AWS Outage Recovery Drags On, Apple Hits First Record of 2025

22:39Democrats are obviously looking for a new leader in 2028. But talking to people around Washington, around the country in Democratic circles, there could be literally dozens of people running. And so if this ballot referendum does pass, it will be a real validating credential for Newsom. He's one of the rare Democrats right now who is in a position of power. And if he's able to lead his party to victory on this ballot initiative and help Democrats win back the House of Representatives in 2026, he can go out and say, look, I'm out here. I'm fighting Trump. I'm doing things. I'm helping the Democratic Party.

23:15And that's just not something that a lot of other elected Democrats can say right now. And I do stay with us more. A lot of business. We've got a lot of national attention. And Newsom himself, as I mentioned, as we mentioned at some length in the profile, has spent a lot of time trying to raise his profile online, doing everything from YouTube to Twitch to Twitter to X to try and raise his visibility. So I think a win on this ballot initiative would really help him in that regard.

23:38Carol Massar:I always think about COVID and how much he became so prominent. And we covered certainly everything he did during COVID and what was going on in the state. But he really became a national figure, it felt like. Especially during that visit to the French Laundry, as Josh points out. In his piece. What did he call that in his podcast, Josh? He quoted in the piece? I think he said it was like his most boneheaded move he made as governor. And not a lot of people would disagree with that. But, you know, he is prone to the occasional scandal. So that's part of the excitement of following Governor Gavin Newsom.

24:07Does a lot of exciting things, both for good and for bad. So let's talk about that a little bit. As a Californian, I followed Gavin Newsom for decades at this point. I mean, one thing that just always surprises me, though, is is where he was and who he was with early on in his political life. I mean, there's the famous photo shoot. Was it Annie Leibovitz with Kimberly Guilfoyle, his former wife, who is now, you know, she was linked to one of the Trump sons romantically. She's now the ambassador to Greece. What is his political history? You dive in here. There's connections to the Getty family.

24:40You really go really far back generations, actually. Yeah, I mean, he's had this fascinating life. You know, his father and grandfather were kind of big time political fixers in San Francisco, which gave him entree into the kind of wealthy world of San Francisco politics and business. While at the same time, you know, his mom, after his parents divorced, was a single mom who worked three jobs. So he kind of really grew up with a foot in both worlds. I think he's always been drawn to the camera as a politician. As you said, there's a famous Vanity Fair cover shoot back when he was married to Kimberly Guilfoyle.

25:13He managed to be a very high-profile mayor of San Francisco, conducting or allowing gay marriages back before the Supreme Court had allowed that, first got him on the national stage. But he's also a good-looking, telegenic guy who really wants to have his profile out there and has a lot of political talent. I think that the challenge for Newsom as governor of California, and we get into this in the piece a little bit, is that there's a lot not to like about California right now. At a time when, you know, Americans are more and more concerned with inflation and the high cost of living. California has sky high home prices.

25:47It sort of struggles with a lot of the things that Americans struggle with generally, whether it's high gas prices, high unemployment, homelessness. So all of these things are subjects that Newsom and Businessweek spoke about, talked about and tried to kind of war game out of the piece, whether this is something that he can overcome. And as Newsom himself said, too, he's got a real pitch, I think, for Democrats nationally, which is that California is this engine of dynamism, whether it's tech or AI or business, and really conducts itself in a way that I think Newsom would describe as the polar opposite of the way Donald Trump runs the U.S.

26:25economy with a focus on kind of industrial nostalgia. And looking back, Newsom is very much a California guy, almost seems like a venture capitalist at times, kind of pitching his state. And I think it's going to be interesting to see whether Democratic voters connect with that and decide this is the guy that they want leading them forward.

26:40Carol Massar:Josh, do Democratic voters also connect with the way he's begun using social media, kind of playing President Trump at his own game with AI generated content and caps and so on and so forth? You single this out, certainly in the story. Does that resonate? Is that what Democrats want? Yeah, to me, this is the most interesting part of the profile is, you know, a couple of months ago, Newsom turned the governor's Twitter feed into this kind of mockery of Donald Trump and the way he comports himself on social media with these all caps tweets kind of mocking and insulting him. And, you know, AI generated images of Trump eating McDonald's burgers, kind of stuffing his face.

27:17And it was basically kind of meant to get down in the mud with Trump. And it's something that's caused a ton of attention, a ton of engagement. A lot of Democratic voters are seeing this and engaging with this online. I know in my own life, people, relatives of mine are not particularly political, would have no reason to be interested in Gavin Newsom or suddenly asking me about him because of his wild social media persona. So in an intention getting sense, I think it's helped him. And whether or not this helps him like win votes in purple swing states three years from now, I'm still a little bit skeptical about that.

27:52But, you know, partly the race right now, if you're a Democrat, is the race for eyeballs and attention. And there's no question that Newsom is doing that kind of more aggressively and in a more interesting way than any other Democrat on the scene right now. Is it a risk politically for the constituents in California? Karen Bass, the mayor of Los Angeles, spoke at Bloomberg Screen Time earlier this month, and she talked about collaborating with President Trump in the wake of the disastrous wildfires. If there is another big natural disaster in California before Gavin Newsom's term is up, does he have to go begging to President Trump?

28:25And President Trump says, no, you've made a mockery of me. Yeah, I mean, it's a good question. I mean, one of the things we talked about with Newsom in this piece is that he essentially, you know, Trump had kind of written him off back in January before he'd even taken office. He had kind of turned on Newsom and Newsom and said, you know, in the past they'd had a good working relationship back in the 2018 Paradise fires in California. He thought he thought Trump had been pretty helpful, but this time around he wasn't. And Newsom had to kind of force his way into Trump's sphere and orbit in order to get some of the help that California needed.

28:56I think it does run a risk when you kind of intentionally mock and insult someone, especially as a Democratic governor. If you need to then turn around and ask that president for help, it could be problematic. On the other hand, Trump as president has pursued a scorched earth policy against just about every Democrat, every blue state in every blue city that I can think of, regardless of whether or not the mayors and governors of those states have insulted him personally and gratuitously the way Governor Newsom has. I'm not sure in the end it'll make much of a difference, but it'll certainly be something to watch if there is another big national disaster in California that requires federal help.

29:31Carol Massar:Fascinating stuff. I wish we had another 15, 20 minutes. Josh with you. That's always the case. Josh Green, national correspondent, Bloomberg Business Week. This is the cover story of the issue, new issue at Bloomberg Business Week. Find it on newsstands. It is on the Bloomberg and at Bloomberg.com. His profile, so much detail.

30:04from our flagship New York station. Just say, Alexa, play Bloomberg 1130. Just worth repeating, shares of Zions right now up by about 3.9%, bouncing around, Carol, in the after hours, but steadily in the green just after reporting those results.

30:22Carol Massar:Yeah, it was rallying in today's session ahead of earnings. Keep in mind, it lost about 5 % for the week overall, but we've seen a two-day rally, and it looks like the rally might continue into a third day. Let's get to it. Herman Chan follows the regional banks, including Zions Bancorp. He's senior analyst for U.S. regional banks here at Bloomberg Intelligence, and he's here in our Bloomberg Interactive Broker Studio. As you reminded us, I messaged him like, wait a minute, what did they say last week? They talked about the credit losses, right? That's the big number we focus on. So we had that already out there.

30:51Carol Massar:What else did we get from the quarter that might be of note? Sir, the big takeaway is that outside of the 50 million charge off that we just talked about, there was really no credit concerns at all. They only posted 6 million charge-offs, or about 4 basis points on average loans, outside of the issue that they flagged last week. Credit's benign. We're not seeing any cracks within the credit quality. Everything's really good. Your view, idiosyncratic, not systemic? I would say these are one-off. I was told in radio not to say idiosyncratic. Wait, who said that? John Taku did. John? John gets up so early he's asleep right now, so it means you can say whatever you want about John Tucker.

31:35Sounds good.

31:35Carol Massar:So we don't see any idiosyncratic issues. Is it because John doesn't know what idiosyncratic means? Maybe he just heard it too many times. Did he think you said idiot and he got upset or something? I don't know. We're talking with Herman Chan of our Bloomberg Intelligence team. I want to bring David George also into this conversation. Senior research analyst at Baird. He joins us from Nashville, Tennessee. Last week, he upgraded Zions to outperform from neutral, saying the drop in market cap of the more than a billion dollars over that 50 million charge off was excessive. There was that 24-hour period where we're getting a little concerned that it was regional bank scare 2.0.

32:11Carol Massar:David, come on in. We're here with Herman Chan of our BI team. Earnings out. Anything new that came to light for you here? Hey, Carol. Good afternoon. The earnings, as Herman kind of noted, the earnings and taking kind of a cursory look at them, look pretty good. Despite that$50 million charge, they earned over$220 million. And their pre-provisioned net revenue, which is kind of a key foundation that we like to think about as it relates to just the earnings power of the banking industry, was better than expected. So the core business momentum at Zion's is actually quite good. And I think the market is going to like these numbers.

32:51And as Herman mentioned, this does not seem to be a systemic issue. I think these numbers this afternoon corroborated that. And I think it was a huge overreaction in the stock last week. And we continue to like it. David, you have a$65 price target on the stock. You have an outperform recommendation. As Carol mentioned, you upgraded it to outperform from neutral just last week. Would you raise your price target based on what you saw today it seems like you could be doing a victory lap right now um i'm not one this this is too hard of a business tim to spike the ball um so i'm not really in that uh i've been doing it too long and have a lot of scars but um the price target thing is something that we constantly evaluate i don't think i'm allowed to tell you uh what i'm going to do with it but just suffice it to say that the quarter is good um and we feel pretty good about the the fundamentals at zions And the risk reward tradeoff and the valuation of Zonich, you know, last Thursday after the bell, I think it got it.

33:56I think it was 47 when we upgraded it. It got down, I think, seven and a half times earnings and five times pre-provision earnings. And that's that's about as low as these tend to get absent a really, really nasty recession. So I think it was just really a lesson in overreaction and kind of sentiment overweighing the numbers in this particular case.

34:17Carol Massar:Yeah, stock was down about 13 % on Thursday, October 16th, and bouncing back about 6 % on Friday, and then another 4.6 % today, and then we're seeing it up in the aftermarket. You know, Herman, one of the things that we were all talking about is, you know, what does this mean for the regional banking sector overall? I'm looking at the sector was down about 1.9 % last week overall over concerns about credit, specifically when it comes to the regional banks. It was up about 2.5 % today. Right, right. So this is sort of the tail end of earnings for us. And last week we had a slew of earnings. And outside of one issue that was already flagged by Fifth Third, credit was really strong across the board.

35:00We haven't seen really any cracks from non-performers, criticized loans, those sort of early warning signs. So I do think that these one-off issues are digestible and not really reflective of anything systemic across the board. Yeah, David, come on back in here. And I'm curious if you agree with that. And maybe we can kind of broaden the conversation, too, and include private credit, which isn't necessarily in the purview of a lot of analysts because it's exactly what it is, private credit. But I'm curious if you see challenges in private credit affecting regionals. Yeah. So I think that's a two-part question.

35:40So I'll try and do it one piece at a time. So I think what Herman said is correct. If you just look at the data, I think, and this is pretty much the tail end of earnings season, the cap one comes after the bell tomorrow night. But I think 75 % of the banks we cover had lower levels of non-performing loans sequentially. And just from a cyclical perspective, we're pretty much close to an all-time low as it relates to problem loan. So on private credit, we could have an entire show on that. From my perspective, the growth in private credit is very notable in the banking industry. Any time in my experience of the last 25 years, when you have outsized growth is when you can have problems.

36:29And And this is an asset class that has not been through a sustained recession. So my concern as it relates to the banks and private credit is really an indirect, if I guess said differently, if we experience problems in the private credit market, my concern would be that liquidity starts to dry up. And there's kind of some knock-on effects of just liquidity coming out of the system having an indirect impact potentially on just corporate borrowers broadly. It's not something that I think there would be meaningful direct exposure. But it's just a situation where when liquidity slows, that will have an impact on the borrowers within the private credit universe.

37:16And to the extent they have issues, they could have customers that are in the traditional bank market. So it's an indirect impact, something that we're clearly very vigilant on, Tim, as it relates to just thinking about credit risk and so forth. But I think it's an indirect risk rather than a direct one. Hi, David. This is Herman Chan. Just a quick question for you in terms of how you, when you talk to management teams, how do you get comfortable with their underwriting, their monitoring of their credits, their due diligence? It seems like the overarching thread for Tricolor and the Scantor loans is that a lot of these assets were pledged to different places at the same time.

37:55So I'd love to get your thoughts on that. Yeah, it's an excellent question. I think ultimately bank investors are making qualitative assessments, Herman, on bank management teams' ability to assess credit risk, interest rate risk, and allocate capital. And these are obviously levered companies, much less levered than they used to be. But I think the annual CCAR and stress testing process has made this industry much better with respect to just understanding where the risks come from in terms of exposures and being able to quantify exposures to different industry levels and loan to values and collateral coverage and so forth.

38:36So I think it's like if you go to the doctor once a year and you know that you're going to have a very rigorous exam, I just think that the behavior coming out of that has really changed. And I think the biggest evidence of that emanates from the fact that bank loans are only really growing at 2 % to 3%. So it's hard for me to see when when market participants worry about bubbles on bank balance sheets. The growth isn't in there just to suggest where that bubble would come from as it relates to bank loan exposure directly. Well, just to follow on that, like I do wonder about all the money that's been sloshing around post pandemic.

39:18Carol Massar:You know, we just have a massive bill that was spent that was passed by Congress to that. There's going to be more money coming into the system. But there has been a fair amount of money. Are we silly to think that there's going to be some kind of bubble and that there is going to be some financial and bank exposure to it? No, I don't think at all. I think it's just important to to everything. Every question like this, Carol, is is just is very contextual. And it all depends on the context of where stocks are trading, what is priced into them, what isn't priced into them. And I think it's fair to say that asset prices are elevated, both private and public.

40:00And if there is any semblance or any mean reversion or a 20 % to 40 % haircut in asset prices, that is going to leave a mark on the banking industry, absolutely. But it's one of those things that it's going to take time. And banks benefit from time in the form of just these quarterly pre-provision earnings that I mentioned. That is essentially the lever that this industry has to pay for credit issues. And rest assured, these companies are very vigilant as it relates to credit risk. They've got very extensive risk and credit department functions. That's all they do every day is think about where their risks are and where their losses could be.

40:45And, you know, as it relates to Zion, say 12 basis points of losses, that means that they're right 99.9 % of the time. And I think that the industry deserves some credit, pardon the pun, for how well they've managed credit risk since the GFC.

41:00Carol Massar:All right. Going to leave it on that note. Guys, thank you so much. Gentlemen, so appreciate that. David George, senior research analyst over at Baird. And, of course, our own Herman Chan, who covers the regional banking sector. He's senior analyst for U.S. regional banks here at our Bloomberg Intelligence team. Zion's up about 2.6 % here in the aftermarket after reporting its latest quarterly update. Stay with us. More from Bloomberg Businessweek Daily 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.

41:38Carol Massar: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 of 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.

42:19Carol Massar:That's public.com slash market. Paid for by Public Investing. Brokered 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.

43:03Let's create smarter business, IBM.

43:06Carol Massar:When you own your own business, you own every decision. Now own the company, card that rewards you for it. The Chase Sapphire Reserve for Business card brings the best Sapphire Reserve benefits to business owners who expect hard-working rewards. Designed to meet the needs of business owners at scale, this pay-in-full card elevates your travel experience and offers premium benefits and value toward business services that will take your business to the next level. Fuel your business and maximize rewards with 8x points on all purchases through Chase Travel, 3x points on social media and search engine advertising, annual partnership credits, and more.

43:41Carol Massar:Make every journey more rewarding with a$300 annual travel credit and access to a network of airport lounges, whether you're looking for pre-flight productivity or time to rest and recharge. Chase Sapphire Reserve for Business. It's the card that gives back all you put in. Learn more at chase.com forward slash reserve business. Chase for Business. Make more of what's yours. Accounts subject to credit approval. Restrictions and limitations apply. Cards are issued by JPMorgan Chase Bank N.A., member FDIC. At Venture Global, we think about what can be done, not what's usually done. Through innovation, Venture Global is not only building some of the largest energy facilities in the world right here in the United States, but delivering American energy at a fraction of the cost in a fraction of the time.

44:30So while others are busy talking, we're busy building. That's Venture Global. That's unstoppable energy. You're listening to the Bloomberg Business Week Daily Podcast. Catch us live weekday afternoons from 2 to 5 p.m. Eastern. Listen on Apple CarPlay and Android Auto with the Bloomberg Business App. Or watch us live on YouTube.

44:56Carol Massar:Check out, we heard Alexis talking about this, rare earth and critical mineral stocks. They have certainly been on the move. Rising as William Blair analyst Neil Dingman initiates the companies as outperform as he sees the government potentially taking a stake in them. Among the stock's name, United States Antimony. With William Blair's analysts seeing the U.S. government taking a notable stake in the company as the U.S.'s only Antimony producer. Shares of U.S. Antimony, by the way, are up nearly 565 % year-to-date. Yes, you heard that right. With about 14 % of the flow chart. We're seeing these stocks on the move today.

45:30Back with us once again for the first time since August is Gary Evans, chairman and CEO of United States Antimony Corp. More than$1.6 billion market cap mining milling company refines and sells antimony products. He joins us from the Bloomberg News Dallas Bureau. So the analyst at William Blair out saying that the U.S. government could take a notable stake in the company is the only U.S. antimony producer. Gary, do you see the U.S. government taking a stake in the company? Well, it's something we don't, you know, stay up at night worried about. We've been very fortunate in that the U.S. government has given us an incredible contract.

46:09This is the DLA, which is the Defense Logistics Division of the Department of Defense. We won a$245 million sole source contract about a month ago. And so we're working hard to fulfill that contract. And what that is, is antimony ingots that's used for our defense to hold and stockpile for future wars. So can you fulfill that with the capital structure that you have right now? Do you need more money in order to fulfill this? No. Fortunately, we've raised over the last month, month and a half, about$100 million of capital. So we're sitting on a lot of cash. We have no debt. We actually have revenues, cash flow, EBITDA, and net income, which is unusual for a small mining company.

46:59We did announce, though, on Sunday, yesterday, of our attempted takeover of a company in Australia, which is a large antimony as well as gold producer. Larvado Resources. Some new mines starting. Exactly. So what that does for us is it adds additional value. In fact, with our reserves and Lervato reserves, we'd be in the top five of the world, which is something I think both the Australian government and the U.S. government really would like to see.

47:29Carol Massar:Yeah, and I just want to dig a little bit deeper. What kind of tonnage of antimony would this be in terms of this deal that you're making with Lervato? Well, you've got to understand Lervato is just a miner. They do not do the refining end, which is what we do. So we have a smelter in Thompson Falls, Montana, and we have one in Madero, Mexico. So the one in Montana is being expanded significantly, five times greater than what we currently produce. That expansion will be done in our first week of January. The smelter in Mexico, we could expand that probably five to six times as well. So what this resource that Lervata has, we can bring to our smelters and make a finished product, not only for the government, but we make products for seven other customers.

48:18People don't realize that antimony is used in many, many different things, and especially with the new AI technology going on, we make fire retardants for roofing materials, which all these data centers require. And then we make typically most electrical cords to keep them from catching fire.

48:35Carol Massar:Wait, so, okay, so it sounds like important. And I'm just curious how much you guys are paying. Can you share anything in terms of this company that you're buying? how much yeah yeah yeah so that we did make an offer it's a we already own 10 of the company so over the last 30 days we've been quietly acquiring shares a company we've been looking at for nine ten months and we wanted to wait to the appropriate time so we bought stock we get we own 10 we announced that we're required by the australian government to do so and then we made an offer to the management of the company. And the offer is basically, we will give them six shares for every 100 shares of their stock.

49:18So if you looked at the valuation, it's a 400 plus million dollar transaction.

49:24Carol Massar:Okay, good to know. I want to go back though, to what Tim asked you, Gary, initially about William Blair's call. I mean, are you guys talking with the US government about them taking a notable stake in your company? Are you working on a deal? Is there anything going on right now? Well, obviously, those type of discussions, I can't really talk about. I will tell you, we've been working with the DOD on a grant. We've talked about that publicly. We're hopefully at the final stages of that. And I mentioned already the contract. So the timing of the transaction with Lovato, it couldn't be better. Obviously, the prime minister of Australia was meeting with President Trump today in the White House, and I'm pretty certain this deal was discussed.

50:14So anyway, I think that what we've got to do as Americans is realize that China has a hundred year plan, and we're not part of that plan. And we, as the largest antimony producer in the United States want to build those reserves and resources and not be dependent upon a country that is not doing things in our best interest. So it's not only antimony, we're involved in tungsten, we're involved in cobalt, as other rare earth companies are also moving into the space. So we're trying to step it up. And we think a collaboration between the United States and Australia is a great way to do it. You just said that you're pretty sure this was discussed between the two leaders today how are you so sure that was discussed uh general jack keen uh is uh on our board so does that help answer your question it does thank you okay i know carol had another

51:08Carol Massar:wait did they call you did they call you to talk even a little bit further about the possibility of this no no no no but i'm do you want if you look at what the discussions were about it was about critical minerals, it's about rare earths and a collaboration, and this is obviously what we're doing. Do you want the United States to take a position in your company? Not necessarily. Access to capital is not an issue for United States' antimony. We want to do what's best for our shareholders and what's best for the country. Right now, we think that we can accomplish those goals as an independent company without shareholder ownership.

51:49If the government comes to me and says, hey, we definitely want an ownership position, then that's a different story. You know, I'm not really in a position to talk about that at this point, but you can see the close alignment between the United States' antimony and the U.S. federal government, and it continues to strengthen. We talk to them almost every day about different things.

52:09Carol Massar:But do you feel like you need a U.S. investment to maybe, you know, I just feel like, Do the companies that get U.S. investments in the mineral space, if you will, have an advantage over those that don't? I'm not sure what the investment does as an advantage. If you need capital, that's one thing. We don't need capital. We have plenty of access to capital. As you noted when we first came on the air, we've had a tremendous run in our stock. And it's because we have access to antimony. We started mining our first antimony mine in Montana last week, brought seven loads of trucks down the mountain.

52:49So we are actively mining. We're the first fully integrated antimony company in the world outside of China. And we're happy about that. We think Lovata will definitely add to that equation.

53:00Carol Massar:Got to say, we never have enough time with you. This space is certainly on fire. Gary Evans, chairman and CEO of United States Antimony Corporation. Stock is up 15 % in today's session. This is Bloomberg. 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. You can also watch us live every weekday on YouTube and always on the Bloomberg Terminal.

53:41Carol Massar:Healthcare 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 healthcare work as one for everyone. Learn more at business.optum.com. At Venture Global, we think about what can be done, not what's usually done. Through innovation, Venture Global is not only building some of the largest energy facilities in the world right here in the United States, but delivering American energy at a fraction of the cost and a fraction of the time.

54:30So while others are busy talking, we're busy building. That's Venture Global. that's unstoppable energy these days it seems like AI agents are just about everywhere you turn every field and every function but without identity you can't trust they'll serve your business instead of jeopardizing it fortunately Okta helps you get identity right by securing your AI agents identities giving you a single layer of control a single standard of trust so whether an AI agent supports a single user or your entire enterprise With Okta, you'll turn risk into opportunity. Secure every agent. Secure any agent.

55:10Okta secures AI.

55:12Carol Massar:When you're running a business, the best days are the ones where priorities stay on track. For midsize and large companies, risk can affect multiple parts of the organization at once, from property and liability to cyber and regulatory challenges. At that level, managing risk becomes an ongoing discipline. At the Hartford, the focus is on helping businesses manage risk before it turns into something more disruptive. And when losses do happen, that work is paired with insurance coverage shaped by years of underwriting, risk engineering, and claims experience. Learn more at thehartford.com slash risk mitigation.

55:47Carol Massar:Policies provided by Hartford Fire Insurance Company and its property and casualty affiliates, Hartford, Connecticut.