Bloomberg Intelligence Podcast

Episode: Meta Signs Multi-Gigawatt Nuclear Deals for AI Data Centers

Date: January 9, 2026
Hosts: Scarlet Fu & Paul Sweeney
Guests: Mandeep Singh (Tech), Michael Halen (Restaurants), Craig Trudell (Autos)

Episode Overview

This episode explores three core industry stories:

• Meta's massive nuclear power deal with Vistra to fuel its AI data centers
• Recent shifts and challenges in the U.S. restaurant industry, particularly due to the flu season
• The ongoing and complex transition of major automakers to electric vehicles (EVs) and hybrids

Experts from Bloomberg Intelligence provide context, insight, and analysis on the financial and strategic decisions behind these major moves.

1. Meta’s Multi-Gigawatt Nuclear Deal: Powering the Next Generation of AI

Guest: Mandeep Singh, Global Tech Research Head, Bloomberg Intelligence
Segment Starts: 00:42

Key Discussion Points

• Meta’s Historic Nuclear Power Commitment
  • Meta has signed a multi-gigawatt nuclear power deal with Vistra.
  • The company’s AI ambitions require immense energy resources.
• AI Data Center Capacity Economics
  • “1 gigawatt of AI data center capacity costs about $50 billion... When you think about 6.6 gigawatt and we already know OpenAI has committed to about 26 gigawatts... Clearly these companies have big ambitions.”
    — Mandeep Singh (01:13)
  • Meta could spend over $100 billion in CapEx in 2026 and may maintain that pace for years.
• Rationale for Choosing Nuclear
  • Nuclear chosen over more common sources like natural gas turbines due to current industry backlogs and enormous required scale.
  • “Nuclear is an interesting choice because a lot of the other hyperscalers have gone for more natural gas turbines... So from that perspective, nuclear is an interesting choice.”
    — Mandeep Singh (01:57)
• Long-Term Power Reliability Concerns
  • Reliability and lead times for new power capacity are crucial.
  • “Everyone sees very long lead times when it comes to adding new power and they want to maximize the usage... given the size of power these companies need for running, we are talking about 1 GW data center, it's very hard to think about too many sources of energy that will give you that sort of power.”
    — Mandeep Singh (03:21)
  • Efficiency in energy use is being emphasized: Jensen Huang at CES discussed upgrades to Nvidia’s Rubin architecture optimizing “tokens per unit of power”.

Notable Quotes

• “Meta... may stay on that path [of high CapEx] for at least the next three to four years because they believe... they have a lot of applications when it comes to their own consumption of AI data centers.”
  — Mandeep Singh (01:29)
• “The reliability of power in the next 5, 10, 20 years... really could be the gating issue for the development and evolution of AI.”
  — Paul Sweeney (02:42)

2. Restaurant Industry: Weathering the Harshest Flu Season in Decades

Guest: Michael Halen, Senior Restaurant & Food Service Analyst, Bloomberg Intelligence
Segment Starts: 04:57

Key Discussion Points

• Impact of Severe Flu Season on Q4 Performance
  • “It was a tough fourth quarter, you know, especially December. December was hurt by cold weather, snow, and an earlier flu season. It's the worst flu season so far in 25 years.”
    — Michael Halen (05:22)
  • Full-service chains like Chili’s and IHOP struggled the most, while quick-service and fast-casual fared better (e.g., Chipotle, Shake Shack saw some gains).
• Shifts for Casual Dining Chains in 2026
  • After a strong 2025, casual dining faces tough year-over-year comparisons, but no major downturn is expected.
  • “It's the casual dining names and some of the fast casual names we cover like Kava and Wingstop that we think can have a really nice bounce here, especially in the first half of 2026.”
    — Michael Halen (06:43)
• Labor and Wage Inflation
  • Labor shortages and rising wages (about 4% annual inflation) continue to challenge operators and impact service.
  • “Labor continues to be kind of an issue. There's still some talk about restaurants being understaffed right now.”
    — Michael Halen (07:48)
• Best Positioned Chains
  • McDonald’s, Wingstop, Brinker highlighted as especially well-positioned for 2026 due to favorable comps and menu innovation.

Notable Quotes

• “If it's really cold or if it's snowing, you're less likely to go out to a restaurant and dine in. You're more likely to order Domino's. And so it all kind of makes sense.”
  — Michael Halen (05:56)
• “[We look for] chains that we think can outperform... same store sales estimates on the street... McDonald's is coming up against some really easy comparisons due to E. Coli once they report the 4Q and the 1Q.”
  — Michael Halen (08:38)

3. Automakers and the Costly, Complex Shift to Electric

Guest: Craig Trudell, Global Autos Editor, Bloomberg News
Segment Starts: 09:27

Key Discussion Points

• GM and Ford: EV Write-Offs and Production Cutbacks
  • GM to take $6 billion in charges tied to battery and EV production cutbacks, atop Ford’s recent $20B+ write-off.
  • “This is an incremental amount of money on top of that. And there was some warning in the 8K last night that actually… there may be more to come.”
    — Craig Trudell (10:00)
• Market Response and Strategic Realignment
  • Despite charges, GM stock up 61% in past year; investor support favors focus on core profit centers (pickups, SUVs).
  • “Mary Barra has talked about how EVs is their ‘North Star’ and that that's not going to change. I think there's going to be a little bit more stick-to-itiveness on GM's part than Ford.”
    — Craig Trudell (11:34)
• EV Transition Pace: US vs Europe
  • U.S. transition to EVs is slower than expected; in Europe, despite regulatory uncertainty, BEV sales grew about 30% in 2025 — much of that thanks to Chinese automakers.
  • “It is patchy, I think it's also patchy, you know, sort of country by country. But we did see... a roughly 30% increase in battery electric vehicle sales last year in spite of... Tesla having a really tough 2025.”
    — Craig Trudell (12:56)
• Hybrids: The Extended Bridge
  • Hybrids, once seen as a “bridge technology,” are seeing renewed relevance as consumers hesitate to go fully electric.
  • “The bridge is going for a lot longer than I think a lot of people reckoned... If you can make... the bigger pickups and SUVs that are already popular in the U.S. more efficient, you get the best of both worlds. Even if there's a little bit of incremental cost on the front end, these vehicles are going to be much cheaper to refuel.”
    — Craig Trudell (13:43)

Notable Quotes

• “I think this is part of a broader sort of rationalization taking place in the U.S. where, you know, an industry was trying to... respond to an administration that was... banging the drum in a much different way than the Trump administration is now.”
  — Craig Trudell (10:32)
• “Hybrids were supposed to be the bridge technology, and now the bridge is lasting quite a bit longer than expected.”
  — Paraphrased from Craig Trudell (13:43)

Timestamps of Important Segments

• Meta's Nuclear Deal and AI Data Center Power (Mandeep Singh): 00:42 – 04:06
• Restaurant Industry Flu Season Impact (Michael Halen): 04:57 – 09:05
• Auto Industry EV/Hybrid Shift (Craig Trudell): 09:27 – 14:49

Memorable Moments

• Meta’s leap into nuclear power for AI is “a sign of how the next decade’s tech battle will be fueled as much by electricity as by innovation.” (Paraphrased from Mandeep Singh, 01:29)
• Full-service chains feeling the brunt of harsh weather and health trends, but QSRs like McDonald’s set for a rebound, bringing optimism for a sector battered by external shocks. (Michael Halen, 05:22-06:43)
• The “bridge” of hybrid vehicles keeps extending, reflecting consumer realities and sluggish infrastructure adaptation in the face of electrification mandates. (Craig Trudell, 13:43)

Summary

This episode underscores how major industries — tech, restaurants, autos — are contending with structural shifts and volatility, from Meta’s $100 billion bets on nuclear-powered AI to restaurants buffeted by flu and labor, to automakers caught between regulatory momentum, consumer reluctance, and financial reality. The discussions reflect a landscape where capital allocation, infrastructure, and adapting to consumer/market signals are defining the winners and laggards of 2026.