Apple Debuts Company’s First Foldable Phone

26:42I'm upset that there was no Planet of the Apes reference from Ira. No, you said, didn't you say it was a different movie? We're back in a moment. Some people treat ChatGPT like some kind of smart search engine, and some use it to get work done. ChatGPT Work is a new way of working in ChatGPT that can take action across your apps and files, stay with a project for hours if needed, and turn a goal into finished work. It's designed to help you move from a chaotic starting point to a reviewable first version. So all the source materials, briefs, and scattered information that you have to grind through to turn into something useful can just become something useful.

27:23Put ChatGPT to work on your most ambitious ideas and projects. Get started at ChatGPT.com by selecting Work Mode, available on Plus and Pro plans. 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 healthcare company linking patient care and pharmacy services and using data and technology to drive the whole system so care is connected, not complicated.

28:00for 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 healthcare work as one for everyone. Head to business.optum.com to see how. This is Alexis Christopoulos for Bloomberg Surveillance.

28:36AI is everywhere. Outcomes are not. Not because AI doesn't work, but because AI hasn't reached the workflows yet. The campaigns, the launches, the quarterly planning. Those workflows are still run by humans alone. AI is making individuals faster, but it's not making businesses more productive. That's the gap Asana is built to close. Asana is the operating system for human agent teams, your easy button for AI productivity across every team. Ready-to-go AI teammates pre-built for marketing, ops, and IT. No prompt engineering, no setup. They show up where the work is happening, already onboarded in your workflows, ready to deliver.

29:16And the more they work with your team, the smarter they get. With Asana, your whole company can work on the same plan towards the same goal, whether you're a team of 10 or 10 ,000. Asana, where humans and agents workflow together. Try it at asana.com. That's A-S-A-N-A dot com. You're listening to the Bloomberg Business Week Daily Podcast. Catch us live weekday afternoons from 2 to 5 Eastern. Listen on Apple CarPlay and Android Auto with the Bloomberg Business App. Or watch us live on YouTube. Hey, check out his Twitter or Twitter, Twitter, Twitter. I don't know what you call it. X is what Elon wants us to call it.

29:54X accounting. It just doesn't roll off my tongue. Neither does Twitter. But you'll see posts reminding us about the K-shaped economy, in particular what's at the top of the K. And I just want to throw some out there because it's really caught my attention. Stories about more money than they ever imagined and no clue how to spend it. And this got into the share sales at OpenAI and Anthropic, how it's minted hundreds of millionaires and how they're splurging on computer hardware and espresso machines. Another post highlighted a story with the headline, the latest wealth flex big trees. This talked about rich property owners spending huge sums on full grown oaks and more.

30:31They don't have the time or patience to watch them grow. Exactly. And then there was a New York Post story. And our next guest commenting that on this story, surging AI wealth is creating a mansion shortage in San Francisco. The reason we bring it up is because we have a lot of folks coming on air and maybe disputing the K-shaped economy, including our U.S. Treasury Secretary. So we are delighted to have back with us Peter Atwater. He's president of Financial Insights, adjunct lecturer of economics over at the College of William and Mary, author of The Confidence Map, Charting a Path from Chaos to Clarity, a book that really digs deep into decision making.

31:06I hope I didn't embarrass you by doing that. But every time it crosses, it makes me stop and think, because there are folks that say, everything's great. Market's doing well. Economy's doing well. Labor market's doing well. Tell us a little bit about your thinking, because we have had the Treasury Secretary, Scott Benson, downplaying the impact of inflation on lower income Americans. And he declared recently that the K-shaped economy is a thing of the past. He talks about a C-shaped economy. What's your read on all of this? There is probably no one, Carol, who would like the K-shaped economy to be done than me.

31:42When I started talking about it six years ago, it was with fear. Because I know what happens when you have invincibility at one end of the economy and despair at the other. And so I watch every day to see how are people spending money? How are they living their lives? And this goes beyond this wage data point or that inflationary data point. I'm looking at how do people live. And what we see day in and day out is one excess after another at the very top of the economy. And more so, those at the bottom can't help but see it. Meanwhile, we have high gas prices. We have rising food prices. I have children who are talking about affordability of a home.

32:40Right. Those at the bottom, those who are beginning, are feeling increasingly desperate. And what makes this moment to me so interesting is that if the post-pandemic K-shaped economy was about uncertainty, this is about powerlessness. And I'm seeing it now getting expressed in the pushback to data centers, the pushback to flock cameras. The sense that those above have control and those below are powerless is now resulting in a very purple bottom coming together to say, we've had enough. And they're starting in their neighborhoods. They're starting locally, as grassroots movements always do. Does the data center pushback play into that?

33:37Absolutely. Yeah. Yeah, this is people saying in my yard, in my town, for me, this is very personal, that real tangible costs are immediate and they threaten my community, they threaten my job. Meanwhile, at the other end of the spectrum, they're obsessing about the long-term potential. We have abstraction that is very appealing to those with confidence, and we have tangible costs that are deeply troubling to Main Street. Is it fair to say then that the introduction of this new technology, AI, in your view, is widening that K? It's defining the K. If you tell me how you feel about AI, I know where on the K you are.

34:26Because there's no middle. You're either very pro or very against. And what's interesting is we're now seeing policymakers forced to respond. So article today about states thinking about repealing tax benefits. You're seeing bipartisan pushback among policymakers on the data front. And this is significant because I think it reflects the fact that the bottom of the K is purple. And they're finding ways where the common experience is now uniting them. Let's play it out. If we ignore the bottom leg of the K shape, what's the cost of that? Well, we are largely ignoring them. I mean, it's fascinating to me.

35:18We're eight weeks from the midterms. And neither party has a coherent or compelling resonant message on affordability. Meanwhile, those at the bottom are filling up at the pumps, seeing numbers they haven't seen in a while. They're very aware of the costs of food rising. Many are starting to think about, do I need another job? And so we're ignoring them. but they are not sitting here anymore willing to be powerless. And they're getting really tired of the blame game. Economy is very strong. Let's go back to, again, it does feel like two Americas. There are two Americas. And so for those at the top, the economy is wonderful.

36:11And we shouldn't disparage that. We shouldn't feel bad about that. We should be thankful for that. I mean, And today it is sustaining this economy. So we need that. But we also need to be mindful of how inflation is eroding the confidence of those below. And just the sheer numbers of people. It's wonderful to see an economy doing well at the top. But it's a relative few. and we are intensely dependent on them because the K has gone on so long that businesses have adapted to that as if that is going to be reality forever. What shrinks the K back if that's even possible? So we need to be thinking about how do we restore skills for those at the bottom?

37:13How do we create a visible series of rungs that enable people to see that you can start at the bottom and work your way to a better job, a better position? And we need to recognize that AI is going to require a massive retooling, not only for those at the bottom, but for many, many more further up. And so we need to be mindful of the risk that there are some on the arm of the K today who are going to fall from it. Right. White-collar jobs in particular. There are white-collar jobs that are going to change. You know, one of the things I want to ask you, and you do teach at William & Mary, and full disclosure, my daughter went there.

38:01I always like to lay that out. But I do think about, I was talking with my brother last night, and I'm of a generation. My dad fought in the war, had a two-year associate's, and had an incredible career. And his plan was he wanted all of his kids to go through college. And I think for all of us, it did make a difference. But I think today, I don't, we've told people, get a college education and your life is set. Do we need to broaden out? Like, what do we need to do? Yeah, we're going to need to redefine what the college experience looks like. because today there is a want for vocational training that we need to be able to demonstrate at a university level that a degree equals a job and a job now.

38:46At the same time, universities play a critical role in job creation in the future. The research that happens, The initiatives that can only be supported in an academic environment become the technologies of the future. And so I see universities needing to be both mindful of what the need is today, but not lose sight of their role in sustaining this into the future. And so I'm watching a lot of universities losing the focus on research, not appreciating that it's not and, it's not or, it's and. Right. You have to be both. We're going to talk about retirement next with our next guest. And I am curious how you think the K-shaped economy impacts where these young people choose to put their money, their savings, if they have any.

39:51Do they take a more nihilistic approach? And so we're going to see more gambling, prediction markets playing, or do we actually see more people maybe trying to save because they feel so bad about the economy? So you're seeing a couple of things. with rent being what it is. You're seeing individuals taking whatever excess they have and putting it into the market rather than putting it into a home. And so there is a clear belief among younger Americans that the stock market is the only way to get ahead. And the only way you do it quickly is through leverage, is through options, is through things that create a lot more wealth today, but also have an enormous amount of relative risk versus your traditional, I'm saving for retirement over the next 40 years in a 60-40 portfolio.

40:52All right, before you leave, because you always post books, and my dream is to do a segment where you come on with authors, because I love, what are you reading right now, real quickly? I just finished reading Nir Eyal's book on beliefs. You did? Okay. And I love the idea of beliefs as what really takes us between how we feel and what we do. And that stories are the way we exchange beliefs. But the critical role of beliefs in our decision-making process. Really been wonderful. A pleasure. You're off in remote. Love that you are in studio. Thank you so much. Thank you. Thank you. Peter Atwater, President of Financial Insights, Adjunct Lecturer of Economics over at the College of William & Mary.

41:37He is the author of The Confidence Map, Charting a Path from Chaos to Clarity. Stay with us. More from Bloomberg Businessweek Daily coming up after this.

41:50Some people treat ChatGPT like some kind of smart search engine, and some use it to get work done. ChatGPT Work is a new way of working in ChatGPT that can take action across your apps and files, stay with a project for hours if needed, and turn a goal into finished work. It's designed to help you move from a chaotic starting point to a reviewable first version. So all the source materials, briefs, and scattered information that you have to grind through to turn into something useful can just become something useful. Put ChatGPT to work on your most ambitious ideas and projects. Get started at ChachiPT.com by selecting Work Mode, available on Plus and Pro plans.

42:32Let'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 healthcare 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.

43:11Technology 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 healthcare work as one for everyone. Head to business.optum.com to see how. This is Alexis Christopoulos for Bloomberg Surveillance. AI is everywhere. Outcomes are not. Not because AI doesn't work, but because AI hasn't reached the workflows yet. The campaigns, the launches, the quarterly planning. Those workflows are still run by humans alone.

43:48AI is making individuals faster, but it's not making businesses more productive. That's the gap Asana is built to close. Asana is the operating system for human agent teams, your easy button for AI productivity across every team. Ready-to-go AI teammates pre-built for marketing, ops, and IT. No prompt engineering, no setup. They show up where the work is happening, already onboarded in your workflows, ready to deliver. And the more they work with your team, the smarter they get. With Asana, your whole company can work on the same plan towards the same goal, whether you're a team of 10 or 10 ,000.

44:24Asana, where humans and agents workflow together. Try it at asana.com. That's A-S-A-N-A dot com. You're listening to the Bloomberg Business Week Daily Podcast. Catch us live weekday afternoons from 2 to 5 Eastern. Listen on Apple CarPlay and Android Auto with the Bloomberg Business App. Or watch us live on YouTube. So from the course and the field to the courts and the stage. Time to talk sports. Yeah, lots to cover. With us, the co-host of the Business of Sports podcast, he's Randall Williams. He's a Bloomberg News senior reporter. Let's start with the course. Can we start with the golf course?

45:02Yeah, we can start with the golf course. First of all, before we start there, you all's level of excitement in talking sports has changed so much. It is amazing. Can I tell you? I love sports. I grew up talking a lot of sports. I was, okay, my life has been changed by a couple things. One is Randall. I know. You have great energy. Two is having a kid who's obsessed with sports. Three is being in New York over the last six months. Yeah, it's been huge. It's been unbelievable. So anyway. Back to the course. Back to the course. All right, so to the golf course. Live golf. I mean, man, right? Came out, felt like this was going to disrupt everything as we knew in terms of global golf.

45:37And here we are, what? Filing for bankruptcy yesterday. Yeah, I've been using a rocket ship analogy and I came up with the next evolution today. Imagine the Hubble spaceship takes off and it has a$5 billion engine and then that engine just falls off. Well, what's going to happen? It's either going to continue to go out of space, into outer space, or it's going to fall back down to Earth. And I think that slowly but surely throughout the course of the summer, Liv fell back down and now we are at bankruptcy. I was going to say, no more mulligans left or there's been too many already? I don't think anybody's coming to save him.

46:09I think, look, they're going to... No future? That's it? No, they're going to have another iteration next year. But how many times have we seen this happen in sports where there is a rival, a challenger league. An NFL rival years ago. Right, the XFL. And the XFL, even the new version of it is now called the UFL. And isn't really directly looking to compete with the NFL. Live Golf's purpose was to destroy the PGA Tour and to be a direct competitor. And that's why they had the merger. That didn't happen. And now that died. And now Live Golf is on its last life. So great news for the PGA. Oh, the PGA Tour is thrilled.

46:43And it's sort of proof that, you know, it's not big enough for the two of us? I think that the PGA Tour revitalized itself. And we sat in this same studio not too long ago with their CEO, Brian Rolap, and he said there is no merger. If they were interested in saving Liv Golf in the business, they could have done it. They didn't. So, okay, we have a lot to talk to, but last thing on this. We got to move on. I know, I know. Shows that it's good to have competition. Because, like you said, PGA revitalized itself. The PGA Tour revitalized extremely and a lot faster than people expected. Will the players all become friends again?

47:15I'm not so sure about that. That's the other side of it. Let's go to the NFL. Season kicking off tonight. Of course. Nah, the league is looking to add more games. Not everybody's on board, though, with this. Yeah, the bottom line is that Roger Goodell has painted this picture to fans that if you add another game, that the Super Bowl will fall on the Sunday before President's Day, making it a national holiday. Now, that's already happening this year because the Super Bowl is on Valentine's Day. Sorry, ladies. However, that's Randall's excuse. We give up so much already. Seriously? But that typically doesn't happen.

47:49And so that's his picture. He would like to add an 18th game. They need to negotiate with the Players Association, which hasn't been ready, and they aren't obligated to negotiate a new collective bargaining agreement early. Is it healthy for the players? Of course not. More football. I mean, look, the NFL and the NFLPA are doing a ton to help technology with helmets. You're seeing more and more roll out. But the reality is that outside of combat sports, there probably isn't anything else except for maybe rugby that is as harsh on the body as football. Bring on the AI players. That's all I'm going to say.

48:20I don't want that. I'm just kidding. No, this is the only thing that saves us from AI, truly. Hey, you mentioned football. Yeah, you mentioned football. Let's talk about the other football and Messi doubling down. on ownership of a Spanish team? Yeah, look, Messi is a billionaire, and he has a lot of money, and I think he has more days, God willing, ahead of him. And he will live longer than his playing career was, and so he's going to be looking into how he wants to spend his money. Of course, he has InterMiami that he's heavily involved in, and we'll see where else he's going to decide to spend that cash.

48:56Next chapter, right? Yeah, we see this in sports. You think Michael Jordan, you think all players actively investing in clubs and teams. This is just another iteration of that. I will be interested to see how active he will be. Messi, of course, does not do a lot of press conferences. I don't think he's done one since his opening one with Inter Miami years ago. And so if he is an owner, how active is he going to be in terms of the front-facing person? Because you welcome someone like Lionel Messi into your ownership group, and now all of a sudden that's all anybody wants to talk about. Yeah, you said he's part of a small group of athletes.

49:29who are estimated worth a billion dollars. He's got the investments. He's got sponsorship. He's got the cut of the Lego that I bought for my son, the messy Lego. I'm sure he gets a little cut of that. So adorable. You got to talk the USO. Okay. I was, I'm so, I don't know if I'm angry. I'm sad. I didn't even stay up late enough to walk. Neither did I. It's too late. It's too late. It's a consistent problem with the tournament in that I think that they are leaning too much to the people that are going to it now. It is still a TV product at the end of the day. And when some of your two biggest stars are playing, and that game started as I was going to bed.

50:02Carlos Alcarez and Ben Shelton. That's crazy. And it's a problem that I can't watch it. I can't enjoy it. If I'm expected to talk about it, you want me to stay up until 3.30 in the morning? That's a serious issue. Also, who wants to go to it? Sorry, the bigger issue. I was going to say, the bigger issue is media rights. How do you sell something where two of your three biggest players, especially an American, is playing at 3.30 in the morning? That's supposed to inspire the next generation of tennis athletes? I don't think so. I'd be pretty ticked off. But the event, the US Open, of course, is extremely successful, but you have to find balance in being the epicenter of sports culture and also optimizing business.

50:39And the balance is off right now. We're going to be the epicenter of sports culture tomorrow with power players. What are you looking forward to? What aren't I looking forward to? It's the most wonderful time of the year. Vanessa and Vanessa Perdomo, Maglione, and I are co-hosting tomorrow for the first time. That's something. And then we'll have a stacked lineup with Jake Paul, Michael Strahan, Constance Schwartz-Marini, Carolyn Tish-Bloggett, as well as Al Tillis and so many other names. Swin Cash, who's a basketball Hall of Famer. We have Randy Shapiro from the Yankees, who's going to be talking college sports.

51:10So it's going to be a lot of fun. And we're talking like everybody knows. That's power players here at Bloomberg headquarters. It's everybody who's involved in sports. Great conversation. It's the best day of the year to be in the office because you get to see all of these people. But we are going to be broadcasting a special edition of Bloomberg Business Week Daily live from Power Players. I always love watching when people come off from doing a panel, like what snacks they swipe on their way out. Come on, the athletes. Is it the gummy bears? No, the athletes. Before we go, who is your betting favorite to attract the biggest crowd tomorrow?

51:38Ooh. I'm going to say there's going to be a surprise person who shows up. Okay. That's what I think. That's news to me. Yeah, I know. It's the Tim Cook one more thing. Wait, Jason Kelly and A-Rod also doing a taping, right? They are. Live taping with Serena Williams' husband, Alexis Ahun. That's going to be kind of interesting. Randall, you rock. Thank you. This is the Bloomberg Business Week Daily podcast. Available on Apple, Spotify, and anywhere else you get your podcasts. Listen live weekday afternoons from 2 to 5 p.m. Eastern on Bloomberg.com, the iHeartRadio app, TuneIn, and the Bloomberg Business app.

52:15You can also watch us live every weekday on YouTube and always on the Bloomberg Terminal.

52:28Healthcare doesn't always work great. If you've ever waited on a refill or couldn't schedule an appointment, you get it. That's the kind of stuff Optum is changing. They're using data and technology to integrate patient care, pharmacy, and everything else. So healthcare is connected, not complicated. What's that look like? Cheaper prescriptions that are easier to get and care that looks at the whole person how you need it. Optum is helping make health care work as one for everyone. Learn more at business.optum.com. Game night rush or any night of the week, really. Genius keeps every order moving from online ordering to your kitchen to the front counter.

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