Bloomberg Businessweek – Episode Summary

Date: September 24, 2025
Episode: Intel Said to Seek Apple Investment as Part of Comeback Bid
Hosts: Carol Massar & Tim Stenovec
Location: Bloomberg Philanthropy's Global Forum, The Plaza, New York City

Episode Overview

This episode of Bloomberg Businessweek is broadcast live from Bloomberg Philanthropy's Global Forum at The Plaza, where major global leaders, policymakers, and business executives discuss pressing issues. The hosts tackle top business headlines and trends, focusing particularly on:

• The breaking story of Intel seeking an investment from Apple as part of its comeback bid.
• The state of the U.S. consumer and retail via an interview with Chris Nicholas, President & CEO of Sam’s Club.
• Artificial intelligence partnerships/competition, with insights from Lane Dilg, former head of Strategic Partnerships at OpenAI.
• Global development, climate, and gender finance with Lori Kerr, CEO of FinDev Canada.

Intel Seeks Apple Investment: What’s Behind the Chip Giant’s Approach?

Segment Start: [01:57]

Key Points

• Backdrop: Intel, once dominant in the chip industry, has seen its influence wane and is now partially owned by the U.S. government through recent investments.
• News: Intel has approached Apple to secure a potential investment, following large investments from Nvidia ($5B) and SoftBank ($2B).
• Why Apple? Apple, traditionally an Intel customer, switched to in-house processors five years ago and is unlikely to return to Intel chips in its devices.
  • Strategic reasoning centers on U.S. industrial policy, manufacturing, and staying in favor with political leadership (e.g., Trump administration).
• Significance: Seen as more of an "Intel story" than an "Apple story"—Intel needs Apple, not vice versa.

Memorable Quotes

• “Intel is on the comeback, and exactly what that comeback looks like – well, maybe it’s a little too early to tell, but they’re definitely being proactive about it.”
  — Ryan Gould, Bloomberg News ([03:30])
• “Apple doesn’t need Intel. It’s the other way around.”
  — Ryan Gould, Bloomberg News ([05:34])
• “This is about Intel being proactive, and when you’ve got the U.S. government as one of your largest shareholders, I think that’s definitely a message you would want to convey.”
  — Ryan Gould, Bloomberg News ([05:34])

State of the Consumer – Retail Insights from Sam’s Club

Interview with Chris Nicholas, President & CEO, Sam’s Club
Segment Start: [08:05]

Key Points

• Current Retail Landscape: Consumer behavior at Sam’s Club is “consistent and rational.” Consumers are focused on value, and the club model (limited, curated selection, low pricing, and revenue from memberships) is thriving.
• Price Sensitivity/Inflation: Sam’s Club aims to be the "last" to raise prices and resists passing on costs, thanks in part to supply chain efficiencies and close supplier relationships.
  • “Our job is not to lead with putting prices up. All of our sales growth in Sam’s Club is through unit growth, not inflation.”
    — Chris Nicholas ([15:03])
• Tariffs & Sourcing: Uses both U.S. and international suppliers. The company has mitigated tariff impacts by reworking logistics, packaging, and sourcing, and sees only moderate impact on pricing.
• Holiday Season Outlook: No supply chain issues anticipated; the club prepares early and offers seasonal merchandise well in advance to meet consumer demand.
• Competitors & AI: Sees club-style retail as a growing sector with room for both Sam’s Club and Costco. AI is being leveraged for efficiency; notable is Sam’s Club’s initiative to provide managers with OpenAI’s ChatGPT to “go faster and do more” ([22:11]).

Memorable Quotes

• “The curation actually is a superpower for us.”
  — Chris Nicholas ([12:12])
• “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.”
  — Chris Nicholas ([09:41])
• “We have price parity between clubs and online. We think that’s really important from a trust point of view and people are thanking us for it.”
  — Chris Nicholas ([20:42])
• “Good competition makes you better, and I’ve never been afraid of good competition.”
  — Chris Nicholas ([21:36])

AI Partnerships & Frenzy: Industry Perspectives

Interview with Lane Dilg, former Head of Strategic Partnerships, OpenAI
Segment Start: [24:49]

Key Points

• AI Landscape: Nonstop and fast-moving, with giant strategic investments (e.g., Nvidia's $100B commitment to OpenAI).
• Multi-Partner Strategies: Microsoft invests in OpenAI and Anthropic, reflecting fierce competition as companies hedge bets and seek broad access to AI technology.
• Model Differentiation/Commoditization: Each large language model (LLM) has unique strengths, and future differentiation may come via specialized domains (chemistry, biology, material science).
  • “We will start to see differentiation in material science, chemistry, biology... where different model providers lean in.”
    — Lane Dilg ([26:27])
• Compute as Destiny: Massive investment in compute capacity is critical; infrastructure dictates what AI can accomplish.
• AI Demand Concerns: Lane Dilg believes we are nowhere near the ceiling for compute/chip demand, implying further growth.
• Adoption Gaps: Implementation by businesses lags behind the rapid technical development.
  • “The pace of scientific progress on the AI side is much faster than the pace of implementation and adoption.”
    — Lane Dilg ([30:17])
• Monetization: Tiered access and business subscriptions are primary; user stickiness and utility will drive paid adoption.
• Workforce Impact: Significant uncertainty remains; policy should prepare for multiple scenarios as some fear white-collar job losses.
  • “It’s critically important that we understand both the data of how our jobs [are] moving…and also look at the social safety nets.”
    — Lane Dilg ([33:24])
• Risks: Main concern is misuse by humans, not runaway AI itself.
  • “I’m worried about humans using AI for bad purposes more than the doomers who are more concerned about alignment issues.”
    — Lane Dilg ([34:11])

Memorable Quotes

• “Infrastructure is destiny. It is true that there is also this massive race for compute...”
  — Lane Dilg ([26:27])
• “We are about to all get more powerful.”
  — Lane Dilg ([34:33])

Global Development & Climate Finance – Canada Steps Up

Interview with Lori Kerr, CEO, FinDev Canada
Segment Start: [36:42]

Key Points

• Mission: FinDev Canada finances development in Africa, Latin America, and the Caribbean, focusing on climate, gender equality, and local market development.
• Impact Approach: Each investment is measured through three lenses (climate/nature, gender, local economic development); not every investment must meet all three, but all must deliver impact.
• Changing Global Landscape: With U.S. pulling back on development aid, countries like Canada and European outfits are stepping up, forging new collaborations and taking greater leadership roles.
  • “Demand for development finance is steep, but now it’s really infinite because the U.S. has traditionally played such a very big role.”
    — Lori Kerr ([39:09])
• Concrete Examples: Cites a $20 million investment in Climate Investor One, now leveraged up to $800 million across 16 renewable energy projects.
• Ensuring Accountability: Impact is tracked through rigorous measurement, reporting, and ground verification.
• Immigration & Development: Improving markets abroad can reduce forced migration and foster middle class growth, benefiting both local populations and Canadian exporters.

Memorable Quotes

• “When developing countries prosper, Canada prospers as well.”
  — Lori Kerr ([37:21])
• “It’s a reordering, it’s a reawakening, and it’s much more about partnership, I think, going forward.”
  — Lori Kerr ([41:12])
• “The best thing you can do for those farmers is to give them great forecasts, allow them to grow to those forecasts and give them good prices that allow them to run sustainable business models.”
  — Chris Nicholas ([17:26], Sam’s Club, on supply chain but thematically tied to development)

Additional Noteworthy Moments & Timestamps

• Sam’s Club on Generational/Income Differences: “We don’t see a great delta between different income cohorts nor generations.”
  — Chris Nicholas ([11:47])
• Holiday Merchandise Strategy: “In the club channel, people like to be prepared. So we get into a season early and then we exit early—and that’s kind of scarcity is part of the value that we create.”
  — Chris Nicholas ([18:55])
• AI in Retail Operations: “We gave our frontline management access to OpenAI to ChatGPT, which they can use to just go faster and do more. And that’s really exciting.”
  — Chris Nicholas ([22:11])

Summary Table of Important Segments

| Timestamp | Segment | Key Speaker(s) | |-----------|--------------------------------------------------------------------|-----------------------------------------------------------| | 01:57 | Intel seeks Apple investment announcement | Carol Massar, Tim Stenovec, Ryan Gould (Bloomberg News) | | 08:05 | Sam’s Club/State of U.S. Consumer | Chris Nicholas (Sam’s Club), Hosts | | 24:49 | AI industry partnerships, investment & risk | Lane Dilg (Former OpenAI), Hosts | | 36:42 | Development finance, Canada’s global role, climate/gender finance | Lori Kerr (FinDev Canada), Hosts |

Conclusion

This episode delivers an up-close look at how tech, retail, artificial intelligence, and international development are evolving in today's economic and political environment. The episode is structured around in-depth interviews, each offering clarity on major issues:

• Intel’s strategic moves and U.S. industrial policy,
• Shifts in retail and consumer behavior amidst inflation/tariffs,
• The AI investment boom and unanswered questions about adoption and impact,
• The growing global role of Canada in development finance against the backdrop of U.S. retrenchment.

Listeners get both topical news and nuanced commentary with practical examples and direct insights from industry leaders.