xAI to Raise $20 Billion After Nvidia and Others Boost Round

Summary

Bloomberg Intelligence Podcast

Episode: "xAI to Raise $20 Billion After Nvidia and Others Boost Round"

Date: October 8, 2025
Hosts: Scarlet Fu, Paul Sweeney
Featured Guests: Ed Ludlow (Bloomberg Tech Co-host), Matt Shettenhelm (Media Litigation Analyst, Bloomberg Intelligence), Woo Jinho (Senior Tech Analyst, Bloomberg Intelligence), Steve Mann (Global Autos and Industrials Analyst, Bloomberg Intelligence)

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Episode Overview

This episode of the Bloomberg Intelligence Podcast explores major stories shaping markets and industries, with a special focus on Elon Musk’s xAI and its innovative $20 billion fundraising round. The discussion moves through the mechanics and implications of the xAI/Nvidia deal, regulatory drama in broadcast media, AI's impact on legacy tech firms like Dell and Cisco, and the latest dynamics in the global auto market, particularly as foreign automakers struggle in China. The podcast features detailed commentary by Bloomberg’s sector experts, providing deep context and analysis.

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1. xAI’s Unprecedented $20 Billion Fundraising and Nvidia’s Role

[01:38-06:00]

Key Points:

• Structure of the Deal:
  xAI is raising $20 billion, split into $12.5B in debt and $7.5B in equity, via a special purpose vehicle (SPV). The funds will be used to buy Nvidia GPUs, which are then leased to xAI over five years.

• Nvidia’s Involvement:
  Nvidia will contribute $2 billion to the equity portion. This enables investors to own the GPUs and receive steady rental income from xAI, while xAI avoids taking on all the debt directly.

• Industry Implications:
  The deal is seen as a potential template for future mega-infrastructure funding in AI and tech, particularly when it comes to capital-intensive requirements for computing hardware.

Notable Quotes:

• Ed Ludlow [02:01]:
  "It's a very specific mechanism where a special purpose vehicle split between about $12.5 billion of debt and $7.5 billion of equity — [will] use the funds to go out and buy GPUs, specifically Nvidia GPUs. xAI then basically rents or leases those GPUs from the investment vehicle over a period of five years."

• Ed Ludlow [02:53]:
  "This could be a bit of a template, you know, for how these mega infrastructure deals go going forward."

Circularity of Funding

• The hosts probe the 'circular' aspect of Nvidia investing in the SPV, which then uses the funds to buy more Nvidia chips.

• Nvidia CEO Jensen Huang confirmed Nvidia's investment, emphasizing this is not traditional venture or vendor financing.

• Ed Ludlow [04:42]:
  “The circular part is the bit that people are most focused on because on paper it's Nvidia saying here's $2 billion which we know xAI is going to use indirectly through the SPV to buy $2 billion worth of Nvidia chips.”

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2. xAI’s Position in the AI Ecosystem

[02:57-04:13]

Key Points:

• xAI, driven by Elon Musk, is seen in Silicon Valley as dynamic but tough to place due to its secretive development.
• Their first data center, Colossus 1, is complete, while the new funds will focus on Colossus 2, aiming for a 1 gigawatt scale.
• Uncertainty remains about the reach and competitiveness of xAI’s Grok LLM, especially compared to industry leaders like OpenAI and Anthropic.
• Despite ambiguity in product adoption, xAI is highly attractive to AI talent because of Musk’s reputation.

Notable Quotes:

• Ed Ludlow [03:04]:
  “It's very hard to place because xAI, and in particular Elon Musk, moves very quickly... from an infrastructure standpoint, Jensen Huang has talked about this — he's betting Elon Musk can get to 1 gigawatt of capacity first because that's what Elon Musk does.”

• Ed Ludlow [03:51]:
  “Others in the Valley talk about how it’s somewhere that people really want to work... In the talent war context, that’s, you know, a big story.”

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3. Broadcast Media Regulatory Battles: FCC Ownership Caps

[08:51-14:27]

Key Points:

• Expectations that a new administration might ease ownership limits for TV broadcasters have prompted M&A activity, like Nextar's $6.2B bid for Tegna, a deal which depends on FCC rule changes.
• The current cap restricts broadcasters to reach no more than 39% of U.S. households, but some deals could push this to as high as 70–80% pending deregulation.
• Legal challenges loom, especially around the authority of the FCC vs. Congress.
• Debate continues about whether and how the FCC could regulate streaming platforms; current law doesn't neatly encompass "over the top" internet-based TV.

Notable Quotes:

• Matt Shettenhelm [10:49]: “Nextar-Tegna deal is the biggest one... The deal only can move ahead if this rule is changed. If the rule is eased by the FCC, there’s no way the FCC can approve the deal without a change in that rulemaking first. And so that's what we're really waiting for...”

• Bloomberg Analyst 1 [12:02]: “It just seems kind of silly in a digital world here that there are ownership caps for traditional broadcasters which are fighting for their lives in a world of cord-cutting.”

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4. Legacy Tech Fights for AI Supremacy

Dell and Cisco Investor Days, AI Server Growth
[17:16-22:25]

Key Points:

• Dell’s AI Vision:
  Dell projects 79% growth for 2026-2030 mostly driven by AI servers, expected to grow at a 20-25% CAGR. Wall Street sentiment is bullish, and Dell plans significant capital returns to shareholders via buybacks.

• Cisco’s New Moves in AI Networking:
  Cisco unveiled new chips for AI datacenter networking, which puts it in competition with Broadcom — though the latter is seen as retaining dominance (AI is only about 2-3% of Cisco’s total revenue currently). Cisco may become a favored "second source" for cloud providers.

• Top Analyst AI Picks:
  Analysts highlight Dell, HP, and Arista (for networking) as serious players to watch.

Notable Quotes:

• Woo Jinho [18:02]:
  "I think the surprise here is what's driving that 79% growth outlook for 2026 to 2030... it's going to be AI servers."

• Woo Jinho [19:10]:
  "Given all that cash generation, there's going to be a fair amount of capital returns through buybacks. So, you’re going to get a lift on EPS there."

• Woo Jinho [21:43]:
  "From a networking standpoint, Arista has actually been one of the high flyers... so I would look at Arista."

---

5. The Shifting Dynamics of the Global Auto Industry

Focus on China, Tesla, and EV Pricing
[25:14-30:04]

Key Points:

• Foreign Automakers’ Woes in China:
  BMW downgraded guidance due to slumping Chinese demand and tariffs. All foreign automakers are losing ground to domestic Chinese brands like BYD and Geely, which offer more tech-forward, affordable models.

• Consumer Shifts:
  The era of luxury foreign cars as status symbols is over amid government anti-corruption drives and more value-driven Chinese consumers.

• EV Affordability and Tesla:
  Tesla’s new, lower-cost model (~$40,000) draws a lukewarm reception—the hoped-for $25,000 EV remains out of reach. The U.S. market grows more competitive as legacy American brands also step up with credits and new models, putting further pressure on price.

Notable Quotes:

• Steve Mann [25:39]:
  "What's happening to BMW in China is not new... the automakers, local automakers there are actually gaining a lot of traction with the consumer. Consumers there are tech savvy, they're looking for tech heavy vehicles."

• Steve Mann [27:16]:
  "Those days are long gone. You know, when Xi Jinping came in and started cracking down on corruption, those types of exhibition of wealth have pretty much disappeared."

• Steve Mann [28:11]:
  "I think the market is somewhat disappointed because Elon Musk has projected for the last few years that they would introduce a vehicle that's $25,000 or maybe even cheaper. Obviously there's inflation, but... the market was expecting something more price competitive."

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Timestamps for Key Segments

• xAI/Nvidia Funding Structure & Industry Impact: [01:38–06:00]
• xAI’s Role and Valley Perceptions: [02:57–04:13]
• Broadcast Media Deregulation & M&A: [08:51–14:27]
• Dell, Cisco, and AI in Legacy Tech: [17:16–22:25]
• Global Auto Market, China, & Tesla: [25:14–30:04]

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Memorable Moments & Soundbites

• On the groundbreaking financing model:
  "This could be a bit of a template... for how these mega-infrastructure deals go going forward." — Ed Ludlow [02:53]

• On tech company reinvention:
  "Legacy tech companies finding their feet in this air wave, whether it's Oracle, whether it's Dell and now Cisco as well." — Host [20:03]

• On China's car market transformation:
  "Those days are long gone... consumers there are actually getting more sophisticated. Right. They're looking for value for money." — Steve Mann [27:16]

---

In Summary

This episode is a comprehensive sweep of market-defining stories: from Elon Musk’s xAI blazing a new trail in mega-funding for AI hardware, to regulatory inflection points in broadcast/media, seismic shifts in tech giants catching the AI wave, and the unrelenting transformation of the global auto industry, especially within China. With candid commentary and incisive analysis, listeners gain insight into the business, investment, and technology maneuvers shaping tomorrow’s economic landscape.

Transcript

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[Host]

All right, let's stay with the tech space and move over to X AI, which is Elon Musk's AI startup. It's raising more financing than initially planned and Ed Ludlow, our Bloomberg Tech co host, joining us from San Francisco. To give us a little more context here, XAI is backed by a number of big companies, including in video. Tell us how much money is raising.

[Ed Ludlow]

Yes, it's a very specific mechanism where a special purpose vehicle split between about 12 and a half billion dollars of debt and 7 and a half billion dollars of equity, use the funds to go out and buy GPUs, specifically Nvidia GPUs. X I then basically rents or leases those GPUs from the investment vehicle over a period of five years is what we've been reporting and is our understanding. And as part of that we have broken the news that Nvidia is going to contribute about $2 billion to the equity piece. But basically what it means is that the Investors own the GPUs. They get guaranteed return because XI has to pay them a fee or a rental fee over the course of the term. But XI doesn't take all the debt onto its balance sheet. And so this could be a bit of a template, you know, for how these mega infrastructure deals go going forward.

[Bloomberg Intelligence Analyst 1]

Where is X I ed in this AI story here? What's the feeling in Alley?

[Ed Ludlow]

Yeah, it's very hard to place because X AI and in particular Elon Musk move very quickly and they have two specific data centers. One is more complete Colossus 1. And what we're reporting around this financing is the chips for Colossus 2, which they started building in March. And so from an infrastructure standpoint, Jensen Huang has talked about this, saying that he's betting Elon Musk can get to 1 gigawatt of capacity first because that's what Elon Musk does. On the actual output side, their large language model and Grok, we don't have as much evidence or data of the user base and user ship of Grok like in the enterprise setting, for example. We don't know about how that particular software that develops is in a competitive environment against like an open air anthropic, but largely noises from X themselves. But others in the Valley talk about how it's somewhere that people really want to work. You know, they want to go and work for Elon. And in the talent war context that's, you know, a big story.

[Host]

Okay, thanks for that context, Ed. One thing you mentioned when explaining this deal that has put together the fundraising is that Nvidia is one of the backers, but the spv, the special purpose vehicle, is going to then go out and buy Nvidia chips. This all feels kind of circular, incestuous, if you want to put it another way. Is this going to create problems? I mean, are people raising their eyebrows over this, that this all feels very like I'm putting money in so that you can go then buy some of my other stuff?

[Ed Ludlow]

So important. Jensen Huang, the Nvidia CEO, went on another network an hour ago and basically confirmed our reporting that in video was going to participate, that he wished he could have put more money into this what he called, you know, fundraising. But he also talked about the idea that this mechanism was not traditional venture and it nor is it straight vendor vendor financing. The circular part is the, is the bit that people are most focused on because on paper it's Nvidia saying here's $2 billion which we know Xi is going to use indirectly through the SPV to buy $2 billion worth of Nvidia chips. But Jensen Huang did go on to say in that interview that if you take for example the open air deal announced in the last 10 days. That's a $100 billion agreement over many years. And according to Nvidia and Jensen Huang, there is no mandatory requirement that OpenAI use that money. I'm pausing guys, because we actually have no idea if it's cash. We have no idea if it's just equity. But according to Jensen Huang, it's not mandatory for OpenAI to use the proceeds to buy Nvidia Gear. They are free to go out and do other deals like they did with amd.

[Matt Shettenhelm]

Stay with us.

[Bloomberg Intelligence Analyst 1]

More from Bloomberg Intelligence coming up after this.

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[Bloomberg Intelligence Analyst 1]

A new administration had a lot of industries saying, hey, maybe we're going to get some deregulation in our business with this Trump administration. One of those industries is a television broadcast industry. There are limits on how many stations you can own nationally. A company can own nationally. There's limits on how many stations a company can own in a particular market. But there was reason to believe those would be loosened and maybe significantly. And actually some couple M and A deals have been announced in anticipation of those rules loosening. So let's check in with the expert here, Matt Shettenhelm, he's a media litigation analyst for Bloomberg Intelligence. He's down there in D.C. so Matt, my FCC, they meet, I think sometime this month. Are they going to loosen TV ownership rules?

[Matt Shettenhelm]

Yeah, there was some expectation that, that the deregulatory actions could start as early as this month for, for the TV broadcasters. Unfortunately for it for the industry, it doesn't look like October is going to be the month for movement on that national ownership cap. Brendan Carr, the FCC chairman, put out the agenda for the FCC's monthly meeting. And, and this it not listed on that agenda. Now he could still add it as late as seven days before the meeting, but that's unlikely. Typically these things are announced three weeks before. So I still expect the FCC to move pretty quickly on this. The FCC took comments on this earlier in the summer. It really should, should be a pretty simple order to write up to ease that 39% U.S. ownership limit. It's just a matter of getting it done. And also the FCC is, is, you know, 80% of the employees right now because we have a government shutdown which could be impacting things.

[Host]

Okay, so which companies, first of all, are most affected by this? Paul mentioned that there was some dealmaking in anticipation of this. We know that Nextar Media made a bid for Tegna it was a $6.2 billion all cash deal. Is that the most glaring example of companies that are directly affected?

[Matt Shettenhelm]

That's the, that's the biggest one. Scarlett Sinclair is also a big name in this space. Scripts, gray media, also big owners of TV stations. But, but the one you to the next. Our Tegna deal is the biggest one. A $6.2 billion deal announced in August. And as we, as we said, currently the law limits you to basically reaching 39% of US households. That deal would let NextStar reach 70, 80% of US households. So the deal only can move ahead if this rule is changed. If the rule is eased by the fcc, there's no way the FCC can approve the deal without a change in that rulemaking first. And so that's what we're really waiting for, is action on to ease those rules. And then we're inevitably going to have a court fight on that question because there are strong arguments on both sides of that one. One side says, look, the FCC might like to do that, but this is Congress's role to ease that 39% U.S. cap. The FCC can't do it itself. I think there's going to be a tough fight on that. The FCC probably can win it, but it's coming.

[Bloomberg Intelligence Analyst 1]

It just seems kind of silly in digital world here that there are ownership caps like for traditional broadcasters which are fighting for their lives in a world of cord cutting. I mean, the economics seem like, why wouldn't you do it?

[Matt Shettenhelm]

That's exactly the case that the national association of Broadcasters have been pushing with the FCC really for many years. But they've really raised the volume on that argument recently, and it's really resonating with Republicans at the fcc. I think Brendan Carr, the FCC chairman, is really sympathetic to that argument that, look, in this world of all forms of new media online, all the ways that consumers get media today, and most of those are largely unregulated, that the traditional TV broadcast industry would face these strict limits on how many stations they can own in local markets in each, you know, know, in Chicago, in New York, in D.C. and a national cap, both of those don't really make as much sense, according to nab. And I think that that argument is really resonating with Republicans. Republicans have a majority at the fcc, so they're likely to do their best to move ahead to ease these rules if they can.

[Host]

That's for traditional broadcasting. Then you've got the streamers, right. Skydance, which is of course the owner of Paramount Global, is or was reportedly planning to make a bid for Warner Brothers discovery that actually hasn't come through yet. But that is something that is outside the FCC's jurisdiction. The FCC plays no part in any of this.

[Matt Shettenhelm]

Well, so it's a debated point that some have pushed to say, look, maybe the FCC should be regulating those over over the top video providers like YouTube TV, like these streamers. Again, the problem though is is that the FCC is confined by a law that was written in 1934 and then updated in 1990. And it's often a struggle for the FCC to extend its authority to online providers. And so the Obama FCC was actually ready to move ahead with a rulemaking to do just that. But it never went anywhere. And I think the reason is when you read the law, it's really a stretch to say that the FCC can reach those new online providers the way it has traditionally regulated broadcasters.

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[Matt Shettenhelm]

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[Host]

One of the big movers of late, of course is Dell and that's because of its AI server business. That part of the business has really taken off and we want to bring in now. Woo Jinho, Bloomberg Intelligence Senior Technology Analyst on the highlights from Dell's investor day. And one of the things that Dell did was kind of lay out a vision as Ludlow was telling us, an outlook, a plan for the next couple of years which I find remarkable given that this is such a fast moving industry that, you know, companies need to update their guidance every quarter. And this company is talking about its guidance out to 2030.

[Bloomberg Intelligence Analyst 2]

Yeah. Hey Scarlett, so I know how you ended the last segment with Carl Bunga. I'm going to start this segment with got to get, you know, got to get a Dell.

[Host]

Right.

[Bloomberg Intelligence Analyst 2]

So look, this is, this is a very seasoned management team. They have a tendency to give out three to four year guidance plans. I think the surprise here is what's driving that 79% growth outlook for from 2026 to 2020 for 2030. And it's going to be AI servers, right? And one of the things that they said at the analyst day that servers are going to grow at a 20 to 25% compounded rate. I think there was some skepticism there heading into the, into the print in terms of is there an AI bubble? And by laying out a 20 to 25% AI server growth, growth going through 2030 off of already high numbers shows that there is some durability there server demand.

[Bloomberg Intelligence Analyst 1]

I'm looking at the ANR function for Dell Technologies, 23 buys on Wall street, six holds and no sells. So looks like the Street's buying off on what? On the message here. So which when you get an analyst meeting together, it's a big day for a company. They put a lot of time and effort in putting getting their senior management together, putting together presentations, presenting a vision here. What were some of the two or three takeaways from you from this investor day yesterday?

[Bloomberg Intelligence Analyst 2]

Yeah, so, so the one highlight here is the server demand, the durability of a server demand. But more importantly, and we talk about this all the time, you know Paul, it's about earnings and cash flow, right? And the other day we're talking about eps growth about 15% and how do we get to that 15% percent? We're talking about 8% of the sales growth dropping down to the bottom line. But given all of that cash generation that they're. Given all that cash generation, there's going to be a fair amount of capital returns through buybacks. So you're going to get a lift on EPS there. So shareholders aren't going to be happy from, from an EPS standpoint we're already seeing that from a valuation standpoint because it is lifting from an 8 to 10 times P E to about 15 times growth which makes it into a 1 times peg.

[Host]

Another story that we're tracking here and that I've been fascinated by is this idea of legacy tech companies finding their feet in this air wave, whether it's Oracle, whether it's Dell and now Cisco as well. Cisco is releasing a new chip and networking system to connect AI data centers. And this is a move that pretty much puts it in more direct competition with Broadcom. So how big of an opportunity is this for Cisco and should Broadcom be worried?

[Bloomberg Intelligence Analyst 2]

Yeah, so, so we publish a react this morning and, and essentially I don't think Broadcom should be fully worried. There's a couple of things that I'll say right? Cisco is actually one of the biggest chip networking chip manufacturers globally, but more for their legacy enterprise IT chips, right? They produce their own chips that powers their own networking gear. They're fairly newer to the game in the, the networking chip side. From a revenue standpoint it's really not a big driver, but it may be able to push more boxes. A couple of things that I'll say they did about $1 billion in AI back end revenue. But to put that into context, you know, they're doing about 55 to 56 billion dollars in total sales. So you know, from an Overall percentage of AIO as an overall percentage of sales, about 2 to 3% of total sales. Are they going to challenge Broadcom? I doubt it. But I do think there'll be a second source to the cloud providers versus.

[Bloomberg Intelligence Analyst 1]

Broadcom which in your coverage area, what's your best AI play? Because I'm sure you get that call from clients all the time.

[Bloomberg Intelligence Analyst 2]

You know, I mean I have a handful. Dell was one. You know, HP is another one to take a look out for. They have an analyst day next week. But from from a networking standpoint, Arista has actually been one of the high flyers from, from the, from, from a networking standpoint. So I would look at Arista and people have been taking the AI networking angle and using Arista as one of the tools rules.

[Host]

I like that. Arista. I haven't heard that one come up yet. You know HP or hpq, just to clarify.

[Bloomberg Intelligence Analyst 2]

Oh, hp. So think think of it as a mini Dell and a mini Cisco in one.

[Bloomberg Intelligence Analyst 1]

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

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[Matt Shettenhelm]

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[Podcast Narrator]

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

[Bloomberg Intelligence Analyst 1]

Let's get back to the markets here, the auto business in particular. BMW took some guidance down here today citing weak demand out of China. That can't be good. So let's get the latest on what's happening in the global auto space here. Steve Mann joins us, Bloomberg Intelligence Global Autos and Industrials Research Analyst so let's start with the BMW news here, Steve. BMW cuts annual guidance on weak China sales and tariff costs. What's going on there?

[Steve Mann]

Yeah, seems like it seems like it's in a never ending cycle here. What's happening to BMW in China is not new. It's not new to them. Everybody, every foreign automaker is actually facing the pressure there. It's a hyper competitive market. Pricing has been spiraling down and the automakers, local automakers there are actually gaining a lot of traction with the consumer. Consumers there are tech savvy, they're looking for tech heavy vehicles. And even though the foreign automakers are redesigning the screens to make it look jazzy colorful, but it still, I think lacks the capability that the consumer wants over there.

[Host]

Are there any foreign automakers that are holding on to market share?

[Steve Mann]

Not really. I mean, relatively speaking, I think the Japanese are a little bit better but they are still losing market share. You know, like companies like Ford has dwindled down their operation to a minimal over there. Even other European automakers like Peugeot Citroen, you know, they've essentially exited that market so, you know, the Chinese local automakers like BYD and Geely are really coming out with really attractive product and at prices that are, you know, hard to beat.

[Host]

Yeah, I remember a long time ago it seemed like every Chinese government official was in a black Audi. Audi was like the car, the foreign car in China. Those are, those days are long gone, aren't they?

[Steve Mann]

Those days are long gone. You know, when Xi Jinping came in and started cracking down on corruption, those types of exhibition of wealth is pretty much disappeared. And the consumers there are actually getting more sophisticated. Right. They're looking for value, for money. And over the past couple of decades, the local automakers have actually learned quite a bit from the foreign automakers setting up shops there. And they've learned a lot about product design, they've learned a lot about manufacturing. And obviously the local automakers there have an advantage. Right. They understand the consumer over there and what they want, really want.

[Bloomberg Intelligence Analyst 1]

Switch gears, Steve, to Tesla. They've launched their cheaper version. I guess it's under $40,000. What's your reaction? What's the market's reaction?

[Steve Mann]

Yeah, I think the market is somewhat disappointed because, because Elon Musk has projected for the last few years that they would introduce a vehicle that's $25,000 or maybe even cheaper. Obviously there's inflation, but I think the market was expecting something more price competitive. But in any case, it is a cheaper model. It's about 6, $7,000 cheaper than the higher, the next variant up for the Model Y, Model three. Really? Look, I don't think it's going to make a huge impact on Tesla sales given that a lot of sales been pulled forward. Right. Just before the end of the 7,500 EV tax credit. But it does create a more intense competitive market in the U.S. look, these vehicles are actually directly competing with the likes of the Chevy Equinox EV from GM and the Ford Mach E. So, you know, I think, you know, we got cheaper vehicles coming in in a softening market, so it's going to be interesting to see.

[Host]

Wait, so the Ford and the Chevy cars, those models you cited, those are the cheapest on the market right now. What do they retail for right now?

[Steve Mann]

Yeah, they are around 33, 34, 35,000.

[Host]

Okay, which is 25,000 then?

[Steve Mann]

No, well, not yet. I think we'll have to see. Looks like GM is expected to launch the Chevy Bolt. If you remember, Chevy Bolt is one of the most popular GM EVs.

[Host]

It's like a relaunch.

[Steve Mann]

Yeah, it's a relaunch redesign with new battery, a lower cost structure. Now I don't think that vehicle is going to get down to 25,000, but it looks like it's going to be below 30, 30,000.

[Bloomberg Intelligence Analyst 1]

So what I mean, are you an EV person?

[Host]

No, because I don't have a garage and so if I don't have a garage, how am I going to charge this vehicle?

[Bloomberg Intelligence Analyst 1]

Good point. You know I went the hybrid route for the most recent.

[Host]

I like the idea of a hybrid route, but apparently those I don't know the car parts but it's easy to steal and therefore you could be left.

[Podcast Narrator]

You know, stuck this is the Bloomberg Intelligence Podcast available on Apple, Spotify and anywhere else you get your podcast. 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.

[Bloomberg Intelligence Analyst 2]

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[Steve Mann]

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[Host]

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[Steve Mann]

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[Host]

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