BI Weekend: New Disney CEO, AMD, PayPal Earnings

Summary

Bloomberg Intelligence – BI Weekend: New Disney CEO, AMD, PayPal Earnings

Date: February 6, 2026
Hosts: Scarlet Fu & Paul Sweeney

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Overview

This episode of Bloomberg Intelligence dives into the biggest market stories of the week, leveraging the deep company research of the Bloomberg Intelligence team. The show features expert analysis and data-driven insights on key company moves, earnings, and sector trends with a focus on:

• Disney’s CEO succession and its strategic implications
• AMD’s disappointing earnings and semiconductor market developments
• PayPal’s earnings miss, CEO change, and competitive landscape
• Additional segments: Siemens Energy’s US investment, Pfizer’s obesity drug data, PepsiCo’s price cuts, networking/AI outlook

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Disney CEO Succession: Josh D’Amaro Takes the Helm

Segment Start: [03:03]

Key Discussion Points

• Disney announces Josh D’Amaro as successor to outgoing CEO Bob Iger.
  • D’Amaro is a 28-year Disney veteran, previously running the Parks division.
  • Bob Iger will remain as senior advisor until his full retirement at the end of 2026.
  • The transition comes as Disney shifts from its traditional media roots to a “streaming-first” future.
• Comparison to Bob Chapek’s succession in 2020.
  • Geetha Ranganathan (US Media Analyst) recalls Chapek faced a “very different time” with COVID-19 shutdowns impacting parks and movies, and lacked a solid streaming strategy.
  • “At that point, Disney was still trying to figure out what it really was... Now, the pieces have kind of fallen in place. We are on much more steady ground.” – Geetha Ranganathan [03:50]
• Strategic Focus on Parks.
  • Today, Parks are recognized as the “main core growth engine of the company.”
  • D’Amaro’s appointment signals this priority, and much of the recent Parks strategy (e.g. $60B expansion, Lightning Lane, Genie services) was under his leadership.
• Dana Walden’s new role as President and Chief Creative Officer.
  • Move seen as key to “dispel fears about what would happen from a creative perspective.” Ensures top-tier content for Disney’s streaming platforms and satisfies Wall Street and Hollywood concerns.
  • “They specifically created [this role] for Dana Walden... Having her there in the creative role... ensures Disney will still have top-tier content.” – Geetha Ranganathan [05:22]
• Investor Expectations & Strategic Mandates
  • D’Amaro inherits most current park and strategic decisions immediately; investors likely to give him a “few quarters to settle in,” but he “owns pretty much all of this right away.” – Geetha Ranganathan [06:30]
• Potential for spinning off TV and Cable Networks.
  • Paul Sweeney: “Why are we not spinning out our broadcast and cable networks? They’re in secular decline.”
  • Geetha: Disney may consider all options; “I definitely would not rule that out.” [07:43]
• ESPN and future of sports at Disney.
  • ESPN remains “very core” due to sports rights and synergy with bundle strategies (Disney+, Hulu, ESPN+).
  • Jimmy Pitaro likely remains in place; possible restructuring is “wait and watch.” [08:25]

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Siemens Energy: $1B Investment in US Manufacturing

Segment Start: [09:34]

Key Discussion Points

• Siemens Energy will invest $1B in US manufacturing capacity over two years, expanding sites and building new plants—primarily to meet rising power demand from AI and data centers.
  • “Obviously it’s a goal to keep up with the fantastic growth… The AI transformation can really be fueled with electricity.” – Christian Brugh, Siemens Energy CEO [10:01]
• Focus on both replacing/refurbishing aging infrastructure and supplying new electricity capacity for data centers.
• The company will add 1,500 jobs—primarily blue-collar, but also engineering and field support.
  • “I would call it a blue collar wave now... that is my biggest constraint at the moment: getting educated workers.” – Christian Brugh [13:00]

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Pfizer: Obesity Drug Pipeline Disappoints

Segment Start: [17:50]

Key Discussion Points

• Pfizer shares fell following underwhelming data on a new obesity treatment (max 12.3% weight loss after 28 weeks).
  • Uncertainty persists: no new drug approvals in 2026, and investors worry about a weak pipeline.
  • “The market obviously doesn’t like it because they’re not getting enough information about how good actually it is.” – Sam Fazeli, Senior Pharmaceuticals Analyst [18:28]
• Concern over looming patent cliffs—generics threatening big sellers like Ibrance, Xtandi.
• Success in big pharma now requires “stock picking” based on drug pipelines—J&J, Eli Lilly, AbbVie cited as strong examples.
  • “What you don’t want is looking into the abyss of generic drugs coming for your big earners with no obvious pipeline.” – Sam Fazeli [20:03]
• Management’s role is critical, but luck and pipeline execution matter.
  • “You need to be lucky. You cannot have just one or the other.” – Sam Fazeli [21:22]

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AMD: AI Hype, High Expectations, and Stock Plunge

Segment Start: [22:42]

Key Discussion Points

• AMD stock suffers its worst decline in 9 years, following earnings that missed rampant AI-driven investor expectations.
  • Fundamentally, management and their CPU/GPU story remain strong.
  • “When you become an AI darling, you set up really, really high expectations. The beat came out pretty modest, which I guess people didn’t like.” – Kunjan Sabati, Senior Semiconductor Analyst [22:55]
• Market is fixated on competition with Nvidia and prospects for future GPU/server wins (not expected until Q4 2026).
• Export restrictions for China continue impacting growth, awaiting US license approvals for certain chips.
  • “The tide is lifting all boats... There’s plenty of demand right now.” – Kunjan Sabati [23:31]
• Texas Instruments acquires Silicon Labs ($7.5B)
  • A rare large deal for TI, fills a gap in IoT portfolio and helps internal capacity utilization.
  • “If they’re able to execute... this will be a really good deal for them.”—Kunjan Sabati [25:25]

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PayPal Earnings Miss and CEO Shakeup

Segment Start: [26:32]

Key Discussion Points

• PayPal misses both profit and revenue estimates (first miss in two years); also announces CEO change—HP’s Enrique Lores to replace Alex Chriss.
  • Jamie Miller will serve as interim CEO until March 1.
  • Shares plunge 19% (biggest drop in four years).
  • “Two big headlines hit at once: missed 4Q expectations and then announced a CEO change... But the bigger issue is forward-looking: branded checkout... slowed to 1% in the fourth quarter.” – Dick Shagara, Global Fintech & Payments Analyst [27:08]
• Weaknesses flagged in core business, especially branded checkout growth, and competitive pressure from Apple Pay, Stripe, Adyen.
• Need for a multi-year transformation—investor patience may be tested.
  • “The main game: PayPal’s biggest value-add is the two-sided network. They could not have afforded to either drop the merchant or forget about the consumer.” – Dick Shagara [28:26]
• Strategic questions: Can PayPal reignite growth? Will assets like Venmo be divested if things don’t improve?
  • “Does new leadership really signal a broader strategic shakeup?... If it doesn’t work out, maybe they’d consider big assets like Venmo.” – Dick Shagara [29:40]

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PepsiCo: Price Cuts for Growth, Activist Influence

Segment Start: [33:54]

Key Discussion Points

• PepsiCo announces up to 15% price cuts for brands like Lay’s and Doritos to jumpstart North America sales.
• Part of a broader strategy for greater focus, cost cutting, SKU rationalization—partly in response to activist Elliott Management.
  • “PepsiCo is committed to bringing better focus to this company... They are rationalizing SKUs that really aren’t contributing much.” – Ken Shea, Senior Consumer Products Analyst [34:21]
• Frito-Lay remains the dominant player (~60% market share); price cuts are tactical, but sustained premium pricing is likely.
• Potential for a price war deemed low; competitors may follow but can’t match PepsiCo’s retail relationships.
• Elliott Management is pushing for portfolio focus, operational efficiency, and potential plant consolidation.
  • “Be a little more aggressive... with products that aren’t winners... That’s a positive thing for shareholders.” – Ken Shea [36:57]
• Classic debate: Will PepsiCo split its drinks and snack divisions?
  • “If [focus] can improve them, I think the heat will be off for them to... break up food and beverages. But I don’t think it’s necessary at this point.” – Ken Shea [38:14]
• Consumer trends: Private label shares rising as shoppers seek value in snacks and beverages. [39:33]

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AI Networking & Hardware: Investment Boom

Segment Start: [39:36]

Key Discussion Points

• Global spend on networking gear projected to grow 20% (AI networking market up 91% to $21B).
  • “It’s fairly concentrated... The way to play it: my new networking FANG—Cisco, Celestica, Corning, Sienna; Arista and Nvidia.” – Woo Jin Ho, Senior Hardware Networking Analyst [40:03]
• We are “just entering the stadium” for AI infrastructure investment (quoting Michael Dell).
• Networking is the “arteries and veins”—foundational for scaling AI compute.
• Capex needs are modest for networking companies, but sustained cloud/hyperscaler demand is fueling growth.
  • “It is a fairly self-funded business and it’s also high margin.” – Woo Jin Ho [41:33]
• Manufacturing diversified (Mexico, Taiwan, Canada) to mitigate tariffs—trade issues no longer “a story” for most networking names.
• Stock performances strong; some multiples getting rich as sector attracts investor attention.

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Notable Quotes & Memorable Moments

• “At that point [2020], Disney was still kind of trying to figure out what it really was... Now, the pieces have kind of fallen in place.” – Geetha Ranganathan [03:50]
• “They specifically created [the CCO role] for Dana Walden… Having her there in the creative role... ensures Disney will still have top-tier content.” – Geetha Ranganathan [05:22]
• “You need to be lucky. You cannot have just one or the other.” – Sam Fazeli [21:22] (pharma pipelines)
• “When you become an AI darling, you set up really, really high expectations.” – Kunjan Sabati [22:55]
• “The main game: PayPal’s biggest value-add is the two-sided network. They could not have afforded to either drop the merchant or forget about the consumer.” – Dick Shagara [28:26]
• “PepsiCo is committed to bringing better focus to this company... rationalizing a lot of SKUs that really aren’t contributing much.” – Ken Shea [34:21]
• “Networking is probably at the center of [the AI infrastructure boom] right now.” – Woo Jin Ho [42:27]

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Timestamps for Key Segments

• Disney CEO Succession Analysis: [03:03] – [09:31]
• Siemens Energy US Investment: [09:34] – [14:16]
• Pfizer Obesity Drug & Pharma Outlook: [17:50] – [22:07]
• AMD, TI–Silicon Labs Deal, Semiconductors: [22:42] – [26:28]
• PayPal Earnings & CEO Change: [26:32] – [30:14]
• PepsiCo Price Cuts & Strategy: [33:54] – [39:33]
• AI Networking Market Outlook: [39:36] – [44:40]

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This episode delivers authoritative, data-backed insights into market-moving corporate strategies and sector shifts, in Bloomberg’s trademark brisk, analytical style. Listeners come away with expert perspective on the changing landscape in media, technology, pharma, fintech, and consumer staples for the weeks ahead.

Transcript

[Paul Sweeney]

Oh, could this vintage store be any cuter?

[Christian Brugh]

Right?

[Scarlet Fu]

And the best part? They accept Discover.

[Geetha Ranganathan]

Except Discover in a little place like this? I don't think so. Jennifer.

[Ken Shea]

Oh yeah, huh?

[Geetha Ranganathan]

Discover is accepted where I like to shop.

[Scarlet Fu]

Come on baby, get with the times.

[Geetha Ranganathan]

Right.

[Scarlet Fu]

So we shouldn't get the parachute pants.

[Geetha Ranganathan]

These are making a comeback, I think.

[Paul Sweeney]

Discover is accepted at 99% of places that take credit cards nationwide, based on.

[Sponsor/Announcer]

The February 2025 Nielsen report. Support for the show comes from Public, the investing platform for those who take it seriously. On Public you can build a multi asset portfolio of stocks, bonds, options, crypto and now generated assets which allow you to turn any idea into an investable index with AI. It all starts with your prompt. From renewable energy companies with high free cash flow to semiconductor suppliers growing revenue over 20% year over year. You can literally type any prompt and put the AI to work. It screens thousands of stocks, builds a one of a kind index and lets you back test it against the S&P 500. Then you can invest in a few few clicks. Generated assets are like ETFs with infinite possibilities, completely customizable and based on your thesis, not someone else's. Go to public.com podcast and earn an uncapped 1% bonus when you transfer your portfolio. That's public.com podcast paid for by Public Investing Brokerage Services by Open to the Public Investing Inc. Member FINRA and SIPC Advisory Services by Public Advisors llc. SEC Registered Advisor. Generated Assets is an interactive analysis tool. Output is for informational purposes only and is not an investment recommendation or advice. Complete disclosures available at public.com disclosures there's.

[Paul Sweeney]

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[Scarlet Fu]

Bloomberg Audio Studios Podcasts Radio News.

[Christian Brugh]

This.

[Scarlet Fu]

Is Bloomberg Intelligence with Scarlet Fu and Paul Sweeney.

[Paul Sweeney]

How do you think the Fed is looking at tariffs? The uncertainty of tariffs.

[Scarlet Fu]

Let's take a look at the sectors and how they perform.

[Paul Sweeney]

A lot of investors getting whipsawed every day by news events, breaking market headlines.

[Scarlet Fu]

And corporate news from across the globe. Could we see a market disruption? A market event?

[Paul Sweeney]

People just too exuberant out there.

[Scarlet Fu]

See some so called low quality stocks driving this short term rally. Bloomberg Intelligence with Scarlet Fu and Paul Sweeney on Bloomberg Radio, YouTube and Bloomberg Originals.

[Paul Sweeney]

On today's Bloomberg Intelligence show, we dig inside the big business stories impacting Wall street and the global markets.

[Scarlet Fu]

Each and every week, we provide in depth research and data on some of the 2000 companies and 130 industries our analysts cover worldwide.

[Paul Sweeney]

Today, we'll look at why Advanced Micro Devices suffered its worst stock decline in nearly nine years, plus a look at.

[Scarlet Fu]

Why PayPal shares experienced the biggest intraday drop in more than four years.

[Paul Sweeney]

But first, we begin with some news at the media and entertainment giant Walt Disney.

[Scarlet Fu]

And that's because Disney announced Josh D' Amaro will succeed Bob Iger as CEO.

[Paul Sweeney]

D', Amaro, a 28 year veteran of Disney, was chosen from among several internal candidates to lead the company at a critical time as it transitions from traditional TV viewing to the streaming era.

[Scarlet Fu]

Iger will stay on the board and serve as a senior advisor until he retires on December 31. We were joined by Geetha Ranganathan, Bloomberg Intelligence analyst on US Media.

[Paul Sweeney]

We first asked Geetha about the succession plan and how it might differ from previous plans.

[Geetha Ranganathan]

Yeah, I think it was a very different time. March 2020, everything closes down, including, you know, Disney parks because of the pandemic. So it was kind of unfortunate. The timing was all wrong, I would say, for Bob Chapek. And what happened then is of course, you know, movies were shut down, a big part of Disney's business, movies as well as the parks again. But then what really kind of shot into prominence at that point was the streaming business, a business that Bob Chapek was not really very familiar with. And while he did have some experience in content, obviously it was not enough. And we had a whole bunch of different missteps with the content part of the business, which kind of led to the whole mess that we saw follow. I think this time we're in a very, very different position. I think at that point, Disney was still kind of trying to figure out what it really was. Was it a TV company, was it a studio, was it a theme park company, or was it really a streaming player? And I think now the pieces have kind of fallen in place. We are on much more steady ground. I would say, you know, they have their clear mandates, whether it is in streaming, whether it's in studio. You know, the clear what has really emerged clearly right now, Scarlett, is that parks is the main core growth engine of the company. And I think that is reflected in this choice with Josh tomorrow.

[Paul Sweeney]

So Geetha, Josh is a 28 year veteran of Disney running the parks. But of course, the other big part of the company is its, you know, entertainment business. Dana Walden, who runs the big part of that business, great reputation in Hollywood. It's important to keep her at the Walt Disney Company. Are they going to be able to do that?

[Geetha Ranganathan]

I absolutely think so. So, you know, they obviously this was a very clever move by the board to kind of create this new role for Dana Walden, make her the president and the chief Creative officer. They've never had this post before, but they specifically created this one for Dana Walden. So that I think really kind of, I think dispels a lot of fears about what would happen from a creative perspective. You know, last time this was the same problem that, you know, many investors raised when Bob Chapek became CEO. So, so having her there in the creative role, I think definitely plays very well with Hollywood, with the creative community, and ensures that Disney will still have top tier content coming to its streaming platforms for the foreseeable Future.

[Scarlet Fu]

So Josh D' Amaro takes the job on March 18th. That's when the succession is effective. And we talked about how yesterday Disney came out with a forecast that was fairly tepid. And one way of looking at that is it kind of clears the deck, lets him start off with a clean slate and set expectations and kind of manage it for investors the way that he sees fit. At what point does he own everything that happens to Disney?

[Geetha Ranganathan]

So actually, a lot of the things that we're seeing right now with the parks has been under Josh Tomorrow's watch. Remember, once Bob Chapek was promoted to the CEO position, Josh Tomorrow assumed the role of chief of the parks. And so all of the different initiatives that we've seen, you know, whether it's Lightning Lane, whether it's Genie, whether it's the $60 billion expansion, a lot of that has been, you know, Josh Tomorrow's doing. So. Yeah, I mean, of course, you know, I think the street is definitely going to give him a few quarters to kind of settle in, but he has pretty much been the architect along with Bob Iger, I'm sure, and the rest of, you know, the management team in kind of instituting the strategy and making the parks a prominent part of the portfolio going forward. So. So very soon, you know, the short answer, Scarlett, is very soon. I think he owns pretty much all of this right away.

[Paul Sweeney]

In fact, Keith, if I were Josh Tomorrow, day one of my tenure as CEO, I would go and I would say, hey, explain to me why we are not spinning out our broadcast and cable networks. They are businesses that are in A secular decline. They're dragging down our multiple. Let's cut them loose. Do you think that's even an option for the Walt Disney Company?

[Geetha Ranganathan]

I think it is. I think everybody is considering that right now. I mean, we've just seen what Warner Brothers Discovery has been able to achieve by kind of separating out its studio and streaming from the TV networks business. So I definitely would not rule that out. I'm sure Disney will consider, and Josh tomorrow will consider all options once he becomes CEO.

[Scarlet Fu]

What happens to Jimmy Pitaro over at espn? I mean, does that become part of the spin out as, as Paul was talking about it? Because there's different parts of Disney's media business that are slowing down, that are no longer the crown jewels the way they once were. Whether you're talking about the network television or whether you're talking about ESPN or whether you're talking about the movie business.

[Geetha Ranganathan]

Yeah, I think sports is still very core to Disney. I mean, they are. So. So if you just kind of look at the US sports landscape, ESPN actually owns majority of the marque US sports rights. Almost about 40% of all sports viewing happens on ESPN platforms. So obviously it's still very core to the company. As far as Jimmy Pitaro is concerned, Scarlet, I mean, yes, he was one of the candidates that they were considering to take on this job, but I think he himself had many times indicated that he was not really interested in the top spot. I think he kind of carries on business as usual with espn. You know, it's a little bit of a wait and watch what exactly happens with the strategy. It is really instrumental, I think, to their streaming business because as they kind of mentioned on their earnings call, a lot of people taking the bundle, the ESPN streaming plus, the Disney plus, the Hulu. So it is a critical portion of that. So I'm not really sure how exactly a spin out would, would work. But of course, again, you know, we are in a very, very different time and age and everybody is thinking about all possible options when it comes to media.

[Scarlet Fu]

Our thanks to Geetha Ranganathan. She is our US Media analyst.

[Paul Sweeney]

We move to some news in the energy space.

[Scarlet Fu]

And this week the German energy company Siemens. It will invest $1 billion in manufacturing capacity in the US over the next two years as power demand surges.

[Paul Sweeney]

The company said most of the funds will be spent on expanding existing sites in North Carolina, Florida, Texas, Alabama and New York, as well as a new plant in Mississippi.

[Scarlet Fu]

We are joined by Siemens Energy CEO Christian Brugh.

[Paul Sweeney]

We first asked Christian, what the goal of the Siemens Energy investment is first.

[Christian Brugh]

Of all, obviously it's a goal to keep up with the fantastic growth which we see currently in the electricity market. And you know, gas turbines, great. Making sure that the AI transformation can really be fueled with electricity is one of the hottest markets you can see globally at the moment. And we are obviously trying to keep up with our customers and we're trying to bring all this equipment, what is needed, gas turbine transformers and the likes. This means we are expanding a lot of our industrial footprint here. We are hiring people, adding factories to keep up with that. And this is obviously one important step really to create also this energy dominance. What the US Is looking for.

[Paul Sweeney]

You recently met with President Trump. What was the takeaway from your meeting there? How related is that meeting to your announcement in the investments in the U.S.

[Christian Brugh]

Well, there was a, let's say a reception in Davos. Right. Which was a big group meeting. So what for me is important that the Trump administration is very approachable for us. And I have to say I'm very grateful for that. At the moment, my key interactions is really with the secretaries in terms of really understanding, hey, what needs to be done, how do we need looking forward on the opportunities. And this is taken up excellently at the moment. That is the my main interaction also with the Trump administration.

[Paul Sweeney]

Christian, how would you characterize the the US Energy grid here as you get set to increase your investment here?

[Christian Brugh]

Yeah, I mean, first of all, what you see, the US Market on the grid side is influenced by two things. The one thing is that you have a massive investment wave ongoing just for replacement, refurbishment of existing facilities. This is very much a utility driven business which is very active, which sometimes gets overlooked seeing the data center discussion. And at the same time, you obviously have an unprecedented growth in electricity on the data center side, which does require heavy investments into the grid side as well. And we need to understand also how do we operate all the things. I mean, everybody easily talks about gigawatts of additional electricity. There's not so many sites today in the US which like a 1 GW type of consumption. This will require grid stabilization and this is what we all try to contribute. So what we are doing here is building factories for switchgear, transformers, components which supply to that industry and obviously also bringing up people who can help to do this overarching design on the grid side. We believe that is, let's say, really a long run and we will see it for a long time because electricity grid is an important backbone of the critical infrastructure. And this is why I feel Very comfortable with the investment we're doing and I'm very happy with the market here.

[Scarlet Fu]

So I want to pick up on where you just left off, bringing in more people to design some of the grid work there. Talk to us about jobs. How many jobs will your initiatives create? What kinds of jobs are they going to be? What level, what kind of education is needed? How much training will there be in order for you to find the right people for those jobs?

[Christian Brugh]

Yeah, right. I mean we are today an organization with around 12,000 people in the U.S. right. And we're going to add another 1500 on top of that. And this will be accompanied by a lot of education and training programs. A lot of this will be blue collar working jobs also in the factories, making sure that we can produce and also that we have people going out in the fields and fixing things. So this will go through training academies which we built up in parallel in this, you know, we have one big new facility coming up in Jackson, Mississippi which will obviously also will be with one training center. We have a big site in Charlotte which we also will increase on that. At the same time, building up factories is also then coming with some engineering work on the white collar side. So it will be both. But the big thing, and this is why we went out is really, hey, this is a, I would call it a blue collar wave now really in terms of really getting educated workers. That is my biggest constraint at the moment also in the market. And it goes down to the construction workers, really, people in the factories. And we should never ever underestimate the need to finally get something done. And that will require more people, more skilled labor. And we will definitely contribute to that and to help to build up that workforce.

[Scarlet Fu]

Our thanks to Siemens Energy CEO Christian Bruh. Coming up, a look at why obesity data from drug maker Pfizer underwhelmed investors.

[Paul Sweeney]

You're listening to Bloomberg Intelligence on Bloomberg Radio providing in depth research and data on 2000 companies and 130 industries.

[Scarlet Fu]

You can access Bloomberg Intelligence via bigo on the terminal. I'm Scarlet Fu.

[Paul Sweeney]

And I'm Paul Sweeney and this is Bloomberg.

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Support for the show comes from Public, the investing platform for those who take it seriously. On Public you can build a multi asset portfolio of stocks, bonds, options, crypto and now generated assets which allow you to turn any idea into an investable index. With AI it all starts with your prompt. From renewable energy companies with high free cash flow to semiconductor suppliers growing revenue over 20% year over year. You can literally type any prompt and put the AI to work. It screens thousands of stocks, builds a one of a kind index and lets you back test it against the S&P 500. Then you can invest in a few clicks. Generated assets are like ETFs with infinite possibilities, completely customizable and based on your your thesis, not someone else's. Go to public.com podcast and earn an uncapped 1% bonus when you transfer your portfolio. That's public.com podcast paid for by Public Investing Brokerage Services by Open to the Public Investing Inc. Member FINRA and SIPC Advisory Services by Public Advisors llc SEC Registered Advisor Generated Assets is An interactive analysis tool. Output is for informational purposes only and is not an investment recommendation or advice. Complete disclosures [e-mail] disclosures.

[Scarlet Fu]

This is Bloomberg Intelligence with Scarlet Fu and Paul Sweeney on Bloomberg Radio.

[Paul Sweeney]

Move to some news in the biotech.

[Scarlet Fu]

Sector this week, shares of Pfizer fell after the drugmaker revealed limited data from one of its new obesity treatments.

[Paul Sweeney]

It showed people lost up to 12.3% of their body weight compared to those on a placebo at 28 weeks.

[Scarlet Fu]

And of course this comes after Pfizer battled to buy weight loss startup medsara late last year with no new drug approvals expected this year. And the limited data released means the prospects for Medcera's farthest along drug do remain unclear.

[Paul Sweeney]

For more on this and the latest in the biotech sector, we heard from Sam Fazeli, Bloomberg Intelligence Director of Research for Global Industries and Senior Pharmaceuticals Analyst.

[Scarlet Fu]

We began by asking Sam about how investors were impacted by this limited obesity data.

[Sam Fazeli]

Yeah, yeah. So look, they paid $10.1 billion for this and is it all to do with that or is it people being reminded again that the next three, four years there's a major headwind from generic drugs coming for some of their products on the market, Ibrands, Xtandi, etc. So that's partly the issue. And you know, in order to deal with that you need assets and drugs that are going to try and hopefully fill the gap. And maybe this is the problem with the data. The thing is we've looked at the data. As you know, we have very deep obesity analysis. We've looked at the data and it's not terrible, but as I said the other day when Roche reported some numbers, think folks are getting over this percentage here, percentage there. You can only disappoint going forward. You can't unless you give out somebody 30, 40% weight loss, which of course nobody wants. So this is getting to a point where now it comes to the nuance and unfortunately we don't have a lot of the nuance that we need to know about this data set tolerability and it is good because it's a once monthly injection after the first few weeks. So it's well set up. But the market obviously doesn't like it because they're not getting enough information about how good actually it is.

[Paul Sweeney]

Sam, it seems like if you want to be an investor in big cap pharma, you really have to be a stock picker. I've got stocks like Pfizer and Bristol on a trailing twelve month basis that are down. But I've got stocks like Johnson and Johnson and Eli Lilly and Abbey V. They're up big. And is that just because they've got the right portfolio of drugs and the others don't?

[Sam Fazeli]

Entirely, entirely about that. What you don't want is looking into the abyss of generic drugs coming for your big earners with no obvious pipeline versus, let's take a Johnson and Johnson in this case. They have a phenomenal set of drugs for the multiple myeloma space or a whole, you know, other oncology spaces. This is a powerhouse. And of course they've also still got the other divisions, medical devices growing quite nicely. So. And no, massive, I mean there's one that's coming up big hold that's coming in terms of generics, but they've still got these things that are growing at phenomenal speed. And one of their, one of their drugs, Darzalex, is very close to $20 billion. And that's just one indication in multiple myeloma. So they've done everything right in that case and that's what the market likes.

[Scarlet Fu]

So in other words, Sam, this is something that can be managed. The fact that Pfizer hasn't managed this well raises a lot of questions here because I mean, it's not like just one day they woke up and oh, you know, there's suddenly a lot of competition for some of their best selling drugs or people are no longer paying up for Covid treatments, Covid vaccines. In terms of management, do, do investors need to question whether Pfizer has.

[Paul Sweeney]

Right.

[Scarlet Fu]

Management in place?

[Sam Fazeli]

Yeah, I mean, look, this is a tough game, right? Not the game, of course, but this is a very tough set of issues to deal with. Creating pipeline takes a lot of effort. Let's take Eli Lilly. For years, nobody was paying too much attention to their potential margin expansion that was coming and they were arguing for it, et cetera. Maybe they were lucky they hit on these obesity drugs. Look at AstraZeneca. It took quite a lot of pain for Pascal Sorio to right that ship when he took it. So management's part of it then you need to be lucky. You cannot have just one or the other. And pipeline, you know, we'll see what Pfizer shows us over time. They have assets that are in early development that we need to start seeing. Bear fruit.

[Paul Sweeney]

Our thanks to Sam Fazelli, Bloomberg Intelligence Director of research for Global Industries and senior Pharmaceuticals analyst.

[Scarlet Fu]

We move to some news in the tech space this week. Advanced Micro Devices suffered its worst stock decline in almost nine years after its sales Forecast underwhelmed investors. It's a sign that AMD is not making the inroads that Wall street had anticipated.

[Paul Sweeney]

Separately, the semiconductor manufacturers Texas Instruments reached an agreement to buy the US chip firm Silicon Laboratories for about $7.5 billion.

[Scarlet Fu]

This deepens TI's exposure to several long standing markets for chips, including the home, appliance, power, industrial and medical device sectors.

[Paul Sweeney]

For more on all of this, guest host John Tucker and I were joined by Kujan Sobati, Bloomberg Intelligence Senior Semiconductor Analyst.

[Scarlet Fu]

We began by asking Kun John if investors overreacted or if there is actually something fundamentally wrong with AMD's latest report.

[Sam Fazeli]

There was nothing fundamentally wrong in this report. There were a lot of good things to take away. But it comes down to, you know, when you become an A.I. darling, you set up really, really high expectations. And when you take out the China revenue which was not included in the guidance and the expectations, the beat came out pretty modest, which I guess people didn't like. And in was not at par against the really high expectations that you have now every quarter from these companies.

[Sponsor/Announcer]

Like they used to ask in the old Westerns, you know, is there room.

[Sam Fazeli]

Enough for the two of us in this town?

[Paul Sweeney]

Is there room enough for them and Nvidia?

[Sam Fazeli]

There is right now. I mean look, the tide is lifting all boats. There is so much demand for accelerator chips that there's room for AMD as a GPU provider. There's even room for other folks like Broadcom and Marvell as an ASIC provider. So there's plenty of demand right now.

[Paul Sweeney]

Do we like management? Lisa Sue I think is just. When I just see her interview, she seems super on top of it.

[Sam Fazeli]

Yeah, I mean like I said, fundamentally nothing changed there. Their CPU story continues to become stronger. Nobody's paying attention to it right now because all the focus is on GPU and competing with Nvidia. But people are forgetting inherently when you look at two years back, this was really a CPU company. Their GPU story line remains intact. We didn't expect any fireworks coming into this earnings. We don't expect it until really fourth quarter of 2026. So the market is aware of this. We really have to wait until the fourth quarter 2026. This is when they will be really put to test if they can really execute their first server level solution or not. So there's nothing change that we saw should really concern us.

[Paul Sweeney]

How important is China in all this?

[Ken Shea]

I thought the export restrictions were lifted.

[Sam Fazeli]

I mean what's taking so long? Well, so the export restrictions are different for each chip. So the Mi 308 which they were able to ship had already licenses approved prior. So that's a different chip. The newer chips that now is in the news when it comes to Nvidia is their H2 hundreds and equivalent. It will be the Mi325. Licenses for those have not been granted yet. Even though the White House has said that yes, these companies can start shipping these products yet the formal licenses have not been granted.

[Paul Sweeney]

Kujan, some M and A in your space. Texas Instruments has reached an agreement to buy Silicon laboratories for about $7.5 billion here. What's going on here with TI?

[Sam Fazeli]

Yeah, so just to give some context, this is sort of this size of the deal they have not done in the past. The last time they did a deal like this was buying national for about 6, $7 billion in 2011. So this is not their typical nature. So a bit of a surprise strategically. It fits well. Their industrial segment, which is their largest segment and that's where they want to be focused, has a missing piece when it comes to wireless connectivity in IoT. So Silicon Lab gives them that portfolio. Financially, however, it's a lot more important. They have reiterated that this does not change their free cash flow trajectory, this has not changed their dividend path and this does not increase. The most important thing is the capex. So all those things we really like. If they're able to execute to that get the cost synergies then this will be a really good deal for them. Also remember TI has been on a spending spree for the last three to five years, building up a lot of capacity. So this will help bring more loading to their internal factories and bring more manufacturing internal to own TI and help with utilization.

[Paul Sweeney]

Our thanks to Kunjan Sabani, Bloomberg Intelligence Senior Semiconductor Analyst.

[Scarlet Fu]

We move now to some news from fintech company PayPal.

[Paul Sweeney]

This week, PayPal reported quarterly profit and revenue that missed analyst expectations. The company also said HP CEO Enrique Loris will take the top job from Alex Kriss, whose turnaround plan failed to meet targets.

[Scarlet Fu]

Jamie Miller, who is the payments firm's chief financial and operating officer, will serve as interim CEO until Loris takes over on March 1. Shares of PayPal tumbled as much as 19% after the news. It was the biggest drop in more than four years.

[Paul Sweeney]

For more on this, I was joined by Dick Sugar, Bloomberg Intelligence Global fintech and payments analyst. I first asked her to break down the latest news at PayPal like two.

[Geetha Ranganathan]

Big headlines hit at once, missed 4Q expectations and then announced a CEO change. So on the print side adjusted EPS was about a 4% miss and the revenue came in 1% lower. And I should highlight this is like their first miss in two years. But I think the bigger issue is forward looking branded checkout which is the main core high margin business for PayPal that has slowed to 1% in the fourth quarter. And PayPal is also flagging an earnings decline for 2026. So those were the key forward looking problem areas. And the CEO change definitely was a surprise. I mean the guidance revision was driven by their investments in some of the merchant business that they're doing. But I think the market reaction is, goes beyond that. I think it goes more around some of the serious gaps that appear to have been discovered, especially with Apple Pay and all the product advancements that the competition has come through. And I think yeah, lots to unpack there today.

[Paul Sweeney]

So just give us a sense of the competitive landscape of the businesses that PayPal's in, the financial technology and kind of where do they fit in? What are they maybe not doing right here?

[Geetha Ranganathan]

PayPal has two parts of the ecosystem. It works with the merchants, where you see the PayPal button when you check out and it works with the consumers through its app, the PayPal app and the Venmo app. What is very interesting is that management kept highlighting execution discipline and prioritization but honestly that is the main game. PayPal's biggest value add is the two sided network they could not have afforded to either drop the merchant or forget about the consumer. So it's been like it's a very competitive landscape. You have Stripe, Adyen, Apple Pay. As you would have noticed recently they revised their partnership. They moved from Goldman's to JP Morgan. So everyone is charging full stead and PayPal needs to show up and that and I thought they were getting there, but I think this new CEO change definitely puts a multi year transformation back into play now.

[Paul Sweeney]

So what do you think is the, is the next step for this company here? I mean a, can it kind of remain competitive in this business going forward? Does it need to think about a new structure or a new strategy? What do you think needs to happen here?

[Geetha Ranganathan]

Yeah, that's the million dollar question, Paul. I think so. There are two things. One is, I think investors need, really need clarity now on how PayPal re accelerates its core checkout business. Is it conversion, is it pricing? Merchant value proposition? Because that's still the core engine. But I think secondly is whether the new leadership really signals a broader strategic shake up. Like do they streamline initiatives, are they going to step up cost discipline or capital return. Or if it doesn't work out, maybe they'd consider like big assets like Venmo. You know, strategically the performance doesn't inflect from that.

[Scarlet Fu]

Our thanks to Dick Shagara, Bloomberg Intelligence, Global fintech and payments analyst. Coming up, a look at why the food and beverage company PepsiCo is cutting prices by up to 15% for some key brands.

[Paul Sweeney]

You're listening to Bloomberg Intelligence on Bloomberg Radio, providing in depth research and data on 2000 companies and 130 industries.

[Scarlet Fu]

You can access Bloomberg Intelligence through Big Go on the terminal. I'm Scarlet Fu.

[Paul Sweeney]

And I'm Paul Sweeney and this is Bloomberg.

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[Scarlet Fu]

Intelligence with Scarlet Fu and Paul Sweeney on Bloomberg Radio.

[Paul Sweeney]

We move next to some news in the food and beverage space.

[Scarlet Fu]

This week PepsiCo announced it is cutting prices by up to 15% for key brands including Lay's and Doritos. It's a bid to lift sales by offering more affordable products.

[Paul Sweeney]

PepsiCo has struggled to grow its sales in North America in recent years. The company, like many of its peers in the food space, raised prices during the pandemic and its aftermath to offset high inflation.

[Scarlet Fu]

So we brought in Ken Shea, Bloomberg Intelligence Senior Consumer Products Analyst.

[Paul Sweeney]

We first asked Ken for his take on Pepsi's earnings.

[Ken Shea]

I think the broad takeaway for investors is that PepsiCo is committed to bringing better focus to this company. You know, I've covered this company a long time and its primary competitors, Coca Cola, Keurig, Dr. Pepper, you could say primo water monster. How they differ from PepsiCo is they're much more focused, particularly on specific categories. But PepsiCo, with the urging of the activist urging them on, is bringing more focus to this company. And what I mean is they're rationalizing a lot of the SKUs that really aren't contributing much. They're consolidating plans. They are bringing more rationality to the trade spending. So when I hear things like, you know, cutting price, that's, that's Tactical, that's just a way to, you know, move the needle a little bit with near term sales. But I think the bigger picture is to bringing more focus to this enterprise.

[Scarlet Fu]

Right? I mean investors are excited about its strategy as opposed to just kind of moving forward with the way it's always been. When it comes to those price cuts though, I wonder if this is going to spark any kind of price war. Will other snack makers feel the pressure to also reduce prices even if they've gone up quite a bit since the pandemic?

[Ken Shea]

That's possible. Scarlet. In the case of Frito Lay though, they have such a dominant market share, they have like 60% of the market in the, in the measure channels. And when you have that much of a share, you deserve a premium. Particularly with PepsiCo's direct store delivery system. What that means is that they help their retailers much more than a lot of their competitors. And that is they actually go to the store, they're quick to respond to out of stocks, they help, you know, position the product, they create the end caps in the, in the store. They do a lot more for the retailer than the competitors. And so that's how they are helped to get premium pricing. So yes, they're rolling back some prices. You know, it's no secret that price increases have been up quite a bit since the pandemic. A lot of it's cost driven and, and private label has encroached a little bit on PepsiCo share. But to answer your question directly, they are the dominant player. I would not expect them to give back too much over time. And while their competitors may cut prices as well, I think retail would be alienating consumers if they push too hard on PepsiCo's price increases down the road.

[Paul Sweeney]

Can talk to us about Elliott management. They've been in this company, they've owned this stock here pushing for some change. How much, how much of an impact are they having?

[Ken Shea]

I think on the margin there's an impact, Paul, maybe to the degree that PepsiCo is hastening its move to more focus. You know, a lot of the things that it's been doing all along and that is upgrading their portfolio with more functionality. This is some of the things we talked about in the past. They're bringing more protein to their mix and bringing more protein by restaging muscle milk. So bringing more value to their, to the beverages. So they've always been doing that. But to your question, Elliot is pushing them to do things like okay, you can still do that but also cut costs a little more aggressively. You know, maybe Maybe you don't need all these plants, maybe consolidate some, Maybe there's some SKUs, you know, some products that aren't selling well, you can roll those back, be a little more nimble when it comes to getting rid of some products that aren't winners because at the end of the day you have to grab as much shelf space at the retailer as possible. And when you have products on the shelf that aren't moving, you're not helping them, you know, with their business. So be a little more aggressive with that. So it's helping and I think that's a positive thing for shareholders.

[Scarlet Fu]

Is this a company that's going to have to separate its drinks business from its snack business?

[Ken Shea]

Well, that's the age old question we've been talking about for a while. And as I mentioned, if it can prove to the market that this increased focus that they have with just doing their, you know, daily business or running these operations, if they can improve them, I think the heat will be off for them to go to the draconian measure of breaking up food and beverages. That's always, you know, the wild card I think down the road and I think will be well received by the market quite frankly. But I don't think it's necessary at this point.

[Paul Sweeney]

What are you consumer products companies telling you Ken, about just the consumer out there?

[Ken Shea]

Well, Altria, just the other day, I mean it's a different market with cigarettes. You know, they noted that consumers are still hesitant in paying up for premium products. Now cigarettes mentioned is in the same category as salty snacks. But they do note that consumers are reaching for the private label, the low priced alternative, more than they've done in the past. And to the extent of that that carries over to, you know, snacks and beverages. I can see some parallel lines here. And as more companies, you know, release their numbers, I think that could be a common theme here that private labels encroaching and maybe there needs to be some more deceleration in the reliance on price increases to stimulate sales growth.

[Scarlet Fu]

That was Ken Shea, Bloomberg Intelligence Senior Consumer Products Analyst.

[Paul Sweeney]

We move next to research Bloomberg Intelligence recently put out on global communications and networking equipment.

[Scarlet Fu]

According to by the global networking sector heads into 2026 with multiple spending tailwinds led by cloud infrastructure buildouts. And the money spent on networking gear is expected to grow 20% according to the 650 group.

[Paul Sweeney]

For more I was joined by Woo Jinho, Bloomberg Intelligence Senior Hardware Networking analyst. I first asked which to talk about how investors are now looking at AI.

[Sam Fazeli]

It's fairly Straightforward. Right. It's a very fairly concentrated space. The AI networking space is expected to grow 91% on the switching hardware alone to $21 billion. Right. The way to play it is fairly straightforward. It's three Cs, an A and an end. Right. That's my new networking fang. Cisco, Celestica, Corning and Sienna. So 4Cs, Arista and Nvidia.

[Christian Brugh]

Right.

[Sam Fazeli]

And those are going to be the leading beneficiaries for the networking space in AI.

[Paul Sweeney]

So give us a sense of kind of how investors should think about the investment cycle for AI. I mean I'm going to say we're two, three years into it. I'm just not sure. How do you guys think about the duration here?

[Sam Fazeli]

Yeah, you know it's quite odd, right, because you know, some of us say.

[Christian Brugh]

It'S two, three years into it.

[Sam Fazeli]

Michael Dell had this interesting quote a couple of weeks ago saying what, what inning are we? And his response was we're just entering the stadium. He still thinks it's early on in terms of the investor investment phase and networking is going to be one of the leading beneficiaries of it.

[Paul Sweeney]

So how are the networking equipment companies that you follow, how are they financing some of their capex? Because again I think most of us grew up when technology companies had so much cash flow that they could self fund their R and D, their CapEx, that type of stuff. Now many of them need to come to the capital markets.

[Sam Fazeli]

Yeah, fortunate for the networking guys, it's a low capex type of business. Right. We're talking about sub 10% of the cash flow to CapEx or 10% CapEx ratio to sales. So it is a fairly self funded business and it's also high margin business as well. As long as the hyperscale cloud providers as well as the tier 2 cloud providers like the NEO clouds are funded, they'll be able to buy the networking gear.

[Paul Sweeney]

So how do you, I mean it's interesting here you think about the tech space and it's hardware, it's software, the networking equipment here, who's kind of driving this, this AI thing is are you networking and communications companies, are they kind of dependent upon, I don't know what the hyperscalers are doing or what the chip makers are doing, who's kind of leading this.

[Sam Fazeli]

So at the end of the day it's how quickly and how fast and how large of the investments that the hyperscalers are making on the AI side. I will tell you as these language models grow and the scale of these compute investments grow you actually need a lot more networking. And networking is, if you think about it as the art arteries and the veins of a human body, networking is probably at the center of that right now. And that's why you're having a lot of investment on the networking front.

[Paul Sweeney]

I mean how are they dealing with again these networking companies? I think of these big global companies. Is the manufacturing dispersed around the globe? Is there a pressure to bring it to the us how are they dealing with some of the changes we've seen in global logistics? Whether it's tariffs or just, you know, most favored nation status, those types of things.

[Sam Fazeli]

Yep, that's a fantastic question, Paul. I will tell you there's a couple of things right if we had the, when we had the tariff situation number one, and also the COVID situation a few years back, the companies have actually done a good job rearranging the supply chain. A lot of manufacturing is happening out of Mexico. There's some manufacturing that's happening in Taiwan as well as in Canada. So. So we're bypassing some of the tariff situation and quite frankly tariffs have become a non story for the majority of my networking guys. And on top of that, the DRAM story is inconsequential for the networking names as well.

[Paul Sweeney]

How are the stocks performing here? We've seen so many parts of the tech space just rip. How have your stocks been doing?

[Sam Fazeli]

I will tell you if you look at the stock two years back back, you're seeing a, a 10 time performer to, to where it is right now. You know it has slowed down because I think people are starting to catch up to the name Arista. It's a double from, from two to three years back. And Cisco, I mean we've finally got back to its 192001 highs because the business has actually stabilized. So the stocks in itself is, has done, have done well. The multiples have actually gotten a little bit rich.

[Scarlet Fu]

That was Woo Jin Ho, our senior hardware and networking analyst.

[Paul Sweeney]

That's this week's edition of Bloomberg Intelligence on Bloomberg Radio providing in depth research and data on 2,000 companies and 130 industries.

[Scarlet Fu]

And remember, you can access Bloomberg Intelligence via by go on the terminal. I'm Scarlet Fu.

[Paul Sweeney]

And I'm Paul Sweeney. Stay with us. Today's top stories and global business headlines are coming up. Right now.

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