Bloomberg Businessweek Weekend – January 2nd, 2026

Hosts: Carol Massar & Tim Stenovec

Date: January 3, 2026
Purpose: Reporting and analysis from Bloomberg Businessweek magazine on the trends shaping business, politics, tech, and culture as the new year begins.

Episode Overview

This special weekend edition rings in 2026 with a wide-ranging exploration of the major themes and business stories at the forefront this year. The show covers the evolving influence of artificial intelligence in retail, shifts in the New York City political landscape, the booming—and perilous—world of meme coins, and outlooks from leading voices in the wine and spirits industries. Along the way, guests share insights on investing, industry disruption, and changing consumer behavior.

Key Themes and Discussion Points

1. The State of AI in Retail & Investment

Guests: Kimberly Schenk (CEO, Novi), Dave Lee (Bloomberg Opinion)

Key Segments:

• [09:10] Retailers using AI to optimize sales and product discovery.
• [17:55] The next wave of AI investment—who benefits after the chip giants?

Discussion:

• AI is rapidly reshaping shopping—as both consumers and brands adjust to a world where AI chatbots and agents (like ChatGPT, Gemini, and Claude) curate products and hunt for discounts for users.
• Kimberly Schenk describes Novi’s role in feeding trustworthy product data to AI models, enhancing discovery for retailers like Macy’s, Sephora, and Target.
  • “Products that have verified trust signals are selected 259% more often than random chance.” (Kimberly Schenk, 12:10)
• The traditional “category manager” function of big-box stores is being superseded as consumers let AI do the research.
• While AI-driven traffic to retail sites soared 520% YoY, the actual conversion rates are unclear. Novi’s data shows direct brand site visits via AI are increasing.
  • “We're seeing strong numbers in users using chatbots and shopping, but it just hasn't quite played out yet in conversion.” (K. Schenk, 14:45)

Investment Outlook:

• The chip industry landscape is maturing; the biggest winners so far have been Nvidia and other headline names, but “edge computing” players like Texas Instruments and Analog Devices may prove the next quiet beneficiaries.
  • “Watching the less publicized chip makers may be a better way of assessing the future of artificial intelligence than keeping an eye on market leader Nvidia.” (Ian King, quoted by Dave Lee, 20:40)
• Chip efficiency and vertical integration (e.g., Google, Apple developing custom AI chips) will likely drive AI’s real-world application and investor interest through 2026.
• “For Google, which has Google Cloud, that's a very attractive thing—to do AI more cheaply if you can't get Nvidia chips.” (Dave Lee, 24:15)

Memorable Exchange:

• On waiting for the ‘real’ impact of AI:
  • “We were talking about bitcoin for 15 years before it took off… Is it going to be that long before AI is really that useful to us?” (Vonnie Quinn, 29:20)
  • “Even the dot-com crash, the internet was revolutionary. Both things can be true: We’ll need a new narrative, but AI also has this promise now.” (Dave Lee, 30:10)

2. Political Change in New York City

Guest: Kathy Wylde (Outgoing President/CEO, Partnership for New York City)
Segment [36:15]: The city's business community adapts to a new mayor, Zoran Mamdani.

Key Insights:

• Mamdani’s campaign energized 170,000 new (mostly young) voters and raised high expectations—especially around housing, childcare, and affordability.
• Business leaders' key concern: balancing progressive promises with economic realities (e.g., the effect of higher taxes on talent retention and job loss, especially in financial services, which provide 40% of NY state income tax revenue). - “We’re seeing, for the first time in my experience over 50 years, a decline in the number of jobs in our financial services industry. Scary thing.” (Kathy Wylde, 44:34)
• Wylde notes a shift in Mamdani’s tone—now more nuanced and data-driven after months of engagement with business leaders.
• On taxes and public investment: “We supported an 18% tax increase right after 9/11 to rebuild. It’s not about being anti-tax; it’s about is government doing what they can to keep costs down, then what’s the best contribution?” (Kathy Wylde, 49:10)
• Housing policy: Mamdani now acknowledges that rent freezes must be balanced with increased supply and lower property taxes for developers.
  • “If there's no economic return, nobody’s going to build housing. He’s figured that out.” (Kathy Wylde, 52:25)

3. The Trump Meme Coin Story

Guests: Zeke Faux & Max Abelson (Bloomberg News Investigations)
Segment [56:00]: Investigating the Trump-branded meme coin phenomenon.

Key Narrative:

• On inauguration eve for his second term, Trump’s team launches an official meme coin—yielding an estimated $350 million for the Trump family, and big losses for late investors.
  • “Trump made about $300 million from launching his meme coin, according to crypto tracing firms. Melania likely collected another $40 or $50 million.” (Zeke Faux, 1:03:30)
• Meme coins, inspired by Dogecoin, have exploded—transparently speculative, with investors knowingly chasing hype cycles. Unlike classic pump-and-dump penny stocks, the “mark” participates willingly.
  • “With meme coins, people know the drill: creator pumps, then dumps, and the rest are left holding the bag.” (Z. Faux, 1:05:30)
• Regulatory confusion abounds; the SEC, under Trump, ruled meme coins ‘not securities.’
  • “Three weeks after Trump’s inauguration, the SEC said, ‘Hey, these meme coins, they’re fine. Not our business.’” (Z. Faux, 1:08:45)
• The international, shadowy infrastructure behind these coins remains difficult to unravel, but highlights how easy it is to create and cash out on hype within the unregulated crypto world.

4. Spotlight on the Wine and Spirits Industry

Duckhorn Portfolio

Guest: Robert Hanson (CEO, Duckhorn), with Bloomberg’s Alexis Christophorus, Christina Kino, Bailey Lipschultz
Segment [1:20:00]:

• Duckhorn, founded 50 years ago, adapts to shifting consumer preferences by focusing on premium/luxury segment ($15–$300 per bottle) and innovating with lower-alcohol, lower-calorie wines.
  • “Younger consumers are looking for value—they want betterment and health-conscious options. We meet them on their playing field.” (R. Hanson, 1:26:00)
• Despite overall alcohol consumption waning (especially among Gen Z), Duckhorn’s focus on quality, segmentation, and agility has grown their market share.
  • “We encourage consumers to drink less but better quality, and our portfolio reflects that.” (R. Hanson, 1:37:20)

Bourbon Distilling

Guests: Mark Irwin (CEO, Lofted Spirits/Bardstown Bourbon), David Westin (Bloomberg), [1:45:00]

• Irwin discusses his transition from military leadership to CEO and the unique culture of team-building at Lofted Spirits, which now runs the largest custom distillery in Kentucky.
  • “It’s about creating something where people are proud to come to work every day—that’s most important to me.” (M. Irwin, 1:47:30)
• Bardstown produces not only its brands but makes whiskey for others—supporting innovation and investment in its premium house bourbons.
• Despite industry headwinds, there is renewed investor interest—even from family offices—recognizing bourbon’s stable, reasonable returns.

Maison Mirabeau & Regenerative Viticulture

Guest: Steven Kronk (CEO, Maison Mirabeau), [2:05:00]

• Kronk details the journey from the London suburbs to owning a Provençal rosé brand, the pressures of climate and tariff headwinds, and a pivot to regenerative farming.
  • “Regenerative is about regenerating soil fertility and restoring nature; most of the world's soil is on life support now.” (S. Kronk, 2:09:00)
• The US (notably California) leads the charge on regenerative viticulture—a trend that both improves sustainability and meets retailer/consumer demand.

Uruguay’s Bodega Garzón Experience

Guest: Christian Wylie (Managing Director, Bodega Garzón), [2:15:00]

• South America's “new world” wine leader, Bodega Garzón, has invested $250 million to build a wine/eco-tourism destination now selling in 60 markets.
  • “We’ve doubled the business for many years in a row—even through COVID. It’s about wine, but also real estate, olive oil, and world-class experiences.” (C. Wylie, 2:18:00)

Notable Quotes & Memorable Moments

• “AI is definitely the hot topic. If you are not involved in AI, you're getting left behind in Silicon Valley.”
  — Kimberly Schenk, Novi CEO [16:25]
• “His (Mamdani’s) view is much more nuanced now… When he talks about freezing the rent, he says one way to do that is to reduce property taxes on rent-stabilized buildings. So he gets it—he can add and subtract.”
  — Kathy Wylde on Mayor Zoran Mamdani [52:25]
• “A meme coin has a certain kind of existential nothingness. It’s vacant by design; it doesn’t give you rights to future profits. It represents nothing but itself.”
  — Max Abelson [1:02:30]
• “Three years ago, we didn’t have much competition in contract distilling—now, everyone wants to be in the business. But we’re still the only ones with cradle-to-glass service for new whiskey brands.”
  — Mark Irwin [1:52:05]
• “Regenerative is about restoring soil health... Most of it, I’d say, is on life support.”
  — Steven Kronk [2:10:30]

Timestamps for Key Segments

• 09:10 – AI and Retail Transformation (Kimberly Schenk, Novi CEO)
• 17:55 – The Next AI Trade in Chipmaking (Dave Lee, Bloomberg Opinion)
• 36:15 – Political Shift in NYC: Mayor Zoran Mamdani’s Transition (Kathy Wylde)
• 56:00 – The Trump Meme Coin Craze and Investigation (Zeke Faux & Max Abelson)
• 1:20:00 – The Business of Duckhorn Wines (Robert Hanson)
• 1:45:00 – Building Bourbon’s Future: Lofted Spirits (Mark Irwin)
• 2:05:00 – Provence Rosé & Regenerative Agriculture (Steven Kronk)
• 2:15:00 – Bodega Garzón: Building a Global Wine Experience (Christian Wylie)

Tone and Style

Conversational, insightful, and sometimes irreverent—typical of a weekend show that blends analysis with sector stories, personality-driven interviews, and moments of levity (including plenty of live wine and bourbon tastings).

Summary Takeaways

• AI’s impact on retail, investing, and consumer habits is growing, but real economic returns are still in question.
• NYC’s business community is warily optimistic but watching closely as new progressive leadership faces fiscal and political realities.
• Meme coins epitomize the speculative—and still largely unregulated—side of the crypto boom (and bust), with Trump’s own coin the latest, most lucrative example.
• Alcohol brands (wines and spirits) face cost, demand, and demographic headwinds—but are adapting with innovation, focus on quality, sustainability, and experience-driven marketing.

This episode is essential listening for anyone looking to understand 2026’s trends in technology, urban politics, finance, and the evolving world of luxury consumer goods.