Bloomberg Intelligence Podcast: “Measles Outbreak, US Clean Tech”

Date: March 21, 2025
Hosts: Alix Steel & Paul Sweeney

Episode Overview

This episode of Bloomberg Intelligence delivers in-depth analysis on key market-moving stories, with a focus on the U.S. measles outbreak, the shifting global landscape in healthcare, semiconductor and auto industries, as well as the significant impact of President Trump’s America First policy on U.S. cleantech. The hosts leverage Bloomberg’s vast research arsenal, calling on sector-specific analysts and reporters for real-time insight on hot-button topics ranging from the latest pharma innovations to global trade and investment policy risks.

Key Discussion Points & Insights

1. US Measles Outbreak & Vaccine Immunity

Guests: Sam Fazeli – Bloomberg Intelligence Director of Research, Pharmaceuticals

• Spike in Measles Cases: Just three months into 2025, reported U.S. measles cases have already surpassed the previous year's total. The severity varies regionally, with Texas cited as a major hotspot. [02:24]
• Immunity & Vaccine Booster Guidance: Fazeli, referencing his own precautions, noted:

  “Do we all need to take [a booster]? I don't think so at the minute. …If you were vaccinated, especially post-1968, which is all of you guys, right. You would be immune.” (Sam Fazeli, 03:09)

  • Most vaccines administered after 1968 offer long-lasting immunity.
  • Fazeli recommends confirming immune status, especially for those in contact with vulnerable populations.
• Herd Immunity Concerns:

  “We need 95% immunity around us to benefit from the herd immunity effect… in some states in the US it’s falling below that.” (Sam Fazeli, 03:35)

  • Only 12–13 states are above the 95% vaccination level, increasing risk of outbreaks in under-vaccinated regions.

2. Pharmaceutical Industry & NIH Funding Cuts

• Big Pharma Moves: Roche and Zealand landed a $5.3B licensing deal to challenge giants in the obesity drug market, focusing on an amylin-based product designed to preserve muscle mass while aiding weight loss. [04:32]
• Impact of NIH Funding Cuts:
  • Ongoing federal cuts create uncertainty and threaten the future of drug development.

  “It’s not just about cutting people, it’s the uncertainty that it creates.” (Sam Fazeli, 06:15)

  • Fazeli highlights reduced patent activity and staff; calls for policy change to protect scientific innovation.

3. Health Insurance Chaos – The Patient’s Plight

Guest: John Tozzi – Bloomberg Healthcare Reporter

• Administrative Gridlock: A patient in Wisconsin, denied and approved for breast cancer treatment by UnitedHealthcare on the same day, ultimately received coverage only after litigation and press attention. [07:43–08:43]

  “This story really exemplifies…what an administrative mess the U.S. health care system has become.” (John Tozzi, 08:43)

• Escalating Denials & Financial Burdens:
  • Rising denials put patients in adversarial positions between providers and insurers.

  “We have this adversarial system…patients are often caught in the middle.” (John Tozzi, 09:11)

  • The system spends as much on billing as it does treating cancer.
• Doctors’ Flight to Employment:
  • Physician independence is dwindling as 75% now work for hospitals or corporations (up from 60% in 2019).

  “The days of just hanging your shingle…being a solo practitioner, those are over.” (John Tozzi, 11:21)

4. Tesla, Elon Musk and the Trump White House

Guest: Liam Denning – Bloomberg Opinion Columnist

• Trump-Musk Dynamics:
  • Musk’s close relationship with President Trump continues, despite previous predictions of a short alliance.

  “You have these two big egos…They both still get quite a lot from this relationship.” (Liam Denning, 16:20)

  • Trump gains campaign dollars and social media alignment; Musk gets White House access and regulatory influence.
• Tesla’s Market & Brand Impact:
  • Tesla’s value and sales are suffering, especially in Europe, China, and blue-state U.S. markets such as California. [17:57–19:45]
  • Musk’s alignment with Trump may have longer-term reputational damage, especially if political winds shift.

  “As that price comes down, it does tarnish Musk’s image…it also points to…lasting damage if this relationship…were to unravel.” (Liam Denning, 19:45)

• Grassroots Backlash:
  • Even in progressive enclaves, symbolic protests are emerging (e.g., “Sell your Tesla” leaflets in Brooklyn). [20:24]

5. Dark Pools and the Opacity of Equity Trading

Guest: Catherine Doherty – Bloomberg Finance Reporter

• Rise of Private Rooms within Dark Pools:
  • Off-exchange trading (“dark pools”) now accounts for over 50% of equity volume; segmentation into private rooms enables firms to select trading counterparties, further obscuring market activity. [22:28]

  “You can think about it as the darker version of the dark pool.” (Catherine Doherty, 23:15)

• Pros and Cons:
  • Benefit: Specificity—tailored trading, better execution assurances for large blocks (especially for partner-focused groups, e.g., minority-owned brokerages). [24:16–25:46]
  • Risk: Potentially less liquidity and more market fragmentation as the trend grows, but currently less than 10% of dark pool trades.
• Relationship-Driven Industry:

  “Relationships are still the name of the game.” (Catherine Doherty, 27:42)

6. U.S. Clean Tech and Trump’s America First Policy

Guest: Derek Flakel – BloombergNEF Lead U.S. Policy Analyst

• China’s Dominance & New U.S. Policy:
  • China-linked firms control a vast majority of the planned U.S. battery production; Trump’s new investment restrictions complicate U.S. access to crucial tech. [32:05]

  “While Trump wants reindustrialization…he’s actually making that more challenging.” (Derek Flakel, 32:34)

• Industry Impact:
  • Investment uncertainty is up; current rules allow for joint ventures, but oversight (CFIUS) and uncertainty loom large. [33:29]
• Allies & Partnerships:
  • Trump's policy creates confusion over which foreign partners are acceptable; many “friendly” companies (from Japan, Korea) have entangled relationships with China.
• U.S. Strengths & Weaknesses:
  • Battery and EV manufacturing are booming, but much of the supply chain remains internationally linked.
  • U.S.-origin technologies (e.g., geothermal, oil/gas spin-offs) are advancing but aren’t primary energy transition drivers—yet. [36:33]
• Macro Outlook:
  • Only two months into the Trump administration, uncertainty is high, with unclear long-term policy direction for green and clean tech. [37:20–38:29]

7. China’s Growing Auto Industry

Guest: Chester Dawson – Bloomberg Senior Editor

• Global Share & Expansion:
  • While Chinese automakers currently hold just 3% of global market share, their footprint is exploding, especially in emerging markets where they sometimes capture 30% or even 75% (e.g., Russia). [38:53]
• Western Response:
  • U.S. & European automakers deploy protectionist tactics domestically but face stiff competition abroad.

  “Much of the rest of the world…the Chinese are making really impressive headroads.” (Chester Dawson, 39:51)

• Displacement vs. Market Growth:
  • In markets like Thailand, Chinese brands are crowding out established Japanese automakers; in other regions, the market (the “pie”) is growing, but the share is shifting dramatically toward China. [41:05]
• Quality Leap:
  • The longstanding perception that Chinese cars are subpar is outdated; like Japan in the '70s and '80s, China’s vehicles are now technologically advanced—sometimes leading in connectivity and comfort.

  “[Chinese automakers] have caught up—and in some cases even surpassed—the technology that some of the Western or Japanese automakers have.” (Chester Dawson, 42:11)

Memorable Quotes & Moments

• Sam Fazeli on Vaccines:
  “If you were vaccinate, especially post 1968, which is all of you guys, right. You would be immune...that’s one of those vaccines that works for a long, long time.” [03:09]

• John Tozzi on Insurance:
  “The U.S. healthcare system spends as much on billing and claims processing as it does on treating cancer…” [08:43]

• Liam Denning on Musk-Trump Relationship:
  “You have these two big egos and they're bound to kind of explode in some kind of supernova at some point. I think we do have to consider that they both still get quite a lot from this relationship.” [16:20]

• Catherine Doherty on Dark Pools:
  “So in many ways, you can think about it as the darker version of the dark pool.” [23:15] “Relationships are still the name of the game.” [27:42]

• Derek Flakel on Clean Tech:
  “While Trump wants reindustrialization and reinvestment in the US…he’s actually making that more challenging.” [32:34]

• Chester Dawson on China’s Auto Rise:
  “You're finding that not only are Chinese cars cheaper, but oftentimes they have just as many creature comforts or sometimes more than the equivalent, say GM or Toyota or Volkswagen.” [42:11]

Timestamps for Key Segments

• US Measles Outbreak & Immunity – 02:24 to 04:32
• Pharma Industry & NIH Funding – 04:32 to 07:20
• Insurance Chaos – Patient Experience – 07:36 to 13:29
• Tesla/Musk & Trump White House – 15:58 to 21:58
• Dark Pools & Private Markets Explained – 22:01 to 27:45
• Trump's Impact on US Clean Tech – 31:54 to 38:29
• China’s Surge in Global Auto Markets – 38:33 to 43:08

Tone & Style

The hosts maintain a brisk, analytical, and often conversational tone. They press guests for direct insight and practical consequences, while sometimes injecting humor and skepticism—particularly about the opacity of Wall Street or the ego dynamics in the Musk-Trump relationship. The episode balances high-level policy impacts with concrete industry examples, making it relevant for both investors and broader business listeners.

This summary covers the full scope of Bloomberg Intelligence’s March 21, 2025 episode—providing a comprehensive briefing for anyone who hasn’t listened but wants to understand the business, policy, and investment implications now shaping health, energy, and the global auto market.