Tesla’s EV Sales Top Estimates With Car Business Stabilizing

0:00Some people treat Chachy PT like some kind of smart search engine, and some use it to get work done. Chachy PT work is a new way of working in Chachy PT 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 Chachy PT to work on your most ambitious ideas and projects. Get started at chachypt.com by selecting Work Mode, available on plus and pro plans. Who says Americans don't build big things anymore? Through innovation, venture global is not only building some of the largest energy facilities in the world right here in the United States, but delivering American energy and a fraction of the cost, and a fraction of the time. So while others are busy talking, we're busy building.

1:05That's venture global. That's unstoppable energy. Bloomberg Audio Studios. Podcasts, Radio, News. 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. Just talk a little Tesla. It's been a while since we talked about Tesla. It's almost like it's fallen a little bit out of the zeitgeist as Tom Keen would say. Maybe because it's been eclipsed by, if you want to talk about Elon Musk, you talk about SpaceX, but Tesla delivered some better and expected cars during the most recent period. Stocks up 5% today, but it's down about 17% year to date. So they reported better and expected sales for the third quarter, delivering 486,500 vehicles worldwide. Craig Trudeau, Global Autos Editor, it's front and center for him at Bloomberg

2:08News. He joins us live here in our Bloomberg interactive broker studio. Craig, so they did it. Had a pretty good quarter in terms of deliveries. They used to be a time when that was the number. Everybody really hung on here. What's going on at Tesla these days? Yeah, it's difficult to cover because it feels like Groundhog Day a little bit, where this is a company where people increasingly care less about the here and now business and care much more about the future. Can Elon sort of make good on all of this hype that he's built for humanoid robots and the AI business. In the meantime, they're still in the business of making and selling cars. It's also not a whole lot going on there in terms of dramatic moves, at least in the last couple of quarters. You have had much better expected deliveries, but it is a company that's been a holding pattern where when they do have a good quarter, it's roughly 500,000 units, but they've yet to crack that threshold. That's happened now repeatedly

3:10just the last three years. Call it. It just feels like there's not a whole lot of excitement when it comes to Tesla vehicles. They only have three consumer models now, Model Y and Model 3 and the Cybertruck if you're into that. If you're into driving a car that looks like it's from the Minecraft movie. But in any case, the car sales are still really, really important to Tesla the company, right? Hugely. They do have an energy business that is important and is kind of an AI play, right? They've been selling an awful lot of battery storage systems actually to Elon's other company, SpaceX. It's a little bit of from one hand of Elon's empire to the other. That, of course, though, is still a fraction of the amount of revenue in the business that they bring in. I mean, in general, it's cash flow. That's what they need. Absolutely. This is a company that I think is benefiting from the fact that there's been

4:11some pullback in terms of competition here in the US market where Ford and Stellantis, I would say in particular, really have rethought electric vehicle plans in light of the Trump administration pulling support and incentives a year ago. There's maybe a little bit more room to breathe, but also a shrinking market for EVs in the US. Things are also just getting more and more intense by the day in China. Even the very competitive Chinese manufacturers are having a hard time there this year, which is I think maybe an underappreciated story. Talk to us about Tesla and its presence in China. Where are we now? Where did it come from? What's the future for this thing? They really were sort of had the red carpet rolled out for them. I think there was a sort of view that on the part of the CCP, if we bring in this really competitive company from outside that gets everybody motivated to move faster and be much more

5:13competitive, it might raise the game for the domestic industry. That really proved to be a great strategy because Tesla, it was a win-win for Tesla and China. You saw the rise of the likes of BYD, GLE is now much more relevant on a global stage. You've also seen even in the tech space, some EV noise being made, but it is absolutely the case that a lot of those domestic players have surpassed Tesla both in that market and even in Europe where you've seen real traction on the part of those domestic manufacturers. So pick up on what you were just saying about how the EV market in China is slowing down quite a bit and even the Chinese manufacturers are now struggling to keep up the pace of sales. Yeah, it's a little bit has to do with some incremental pullback in state incentives. I think it also has to do with the property market and some of the pressures

6:14that we've seen. I think just in general there's a little bit of head scratch going on because maybe some of those factors understandably would lead to some pressure, but we've been seeing on the order of 20% a month after a month of year over year decline. That's really substantial for a car market, the size of China. It is far and away, bigger than anywhere else in the world. And so to see this industry with so many companies that rely on that market for volume, move that substantially. I think it's actually reverberating. I think especially for like a Volkswagen and is a major factor in why they're having so much issue. All right, you are my Michigan State contact, my only, my I have two Michigan State contacts. Can you guys ever be role of it in the big football again? Wow, and it's not just you guys, it's just it's Rutgers, it's Maryland, it's just, you know, I don't know. I miss Mark Dan Tonio,

7:15those were the days we had like a single year with with Tucker, who Mel Tucker, who, you know, faded fast. But it's just a question resource. Is Michigan State, can they do it? I think it helps to have, you know, a former walk on basketball player who now runs a mortgage company cut and checks, but that seems to be working much better for the basketball program than the football program. Why do you question parking? All right, you're all right, you're all good. Well, Craig can take the big question. Absolutely. Exactly. But again, I love depending on the big four power conferences, there's three or four teams for, and then everybody else is just an also rent. That's it. But Indiana, of course, is a big exception last year. That's exactly right. We shall see. Why can't Michigan State do an Indiana? Why can't you do an Indiana? You know, so, you know, stay with us more from Bloomberg Intelligence coming up after this. Some people treat Chachi Pt like some kind of smart search engine, and some use it to get work done. Chachi Pt work is a new way of working in Chachi Pt that can take action across your apps and

8:19files, 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 Chachi Pt to work on your most ambitious ideas and projects. Get started at chachipt.com by selecting work mode available on plus and pro plans. Running a business means you're always on the move. The Delta Sky Miles Reserve Business American Express card is made for frequent travelers who want premium benefits that works as hard as they do. For a limited time, new Delta Sky Miles Reserve Business Card members can earn 200,000 bonus miles the highest miles offer this year. And when you need to recharge or find a quiet place to work, the Delta Sky Club can turn a layover into precious productive time or a restful reset. You can enjoy 15 visits each medallion year to the Delta Sky Club when flying Delta,

9:23an unlock unlimited Delta Sky Club access after spending $75,000 in purchases on your card during a calendar year. Plus, receive four one-time guest passes each medallion year so you can bring a colleague along. That's 15 Sky Club visits plus four guest passes for an annual value of up to $950. Value estimate based on $50 per visit rate to purchase additional visits or bring a guest to the Delta Sky Club. Apply today at www.delta.com slash podcast. Offer ends 11 426 minimum spending requirements and terms apply. 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. Let's talk a little bit about what's going on with consumer facing companies. We know that consumers aren't feeling great about the economy right now. The consumer confidence data showed that. But do we spend? We not spend in that environment. It kind of depends. And you look at a

10:27company like Nike, which is very much dependent on consumer sentiment. The stock is down 5%. And Paul, this all ties back to this restructuring that has taken a while to get through. Yeah, and it's really testing Wall Street. I think patience here. Absolutely. The CEO is a lifer from Nike. I think he started off there as an intern and he was supposed to turn this ship around. And the verdict right now is that it's not happening as quickly as people would like. Punam Goyle is our senior USE commerce and retail analyst at BI here. And she's going to help us understand what's going on with Nike. How much of this Punam is stuff that Elliott Hill inherited versus things that he did not fix once he inherited? I think it's a combination of both. So Nike started to slow down before Elliott Hill had come into the equation that said since he's come on board what he has fixed is North America and performance. So we do give him credit for that. That though there's so much more to fix sports

11:28where roughly 50% of Nike's business is still down. Jordan is down and China is plunging as we speak. It was down 26% in the latest quarter and things will probably get worse before they get better. So the fix isn't over. It's going to take more than 12 months in our view and we don't know what steps they're going to take exactly and what will work from here. So waiting to hear more at the analyst meeting in November but there's a lot of things that Nike still needs to fix to get this ship on board again. So there's a reporting on the Bloomberg that you know I've been some investors are starting to get a little impatient with this management team here. Where are we on that? Is there any expectation for any changes at the top here because one could argue that this is an execution issue? Yeah you know I would say it's an execution an issue of nothing was working. I do give Elliott credit for performance and the improvement that he's brought there. Performance grew high single digits in the latest fiscal quarter. In fact you know a couple

12:32of years ago we were talking about running and how Nike just has lost all the momentum in running and it's no longer that that's the case. Nike's running was actually up and it continues to be gaining market share. So they have done some things right. Whether or not doing well is it an execution issue? I think it's a matter of prioritizing. It's a big business. It is the largest sportswear brand in the world. You can't turn everything at once. They focused on the biggest region North America. They focused on the performance business which is what Nike is known for. And I think those were the right steps to take here. So I wouldn't necessarily blame Elliott Hill for all the things that are still turned yet. It feels like Nike is kind of in the perfect position for an activist takeover activist investor to come in and demand all kinds of things. Are we likely to see that with Nike? Do you think? I'd say if an activist were to come in what is it that they would do? How would they fix Nike from what the current strategy is today? Do they clean house by

13:36restructuring? Nike is already doing that. They have a peace plan in place to point five billion in cost savings through the plan with one million dollar in restruction costs. So that's kind of taken care of. The next is how do you fix sportswear? How do you fix Jordan? How do you fix the business that's not performing? And that is all product to lead. So I think Elliott has the team that is product focused and product led to fix that if anyone. Talk to us about the competitive environment out there because I don't know anything about it. This is how I buy a pair of sneakers. I go into the store, I go over to the Nike section and I just pick out whatever one kind of looks good to me. That's how I do it. But there's a lot of other brands out there that I think are probably a fundamental challenge for this company. Yeah, absolutely. Look, when you went into the store six years ago, you probably saw Nike across the store today. When you walk into a store, there's a section on Nike. There's a section on on. There's Hulka. There's Brooks. There's A6. The list goes on. So the customer has choices and they have choices wherever they go, whether it's

14:39online or in store. And that's made it difficult for Nike to pick up the momentum as fast as it would have maybe 10 years ago. I think that brings up a good point. I mean, at the end of the day, consumers want new things. They want a refreshed lineup of offerings. Nike was dominant in the 80s and for most of the 90s. And so to taste change and so people don't want to be wearing Nike's anymore. I mean, is this just part of the natural rhythm of branding that at some points, you have a moment of extreme popularity and then you have to go away for a little bit and then come back later on? I think it's not essentially that because Nike still has very high brand popularity. In fact, we run a survey twice a year on sneakers and we ask consumers, what is your most preferred brand when you think about sneaker shopping? Nike's still number one. So we don't think it's a brand perception issue here. We really think it's a product issue when Nike brings new product, product that performs product at the right price point, product that screams innovation,

15:42it does well. And we've seen that through Vomero, through Pegasus, through its cushioning and performance shoes that it's launched. It's the shoes that you just want to put a swish on and put out and you think they'll sell. That's not going to happen. You have to give the customer something. Once upon a time, that was the Jordan line and Jordan's are now suffering. What happened? What went wrong with how Nike protected this part of its brand? Yeah. So Jordan is a 13, Jordan's 13% of Nike sales. It's a $7 billion business. So it is definitely a big business. What went wrong here is that they kind of just started flooding the marketplace with a bunch of different retro product. And the one thing about Jordan that makes it work is exclusivity, it's selection and it's scarcity. So you need to have all three and all of that kind of disappeared over the past few years. So Nike is trying to bring that back. And we think that if they get the right product in front of customers and they don't put too much of it out, Jordan can come back to life. Basketball is still a very, very well regarded in Played Sport.

16:47They have a lot of the leaders endorsing that sport from the players to even ambassadors on the field. So we do think that Jordan is about product. Put them, let's just step back real quick before we let you go. Christmas back to, you know, the holiday season. How's that shaping up for retail this year? I think if you have the right product, you will get the sales. The consumer despite all the economic data that we're seeing is spending, but they're spending on what they want and where they want. Stay with us, more from Bloomberg Intelligence coming up after this. Some people treat Chachi Pt like some kind of smart search engine and some use it to get work done. Chachi Pt work is a new way of working in Chachi Pt 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 Chachi Pt to work on your most ambitious ideas and projects.

17:53Get started at chachipt.com by selecting work mode available on plus and pro plans. Running a business means you're always on the move. The Delta Sky Miles Reserve Business American Express Card is made for frequent travelers who want premium benefits that works as hard as they do. For a limited time, new Delta Sky Miles Reserve Business Card members can earn 200,000 bonus miles. The highest miles offer this year. And when you need to recharge or find a quiet place to work, the Delta Sky Club can turn a layover into precious productive time or a restful reset. You can enjoy 15 visits each medallion year to the Delta Sky Club when flying Delta, and unlock unlimited Delta Sky Club access after spending $75,000 in purchases on your card during a calendar year. Plus, receive four one-time guest passes each medallion year so you can bring a colleague along. That's 15 Sky Club visits plus four guest passes for an annual value of up to $950. Value estimate based on $50 per visit rate to purchase additional visits or bring

18:56a guest to the Delta Sky Club. Apply today at www.delta.com slash podcast. Offer ends 11-426, minimum spending requirements and terms apply. 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. Tons of tech stuff, tons of technology, telecom media, and to do that with an English accent. We have Matthew Bloch some senior media and tech analysts for Bloomberg Intelligence. He's based over there in London helping us run our Bloomberg Intelligence London operation. It covers all of Europe, but we got them in New York this week, put them into work here. Matt, I want to get the latest on the IPOs for some of these big AI companies. I think Anthropics probably scheduled to come first. I saw some reporting that they like to get this thing done, you know, kind of before thanks, giving the middle of November. Does that

19:57make sense to you? I think if you go in this year, it definitely makes sense. Yeah, I think we're realistically anytime after Thanksgiving would be pretty tricky to deliver. And then you'll see then you're kind of then into the issues that, well, you have to rewrite your S1 and so it becomes an incremental amount of work. So obviously markets are rebounding after they're kind of pulled back on all these concerns about AI safety. I'll see that lots happened in the last week, not least the presidents gathering of the great and the good from the industry to come up with some kind of moral code. So I think that helps give clarity. I think generally speaking, investors perceive this as almost strengthening the moat for the likes of Anthropics, but it's going to make it harder for people to catch up with them. They're clearly their revenue I mentioned is pretty good. I think open AI is perhaps kind of closing that gap a little bit. So yeah, I think all those things suggest that if they can get it away before Thanksgiving,

20:57then it would be a good, good idea to do that. Yeah, you mentioned we did have a a little bit of a pause in that AI momentum, stock price momentum here and caused in part by, as you mentioned, some of the leaders of the industry, Sam Altman and Elon Musk and some others saying, hey, maybe we should put some guardrails, maybe we should slow it down. People kind of saw that for what it might have been, which is, hey, we've already established our leadership position. Let's slow it all down for everybody else. But you think that meeting at the White House just helped kind of elase some of those concerns? Yeah, I think it was helpful just generally to get all of those different perspectives out in the open. And you know, obviously a lot of the headlines made it seem quite polarized, but certainly between President Trump and the likes of Sam Altman. But I think, you know, actually when you looked below the headlines, there was a quite a bit of common ground. And I think everybody acknowledges it. I mean, hard not to acknowledge that there are safety concerns with AI because you know, all of these kind of reaches that we've seen. And those do create, you know, systemic risks for the financial industry for perhaps kind of

22:00energy supply or sorts of things. And so I think having some clarity around that is kind of helpful for the whole industry. And I'm sure that some of this was brought up to the surface because probably as in some of these kind of pre-IPO investor meetings that companies do, the feedback from the bankers, this is an issue that you're going to get asked about repeatedly. Through your road show, we need a clear answer about it. And it's not something that one company would say could have a clear answer to you. So I think it's been helpful for the industry as a whole. In terms of trying to regulate the industry, on the one hand, I can't imagine my government has any capability to do that whatsoever. There are guys just still using blackberries down there in DC. They don't know what's going on. But on the other hand, that's whole self-regulating thing also has a ton of risk. You know, can you really trust these guys to do a good job? And but the overriding overarching issue is in the United States, one of the reasons that the technology industry has been so successful as it's a government has generally taken a light touch

23:00from a regulatory perspective. So how do you think this might play out? Yeah, I think it's going to continue to be primarily self-regulation. Yeah, I can't see why the US government would ever think that moving away from a light touch approach is a good idea. When you contrast that with Europe, which is historically, I don't think it's incredibly heavy touch, you can see the benefits of how the US approach is going to help the industry. And even the best regulator or best legislature in the world is going to struggle to kind of get anywhere close to the kind of the speed of change in the industry and creating broad frameworks for this stuff is incredibly difficult. So to some degree, it's better to just rely on broad principles of legislation and policy and make sure that industries are kind of fitting within those kind of cross-sector guidelines. To Europeans, not the companies, not the regulators, but just Europeans on the street. How do they feel about the fact that they did not participate in the technology wealth creation in a sense of that all happened in the US and in Asia?

24:08There's no real tech in Europe. And did they look at that as a fundamental problem or no? I'm not sure if they kind of think about it quite that they certainly want your average kind of European citizens. Obviously, historically, Europe's been an incredibly kind of industrial, manufacturing, land economy, Germany's struggling with that. So I think a lot of the kind of focuses a lot more about what do we do to kind of protect and kind of reignite momentum in that strong industrial base. Obviously, countries like the UK have a much more service-led economy, but it's much more around financial services and legal and consulting and you know, I clearly there are risks around that for may I, but yeah, it's not something that I think kind of really people will navel gaze about too much. There's kind of more pressing concerns in Europe that they're kind of looking at. Stay with us more from Bloomberg Intelligence coming up after this. Some people treat Chachi Pt like some kind of smart search engine and some use it to get

25:11work done. Chachi Pt work is a new way of working in Chachi Pt 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 Chachi Pt to work on your most ambitious ideas and projects. Get started at chachipt.com by selecting Work Mode, available on plus and pro plans. Running a business means you're always on the move. The Delta Sky Miles Reserve Business American Express Card is made for frequent travelers who want premium benefits that works as hard as they do. For a limited time, new Delta Sky Miles Reserve Business Card members can earn 200,000 bonus miles. The highest miles offered this year. And when you need to recharge or find a quiet place to work, the Delta Sky Club can turn a layover

26:14into precious productive time or a restful reset. You can enjoy 15 visits each Medallion year to the Delta Sky Club when flying Delta. An unlock unlimited Delta Sky Club access after spending $75,000 in purchases on your card during a calendar year. Plus, receive four one-time guest passes each Medallion year so you can bring a colleague along. That's 15 Sky Club visits plus four guest passes for an annual value of up to $950. Value estimate based on $50 per visit rate to purchase additional visits or bring a guest to the Delta Sky Club. Apply today at www.delta.com slash podcast. Offer ends 11 426. Minimum spending requirements and terms apply. 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. Let's now switch gears and talk about a company

27:14that has gotten a lot of interest of late and it's the toy maker Mattel, the maker of Barbie. And it's gotten some interest, some M&A interest. So let's bring in Lindsay Dutch. She's our consumer hardlines and beauty retail senior analyst to talk a little bit more about this potential M&A interest. Lindsay, the company that is looking into Mattel is authentic brands. This is a asset light company that just collects a lot of brands, right? And Mattel is a powerful brand for authentic, potentially. Yeah, hi, Scarlet. Thanks for having me. And yes, authentic has been scooping up brands left and right over the past several years now. And I think Mattel's Barbie and Hot Wheels brands are probably very appealing for them. The Wall Street Journal reported that they're offering over $20 a share. That's a 58% premium to the close on September 30th. And we think that premium is because authentic probably sees some unique opportunity where they can loop in Mattel's

28:20powerhouse brands, Barbie, you know, with some of the other brands that they have purchased. Like Reebok comes to mind doing some sort of cool collaboration. And we know from the Barbie movie a few years ago that those collabs and the Barbie brand is quite powerful and it is quite lucrative. I'm looking at Mattel stock here, you know, 14 in change here. It's quite a discount from $20. Is there a lot of skepticism, I think, in the marketplace here. What is the company set? Is Mattel responded at all? Yeah, so Mattel has not responded. The offer, you know, does come at a very interesting time in on-treets who had been leading Mattel for about eight years. He had the longest tenure in a while for Mattel, drove a key turnaround for the toy maker. You know, we just got word that he was stepping down. I think effective today. And the chairman of the board, Roger Lynch, was stepping in to lead the company effective immediately essentially. So it's coming at an

29:23interesting time, the change of management for Mattel. There's also been pressure on Mattel from several activists, investors over the past couple of years. That's really, you know, you know, you know, on drove this great turnaround and then growth kind of has tapered off in the past year or two. You know, Barbie has been struggling since the movie, Fisher Price, another Mattel brand just really hasn't come back and rebounded. So there's a pressure on the company, you know, in multiple ways and this executive turnover. So now this takeover offer is just really shaking things up for this company. Yeah, the timing is so interesting that it all kind of happens once. Yep, very interesting. Um, what about how does Matt Mattel compare against Hasbro, the other big toy maker in the US? Yeah. So Hasbro is the nearest peer, you know, and some of the activist letters, you know, that have sent to Mattel, you know, are really encouraging sort of a merger between the two of them. Hasbro though has gone through its own transformation over the past couple of years. And they're

30:25really moving in. They want to be known for digital gaming, you know, they had on the magic, the gathering, strategic trading card game and that is really huge for them. That's really which driving growth. Um, you know, so I see, um, it very unlikely, um, for there to be some sort of competing bit, especially from Hasbro, you know, I think Hasbro really wants to focus on those growth areas that they have paved the way for themselves. And Mattel's portfolio really skews more to classic toy categories, dolls, um, hot wheels being vehicles. And then like we said, the, the Fisher Price had been to other preschool category. Those categories have been really slow growth as of late. And I don't quite see Hasbro wanting to lean more heavily into those, you know, rather than the growth categories that they're really going after. Talk to us about just the toy industry these days or parents still out there to buy their kid, the GI Joe with the Kung Fu grip. What's the growth story there?

31:25Um, I'm glad you asked that. So I was just looking at some, um, Sir Kanna data. And so the toy industry actually had its best first half in six years. The US, you know, dollar sales were up 17%, globally up 14%. That's huge. The thing is it's only being driven by a couple of categories. One of them being trading cards, um, the second games and public puzzles, and then also building sets, which is largely Lego. And, and not only is it just these three categories, um, it's also really being driven by adult and teen demand. So it's not really demand coming from kids and sort of the classic, um, demand driver that we would think about, you know, four toys. So it's a very interesting dynamic, especially heading into holiday. I think, you know, when demand does skew a little bit more towards those classic drivers, um, it's a very interesting setup. And again, when we come back to Mattel's portfolio,

32:29um, instead of that double digit growth, which the industry has seen in the first half, you know, they're only expecting a load of mid-single digit growth for sales for the year. And that's really reflecting the fact that they don't, they aren't in trading cards. They have some building sets, but it's really not quite competitive with Lego and they're not really in collectibles. Um, so it's really that the industry is being driven by, um, these pieces, these new, emerging pieces of the business, and it doesn't quite line up with some of these legacy toy maker for fully those. This is the Bloomberg Intelligence Podcast, available on Apple, Spotify, anywhere else you get your podcasts. Listen, live each weekday 10 a.m. to new news turn on Bloomberg.com, the iHeartRadio app, tune in and the Bloomberg Business app. You can also watch us live every weekday on YouTube and always on the Bloomberg terminal. This podcast is brought to you by Navy Federal Credit Union. Their flagship premiere

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