Bloomberg Intelligence

Watch Paul and Scarlet LIVE every day on YouTube: http://bit.ly/3vTiACF. 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. See omnystudio.com/listener for privacy information.

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. See omnystudio.com/listener for privacy information.

Watch Paul and Scarlet LIVE every day on YouTube: http://bit.ly/3vTiACF. 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. See omnystudio.com/listener for privacy information.

Watch Paul and Scarlet LIVE every day on YouTube: http://bit.ly/3vTiACF. 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. See omnystudio.com/listener for privacy information.

Watch Paul and Scarlet LIVE every day on YouTube: http://bit.ly/3vTiACF. 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. See omnystudio.com/listener for privacy information.

Watch Paul and Scarlet LIVE every day on YouTube: http://bit.ly/3vTiACF. 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. See omnystudio.com/listener for privacy information.

Bloomberg Money takes the pulse of your financial life, powered by the reporting of our global newsroom. Today's show features: Whitney Tilson, Stansberry Research Editor Stephanie Guild, Robinhood Chief Investment Officer See omnystudio.com/listener for privacy information.

Watch Paul and Scarlet LIVE every day on YouTube: http://bit.ly/3vTiACF. 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%. See omnystudio.com/listener for privacy information.

Watch Paul and Scarlet LIVE every day on YouTube: http://bit.ly/3vTiACF. 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. See omnystudio.com/listener for privacy information.

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. See omnystudio.com/listener for privacy information.

Watch Paul and Scarlet LIVE every day on YouTube: http://bit.ly/3vTiACF. 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. See omnystudio.com/listener for privacy information.

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: Ed Ludlow, Bloomberg Tech co-host George Ferguson, Bloomberg Intelligence Global Head of Aerospace, Defense & Airline Analysis See omnystudio.com/listener for privacy information.

Watch Paul and Scarlet LIVE every day on YouTube: http://bit.ly/3vTiACF. 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. See omnystudio.com/listener for privacy information.

Watch Paul and Scarlet LIVE every day on YouTube: http://bit.ly/3vTiACF. 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. See omnystudio.com/listener for privacy information.

Bloomberg Money takes the pulse of your financial life, powered by the reporting of our global newsroom. Today's guests: Wells Fargo Chief Economist Tom Porcelli, Miller Samuel Co-Founder Jonathan Miller, and Brown Harris Stevens CEO Bess Freedman. See omnystudio.com/listener for privacy information.

Watch Paul and Scarlet LIVE every day on YouTube: http://bit.ly/3vTiACF. 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. See omnystudio.com/listener for privacy information.

Watch Paul and Scarlet LIVE every day on YouTube: http://bit.ly/3vTiACF. 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. See omnystudio.com/listener for privacy information.

Watch Paul and Scarlet LIVE every day on YouTube: http://bit.ly/3vTiACF. 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." See omnystudio.com/listener for privacy information.

Watch Paul and Scarlet LIVE every day on YouTube: http://bit.ly/3vTiACF. 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. See omnystudio.com/listener for privacy information.

Watch Paul and Scarlet LIVE every day on YouTube: http://bit.ly/3vTiACF. 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. See omnystudio.com/listener for privacy information.

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. See omnystudio.com/listener for privacy information.

Watch Paul and Scarlet LIVE every day on YouTube: http://bit.ly/3vTiACF. 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. See omnystudio.com/listener for privacy information.

Watch Paul and Scarlet LIVE every day on YouTube: http://bit.ly/3vTiACF. 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. See omnystudio.com/listener for privacy information.

Watch Paul and Scarlet LIVE every day on YouTube: http://bit.ly/3vTiACF. 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. See omnystudio.com/listener for privacy information.

Watch Paul and Scarlet LIVE every day on YouTube: http://bit.ly/3vTiACF. 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. See omnystudio.com/listener for privacy information.

Watch Paul and Scarlet LIVE every day on YouTube: http://bit.ly/3vTiACF. 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. See omnystudio.com/listener for privacy information.

Bloomberg Money takes the pulse of your financial life, powered by the reporting of our global newsroom. Today's guests: Suzy Welch, NYU Stern School of Business Professor Torsten Slok, Apollo chief economist See omnystudio.com/listener for privacy information.

Watch Paul and Scarlet LIVE every day on YouTube: http://bit.ly/3vTiACF. 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. See omnystudio.com/listener for privacy information.

Watch Paul and Scarlet LIVE every day on YouTube: http://bit.ly/3vTiACF. 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. See omnystudio.com/listener for privacy information.

Watch Paul and Scarlet LIVE every day on YouTube: http://bit.ly/3vTiACF. 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. See omnystudio.com/listener for privacy information.

Watch Paul and Scarlet LIVE every day on YouTube: http://bit.ly/3vTiACF. 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. See omnystudio.com/listener for privacy information.

Watch Paul and Scarlet LIVE every day on YouTube: http://bit.ly/3vTiACF. 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. See omnystudio.com/listener for privacy information.

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. See omnystudio.com/listener for privacy information.

Watch Paul and Scarlet LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu Anurag Rana, Senior Tech Analyst for Bloomberg Intelligence, Meta Platforms is finally seeing the stock breakout that beleaguered bulls had been banking on. The Facebook parent’s shares had jumped 36% in September through Thursday’s close following the release of its Muse personal AI assistant, which has risen quickly to the top of app charts and muffled concerns that heavy spending on AI won’t pay off. The stock is on pace for its best month since July 2013 and within striking distance of joining an elite group of companies worth at least $2 trillion. Mandeep Singh, Global Head of Tech Research for Bloomberg Intelligence, Anthropic PBC has signed an $11.6 billion, seven-year contract with Akamai Technologies Inc. for computing power, adding to the AI developer’s growing list of data center deals. Michael Mackenzie, Bloomberg Rates Reporter, As yields on US Treasuries soar past one high after the next, a reality is sinking in deeper across Wall Street and Washington: More than merely a bond-market slump, this might just be a fundamental shift. See omnystudio.com/listener for privacy information.

Watch Paul and Scarlet LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu Mandeep Singh, Global Head of Tech Research for Bloomberg Intelligence, on Meta Platforms unveiling a palm-sized, dedicated gadget for using Muse, the company’s popular new artificial intelligence assistant, pushing deeper into the AI devices market with a surprise announcement. Allison McNeely, Bloomberg Private Equity Reporter, on how Private Equity’s Path to Riches Is Getting Harder to Follow Garima Kapoor, co-founder and co-CEO of MinIO, on Donald Trump and Xi Jinping addressing their intense competition over artificial intelligence as they kicked off a summit aimed at keeping ties between the world’s largest economies on track. See omnystudio.com/listener for privacy information.

Watch Paul and Scarlet LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu Geetha Ranganathan, Bloomberg Intelligence Analyst on US Media, on Walt Disney raising prices on several of its streaming subscriptions, with users being notified as early as Wednesday, according to people familiar with the matter. Brian Egger, Bloomberg Intelligence Senior Gaming and Lodging Analyst, on Royal Caribbean Cruises agreeing to buy a 50% stake in Sandals Resorts International for about $3 billion, a deal that will give the cruise operator access to its all-inclusive resorts across the Caribbean. Emily Cohn, Bloomberg Consumer Team Leader, on General Mills leaning into new products higher in protein and fiber as the company works to restore sales growth after a wave of earlier price cuts. See omnystudio.com/listener for privacy information.

Watch Paul and Scarlet LIVE every day on YouTube: http://bit.ly/3vTiACF. 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. See omnystudio.com/listener for privacy information.

Watch Paul and Scarlet LIVE every day on YouTube: http://bit.ly/3vTiACF. 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 See omnystudio.com/listener for privacy information.

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. See omnystudio.com/listener for privacy information.

Watch Paul and Scarlet LIVE every day on YouTube: http://bit.ly/3vTiACF. 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. See omnystudio.com/listener for privacy information.

Watch Paul and Scarlet LIVE every day on YouTube: http://bit.ly/3vTiACF. 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. See omnystudio.com/listener for privacy information.

Watch Paul and Scarlet LIVE every day on YouTube: http://bit.ly/3vTiACF. 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. See omnystudio.com/listener for privacy information.

Watch Paul and Scarlet LIVE every day on YouTube: http://bit.ly/3vTiACF. 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.” See omnystudio.com/listener for privacy information.

Watch Paul and Scarlet LIVE every day on YouTube: http://bit.ly/3vTiACF. 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. See omnystudio.com/listener for privacy information.

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. See omnystudio.com/listener for privacy information.