When the rest of the markets slow down, the futures market keeps moving. Did you know that CME Group S&P 500 and NASDAQ 100 futures trade nearly 24 hours with great liquidity? In the ETF markets, volume and liquidity lessens after 4 p.m. until the next morning. But with futures, you get trading opportunities both day and night. Learn more at cmegroup.com slash equity futures. Hello, I'm Stephen Carroll. I'm in Brussels, where many of Europe's biggest decisions get made. And I'm Caroline Hepker in London. We're the hosts of the Bloomberg Daybreak Europe podcast. We're up early every weekday, keeping an eye on what's happening across Europe and around the world. We do it early so the news is fresh, not recycled, and so you know what actually matters as the day gets going. From Brussels, I'm following the politics, policy and the people shaping the European Union right now. And from London, I'm looking at what all that means for markets, money and the wider economy. We've got reporters across Europe and around the globe feeding in as stories break. So whether it's geopolitics, energy, tech or markets, you're hearing it while it happens. It's smart, calm and to the point. And it fits into your morning. You can find new episodes of the Bloomberg Daybreak Europe podcast by 7am in Dublin or 8am in Brussels, Berlin and Paris. on Apple, Spotify, YouTube, or wherever you get your podcasts. Bloomberg Audio Studios. Podcasts. Radio. News. This is the Bloomberg Surveillance Podcast. Catch us live weekdays at 7 a.m. Eastern on Apple CarPlay or Android Auto with the Bloomberg Business App. Listen on demand wherever you get your podcasts or watch us live on YouTube. Julian Emanuel is with us with Evercourt, ISI, driving all of their equity and derivatives coverage. What is a single sentence in your daily grind that others write up because you don't do it? You're too large to do that. What's a single sentence that matters? A single sentence. It's actually a phrase. Extraordinary. I mean, there's not enough superlatives to describe the earnings growth and the power of earnings and the maintenance of margin across virtually the entirety of corporate America. You're in some fancy MBA course like Emory or NYU Stern. Is it structural? Is it a changed cultural behavior of corporations? Well, and interesting because you were doing a commercial moments ago talking about resilience. Okay. This is with Cohn Resnick. They are extraordinary. There you go. So that's what it really is. I mean, think about everything that a CEO and his entourage have been through since the pandemic. I mean, literally every single thing has been thrown at corporate America. And now, obviously, the latest one is dealing with structurally higher energy prices. And yet margins continue to expand or certainly maintain their levels. and sales volumes are just exploding due to a variety of reasons. We just saw PayPal come across a tape with some earnings and they were cutting 14% of their workforce and they're saying a lot of it is AI. And so how do you think about AI as a productivity measurement for this US economy? Because the population is not growing and presumably for the economy to grow, we need to, I guess, be more productive. Is that in fact happening? Well, that is certainly the long-term view of AI. Again, our work has shown that it's really the early innings of being able to monetize the concept of productivity. But I would also say that, you know, when you think about this concept of of A.I. being a job destroyer, we don't buy that. We're not living that at Evercore ISI. And actually, we've done work on the employment trends in software and in the legal field. And both are above the norm of the rest of the economy right now. OK, so what's a key thing here? What's screening well for you guys here? Because it seems like technology is right back in the forefront once again. Look, you know, we've been on the A.I., the tech train for really since the beginning of the bull market. And part of the contrarian in us as 2026 started was, you know, a feeling of happiness that people had sort of discarded technology. And now we're firmly back because, frankly, when you look at it in an environment where the economy is powering ahead, in an environment where the hyperscalers, they have, you know, proportionally less worry about energy price fluctuations and they have lots of free cash flow. Evercore ISI is steeped in the tradition of Ed Hyman, Roger Altman and others with a multi-decade perspective. what's different now driving the shock of these ginormous companies popping 50 and 100 basis points of margin improvement i've never seen it it's i think it's just the accumulated discipline of all of these years of shock you know think about it you know you could have been left by the wayside during the pandemic that was an absolutely galvanizing are you criticizing i'm triple leverage on cash talking about left by the wayside you're killing me so julian the interesting thing here is earnings growth has been extraordinary as you mentioned is it enough to support this market right here or is it too narrow here in in terms of just the tech companies delivering some of the really really big numbers well actually it's it's been broader than we would have expected and and you know we're very thankful for that and even in a sector like financials which price performance wise has been a laggard this year. You know, the growth has been excellent. Industrials, energy, of course, technology. It's really very broad based. What are you doing with cash right now? Quickly, I got to run to Dubai. What are you doing with cash? Putting it to work right now? I think you need so. So this is one of these environments where if the oil price maintains this level for another couple of months, the story will change. However, the market doesn't recognize that. So in our mind, you're in this environment where you're going to have these IPOs over the summer and the fall that the public is getting very enthused about. You've seen a lot of speculation already. There's more to come. The higher we go, I'd be disciplined about my cash deployment. Julian Emanuel, thank you so much to the Evercore this morning. Stay with us. More from Bloomberg Surveillance coming up after this. egroup.com slash equityfutures. On April 4th, 2023, around two in the morning, a man was found stabbed multiple times on a sidewalk in downtown San Francisco. What happened next turned the story into a political firestorm. Reports have identified the victim as Bob Lee, the founder of Cash App. From Bloomberg Podcasts, this is Foundry, the killing of Bob Lee. Listen now, wherever you get your podcasts. You're listening to the Bloomberg Surveillance Podcast. Catch us live weekday afternoons from 7 to 10 a.m. Eastern. Listen on Apple CarPlay and Android Auto with the Bloomberg Business app. Or watch us live on YouTube. We're hugely advantaged to have David Balin with the CIO, CIO Group, but all of his study of cash and family office of that. I want to talk about the family. I think no one in 1973 was not destined for the Hall of Fame. I mean, I look at this just to go backwards. Jerry Lucas, a guy named Phil Jackson who was okay as a coach, a guy named Bradley who ended up in Washington in a suit and tie, Monroe de Boucher, Frazier. I spent a wonderful day on the subway with Frazier That was a guy named Willis Reed That right Explain to our international audience for the madness of Alexis Christoffers and David Balin Everything hinges on the 73 Knicks. It does because that's the last time that they were champion and Willis Reed played you know for a total of about two minutes at the beginning of the game and he came out and left and he was injured and he inspired everyone you know to uh to victory. But uh but now you know you just saw Monday night you know that was a great a great you know sort of Knicks performance and those of us who have been hoping for 40 years continue to do so is the modern game anything like big thing because hockey's totally different completely not completely different now in terms of level of talent the number of people coming off the bench and frankly you know the the the need for defense now right which is remarkable right in the in the league so anyway i uh it's an incredibly exciting nba nba playoff alexis i mean look at this how are they winning so ginormous I mean, it's been a real team effort. I mean, so many people are stepping up to the plate. It's not just all about Brunson. But you know what else has really changed since the 70s is their uniforms. The shorts are longer now, and we're grateful for this, frankly. And the sneakers are pink. I didn't expect this. Tom, it's 63% shooting is the answer for those of us into statistics. Last night was a sharpshooting moment. Sharpshooting. One final question to go to Paul Sweeney, who sits closer to the team than anybody I know breathing. Should the three-point line be moved back? No, because they'll learn how to shoot that. They play defense in the playoffs, and that's what makes it exciting. Exactly. Like hockey. Simple as that, yeah. Hey, David. Is that enough basketball? I think, well, I would go to hoops all day long. He's got a photo of Dave DeBashir in his. I know. I do, and if my father were alive, he'd be so happy to hear this. Exactly. Exactly. David, here we are. We've got the futures up again. We're at or near all-time highs. We've got a country at war. We've got energy at levels we haven't seen in a long time, stoking inflation concerns and GDP growth concerns. Are you surprised at how well this market's performing? Yeah. We all have to be a little bit surprised about how it's performing. But what I like now is how it's sort of discerning who the winners and losers are going to be. It is really quite an efficient mechanism. It is no longer just about the AI story. You know, stocks, you know, the big four, for example, didn't move that much. They anticipated all the growth. And now it's going to be about investing by identifying which companies are going to be huge beneficiaries of AI and put it to use and not the AI story. And that is going to be transformative and not just about employment and profitability, but about actual differentiation in the market. That's right in front of us now. It's going to happen much faster than people think. So we saw that a little bit last week with some of the big tech companies reporting, you know, like a winner might be a Google whose stock traded up substantially. Meta, less sure for the marketplace and that stock traded down a little bit. Is that kind of what we're seeing? Yeah, that is. But I think there's a whole other story, a whole other narrative, which is let's take a look at the like the seven largest publicly traded private equity companies. Those seven companies, right? They have a huge number of employees. They're going to be retaining those companies, their underlying portfolio companies for a longer period of time. They're going to be a huge user of AI to drive efficiency. Their stocks, right, over the last five years have beaten the S&P, and they're down 30% from their peak. So if you want to play, right, a group of stocks that are better, in a sense, than alternative investments, buy the liquid GPs of those companies, and they, I think, have an enormous possibility of doing incredibly well relative to the S&P. The part I have a problem with is the financial media wants to believe a zillion stocks go up when we go up. My study of history is that's just not true. It's like batting in baseball. If you're the Yankees, you're hitting the ball often. If you're the Red Sox, you're not. And the answer is it's a rare thing to hit the ball. Not that many stocks do well. The concentration in the market today is troubling, right? I mean, Intel just happened to beat its all-time market capitalization the last time that it was, you know, 20 years ago that it was at a peak. I think that is going to be the story a year from today when we see, finally, these chip stocks not lead the market anymore when they actually sort of come back to earth. And then who will the leaders become? And it's definitely going to be in software, and it's definitely going to be in large companies and medium-sized companies that use this technology. and that rotation is going to be very painful, Tom, in the market because when you have such narrow leadership, the changeover is always a little bit ugly. David, we're going to get some mega, mega IPOs coming up. Yes. I'm thinking SpaceX, OpenAI, Anthropics, some of these AI names because we haven't had an AI IPO per se like Google was the IPO for and Facebook was the IPO for social media. How do you think those IPOs, because we're talking, you know, trillions of valuations, billions of IPO value. How's that going to go? Well, first of all, you transform the indices themselves, you know, and that's one of the reasons why, you know, if you think about it, you really want to own the indices in their current form. The answer is probably not. Right. And these companies are going to come out. They're going to, in my mind, come out at peak prices. There's going to be a huge amount of pressure, right, for liquidity. Right. Some people want in, but a lot of people want out. And I think that I think that they will be transformative only in that I think there'll disruptive to the market and be distracting to all of us who are just doing regular investing. It's going to soak up a tremendous amount of oxygen and capital and liquidity, but interesting to see how that plays. What's screening well for you right now? What kind of jumps off the page? Yeah, so I think a lot of energy transitions. So, you know, everyone's focused on big energy, but if you think about it, you take a look at companies like Bloom Energy that are creating new alternative energy sources that could be used to power data centers, right? You think about, you know, companies that are transforming the way they do business, Galaxy Digital, moving from, you know, digital currency to now becoming a huge energy provider. All of those types of transformative businesses are really good investments. And so I think people should focus on, you know, those types of companies, right? And in software, the whole scare that we saw at the beginning of the year where AI is going to destroy software is coming undone now. As you You see half of the company is able to prove that AI is a benefit and the other half actually getting hurt by it. But in cybersecurity, as an example, your CrowdStrikes and your Palo Altos, these companies are going to have franchises for the next decade because of the risks posed by AI and the use of AI to transform their technology. So I think we have to be very discerning, but this is a big time for rotating portfolios into these growth areas. David Bailen, thank you so much. The CIO Group, and of course, thank you for the Knicks wisdom. Stay with us. More from Bloomberg Surveillance coming up after this. Register at BloombergLive.com slash future ready. of Heath Terry. I used to read every word ages ago. You don't go back to 1958. Merton and Medigliani, you don't go back to when they admitted taxes matter within the equation. But if you were to wander in the University of Alabama Finance today and do a lecture at FI 472, advanced investment topics, you have to talk about debt in these hyperscalers, their ability to bring on debt. If they bring on debt, is that a sign of confidence in their future business plan? I think it's a sign of confidence. I think the bigger sign of confidence is the acceleration that you're seeing in the backlog for those companies. We've seen that go from 28% year-over-year growth this time last year to 143% at the end of Q1. It's 95% at the end of Q4, so it gives you a sense of this bend in the S-curve. So that is literally enterprise customers telling them we have this much more demand for what you can offer than what you actually have capacity for right now. And that means you've got to build. And so, you know, for these companies that have now sort of exhausted their free cash flow or close to exhausting their free cash flow that means you got to borrow money Are we going to see I mean you were there leading the charge for the IPO of Google Facebook. You were there for the beginning of the internet. Where is the Google, Facebook, IPO moment for AI? Is it Anthropic? Is it OpenAI? And is it this year? Look, I think you will see those companies will go public eventually, but the markets have dramatically changed since then. Companies are incentivized to stay private longer. And while these companies do indeed have higher capital needs than some of the others, you know, and what you've seen historically, I, you know, I have no deep inside information on what those companies kind of plan to do in terms of their in terms of their timing. But if they follow the trend that we've seen, they'll probably be private, you know, well past the end of this year. Again, for our listeners and viewers, Heath was there at the beginning of the Internet on Wall Street. How do you compare the Internet, broadly defined, to AI, broadly defined? Yeah. So, you know, look, the Internet was a much more gradual sort of development. Right. I started covering the Internet space in 99 as a kid, you know, straight out undergrad. Alabama, roll tide. Yes, indeed. and so we you know was lucky enough to get to work with you when uh when i when i was doing it uh as just an associate um but um uh it was a a much more gradual pace development than what we're seeing what we're seeing in ai ai is obviously building on top of everything that we have seen before it internet cloud sass mobile all of these developments to compound into what is clearly a much faster pace of development. East area with the Citigroup, definitive on technology. Thrilled it could be with us. Okay, so the people you're hanging with are wearing Bruno Cuccinelli, James Purse, $300 black T-shirts. Maybe they have a hoodie. Probably if they're talking to Citigroup, they're beyond the hoodie. They got the ring. It's very important to have the Oura ring. They got the Warby Parker. And they're all walking around with water bottles. Who knows what's in them? They're hydrating. They're hydrating. Okay. Are these people growing up, what I sense out there with the job cuts and maybe Zuckerberg leading, all of a sudden the stereotype tech bro, given their challenges, are they maturing into modern executives? You look at the people who are running these companies and making the choices that they are, and certainly there's a wide spectrum of personalities there. But you look at somebody like Dario at Anthropic making the decisions that they are, the incredibly responsible decisions that they are to hold back technology in some places to make sure that the world is ready, or at least enterprises are ready for that kind of technology. That, to me, suggests that you have some real adults kind of running some of these companies, maybe not all of them, but certainly some of the most important ones. So how does AI evolve here? I guess initially, as investors, people were just jumping into nvidia because they saw that as the ai play how do you see that kind of spreading out because it seems like like the internet ai is impacting everyone yeah this this is a it will touch everything kind of kind of technology um you know as far as far as the trade goes the ai the ai trade um it's still very much infrastructure right we're talking about 710 billion dollars worth of infrastructure being built this year we're talking about that number getting to 2.1 trillion in our estimates by 20 by 2030 so there's still massive growth just on the infrastructure this is i've said this on your show before tom this is the biggest transfer of economics within an industry that we have ever seen before we are taking 90 incremental margin dollars out of software out of internet out of information services and we're moving those into ai which has roughly 50 percent incremental margin dollars now. And that 40 percent delta is going to infrastructure. Sweeney has taught me about the elasticity of raising prices. Netflix. Hey, Tom, you're not going to spend two dollars a month. It's going to go up. I am addicted to perplexity. It just happens to be the one I use. Tom Secunda, one of our founders, pulled me by the bow tie in a food court. It's stupid. Use perplexity. It's 20 bucks a month. And what I would pay for that now is incalculable. Do we completely underestimate the revenue grab these people can take? Look, it's very good to hear that you're willing to pay more because it's going to cost more, right? We are seeing token prices going up, the cost of servicing all of this because of that massive gap between supply and demand. The only place that you have to move is price. And so we're seeing that already. But your team, are you seeing an elastic price curve? Certainly on the enterprise, there is little hesitation to pay those higher prices because the value that they're getting out of the technology is so much higher. The consumer is going to be different. I mean, you look at the fact that companies have seemingly, you know, a lot of these AI models have seemingly sort of paused whatever focus on the consumer that they had because they are worried about that elasticity. And the reality of it is tokens are scarce and they're better monetized at the enterprise than they are with consumers right now. Now, software, which has been the golden child for the last 20, 30 years in global Wall Street, is taking a little bit of a hit here as people try to figure out the winners and losers. Some of these maybe software as a services companies that we've all grown up with, ServiceNow, Salesforce, how do you think software fares in an AI world? What are you guys saying? Well, so the biggest thing, and I referenced it before, is you're seeing a change in their economics, right? The fundamental cost of servicing AI technologies is higher than traditional SaaS. So you're looking at even for the companies that are wildly successful with this, margins are going lower. Costs are going higher. So best case scenario, that's what we're dealing with. The other side of it, though, as well, they're dealing with pricing pressure. They're dealing with seat volume pressure. They're dealing with competitive pressures because for every successful SaaS company out there, there are now a dozen competitors, AI-first, venture-backed competitors coming after that vertical. So that's just going to continue to weigh on software. That doesn't mean they're all losers. There will certainly be some companies that make it through, but it's a lot of pressure. Jane Frazier gets a huge splash in Barron's this week, and I looked to see if they mentioned Heath Terry. They didn't. You need a big splash in Barron's, Heath Terry. What's your single best buy right now? Look, I think the single best thing to own for investors in all of this is the hyperscalers, AWS or Amazons, their business. Because of the exposure they have to Anthropic, because of the capacity that they have coming online, and because of the way the stock is performed relative to a lot of the other infrastructure trades within that space would be the one that we would point people to. Thank you. This has been wonderful. Heath Terry, definitive. It's Citigroup Head of Technology at Research for the Shop. Greatly appreciate it. I took notes in that car. I'm still in triple leverage all cash. I'm not getting out here. Stay with us. More from Bloomberg surveillance coming up after this. I'm Francine Lacroix, an award-winning journalist, and I've got a new podcast, Leaders with Francine Lacroix from Bloomberg Podcasts. I've interviewed everyone from heads of state to fashion icons about the news of the moment, but I've always been curious, Who are these people as leaders? I don't think there's one right way to be a leader. Make decisions. A poor decision is always better than no decision. Listen to new episodes every other Monday. Follow Leaders with Francine Lacroix wherever you get your podcasts. You're listening to the Bloomberg Surveillance Podcast. Catch us live weekday afternoons from 7 to 10 a.m. Eastern. Listen on Apple CarPlay and Android Auto with the Bloomberg Business app. Or watch us live on YouTube. Right now, Definitive, and we get a huge response when she knows like six languages. That's what I understand. That's the starting point. Leslie Paltek-Guzman joins us right now with Energy Vista. You lead with Right Where I Want to Go, making lemonades out of sour lemons. If Carter listens to that press conference, how do they translate it in Doha? That's a very good question. I think a few weeks ago, they tried to pass through the Strait of Hormuz, negotiating directly, potentially with Iran at the time when Iran wanted to start this new system, this new equation of a tolling boost system. And so some countries were ready to play the game. And what the U.S. blockade did was to delegitimize and negate this new equation. I think right now Qatar might try to have this safe passage I think some countries will wait to see that it really secure especially for tankers, commodity tankers that are more expensive. I think they will still wait a little bit. Help us with Arabian risk, I should say. Who is on Qatar's side? Is it Saudi Arabia is linked to Doha versus the UAE? Explain that politics. So I think Qatar has been the closest Gulf countries to Iran. And that has been very different than Saudi Arabia or the UAE. I did not know. Because Qatar and Iran are sharing a big, the world's largest gas field. And Qatar has always depended on Iran also for the Strait of Hormuz. And has always taken a more perspective of appeasement, negotiation with Iran. So, Leslie, how does the world open up the Strait of Hormuz? It's not the Secretary of Defense saying it's open because we all see the same maps and the ships are just sitting there. How do you actually open it up? How does that happen, do you think? So, as you know, we have two blockades and either it's like one, two, three, we lift it together. I mean, right now, the thing is that we're on a stalemate. And I think the U.S. is trying to change this equation and try to move things to fasten, you know, because what the reality is that Iran is good at negotiation, good at propaganda, good at expansion through the proxies in the region, but not good at winning wars. They are good at inflicting damage. And right now, I think the U.S. government is trying to end the way Iran is trying to exhaust, you know, not only its own economy, but the global economy and trying to change the equation. So in reality, you know, it seems like, again, we're all learning the same maps of the Strait of Hormuz. We now have a pretty good understanding. It's a very narrow passageway. And it seems like Iran holds most, if not all, the cards in terms of safe passage through there. If I'm an insurance company, I'm not letting my ship go through there. Yeah, I think eventually what the U.S. is hoping is that other countries will join this kind of coalition. So the U.S. is taking the leadership. and some courageous insurance companies and allies from the U.S. will take the risk. I think that there is a military strategy here to protect the tankers with air capabilities and going through the Oman path. Okay, the Oman path. Let's bring it back to the Secretary who has to deal with the politics, why the Chairman of the Joint Chiefs of Staff and Admiral Cooper and others have to deal with our military as well. Link natural gas, and your expertise, Leslie Paul de Guzman, into how America really doesn't want to be in the war. America's joining what I think in Patrick McHenry's old congressional district, it's $4, $5 a gallon. In LA, it's $7 a gallon. Link the American reality into the geopolitics of the Gulf. Yeah. So I think luckily, you know, the U.S. is a large, one of the world's largest oil and gas producer now. So it means that the U.S. is the most isolated right now compared to many other countries around the world. Doesn't mean that there is not a risk of inflation, higher gasoline prices. But if you look at Henry Hub prices, Henry Hub prices are below $3 per million BTU. So, you know, generally speaking, U.S. economy is in a much better position than the rest of the world. So, again, if the strait were to be magically opened tomorrow, how do you think oil prices would react? And is there, I guess, a longer term premium now put into oil coming out of that part of the world, do you think? So generally speaking, I think markets have been optimistic. You know, they are waiting, you know, one week, two weeks, like that things may start to be more hopeful and open up. I think, you know, now by mid-June, that's kind of the new thinking that things could really start to flow again. But that definitely by the summer, there will be an improvement. So I guess who kind of blinks here? Is it a ship owner? Is it an insurance company? Is it a captain on the bridge of one of these ships? How does this actually happen, do you think? It's going to be a mix, but I think it's going to be countries, like allies from the United States that are going to show a good gesture. And so, okay, we trust that we have the confidence to go. But within all your abilities and skills, the entire orbit, including the press conference we just heard, circles around the president. Do you see a president who in any way wants to do any of the processes you did at Tufts years ago? I just don't see the linkage of Kissinger's 1,200 pages, we all read it, diplomacy with this president of the United States. But again, I think that, you know, the surrender, we don't know if it will happen or not, but I think it's too early to call it, you know, a quagmire. I think many outcomes are still possible, and I think the negotiations are still a possibility, as well as kinetic restart the war. Both are on the table, and it's going to depend on what Iran also wants to do. I think the conditions of ending the nuclear and so on, that's still on the table. Okay, but Paul wants to get in here with more intelligent questions. As simple as I can, at what price of a gallon of gas does this dialogue change? I think for now, I see a lot of determination from the president, and he's not willing to back down. Liquified natural gas. I call it national gas, too. LNG, that's why they have this nice acronym, LNG. That seems to be an increasingly valuable commodity here. Talk to us about the LNG market. I mean, because the U.S. is a big player in that. Yeah. So definitely right now, the U.S. is a big winner with LNG. So the US was already the world's largest LNG supplier. And we have the ninth liquefaction project that just started last week. And all the liquefaction plants in the US are running at full capacity. The other second largest supplier is Qatar, which is right now unable to export any of its LNG. But, you know, you started with how to make a lemonade out of sore lemons. I think Qatar is thinking ahead on how to transform this crisis into an opportunity by potentially changing its business model, moving away from the Strait of Hormuz. But at the end of the day, regaining the trust from the buyers would be key. But I think Qatar has the possibility to slow restart its liquefaction plant and then clear the glut because we were in a glut in the L&J market. Thank you. This has been wonderful. What a clinic. Leslie Palti-Guzman, thank you so much. Greatly appreciate it this morning. This is the Bloomberg Surveillance Podcast, available on Apple, Spotify, and anywhere else you get your podcasts. Listen live each weekday, 7 to 10 a.m. Eastern, on Bloomberg.com, the iHeartRadio app, TuneIn, and the Bloomberg Business app. You can also watch us live every weekday on YouTube and always on the Bloomberg Terminal. This is Caroline Hyde. And I'm Ed Ludlow, inviting you to join us for Bloomberg Tech, a daily podcast focusing exclusively on technology, innovation and the future of business. Every weekday, we bring you the top headlines from the world's biggest tech companies. From finance to defence, AI to entertainment and from startups to the magnificent seven. We highlight the latest stories of the people and companies pushing the tech sector to new frontiers and the politics that shape global tech markets. We do this all every weekday, then bring you the most important conversations and analysis in our podcast. Search for Bloomberg Tech on YouTube, Apple, Spotify, or anywhere else you listen. Join us every afternoon on your commute home and stay ahead of the tech news cycle. That's the Bloomberg Tech Podcast. I'm Caroline Hyde in New York. And I'm Ed Ludlow in San Francisco. Subscribe today, wherever you get your podcasts.
