Dell Hikes Estimates on Strong AI Demand

22:28Carol Massar:And like you say, we've made progress, but, you know, if you could change one thing, we've just got about 30 seconds that would really improve women, money, power, like the whole thing, what would it be? I think it's owning, knowing what you own and asking questions, not being satisfied with the status quo. I think that's probably the biggest thing. You know, one thing that we try to do with our investment process and that our founder, Melinda Fridge Gates, has empowered us to do is to build a diligence process, a sourcing process that's more inclusive, that tries to build and find new patterns of success as investors.

23:03Carol Massar:And I think that's one thing that I would encourage encourage all of us, whether it's with your personal, your 401k, or if you're other institutional investors to take that tact as well. I like that. Ask questions. Aaron Harkless-Moore, VP and Managing Director of Investments for Pivotal Adventures. Stay with us. More from Bloomberg Businessweek Daily coming up after this.

23:25Support 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 of the workflow, and your agent handles the rest. Monitoring the market, watching for your conditions, and executing your strategies exactly as defined.

24:03An 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. 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.

24:43But 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.

25:04Carol Massar: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, 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.

25:43Carol Massar: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. When you own your own business, you own every decision. Now own the card that rewards you for it. The Chase Sapphire Reserve for Business card brings the best Sapphire Reserve benefits to business owners who expect hardworking 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.

26:28Carol Massar: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. 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.

27:03Carol Massar:Restrictions and limitations apply. Cards are issued by JPMorgan Chase Bank N.A., member FDIC. 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. It is Bloomberg Business Week daily. We love checking in with mayors. They're the ones on the ground in cities and towns across the country. They're the ones who are making the decisions that affect the lives of people in their communities. And they hear from people in their communities when they're just walking down the street.

27:38Mayor Brandon Scott of Baltimore is one of those mayors. And he joins us now in the Bloomberg Interactive Brokers Studio. We should note that the city has received money from Bloomberg Philanthropies. It is the philanthropic arm of Bloomberg LP, the parent company of Bloomberg Radio. Mayor, welcome to the program. Re-elected in 2024. You've been mayor since 2020. I want to start with the government shutdown because you are pretty close to Washington, D.C. You've got some folks in your community who certainly work there and obviously benefit from people working in the government. The president making comments earlier today that we can expect layoff details in four to five days.

28:14How's the shutdown affecting your constituents right now? Well, there's a lot of my constituents on unease, right? When you're thinking about over 12 ,000 Baltimoreans work for the federal government, even directly or on contract. And then when you think about what that's going to mean for them and their families, they're just not at ease right now. And folks want to go to work and they want their government to be working. And, of course, then all our residents who depend on programming and things that are just going to be out there that may not be having a direct impact as of yet by the shutdown.

28:45But as it continues and goes on, it would be.

28:48Carol Massar:What do you consider? What do you consider your biggest problem in running the city? I mean, Baltimore, you know, we've reported about it a lot. It is the fourth most dangerous, according to U.S. News and World Report, this summer ranking Baltimore the fourth most dangerous city in the country behind Memphis, Oakland and St. Louis. based on FBI data. They look at property crime. They look at murders per capita. But what do you as mayor, I'm sure there's a lot that's on your plate. What's top of mind? Well, listen, violence is always top of mind. It's the reason why I got into office. And we understand that we have a long way to go.

29:21But I know you guys know here at Bloomberg Radio, the many years that we were number one on that list. And as you and I are talking today, I think it's the mode and the conversation around Baltimore and violence has shifted significantly. We have the fewest amount of homicides through any October 7th on record today. That is a big change. When I said in 2021 laying out our comprehensive violence prevention plan that we were going to reduce homicide by 15 percent from one year to the next, people literally laughed. Right now it's down 30 percent from last year, and last year was a record reduction for us.

29:54We're going to continue that.

29:55Carol Massar:How did you do it? We did it through our comprehensive plan. Which is what? Which is a bunch of things. One, first and foremost, we go and we identify those who are most likely to be the victim or perpetrator of gun violence, and we focus on them. We give them opportunities to change their life, and if not, we remove them via law enforcement. And that's how we're driving down violence. We're focusing on guns and the flow of guns into our city, going at the gun traffickers, those who are using guns, arresting them at my direction with the police department, turning them over to our state's attorney and our attorney general.

30:25We have historic levels of investment into community violence intervention, where we have people who used to be on the other side of the law going out and preventing conflicts from escalating into violence. All of it. We're going after gun manufacturers.

30:39Carol Massar:So people who understand where the problems are and you're pulling them in to help you get us a problem. Pulling them in. They were the problem. And now they're part of the solution. And what better way to do that? How do you get those people to do that? Well, easy. First and foremost, many people who have made that mistake don't want people coming behind them to make that. And they know that we're growing this network of community violence intervention workers in our city. So the word is out that we want to give people a second chance to be a part of solving a problem that they once were causing.

31:05The city, though, in the crosshairs of the president, he called it a hellhole last month. You and Governor Westmore said that law enforcement from the state will patrol some areas. Has that begun? Yeah, it's begun. And that's the governor is actually restarting something that was ended by his predecessor. Think about it like this. You would not find any other state police department in any state in this country not operating at all in his only major city. That's Baltimore City was the only jurisdiction in Maryland that Maryland State Police did not operate in. The governor's restarting that. We're grateful for that support and to continue that work.

31:40Are you open to the president sending National Guard troops to the city? We've been very clear about that. Why not? We have we know how to reduce violence in Baltimore. We have reduced violence to its lowest levels ever recorded on record, even lower than the president's first term. The way that we have done it in partnership with our community, with our police department, with our state's attorney, our attorney general and our federal law enforcement partners who work beside us each and every day. That's how we should continue that work. If the president wants to help us, he should restore grants and funding that was cut to organizations that help in that restore grants.

32:13I mean, funding cut from the law enforcement agency. This president has had the biggest reduction in funding for federal law enforcement agencies. They should be restoring.

32:21Carol Massar:What funding are you not getting as a result? So for us, we have not been directly impacted as of yet. It's our partner organizations like, for example, LifeBridge helps. They run the Center for Hope. There's a part of our CVI network that has programming around CVI's community violence intervention. They lost a five hundred thousand dollar grant. The same thing for living classrooms. That's big work that is going to be not happening, whether it be a hospital based response, a community based responders. We need a victim assistance for young people, getting those young people the services they need.

32:54That helps to prevent violence as well. What will you do, though, if the president sends troops? Well, listen, we will be prepared to take whatever action that we can be illegal. Others alongside our governor and our team based on when, what and how the president does something if he does anything. But what we hope the president does is to continue to support those agents that are already working in our city and let them do their work and let the law enforcement partnership that has driven us results this far carry us all the way. But even though crime has improved, even though you shared statistics that show they're the best that they've ever been, like Carol mentioned, your city is still on a list that you don't want to be on.

33:35So what would you say to people out there who are saying, well, I would feel more comfortable if there were an increased law enforcement presence? And that could include federal troops. Well, we had the National Guard in Baltimore in 2015 following the unrest of Freddie Gray. It's one of the most violent years ever. It didn't help. Right. We have to remember this is not what those folks signed up to do. Allow those folks who signed up to go after a gun traffickers, murderers, robbers, carjackers to do their work and allow the other people to do their work. And listen, there are other lists. You know, there are many of these lists.

34:07We were on some lists on some lists we weren't on. Out of the list that we want to be on is the list of who has the largest reductions. And you will be hard pressed to find a city in this country that's had a sustainable long term reduction like Baltimore's had from September of 2022. I mean, 2023 until now.

34:25Carol Massar:What do you see as what's wrong with politics today? What do you think is wrong with what some say is the Democratic Party not very clear in its mission and kind of stepping up? Well, very simply, I think that when I ask you because I think there's a lot of forgive me, but there's a lot of folks who think there are politicians who become career politicians and things haven't changed and we need some change. Well, I think that what folks have to understand is that for me, and I say this about the Democratic Party all the time, more recently, they have to let the folks that are closest to the problem be out front and part of the solution, meaning they need to listen to mayors.

35:01Mayors are the ones that have to solve the problems. The mayors are the ones that have to meet the people in the grocery store. And we've proven in city after city after city, we know how to drive down crime. And you have to talk to people where they are. We have to get out of being up in the sky with pie in the sky, talk to people in real sense, real things that impact them and explain to them how these things are going to make their communities better.

35:21Carol Massar:How long do you want to be mayor? I want to be mayor for as long as the residents of Baltimore will have me. This will be my second term. Believe it or not, I've been in elected office since 2011. And this is I've been in City Hall since 2007. You are a young man right now. Yes, a youngish man. I'm 41. I'll be 40, 42 on my birthday. But this is about making my city better. I got into this service because I saw someone get shot at seven years old and no one cared. And wanting to drive down that violence, to have vacant housing be at its lowest point in my lifetime in Baltimore is something we're proud of.

35:55But we're not celebrating. We have a lot of work to do and we're going to do it.

35:58Carol Massar:The reason I go back there is I do think we talk about this in media, that there isn't a lot of local publications anymore. A lot of newspapers have shut down. And so we get kind of the high in the. Yeah, we don't need that. We get that view, but we don't. This is why we love talking to mayors. But often people are mayors and then they move up and they go to governor and then they go to Congress and stuff. So I'm just curious, how long do you want to stay on that local level? What's the end game? Everyone knows I don't want to be governor. And everyone in Baltimore knows that I'll be quite okay if being the mayor of Baltimore is the last elected office I ever had.

36:30This is my dream job as a child. I will hold it as long as the residents of Baltimore will allow me to do so and as long as I'm living within term limits. Before we let you go, because you have a train to catch to get home. Yes. And we want to be respectful of your time. The attracting and retaining business to the city. We know that's a way economic development is a way to improve cities. What are you doing right now to say Baltimore is open for business? Yeah, I think that we have to understand we had a four billion dollars of investment into Baltimore. We have seven billion dollars investment coming to downtown Baltimore, whether it's T.

37:01Rowe Price's new headquarters or Under Armour's new headquarters. Everyone knows throughout downtown RISE plan, we are open for business in the city of Baltimore, reforming our permit process and reforming our zoning code, all the things that we need to do to help grow business in Baltimore, especially in the tech and life sciences industry that is taking off out of Hopkins and out of the University of Maryland, putting a lot of money and a lot of tech businesses out into the e-film.

37:26Carol Massar:Any signs that we're headed towards a recession? Well, we'll see. We know that with terrorists and all the other things going, We just have to all be mindful of what's happening and prepare as we're doing our budgets. I've been talking to my brother and sister mayor to make sure that we're being responsible right now because we do not know yet what is to come. So appreciate it. Go for your train. Yes, ma 'am. Thank you very much. He's running for that train. Be well, be well, be safe. Brandon Scott, the Baltimore mayor, joining us here in our interactive broker studio. As Tim mentioned earlier, the city has definitely received money from Bloomberg Philanthropies, which is, of course, owned by Michael R.

38:03Carol Massar:Bloomberg, founder of Bloomberg LPN, Bloomberg Philanthropies. Stay with us. More from Bloomberg Businessweek Daily coming up after this.

38:25a 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.

39:07That'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.

39:51Let's create smarter business, IBM.

39:54Carol Massar: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, 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.

40:33Carol Massar: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. When you own your own business, you own every decision. Now own the card that rewards you for it. The Chase Sapphire Reserve for Business card brings the best Sapphire Reserve benefits to business owners who expect hardworking 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.

41:18Carol Massar: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. 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.

41:53Carol Massar:Restrictions and limitations apply. Cards are issued by JPMorgan Chase Bank N.A., member FDIC. 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.

42:16Carol Massar:How about you let me drive? Oh, no, no, no, no. This is not a toy. Who's going to drive you home? Honey, please, I'll do the driving. Drive on. Excuse me, I want to drive. You drive, say you crazy. It's the question that drives us. You drive me crazy. This is the drive to the close. That's funky music. We'll drive us until the dawn. On Bloomberg Radio. Tick-tack, everybody. We've got about 18 minutes to go until we wrap up the trade on this Tuesday. Carol Master, Tim Stanovic live in our Bloomberg Interactive Broker Studio. Right now we've got 317 names to the downside on the S &P 500, 186 actually gaining ground.

42:55Carol Massar:But as you heard from Charlie and Bill Maloney, you are seeing stocks kind of stay down for most of the day, just bouncing around our worst levels. Not every day can be a record day. Nope, it cannot, right? That doesn't necessarily make a market. Doesn't, but it kind of felt like for the last week, that's what we saw. I'm curious to see what Eric Clark has to say. He's chief investment officer of AccuVest Global Advisors. They've got$1.2 billion in assets under management. He manages the Alpha Brands Consumption Leaders ETF. Began trading this year. It's up about 2 % in the past month. Top holdings include Uber, Netflix, Amazon, Microsoft, TJX, Apple, and more.

43:32It sounds like my life. All those names. Last time we saw Eric, he was working hard in Huntington Beach, California.

43:40Carol Massar:Just as we were working hard in Huntington Beach, California. Enjoying the sun, enjoying the beach, and talking all these companies. Anybody who's out there, if you're going to do a financial conference, we love you. We love going, but do it on a beach. Now he's working hard in San Diego, so it's all good. All right. Hey, listen, good to have you here, Eric. How are you? I'm great. I'm great. At least we're not baking in the sun in Huntington, right? Oh, it's okay. We're going to be thinking when January rolls around, we'll be looking longingly on that early September day. Our crew in the control room is like, oh, yeah, too bad you were baking in the sun.

44:13Carol Massar:Hey, talk to us about this market environment. Remind us, too, like you are known for investing in these well-known brands. How much movement do you do? Remind us when it comes to buying, selling or kind of parking it and let it just kind of ride for a while. Yeah, I mean, you know, the goal isn't to turn over the portfolio. But, you know, since the pandemic, the consumer spending trends and how we've dealt with inflation, you know, it's been a unique environment for the consumer trying to navigate all those things. So turnover has been a little bit higher because consumer spending and the trends have been a little bit more unique.

44:52Usually, you want to have exposure to really important spending themes like apparel and travel and goods and the service economy. But it's just, you know, it's been a wild ride since the pandemic and then with the tariffs and changing supply chain. So it's, you know, the portfolio is very kind of what I consider to be very stable, predictable, good subscription revenue in important categories that we either need or we love. And so it's a little bit more concentrated than maybe normal. But, you know, if we see the economy accelerating in 2026, we'll probably want to have a little bit more exposure to some areas of spending that we haven't wanted to have exposure to in 2025.

45:34Carol Massar:Jamie Dimon said consumers OK now, but recession could happen in 2026. And he said we talked about this. He said that earlier today, said the bank will be fine, but he would feel for customers, of course. Yeah, it's not something he worries about right now. Now, if that were to happen and we would look at your portfolio and say, OK, there are some names in here that are wants and there are some names in here that are needs. What are the needs and what are the wants? TJX is a necessity. TJX. Yeah. Walmart, TJ Maxx, Costco. I mean, I would even argue Netflix and Spotify are pretty needs oriented.

46:11Nobody's going to get rid of those in an economic slowdown. And if anything, you'll transfer your your pay to over to the ad tier. So, you know, from a once, I mean, we still gosh, we still want to go to concerts and live events. The you know, and Live Nation stock has pulled back. We've had a little bit of a pullback here, kind of a silent pullback with with tech kind of doing all the heavy lifting. There has certainly been some pullbacks since the middle of September. So, you know, there's some good opportunities for people that aren't just looking at the index level. But I mean, Intuit's another good example.

46:49I mean, we got to do our taxes. If you're a small business, you got to, you know, continue to market and try to generate new clients and engage those clients. So there's a lot of great brands deploying AI that are going to really see the benefit of that over the next couple of years. And everybody just wants semiconductors right now, I understand. But there's a lot to like about this market. and we just don't see a recession. It's always possible. We just don't see it. The labor market, obviously, is the big worry for everybody.

47:17Carol Massar:Well, is there anything that's a new ad or is there anything that you've already gotten rid of? Tell us about in terms of movement or adding to positions. It looks like you're pretty consistent on some of these big names, the amount of exposure that you have. Yeah, we are. We actually have been out of the food names, the quick service. Chipotle down here, I think, is pretty intriguing for a 12-month period. Maybe they have a little softness in the current quarter, but we still think the stock has derated pretty immensely. I'm even looking at Lulu. I don't want to get in there just yet, but I think there's some interesting retailers that have been left for dead that are really starting to look intriguing.

48:03And so that's probably where we'll start. Why is Lulu intriguing to you? It's down 55 % this year, by the way. Why is Lulu intriguing to you? Isn't it getting taken to lunch by your neighbor over there in San Diego, Viore? Viore, yeah. You know, it would not shock me if the CEO of Lulu goes. I think he's made some pretty bad missteps. And it wouldn't shock me if an activist gets involved in there. So that's why we haven't bought it yet. We owned it, gosh, over a year ago at much higher prices. So the athleisure story is still important. Nike, I think, is a little interesting. I mean, it's a slow but steady recovery.

48:50So that one's a little bit interesting on a dip after earnings. But the service economy is just much more intriguing. It's where the demand is. I think booking is still interesting. goods right now are just a bit of a struggle because we're just going to start feeling the impact of higher prices from tariffs, you know, heading into holiday shopping. What have you gotten out of? We've gotten out of some of the defensives like Coca-Cola, progressive insurance. It's just right now people just don't want defense in particular. They'll want it again. These are great stable businesses, but we've just added more to the, you know, to the more cyclical side of the the ledger in favor of staples.

49:32So we're we're still a little bit overweight staples, but that's strictly through Walmart and Costco.

49:36Carol Massar:You own Apple oven. And that has certainly been in the news in the last 24 hours, down about down 14 percent yesterday. We see a bounce back city actually coming out and saying that they would be buyers on any weakness. They say the regulator has not officially accused Apple oven of wrongdoing. There's more in their call. So we are seeing AppLovin come back a little bit. Are you holding on to your position? Anything you're doing there? No, absolutely. If I could have bought it yesterday, that would have been ideal. We just didn't get a chance before the close. It's amazing how massive companies can move Witness Oracle today in a very short period of time.

50:21It reminds us that algorithms drive everything. But we still love AppLovin, not a cheap stock, but growing really well, generating a massive amount of free cash flow, super high revenue to employee, driver of the digital advertising world. They're expanding outside of video gaming with this AI algorithm. So we love the stock and we just don't. Eric, sorry, we got to run. Big thank you, Rational Dynamic Brands.

50:48Carol Massar: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 iheart radio app tune in and the bloomberg business app you can also watch us live every weekday on youtube and always on the bloomberg terminal

51:19Carol 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.

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