Bloomberg Intelligence: BI Weekend – US Banks, Domino’s, LVMH Earnings (October 17, 2025)
Hosts: Scarlet Fu & Paul Sweeney
Episode Theme:
An in-depth analysis of major business stories influencing Wall Street and global markets, focusing on fresh tech sector deals, major US bank and corporate earnings (Domino’s, LVMH), consumer trends, and the evolving AI landscape.
Episode Overview
Scarlet Fu and Paul Sweeney, leveraging insights from Bloomberg Intelligence analysts, break down the week’s most impactful stories across tech, finance, retail, and luxury goods. They delve into OpenAI's custom chip strategies, Domino’s strategic promotions and delivery pivot, US banks’ robust performance, LVMH’s surprising return to growth, the protein trend in snacking, and AI’s impact on commerce and software.
Key Segment Summaries & Insights
1. Tech Sector: OpenAI’s Custom Chip Partnership with Broadcom
Guest: Mandeep Singh, Senior Tech Industry Analyst
Start: [02:24]
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OpenAI-Broadcom Partnership:
OpenAI signed a multi-year deal with Broadcom to develop custom AI chips and networking gear, aiming to deploy 10 gigawatts of new data center capacity by 2026—a strategic move towards in-house silicon, similar to Google’s TPU approach."OpenAI is going after adding as much compute capacity as they can... The difference here is with Broadcom they get to use their own chips."
— Mandeep Singh [02:52] -
Why Custom Chips?
Merchant silicon (from Nvidia, AMD) is more expensive due to high margins. Custom silicon with Broadcom offers 30-40% cost savings per gigawatt (~$25–30B vs. $40–50B). Google’s model illustrates these savings."Nvidia’s AI chip costs you $30,000; custom silicon Broadcom makes for Google costs $6,000."
— Mandeep Singh [03:21] -
Financing the Upgrades:
OpenAI needs massive capital (~$500B for 10GW). While Nvidia and AMD deals involve equity or investments, the Broadcom deal does not. OpenAI bets on rising revenues and partner buy-in to finance expansion. -
Apple's Role:
Apple’s absence is notable; their tradition is custom silicon, so a Broadcom or Marvell partnership may be forthcoming. However, late entry means catching up will be tough, regardless of deep pockets."A company like Apple will never go for merchant silicon... If I had to pick a strategy for Apple, it will likely be custom silicon."
— Mandeep Singh [06:44]
2. Corporate Earnings: Domino’s Growth & Delivery Strategy
Guest: Michael Halen, Senior Restaurant & Foodservice Analyst
Start: [08:27]
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Strong Q3 Results:
- US same-store sales up 5.2%, outperforming a struggling quick-service restaurant sector.
- Success driven by new permanent menu item (stuffed crust pizza), aggressive $9.99 any pizza deal, and full Doordash integration.
"They did it with stuffed crust pizza... $9.99 for any pizza, no matter how many toppings you want on it."
— Michael Halen [08:40] -
Sustainability of Promotions:
Domino’s extended the $9.99 promo as franchisees saw strong profits despite flat margins: “You don’t take margin to the bank. You take dollars to the bank.”"[Franchisees] were making so much money off of it... willing to sacrifice a little bit of margin expansion here for that traffic."
— Michael Halen [09:48] -
Delivery Aggregators’ Impact:
- Domino’s resisted until delivery commission rates dropped.
- Now uses DoorDash for marketplace only, retaining in-house delivery – driving transaction growth across all income levels, including higher-income trade-down consumers.
"We saw positive same store sales growth with carryout as well as delivery... every income cohort."
— Michael Halen [11:50]
3. US Bank Earnings: Strong Results from Wall Street’s Largest Banks
Guest: Alison Williams, Senior Global Banks & Asset Managers Analyst
Start: [16:26]
-
Banks Outperform Expectations:
Goldman Sachs, Bank of America, Morgan Stanley, JPMorgan, and Wells Fargo all beat quarterly estimates due to robust deal activity, investment banking, and market volatility. -
Morgan Stanley:
Outperformed in equities trading and wealth management—a segment increasingly attractive for its steady, high-margin, fee-based income streams."The wealth and asset management tends to be more favored by investors because it does tend to be more recurring revenue."
— Alison Williams [17:58] -
Credit Trends:
Provisioning for credit losses diverged—Morgan Stanley set aside nothing, reflecting minimal direct lending; JP Morgan’s strong consumer credit signals resilience, especially among affluent customers."The focus really is on the higher end consumer... credit trends in that business? Super strong."
— Alison Williams [19:01] -
Investment Banking Clarity:
As macro policy (tariffs, taxes) stabilizes, banks see increased client willingness to transact. Bank of America, in particular, sees a growing deal backlog."We've seen more certainty now around trade and tariffs... That's reflected in our investment banking activity."
— Bank of America CFO, via Paul Sweeney [20:02] -
Bank of America’s Future:
Investor day focus will be on long-term, organic growth trends and the bank’s push into AI for structural profitability.
4. LVMH Earnings: Signs of Luxury Rebound
Guest: Deb Aiken, Luxury Goods Analyst
Start: [23:37]
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Back to Growth:
LVMH beat expectations across all five business units, reversing two quarters of decline. Notable: China sales turned to mid-high single digit growth; US and Europe robust, though tourism still impacts numbers."All five of the business units improved... China is mid to high single digit growth versus a year ago."
— Deb Aiken [24:00] -
Luxury Trends:
Ultra-luxury brands like Hermès and Brunello Cuccinelli still outperform, but broader sentiment is recovering. Some “trading down” to premium but more accessible brands was evident earlier this year. -
Wines & Spirits:
Champagne and rosé wine sales rebounded in the US, while spirits remain soft. Inventory imbalances are normalizing."Champagne is doing well and is back to growth in the US. Rosé wine is doing very, very well."
— Deb Aiken [26:43] -
China’s Role Still Pivotal:
Chinese consumers are spending domestically again, though international tourism is not back to pre-pandemic levels.
5. Consumer Trends: Protein-Powered Snacks & Social Commerce
Guest: Jen Bartashis, Senior Retail Analyst
Start: [31:32]
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Protein Push:
Kellanova (formerly Kellogg’s) rolls out higher-protein Pop-Tarts, reflecting a trend towards adding perceived health benefits to processed snacks. Nearly 40% of surveyed consumers consume protein-enhanced snacks weekly."When you put protein on the package, people feel like even if they're making a bad choice, it's not as bad as it could have been."
— Jen Bartashis [32:20] -
GLP-1 Impact:
As more consumers use GLP-1 drugs (for weight loss/diabetes), maintaining protein intake is increasingly important. -
Social Commerce:
Walmart partners with OpenAI/ChatGPT for in-chat product browsing and purchasing—experimental for now, as social commerce is a tiny portion of overall retail sales but signals a willingness to embrace new tech."It's important to be present and I think that's what's most notable about this announcement."
— Jen Bartashis [34:44] -
Tariffs & Sourcing:
Ongoing adjustments in supplier sourcing to mitigate tariff costs; strategic, not blanket, price increases are the norm.
6. Tech: AMD-Oracle and Salesforce-OpenAI Deals
Guest: Anurag Rana, Technology Analyst
Start: [38:13]
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AMD-Oracle Partnership:
Oracle places a major (undisclosed value) order for AMD’s AI chips. The move demonstrates that AMD is becoming a viable alternative to Nvidia for certain workloads, a necessity given chip shortage and price dynamics."Oracle has a massive backlog... They're going anywhere they can find chips right now, and AMD is their next stop."
— Anurag Rana [38:43] -
Salesforce-OpenAI Integration:
Salesforce expands partnership with OpenAI, connecting its Agentforce app with ChatGPT to enable easy enterprise commerce and data access. This staves off disruption from generative AI by collaborating rather than competing."For me, this is actually far bigger news... OpenAI is a new channel of communication with, you know, the rest of the world."
— Anurag Rana [40:46] -
Industry Caution:
The proliferation of AI deals raises risks—analysts caution about whether OpenAI can deliver on high growth promises and whether legacy tech giants will outpace newcomers.
Notable Quotes & Memorable Moments
-
On custom chips and cost:
"A custom silicon that Broadcom is making for Google costs you six grand... that's why having your custom silicon strategy is so good."
— Mandeep Singh [03:21] -
On franchisee profitability:
"They did this 999 deal and... ran it longer than expected because franchisees were making so much money off of it."
— Michael Halen [09:48] -
On bank investing sentiment:
"Investors like that fee income and they like the relative stability... less volatility, more recurring revenue."
— Alison Williams [17:58] -
On luxury sentiment:
"The comments from the company were more positive than the market anticipated."
— Deb Aiken [24:00] -
On protein snacks as ‘health washing’:
“At the end of the day... making people feel marginally better about eating food that is bad for them.”
— Jen Bartashis [32:03] -
On the social commerce trend:
"It's important to be present... but it's not going to move the needle with regards to their overall e-commerce sales."
— Jen Bartashis [35:32]
Timestamps for Key Segments
- [02:24] OpenAI’s deal with Broadcom & the custom silicon strategy (Mandeep Singh)
- [08:27] Domino's Q3 results and delivery shift (Michael Halen)
- [16:26] US bank earnings deep dive (Alison Williams)
- [23:37] LVMH’s sales rebound and luxury trends (Deb Aiken)
- [31:32] Kellanova’s high-protein snacks & Walmart/A.I. partnerships (Jen Bartashis)
- [38:13] AMD-Oracle AI chips, Salesforce/OpenAI tie-up (Anurag Rana)
Tone & Engagement
- The discussion is lively, practical, and data-driven, with expertise from analysts who offer actionable insights for investors.
- Hosts and guests use straight talk and analogies to demystify industry trends ("protein as vanity sizing," why banks stockpile for credit losses, etc.).
- Occasional humor and personal anecdotes lighten technical segments (e.g., Paul Sweeney on his college-age son’s use of delivery apps).
For Listeners Who Haven’t Tuned In
This episode is an incisive tour through the week’s market and business headlines, giving the “why” behind the numbers for OpenAI’s chip ambitions, Domino’s sales boom, US banks' surprising resilience, luxury’s Chinese-fueled comeback, the science and psychology behind new snack formulations, and the ongoing race for AI supremacy in both hardware and software. If you're tracking trends shaping the global economy, this is essential listening.