NYC Sues Delivery App Over Lost Pay in Mamdani Crackdown

Summary

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Bloomberg Intelligence Podcast: Episode Summary

Episode Title: NYC Sues Delivery App Over Lost Pay in Mamdani Crackdown
Date: January 15, 2026
Hosts: Scarlet Fu, Paul Sweeney
Notable Guests: Miles Miller (Senior Reporter), Mandeep Singh (Global Tech Research Head), Jennifer Rhee (Senior Litigation Analyst), Lindsey Dutch (Consumer Hardlines Senior Analyst)

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Episode Overview

This Bloomberg Intelligence episode explores some of the hottest news and trends in urban labor policy, tech industry developments, antitrust enforcement, and the retail sector. The show kicks off with a deep-dive into NYC’s new Mayor Zoram Mamdani’s progressive push against gig economy giants, specifically through a lawsuit targeting delivery app Moto Click for alleged lost wages. The episode then transitions to dissecting the latest in semiconductor and AI markets, the shifting antitrust landscape, and AI’s evolving role in retail.

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NYC’s Labor Crackdown: Suing Moto Click & the Gig Economy

Timestamps: 02:23 – 09:58

Main Discussion Points

• Mayor Mamdani's Labor Agenda

  • Newly elected NYC Mayor Zoram Mamdani is taking aggressive action to enforce labor laws, especially targeting gig economy and delivery app companies for worker protection.
  • He’s assembled a “dream team” of labor/progressive heavyweights as advisors, including Lina Khan (former FTC chair), Julie Su, and Sam Levine (former FTC enforcement head).

• The Moto Click Lawsuit

  • NYC is suing Moto Click, a lesser-known “last mile” delivery service that works with major platforms (Uber Eats, DoorDash, Grubhub), for allegedly withholding pay and illegally deducting money from drivers' wages.
  • The suit alleges violations of recent city laws meant to guarantee minimum wages and protections for delivery workers, who often rely heavily on tips.

• A Strategy Shift in City Hall

  • Mayor Mamdani’s administration is focused on worker protection and expanding the city’s role in consumer and labor advocacy, unlike predecessor Eric Adams’ more business-friendly approach.
  • Julie Su’s role was elevated from standard economic development to specifically prioritize worker rights.
  • Miles Miller underlines, “They’re using little known laws to go after big companies to fight for who they say is the little guy.” (Miles Miller, 03:37)

• Pay Recovery and Broader Impacts

  • With allegations against DoorDash and Uber of depriving workers of $550 million in tips, the city is signaling it expects major companies to settle and “trickle down” recovered pay to workers.
  • Not just a city effort: the Manhattan DA and various city agencies are also targeting wage theft—this is expected to be a defining focus for the Mamdani administration.

Notable Quotes

• On the new enforcement team:
  “He’s enlisted Lina Khan as an advisor… that’s his dream team. And what they’re doing is going after companies that are involved in delivery, that are involved in the gig economy to make sure that workers are protected.”
  — Miles Miller (03:16)

• On the new labor laws:
  “The city passed laws in the last year or so that protect these workers… making sure they get proper wages, minimum wage and all of that. And if that’s not followed, they could meet the same fate as Moto Click.”
  — Miles Miller (05:21)

• On the administration’s priorities:
  “It’s really with a focus on worker protection… equality and rights for people. And, you know, this is a person [Julie Su]… gonna be leading this effort.”
  — Miles Miller (07:42)

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Tech Market Deep Dive: TSMC, AI, and Semiconductor Demand

Timestamps: 12:58 – 18:34

Main Discussion Points

• TSMC’s “Monster” Forecast

  • Taiwan Semiconductor Manufacturing Company (TSMC), key partner to Nvidia, blew past revenue forecasts with nearly 30% growth, presenting an optimistic outlook for the AI hardware supply chain.

• Industry-Wide Effects

  • The growth is driven by high demand for advanced chip nodes (77% of TSMC revenue); hyperscalers are increasing capital expenditures (capex), impacting the entire data center supply chain.
  • “Right now, last year [OpenAI] grew their power and chip computer availability 3x, their revenue grew 3x. So that’s the kind of part of the cycle we are in.”
    — Mandeep Singh (14:10)

• Ripple Effects for Intel, Samsung, and Memory Suppliers

  • Some demand is “spilling over” to Intel and Samsung on the non-data center side, especially for PCs and smartphones.
  • Memory chip demand is also surging, benefiting companies like Micron and Western Digital, but also putting pressure on smaller vendors due to supply constraints and higher prices.
  • Nvidia and Apple are well-positioned, locking in multi-year contracts and managing gross margins despite memory shortages.

• Talent Shortage in the AI Infrastructure Boom

  • Labor shortages, especially in specialized construction (e.g., electricians), are driving wages up; places like Nashville (Oracle’s site) are competing for tech and construction talent.
  • Lower taxes (like in Texas, Tennessee) add to these cities’ attraction for tech buildouts.

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The M&A and Antitrust Landscape: Shifting Power, Global Nuance

Timestamps: 21:31 – 29:03

Main Discussion Points

• Deal Flow is Back—But with New Regulatory Calculus

  • Major M&A activity (e.g., Boston Scientific’s $14.5B bid for Penumbra) signals a more permissive regulatory environment compared to the Biden administration.
  • Regulatory agencies—especially DOJ and FTC—are showing willingness to work with companies to resolve issues and clear deals.

• Sector Hotspots and Global Considerations

  • Health care and consumer sectors remain under closer scrutiny, aligning with populist, consumer-facing policy agendas.

  • “If we see continued activity in those areas or other very sensitive consumer areas…”
    — Jennifer Rhee (23:17)

  • U.S., China, UK, and EU regulators remain critical; though U.S. agencies must win in court to block deals, EU has stronger blocking powers—leading to more caution for multinational deals.

• Lessons from Big Tech Antitrust

  • Despite some high-profile antitrust victories (e.g., Google), U.S. remedies are often weak, as judges hesitate to impose drastic changes.
  • Many regulatory cases inherited from the Biden administration remain active, with structural remedies still being sought.
  • “Most U.S. Federal judges are going to be very cautious…because it’s so rapidly changing and nobody knows where it’s going.”
    — Jennifer Rhee (25:54)

• The Trump Factor: Direct White House Influence

  • President Trump’s promise of direct intervention adds unpredictability—there’s “no playbook” for this level of executive involvement in antitrust.
  • Growing concern about lobbying and policy priorities influencing enforcement more than rule of law.

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AI in Retail: From Hype to Human Touch

Timestamps: 32:04 – 37:59

Main Discussion Points

• AI Adoption and Human Element

  • AI is rapidly being adopted by retailers to boost staff productivity and operational efficiency, with growing sophistication in customer-facing tools (e.g., chatbots, personalized email offers).
  • Spontaneity and impulse purchases, however, still require a strong “human touch”—AI isn’t replacing the magic of in-person discovery.
  • “There’s new levels that are coming that will really amp up AI’s place in that retail shopping journey. But… you need some human element in that.”
    — Lindsey Dutch (32:44)

• Return to Brick & Mortar

  • Despite “death of retail” narratives, analysts note Gen Z and younger shoppers are showing a marked return to in-store experiences.
  • Sectors like tech (Best Buy) and beauty (Ulta) see demand for in-person advice, hands-on browsing, driving continued need for physical stores.

• Discovery, Recommendation, and Closing the Gap

  • AI tools like Google’s Universal Commerce Protocol (powered by Gemini) are streamlining product discovery and transaction, serving up personalized results and closing the gap between search and purchase.
  • Successful adoption of new tech will take time but, as with the shift to buying big-ticket items online, comfort and trust will rise gradually.

• Industry Sentiment

  • Despite economic and operational challenges (tariffs, costs, tech adoption), the retail industry is energized and optimistic for 2026.

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Memorable Moments & Key Quotes

On NYC’s Labor Enforcement (03:37)

“They’re using little known laws to go after big companies to fight for who they say is the little guy.”
— Miles Miller

On TSMC & AI Cycle (14:10)

“Last year [OpenAI] grew their power and chip computer availability 3x, their revenue grew 3x. So that’s the kind of part of the cycle we are in.”
— Mandeep Singh

On U.S. Antitrust Remedies (25:54)

“Most U.S. Federal judges are going to be very cautious…because it’s so rapidly changing and nobody knows where it’s going.”
— Jennifer Rhee

On AI’s Retail Limits (32:44)

“There’s new levels that are coming that will really amp up AI’s place in that retail shopping journey. But… you need some human element in that.”
— Lindsey Dutch

On Industry Attitude (37:25)

“The people in the industry are just so excited to take on new challenges in 2026… There’s just a lot of excitement in the industry and everyone is just so excited to rise to that next new challenge.”
— Lindsey Dutch

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Important Segments & Timestamps Quick Reference

• NYC’s Labor Crackdown: 02:23 – 09:58
• Tech/TSMC & AI Supply: 12:58 – 18:34
• M&A and Antitrust Discussion: 21:31 – 29:03
• AI in Retail: 32:04 – 37:59

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Conclusion

In a jam-packed episode, Bloomberg Intelligence dissected how NYC’s new mayor is making an early and aggressive push for gig worker rights, how the global semiconductor race is fueling a new AI gold rush (with shortages and ripple effects), the evolving—and internationally nuanced—antitrust environment, and how retailers are navigating the delicate balance of AI integration without losing that all-important human connection for consumers.

Listeners were left with a sense of real-time flux: cities and companies are challenging norms, technology is remaking industries, and both government and business must adapt fast to new pressures—often led as much by political signals and public sentiment as by underlying economics.

Transcript

[Host/Announcer]

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[Podcast Narrator]

Co. 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 Android Auto with the Bloomberg Business app. Listen on demand wherever you get your podcasts or watch us live on.

[Alex Semenova]

YouTube. Of course. It is 15 days into the New York City Mayor Zoram Hamdani's tenure and he is making moves already. Alex do you live in the.

[Co-host/Interviewer]

City? I do. I'm a lifelong New.

[Alex Semenova]

Yorker. You're a lifelong New Yorker so you feel it more than I do. I live in the suburbs along with John.

[Jennifer Rhee]

Tucker. Did you get your free bus service.

[Co-host/Interviewer]

Yet? Not.

[Sponsor/Advertiser Voice]

Yet. Still waiting for waiting and free child.

[Co-host/Interviewer]

Care. Take the bus that often usually the train. So I don't think it'll directly impact me. Okay, but still waiting, still.

[Alex Semenova]

Waiting. Check in with Miles Miller. He is our senior reporter covering security, the national desk, law enforcement, governments and cities. And it's here where we want to talk to him because Miles is joining us from downtown Manhattan. And Miles, talk to us a little bit about what the new mayor, Zoram Hamdani is doing when it comes to work. He is cracking down on, you know, some companies and how they're treating.

[Miles Miller]

Workers. Yeah. You know, he's enlisted Lina Khan as an advisor, unpaid adviser to him, of course, known to the Bloomberg audience as the former FTC chair. In addition to that, Julie Su, who joined us on our fabulous Labor Fridays. Right, the Fridays where we get the jobs report. And then in addition to that, Sam Levine, who was at the FTC running enforcement, that's his dream team. And what they're doing is going after companies that, that are involved in delivery, that are involved in the gig economy to make sure that workers are protected. The story that crossed the Bloomberg terminal just about 20 minutes ago is one that really they're suing food delivery providers for what they say is withholding pay from workers. And it really gets to the heart of what the Maidani administration is going to be about, using little known laws to, to go after big companies to fight for who they say is the little guy. The company that is being sued today is Moto Click. And the allegations are pretty simple, that they violated delivery worker laws by failing to pay the required minimum rate and deducting canceled and refunded orders directly from their paychecks. And these are folks who most times are only making money off of the tips that they're getting from these people who are ordering.

[Alex Semenova]

Food. But you mentioned the company that is in question here is Moto Click. This is not a company that I think a lot of people are necessarily familiar with. We don't. If you order from DoorDash or Grubhub, you don't necessarily have a direct interaction with Moto Click, do.

[Miles Miller]

You? Right. You know, this is one of those companies that says it works with platforms like Uber Eats, DoorDash and Grubhub. You know, you may file your order through these companies and then you don't know that the folks who are coming to deliver it are actually working with this. You know, in some cases, Last Mile company, they are basically integrated into the point of sale systems at some of these restaurants. And so yeah, you may order from Uber Lyft, but you don't know that, I'm sorry, Uber or DoorDash or GrubHub, but you don't understand, you know, in that last mile where it's coming from. Well, the city's putting them on notice that, you know, that they're going to be sued for this. And then in addition to that, the city passed laws in the last year or so that protects these workers. And in addition to this lawsuit, they're also putting the delivery companies on notice that there are specific laws that protect workers as it relates to deliveries, making sure they get proper wages, minimum wage and all of that. And if that's not followed, that they could meet the same fate that's being met by Moto Click right.

[Co-host/Interviewer]

Now. Miles, this of course follows the allegations that DoorDash and Uber deprived New York City delivery workers of more than $550 million in tips. That is a lot of money. Is there a sense if this lawsuit is successful, that they might see those wages come.

[Miles Miller]

Back? Yeah, I think what the city wants to do, and specifically the Department of Consumer and Worker Protection wants to do is in filing any of these lawsuits or in making these claims public, is to put pressure on these companies to do the right thing before they get to the enforcement level. We've seen a lot of these companies that have been sued in the past, whether in the de Blasio administration, whether sued by the comptroller's office, come to an agreement on a settlement. And that money does trickle down back to workers, but it doesn't stop with just the City Hall. It doesn't stop with the comptroller's office. Just today, the Manhattan DA also trying to make it clear that he wants protections for these workers because these wage cases continue to pop up. It was just about a year and a half ago, two years ago, that Grimaldi's Pizza was being accused of wage theft, theft and holding back pay for these low paid workers. And that's going to be a major focus of this.

[Alex Semenova]

Administration. So can you reconcile this, this first action? It's kind of like a shot across the bow by the Mamdani administration with the promises it had made to its supporters, to voters, to folks in the city like Alex Semenova, who's a lifelong New Yorker. Is this, is this kind of what they promised to.

[Miles Miller]

Prioritize? Yeah, I mean, you know, they have changed the role that Julie Hsu is in. It used to be the mayor for deputy mayor for Economic Development, but it's not just economic development. It's really with a focus on worker protection. It's really on a focus on equality and rights for people. And you know, this is a person who has spent a good amount of time in Washington, has spent time in California, who is going to be leading this effort. You know, when you look at Lina Khan being involved in decision making here at City hall and going and doing what she knows best, right. Going through very complex parts of the city charter, define where you can really stick it to companies or where they could stick it to companies. It really shows that this is a top priority for him. And in addition to that, this role, the role in consumer protection was one of the first roles he filled after being being elected and right before take or right after he took office because he knew it was going to be something that people really relate.

[Co-host/Interviewer]

To. Miles, when was the last time that we saw a New York City mayor go after big companies like this? Is this.

[Miles Miller]

Unusual? No, I mean, I think in the boss administration we saw companies targeted, certainly. And then, you know, in the Adams Admin, it was certainly a very pro business administration trying to work with business, but also sort of trying the onus on businesses to do the right thing. And so this is obviously a different tactic. And I think for the first time you're seeing an administration where they're not taking people really from big business and saying, okay, here's how you can work on economic development in the de Blasio administration. Alicia Glenn was the deputy mayor for economic development and had come from the business community. No, these are people who've worked in government for some time and are trying to figure out a way to make government work for people who, you know, don't have much money or to hit at the affordability crisis. It's a, it's really a first of its kind approach to doing this kind of.

[Alex Semenova]

Work. Stay with us. More from Bloomberg Intelligence coming up after this. Stop struggling with complex, costly ERP systems. Introducing Intuit Enterprise Suite, the AI native ERP that adapts with your business. Get enterprise grade power made, intuitive, intelligent, adaptive and ready for what's next. It streamlines complex financial management, automates workflows and unifies all your entities. It's simple to access and quick to adopt, helping you get going in days, not months. Get the power you need without the complexity. Learn [e-mail].

[Host/Announcer]

EnterpriseNow. Support for the show comes from public 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 completely customizable and based on your thesis, not someone else's. Go to public.com market and earn an uncapped 1% bonus when you transfer your portfolio. That's public.com market paid for by.

[Sponsor/Advertiser Voice]

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.

This podcast is brought to you by Wise, the app for international people using money around the globe. When it comes to sending money abroad, many providers claim to offer free fees and competitive rates. But don't be fooled, this can be code for inflated exchange rates. With the WISE account, you can send, spend and receive money in over 40 currencies without ever having to worry about hidden fees sending pounds across the pond. Most transfers arrive in 20 seconds or less. Spending reals in Rio. The Wise Travel Card gives you the mid market rate on every purchase. No costly markups on your bill. Getting paid in dollars for your side gig. Avoid hidden fees and get the real exchange rate every time. With 24. 7 access to live support, your international transactions with WISE are quick, transparent and safe. Plus wise runs over 7 million daily checks to catch and prevent fraud. 15 million people already trust WISE to manage their money internationally. Be Smart. Get WISE Download the WISE app today or visit WISE.com Terms and Conditions.

[Podcast Narrator]

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

[Alex Semenova]

YouTube. Let's move over to the tech sector because there's some big news for the AI sector given that Taiwan Semiconductor Manufacturing, a partner of Nvidia and other chip makers, came out with a monster forecast. Mandeep Singh is our global tech research head at Bloomberg Intelligence and he joins us now. And TSMC is a bellwether for the AI story and the revenue forecast it has given is growth of almost 30%, handily beating analysts.

[Mandeep Singh]

Estimates. Well, I mean right now we are in an environment where the supply constraints are at the component level at The FAB level. I mean TSMC called out how advanced nodes are almost 77% of their revenue. So that just goes to show that if they have more wafer capacity at the advanced node level, they'll probably be growing even faster. And that's why they raised their own capex. So think of the trickle down effect. Hyperscalers are raising their capex. TSMC being the FAP layer is raising their capex. And this is the entire supply chain that everyone realizes they need more data center capacity when it comes to running AI and all the way through the supply chain right now it's trickling down. Now the question is obviously of overbuild and if and when we'll hit an equilibrium. And from what we have seen in terms of partnerships and deal making like OpenAI cerebras, I mean right now they're trying to procure as much chip capacity as they can because OpenAI has said their revenue growth is a function of the power and chip computer availability they have. So right now, last year they grew their power and chip computer availability 3x, their revenue grew 3x. So that's the kind of part of the cycle we are in. And the question is, you know how long it's going to sustain. And so so far the signs are this is going to carry through at least through.

[Co-host/Interviewer]

2026. Mandeep, what does the strong outlook from TSMC mean for intel and its foundry business? Intel is up some 30% this year. Is it a positive sign for them that demand is there or a sign that TSMC is a dominant name.

[Mandeep Singh]

Here? Actually there was some demand spillover to an intel and Samsung especially on the non data center side. So I mentioned TSMC is heavily skewed towards advanced nodes and more towards data centers. Well there is demand for chip capacity on the PC side, smartphone side and that's where there is some spillover that's carrying over to an intel on the PC side to Samsung as well. And so right now everyone seems to be benefiting from overall chip demand, you know, across the.

[Alex Semenova]

Board. Right. And something else that's in demand is memory. And we've seen micron, we've seen SanDisk, we've seen Western digital really benefit from that demand for memory chips. But it also there's a downside to that because you have hardware companies as a result under pressure because they need to pay for that memory and they need to go out and source it and it's not always available unless.

[Mandeep Singh]

You are Jensen and Nvidia who is really manage the supply chain. Well, I mean, I was amazed how Nvidia mentioned that they still feel comfortable holding on to that mid 70% gross margins. They're one of the biggest users of HBM memory that is supply constrained right now and the prices are going through the roof. But they have logged in those multi year agreements where the suppliers can't really raise prices. And so from that perspective, the bigger you are, if you're an Apple, I'm sure they can source their memory. They may have to pay higher prices and it will impact their gross margins, but not to the same extent. It's going to hit a smaller hardware render. And that's what I think we'll find out this earnings.

[Co-host/Interviewer]

Season. Mandeep Also looking at the story today about Oracle struggling to hire workout workers for the build out of its headquarters in Nashville. What has this AI build out meant for hiring? The talent war. Is there anyone who's winning.

[Mandeep Singh]

It? Yeah, I mean we read the story on the terminal about electricians, you know, having almost a doubling of their pay. And so anyone who is linked to that data center construction right now is in high demand. And so it doesn't surprise me that you are sort of in this environment where labor is in short supply, you know, components are in short supply and putting all these things together is taking longer time because everyone wants them to be ready overnight. Well, that's where you're running into these.

[Alex Semenova]

Bottlenecks. Well, to Alex's point, Oracle is trying to attract workers to Nashville where it's developing this riverfront headquarters. Is that a place where the tech talent will flock.

[Mandeep Singh]

To? I mean we've seen what has happened in Texas, right, in terms of companies going to Texas just because it's easier to set up data centers over there.

[Alex Semenova]

So. Oh, and no income.

[Mandeep Singh]

Tax. No income tax, that's right. So all these pockets I think are having their moment in terms of one attracting these big companies. And if you have power, and I haven't studied Nashville in that detail, but if you have power, then it suddenly becomes a very attractive.

[Alex Semenova]

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

[Host/Announcer]

This. Support for the show comes from public 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 completely customizable and based on your thesis, not someone else's. Go to public.com market and earn an uncapped 1% bonus when you transfer your portfolio. That's public.com market paid for by.

[Sponsor/Advertiser Voice]

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.

This podcast is brought to you by Wise, the app for international people using money around the globe. When it comes to sending money abroad, many providers claim to offer free fees and competitive rates. But don't be fooled, this can be code for inflated exchange rates. With the Wise account, you can send, spend and receive money in over 40 currencies without ever having to worry about hidden fees sending pounds across the pond. Most transfers arrive in 20 seconds or less. Spending reals in Rio. The Wise Travel Card gives you the mid market rate on every purchase. No costly markups on your bill. Getting paid in dollars for your side gig. Avoid hidden fees and get the real exchange rate every time. With 24. 7 access to live support, your international transactions with WISE are quick, transparent and safe. Plus wise runs over 7 million daily checks to catch and prevent fraud. 15 million people already trust WISE to manage their money internationally. Be Smart Get Wise. Download the Wise app today or visit wise.com Terms and Conditions.

[Alex Semenova]

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[Podcast Narrator]

Acrobat. 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.

[Alex Semenova]

YouTube. One of the tailwinds for the market heading into this year was the expectation of a spate of dealmaking. And to that point we did learn today that Boston Scientific is looking to buy Penumbra for about 14 and a half billion dollars. Obviously, with the big banks reporting earnings, bank executives are also making comments. David Solomon, the CEO of Goldman Sachs, says that we are not yet in the middle of a full on M and A cycle and he sees a very, very good year for M and A overall. Let's bring in Jennifer Rhee, she is our senior litigation analyst for Bloomberg Intelligence to talk to us about the antitrust landscape. Is there an active antitrust monitoring happening right now because this administration has signaled that it wants to see deals being.

[Jennifer Rhee]

Made? Yeah, absolutely. And it certainly is a big change from the Biden administration where we kind of had the opposite sentiment. I mean, 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. And it seems that both authorities are really willing to work with the companies if they think that there's a problem with the deal to work out some kind of settlement. And that's what didn't exist during the Biden administration and why deal making was so stymied at that time. And I think most companies see if we can come up if we have a problem, a lot of deals don't. But if we do and we can come up with a solution, we can probably get it.

[Co-host/Interviewer]

Cleared. Jen, you mentioned muted activity from the regulators, but are there any industries that they're targeting right now more than.

[Jennifer Rhee]

Others? Well, it looks like it. It's interesting that we see Boston Scientific has a deal because of the few challenges that have been brought to deals by the ftc. They've been in the health care space, one in the housing area, construction adhesives, which is a recent case they filed, but two in the health care space. And it doesn't surprise me really, because these are very sensitive sectors, consumer facing sectors. And that does align essentially a populist agenda which they talked about in the beginning when they took on their positions. And so I think we'll probably see if we see continued activity in those areas or other very sensitive consumer.

[Alex Semenova]

Areas. The other thing that we need to keep in mind is most of these companies that we're talking about are big multinationals. They operate all around the world. So you have US Regulators and they may be stepping back and letting things happen, but regulators in Europe may not be. And I bring this up because we heard reports yesterday that Paramount and Netflix have been meeting with European Commission officials as part of their bid for Warner Brothers. What compare contrast, for instance, the European Commission regulators with Those in the.

[Jennifer Rhee]

U.S. you know, there's been a little bit of a pullback. I think when I think of really big regulators and antitrust, I think of us, China, UK and Europe. These are the, these are the jurisdictions which would be willing to actually block a global deal. And we've seen a little bit of pullback across the board, not so much with China. It's really just a black box there. I can't speak to what they're doing. But in the UK and in Europe, there has also been a bit of a pullback, especially in the UK after they kind of got really chided from Microsoft, Activision and trying to step in there. The thing is, for companies doing a deal that might have scrutiny in Europe, it's a bit scarier than in the US because they have the ability under their law to actually block a deal, whereas the US regulators don't. They have to go to court. Right. And they have to win in court in order to actually block a deal. It is far more difficult for them. It is easier in the eu. And Netflix, by the way, is gigantic. I didn't know this until I started looking at the deal, but it's really, really big outside the US And HBO is getting bigger in many of the countries in Europe. It's recently expanded in Italy and seven or eight other countries. So they will this. That deal, I think no matter which company ends up buying Warner Brothers is going to get a lot of scrutiny and certainly scrutiny in the, in the eu. And that is going to be one area where they're going to have to work, I think, to get.

[Co-host/Interviewer]

Clearance. Jen, the past couple of years saw a lot of high profile antitrust cases, specifically within big tech. We had rulings against Google and Metta. What kind of precedent have they set for big tech regulation in.

[Jennifer Rhee]

2026? Well, what they're showing is that it's going to be very, very difficult for US antitrust agencies to actually tame what they view as monopolistic conduct. I mean, they did win technically against Google with respect to monopolizing search, but the remedy was fairly weak. They didn't get what they were looking for. Look at what Google's doing now with, with AI with Apple, which is exactly what the plaintiffs were trying to avoid. You know, dominance in AI after dominance in search. So the difficulty they have is even where they win on liability, they have a really tough time with remedies. Most US Federal judges are going to be very cautious when it comes to meddling in business and the way a sector may develop, especially in technology, because it's so rapidly changing and nobody knows where it's going. So where you have these cautious judges, you're just not going to get the drastic remedies that are probably the remedies that are needed to really do something about the market positions of some of these companies. So we're seeing that it's going to be difficult. But what we haven't seen as much of a let up on the cases that were inherited from the Biden administration. This DOJ and FTC are continuing to go after these cases in court. They're continuing to pursue what you might think of as a drastic remedy, a structural remedy. The next test will be Live Nation, which is going to trial March 2 against the DOJ in some.

[Alex Semenova]

States. Okay, so we'll watch for that. And it's a bit of leftover from the previous administration. We talk about regulators and that's usually how the antitrust enforcement shows up or any kind of pushback from government authorities. But there's also the role of President Trump as well, and he's made clear that because he has some firm opinions about certain companies in certain sectors that he's going to be what he says personally involved in some of.

[Jennifer Rhee]

Them. That's.

[Alex Semenova]

Right. Is there a playbook for this? I mean, how do regulators work in concert with a mercurial.

[Jennifer Rhee]

President? You know, there really isn't a playbook. This is somewhat unprecedented. Now, there are many that would argue that this kind of started during the Biden administration. But we have authorities at the Federal Trade Commission and Department of justice that are very much trying to align what they're doing in the antitrust space with the policy priorities of this administration. I think much more so than in the past. And they just don't look like they'd be willing to buck the White House if the White House has some feel or some something, you know, an issue with the deal. Right. So we're seeing a lot of alignment and we're also seeing a lot of preemptive alignment even. Yes, preemptive alignment. And we're seeing a lot of lobbying, which we hadn't seen before, too, in the overruling of the antitrust division by senior officials who are talking to lobbyists. And so 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.

[Alex Semenova]

Enforcement. And this is stuff that we see after the fact, you know, after an announcement has made as opposed to during.

[Jennifer Rhee]

It. That's right. We see reports. And of course, I'm not privy to what's going on behind closed doors. But there has been a lot of news reporting and a former senior FTC official who recently left who spoken out about some of the activities related to the Hewlett Packard Juniper deal. Now, most recently we have a deal between two huge real estate brokerages, Compass and anywhere that was cleared very quickly without even a deep investigation by the Federal Trade Commission, Upside, the Department of justice. That surprised a lot of people. I think it even surprised the companies that had projected to close much later this year and apparently that was also because lobbyists had stepped.

[Alex Semenova]

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

[Host/Announcer]

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[Alex Semenova]

YouTube. We need to talk about AI. Not so far. Not so much so far as to how it's impacting the stock market, because we've seen that and we see that today, but how companies are actually integrating it and how consumers are experiencing it. Lindsey Dutch is our Bloomberg Intelligence Consumer Hardlines Senior Analyst, and she's been researching this idea of retailers embracing AI. But I guess there's a recognition, Lindsey, that for impulse purchases, which are so critical for the industry, you still need a human touch. So it can't be done remotely, it can't be done virtually. It's usually done in person and it's kind of.

[Host/Announcer]

Unpredictable.

[Lindsey Dutch]

Yes. Hi Scarlett, thanks so much for having me. I just returned from the NRF conference. 40,000 people there, lots of retailer leaders there. You know, I was all the buzz. It was pretty much the topic of every session. And as I think about it, there's a lot of really cool technology going into this. And retailers are mostly using AI to improve employee productivity, move employees up the value chain, improve operational efficiency. And on the customer side, we're mostly seeing it in terms of like a customer service chatbot, maybe some personalization when you look at your email ads. But there's, there's new levels that are coming that will really amp up AI's place in that retail shopping journey. But as you mentioned, I think that spur of the moment, that spontaneity, when you find something that you love and you have to buy it, that's a big piece of the shopping and retail world and that really, still, you need some human element in that.

[Co-host/Interviewer]

Process. Lindsay we talk often about the death of brick and mortar stores. People aren't going into physical stores as much as they are shopping online. Do you think that AI can reignite the excitement for going into a store and experiencing the.

[Lindsey Dutch]

Technology? So I actually think we're already seeing a return to brick and mortar. You know, coming out of the pandemic, you know, people realized how important it is to have an in person experience. More recently, you know I've heard comments, you know, I follow Best Buy, you know they have talked about that Gen Z and younger shoppers are showing a much stronger preference to shop in the store, to talk to their geek squad, you know, to get advice, to browse things in person. We also see that from an Ulta Beauty as well. So I do think E commerce penetration will continue to rise as a whole. I think these new technologies will continue to support more shopping online. But I do think there is a personal element that will remain and you know we see strong brick and mortar demand on the retail real estate side and that is expected to continue for some.

[Alex Semenova]

Time. Having said all that, how does AI enhance the ability for stores to be able to reach out to consumers so that they are there and have the right recommendations when consumers are in the mood to make impulse.

[Lindsey Dutch]

Purchase? Yeah, so right now I think the best consumer facing use of AI is really increasing discovery. Exactly what you're saying. So being able to serve up product online when a customer is looking for it. And you know this new tool that Google co developed with Walmart and others, Universal Commerce Protocol is going to do just that. So you can pop into this tool which is powered by Gemini and you can say I'm looking for a navy boob blazer that I don't want to have dry cleaned. And it will serve up the product from the brand you can transact right there. So it's all seamless. Something like that is a great tool to bring product directly to the person and close the gap between looking for something that you want, finding it and transacting it. And we see a lot of technology coming to the fore that that's going to allow that to.

[Co-host/Interviewer]

Happen. Lindsay, AI and new technology can be really complicated for consumers to navigate. What are companies doing to help guide shoppers through maximizing the experience they get with.

[Lindsey Dutch]

AI? Yeah, that's a tough one. I mean I think that people in generally are are using more tools like Gemini for all sorts of things ChatGPT that will increase that comfort level and we have seen over time. I also cover home furnishings. In the beginning when people were starting to transact online, no one wanted to buy a couch or a big product like that that you would typically want to sit on and feel. And that over time, retailers have figured out how to showcase their product in a digital way that makes customers more comfortable transacting on a big ticket item like that that you would normally really want to see in person. And I think the same thing would be true for these other new technologies. It will take time. You know, adoption will rise, it will rise slowly. And that's why I think it's a real balance. You have to be in that tech world, but you also have to be in.

[Alex Semenova]

Person. Well said. What surprised you the most, Lindsey, very quickly at NRF 2026, when you went there, what kind of blew you.

[Lindsey Dutch]

Away? You know, I think the retail environment right now has in 2025 was an extremely challenging environment, you know, and I think what's most impressive is, you know, the people in the industry are just so excited to take on new challenges in 2026, you know, even though we're still battling costs from tariffs, trying to implement all this technology, a difficult consumer backdrop. So there's just a lot of excitement in the industry and everyone is just so excited to rise to that next new challenge. And I love that.

[Podcast Narrator]

Energy. 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.

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