Bloomberg Businessweek – Episode Summary

Episode Title: Mamdani Begins Term by Wiping Out 15 Months of Adams’ Orders
Air Date: January 3, 2026
Hosts: Carol Massar, Tim Stenovec
Guests:

• Maribel Lopez (Founder & Enterprise Analyst, Lopez Research)
• Carolina Milanese (President & Principal Analyst, Creative Strategies)
• Laura Nahmias (New York City/State Reporter, Bloomberg News)
• David Schassler (Head of Multi Asset Solutions, Vaneck Funds)
• Ed Ludlow (Co-host, Bloomberg Technology)
• Ray Wang (CEO, Constellation Research, Co-founder, AI Forum)

Overview

This episode of Bloomberg Businessweek centers on three major themes:

1. The all-encompassing surge of AI and robotics at CES 2026, with industry experts forecasting trends and challenges.
2. A political update focusing on New York City’s new Mayor, Mamdani, executing sweeping changes within hours of taking office.
3. Explorations of disruption in the electric vehicles (EV) market—particularly Tesla’s slipping crown to China’s BYD, SpaceX’s IPO prospects, and broader tech and investment trends for 2026.

The show is a fast-paced, engaging analysis, blending expert commentary with current headlines, aiming to keep global business leaders and investors ahead of rapidly evolving trends.

1. CES 2026 Preview: The Age of AI and Humanoid Robotics

[02:03–11:25]

🔑 Key Discussion Points

• AI Saturation at CES:
  AI is omnipresent—impacting automotive, home automation, healthcare, and manufacturing.

  • “AI is going to be everywhere … more applications that will use sensors and drive data to offer a more personal experience … AI overload for sure.” — Carolina Milanese [03:08]
  • “It’s the year of physical AI … robots for everything from household chores to warehouse manufacturing.” — Maribel Lopez [04:00]

• Shift from Consumer Tech to Enterprise Tech:

  • CES isn’t just about gadgets: Heavyweights like Caterpillar and Siemens dominate, signaling enterprise priorities.
  • Focus on “picks and shovels”—i.e., chips, servers, and storage powering AI.

• Humanoid Robots – Hype vs. Reality:

  • Still “years away” from mainstream home adoption, robots require proof in industrial, controlled environments first.
  • Concerns linger around privacy, ROI, and consumer trust:
    “There's a lot of sensitivity around cameras in the home … the Roomba is pretty harmless, but what if robots can freely roam your room?” — Carolina Milanese [06:22]

• Winners in the AI Race:
  Brands championing transparency, security, and ethical use of AI will thrive:
  “Transparency … is going to drive engagement and trust. And without trust … you’re not going to get to what you want from consumers.” — Carolina Milanese [08:49]

• Key Companies & Leaders to Watch:

  • Lisa Su (AMD): “I'm still watching Lisa Su. I'm waiting to see if she gives Jensen [Huang] a full on run for his money.” — Maribel Lopez [11:06]
  • Nvidia: Facing challenges, but how will they respond to a changing market? — Carolina Milanese [11:18]

2. NYC Mayor Mamdani’s Fast Start

[14:30–17:02]

🔑 Key Discussion Points

• Rapid Executive Action:
  In his first 36 hours, Mamdani issued six executive orders—most notably creating the Office of Mass Engagement and forming a Mayor’s Advisory Committee on the Judiciary.

• Maintaining Grassroots Connections:
  The Office of Mass Engagement is seen as vital for retaining the grassroots coalition that swept Mamdani to victory.

  • “Mayors do this … try to find ways to stay connected to the people who put them in office in the first place.” — Laura Nahmias [14:52]

• Reforming Judicial Elections:
  Plans to address the lack of competitive local judicial elections, which have historically limited voter choice.

  • “Maybe we'll actually have a choice. That would be nice.” — Tim Stenovec [16:36]

3. Investment Themes for 2026: AI, Infrastructure, and Gold

[17:21–25:08]

🔑 Key Discussion Points

• Three Core Investing Themes (David Schassler):

  1. AI & Automation: Still early; shift from speculation to adoption phase.
  2. Infrastructure Buildout: “Old world assets” (e.g., real assets, infrastructure) needed to power new tech.
  3. Scarcity Assets: Gold and Bitcoin as essential hedges against deficit-driven risk.

• Gold: Why Now?

  • “If you don’t see gold in your portfolio, we view that as financial malpractice … Gold is the ultimate store value asset.” — David Schassler [19:38]
  • Target: Gold could hit $5,000 by 2026. [22:43]

• Bitcoin as a Coiled Spring:

  • Despite underperforming in 2025, Bitcoin’s scarcity and historical outperformance position it as a potential “catch up” trade for 2026.
  • “It has the same embedded characteristics [as gold], predominantly the scarcity that allow it to be a store of value.” — David Schassler [24:11]
  • Recommended allocation: 5% gold, 1–2% Bitcoin.

4. Tesla, BYD, and the Global EV Showdown

[27:42–37:30]

🔑 Key Discussion Points

• BYD Surpasses Tesla in EV Sales:

  • For the first time, China’s BYD outsold Tesla in pure electric vehicles (2.26M vs. 1.64M).
  • “But we’re talking about pure 100% battery electric … and China is rolling back incentives. The main difference—BYD doesn’t sell cars in America.” — Ed Ludlow [29:21]

• Tesla’s Competitive Struggles:

  • BYD’s vertical integration and lower costs ($10K vs. $23K per vehicle) give it an edge—especially in Europe’s open market.
  • “It would be very, very hard without tariffs for Tesla to survive in Europe as well.” — Ray Wang [31:45]

• Tesla’s Shift Beyond Cars:

  • Energy storage (“megapacks”), self-driving, robotaxis, and humanoid robots (Optimus) are now central to Tesla’s narrative and future earnings.
  • “Short term it’s the energy side … then midterm is robotaxis … and longer term is robots.” — Ray Wang [33:18]

• Elon Musk’s Multitasking

  • No limit (per compensation plan) on Musk leading multiple companies: “There is a reason that they're not under one umbrella … regulatory headaches.” — Ed Ludlow [34:28]

• Mandatory Targets:

  • Musk is contractually obligated to sell 20M EVs over the next 10 years to achieve full compensation and board goals.

5. SpaceX, Starlink, and the Space Data Center Race

[35:50–37:19]

🔑 Key Discussion Points

• SpaceX IPO Outlook:
  Anticipated 2026 IPO could value company at $1.2–$1.5T, driven by Starlink’s rapid commercial and residential adoption (approaching 10M subscribers).

  • “It’s potentially anywhere from the $1.2 to $1.5 trillion IPO. Starlink … probably one of the most valuable assets.” — Ray Wang [36:06]

• Space-Based Data Centers:

  • SpaceX aims to raise $30–$40B to purchase GPUs for pushing data centers into space—an emerging “hot topic” for the year.
  • “We’ll have all year long to talk about the idea of data centers in space.” — Ed Ludlow [36:44]

📝 Notable Quotes & Timestamps

• On Consumer AI and Robots:

  • “We're really starting to look for how that's actually playing out in the market. It's a big chip show—chips for everything. AI everywhere.” — Maribel Lopez [04:00]
  • “We have easily given a lot of our world over to technology … is that the same when we think about humanoid robots?” — Carol Massar [05:54]

• On Investing in Scarcity:

  • “If you don’t see gold in your portfolio, we view that as financial malpractice.” — David Schassler [19:38]
  • “You must have assets with embedded scarcity.” — David Schassler [19:55]

• On Tesla’s Changing Landscape:

  • “Our cars are way too expensive. The vertical integration that BYD has … is something that Tesla hasn’t been able to replicate.” — Ray Wang [31:45]
  • “Musk is required—mandatory—to sell 20 million vehicles over a 10 year period.” — Ed Ludlow [35:31]

📌 Timestamps for Major Segments

• CES 2026 & AI Everywhere: [02:03–11:25]
• NYC Mayor Mamdani’s First Actions: [14:30–17:02]
• Investment Outlook 2026 (with David Schassler): [17:21–25:08]
• Tesla, BYD, and the EV Wars: [27:42–37:30]
• SpaceX IPO and Starlink Discussion: [35:50–37:19]

Tone & Style Notes

The episode maintains Bloomberg’s signature tone: lively, data-driven, and forward-looking. The hosts allow guests to showcase their deep expertise and don’t shy from challenging assumptions—building an atmosphere of informed debate and strategic foresight. For listeners, the episode offers both market intelligence and big-picture, tech-driven futurecasting.