Bloomberg Businessweek

The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

Kalshi is being defended by a team of Milbank lawyers in court fights that could upend US predictions markets, including a new suit by New York Attorney General Letitia James claiming the company operates as an illegal gambling business. The New York suit poses the greatest potential threat to Kalshi because state law gives the AG wide powers, and could potentially bring the company to its knees, according to sports betting and gaming attorney Daniel Wallach. The cases, which have yielded mixed results, could eventually be headed to the US Supreme Court, testing a Milbank litigation practice boosted by the addition of lawyers such as Neal Katyal and Josh Sterling.

On this episode, Carol Massar and Tim Stenovec speak with:

• Robert DeNault, Head of Enforcement and Legal Counsel at Kalshi
• Larry Aschebrook, Founder & Managing Partner of G Squared and Bailey Lipschultz
• Wayne Ting, CEO at Lime
• Conn Davis, CEO of Byrna Technologies

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The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

For the ultra-wealthy, paying taxes is increasingly becoming optional. In this episode, we break down a Bloomberg investigation revealing how quantitative giant AQR Capital Management and Wall Street competitors are using sophisticated "tax-aware" strategies to help the top 1% slash their tax bills to zero. We examine how leveraged separately managed accounts manufacture artificial short-side losses to wipe out massive capital gains, the explosive $70 billion boom behind these products, and why regulators are starting to scrutinize whether this high-tech financial engineering crosses the line.

For more, Carol Massar and Tim Stenovec speak with Sri Natarajan, Bloomberg News Chief Wall Street Correspondent

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The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

SpaceX’s revenue exceeded Wall Street’s expectations in the company’s first quarterly financial report following its blockbuster initial public offering in June.

Elon Musk’s satellite, space and artificial intelligence conglomerate reported revenue of $7.8 billion on Tuesday, greater than than the $6.81 billion analysts polled by Bloomberg estimated on average.
It also unveiled an operating loss of $1.26 billion from its AI business, better than the consensus for a loss of $2.39 billion. SpaceX’s eagerly awaited quarterly results cap a roller coaster ride since the company raised $86 billion in the largest stock-market debut of all time. Its shares have since plunged in a bout of post-IPO volatility and a broader AI selloff, erasing more than $1 trillion in market value from their peak along with Musk’s status as the world’s first trillionaire.

On this episode, Carol Massar and Tim Stenovec speak with:

• Mandeep Singh, BI Global Head of Technology Research and Ed Ludlow, host of Bloomberg Tech
• Kate Gulliver, CFO, Wayfair
• Richard Bourke, Bloomberg Intelligence Senior Analyst, Metals & Mining on Copper Tops $14,000 as US Stockpiles Swell Before Tariff Call 

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The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

Joel Rieger, a former software sales executive, used AI to revive his automated options-trading program, which he had initially tried to build manually with limited success. Rieger's AI-assisted model has shown promising results, returning around 14% this year and outperforming the broader market, after initial losses due to incorrect volatility data and training mistakes. The use of AI in trading is seen as a democratizing force, allowing individual investors to access sophisticated algorithms and strategies previously reserved for hedge funds, but it also poses risks, such as amplifying losses and guiding investors into complex trades.

For more, Carol Massar and Tim Stenovec speak with Bernard Goyder, US Options Reporter

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The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

President Donald Trump said his latest offer of talks is a “last chance” for Iran after he called off what he said was a major attack on the Islamic Republic. Iran denied it was negotiating with the US, but said talks with Oman to get more ships moving through the Strait of Hormuz are making progress. Despite the conflicting signals, the suggestions of renewed diplomacy pushed oil prices lower on Monday, with Brent crude down about 4.6% to just under $84 a barrel.

“I want to give them every last chance before decapitation,” Trump told reporters in the Oval Office. “You’ll find out today or tomorrow. I mean, they’re going to go quickly, one way or the other. It’s not very complex.”

It wasn’t clear what negotiations Trump was referring to or who was involved. He’s repeatedly cited diplomatic efforts when he backed off threats of military escalation only to see talks fail. US and Israeli strikes at the start of the war killed much of Iran’s senior leadership.

On this episode, Carol Massar and Tim Stenovec speak with:

• Jeff Mason, Bloomberg News White House and Washington Correspondent
• Torsten Slok, Chief Economist at Apollo Global Management
• Lizzie Dove, US Gaming, Lodging and Leisure Research Analyst at Goldman Sachs recaps Hyatt, Marriott earnings, state of leisure sector amid summer travel
• Ran Eliasaf, Founder & Managing Partner of Northwind Group on the state of Commercial Real Estate

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Bloomberg Pursuits Food Editor Kate Krader joins to discuss her latest work including Eight Bosses Share the Biggest Money Regrets in Their Careers and How 13 CEOS and Bosses Psych Themselves Up for Their Big Moments. She speaks with hosts Carol Massar and Tim Stenovec.

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Featuring some of our favorite conversations of the week from our daily radio show "Bloomberg Businessweek Daily."
Hosted by Carol Massar and Tim Stenovec

Hear the show live at 2PM ET on WBBR 1130 AM New York, Bloomberg 92.9 FM Boston, WDCH 99.1 FM in Washington D.C. Metro, Sirius/XM channel 121, on the Bloomberg Business App, Radio.com, the iHeartRadio app and at Bloomberg.com/audio.

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The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

Federal Reserve Chairman Kevin Warsh is considering reducing the frequency of the central bank’s scheduled policy meetings, the New York Times reported Friday. Warsh raised the proposal to change the frequency of meetings at this week’s gathering of the Federal Open Market Committee, the paper added. 

On this episode, Carol Massar and Tim Stenovec speak with:

• Kate Davidson, Bloomberg News Managing Editor for US Economic Policy
• Ed Ludlow, Bloomberg Tech Host
• Ed Zitron, CEO, EZPR
• Hema Parmar, Bloomberg News Hedge Fund Reporter on The 24-Hour Race to Salvage Situational Awareness’ AI Bets/Who Is Leopold Aschenbrenner and Why Is Wall Street Watching?

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The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

Aon should continue to expand margins, while organic growth remains resilient, aided by its scale, restructuring savings and Aon Business Services operating model. Since 2020, broker results have benefited from cost actions and operating leverage, firm P&C pricing, strong exposure growth and, more recently, higher fiduciary income. Those tailwinds are fading and comparisons are tougher, reducing upside to organic gains and margins across the group. Even so, Bloomberg Intelligence reports that Aon's growth remains competitive and could modestly outpace Marsh in 2026, while ABS and restructuring should support further margin expansion despite a slower sector backdrop

For more, Carol Massar and Tim Stenovec speak with Edmund Reese, CFO at AON

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The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

Amazon.com reported cloud-computing revenue that accelerated for the fifth straight quarter, easing investors’ concerns that the company won’t produce a return on its spending to meet booming demand for artificial intelligence.Revenue jumped 37% to $42.2 billion at Amazon Web Services, which generates about a fifth of the company’s revenue and most of its operating profit, Amazon said Thursday in a statement. It was the fastest pace of growth since the fourth quarter of 2021. Analysts, on average, forecast sales of $40.6 billion, according to data compiled by Bloomberg.

Like its Big Tech peers, Amazon is spending heavily on data centers and chips in an effort to take advantage of rising demand for AI and cloud-computing services. The company reported spending more than $53 billion on property and equipment, including proceeds from some sales, in the period ended June 30.

Meanwhile, Apple Inc. sales grew more slowly than analysts anticipated in China and its services business last quarter, sparking concerns about two key markets for the iPhone maker.Though total revenue topped estimates, the China sales amounted to $18.8 billion in the fiscal third quarter, well short of the $19.6 billion estimated by analysts. Revenue from services was $30.7 billion, compared with a $31.4 billion projection.

On this episode, Carol Massar and Tim Stenovec speak with:

• Poonam Goyal, Bloomberg Intelligence Senior Analyst for E-Commerce and Athleisure
• Anurag Rana, Bloomberg Intelligence Senior Technology Analyst
• Ed Ludlow, Bloomberg Tech Host 
• Mark Gurman, Bloomberg News Managing Editor for Global Consumer Tech
• Dani Burger, Bloomberg 'Open Interest' Co-Host, with Jersey Mike's CEO Charlie Morrison on JMKE IPO
• Stuart Paul, Bloomberg Economics US & Canada Economist AND Ira Jersey, Bloomberg Intelligence Chief US Interest Rate Strategist on Wall Street's message to Kevin Warsh

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