The people, companies and trends shaping the global economy.

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

Jack Dorsey’s Block is cutting 4,000 employees, reducing its workforce by nearly half as the financial technology firm places a bet on artificial intelligence changing the future of labor productivity.

Block has been restructuring its business model and staffing since 2024 as the company’s stock has lagged. At the same time, the company has invested heavily in artificial intelligence tools to run more efficiently, including building its own tool called Goose.
The reduction in force, which was announced in a shareholder letter on Thursday, comes after rolling job eliminations that have often been tied to annual performance reviews.
The move by Block is the latest indication of the havoc that new AI tools are wreaking on the economy and financial markets.

In the shareholder letter, the company highlighted strong financial performance over 2025 including gross profit growth that more than doubled from the first quarter to the fourth quarter.

Dorsey, the company’s co-founder, touted how the company has reignited growth of users of its peer-to-peer payments app Cash App, scaled its lending products and accelerated Square gross payment volume. Block reported gross profit of $10.36 billion in 2025, up 17% year-over-year.

Today's show features:

• Bloomberg News Fintech and Crypto Reporter Emily Mason on Block's massive staff cuts
• Chris Miller, Professor of International History at The Fletcher School at Tufts University, on the geopolitical forces shaping the global ecosystem for semiconductors
• Steven Dickens, CEO and Principal Analyst of HyperFRAME Research, with Nvidia earnings analysis and a lookahead to CoreWeave earnings after the bell
• Bloomberg News National Security Reporter Jaime Tarabay on Hillary Clinton’s closed-door testimony related to her connections to the late Jeffrey Epstein, and allegations that the Department of Justice withheld some files in the Epstein case due to an abuse claim against President Trump

See omnystudio.com/listener for privacy information.

The people, companies and trends shaping the global economy.

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

Nvidia Corp., the world’s most valuable company, gave another bullish quarterly revenue forecast, signaling that the massive build-out of AI computing remains on track.
Fiscal first-quarter sales will be about $78 billion, the chipmaker said in a statement Wednesday. That compares with an average Wall Street estimate of $72.8 billion, according to data compiled by Bloomberg.

“Our customers are racing to invest in AI compute — the factories powering the AI industrial revolution and their future growth,” Chief Executive Officer Jensen Huang said in the statement.
The outlook helped soothe concerns about a bubble in AI investments. Huang has repeatedly downplayed fears that the run-up in spending on artificial intelligence hardware isn’t sustainable. He argues that it will take years to replace the world’s installed base of older computers with machines that offer a leap forward in productivity.
But some investors had grown weary of that optimism and traded out of stocks like Nvidia. Wednesday’s report provides some evidence that near-term worries may be overblown.

Today's show features:

• Bloomberg Tech Co-Host Ed Ludlow, and Jay Goldberg, Senior Analyst, Semiconductors & Electronics with Seaport Research Partners, break down Nvidia’s earnings report and outlook
• Bloomberg Intelligence Senior Global Head of Technology Research Mandeep Singh reacts to quarterly earnings from Nvidia and Snowflake, and Bloomberg Intelligence Senior Technology Analyst Anurag Rana with analysis of earnings from Salesforce and the broader disruption to software companies amid concerns that AI will erode demand
• Libby Cantrill, Managing Director and the head of public policy for PIMCO on market reverberations following President Donald Trump’s State of the Union address
• Bloomberg News Miami Bureau Chief Dan Cancel on the report of Cuban forces killing four people who opened fire from a speedboat with Florida tags

See omnystudio.com/listener for privacy information.

Shares of MercadoLibre fell after fourth-quarter net income missed analysts’ estimates as the company continued to invest heavily in its main business lines. MercadoLibre posted $559 million in net income, below the average forecast for $596 million, according to data compiled by Bloomberg. However, the company posted a 45% year-on-year increase in net revenue to $8.8 billion, beating consensus analyst estimates of $8.5 billion, as customers took advantage of free shipping perks in Brazil and piled into MercadoLibre’s credit offerings. That marks its 28th consecutive quarter of annual growth above 30%.

Martin de los Santos, the CFO of South America's largest company, discusses quarterly earnings and the e-commerce giant's continued efforts to scale its fintech platform, Mercado Pago. Martin speaks with Carol Massar and Tim Stenovec on Bloomberg Businessweek Daily.

See omnystudio.com/listener for privacy information.

The Jel Sert Company is a family-owned business that has been at the forefront of innovation in the food and beverage industry since 1926. Jel Sert's products include dessert mixes, drink mixes, and freezer bars, and are made exclusively in West Chicago, Illinois.

Ken Wegner is President of The Jel Sert Company. The grandson of Jel Sert founders Charles and Lillian Wegner, Ken grew up in the business and has worked at the company since 1985, helping steward beloved brands while expanding Jel Sert’s community impact, and growing its workforce to more than 1,400 employees. He discusses the firm's recent expansion within West Chicago, as well as how real-time searches and social data from platforms like TikTok are guiding new flavor development and brand partnerships for Jel Sert. Ken speaks with Carol Massar and Tim Stenovec on Bloomberg Businessweek Daily.

See omnystudio.com/listener for privacy information.

President Donald Trump delivered the longest State of the Union address of the television age Tuesday, declaring “a turnaround for the ages” as he tried to sell Americans on his economic program ahead of crucial midterm elections later this year.

The speech had all the ceremony, confrontation and chaos that have come to define the event in an era of narrow congressional majorities and partisan polarization. Democratic Representative Al Green was ejected from the chamber for disrupting the speech. Trump invited the gold-medal-winning men’s Olympic hockey team into the gallery amid chants of “USA! USA! USA!” He awarded several medals honoring veterans and active-duty service members.

And in more than 1 hour 47 minutes, the longest State of the Union in history, the president delivered a rally-like speech punctuated less by policy proposals than by political attacks.

For instant reaction and analysis, Bloomberg Balance of Power hosts Joe Mathieu and Kailey Leinz speak with:

• Bloomberg White House correspondent Jeff Mason
• Rick Davis, Partner at Stonecourt Capital and Bloomberg Politics Contributor & Jeanne Sheehan Zaino, Democracy Visiting Fellow at Harvard Kennedy School's Ash Center and Bloomberg Politics Contributor
• US Interior Secretary Doug Burgum

See omnystudio.com/listener for privacy information.

The people, companies and trends shaping the global economy.

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

Activist investor Boaz Weinstein is stepping up his warnings on private credit, saying the turmoil surrounding Blue Owl Capital’s funds is exposing deeper cracks in the $1.8 trillion industry.
“All you need is the snowball to start going down the hill and it started. Blue Owl is right in the middle of that,” the Saba Capital Management founder said Tuesday at the iConnections Global Alts conference in Miami Beach, Florida. “I think we are in the super-early innings of the wheels coming off the car.” The comment was the latest salvo by Weinstein against the private credit industry, which is reeling from worries about overspending on artificial intelligence and lending standards after Blue Owl restricted withdrawals from one of its funds.

Saba Capital, alongside Cox Capital Partners, has announced cash tenders for stakes in three funds managed by Blue Owl Capital at steep discounts to their stated value, after the alternative investment firm restricted redemptions in one vehicle and began selling loans to raise cash for investors.

The offer price is expected to be 20%-35% below net asset value and aims to give a liquidity solution to retail investors wanting to exit positions that have been harder to redeem as withdrawals surged across the sector.

During the panel, Weinstein warned about market dislocations, where some credit assets are currently trading at historic highs while related equity and fund structures are at massive discounts. He added that he is looking to launch a fund to capitalize on an expected wave of opportunities, particularly around the Blue Owl situation and similar semi-liquid products facing redemption pressures.
Saba and Cox sent notices to buy Blue Owl Capital Corporation II shares on Feb. 17. They plan to make similar offers for Blue Owl Technology Income Corp. and Blue Owl Credit Income Corp., which are also business development companies. Blue Owl’s shares have plunged around 50% in the past year, even as the firm’s revenue continued to climb in that period.

Others have sounded warnings as well in recent days. JPMorgan Chase and Co. Chief Executive Officer Jamie Dimon on Monday drew parallels between the present day and the era leading up to the 2008 global financial crises, when the scramble to make loans ended disastrously.

Today's show features:

• Bloomberg News Finance Reporter Katherine Doherty on JPMorgan CEO Jamie Dimon saying he's starting to see parallels to the era before the 2008 financial crisis
• Lauren Goodwin, Economist and Chief Market Strategist at New York Life Investments on the US economy and geopolitical risks in markets
• Bloomberg Tech Co-Host Ed Ludlow on Meta’s multi-billion dollar investment in AMD equipment and stock, as well as the latest news from Anthropic
• Elise Giuliano, Senior Lecturer in Political Science at Columbia University, on the four-year mark since the official start of the War in Ukraine

See omnystudio.com/listener for privacy information.

Tom Freston is a cofounder of MTV and the former CEO of Viacom, where he oversaw Paramount Pictures. After launching a successful clothing export company out of Afghanistan and India, Freston transitioned into the media landscape, helping found MTV and bringing it to international fame in more than 150 countries. Before his Viacom roles, he ran MTV Networks for seventeen years, overseeing Nickelodeon, VH1, Comedy Central, and other legendary networks.

In addition to currently serving as the Principal of consulting and investment firm Firefly3, Freston also recently released his memoir, “Unplugged Adventures from MTV to Timbuktu,” which details some of his more unique experiences as he rose through the ranks of the entertainment industry. Tom discusses his unparalleled career as well as some of the pressing issues in the media business today, including the ongoing battle between Netflix and Paramount Skydance over control of Warner Bros. Discovery. Tom speaks with Carol Massar and Tim Stenovec on Bloomberg Businessweek Daily.

See omnystudio.com/listener for privacy information.

The people, companies and trends shaping the global economy.

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

A European Union assessment found that President Donald Trump’s new tariff policy will increase levies on some of the bloc’s exports, including cheese and some agricultural products, above the level permitted in their trade agreement.

After the US Supreme Court struck down Trump’s use of an emergency-powers law to impose his so-called reciprocal tariffs around the world, he announced a new 10% global levy, which he then threatened to increase to 15%.

The European Commission, which handles trade matters for the bloc, told lawmakers Monday that the new global tariff will be added to levies that are already in place, according to Bernd Lange, chair of the European Parliament’s trade committee. The new cumulative rate means some goods would be above the 15% ceiling the EU and US agreed to in their trade deal.
Under Trump’s new tariff program, some products including butter, plastics, textiles and chemicals would have levies above that 15% ceiling, according to people familiar with the commission’s assessment. The new global tariffs can stay in place for as many as 150 days.Commission spokesman Olof Gill declined to comment on the assessment.

The EU-US trade deal — struck last summer between Trump and European Commission President Ursula von der Leyen — would impose a 15% tariff rate on most EU exports to the US while removing tariffs on many American goods heading into the bloc. The US would also continue to impose a 50% tariff on European steel and aluminum imports.

The bloc agreed to the lopsided deal in the hopes of avoiding a full-blown trade war with Washington and retaining US security backing, particularly with regards to Ukraine. European Parliament suspended legislative work on approving the EU-US accord on Monday, requesting clarity on Trump’s new trade policy.

Today's show features:

• Kathryn Judge, Harvey J. Goldschmid Professor of Law at Columbia Law School, on the next steps in the legal process following Friday’s Supreme Court ruling on President Donald Trump’s tariffs
• Greg Daco, Chief Economist at EY, on the latest global trade rumblings from the 2026 National Association of Business Economics (NABE) Policy conference
• Bloomberg News Health Reporter Madison Muller on Novo Nordisk’s next-generation obesity shot delivering less weight loss than Eli Lilly’s rival drug
• Ryan Vlastelica, discussing the week ahead for tech stock traders ahead of Nvidia’s earnings
• Bloomberg News Weather Reporter Lauren Rosenthal on the latest blizzard to hit New York City and the Northeastern US

See omnystudio.com/listener for privacy information.

Gen Alpha, the cohort born from 2010 to 2024, has been subject to harsh critiques, including being addicted to phones, lacking self-discipline and social skills, and being unable to read or spell. Despite these criticisms, Gen Alphas have strengths such as teamwork, empathy, honesty, and creativity, and are highly tuned into world events and global issues due to their access to global platforms and networks.

Bloomberg Businessweek Contributing Writer Stacey Vanek Smith discusses how Gen Alphas are already showing significant spending power and influence over adult purchasing decisions, with many having a strong sense of self-expression and a desire for luxury products, and are expected to play a major role in shaping the future of work and technology.

See omnystudio.com/listener for privacy information.

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. 
You can also watch Bloomberg Businessweek on YouTube - just search for Bloomberg Global News. Like us at Bloomberg Radio on Facebook and follow us on Twitter @carolmassar @timsteno and @BW

See omnystudio.com/listener for privacy information.