Warsh Considers Fewer Fed Meetings; Anthropic AI Models Hack Three Organizations

16:43Catch 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.

16:53Ed Ludlow:It is the perfect time to bring back Ed Zitron because we've got a lot to talk about with him. We spent a lot of our first couple of hours today talking about the drama around situational awareness, selling a chunk of its AI-related public equities. Then there's the latest from the Mag7. We did see shares of Meta fall 8 % yesterday after it gave that disappointing quarterly revenue forecast. At the same time, though, Carol, aggressive AI spending plans by Amazon, Microsoft, and Alphabet gave fresh evidence that demand for chips and related equipment will remain strong and offered relief to a sector that's been battered just in the last few days.

17:27Carol Massar:Can't wait to see what he has to say. Ed Zitron is back with us, CEO of Easy Primary Research, host of the Better Offline podcast. He also writes the Where's Your Ed at newsletter. To say he's an AI skeptic would be putting it likely. Some might say he's an AI hater. Either way, we're always interested in his perspective. He joins us in our Bloomberg Interactive Broker Studio. Where are we in terms of the AI narrative in your view? And what's the reality? Well, I think investors have to ask a question right now. What am I getting into when I invest in Microsoft, Google, and Amazon? So UBS estimates that 27 % of Google Cloud's revenue this year will be OpenAI and Anthropic, increasing to over 48 % next year.

18:06That is a remarkable amount of money. It's going to be over$124 billion next year. Everyone is buying into these stocks because they believe all of that capex is going towards diverse and spread out AI demand, when in fact what it's actually doing is helping create infrastructure for two unprofitable, unsustainable companies.

18:26Ed Ludlow:So the other one would be Anthropic, you argue. So give us more data because you're citing Microsoft. But what about AWS? Well, that was what I was saying. So Barclays actually says that this year, 13 % of AWS revenue will be both OpenAI and Anthropic. And next year will be 18%. AWS, much bigger business than Google Cloud. Now, just to be clear, when I was saying that 27 % this year and 48 % next year for Google Cloud, I meant both Anthropic and OpenAI. Most people don't know that OpenAI is a large customer of Google Cloud. It's not a well-known fact, but this was actually mentioned by UBS's Stephen Jew.

19:03Ed Ludlow:So where would those companies be right now without Anthropic and without OpenAI? Well, I have serious questions about that. So in calendar year 2025, according to my own reporting about OpenAI's numbers, 69 % of the year-over-year growth of Microsoft Intelligent Cloud segment was actually from OpenAI. Without that, it would have only grown 8 % year over year, which is barely beating inflation. And so everyone is being sold what I consider kind of a lie. It's honestly kind of a scandal.

19:31Carol Massar:So this goes back to, I feel like we have companies, the circular financing, the circularity of it all, and kind of creating demand for their products. So when does it start? I asked this earlier with a guest. When does the party end, in your view? yeah so with open ai's ipo i think that could be one of the flashpoints remember this company was meant to go public this year they filed about a month or two ago and now the new york times has reported that they're considering they are delaying until 2027 that's lethal for a number of people but open ai and anthropic need continual flows of capital they do not pay their bills out of existing cash flow so when anything happens to that cash i think that's the first thing kind of domino to fall.

20:17But then again, there's also the overall problem of data centers just not getting built very fast, taking about 12 to 36 months, depending on how small or large a data center is actually being built at. And the problem is, is that everyone believes that AI is coming out of cash flow, that AI is coming out of just this diverse revenue base, when it's really not. It's extremely narrow. The information reported a few months ago that 89 % of the largest AI companies, Well, their revenue comes just from open AI and Anthropic. It's heavily centralized.

20:46Carol Massar:Doesn't it have to be centralized to some extent? This is expensive to do or no, in terms of data center build out and so on and so forth. And what's going to make AI, generative AI, the ability for it to be really, really good is having access to lots of information. So doesn't it have to be, to some extent, Ed, concentrated? Well, when I say concentration, I mean concentration of revenue in these two companies. No, I understand. But to make it good. So doesn't it make sense that those who are exposed the most, it's going to be concentrated to some extent? Well, I mean, when we're talking about, so Sightline Climate said that they saw back in February, about 190 gigawatts worth of data center capacity being built in the next few years.

21:25It was built or under planning. Now, if you work that out with a PUE, so just the efficiency rating of 1.3, you're coming out to 12 million a megawatt, over$1.6 trillion of annual revenue needed to satiate those data centers. Having two customers is not going to do that. Even their most spendy. Anthropoc and OpenAI, well, they can't afford anything. They need venture capital. But they're only going to spend$400 billion a year. And that's if they get that far, which I don't believe they will. How much do we know about their balance sheets, really?

21:54Carol Massar:Really? Well, from personal experience, a great deal about OpenAI is because I reported their audited financials for the Financial Times. Right. And it's a company just burning cash. They lost$20.9 billion in 2025. And things are only getting worse. And what's crazy as well was over$800 million of OpenAI's revenue came from SoftBank for their Cristal Intelligence. And yes, that's really what it's called. Their Cristal Intelligence program, which I can find no evidence of actually anything happening. And SoftBank, a large shareholder of OpenAI with no board seats.

22:28Ed Ludlow:So, go ahead, Carol.

22:30Carol Massar:One more question, though. Like you talk about for Google Cloud, the exposure, right? And you said 48 % next year in terms of these two customers. I have to say that there are smart people running these companies. And normally you would say your exposure to just a handful of customers is not a great thing. Do you say that these companies that aren't doing their due diligence, be it Alphabet or, you know, pick your hyperscaler? I think they did their due diligence in the sense that they said, we are going to create our largest customers and we're going to own large parts of them. And on top of that, we're going to own all of their infrastructure.

23:06Google has a nice, they have a nice thing going here. They buy TPUs from, well, sorry, Broadcom sells TPUs to Google. They are then sold to Anthropic and then rented back to Anthropic through Google. Google gets to double up on revenue. this sounds really good right up until you realize that anthropic and open ai are unsustainable so what they may be and the problem is with saying these are smart people as it immediately makes me think of enron the smartest guys in the room yeah not saying anything like that's happening

23:34Carol Massar:but i'm just saying you have a fiduciary responsibility and you're right you go back to enron or world comic i think the point i'm making is yeah with google they probably thought they would be more customers i imagine with azure and with aws they thought would be more large players. But the problem with Anthropic and OpenAI is they've raised$200,$300 billion of funding, but they've actually raised more because OpenAI and Anthropic got all of their infrastructure built for them by Microsoft, Google, and Amazon. They didn't have to pay, I think, in the Sam Altman, Elon Musk trial, one of the Microsoft executives said that they cost$100 billion, so call it like$70,$80 billion of infrastructure.

24:13So the problem is that nobody else can get as big as them. No one else can get that much compute. No one else could afford that compute. and have the chance to do the pre-training runs necessary. Except now China's coming up behind them. And it's unclear how anyone really deals with any of the problems I've been listing for years, which is unsustainable, unprofitable, and also not really finding the ROI and AI.

24:36Ed Ludlow:We're speaking with Ed Zitron, the CEO of Easy Primary Research. He joins us on set in the Bloomberg Interactive Brokers Studio. Ed, play this out for us, because I think a lot of people think, okay, for there to be some sort of ROI on this, one thing has to happen. And like the best case scenario for all this money being spent is that productivity increases, fewer people are needed to do more things. There are some serious implications if that were to come true and to the labor force. And Dario Amadei of Anthropic has talked about this in the past. Maybe he's talking his book. I don't know. The other side of this is, well, if that doesn't come true, then what does it mean for these stocks that have gained so much on hopes that they would be responsible for some of this productivity increase like how does this the shoe drop what happens well the thing is if you think about what amazon google and microsoft have done and met to some extent but they're not selling compute capacity yet is they have gone from being these cash heavy these cash machines they just spill out money low low cash burn high revenue low assets into these bulbous GPU-filled asset mongers who are just full of these semi-built data centers for two customers or three customers at best so that they can do what?

25:54Rent them out so that they can rent their models. And it isn't really clear what the plan is at this point. And the problem is, for me to be right, it doesn't even have to go that badly. OpenAI and Anthropic have to grow so large to be able to make all of this data center capacity good. I mean, Google's, I think the UBS estimate was like$76 billion in 2027 of Google Cloud's revenue will come from Anthropic. How's Anthropic going to afford that? They burn tens of billions of dollars. So it's not just that these companies are unprofitable and unsustainable, but they have to grow so very large to make AI pay off, because otherwise there just isn't demand for compute at scale.

26:34Ed Ludlow:Last time you were on with us, we got a really incredible response, to be honest. And a lot of people who weren't typical viewers or listeners of our show saw what you did and listened to what you did. And it really seemed like there's this, what you're saying is resonating with a lot of people. Like there's a, it was almost like there's this anti-AI fervor that's out there. And I'm just curious why you think that is. So I'm not sure it's, is anti-AI, don't get me wrong, but I think it's also anti-financial shenanigans. I think everyone sees the circular financing. I think they see that Microsoft, Google, and Amazon gets basically all of their AI revenues, either through products they're pushing on their customers or indeed compute spend from Anthropic and OpenAI.

27:17And the average person's existence right now is so expensive, so hard, so difficult. Getting a mortgage as a regular person is so difficult. But if you're standing up a theoretical data center in 36 months full of NVIDIA GPUs, the banks fall over themselves to give you the money. Cool, we've just raised, what, a 9 % bond? I mean, you can raise anything if you have a data center. And I think regular people can see that AI does not deliver what people promise. They can see the opulence of the people at the top of the AI industry. And they can also see that they're being lied to and being deliberately scared on top of all of this egregious circular financing.

27:53Carol Massar:So you think people are actually lying? Like, or do you think people - Who, specifically? I don't know. Like, is it the companies at the hyperscalers, the CEOs, the bankers? Like, do you think, you know, and to be fair, we really should reach out to everybody. But I mean, is that what you're saying? Or do they not really know? I think they're overstating things. I think lying would suggest a certain malice, what have you. I don't want to accuse anyone of. But I believe that they are massively overstating what AI will do. You'll notice that AI people tend to speak in the future tense. They tend not to say, oh, well, today it can.

28:30It's always AI will, AI will. Oh, we're going to get the singularity. Oh, AI will do this and that. That's because when they talk about what's happening today, it's pretty mediocre outside of code. And on top of that, these things are horribly unsustainable and unprofitable. And on top of that, they've got these destructive data centers, these massive eyesores that poison black communities, these massive eyesores that need billions of dollars at a time when it's hard for a regular person to get a dime from the banks. So yeah, I think that there is beyond just the misleading this general sense of unfairness that ai taps into and on top of that If this all goes pear-shaped These people are going to realize that there was an authority crisis happening That so many people got beguiled by hyperscaler promises and what it ultimately is and i'm quoting ed elson of prof g markets here Our media I believe has a cult-like worship of the wealthy that they believe that whatever the wealthy says will come true And in the past with the tech industry, that's kind of come true, except it stopped really coming true about 10, 11 years ago.

29:32And we exited the era of hypergrowth. And that's all AI is. AI is an attempt to restart hypergrowth for hyperscalers who don't have a new Google search, who don't have a new iPhone, and certainly do not have a next Amazon Web Services.

29:46Carol Massar:You know, the narrative and the conversation, though, around AI, I mean, we've been covering it from day one. I can remember the Microsoft and OpenAI investment. Our world changed in terms of every conversation that we've been having. But as of late, easily the last six months, maybe longer, this idea of return on investment, which wasn't there initially. If the companies weren't, their CapEx wasn't growing, they weren't spending, every company wasn't talking AI, you got punished. Now it's getting a little bit more discriminating, if you will, or specific in terms of looking at cases and what are we getting at.

30:18Carol Massar:We had an investment advisors earlier, and she said the same thing. Like, companies are starting to look at what is the cost of tokens? What does it cost to have all these models for our employees? What are you using it for? Really? You know, just do that on your own. So the conversation narrative is changing. Don't you think it will continue to change, and it might be uncomfortable in terms of how it plays out in financial markets? Because as the reality comes, in your view? Yes, I think this conversation is only going to accelerate. OpenAI didn't cut prices because they found some mystical way of making things cheaper.

30:52It makes something 80 % cheaper. They saw the danger from China and they saw the competition from Anthropic and they said, well, we're allowed to burn billions of dollars, so why don't we just cut prices and then make it up in volume for an unprofitable product? I think the ROI conversation is only going to accelerate too, because we should have really had it years ago. We really should have had it immediately. But again, people believe everything the tech industry says, And they just thought, well, they wouldn't say this and be wrong, would they?

31:19Ed Ludlow:Where, in your view, does Elon Musk and SpaceX fit into this conversation? I bring it up because we learned this afternoon that Elon Musk's net worth has fallen to$684 billion, which, yes, is a lot of money. It has erased, though, the IPO gains from SpaceX. And we haven't been with you. Still the world's richest. You've got a rich go on the bluebird. You haven't joined us since SpaceX IPO'd. But there's a data point there for at least in the short term reception to a public company that has pretty significant exposure with AI. Well, I think SpaceX is kind of the proof point you need. We have someone who can sink unlimited capital into this, who can hire anyone, who can theoretically stand up as much capacity as possible, breaking multiple laws at the same time, not getting the permits.

32:08And what did we get for it? We got Grok. And what is Grok? Well, it's a third, fourth, fifth tier LLM that really only some people use by accident when they turn on Twitter. So we have this thing where we've had our third anthropic in open AI. We've seen someone else try it. We've had what should be the proof point that AI is an industry, that we can have many AI labs and, oh, a thousand flowers will bloom. And what we have is manure. We have a company that loses billions of dollars to do what? I don't know. So should the US be in an arms race with China for AI? No, I think that the arms race with China in and of itself is a marketing ploy.

32:48What? Oh, no. What's China going to do? Make a cheaper and better LLM? Uh-oh, it already happened. Nothing happened. Nothing happened.

32:56Ed Ludlow:What about the security risks that these LLMs or some of these agents are exposing? Those from OpenAI and those from Anthropic? Well, I think the biggest risk with OpenAI and Anthropics agents is they don't appear to do basic security practices. They don't appear to take care of how they're using their systems. OpenAI say, I actually question this entire story, that their agent ran autonomously for multiple days burning what sounds like unlimited compute. either this company has run so terribly that they were running up millions of dollars of bills to randomly do stuff and also they don't watch what it's doing software does what it's told to do we don't know the prompt we don't know the training and they're not releasing the model but it doesn't change the fact that these agents reportedly found weaknesses in code that if not exposed or that that could be vulnerable like what i'm saying is if this there there is an idea that if this gets into the wrong hands, then systems could break down, just very briefly.

33:57One thing, it's already in the wrong hands, open air and anthropic. They've shown they do not have the responsibility to make security tools. They should not be making them. They don't know what they're doing. It's blatantly obvious. And on top of it, it's they brute forced a hacking agent. They shoved as much compute power into it as possible. You can also pay hackers to do that. it's illegal. Also, this all sounds illegal. I'm no lawyer. I'm no judge, but I don't know where they're allowed to do this. Yeah, these things are dangerous if they're allowed to be trained on cybersecurity measures and execute against them.

34:28I find the whole thing repugnant because everyone is saying, oh, look at the scary LLM versus looking at the companies that run it.

34:34Carol Massar:We got to run. 20 seconds. Anything that would change your mind and make you say this is real, real quickly. Not really. No. Okay. Thank you. Thank you. Thank you. Thank you. There's a lot lot of conversations this week and it was great to get your input. Ed, thank you. Ed Zichman, CEO, Easy Primary Research right here in our studio.

34:53Ed Ludlow:Stay with us. More from Bloomberg Businessweek Daily coming up after this.

35:00Aging is real and so are the benefits of adding vital proteins, collagen, peptides to your daily routine. New vital proteins, collagen, sparkling water, your daily glow up now in three fresh flavors, strawberry blossom, lemon, lime, and blood orange. improved skin health in as little as 30 days thanks to collagen peptides? Cheers to that. Or go with our classic collagen peptides so you can stay vital, stay you. Visit vitalproteins.com to learn more and where to buy. These statements have not been evaluated by the Food and Drug Administration. This product is not intended to diagnose, treat, cure, or prevent any disease.

35:36Every sale comes down to a single second. The one between buy now and maybe later. PayPal is built to help your business win that moment. With a checkout experience that feels certain, reliable, and familiar. With a global two-sided network and hundreds of millions of buyers who already know us. All to keep you in control however buying happens next. New markets. New AI-powered selling services. A whole new agentic era where you decide how your business will show up and stand up. PayPal is built to help your business come out ahead. We're built for payments, built for growth, built for Agendic.

36:20PayPal Open, built for all business. Visit PayPalOpen.com to get started. That's PayPalOpen.com.

36:31Ed Ludlow:They're back, live across North America.

36:41Guns N' Roses Tour 2026.

36:47Get tickets now at LiveNation.com.

36:57Don't miss Guns N' Roses. 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.

37:15Ed Ludlow:It's practically an adage on Wall Street by now. You know you're in trouble when Ken Griffin calls. This time the call came for situational awareness. It's a high-flying hedge funder. Well, it is still high-flying, I think it's fair to say.

37:27Carol Massar:It's still got$10 billion it's playing with. I think Hema told us it was the largest hedge fund or one of the largest. The bigger one. It's a big deal.

37:35Ed Ludlow:Suddenly, though, it's come crashing down to earth. It's just the beginning of the latest piece from Bloomberg News hedge fund reporter Hema Parmar. She joins us here in the Bloomberg Interactive Brokers studio. Why were so few people surprised that Ken Griffin swooped in to pick up the pieces of this? So this is a classic Citadel playbook. You know, it's what he does. It's what Citadel does. They've been doing it for decades, which is to see these distressed companies, these firms, and take the opportunity to either buy assets at a discount, snap up talent at a discount, provide some sort of emergency funding with attractive terms.

38:12He did this with Amaranth. He did this with Melvin Capital, most famously and most recently. He's done this with other hedge funds. And Enron, he snapped up talent within hours of the bankruptcy of that company. So it is not surprising when the news broke that this was Citadel. I think the industry was like, yeah, that makes sense.

38:34Carol Massar:Is it a charitable move? It is not always a charitable move, rarely. The move is financial. It's strategic. It is to snap up things at great prices. Talent, if people are moving, they will take a job, and you don't need to be too competitive. And keep in mind for multi-shred funds, talent is the most expensive part of running a hedge fund. assets, when you can get them at a 10 % discount, which is what this deal was at, then it is a significant move and an opportunistic investment for these guys. Okay.

39:10Ed Ludlow:Dumb question incoming. Is there a way? I mean, obviously there's not, but explain for people who might say, well, why not try to unwind some of these positions on the open market? Mm-hmm. Were they too big and concentrated to do that? They're big, they're concentrated, and as soon as you start selling some of these things, you create a spiral, right? People see that these asset prices are falling, and then the more you sell, the more you're going to be losing. So people like to do these block trades where they find a buyer, they sell it all in one chunk to somebody else, and it spooks the market less.

39:47Still at a discount, for sure, because that buyer has the negotiating power to demand what they seek. So it'll spook the market less. It'll protect your assets more. And you can do it a little bit more quietly. And ideally, before the market opened, which is what took place here.

40:04Carol Massar:Right. Exactly. Right? I mean, I think about this even during the financial crisis. I'm not making a comparison. But when we know that there were problems at different banks or institutions, you wanted the least to get out, especially if you were trying to negotiate a deal because things were rapidly becoming cheaper or not even having a value. You report, it's unclear exactly what equity Citadel purchased, but you do point out that many of the biggest names in situational awareness is public book rallied yesterday. So CoreWeave jumped nearly 22 % that day. Bloom Energy jumped 26%. Again, we can't make any conclusions, right?

40:43Carol Massar:When will we know? Will it be in terms of what Citadel, yeah, and maybe what Citadel picked up? Yeah. Yeah, so they would have taken a bulk, a huge significant chunk of the asset. So you would assume that the fund is profiting on how these shares are doing now. We'll get a better sense of returns early next week as they start to tell their investors numbers, as information starts to flow on how these firms are doing. Citadel has done kind of mediocre so far this year. This month as well, kind of flat, less than 50 basis points. So this sort of deal should really lift the fund's return a significant amount is the expectation.

41:21Ed Ludlow:When a firm like situational awareness has a big drawdown such as this or a large decline in value and has to make block trades to offload some of its assets because of margin calls, what typically happens to the investors who still have money there? Do they say, I'm done? So the investor's reaction will depend on when they got in. If you were an early investor in situational awareness, you probably did okay. You're still up. The fund is up 80 % so far this year. So if you got in in January, you might still be fine. If you're an investor that got in in June, you've gotten the past couple months, you're not doing too well.

42:03Because you got in right ahead of this decline. The stocks have fallen. They've exited these assets or sold it off at a discount. So you're not pleased. So there is going to be a huge spread in the kinds of returns you're seeing for each different type of LP.

42:18Ed Ludlow:Do we know if it was the type of fund that you could just get in and get out of when you wanted to? I don't think we know the liquidity terms of this fund. Because some of the investments are privates, there will likely be a side pocket or some sort of restraint in your ability to get out of the anthropic stakes, for example. Um, that's those chunky private positions are also what's allowing the firm to be the stable because you have this stuff that you can't sell really fast, generally speaking.

42:44Carol Massar:Right. Exactly. You have a great little quote. I guess, did you speak to Cliff Asness? He, uh, he wrote in, um, there was a public comment that he had made back in 2007 where he described what it was like to get the call from Citadel. Would you like to, would you like to read it? Yes. Do you want to read it? I looked up and saw the Valkyries coming and heard the Grim Reaper's scythe knocking on my door. I did my best to run to the light. I'm trying to also, Hema, what's your view on what this means for AI? I mean, interesting that Citadel, like they like a bargain. Yeah. It's going to juice their returns.

43:26Carol Massar:It'll be interesting to see how long they hold on to this. Yes, exactly. These positions they've got to be careful to on the unwind. But in a market where things are swinging a lot, we're trying to understand this AI trade and spend and investment. Is there a takeaway from this? That Citadel was at least interested? Well, Citadel and other multi-trats tend to be, they're supposed to be market neutral. Meaning they have less exposure to the market if it makes big swings up and big swings down. They also trade a lot of assets that do different things in separate little individual teams. And so that structure should protect you from big swings.

44:01Granted, they just bought this huge portfolio. But also keep in mind Citadel's$71 billion. So whatever size they bought, it's still going to be a fraction of total firm assets. When you look at firms and hedge funds that are more concentrated, say long-short equity funds, say tech-focused funds, and you see these big swings, we have seen some funds make and lose a lot of money based on the month. So that's when you see more risk. And again, to this point, situational awareness was highly levered. That's another factor to look at. a lot of the funds don't have as much leverage as we've seen situational awareness.

44:34Ed Ludlow:I keep thinking this could have been so much worse. It could have been if they didn't find a buyer. They were looking at selling both their public stocks and their private books. It sounds like they were looking at selling whatever they could to get out as fast as they could. And that is not a good position for a$45 billion fund to be in. That can really scare the market. It can scare investors. and we saw the tumult yesterday really ripple through until markets calmed once we got a sense of who the buyer was.

45:02Carol Massar:Real quickly, 20 seconds, the fund is still up a lot this year. Citadel? No. Situational? Yeah. Situational is up a lot this year. For the month, it's down a lot. I would judge it based on when the investor got in. If you're a recent investor, you're not too happy. If you're early, you might be fine. Timing is everything, isn't it? Timing is everything. So great to have you here and really helping us through this story. Bloomberg News Hedge Fund reporter, Hema Parmar, joining us in our Bloomberg Interactive Broker Studio. Thank you. Thank you.

45:30Ed Ludlow: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.

46:20Carol Massar:Thank you. work as one for everyone. Learn more at business.optum.com.

46:30Ed Ludlow:Whatever your goal, trade show giveaways, client gifts, or team gear, 4imprint has the promo products to match. With thousands of options, from apparel and drinkware to tech and totes, it's easy to find the right fit for your brand and budget with standout choices at every price point. And with their 360-degree guarantee, you can be 4imprint certain your order will show up just right, right on time. Explore more at 4imprint.com. 4imprint. 4certain. As industries evolve faster than ever, companies need an environment that accelerates strategic growth, and Michigan delivers on that promise. From emerging startups to global enterprises, Michigan offers what executives value most, a resilient, innovative ecosystem, diverse communities that attract top talent, and a quality of life that supports work-life balance.

47:17With our unified Team Michigan approach, businesses scale faster and compete at the highest level. Michigan, pure opportunity. Seize your opportunity at michiganbusiness.org.