Bloomberg Intelligence’s Global Head of Technology Research Mandeep Singh reacts to Anthropic’s revenue report, and news Alphabet is seeking billions in its debut bond offering in Australia. Then, Citi Wealth’s Olaolu Aganga joins to discuss AI exposure to investment portfolios, and other AI-related headlines. Plus, Former Biden White House Economics Senior Director Peter Harrell discusses how the War with Iran is making the Trump Administration more hesitant to impose the full power of tariffs as energy costs stay high. Finally, Bloomberg Chief Wall Street Correspondent Sridhar Natarajan talks news that Mark Walter is exploring selling stake in Chelsea FC.

Chapters
00:00:00 Bloomberg Businessweek Daily
00:02:28 Market Update: Stocks Slip as Oil Rises
00:06:33 AI Spending, Gigawatts & the Return on Investment
00:09:06 Alphabet Taps Global Bond Markets for AI
00:10:28 Nvidia’s $5 Billion Data Center Bet
00:13:34 Citi on Building a Portfolio Around AI
00:15:11 Energy, Commodities & the AI Infrastructure Boom
00:17:14 SpaceX, Private Markets & Wealthy Investors
00:20:30 Iran War Complicates Trump’s Tariff Agenda
00:23:33 Trump’s More Pragmatic Approach to Tariffs
00:25:04 A New Era of Government Intervention in Markets
00:27:36 Trump, Xi & the U.S.-China Trade Relationship
00:29:22 U.S.-China Competition Over AI
00:30:55 Who Holds More Leverage: Trump or Xi?
00:34:24 Mark Walter’s Sports Empire & Financial Troubles
00:36:38 Chelsea, the Lakers & Trophy Asset Sales
00:37:37 Federal Probe Into Mark Walter’s Business Empire
00:39:09 How Mark Walter Built the Guggenheim Empire
00:44:40 Stock Movers: Semiconductors & Anthropic
00:45:35 JetBlue Loses Its Last Bullish Analyst
00:46:41 Nike’s Turnaround Struggles
——–
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The definition of “working class” in the US has been shifting over the last couple of decades with changes in the economic and labor market, and advances in AI are going to change the traditional white collar market, too. With midterms right around the corner, who are candidates talking about talking about when they campaign for the working class vote?
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Oil extended declines as traders weigh President Donald Trump’s claim of an “energy ceasefire” between Russia and Ukraine. This comes after hostilities escalated across the Middle East, with strikes by Houthis on Saudi Arabia’s Riyadh airport. Bob McNally, President and Founder of Rapidan Energy Group and Former White House energy advisor spoke to Bloomberg’s Abeer Abu Omar on Horizons Middle East and Africa from Riyadh on the impact of the various geopolitical situations on the oil market.
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On the early edition of Balance of Power, Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz discuss President Donald Trump’s trip to Alaska. On today’s show, Stimson Center Senior Fellow Kelly Grieco, Stonecourt Capital Partner Rick Davis, Harvard Kennedy School Ash Center Visiting Democracy Fellow Jeanne Sheehan Zaino and Morning Consult US Political Analyst Eli Yokley.

Chapters:
00:00:00 Balance of Power
00:02:07 Markets, Chip Stocks and Bank Earnings
00:03:55 New White House Press Secretary and Kimberly Guilfoyle
00:09:44 Trump, Ukraine and Russia’s Energy Cease-Fire
00:10:43 Russia-Ukraine War and Energy Infrastructure
00:13:29 Houthi Attacks and Saudi Arabia
00:15:42 Iran Fortifies Defenses as Tensions Rise
00:19:00 Markets, AI Trade and Bank Earnings
00:20:46 Money Pours Into the Midterm Elections
00:21:51 Alaska Senate Race and Trump’s Midterm Push
00:27:23 Alaska Governor’s Race and Cost of Living
00:29:45 Key Midterm Debates and Trump’s Approval
00:32:27 Markets and AI Concerns
00:34:24 AI Investment, Inflation and the Economy
00:37:05 AI Buildout, Debt and Higher Yields
00:39:46 Eli Yokley on the Midterm Election Outlook
00:44:53 Data Centers, AI and Rising Power Bills

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A selloff in chipmakers extended for another day, putting pressure on equity markets as traders also prepared for Wall Street banks to kick off the US earnings season in earnest.

Big US banking stocks, meanwhile, are firmly in correction territory as Citigroup, Goldman Sachs, JPMorgan and Wells Fargo prepare to report before the open. The KBW Bank Index has dropped around 12% from a mid-August peak, exceeding the 10% threshold for a technical correction.

The Opening Trade has everything you need to know as markets open across Europe. With analysis you won’t find anywhere else, we break down the biggest stories of the day and speak to top guests who have skin in the game. Hosted by Anna Edwards, Guy Johnson and Tom Mackenzie.

Chapters:
00:00:00 – Bloomberg’s The Opening Trade Begins
00:00:04 – Markets Wake Up to Tech, Oil & Geopolitical Risks
00:01:27 – The Agenda: Broadcom CEO’s AI “Casino” Warning Hits Chip Stocks, Oil Prices, Saudi Attacks & Middle East Tensions, LVMH Results
00:09:25 – What to Watch: OPEC, US Bank Earnings & Apple
00:14:43 – Semiconductor Selloff & AI Investment Concerns, Can China Catch Up in the AI Race, Meta’s New AI Model & Competitive Threat
00:19:00 – Oil Prices & Growing Saudi-Houthi Conflict, Tankers Turn Away From the Persian Gulf
00:25:12 – Trump, Zelenskyy & the Russia-Ukraine War, Fmr. US Special Envoy to Ukraine Keith Kellogg on the Path to Ending the War
00:31:12 – Need to Know
00:35:38 – Prime Minister of India Narendra Modi on India’s Growth & Technology Transformation
00:36:38 – Blackstone President & COO Jonathan Gray on Investing in India, Blackstone’s AI Infrastructure Strategy
00:47:14 – European Markets Open, ASML & European Tech Stocks Slide
00:50:25 – William Hobbs Brooks Macdonald CIO on Can Europe Be a Haven From the AI Trade, Stocks, Bonds & Portfolio Rotation, Are AI Investors Gambling
01:00:20 – LVMH, Luxury Stocks & European Movers
01:03:57 – European Chip Stocks Extend Selloff
01:06:42 – LVMH’s China Sales & Consumer Backlash
01:11:17 – European Stocks Defy Global Tech Weakness
01:13:25 – Need to Know
01:14:46 – Anna Titareva, UBS Investment Bank Pan European Economist, on UK Growth, Wages & Bank of England Outlook, France’s Budget & Political Uncertainty
01:21:21 – Anna Titareva, UBS Investment Bank Pan European Economist, on Higher Yields & Central Bank Policy, How Higher Oil Prices Hit Inflation & Growth
01:24:17 – What to Watch Today
01:25:10 – US Bank Earnings Preview, Is US Consumer Credit Stress Emerging
01:30:01 – Can Broadcom’s Warning Crack the AI Rally, Are Bonds Becoming a Safe Haven Bank of England Rate Hike Outlook
01:33:35 – Bloomberg New Economy Forum & Fed Outlook
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