Bloomberg Businessweek Weekend - September 19, 2025

Episode Overview

This episode, hosted by Carol Massar and Tim Stenovec, delivers a sweeping look at today’s business, tech, and economic landscape. Major themes include the intensifying global "chip war," the epic ongoing investments in AI and data centers, the political and policy impacts of tech (including the latest from President Trump's administration), the evolving language-learning sector amid AI disruption, and insight into sports investing and state governance with California’s gubernatorial candidate. Through a series of engaging interviews with experts and business leaders, the episode explores how AI, geopolitics, infrastructure, and policy changes are shaping the global future.

Key Discussion Points & Insights

1. The Global Chip War: Nvidia Invests in Intel

Guest: Chris Miller, Professor at Tufts University, author of "Chip War"
Timestamps: 03:00–12:19

Main Points

• Nvidia’s $5B Investment in Intel: A surprising partnership; Nvidia and Intel agree to co-develop chips for PCs and data centers, aiming to reinforce Intel, which has lagged behind TSMC (Taiwan Semiconductor Manufacturing Company).
• National Strategic Stakes: U.S. government’s 10% stake in Intel, SoftBank’s $2B in Nvidia, and the desire to shore up domestic chip manufacturing.
• Geopolitics & Security: Heavy U.S. reliance on Taiwanese chip supply is risky amid China-Taiwan tensions.
• Manufacturing vs. Design: The real focus for U.S. dominance is boosting Intel’s manufacturing capability to rival TSMC and Samsung.

Memorable Quotes

• On U.S. dependence:
  “All of the biggest, most valuable companies in United States require silicon that today can in some cases only be sourced from Taiwan... The entire U.S. tech ecosystem relies on Taiwan's expertise.”
  — Chris Miller, 09:20
• On escalation:
  “I think we're in the thick of the chip war right now... you can't really separate the chip industry from the decisions of President Trump or from Chairman Xi.”
  — Chris Miller, 05:37
• On U.S. policy:
  “The U.S. has been pretty clear... it sees Intel's success in manufacturing as important for U.S. national security.”
  — Chris Miller, 06:23

2. AI and Data Center Boom: Inside Equinix

Guest: Adair Fox Martin, President & CEO, Equinix
Timestamps: 14:18–24:04

Main Points

• Hyperscaler CapEx Explosion: Microsoft, Amazon, and Google are leading $344B in capital expenditures, most of it going to data center infrastructure to support AI workloads.
• Colocation as a Business Model: Equinix focusses on interconnecting customers in shared data centers, with 273 facilities worldwide; connectivity is their "secret sauce."
• AI: Training to Inference: The transition to deploying AI models (inference) is causing rapid, large-scale demand, potentially doubling current workloads.
• Challenges: Power, energy, skilled labor, and supply chain issues are key constraints for expanding data center capacity.
• Market Realities: Despite enthusiasm, concerns rise over potential overbuilds and “exuberance” in AI/data center spending; Equinix remains committed to long-term value.

Notable Quotes

• On the demand cycle:
  “We see that opportunity as potentially double the size of the training opportunity. And at our company, we feel we were built for this moment.”
  — Adair Fox Martin, 15:22
• On business resilience:
  “We believe in the enduring nature of the transformation that AI... can bring to businesses. Our business model is somewhat protected from any potential [bubble].”
  — Adair Fox Martin, 22:27
• On U.S. push for data centers:
  "We very much welcome the focus that the current administration has on data centers and... their important role in the infrastructure of any economy."
  — Adair Fox Martin, 16:37

3. China's Tech Push and Geopolitical Chessboard

Timestamps: 24:47–26:43

Main Points

• Huawei’s Advances: Huawei unveils new chips and AI accelerators, underlining China’s ambition for chip independence.
• Self-Reliance: China’s moves are reactions to export restrictions and part of both tech and geopolitical rivalry, deepening the so-called "tech war."
• Stock Market Impact: Chinese tech stocks surge amid optimism over homegrown chip development.

Notable Quotes

• On the tech war:
  “It’s not just geopolitical, it’s really a tech war. Tech dominance. And you’re seeing China making some moves.”
  — Carol Massar, 25:02

4. California Politics: Ethan Penner’s Gubernatorial Bid

Guest: Ethan Penner, candidate for California governor & real estate investor
Timestamps: 27:18–40:49

Main Points

• Tax Overhaul: Proposes replacing state income and sales tax with a 15% consumption tax to make California more business- and resident-friendly; pledges revenue neutrality or growth.
• Regulatory Reform: Streamline regulation to address the housing shortage—emphasizes building more units, cutting red tape, and using AI for approvals.
• Homelessness Approach: Leverage public-private partnerships and modular housing, backed by transparent, outcome-driven management.
• Bipartisan Stance: Intends to remain nonpartisan, eschew culture war distractions, and focus on competence and results.

Notable Quotes

• On tax policy change:
  “We will eliminate all state income tax... replaced by a single 15% consumption tax on goods and services.”
  — Ethan Penner, 30:32
• On homelessness:
  “We need the skills that I bring... understanding of how to build things, transparency. It’s not that we don't have the money... $25 billion in the last four years and all that's gotten us is nothing but 25% more homeless.”
  — Ethan Penner, 33:51
• On bipartisan governance:
  "I will not be engaged in that distraction [feuding with President Trump]. For me, I'm laser focused on serving the needs of the people in California."
  — Ethan Penner, 38:55

5. Sports Investment Strategy: Jeff Luhnow of Blue Crow Sports

Guest: Jeff Luhnow, CEO, Blue Crow Sports Group; ex-Houston Astros
Timestamps: 44:08–52:13

Main Points

• Club Investment Approach: Focus on owning and operating football (soccer) clubs in growth markets (Mexico, Spain, France), aiming for promotion and long-term value — not quick flips.
• Analytics & AI in Football: Soccer lags baseball and basketball in analytics but AI enables new insights by processing vast amounts of game data.
• Valuation Realities: Cautions on U.S. sports valuation bubbles and the risks in Europe (relegation/promotion).
• Growth Prospects: Women's sports present a notable area of expansion; U.S. soccer’s World Cup visibility will spur further growth.

Notable Quotes

• On AI in football:
  “AI allows you to analyze a much, much larger volume of data and to generate insights from it. So I think it’s going to be increasingly important in our world.”
  — Jeff Luhnow, 47:52
• On team investment philosophy:
  “We're not looking to buy and flip. A lot of the things that we do in our clubs require three or four years, five years for them to start working.”
  — Jeff Luhnow, 47:12

6. AI in Higher Education: Preparing the Workforce

Guest: David Marczik, Dean, Kogod School of Business at American University
Timestamps: 53:01–67:55

Main Points

• AI Integration: AI is taught from the first day for undergraduates and MBAs; curriculum is designed to teach both the weaknesses and strengths of AI tools.
• Human + AI in the Classroom: Importance placed on critical thinking, teamwork, skepticism, and communication as ‘power skills’ in conjunction with technical AI fluency.
• Faculty Response: Cultural shift among faculty for AI adoption — from resistance to an “all in” entrepreneurial approach.
• Future Participation: AI isn’t seen as replacing the educational experience, but as a collaborator shaping a more competitive, adaptive workforce.

Memorable Quotes

• On the urgency:
  “We need to infuse AI into everything we do to prepare our students for an AI workforce.”
  — David Marczik, 53:20
• On essential skills:
  “Those skills are more important today than in an AI economy. ...Communication, teamwork, the ability to think on your feet.”
  — David Marczik, 57:18
• On AI’s pace:
  “We’re seeing a technology revolution in a much more abbreviated version than we've seen it before... it's going to change everything in the economy faster than any technology change that ever has happened.”
  — David Marczik, 64:18

7. AI Disruption in Language Learning: Babbel’s Perspective

Guest: Tim Allen, CEO, Babbel
Timestamps: 70:48–81:07

Main Points

• Translation Tech vs. Real Learning: Live translation features (e.g. Apple’s AirPods, Google) create tailwinds by generating interest, but do not substitute for the human drive to truly learn and belong in a language.
• AI-Enhanced Pedagogy: Babbel’s "Babbel Speak" uses AI as a conversation coach, correcting and personalizing lessons, but always keeps a human-led, pedagogical backbone.
• Growth & Stickiness: Babbel’s user base remains strong despite AI tools; millions of subscribers, with B2B demand rising (e.g., Inter Miami's partnership).
• Competition & Differentiation: Babbel focuses on real content, pedagogy, and personal learning plans rather than gameified learning, distinguishing itself from rivals like Duolingo.

Notable Quotes

• On AI impact:
  “People will always want to learn and live inside of a language themselves.”
  — Tim Allen, 71:50
• On AI as an enabler:
  “The real sweet spot was not in removing people... it's facilitating the people to create the languages. So we do... use AI, but we use it with the human centric piece.”
  — Tim Allen, 80:13

Timestamps for Key Segments

• Fed, Economy, and Chip War News Recap: 01:58–03:00
• Chris Miller on Nvidia-Intel, U.S.-China, and Chips: 03:00–12:19
• Adair Fox Martin, Equinix CEO, on Data Centers and AI: 14:18–24:04
• China Tech & Huawei Update: 24:47–26:43
• Ethan Penner, California Governor Candidate: 27:18–40:49
• Jeff Luhnow, Blue Crow Sports: 44:08–52:13
• David Marczik, Kogod School, on AI in Education: 53:01–67:55
• Tim Allen, Babbel CEO on AI and Language Learning: 70:48–81:07

Final Thoughts

Businessweek’s Weekend edition dives into the interconnected world of AI, technology supremacy, policy, and business innovation. Through candid discussions and insightful expert analysis, the episode emphasizes the pivotal role of technology—particularly AI and chips—in shaping economies, businesses, politics, education, and even state governance. The recurring theme: the importance of adaptation, resilience, and forward-thinking in a rapidly changing world.

For more details or to listen to individual interviews, visit bloomberg.com or check the Bloomberg Businessweek Podcast feed.