Bloomberg Businessweek Weekend – September 26th, 2025

Hosts: Carol Massar & Tim Stenovec
Location: Bloomberg Philanthropies Global Forum, New York City (alongside UN General Assembly & Climate Week NYC)
Episode Theme:
A comprehensive exploration of the intersection of global economic development, climate action, and rapid advances in artificial intelligence (AI). The episode delivers first-hand insights from leading voices in government, business, and tech, framing key opportunities and challenges facing global leaders at a pivotal moment shaped by politics, energy transitions, and technological change.

Overview

This special edition features exclusive interviews and discussions from the Bloomberg Philanthropies Global Forum, held alongside the 80th UN General Assembly and Climate Week NYC. With the backdrop of high-profile political statements and gridlocked city streets, the episode dives deep into:

• The economic and political climate under President Trump's second term—especially climate policy pushback
• Corporate strategies in a volatile, tariff-heavy market (with focus on Sam’s Club/Walmart)
• The boom in AI investment and its workplace/strategic implications, featuring ex-OpenAI exec Lane Dilg
• European and global perspectives on sustainable development, climate finance, and partnerships
• The evolving role of development finance amid U.S. policy retreat, including candid conversations with European officials and FinDev Canada’s CEO
• Big-picture reflections on migration, innovation, energy independence, and the impacts of changing aid paradigms

Timestamps are provided throughout to guide listeners to key segments.

Key Segments & Insights

1. State of the Global Retail / Consumer (Walmart & Sam’s Club Focus)

[03:02–17:05]

- Interviewee: Chris Nicholas, President & CEO, Sam’s Club (Walmart)

Key Takeaways:

• Consumer Behavior Remains Rational: Sam’s Club shoppers are "consistent and rational" despite economic uncertainty. The value-oriented club model is benefiting from inflationary pressures, offering curated items at lower costs—and growing primarily via unit sales, not inflated prices.
  “As long as you’re giving people that [great items at great prices], we’re finding consumers really rational and consistent.” (Chris Nicholas, 03:37)

• Minimal Price Increases Amid Tariffs: While supply chain adjustments (e.g., on roses from Ecuador) have occurred, price increases are minimized through close supplier relationships, curation, and operational efficiency.

  • “Our job is to work through how little you pass through [cost increases] and you work through how late you do it.” (C, 07:13)
  • Sam’s Club is about “25% cheaper than retail in general.” (C, 08:05)

• Supply Chain & Holiday Readiness: Early stocking for the holidays—“scarcity is part of the value”—but no major supply chain issues anticipated.

• Navigating Workforce/Migration Challenges: No substantial cost or stock challenges reported, with strong partnerships with American producers/farmers.

• Leadership in Uncertainty: Focus on “the culture you create as a business” and “what you can control”—especially in tech adoption.

• AI as a Strategic Lever: Long-term use of AI at Walmart/Sam's; latest move is frontline manager access to ChatGPT.
  “We believe the opportunity to empower people with the use of AI...is really exciting.” (C, 16:08)

2. AI Investment Frenzy & Strategic Implications

[20:00–29:55]

- Interviewee: Lane Dilg, Former Head of Strategic Partnerships & Global Affairs, OpenAI

Key Takeaways:

• AI Investment at “Frenetic” Levels: Massive deals like Nvidia’s $100B investment in OpenAI and Microsoft’s partnership with Anthropic illustrate fierce competition and the high stakes of compute and model development.

  • "We often say infrastructure is destiny. There is...this massive race for compute." (Dilg, 22:32)

• Model Differentiation is Emerging: While end-users may find models (e.g., Claude, ChatGPT) similar now, domain specialization (material science, biology) will drive future differentiation.

• Is There a Bubble? Most companies/advisors see continued insatiable demand for AI compute—“we are not yet anywhere close to maxing out the demand.” (Dilg, 24:41)

• Barriers to Adoption: Corporate and institutional integration lags technical progress (“The pace of scientific progress on the AI side is much faster than the pace of implementation and adoption.” 26:20), with most organizations still experimenting.

• Monetization Challenges: Paid tiers are the current model; “You want yours to be the go-to...companies are competing in that.” (Dilg, 26:56)

• AI, Energy, & Politics: Model development requires immense energy; U.S. needs rapid grid expansion, and strategies vary among hyperscale AI providers.

• Job Disruption Uncertainties: Potential for “white-collar decimation,” but real-world impacts remain unclear. Policy must plan for “multiple scenarios” and invest in reskilling and social safety nets.

  • “We don’t know the answers yet...it’s critically important that we understand both the data of how are jobs moving...and also look at the social safety nets.” (Dilg, 29:11)

• The Risks: “What keeps me up at night is, as always, it’s the humans...it’s our ability to step into this technology...for good or for ill.” (Dilg, 29:42)

  • Main concern: human misuse, not inherent AI “alignment” failures.

3. European Partnerships & Sustainable Development

[31:50–43:54]

- Interviewees:

• Josef Sikela, European Commissioner for International Partnerships
• Ambroise Fayolle, Vice President, European Investment Bank (EIB)

Key Takeaways:

• Rejecting “Zero-Sum” Mindset: Sikela emphasizes partnership and global benefit over competition—“I don’t believe in zero-sum games...all the business which is not to a benefit of all involved parties does not have a usually long life.” (Sikela, 32:21)

• China vs. Europe Approaches: Strong critique of China's extractive “plundering” model versus Europe’s efforts to foster education, green transition, and true mutual benefit (e.g., hydrogen in Namibia).

  • “Our attitude is to empower, not to impose, not to entrap.” (Sikela, 36:03)

• Climate Investing Unshaken by Politics: EIB stays the course; over 50% of activity is now in climate/environment, with €100B in annual lending.

  • “What we try to do is to listen to what stakeholders tell us...the key objectives, we are going to keep them.” (Fayolle, 39:45)

• Competitiveness Through Clean Energy: Renewables are lowering energy costs and boosting energy independence—a clear “competitive advantage.” (Fayolle, 40:31)

• Ukraine Reconstruction & Climate: Major ongoing support; innovative projects to integrate Ukraine rail with Europe and meet emergency energy needs.

• Call for U.S.-EU Partnership: Despite political fissures, “the transatlantic relationship is so important.” (Fayolle, 43:30)

4. Spain’s Approach: Migration, Green Policy, & Economic Growth

[47:43–59:19]

- Interviewees:

• Pedro Sanchez, Prime Minister of Spain
• John Micklethwait, Bloomberg News Editor in Chief

Key Takeaways:

• Challenging Trump’s Climate/Migration Rhetoric: Spain’s experience directly contradicts U.S. claims—electricity prices down 50% via green transition, migrants absorbed alongside falling unemployment.

  • “Thanks to these green policies we have dropped the electricity prices...by 50%. That enables us to gain competitiveness.” (Sanchez, 48:15)

• Southern Europe’s Economic Strength: Post-reform Spain now delivers 30% of EU’s total economic growth.

  • Advocates for “deeper single market” and empowering EU firms to better compete globally.

• Housing Crisis & Foreign Investment: Emphasizes public over private housing for youth; denies “100% tax” rumors.

• Migration as Economic Necessity: Urges “regular migration” and “integration” as a path to economic vitality, warning of stagnation otherwise.

  • “The dilemma that all Western societies we're facing is whether we open up and grow or we close off and shrink...if we don't have this contribution of migration...there will be more cuts in our welfare state.” (Sanchez, 56:40)

5. Global Climate Change: Progress & Political Headwinds

[60:39–69:17]

- Interviewee: Mahmoud Mohieldin, UN Climate Change High Level Champion for COP27

Key Takeaways:

• Market & Tech Driving Decarbonization: Renewables are increasingly cheaper than fossil fuels—“people are progressing towards decarbonisation...because it’s much more affordable and cost effective.” (Mohieldin, 60:57; 61:35)

• Aid & Finance for Adaptation Lagging: Adaptation requires more public finance—returns are less direct; the climate and development finance system is “insufficient, inefficient and unfair.” (Mohieldin, 66:40; 68:48)

• Divergence Between Rhetoric & Reality: Despite U.S. leadership’s open climate hostility, subnational and private-sector action persists; “the world minus one.” (63:51)

• Shift in Global Aid Paradigm: The era of traditional official development assistance (ODA) is ending, catalyzing new regional, philanthropic, and public-private approaches. China’s role is rising amid U.S. retrenchment.

6. Canadian Development Finance: Stepping Up

[75:08–84:14]

- Interviewee: Laurie Kerr, CEO, FinDev Canada

Key Takeaways:

• Global Prosperity Benefits Canada: Aid to developing countries framed as self-interest (“when developing countries prosper, Canada prospers as well”). (Kerr, 75:55)

• Strategic Impact Lenses: Investments are made through climate/nature, gender equality, and local market development. Not every project hits all, but all are considered.

• Filling U.S. Gaps: U.S. pullback from aid creates challenges—“hugely negative impacts”—but also new opportunities for countries like Canada to lead, partner, and innovate.

• Concrete Impact: Example of $20M in Climate Investor 1 (2018) catalyzing $800M in renewable energy across Africa, Asia, Latin America.

• Collaboration Focus: Heavy emphasis on partnerships with European development banks, IFC, and others.

  • Recent projects: $75M loan to Banco Industrial (Guatemala) for climate-smart agriculture and $50M to Honduran bank for clean energy, water, and women-owned SMEs.

• Oversight and Impact Evaluation: Commercial discipline, vigorous impact reporting, and ground-level data collection to ensure funds are efficiently used.

Notable Quotes & Timestamps

• Chris Nicholas (Sam’s Club) on Value:
  • “We’re just about break even and we make all our money from membership. So the lower you can operate in terms of costs, the lower you can keep prices. And when that happens, people are more loyal, they renew more often and you get more members.” (04:10)
• Lane Dilg (ex-OpenAI) on AI Race:
  • “We often say infrastructure is destiny. It is true that there is also this massive race for compute...to make the progress you need compute. And compute requires a lot of energy.” (22:32)
• Pedro Sanchez (Spain PM) rebuffing U.S. stance:
  • “Green transition and migration when it comes on regular basis are positive for the economic development of a country.” (48:15)
• Josef Sikela (European Commission) on China:
  • “China is basically plundering the partner countries. They are not investing in the future of the countries...We want partnership of equals, mutual benefit, strategic alliances.” (33:53)
• Mahmoud Mohieldin (UN Climate Lead):
  • “The climate and development finance system...has been insufficient, inefficient because it takes forever until you mobilize funds and unfair because of cost.” (68:48)
• Laurie Kerr (FinDev Canada) on changing aid:
  • “It’s definitely a repositioning...the era is changing for sure. There are many countries that still believe there is a role for Canada to play in development. So it’s a reordering...much more about partnership going forward.” (79:41)

Conclusion & Reflections

The episode captures a world in flux—technologically, economically, and politically. While U.S. politics fluctuate, business leaders, European officials, and innovators are pushing ahead on climate, development, and technology. New alliances and funding paradigms are emerging as traditional U.S. leadership recedes, and the competitive race in AI and energy is reshaping priorities and partnerships globally.

Final thought:
As Carol Massar notes, “global leaders...are not thinking necessarily in presidential terms...they’re thinking much more longer term.” The market, technology, and international cooperation may determine the global trajectory as much as, or more than, national politics.

For more interviews and reporting from the Bloomberg Philanthropies Global Forum, visit Bloomberg.com.