Nvidia CEO Jensen Huang & Dell CEO Michael Dell on Agentic AI, Memory Demand and China

Summary

Bloomberg Tech Podcast Summary

Episode: Nvidia CEO Jensen Huang & Dell CEO Michael Dell on Agentic AI, Memory Demand and China
Date: May 18, 2026
Hosts: Caroline Hyde, Ed Ludlow
Guests: Jensen Huang (CEO, Nvidia), Michael Dell (CEO, Dell Technologies)
Location: Dell Technologies World 2026, Las Vegas

---

Overview

This episode features a dynamic discussion with Jensen Huang and Michael Dell on the evolution and proliferation of "Agentic AI," the transformational changes in computing infrastructure demand, crucial bottlenecks in AI hardware supply chains, the deepening US-China technology divide, and the enduring importance of both cloud and local (“on-prem”) AI deployment. The conversation explores how enterprises are moving from AI experimentation to broad, real-world deployment, the challenge of scaling up to meet demand, and the implications for the global technology landscape.

---

Key Discussion Points and Insights

1. From AI Testing to Full-Scale Deployment

[01:49–03:00]

• Enterprise Adoption Shift: Michael Dell highlights that AI has moved from experimental to production phases in companies worldwide, citing "great examples on stage with Eli Lilly, Samsung... in the real world with the largest companies" ([02:08], Michael Dell).
• Agentic AI's Rise: Jensen Huang introduces the term "Agentic AI"—AI systems that not only generate content but also execute productive work autonomously ([04:13], Jensen Huang).

Quote:
“Making content is very important, but doing work is really valuable. And now we're doing productive work incredibly well. That's why they're called agentic AI.”
— Jensen Huang [04:13]

---

2. Local vs. Cloud AI: The Shift to “On Prem” Intelligence

[03:00–04:22, 06:11–07:09]

• Contextual Processing: AI intelligence increasingly needs to reside where the data and action are (“point of context”), especially for sectors like manufacturing or pharma where data privacy is paramount ([03:24], Jensen Huang).
• Role of Dell: Dell transforms Nvidia’s core technology into integrated, deployable solutions for enterprises, enabling them to harness AI locally, not just via cloud hyperscalers ([06:11], Jensen Huang).

---

3. New Computing Architecture for AI Agents

[07:09–08:45]

• Next-Gen Hardware: Nvidia’s stack comprises the “brain” (Grace Blackwell GPUs), new high-performance CPUs designed for agentic AI, long-term memory (the Dell AI Data Platform), advanced networking (Nvidia), and secure agent runtimes (Nemo Claw in “open shell” containers) ([07:09–08:25], Jensen Huang).
• Harness Concept: CPUs act as a “harness” for LLMs—managing memory, tools, and network access so AI can work as true digital agents.

Quote:
“That harness basically turns... the brain into an agent, okay, into a digital robot if you will. That can do work.”
— Jensen Huang [07:09]

---

4. Exponential Demand and Hardware Bottlenecks

[04:40–10:52]

• Demand Outpaces Supply: Dell and Nvidia agree demand for AI compute, especially GPUs and CPUs, is growing far faster than the supply chain can respond.
• Memory as a Bottleneck: Both cite advanced memory (like HBM) as a persistent constraint ([09:51–10:14], Michael Dell, Jensen Huang).
• Permanent Market Shift: Jensen argues this isn’t a typical industry boom-bust cycle; the AI “agent” era fundamentally restructures the semiconductor and memory markets ([10:52–12:46], Jensen Huang).

Quote:
“We have now reached a level of agentic AI, useful AI, productive AI capability... We're going to have billions of AI agents in the world and they're going to be working 24/7.”
— Jensen Huang [11:21]

---

5. Supply Chain Strategy and Industry Coordination

[11:21–13:56]

• Proactive Coordination: Jensen and Michael are deeply involved in aligning roadmaps with upstream suppliers (e.g., Micron, SK Hynix) and preparing downstream partners for AI infrastructure expansion ([11:21–13:56]).
• Time Lags & Partnerships: Building new semiconductor fabs and updating supply takes years; strong, trusted partnerships help secure capacity but cannot meet runaway demand overnight.

---

6. The Next Wave: From Digital to Physical Agents

[13:56–14:22]

• Physical AI Frontier: The coming decade will see a transition from digital agents to physical, embodied AI (robots, autonomous devices), representing an even larger market ([13:56], Jensen Huang; [14:09], Michael Dell).

Quote:
“After this, digital agents will be physical agents... that is a way bigger market.”
— Michael Dell [14:09]

---

7. US-China Tech Relations & Market Access

[14:44–16:48]

• Regulatory Complications: Jensen confirms the H200 (AI accelerator) is licensed for China, but market access depends on evolving Chinese policies ([15:08], Jensen Huang).
• Diplomatic Engagement: Jensen met Chinese leaders on a US delegation, stressing the US government’s priority to “win everywhere” in AI. Michael advocates for more economic collaboration for global prosperity ([16:48], Michael Dell).

---

8. Taiwan’s Pivotal Role in Tech Supply Chains

[17:18–18:52]

• Supply Chain Resilience: Taiwan remains a tech manufacturing “epicenter” (especially TSMC). Nvidia and Dell are diversifying into US manufacturing as well, but Taiwan will retain its central role ([17:46], Jensen Huang).
• Geopolitical Risks: Both allude to the political tension but stress practical, diversified resilience rather than dependency.

---

9. The PC in the Agentic AI Era

[18:52–21:50]

• PC Evolution: While AI scaling often focuses on server/data center, Dell’s consumer PCs remain vital for productivity and now can run local AI models ([19:23], Michael Dell).
• Personal AI Vision: Jensen envisions a future where every user has “personal AI,” running locally, embedded at the “point of context”—on desktops, in factories, in vehicles ([20:43–21:47], Jensen Huang, Michael Dell).

Quote:
“We're also going to see personal AI instead of personal computers. Want personal AI.”
— Jensen Huang [20:43]

---

Memorable Quotes

• “We're doing productive work incredibly well. That's why they're called agentic AI.” — Jensen Huang [04:13]
• “Companies... don't get 10 or 20 or 30% improvement. They get 10 times or 20 times or 100 times. And that is really the speed that matters.” — Michael Dell [04:40]
• “We're going to have billions of AI agents in the world and they're going to be working 24/7.” — Jensen Huang [11:21]
• “We haven't even started [physical AI]. That is a way bigger market and it will require all sorts of new infrastructure capabilities.” — Michael Dell [14:09]
• “Taiwan is still epicenter of the world’s technology... while we are re-industrializing the US.” — Jensen Huang [17:46]
• “We're also going to see personal AI instead of personal computers.” — Jensen Huang [20:43]

---

Important Timestamps

• [01:49] - Ed opens with Dell's client growth, shifting to real-world AI production
• [03:24] - Jensen explains why on-prem AI is crucial for enterprise
• [07:09] - Jensen breaks down agent architecture: brain, harness, long-term memory
• [09:51] - Discussion of supply chain bottlenecks: memory & advanced semiconductors
• [13:56] - Outlook on the agentic AI buildout spanning the coming decade
• [15:08] - Jensen on US-China AI sales and evolving policy climates
• [17:46] - Taiwan’s central technological role and US supply chain diversification
• [19:23] - Michael on the evolving PC in a hybrid/local AI context
• [20:43] - Jensen on the shift from personal computers to personal AIs

---

Conclusion

This episode offers a unique look behind the scenes at how Nvidia and Dell are shaping the future of enterprise AI, scaling next-generation hardware, and responding to shifting geopolitical and supply chain landscapes. With insight into both the technical and business challenges, Huang and Dell describe a world on the cusp of an “agentic AI” revolution, where intelligence operates locally and at scale—heralding not just smarter software, but transformative new infrastructure, business models, and ultimately, ways of working.

---

Transcript

[Deloitte Narrator]

The right technology can strengthen human judgment. That's why Deloitte brings together AI and data analytics with multidisciplinary teams who can help you connect the dots across your enterprise, from risk to operations to customer needs. So opportunities don't slip by and surprises don't spread. Because the smarter your systems, the sharper your instincts. That's how technology makes people better at what they do best. Deloitte Together makes progress. Learn [e-mail] TogetherMakesProgress

[Commercial Announcer]

Amazon Pharmacy presents Painful

[Consumer Narrator]

Thoughts it's been a long, bumpy road dealing with yet another bladder infection and driving to the pharmacy to pick up meds. I went over a pothole and a little pee came out.

[Commercial Narrator]

So now I get to stand in line with pee pee pants.

[Commercial Announcer]

Next time, skip the pain and get fast free delivery. With Amazon Pharmacy, health care just got less painful.

[Commercial Narrator]

Being a small business owner isn't just a career, it's a calling. Chase for Business knows how much heart and effort go into building something of your own. Manage all your business finances, from banking to payments to credit cards, all in one place with Chase's digital tools. Plus access online resources designed to help your business thrive. Learn [e-mail] business chase for business make more of what's yours the Chase Mobile app is available for select mobile devices. Message and data rates may apply JP Morgan Chase Bank NA Member FDIC Copyright 2026 JPMorgan Chase Co. Bloomberg Audio Studios Podcasts Radio news Gentlemen, good morning.

[Ed Ludlow]

Hello Michael. In the quarter gone 1000 new clients for AI server for AI factory. It's a hell of a jump. What is it that those new clients, 5,000 total, are actually building now, different to one year ago? I think that's probably a good place to start.

[Michael Dell]

I think the change we see is it's kind of moved from testing and evaluating into production and we showed some great examples on stage with Eli Lilly. With a thousand gpu in the physical world, it's Samsung and these are not things that are on the screen, right? This is in the real world with the largest companies in the world. And so it's probably propagating broadly across all customers in every industry in every country. And you know, you see the improvement in all the models and now we have the agent capabilities. And so while it is exciting, there's been a tremendous amount of growth. I still think it's just the beginning of this wave, particularly when it comes to enterprise, which is really where, you know, we have an enormous opportunity.

[Ed Ludlow]

What's so fascinating, Jensen, is you've Spent four years telling me that we needed to change the definition of the computer in a context of accelerated computing. But the big focus was on the hyperscalers, right Cloud. What I took from Michael's presentation was this is happening, you said locally, but on prem, what's the Nvidia interpretation of that part of this cycle?

[Jensen Huang]

Intelligence has to be performed, produced at the point of context. And so wherever the context is, wherever the action is, that's where you want to produce the intelligence. For most of the early applications of AI, it was in the cloud. A lot of consumer services are in the cloud. However, for Lilly, Samsung, the future manufacturing, a lot of companies, you want the agents to be on prem because that's where all of your data is, where all your secure data is, your proprietary data and all of the skills associated with your company is. And so now we have agents that are here AIs that can do work. GPT was fantastic to launch generative AI,

[Ed Ludlow]

but it just content that was it.

[Jensen Huang]

Making content is very important, but doing work is really valuable. And now we're doing productive work incredibly well. That's why they're called agentic AI.

[Ed Ludlow]

In this new era, what everyone is trying to work out is on all the GPUs locked up at the hyperscalers. How is Michael Dell going to service those 1,000 new clients with the GPUs to build their own on prem local AI factory?

[Michael Dell]

Well, the supply chain that Jensen has built, we built together is continuing to scale up. And while it's true that there's more demand than supply, there's more supply that's being added and customers are figuring out how they start to scale these systems up. So I think what's also happening is companies are understanding that when they reimagine their workflows, this technology, they don't get 10 or 20 or 30% improvement. They get 10 times or 20 times or 100 times. And that is really the speed that matters to make a business successful. We're doing it ourselves, Nvidia is doing it. And so it's not a secret anymore that these things are possible. And every company wants to capture that speed and translate it into competitive advantage and outcomes.

[Ed Ludlow]

Dell was the sales channel, right. Jensen, Michael's company is very good to selling technology to America's biggest companies. How's that going to change things for Nvidia going forward? Like the makeup of the types of companies we're talking about are at scale, but there's also that kind of middle market of data center that's being built different kinds of in the industrial space, in health care. Is that something that puts Nvidia into new territory away from the frontier labs, away from the hyperscalers?

[Jensen Huang]

Well, Nvidia is a technology company, right? The hyperscalers have the ability to take our technology and integrate them, operate them into a service. Dell has the ability to take our technology, turn them into a solution that delivers impact to customers. If you look at what has happened, agentic AI has completely, as we were talking about earlier, reinvented computing. We had to do several things together. The first thing of course we had to build the brain. This is The Grace Blackwell MV Link 72, the Vera Rubin MV Link 72 Giant and large language models. The second part now is the Vera CPU that we're now in the process of launching. The fact the highest performing CPU in the world. It's designed for agentic AI. And now this will be the harness running the agent itself using the tools.

[Ed Ludlow]

The third part, what does harness mean?

[Jensen Huang]

Harness is what puts a harness around the large language model so that it can access memory, access the network use tools have local scratch pad memory, working memory, access long term memory. And so that harness basically turns if you will, the brain into an agent, okay, into a digital robot if you will. That can do work. And so now the agent runs on the cpu. We also worked with Dell to create a new type of long term memory for agents. We call it the Dell AI data platform that's built on Nvidia. The networking to scale it out is built on Nvidia. So the agent, the brain, the long term memory, all of the networking necessary to scale it up, as well as the agent runtime itself we call Nemo Claw, running in a secure and governed container called open shell. All of that has been put together and now the technologies are the technology parts. What Dell has to do is turn it into a solution that people can use. Dell will do for the world's enterprises. What the clouds for the clouds makes perfect sense.

[Ed Ludlow]

What is the Dell story Michael, around CPU and sort of like general purpose computing in the agent era. We've talked a lot about the AI factory offering the gpu but actually there's potential for you in more general purpose workloads. The build out is happening either way

[Michael Dell]

it is and the demand is exceeding the supply there as well as you know and look as you move to these agent frameworks inside companies, you use a lot more CPUs and that's just the reality of what's happening. And I think that's only going to increase.

[Jensen Huang]

So instead of humans using tools. It's now agents using tools. And agents, as you were talking about earlier on stage, we're going to have, we have a billion people, we'll have hundreds of billions of agents. People use tools every now and then. Agents are going to use tools all the time. And agents use tools very quickly. And so we're going to need a lot more CPUs. And those CPUs are connected to GPU brains so that the CPUs know how to think, how to reason, how to plan and how to use those tools. So that's basically how it works.

[Ed Ludlow]

Gentlemen, what is the biggest supply constraint or bottleneck for you right now?

[Michael Dell]

Well, certainly, you know, memory is a challenge.

[Ed Ludlow]

It is memory.

[Michael Dell]

The advanced node semiconductors are still challenging. You know, it's, it's really, I mean, we, we think about it from the things that we're producing and right. The semiconductor supply chain is ramping, but the demand's growing faster than the supply.

[Jensen Huang]

In our case, we provide the technology integrated and so the memory comes with our technology. We've been planning our supply chain for a couple, two, three years with the largest supply chain in the world. Our partners have done a great job securing supply for us. And so all of the pieces go together. The coas is lined up with the hbm, which is lined up with the Grace Blackwell and the CPUs and the COAS R, the COAS L, the COASs s. All of it is all lined up. The Silicon photonics is lined up. Everything is all lined up. It's just that the demand is much greater than the overall capacity of the world.

[Ed Ludlow]

So the overall capacity. Jensen, should I put my textbook away? Because if I get my textbook out, it tells me that memory historically is cyclical. It's boom and bust. And so you both kind of have to convince the memory makers of the permanency of this to build the capacity that won't sort of fall away. Is that the right way of looking at, at it that this is not a boom and bust cycle, it's just a complete change in the structure of that market?

[Jensen Huang]

Well, Michael and I do this all the time. We spend a lot of time with the supply chain. I mean, if you ask Sanjay Metra over at Micron, he'll tell you. Three years ago during a meeting, I explained the future to him exactly as it's happening right now. And I was really grateful that Micron Nvidia really lined up to line up all of our roadmap. Tony will tell you over at SK that we did the same thing years before. And so it's our job to make sure that the vision of the future of the industry we convey upstream to our supply chain so that they are building for it. We also have to convey it downstream to people who have power generators and land and financing and so on and so forth. And so we have to make sure that the supply chain upstream and downstream are prepared for this future future. It is true that the simple logic is this, that we have now reached a level of agentic AI, useful AI productive AI capability. And the way to think about these agents is kind of like just digital workers. We have hundreds of millions of digital workers in the world. We're going to have billions of AI agents in the world and they're going to be working 24 7. And so just as we give every digital worker a laptop and a small part of the data center, we're going to have to give every agent essentially a computer and a little bit of storage in a data center to use.

[Michael Dell]

Think about it this way. You know, you do individual work, you know, as a person.

[Ed Ludlow]

I do.

[Michael Dell]

And you send it on to somebody else and you know, there's interactions. Well, now you might have hundreds or thousands of, you know, digital agents working for ads that I supervise, that you supervise. And that's going to help you be way more productive, get way more things done, expand your creativity. Now it does require a lot more computing and memory and storage and networking and all the things that we're doing together.

[Ed Ludlow]

Last one on this, like Jensen outlined the Micron and the SK example three years ago. You gave them the heads up. Do they believe you? Are they sort of acting on that?

[Michael Dell]

They're investing. I mean, we're managing through it. But these things are very hard to predict. Right. If you tried to predict, you know, in 2023 what the demand was going to be in 2027, you would have a hard time doing that. So it does take a long time to build these factories. But we've got great relationships with these partners we have for decades that's helping us and they see that we're winning and so they want to work with us even more. And it's really great, long term partnership. Even though we'd like more.

[Jensen Huang]

Right now we're in the beginning of the AI build out. This is literally the very beginning of the agent AI build out. We're going to be building this out for a decade, maybe more. Because after this, digital agents will be physical agents.

[Michael Dell]

Then we go to the physical AI. We haven't even started that. I mean you saw some examples of that, you know, in, in the keynote. But that is a way bigger market and it will require all sorts of new infrastructure capabilities.

[Jensen Huang]

We're going to, for the very first time, bring it to the world's 90 trillion other industry. And so there's a giant industry ahead of us to build towards now. Meanwhile, the supply chain is more than doubling every year. I mean, it's probably quadrupling every year, but we'll still have a hard time keeping up with the build out for at least a decade. My sense, China.

[Ed Ludlow]

Jensen, you just returned from China. On Friday on Air Force One, the president said that H200 came up, but that China's position is it wants to support its own industry. Could I just ask what the net outcome was of your trip to China and your understanding of what is not or is allowed with H200 and the customers that you have or do not have in China?

[Jensen Huang]

The president wants America to win every where, right? The President wants America to lead the AI revolution. And so H2 hundreds are licensed to sell to China. The Chinese. The Chinese government has to decide how much of their local market do they want to protect and how much of their local market do they want to expand with more, more air capacity. My sense is that the demand in China is so incredible, just like it is here. Agentic AI is also making enormous progress there. My sense is that over time the market will open. President Xi was very clear that he wants China to be an even wider open market. Premier Li Chang was very straightforward and explained very eloquently that that China will be in an open market. So I'm looking forward to trying to be in a more open.

[Ed Ludlow]

To clarify, Jesse, you were able to meet with those officials directly to discuss whether or not you can sell to those Chinese tech companies?

[Jensen Huang]

I did. I didn't discuss directly with them about H200. I was there to represent the United States and I was honored to do so. I was there to support President Trump and really glad to do so, but that was really the focus of my trip. President Trump had some conversations with the leaders and I'm looking forward to what they decide.

[Ed Ludlow]

Michael, you did not go to China, but I think what's interesting is you are a member of the President's Council of Advisers for Science and Technology, as is Jensen, your net conclusion on whether or not China will become open to American technology companies to do business there?

[Michael Dell]

You know, we have a business in China. Obviously we comply with all the restrictions and you know, various controls that are in place. But I hope that there's more economic collaboration between the United States and China. That ultimately is what will lead to greater outcomes and prosperity for everyone and, you know, a greater likelihood of, you know, successful relationship between the countries and, you know, around the world.

[Ed Ludlow]

The final question on that trip, Jensen, is the sharpest rhetoric was probably on Taiwan. We've talked about the supply chain, but what did you take from those comments from, from President Xi on, on the issue of Taiwan? Of course, from a manufacturing capacity standpoint, TSMC is a critical partner. You and I have discussed it in the past, but at this moment in time, how top of mind is it for you, the security of supply for Taiwan?

[Jensen Huang]

None of us were involved in any of those conversations except for President Trump. With respect to Taiwan, obviously, Taiwan is still epicenter of the world's technology, manufacturing and technology development. The supply chain is rich in Taiwan. We're also, of course, re industrializing the United States, bringing manufacturing back to the United States. We're doing so at a time when demand for AI and this beginning of this new computer revolution is happening. And so demand is extraordinary. So as a result, we're building more factories here in the United States. Chip factories, packaging, computer factories, AI factories, of course. So we're building factories of all kinds here. They're also ramping up capacity. And the reason for that is because the demand is just so great across the board. I think that, I think the answer is, is that we want to have, it is possible to have supply chain diversity and, and resilience, and everybody should be seeking to improve that. It is also very true that Taiwan will continue to be one of the epicenters of the world's technology hub.

[Ed Ludlow]

Michael? I grew up using a Dell computer. You know that we discussed it in the past. Desktop, laptop. You and I never talk about computers in that context. We're always talking about supercomputers accelerating computing, both of you.

[Michael Dell]

And I think you should upgrade. I mean, now we have the new XPS 14 or 16. Now that would be my choice for you.

[Jensen Huang]

So what is the story?

[Michael Dell]

These are the best notebooks we've ever

[Ed Ludlow]

had about AI PC, but we're going to get Jensen's take to finish. But what is the role of the PC in this agentic age? Like, I'm using a computer at my desk to do work.

[Michael Dell]

Yeah, well, look, I mean, it's still the device that is the center of productivity for knowledge, work. And it is right there in front of everyone. And, and we have a great business there. And those devices are evolving too. You saw on stage how we're embedding the ability to run the small models and local models inside your PC. And what's happening is customers are wanting more powerful PCs because they want to be able to do all this great hybrid AI. And so, so it's a great business. It's still very much alive. And it also gives us incredible scale and strength in our supply chain, which helps us secure all the needed ingredients that we need.

[Ed Ludlow]

So you spent 31 years working on the server design together, accelerated computing. That's the scale we're talking about. Let me just be really clear.

[Michael Dell]

Well, we started with the PC, but

[Ed Ludlow]

why don't you just team up?

[Jensen Huang]

I was trying to sell him a gaming gpu.

[Ed Ludlow]

So what's going to happen between the two of you? A PC with a powerful GPU inside it. Why doesn't that happen?

[Michael Dell]

We have that. Yeah.

[Ed Ludlow]

And what's the plan going forward for that?

[Jensen Huang]

Well, we can't tell you the plan right now. Very, very soon. We like to tell you there's, there's. Well, let's.

[Ed Ludlow]

You're interested in.

[Jensen Huang]

Think about, think about the arc. Think about the arc. I'm interested in computing, no doubt. Think about the ARC of computing. When Michael and I came into the industry, it was that it was kind of at the tail end of mainframes. Not that it was a tail end of mainframes, because mainframes go away. It was tail end of its growth and it was the beginning of personal computers. We're now seeing the beginning of, of course, AI in the cloud and that's going to continue to grow, but we're also going to see personal AI instead of personal computers. Want personal AI. So the question is, and the reason for that is just we were talking about earlier, AI needs to be where the context is. If all the information that I have is on my laptop and I need, I need help, I need AI to help me do work on my laptop, then I need AI to run kind of locally. And if I have, if I have a factory, then I need agents to run in the factory. If I have, if I have a hospital, I need agents to run the hospital. That's where the operating room

[Michael Dell]

can't be running somewhere else.

[Jensen Huang]

Right. Because that's where the context is, that's where the action is.

[Michael Dell]

Yeah. If you've got an autonomous vehicle. Right. The AI has to be running the car inside the vehicle. And so this idea of distributed intelligence and unmetered intelligence.

[Ed Ludlow]

Right.

[Michael Dell]

Where you can generate as many tokens as you want. Ed, on your new XPS 16 you just have to get Bloomberg to get you one, you know? Sure we can.

[Ed Ludlow]

And on that note, Michael Dell, Chairman and CEO of Dell Technologies Jensen Huang, CEO of Nvidia, live in Las Vegas. Once again, dell technologies world 2026 the

[Deloitte Narrator]

right technology can strengthen human judgment. That's why Deloitte brings together AI and data analytics with multidisciplinary teams. People with deep industry experience who can challenge assumptions and help you connect the dots across your end enterprise. From risk signals to operational pressure points to shifting customer needs, Deloitte helps you see what's coming sooner so opportunities don't slip by and surprises don't spread. It's not just dashboards, it's real clarity in the moments your decisions are made. When models reveal patterns, people can ask better questions. When data and people are connected, leaders can move faster with confidence. And when your teams are aligned, smart choices can scale from the frontline to the C suite. Because the smarter your systems, the sharper your instincts. That's how technology makes people better at what they do best. Deloitte Together makes progress. Learn [e-mail] TogetherMakesProgress support for the show

[Commercial Announcer]

comes from Public Lately, it feels like there are two types of investing platforms. Some are traditional brokerages that haven't changed much in decades, and others feel less like investing and more like a game. Public is positioned differently. It's an investing platform for people who are serious about building their wealth on public. You can build a portfolio of stocks, options, bonds, crypto without all the bugs or the confetti. Retirement accounts? Yep. High Yield cash? Yes again. They even have direct indexing. Public has modern design, powerful tools and customer support that actually helps go to public.com market and earn an uncapped 1% bonus when you transfer your portfolio. That's public.com market ad paid for by Public Holdings Brokerage Services by Public Investing Member FINRA SIPC Advisory Services by Public Advisors SEC Registered Advisor Crypto Services by 0/ all investing involves risk of loss. See complete [e-mail] disclosures being a small

[Commercial Narrator]

business owner isn't just a career, it's a calling. Chase for Business knows how much heart and effort go into building something of your own. That's why they make business growth their priority. The Chase team takes the time to understand your mission, where you are now and where you want to go. Their broad range of solutions is designed with you in mind so you can bring your ideas to life. From banking to payment acceptance to credit cards, you can conveniently manage all your business finances, all in one place with their digital tools looking for tips and advice. Their online resources are always available to give you the solutions you need to help your business thrive. See how your business can get stronger and go farther with Chase for Business. Learn [e-mail] business chase for business Make More of what's yours the Chase Mobile app is available for select mobile devices. Message and data rates may apply JPMorgan Chase Bank NA Member FDIC Copyright 2026 JPMorgan Chase Co.

[Commercial Announcer]

When you're running a business, the best days are the ones where priorities stay on track. For midsize and large companies, risk can affect multiple parts of the organization at once, from property and liability to cyber and regulatory challenges. At that level, managing risk becomes an ongoing discipline. At the Hartford, the focus is on helping businesses manage risk before it turns into something more disruptive. And when losses do happen, that work is paired with insurance coverage shaped by years of underwriting, risk engineering and claims experience. Learn [e-mail] RiskMitigation policies provided by Hartford Fire Insurance Company and its property and casualty affiliates, Hartford, Connecticut get the news

[Commercial Narrator]

you need in just 15 minutes.

[Michael Dell]

Start your day with Bloomberg Daybreak, the podcast with a global view on the stories that matter.

[Commercial Announcer]

I'm Nathan Hager.

[Commercial Narrator]

And I'm Karen Moscow. Join us each morning for curated stories on current events, politics, business and foreign

[Jensen Huang]

relations, plus one conversation on the day's biggest developments, all in just 15 minutes.

[Ed Ludlow]

Subscribe to Bloomberg Daybreak for a precise,

[Commercial Narrator]

thoughtful take on the stories that matter.

[Commercial Announcer]

Listen to Bloomberg Daybreak each morning on Apple, Spotify, or anywhere you listen.

[Consumer Narrator]

Thumbtack presents tile Trouble Every single time I use my sink, I make eye contact with the uneven grout on my kitchen backsplash. The crooked corners eye me, and I'm haunted by more tiling questions than I thought possible. What kind of pro can fix a backsplash? Can I replace one cracked tile or should I replace them all?

[Commercial Narrator]

What?

[Consumer Narrator]

What if I just use thumbtack? I can hire top rated pros, read reviews and compare prices with a tap all on the app. Thumbtack knows homes. Download the app.