Bloomberg Intelligence Podcast Summary

Episode Date: January 23, 2026
Hosts: Scarlet Fu, Paul Sweeney
Main Topics Covered:

• US Antitrust Landscape in 2026
• Artificial Intelligence (AI) in Branding & Retail
• Restaurant Sales Outlook
• Luxury Retail Bankruptcies (Saks Global Enterprises)
• CEO Sentiments for 2026
• College Sports Revenue & Name/Image/Likeness (NIL) Era

Episode Overview

This episode, hosted by Scarlet Fu and Paul Sweeney, delivers a multi-segment, research-driven exploration of big business topics shaping financial markets in 2026. With expert insights from Bloomberg Intelligence analysts and external guests, it tackles changes in US antitrust enforcement, the impact of AI on branding and retail, trends in restaurant sales, fallout from luxury retail bankruptcies, executive worries for 2026, and navigating the economics of modern college sports.

Key Discussion Points and Insights

1. US Antitrust Landscape: Uneven Enforcement & Political Influence

Guest: Jennifer Rhee, Bloomberg Intelligence Senior Litigation Analyst
Segment: [01:19]–[06:39]

• Regulatory Mood:

  • DOJ activity is "very little," while the FTC is only "a little bit more" active, with enforcement being "pretty restrained" overall.

    “We are really seeing very little activity from the Department of Justice, a little bit more from the Federal Trade Commission. But even in their case it's been pretty restrained.” — Jennifer Rhee [01:49]

• Deals Getting Done:

  • Most deals have "a path to clearance, even those that raise concerns," with agencies willing to negotiate settlements as opposed to stymying deals like the prior administration.

• Industry Focus:

  • Health care and sensitive consumer-facing sectors are drawing more scrutiny, aligning with a "populist agenda."

    “...two in the healthcare space. And it doesn't surprise me really, because these are very sensitive sectors, consumer facing sectors...” — Jennifer Rhee [02:26]

• Big Tech Antitrust and The Limits of Remedies:

  • Even with wins (e.g., Google monopolizing search), the remedies are "fairly weak"; dominance just moves to the next technology (search ➡️ AI). Judges are “very cautious” about changing fast-moving industries.

    “They did win technically against Google...but the remedy was fairly weak. They didn't get what they were looking for.” — Jennifer Rhee [03:15]

• Presidential Involvement:

  • Trump administration’s willingness to be "personally involved" in selected deals is unprecedented, leading to “preemptive alignment” between regulators and White House policy priorities, possibly favoring lobbyists over law.

    “There is a lot of concern right now in the antitrust community about the rule of lobbying really prevailing over the rule of law...” — Jennifer Rhee [05:03]

2. AI & Branding: The Paradox of Abundance

Guest: Sunny Bunnell, Co-founder & CEO of Motto
Segment: [07:04]–[11:49]

• Content Overload and Sameness:

  • AI "accelerates brand creation" but also leads to a “sea of sameness.”

    “We're entering into what we call...a meaning deficit, where...it's whether you can actually make meaning with your brand in order to stand out in a sea of sameness...” — Sunny Bunnell [07:09]

• AI Slop & Authenticity:

  • To a “trained eye,” AI-generated branding is visible as "AI slop"—generic designs, copy, and images start to blend together.

    “AI slop is a real thing...it just creates this kind of sameness across the industry...” — Sunny Bunnell [08:13]

• Standing Out:

  • Authenticity, imperfection, and a strong, genuinely human point of view are the best remedies for processed AI content taking over.

    “Leaders are using it to sound polished and professional, and they erase the very thing that actually builds trust, which is personality, imperfection, specificity.” — Sunny Bunnell [09:15]

3. AI in Retail: Enhancing but Not Replacing In-Person Impulse

Guest: Lindsay Dutch, Consumer Hardlines Senior Analyst, Bloomberg Intelligence
Segment: [13:17]–[17:52]

• AI to Boost Productivity & Personalization:

  • Retailers use AI for productivity and customer-facing tools (chatbots, email personalization).

• In-Person Shopping Remains Strong:

  • Despite AI’s rise, brick-and-mortar sees renewed strength post-pandemic, with Gen Z showing a "stronger preference to shop in the store.”

    “I do think there is a personal element that will remain. We see strong brick and mortar demand...expected to continue for some time.” — Lindsay Dutch [14:34]

• Discovery and Impulse Buys:

  • AI helps with product discovery (e.g., Google's Gemini Universal Commerce Protocol partners with Walmart), making it easier to find and buy exactly what customers want—but the “spark” of impulse shopping is still largely tied to human engagement.

• Ease of Use Remains a Barrier:

  • User experience and adoption lags as consumers adapt. Time and simultaneous in-person/tech engagement are key.

4. Restaurant Industry Outlook: Upturn Driven by Macro Factors

Guest: Michael Halen, Senior Restaurant & Food Service Analyst, Bloomberg Intelligence
Segment: [18:08]–[21:52]

• Positive 2026 Sales Forecast:

  • Cheaper gas prices, tax relief, and potential credit card reforms are set to improve consumer sentiment and restaurant sales.

    “We think sales are set to improve here in 2026, especially in the first half...tax relief which historically really helps restaurant spending.” — Michael Halen [18:18]

• Winners:

  • Fast-food chains such as McDonald’s and Taco Bell, and comeback potential for names like Kava and Wingstop.

• Smart Kitchens & Technology:

  • Accelerated investment in technology like AI-driven "smart kitchens" to optimize service and efficiency.

    “Technology is being used in the kitchen to let the cooks know when to fire each meal so that everything comes out at the exact same time hot.” — Michael Halen [21:19]

5. CEO Worries for 2026: Uncertainty, AI, and Human Capital

Guest: Dana Peterson, Chief Economist, The Conference Board
Segment: [22:16]–[25:39]

• Main Economic Concerns:

  • US CEOs: Uncertainty
  • Global CEOs: Fear of outright recession

• AI as Both Threat & Opportunity:

  • CEOs see AI as highly disruptive but are adjusting business models to maximize AI’s benefits, particularly in supply chains and productivity.

• Investing in People:

  • Greater emphasis on employee well-being, mental health, and gender equality, as companies recognize the burden of social, geopolitical, and financial stressors on their workforce.

6. Luxury Retail: Saks Global Bankruptcy and Industry Lessons

Guest: Rania Sedholm, Managing Partner, Sedholm Law Group
Segment: [26:15]–[32:07]

• Brand Fallout & Vendor Risk:

  • Brands cut ties with Saks due to unpaid consignments. The bankruptcy puts consumables, rewards, and vendor agreements at risk.

    “A lot of the brands that worked with it are no longer working with it, which also, you know, precipitated its decline.” — Rania Sedholm [26:44]

• Advice for Vendors:

  • Secure contracts should clarify ownership of stock until sold and include UCC filings for priority in bankruptcy.

• Repairing Trust:

  • Saks needs urgent, transparent communication with consumers and brands to rebuild trust, potentially by explaining causes and recovery plans.

• Debt-Driven Acquisitions are Risky:

  • The Neiman Marcus acquisition was “rocky to begin with,” suggesting mismatched customer bases and high financial risk for investors.

• Optimism for Survival:

  • Saks may survive if it downsizes, focuses on top-performing locations, and improves customer service.

    “I think Saks does make it out of this...but I do think they're going to have to contract in order to grow.” — Rania Sedholm [31:26]

7. College Sports: Money, NIL, & Revenue Innovation

Guest: Martin Jarmond, UCLA Athletic Director
Segment: [32:21]–[38:05]

• New Financial Era:

  • The July “house settlement” introduced revenue sharing with athletes (~$20.5M cap per school), requiring more investment to stay competitive.

    “...with the house settlement that started July 1st and sharing revenue with athletes to the tune of 20.5 million, that's been a significant change.” — Martin Jarmond [32:41]

• Changing Athlete Relationships:

  • Student athletes now have agents and commercial considerations; the relationship is more businesslike.

    “Now, I'd say probably 80 to 90% have agents...the relationship...has changed. It's more of a business relationship.” — Martin Jarmond [34:15]

• Fund-raising & Facility Innovation:

  • Athletic directors spend up to 75% of time on fund-raising and sponsorships, looking for creative revenue streams (concerts, new venue space).

    “I would say it's probably 75% of my time now.” — Martin Jarmond [36:43]

• Transfers and Contracts:

  • Hopes for stronger contracts to reduce frequent transfers and encourage athlete retention and graduation.

Notable Quotes & Memorable Moments

• On Antitrust:

  “There is a lot of concern right now in the antitrust community about the rule of lobbying really prevailing over the rule of law when it comes to merger enforcement.”
  — Jennifer Rhee [05:03]

• On AI & Branding:

  “AI can produce language, but it can't always produce belief.”
  — Sunny Bunnell [09:15]

• On In-Person Retail:

  “Gen Z and younger shoppers are showing a much stronger preference to shop in the store...”
  — Lindsay Dutch [14:34]

• On Restaurant Innovation:

  “Smart kitchens...will massively help the operations improve speed of service and get people their wings hotter and faster.”
  — Michael Halen [20:04]

• On CEO Mindset:

  “AI is both a foe and a friend...CEOs are looking to invest in their people to make sure that their people are ready for the next digital age.”
  — Dana Peterson [23:29]

• On Bankruptcies and Brand Trust:

  “People really discount the efficacy of good communication...that is of paramount importance.”
  — Rania Sedholm [28:53]

• On Athlete Relationships:

  “Now, I'd say probably 80 to 90% have agents. So...the relationship with student athletes has changed. It's more of a business relationship.”
  — Martin Jarmond [34:15]

Important Timestamps for Key Segments

• US Antitrust Landscape

  • [01:19] Antitrust environment overview
  • [03:15] Big Tech and antitrust limits
  • [05:03] Presidential involvement & lobbying concerns

• AI & Branding

  • [07:09] AI's impact on brand sameness
  • [09:15] How to preserve authenticity

• AI in Retail

  • [13:37] Retailer use of AI
  • [14:34] Brick-and-mortar resurgence
  • [15:43] AI for impulse buying

• Restaurant Industry

  • [18:18] Restaurant outlook positive drivers
  • [19:18] Chains set to win
  • [20:04] Kava, Wingstop, “smart kitchen” tech

• CEO Sentiments

  • [22:16] Top CEO economic worries
  • [23:29] AI’s disruptive–but inevitable–role

• Luxury Bankruptcy (Saks)

  • [26:44] Vendor risks and advice
  • [28:53] Communication and trust
  • [31:26] Saks’ survival prospects

• College Sports, Revenue & NIL

  • [32:41] New payment rules for athletes
  • [33:31] Revenue prioritization by sport
  • [34:15] Evolving relationships with athletes
  • [36:43] Fundraising and creative revenue strategies

Summary Tone

The conversation is analytical and insightful, combining data-driven Bloomberg Intelligence perspectives with candid on-the-ground observations from guests. The hosts keep the conversation brisk and practical, directly addressing implications for investors, executives, brands, and consumers.

Takeaway

This episode offers a panoramic, research-fueled view of the shifts in regulation, technology, consumer behavior, and industry economics that are reshaping business in 2026. Listeners come away with clear examples, actionable insights, and critical perspectives on everything from government enforcement and AI’s paradoxes to the continuing importance of human engagement in both retail and sports.