Bloomberg Businessweek

Featuring some of our favorite conversations of the week from our daily radio show “Bloomberg Businessweek Daily.” Hosted by Carol Massar and Tim Stenovec Hear the show live at 2PM ET on WBBR 1130 AM New York, Bloomberg 92.9 FM Boston, WDCH 99.1 FM in Washington D.C. Metro, Sirius/XM channel 121, on the Bloomberg Business App, Radio.com, the iHeartRadio app and at Bloomberg.com/audio. You can also watch Bloomberg Businessweek on YouTube - just search for Bloomberg Global News. Like us at Bloomberg Radio on Facebook and follow us on Twitter @carolmassar @timsteno and @BW See omnystudio.com/listener for privacy information.

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF. US officials warned that the number of flight cancellations may need to double if the government shutdown drags out and air-traffic controller staffing shortages worsen, potentially escalating travel disruptions as the country heads into one of its busiest travel seasons. US Transportation Secretary Sean Duffy said on Fox News Friday that regulators will continue to assess the strain on the aviation system and if the data moves in the wrong direction, the current plan to reduce flights by 10% by the end of next week could grow to 15% or even 20%. With hundreds of services already trimmed and more on the way, air travel has become a flash point in the long-simmering clash between Republicans and Democrats over federal funding as President Donald Trump ramps up pressure to forge a deal. The Republican-led administration has said the reductions are necessary to keep flying safe as staffing shortages strain resources. At least one top congressional Democrat has called for more transparency to ensure the move isn’t politically motivated. Today's show features: See omnystudio.com/listener for privacy information.

Senate Democrats are again urging Republicans to negotiate extending enhanced Obamacare premium tax credits, buoyed by sweeping gubernatorial elections in Virginia, New Jersey and a mayor’s race in New York City. Following this week's elections, Sen. Bernie Sanders (I-VT) said lawmakers’ government shutdown fight should continue unless President Donald Trump and House Speaker Mike Johnson (R-LA) commit to extending the ACA credits. Dr. Susan J. Blumenthal has served under four US presidents, having achieved the rank of Rear Admiral (Ret.) with the US Public Health Service, is a former Assistant Surgeon General, and was the nation's first-ever Deputy Assistant Secretary for Women's Health. She currently works as a visiting professor with the MIT Media Lab. Dr. Blumenthal examines the impact of the ongoing government shutdown on the nation's millions of health-benefit recipients, and also details some of her advanced research on key issues affecting women's health -- particularly breast cancer. Dr. Blumenthal speaks with Norah Mulinda and Bailey Lipschultz on Bloomberg Businessweek Daily. See omnystudio.com/listener for privacy information.

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF. Charles Schwab Corp. agreed to buy Forge Global Holdings Inc., a marketplace for buying and selling shares of private companies, for about $660 million. Under the terms of the transaction, Schwab will acquire all of Forge’s shares for $45 apiece, according a statement Thursday. That’s about 72% more than the closing price on Wednesday. The deal would be the first for Schwab under Chief Executive Officer Rick Wurster, who took the helm of the retail brokerage at the beginning of the year. Acquiring Forge could aid his ambition to give customers more opportunities to gain exposure to unlisted companies, especially as those firms stay private for longer. Westlake, Texas-based Schwab, which is also a bank, was swept up in the regional banking turmoil of 2023, but has since rebounded, reporting third-quarter earnings last month that beat estimates as consumers flocked to investing. Wurster said at the time that new Schwab brokerage accounts topped 1 million for the fourth quarter in a row. Today's show features: See omnystudio.com/listener for privacy information.

Teva Pharmaceuticals Inc. surged after sales of branded medications topped expectations, showing that its strategy to expand into that drug category is working. Total revenue last quarter of $4.48 billion beat consensus, driven by a 33% gain for a group of drugs that includes Austedo. Meanwhile, sales of generics — Teva’s core business — missed estimates. The Tel Aviv, Israel-based company has pushed into branded medications that have been drivers of the company’s growth in recent years. The generics business continues to make up the majority of Teva’s revenue. Richard Francis, Teva's President and CEO, discusses his company's growth strategy and its move to renew the sale process for its active ingredients business after talks with an unnamed buyer fell through. Richard speaks with Emily Graffeo and Katie Greifeld on Bloomberg Businessweek Daily. See omnystudio.com/listener for privacy information.

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF. At a time when every dip in stocks is perceived as an opportunity, buyers emerged after a brief pullback led by some of the biggest winners of the artificial-intelligence boom. Bitcoin rallied. Bonds fell. Equities rebounded, with the S&P 500 up almost 1% following a slide that underscored worries over how stretched the market has become and how sensitive it is to unfavorable news. Chipmakers, which bore the brunt of the recent selling, led gains on Wednesday. Bonds slid as data showed US services activity expanded at the fastest pace in eight months. Federal Reserve Governor Stephen Miran said a report underscoring a rise in employment at companies was “a welcome surprise,” but reiterated rates need to be lower. Today's show features: See omnystudio.com/listener for privacy information.

NANO Nuclear Energy is a leading advanced nuclear energy and micro modular reactor technology company focused on developing clean energy solutions. Last month, the firm announced that it would be investing more than $12 million to establish a manufacturing and research and development facility in Illinois, with support from a state incentive program. It is expected to support nuclear engineers, component manufacturers, researchers, and support personnel who will work in collaboration with the University of Illinois Urbana-Champaign on NANO Nuclear's lead project, the KRONOS micro modular reactor (MMR) Energy System. James Walker, the firm's CEO and director, discusses the pursuit of bringing the first functioning small modular reactor into operation. James speaks with Carol Massar and Tim Stenovec on Bloomberg Businessweek Daily. He is joined by Will Wade, Bloomberg News Energy Reporter. See omnystudio.com/listener for privacy information.

Democrats swept the three major local elections in the US on Tuesday by wider-than-expected margins, giving the beleaguered party a much-needed boost 10 months into President Donald Trump’s second term. From New York’s City Hall to Virginia, where Democrats picked up a gubernatorial seat, and out to California, the victories will bolster morale in a party that’s been reeling after failing to win the White House, Senate and House of Representatives just a year ago. In New York, voters elected 34-year-old Zohran Mamdani, a democratic socialist, as mayor after he deployed a social media-savvy campaign and joined up with two progressive icons, Vermont Senator Bernie Sanders and Representative Alexandria Ocasio-Cortez. For reaction and analysis, host Doug Krizner speaks with: - Jeanne Sheehan-Zaino, Democracy Visiting Fellow at Harvard Kennedy School's Ash Center and Bloomberg Politics Contributor - Greg Giroux, Bloomberg Government senior reporter See omnystudio.com/listener for privacy information.

Watch Bloomberg Businessweek Daily LIVE every day on YouTube: http://bit.ly/3vTiACF. Risky assets slid, with tech stocks and cryptocurrencies bearing the brunt of the selling, after long-simmering concerns about lofty valuations were fanned anew by a chorus of Wall Street executives who warned investors to brace for a pullback. With the rally confined to fewer and fewer shares as sentiment and technical indicators show signs of overheating, the chiefs of giants from Capital Group to Goldman Sachs Group Inc. and Morgan Stanley noted the possibility of a pullback as a healthy development. Nobody needs to look hard to find warnings that stocks look frothy after a record-breaking surge from April’s nadir pushed valuations to levels associated with exuberance. Optimism has grown heated in recent months, with many traders seeming too busy chasing the upside to worry about an expensive market. The S&P 500 recently notched one of its best six-month stretches since the 1950s fueled by the resilience of Corporate America, the booming outlook for artificial intelligence and hopes the Federal Reserve will keep cutting rates to prop up the economy. Yet those solid gains combined with the recent narrowness of the advance spurred vulnerability worries. Today's show features: See omnystudio.com/listener for privacy information.

Antheia is the next-generation pharmaceutical ingredient producer with a mission to end drug shortages. Using advanced biosynthesis and fermentation technology, Antheia’s biomanufacturing platform enables rapid, efficient, agile, and on-demand production of key starting materials (KSMs) and active pharmaceutical ingredients (APIs) that are critical to public health. The firm believes its flexible approach supports the needs of a growing society and improves global access to essential medicines. Founded in 2015, Antheia has grown into a commercial-stage company with its first product to market, an active customer pipeline, and near-term product launches. Dr. Christina Smolke, the company's co-founder and CEO, details her company's value proposition with Carol Massar and Tim Stenovec on Bloomberg Businessweek Daily. See omnystudio.com/listener for privacy information.

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF. Palantir Technologies Inc. raised its annual revenue outlook to $4.4 billion and outpaced analyst estimates for third-quarter sales, citing “accelerating and otherworldly” growth for its artificial intelligence and data analytics products. Revenue increased 63% to $1.18 billion in the period ended in September, the company said Monday in a statement. Analysts, on average, estimated $1.09 billion. In the current quarter, sales will be about $1.33 billion, compared with an average projection of $1.19 billion. Palantir has reported revenue above analyst estimates for 21 consecutive quarters, according to data compiled by Bloomberg. “We are in a nosebleed zone,” Palantir Chief Executive Officer Alex Karp said in an interview Monday. “No one else is here.” Profit, excluding some items, was 21 cents a share, compared with analysts’ average estimate of 17 cents. Palantir has been one of the biggest public beneficiaries of the artificial intelligence boom. The company sells its AI software to both governments and companies, and has become a key provider to the US and its allies. Founded in 2003 with backing from Peter Thiel and the venture arm of the CIA, Palantir’s software organizes information from disparate data sources and prompts customers to make better decisions, using AI tools to make those calls more quickly. In corporate settings, this can mean finding ways to save money. On the battlefield this can mean shortening the time from identifying a threat to neutralizing it. Today's show features: See omnystudio.com/listener for privacy information.

Fanny Elahi, MD, PhD is a physician-scientist and Associate Professor in the Departments of Neurology, Neuroscience, and Pathology at the Icahn School of Medicine at Mount Sinai in New York City. She serves as Director of Fluid Biomarker Research at the Barbara and Maurice Deane Center for Wellness and Cognitive Health and is one of the leaders at the Alzheimer’s Disease Research Center, where she co-directs the Genetics and Genomics Core and oversees the development of novel blood biomarkers for neurodegenerative diseases. Dr. Elahi discusses her critical work and the potential for using blood biomarkers as indicators for the eventual onset of brain disease, particularly in women. She speaks with Carol Massar and Tim Stenovec on Bloomberg Businessweek Daily. See omnystudio.com/listener for privacy information.

Featuring some of our favorite conversations of the week from our daily radio show "Bloomberg Businessweek Daily." Hosted by Carol Massar and Tim Stenovec Hear the show live at 2PM ET on WBBR 1130 AM New York, Bloomberg 92.9 FM Boston, WDCH 99.1 FM in Washington D.C. Metro, Sirius/XM channel 121, on the Bloomberg Business App, Radio.com, the iHeartRadio app and at Bloomberg.com/audio. You can also watch Bloomberg Businessweek on YouTube - just search for Bloomberg Global News. Like us at Bloomberg Radio on Facebook and follow us on Twitter @carolmassar @timsteno and @BW See omnystudio.com/listener for privacy information.

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF. President Donald Trump denied that he is considering strikes on Venezuela, contradicting a media report that he’d given approval for such a move as well as his own past statements that he was preparing land attacks after a series of boat strikes. Trump replied “no” when asked by reporters Friday aboard Air Force One if it was true he is weighing whether to attack military sites in Venezuela. He said “no” again when asked if he had decided on the matter. The comments appeared to contradict a report in the Miami Herald earlier Friday that the Trump administration has opted to attack military installations inside Venezuela, and the strikes could come at any moment. The Wall Street Journal had also reported on Thursday that the administration had identified potential targets but hadn’t made a decision on whether to carry them out.Asked earlier about the reports, White House spokeswoman Anna Kelly said “unnamed sources don’t know what they’re talking about” and any announcement would come from Trump. Asked earlier about the reports, White House spokeswoman Anna Kelly said “unnamed sources don’t know what they’re talking about” and any announcement would come from Trump. The reports, and Trump’s comments, further clouded the picture around the US president’s intentions for Venezuela and his push to fight narco-traffickers in the Caribbean. Last week, Trump said “the land is going to be next” after a series of attacks since mid-September on alleged drug-running boats in the Caribbean Sea and the eastern Pacific. The US government has provided little documentation to support its accusations the vessels were carrying drugs, other than descriptions and video clips showing footage of the bombardments. Today's show features: See omnystudio.com/listener for privacy information.

New York Road Runners is a nonprofit that aims to build healthier lives and stronger communities through the power of running. The organization has served communities across New York City for nearly 70 years through inclusive and accessible running experiences. It serves runners of all ages, abilities, and backgrounds year-round with 60 adult and youth races, and programs and events, including the TCS New York City Marathon. Rob Simmelkjaer, the NYRR CEO, discusses the rich history of the upcoming race and the enormous economic impact it has on the Big Apple. Rob speaks with Carol Massar and Tim Stenovec on Bloomberg Businessweek Daily. See omnystudio.com/listener for privacy information.

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF. Apple Inc.’s fourth-quarter revenue edged past analysts’ estimates despite a surprise sales decline in China, where it’s been struggling to stage a comeback. Total sales rose 7.9% to $102.5 billion in the period, which ended Sept. 27, the company said in a statement Thursday. That slightly beat the $102.2 billion average estimate. The company benefited from stronger-than-expected services growth, helping offset the China slowdown. The Mac and wearables division also performed better than anticipated. Revenue from greater China fell 3.6% to $14.5 billion, well short of the $16.4 billion that analysts projected. The results renewed concerns that Apple is losing ground in a former growth market. The company faces mounting competition from local smartphone providers in China and has struggled to offer artificial intelligence features in the country. Meanwhile Amazon.com Inc.’s cloud unit posted the strongest growth rate in almost three years, reassuring investors who were concerned that the largest seller of rented computing power was losing ground to rivals. Amazon Web Services posted revenue of $33 billion, an increase of 20% from the prior year and the biggest year-over-year rise since the end of 2022. Analysts, on average, estimated 18% growth. Investor expectations for the cloud business were relatively low heading into Thursday’s report after the company in recent quarters cited constraints in getting new data centers online. Chief Executive Officer Andy Jassy and other executives had said they were optimistic about the business, though they stopped short of forecasting a reacceleration of growth. Today's show features: See omnystudio.com/listener for privacy information.

Apple's fourth-quarter revenue edged past analysts’ estimates despite a surprise sales decline in China, where it’s been struggling to stage a comeback. Total sales rose 7.9% to $102.5 billion in the period, which ended Sept. 27, the company said in a statement Thursday. That slightly beat the $102.2 billion average estimate. The company benefited from stronger-than-expected services growth, helping offset the China slowdown. The Mac and wearables division also performed better than anticipated. Apple shares gained more than 3% in late trading after the results were released. They had been up 8.4% this year through the close. For more, Bloomberg Businessweek Daily spoke with Jay Goldberg, Senior Analyst, Semiconductors & Electronics with Seaport Research Partners and Mark Gurman, Bloomberg News Managing Editor for Global Consumer Tech. See omnystudio.com/listener for privacy information.

Amazon's cloud unit posted the strongest growth rate in almost three years, reassuring investors concerned that the largest seller of rented computing power was losing ground to rivals. Amazon Web Services posted revenue of $33 billion, an increase of 20% from the prior year and the biggest year-over-year rise since the end of 2022. Analysts, on average, estimated 18% growth. The shares jumped about 10% in extended trading after closing at $222.86 on Thursday. The stock has lagged behind that of its industry peers this year, with investors worrying that the company has yet to benefit enough from its AI products. Microsoft Corp. and Alphabet Inc.’s Google have both generated faster growth in their cloud computing businesses than AWS. For reaction, Bloomberg Businessweek Daily spoke with Bloomberg Intelligence Senior Analyst for E-Commerce and Athleisure Poonam Goyal, Ed Ludlow, host of Bloomberg Tech Ed Ludlow, and Eric Clark, Chief Investment Officer at Accuvest Global Advisors. See omnystudio.com/listener for privacy information.

Founded in 2002, True Religion emerged onto the Los Angeles denim scene by disrupting the construction of the classic five-pocket jean. With its five-needle thread at two-stitch-per-inch process, the True Religion Super T stitch was instantly recognized for style that was unlike any other denim brand in the world. Today, True Religion is worn by athletes, musicians, artists, and loyal customers alike with the company putting its focus on producing high quality premium denim, sportwear and other apparel for men, women and kids. Michael Buckley, the CEO of True Religion, discusses the apparel brand's growth strategy and pursuit of becoming a billion-dollar business in the coming years. Michael speaks with Carol Massar and Tim Stenovec on Bloomberg Businessweek Daily. See omnystudio.com/listener for privacy information.

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF. Meta Platforms Inc. said it expects total expenses to significantly increase in 2026, and the company will continue to spend at historic levels on data centers and other equipment to fuel its effort in artificial intelligence. The shares dropped in extended trading. The company also reported third-quarter net income of $2.71 billion, which included a one-time, non-cash income tax charge of $15.9 billion due to the implementation of the tax bill signed into law in July, Meta said in the statement. Without the accounting charge, Meta said net income would have increased 19% to $18.6 billion. Meta reported third-quarter sales of $51.2 billion, which beat analysts’ average estimate of $49.6 billion. The company has used profits from the advertising business to fuel its AI ambitions. While Meta has argued that its AI investments are paying off now by helping the company better target ads and content, a slowdown in ad sales could damp investor enthusiasm for Chief Executive Officer Mark Zuckerberg’s long-term vision for AI. Meanwhile Microsoft Corp. reported a steeper climb in spending than Wall Street expected, fueling anxieties about the high costs of providing AI infrastructure. First-quarter capital expenditures including leases, an indication of data center spending, came in at $34.9 billion, up from $24 billion in the preceding quarter, the company said Wednesday. Alphabet Inc. reported quarterly sales that beat analysts’ estimates, buoyed by the performance of its cloud unit, which is surging as artificial intelligence startups seek Google’s support and computing power. Third-quarter sales, excluding partner payouts, rose to $87.5 billion, Alphabet said in a statement Wednesday. That topped the $85.1 billion expected on average by analysts, according to data compiled by Bloomberg. Net income was $2.87 per share, compared with Wall Street’s estimate of $2.26.The company is investing record amounts to try to push progress in AI, and infuse answers and assistance from its large language model, Gemini, into its popular products including search. The company said capital expenditures for the year will be $91 billion to $93 billion, up from the $85 billion earlier estimate. Today's show features: See omnystudio.com/listener for privacy information.