Making Sense of the Tech Selloff

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Bloomberg Audio Studios Podcasts Radio News This is the Bloomberg Surveillance Podcasts Live weekdays at 7 a.m. Eastern on Apple CarPlay or Android Auto with the Bloomberg business app. Listen on demand wherever you get your podcasts

or watch us live on YouTube. And technology, Ivan FeinSeth joins with Tigris this morning. He survived Boston University Finance and Accounting, one of the great grines of college academics. Ivan, I'm going to cut to the chase. You've got a very,

very constructive note on a, quote, classic shakeout of crowded AI trades. Do you load the boat on Microsoft? What's the character of your enthusiasm to acquire shares? Well, first of all, I

think this negative view of the software stocks is just way overdone. Even Jensen Wong has said that software drives the functionality of hardware. But look, it's still AI is a powerful investment theme, and we're going to see things get ahead themselves like we saw this run up in Arm, the run up in Micron, run up in Sandisk, but yet this is a very powerful theme that I think has still long to run. And the next phase is going to be the evolution of smart devices that just, you know, just have an AI operating system.

And instead of on your phone using different apps to do different functions, you're going to have an overall AI interactive operating system that then will drive agents to use different apps to accomplish what you want. Like, for example, if you're interested in, you know, you want to eat Italian food, where's the best place to go to where I am? It'll give you some suggestions. And all you have to do is say, all right, book me a table at 7.30 for four people. at this restaurant, and it will do that rather than you having to go to Rezi or to one of the other

apps to book it. So you're going to get interaction. And this is what Qualcomm, in fact, I'm going to be attending Quelcom Investor Day today. But Quilcom is using their processors to drive data centers, and most important, the power of this is computing at the edge. Okay. Now, Paul, yeah, but hold on. Paul, help me here. Can AI get me a table at Rouse? I don't think so. You have to look there. Ivan. No, yes. A.I. doesn't have that much juice, at least right now. Ivan, frame out kind of your conversations with your clients about software broadly defined because, again, we've had a sell-off in this sector, particularly for the SaaS names, that a lot of people did not see coming. It's been such a strong, strong sector to be in for

decades because of the recurring revenue and a free cash flow. What's your view of software broadly to find these days? I think there's a lot of opportunity in the database software companies like MongoDB and like Monday.com. I think the software, the infrastructure providers like Oracle, as well as the processor providers like Nvidia and memory. Look, there's a tremendous shortage of memory because of the huge demand to build out these data centers. And memory prices have tripled and quadruple over the past year. And that's what's been driving things like Micron and Sandisk. So, but this is a powerful theme that will go on for some time. Microsoft, down 23% year to date. You don't see that

very often here. What's your view there of just kind of Microsoft and some of these software names? I think Microsoft is a tremendous buy here. We've seen this trend before where all of a sudden the market turns negative on Microsoft because years ago they weren't in the cloud. They are a cloud leader. They weren't in AI. They are an AI leader. And they still command 90% of all computer desktops. So this is a huge infrastructure provider.

And I think a tremendous buy here. And look, Ivan, the state of this and the catalyst of it, what is the earnings season going to look like? Is it going to convey that all these companies, these business, believe your tech companies are still thriving? Absolutely. And with each report and an increase in capital investment in AI, we saw it. So with the, you know, Q4 and full year results of all the big tech companies, the five or six major

tech companies have committed over six on close to $700 billion in capital investment for this year, close to 50 percent from last year. So capital investment in AI infrastructure and data centers and in all the different factors or cloud computing, edge computing and the access to this. Now, I bring up Qualcomm because they recently announced where they're working with OpenAI. Last year, OpenAI hired Johnny Ives from Apple to lead device creation. Johnny Ives was the developer of the original iPhone. So you're going to see devices from all of these companies.

It's going to be, you know, handheld, it's going to be desktop-connected devices. The meta just announced a new line of smart glasses. It's going to be all these different devices that help you interact. Right. And get your questions answered by using an AI agent. Ivan finds this wonderful in technology of Tigers. Stay with us. More from Bloomberg's surveillance coming up after this.

Support for the show comes from public.com. If you're actively involved in your portfolio, you probably catch yourself repeating the same actions, buying the dip, manually sweeping idle cash, putting on a hedge. On public, you can now create AI agents that handle all these tasks on your behalf. Just describe what you want to do in plain English,

like if the VIX hits 25, buy a put option on the S&P 500, or if my cash balance goes above $20,000, move the excess into my direct index. You approve the work for, flow and your agent handles the rest. Monitoring the market, watching for your conditions, and executing your strategies exactly as defined, an investing platform driven by your intent, not just your clicks. You can also get full read and write access to your account via the

public API. Go to public.com slash market and fund your account in five minutes or less. That's public.com slash market. Paid for by Public Investing. Brokridge services by Open to the Public Investing Inc. member Finre and SIPC. Advisory services by Public Advisors, LLC, SEC registered advisor. Complete disclosures available at public.com slash disclosures. The thing about AI for business, it may not automatically fit the way your business works.

At IBM, we've seen this firsthand, but by embedding AI across HR, IT, and procurement processes, we've reduced costs by millions, slash repetitive tasks, and freed thousands of hours for strategic work. Now we're helping companies get smarter by putting AI where it actually pays off. Deep in the work that moves the business. Let's create smarter business. IBM. Let's talk about healthcare for a second. It doesn't always work the way people expect it to.

If you've ever waited on a prescription refill or had a hard time getting the care you needed, you know the feeling. The system should just work better for everyone. That's exactly what the people at Optum are trying to do every day. They're a health care company linking patient care and pharmacy services. and using data and technology to drive the whole system, so care is connected, not complicated, for patients and providers. Things like making it easier to get care that looks at the whole person, from primary care

doctors to mental health support and even in-home care, and then using technology to make sure they all work together. Technology designed to help doctors spend less time on busy work and more time with their patients. And those prescriptions? Optum is working to bring costs down, save patients' money, and make it easy. to get refills. Little by little, Optum is helping make health care work as one for everyone. Head to business.optim.com to see how.

You're listening to the Bloomberg Surveillance Podcast. Catch us live weekday afternoons from 7 to 10 a.m. Eastern. Listen on Apple CarPlay and Android Auto with the Bloomberg business app. Or watch us live on YouTube. We are just thrilled to have, Chad Wayne, with us with us, vanguard. The academic path is her Beijing University in China that she stumbled on to Duke. Peaked at Duke University. Peaked at Duke and then wandered by Stanford to pick up to people. What was your first day like at Duke? To come from China, you should, did you know who UNC was?

Did you have any idea of Duke UNC when you walked in the door? Well, my memory is still vivid when I actually come to North Carolina, Blue Devil, right? You know, basketball is the number one thing. And I still remember. oil price was 99 cents at that moment. That was back in 1997. It's just too short a visit today, but I've just got to cut to the chase. The state of Hong Kong. We have a huge platform there, Stephen Engel, Yvonne, and Dan, and all the team at Bloomberg there, the state of government in Hong Kong right now. Yeah, I think Hong Kong actually is, you know, stabilizing, right, after quite a few years of, you know, uncertainty, right? You know, this kind of, you know,

uncertainty about the political landscape there. Hong Kong actually I think the economy, the market is finally coming back. So some of the regulatory uncertainty is actually fading. We do see the finance industry and the labor market is actually starting coming back, especially with this AI story. What is it to my great mentor, Michael Elliott, who he lost way too early from Time Magazine, up the mountain, up the hill, is the capitalistic spirit still in? in Hong Kong? I think this is what you would see in Hong Kong is more this kind of socialist style, right?

You know, market economy, right? That's where I think to certain extent, Hong Kong is so unique to China, right? It still remains the window, you know, for China to connect to the rest of the world, right? So that's where I would say you would continue to see this kind of free capital flow, free, you know, market economy that will remain to be the uniqueness about the world. Hong Kong that is actually different from the mainland China. Talk to us about the economy on mainland China. How do you see it today? And what are the key drivers going forward, do you think? Well, I think when you look at the Chinese economy, I think on the headline, you see that the

real economic growth seems to be pretty good, right? You know, they are able to achieve their gross target last year. And this year, 4.5% is not that difficult to achieve either. But I think underlying the headline, you see significant divergence between supply and demand. At this moment, most of the economy driver is really exports, right? Is that sustainable? I don't think so, right? Because that's going to create a lot of global friction, right? Protectionism from US, Europe, even other emerging markets. Well, on the other hand, if you look at the domestic demand, consumer retail sale just, you know, contracted last month, right? And then, you know, fix investment. Housing is in this persistent turn.

I don't see a decisive turn yet at this moment without, you know, significant government intervention or leveraging central government balance sheet. So housing market hasn't bought them yet. How does China view the U.S. in terms of these trade negotiations? I kind of, it just feels like to me as an outsider, both sides kind of need each other, it seems like, and how does China view it? Yeah, I think that's, you know, one thing. especially I think with President Trump's visit to China, you know, they talk about this kind of strategic stability.

And to me, it's more of a transactional relationship, right? That's where the world and the U.S. realized that, yeah, we still need China, especially at this moment when we are doing all those build-out, right? AI, you know, and the rest were green transition. And you still need that kind of manufacturing capacity from China. Ching Wing, help us with the dollar. The basics and vanguard, of course, is front and center on this. We need a weak dollar to have international equity investment go. That's been disproven here recently.

Do we need a weak dollar? Do we need a strong yuan? Yeah, I definitely think Yuan actually is somewhat undervalued. You know, if you look at the fundamental, the purchasing power, the record high, you know, current account surplus, right? you know, 1.2 trillion last year, and then this year is likely to remain elevated. I do think, you know, there's room for Riembe Yuan to appreciate. And to a certain extent, I think that aligns with the strategic goal of the Chinese government, right? They want to push the NAMB internationalization. They want to boost up people's confidence in the Chinese

economy and assets. A stronger Riyan will actually help them. But I think the question is really about the pace of appreciation. I don't think China will ever let me. the pace of appreciation or depreciation to be that fast, right? So anything is in the controlled, managed, you know, pace by the central bank and government. Tariffs were, however long, we're into the whole tariff regime here of President Trump here. What's the view in China?

What's the impact been on China? How are they viewing this tariff environment? Yeah, I mean, that's the interesting part, because I've been, you know, visiting, you know, China manufacturing sector, you know, in Guangdong, in Zhegang, you know, every year, right? And, you know, last year at the peak of the tariff, when I was talking to a lot of manufacturers,

I think, you know, many of them feel like, you know what, we see this coming, right? Like the trade war actually started in 2018, and Chinese factories, manufacturing, has been preparing for this for quite a few years. They've been diversifying their, you know, expo market and moving their factories, right, out of China. And also, China is so competitive, right?

The cost is so low, so they can bear the tariff. I look at you like Wei Lee of Black Rock. There's just such an authentic reality of China away from the media myths in America. What's the number one thing Americans get wrong about the state of China right now? Well, I think, you know, for a long time, we as economists, has been arguing that, you know, does China's model work? right, the kind of, you know, a government plant or, you know, socialist style of market economy, does that work at all? I mean, including industry policy, right? I mean, you know, at some point, people start to realize, yeah, it worked to certain extent, right? It's, so at some point,

it needs to be a, you know, combination, right? Maybe the government can need to help, right? Need to support the economy to certain extent, but at the same time, they also need to let the market, economy to play their role in areas that, you know, otherwise you could end up with overcapacity as we are seeing today and you kind of distort, you know, the economy, which is not sustainable. This has been wonderful. Thank you so much the effort to get here on a long travel. Cheng Wang is with his chief Asia-Pacific economists at Vanguard driving all of their economics worldwide. Stay with us. More from Bloomberg's surveillance coming up after this. Support for the show comes from public.com.

If you're actively involved in your portfolio, you probably catch yourself repeating the same actions, buying the dip, manually sweeping idle cash, putting on a hedge. On public, you can now create AI agents that handle all these tasks on your behalf. Just describe what you want to do in plain English. Like, if the VIX hits 25, buy a put option on the S&P 500. Or, if my cash balance goes above $20,000, move the excess into my direct index. You approve the workflow and your agent handles the risk. Monitoring the market, watching for your conditions, and executing your strategies exactly as defined. An investing platform driven by your intent, not just your clicks.

You can also get full read and write access to your account via the public API. Go to public.com slash market and fund your account in five minutes or less. That's public.com slash market. Paid for by public investing. Rookridge Services by Open to the Public Investing Inc., member FINRA and SIPC. Advisory services by Public Advisors LLC, SEC Registered Advisor. Complete disclosures available at public.com slash disclosures. The thing about AI for business, it may not automatically fit the way your business works.

At IBM, we've seen this firsthand, but by embedding AI across HR, IT, and procurement processes, we've reduced costs by millions slash repetitive tasks. and freed thousands of hours for strategic work. Now we're helping companies get smarter by putting AI where it actually pays off, deep in the work that moves the business. Let's create smarter business, IBM. Let's talk about healthcare for a second. It doesn't always work the way people expect it to.

If you've ever waited on a prescription refill or had a hard time getting the care you needed, you know the feeling. The system should just work better for everyone. That's exactly what the people at Optum are trying to do every day. They're a health care company linking patient care and pharmacy services and using data and technology to drive the whole system. So care is connected, not complicated, for patients and providers. Things like making it easier to get care that looks at the whole person, from primary care doctors to mental health support and even in-home care, and then using technology to make sure they all work together.

Technology designed to help doctors spend less time on busy work and more time with their patients. And those prescriptions? Optum is working to work. bring costs down, save patients money, and make it easier to get refills. Little by little, Optum is helping make health care work as one for everyone. Head to business.optim.com to see how.

You're listening to the Bloomberg Surveillance Podcast. Catch us live weekday afternoons from 7 to 10 a.m. Eastern. Listen on Apple CarPlay and Android Auto with the Bloomberg business app. Or watch us live on YouTube. Let's have to rip up the script, and we can do this with Libby Cantrell of Pimco as well. The Secretary of Treasury is over on a death start, given the Republican line off the elections last night. This is Scott Bessent. Last night we saw Zohran Mamdani is leader of Democrats. Lauren Amayas picks that up for Bloomberg with Nakakatan and Samuel Church this morning,

talking about anti-establishment anger. Is the progressive Democrats, the social Democrats, the new Memb Democrats, the new Membent. Donnie Engel. This is not Jacob Javits. This is not, this is not Hubert Humphrey. This isn't even John Lindsay, is it? No, I mean, this is so I think a couple of things. One is that just remember politics are local. So we're talking about one of if not the most liberal city in America. But what this does show you, what sort of the, what the primary results show you last night is one, Zohran Mamdani has incredible star power. He went three for three in terms of endorsing folks who ended up quitting. But two, there is a lot of anti-incumbent anger. And you saw this,

you've seen this on the Republican side, just as a reminder. And now you're seeing it on the Democratic side as well. And then number three is that the Democratic Socialists, at least here in New York City, are much better organized than the party. So grassroots outreach, all that stuff still matters. I think this is very much expected that the Republicans will sort of demagogue this. they'll make this sort of the face of the Democratic Party. I think it is also important just to remember that other folks, more moderate candidates, actually won last night on the Democratic side in Utah and upstate New York, down in Maryland. So I'm not sure that we should be extrapolating massive themes about kind of the future of the Democratic Party.

But what is clear from on the Republican side and Democratic side, and people are angry and they're mad at an incumbents and they're taking them out on the sort of the political class, if you will. Democratic socialists. I'm not really even sure what that is, but is that a national thing? Well, again, I think, I mean, it's definitely a thing in the urban cities. So what you've seen in LA, what you're seeing in Washington, D.C., and can you hear in New York? And again, what do Democratic Socialists stand for? I think it is pretty amorphous, honestly. But their outreach, their grassroots, they're organizing. I mean, it has been, you know, seller. And as a result, they are doing well in these cities.

Again, I would just be, we're, I would not extrapolate necessarily to national politics, New York City, L.A., Washington, D.C., obviously, very, you know, very different. The other thing I think just to remember is that, like, we haven't gotten the final voter turnout figures, but it's like 10% of voters voted last night, if that. Okay, I get it that 42 people voted. Were you one of them? Okay, but here's a subheadline in the Washington Post. How can Hakeem Jeffries back candidates lose key primary races?

How do the Hakeem Jeffries, how does a mainstream Democrat in Michigan adapt and adjust to this anger? This is, Laura says, this anti-establishment anger. Well, so again, I mean, I think they'll try to tap into this. I mean, this is a theme. We're just seeing this. So whatever labels you put on it, you're seeing that voters are angry about gas and groceries and housing and health care. AI is the new boogeyman. And so, you know, I think that what Democrats who are moderate, who are winning and need to

win and kind of purple, if not reddish districts, they'll try to kind of tap into the bigger themes and try to stay away from the labels. Now, of course, question if they can do that. I think Republicans are going to try to be smart about pinning Zohran Mamdani on the entire Democratic Party. As we know, Democrats are a big tent. So I think they'll try to use that as their kind of rationalization. Please.

So most of our viewers and listeners were just enjoying the. early, early days of summer, but boy, the midterms are right around the corner. What's the feeling these days about how this might play out in the terms? Well, look, I think that, well, again, anti-incumbency. I think this, and so, you know, I would argue the Democrats were a casualty of this in 2024. Voters were angry then. They'd be to put President Trump, obviously, pretty unequivocally into the White House. Republicans won both chambers. I think you're going to see a little bit of a reversal of that. Now, the Democrats are Democrats probably winning the House. I think those Republicans will still keep the Senate. But again, I think that the overall theme is that the political

establishment is not working for voters. And voters will take that out on either party. With all your connections, with all your heritage to Washington, if there's a four box four box dilemma, the basic idea that if the Democrats mess this up midterm and presidential 28, that the Republicans will win again, can the Democrats get their act together and coalesce into a winning message? They have to be something other than just anti-Trump. And because they are kind of a bunch of cats and dogs, a big umbrella party, if you will. That's a history. That's a history, of course. It's a big tent. You know, this is sort of the heritage of the Democratic Party, as you know, very well, Tom. So, you know, can they, though, coalesce around several key themes or key messages

that are not just anti-Trump? That has been the glue for the party since 2016. I think it's a pretty fragile base in order to win election. Can you come back tomorrow? I promise. We'll talk. We'll talk policy tomorrow. Libby Cantrell, thank you so much for that. Stay with us, more from Bloomberg's surveillance coming up after this. Support for the show comes from public.com. If you're actively involved in your portfolio, you probably catch yourself repeating the same actions, buying the dip, manually sweeping idle cash,

putting on a hedge. On public, you can now create AI agents that handle all these tasks on your behalf. Just describe what you want to do in plain English. Like, if the VIX hits 25, buy a put option on the S&P 500. Or, if my cash balance goes above $20,000, move the excess into my direct index. You approve the workflow and your agent handles the rest.

Monitoring the market, watching for your conditions, and executing your strategies exactly as defined. An investing platform driven by your intent, not just your clicks. You can also get full read and write access to your account via the public API. Go to public.com slash market and fund. your account in five minutes or less. That's public.com slash market. Paid for by Public Investing. Brokred services by Open to the Public Investing Inc.

Member Finra and SIPC. Advisory services by Public Advisors, LLC, SEC registered advisor. Complete disclosures available at public.com slash disclosures. The thing about AI for business, it may not automatically fit the way your business works. At IBM, we've seen this firsthand, but by embedding AI across H-Rour. IT and procurement processes, we've reduced costs by millions, slash repetitive tasks,

and freed thousands of hours for strategic work. Now we're helping companies get smarter by putting AI where it actually pays off, deep in the work that moves the business. Let's create smarter business, IBM. Let's talk about healthcare for a second. It doesn't always work the way people expect it to. If you've ever waited on a prescription refill or had a hard time getting the care you needed, you know the feeling.

The system should just work better for everyone. That's exactly what the people at Optum are trying to do every day. They're a health care company linking patient care and pharmacy services and using data and technology to drive the whole system, so care is connected, not complicated, for patients and providers. Things like making it easier to get care that looks at the whole person, from primary care doctors to mental health support and even in-home care, and then using technology to make sure they all work together.

technology designed to help doctors spend less time on busy work and more time with their patients. And those prescriptions, Optum is working to bring costs down, save patients money, and make it easier to get refills. Little by little, Optum is helping make health care work as one for everyone. Head to business.optim.com to see how.

You're listening to the Bloomberg Surveillance Podcast. Catch us live weekday afterno. Noons from 7 to 10 a.m. Eastern. Listen on Apple CarPlay and Android Auto with the Bloomberg business app. Or watch us live on YouTube. Our guest here on Detroit, but also on his Cleveland Cavaliers, Jared Fleischer joins us right now to Pat and Boggs with Bedrock, Detroit. I want to talk about Detroit, but what I really want to talk about is Dan Gilbert, like

his father or grandfather, Lily Wash Cars. Yes. They started out class. with next to nothing. How does that affect you every day that the big guy, Yones of Cleveland Cavaliers and others, there's an internal energy there like no other? I think Dan Gilbert represents the American dream, but also the best of America, you know, came from nothing. His parents owned a bar in a rough area of Detroit. That's how he grew up. Lift himself up by the bootstraps, you know, went to Michigan State University,

ran a little gambling room out of his dorm, a gambling ring out of his door. warm room to make some money when he was at MSU. This is a guy as a hustler, started a little brick and mortar mortgage company and was the first to see the vision of bringing mortgages national and online. And really basically, you know, from basically is his basement built the largest mortgage lender in the United States, America, bigger than the big banks and took the profits from that and turned around Detroit and turned around Cleveland. But like the Ross family in Miami from day one, he gave it back. Population growth in Detroit in 2025. What's the final catalyst to get people in Gross Point to move back into Detroit?

Before Dan, the last time Detroit grew was 1957. Detroit's peak population is $1.9 million. It shrunk all the way to $630,000. With Dan Sullivan investments in the city, it's growing for the first time, starting in 2024. It's leading the state of Michigan in growth. And Dan Sullivan whole thesis is if we invest in place And we, you know, turn Detroit into a cool city. We were talking earlier, making it like, you know, Williamsburg and Brooklyn where the young people want to be. It works. You create that kind of place.

The young people come. When you have talented young people, then you get business and you create a virtuous cycle. That's what we're seeing in Detroit and Cleveland. Talk to us about just the economic drivers of Detroit. As many of our listeners and viewers, they'll think auto industry, much like they think Texas energy, but it's different now. Talk to us about the economic drivers in Detroit. Yeah. Yeah, so, you know, the auto industry still dominates our state, you know, the home with a big three and the whole, and the supply chains.

You know, our region is still a big economic region, 4.1 million people. But what you saw, you know, over a generation was all that economic activity leave Detroit. And as you saw kind of broader deindustrialization and the globalization, the auto industry, you saw, you know, the whole economic footprint in Michigan shrink. And so what we're trying to do is, is diversify our economy. mortgage is a big part of our economy in Michigan. Increasingly tech is a big part of our economy. Eds and meds, you know, with innovation and healthcare is a big part of our economy. But Dan Sullivan whole thesis is it starts with plates.

If we turn Detroit, we just got great bones, such history on the river, all four sports teams, downtown, great bars, restaurants. If we build, you know, the kind of Williamsburg-like environment that attracts young people, that's how you start the engine. Okay, you're tanned and rested from working in patent bogs in Washington. You go out to the war zone there. Can you explain to Detroit into Michigan that the Gordy Howe Bridge is not open? Could you help me here?

You know, the Gordy Howell Bridge, which is a connection between Detroit and Windsor, Canada, the busiest overland trade corridor in the country, the second busiest. Canada financed the construction of the bridge 100%. Canada even built the toll plaza on the U.S. side. and the deal is, because since they put up all the money, they get the tolls from it until... Yeah, because they get Dillon Larkin goes to Montreal. Exactly. That was the deal until they get paid back. And there's some people, you know, at 1,600 Pennsylvania Avenue who think that was not a good deal and are holding up the opening of the bridge.

Not quite sure you can get a better deal than somebody paying for something 100%. Yeah. So what's next for Detroit here? Talk to us about kind of how you guys are thinking about the next. Five years, 10 years. Yeah. So the last 10 years, Dan Sullivan focus in Detroit was on our north-south corridor, which is we call it Woodward Avenue.

Think about it, like 5th Avenue here, your main avenue. And then for the next 10 to 15 years, it's on our riverfront, on our riverfront, which is our east-west axis. The big anchor of our riverfront is the Renaissance Center, which, to give you a sense, how big this building is, it's twice the size of the Empire State Building, built by Henry Ford, the second former home of the General Motors Corporation, big empty. empty office complex, looming over the riverfront. We're going to do the most ambitious and complex adaptive reuse project in the country,

bring that thing back to life and redevelop our whole riverfront in Detroit. There's a lot of models of how New York is brought back its riverfront. We're going to try to do the same in Detroit. Jared Fletcher, thank you. So this is good. Don't be a stranger. Bedrock Detroit on one of the great, great comebacks in America. This is the Bloomberg Surveillance Podcast, available on Apple, Spotify, and

anywhere else you get your podcasts. Listen live each weekday, 7 to 10 a.m. Eastern, on Bloomberg.com, the IHeartRadio app, tune in, and the Bloomberg business app. You can also watch us live every weekday on YouTube and always on the Bloomberg Terminal.

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