Bloomberg Businessweek Weekend – October 3rd, 2025

Hosts: Carol Massar & Tim Stenovec
Date: October 4, 2025

Episode Overview

This weekend edition dives deep into pivotal business, tech, and economic trends shaping 2025. Key topics include the health of the global cruise and travel market, the latest in satellite telecom and the race to connect Earth, breaking developments in drug pricing reform and pharmaceutical stocks, the impact of AI and data centers in Bahrain’s economic diversification, the vibrant NYC real estate scene, highlights from this season’s consumer tech device launches, and the quest for efficient wellness with futuristic muscle-stimulating suits.

Major Segments & Insights

1. Carnival Corporation: State of Travel & Cruise Industry

Guest: Josh Weinstein, President, CEO & Chief Climate Officer, Carnival Corporation
Timestamp: 07:40 – 20:30

• Record Performance, Conservative Guidance:
  • Carnival reported record revenue and raised its full-year earnings outlook but issued conservative Q4 net yield guidance, citing macroeconomic and geopolitical volatility.
  • “We did set a record for demand for our yield... all the trends that we have are really quite positive.” — Josh Weinstein (08:20)
• Strength of the Consumer:
  • Despite higher prices, cruising remains great value compared to land vacations, especially as consumers look to maximize holiday dollars.
  • "The consumer is strong... The gap to land-based vacations is still huge. If there is a weakness and pullback in consumer sentiment, that bodes very well for us." — Weinstein (10:10)
• Brand Performance & Customer Mix:
  • A third of guests are new to cruising; Carnival Cruise Line (US) and Aida Cruises (Germany) lead in returns, but only half of brands have reached pre-2020 peaks.
  • “As strong as [Carnival and Aida] are... everyone is making improvement year over year.” — Weinstein (12:35)
• Returning Value to Shareholders:
  • Leverage is dropping; dividends (paused since the pandemic) may return in early FY 2026 once net debt-to-EBITDA ratio hits 3.5.
  • "Having a dividend is very important to us... that is really priority one after that, continuing deleveraging." — Weinstein (16:50)

2. Bahrain’s AI & Data Center Ambitions

Guest: Her Excellency Noor Bint Ali Al Kulayf, CEO of Bahrain Economic Development Board & Minister of Sustainable Development
Timestamp: 22:40 – 28:45

• Economic Diversification:
  • Bahrain attracts data centers (AWS, Oracle) due to regulation and strong human capital.
  • “85% of the economy being non-oil... people do not realize how diversified the economy is.” — Al Kulayf (27:40)
• Stability Amid Regional Turmoil:
  • Bahrain emphasizes peace and offers stability—a core pitch to investors even as regional conflicts (Israel-Hamas) persist.
  • “You absolutely need safety and stability for companies to thrive.” — Al Kulayf (25:00)

3. AST SpaceMobile: Challenging SpaceX for Cellular from Space

Guest: Scott Wisniewski, President, AST SpaceMobile
Timestamp: 31:40 – 48:55

• Mission & Partnerships:
  • Building direct-to-phone cellular service from orbit, partnered with 50+ global carriers (AT&T, Verizon, Vodafone) and investors including Google.
  • “Our company is entirely focused on this opportunity of providing wireless access from space directly to the phone in your pocket.” — Wisniewski (32:20)
• Network Rollout & Tech:
  • 5 satellites orbiting; 45–60 planned by end of 2026.
  • Focused on broadband (not just text/calls), significant improvement over 2G/3G access for 2+ billion people worldwide.
  • “We have over 3,700 patent and patent-pending claims... It sounds far-fetched, but that’s the capability that we have.” — Wisniewski (33:20)
• Competition & Differentiation:
  • Unlike SpaceX’s Starlink, AST is purpose-built for mass cellphone connectivity.
  • “This is a market... that we think is big. Going to be worth tens of billions of dollars.” — Wisniewski (40:30)
• Technical Capabilities:
  • Uplink speeds tested at 20 Mbps, potentially up to 120 Mbps; can penetrate “one wall in” for buildings/cars.
  • “There’s only one way to get broadband capabilities from space and that’s with a big satellite. And we have the biggest.” — Wisniewski (44:35)
• US Government Work:
  • Providing strategic communications/non-communications services for defense, including potential for Israel's Iron Dome equivalent (“Golden Dome”).

4. Drug Pricing Reform & Pharma Reaction

Guests: Damien Garde, Bloomberg Health Reporter | Angie Frank, CEO, Calderos
Timestamp: 50:10 – 1:07:00

• White House-Pfizer Deal:
  • Pfizer agrees to offer all its meds to Medicaid at “most favored nation” (MFN) prices, gets three years relief from import tariffs.
  • Skepticism over widespread price drops: “For the vast majority of Americans? No, I sincerely doubt it... Medicaid already pays the lowest price available in the U.S.” — Damien Garde (52:15)
• Stock Market Reaction:
  • Relief rally was more about avoiding harsher regulation and tariff relief than about lower expected pharma profits.
• PBMs & TrumpRx:
  • Possibility that new direct-to-patient channels (like TrumpRx) and focus on PBMs (pharmacy benefit managers) could disrupt legacy pricing models.
  • “The new channels and new price point at MFN will over the longer term have a pretty significant impact.” — Angie Frank (56:50)
• Implications for Innovation:
  • Simplified pricing and transparency should cut waste, potentially freeing more dollars for R&D.
  • “When you simplify and drive more transparency, you have less waste in the system. That waste will feed the top of the [innovation] funnel.” — Angie Frank (1:05:45)

5. Tech & Consumer Device Roundup: 2025 Holiday Season

Guest: Mark Gurman, Managing Editor, Global Consumer Tech, Bloomberg
Timestamp: 1:08:00 – 1:21:30

• Meta Ray-Ban Smart Glasses:
  • Mark’s pick for the breakout device of the season—first mainstream smart glasses with display and neural wristband.
  • “These are the first mainstream smart glasses with the screen in the lens... I think this is a category that's going to take off.” — Mark Gurman (1:09:50)
• Peloton & Oura:
  • Peloton’s new hardware praised, but subscription and equipment price hikes spook investors.
  • Oura launches $500 ceramic rings—likely a niche item, but recurring subscriptions drive its rising valuation.
• Amazon Device Overhaul:
  • New Echo line and premium Kindle Scribes target Apple and AI-centric use cases.
  • “The new Color Scribe—$630. The most expensive Kindle device ever.”
• Tech Industry & Policy:
  • H1B visa curbs result in muted public response from tech leaders—industry fears political backlash from Trump.
  • “They're scared of Donald Trump... instead, they're going to work with lobbyists behind the scenes.” — Gurman (1:20:45)

6. NYC Real Estate: Luxury, Foreign Buyers, & Market Dynamics

Guest: Louise Phillips Forbes, Real Estate Broker, Brown Harris Stevens
Timestamp: 1:21:50 – 1:40:00

• Market Energy & Buyer Behavior:
  • “Marry the home and date the rate”—home buying persists despite high interest rates, especially in efficient price bands (under $2 million) and one-bedroom segments.
  • “If you can own, try to own.” — Forbes (1:24:35)
• Foreign Buyers & Wealth Transfers:
  • Uptick from countries like Mexico, Ukraine, Korea, and China, driven by desire to move money abroad and U.S. stability.
  • Intergenerational wealth transfer: “Parents buying places for kids all day long. And even grandparents.”
• Affordability & Policy Constraints:
  • New 485 tax abatement (successor to 421-a) may slow new affordable housing due to high cost triggers.
  • “Affordable housing... it has to be the state, the city, and a longer-term commitment.” — Forbes (1:37:23)
• Industry Consolidation:
  • Compass’s acquisition of Anywhere (parent of Corcoran, Sotheby’s) gives it 40% NYC share. Culture and agent retention flagged as future challenges.

7. Wellness Tech: The Catalyst EMS Suit

Guests: Chris Rouser, Bloomberg Pursuits Editor | Brendan Kennedy, CEO, Montemare (owner of Catalyst)
Timestamp: 1:40:10 – 1:53:50

• What Is It:
  • EMS (Electrical Muscle Stimulation) suit—zaps muscles during a guided workout, promising results in 20 minutes that would otherwise require hours.
• User Experience & Results:
  • Rouser: “It actually works. I did it for six months... It helped my posture, I lost weight, gained muscle.” (1:42:25)
  • Kennedy: “First time I’ve had abs at 53... I use it three days a week, 20 minutes at a time.” (1:44:00)
• Pricing, Content, and Growth:
  • Suit costs $3,000; guided workouts via app.
  • FDA clearance considered a key moat vs. European competitors; also a growing library of proprietary content.
• Market Potential:
  • Widespread in Europe—US expected to follow. Both direct-to-consumer and studio models expanding.

Notable Quotes

• "The trajectory is good." — Josh Weinstein, Carnival (08:55)
• "We are blessed to have a very stable and safe business environment." — Noor Bint Ali Al Kulayf, Bahrain EDB (27:10)
• "There's only one way to get broadband capabilities from space, and that's with a big satellite. And we have the biggest." — Scott Wisniewski, AST SpaceMobile (44:35)
• "For the vast majority of Americans? No, I sincerely doubt it." — Damien Garde, Bloomberg, on drug price drops for regular Americans (52:15)
• "These are the first mainstream smart glasses with the screen in the lens... This is a category that's going to take off." — Mark Gurman, Bloomberg (1:09:50)
• "Parents buying places for kids all day long. All day long. And even grandparents." — Louise Phillips Forbes, Brown Harris Stevens (1:38:10)
• "I can get a two-hour workout in 20 minutes. It's efficient, it's fast, it's safe, and it compresses time for me." — Brendan Kennedy, Montemare/Catalyst (1:44:00)

Key Takeaways

• Travel & Leisure: Cruising is booming post-pandemic; consumers are resilient but cautious.
• Tech & Connectivity: The battle for global mobile coverage intensifies—AST SpaceMobile is betting big on “space-to-phone” as terrestrial markets mature.
• Drugs & Policy: Even major “cuts” in medication lists for Medicaid may not mean near-term price relief for most Americans, but tectonic shifts to direct-purchase and greater transparency loom.
• AI, Data, & Geopolitics: Bahrain showcases how savvy policies and human talent can attract key tech investments even in a turbulent region.
• NYC Real Estate: Wealth transfers, foreign buyers, and cash are driving the market; affordable housing lags amid complex policies.
• Consumer Tech: Wearables, smart glasses, and “hardware + subscription” models dominate holiday and investor attention.
• Wellness Hacks: EMS tech like the Catalyst suit is emerging as a “fitness shortcut” for busy professionals, with high praise from early adopters.

This episode offers a cross-section of evolving global business trends, optimistic innovation, and candid skepticism about who actually benefits from major economic policy shifts. Whether you’re a market-watcher or just tech-curious, this week’s show provides deep context and expert voices from around the globe.