Bloomberg Businessweek

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.
A selloff in the world’s largest technology companies drove stocks to their longest slide since August, underscoring the American market’s narrow reliance on a handful of growth giants.
The S&P 500 lost almost 1%, falling for a fourth straight day. In the run-up to Nvidia Corp.’s results, the shares sank 2.8%. The bar is getting higher for the chipmaker to convince investors that the billions of dollars spent on artificial intelligence will pay off. Its outlook could have significant implications due to the firm’s massive influence on major indexes.
Wall Street has grown increasingly concerned that AI isn’t yet generating enough revenue or profits to justify the massive spending on infrastructure. Microsoft Corp. and Nvidia are committing to invest up to a combined $15 billion in Anthropic PBC, in a move that ties the AI developer closer to two of the biggest backers for its rival OpenAI.
The S&P 500 dropped to around 6,617, the lowest in more than a month. A gauge of tech megacaps slid 1.8%. A closely watched index of stock volatility — the VIX — hovered near 25.
Bitcoin climbed after briefly dropping below $90,000. The yield on 10-year Treasuries slid two basis points to 4.12%. The dollar wavered.
Today's show features:

• Vance Howard, CEO & Portfolio Manager, Howard Capital Management, on market valuation and AI bubble concerns
• Ellen Wald, President of Transversal Consulting and Senior Fellow at the Atlantic Council, on Saudi Crown Prince Mohammed bin Salman’s White House visit with President Donald Trump
• Dr. Adam Posen, President of the Peterson Institute for International Economics, on the global economic outlook and the US monetary policy impact
• Stephanie Guild, Chief Investment Officer at Robinhood Markets, on the makeup of next-gen retail investors and key trends among female investors who are increasingly coming into greater wealth

See omnystudio.com/listener for privacy information.

Sally Beauty Holdings, Inc. (NYSE:SBH) is a global distributor and retailer of professional beauty products with revenues of $3.7 billion annually. Through the Sally Beauty Supply and Beauty Systems Group businesses, the company sells and distributes through over 4,000 stores, including approximately 132 franchised units, throughout the United States and Puerto Rico, the United Kingdom, Belgium, Chile, France, Canada, Mexico, Ireland, the Netherlands and Germany.

Denise Paulonis has served on the firm's board of directors since May 2018 and was appointed President and Chief Executive Officer in October 2021. She joins to break down her company’s latest quarterly earnings report and examine the health of the American consumer with Carol Massar and Tim Stenovec on Bloomberg Businessweek Daily.

See omnystudio.com/listener for privacy information.

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

Wall Street traders gearing up for Nvidia Corp.’s earnings and the jobs report shunned riskier assets as both events will be key in shaping the global financial outlook throughout the rest of 2025.
Just days ahead of tests of the two main pillars of the bull market — prospects for artificial intelligence and Federal Reserve rate cuts — equities fell alongside crypto. The S&P 500 lost over 1% — breaching a technical level seen by many as a gateway to a deeper pullback. The gauge is set to snap 138 sessions during which it held above its 50-day moving average — its second-longest stretch this century.

Nvidia’s report Wednesday will come out amid investor uneasiness about stratospheric AI valuations even though the chipmaker is widely expected to deliver another earnings beat. Options traders are pricing in a 6.5% swing in either direction for the stock, which would be the highest implied move in a year.

Then there’s the September jobs report, which will be released Thursday after a delay due to the US shutdown. Fed Vice Chair Philip Jefferson said he sees risks to the labor market as skewed to the downside, but warned policymakers need to proceed slowly.

Scrutiny of Walmart Inc. and Target Corp. results will also be heightened as investors seek clues on consumer appetite and the broader economy. More than 400 shares in the S&P 500 fell, with the gauge hovering near 6,650. Nvidia slipped as Peter Thiel’s hedge fund Thiel Macro LLC sold off its entire stake in the chipmaker last quarter. Alphabet Inc. climbed as Warren Buffett’s Berkshire Hathaway Inc. built a $4.9 billion stake in the third quarter.

Today's show features:

• R.C. “Chris” Whalen, Chairman, of Whalen Global Advisors, on the US economic and monetary policy outlook
• Aaron Jagdfeld, Chairman, President and CEO of Generac, on the company's most recent earnings and the health of the American power grid
• Laura Chambers, Chief Executive Officer of Mozilla Corporation on the growing presence of AI in our day-to-day web browsing experience and Internet and data privacy challenges
• Sevasti Balafas, Founder and CEO at GoalVest Advisory on investing strategies amid macro uncertainty

See omnystudio.com/listener for privacy information.

Webflow is an AI-native Website Experience Platform that empowers teams to visually build, manage, and optimize websites that offer both the consumer experience customers expect and the enterprise-grade performance and scale they need. Webflow aims to give users full control over their websites without reliance on engineering, with big-name customers including NCR, Dropbox, Spotify and DocuSign.

Linda Tong, the CEO of Webflow, explains why she sees the web actively splitting into two versions - one for us and one for AI bots, and how companies are adapting and will continue to adapt to maintain traffic to their websites. Linda speaks with Carol Massar and Tim Stenovec on Bloomberg Businessweek Daily.

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.

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.
Business leaders, investors and academics have cheered Massachusetts Governor Maura Healey’s efforts to counter the Trump administration’s research funding cuts with state money — so much so that a recent meeting on the initiative required overflow seating. Healey, a Democrat, in July proposed funneling $400 million to institutions affected by the federal pullback.
Half of the money in Healey’s proposal would come from revenue raised by the state’s millionaire’s tax and would be reserved for the University of Massachusetts and other public colleges, while the rest could go to hospitals and private schools such as Harvard University.
She’s also seeking to establish a separate fund with contributions from philanthropists and private investors. The funds are meant to be a Band-Aid to help protect the universities and medical organizations that form the backbone of the Massachusetts economy. Healey sees the bill not only as a lifeline for life-saving therapies, but also as a way to retain the research talent that’s made Boston a global hub for the health-care industry.
Today's show features interviews conducted during a special broadcast from Boston Children's Hospital:

• Bloomberg News Boston Money and Power Reporter Greg Ryan on a Massachusetts proposal to funnel $400 million to institutions affected by the federal pullback in research funding, Boston’s biotech real estate slump and other key regional issues
• Dr. Joan LaRovere, Chief Medical Officer of Boston Children’s Hospital, on why research and innovation are central priorities for the nation’s leading medical institutions
• Dr. Lissa Baird, Director of Neurosurgical Oncology and Co-director of the Brain Tumor Center at Boston Children’s Hospital, on leading one of the world’s most advanced pediatric neurosurgery programs
• Dr. Ellen Grant, Director of Fetal-Neonatal Neuroimaging and Developmental Science at Boston Children’s Hospital, on the unmet needs to help treat women’s neurological health issues from migraines to autoimmune disorders to perinatal mental wellness
• Dr. Martha Murray, Orthopedic Surgeon-in-Chief for Boston Children’s Hospital, on how she helped transform the treatment of ACL tears by pioneering an innovative, FDA-approved surgical procedure that promotes a more natural healing of ligament tears, an injury most common in teen girls and young women

See omnystudio.com/listener for privacy information.

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.
Bitcoin sank deeper below the $100,000 mark, dragged down by a fresh wave of risk aversion and a selloff in tech stocks that reignited Wall Street jitters.
The digital currency fell as much as 3.9% to $97,956, intensifying a slump that’s wiped out more than $450 billion in value since early October. Once-reliable sources of support — including large investment funds, ETF allocators, and corporate treasuries — have stepped back, removing a key prop from this year’s rally and triggering a new phase of market fragility.
Analysts at 10x Research say the crypto market has entered a confirmed bear regime. The firm cites weakening ETF flows, continuing selling by long-term holders, and muted participation from retail buyers. The firm’s models flagged the shift in mid-October and now point to deteriorating sentiment beneath the surface. The next key level is $93,000, according to 10x.
Today's show features:

• Eric Trump, Co-Founder and Chief Strategy Officer of American Bitcoin, on his company’s business model and the regulatory environment for cryptocurrency
• Elizabeth Renter, Senior Economist at NerdWallet, on key economic data expectations as the US government reopens
• Bloomberg Intelligence Senior Media Analyst Geetha Ranganathan breaks down quarterly earnings from Disney

See omnystudio.com/listener for privacy information.

Hormone replacement therapies (HRTs) used to treat menopause symptoms no longer need to carry strict warnings about some potential side effects, including cancer and heart disease, the US Food and Drug Administration announced Monday. Commissioner Marty Makary said the agency is asking drugmakers to remove the strict black box warnings, with the goal of encouraging more women to take them. Labels on the medicines currently list potential side effects including cardiovascular disease, blood clots, breast cancer and dementia.

Fanny Elahi, MD, PhD is a physician-scientist and Associate Professor in the Departments of Neurology, Neuroscience, and Pathology at the Icahn School of Medicine at Mount Sinai in New York City. Dr. Elahi discusses the implications of this move and the importance of such therapies, particularly for women approaching menopause, with Carol Massar and Tim Stenovec on Bloomberg Businessweek Daily.

See omnystudio.com/listener for privacy information.

Lumen Technologies is on track to restore revenue gains by 2030 by shifting to growth products and divesting noncore assets. Bloomberg Intelligence notes that the company recently announced the sale of the Mass Markets fiber unit to AT&T for $5.75 billion in cash. It's also building new fiber routes for hyper-scaler cloud providers and social-media companies for AI traffic between data centers. It aims to tap other high-growth segments like edge compute and security to restore top-line growth, though the enterprise segment could inflect earlier. Lumen is carefully managing capex and seeks to eliminate $1 billion in costs by year-end 2027 to maximize free cash flow.
Chris Stansbury, the company's Chief Financial Officer, breaks down Lumen's path back to growth also details the firm's recent $200 million deal to source AI software from Palantir Technologies. Chris speaks with Carol Massar, Tim Stenovec and Bloomberg News Senior Editor Nina Trentmann on Bloomberg Businessweek Daily.

See omnystudio.com/listener for privacy information.

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.
Democrats returned to pressing Donald Trump on his ties to Jeffrey Epstein, highlighting a selection of emails in which the late financier and convicted sex trafficker suggested the president knew of his activities.
A congressional committee on Wednesday released some 20,000 pages of documents, pivoting attention away from the ongoing government shutdown and forcing the White House to respond to an issue that has frustrated the president and drawn scrutiny from parts of his base.
The trove of documents included emails in which Epstein — who died in 2019 while facing sex-trafficking charges — appeared to allege that Trump spent hours in a house with one of Epstein’s victims.
The new information came the same day that a new House lawmaker was officially sworn into office. Adelita Grijalva, an Arizona Democrat, immediately signed a petition forcing a vote on legislation to compel the Justice Department to release files on Epstein.

Today's show features:

• Bloomberg News National Security Reporter Jamie Tarabay on emails released by congressional Democrats, which suggest Donald Trump spent hours in a house with one of Jeffrey Epstein's victims (according to Epstein)
• Bob Michele, Chief Investment Officer and Head of the Global Fixed Income, Currency & Commodities (GFICC) group for JPMorgan Asset Management on the fixed income market, the US economy and ripple effects from the shutdown
• CFO Briefing: Tricia Tolivar, Chief Financial Officer of Cava, and Bloomberg News Senior Editor Nina Trentmann
• Peter Atwater, President of Financial Insyghts and Adjunct Lecturer of Economics at the College of William and Mary, on the US economic outlook

See omnystudio.com/listener for privacy information.