In short
The episode is a Bloomberg Intelligence tech-and-markets roundup focused on AI infrastructure funding and related capital-market moves. Topic highlights include Alibaba’s record $10B Hong Kong share sale, SoftBank’s planned record 1 trillion yen retail bond sale tied to OpenAI commitments, and upcoming NVIDIA earnings (revenue ~$92–$95B expected; doubled year over year). It also covers Tesla’s China recall of 3M EVs over door-handle safety (software fix: windows auto-down; regulators debate manual exit).
Guest
Ed Ludlow, Bloomberg Tech co-anchor, who frames Alibaba as a hyperscaler shifting from China e-commerce to AI cloud and discusses “circular financing” questions for Jensen Huang.
Guest
Wu Junho, Bloomberg Intelligence Senior Technology Analyst, who forecasts PC shipments down ~15% in 2024 and DRAM prices rising sequentially to 2028 due to AI server demand; memory prices should ease with more volume.
Notable examples
DRAM tripling; PC price hikes 20–25%; regulators requiring manual-override stickers.
Written by AI. May contain mistakes. Listen to the episode to check what was said.
Chapters
Tap a time to open that second in VOAlibaba's $10 Billion Share Sale
1:00 to 1:27
Discussion on Alibaba's plans to raise $10 billion through a share sale.
“If you've ever waited on a refill or couldn't schedule an appointment, you get it.”
Alibaba's $10 Billion Share Sale
1:54 to 3:01
Discussion on Alibaba's plans to raise $10 billion through a share sale.
“Alibaba, the latest big hyperscaler to hit the capital markets.”
SoftBank's AI Investment
3:01 to 4:06
Exploring SoftBank's bond sale for AI investments, particularly in OpenAI.
“And, you know, Alibaba is seen by many as being the leader of that pack in China because of not just their commitment, but their competence, too.”
NVIDIA's Earnings and Market Expectations
4:06 to 6:31
Analysis of NVIDIA's upcoming earnings report and market reactions.
“And SoftBank, as part of this deal, will set aside some funds to do that, say, oh, OpenAI, we said we'd give you some money.”
Tesla's Recall in China
6:31 to 8:01
Discussion about Tesla's recall of EVs in China and its market implications.
“And like, you know, it's the result of a year's worth of discussion about how EV doors are designed.”
PC Market Trends and Challenges
8:01 to 13:20
Insights on the current state of the PC market and pricing trends.
“Can it sustain lots and lots of IPOs at that scale?”
Memory Chip Market Dynamics
13:20 to 14:00
Examination of the memory chip shortage and its future impact.
“So, you know, I'm going to spend it more on the AI side and let my PCs, my employees run their PCs a little bit longer for at least another year.”
Current Trends in DRAM Pricing
14:00 to 16:46
Learn about the factors driving up DRAM prices and future projections.
“And my colleagues, Jake Silverman and Masahiro Wakazuki, have done a fantastic job on the memory side.”
Current Trends in DRAM Pricing
17:01 to 17:57
Learn about the factors driving up DRAM prices and future projections.
“I don't have to tell you that there are already so many great drink options at McDonald's, but the new drink lineup, I mean, it takes things to another level.”
The Concept of Time Travel in Resumes
18:30 to 24:15
Understand how job seekers are modifying their resumes to include AI skills.
“Eastern on Apple CarPlay and Android Auto with the Bloomberg Business App.”
Show all 16 chapters
Trump Family's Banking Ventures
24:15 to 28:05
Examine the implications of Trump's family's interest in starting a bank.
“Or could you tell something about a company's health if you were looking at a particular company and saw a lot of employees updating their LinkedIn profiles?”
The Trump Family's Bank and Regulatory Approvals
28:05 to 30:00
Discussion about the regulatory process and the Trump family's bank venture.
“regulation has been particularly interesting as it comes to banks and how many new banks are being formed and who is being welcomed into the U.S.”
Stable Coin Business and Future Plans
30:00 to 31:23
Exploration of the Trump family bank's primary focus on stable coin expansion.
“It's important to maintain ties for existing regulations.”
The Impact of New Banking Firms
31:23 to 32:38
Analysis of new banking firms entering the U.S. financial system and their implications.
“but they're certainly not alone in terms of fintechs and other firms seeking similar charters.”
The Impact of New Banking Firms
33:04 to 33:34
Analysis of new banking firms entering the U.S. financial system and their implications.
“the best days are the ones where priorities stay on track.”
The Impact of New Banking Firms
34:16 to 34:40
Analysis of new banking firms entering the U.S. financial system and their implications.
“Whether it's help with hormone therapy, weight management, or sexual health, every woman should have access to affordable prescription medication and personalized care that understands the whole woman.”
Transcript
Automatic transcript. May contain errors.0:00Scarlet Fu:When your options are limited, so are your opportunities.
0:03Ed Ludlow:At SIBO, the global exchange that pioneered options trading, we offer more ways to move with the market. From VIX and SPX options to global market data solutions, SIBO helps investors diversify, manage risk, and stay ahead of whatever the market does next.
0:19Scarlet Fu:SIBO. Life is better with options. Your investments could be too. There are risks associated with SIBO company products. Review the disclosures and disclaimers at SIBO.com slash US underscore disclaimers.
0:30Ed Ludlow:So there's a lot of noise about AI, but time's too tight for more promises. So let's talk about results. At IBM, we work with our employees to integrate technology right into the systems they need. Now, a global workforce of 300 ,000 can use AI to fill their HR questions, resolving 94 % of common questions. Not noise. Proof of how we can help 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.
1:00Scarlet Fu: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. Bloomberg Audio Studios. Podcasts. Radio. News. You're listening to the Bloomberg Intelligence Podcast.
1:42Scarlet Fu:Catch us live weekdays at 10 a.m. Eastern on Apple CarPlay and Android Auto with the Bloomberg Business App. Listen on demand wherever you get your podcasts. Or watch us live on YouTube. More tech out there. Alibaba, the latest big hyperscaler to hit the capital markets. They plan on raising$10 billion from the share sale. Sure, just another$10 billion. Yep, exactly right. I think they're doing it in Hong Kong, which is pretty interesting. But there's a lot going on in the tech world. And of course, NVIDIA reporting their earnings Wednesday after the close. Let's check in with Ed Ludlow, Bloomberg Tech co-anchor.
2:15So, Ed, what did you make of the Alibaba news? Just another big hyperscaler raising capital to fund their CapEx?
2:25Ed Ludlow:Yeah, it's interesting you call them a hyperscaler, right? I think that's the observation that most markets would make. They've shifted from being an e-commerce company in China to a cloud computing company that are very focused on AI in the same way that lots of the analogous companies in America are. There are some questions being posed, like why are they doing a follow-on? A follow-on simply being an existing publicly traded company tapping equity markets and not using debt. Debt has been the financing mechanism of choice here in the United States. But either way, the net conclusion is the same, that they are in need of capital to build infrastructure and invest heavily in AI development.
3:01Ed Ludlow:And, you know, Alibaba is seen by many as being the leader of that pack in China because of not just their commitment, but their competence, too.
3:11Scarlet Fu:Yeah, we're seeing Alibaba shares drop on that placement here in the U.S., down 1.4 percent to$117. And there's another headline. Speaking of companies raising money, SoftBank planning a record one trillion yen retail bond sale to raise funds for what else? Investment commitments to AI, in this case, OpenAI. Tell us a little bit more about SoftBank's relationship with OpenAI.
3:34Ed Ludlow:Yeah, so really interesting because retail bonds, but also a trillion yen is about$6 billion,$6.3 billion. And officially, a spokesperson at SoftBank says they'll use the proceeds in two ways. One, pay down existing debt and refinance, but also support portfolio companies. And the way that this is being interpreted is SoftBank is on the hook for lots of commitments to OpenAI, and they've used lots of mechanisms to get the cash to support that. And OpenAI is in a place where it's filed confidentially for IPO, but is under no pressure to pull the trigger because it's able to get capital from all kinds of places, including its existing private market backers.
4:16Ed Ludlow:And SoftBank, as part of this deal, will set aside some funds to do that, say, oh, OpenAI, we said we'd give you some money. Here's some money. Ed, we're going to get NVIDIA reporting their quarterly results after the close Wednesday. What are you going to be listening for from Jensen Wang and team? Yeah, I mean, inevitably, and I think your last guest was talking about this, it's come to the point now where somebody will ask Jensen about circular financing. You know, A, is this or is this not circular financing in any given deal that's been announced in the last few weeks? But also whether or not we should be worried about it.
4:53Ed Ludlow:What's extraordinary is that sales will come in at around$92 billion. The streets is quite a wide range,$92 to$95 billion. But essentially, revenues doubled from the same period a year ago. Adjusted earnings have doubled from the same period a year ago. The bar is so high, and so often Wall Street just wants Jensen to say definitively, this is what will happen for the next five years. And as you know, Paul, there are a few executives anywhere in the world that are willing to make that bet and get their crystal ball out for that kind of time horizon. Yep.
5:26Scarlet Fu:NVIDIA reporting on Wednesday after the market close, of course, Ed Ludlow will be on hand to help break down the coverage of that. Before we let you go, Ed, Tesla also recalling 3 million EVs in China over door handle safety. How big of a market is China still for Tesla?
5:44Ed Ludlow:Yeah. So China's the world's biggest automotive market. And actually, in this recall, there are about eight different players impacted, but Tesla's by far and away the largest single one. Three million EVs of Teslas are subject to this recall, where the regulator is asking Tesla to enact a software fix. So in the event of an accident, the windows automatically come down. But as you guys know, Bloomberg's done so much reporting on this. In a Tesla, you have a button, electronic door release. There is also a manual override. And it has been the discussion and much debate of how safe that manual override is, how easy it is for somebody in an accident to get out of the car.
6:21Ed Ludlow:So the regulators directing Tesla to put stickers, like literally, this is where the manual override is. This isn't unique to China. Like this has been something that regulators looked at in this country too. But it's a big one. And like, you know, it's the result of a year's worth of discussion about how EV doors are designed. All right. Just real quick, I know over the weekend, Ed, you were probably sitting at the Starbucks on Sand Hill Road amongst all the venture capitals, PE guys. When are we going to get an IPO of one of these? I guess it's Anthropic is probably the first one in the pipeline.
6:52Do you think that's going to happen when we get back from Labor Day?
6:55Ed Ludlow:This was actually a pickleball weekend, so shout out my pickleball people. It was a good one. I think we're still in a place where, you know, Brace, Anthropic could flip its S1 public in the next two weeks, and that would put it on track for an IPO late September, early October. We don't know that definitively, but that's the latest reporting. The SoftBank story on OpenAI is just more evidence that OpenAI is not in any rush, right? And the latest reporting was that they had kicked an IPO target to next year. I think there's been some reporting that the CFOs acknowledge that internally in meetings, that it will happen in 27.
7:33Scarlet Fu:So do you see a lot of companies kind of steering clear of late September, early October because of this massive Anthropic IPO?
7:40Ed Ludlow:You know, it's whether you believe that a big IPO presages a starting gun for an IPO window in which everyone follows suit. Or if you look at what's happening in capital markets, the Alibaba follow on offering, for example, you know, there's lots of activity in the equity market. The market is flooded with equity at the moment. Can it sustain lots and lots of IPOs at that scale? That is a debate for the bankers and the demand of those big institutions that would buy the shares.
8:10Scarlet Fu:Stay with us. More from Bloomberg Intelligence coming up after this.
8:15Ed Ludlow:When your options are limited, so are your opportunities. At SIBO, the global exchange that pioneered options trading, we offer more ways to move with the market. From VIX and SPX options to global market data solutions, SIBO helps investors diversify, manage risk, and stay ahead of whatever the market does next.
8:35Scarlet Fu:SIBO. Life is better with options. Your investments could be too. There are risks associated with SIBO Company products. Review the disclosures and disclaimers at SIBO.com slash US underscore disclaimers. Some people treat ChatGPT like some kind of smart search engine, and some use it to get work done. ChatGPT Work is a new way of working in ChatGPT that can take action across your apps and files, stay with a project for hours if needed, and turn a goal into finished work. It's designed to help you move from a chaotic starting point to a reviewable first version. So all the source materials, briefs, and scattered information that you have to grind through to turn into something useful can just become something useful.
9:17Scarlet Fu:Put ChatGPT to work on your most ambitious ideas and projects. Get started at ChatGPT.com by selecting Work Mode, available on Plus and Pro plans. Hey, this is Kevin. This is Joe. And Nick Jonas from Hey Jonas. This episode of Hey Jonas is brought to you by the all-new drink lineup at McDonald's. I don't have to tell you that there are already so many great drink options at McDonald's, but the new drink lineup, I mean, it takes things to another level. They've got delicious caffeinated refreshers like the strawberry watermelon refresher, crafted sodas like the Spriteberry Blast, and now the all-new Red Bull Dragonberry Energizer.
9:55We're talking about a total game changer. It's made with Red Bull. It's mixed with blue raspberry flavor and topped with freeze-dried dragon fruit. Wow. McDonald's has given us a refreshing new boost for your day. And the Red Bull Dragonberry Energizer is arriving just as you're heading back to the dorms for the fall semester. It's got a boost of energy and a kick of flavor when you need it the most. You know, powering through those lectures and studying sessions, you're going to need it. Kicking the afternoon slump or rallying for the weekend. Try one of the many new drinks like the Red Bull Dragonberry Energizer, also available with Red Bull Zero, now at McDonald's.
10:33Scarlet Fu:you're listening to the bloomberg intelligence podcast catch us live weekdays at 10 a.m eastern on apple carplay and android auto with the bloomberg business app listen on demand wherever you get your podcasts or watch us live on youtube back to the tech story but not necessarily the nvidia and the ai story but just kind of some of the infrastructure plays the networking plays that are really benefiting here hardware yeah exactly that are really benefiting from just to increase AI spend. Wu Junho joins us here, Senior Technology Analyst for Bloomberg Intelligence. Talk to us about just the PC business in general, Wu, and what that means for the folks like the Dells, the Apple, Lenovo, those kinds of players.
11:17What's the outlook for that business? Yeah. Hey, Paul, I'll tell you the one area in hardware that really isn't that hot, it's the PC market. Right. Look, it's actually done better than we anticipated in the first half, right? And the way we're looking at it is that companies that handle their memory supply chain really well, like the Dells and the Lenovos, they actually did very well from a unit shipment basis because they were able to hold back pricing. Now, when we look into the second half of the year, and from a back-to-school as well as a holiday spending standpoint, if you haven't gotten your PC'd now, you're kind of in a rock and a hard place because PC prices are going up around 20%, 25%, whereas unit volumes are going to go down by about 20 % in the second half.
12:13And overall, we do think that PC shipments are going to be down roughly about 3 % for the year. I'm sorry, 15 % for the year, 22 % in the second half of this year. So margins are thin in the PC market, and companies that have not a good supply chain on the memory side are going to be struggling.
12:34Scarlet Fu:Have we seen any kind of ramp up in demand before the price hikes take effect? I mean, was there kind of a rush to lock things in now from consumers and from companies? Yeah, and that's a good point, Scarlett. We saw a really sharp uptick on the corporate PC side as well as on the consumer side because of the memory spikes. First quarter was a fantastic quarter for companies like Dell, Lenovo, as well as HP. Second quarter was surprisingly better than we had anticipated because all of the news on the memory side. But, you know, I think there is going to be some exhaustion, right? There is a lot of price sensitivity and the PC market is elastic, quite elastic.
13:16And there is going to be a second half slowdown. And from a corporate PC side, from a corporate side, there's only a certain amount of IT dollars that you can spread around. So, you know, I'm going to spend it more on the AI side and let my PCs, my employees run their PCs a little bit longer for at least another year.
13:36Scarlet Fu:Here's a hack, Paul. Go to Japan, spend your strong dollar, buy a laptop there, bring it back. Use it there so that it's not brand new. Perfect. I love the play there, the arb. You know, Wooj, I've been telling Scarlett with$90 oil, I'm going to go down to Texas and start drilling some oil. I think I can make some money there. But I think I might just get into the memory chip manufacturing business. Talk to us about the shortage there and how that plays out and how long it takes to play out. Yeah, so, and you're right. And my colleagues, Jake Silverman and Masahiro Wakazuki, have done a fantastic job on the memory side.
14:11Look, DRAM prices have tripled over the last first half of the year to now. And the way that we're looking at it is that it's going to continue to rise sequentially up until 2028. The AI servers, the hyperscale cloud guys, are just sucking up a lot of memory. And because of the lower capacities and the lower volumes, it leaves less for everybody else. whether it's going to be the PC makers, whether it's going to be automotives for the cars as well. So prices are going to continue to go up until 2028 until Microns, SK, and Samsung have the fabs up and running. See, I'm going to go to the swamps of Jersey, build your own factory.
14:54Yep, my own fab, as I call it, and just start cranking out chips.
14:57Scarlet Fu:Are these chip makers dragging their feet on creating new facilities, like building new manufacturing capability, because they're enjoying the record prices right now? No. As a matter of fact, these chip makers have actually committed to adding capacity the beginning of this year. So look, at the end of the day, it takes about two years for them to build a facility, bring in the equipment and the clean rooms to get the capacity up and running. And even then, by 2028, we're still going to be short of capacity. That's amazing. They didn't anticipate that. But I guess you couldn't really anticipate the AI.
15:35Scarlet Fu:Right, and the scale of demand. I mean, once the price goes up, can it come back down, Woojin? Or it's never going to come back down to what it was pre-AI boom? From a memory standpoint, look, when we start having more volume, we should expect memory prices to come back down. I mean, quite frankly, CapEx could only go so far, right? And when we did our HDD modeling, we do expect it to slow in the second half in 28. Stay with us. More from Bloomberg Intelligence coming up after this. Some people treat ChatGPT like some kind of smart search engine, and some use it to get work done. ChatGPT Work is a new way of working in ChatGPT that can take action across your apps and files, stay with a project for hours if needed, and turn a goal into finished work.
16:27Scarlet Fu:It's designed to help you move from a chaotic starting point to a reviewable first version. So all the source materials, briefs, and scattered information that you have to grind through to turn into something useful can just become something useful. Put ChatGPT to work on your most ambitious ideas and projects. Get started at ChatGPT.com by selecting Work Mode, available on Plus and Pro plans. Hey, this is Kevin. This is Joe. And Nick Jonas from Hey Jonas. This episode of Hey Jonas is brought to you by the all-new drink lineup at McDonald's. I don't have to tell you that there are already so many great drink options at McDonald's, but the new drink lineup, I mean, it takes things to another level.
17:09They've got delicious caffeinated refreshers like the strawberry watermelon refresher, crafted sodas like the Spriteberry Blast, and now the all-new Red Bull Dragonberry Energizer. We're talking about a total game changer. It's made with Red Bull. It's mixed with blue raspberry flavor and topped with freeze-dried dragon fruit. Wow. McDonald's has given us a refreshing new boost for your day. And the Red Bull Dragonberry Energizer is arriving just as you're heading back to the dorms for the fall semester. It's got a boost of energy and a kick of flavor when you need it the most. You know, powering through those lectures and studying sessions, you're going to need it.
17:47Kicking the afternoon slump or rallying for the weekend. Try one of the many new drinks like the Red Bull Dragonberry Energizer, also available with Red Bull Zero, now at McDonald's.
17:56Scarlet Fu:Everyone's talking about how AI is transforming work, especially in sales. While the landscape shifts, one thing remains the same, the thrill of closing a deal. Whether it's a gong or a confetti machine, every team has its celebration rituals. Adio is designed for that moment. It's the agentic CRM that turns customer signals into actionable insights, helping you close deals faster with revenue agents and automations working around the clock. You'll have everything you need to scale your go-to market efforts. Elevate your wins with Adio. Start your free trial at adio.com slash iHeart. You're listening to the Bloomberg Intelligence Podcast.
18:33Scarlet Fu:Catch us live weekdays at 10 a.m. Eastern on Apple CarPlay and Android Auto with the Bloomberg Business App. Listen on demand wherever you get your podcasts or watch us live on YouTube. Let's talk a little bit about time travel. and time travel not insofar as you know the outlander movies and uh not movies tv shows and books or um sci-fi or anything but time travel when it comes to your resume that's a thing all right and beth cohet has been writing about it she's one of our bloomberg opinion columnists and beth what you say or what people have identified as time travel is when someone edits the descriptions or titles of jobs that they had left years earlier with um you know new information or something geared towards a reader in 2026.
Read the full transcript
19:21Scarlet Fu:And we're noticing, at least on LinkedIn, that that's happening more and more frequently. Beth, this is all about incorporating AI into your job description or your job title, isn't it? Yeah, it's really interesting because this practice has been going on forever, right? People have been polishing their resumes for as long as there have been resumes. But what's interesting here is that after the introduction of chat GPT, we really saw a surge in words associated with AI. So LLM, AI, GPT, people were going back and adding these to jobs that they had left. And this is not sort of like fresh, you know, in their memories.
20:02Scarlet Fu:This was like a medium of jobs they had left four years prior. So something really interesting happening there. So employers, I guess the folks that actually use LinkedIn to find employees, are they getting hip to this? Are they dealing with it, recognizing it? So I think there's a couple ways to think about this. One, this whole thing came up because researchers who study the labor market use LinkedIn now as data. It's a treasure trove for them. But this paper examines this idea of how much do these edits actually change our understanding of the labor market. So they found, for example, that if based on the edits, the time traveling that people have done, we would be overstating people's AI skills in 2022 by 30%.
20:50Scarlet Fu:So it doesn't so much give us a great understanding of the labor market of the past as much as it does maybe an understanding of what employers are looking for today or what they're not looking for, because that's what people are reacting to, right? It's like, oh, I think that employers want AI skills, so I'm going to make sure that it looks like I have those capabilities. And rewriting history in the process. Totally. To Paul's point, I wonder how employers are looking at this when we don't even know if human recruiters are looking at this or whether bots are looking at people's resumes and kind of filtering out and filtering in resumes that they think are appropriate for jobs that they want to feature AI experience?
21:35Scarlet Fu:I think we are in this AI doom loop, where we have people using, as we know, AI to write their resumes, write their LinkedIn profiles in order to apply for jobs that will be screened by AI to make sure that they fit the job descriptions that were also written by AI. So I don't know what this is telling us. We're not getting a lot of really good information. But I do think that employers, we are seeing an increase in jobs that are posted that are related to that are asking for human capabilities. Right. Empathy, creativity. The problem is that I don't know how AI assesses that. Right. So so we're in a we're in a very difficult cycle right now.
22:21So, Beth, does LinkedIn assume any responsibility or liability for making sure stuff is actually accurate? Oh, Paul, they're just a platform. They're just a platform, right?
22:32Scarlet Fu:They're just a platform. They're just a platform. And I should say, I'm not making any moral assessment about this, right? Because I do think, again, like people have been tailoring their jobs to whatever the job they're applying for. There's obviously different degrees of that. And again, I don't think people, I think it is hard to go back and say, hey, I had all these AI skills 10 years ago, right? But I do think that the practice itself is not new, but the way it's so public, I think, is very new. You're not just sending it to one employer. You're putting it out there for everybody to see. And the interesting part of this research study was that this is happening in particular to the tech industry.
23:18Scarlet Fu:People in the tech field who are looking for jobs, where I guess it's more credible that they might have been doing something with AI and large language models four years ago or five years ago than, say, if Paul or I put it in our resumes. Totally, totally. Yeah, I was like one, I think for tech, so it was 20 percent for the overall, you know, LinkedIn user population in the U.S., but it was one in three for tech workers. But, you know, I think that it can tell us it does tell us information about the labor market, even if it's not so much a historical artifact. Right. We could say, you know, if we saw a surge in people update.
23:55Scarlet Fu:So people do tend to update their their LinkedIn profiles before changing jobs. There's a correlation. You know, there's a high connection there. So what they found, I think one way to think about this is if we see a surge in people updating their LinkedIn profiles, does this foretell the next great resignation? Or could you tell something about a company's health if you were looking at a particular company and saw a lot of employees updating their LinkedIn profiles? Does this mean we're going to have a mass exodus of employees? So this data is still useful, just not in the way I think a lot of economists had anticipated.
24:34Scarlet Fu:Stay with us. More from Bloomberg Intelligence coming up after this. Some people treat ChatGPT like some kind of smart search engine, and some use it to get work done. ChatGPT work is a new way of working in ChatGPT that can take action across your apps and files, stay with a project for hours if needed, and turn a goal into finished work. It's designed to help you move from a chaotic starting point to a reviewable first version. So all the source materials, briefs, and scattered information that you have to grind through to turn into something useful can just become something useful. Put ChatGPT to work on your most ambitious ideas and projects.
25:15Scarlet Fu:Get started at ChatGPT.com by selecting Work Mode, available on Plus and Pro plans. Hey, this is Kevin. This is Joe. And Nick Jonas from Hey Jonas. This episode of Hey Jonas is brought to you by the all-new drink lineup at McDonald's. I don't have to tell you that there are already so many great drink options at McDonald's, but the new drink lineup, I mean, it takes things to another level. They've got delicious caffeinated refreshers like the strawberry watermelon refresher, crafted sodas like the Spriteberry Blast, and now the all-new Red Bull Dragonberry Energizer. We're talking about a total game changer.
25:52It's made with Red Bull. It's mixed with blue raspberry flavor and topped with freeze-dried dragon fruit. Wow. McDonald's has given us a refreshing new boost for your day. And the Red Bull Dragonberry Energizer is arriving just as you're heading back to the dorms for the fall semester. It's got a boost of energy and a kick of flavor when you need it the most. You know, powering through those lectures and studying sessions, you're going to need it. Kicking the afternoon slump or rallying for the weekend. Try one of the many new drinks like the Red Bull Dragonberry Energizer, also available with Red Bull Zero, now at McDonald's.
26:49Scarlet Fu:everything you need to scale your go-to market efforts. Elevate your wins with Adio. Start your free trial at adio.com slash iHeart. You're listening to the Bloomberg Intelligence Podcast. Catch us live weekdays at 10 a.m. Eastern on Apple CarPlay and Android Auto with the Bloomberg Business App. Listen on demand wherever you get your podcasts or watch us live on YouTube. Here's something I didn't know. It's now easier than in any time in almost 20 years to get a national bank charter thanks to the trump administration's deregulation push uh and then also in the same story donald trump's family is on the verge of having its very own bank that sounds good for them page smith joins us here consumer finance consumer finance reporter for bloomberg news here joining us live here on our bloomberg in arctic broker studio page talk to us this is the big take story we love the big take stories on the terminal uh deeply sourced deeply reported so talk about donald trump his family business associates and their interest in
27:50Ed Ludlow:banking certainly so we have been looking at this trend for the last i would say honestly since um the since trump took office again last year um and we've really of course been watching very closely the deregulatory push across agencies but the deregulatory push when it comes to financial regulation has been particularly interesting as it comes to banks and how many new banks are being formed and who is being welcomed into the U.S. financial system and maybe who's not. Certainly, the data shows that the OCC or the Office of the Comptroller of the Currency, that's a regulator that Trump can pick the leaders of.
28:35Ed Ludlow:They approved 22 bank charter applications, more than the number it gave out during the five years combined since in the first 19 months of the president's second term. So that's a change in pace, to be sure. Okay. Now, the Trump family's entry is World Liberty Financial, the name of their bank. What's the regulatory process to get and to see if this President Trump has found, do they have conflicts of interest? Who decides all those things? Certainly. So the OCC decides who can get a bank charter. And in this case, the OCC was the entity that granted conditional approval to President Trump's family's venture, which is called World Liberty Financial.
29:19Ed Ludlow:And in that document that essentially said, yes, you have preliminary approval. They actually acknowledged your question and said, yes, there were some commenters that asked the question of, hey, are there conflicts of interest here? And to that, the OCC essentially said senior staff approved this application and reviewed it. And it was sort of an acknowledgment of the question. But it was, I would say, fair to say scant on details on how exactly those conflicts of interest would be avoided if there are any. Has there been any pushback from, say, Democrats or other parts of the government? Well, I would say it's been very quiet from trade groups and other entities that were much louder about other charter applications, which, of course, I mean, you know, you'd be going up against the president's family in this environment there.
30:14Ed Ludlow:It's important to maintain ties for existing regulations. But, yeah, it's been quite it's been quieter than than I would have anticipated. So do we know what the Trump bank here, the Trump family bank, what what they intend to do with this charter, what how active they intend to be? Yeah. So the long term trajectory, of course, isn't known. We'll have to see where it goes. But when upon receiving conditional approval, the Trump family and their business associates essentially said that the primary focus of the bank charter is to further grow the reach of their stable coin, which is USD one. OK, so this is that was their primary primary reason for requesting and receiving approval for this bank charter is that stable coin venture.
31:06So I guess the question, what is their stable coin business? What is the strategy there and how do they expect to do all that? Have they provided details on that?
31:15Ed Ludlow:Again, I think it remains to be seen. I would say that we will have to watch very closely to see how they expand. but they're certainly not alone in terms of fintechs and other firms seeking similar charters. We've seen Coinbase has received conditional approval. Circle has received conditional approval. These are a lot of digital asset firms that are kind of in the same space. And the Office of the Comptroller of the Currency, was that appointed by President Trump? Indeed. The head of that department? Yes. Okay. So potentially some concerns there. what's kind of the next step for this story for you guys honestly for us it's just a matter of watching who else gets approval what happens to the firms that have received approval already i mean we we note in the story just how this is going to be sort of a proving ground for a lot of firms that actually some of them have never operated before and they're receiving approval to be a bank in the United States, that's a pretty big jump.
32:20Ed Ludlow:And they're doing some sort of interesting different things in the U.S. financial system. So we'll have to see how successful they are, how risky they are, and if regulators are prepared to enforce the rules of the land. We'll have to see.
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Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu
-Ed Ludlow, Bloomberg Tech Anchor, discusses top tech stories. Alibaba Group Holding Ltd. raised HK$80 billion in Hong Kong’s biggest follow-on offering to take the lead in global artificial intelligence. SoftBank Group Corp. plans a record ¥1 trillion retail bond sale to raise funds for its investment commitments to OpenAI. Tesla Inc. and at least eight other automakers are recalling millions of cars in China over safety concerns with their door handles, which have led to vehicle entrapment and multiple fatalities.
-Woo Jin Ho, Bloomberg Intelligence Senior Hardware and Networking Analyst, discusses the PC market. According to Bloomberg Intelligence: Dell, Lenovo and Apple's supply-chain scale and product breadth position them to defend or gain share in a sustained PC downturn.
-Beth Kowitt, Bloomberg Opinion Columnist, discusses her column: “LinkedIn Users are Rewriting the Past to Land Jobs.” Researchers at Stanford University and Revelio Labs found that nearly 20% of established US LinkedIn users edited the descriptions or titles of jobs they had left years earlier, with tech workers doing so at a rate of nearly one in three. These changes, dubbed "time travel," aren't made while memories are still fresh, but instead reflect a change in personal branding, with the median time-travel edit occurring more than four years after the user left the role.
-Paige Smith, Bloomberg Consumer Finance Reporter, discusses the Bloomberg Big Take story: “Trump’s Family Joins the Sprint to Get a National Bank Charter.” Donald Trump's family has won preliminary approval to start a national bank, riding a wave of deregulation under the Trump administration. The Office of the Comptroller of the Currency has approved 22 bank charter applications in the first 19 months of the president's second term, with many going to fintech and digital-asset firms.
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