Big Take

Fueled by a powerful mix of FOMO and a government drive to accelerate AI adoption, OpenClaw has exploded in popularity across China. But as these agentic systems gain sweeping access to personal data, reports of them “going rogue” are beginning to surface. On today’s Big Take Asia podcast, host K. Oanh Ha sits down with Bloomberg’s Luz Ding and Bloomberg Opinion’s Catherine Thorbecke to dig into the rapid rise of agentic AI in China, why it has taken hold so quickly and the mounting security concerns pushing users and regulators to reassess the risks. Read more: There’s Method to China’s OpenClaw Madness China’s OpenClaw Obsession Is a Risky Gamble on Experimental AI See omnystudio.com/listener for privacy information.

A month into the Iran War, the Trump administration continues to send mixed messages about when and how it will end. In addition to threats on electricity plants and oil wells if a deal isn’t reached, the president said he would consider destroying another piece of critical infrastructure: Iran’s water desalination plants. On today’s Big Take podcast, host Sarah Holder talks to Bloomberg defense policy and intelligence reporter Peter Martin about the Middle East’s reliance on desalination, the potential humanitarian crisis that targeting the plants could spark and how that action could fly in the face of international law. Read more: How the Iran War Is Exposing the Risks to Gulf Water SupplyUS Expands Threats to Iran Energy, Water as It Hails Talks Hosted by Sarah Holder; Produced by David Fox; Reported by Peter Martin; Edited by Paddy Hirsch. Fact-checking by Eleanor Harrison-Dengate; Engineering by Alex Sugiura. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer. See omnystudio.com/listener for privacy information.

SpaceX is preparing for liftoff. After months of speculation, the company could file for a historic IPO as early as this week — seeking $75 billion in funding that would push the company’s value to $1.75 trillion. On today’s Big Take podcast, Bloomberg Tech’s Ed Ludlow joins David Gura to break down the timing of the mega-offering. They discuss the challenges SpaceX could face taking its Mars-focused mission public, how the move could push Elon Musk’s net worth past the $1 trillion mark and what this all means for everyday investors looking to get in on the action. Read more: Is SpaceX Worth $1.75 Trillion? Key Questions for Musk’s Big IPO Hosted by David Gura; Produced by Julia Press; Reported by Ed Ludlow; Edited by Tracey Samuelson and Jeffrey Grocott. Fact-checking by Eleanor Harrison-Dengate; Engineering by Alex Sugiura. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer. See omnystudio.com/listener for privacy information.

BTS is back. After a near four-year hiatus, the K-pop icons returned with a historic Netflix event – the platform’s first concert live streamed from Asia. On today's Big Take Asia podcast, host K. Oanh Ha joins Bloomberg’s Sohee Kim and Lucas Shaw to discuss Netflix’s power move and how global streamers are fighting for dominance in the competitive Asian market. See omnystudio.com/listener for privacy information.

Leaders in Washington and Tehran are on the clock, with about a month to wrap up the Iran war before it does greater damage to the global economy and their own political fates, according to retired Admiral James Stavridis. On today’s Big Take podcast with David Gura, Adm. Stavridis, the former head of US Southern Command and Supreme Allied Commander of NATO, outlines how the US troops heading to the region could help bring about a diplomatic resolution – or raise the risk of a longer conflict. Read more: Taking Kharg Island May Be a Big Risk for Little RewardThree Targets for US Boots on the Ground in IranIran Can Turn the Persian Gulf Into a Minefield Hosted by David Gura; Produced by David Fox; Edited by Jeffrey Grocott. Fact-checking by Eleanor Harrison-Dengate, Tracey Samuelson and Julia Press; Engineering by Katie McMurran. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer. See omnystudio.com/listener for privacy information.

Just when it seemed that Netflix had clinched the deal to purchase Warner Bros. Discovery, Paramount Skydance Corp. swooped in with a $110 billion counter-offer that was ultimately too good for the studio to pass up. On today’s Big Take podcast, Bloomberg’s Lucas Shaw and Chris Palmeri take host Sarah Holder inside the behind-the-scenes negotiations that secured the deal for Paramount, how Netflix co-CEO Ted Sarandos explained his company’s decision to walk away – and the twists and turns that could still be coming in this story as two mega-studios become one. Read more: What the Paramount-Warner Merger Means for Hollywood David Ellison Used Political Ties, Deep Pockets to Buy Warner Bros.Netflix’s Co-CEO Explains Why He Quit the Warner Bros. Fight See omnystudio.com/listener for privacy information.

Two decades ago, a federal prosecutor in Florida spent two years investigating Jeffrey Epstein and urged her superiors to charge him. Her frustrations mounted as her boss, US Attorney Alex Acosta, pursued a now-infamous plea deal that allowed Epstein to serve just 13 months, much of it on work release. On today’s Big Take podcast, Bloomberg legal reporter David Voreacos joins host Sarah Holder to examine emails and evidence recently released by the Justice Department. They reveal Marie Villafaña’s exhaustive efforts to hold Epstein accountable — and how, despite years of credible evidence, he managed to slip through the cracks. Read more: Sex-Crimes Prosecutor's Repeated Pleas for Epstein's Arrest Were Denied Hosted by Sarah Holder; Produced by Julia Press; Reported by David Voreacos; Edited by Jeffrey Grocott. Fact-checking by Eleanor Harrison-Dengate and David Fox; Engineering by Katie McMurran. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer. See omnystudio.com/listener for privacy information.

President Donald Trump says he believes he’ll have the “honor of taking Cuba.” As the island nation suffers from major blackouts and a US squeeze on its oil supply, its regime’s survival — and the country’s future broadly — is in question. On today’s Big Take podcast, host Sarah Holder talks to Bloomberg reporters Eric Martin and Jim Wyss about the dire situation on the ground in Cuba, ongoing talks between the country’s leadership and the US and what could come next. Read more: Cuba Is Struggling to Keep Lights On Amid Trump’s Oil BlockadeCan Cuba’s Regime Survive as US Chokes Oil Supplies?Trump’s Plan for Cuba Would Make the US the Island’s Patron Hosted by Sarah Holder; Produced by David Fox; Reported by Eric Martin, Jim Wyss; Edited by Aaron Edwards. Fact-checking by Eleanor Harrison-Dengate; Engineering by Alex Sugiura. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer. See omnystudio.com/listener for privacy information.

As the war with Iran drags out and oil prices remain turbulent, it raises the question of whether — and how — prolonged conflict in the Middle East might impact global fossil fuel dependence and the future of renewable energy. On today’s Big Take podcast, Bloomberg reporter Todd Woody and Zero podcast host Akshat Rathi join Sarah Holder to discuss early signs that the high cost of oil is reigniting consumer interest in electronic vehicles and other clean energy technologies, and how companies and countries are beginning to respond. Read more: Surging Gas Prices Reignite EV Interest Listen more: What a $100-Per-Barrel Oil Spike Does to the Global EconomyWar with Iran is a nightmare for oil and gas. What does it mean for clean energy? Hosted by Sarah Holder; Produced by Julia Press; Reported by Todd Woody and Akshat Rathi; Edited by Tracey Samuelson. Fact-checking by Eleanor Harrison-Dengate; Engineering by Alex Sugiura. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer. See omnystudio.com/listener for privacy information.

In Episode 6 of The Sixth Bureau, a series from The Big Take, with spy Xu Yanjun in prison, the US government pursues some of his collaborators. Plus, host Jordan Robertson gets an unexpected call which leads to a big discovery. The Sixth Bureau from Bloomberg News follows an MSS intelligence officer whose mission was to acquire the crown jewels of American aerospace companies. With aliases, blackmail and the occasional break-in, he targeted corporate giants. That is, until his sloppiness — and a cunning FBI sting — led to a stunning reversal: Xu Yanjun became the first Chinese intelligence officer ever convicted on American soil. The Sixth Bureau is the story of superpowers, their secrets and how one Chinese spy got caught. Listen to Episodes 1 - 5 here. See omnystudio.com/listener for privacy information.

Has Iran laid mines across the Strait of Hormuz? With attacks on gas and oil facilities across the Middle East sending energy prices soaring, a key to restoring global oil supplies is ensuring the Strait of Hormuz is safe for tanker traffic. However, even the possibility that the area has been mined suggests that a recovery could be slow. On today’s Big Take podcast, Bloomberg’s global defense editor, Gerry Doyle, tells David Gura about the challenges of clearing mines — especially before the shooting stops. Read more: Mines, Missiles, and the Strait of HormuzMine-Sweeping Drones Don’t Eliminate The Risks For Clearing Hormuz Hosted by David Gura; Produced by David Fox; Reported by Gerry Doyle; Edited by Jeffrey Grocott. Fact-checking by Eleanor Harrison-Dengate; Engineering by Katie McMurran. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer. See omnystudio.com/listener for privacy information.

The Federal Open Market Committee announced this afternoon that it would hold interest rates steady. The decision comes in spite of spiking oil prices and new market uncertainty driven by the Iran War. On today’s Big Take podcast, host David Gura sits down with Bloomberg Federal Reserve reporter Amara Omeokwe and Wharton professor and historian Peter Conti-Brown to discuss how the Fed is thinking about the Iran War and its impacts on the US economy — and what could shift its calculus in the months ahead. Read more: Fed to Hold Interest Rates Steady as Iran War Scrambles the Economic Outlook See omnystudio.com/listener for privacy information.

From soaring fuel prices in Pakistan to a shortage of cooking gas in India, Asia is bearing the brunt of the energy crunch sparked by the Iran War. On today’s Big Take Asia podcast we look at how war in the Middle East has pushed Asia to the forefront of a global crisis. Host K. Oanh Ha speaks with Bloomberg’s Faseeh Mangi about the impact of soaring fuel prices in Pakistan and Clara Ferreira Marques about how the least economically resilient countries are feeling the most pain. Hosted by K. Oanh Ha; Produced by Yang Yang, Naomi Ng; Reported by Faseeh Mangi, Clara Ferreira Marques; Edited by Paddy Hirsch. Fact-checking by Naomi Ng, Eleanor Harrison-Dengate; Engineering by Taka Yasuzawa. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver; Executive Producer: Nicole Beemsterboer. See omnystudio.com/listener for privacy information.

As the war in Iran draws in more countries, it’s had unlikely benefits for one of Iran’s key allies: Russia. President Trump has eased some sanctions on Russian oil in his efforts to alleviate the oil squeeze created by the conflict. Meanwhile, the allyship between Russia and Iran has deepened as both countries have shared battlefield intelligence. On today’s Big Take podcast, host Sarah Holder talks with US defense and intelligence reporter Natalia Drozdiak about how Russia could benefit from the Iran War — and what it could ultimately mean for Russia’s war in Ukraine. Read more: Putin’s ‘Hidden Hand’ Guides Iran’s Strikes in Widening War Hosted by Sarah Holder; Produced by David Fox; Reported by Natalia Drozdiak; Edited by Naomi Shavin. Fact-checking by Eleanor Harrison-Dengate; Engineering by Katie McMurran. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer. See omnystudio.com/listener for privacy information.

By any account, Chen Zhi's ascent was meteoric. At a young age he founded a real estate company in Cambodia, which quickly became the sprawling Prince Group conglomerate. But beneath this legitimate facade, Chen allegedly ran a vast criminal network, building an empire on scams, human trafficking and high-level political protection. On today’s Big Take Asia podcast, Host K. Oanh Ha and Bloomberg’s David Ramli look into the rapid rise and sudden downfall of an alleged criminal mastermind. Never miss an episode. Follow The Big Take Asia podcast today Read more: The Tycoon Who Had a Secret Life as an Alleged Scam Kingpin Further listening: Inside Southeast Asia’s Most Notorious Crime Hub See omnystudio.com/listener for privacy information.

From online banking and social media to digital ads and AI subscriptions, digital services are the fastest-growing segment of global trade. Unlike physical exports, they’ve been subject to little regulation, taxation or tariffs. Until now. On today’s Big Take podcast, Bloomberg global trade editor Brendan Murray and David Gura dig into the rising tensions over the almost $5 trillion in digital services sold across borders each year, why a consequential WTO meeting could change everything and what it means for the global tariff war. Read more: Trump Starts Rebuilding Tariff Protections Targeting China, Europe Hosted by David Gura; Produced by Rachael Lewis-Krisky; Reported by Brendan Murray; Edited by Jeffrey Grocott. Fact-checking by Eleanor Harrison-Dengate; Engineering by Alex Sugiura. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer. See omnystudio.com/listener for privacy information.

In the first 24 hours of US attacks on Iran, the scale of firepower more than doubled that of the US’ initial assault on Iraq in 2003 — an expansion made possible by the Pentagon’s embrace of AI. Just hours before the attack, the US parted ways with AI company Anthropic, after the company raised concerns over how the Defense Department might use its tools. The Pentagon says it wants the ability to use the tools for “all lawful purposes.” On today’s Big Take podcast, host David Gura sits down with Bloomberg national security and tech reporter Katrina Manson — author of the upcoming book Project Maven: A Marine Colonel, His Team, and the Dawn of AI Warfare — and Bloomberg senior editor Mike Shepard to discuss how the US is integrating AI into its warfighting machine and the guardrails in place for the military as it utilizes AI technology to make life-and-death decisions. Read more: ‘God, It’s Terrifying’: How the Pentagon Got Hooked on AI War Machines Katrina Manson’s book is Project Maven: A Marine Colonel, His Team, and the Dawn of AI Warfare. Hosted by David Gura; Produced by Julia Press; Reported by Katrina Manson and Michael Shepard; Edited by Jeffrey Grocott. Fact-checking by Eleanor Harrison-Dengate; Engineering by Alex Sugiura. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer. See omnystudio.com/listener for privacy information.

On today’s Big Take podcast, Bloomberg’s Brian Chappatta and Olivia Fishlow unpack the recent tumult in the world of private credit. How cracks formed in this $1.8 trillion market, how companies are trying to tamp down investor anxiety and what it all could mean for the private credit industry’s efforts to get into 401(k)s. Read more: Private Credit’s Gate-Crashers Are Forcing Funds Into a Brutal Spot Hosted by Sarah Holder; Produced by Rachael Lewis-Krisky; Reported by Brian Chappatta and Olivia Fishlow; Edited by Naomi Shavin and Tracey Samuelson. Fact-checking by Eleanor Harrison-Dengate; Engineering by Alex Sugiura. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer. See omnystudio.com/listener for privacy information.

After oil soared to nearly $120 per barrel on Sunday, President Donald Trump began to signal that the US had already achieved victory in Iran and could wind down the conflict soon. There was an immediate drop in oil prices — and the entire global economy seemed to sigh in relief. On today’s Big Take podcast, Stacey Vanek Smith and Bloomberg Opinion’s Javier Blas discuss why the global economy is so sensitive to oil price spikes and how oil prices are ratcheting up both domestic and international pressure on Trump. Read more: Higher Gas Prices Hit Americans Already Hurting From Inflation This Isn’t an Energy Crisis — at Least Not Yet Hosted by Stacey Vanek Smith; Produced by David Fox; Reported by Stacey Vanek Smith; Edited by Naomi Shavin. Fact-checking by Eleanor Harrison-Dengate, Aaron Edwards and Jeff Grocott; Engineering by Alex Sugiura. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer. See omnystudio.com/listener for privacy information.

A major factor that could limit hostilities in Iran and the Middle East is munitions — what weapons each side is using, and how quickly they might run out. On today’s Big Take podcast, Sarah Holder talks to Bloomberg global defense editor Gerry Doyle and Bloomberg Economics defense lead Becca Wasser about how long the US and Iran can carry on missile and drone strikes, what happens next in the region and what opportunity cost the US could pay for picking this battle now. Read more: Iran’s Missile Math: $20,000 Drones Take on $4 Million PatriotsUkraine Offers Help Downing Iran Drones in Exchange for Patriot Missiles Hosted by Sarah Holder; Produced by Julia Press; Reported by Gerry Doyle and Becca Wasser (Bloomberg Economics); Edited by Jeffrey Grocott. Fact-checking by David Fox and Rachael Lewis-Krisky; Engineering by Katie McMurran. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver; Executive Producer: Nicole Beemsterboer. See omnystudio.com/listener for privacy information.