WSJ's Take On the Week

In this week's episode of WSJ’s Take On the Week, host Miriam Gottfried and guest host Peter Rudegeair are joined by prominent short seller Carson Block, CEO of Muddy Waters Capital, who explains how AI is poised to fundamentally reshape society, the economy and global markets. With hyperscalers like Google, Microsoft and Meta Platforms continuing to dominate major indices and the Federal Reserve maintaining a wait-and-see position, are we finally entering a short sellers’ market? Block breaks down what he sees as the inherent fragility of a market dominated by passive investing and argues that AI-driven job displacement could trigger a historic market correction. After the break, the conversation turns to the world of private credit, where Block sees practices that he finds troubling. He also weighs in on the SEC’s proposal to eliminate quarterly reporting requirements and whether such a move would hinder or help the work of short sellers. Finally, we look at Block’s rare long position in Snowline Gold, a junior gold mining company. Is this legendary market bear finally embracing his inner bull? This is WSJ’s Take On the Week where co-hosts Telis Demos, Heard on the Street’s banking and money columnist, and Miriam Gottfried, WSJ’s investing and wealth management reporter, cut through the noise and dive into markets, the economy and finance—the big trades, key players and business news ahead. Have an idea for a future guest or episode? How can we better help you take on the week? We’d love to hear from you. Email the show at takeontheweek@wsj.com. To watch the video version of this episode, visit our WSJ Podcasts YouTube channel or the video page of WSJ.com Further Reading What to Do About the Stock Market’s Concentration What You Should Do About the Stock Market's Giant Problem Auto-Parts Supplier First Brands Files for Bankruptcy Jim Chanos, Short Seller Who Took On Enron and Tesla, to Close Hedge Funds Wall Street’s Pre-Eminent Short Seller Is Calling It Quits Black Swan Manager Sees Huge Rally, Then 1929-Style Crash Meme-Stock Investors, Opendoor CEO For more coverage of the markets and your investments, head to WSJ.com, WSJ’s Heard on The Street Column, and WSJ’s Live Markets blog. Sign up for the WSJ's free Markets A.M. newsletter. Follow Miriam Gottfried here and Telis Demos here. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this week's episode of WSJ’s Take On the Week, co-hosts Miriam Gottfried and Telis Demos break down the math behind current oil price fluctuations and what the market is signaling about the duration of the Iran conflict. Food manufacturers and producers ConAgra Brands, Cal-Maine Foods and McCormick are reporting their earnings this upcoming week. Will these companies continue to pass on some of their high expenses to customers or will they absorb the rising costs? And a couple of the show’s listeners share their takes on the oil vs. gold portfolio hedge. After the break, Telis and Miriam are joined by Eric Fine, portfolio manager and head of active emerging market debt at global investment management firm VanEck. Fine explains the concept of fiscal dominance and why he believes the roles of developed and emerging markets have reversed. He makes the case for why bonds for countries like Brazil and Colombia may now offer more stability than U.S. Treasurys. Plus, they discuss why some emerging-markets strategies have been abandoned in favor of strict fiscal discipline. This is WSJ’s Take On the Week where co-hosts Telis Demos, Heard on the Street’s banking and money columnist, and Miriam Gottfried, WSJ’s investing and wealth management reporter, cut through the noise and dive into markets, the economy and finance—the big trades, key players and business news ahead. Have an idea for a future guest or episode? How can we better help you take on the week? We’d love to hear from you. Email the show at takeontheweek@wsj.com. To watch the video version of this episode, visit our WSJ Podcasts YouTube channel or the video page of WSJ.com Further Reading Is It Time to Diversify Away From U.S. Stocks Into Global Markets Grocery Price Inflation: Customer Reactions Unilever in Talks to Separate Food Business and Combine It With McCormick Brazil’s Central Bank Cuts Rates; Future Actions Unclear Amid Middle East Conflict For more coverage of the markets and your investments, head to WSJ.com, WSJ’s Heard on The Street Column, and WSJ’s Live Markets blog. Sign up for the WSJ's free Markets A.M. newsletter. Follow Miriam Gottfried here and Telis Demos here. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this week's episode of WSJ’s Take On the Week, co-hosts Telis Demos and Miriam Gottfried analyze the Federal Reserve’s latest decision to hold rates steady—and the surprising shift in market expectations toward a potential hike. They break down Fed Chair Jerome Powell’s take on the Misery Index and whether stagflation is truly returning this year. The hosts also discuss what to watch for at the upcoming CERAWeek energy conference. After the break, Miriam and Telis are joined by Natasha Kaneva, head of global commodities research at JPMorgan. Kaneva explains the math behind why oil could hit a $125 ceiling and why $90 marks the red line for global demand destruction. She details China's push for energy self-sufficiency, and shares critical advice for your summer travel plans. This is WSJ’s Take On the Week where co-hosts Telis Demos, Heard on the Street’s banking and money columnist, and Miriam Gottfried, WSJ’s investing and wealth management reporter, cut through the noise and dive into markets, the economy and finance—the big trades, key players and business news ahead. Have an idea for a future guest or episode? How can we better help you take on the week? We’d love to hear from you. Email the show at takeontheweek@wsj.com. To watch the video version of this episode, visit our WSJ Podcasts YouTube channel or the video page of WSJ.com Further Reading Fed Holds Steady and Maintains Rate Cut Projection How Waiving the Jones Act for Oil Tankers Would Work Oil Markets' New Reality: The Gulf Disruption Isn’t Going to End Soon IEA Proposes Largest Ever Oil Release From Strategic Reserves Persian Gulf Oil Squeeze For more coverage of the markets and your investments, head to WSJ.com, WSJ’s Heard on The Street Column, and WSJ’s Live Markets blog. Sign up for the WSJ's free Markets A.M. newsletter. Follow Miriam Gottfried here and Telis Demos here. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this week's episode of WSJ’s Take On the Week, co-hosts Telis Demos and Miriam Gottfried discuss how attacks in the Strait of Hormuz are sending shockwaves through the markets and pushing oil prices higher. They analyze how the most recent jobs report showing a 92,000 job loss in February – and rising inflation fears – have complicated the Federal Reserve’s mandate. Plus, the hosts look at how some of our listeners and viewers are adapting their portfolios to respond to the war in Iran. After the break, Miriam and Telis are joined by James Stavridis, vice chairman of the Carlyle Group and a retired U.S. Navy Admiral, to discuss the tactical options and economic impact of a blockade by Iran in the Strait of Hormuz. The Admiral explains that it’s not just oil that won’t get through the strait. He outlines the investment opportunities emerging from the crisis, including unmanned naval drones and AI-driven warfare to the expanding role of private credit in the defense sector. Also, he shares three scenarios—including a breakthrough in Venezuela—that could bring oil prices back down. This is WSJ’s Take On the Week where co-hosts Telis Demos, Heard on the Street’s banking and money columnist, and Miriam Gottfried, WSJ’s investing and wealth management reporter, cut through the noise and dive into markets, the economy and finance—the big trades, key players and business news ahead. Have an idea for a future guest or episode? How can we better help you take on the week? We’d love to hear from you. Email the show at takeontheweek@wsj.com. To watch the video version of this episode, visit our WSJ Podcasts YouTube channel or the video page of WSJ.com Further Reading Central Banks Could Tilt Hawkish as Middle East Conflict Fuels Inflation Risks U.S. to Release 172 Million Barrels of Oil From Strategic Petroleum Reserve Oil Prices Continue to Rise Following IEA Release The Economic Winners and Losers of the Iran War Fertilizer Stocks Jump with Shipments Stuck at the Strait of Hormuz CPI Inflation Report February 2026 Iran Lays Mines in the Strait of Hormuz Hegseth: ‘No Clear Evidence’ Iran Mined Strait of Hormuz For more coverage of the markets and your investments, head to WSJ.com, WSJ’s Heard on The Street Column, and WSJ’s Live Markets blog. Sign up for the WSJ's free Markets A.M. newsletter. Follow Miriam Gottfried here and Telis Demos here. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this week’s episode of WSJ’s Take On the Week, co-hosts Telis Demos and Miriam Gottfried discuss why a surge in oil prices following U.S. strikes on Iran is fueling fresh inflation fears, and how the potential for a supply shock at the Strait of Hormuz could tie the Federal Reserve’s hands on interest-rate cuts. Next, our hosts analyze why we see some investors rotating back into enterprise software stocks such as Oracle and Adobe, both of which will report earnings in the coming week. After the break, Marion Laboure, senior strategist and managing director at Deutsche Bank, joins the show to explain why bitcoin and gold are no longer correlated. She breaks down the wishful thinking that drove crypto valuations, explains why she views bitcoin less as a currency and more as an asset, and discusses how investors are viewing digital assets like bitcoin and stablecoins as part of an investment portfolio. Plus, how a new section in the proposed Clarity Act has banks and crypto exchanges debating over stablecoin yields… or “rewards. This is WSJ’s Take On the Week where co-hosts Telis Demos, Heard on the Street’s banking and money columnist, and Miriam Gottfried, WSJ’s investing and wealth management reporter, cut through the noise and dive into markets, the economy and finance—the big trades, key players and business news ahead. Have an idea for a future guest or episode? How can we better help you take on the week? We’d love to hear from you. Email the show at takeontheweek@wsj.com. To watch the video version of this episode, visit our WSJ Podcasts YouTube channel or the video page of WSJ.com Further Reading Oil Prices Surge, Stocks Fall on Widening Iran War Investors Dial Back Fed Rate-Cut Bets Iran Conflict Spurs Rebound in U.S. Borrowing Costs Trump Urges Swift Passage of Crypto Bill Over Banks’ Objections Senate Passes Stablecoin Bill in Big Win for Crypto Industry For more coverage of the markets and your investments, head to WSJ.com, WSJ’s Heard on The Street Column, and WSJ’s Live Markets blog. Sign up for the WSJ's free Markets A.M. newsletter. Follow Miriam Gottfried here and Telis Demos here. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this week's episode of WSJ’s Take On the Week, co-hosts Telis Demos and Miriam Gottfried are joined by Rob Kaplan, vice chairman at Goldman Sachs and a former Federal Reserve president, to break down some big topics in markets. They discuss the market's reaction to the Supreme Court’s decision to strike down the Trump administration's tariffs under the International Emergency Economic Powers Act. Then Kaplan explains why investors are repositioning into "HALO" stocks—short for Heavy Assets, Low Obsolescence—like McDonald’s, Walmart and ExxonMobil. After the break, the conversation turns to the Federal Reserve’s new look at mortgage-market regulations and how freeing up bank capital could unleash funding in the housing market. Finally, Kaplan previews the March Fed meeting and the philosophical debate that will loom over the central bank under its potential new leadership: Should it wait to have inflation data in-hand or rely more on forecasting? This is WSJ’s Take On the Week where co-hosts Telis Demos, Heard on the Street’s banking and money columnist, and Miriam Gottfried, WSJ’s investing and wealth management reporter, cut through the noise and dive into markets, the economy and finance—the big trades, key players and business news ahead. Have an idea for a future guest or episode? How can we better help you take on the week? We’d love to hear from you. Email the show at takeontheweek@wsj.com. To watch the video version of this episode, visit our WSJ Podcasts YouTube channel or the video page of WSJ.com Further Reading Supreme Court Strikes Down Trump’s Global Tariffs Trump Said He Signed Order for 10% Global Tariff Trump Boosts New Global Tariff to 15% After Supreme Court Setback Wall Street’s Latest Bet Is on ‘HALO’ Companies With AI Immunity Walmart Shares Are Expensive AI Insurance For more coverage of the markets and your investments, head to WSJ.com, WSJ’s Heard on The Street Column, and WSJ’s Live Markets blog. Sign up for the WSJ's free Markets A.M. newsletter. Follow Miriam Gottfried here and Telis Demos here. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this week's episode of WSJ’s Take On the Week, co-host Miriam Gottfried and guest host Dan Gallagher, a tech columnist for Heard on the Street, chat with Jefferies software analyst Brent Thill about the recent turbulence in the business software market. They talk about the growing fears that AI will replace the need for traditional software-as-a-service, or SaaS, platforms like Intuit, Salesforce, and Workday. They analyze how the narrative around AI "vibe coding"—where businesses generate their own apps using simple text prompts—has led to a sharp selloff in cloud software stocks. They also note other factors weighing on the sector, including tech layoffs and the shift away from seat-based software pricing models and toward consumption-based metrics. After the break, Thill explains why he thinks the market's fears over AI disrupting major enterprise software are overblown. They explore why large companies won't trust AI with critical systems for payroll, accounting or taxes. Then Thill makes the case for why AI infrastructure and security companies remain safe bets, and why the current tech selloff and depressed valuations are setting the stage for a massive tech M&A boom driven by private-equity firms. This is WSJ’s Take On the Week where co-hosts Telis Demos, Heard on the Street’s banking and money columnist, and Miriam Gottfried, WSJ’s investing and wealth management reporter, cut through the noise and dive into markets, the economy and finance—the big trades, key players and business news ahead. Have an idea for a future guest or episode? How can we better help you take on the week? We’d love to hear from you. Email the show at takeontheweek@wsj.com. To watch the video version of this episode, visit our WSJ Podcasts YouTube channel or the video page of WSJ.com Further Reading Threat of New AI Tools Wipes $300 Billion Off Software and Data Stocks AI Won’t Kill the Software Business, Just Its Growth Story What You Need to Know About the AI Models Rattling Markets Meta Overshadows Microsoft by Showing AI Payoff in Ad Business Thoma Bravo’s $34 Billion Fundraising Haul Bucks Private-Equity Slowdown IBM Strikes $11 Billion Deal for Confluent For more coverage of the markets and your investments, head to WSJ.com, WSJ’s Heard on The Street Column, and WSJ’s Live Markets blog. Sign up for the WSJ's free Markets A.M. newsletter. Follow Miriam Gottfried here and Telis Demos here. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this week's episode of WSJ’s Take On the Week, co-hosts Miriam Gottfried and Telis Demos are joined by Frances Donald, chief economist at Royal Bank of Canada, to break down the K-shaped economy, where different groups are thriving financially while others struggle. They ask: How could Walmart hit a trillion-dollar market capitalization despite consumer sentiment near record lows? Next, Donald analyzes what could be hiding the true health of the American household, from front-loading purchases ahead of potential tariffs to buy now, pay later programs. After the break, Donald explains how the U.S. can sustain growth despite a massive wave of Boomer retirements. Then Donald breaks down why AI may no longer be a threat to the workforce but a necessary rescue for a shrinking labor pool. This is WSJ’s Take On the Week where co-hosts Telis Demos, Heard on the Street’s banking and money columnist, and Miriam Gottfried, WSJ’s investing and wealth management reporter, cut through the noise and dive into markets, the economy and finance—the big trades, key players and business news ahead. Have an idea for a future guest or episode? How can we better help you take on the week? We’d love to hear from you. Email the show at takeontheweek@wsj.com. To watch the video version of this episode, visit our WSJ Podcasts YouTube channel or the video page of WSJ.com Further Reading The Two-Speed Economy Is Back as Low-Income Americans Give Up Gains Weak Hiring, Layoff Plans Paint a Gloomy Labor-Market Picture Walmart Reaches $1 Trillion Market Cap as Its E-Commerce Boom For more coverage of the markets and your investments, head to WSJ.com, WSJ’s Heard on The Street Column, and WSJ’s Live Markets blog. Sign up for the WSJ's free Markets A.M. newsletter. Follow Miriam Gottfried here and Telis Demos here. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this week's episode of WSJ’s Take On the Week, our hosts Telis Demos and Miriam Gottfried get into why the market still hasn’t made up its mind on Kevin Warsh’s nomination as the Federal Reserve chair, and why gold and silver trades fell on the news. Then Telis says he’ll be looking at Coinbase and Robinhood’s earnings this week to help make sense of bitcoin's falling value. Our hosts then break down the software selloff that followed Anthropic’s release of new legal tools. After the break, Miriam is joined by Hemant Taneja, CEO of General Catalyst, at WSJ Invest Live. They discuss his investment philosophy in the age of AI. Taneja explains why he waited for a $60 billion valuation to invest in Anthropic and shares his view on why market bubbles can actually be a force for good. He also provides his view on how AI and robotics could challenge every human skill within the next 20 to 30 years. This is WSJ’s Take On the Week where co-hosts Telis Demos, Heard on the Street’s banking and money columnist, and Miriam Gottfried, WSJ’s private equity reporter, cut through the noise and dive into markets, the economy and finance—the big trades, key players and business news ahead. Have an idea for a future guest or episode? How can we better help you take on the week? We’d love to hear from you. Email the show at takeontheweek@wsj.com. To watch the video version of this episode, visit our WSJ Podcasts YouTube channel or the video page of WSJ.com Further Reading Saying You Want to Shrink the Fed Is One Thing. Doing It Is Another. Wall Street Can’t Decide Whether Kevin Warsh Will Be a Friend or Foe Threat of New AI Tools Wipes $300 Billion Off Software and Data Stocks AI Won’t Kill the Software Business, Just Its Growth Story The Week Anthropic Tanked the Market and Pulled Ahead of Its Rivals For more coverage of the markets and your investments, head to WSJ.com, WSJ’s Heard on The Street Column, and WSJ’s Live Markets blog. Sign up for the WSJ's free Markets A.M. newsletter. Follow Miriam Gottfried here and Telis Demos here. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this week's episode of WSJ’s Take On the Week, co-hosts Telis Demos and Miriam Gottfried are joined by WSJ economics reporter Justin Lahart to discuss why gold has smashed records, and how global instability and the "Sell America" trade has fueled the rally. Next, they look ahead to Amazon’s earnings to see if the e-commerce giant can prove AI investments are boosting the bottom line, as Meta did, or if ongoing layoffs signal deeper issues in the labor market. Justin also previews this week’s jobs report and explains why an upcoming benchmark revision might rewrite our understanding of the past year's job growth. Then after the break, Telis and Justin are joined by Erik Brynjolfsson, director of the Stanford Digital Economy Lab, to unpack whether AI is actually killing jobs. Brynjolfsson shares his research into how his research has found a decline in entry-level roles, but argues a productivity boom is imminent. Later, we ask him a fun question written by Google’s Gemini app. This is WSJ’s Take On the Week where co-hosts Telis Demos, Heard on the Street’s banking and money columnist, and Miriam Gottfried, WSJ’s private equity reporter, cut through the noise and dive into markets, the economy and finance—the big trades, key players and business news ahead. Have an idea for a future guest or episode? How can we better help you take on the week? We’d love to hear from you. Email the show at takeontheweek@wsj.com. To watch the video version of this episode, visit our WSJ Podcasts YouTube channel or the video page of WSJ.com Further Reading A Weaker Dollar Has Always Been Part of Trump’s Plan Dollar Gains, Yen Falls, After Bessent Says Strong Currency Is U.S. Policy Dollar Extends Slide After Trump Says He Isn’t Worried About Declines Meta Reports Record Sales, Massive Spending Hike on AI Buildout Amazon to Lay Off Around 16,000 Corporate Employees For more coverage of the markets and your investments, head to WSJ.com, WSJ’s Heard on The Street Column, and WSJ’s Live Markets blog. Sign up for the WSJ's free Markets A.M. newsletter. Follow Miriam Gottfried here and Telis Demos here. Learn more about your ad choices. Visit megaphone.fm/adchoices

We are knee deep into earnings season, and WSJ’s Take On the Week co-hosts Telis Demos and Miriam Gottfried dive right into what companies they’ll be keeping an eye on this week. Our hosts compare the divergent strategies of Chevron and ExxonMobil as they navigate geopolitical instability in Venezuela and a push for cheap oil from President Trump. Telis and Miriam highlight some rising and and not-so-rising stars in the AI story: Seagate and Meta. Then they look at the return of the “Sell America” trade amid recent policy volatility and tariffs After the break, Miriam is joined by Greg Peters, co-chief investment officer for public fixed income at PGIM, the asset management business of Prudential Financial, to discuss the risks facing the bond market. Peters explains why the market shrugged off recent concerns over Fed independence. Next, he shares how he hedges the winner-take-all risk in the AI buildout. And finally, Peters shares his biggest concern as an investor over the next year. This is WSJ’s Take On the Week where co-hosts Telis Demos, Heard on the Street’s banking and money columnist, and Miriam Gottfried, WSJ’s private equity reporter, cut through the noise and dive into markets, the economy and finance—the big trades, key players and business news ahead. Have an idea for a future guest or episode? How can we better help you take on the week? We’d love to hear from you. Email the show at takeontheweek@wsj.com. To watch the video version of this episode, visit our WSJ Podcasts YouTube channel or the video page of WSJ.com Further Reading Chevron’s Dilemma in Venezuela: Support Trump’s Vision Without Losing Money Trump’s $50 Oil Price Goal Is Doable, but Painful AI Is Causing a Memory Shortage. Why Producers Aren’t Rushing to Make a Lot More. Meta Lays Off 1,500 People in Metaverse Division Trump Calls Off Tariffs on Europe Over Greenland Japan’s Long-Dated Bond Yields Hit Record Highs For more coverage of the markets and your investments, head to WSJ.com, WSJ’s Heard on The Street Column, and WSJ’s Live Markets blog. Sign up for the WSJ's free Markets A.M. newsletter. Follow Miriam Gottfried here and Telis Demos here. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this week's episode of WSJ’s Take On the Week, Telis Demos and Gunjan Banerjii—in her final appearance as regular co-host—are joined by incoming co-host Miriam Gottfried. Our trio get into the high-stakes bidding war between Netflix and Paramount for Warner Bros. Discovery and why Netflix shareholders may be skeptical of the deal. Then the hosts dive into the historic rally in gold and silver, and whether the debasement trade is back after news of an investigation into Federal Reserve Chair Jerome Powell. Plus, they look at what upcoming earnings might reveal about how President Trump’s affordability agenda is playing out. After the break, Telis and Miriam are joined by Monica Guerra, head of U.S. policy at Morgan Stanley Wealth Management, to discuss how investors should position themselves for a midterm election year. Guerra explains that gridlock in Congress has historically led to market outperformance. She also shares a bold prediction that the Supreme Court could strike down President Trump’s tariffs. This is WSJ’s Take On the Week where co-hosts Telis Demos, Heard on the Street’s banking and money columnist, and Miriam Gottfried, WSJ’s private equity reporter, cut through the noise and dive into markets, the economy and finance—the big trades, key players and business news ahead. Have an idea for a future guest or episode? How can we better help you take on the week? We’d love to hear from you. Email the show at takeontheweek@wsj.com.To watch the video version of this episode, visit our WSJ Podcasts YouTube channel or the video page of WSJ.comFurther Reading Why Democrats Aren’t Threatening Another Shutdown This Time The Winners and Losers From 2026’s Mix of Tax and Benefit Cuts For Years, Powell Avoided Fighting Trump. That’s Over. Gold Breaks Through $4,600 on Fed Concerns, Haven Boost Democrats See Path to House Control in 2026 For more coverage of the markets and your investments, head to WSJ.com, WSJ’s Heard on The Street Column, and WSJ’s Live Markets blog. Sign up for the WSJ's free Markets A.M. newsletter. Follow Miriam Gottfried here and Telis Demos here. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this special edition of WSJ’s Take On the Week, co-host Miriam Gottfried and WSJ banking reporter Alexander Saeedy go inside the high-stakes world of HBO’s financial television drama “Industry.” They are joined by Mickey Down and Konrad Kay, former bankers turned co-creators of the show, to unpack how real-world market dynamics inspire the series. Down and Kay reflect on their early careers at Morgan Stanley and Rothschild, and explain why season 4 shifts away from the fictional trading floor of Pierpoint to the new frontiers of fintech, short selling and media. The group compares the financial series’ plotlines to real-world reporting on 100-hour workweeks and the mental health toll on junior bankers. They also take a look at the gamification of finance—from meme stocks to Polymarket—how a new generation is redefining risk, and the "cult of personality" driving financial fraud. Later, the creators weigh in on a hypothetical "cutthroat" trade: How would the show’s characters Harper Stern and Eric Tao play the Venezuela reopening trade? Polymarket has a data partnership with Wall Street Journal parent Dow Jones. This is WSJ’s Take On the Week where we cut through the noise and dive into markets, the economy and finance—the big trades, key players and business news ahead. Have an idea for a future guest or episode? How can we better help you take on the week? We’d love to hear from you. Email the show at takeontheweek@wsj.com. To watch the video version of this episode, visit our WSJ Podcasts YouTube channel or the video page of WSJ.com Further Reading ‘Industry’ Season 4 Review: From Banks to Boudoirs on HBO ‘Industry,’ the Hit Show About Finance, Leaves Bankers Scratching Their Heads How Bank of America Ignores Its Own Rules Meant to Prevent Dangerous Workloads Bank of America Urges Bankers to Sound Alarm on Overwork After WSJ Investigation 110-Hour Workweeks Drove Young Bankers at a Boutique Firm to the Brink Learn more about your ad choices. Visit megaphone.fm/adchoices

AI’s surge in demand for memory and storage drove some of 2025’s biggest stock market winners, including hard-drive makers Seagate Technology and Western Digital, and AI chip maker Micron Technology. Retail trading platform Robinhood also put up a blockbuster year and made its S&P 500 debut. And the bidding war by Netflix and Paramount for Warner Bros. Discovery propelled the entertainment giant into a top market performer. Not all companies fared as well, with those tied to health care and consumer brands flagging through last year. A major reset of expectations in October cratered Fiserv’s stock, putting the payment processing company near the bottom of the barrel. What awaits in the year ahead? For our first episode of 2026, co-host Telis Demos along with WSJ Heard on the Street Editor Aaron Back and Heard Columnist David Wainer tackle audience questions about what to expect for the year and offer their own predictions for investors and the U.S. economy. This is WSJ’s Take On the Week where we cut through the noise and dive into markets, the economy and finance—the big trades, key players and business news ahead. Have an idea for a future guest or episode? How can we better help you take on the week? We’d love to hear from you. Email the show at takeontheweek@wsj.com. To watch the video version of this episode, visit our WSJ Podcasts YouTube channel or the video page of WSJ.com Further Reading Flood of AI Bonds Adds to Pressure on MarketsAre Stock Analysts Useless? For Trump, the Warner Megadeal Talks Are All About CNN Runaway Insurance Costs Bring Back Talk of Price CapsAI Data Centers, Desperate for Electricity, Are Building Their Own Power Plants For more coverage of the markets and your investments, head to WSJ.com, WSJ’s Heard on The Street Column, and WSJ’s Live Markets blog.Sign up for the WSJ's free Markets A.M. newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this week’s episode of WSJ’s Take On the Week, co-host Telis Demos and guest host WSJ Chief Economics Correspondent Nick Timiraos are joined by Beth Hammack, president of the Federal Reserve Bank of Cleveland, to discuss the state of the U.S economy, interest rates and the central bank itself. Hammack shares her views on what she’s hearing from businesses in her district and what that could mean for consumer prices and the labor market. She emphasizes the importance of Fed independence and the chairman’s role in fusing differing viewpoints to create stable monetary policy. She also offers her perspective on the so-called neutral rate as well as artificial intelligence. At the end of the episode, Telis and Nick analyze the interview, offering their takes on the outlook for tariffs, inflation and jobs. They also break down what influence the new Fed chair will have on the central bank’s rate-setting committee and how markets may react to the nominee. This is WSJ’s Take On the Week where we cut through the noise and dive into markets, the economy and finance—the big trades, key players and business news ahead. Have an idea for a future guest or episode? How can we better help you take on the week? We’d love to hear from you. Email the show at takeontheweek@wsj.com. To watch the video version of this episode, visit our WSJ Podcasts YouTube channel or the video page of WSJ.com Further Reading The Fed's New Rate-Setting Officials for 2026: Three Hawks and a Dove Fed Officials Spar Over Whether Rate Cuts Risk Credibility on Inflation Cleveland Fed’s Beth Hammack Skeptical of Further Cuts ‘We Still Have an Inflation Problem.’ A Fed Newcomer Wants to Go Slow on Rate Cuts. The Fed Did Banks a Solid This Week. More Favors May Be Needed For more coverage of the markets and your investments, head to WSJ.com, WSJ’s Heard on The Street Column, and WSJ’s Live Markets blog. Sign up for the WSJ's free Markets A.M. newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

This week we’re bringing you an episode of our sister podcast What’s News Sunday, a weekly show tackling the big questions about the biggest stories in the news. In this week’s special episode, Lingling Wei, WSJ’s Chief China Correspondent, focuses on how China has been making major inroads on the technology front from artificial intelligence to autonomous driving, complicating its relationship with the U.S. She is joined by Peter Landers, WSJ’s Asia Business Editor, and Victor Wang, a Silicon Valley venture capitalist to address audience questions related to this dynamic tech race. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this week's episode of WSJ’s Take On the Week, co-host Telis Demos and guest host Hannah Erin Lang discuss the Federal Reserve's recent rate cut and whether further easing is expected in 2026. They get into the upcoming CPI report, which is expected to show stubborn inflation, and how that could pressure consumer stocks like Nike and General Mills. The hosts also look at the busy slate of global central bank decisions from the EU, the U.K., and Japan — highlighting how a potential rate hike from the Bank of Japan could impact the U.S. dollar. They also discuss whether the latest jobs report reveals the growing impact of artificial intelligence on the labor market? After the break, Telis is joined by Ajay Rajadhyaksha, global chairman of research at Barclays, to explore the relationship between AI and the economy. Rajadhyaksha explains why he doesn’t see AI causing net job losses yet, but rather a slowdown in new hiring and wage pressure. He argues that the huge amount of AI spending is keeping the economy growing right now. However, he warns that if the AI investment falters, there could be consequences for the U.S. economy. Finally, Ajay offers his take on why investors should look to markets like Japan and Korea for AI opportunities. This is WSJ’s Take On the Week where co-hosts Gunjan Banerji, lead writer for Live Markets, and Telis Demos, Heard on the Street’s banking and money columnist, cut through the noise and dive into markets, the economy and finance—the big trades, key players and business news ahead. Have an idea for a future guest or episode? How can we better help you take on the week? We’d love to hear from you. Email the show at takeontheweek@wsj.com. To watch the video version of this episode, visit our WSJ Podcasts YouTube channel or the video page of WSJ.com Further Reading Tens of Thousands of White-Collar Jobs Are Disappearing as AI Starts to Bite How the U.S. Economy Became Hooked on AI Spending More Big Companies Bet They Can Still Grow Without Hiring The AI Data-Center Boom Is a Job-Creation Bust For more coverage of the markets and your investments, head to WSJ.com, WSJ’s Heard on The Street Column, and WSJ’s Live Markets blog. Sign up for the WSJ's free Markets A.M. newsletter. Follow Gunjan Banerji here and Telis Demos here. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this week’s episode of WSJ’s Take On the Week, co-host Telis Demos is joined by WSJ markets reporter Hannah Erin Lang to discuss the return of investor optimism as the S&P 500 approaches all-time highs ahead of the FOMC’s upcoming meeting. They also analyze the next test for the AI trade: earnings from Oracle and Adobe this week. Plus, the U.S. dollar is sliding as the Federal Reserve prepares to cut rates while Japan signals hikes. The hosts discuss how this could drive capital abroad. After the break, Telis sits with Nate Wuerffel, head of market structure and product head for the global collateral platform at BNY, to discuss the Fed’s other big decision: How large a balance sheet should it maintain? Wuerffel, a former New York Fed official, explains the mechanics of quantitative tightening and the risks of "scarce” reserves. They explore how liquidity in the "plumbing" of the financial system affects everyday consumers through higher mortgage costs and discuss the importance of a liquid Treasury market in preventing crises like 2023’s Silicon Valley Bank failure. This is WSJ’s Take On the Week where co-hosts Gunjan Banerji, lead writer for Live Markets, and Telis Demos, Heard on the Street’s banking and money columnist, cut through the noise and dive into markets, the economy and finance—the big trades, key players and business news ahead. Have an idea for a future guest or episode? How can we better help you take on the week? We’d love to hear from you. Email the show at takeontheweek@wsj.com. To watch the video version of this episode, visit our WSJ Podcasts YouTube channel or the video page of WSJ.com Further Reading The Fed’s Tool for Calming Short-Term Funding Markets Is Being Tested Fed’s Williams Expects Central Bank to Return to Asset Purchases Soon The Fed’s $6.6 Trillion Test: When to End Its Portfolio Runoff A Little Dual Easing Soon Could Help the Fed Avoid Major Easing Later The Repo Market: What It Is, and Why Everyone Is Talking About It Again For more coverage of the markets and your investments, head to WSJ.com, WSJ’s Heard on The Street Column, and WSJ’s Live Markets blog. Sign up for the WSJ's free Markets A.M. newsletter. Follow Gunjan Banerji here and Telis Demos here. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this week's episode of WSJ’s Take On the Week, co-host Telis Demos and guest host Hannah Erin Lang discuss the volatility of the AI trade and how Nvidia's earnings report at least somewhat helped restore investors’ faith. They analyze new signals from retailers, including those who recently reported earnings, such as Target and Walmart, about the K-shaped U.S. consumer economy and the uneven spending patterns heading into the crucial Black Friday and holiday season. The hosts also note that the recent market choppiness, which saw gold and bitcoin fall, highlights the impact of the AI trade on the broader market. Upcoming earnings from companies like Dell Technologies, which has talked about AI as a driver, and consumer-staples companies and retailers, including J.M. Smucker, Kohl's and Abercrombie & Fitch, will provide further reads on both AI and the health of the consumer. After the break, Telis talks with Luca Paolini, chief strategist at Pictet Asset Management, to discuss why U.S. investors should diversify their investment portfolios outside of their home market. They explore Pictet’s theory of the “great convergence,” where non-U.S. economies like Germany, Japan and Latin American markets are expected to close the growth gap with the U.S. Paolini makes the case for why the dollar's strength is fading, a key part of the dollar debasement trade, and why the outperformance of the MSCI World Index excluding the U.S. highlights the need for a long-term diversification strategy. He also outlines specific investment opportunities in alternative assets and foreign markets. This is WSJ’s Take On the Week where co-hosts Gunjan Banerji, lead writer for Live Markets, and Telis Demos, Heard on the Street’s banking and money columnist, cut through the noise and dive into markets, the economy and finance—the big trades, key players and business news ahead. As we look ahead to 2026, what major economic, markets or finance question is top of mind for you? We’d love to hear from you. Email the show at takeontheweek@wsj.com. To watch the video version of this episode, visit our WSJ Podcasts YouTube channel or the video page of WSJ.com Further Reading Here’s Why Stocks Gave Up Their Gains It’s a Scary World, but Investing Abroad Has New Attractions Delayed Data Show Strong Hiring, but Offer Little Clarity for Fed Nvidia’s Strong Results Show AI Fears Are Premature The Crypto Trades That Amplified Gains Are Now Turbocharging Losses For more coverage of the markets and your investments, head to WSJ.com, WSJ’s Heard on The Street Column, and WSJ’s Live Markets blog. Sign up for the WSJ's free Markets A.M. newsletter. Follow Gunjan Banerji here and Telis Demos here. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this week's episode of WSJ’s Take On the Week, co-hosts Gunjan Banerji and Telis Demos discuss the lingering economic impact of the U.S. government shutdown and why a lack of crucial inflation and jobs data is making the outlook murky for the Federal Reserve. Next, Nvidia is set to report its third-quarter earnings this week. And Morgan Stanley estimates that only half of the roughly $3 trillion in global data center spending through 2028 could be funded by projected cash flows. So how are tech companies going to fund the rest? Then after the break, Telis is joined by Guy LeBas, chief fixed income strategist at wealth management and investment banking firm Janney Montgomery Scott, to explore how the AI revolution will be financed. Oracle, Meta and Google parent Alphabet have made bond offerings valued in the tens of billions. LeBas explains that the trillions needed to help fund data centers will force tech hyperscalers to issue massive new debt, potentially increasing the size of the corporate bond market by 20% a year. And he talks about whether the AI bubble could find its way into the bond market. This is WSJ’s Take On the Week where co-hosts Gunjan Banerji, lead writer for Live Markets, and Telis Demos, Heard on the Street’s banking and money columnist, cut through the noise and dive into markets, the economy and finance—the big trades, key players and business news ahead. As we look ahead to 2026, what major economic, markets or finance question is top of mind for you? We’d love to hear from you. Email the show at takeontheweek@wsj.com. To watch the video version of this episode, visit our WSJ Podcasts YouTube channel or the video page of WSJ.com Further Reading Who Will Pay for the AI Revolution? Retirees Is the Flurry of Circular AI Deals a Win-Win—or Sign of a Bubble? Meta Finishes Jumbo Bond Sale; Yield Climbs While Stock Slides BlackRock Among Biggest Investors in Meta’s Giant Data-Center Debt Deal AI Borrowing Floods Debt Markets Big Tech Is Spending More Than Ever on AI and It’s Still Not Enough Oracle's $18 Billion Bond Sale Meets Strong Investor Demand For more coverage of the markets and your investments, head to WSJ.com, WSJ’s Heard on The Street Column, and WSJ’s Live Markets blog. Sign up for the WSJ's free Markets A.M. newsletter. Follow Gunjan Banerji here and Telis Demos here. Learn more about your ad choices. Visit megaphone.fm/adchoices