practice seen as a way to insulate firms from loss of other types of work.

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Today's guests: Veda Partners Co-Founder & Managing Partner Henrietta Treyz, JPMorgan Asset Management Chief Retirement Strategist Michael Conrath, and Author "The Everywhere Millionaire" Owen Zidar.

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Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu

-Kunjan Sobhani, Bloomberg Intelligence Senior Semiconductor Analyst, discusses Intel’s shares plummeting after its revenue forecast missed analysts' estimates. The company was hurt by sputtering demand for PC processors and supply-chain problems with its data center components. Intel projects sales in the fourth quarter will be $15 billion to $16 billion, with profit of 25 cents a share, excluding certain items, which is lower than analysts' average estimates.

-Poonam Goyal, Senior U.S. E-Commerce and Retail Analyst at Bloomberg Intelligence, discusses Amazon earnings. Amazon.com Inc. shares dropped after the company reported greater capital spending than anticipated and the slowest growth in the core e-commerce business in three years. Revenue at the cloud unit, Amazon Web Services, accelerated for the sixth straight quarter, while online sales gained just 2% to $68.5 billion, the lowest increase since early 2023.

-Vincent Piazza, Bloomberg Intelligence Senior Equity Research Analyst, Oil & Gas, discusses earnings from Chevron and Exxon Mobil. ExxonMobil and Chevron beat profit expectations due to conflicts in the Persian Gulf and Russia driving refining results to record highs. The disruptions to global energy markets show little sign of easing, with price volatility forecast to escalate as strategic and commercial stockpiles run low.

-Emily Nicolle, Bloomberg Digital Finance Reporter, discusses Bitcoin sinking below $77,000 for the first time in more than a month after Binance Holdings revealed a record hack. The breach, in which attackers siphoned off over $6 billion, is the largest crypto theft on record and raises questions about the security of customer assets. Binance has reserved $6.34 billion of company funds in the wake of the incident, and an analyst said that Binance can absorb the losses.

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Intel plunged in late trading after its revenue forecast missed analysts’ estimates, hurt by sputtering demand for PC processors and supply-chain problems with its lucrative data center components. The shares plunged in extended trading as much as 17%. The stock had gained 5.6% this year through Thursday’s close.

Meanwhile, Amazon shares dropped after the company reported greater capital spending than anticipated and the slowest growth in the core e-commerce business in three years.

For instant reaction and analysis, Bloomberg Businessweek Daily hosts Carol Massar and Tim Stenovec speak with Bloomberg Intelligence senior semiconductor analyst Kunjan Sobhani and Bloomberg Intelligence senior tech analyst Anurag Rana from Schwab IMPACT in Boston.

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Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu

- Matthew Bloxham, Bloomberg Intelligence Senior Media and Tech Analyst, discusses Alphabet earnings. Alphabet Inc.'s shares fell more than 13% after the company reported disappointing search and advertising sales. The Google parent reported sales of $111.2 billion for the third quarter, falling short of analysts' projections, with ad sales from search and other channels growing at the slowest pace in five quarters. The company's future commitments to buy resources such as computing power and energy totaled $924 billion, with upcoming obligations bringing the company's total future obligations to well over $1 trillion. Matthew also recaps earnings from Microsoft.

- Mandeep Singh, Global Head of Tech Research for Bloomberg Intelligence, continues the conversation on Alphabet. He also discusses deals in tech. Marvell Technology Inc. is in advanced talks to buy Lumentum Holdings Inc., a data center optics maker, in a potential all-stock transaction. A deal between the two companies would give Marvell greater control of technology critical to powering digital infrastructure and hand it more direct access to Lumentum's technology and manufacturing capacity. Separately, DoorDash Inc. agreed to buy rival Instacart in a deal that values the company at about $17 billion.

- Christopher Ciolino, Bloomberg Intelligence Senior US Machinery Analyst, discusses Caterpillar earnings. Caterpillar Inc. shares slid after the company posted earnings and sales that only modestly beat expectations, adding to investor jitters about mounting challenges to the artificial intelligence infrastructure boom. The company reported adjusted earnings of $7.20 a share and revenue of $20.68 billion, and told investors that overall revenue growth in the fourth quarter will be “moderate” versus the year-earlier period.

-Nicole D'Souza, Bloomberg Intelligence Internet and Software Equity Analyst, discusses Bloomberg Intelligence’s latest dating survey. According to BI: Gen Z dating behavior is moving closer to millennials as more younger users actively date, views of dating apps improve and paid-app use increases, according to BI's second dating-app survey. Compared with last year's survey, the results ease some concerns about dating-app user growth given increased engagement from Gen Z, especially men.

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Bloomberg Intelligence hosted by Paul Sweeney, Scarlet Fu, and John Tucker

-Michael Halen, Bloomberg Intelligence Senior Restaurant and Foodservice Analyst, discusses news that Trian Fund Management is leading a bid for Wendy's. According to Bloomberg Intelligence: A weak 2027 consumer-spending outlook, particularly among low- and middle-income households, could limit the odds of a competing bid for Wendy's, leaving Trian's $1.4 billion, or $7.35 a share, offer as the likely path forward. Trian's bid values Wendy's at just 15.3x consensus 2026 EPS. As we wrote in August, the odds of Trian taking Wendy's private increased with the hiring of CEO Bob Wright and CFO Steven Cirulis, who led Potbelly's turnaround and eventual sale.

-Mustafa Okur, Bloomberg Intelligence Senior Industrials Analyst, discusses GE Vernova agreeing to pay $9 billion to acquire Trench Group to bolster its portfolio of high-voltage power grid equipment. The purchase will be funded equally with both cash and debt, and is expected to close in late 2027, according to a statement Wednesday. The company is raising sales guidance as its customer backlog expanded to $197 billion, and now expects full-year revenue of $46.5 billion to $47.5 billion.

-Diksha Gera, Bloomberg Intelligence Global Fintech and Payments Analyst, discusses Visa reporting earnings that exceeded estimates as consumers turned to branded cards to transact. The company's payments volume increased 9% to $4.08 trillion, up from $3.73 trillion during the period last year. Visa Chief Financial Officer Chris Suh said the company's full-year 2027 adjusted net revenue growth is expected to be in the low-double-digits.

-Gautam Mukunda, Lecturer at Yale School of Management and Bloomberg Opinion Contributor, discusses the Bloomberg Opinion column: “Too Much AI Can Stifle Innovation.” The latest way to sell artificial intelligence is with a high-tech version of the promise that corporate America last bought from Six Sigma, where companies pay for AI agents out of labor and services spending. Process management programs such as Six Sigma reduce variance in a company's routines, but a side effect is that innovation builds on what the company already knows instead of creating new approaches and drawing on new ideas. Separately, Gautam discusses Anthropic.
Anthropic PBC is cautioning investors that its advocacy for artificial intelligence safety could make the company a target of government retaliation.

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Bloomberg Intelligence hosted by Paul Sweeney, Scarlet Fu, and Norah Mulinda

-George Ferguson, Bloomberg Intelligence Senior Aerospace, Defense, & Airlines Analyst, discusses Boeing cutting its full-year aircraft delivery target due to needing more time to accommodate higher production rates. The company will deliver closer to the lower end of its 787 Dreamliner guidance and come short of its target for 500 737 Max jets. Boeing's commercial airplane division posted a $697 million loss, but the company's free cash flow for the third quarter was $464 million, beating analyst estimates.

-David Welch, Bloomberg Detroit Bureau Chief, discusses General Motors plans to shift its stock listing to the Nasdaq Global Select Market from the New York Stock Exchange to position the company as a tech-forward company. The company will retain the “GM” ticker symbol when it begins trading on the Nasdaq on Nov. 17, and the new listing offers eligibility for potential inclusion in the Nasdaq-100 Index. The listing shift is an attempt to get investors to view the company differently, as GM has been investing in self-driving systems and software-related services with potential for revenue growth with higher margins.

-Lee Klaskow, Bloomberg Intelligence Senior Transport, Logistics and Shipping Analyst, recaps UPS earnings. United Parcel Service Inc. boosted its financial guidance for the year, suggesting the courier expects to benefit from high prices and resilient demand through the holiday season. The company raised its adjusted earnings guidance and reported revenue of $92.6 billion this year, up from a prior forecast of $91.2 billion. UPS Chief Executive Officer Carol Tomé said "US consumers remain resilient and the outlook for holiday demand is strong", despite warning that average daily volumes in the fourth quarter would be down year over year.

-Ken Shea, Bloomberg Intelligence Senior Consumer Products Analyst, recaps Coca Cola earnings. Coca-Cola Co. raised its 2026 full-year outlook on strong international demand for soda, but notched lower-than-expected sales volume in North America. The company now sees organic sales increasing at least 5% this year, and reported strong growth in its sparkling soft drinks, with a particular boost from zero-sugar soda. Coca-Cola Zero Sugar saw a 16% increase in unit case volume sales, but sales volume in North America was flat, coming in below the average of analysts’ estimates.

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Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu

-Ed Ludlow, Bloomberg Tech host, discusses how Anthropic filed for an IPO, warning its technology carried existential risks even as it moved a step closer to being the first company focused primarily on developing the most advanced artificial intelligence models to go public. The company behind Claude expects to begin trading on the Nasdaq Global Select Market under the symbol ANT, a filing Monday with the US Securities and Exchange Commission showed. Anthropic filed confidentially in June for a listing. 

-Michael Shepard, Bloomberg News senior technology editor, on how the Anthropic IPO is being led by Goldman Sachs Group Inc. and Morgan Stanley, along with 20 other banks, the filing shows. Anthropic and some of its shareholders are offering stock in the IPO, according to the filing. The amount of shares they’re offering will be disclosed in a later filing.

-Mark Niquette, Bloomberg News real economy reporter, on President Trump’s affordability crisis and the upcoming midterm elections.

-Jody Lurie, Bloomberg Intelligence credit analyst, on how Norwegian Cruise bonds could stay pressured, as net leverage rising to over 6x by year-end suggests a prior goal of 4.5x is unattainable by next year without a large one-time capital infusion. Equity investors' impatience may mean bigger asset sales or other creative steps.

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Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu

-Anurag Rana, Senior Tech Analyst for Bloomberg Intelligence, discusses Apple debuting its foldable iPhone Duo, with people lining up overnight to get their hands on it first. The new device is in limited supply, with consumers placing new orders on Apple's website being offered delivery at the end of January, and some stores selling out of certain configurations within the first half hour.

-Mandeep Singh, Global Head of Tech Research for Bloomberg Intelligence, discusses OpenAI seeking to raise  around $30 billion in a fresh funding round at a valuation of $1.25 trillion, according to people familiar with the matter. The company shifted the value discussed in the talks by $150 billion, from $1.4 trillion, and fundraising discussions are ongoing, said the people.

-Ben Elliott, Bloomberg Intelligence Consumer Finance Analyst, discusses earnings from American Express. According to Bloomberg Intelligence: American Express' accelerating card-fee growth and moderating customer-engagement expenses show the benefit of its Platinum refresh, as higher fees can take up to two years to reach earnings while expenses are recognized faster. Card fees are central to AmEx earnings, accounting for a large portion of net income after substantial rewards and marketing costs.

-Tamlin Bason, Bloomberg Tech Litigation Analyst, discusses Infosys earnings. Infosys Ltd. lowered its annual sales forecast as clients continue to hold back on technology spending, signaling that a broad-based recovery in IT budgets could prove elusive anytime soon. Revenue will climb 1% to 2% on a constant-currency basis in the year through March 2027, down from its July guidance of 1.5% to 3%.

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Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu

- Mandeep Singh, Global Head of Tech Research for Bloomberg Intelligence, discusses Meta earnings. Meta Platforms Inc. shares fell after Chief Executive Officer Mark Zuckerberg told investors the company would bet even more aggressively on artificial intelligence. The company boosted its capital spending plans for the year and announced a new class of nonvoting stock that could be used to help pay for acquisitions and other expenses.

-David Welch, Bloomberg Detroit Bureau Chief, discusses Tesla earnings. Tesla Inc. pulled back its spending plans after investment last quarter trailed expectations, with capital expenditures to be around $20 billion this year. The company had been consistently short of the pace needed to hit its spending goal, particularly after a $4.73 billion outlay in the third quarter, with analysts having expected $7.95 billion on average.

-Liam Denning, Bloomberg Opinion Columnist, discusses the column: “SpaceX-Tesla Is a Strange, But Certain, Deal.” Elon Musk confirmed that SpaceX and Tesla have formed special committees to examine a potential merger, with Musk noting his personal preference for a deal. SpaceX's quarterly results eclipsed Tesla's, with SpaceX reporting its first quarterly positive net income of $4.4 billion, compared to Tesla's results.

-Geetha Ranganathan, Bloomberg Intelligence Analyst on US Media, recaps Comcast earnings. Comcast lost 144,000 residential broadband customers in the third quarter, more than the 133,000 losses predicted by Wall Street. The company's media operations at NBCUniversal are performing well, with Peacock reporting a 17% increase in paid subscribers and Universal seeing its highest grossing film of all time.

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Meta Platforms boosted its capital spending outlook and announced plans for a new class of nonvoting stock, escalating its already-stratospheric bet on artificial intelligence. Capital expenditures will be $135 billion to $145 billion in 2026, the social-media giant said during its quarterly earnings report Wednesday, raising the bottom end of the range from $130 billion. The moves show that Meta has confidence that its spending on artificial intelligence will bear fruit. Chief Executive Officer Mark Zuckerberg has struggled to persuade investors to accept the company’s ballooning expenses for ambitious AI bets. But in recent months, Meta has made headway with its technology.

Meta shares rose in after-hours trading on Wednesday. They had gained about 6% this year through the close in New York.

For instant reaction and analysis, Bloomberg Businessweek Daily hosts Carol Massar and Tim Stenovec speak with Ed Ludlow, Bloomberg Tech co-host.

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Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu

-Sana Pashankar, Bloomberg Space Reporter, discusses Elon Musk endorsing the prospect of combining SpaceX with Tesla, uniting assets from electric cars to AI data centers to rocket and satellite capabilities. Musk said the boards of both companies had formed special committees to consider the idea of a combination, but cautioned that getting enough support from Tesla shareholders may be tricky.

-Matt Henriksson, Bloomberg Intelligence Senior Equity Analyst, discusses Abbott Laboratories planning to spin off its nutrition unit into a separate publicly traded company through a tax-free distribution to shareholders. The new company will have annual sales of about $8.5 billion from its key brands, including Pedialyte and Ensure, and will be led by Daniel Salvadori as chief executive officer.

-George Ferguson, Bloomberg Intelligence Senior Aerospace, Defense, & Airlines Analyst, discusses United Airlines forecasting weaker-than-expected earnings for the final three months of the year due to soaring jet fuel prices. United shares rose more than 4% after the carrier commented on strong operating revenue and reassurance on 2027 pretax margin targets.

-Geetha Ranganathan, Bloomberg Intelligence Analyst on US Media, discusses Netflix earnings. Netflix reported its slowest sales jump in three years and forecast a fourth consecutive quarter of slowing growth, amplifying concerns about the performance of the world’s leading online TV network. The company blamed its sales shortfall on the advertising business, which is on pace to deliver $300 million less than expected, and has overhauled its leadership to address a decline in programming quality.

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SpaceX exceeded estimates for quarterly revenue and profit, driven by substantial growth in its artificial intelligence and satellite internet businesses.
Elon Musk’s satellite, rocket and AI conglomerate posted $4.4 billion in net income for the quarter ended in September, far better than analysts’ average projection of $1.88 billion. Revenue increased 161% from a year ago and also beat expectations.

SpaceX shares rose in New York after the close of regular trading.

For instant reaction and analysis, Bloomberg Businessweek Daily guest hosts Norah Mulinda and Alexis Christoforous speak with:

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Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu

-Craig Trudell, Bloomberg Managing Editor of Global Business Coverage, discusses General Motors earnings. GM shares fell as shareholders focused on a narrower profit outlook despite plans for another $20 billion in stock repurchases. The company now sees 2026 adjusted earnings before interest and taxes in a range of $14.5 billion to $15.5 billion, compared with the $14 billion to $16 billion range it projected in July. GM's board approved the new round of buybacks, which will be funded on an ongoing basis over a multi-year period of time, adding to the $29.5 billion already spent by the company buying back its shares since 2023.

-Anurag Rana, Senior Tech Analyst for Bloomberg Intelligence, discusses Salesforce agreeing to buy Braze Inc. for almost $5.7 billion in enterprise value, paying Braze investors $47.50 per share. Braze gathers customer data in real time and uses AI to generate personalized messaging for different media and methods of communication, serving around 2,770 customers. The deal is expected to close in Salesforce’s fiscal 2028 and will be used to bolster several of its products, particularly those for marketing and customer communication via Agentforce.

-Bailey Lipschultz, Bloomberg News Senior Equities Reporter, discusses Nscale being in talks to sell computing power to Anthropic PBC in a deal that could be worth about $45 billion, according to people familiar with the negotiations. The deal would be for a second facility at Nscale's Monarch data center campus in West Virginia, which would deliver 460 megawatts of computing power using Nvidia's advanced Vera Rubin AI chips. A deal could be finalized as soon as in the coming days, but deliberations are ongoing and details of the plan could change, with Nscale still needing to secure financing to fund the supply of AI chips.

-Lindsay Dutch, Bloomberg Intelligence Consumer Hardlines Senior Analyst, discusses Hasbro earnings. According to Bloomberg Intelligence: Hasbro's raised outlook reflects further strength and better-than-expected growth for Magic: The Gathering, while the Consumer Products unit's 4% net sales increase for 3Q keeps it on track for low-single-digit growth this year. Comparisons will be tougher for both in 4Q, with sales growth likely to decelerate. Earnings in 3Q were aided by $55 million in tariff refunds, with margin pressure also likely to resume in 4Q, especially for the Consumer Products segment.

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Bloomberg Intelligence hosted by Paul Sweeney and Michael Ball

- Paul Gulberg, Bloomberg Intelligence Senior Equity Analyst, discusses the latest at Blackstone. Blackstone Inc. has raised $8.7 billion for a fund dedicated to cleaner energy, Blackstone Energy Transition Partners V, which is about 55% larger than its predecessor. The strategy invests in a broad range of sectors within the energy industry but generally excludes oil companies, and has already deployed a quarter of its capital into six investments. The new fund has attracted nearly one-third of its money from new investors, with Blackstone committing $150 million to the fund, according to David Foley, global head of the firm’s energy transition business.

-Alex Rajbhandari, Bloomberg US Insurance Reporter, discusses the Bloomberg Big Take story: “For Three Buffets, a $150 Billion Puzzle Over Father’s Riches.” Description: The fate of one of the world’s greatest fortunes will be decided — by three very different siblings, living three very different lives, who didn’t expect to be, or necessarily even want to be, the ones doing the deciding. Warren Buffett, chairman emeritus of Berkshire Hathaway Inc., is worth $150 billion, according to the Bloomberg Billionaires Index. Until recently, a longtime favorite of his, Bill Gates, was taking care of giving most of the money away through his behemoth global foundation. Then came the revelations about Gates’ relationship with Jeffrey Epstein, followed by his divorce from Melinda French Gates and the cleaving of the Gates fortune. After the separation, Buffett removed himself from the foundation’s board of directors, but kept sending them checks. This past July, he changed course. Without much warning, Susie, Howard and Peter became much bigger stewards of his fortune.

-George Ferguson, Bloomberg Intelligence Senior Aerospace, Defense, & Airlines Analyst, discusses US airlines plan for 4Q capacity growth. According to Bloomberg Intelligence: US airlines' 4Q capacity growth appears too high to achieve the 25-30% higher fares needed to offset elevated fuel costs, constraining profit recovery. At capacity increases well above US GDP growth expectations of 2.1%, it's tough to see fares rise more than 20%, though plans will likely get reduced.

-Ed Ludlow, Bloomberg Tech Host, discusses top tech stories. Anthropic PBC plans to put 5% of its shares into a new public benefit fund to address "the public good", including mitigating AI's impact on the job market. The new Anthropic Public Benefit Fund could allow the company to pursue its mission "in new ways", such as using some of the money to address "labor market impacts". Anthropic said the new fund will be a wholly owned LLC and will grow as the company grows, with none of the Anthropic equity held by the LLC used for lobbying or political giving.

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Today's guests: Wells Fargo Chief Economist Tom Porcelli, Miller Samuel Co-Founder Jonathan Miller, and Brown Harris Stevens CEO Bess Freedman.

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Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu

- David Welch, Bloomberg Detroit Bureau Chief, discusses Tesla holding a product reveal for its long-delayed Roadster sports car, showcasing a prototype with air thrusters that performed aerial stunts. The vehicle, designed in collaboration with SpaceX, features two seats and a Cybertruck-style steer-by-wire system, and is expected to start production in 2028. The Roadster is seen as a way to bring back excitement to the Tesla brand, which has experienced consecutive annual sales declines and criticism over a stagnant product lineup.

- Anurag Rana, Senior Tech Analyst for Bloomberg Intelligence, discusses Apple. Shipping estimates for Apple Inc.'s first folding phone slipped into January within minutes of the company taking preorders on Friday.  Some customers on social media reported delayed delivery dates for the iPhone Duo, even after taking Apple's recommended steps to speed up the buying process. Apple retail stores ran out of launch-day stock of the iPhone Duo almost instantly after preorders began at 8 a.m. in New York.

- Robert Schiffman, Senior Tech Credit Analyst for Bloomberg Intelligence, discusses CoreWeave. CoreWeave Inc. shares plunged 20% in the first three sessions of the week as its debt tumbled to levels that typically indicate distress. The cost of protecting CoreWeave bonds against default rose to the highest intraday level on record, while swaps priced in a more than 60% chance of a default within the next five years. Despite the concerns, some investors and analysts, including Jensen Huang and Deutsche Bank, expressed confidence in the company, citing its strong customer base and demand for AI computing services.

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Bloomberg Intelligence hosted by Scarlet Fu, Hema Parmar, and Charlie Pellett

- Vasu Kasibhotla, Bloomberg Intelligence Senior Industry Analyst, discusses CoreWeave. CoreWeave Inc.'s co-founder said the company's goal is to get an investment-grade credit rating and gain the privilege of borrowing "unlimited" pools of money. The comments sent global markets into a tailspin, with CoreWeave shares dropping 6% in premarket trading on Thursday and its debt due in 2032 being quoted at about 78 cents on the dollar.

- Bailey Lipschultz, Bloomberg News Senior Equities Reporter, discusses Anthropic. Anthropic PBC told prospective investors its third-quarter revenue hit $16.8 billion, and the company achieved profitability in the quarter on an adjusted basis. The company is set to begin formally marketing its initial public offering as soon as the week of Nov. 9, and it’s expected to make its debut no later than the end of the year. Investors’ reactions to Anthropic’s update will be critical to the IPO process, with some indicating a fair valuation for the company is in the $1.8 trillion to $2 trillion range.

-Nathan Naidu, Bloomberg Intelligence Technology Research Analyst, discusses BIoomberg Intelligence’s deep dive report of cloud gaming. Nathan discusses why cloud gaming is finally becoming credible. BI forecasts the market growing from about $9 billion in 2025 to almost $38 billion by 2035. Cloud gaming adoption stumbled on latency, lagged gameplay experience which ultimately turn gamers off. That will change with better and potentially cheaper compute. Also, gaming is becoming less tied to a physical console: titles can increasingly be streamed across phones, TVs, PCs and handhelds.

- Gabrielle Coppola, Bloomberg Auto Reporter, discusses the Bloomberg Big Take story: “VW Wants to Take On Wrangler and Bronco on Their Home Turf.” Volkswagen AG is investing heavily in the US market, which Chief Executive Officer Oliver Blume says is "one big growth opportunity" for the company. The company plans to enter the US market for light trucks and offroad sport utility vehicles, with projects including a software venture with Rivian Automotive Inc. and the revival of heritage brand Scout. Volkswagen aims to field a midsize pickup and an offroad SUV to compete with established US franchises such as General Motors Co.'s Chevrolet Colorado and Ford Motor Co.'s Bronco.

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Bloomberg Intelligence hosted by Scarlet Fu and Stacey Vanek Smith

-Herman Chan, Senior Analyst, US Banks for Bloomberg Intelligence, recaps U.S bank earnings. Bank of America Corp.'s stock and fixed-income traders missed estimates, with bond-trading revenue falling 17% to $2.55 billion and equity trading up 10% to $2.51 billion. The company announced a $1.2 billion non-tax-deductible charge for fines related to money laundering and sanctions violations, which cut into net income by 17 cents a share.

-Matthew Palazola, Bloomberg Intelligence, Senior Analyst, P&C Insurance, discusses shares of Bending Spoons surging as much as 55% after Berkshire Hathaway Inc. agreed to invest an additional $330 million in the Italian technology conglomerate. The investment brings Berkshire’s stake in Bending Spoons to 4% and gives Bending Spoons more capital to pursue acquisitions. Bending Spoons will issue 10 million ordinary shares to Berkshire at $33 apiece through a private placement, according to a statement Wednesday.

-Geetha Ranganathan, Bloomberg Intelligence Analyst, discusses Netflix job cuts. Netflix Inc. is cutting 6% of its global staff, or about 1,000 positions, due to slowing growth. The cuts will be in the product, tech, legal and human-resources teams, according to an email from co Chief Executive Officers Greg Peters and Ted Sarandos. Netflix's business is "strong and growing, and we remain on track to deliver our full-year forecast," the executives wrote, despite concerns about growth and weakening subscriber engagement.

-Tamlin Bason, Bloomberg Tech Litigation Analyst, discusses Apple and OpenAI heading to court for a hearing in Apple's lawsuit accusing OpenAI of scheming to steal proprietary information about upcoming products. Two critical issues are on the agenda: Apple's request for a court order to stop OpenAI from using allegedly stolen trade secrets and OpenAI's demand to dismiss Apple's lawsuit entirely. OpenAI has denied the allegations, arguing that Apple's lawsuit is an effort to restrain employees from leaving for a competitor and that the company seeks to cast "ordinary job interviews as acts of trade secret misappropriation."

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Bloomberg Intelligence hosted by Scarlet Fu  and Alexis Christoforous

-Herman Chan, Senior Analyst, US Banks for Bloomberg Intelligence, recaps U.S bank earnings.
Goldman Sachs Group Inc.'s equities traders reported revenue of $6.44 billion for the three months through September, beating the expectations of analysts.
JPMorgan Chase & Co. reported a surprise drop in fixed-income trading revenue in the third quarter, the first such decline in more than two years.
Citigroup Inc.'s fixed-income traders had their best third quarter in at least a decade, with revenue of $4.4 billion.
Wells Fargo & Co. reported third-quarter results that topped Wall Street estimates as consumers and businesses held steady, keeping loan losses in check.

-Michael Halen, Bloomberg Intelligence Senior Restaurant and Foodservice Analyst, discusses earnings from Domino’s Pizza and his outlook for Jersey Mike’s. Domino’s Pizza Inc.’s US same-store sales grew 0.3% in the third quarter, below the 0.7% Wall Street had expected. The company faces an uphill battle as budget-conscious consumers eat out less and favor chicken amid the “proteinmaxxing” trend.
Also, according to Bloomberg Intelligence: Jersey Mike's combination of strong sales growth, 10.4% in 1H, and a 99% franchised system is unique to the restaurant sector, positioning the company to outperform most quick-service peers on the top line and most fast-casual competitors on the bottom line amid inflation.

-Deborah Aitken, Bloomberg Intelligence Luxury Goods Analyst, discusses LVMH earnings. Sales at LVMH's biggest division slumped as worsening economic conditions and a consumer backlash in China hit its key Louis Vuitton brand. Revenue at the fashion and leather goods unit slid 5% in the third quarter on an organic basis, a bigger decline than analysts had forecast. LVMH Chief Financial Officer Cecile Cabanis said the backlash from consumers over the Molly Tea case "had a negative impact, at least at the beginning of the quarter" on Louis Vuitton sales.

-Geetha Ranganathan, Bloomberg Intelligence Analyst on US Media, discusses the latest at Netflix. Netflix Inc. secured exclusive broadcasting rights in Spain and Andorra for the men’s FIFA World Cup in 2030. Terms of the deal that includes all 104 matches weren’t’ disclosed in the company’s press release. 
Also, according to Bloomberg Intelligence: Netflix's 3Q results may do little to quiet the engagement debate even if revenue lands near guidance.

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Bloomberg Intelligence hosted by Scarlet Fu, Stacey Vanek Smith, and Norah Mulinda

-Redd Brown, Bloomberg Consumer Reporter, discusses Starbucks saying it’s not buying Chipotle Mexican Grill, tamping down speculation about what could have been one of the restaurant sector’s largest-ever deals.
Separately, Redd talks about how California vintners are experimenting with making an American version of tequila due to a drop in wine consumption and state-imposed water restrictions.

-Mandeep Singh, Global Head of Tech Research for Bloomberg Intelligence, discusses top tech stories. According to Bloomberg Intelligence: AI data-center spending is scaling faster than we expected, with higher hardware content and a broader mix of operators pushing more capital toward compute, memory, storage and networking.
Separately, Mandeep also discusses how Microsoft is installing the latest version of its Maia chips in data centers to power its AI software using mostly homegrown hardware.

-Niraj Patel, Bloomberg Intelligence Senior Software Analyst, discusses research on how AI is influencing software sectors. According to Bloomberg Intelligence: AI agents are evolving from prompt-based assistants into persistent systems that reason, use tools and execute workflows, putting application software's user interface and distribution at risk while expanding opportunities in agent infrastructure and coordination.

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Bloomberg Money takes the pulse of your financial life, powered by the reporting of our global newsroom. This week's show features Peter Orszag, Lazard CEO & Chairman, Anastasia Amoroso, Chief Investment Strategist, Partners Group and more. 

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Bloomberg Intelligence hosted by Scarlet Fu and John Tucker

- Matthew Bloxham, Bloomberg Intelligence Senior Media and Tech Analyst, discusses top tech stories. OpenAI is expecting to reach or exceed $70 billion in annualized revenue by the end of the year, driven largely by growth in its enterprise business.
SpaceX is acquiring a crucial swath of spectrum from Grain Management LLC to turn the company into a "major mobile carrier" and provide cell service to devices indoors from its Starlink network.

- Sid Philip, Bloomberg Chief Correspondent for Global Aviation, discusses Delta Airlines earnings. Delta Air Lines Inc. reduced its full-year earnings outlook due to elevated jet fuel prices, expecting adjusted earnings of $5.10 to $5.60 per share in 2026. The airline expects to absorb approximately $6 billion in additional fuel costs this year compared with 2025, citing the war in the Middle East as a factor. Delta's Chief Executive Officer Ed Bastian said he expects flying demand to hold up despite higher ticket prices, noting that "the market has accepted these price points" and that travel is a priority for wealthier consumers.

- Tim Craighead, Bloomberg Intelligence Global Chief Content Officer, discusses ten companies to watch for in 4Q. From elevated crude-tanker rates and slowing pizza sales to movie screens, prediction-market rulings, soft drinks and coal, BI’s 10 Focus Ideas to Watch for 4Q highlight the catalysts that can most reshape market expectations. The research showcases BI analysts' highest-conviction, differentiated fundamental views vs. consensus, including Coca-Cola, Cosco Energy and Kalshi.

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Bloomberg Intelligence hosted by Scarlet Fu, Hema Parmar, and Charlie Pellett

-Sridhar Natarajan, Bloomberg News Chief Wall Street Correspondent, discusses how Goldman Sachs’ most senior leaders are set to unlock a special bonus that will rank among the biggest such payouts the firm has ever awarded. About 20 executives are in line for equity awards that will be finalized later this month and exceed $500 million at the current share price, with Chief Executive Officer David Solomon in line for more than $100 million.

-Ken Shea, Bloomberg Intelligence Senior Consumer Goods Analyst, recaps PepsiCo earnings. PepsiCo Inc. has concerns over its North American soda business and is working to turn around its snack sales. The company now sees a measure of earnings growing between 1% and 2% for the current fiscal year, down from the previous range of 4% to 6%.

-Lily Meier, Bloomberg Retail Reporter, recaps earnings from Levis Strauss. Levi Strauss & Co. posted the slowest growth in its direct-to-consumer channels since late 2022, in part due to a marketing misstep. Revenue generated from Levi’s own stores and website grew 2% in the third quarter, with the company raising its full-year earnings outlook. She also discussed Lululemon Athletica hiring Maggie Gauger as president and chief product officer, a newly created role, starting Oct. 26. Gauger previously worked as the CEO of Gap's Athleta brand and with Lululemon's new CEO Heidi O'Neill at Nike Inc.

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Bloomberg Intelligence hosted by Scarlet Fu & Alexis Christoforous
 
-Ed Ludlow, Bloomberg Tech Host, discusses Elon Musk's SpaceX being in talks with banks and investors to raise $40 billion to buy chips from Nvidia. Management Inc. SpaceX's fundraising discussions are in an early stage and could end without a deal being completed, with Pacific Investment Management Co. and Apollo Global Management Inc. involved. Separately, Apple's upcoming smart home devices will include a doorbell, thermostat, and other accessories developed through a partnership with LG Electronics Inc. The products developed with LG will also include a smart deadbolt lock, indoor security camera, outdoor security camera, and floodlight camera, and will carry the LG brand.

-Michael Halen, Bloomberg Intelligence Senior Restaurant and Foodservice Analyst, discusses the latest on restaurants. McDonald’s plan to overhaul its restaurants and menu is sparking angst among US franchisees facing upgrades that will cost at least $800,000 per location. The company needs the backing of its franchisees to help restore investor confidence that has faltered this year, with the company’s shares plunging 32% from a peak in late February through the end of September. Separately, a viral social media hoax claiming discrimination at Texas Roadhouse led to a six-week selloff of the company's shares, which surpassed 20% by the end of September. Analysts on Wall Street see an opportunity to buy into the restaurant chain at an attractive discount, with Evercore ISI and StoneX upgrading the stock this week.

-Geetha Ranganathan, Bloomberg Intelligence Analyst on US Media, discusses Walt Disney confirming it will stream Super Bowl LXI on Disney+ in the U.S. and dozens of countries worldwide. Disney+ subscribers in the U.S. will be able to stream the traditional game presentation, as well as the Spanish-language telecast on ESPN Deportes.

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Bloomberg Intelligence hosted by Scarlet Fu & Stacey Vanek Smith

- Hannah Miller, Bloomberg Media Reporter, discusses Paramount Skydance closing its acquisition of Warner Bros. Discovery, combining two of the five largest Hollywood film studios and uniting major franchises such as Harry Potter and Mission Impossible. The new company, called Skydance, will be home to dozens of TV networks and two major subscription streaming services, Paramount+ and HBO Max, and will be led by David Ellison and Ynon Kreiz as co-chief executive officers.

- Natalie Lung, Bloomberg Tech Reporter, discusses Uber Technologies buying ezCater for $2.3 billion in a cash deal to help the Uber Eats delivery platform reach a more corporate clientele. The purchase will boost Uber’s food delivery business, which makes up about nearly half of the company’s overall gross bookings. ezCater generated over $2.5 billion in gross bookings over the trailing 12 months and works with more than 140,000 restaurants nationwide.

-- Ed Ludlow, Bloomberg Tech Host, discusses top tech stories. Nvidia is nearing a $6 trillion market capitalization as investors return to the artificial-intelligence chipmaker after a disappointing start to the year.
Moonshot AI has closed the final round of private fundraising at a valuation of about $50 billion and is heading toward an initial public offering in Hong Kong in the first quarter of next year.
DeepSeek is close to securing at least 80 billion yuan in its latest round of funding, ahead of a landmark initial public offering in early 2027.

-- Will Wade, Bloomberg News Energy Reporter, discusses Google parent Alphabet  agreeing to buy nuclear power from Constellation Energy Corp. in a 20-year power-purchase agreement that will drive more than $4.3 billion in investments to upgrade systems at 11 Constellation reactors. The agreement will add 890 megawatts of new reactor capacity and the electricity will start arriving on the grid as soon as 2028. The deal is part of a trend of tech companies investing in nuclear energy to support their operations, with other companies such as Amazon.com Inc., Walmart Inc., and Microsoft Corp. also signing agreements with Constellation and other nuclear power producers.

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Bloomberg Intelligence hosted by  Scarlet Fu, Stacey Vanek Smith, & Norah Mulinda

-Lee Klaskow, Bloomberg Intelligence Senior Transport, Logistics and Shipping Analyst, discusses CH Robinson Worldwide agreeing to buy trucking brokerage firm RXO in a deal centered around a bet that artificial intelligence can help the companies improve efficiency in a challenging freight market. CH Robinson aims to diversify its business and capitalize on RXO’s abilities in expedited and last-mile delivery through a cash-and-stock transaction valued at about $5.8 billion.

-Sam Fazeli, Bloomberg Intelligence, Director of Research for Global Industries and Senior Pharmaceuticals Analyst, discusses AstraZeneca investing $2 billion in US biotech Summit Therapeutics Inc. to collaborate on a promising new cancer medicine that could be combined with the British drugmaker’s other treatments. The investment will speed up development of Summit’s experimental ivonescimab, a bispecific antibody drug that aims to better attack cancer cells and stop them growing, and targets two proteins called PD-1 and VEGF.

-- Robert Schiffman, Senior Tech Credit Analyst for Bloomberg Intelligence, discusses his latest credit research on Micron Technology. According to Bloomberg Intelligence: Micron's AI-driven cash surge could make its credit profile materially less cyclical than in prior memory upturns, as stronger pricing, strategic customer agreements and rapidly expanding margins improve earnings visibility. Fiscal 2026 revenue rose 256% to $133.2 billion and adjusted free cash flow reached $62.3 billion, while Bloomberg consensus points to roughly $271 billion of revenue and about $141 billion of free cash flow in fiscal 2027.

-- Dylan Sloan, Bloomberg Wealth Reporter, discusses his story about how the world's tech billionaires gained a combined $845 billion through Sept. 30. That’s the most ever for the first nine months of a year, according to the Bloomberg Billionaires Index. Tech billionaires are now worth a combined $4.6 trillion, accounting for 36% of the index's wealth despite making up only about a fifth of its members.

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Bloomberg Money takes the pulse of your financial life, powered by the reporting of our global newsroom.

Today's guests:

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Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu

-Craig Trudell, Bloomberg Managing Editor of Global Business Coverage, discusses Tesla deliveries. Tesla Inc. reported better-than-expected sales for the third quarter, delivering 486,532 vehicles worldwide in the period. The results are a boon for Tesla following a period of declining auto sales and a lagging stock, with competition in the crucial China market and sluggish demand in the US pressuring the company.

-Poonam Goyal, Senior U.S. E-Commerce and Retail Analyst at Bloomberg Intelligence, discusses Nike earnings. Nike Inc. is cutting jobs and overhauling the business as results deteriorate, with a restructuring plan expected to save $2.5 billion over the next five years. The company announced weaker-than-expected sales for the latest quarter and a disappointing outlook for this fiscal year, with a high-single-digit revenue decline expected.

-Matthew Bloxham, Bloomberg Intelligence Senior Media and Tech Analyst, discusses top tech stories. Anthropic PBC is seeking to go public as soon as the middle of November, with formal marketing for its IPO potentially starting the week of Nov. 9. The company still expects to make its debut no later than the end of the year, despite deliberations being ongoing and the timeline potentially shifting.

-Lindsay Dutch, Bloomberg Intelligence Consumer Hardlines & Beauty Retail Senior Analyst, discusses Mattel takeover interest. Mattel Inc. has drawn takeover interest from Authentic Brands Group, the Wall Street Journal reported Thursday. Authentic has been discussing an offer that could value Mattel at more than $20 a share, the Wall Street Journal reported, citing unnamed people familiar with the matter.

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Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu

- Jake Silverman, Bloomberg Intelligence Semiconductor Analyst, recaps Micron earnings. Micron Technology Inc. gave an upbeat forecast for the current quarter, fueled by the AI building frenzy, though the chipmaker warned that rising compensation would weigh on profit margins. Revenue will be about $61.5 billion in the fiscal first quarter, and excluding some items, profit will be about $38.15 a share. The company's gross margins will tighten slightly in the current period due in part to increased worker pay, with the adjusted gross margin expected to narrow to 86.3% in the current quarter.

-Sarah Frier, Bloomberg Managing Editor for Technology Coverage, discusses Chipmaker Broadcom agreeing to lend Anthropic as much as $42 billion to lease its chips. The agreement would let Broadcom pick a financing partner and convert the debt instruments into Anthropic shares, according to Reuters. Anthropic has committed to spending more than half a trillion dollars on cloud, computing and infrastructure in the coming years, and its IPO could value the AI company at about $2 trillion.

-Ryan Vlastelica, Bloomberg Equities Reporter, discusses Microsoft. Microsoft Corp.'s shares jumped 37.5% from July through September, their best quarterly showing since 1998, adding $1 trillion to the company's market capitalization. The company's earnings in late July showed the fastest cloud growth in four years from strong AI demand, easing concerns about whether Microsoft's heavy AI investments would lead to better growth.

-Geetha Ranganathan, Bloomberg Intelligence Analyst on US Media, discusses Netflix. Ted Sarandos, co-chief executive officer at Netflix Inc., said the US streaming giant isn’t growing as quickly as he would like. Netflix is expanding beyond its core business of films and TV series, with about 5% of its content budget going toward live programming.

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Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu

-Matthew Bloxham, Bloomberg Intelligence Senior Media and Tech Analyst, discusses Apple planning to make its push into the smart-home market on Oct. 13, with a smart-home hub code-named J490 at the center of the strategy. The company also plans to announce the first update to the HomePod mini since its 2020 debut and its first new TV set-top box since 2022, which will serve as a showcase for Apple's new Siri AI assistant.

-Ed Ludlow, Bloomberg Tech Anchor, discusses his interview with OpenAI's CEO Sam Altman. Altman said the company wants to navigate a period of heightened artificial intelligence safety concerns without the pressure of being a newly public company. He said the company is "adjusting" to a "new level" of AI capability and the added safety requirements that coincide with it. OpenAI is holding discussions about a new funding round to raise at least $30 billion from investors at a valuation of around $1.4 trillion.

-Stephen Flynn, Bloomberg Intelligence Senior Credit Analyst, discusses the latest at Paramount-Skydance. Paramount Skydance Corp. is selling debt to fund its Warner Bros. Discovery buyout, but delays have increased the cost of borrowing due to growing fears about global inflation. The company will have more than $87 billion of investment-grade and high-yield debt after the buyout and needs to generate enough earnings and cost savings to pay down its obligations.

-Gautam Mukunda, Lecturer at Yale School of Management and Bloomberg Opinion Contributor, discusses his column: “We Are In an Era of Warped Entrepreneurship.” A New York Times investigation found that DraftKings Inc. built a machine-learning model that scored customers by how much they would lose for each free bet or bonus they received. The model raised concerns that the company was targeting problem gamblers, with a data analyst saying "the best investment would be a problem gambler" due to financial logic.

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Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu

-Anthony Hughes, Bloomberg US Equity Capital Markets Reporter, discusses Oura delaying a US initial public offering, citing uncertainty in the market for first-time share sales. The wearable technology startup and its backers were looking to raise as much as $2.2 billion in the IPO, which had drawn about four times as many orders as there were shares available.

-Ed Ludlow, Bloomberg Tech Anchor, discusses OpenAI holding back a version of its Astra model while it establishes stronger safeguards for artificial intelligence development, due to heightened risks after recent rogue AI hacking incidents. The company's head of safety systems, Saachi Jain, said the in-development GPT-6.1 Astra model wasn't as good as the company wanted in terms of "staying within scope and authorization" and communicating with users.

-Geetha Ranganathan, Bloomberg Intelligence Analyst on US Media, discusses the latest on Former Walt Disney CEO Bob Chapek. Chapek talked about his new book detailing his time at Disney. He also discussed former CEO Bob's Iger succession planning and Josh D'Amaro talking the helm. Chapek is currently building a new career in private equity after being fired as CEO of Walt Disney Co. four years ago.

-Theo Baker, Author of "How to Rule the World: An Education in Power at Stanford University" & Janet Lorin, Bloomberg News Higher Education Reporter, discuss Theo’s new book. Seventeen-year-old Theo Baker showed up for freshman year at Stanford University as a tech-obsessed coder. It seemed like paradise. There were Rodin sculptures next to nuclear laboratories and inventors lounging with Olympians. But Baker soon discovered a culture that embraced corner-cutting, that vested infinite excess and access in the hands of kids with few safeguards to catch bad behavior. Stanford, he realized, was less a school than a business. Its annual budget was nearly twice that of Harvard or Yale and higher than those of 116 countries.

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Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu

-Matthew Bloxham, Bloomberg Intelligence Senior Media and Tech Analyst, discusses top tech stories of the day. Nvidia Corp. increased the size of its share buyback plan by $150 billion, taking the total remaining authorized amount to $235 billion. The company expects to complete the program through fiscal 2028, according to a statement on Monday.

- Geetha Ranganathan, Bloomberg Intelligence Analyst on US Media, discusses the impact of Muse across media and telecom space. According to Bloomberg Intelligence: Meta's Muse could turn AI from assistant into gatekeeper, creating a new layer of disruption across media and telecom as discovery, comparison and transactions shift away from traditional interfaces. Wireless and broadband look most exposed as agents make shopping, negotiation and switching easier, raising churn and pressuring pricing. 

-Stephen Flynn, Bloomberg Intelligence Senior Credit Analyst, discusses research on Paramount-Skydance. According to Bloomberg Intelligence: Paramount Skydance expects to sell about $12.4 billion equivalent of junk-rated second lien notes to help fund its pending $110 billion acquisition of Warner Bros. Discovery, with the amount of dollar-denominated notes issued likely to rival SoftBank Group's $10 billion sale of BB+ rated bonds on Sept. 23.

-- Michelle Korsmo, CEO of National Restaurant Association, discuses restaurant industry headwinds. The National Restaurant Association recently launched its “Made in Restaurants,” a new national initiative celebrating the restaurant industry and its role in shaping people, careers and communities. The initiative, built on a combination of first-hand stories and economic research, highlights the role of the industry in driving the economy. Bloomberg Radio has invited Michelle Korsmo to speak on the state of the industry and highlight the new campaign, which shows how restaurants are not only cornerstones of their communities but shape the workforce by providing employees with the skillsets needed to sustain long-term careers both within and outside of the industry.

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Bloomberg Money takes the pulse of your financial life, powered by the reporting of our global newsroom. Today's guests: Mexico Secretary of Foreign Affairs Roberto Velasco Alvarez, BlackRock Portfolio Manager of the Systematic Alternative ETF Jeffrey Rosenberg, and Ritholtz Wealth Chairman & CIO Barry Ritholtz.

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Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu

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Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu

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Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu

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Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu

- Mandeep Singh, Bloomberg Intelligence Global Head: Technology Research, on Meta Platforms Inc.’s new artificial intelligence agent, Muse, has quickly risen to the top of mobile app charts, a sign that the social media company is gaining traction in the increasingly crowded market for consumer AI assistants.

- Henrietta Treyz, Managing Partner and Director of Economic Policy at Veda Partners, on Donald 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. 

- Sherrod DeGrippo, VP of Threat Intelligence for Unit 42, on the secretary general of the United Nations stepped up his calls for regulation of AI to avert a dystopian future of rampant corporate power and killer robots. Antonio Guterres used his final address to world leaders at the UN General Assembly to sound the alarm about the dangers of AI, arguing that the rapid advance of frontier models risk undermining nation states.

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Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu

- Geetha Ranganathan, Bloomberg Intelligence media analyst, on Paramount Skydance has reaching a settlement with California and other states suing to block its proposed acquisition of Warner Bros. Discovery.

 - Ed Price, Senior Non-Resident Fellow at New York University, previews the UN General Assembly meeting

- Henry Eaton, BNEF US natural gas analyst, on Natural gas playing a critical role in meeting data center power demand. It will supply about 69% of power needed by new grid-connected facilities in BNEF’s various scenarios. On-site gas generation adds further demand as developers seek faster energization. Data center power demand is projected to reach 194 gigawatts by 2035 – making the power sector the second-largest driver of US natural gas demand growth through 2035, behind liquefied natural gas (LNG) exports – increasing pressure on gas producers to scale supply

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Bloomberg Money takes the pulse of your financial life, powered by the reporting of our global newsroom. Today's guests: KKR Partner, Head of Global Macro & Asset Allocation Henry McVey and BNY Wealth CIO Alicia Levine.

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Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu

- Matthew Palazola, Bloomberg Intelligence, Senior Analyst, P&C Insurance, on Berkshire Hathaway Inc. founder Warren Buffett stepping down as the company’s chairman to be replaced by his son Howard, effectively ending roughly six decades at the helm of the conglomerate.

- Janet Lorin, Bloomberg News higher education reporter, on 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.

 - Randall Williams, Bloomberg Business of Sports Reporter, on On Holding signing French superstar Kylian Mbappé to lead its push into football, mounting a bold challenge to Nike Inc. and Adidas AG’s dominance of the sport.

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Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu

-Sid Philip, Bloomberg Chief Correspondent for Global Aviation discusses how After being credited with stabilizing Boeing over the past few years, Chief Executive Officer Kelly Ortberg laid out a set of challenges that surprised investors who had grown comfortable with the more steady performance at the US planemaker.

- Danish Nagda, Founder and CEO at Rezilient, talks AI as Titans of the artificial intelligence industry gathered in Scotland to hear Britain’s monarch challenge them to control their inventions. King Charles III convened technology leaders and other influential figures for a summit focused on the mounting risks of AI, a topic that has captivated the globe this week. While the executives there didn’t publicly commit to any changes, some addressed the safety concerns directly. 

- Nathan Naidu, Bloomberg Intelligence Technology Research Analyst, explains how GTA VI could reshape gaming engagement beyond its launch, pulling players from GTA V, Call of Duty, Fortnite and Forza Horizon while also expanding gaming interest beyond core console gamers over time. Its broad entertainment reach, highlighted by the Netflix reveal, suggests the game can attract lapsed or less-active players back to gaming even as it temporarily absorbs hours from rival titles. 

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Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu

-Matthew Bloxham, Bloomberg Intelligence Senior and Tech Analyst, joins to discuss how AI tensions between Anthropic and the administration were reignited by a essay posted by the company's Chief Executive Officer Dario Amodei, who called for government regulation and urged pacing development of the most advanced AI systems. President Donald Trump dismissed fears about AI risks as "a hoax" and rejected the idea of new rules, while leading AI developers have begun discussing AI safety concerns among themselves.
Separately, OpenAI is holding early talks with investors about a fresh funding round that would value the company at more than $1.2 trillion ahead of an initial public offering.

-Mandeep Singh, Global Head of Tech Research for Bloomberg Intelligence, continues the conversation on AI. According to Bloomberg Intelligence: AI spending is rising faster than corporate executives can track its impact, with only 9% saying they can confidently measure financial returns even as 92% see costs going up next year. As the predictable economics of software subscriptions shifts to agentic AI, two-thirds say AI use, measured in tokens, has at least doubled in a year.

-- Andrew Grant, BloombergNEF Head of Intelligent Mobility, discusses BNEF's passenger car outlook. According to BNEF: Passenger cars are the most significant form of road transport and will remain vital to the way people get around in the coming decades. Global sales continue to rise but peak in 2037 at just under 100 million vehicles in BloombergNEF’s modeling, marking an end to over-a-century of growth. 

-Laura Rapaport, Founder & CEO of North Bridge, discusses the state of commercial real estate. NYC office conversions have moved from a niche strategy to a meaningful part of New York City's housing pipeline, with 74 projects permitted so far in 2026 and 122 underway across the city. North Bridge also sees hotels as the next repositioning wave. Hotel sales rose 28% in the first half of the year. Owners under debt and liquidity strain are selling rather than funding brand-required upgrades, drawing buyers willing to renovate.

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Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu

Matthew Bloxham, Bloomberg Intelligence Senior and Tech Analyst, discusses AI. OpenAI is working with Anthropic PBC and Google DeepMind to address artificial intelligence safety issues, according to Chris Lehane, the global policy chief for OpenAI. President Donald Trump’s opposition to guardrails on artificial intelligence puts him at odds with a growing number of lawmakers from both parties, with AI safety fears adding to voters’ misgivings about the technology. Trump belittled a push led by Anthropic PBC and OpenAI to slow work on cutting-edge systems, invoking bombastic language to dismiss existential fears about AI as “a hoax.”

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Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu

-Sarah Frier, Bloomberg Managing Editor for Technology Coverage, discusses Anthropic, OpenAI, and other AI bosses promising measures to rein in the pursuit of cutting-edge AI models to better understand the risks posed by the technology following a series of security breaches. The two companies' calls to slow down AI development may be resisted by forces in the tech industry, financial markets, and the Trump administration, which has staked its economic agenda on aggressive AI advancement.

-Isabelle Freidheim, Founder and Managing Partner of Athena Capital, discusses artificial intelligence and her outlook for IPOs. She talks about investment opportunities in AI and comments on AI developers calling for an industrywide slowdown in AI development.

-Jody Lurie, Bloomberg Intelligence Credit Analyst, discusses the latest in cruise ship and theme parks. According to Bloomberg Intelligence: Royal Caribbean's $6.9 billion of liquidity at the end of 2Q plus advanced bookings may be sufficient for river cruise and island expansion plans now that company-adjusted leverage is below 3x.
Separately, BI says Six Flags and United Parks' 2026 attendance volumes may decline, according to ALTD <GO> Placer.ai data, despite relatively resilient demand for theme park visits.

-Tom Maloney, Bloomberg Wealth Team Editor, discusses the Bloomberg Big Take story: “Magic Johnson's Insurance Ties Drawn Into Mark Walter Scrutiny.” Mark Walter pioneered how insurance companies invest policyholders' payments. His dealmaking spawned an empire that included some of the world's most famous sports franchises. But now, that empire is under scrutiny.

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Doing business with compassion changes what's possible. In this episode of Stewards of Compassion, we learn how compassionate business practices paved the way for B.Grimm's entry in to South Korea and the United States. 

https://sponsored.bloomberg.com/media/bgrimm/the-stewards-of-compassion-podcast

This episode is sponsored by B.GRIMM.

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Bloomberg Money takes the pulse of your financial life, powered by the reporting of our global newsroom. Today's guests: Centerview Partners Senior Counselor, Council on Foreign Relations President Emeritus, and Former Advisor to Colin Powell & President H.W. Bush Richard Haass and Morgan Stanley Wealth Management Chief Economic Strategist Ellen Zentner.

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Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu

- Anurag Rana, Senior Tech Analyst for Bloomberg Intelligence, recaps Oracle, and Adobe's earnings as well as the latest news from Microsoft. Microsoft plans to more than triple its data center capacity to help overcome a computing shortage that has forced it to turn away some AI and cloud business. The company's data center capacity will have more than 38 gigawatts of capacity in 2032, up from about 12 gigawatts now, according to people familiar with the plans.
- Amanda Gordon, Bloomberg Wealth Reporter discusses the changes in downtown Manhattan after 9/11. Lower Manhattan has evolved from a business district that largely emptied out after work into a hub for housing, culture and nightlife, with the population more than doubling since 9/11. The area has added almost 25,000 residential units since 9/11, and its workforce has diversified, with financial services now representing 25% of downtown's occupied space.
- Jonathan Schanzer, Executive Director at Foundation for Defense of Democracies, discusses the 25 year anniversary of 9/11 attacks. A quarter-century after the Sept. 11, 2001, terror attacks, families returned to the World Trade Center site on Friday to read aloud the names of the dead, marking a milestone anniversary of a tragedy that reshaped America.

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Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu

-Emily Cohn, Bloomberg Consumer Team Leader, recaps Macy’s earnings. Macy’s Inc. tumbled after the company’s third quarter guidance left investors unimpressed, overshadowing a strong quarterly performance and increase in outlook. The company’s bottom end of comparable sales and sales guidance is below analysts estimates but the top line is ahead. Macy’s adjusted diluted earnings per share guidance is also below estimates.

-Anurag Rana, Senior Tech Analyst for Bloomberg Intelligence, recaps Apple’s iPhone launch. Apple Inc. unveiled the iPhone Duo, the company's first foldable smartphone, which will improve on rivals' foldable models. The iPhone Duo has a 7.6-inch screen, an outer 5.4-inch screen, and will be able to work with the iPad's Apple Pencil stylus, with a cost starting at $1,999. The device will be available for preorder on Oct. 16 in more than 70 countries and regions, ahead of its release on Oct. 23, and will sit at the top of Apple's iPhone lineup.

-Payam Zamani, Founder & CEO of One Planet Group, and Author of Crossing the Desert, discusses how purpose is changing capitalism. Payam Coined the term "spiritual capitalism" - the thesis that companies perform better long-term when built around purpose and dignity rather than treating people as economic assets.

-Tyler Reddick, 23XI Racing Driver, discusses the future of racing. Reddick is the first driver since Dale Earnhardt in 1987 – and fourth all-time – to win five of the first nine races of a season in NASCAR’s top division. He won the Goodyear 400 at Darlington Raceway after a day filled with obstacles, becoming the third in NASCAR Cup Series history to win four of the first six races of the season.

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Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu

-Diana Rosero Pena, Bloomberg Intelligence Consumer Staples Analyst, discusses Chewy earnings and Bloomberg Intelligence’s outlook for pets. Chewy Inc. executives expect consumer spending to remain pressured through the end of the year, with no "meaningful consumer recovery" expected. Chewy narrowed its full-year sales and profitability outlook, expecting net sales between $13.46 billion and $13.57 billion and an adjusted Ebitda margin of 6.7% to 6.8%.

-Michael Halen, Bloomberg Intelligence Senior Restaurant and Foodservice Analyst, discusses earnings from Jersey Mike’s. According to Bloomberg Intelligence: Jersey Mike's can exceed its 2H same-store sales guidance of 3-4% growth as greater marketing spending, increased digital advertising, more loyalty members and the return of Mike's Hot Italian Sub boost transactions. Management said that comparable sales are up more than 3% quarter to date. We expect greater ad spending in late 3Q and 4Q, and more placements inside NFL games to boost results.

-Randall Williams, Bloomberg Senior Reporter, discusses top business stories. The NFL season kicks off on Wednesday night, with a new international game scheduled for Thursday, and the league has ambitions to add more games and international matchups. LIV Golf filed for bankruptcy protection and Saudi Arabia’s Public Investment Fund has agreed to provide $49.6 million in debtor-in-possession financing.

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Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu

- George Ferguson, Bloomberg Intelligence Senior Aerospace, Defense, & Airlines Analyst, discusses GE Aerospace agreeing to buy castings manufacturer Consolidated Precision Products from Warburg Pincus and Berkshire Partners for $11.75 billion. The deal will significantly expand the jet-engine manufacturer’s capacity for critical components and is expected to close in the second half of 2027. GE Aerospace aims to boost capacity to help fulfill surging demand for new jet engines and spare parts needed by airlines and components for the defense industry.

- Mandeep Singh, Global Head of Tech Research for Bloomberg Intelligence, discusses top tech stories. Anthropic PBC has decided against acquiring artificial intelligence startup Decart AI, people familiar with the matter said. Separately, Qualcomm Inc. said it signed up Amazon.com Inc. as a data center chip customer in a deal that will span "multiple generations" and gives Amazon the right to acquire as much as $4 billion in shares.

-Derek Mogull, Bloomberg Intelligence Technology Analyst, discusses his research: “AI Storage Model Shows 5x Spending Growth by 2030.” According to Bloomberg Intelligence: AI is set to expand storage spending almost 5x by 2030, with data-center revenue rising about 8x and inference driving roughly 85% of incremental data-center NAND flash bit growth. This marks a structural break from storage's mature, cyclical past: AI lifts bit growth into the mid-20s, raises value per bit and reinforces the storage hierarchy, most directly benefiting Seagate, Western Digital, SanDisk, Kioxia and Everpure.

-Hema Parmer, Bloomberg Hedge Fund Reporter, discusses the Bloomberg Big Take story: “Milennium Nears $100 Billion in New Era for Giant Hedge Funds.” Millennium Management's assets have hit $97 billion, more than double what the firm oversaw six years ago, and is speeding toward $100 billion. The firm's founder, Izzy Englander, is ramping up an unusual model of seeding dozens of smaller would-be rivals to give his firm more capacity to take on investor cash, with $22 billion of new commitments set to close on Oct. 1.

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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.   

Listen on Apple:  https://podcasts.apple.com/us/podcast/bloomberg-money/id6803227140     
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Bloomberg Money takes the pulse of your financial life, powered by the reporting of our global newsroom. Today's guests: The Points Guy Founder Brian Kelly and Telsey Advisory Group CEO & Chief Research Officer Dana Telsey.

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Bloomberg Intelligence hosted by Nathan Hager and Caroline Hepker

-Bailey Lipschultz, Bloomberg News Senior Equities Reporter, discusses Anthropic being set to finalize an expansion of its revolving credit facility to $15 billion, according to people familiar with the matter, before the artificial intelligence firm’s public filing for its highly anticipated IPO. Morgan Stanley is leading the process, with Goldman Sachs Group Inc. and JPMorgan Chase & Co. also having prominent roles on the facility, along with Citigroup Inc.

-Anurag Rana, Senior Tech Analyst for Bloomberg Intelligence, discusses leadership changes at Adobe. Adobe Inc. named Anil Chakravarthy as its next chief executive officer, with Chakravarthy moving into the post on Dec. CEO Shantanu Narayen will become executive chair, and David Wadhwani, who ran Adobe’s creative business, will leave the company. The selection of Chakravarthy comes as Adobe faces increasing questions about whether it will be toppled from its post in the age of AI, with generative AI making it easier to produce visual media without Adobe’s expensive products.

-Poonam Goyal, Senior U.S. E-Commerce and Retail Analyst at Bloomberg Intelligence, discusses Lululemon earnings. Lululemon Athletica Inc. lowered its full-year outlook for a second straight quarter, with sales now projected to be in a range of $10.35 billion to $10.5 billion. The company reported its first decline in comparable sales since the pandemic and trimmed its outlook for earnings per share, with shares of Lululemon tumbling 19.5% in New York.

-Craig Trudell, Bloomberg Managing Editor of Global Business Coverage, discusses the latest at Volkswagen. Volkswagen AG's supervisory board backed a restructuring that calls for 50,000 additional job cuts and a smaller industrial footprint. The measures approved include slimming the vehicle lineup by as much as half by 2035 and tightening investment, with €135 billion of capital expenditure and research and development spending over 2027 through 2031.

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Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu

-Matthew Bloxham, Bloomberg Intelligence Senior and Tech Analyst, discusses top tech stories. Broadcom Inc. shares declined after a two-year forecast for AI chip sales failed to impress investors, a sign it’s still in the early stages of challenging Nvidia Corp.’
Snowflake Inc. shares jumped after the company raised its outlook for annual sales and touted rapid adoption of its AI-assisted coding tool.
Nvidia has agreed to acquire Hugging Face for $12.93 billion, according to a statement on its website.

-Woo Jin Ho, Bloomberg Intelligence Senior Hardware and Networking Analyst, discusses earnings from Hewlett Packard Enterprise. Hewlett Packard Enterprise Co. suffered its worst stock decline in 17 months after sales growth failed to meet investors' expectations. Chief Executive Officer Antonio Neri said supply constraints continue to affect the company's ability to fulfill increased customer demand. HPE boosted its revenue outlook for the current fiscal year and next, with revenue expected to jump 34% to 37% in the year ending in October.

-Diana Rosero Pena, Bloomberg Intelligence Consumer Staples Analyst, discusses earnings from Campbell’s company. Campbell’s Co. shares fell after the company posted its fourth straight quarterly sales decline and cut its dividend. The company unveiled a cost-savings plan that calls for $500 million in savings by fiscal 2030 to preserve margins dented by rising supply chain and tariff costs. Campbell’s expects sales to fall between 2% and 4% in fiscal 2027 and earnings per share to slide between 17% and 24% this fiscal year.

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Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu

 - Kevin Crowley, Bloomberg Senior Oil Reporter, discusses Chevron planning to invest $7 billion over the next five years to more than double crude production in Venezuela through its joint venture partnerships. The company won the right to develop two giant oil fields in the Carabobo area of the Orinoco Belt, which are located next to Chevron’s Petroindependencia joint venture.

-Lee Klaskow, Bloomberg Intelligence Senior Transport, Logistics and Shipping Analyst, discusses the impact of oil prices and geopolitics on the transportation industry.

-Mandeep Singh, Global Head of Tech Research for Bloomberg Intelligence, discusses Uber job cuts and Nvidia. Uber Technologies Inc. is cutting about 3,300 roles, or 10% of its staff globally, in a restructuring aimed at reducing management layers and reallocating spending into its ride-sharing, delivery and robotaxi businesses. Separately, Nvidia Corp. is in advanced talks to acquire artificial intelligence startup Hugging Face in a transaction that may total about $14 billion, according to people familiar with the matter. 

-Woo Jin Ho, Bloomberg Intelligence Senior Hardware and Networking Analyst, recaps Dell earnings. Dell Technologies Inc. shares jumped after the company boosted its annual sales forecast by $25 billion due to surging demand for servers to run artificial intelligence tasks. Revenue in the fiscal year ending in January 2027 will be about $192 billion, including $74 billion from the sale of AI servers, which is up from an outlook in May of about $167 billion. The AI server forecast represents a threefold increase over the prior year, and the company has booked more than $130 billion in AI server orders over the past 12 months.

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Bloomberg Intelligence hosted by Scarlet Fu & Stacey Vanek Smith

- Mark Gurman, Bloomberg News Managing Editor for Global Consumer Tech, discusses John Ternus taking the reins as Apple CEO on September 1st. 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. Former CEO Tim Cook told employees he will miss the role of chief executive officer but has "enormous comfort" in the leadership of his replacement, John Ternus.

-Ed Ludlow, Bloomberg Tech Anchor, discusses Anthropic agreeing to a $35 billion computing deal with Lambda, a cloud provider backed by Nvidia Corp. The deal is part of an effort to quickly expand Anthropic's AI capacity, and involves a Texas data center being developed by Hut 8. He also talks about John Ternus taking the reins as Apple CEO on September 1st.  

-Matt Henriksson, Bloomberg Intelligence Senior Medtech Analyst, discusses Medtronic earnings. According to Bloomberg Intelligence: Medtronic beating estimates and raising guidance point to expanding market share in its cardiovascular franchise, which should aid the company's pivot to its robotic strategy. Medtronic raised its outlook for organic sales growth to 7.25-7.75% from 6.75-7.25%, thanks to a 88% gain in fiscal 1Q for Cardiac Ablation Solutions, which houses pulsed field ablation tech, and an increase in the low-20% range for the Micra leadless pacemaker.

-Gautam Mukunda, Lecturer at Yale School of Management and Bloomberg Opinion contributor, discusses his column: “Big Tech Is Incapable of Solving Its Own Problem.” Bill Gates published an essay saying he would slow the development of artificial intelligence if he could, and elaborated that people who understand AI are "very worried" but few are raising issues in public. A bipartisan coalition of attorneys general announced a proposed settlement with Meta Platforms Inc. that obligates the company to put restrictions on how children use its platforms, including a two-hour default daily limit and a block from midnight to 6 a.m. The tech industry's lack of self-regulation and prioritization of profit over safety has led to public opposition, with many Americans saying they don't trust AI leaders and opposing data center construction.

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Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu

-Mandeep Singh, Global Head of Tech Research for Bloomberg Intelligence, discusses Nvidia investing $3.5 billion in MediaTek to deepen collaboration with the Taiwanese chipmaker. The investment will see MediaTek using Nvidia's NVLink Fusion and NVHBM technology to help components communicate more seamlessly in data centers. The agreement is part of Nvidia's effort to ensure the future of artificial intelligence is built around its hardware platform and standards.

-Bailey Lipschultz, Bloomberg News Senior Equities Reporter, discusses Anthropic’s future IPO. Anthropic PBC’s IPO is expected to raise as much as SpaceX’s record $86.2 billion debut and is casting a long shadow over companies’ US listing plans. Some firms are finding it hard to get the attention of investors with the prospect of an Anthropic IPO imminent, and companies may decide to list before or after Anthropic to avoid competition.

-Michelle Cortez, Bloomberg Senior Editor for Global Business, discusses Eli Lilly plans to buy Merida Biosciences for as much as $2.88 billion in cash to expand in autoimmune and allergic diseases. Merida is developing products that target auto-antibodies tied to diseases, including MER511, which is in early testing for Graves’ disease and thyroid eye disease. The deal is part of Lilly’s strategy to invest in technologies that can transform the treatment of diseases beyond obesity, with the company having announced more than $20 billion in deals so far in 2026.

- Matthew Palazola, Bloomberg Intelligence, Senior Analyst, P&C Insurance, discusses KKR being set to reap a $3.3 billion windfall from its deal to sell USI Insurance Services to Aon Plc for $17 billion. The transaction will generate about $2 billion of adjusted net income for the private equity giant, according to a statement. The sale is expected to generate a 3.4 times return on KKR’s balance-sheet capital invested, and will help expand Aon’s middle-market business.

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Bloomberg Money takes the pulse of your financial life, powered by the reporting of our global newsroom. Today's guests: Kenneth Rogoff, Harvard Professor of Economics, and Nela Richardson, ADP Chief Economist & ESG Officer.

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Bloomberg Intelligence hosted by Paul Sweeney and Judy Lagrou

*Guest reaction to Fed Chair Kevin Warsh’s speech from Jackson Hole*
Guests: Tom Orlik, Chief Economist for Bloomberg Economics & Tom Keene, Bloomberg Surveillance Co-Anchor
-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.”
Warsh reiterated that policymakers will return inflation to their 2% goal, which he said is a firm and fixed target, and that financial conditions are not currently restrictive.
Warsh 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.

Also on this podcast:
Nic Querolo, Bloomberg Municipal Finance Reporter, discusses the latest on the munis bond market.
Investors in the high-yield municipal bond market are being picky and have shied away from some recent offerings, such as one from QCF/I, Inc.
Higher absolute yields and tighter spreads between investment grade and riskier debt have given bond buyers fewer reasons to consider deals further down the credit spectrum.
High-yield defaults have been in line with historical levels this year, with 33 first-time defaults totaling $2.81 billion, according to Municipal Market Analytics.

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Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu

-Anurag Rana, Senior Tech Analyst for Bloomberg Intelligence, recaps Salesforce earnings. Salesforce Inc. jumped after the software company gave an outlook for strong revenue expansion and deepened its partnership with Anthropic PBC. Sales will be about $11.5 billion in the fiscal third quarter, and current remaining performance obligations will increase about 14%.

-Kunjan Sobhani, Bloomberg Intelligence Senior Semiconductor Analyst, recaps Nvidia earnings. Nvidia Corp. said revenue will grow about 70% next fiscal year, outstripping analysts’ estimates for a 45% jump. The company's Chief Financial Officer Colette Kress said Nvidia would grow faster if it had access to more supplies, and that customers' forecasts point to the company's growth doubling next year.

-Matthew Schettenhelm, Bloomberg Intelligence Media Litigation Analyst, discusses the latest on Meta. Meta Platforms Inc.'s changes to Instagram and Facebook will apply only to US users for now, and include limits to how long younger users can spend on the apps and restrictions on switching off safety settings.  The changes are part of a series of landmark settlements to resolve claims that the social media networks are a safety risk to children, and will cost the company as much as $18 billion.

-Redd Brown, Bloomberg Consumer Reporter, discusses earnings from Dollar Tree and Dollar General. Dollar Tree Inc. mostly met Wall Street expectations last quarter and left its sales growth outlook for the year unchanged. Dollar General Corp. lifted its view for annual revenue after a quarterly sales beat, with comparable sales growth of 3.5% in the second quarter.

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Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu

-Matthew Schettenhelm, Bloomberg Intelligence Media Litigation Analyst, discusses breaking news on Meta. Meta Platforms Inc. agreed to pay up to $18 billion in landmark settlements to resolve allegations that the company deliberately designed Facebook and Instagram to encourage compulsive use among young users. The agreement requires Meta to put new guardrails on its platforms, including restricting how much time youths can scroll and preventing them from switching off certain safety settings without parental consent. The settlement includes payments to resolve a variety of claims across multiple lawsuits, with some payments contingent upon other social media companies adopting similar platform changes and making their own payouts.

-Mary Ross Gilbert, Bloomberg Intelligence, Senior Equity Analyst, Covering Retail, discusses earnings from Kohl’s and Abercrombie & Fitch. Kohl’s turnaround attempt showed some progress after the retailer raised its annual earnings outlook, but it still doesn’t see sales growth this year. Abercrombie & Fitch namesake brand is expected to post net sales growth of 4.7% in the second quarter, a reversal from a 5.3% decline in the same period a year earlier.

-Lindsay Dutch, Bloomberg Intelligence Consumer Hardlines Senior Analyst, discusses earnings from Bath & Body Works and Williams-Sonoma. Bath & Body Works shares fell after the company forecast year-over-year net sales declines for the third quarter. Williams-Sonoma shares drop as much as 5.7%, the most intraday since February 23, even after the home furnishing retailer reported a beat-and-raise quarter. 

-- Diana Rosero Pena, Bloomberg Intelligence Consumer Staples Analyst, discusses earnings from J M Smucker. JM Smucker Co. raised its full-year outlook for sales and profit, bolstered by growth in its Uncrustables sandwiches and coffee brands. Smucker is riding the growth of its hit products to offset broader weakness in the packaged-food segment as consumers become increasingly selective in their spending.

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Bloomberg Intelligence hosted by Scarlet Fu and John Tucker

-Lindsay Dutch, Bloomberg Intelligence Consumer Hardlines Senior Analyst, discusses earnings from Dick’s Sporting Goods. Dick’s Sporting Goods Inc. sank the most on record after the Foot Locker chain it acquired last year continued to struggle, raising doubts about the broader sneaker market. The company now expects net sales to be in a range of $21.9 billion to $22.2 billion in the current fiscal year, down from its previous forecast, driven by a drop in sales at Foot Locker.

-Sid Philip, Bloomberg Chief Correspondent for Global Aviation, discusses United Airlines expanding its long-haul network. United Airlines Holdings Inc. will add destinations in Europe and Asia to its network next year, using Airbus SE's new long-range narrow-body planes. The carrier will fly the A321XLR planes from its Newark hub to locations including Luxembourg and Marseille, and from San Francisco to Okinawa, Japan.

-Erin Hudson, Bloomberg Municipal Bond Reporter, discusses how private schools in the US are increasing financial aid and advertising discounts to attract students, as soaring tuition and a declining population of school-age children intensify competition. Some schools, such as Brearley and Deerfield Academy, are offering free tuition to families earning under certain income thresholds, and using sliding scales to determine tuition for higher-earning families.

-Bailey Lipschultz, Bloomberg News Senior Equities Reporter, discusses IPOs. Fresh signs of European stock exchanges losing out to the US in attracting key IPOs have emerged this week, despite bourses and governments intensifying their efforts to win and retain listings. More money has been raised in the US so far this year in IPOs by sizeable European companies than on their home exchanges, according to data compiled by Bloomberg.

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Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu

-Ed Ludlow, Bloomberg Tech Anchor, discusses top tech stories. Alibaba Group Holding Ltd. raised HK$80 billion in Hong Kong’s biggest follow-on offering to take the lead in global artificial intelligence. SoftBank Group Corp. plans a record ¥1 trillion retail bond sale to raise funds for its investment commitments to OpenAI. Tesla Inc. and at least eight other automakers are recalling millions of cars in China over safety concerns with their door handles, which have led to vehicle entrapment and multiple fatalities.

-Woo Jin Ho, Bloomberg Intelligence Senior Hardware and Networking Analyst, discusses the PC market. According to Bloomberg Intelligence: Dell, Lenovo and Apple's supply-chain scale and product breadth position them to defend or gain share in a sustained PC downturn.

-Beth Kowitt, Bloomberg Opinion Columnist, discusses her column: “LinkedIn Users are Rewriting the Past to Land Jobs.” Researchers at Stanford University and Revelio Labs found that nearly 20% of established US LinkedIn users edited the descriptions or titles of jobs they had left years earlier, with tech workers doing so at a rate of nearly one in three. These changes, dubbed "time travel," aren't made while memories are still fresh, but instead reflect a change in personal branding, with the median time-travel edit occurring more than four years after the user left the role.

-Paige Smith, Bloomberg Consumer Finance Reporter, discusses the Bloomberg Big Take story: “Trump’s Family Joins the Sprint to Get a National Bank Charter.” 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.

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Bloomberg Money takes the pulse of your financial life, powered by the reporting of our global newsroom.

This week's guests include:

Rebecca Patterson, Senior Fellow at the Council on Foreign Relations

Kevin Gordon, Head of Macro Research & Strategy at Schwab Center for Financial Research

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Bloomberg Intelligence hosted by Scarlet Fu and Ira Jersey

- Mandeep Singh, Global Head of Tech Research for Bloomberg Intelligence, discusses top tech stories. Broadcom is in talks with lenders to raise more than $60 billion in debt for an AI chip financing deal that will benefit Anthropic PBC and other companies. The financing may include a roughly $30 billion junior debt tranche and a senior-secured tranche that could range from about $60 billion to $70 billion. Mandeep looks ahead to Nvidia earnings.

-Anthony Hughes, Bloomberg US Equity Capital Markets Reporter, discusses Anthropic’s upcoming IPO. Anthropic PBC expects to match or beat the size of SpaceX’s record-setting initial public offering, according to people familiar with the matter. The company is running the numbers as it prepares to file publicly for its potential mega-IPO as soon as the end of this month, with discussions ongoing and details subject to change.

- Poonam Goyal, Senior U.S. E-Commerce and Retail Analyst at Bloomberg Intelligence, discusses broader consumer reads. Walmart Inc.’s quarterly sales fell short of expectations, with sales at US stores open at least a year, excluding fuel, rising 2.6% in the second quarter. Target Corp. lifted its full-year guidance after results outpaced estimates in the latest quarter, suggesting the big-box retailer may be moving past a lengthy sales slump.

-Randall Williams, Bloomberg Business of Sports Reporter, discusses top business sports stories. Short interest in the Atlanta Braves' class C stock has tripled over the last 12 months to as high as 6.8% of shares that are available to be traded.  The Atlanta Falcons are in discussions to sell a 10% stake in the National Football League franchise to KKR & Co.’s Arctos Partners, according to people familiar with the matter. 

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Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu

-Redd Brown, Bloomberg Consumer Reporter, discusses Walmart earnings. Walmart Inc.’s quarterly sales fell short of expectations, with sales at US stores open at least a year, excluding fuel, rising 2.6% in the second quarter. The company's pharmacy business was hindered by federal negotiations that led to lower drug prices, and shoppers spent less per trip during the quarter. Despite difficulties, Walmart raised its full-year guidance for sales and adjusted operating income, and the company's e-commerce sales rose, with executives saying they will continue to lower prices.

-Christopher Ciolino, Bloomberg Intelligence Senior US Machinery Analyst, recaps Deere earnings. Deere & Co. shares jumped after the company said it's seeing a boost in orders for its machinery, raising hopes that the agriculture sector is poised for recovery. The company raised the lower end of its annual profit forecast, citing improvement in early-order program trends, inventories for used equipment, and adoption of its advanced technologies.

-Mandeep Singh, Global Head of Tech Research for Bloomberg Intelligence, discusses the latest on Meta. Meta Platforms Inc. is spending hundreds of millions of dollars a year to access artificial intelligence models through Microsoft’s Azure cloud service. Separately, Meta Platforms Inc. is being sued by a bipartisan coalition of states on allegations of deceiving the public and designing its social media platforms to encourage compulsive use among young users.

-Adam Minter, Bloomberg Opinion Columnist, discusses his Opinion column: “Walter Is and Owner Leagues Want. Here’s the Catch.” Mark Walter is selling the Los Angeles Lakers at a $12.5 billion valuation less than a year after taking control of the team. Walter's handling of the Lakers and the Los Angeles Dodgers captures the dilemma of owners who are investors, prioritizing returns over long-term stewardship of a franchise. The influx of institutional money into sports has made investors like Walter valuable, but it also creates risks, including leadership transitions and financial pressures that can impact a team's stability.

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Bloomberg Intelligence hosted by Paul Sweeney and Judy Lagrou

- Sam Fazeli, Bloomberg Intelligence, Director of Research for Global Industries and Senior Pharmaceuticals Analyst, discusses the latest in the biotech sector. A personalized vaccine developed by Moderna Inc. and Merck & Co. reduced the recurrence of melanoma in a large, late-stage trial, raising expectations for treating the deadliest form of skin cancer. The trial met its main goal as the vaccine, combined with Merck’s immune drug Keytruda, prevented the cancer’s return after it was surgically removed more often than the immunotherapy alone.

-Deborah Aitken, Bloomberg Intelligence Luxury Goods Analyst, discusses Estee Lauder earnings. Estée Lauder Cos. shares jumped after its results beat estimates and ended a run of three straight declines in annual revenue. The company reported revenue of $3.6 billion in its fiscal fourth quarter and adjusted earnings per share of $0.39, which topped expectations.

-Craig Trudell, Bloomberg Managing Editor of Global Business Coverage, discusses Target earnings. Target Corp. lifted its full-year guidance after results outpaced estimates in the latest quarter, suggesting the big-box retailer may be moving past a lengthy sales slump. The company now expects net sales to increase about 5% in the current fiscal year and raised its adjusted earnings target after second-quarter sales surpassed analyst estimates.

-Lindsay Dutch, Bloomberg Intelligence Consumer Hardlines Senior Analyst, discusses Lowe’s earnings. Lowe’s Cos. cut its outlook for the full year after posting results that missed Wall Street estimates, showing how a stubbornly weak housing market is eroding the home-improvement retailer’s performance.  The company now expects comparable sales to be flat this fiscal year, after previously forecasting as much as 2% growth. Comparable sales, which measure results at locations open at least a year, grew 0.2% in the second quarter, missing the average of estimates compiled by Bloomberg. 

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Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu

-David Kirkpatrick, Founder of Techonomy, discusses the Meta youth social media addiction trial. Meta Platforms Inc. is facing a jury trial in federal court over claims that it deliberately designed Facebook and Instagram to encourage compulsive use among young users. The top legal officers of 29 states are seeking financial penalties and court orders that could force Meta to change how it operates its platforms, alleging violations of state consumer protection and federal privacy laws.

-Mandeep Singh, Global Head of Tech Research for Bloomberg Intelligence, discusses top tech stories. Anthropic PBC is on track to generate annualized revenue of more than $65 billion based on its current performance, up more than sevenfold from its pace at the end of last year.

-- Lindsay Dutch, Bloomberg Intelligence Consumer Hardlines Senior Analyst, discusses Home Depot earnings. Home Depot Inc.’s results beat estimates in the latest quarter, a sign that spending on improvement projects is holding up despite high borrowing and housing costs. The company’s strategy, which includes expanding its business serving professional contractors and building out its e-commerce offerings, has helped to blunt the impact of a housing market weighed down by high home prices and interest rates.

-Tim Craighead, Bloomberg Intelligence Global Chief Content Officer, discusses ten companies to watch in the APAC region. Bloomberg Intelligence analysts have identified the most interesting names from their group of high-confidence Focus Ideas. Spanning sectors and regions, each scenario outlines a catalyst in the next few months that supports BI’s case.

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Bloomberg Intelligence hosted by Paul Sweeney and Stacey Vanek Smith

-Yiqin Shen, Bloomberg Equities Reporter, discusses 13F filings. Investment firms for ultra-wealthy individuals have built up billions of dollars of exposure to SpaceX, highlighting their ability to muscle in on sought-after business opportunities. More than a dozen family offices held a total of at least $3.8 billion in SpaceX through the first half of 2026, according to US filings.

-Ed Ludlow, Bloomberg Tech Anchor, discusses top tech stories. Alphabet Inc. is looking to raise about A$5 billion in its debut bond offering in Australia, as US tech firms raise debt to fuel AI spending.
Separately, AI-linked stocks rose after Anthropic PBC told prospective investors that its preliminary second quarter revenue was $11.5 billion, an at least 14-fold increase versus the same period a year ago.

-Sam Fazeli, Bloomberg Intelligence, Director of Research for Global Industries and Senior Pharmaceuticals Analyst, discusses the latest in the biotech sector. AstraZeneca Plc is stopping a clinical trial of the experimental drug volrustomig as it didn’t look set to help fight lung cancer better than existing therapies. The company had two separate late-stage trial successes that strengthen key cancer franchises, including one where patients with non-small cell lung cancer received Tagrisso in combination with Orpathys.

-Sridhar Natarajan, Bloomberg News Chief Wall Street Correspondent, discusses the Bloomberg Big Take story: “Big Take: ‘I Hate Losing’: Walter Rushes Makeover as DOJ Probes His Empire.” Description: The CEO of Guggenheim Partners and owner of the LA Dodgers flipped the Lakers within a year and has explored other steps to pay down loans from his insurers.

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Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu

-Matthew Bloxham, Bloomberg Intelligence Senior and Tech Analyst, discusses top tech stories. OpenAI is on track to generate annualized revenue of more than $40 billion based on its current performance, roughly doubling its run rate from the end of 2025. The company's revenue has accelerated in recent months, driven in part by the growth of its AI coding software, subscription sales, and its nascent advertising business.

-Anurag Rana, Senior Tech Analyst for Bloomberg Intelligence, discusses the potential for a Workday buyout. According to Bloomberg Intelligence: A Workday buyout would signal that AI fears have pushed valuations too low for mission-critical software vendors, potentially setting up a broader sector rerating. Workday's entrenched role as a system of record for enterprises supports our stance that its AI disruption risk is limited.

-Gautam Mukunda, Lecturer at Yale School of Management and Bloomberg Opinion contributor, discusses his column: “Big Business Bought Influence. The Bill Is Due.”  A poll found that contributing to the president's new White House ballroom was seen as the most damaging thing a company could do, with a net negative of 37 points. The administration has shown it is willing to inflict damage on companies that fail to bend to its wishes, and the public is watching how companies respond to its requests for donations. Companies that try to stay out of politics by quietly donating to the administration may find that this strategy ultimately hurts them, as the record of their donations will be public and can be used against them in the future.

-Anna Edney, Bloomberg National Health Care Reporter, discusses the Bloomberg Big Take story: “Pet Owners Are Giving Cats and Digs Anti-Aging Drugs.” Pet owners are spending money on experimental treatments they believe will help their pets live better and longer lives, including peptide injections, red-light therapy, and nutritional supplements. Some pet owners are giving their pets rapamycin, a drug that has shown promising anti-aging properties in studies with mice, despite the lack of official results on its effectiveness in dogs and cats. The pet supplement market is growing, with about 10% of pet owners purchasing senior or anti-aging supplements, and companies like Loyal Animal Health Inc. and Elanco Animal Health Inc. are working on developing new drugs to extend pets' lifespans.

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Bloomberg Intelligence hosted by Paul Sweeney and Lisa Mateo

-Ed Ludlow, Bloomberg Tech Anchor, discusses Anthropic being in talks to buy Decart AI for about $6 billion, which would be Anthropic's largest known acquisition. Decart makes software that can reduce the cost of training and operating AI by helping chips work more efficiently, and the potential acquisition is intended to help Anthropic's existing computing infrastructure absorb more demand.

-Woo Jin Ho, Bloomberg Intelligence Senior Hardware and Networking Analyst, discusses Cisco Systems shares falling after the company projected $7.5 billion in AI data center sales this fiscal year, which disappointed investors. AI sales will make up about 10% of Cisco's projected total revenue of $72.2 billion to $73.4 billion in fiscal 2027, according to a company statement.

-Anurag Rana, Senior Tech Analyst for Bloomberg Intelligence, discusses his piece “Apple's Foldable iPhone Can Turn Flat Units to Fast Sales Growth.” According to Bloomberg Intelligence: “Apple's reportedly $2,000 foldable iPhone can almost triple the size of the ultra-premium segment of that market, with our scenario assuming 10-14 million units sold in the first 12 months.”

-Sarah Pinto, Head of Robinhood Ventures, discusses Robinhood Ventures Fund II IPO.  Robinhood Ventures Fund II priced IPO of 8m shares at an initial public offering price of $25/shr.

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Bloomberg Intelligence hosted by Paul Sweeney and Stacey Vanek Smith

-Anurag Rana, Senior Tech Analyst for Bloomberg Intelligence, discusses CoreWeave earnings and AI. CoreWeave surged after the AI spending frenzy spurred faster sales growth than anticipated, with sales expected to be $3.45 billion to $3.6 billion in the third quarter. The firm's backlog was $104 billion at the end of the quarter, and it inked more than $25 billion in new customer commitments after the period ended, suggesting that “AI demand remains strong”.

-Woo Jin Ho, Bloomberg Intelligence Senior Hardware and Networking Analyst, discusses Super Micro Computer earnings. Super Micro Computer Inc. shares jumped after the company gave a revenue forecast for the current quarter that topped analysts’ estimates, a sign the booming artificial intelligence market continues to bolster sales of the company’s servers.

-Michael Halen, Bloomberg Intelligence Senior Restaurant and Foodservice Analyst, discusses restaurant earnings. Cava Group's sales rose faster than expected due to increased traffic and customers buying higher-priced proteins and extras such as pita chips.
Brinker International Inc. said it grew comparable sales of its Chili’s Grill & Bar chain, as the company continues to attract customers to the casual dining restaurants amid a broader industry slowdown.

-Jennifer Rie, Bloomberg Intelligence Senior Litigation Analyst, discusses the latest at Paramount Skydance. According to Bloomberg Intelligence: UK antitrust clearance on Aug. 6 of Paramount's Warner Bros. Discovery purchase leaves US litigation as the final obstacle to closing the $110 billion deal. With trial of a state challenge to the deal set for March 2, risks on both sides could spur settlement, though the states have reportedly resisted talks.

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Bloomberg Intelligence hosted by Paul Sweeney and Alexis Christoforous

-- Randall Williams, Bloomberg Business of Sports Reporter, discusses Apollo Global Management providing $2.6 billion of financing to the owners of the New York Yankees, consisting of debt and equity. The proceeds will be used to support the growth of the franchise and refinance existing debt, according to a statement.

-Ed Ludlow, Bloomberg Tech Anchor, discusses top tech stories. US investment giants including Apollo Global Management Inc., Blackstone Inc., BlackRock Inc. and Brookfield Asset Management are partnering with Nvidia Corp. to source $500 billion in financing for artificial intelligence infrastructure.

-Daniela Sirtori, Bloomberg Restaurant Reporter, discusses Chipotle Mexican Grill figuring out that jalapeños were the source of a salmonella outbreak and began an automated recall system to notify restaurants and destroy the tainted peppers. The company was able to identify the problematic ingredient before health agencies announced nationwide recalls, and it quickly replaced the jalapeños with batches from different growers.

-Denitsa Tsekova, Bloomberg News Cross Asset Reporter, discusses the Bloomberg Big Take story: “Big Take: AI Dominated Leveraged ETFs Are Rattling Markets.” Description: Leveraged ETFs account for 2% of assets but roughly a fifth of trading volume in the $17 trillion ETF industry. That trading is increasingly concentrated among mega-cap tech and semiconductor names, especially in leveraged ETFs that tracks a single stock. More than 650 such products now exist globally, nearly triple the number at the start of 2025. They have become significant enough that institutional investors now try to time flows around their rebalances and, in some cases, front-run the trades.

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Bloomberg Intelligence hosted by Paul Sweeney and Stacey Vanek Smith

-- Matthew Bloxham, Bloomberg Intelligence Senior and Tech Analyst, discusses top tech stories. Intel Corp. plans to offer $15 billion worth of new stock in its first public share sale since 1971 to extend its comeback and capitalize on the AI boom. Separately, Meta Platforms Inc. introduced a new downloadable AI model called Muse Glimmer that can run on a personal computer.

-Anurag Rana, Senior Tech Analyst for Bloomberg Intelligence, discusses top tech stories. Microsoft is planning to “significantly” increase production of its internally designed next-generation AI chips next year, The Information reports, citing people familiar with the matter. Microsoft plans to unveil its new Maia 300 chip this fall, potentially as soon as next month. Separately, Apple was downgraded to an underperform rating at Jefferies due to concerns about the outlook for the company's iPhone.

-Bailey Lipschultz, Bloomberg News Senior Equities Reporter, discusses the latest at GameStop and the IPO market.
GameStop Corp. is considering withdrawing its $56 billion bid for eBay Inc. and may propose a partnership or joint venture instead.
Switch Inc. filed confidentially for a US IPO, joining its data center peers in tapping demand for exposure to the artificial intelligence theme.
Formlabs, a maker of 3D printers, is in early talks with potential advisers for an initial public offering, according to people familiar with the matter.

-Matthew Palazola, Bloomberg Intelligence, Senior Analyst, P&C Insurance, discusses Berkshire Hathaway earnings. Berkshire Hathaway Inc. spent about $4.5 billion to buy back its own shares in the second quarter and purchased nearly $20 billion of equities in the period. Operating earnings climbed 16% in the three months through June to nearly $13 billion, driven in part by gains in the conglomerate’s manufacturing, service and retailing division, as well as at its utilities business.

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Bloomberg Intelligence hosted by Scarlet Fu, Stacey Vanek Smith, and John Tucker 

-Poonam Goyal, Senior U.S. E-Commerce and Retail Analyst at Bloomberg Intelligence, discusses Under Armour forecasting a sharper revenue decline than previously expected as demand softens in several key regions. The athletic retailer now expects sales to fall by a mid-single digit percentage rate for the year.

- Matthew Schettenhelm, Bloomberg Intelligence Media Litigation Analyst, discusses The Federal Communications Commission voting to repeal a nationwide audience cap that limited the number of TV-viewing households a single broadcaster could reach. FCC Chairman Brendan Carr argued that the rule relaxation is necessary to help broadcasters stay competitive and promote local news coverage.

-Nathan Naidu, Bloomberg Intelligence Technology Research Analyst, discusses Take-Two earnings. According to Bloomberg Intelligence: Take-Two's fiscal 2Q bookings guidance is 7-10% below consensus as Zynga softness persists, while Grand Theft Auto VI's Nov. 19 launch means revenue is back-loaded in 2H.

-Michael Halen, Bloomberg Intelligence Senior Restaurant and Foodservice Analyst, recaps earnings from Wendy’s and Sweetgreens. The Wendy’s Co. withdrew its 2026 outlook and cut its dividend as its new chief executive devises a recovery plan for the beleaguered brand. Sweetgreen Inc. cut its annual outlook due to reduced consumer demand for fresh prepared foods during the cyclospora outbreak.

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Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu 

-Geetha Ranganathan, Bloomberg Intelligence Analyst on US Media, discusses earnings from Warner Bros Discovery and Fox. Warner Bros. Discovery Inc. reported a drop in sales due to the loss of National Basketball Association rights and a movie lineup that compared poorly with last year.  Fox Corp reported adjusted earnings per share for the fourth quarter that beat the average analyst estimate. In separate news: Britain's antitrust watchdog and culture minister decided against escalating scrutiny of Paramount Skydance Corp.'s takeover of Warner Bros. Discovery Inc.

-Mandeep Singh, Global Head of Tech Research for Bloomberg Intelligence, discusses Alphabet’s recent departures. Alphabet Inc.'s Google is concentrating its artificial intelligence leadership at its Mountain View, California, headquarters to gain momentum in the accelerating race against Anthropic and OpenAI. Koray Kavukcuoglu has been appointed to run Google's AI research and operations, while Demis Hassabis has stepped back from day-to-day operations to become chairman of Google DeepMind and Alphabet's Chief Scientist.

-Jody Lurie, Bloomberg Intelligence Credit Analyst, discusses earnings from Hertz and Six Flags. Hertz Global Holdings Inc. beat Wall Street’s earnings estimates, a boost for the struggling rental car company following an unusual debt-raise maneuver and a warning of weakness in the used-vehicle market.  Six Flags reported net revenue for the second quarter that missed the average analyst estimate.

-Michael Halen, Bloomberg Intelligence Senior Restaurant and Foodservice Analyst, discusses earnings from Burger King. Burger King’s US sales surged last quarter, with comparable sales jumping 8.5% in the three months through June 30. The chain has invested in advertising, restaurant remodels, menu upgrades, and extra training since 2022 to reverse an earlier sales slump, and has launched marketing stunts and limited-time offers.

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Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu 

-George Ferguson, Bloomberg Intelligence Senior Aerospace, Defense, & Airlines Analyst, recaps SpaceX earnings. SpaceX shares fell after the company disclosed higher-than-expected spending on its artificial intelligence business. The company's capital expenditures soared to $28.5 billion in the first half of the year, with the vast majority of expenditures steered toward AI.

-Mandeep Singh, Global Head of Tech Research for Bloomberg Intelligence, discusses AMD earnings. Advanced Micro Devices  fell after the company gave an underwhelming sales outlook, a sign shareholders expected more of a return from the global expansion of AI data centers.

-Geetha Ranganathan, Bloomberg Intelligence Analyst on US Media, recaps Walt Disney earnings. Walt Disney's profit beat Wall Street estimates in the company's fiscal third quarter, driven by soaring income from its entertainment division and the resilience of its theme parks in California and Florida.

-Lily Meier, Bloomberg Retail Reporter, discusses her story: “Lululemon’s New CEO Has to Contend With Founder Raring to Fight.” Description: The troubled $14 billion athleisure giant has a new CEO and a seemingly fresh start. But the next battle is only beginning.

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SpaceX stock fell after the company disclosed higher-than-expected spending on its artificial intelligence business, dampening an inaugural quarterly report that broadly surpassed Wall Street forecasts.  Shares of Elon Musk’s rocket, satellite and AI conglomerate tumbled as much as 8.8% in US postmarket trading after it said capital spending jumped to about $18.4 billion in the second quarter. 

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Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu 

-Mandeep Singh, Global Head of Tech Research for Bloomberg Intelligence, discusses top tech stories. Palantir Technologies Inc. shares jumped after the company boosted full-year revenue and income forecasts and described commercial demand for its data analytics tools as “otherworldly.” Separately, Anthropic has struck a deal for computing capacity from Volta Infra Holdings, a months-old infrastructure startup, to keep pace with demand for its products.

-Michael Halen, Bloomberg Intelligence Senior Restaurant and Foodservice Analyst, discusses McDonald's earnings. McDonald's named Skye Anderson as president of its US business to lead turnaround efforts after posting its slowest growth in over a year. Sales at established US restaurants rose 0.8% in the second quarter, partly offset by a decline in visits, and marketing programs didn't meet expectations.

-Christopher Ciolino, Bloomberg Intelligence Senior US Machinery Analyst, recaps Carterpillar earnings. Caterpillar reported stronger sales across its businesses and raised its sales outlook, easing concerns that demand for power-generation equipment was beginning to cool. The company's power and energy unit has grown to become its largest by sales, driven by demand for generators, engines, and gas turbines for industrial facilities and large-scale computing centers.

Sam Fazeli, Bloomberg Intelligence, Director of Research: Healthcare, Defence, Industrials & Auto, discusses the latest in the biotech sector. Pfizer raised the midpoint of its 2026 sales forecast after reporting strong second-quarter demand for older medicines, with sales for the year expected to be $60.5 billion to $62.5 billion. Merck & Co. boosted its 2026 sales outlook after strong demand for newer drugs like Winrevair helped to drive revenues higher in the second quarter. BioNTech SE lowered its revenue outlook as demand for its Covid-19 vaccine shrank more than expected.

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Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu 

-Diksha Gera, Bloomberg Intelligence Global Fintech and Payments Analyst, discusses Visa striking a deal to buy BioCatch, which uses artificial intelligence to detect fraud, for $2.4 billion in cash. The company is purchasing BioCatch from funds advised by Permira and other shareholders, and the transaction is expected to close in the fiscal second quarter of 2027, according to a statement Monday. BioCatch works with more than 350 banking clients across the world.

-Brian Egger, Bloomberg Intelligence Senior Gaming and Lodging Analyst, discusses Marriott International Earnings. Marriott International shares declined after the company said that room growth for 2026 would likely come in at the lower end of earlier guidance, driven by construction delays in the Middle East. 

-Sam Fazeli, Bloomberg Intelligence, Director of Research: Healthcare, Defence, Industrials & Autos, discusses AstraZeneca exploring an acquisition of Bristol-Myers Squibb in a potential megadeal that would rank as the largest ever in pharma. The companies have held early-stage discussions about combining, but it’s unclear if discussions are ongoing or whether they will result in a transaction.

-Jonathan Kay, Founder & CEO at Apptopia, discusses sports betting and prediction market apps performance and competition. He also talks about Kalshi, and Demographic differences between OSB’s and Prediction markets.

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Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu 

--Gene Munster, Managing Partner at Deepwater Asset Management, joins to discuss Apple earnings and tech. Apple Inc. tumbled after component shortages weighed on the company’s sales forecast, signaling that industrywide supply constraints are taking a bigger toll than anticipated.

-Vincent Piazza, Bloomberg Intelligence Senior Equity Research Analyst, Oil & Gas, discusses Chevron earnings. ExxonMobil and Chevron plowed profits into debt reduction rather than huge buyback increases due to caution about the duration of war-driven price rallies. The biggest US oil companies more than doubled second-quarter net income due to global energy market disruptions stemming from conflicts in the Persian Gulf and Russia.

-Randall Williams, Bloomberg Business of Sports Reporter, discusses the top business sports stories. UEFA approved a boycott of FIFA tournaments if President Gianni Infantino proceeds with his plans to sell stakes in a new commercial entity to investors. FIFA will proceed with plans to privatize its commercial business, despite threats from regional footballing organizations in Europe, Asia and North America that they could boycott the World Cup. Separately, Randall talks about his conversation with Washington Commanders President Mark Clouse.

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Apple tumbled in late trading after component shortages weighed on the company’s sales forecast, signaling that industrywide supply constraints are taking a bigger toll than anticipated. Revenue will rise 9% to 11% in the fiscal fourth quarter, which runs through September, the company said on a post-earnings conference call Thursday. Analysts had estimated growth of more than 12%.

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Amazon.com reported cloud-computing revenue that beat analyst estimates, with booming demand for artificial intelligence services accelerating sales for the fifth straight quarter. 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, the company 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.

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Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu 

-Randall Williams, Bloomberg Business of Sports Reporter, discusses UEFA’s 55 member nations resolving to boycott FIFA tournaments if President Gianni Infantino proceeds with plans to sell World Cup stakes to private investors. UEFA said in a statement that “The World Cup cannot be treated as an investment product,” and that no UEFA national teams will participate in any FIFA competition for so long as these proposals remain alive.

- David Kirkpatrick, Founder of Techonomy, recaps tech earnings. Meta Platforms Inc. gave a disappointing quarterly revenue forecast, stepping up pressure on Chief Executive Officer Mark Zuckerberg to allay investor concerns that the company isn’t swiftly benefiting from its massive outlay on artificial intelligence. Separately, Microsoft shares soared after the company reported the fastest cloud growth in four years, with Azure cloud revenue rising 43% during the fiscal fourth quarter.

-Shiv Verma, Robinhood Chief Financial Officer, discusses Robinhood earnings. Robinhood's July trading activity tracking near 2Q's record average supports early 3Q durability of elevated retail engagement across equities, options and prediction markets.

-Redd Brown, Bloomberg Consumer Reporter, discusses earnings from Starbucks and Chipotle. Starbucks and Chipotle Mexican Grill raised their guidance after stronger-than-expected quarters, with sales bolstered by new menu items and revamped loyalty programs.

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Listen for instant reaction and analysis of megacap tech earnings from Meta, Microsoft and Qualcomm. 

Meta Platforms gave a disappointing revenue forecast for the current quarter, intensifying investor concerns about the social media giant’s unprecedented spending on artificial intelligence and sending shares lower afterhours. Microsoft’s cloud unit grew at the fastest pace in four years, suggesting that the company’s computing infrastructure and artificial intelligence services continue to make inroads with businesses. Shares of Microsoft rose in extended trading. Qualcomm, the largest maker of smartphone processors, gave a weak profit forecast for the current quarter, signaling that component shortages and rising costs are taking a toll on its main market. The company’s stock fell afterhours. 

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Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu 

-Craig Trudell, Bloomberg Managing Editor of Global Business Coverage, recaps Ford earnings. Ford Motor raised its profit outlook for the second time this year as consumers continue to buy the automaker’s high-margin sport-utility vehicles. The company's quarterly earnings were better than expected, and it now expects to earn as much as $11 billion before interest and taxes this year, up from its prior forecast.

-Diksha Gera, Bloomberg Intelligence Global Fintech and Payments Analyst, recaps Visa earnings. Visa reported a fiscal third-quarter profit that beat Wall Street estimates, with adjusted net income rising 8% from a year earlier to $6.3 billion. The company will eliminate roughly 2,600 jobs, affecting about 7% of the workforce, as part of an effort to operate more efficiently and focus on its biggest opportunities for growth.

-Andrea Felsted, Bloomberg Opinion Columnist, discusses earnings from Hermes and Kering. Shares of Hermès International and Kering diverged by a record margin on Wednesday, marking a dramatic reversal in fortunes for the two luxury goods makers. Hermès shares slumped by as much as 11% to the lowest level since January 2023, after the company's Chief Financial Officer said product price hikes for 2027 would be smaller than this year.

-Poonam Goyal, Senior U.S. E-Commerce and Retail Analyst at Bloomberg Intelligence, discusses why Nike and Adidas World Cup sales can last beyond the event. According to Bloomberg Intelligence: Nike and Adidas can turn World Cup kit dominance into post-tournament soccer gains, with Adidas' €1.5 billion in event sales, topping its initial €1 billion expectation, and the Spain-Argentina final all-Adidas matchup reinforcing demand.

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Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu 

-George Ferguson, Bloomberg Intelligence Senior Aerospace, Defense, & Airlines Analyst, discusses earnings from Boeing and JetBlue. Boeing Co. generated better-than-expected cash flow in the second quarter on continued strong demand for its aircraft. JetBlue Airways Corp. shares rose 5% after it reaffirmed its full-year outlook and said it will reach positive cash flow next year, as strong demand helped offset high fuel prices tied to the Iran war.

--Thomas Black, Bloomberg Opinion Columnist, discusses UPS earnings. United Parcel Service Inc. shares fell after its outlook for volume and profit margins underwhelmed investors, with average US daily package volume expected to decline in the mid-single digits in the third quarter.

-Ken Shea, Bloomberg Intelligence Senior Consumer Products Analyst, discusses earnings from Coca Cola. Coca-Cola Co. raised its full-year outlook, bolstered by demand last quarter while it served as a major sponsor of the FIFA World Cup. The company now sees organic sales growth of 5%, and raised its forecast for earnings-per-share growth to as much as 8%.

-Diksha Gera, Bloomberg Intelligence Global Fintech and Payments Analyst, discusses earnings from PayPal. PayPal Holdings Inc. would “carefully consider” opportunities to create greater value for shareholders if they arise, Chief Executive Officer Enrique Lores said. The company's shares rose 3.6% to $58.08, giving the company a market value of $51 billion, after Lores' remarks on a conference call with analysts.

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Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu 

- Ed Ludlow, Bloomberg Tech Anchor, discusses Nvidia working on AI deals worth more than $750 billion, including a partnership with SK Group to do more than $500 billion in business. Nvidia is in talks to backstop as much as $250 billion to help OpenAI lease computing power from a US data center project and finance $350 billion of OpenAI's purchases of its chips. Separately, CXMT Corp. surged 466% in its Shanghai trading debut to become China’s largest onshore-listed company, valued at about 3.3 trillion yuan.

- Laura Martin, Senior Analyst at Needham & Company, discusses her note about Meta’s Culture and the high costs of attracting and keeping top talent. According to Needham: looking across all 12 large cap stocks, META is ranked worst (lowest) in terms of Culture and Values by its employees, according to the most recent Glassdoor ratings.

- Shawn Donnan, Bloomberg News Senior Economics Writer, discusses the Bloomberg Big Take story: ”America’s Tin Can Industry Buckles Under Trump’s Steel Tariffs.” The price of tin cans in the US soaring offers a cautionary tale on the costs and unfulfilled promises of President Trump's tariffs.

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In this special bonus episode, Bloomberg Tech’s Ed Ludlow sits down with Nvidia President and CEO Jensen Huang for an exclusive interview. In their conversation, Huang says “this is the golden ages for Korea” after teaming up with SK Group to build more than 2 gigawatts of AI data centers on the Korean Peninsula. “Their semiconductor business is booming. Their industrial business is booming. You know, this is a country that has the ability to help the world build out the AI infrastructure.” Huang speaks to Ludlow after the CEO’s appearance at a Korean AI Summit and meeting with South Korean President Lee Jae Myung. Listen for their full conversation on Nvidia’s investment in South Korea and the latest in the AI space.

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Bloomberg Money takes the pulse of your financial life, powered by the reporting of our global newsroom. 

Today’s guests are: Ed Yardeni, president of Yardeni Research & Tricia Scarlata, executive director and head of education savings at JP Morgan Asset Management

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Bloomberg Intelligence hosted by Scarlet Fu and Alexis Christoforous

-Ben Elliott, Bloomberg Intelligence Consumer Finance Analyst, discusses earnings from American Express. American Express Co. said second-quarter expenses surged 12% as it spent more on marketing to attract and retain premium cardholders. Chief Financial Officer Christophe Le Caillec anticipates marketing expenses to be up around 10% in the second half of 2026 from the same period a year earlier.

-Kunjan Sobhani, Bloomberg Intelligence Senior Semiconductor Analyst, discusses Intel earnings. Intel Corp.'s quarterly report beat Wall Street estimates, but a major question remains about when the company will secure outside customers for its factories. Intel has been trying to transform itself into a foundry, but major customers for that operation have yet to materialize, with a signed external foundry customer not yet arriving.

-Dan Ives, Partner and Senior Managing Director, Analyst at Yorkville Ives & Co, discusses Intel earnings and the latest in the tech space.

-Geetha Ranganathan, Bloomberg Intelligence Analyst on US Media, discusses earnings from Charter Communications. Charter Communications shares fell after the cable company reported second-quarter results that missed expectations on key metrics, including adjusted Ebitda and free cash flow.

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Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu 

-Kevin Tynan, Director of Research at The Presidio Group, recaps Tesla earnings. Tesla  shares tumbled after disappointing quarterly results raised questions about Elon Musk’s plan to refocus the electric vehicle maker on artificial intelligence and robots. Profit fell short of Wall Street’s estimates for the period as spending on ambitious initiatives surged to $5.8 billion, resulting in Tesla’s first cash burn in two years.

-Mandeep Singh, Global Head of Tech Research for Bloomberg Intelligence, recaps Alphabet earnings. Alphabet raised its capital spending forecast to a range of $195 billion to $205 billion this year, up from a previous forecast of $190 billion.  The company's quarterly cash flow was negative for the first time since going public, with negative free cash flow of $5.9 billion in the period, and its cloud revenue totaled $24.77 billion, up 82% from a year earlier.

-Geetha Ranganathan, Bloomberg Intelligence Analyst on US Media, discusses Comcast earnings. Comcast reported ongoing losses of cable-TV and broadband customers as it prepares to spin out its film and TV business. The company's media division was the clear bright spot in the second quarter, providing a plethora of must-see events that helped boost revenue by 25%.

-Madison Muller, Bloomberg News Health Reporter, discusses Eli Lilly’s obesity shot clearing another hurdle. Eli Lilly & Co.'s next-generation weight-loss shot retatrutide didn't increase overall heart risk in a new study, helping dispel concerns over its potential. The company plans to file for US Food and Drug Administration approval early next year, later than investors hoped, due to the complexity of the approval pathway.

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