Intel to Sell $15 Billion in Stock After AI Boosts Demand

Summary

Bloomberg Intelligence Podcast: "Intel to Sell $15 Billion in Stock After AI Boosts Demand"

Date: August 10, 2026
Hosts: Paul Sweeney, Scarlet Fu (with Tom Keene, Carol Massar, and guest analysts/reporters)

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Episode Overview

This episode dives into the latest tech and investment news, with a focus on Intel’s $15 billion equity raise—timed during a surge in AI-fueled demand—as well as broader movements in the equity capital markets, big tech earnings, and the evolving AI landscape. The hosts leverage Bloomberg Intelligence analysts and reporters to break down the implications for investors, discussing the competitive race in AI, European tech challenges, the CapEx race among hyperscalers, IPO activity, and recent moves by Berkshire Hathaway.

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Key Discussion Points & Insights

1. Intel’s $15 Billion Stock Sale & AI Investment Boom

Timestamps: 01:40–03:19, 16:54–17:06

• Context:
  Intel announces a $15 billion stock sale, seeking to fund AI-focused investments as part of a broader capital-raising strategy following earlier debt issuance.

• Expert Insights (Matthew Bloxham, Senior Tech Analyst):

  • The $15B stock raise is "roughly 3% of the market cap," signaling not just opportunistic timing but also the significant investment requirements to keep up in AI.
  • "They raised, I think, $6.5 billion in debt early this year. Fairly expensive coupons, kind of 4.65% through 6.2%" [02:08]
  • Intel’s current and projected capital spend: approximately "$20 billion this year, maybe rising to $26 billion next year."
  • Strategic take: "If there was ever a time to raise some equity, this is a relatively cheap time to do it." [02:08]

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2. Meta’s Open-Source AI Push & AI Model Wars

Timestamps: 03:19–04:38

• Meta Launches Muse Glimmer:
  • New open-source AI model positioned as a competitor to Chinese model Deepseek and OpenAI/Anthropic’s closed systems.
  • Matthew Bloxham: "Mark Zuckerberg today in an essay being somewhat critical of some of its competitors, saying that really we should be democratizing AI and putting it in the hands of the user." [03:33]
  • Discussion on the strategic differences between open and closed model approaches, with Meta championing openness for broader adoption and innovation.

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3. AI Race: Europe’s Lag & Obstacles

Timestamps: 04:38–06:06

• Europe’s Persistent Tech Deficit:
  • Tom Keene poses: "Is the same thing happening with AI? Will Europe just kind of outsource it to other people and not participate?" [04:38]
  • Matthew Bloxham: "We have Mistral as I guess the most well-known European AI model, but it sits in the shadows of the US and the Chinese alternatives."
  • Challenges: Structural/cultural obstacles, insufficient funding, and the relentless pace of US/China advances.
  • "It does. I would think the base case scenario would be that Europe continues to be a taker of technology from other parts of the world." [05:03]

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4. Microsoft’s AI Chip Ambitions & Rebound

Timestamps: 08:21–10:29

• Market Turnaround & Strategic Investments:
  • Microsoft rebounds from earlier stock slumps after strong earnings, now "up 3 or 4% on the year." [08:41]
  • Anurag Rana (Senior Tech Analyst):
    • "They’re going to raise next-gen AI chip production next year... their cost of spending into that capital expenditure, you know, boom will start to go down... So it’s a very good news for them in the long run." [09:21]

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5. Apple: Hardware Hopes & Investor Sentiment

Timestamps: 10:29–13:52

• Stock Decline and Product Cycle:
  • Despite a recent sell-off, Apple remains attractive to a segment seeking free cash flow and stability.
  • Hardware prospects (smartwatches, the highly anticipated folding phone). Anurag Rana:
    • "The foldable does [move the needle] because Apple’s been behind... if they’re able to come out with affordable device, I think it’s going to create a lot of buzz next year." [12:34]

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6. Investor Perspectives: CapEx, Cash Flow, and the Great Tech Divergence

Timestamps: 11:31–12:22

• Investment Approaches:
  • Two camps: Those who accept high CapEx for big tech’s AI/Cloud ambitions, and those who favor Apple-style free cash flow and buybacks.
  • "So there are, I mean you could say there are a couple of buckets of people who are looking at this different lenses." [11:39] — Anurag Rana

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7. Equity Capital Markets: IPOs, Meme Stocks, and Data Center Frenzy

Timestamps: 16:54–21:54

• GameStop–eBay Saga:

  • GameStop’s $56B bid for eBay called "kind of a marketing campaign from Ryan Cohen... resoundingly rejected by eBay." [17:24] — Billy Lipschultz

• Switch Data Center’s Upcoming IPO:

  • Data center REIT market remains white hot; Switch’s confidential filing and massive valuation reflect continued AI/cloud infrastructure demand.

• Form Labs (3D Printer) IPO:

  • Discussion on the cooling of 3D printing hype but the sustained interest for certain profitable players.

• SpaceX & IPO Market Sentiment:

  • SpaceX’s secondary share price almost back to initial highs helps gauge general IPO climate.
  • "SpaceX kind of is emblematic of that. Again, 133 now just south of 135 but popped up like 50%." [21:17] — Billy Lipschultz

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8. Berkshire Hathaway’s Investment Moves & Leadership Transition

Timestamps: 25:37–29:45

• New CEO Greg Abel’s Approach:
  • Opening the checkbook more than Buffett, but share buybacks and investments are still disciplined.
  • Berkshire a net buyer of stocks for the first time in years; $12B in unannounced positions.
  • Notable new/expanded stakes: Delta Airlines ("They bought a 40 million share block... now the number three shareholder in the company, 6% position." [28:48] — Tom Keene), Alphabet/Google ($10B in equity raise).
  • Discussion about potential changes to cash return policy, with Abel seen as less averse to special dividends over time.

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Notable Quotes & Memorable Moments

• On Intel’s timing:

  • "If there was ever a time to raise some equity, this is a relatively cheap time to do it."
    — Matthew Bloxham (02:08)

• On democratizing AI:

  • "Mark Zuckerberg today in an essay being somewhat critical of some of its competitors, saying that really we should be democratizing AI and putting it in the hands of the user."
    — Matthew Bloxham (03:33)

• On Europe’s AI challenge:

  • "The base case scenario would be that Europe continues to be a taker of technology from other parts of the world."
    — Matthew Bloxham (05:03)

• On Microsoft’s chip strategy:

  • "[If that’s the case]... their cost of spending into that capital expenditure, you know, boom will start to go down in a sense down on a relative basis or per token basis. So it's very good news for them in the long run."
    — Anurag Rana (09:21)

• On Apple hardware hype:

  • "The foldable does because Apple’s been behind...that’s going to be a very, very cool factor that we will see within the next one month."
    — Anurag Rana (12:34)

• On the GameStop–eBay bid:

  • "It was basically seen by most on Wall street as kind of a marketing campaign from Ryan Cohen who is the now head of GameStop...resoundingly rejected by eBay."
    — Billy Lipschultz (17:24)

• On Berkshire’s evolving approach:

  • "New CEO Greg Abel is opening up the checkbook a little bit... still has incredible amounts of cash that is still undeployed, but we expected them to buy back some shares in the quarter."
    — Matthew Palazzolo (26:03)
  • "They bought a 40 million share block [of Delta]. They're now the number three shareholder in the company, 6% position."
    — Tom Keene (28:48)

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Timestamps for Major Segments

• Intel’s Equity Raise & AI Investments: 01:40–03:19, 16:54–17:06
• Meta's AI Model/Openness Debate: 03:19–04:38
• Europe's AI Lag: 04:38–06:06
• Microsoft AI & Chip Strategy: 08:21–10:29
• Apple's Product and Market Shifts: 10:29–13:52
• Investment Sentiment (CapEx/FCF): 11:31–12:22
• Market/IPO Updates (Switch, GameStop, SpaceX): 16:54–21:54
• Berkshire, Greg Abel, and Investment Themes: 25:37–29:45

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Conclusion

This episode of Bloomberg Intelligence takes listeners through the latest developments in the tech and investment landscape, outlining the surging demands and strategic maneuvers around AI, how legacy and upstart companies are jockeying for investor favor, and where the next big bets might lie—whether in tech infrastructure, new IPOs, or the evolving approach of institutional giants like Berkshire Hathaway. It’s a snapshot of a turbulent but opportunity-rich moment for tech and capital markets.

Transcript

[Tom Keene]

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[Bloomberg Intelligence Podcast Announcer]

Bloomberg Audio Studios Podcasts Radio news. You're listening to the Bloomberg Intelligence Podcast. Catch us live weekdays at 10am Eastern on Apple CarPlay and Andro Auto with the Bloomberg Business app Listen on Demand. Wherever you get your podcasts or watch us live on YouTube, let's get a

[Tom Keene]

little techy for you. The NASDAQ's up 14 points today. Not much going on out there, but there's a lot of news flow out there in the tech space, as there typically is. And for that we like to check in with our buddy Matthew Bloxham, Bloomberg Intelligence senior technology analyst. He covers a bunch of stuff and he does it from London. Hey Matt, thanks for joining us here. I mean, intel coming to the market. Here's another big tech company coming with a big equity raise. It seems like these guys have an insatiable need for capital.

[Matthew Bloxham]

Yeah, they do. That's right. So $15 billion, roughly 3% of the market cap. So not that big, but you know, I think still always a little bit surprising when these companies come to market for equity. Now they raised, I think, $6.5 billion in debt early this year. Fairly expensive coupons, kind of 4.65% through 6.2%. So I guess they're looking to balance their capital needs across different parts of the balance sheet structure. The valuation's pretty full right now. If you look forward a couple of years, it's on 50 times earnings. So I guess the management team taking their view that if there was ever a time to raise some equity, this is a relatively cheap time to do it, that they along with everybody else have quite substantial investment needs compared to some of the other big tech names. Their capital is pretty low, you know, probably about $20 billion this year, maybe rising to $26 billion next year. But this gives them a good cash cushion to pursue the current projects and who knows, perhaps even consider some acceleration of what they're doing.

[Co-host or Guest Analyst]

What about Meta this morning? They've just introduced a new AI model called Muse Glimmer. I guess it's an open source AI model meant to compete with the Chinese model Deepseek. It's up this morning. How do you feel about it?

[Matthew Bloxham]

Yeah, I think we're at a fairly early stage of how the whole AI foundational model play is going to evolve. This is quite a different position to the likes of OpenAI and Anthropic who work with closed models. Google with Gemini is a little bit kind of mixed. Have some open source models and some closed models. So Meta very much kind of pinnacle to the flag of the open model and you know, really trying to kind of make a big difference. And Mark Zuckerberg today in an essay being somewhat critical of some of its competitors, saying that really we should be democratizing AI and putting it in the hands of the user. So I think open to see how widely adopted this will be, what it means for the kind of longer term economics, both matter and the industry, but certainly an interesting move. And I think as much as anything, the language and the rhetoric that Zuckerberg is using around this push, Matt, you

[Tom Keene]

know, it's as being in these markets for 40 years, it's always surprised me in a negative sense how Europe writ large basically missed the whole technology revolution. All the tech is in the US and Asia and things like that. Is the same thing happening with AI? Will Europe just kind of outsource it to other people and not participate?

[Matthew Bloxham]

It does unfortunately seem that way. You know, we have Mistral as I guess the most well known European AI model, but it sits in the shadows of the US and the Chinese alternatives. So yeah, it's a perennial problem for the region. Obviously there's a kind of big, really big introspective process going on right now about Europe 2035 and what funding is needed to kind of really close the gap and genuinely make Europe competitive enough. The numbers are eye watering. And even if the money was there, I think there's so many kind of structural and cultural issues about the way Europe works that are very serious obstacles have to get around and all the time they're trying to figure those issues out. The US and China are running full steam ahead. So it does. I would think the base case scenario would be that Europe continues to be a taker of technology from other parts of the world.

[Tom Keene]

Stay with us. More from Bloomberg Intelligence coming up after this. Looking for more investing options? Meet cboe, the exchange that pioneered options trading. With exclusive trading products like VIX and SPX options, Ciboe can help you trade in any market environment. There are risks associated with CBOE Company products. Review the disclosures and [e-mail] USDISCLAIMERS this

[Carol Massar]

is the Bloomberg Tech Minute brought to you by ChatGPT. Now with ChatGPT work, I'm Carol Massar. DoorDash, the largest food delivery company in the U.S. is building its own delivery drones and has gained the necessary FAA approvals to operate them commercially. The latest in its effort to delegate more orders to robots as a way of cutting delivery times, Bloomberg's Natalie Leung reports. The company says it has been conducting pilot programs with various restaurants, some of which have seen their order volume grow during the test period. The effort marks an expansion of DoorDash's in house robotics efforts to reduce reliance on human couriers for some orders, as their wages constitute a key expense to the business. Drones are also a way for DoorDash to cut delivery times on orders from more remote locations that some dashers may not want. That's the Bloomberg Tech Minute, brought to you by ChatGPT. Put ChatGPT to work on your most ambitious ideas and projects. Get [e-mail] today by selecting work mode available on plus and Pro plans.

[Tom Keene]

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[Bloomberg Intelligence Podcast Announcer]

You're listening to the Bloomberg Intelligence Podcast. Catch us live weekdays at 10am Eastern on Apple CarPlay and Android Auto with the Bloomberg Business app. Listen on demand wherever you get your podcasts or watch us live on YouTube.

[Tom Keene]

I'm looking at Microsoft. This is a name Stacey, Tom and I Tom Keene and I for the Longest time, we're saying just, you know, as of a week or two ago. Why is this stock down 25% year to date? This is Microsoft, I guess it was thrown out with a lot of those software stocks. I thought I was going to put them out of business. But this is Microsoft and it's Microsoft

[Co-host or Guest Analyst]

and it's one of the magnificent seven.

[Tom Keene]

Yeah, I mean, you know, so sure enough, they put up a good print last week, good earnings stocks erased. All those losses now up 3 or 4% on the year, 5% for the year. So how about that? More news out on Microsoft today. They're going to raise next gen AI chip production next year. It's pretty interesting. That's according to the information. Anuragrana joins us, Senior tech analyst for Bloomberg Intelligence. Anaron it's really amazing how the market has kind of gotten a new appreciation, if you will, for the Microsoft story that I think was really people were questioning and is Microsoft at risk from AI? How do you think about it?

[Anuragrana]

Yeah, I mean you're absolutely right. There was that risk of disruption from some of its product from AI, but there was another risk or there was another narrative that when you look at the three hyperscale cloud providers, Google, Amazon and Microsoft, Google's chip has just taken off. I mean their TPUs are all the rage in the market and Amazon's actually come out with their own print that, you know, they are making tens of billions of dollars with their own chip as well. So what happens is when you are looking at this fight of everybody expanding into AI data centers, they do need chips. They are all running to Nvidia. But two of the three providers talked about having their own chips. Now Microsoft was not in that game at that point. They have their own chip, but it's not widely embraced. But today's report, when it talks about that they're going to go out and increase the production of their own chips, which means customers may be ready to use those and if that' the case, their cost of spending into that capital expenditure, you know, boom will start to go down in a sense down on a relative basis or per token basis. So it's a very good news for them in the long run.

[Co-host or Guest Analyst]

Well, Microsoft might be having a very good day, but Apple is having a pretty rotten day. What's going on with them? Apparently it has something to do with hardware not coming out the way that they're hoping.

[Anuragrana]

No, I don't. I mean, I think that's a different. Somebody's downgrade, that's a different story. But when you look at Apple and let's go back to that time period where when Paul talked about when Microsoft was down, you know, 25% or so for the year or you know, at that time what was happening was everybody was worried about ROI on a trade. This is before earnings season. You know, you saw Google, you saw everybody was worried about them. But at the same time everybody loved Apple because they were not spending that much money. But after the results, what's happened is people are relatively more comfortable going back to the trade or going after the risky assets. And given Apple's valuation, where it was at that point, it was well in the third, we are seeing some sell off on that and people buying more of the AI trade. So I think there's a little bit of factor shifting there, not so much about one product or the other.

[Tom Keene]

Do your clients, your investors, big tech companies, do they like free cash flow and are they upset if they don't get free cash flow?

[Anuragrana]

So two different things, ones that are looking at this massive capex going in, they're seeing what is the benefit of that for these companies. So if Microsoft was able to show sequel churn improvement in Azure sales growth, Amazon was able to show that. Google was able to show that. So I think they're getting a little more comfortable that these companies know what they're doing when they're spending hundreds of billions of dollars at that time. The second group is somebody who doesn't want to be a part of this trade and say, you know what, I like Apple, I have 100 plus billion dollars in free cash flow over there. They're buying back that stock. IPhone's doing well, it's gaining share in China. So there are, I mean you could say there are a couple of buckets of people who are looking at this different lenses.

[Co-host or Guest Analyst]

What about in the, the hardware sector? Apparently there's a big smartwatch lineup that's, that's getting ready to be released. Obviously there's the folding phone everyone has been waiting for. How is Apple looking in the, in the hardware sector?

[Anuragrana]

So when you look at the watch itself, it doesn't move the needle for Apple. It's an accessory that goes with the phone along with it. I mean, you're not going to just buy a small watch without being in the Apple ecosystem. It's a, that's a very unlikely thing. But one of the things Mark Gurman talked about it, when you look at some of the other variables, look at, you know, the Oura ring, which is just a phenomenal product right now for a lot of people to track their sleep. You're looking at products that are coming out in the market without a screen. Garmin just launched one. I mean I've ordered it, but it's on backlog for me. When you look at a whoop, these are all bands that you could use to track a lot of these. You know, sleeping and you know, just your normal vitals without the need of a screen oriented product. And that's what I think you're going to see down the road. But that, to be honest with you, does not move the needle. The foldable does because Apple's been behind. They don't have a foldable phone right now and iPhone accounts for over 50% of Apple sales. So if they're able to come out with affordable device, I think it's going to create a lot of buzz next year, especially in emerging markets where if people are not worried about the price of it, which Mark Gurman thinks is going to be around $2,500, I think that's going to be a very, very cool factor that we will see within the next one month.

[Tom Keene]

Stay with us. More from Bloomberg Intelligence coming.

[Carol Massar]

This is the Bloomberg Tech Minute brought to you by ChatGPT. Now with ChatGPT work, I'm Carol Massar. DoorDash, the largest food delivery company in the U.S. is building its own delivery drones and has gained the necessary FAA approvals to operate them commercially. The latest in its effort to delegate more orders to robots as a way of cutting delivery time, Bloomberg's Natalie Leung reports. The company says it has been conducting pilot programs with various restaurants, some of which have seen their order volume grow during the test period. The effort marks an expansion of Doordash's in house robotics efforts to reduce reliance on human couriers for some orders as their wages constitute a key expense to the business. Drones are also a way for DoorDash to cut delivery times on orders from more remote locations that such some dashers may not want. That's the Bloomberg Tech Minute brought to you by ChatGPT. Put ChatGPT to work on your most ambitious ideas and projects. Get [e-mail] today by selecting work mode available on plus and Pro plans.

[Tom Keene]

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[Tom Keene]

Seems like it's a quiet day, but there's a lot going on out there in the equity capital markets. Intel started this morning. They're going to do sell $15 billion in common stock stock to fuel some of their AI demand.

[Matthew Palazzolo]

Boom.

[Tom Keene]

Got some IPO filings. We got some stocks I thought were meme stocks. I'm not sure if they still are, but we had Billy Lipschultz in to kind of explain it all to us. Billy Lipschultz Bloomberg News Senior equities reporter first was GameStop's potential bid was $56 billion for eBay. Was that ever considered real legit?

[Billy Lipschultz]

It was always kind of laughed at really speaking.

[Tom Keene]

That's what I was doing.

[Billy Lipschultz]

It was, it was a, it was a market. I don't want to bash it too much but it was basically seen by most on Wall street is kind of a marketing campaign from Ryan Cohen who is the now head of GameStop. He was a big driver between behind that 2021 meme stock mania around Gamestop become the largest shareholder, one of the largest shareholders leading the company. He was a co founder of Chewy made his name through that so it was broadly seen as kind of a interesting thought but resoundingly rejected by ebay back in May. He said he was going to come for him one way or another and ultimately according to our Reporting now considering pulling that bid.

[Co-host or Guest Analyst]

Why does GameStop want eBay? I mean, the markets seem quite disappointed this didn't happen or isn't going to happen potentially.

[Billy Lipschultz]

Well, the big debate always was you want to make a $56 billion takeover when you have a market value of $8 billion and you have cash and equivalents of $8 billion. So there's a huge gap. You have to bridge it somewhat.

[Matthew Bloxham]

Yeah, yeah.

[Billy Lipschultz]

You know, if you work on Wal Levers, you can pull. But the reason I think we're seeing ebay shares down a little bit again is just given kind of that option, the call option potential of this being something that that could work out. Cohen basically has really been vocal in bashing ebay management, talking up the potential synergies that they could see. Again, ebay downplayed. Those banker or analysts were really like $2 billion in proposed synergies. Still feels like a bridge too far on the potential merger. This is a company that Cohen has been either publicly leading or behind the scenes leading for quite some time. And the big question has been what does it actually look like? What do you look like if you're a game retailer in an era where people download games?

[Tom Keene]

All right, data center company Switch, good name. Filed confidentially for a US IPO.

[Billy Lipschultz]

What do we know about Switch Data Center? REITs are hot. Anything around Data center is hot. We had reported back in July, early July, the company was kicking off a private funding round led by Andreessen Horowitz that would raise $2 billion equity value or enterprise value, excuse me, approaching $50 billion. So our reporting that they filed confidentially on Friday, working with B of A Citi, Goldman JP and Morgan Stanley, the who's who. And that that funding round was either complete or near complete. And then Ben Horowitz, co founder of Anderson Horowitz, would be joining the board. So now the big question is, as we reported, targeting a November ipo. How quickly does that come together? Will the market still be there? And if you're doing a $2 billion private raise, IPO is probably going to be much larger.

[Co-host or Guest Analyst]

All right, well apparently Form Labs, which makes 3D printers, is also in early talks with potential advisors for an IPO. Talk about that business, the 3D printer business. Is that a, is that like a big, is that the next big thing?

[Billy Lipschultz]

3D printing was all the rage, I want to say in 20 and 21. Everyone my 30 year old son was

[Tom Keene]

doing probably still is doing it and

[Billy Lipschultz]

that that was the big push. You just look at 3D Systems trades under the ticker GDD, it hit its peak at 55 bucks a share, trades for less than 4 right now. So the time had been much hotter in 20 and 21. But Form Labs backed by Softbank did have bankers come in for for Bake Off. We have at least one person saying they should target a raise of about $500 million. The big question comes back to they are profitable and they are a softbank company. So what problems are you solving for? Why are you going public? Softbank has a number of needs and if you're a 3D printer company, could be interesting to just see if you want to scale. They did announce that they had annual revenue north of $250 million.

[Tom Keene]

Tom from the Upper east side writes in an S for a space SpaceX quote, 133 bucks. We're getting close back to that IPO price of 135. What does that mean for kind of the IPO market in general?

[Billy Lipschultz]

The broader sentiment has become mixed, partly because SpaceX traded below, partly because SK Hynix, the largest non US company listing here with their record fundraising look, trades a lot like an ekg. The big question now is we are expecting Anthropic to go public September, October time frame. How can the market digest and write down another, you know, large ipo, open air, kind of waiting in the wings, potentially early next year or an IPO market that still is hot but very much can be touch and go and SpaceX kind of is emblematic of that. Again, 133 now just south of 135 but popped up like 50%.

[Tom Keene]

Do we have any sense of that? Insider shares that were eligible to be sold last week. Do we we do we know what happened with those? Did anybody yet actually sell their shares or do we know?

[Billy Lipschultz]

Well, we won't know because normally you would know if a comp. If an investor owns more than 5% they have to file. Elon Musk is the main one and then Valor who's taken on their own share sale project and then Google are the only three according to our data who would have to file for that. So a lot of this could be happening behind the scenes. But when you see a stock rally like it has after the lockup expires standard it's broadly seen as either a short covering. Investors were hoping for more of a kind of dash to the exits or be just simply insiders not rushing to sell.

[Tom Keene]

Stay with us. More from Bloomberg Intelligence coming up after this.

[Carol Massar]

This is the Bloomberg Tech Minute brought to you by ChatGPT now with Chachi Beatty work, I'm Carol Massar. DoorDash, the largest food delivery company company in the US is building its own delivery drones and has gained the necessary FAA approvals to operate them commercially. The latest in its effort to delegate more orders to robots as a way of cutting delivery times, Bloomberg's Natalie Leung reports. The company says it has been conducting pilot programs with various restaurants, some of which have seen their order volume grow during the test period. The effort marks an expansion of DoorDash's in house robotics efforts to reduce reliance on on human couriers for some orders as their wages constitute a key expense to the business. Drones are also a way for DoorDash to cut delivery times on orders from more remote locations that some dashers may not want. That's the Bloomberg Tech Minute brought to you by ChatGPT. Put ChatGPT to work on your most ambitious ideas and projects. Get started at chatgpt.com today by selecting work mode available on +us in pro plans

[Tom Keene]

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[Carol Massar]

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[Tom Keene]

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[Bloomberg Intelligence Podcast Announcer]

You're listening to the Bloomberg Intelligence Podcast. Catch us live weekdays at 10am Eastern on Apple CarPlay and Android Auto with the Bloomberg Business app. Listen on demand wherever you get your podcasts or watch us live on YouTube.

[Tom Keene]

Berkshire Hathaway they had their investor kind of meeting yesterday. They reported some earnings over the weekend like they tend to do for some reason. Matthew Palazzole, it's his job to figure all this stuff out for us. He's insurance analyst for Bloomberg Intelligence. So the headline, Matt, I'm seeing on the Bloomberg terminal is new CEO Greg Abel. He's spending some money here. Talk to us about what he's doing and how that may be a little bit different from Mr. Buffett.

[Matthew Palazzolo]

So, yeah, he's opening up the checkbook a little bit. Berkshire still has incredible amounts of cash that is still undeployed, but we expected them to buy back some shares in the quarter. There was some disclosures made by Buffett around his ownership that gave us a clue. We thought it would be more. But essentially what happened is some of that was pushed through to the third quarter. So it was about 4.5 billion of buybacks. We thought it was a wide range, but we thought it could be anywhere from 5 to 12. We were thinking maybe it was like 8. Turns out they did 4.5 in the quarter and then at least another 3 in July. Kind of close to what we thought, but it's just more spread out through the quarters. Coupled with that Berkshire was a net buyer of stocks for the first time in several years. They might have been a net buyer of stocks in the first quarter as well. But what they had done was they unwound a bunch of positions by one of the former managers, investment managers, who had left. So they sold a lot of his positions and they bought some, but it ends up they sold more than they bought. But in the second quarter they bought more than they sold. And there's about $12 billion worth of stock or stocks that they bought that we don't know what it is yet. There'll be a 13F next week that we'll perhaps see. Sometimes they hold things confidential, but if not, we'll get some more color on. What if it was new positions or added to existing ones?

[Co-host or Guest Analyst]

I mean, they have such a legendary reputation for knowing where things are headed, especially knowing positions that other people don't necessarily take. Do we have any idea of what they're buying or what they're bullish on?

[Matthew Palazzolo]

So I could say this. In the first quarter, they started a new position in Delta.

[Co-host or Guest Analyst]

Really?

[Matthew Palazzolo]

So, yes. And Buffett has had a history with the airlines. In the first quarter they did. Delta, their airline related businesses that they own have been showing some acceleration. So I don't know, I can't say if I agree or disagree. With them doing that. But you know, perhaps that's something to think about. They also made an acquisition, we didn't talk about an acquisition in the first quarter that will pay in the third for Tyler home business that is a complement to their existing business. So they own a business that builds manufactured homes. So they build a home and then they bring it to you. This company they bought 6.8 billion I believe was the number they build homes on site and it's more higher end than the business that they own. So they like to be in these kind of essential businesses. So home building homes, you know, we're going to need homes as home demand, airlines going to need airline demand, energy, always energy demand. So those would be maybe three places that I would say would be potential clues.

[Tom Keene]

And speaking of Delta, I'm just looking at the holders page for Delta. They bought a 40 million share block. They're now the number three shareholder in the company, 6% position. So they got in there in a big way. I think if they want to deploy capital, just invest in AI data centers and stuff like I mean the people spending tens of billions, you know, at a clip here.

[Matthew Palazzolo]

They also made this year two investments in Google, so, or Alphabet. That was initiated by Buffett, apparently. So he's still working, he's still the chairman, he's still working with Greg Abel. That position was initiated by Buffett. They bought open market and then they did as part of Google's equity raise, they did $10 billion in that as well. So that took place in the quarter.

[Tom Keene]

Is there any reason to believe Greg Abel's getting going to materially change the cash return policies? Let's just say the day after Warren passes, should we expect to see a policy shift?

[Matthew Palazzolo]

Maybe so. I think Abel is much more. I think Buffett was older, getting old, stepping away. I don't think he was up for any material changes. He was never a fan of dividends. Greg is very much cognizant of keeping the ethos of Berkshire alive. So I don't think he wants to do anything that directly contradicts Buffett immediately. I do think over time though, with so much extra capital, maybe a special dividend every once in a while or something like that. I think it's possible.

[Bloomberg Intelligence Podcast Announcer]

This is the Bloomberg Intelligence podcast available on Apple, Spotify and anywhere else you get. Your podcasts listen live each weekday 10am to noon eastern on bloomberg.com the iHeartRadio app tunein and the Bloomberg Business app. You can also watch us live Every weekday on YouTube and always on the Bloomberg terminal.

[Tom Keene]

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