Bloomberg Businessweek

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

Mehmet Oz has been loyal to Health and Human Services Secretary Robert F. Kennedy Jr. while cultivating a close relationship with President Donald Trump and a reputation as a serious operator in the administration. Oz has been playing a significant role in the administration, with access to the president and involvement in various policy discussions, leading to speculation that he could be the heir apparent to lead the health department if Kennedy departs. Despite potential challenges and criticisms, Oz has earned respect from some outside the administration, including major healthcare companies and industry groups, and has been working to implement the administration's health policies and reduce healthcare costs.

For more on their partnership, Carol Massar and Tim Stenovec spoke with Rachel Cohrs Zhang, Bloomberg News Health Policy 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.

Meta Platforms gave a disappointing current-quarter revenue forecast, intensifying investor concerns about the company’s unprecedented spending on artificial intelligence.
The social media giant said third-quarter revenue will be $61 billion to $64 billion, with the midline of that range below the average analyst estimate of $63.2 billion, according to data compiled by Bloomberg. Meta relies on its advertising business to finance its expensive bets on AI products and infrastructure, including data centers and AI-powered glasses.

Investors have questioned how Meta will ultimately recoup its AI investments, and balked earlier this year when Chief Executive Officer Mark Zuckerberg increased projected spending to as much as $145 billion. Meta on Wednesday narrowed its full-year capital expenditure forecast to $130 billion to $145 billion, slightly lifting the bottom end from a previous projection of $125 billion to $145 billion.

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

• Ed Ludlow, Bloomberg Tech Host
• Mandeep Singh, Bloomberg Intelligence Global Head of Technology Research
• Kurt Wagner, Bloomberg News Senior Technology Reporter

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Bloomberg’s Tom Keene, Jon Ferro and Lisa Abramowicz discuss remarks from Fed Chair Kevin Warsh following the Federal Reserve’s latest policy decision on a special edition of Bloomberg Surveillance. Warsh insisted policymakers’ decision to leave interest rates unchanged wasn’t a sign of inertia at the central bank, which he reiterated is committed to tackling inflation. The Federal Open Market Committee voted 9-3 to hold the benchmark federal funds rate in a range of 3.5% to 3.75%. Dallas Fed President Lorie Logan, Cleveland’s Beth Hammack and Minneapolis Fed chief Neel Kashkari dissented in favor of raising rates by a quarter percentage point. The fractured vote signaled growing conviction among some policymakers that higher rates are needed to curb resurgent price pressures. The committee’s post-meeting statement was otherwise identical to the one issued following their June meeting, with officials repeating their pledge to “deliver price stability.”

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Bloomberg's Tom Keene, Jon Ferro and Lisa Abramowicz break down the Federal Reserve's latest policy decision on a special edition of Bloomberg Surveillance. Federal Reserve officials left interest rates unchanged, but a fractured vote signaled growing conviction among some policymakers that higher rates are needed to curb resurgent inflation. The Federal Open Market Committee voted 9-3 to hold the benchmark federal funds rate in a range of 3.5% to 3.75%. Dallas Fed President Lorie Logan, Cleveland’s Beth Hammack and Minneapolis Fed chief Neel Kashkari dissented in favor of raising rates by a quarter percentage point. The committee’s post-meeting statement was otherwise identical to the one issued following their June meeting. Officials repeated their pledge to “deliver price stability.”

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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.

Deputy Defense Secretary Stephen Feinberg wants America’s war machine to get cozier with companies. The private equity firm he co-founded, Cerberus Capital Management, is building a constellation of next-generation businesses to answer the call.

For more, Carol Massar and Tim Stenovec speak with Caleb Melby, Bloomberg News Investigative 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.

Chinese startup Moonshot AI is seeking access to more of Nvidia Corp.’s advanced Blackwell chips to train the next version of its model, Kimi K4, The Information reported, citing sources it didn’t name. The Beijing-based artificial intelligence firm trained its earlier model, Kimi K3, using Nvidia chips, Bloomberg previously reported, even though US export controls restrict the sale of advanced chips to China over security concerns.

The development is likely to exacerbate transatlantic angst about Chinese AI models closing the gap with OpenAI and Anthropic PBC. When Moonshot originally announced its Kimi K3 model, which was released publicly on Monday, that triggered a selloff in AI-related stocks.
Much like DeepSeek’s release in early 2025, the K3 debut was taken as evidence that Chinese companies can keep pace on a smaller budget and with fewer cutting-edge resources than rivals with full access to Nvidia AI accelerators.

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

• Mandeep Singh, Bloomberg Intelligence Global Head of Technology Research
• Tejpaul Bhatia, CEO of Nebex on company’s future after SpaceX IPO // Alphabet’s GV Backs Fintech That Aims to Fuel Space Industr
• Walt Lukken, CEO, FIA on 24/7 futures trading/and clearing, tokenization and customer expectations, prediction markets
• Lexi Reese, CEO, lanai on AI and the labor market
• Dushyant "D" Shahrawat, Bloomberg Intelligence, Crypto and Digital Assets Analyst on blockchain, stablecoins, shifting financial structures

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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.

Ronnen Harary co-founded the company that would become Spin Master when he was twenty-three, less than a year out of college, and living at home with his mother. He didn’t realize it at the time, but his youth was his biggest asset. Thirty years later, Spin Master now has twenty-eight offices around the globe, over 3,000 employees, and billions of dollars in annual revenue. Having helped create massive global toy lines, including Bakugan and PAW Patrol, Harary’s success has helped fuel innovation in the toy industry and in children’s animation around the world.

In an age when ever-changing technology threatens to impact traditional entry-level jobs across the spectrum, Harary exhorts young readers to take control of their own destiny. No Experience Necessary is a rallying cry for dreamers to embrace the messy reality of building something meaningful from scratch.

For more, Carol Massar and Tim Stenovec speak with Ronnen Harary, co-founder and former CEO of Spin Master and author of the book, ‘No Experience Necessary’

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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.

Nvidia is working on a fresh round of AI deals worth more than $750 billion, accelerating investments that skeptics have warned are artificially inflating demand and valuations across the industry.

A partnership with South Korean conglomerate SK Group unveiled late Friday means the companies will be doing more than $500 billion in business with each other, Nvidia said. The world’s most valuable company is also in talks to backstop as much as $250 billion to help OpenAI lease computing power from a US data center project in what would be among the chipmaker’s biggest financing deals with a customer.

Big names from Goldman Sachs Group Inc. to investor Michael Burry of “Big Short” fame have for months warned of the “circular” nature of such agreements, where Nvidia finances and takes stakes in companies and projects that use its chips. And yet, the pace of the deals is only quickening. The fear with these transactions is that they may skew demand, spur bad decision-making and magnify losses if AI fails to turn profits for those investing hundreds of billions of dollars in the technology.
Nvidia is also in discussions to finance $350 billion of OpenAI’s purchases of its chips for the US project, according to a person familiar with the matter. And on Monday, the company said it has made a “substantial” investment in Safe Superintelligence Inc., the AI startup co-founded by former OpenAI chief scientist Ilya Sutskever. People familiar with the situation said Nvidia committed $5 billion.

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

• Robert Schiffman, Bloomberg Intelligence Senior Technology Credit Analyst
• Kat Doherty, Bloomberg News Finance Reporter on Fanatics, BGC Ink Prediction Markets Deal With Sale of Exchange and Traders Are Getting a New Tool to Wager on the Biggest US Stocks
• Rahsaan Shears, AI Enterprise Transformation Leader at KPMG US on AI’s impact on early career, young workforce and how firms can harness skills
• Mark Gongloff, Bloomberg Opinion Columnist on climate latest: El Niño Risks Pushing World Past 2C Threshold

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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.

A growing number of corporate leaders, buckling under the stress and uncertainty of the AI age, are looking for a very human solution: A chief of staff. Carol Massar and Tim Stenovec are joined by Matthew Boyle, Bloomberg News Senior Reporter to discuss his latest reporting on how the second-fiddle role of chief of staff is growing in importance and popularity across corporate America.

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Over the next two decades, more than $100 trillion will change hands in the greatest wealth transfer in history. This is a massive opportunity for financial advisors, both new and established. This conversation provides detailed, research-backed information and practical advice for financial advisors who are considering their next move. Produced by Bloomberg Media Studios and Prudential Financial, this roundtable discussion provides clear and honest perspectives on the changes that are coming.

Guests on the show include:
David Blanchett, Head of Retirement Research with Prudential Financial, and Portfolio Manager with PGIM
Brittney Castro, CFP, AAMS, CRPC, Financial Expert and Speaker
Chelsea Ransom-Cooper, Co-Founder and Chief Financial Planning Officer with Zenith Wealth Partners
Maggie Lake, Financial Journalist

Research sources:
Cerulli Associates: U.S. High-Net-Worth and Ultra-High-Net-Worth Markets, 2024
Cerulli Associates: The Cerulli Edge, U.S. Retail Investor, 2023
Alliance for Lifetime Income: Protected Retirement Income and Planning Study, 2024
Prudential Communications: Global Retirement Pulse Survey, 2025

For more about this series visit us at:
https://sponsored.bloomberg.com/media/prudential/the-great-client-transfer 

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