Iran Leader Says Strait of Hormuz to Stay Shut

17:59Tim Stenovec:Stay with us. More from Bloomberg Business Week Daily coming up after this.

18:07Mojtaba Khamenei:Support for the show comes from Public. Public is an investing platform that offers access to stocks, options, bonds, and crypto. And they've also integrated AI with tools that can assist investors in building customized portfolios. One of these tools is called Generated Assets. It allows you to turn your ideas into investable indexes. So let's say you're interested in something specific like biotech companies with high R &D spend, small cap stocks with improving operating margins, or the S &P 500 minus high debt companies. Chances are there isn't an ETF that fits your exact criteria. But on public, you just type in a prompt and their AI screens thousands of stocks and build a one of a kind index.

18:47Mojtaba Khamenei:You can even backtest it against the S &P 500. Then you can invest in a few clicks. Go to public.com slash market and earn an uncapped 1 % bonus when you transfer your portfolio. That's public.com slash market. And paid for by Public Holdings. Brokered services by Public Investing, member FINRA SIPC. Advisory services by Public Advisors, SEC Registered Advisor. Crypto services by ZeroHash. Sample prompts are for illustrative purposes only, not investment advice. All investing involves risk of loss. See complete disclosures at public.com slash disclosures.

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19:57Carol Massar:See how your business can get stronger and go farther with Chase for Business. Learn more at chase.com slash business. Chase for Business. Make more of what's yours. The Chase mobile app is available for select mobile devices. Message and data rates may apply. JPMorgan Chase Bank N.A. Member FDIC. Copyright 2026. JPMorgan Chase and Company.

20:18Tim Stenovec:Deadlines move, plans change, and sometimes opportunities pop up out of nowhere. When you need branded gear fast, 4imprint is ready to deliver. 4imprint offers hundreds of promotional products in their 24-hour category. Everything from custom apparel, bags, and drinkware to writing tools, trade show staples, and high-tech gear. At 4imprint, they're focused on getting the details right, printing your logo with precision, packing your order with care, and shipping it out fast. and it's backed by their 360 degree guarantee. That's 4imprint's promise your order will show up right on time just the way you planned it.

20:54Tim Stenovec:That's what it means to be 4imprint certain. So if you're prepping for a last minute event or jumping on a big opportunity, you don't have to settle or scramble. With 4imprint, fast, reliable service and peace of mind are built right in. Check out their full 24-hour selection at 4imprint.com. 4imprint, 4certain.

21:15Carol Massar: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, we did want to just kind of set up our next segment because just a day after U.S. corporate bond buyers lent the largest sum ever to America's companies, they quickly tightened the screws again as the war in Iran sent oil prices and credit risk gauges higher.

21:42Tim Stenovec:Salesforce drew tepid demand for a$25 billion bond sale intended to fund a share buyback amid lingering worries over the software sector's exposure to AI. By contrast, Amazon completed a two-day$54 billion equivalent debt raise to help fund its AI buildout. That company also upsizing a euro bond offering on Wednesday to 14.5 billion euros. It's around$16.7 billion US. That's just a day after selling$37 billion of bonds in the US market. Is your head spinning yet?

22:09Carol Massar:A small little issue there. All right, let's see what our next guest has to say about that and the credit markets overall. With us is Jason Greenblatt. He's vice president, senior portfolio manager, director of corporate credit research for American Century Investments, where he co-leads the corporate markets team, is a member of the Global Fixed Income Investment Committee. That means he's kind of important. He oversees more than$40 billion in AUM in fixed income assets. American Century, though, has about$327 billion as a firm overall in AUM. Welcome, welcome. Nice to have you here.

22:40Tim Stenovec:Thank you for having me. It's great to be here with you.

22:42Carol Massar:You know, it's interesting, before we got started, it's been quite a week already.

22:45Tim Stenovec:I'm exhausted. I'm trying to catch my breath coming into the studio. We had a record day on Tuesday. The pipes were flowing in investment-grade credit. Why? Why? Yeah, why in this environment? I think this was well telegraphed. So investors were ready for this. If you look at the demand for the Amazon deal, how many times over was it subscribed? Yesterday, we had Salesforce. Again, oversubscribed. Everyone was waiting for this. I think everything else that's been going on, whether it's AI, private credit, high yields, et cetera, the war, that's all still going around. But the pipes are flowing.

23:22Carol Massar:Why is, though, investors, like, the comfort with all of this? Like, I thought, you know, Salesforce was kind of an interesting thing, and this was to fund a share buyback. Was that the problem? Because I know when that headline crossed, when they were initially going to say that, we're like, what? This is what they're doing?

23:36Tim Stenovec:Or is it because it's Salesforce and it's seen as susceptible to AI disruption?

23:41Carol Massar:Yeah. I don't know. How are investors kind of weeding through?

23:44Tim Stenovec:I think if you look at their business model, folks are concerned, right? Share price is down. It's down by, what, 30%, 40 % from its highs. Like you said, share buyback, when you look at the leverage, the statistics, the credit metrics that we look at, doesn't look that bad. And then when you factor in the valuation that they printed at yesterday, it was coming at triple B, triple B minus levels. We have bonds in the market that much lower credit quality. This is single A rated today. Single A rated today. Maybe it gets downgraded a few years in the future, but it's trading today as if it was already downgraded.

24:20Tim Stenovec:All right.

24:21Carol Massar:So what is, are you seeking any stress within the credit markets and the debt markets?

24:25Tim Stenovec:So the pockets of stress that we're seeing, again, put the war aside because that's still fresh. Certainly BDCs, business development companies, private credit, can't turn on your Bloomberg terminal without seeing another headline of another fund seeing redemptions. That's certainly an area that we're very focused on and thinking about. Is there spillover? Is there spillover into CLOs, for example, broadly syndicated loans? Those go into CLOs. Two-thirds of CLOs own that broad market. We're watching that very closely. At what point would you be watching it and say, okay, yes, this is the official moment that there is spillover?

25:04Tim Stenovec:What would you see that would cause you to say that? So the redemptions that we're seeing in BDCs are one thing. Those are meant to be typically long-term investments where there are investors going in know that this is committed capital. I think when you start to see the publicly traded instruments, high yield bonds, high yield leverage loans that are more in the public market, even though some of those companies may be private, that they were LBO'd. When you start seeing large redemptions and liquidity events, that's when you say, oh, that's going to spill over and that's going to become a bigger problem for the credit markets.

25:41Carol Massar:Jason, if we start to see, I mean, if we continue to see rates kind of stay where they are, even potentially trend higher. Like, I do think about the rate environment a lot, right? This is what we've talked about with private credit, that deals done in a low-rate environment look good. And then, of course, when rates go higher, not so much. But if that rate environment, we continue to see rate pressures, do we start to see maybe more cracks emerge?

26:04Tim Stenovec:Yes and no. So the lower quality part of the cohort, those borrowers that really don't have a lot of cash flow, could be more susceptible. But I also think why are rates higher? Are they higher because of oil and what's going on with Iran? Yeah. Or are they higher because we're in a growth environment? If GDP is growing at 2%, 3 % this year, I think these companies are fine. And what we're seeing, back to your question before, why so much demand? Yield. Yield is pulling in capital. Last Monday, so a week and a half ago, right after the war broke out, it was a nothing event. We call it a nothing burger.

26:41Tim Stenovec:A nothing burger because spreads widened five basis points in investment grade. Yields were higher. It got bought. Monday was a day of disappointment. It wasn't a day of opportunity. So you were talking a little bit about how things have changed in the last few days. And if we think about the effect on consumers, the effect on the economy, I wonder how higher energy prices, gas prices up to what, 360 a gallon nationally average up from$3 just a little more than a week ago. Heating oil hitting$5 a gallon. If that hits consumers, what does that do to the US economy? It's the duration. How long does this last?

27:23Tim Stenovec:It's going to hit consumers. It's already, my 82-year-old mother is asking me the same question. How long is my gasoline prices, and my food price is going to be higher. What did you tell her? I said, well, let's see how long this lasts. If we have resolution in a few weeks, okay, that may not hurt you. But also keep in mind, we have seasonality to oil and gasoline. There's a summer blend. Typically we go higher as we go into the summer anyway. The question is the duration. How long does this last? How quickly can we get resolution? We had the discussion earlier this week about the duration, the impact of oil prices.

27:58Tim Stenovec:We're certainly not making a prediction on the duration of what's going on in the Middle East. But certainly thinking about the strategic reserves and the release, it doesn't really unclog the situation in terms of prices. It's not enough. It's only a handful of days worth of supply. And that's not going to, in our minds, reduce the price.

28:18Carol Massar:It gets back to the big question. Our last guest said best case, six weeks. Worst case, three to four months. That was his view. Do you have a best and worst case when you think about this environment and how long this goes on?

28:30Tim Stenovec:We're not that good on the politics side to say it's going to be in this time frame. What we can do is to stress test and say, these are the sectors. The consumer is going to be under pressure. We know. Let's be careful, confident. We underwrite our credits, our borrowers that we own. And if it goes on longer, who's next? So we know where the bullseye is, the center of the fallout. But let's think about the second and third order magnitudes.

28:56Carol Massar:I'm also curious. We had a story that said how U.S. borrowers, in fact, are rushing to take advantage of the still open capital markets before things potentially turn worse should the war escalate and oil prices increase further. Again, it's like the time we have to figure this out. Are you seeing that again? Like I think about what happened in the last week or so or just even this week about issues coming to market. Are you continuing to see that or expect that?

29:20Tim Stenovec:where it's the lowest quality part of the credit markets where there is some pause. So think low single B's, triple C's. Those were companies that probably needed to restructure anyway. I think when you look at the broadly syndicated loans, leveraged loans or even private credit, those are companies that tend to be smaller. Do they need access to capital? Not today. And we're also, we haven't talked about software. How about the software sector? Where does that spill over? Okay, perfect segue. where that's exactly what I want to talk about. Salesforce drawing that tepid demand for a$25 billion bond sale, perhaps lingering worries over the software sector's exposure to AI.

29:58Tim Stenovec:How do you view how vulnerable that entire sector is to just how quickly things are moving forward when it comes to this tech? You just said it, how quickly. So does it become an issue in months or years? I mean, the development of this is so quick. It's mind blowing. That's right. And there There are stories, there's research out there talking about default rates at 15%. One of your colleagues had on earlier the CEO of Hamilton Lane. And I thought what he said was really interesting. 15 % default rates is eye-opening. Is that cumulative or is it all in one year? Right? Does it happen instantaneously or does this happen over several years?

30:36Tim Stenovec:Right. Think back to the financial crisis, the high-yield market. We had default rates peak in November of 2009. Right? So even after we said there was the bottom in the market, that was less than 15%. So we're calling for, does it happen all at once? We don't think so. Does it happen cumulatively over time? It's too early to say. And then we think about the maturity profiles of those companies that may be in the center of the software bullseye. Those maturities are 2028, 29, 30. Why would they come to the market today when investors are running for the hills and making redemptions? Maybe they can wait till 2027 or 28 to address those maturities when we have more information.

31:20Carol Massar:So what's your advice to investors in this environment? Alaska's was more like play it safe, more cash, like be careful. And that was certainly talking about from the equity side and some different. How do you guys see it from the debt markets?

31:33Tim Stenovec:Yeah, so I would call it as this. We want to be nimble, meaning that you have liquidity. You want to nibble, but don't feast. This is not an environment when you look at broad index spreads. They're not screaming cheap. We're still at generational tights, 30-year tights in a lot of parts of the market, whether it's IG, high yield. I think you want to be really selective, and I think you want to trade this market. This isn't one where we want to buy a 30-year fill-in-the-blank from the last week or two of new issuance. and hold it for 30 years, we're going to take that concession, bonds that come cheap, let the spreads compress, sell them, and reload when there's a better opportunity.

32:13Carol Massar:I think we have to wrap. I know you both had a question.

32:16Tim Stenovec:I was just about Penn State. It's okay.

32:18Carol Massar:Jason Greenblatt, VP, Senior Portfolio Manager, Director of Corporate Credit Research for American Century. Thank you so much. Really appreciate it.

32:26Tim Stenovec:Stay with us. More from Bloomberg Businessweek Daily coming up after this.

32:33Mojtaba Khamenei:Support for the show comes from Public. Public is an investing platform that offers access to stocks, options, bonds, and crypto. And they've also integrated AI with tools that can assist investors in building customized portfolios. One of these tools is called Generated Assets. It allows you to turn your ideas into investable indexes. So let's say you're interested in something specific like biotech companies with high R &D spend, small cap stocks with improving operating margins or the S &P 500 minus high debt companies. Chances are there isn't an ETF that fits your exact criteria. But on public, you just type in a prompt and their AI screens thousands of stocks and builds a one-of-a-kind index.

33:14Mojtaba Khamenei:You can even backtest it against the S &P 500. Then you can invest in a few clicks. Go to public.com slash market and earn an uncapped 1 % bonus when you transfer your portfolio. That's public.com slash market. Add paid for by Public Holdings. Brokered services by Public Investing, member FINRA SIPC. Advisory services by Public Advisors, SEC Registered Advisor. Crypto services by ZeroHash. Sample prompts are for illustrative purposes only, not investment advice. All investing involves risk of loss. See complete disclosures at public.com slash disclosures.

33:46Carol Massar:Small businesses are the pulse of every community. They bring people together, create opportunities, and drive growth. With a widespread presence in communities across the country, Chase for Business supports small business owners at a local level. That makes it possible for you to connect, learn from each other, and grow together. There's a real commitment to seeing small businesses succeed. The Chase for Business team has knowledge and expertise that span a wide range of financial areas. They can help you make more informed decisions as you navigate the complexities of running your business.

34:17Carol Massar:They'll help your business grow with individual guidance and convenient digital tools all in one place. With that guidance and your determination, you can take your business farther and help build a brighter future for your community. Learn more at chase.com slash business. Chase for business. Make more of what's yours. The Chase mobile app is available for select mobile devices. Message and data rates may apply. JPMorgan Chase Bank N.A. Member FDIC. Copyright 2026. JPMorgan Chase and Company.

34:47Tim Stenovec:Deadlines move, plans change, and sometimes opportunities pop up out of nowhere. When you need branded gear fast, 4imprint is ready to deliver. 4imprint offers hundreds of promotional products in their 24-hour category. Everything from custom apparel, bags, and drinkware to writing tools, trade show staples, and high-tech gear. At 4imprint, they're focused on getting the details right, printing your logo with precision, packing your order with care, and shipping it out fast. And it's backed by their 360-degree guarantee. That's 4imprint's promise your order will show up right on time, just the way you planned it.

35:23Tim Stenovec:That's what it means to be 4imprint certain. So, if you're prepping for a last-minute event or jumping on a big opportunity, you don't have to settle or scramble. With 4imprint, fast, reliable service and peace of mind are built right in. Check out their full 24-hour selection at 4imprint.com. 4imprint. 4certain.

35:44Carol Massar: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.

35:58Tim Stenovec:A story from the Wall Street Journal caught our attention today. It's about the gift that the Prime Minister of Ireland, the Taoiseach, is bringing to the White House for the annual St. Patrick's Day visit next week. $6.1 billion in planned investments.

36:10Carol Massar:That's a pretty nice gift. It is a nice gift. I'm going to say that the president's going to be pretty happy about that.

36:15Tim Stenovec:Michael Owen will also be in Washington. He's CEO of IDA Ireland. It's the country's foreign direct investment agency. He joins us here in the Bloomberg Interactive Brokers Studio. We do get to check in with you a couple times a year. It's a nice way to sort of understand your world, understand the macro environment. But it's different right now than it was just two weeks ago because of the U.S. war in Iran, the U.S. and Israel war in Iran. How does that change your world or the way you think about foreign direct investment?

36:43Mojtaba Khamenei:Yeah, so I think, well, good afternoon, Tim and Carol. Firstly, it's great to be back with you here in New York. So firstly, I think when we think about the change that's been occurring almost for the last number of years, but the pace of change and if you want to call it almost constant change. And of course, in the last number of weeks, we've seen that with the current conflict. And I think that's brought a new dynamic. If I'm honest, I would have been heavily engaged in the US in the first weeks of the year on the West Coast, meeting with C-suite and so forth. I think everyone had sort of got to a pattern and had understood how to manage investment and flows.

37:21Mojtaba Khamenei:And maybe I'll go back to where last year, we finished last year, actually, with the strongest level of FDI investment in the history of the state. So it's hard to believe as an FDI agency that we actually produced those numbers in a year where there was a substantial amount of turmoil and change. But why was that? And maybe what I think and reflect on that is say, okay, there's two things. First of all is when we look at the investment profiles that we won last year, it also represents two things. Firstly is existing companies continue to invest in stable locations and particularly so when maybe there's challenge and change.

37:58Mojtaba Khamenei:And we saw that and we're a beneficiary of that. And secondly, for new entrants looking to go into European markets, Ireland was a chosen location for those new entrants. So we saw all of our metrics and investment moving upwards last year by a factor of almost 36 % year on year, which was really, really strong. But I suppose, but now we're facing into a new dynamic. And that new dynamic, potentially, as we look at the conflict today, is what that dynamic is going to have on oil prices, how that's going to impact inflation. I remember in Europe, particularly in Europe, we felt that shock of inflation when the Ukraine war commenced.

38:36Mojtaba Khamenei:So in Europe, we've almost been through this in the last two to three years. And now we're almost having to face that again. But I think it's going to be probably a broader impact on the world economy to maybe the Ukrainian war was, which was really felt in Europe in the first instance. So I think those dynamics continue to be at play as we look forward.

38:53Carol Massar:I am curious, a couple of things I want to ask you. First of all, in terms of this war, the U.S. war in Iran, Michael, do you think it is a longer term problem and some longer term dynamics that are impacting the global economy? Even if, I don't know, just give us an idea of how you guys are looking at it.

39:12Mojtaba Khamenei:Yeah, well, look, I think it's very difficult to make that prediction at the moment, you know, because obviously we're just in week two. And so from an Ireland perspective, I think from a global investment perspective, one would hope that, you know, we'd see this come to a quick conclusion. We get dialogue, you know. What's a quick? Is it another week or two? Well, I think hopefully it is because ultimately the longer this goes on, the more uncertainty it brings, the more challenge it brings for all of our economies. Let's be honest, the more impact it's going to have on the civilian casualties and civilian life in the region as well.

39:45Mojtaba Khamenei:And remember, it's not just in one country, it's actually across the region is where the challenge is as well. And we're very conscious of that. And in Ireland, I think, you know, we also are very clear in our own history of, you know, having conflict within your own island. You know, and we knew what it was to come through that conflict and get to resolution. That's why we're very focused on we need to get to resolution in conflicts because that's what brings prosperity. And we in Ireland are an absolute shying example of how, if you want to call it dialogue and negotiation, get you to a point of prosperity and growth.

40:18Tim Stenovec:I'm trying to understand how in a world where you saw countries increasingly turn inward and tariff barriers go up, you saw foreign direct investment increase at such a level. Was it because the investment was coming less from U.S. companies, more from companies that were not U.S.-based?

40:35Mojtaba Khamenei:Yeah, so it's an interesting question. I think it's a really valid question. So if I look at the breakdown of our investments last year, remember, before I start there, the largest cohort of FDI investment in Ireland is US investment. So our largest install base is US investment. And actually 70 % of our investments came from the install base. So the US continued to be...

40:57Tim Stenovec:So it was the companies that were there spending more.

40:59Mojtaba Khamenei:Yeah, spending more. And what were they doing? They were diversifying in terms of products and services. They were investing heavily in research and innovation, which is really deepening in Ireland. And also they were investing in capital for sustainability and productivity. So about productivity gains as well. And the last thing I'll say is that we also had 30 % of our investments last year, just under 80 investment, were first time investments into Ireland. And over 50 % of those first time investments actually came from the United States. So it continues to be because U.S. companies that look to internationalize, they have to go to international markets.

41:36Mojtaba Khamenei:They want to go into Europe and Ireland is a gateway to Europe.

41:39Carol Massar:So, Michael, is this just part of when we think about global supply chains? We learned this off of COVID. It's just an increase in people spreading out their global supply chains, making sure they have access in markets where they're operating. Is that what that's about?

41:52Mojtaba Khamenei:I think there's a few things, Carol. I think that's one. I think market access is important. I also think access to international talent is important. Because remember, if you have a company that wants to grow and internationalise, it needs human capital to do so. And no nation, no matter where they are, has all the human capital that's going to support that. So I think that also comes. I think the third area then is risk mitigation within supply chain or within organisation, as people look to make sure that they build robust, I suppose, businesses and enterprises that serve global markets and can do that from different points in the world.

42:25Mojtaba Khamenei:So I think there's a combination of factors.

42:27Tim Stenovec:So we're so focused in the U.S., and I'm sure you are in Ireland, too, on AI and the capex that these companies, the hyperscalers are spending when it comes to this and also the money that these startups are raising. What are you seeing in terms of AI-related investment from U.S. companies in Ireland? In Ireland, yeah.

42:45Mojtaba Khamenei:So I think in Ireland, we were a very early adopter of digital infrastructure, you know, data centers.

42:50Tim Stenovec:And look, there's a reason you spent a lot of time in Silicon Valley. A lot of sort of like web 2.0 companies early on, like when Facebook was called Facebook. Correct. Like one of its first offices outside the US was in Ireland.

43:03Mojtaba Khamenei:Correct. Remember when, and you're correct, when Facebook came to Ireland, Facebook was only a small fledgling company, you know. And today, you know, are a very different company, you know, with thousands of employees in Ireland. Like the same, when we look at those large companies. So if you think about the Microsofts, the IBMs, you know, all have very strong enterprises in Ireland and invested in digital infrastructure and indeed in AI capability and research. But also the new entrants to OpenAI, the Anthropics, you know, the Claude AI, all have established in Ireland as well. So we have that cohort of both the large established and the innovation that's happening, but also those new entrants coming into the European market and global markets and Ireland being their location of time.

43:44Mojtaba Khamenei:Do you want data centres in Ireland? We do.

43:46Tim Stenovec:Because in the US, it's kind of a mix in different communities. It's tense, yeah. Power costs can go up. They don't necessarily provide a lot of jobs because in the beginning when they're built, they do, but then they kind of run by themselves.

43:58Mojtaba Khamenei:So I think in Ireland, as I said, we were an early adopter of data centers, of digital infrastructure. We're very clear that there is a challenge in terms of data centers globally, and I think we shouldn't ignore that. The challenge is to actually meet the energy demand with the demand for the digital transition. But they actually go hand in hand. Digital transition can't happen without an energy transition and a sustainable energy transition. And in Ireland, we have actually put those strategies together. So we're actually looking in Ireland in terms of increasing our generation capacity by fivefold.

44:31Mojtaba Khamenei:And how we're going to do that is actually through renewables. Offshore wind in particular, onshore wind and solar continue to be the driving force in terms of bringing that energy reliability into the industry. No nuclear? No, we don't have nuclear. Do you not want nuclear? Well, that's a debate in Ireland. We won't have it today. I don't think the program will be long enough. But it is something. It's a debate here too. It is a debate everywhere. But we are strengthening the resilience on our greed in Ireland as well.

44:59Carol Massar:You are headed to D.C. Investments that you guys are making in the United States. What is it like dealing with this White House? Yes.

45:10Mojtaba Khamenei:So I think when we look at it from our perspective, this week and I suppose the events next week, sorry, in D.C. are so critically important for Ireland. And like it's a longstanding relationship between Ireland and the U.S. You know, it goes deeper than a week in March. You know, it's a lot deeper than that. There's ties, you know, at a social level, at an economic level. And just to say a few things on this, it's to recognise, I think, that relationship between our two nations. it's also I think to celebrate the fact that Ireland is now the fifth largest investor in the United States of America which is probably it just shows you the evolution that Ireland economy has been on and we're very understand we actually appreciate and understand the investment of US companies into Ireland is the reason why we're now the fifth largest investor because we've had those spillover effects in terms of the FDI input the growth of your economy So it's like the rising tides.

46:06Mojtaba Khamenei:It lifts all boats. And I think in Ireland, we're very proud of how we have that integration of our indigenous companies and our FDI companies working collectively to bring economic benefit to both the island of Ireland and indeed the companies which they serve. And those companies are not just Irish companies. They're also international and US companies. When are we getting on the road and going to Ireland and doing our remote broadcast? I ask.

46:29Carol Massar:I ask. Every time. Every time. Well, I give you an opportunity.

46:32Mojtaba Khamenei:We're hosting, we're taking over the EU presidency this year for the second six months of this year. We're hosting an AI and digital conference summit in Ireland in October. So if ever there was an opportunity to have Tim and Carol in Dublin, it's October. Are the bosses listening?

46:50Carol Massar:I hope so. Michael, thank you. Appreciate it. Michael Lowe in there. CEO of IDA Ireland. Safe travels. 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.

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