Anthropic to Spend $50 Billion Building US Data Centers

Summary

Bloomberg Tech Podcast Summary

Episode: Anthropic to Spend $50 Billion Building US Data Centers
Date: November 12, 2025
Hosts: Caroline Hyde (New York), Ed Ludlow (San Francisco)
Main Themes: Explosive CapEx in AI, the data center gold rush, semiconductor battleground, investor skepticism vs. hope, and infrastructure’s physical and financial realities.

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Episode Overview

This episode covers one of the most ambitious infrastructure plays in AI history: Anthropic's plan to spend $50 billion on U.S. data centers. The discussion spans the implications for the AI ecosystem, the surging demand for compute, the broad impact on semiconductor and utility sectors, and the balancing act between market optimism and skepticism about the pace and sustainability of this spending. Key industry voices weigh in on the future of AI infrastructure, the health of tech earnings, the prospects of nuclear power as a power solution, and how investors should navigate the booming yet risky sector.

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Key Discussion Points & Insights

1. Anthropic’s $50 Billion Data Center Bet

• [02:00] Headline: Anthropic plans to deploy $50B building custom U.S. data centers for AI, with initial sites in Texas and New York.
• [02:50] Ed Ludlow contextualizes:

  “If you had said…a four year old unprofitable startup was going to commit $50 billion to an infrastructure project, you’d say that’s enormous and possibly insane. But when you compare it to the $1.4 trillion Microsoft has committed, it feels more measured.”

• The investment is an order of magnitude less than Microsoft’s, positioning Anthropic as more “fiscally responsible” yet still a formidable infrastructure player.
• [03:41] On partnerships: Fluid Stack (UK-based “neo cloud”) as a key builder—a less known but ambitious hyperscaler.

2. AI’s Unquenchable Compute Demand

• [04:03] Analysis: Details about the planned gigawatt footprint and capacity are withheld. Current dependence on Amazon and Google for compute persists, revealing the scale of technical and financial collaboration required.
• [04:27] Ed Ludlow:

  “…while they want to potentially have a bit more control…they’re going to be relying on those big tech partners and the Neo Clouds and pretty much anyone else in this industry to meet…a pretty intense amount of computing needs…”

3. Market Reaction & Semiconductor Moves

• [05:16] Top Stock Movers:
  • AMD: Surges nearly 10% after forecasting 80% CAGR in datacenter sales over next 3–5 years.
  • GlobalFoundries: Strong earnings but stock down, highlighting a competitive and capex-heavy environment.
  • Nvidia: $4.7T market cap; strong datacenter growth projections, but anticipation focuses on the sustainability of these trends.
• [06:37] Industry Take (Nicholas Javier, Columbia Threadneedle):

  “If you look at the performance of the hyperscalers…you are seeing a growth and dare I say, return on some of this CapEx.”

  • Early signs of AI-driven ad effectiveness and revenue growth are encouraging but investors remain vigilant about the ROI and pace of spending.

4. Investor Caution About AI Spending

• [07:42] On Meta (Nicholas Javier):

  “Even in a world where $100 billion is quaint…Investors are rightfully saying, help me understand the pace of the spending. How do I think about these returns…?”

• [09:00] On Nvidia’s next earnings:

  “What the market is really going to care about…is the pace of that CapEx coming through their revenues…are they going to be able to maintain that?”

5. Opportunities & Bubbles: What’s Real, What’s Not

• [11:09] On Quantum and Speculative Tech:

  “…the Quantum stocks have melted up thousands of percent. But for most…they don’t even have revenues for a few years running…for the healthier places…there’s probably going to be opportunity as the market continues to be weak.”

• [12:30] Interest Rates & Tech:

  “The Fed matters a lot…is there going to be liquidity in the marketplace…and obviously the Fed…is going to dictate the pricing…”

6. Will CapEx Treadmill Continue?

• [13:34] Nicholas Javier’s “crystal ball” for 2025–2026:

  “Are these CapEx numbers one time in nature or are we about to get on a CapEx treadmill… If people start to believe [so], I think you have the real possibility of seeing some nervousness from investors.”

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Quick Hits: Other Major Stories

Waymo Launches Highway Robotaxi Service

• [17:43] Milestone: First fully driverless robotaxi service—including highways—in SF, LA, Phoenix.
• [18:44] Ed Ludlow:

  “Waymo is really the first one that’s offering a fully driverless experience for customers.”

Airbnb + Instacart Integration

• [19:28] New Service: Airbnb pilots with Instacart to allow hosts to presupply guest orders—a move to add value to short-term rentals.

Whoop Considers IPO

• [20:28] Noteworthy Growth: The fitness wearable company, now hardware/software/apparel provider, contemplates IPO with focus on adding non-invasive glucose monitoring and predictive health AI.

Infineon's Growth on AI

• [24:20] Infineon CFO:

  “We just raised the guidance for our revenue this year from one billion to one and a half…it will not end in ‘26…we expect the addressable market for Infineon Power in data centers in the magnitude of $8–12 billion.”

• Power Concerns: Nuclear is being re-explored, but most new capacity is years away.

Meta’s Massive Infrastructure Push

• [28:16] Josh Araujo on Meta:

  “This is just a snowball that continues to roll downhill in terms of infrastructure for Meta… projects aren’t even going to be online for several years. It gives you a real sense of how much this company is betting on AI and wanting to control the stack themselves.”

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Debate: Too Much, Too Fast?

Skepticism on Data Center Mania

• [44:46] Kim Forrest (Boca Capital Partners):

  “Living in a virtual world… it’s really hard whenever they have to…do physical things. And that’s what we’re talking about with data centers… I’m not a believer that we really need all these data centers... humans are incredibly smart and are going to work around the brute force method of training large language models.”

• Forrest suggests that the West and China are in a race to develop more efficient AI rather than endlessly scale brute-force compute.

Market Valuations

• [48:21] On AMD's valuation:

  “…when we discover we don’t need the brute force method, these chips will be instrumental in that. So I think we’re going to deploy money, just differently than the way we’re currently thinking.”

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Notable Quotes & Timestamps

“If you had said…a four year old unprofitable startup was going to commit $50 billion to an infrastructure project, you’d say that’s enormous and possibly insane.”
— Ed Ludlow [02:50]

“Investors are rightfully saying, help me understand the pace of the spending. How do I think about these returns…?”
— Nicholas Javier [07:42]

“Are these CapEx numbers one time in nature or are we about to get on a CapEx treadmill…?”
— Nicholas Javier [13:34]

“Waymo is really the first one that's offering a fully driverless experience for customers.”
— Ed Ludlow [18:44]

“I'm not a believer that we really need all these data centers. I think human beings are incredibly smart and are going to work around...the brute force method of training large language models.”
— Kim Forrest [44:46]

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Timestamps for Key Segments

• Anthropic’s $50B data center announcement: [02:00–04:50]
• AI compute, big tech alliances: [04:03–04:50]
• AMD & semiconductor sector reaction: [05:16–06:16, 32:20–33:32]
• Investor perspective on tech spending: [06:35–13:34]
• Waymo launches highway robotaxi: [17:43–19:17]
• Whoop’s IPO talk and health tech plans: [20:28–23:03]
• Meta’s data center strategies: [28:16–31:37]
• Kim Forrest’s data center skepticism: [44:46–48:39]

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Tone and Style

The episode is fast-paced, opinionated, and steeped in high-level financial and tech industry analysis. Hosts focus on numbers, trends, and practical consequences over hype, balancing optimism about technology’s future with sobering notes of skepticism about bubbles and unsustainable capital expenditure.

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Conclusion

This Bloomberg Tech episode dissects the latest escalation in the AI infrastructure arms race, focusing on Anthropic’s $50B data center play against a backdrop of record-high CapEx, market exuberance, and investor ambivalence. With sharp insights from sector leaders, the show covers why compute and energy are this decade’s tech gold rush, but also why smart money is treading carefully—even as stocks like AMD and Nvidia soar. The lesson: The race for AI dominance is a marathon, and nobody yet knows if today’s infrastructure bets are visionary or just the next big bubble.

Transcript

[Ed Ludlow]

For every six Chinese people, there's a Ping an customer. We have accumulated a massive amount of the customer data, not just on the financial side, but end to end across channels, thanks to our AI advancements.

[Caroline Hyde]

This is the Technology Empowered Growth at Ping an podcast. In our latest episode, Ping an is.

[Ed Ludlow]

Utilizing technology to provide integrated and personalized 24. 7 support for China's rapidly growing elderly population. Now available on Spotify, Apple Podcast and Ping An's website.

[Nicholas Javier]

You know what your customers are doing right this second? The exact same thing.

[Ed Ludlow]

You are listening to me, which, let's be honest, is kind of flattering. But my point Is, ads on iHeartRadio actually get heard in the car, at the gym, on the couch, while people.

[Nicholas Javier]

Are walking their dogs.

[Ed Ludlow]

Who's a good boy? Who's a good boy? You're a good boy. That's right, dude. You're a good.

[Nicholas Javier]

So why not make the next ad about you?

[Ed Ludlow]

Get started today. Call 844-844-IHEART or go to iheartadvertising.com that's 844-844-iheart or iheartadvertising.com hello and welcome.

[Caroline Hyde]

This is the Michel Hussain Show. I'm Michelle Hussain. I speak with people like Elon Musk.

[Josh Araujo]

I think I've done enough.

[Caroline Hyde]

And Shonda Rhimes.

[Ed Ludlow]

Oh, that's so cute.

[Caroline Hyde]

This will be a place where every weekend you can count on one essential conversation to help make sense of the world. So please join me, listen and subscribe to the Mishaal Hussain show from Bloomberg Weekend. Wherever you get your podcasts, you certainly ask interesting questions. Bloomberg Audio Studios Podcasts Radio news.

[Ed Ludlow]

Bloomberg Tech is live from coast to.

[Caroline Hyde]

Coast with Caroline Hyde in New York and Ed Ludlow in San Francisco.

[Bloomberg Host/Reporter]

This is Bloomberg Tech. Coming up, Anthropic plans to spend $50 billion to build AI data centers in the US.

[Caroline Hyde]

Plus, data cent demand helps AMD shares jump as it predicts accelerating sales growth over the next five years and who.

[Bloomberg Host/Reporter]

Is considering a potential IPO in the next two years, according to its CEO. We'll have the details. Okay, let's get on to our top story. Anthropic plans to spend $50 billion to build custom data centers for AI work in several US locations, including Texas and New York. This is the latest expensive pledge for infrastructure to support the AI boom. Bloomberg's Ed Seth Figgman joins us for more. There are some details worth understanding and knowing about and what Anthropic plans to do with this $50 billion over which timeline and with who. But there's also some consideration around how big this $50 billion is relative to the rest of the field.

[Ed Ludlow]

That's right. You know, I think in one sense if you had said a year or two ago that a four year old unprofitable startup was going to commit $50 billion to infrastructure project, you said that's enormous and possibly insane. But when you compare it to the 1.4 trillion has committed, it feels much more measured. And I do think that is very much the subtext of a lot of this anthropic is clearly taking a page from opening in terms of the scale of infrastructure required to build what it wants to build. But I think it also wants to show that it's perhaps a fiscally, a more fiscally responsible company and doing this in order of magnitude less.

[Caroline Hyde]

At the moment they've raised $13 billion recently, they're worth $183 billion and they've had really good track record with business and enterprise sales, 300,000 business customers. But what's interest the business they're doing with other people? They're using a UK company to build out in the us.

[Ed Ludlow]

That's right. I mean Fluid Stack is really not a household name here. I mean it's part of that emerging sector of Neo Clouds, but not nearly as well known as Core Weave or even Nebulous. But you know, it's an up and coming company that we've previously reported in talks for a large amount of funding and it's been central to a French effort to build a supercomputer over there. But again, more untested perhaps than some other partners you might announce here.

[Bloomberg Host/Reporter]

It's one of the stories where it's what we do not know that's worth consideration. So they're not telling us, you know, the total gigawatt figure for the footprint in the United States. And at the same time, you know, they're heavily reliant on these hyperscale partners, Amazon, US and Google, to give them the compute they need away from this, this plan to build $50 billion of capacity.

[Ed Ludlow]

Yeah, and I think again, if you look at third nearest rival OpenAI, the answer is sort of it takes everything and everyone to build what they want to build here. And so while they want to potentially have a bit more control and ownership over some of the data centers that they build in the coming years, they' going to be relying on those big tech partners and the Neo Clouds and pretty much anyone else in this industry to meet what they imagine to be a pretty intense amount of computing needs here.

[Caroline Hyde]

Bloomberg, Seth Feigeman It's a great breakdown. Thank you. Look, those intense compute needs, those AI bubble hopes, they're still being questioned by the market, at least on the day. Let's check in on the NASDAQ. It's under pressure by 3, 10% even though we've got some significant movers to the upside of the chip sector and you're going to get to it. But at the moment we're still trying to digest potential end to the government shutdown. We're still trying to digest really where some of the AI return on AI is eventually coming from as there are.

[Bloomberg Host/Reporter]

Some outperformers and AMD is probably the starkest example, up almost 10%, more than 9%. They had their basic annual capital markets day or investor day and what they said is that top line revenue growth is going to be annualized 35% over the next three to five years. But in that key data center category, 80% CAGR over the same time period. And the question we've asked so many times on this program is is AMD meaningfully going to close the gap on Nvidia for AI accelerators or GPUs for data center? The market really likes what it heard. Global Foundries actually had a really strong earnings beat in the third quarter, particularly on the bottom line. Again, another sort of smaller scale contract manufacturer chips like TSMC, but the stock down 3% all in all at the index level. The Philadelphia Semiconductor index or stocks up 1.2%. But there is like this weird kind of treading water right now, bigger picture because of the government shut down. And amd, as you know, Carrie is probably doing a little bit to boost at the index level.

[Caroline Hyde]

And as let's just get the context here for all of this and drill down into what has been some cautious optimism in tech stocks. In an end, of course, the US Government shutdown potentially in sight. Nicholas Javier is with us. He is the head of North American equities for Columbia Threadneedle. It's got a cool $714 billion in assets under management. Nick, it's wonderful to have you here in the studio.

[Nicholas Javier]

Thank you for having me, Caroline.

[Caroline Hyde]

And you've got this great take on sort of what the drivers are going forward, you call it tire. But we are still trying to digest trade. We are still trying to think about interest rates. I think you go into what's happening with inflation. But earnings, what are we hearing from earnings to vindicate the run up that we've had of late?

[Nicholas Javier]

Hey, look, thus far, right, I think it's fair to say that earnings have been really, really good. If you look at the performance of the hyperscalers, in particular this most recent earnings season, you are seeing a growth and dare I say, return on some of this Capex. All you have to do is look at what's happening with matter, right? When you look under the surface, you are seeing that the AI is enabling better ad effectiveness. Right? And those are some of the early things that we want to start to see as investors to validate the spending.

[Caroline Hyde]

Well, what's been interesting is investors didn't give much of a longer reign to matter. It was beaten up in this earnings season because they'll take on more debt, they're thinking and committing to that capital expenditure. What do you want to hear from Zuckerberg? Do you want to hear that optimism or do you want to sometimes hear that he's going to be sensible with the money spending too?

[Nicholas Javier]

Hey, look, investors are doing exactly what we should be doing right now. We're asking questions. And why are we asking questions? Because Caroline, even in a world with $100 billion is. Is quaint, right? We're talking about really big numbers here. So investors are rightfully saying, hey, help me understand the pace of the spending. Help me understand how do I think about these returns flowing through. What's the time frame on that? And Mark, do you really need to spend all of this money right now or should you take your time? Now Zuckerberg would say we absolutely have to move forward because this is going to matter for the future of the company. And if we don't do this spending, we're going to fall behind. But investors are going to ask questions and that's precisely what we should be doing.

[Bloomberg Host/Reporter]

Nick, it's great to have you on the program. Let me give you some really big numbers. $4.7 trillion market cap for Nvidia top line growth overall 56, 57% datacenter, maybe even better. The E in your acronym, it cannot get any bigger than next Wednesday. How should the market brace for that Nvidia print either to the upside or to the downside in terms of disappointment.

[Nicholas Javier]

Look, I know that there is a focus and we like to look at these earnings sort of on a real time basis. But what the market is really going to care about, Ed, is how is Nvidia talking about the future? Right. Caroline was just pointing out that we've had lots and lots of Capex commitments. And what investors want to hear is.

[Ed Ludlow]

Is.

[Nicholas Javier]

Is what, what is the pace of that Capex coming through their revenues? And look, I Know, we're going to focus on a backwards looking view in terms of the quarter, but what we should be thinking about is, is the pace of their competitive positioning. Are they going to be able to maintain that? Are they going to be able to maintain this revenue trajectory that they're on? And at least in the short term, I think they can.

[Bloomberg Host/Reporter]

You are the head of North American equities, right? You probably take a much broader macro view. But when you do have a company like this who's not just technical, weighting at the index level is an important consideration. But like the psychological weight that Jensen Huang puts on the market, how do you prepare for that? How do you translate that for your clients?

[Nicholas Javier]

I think what you have as an investor is focus on the things that you can do best.

[Josh Araujo]

Right?

[Nicholas Javier]

And what, what is it? What is our competitive advantage, if you will, from the perspective of Columbia Threat Deal, what we can do is study the market, understand the competitive dynamics and be able to weigh through who the winners and the losers are going to be. Now, is Jensen's commentary, is that going to matter for investor expectations? It will, but to the extent it creates noise, I think what we have to do is be ready to take advantage of that on behalf of our clients.

[Caroline Hyde]

And so in this moment, if there is weakness and we have seen some pockets of weakness, look, Quantum's come off. We've had some of the more sort of risk prone. Maybe the unprofitable side of the tech's been pulling back a little bit nuclear. Maybe we've got less excited about that. Are they buying opportunities or are you thinking that you actually want a little bit of a healthy correction as Some of these CEOs of financial companies been.

[Nicholas Javier]

Talking about, hey, look, Caroline, I would segment out the market. I think there are places where there is fundamental strength. And to the extent you see weakness, it's probably a buying opportunity. And I would separate out the places of the market where really what we're talking about is speculative appetite. Right? The Quantum stocks have melted up thousands of percent. But for most of these companies, they don't even have any revenues for a few years running.

[Josh Araujo]

Right?

[Nicholas Javier]

So I would not necessarily describe that segment of the market as a buying opportunity, but for the healthier places, the places where you can model out real revenue growth, you can see where the cash flows are going. There's probably going to be opportunity as the market continues to be weak.

[Caroline Hyde]

Opportunity. And I mean the opportunity we keep hearing about, the limiting factor we keep hearing about is utilities and is energy, but also the key limiting factor for many is going to be the pace of interest rates and where they go.

[Bloomberg Host/Reporter]

Yes, yes, let's go to interest rates. So in your acronym, we've done a lot on the E. Right. What we always say on this program is that higher rates discount the present value of future cash flows. And we try and help the audience understand like why do we track the Fed on Bloomberg Tech? As an investor who's looking at this technology sector, why do you look at the Fed? Do you care? Help us understand.

[Nicholas Javier]

Look, we absolutely care.

[Josh Araujo]

Right.

[Nicholas Javier]

And I'll take you back again to these race really big numbers, trillions of dollars that, that we're talking about. So the Fed matters a lot from the perspective of is there going to be liquidity in the marketplace and obviously the Fed in terms of the short term interest rates is going to dictate the pricing on that, on that capital. So yes, the Fed matters. I would point to the audience that there's been somewhat of a pivot for Fed. Five weeks ago, I think it was relatively consensus that interest rates were heading lower. We're now in somewhat of a data fog, but the little bit of data that we've seen suggests that we might be on hold. So in the short term, I think you're going to see some countervailing winds, if you will. In the long term, you would expect interest rates to start to come down given what we're seeing in terms of economic performance.

[Bloomberg Host/Reporter]

Let's end the conversation by you telling us what the going to happen in the balance of 2025 and 2026 for the technology sector. Your crystal ball, please.

[Nicholas Javier]

Look, I think for it for the next few weeks it's going to be all about investors trying to figure out where are the returns going to come from. Let's look through the tea leaves. Let's see the early evidence that this CapEx is, CapEx is, is, is going to pay off. So I would expect that that's going to drive a lot of the conversation for the balance of the year. But I'll fool you forward into 2026. I think an important conversation and one that we haven't spent a lot of time on thus far is are these capex numbers one time in nature or are we about to get on a capex treadmill which is akin to telecoms of the 1980s? If it's the former, I think the market will do well through that. If people start to believe the latter, I think you have the real possibility of seeing some nervousness from investors.

[Bloomberg Host/Reporter]

Nicholas Schombier of Columbia, Fred Needle Great to have you on Bloomberg Tech. Thank you so much. Coming up, fitness wearable company says it's looking to potentially IPO within the next two years. We're going to get that story next.

[Caroline Hyde]

Cara, what you got in the here and now. And we're checking out airline stocks because we have heard from. Sean Duffy is the transportation secretary speaking to reporters saying the US Aims to start lifting flight cuts in a week once the government opens. We're up more than 2% across the board. This is Bloomberg Tech.

[Ed Ludlow]

For every six Chinese people there's a ping on customer. We have accumulated a massive amount of the customer data, not just on the financial side, but end to end across channels thanks to our AI advancements.

[Caroline Hyde]

This is the technology empowered growth at Ping an podcast. In our latest episode, Ping an is.

[Ed Ludlow]

Utilizing technology to provide integrated and personalized 24. 7 support for China's rapidly growing elderly population. Now available on Spotify, Apple podcast and Ping AD's website. Run a business and not thinking about podcasting? Think again. More Americans listen to podcasts than ads supported streaming music from Spotify and Pandora. And as the number one podcaster, iHeart's twice as large as the next two combined. So whatever your customers are into true crime, sports, comedy, culture, they'll hear your message. Plus, only iHeart can extend your message to audiences across broadcast radio. And all this reach means everything. Just think about the universal marketing formula. The number of consumers who hear your message times the response rate equals the results. Now let's get those results growing for you. Think podcasting can help your business? Think iHeart streaming radio and podcasting. Let us show you at iheartadvertising.com that's iheartadvertising.com or call 844-844 iHeart one more time, call 844-844-IHEART and get podcasting working for you. I'm Barry Ritholtz inviting you to join me for the Masters in Business podcast. Every week we bring you fascinating conversations with the people who shape markets, investing and business. CEOs, fund managers, billionaires, Nobel laureates, traders, analysts, economists, everybody that affects what's going on in the market. Whether you own stocks, bonds, real estate, commodities, crypto. You really need to hear these conversations. Sometimes it's behaviorists like Dick Thaler or Bob Shiller. Sometimes it's fund managers like Peter Lynch, Bill Miller, Ray Dalio. Sometimes it's authors. Michael Lewis, author of the Big Short and Moneyball. Regardless of the conversation, these are the folks that move markets each week. That's the masters in Business podcast with me, Barry Ritholtz. Listen on Apple, Spotify or wherever you get your podcasts.

[Caroline Hyde]

Waymo, it's begun offering rides that include highways, highways in San Francisco, Los Angeles and Phoenix. The company is also widening its service area in the Bay Area in the coming weeks. It's all offering rides across Silicon Valley more broadly. Bloomberg's consumer app reporter Natalie Lang joins us now. And why is rides on highways such a big step?

[Ed Ludlow]

It is a big deal because it can cut down trip time for a lot of customers right now. Before freeway access was available, you know, Waymo had to plan routes, avoiding the highways and, you know, navigating the narrow city streets and lengthening trip times a lot.

[Bloomberg Host/Reporter]

Natalie, we were talking with the team this morning right about is this the first time that a genuine Robotaxi service, no safety driver, is going on a freeway or highway and charging a fare? The answer is probably yes. Just explain that footprint in those markets, SFLA and Phoenix area, against what others have or have not yet done.

[Ed Ludlow]

So opening the freeway access would connect some of Waymo's existing markets like sf down south, down all the way to San Jose and even to the airport. And so this would make them very competitive against traditional, traditional taxis and Ubers and Lyfts and make it, you know, not different from regular ride hailing. And compared with Tesla, which currently still have safety monitors in the cars, whether it's within city trips or freeway trips. So Waymo is really the first one that's offering like a fully driverless experience for customers.

[Caroline Hyde]

So I'm flying into Phoenix. I've got a nice little Airbnb that I've booked and I'm taking my Waymo to my Airbnb and now I'm going to be able to get Instacart ordered there as well. You've been a busy reporter. What's happening over at Airbnb with Instacart?

[Ed Ludlow]

Yes. So Airbnb is piloting this kitchen stocking service with Instacart where hosts can receive your Instacart order and then pre stock your Airbnb and so you can make use of that kitchen while you're in a short term rental. And so this is a three month pilot that will start next year. And Airbnb is incentivizing host to provide this service by giving them some cash incentives.

[Bloomberg Host/Reporter]

Bloomberg's Natalie Long, thank you very much. Let's get to another story. Fitness wearables company Wu Group says they're considering a potential IPO in the next two years. That's according to CEO Will Ahmed, who spoke with Bloomberg, Samantha Kelly and Sam joins us now. We've been tracking closely with you in particular on this program. It's not, how should I put this, unusual for a CEO of a closely followed startup. Say, you know, we're thinking about an IPO or a listing in the not too distant future, but give us some of the background context of why that conversation came up.

[Caroline Hyde]

Sure. So this is something that he's kind of hinted at before, but this is the first time he's really outlined perhaps.

[Ed Ludlow]

In the next two years. He pointed to the fact that the.

[Caroline Hyde]

Company is pretty much a standalone business at this point, has hardware, software, as accessories, apparel, its own proprietary technology. And he said that it's really gotten to a point where they can move forward. And, you know, he raised the question, if you think about a big company that really owns the idea of personalized health at the moment in the public space, what comes to mind? And he said Whoop is the company that he wants people to think of when the time comes. I do feel like the health and gadgets in health offering, it's just got ever more competitive though, throughout, well, Ahmed's journey. Talk us through what the product roadmap looks like for that couple of years time frame.

[Ed Ludlow]

Absolutely, absolutely.

[Caroline Hyde]

Yeah.

[Ed Ludlow]

To your point, a lot of companies.

[Caroline Hyde]

Now are really stepping it up, doing.

[Ed Ludlow]

A lot of the same type of.

[Caroline Hyde]

Type of features and type of results and data. But to your point, as far as product roadmap goes, one of the areas that a lot of companies have yet to master is the idea of continuous glucose monitoring. A lot of these devices, they monitor your glucose levels. A lot of people with diabetes, this is something that they need to do. And the technology behind it is quite clunky. It's very invasive. It usually involves needles and the puncture in the skin. A lot of companies want to perhaps change the form factor. Whoop is one of these companies. They say that they are interested in.

[Ed Ludlow]

Not only taking that information and using.

[Caroline Hyde]

It as part of its overall dashboard, but also to figure out a new form factor that makes it easier, more seamless, and is non invasive for for users. Another area is what he calls a operate health operating system. So basically something that you can come to and do a little bit of everything and similar to how an AI model perhaps might predict the next word if you're using, you know, a chat or something like that has its own AI models and what it wants to do is to look at predictive health. So perhaps taking all the information and being preventative when it comes to heart attacks, strokes and other things down the line. Also, some ongoing conversations, therefore, with the US fda. Bloomberg's Sam Kelly, you always bring us the greatest reporting. Thank you very much indeed.

[Bloomberg Host/Reporter]

Real quick, I want to go back to the story of Softbank selling out of its Nvidia stake entirely. $5.6 billion stake now gone. This is SoftBank's U.S. listed shares down almost 6%, a somewhat delayed reaction to that news of 24 hours ago. But overnight in Japan, in Tokyo, those shares also dropping. And again, we're going back to a story we did well yesterday. But this isn't concern about Nvidia. It's just more about Softbank and what it's up to.

[Caroline Hyde]

Karen, good reminder. And meanwhile, it's talking tech now. And first up, Nvidia partner Hon Hai is offering a rosy outlook for 2026, citing AI as its key growth driver that the company reported a better than expected 17% jump in net income for the September quarter. Chairman Young Lu struck a tone of cautious optimism, saying the company remains very positive about AI. + JD.com says it's notched record sales during China's singles day event with a reported 40% jump in shoppers orders. They surged nearly 60% during the sale, defying concerns over weak consumer spending amid persistent, persistent deflation in the country. And shares of Infineon, well, they are soaring after the company forecast a return to growth for revenue in 2026 driven by global AI data center boom. Of course. Bloomberg's Guy Johnson spoke with Infineon CFO Sven Schneider.

[Ed Ludlow]

We just raised the guidance for our.

[Nicholas Javier]

Revenue for this year from one billion.

[Ed Ludlow]

To one and a half.

[Bloomberg Host/Reporter]

So we are more than doubling in.

[Ed Ludlow]

This fiscal year and it will not end in 26.

[Nicholas Javier]

We expect the addressable market for Infineon.

[Ed Ludlow]

For power, the data centers in the.

[Bloomberg Host/Reporter]

Magnitude of 8 to 12 billion.

[Nicholas Javier]

So it's a significant idiosyncratic growth driver.

[Bloomberg Host/Reporter]

For the company going ahead. The boom has also led to rising demand for electricity and plans to build out nuclear power facilities to meet that demand. But despite billions in investment, hardly any of that power will be ready for a decade. Our nuclear energy reporter will wade here with more. That's the story that, that's the reporting. Lots of investment up front and you've got to wait a long time to get more.

[Ed Ludlow]

Yeah, the thing to keep in mind about nuclear is that everything moves really slowly. You know, I mean any of these power plants are major construction projects. So already that's a slow thing. And then it's nuclear so you know that they are going to take their time because it has to be safe. So it's a very slow moving industry. There is huge demand for it now. There's, there's, as you know, just amazing demand for electricity now. All these big tech companies, they want electricity yesterday. But what we're going to see in the near term is a lot more gas power.

[Caroline Hyde]

That's so interesting. And just briefly, will we Hear talk about SMRs, we hear talk about new nuclear, but it's actually retrofitting or it's old nuclear plants that are coming back online.

[Ed Ludlow]

Yeah. So there's a push to reopen some of the nuclear plants that closed and earlier this century. You know, I was tracking them for years and more than a dozen reactors closed in the decade through about 2022 and we're seeing several of them getting restarted. They were way too expensive to operate when people didn't really value it. But now they are willing to spend a lot of money, especially the tech.

[Bloomberg Host/Reporter]

Companies because they've got these big deep pockets.

[Ed Ludlow]

They can spend money for it. We may see the first one of those come online. January, February, early next year in Michigan.

[Bloomberg Host/Reporter]

The Palisade, its plan.

[Caroline Hyde]

All eyes peeled on your reporting, Will Wade. So it was great to have you on around nuclear.

[Bloomberg Host/Reporter]

Welcome back to Bloomberg Tech. AMD is probably our big story and mover of the day. Best performer both in terms of percentage gain and points on NASDAQ 100 and the Philadelphia Semiconductor Index. The story is really clear and it's investors day. It says top line overall 35% annualized growth over the next three to five years. But in that key datacenter category, 88.0percent CAGR over the same time period and clearly investors like it. That 10% gain, it's basically biggest jump in about a month. GlobalFoundries is a US based contract manufacturer of chips. It reported pretty strong earnings actually in the quarter just gone, but the stock down 6%. I guess mixed feelings, a high bar quarter, that kind of thing. But right now with the effort of this country to reinsure manufacturing semis, we tend to take a close look at it. And then at the index level, we were talking about this earlier in the program Carry where AMD is probably artificially boosting a little bit the picture on the stocks right now which is up 1.6%. But as we discussed with some brilliant guests throughout the show, government shutdown the big E for earnings next Wednesday video. Those are probably things that we're bracing for.

[Caroline Hyde]

Meanwhile though, the AMD story is all about Data centers, isn't it? We've got yet more breaking news on that front. Matter shares are coming off by 2.7%. But this is as the social media giant is also planning to spend yet more money, more than $1 billion on a new data center in Wisconsin. Now, the announcement actually confirms Bloomberg's reporting from April about the plan. Let's get a reminder on it. Kurt Wagner joins, joins us, who covers the company and almost feels a drop in the bucket of what the ultimate capex that Mark Zuckerberg is currently saying is going to spend. But this is big for Wisconsin.

[Josh Araujo]

Yeah, it's big for Wisconsin. And it's a sign, Caroline, that this is just a snowball that continues to roll downhill in terms of infrastructure for Metta. Right. We're now talking about data centers in Ohio, in Texas, in Louisiana, this one in Wisconsin that they just announced this morning. And so these are, you know, projects that aren't even going to be really online and operational for several years. It just gives you a real sense of how much this company is betting on the future, betting on AI and wanting to control the stuff themselves. Right? Not necessarily going out and paying another tech company to use their data center, but really trying to own that infrastructure themselves.

[Bloomberg Host/Reporter]

That's where I wanted to go. So the headline right now is a $1 billion data center in Wisconsin, but the bigger figure is $6 billion, as Carrie pointed out, over a period of years. Matter is not a hyperscaler. It's a technology company, social media focus, that also has an AI lab within it. Just explain why Matter thinks the best approach is to build its own infrastructure and have its own components, compute available to its teams internally as much as anything else.

[Josh Araujo]

I mean, my read on this, Ed, is to go back more than a well over a decade ago when Metta really missed out on the mobile phone. Right. And Mark Zuckerberg has spent now years and years and years reliant on Apple and Google primarily to distribute his products to his users. And we see this with, I think he regrets that he's talked about regretting that he's talked about the challenges that come with being reliant on another major tech company. And so we see what they're building around their own hardware in terms of AR and VR with glasses. We see what they do around their own data centers. I really think this is very much a control thing. This is something that the company has been burned on in the past, if you ask Mark. And, you know, they have a chance to control their own destiny a little bit with this infrastructure. And so I think they're leaning into it because of that.

[Bloomberg Host/Reporter]

What happens next with Matt? Right. They have these big projects like there's this map that people show on the social medias of matters. Data centers occupying New York City in Central park just give the sort of headline summary of their total ambitions.

[Josh Araujo]

Yeah, so you mentioned that's the data center in Louisiana, this one that could be as large as 5 gigawatts of of power and compute. Ultimately I think that is a company that as we've talked about is building several different data centers in order to spread this out. But I think the big thing for them quite frankly, data centers aside, because those are still a few years away, they need to show that all of this talent that they spent billions of dollars on over the summer, these, these researchers and engineers are going to deliver a world class model. And so we will see that at some point I imagine in the next six months or so where they will come out with a new model model that they need to be on par with, you know, OpenAI and Google and other top class models to sort of show that it's not just building the infrastructure but it's actually capitalizing on that talent and having a product to deploy to people that that sort of reflects this investment on infrastructure. So the data centers are years off. I think more urgently, you know, the pressure is on them to deliver a real world class model here in the next six months.

[Ed Ludlow]

Months.

[Bloomberg Host/Reporter]

Bloomberg's Kurt Wagner, thank you very much. Let's get back to that AMD story. Shares absolutely surging up almost 10% over the course of the day. That shows the trading over a couple of days. It sees accelerating sales growth over the next five years driven by strong demand for its datacenter products. CEO Lisa Su updated investors on AMD's long term outlook amid rising concerns of massive spending, some of which is outlined find. Let's get to Bloomberg's Ian King who leads our coverage of semiconductors. Clearly this is a positive market reaction to AMD saying here's what we see for the next five years. But that 80% CAGR compound annualized growth for the datacenter business, that's the headline really, isn't it?

[Ed Ludlow]

Yeah, I mean there were a lot of headlines, a lot of numbers and if you actually look at what happened as I was speaking, stock really didn't do very much. Then after hours when the management were on stage and were being questioned, they put in a strong performance and that's really when the stock started to pick up and that's what the analysts and investors have reacted to really and was.

[Caroline Hyde]

Enough articulation given by Lisa Su as to if open air is good for the money longer term. She was asked a lot about some of these nervousness about these circular deals about an AI bubble in, in other.

[Ed Ludlow]

Kind of words, yeah, mean, you're right, she was asked about that, sort of talked around it. Then the analysts were like, no, come on, you've got to help us out here. And what she said really was, look, if everything happens as though it is laid out as we get the users, the amount of models deployed and everything, the money's going to be there real.

[Bloomberg Host/Reporter]

Quick, the money going to be there. I believe Lisa sue was asked by some of the analyst community about the relationship with OpenAI and they posed the question that we tried, tried to some weeks ago when she was in the seat you're in is open air good for it?

[Ed Ludlow]

And she said yes, don't, don't rule them out was her strong, strong sort of retort to that push in King.

[Caroline Hyde]

We love it. Thank you very much. AMD on an absolute 10.

[Bloomberg Host/Reporter]

Startup for terror has just closed a $238 million got a funding round that raises its valuation to more than $1 billion for terrorists. Autonomous technology is used for battlefield vehicles that can operate individually or as a swarm to conduct surveillance or to carry items such as missiles. Here to discuss for Terrace CEO Josh Araujo. Josh, you join us from the Web Summit in Lisbon. Thank you for being here on Bloomberg Tech. I want to bring back some of that video of the technology and we'll get to the raise. But just explain the autonomous system, the payload and the swarm effect that we were just discussing.

[Josh Araujo]

Yeah, so what we're providing are really enabling is the use of any vehicle to carry any mission capability into combat in support of our men and women who are serving our country. So you think about, you know, a lot of investment in defense tech is happening many other domains, space, air, maritime, but really where the wars are fought and more wars are won or by the men and women on the ground doing the hard dangerous work of our ground combat forces. So this technology is really, you know, in support of them. It's what gets us excited, gets us up in the morning is to go deliver, you know, really mission critical lighting, life saving technologies that takes them out of harm's way and allows them to accomplish those missions really from anywhere the on the world and particularly from a much safer position than riding in that vehicle.

[Bloomberg Host/Reporter]

The $238 million Series C is split between equity and debt. What is it that you need the funds for in scaling and deploying your technology to the battlefield?

[Josh Araujo]

Yeah, so if you look at the priorities for the Department of War and Secretary Hegseth had a really great speech last week. I had the pleasure to be there. But really what they're indexed on is speed, scale and capability. So how do you get more capability into the hands of warfighters faster and at scale? So what this, this funding is going to able is really to do just that. Everything from acquisitions and M and A. We recently acquired gotenna which really brings more capability tightly integrated to the war fighter we're using to invest in additional capabilities. If you look at these vehicles on the, on the screen, those are now mobile data centers with comms, compute sensing that are now fully distributed on the battlefield will deliver more than 200 systems into operational and combat environments this year. So it's how do we take more capability and leverage that compute comms and sensing at the edge to bring additional payloads, additional sensing, additional firepower, and really help those missions close for those men and women that are out there defending our country.

[Caroline Hyde]

Josh, let's just talk about the underlying technology, the innovation that you brought here because you're kind of outfitting these existing vehicles with your own sensors. How are you working with partners and what is it that you brought that no one else really had?

[Josh Araujo]

Yeah, I think it's our ability to work with best in class capability, best in class partners. So traditional defense primes, they are excellent at building vehicles at scale. So we can take their capabilities capability made it with our technology, which is really the compute sensors, the autonomy software, leveraging the latest and greatest in AI to enable those vehicles to do really complex missions. And it's not just hey, I have a vehicle that can drive point A to point B safely, it's how do I have that vehicle or system really close the gap for an entire mission, whether it be a mine clearing mission, a ship interdiction mission, a resupply mission, and have multiple vehicles coordinate together where they would otherwise be a human doing that, that. So that requires a pretty unique insight into how military operations work on, on the technology that's needed to enable that. And so it's really working with best in class partners. We want to bring the best in class of defense tech, the defense Primes, and then it help integrate those into a cohesive system that really serves that again, that 18 to 25 year old who's out there, you know, on the front line, standing there for a nation's.

[Caroline Hyde]

Defense, you've been building this business since 2002. Josh and I just want to get your context on how much has changed just in the last few months a year because we're on track for a record amount of defense tech investing. They've got as you talk about Department of War, really thinking about bringing on startups. Does that feel seismically different?

[Josh Araujo]

It seems it's a lot has changed. But if you look at back when the company was founded in 2002 the threat that was really facing and know pre 911 was was near peer competitive threats tank on tank battles and autonomy and robotics were we're looked at even back then on how do you deter a, you know, near peer conflict? How do you prevent the next large scale warfare from happening? And that's really through robotics and autonomy. So you fast forward to today. We're now several years into the Ukraine, Russia conflict. We're looking at tensions in, in, in the Pacific theater. And again we don't have the, the size of the military both in terms of distance and space to go occupy and deter and project the firepower to deter the next conflict. And so it's just, you know, what's old is new again. It's how do you leverage capability and technology to do that? I think we have the benefit of today that we didn't have in 2002 was very low cost, very capable compute orders of magnitude more compute that's available to do this Technology sensors an ecosystem of technology providers that are focused on the defense industry industry. And if you look at how the defense industry and Secretary Hegseth said it himself last week is we have to get back to the rapid innovation, rapid deployment of capability at scale. We used to do that back in the you know, World War II and beyond. We've lost that along the way and that's really that that emergence is coming back which is exciting.

[Caroline Hyde]

Joshua for Terrace CEO joining from Lisbon Web Summit we appreciate it. Thank you. Now coming up up investors I AI to help Cisco reach.com levels. We're close. About 13% off of those numbers hit back at the beginning of the century. This is Bloomberg Tech.

[Ed Ludlow]

Run a business and not thinking about podcasting. Think again. More Americans listen to podcasts than ads supported streaming music from Spotify and Pandora and as the number one podcaster, iHeart's twice as large as the next two combined. So whatever your customers are into true crime, sports, comedy, culture, they'll hear your message. Plus only Iheart can extend your message to audiences across broadcast radio. And all this reach means everything. Just think about the universal marketing formula. The number of consumers who hear your message times the response rate equals the results. Now let's get those results growing for you. Think podcasting can help your business? Think iHeart streaming radio and podcasting. Let us show you at iheartadvertising.com that's iheartadvertising.com or call 844-844-IHEART. One more time, call 844-844-iHEART and get podcasting working for you. I'm Carol Massar. And I'm Tim Stenovec inviting you to.

[Josh Araujo]

Join us for the Bloomberg Business Week Daily podcast.

[Ed Ludlow]

Now, every day we are bringing the.

[Caroline Hyde]

Magazine that helps global leaders stay ahead.

[Josh Araujo]

We've got insight on the people, the companies and trends that are shaping today's complex economy.

[Ed Ludlow]

That's right, Tim. We're all over global business, finance, tech news, all as it is happening in real time. And we've got complete coverage of the US Market.

[Josh Araujo]

Close.

[Ed Ludlow]

Gotta say, basically, if it impacts financial markets, if it impacts companies, if it's impacting trends and narratives that are out there, we are on it. We also have a lot of fun doing it.

[Josh Araujo]

Bloomberg Businessweek also brings you the analysis behind behind the Headlines through conversations with our expert guests.

[Caroline Hyde]

And we are doing this all live each weekday.

[Ed Ludlow]

And then we bring you the best analysis in our daily podcast. Search for Bloomberg Businessweek on YouTube, Apple.

[Josh Araujo]

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[Ed Ludlow]

Check it out on your way home from work to catch up on the conversations that you miss during the business day and on the weekend.

[Josh Araujo]

Check it out for a complete wrap.

[Ed Ludlow]

Up of your business week. That's the Bloomberg Business Week daily Podcast.

[Caroline Hyde]

I'm Carol Massar.

[Josh Araujo]

And I'm Tim Stanovec. Subscribe today. We're wherever you get your podcasts.

[Bloomberg Host/Reporter]

Cisco reports earnings after the closing bell. Investors are watching for signs of gains from its investments, though some on Wall street remain wary it will ever reach its dotcom era peak, despite being pretty close. Bloomberg's Dana Bass joins us. That that's kind of been the story of Cisco for a little while. You know, back in the day it was the big technology company and present day, we're kind of waiting for it to get involved and see benefit from all the things that others are pulling ahead in. Is that a fair preview?

[Ed Ludlow]

Absolutely. Look, when I started as a Reporter More than 25 years ago, it was right around where BusinessWeek dubbed Cisco one of the Four Horsemen of the Internet era. And you know, those horsemen all to varying degrees, ran out of steam. Cisco is trying to use AI to relitigate that and to get back into a leadership role. But when you compare it to some of the other companies, the other AI bets, the other AI companies, it's, you know, what their forecast increase in revenue and profit is quite a bit more modest.

[Caroline Hyde]

You go to August when it had its fiscal fourth quarter report and they took about the 1 billion that they saw in the air sales coming from fiscal 2025. How better can they articulate what they're providing in the ecosystem right now?

[Ed Ludlow]

Dina Investors probably want to see just something that's a little bit more sustained and just, you know, continued winning deals, continued development of the products to, to capitalize. What they've basically been doing doing is, you know, redoing their networking products, a bunch of their software to really take advantage, you know, particularly on the networking side of the opportunity to connect server racks, to connect, you know, data centers in between different data centers to better position those products for enabling AI workloads. But, you know, that's a competitive space. That's a space where, where Broadcom plays as well. And where Broadcom is, is, you know, definitely better known though. It's really kind of a, you know, show me consistent performance, consistent deal winning and a consistent roadmap of products that are going to go where the market isn't, not just now, but will be in the future.

[Caroline Hyde]

And show me a return to the highs of, in the $80 price tag that we saw back in the noughties. Dana Bass, we thank you so much much for things Cisco. Look, Cisco is aiming at data centers. We're just talking about it. Kim Forrest, Spoker Capital Partners CIO says actually the build out of a data center will take a lot longer than Wall street thinks. You're joining us now on the theme of the day. I think it has been all about data centers, whether it's 50 billion coming from anthropic, whether we're thinking about matter continuing its focus in Wisconsin. But why do you think it's too much too soon from the Wall Street's perspective?

[Ed Ludlow]

Well, for a lot of reasons, living in a virtual world, as most of Silicon Valley does, it's really hard whenever they have to, you know, go out into the real world and, and do physical things. And that's what we're talking about with data centers. We are, we need power. We need really kind of exotic, they're kind of boring buildings, but they're, they need to be very uniform and there's only so certain kind of people that can build them. And then we have the demand. So I've seen some reports maybe on Bloomberg about how some data centers that are already established are having problems, you know, selling their capacity. So we have a lot of physical world problems. But I think my biggest thing is, is I'm not a believer that we really need all these data centers. I think human beings are incredibly smart and are going to work around what we're doing now, which is the brute force force method of training large language models. I believe in AI, just not AI as it's presented right now.

[Caroline Hyde]

So Kim, there's the rub, right? Because you're not just saying that we've got utilities issues, power issues, supply chain issues. You're saying we're going to innovate ourselves out of that. Are we going to the United States or is it going to be Asia?

[Ed Ludlow]

Well, right now it looks like, like Asia was first on track with the whole Deep Seek product that they came out with, right? We can quibble about if they unfairly used Open Air to leverage, but they did leverage. And that's the most important part. They thought out of the box as opposed to saying, you know, we need to have the state of Texas be one big data center. I'm using hyperbole here. But you know, they thought about how, how can we do this differently? And I think ultimately it's a good race between the US and the west in general and China about who is going to be able to come up with usable AI that doesn't, you know, break the bank and cost every last dollar that Microsoft Matter and Face and the rest of them have.

[Bloomberg Host/Reporter]

Kim, you've presented your thesis. So as an investor, custodian, fiduciary of your clients, how do you invest to support the thesis you've just outlined?

[Caroline Hyde]

Sure.

[Ed Ludlow]

Well, I think we have to have many options, right? We do own some Nvidia, but we also own AMD Micron. And believe it or not, Intel Air is real. And I is going to have very.

[Bloomberg Host/Reporter]

Tim? Sorry, may I just, may I just interrupt you like the AMD story today? The whole thing is predicated on the idea that they do participate in some massive data center build out. And you just said we don't need the data centers.

[Ed Ludlow]

Well, there's going to be some data centers, but not as many as are planned currently. And I think that's the big thing that even, you know, last week's big cha cha cha in the world of AI was the Brad Gessner and Sam Altman interview where, you know, they're saying, where are you getting the money, Sam? So I mean, there's a lot of concern about the whole theory of we need all of these data centers, but surely we need them.

[Caroline Hyde]

But, but isn't AMD currently trading in a valuation that is pricing in an enormous data center boom that will come to light? Or are you thinking actually MD at this price is reflective of perhaps not such a significant build out?

[Ed Ludlow]

Well, I am. And the other thing is is whenever we discover that we don't need the brute force method, these chips will be instrumental in that. Right. So I think we're going to deploy money, it's just differently than the way we're currently thinking. How about that?

[Bloomberg Host/Reporter]

Kim Forest of Boca Capital Partners is Caroline I made the point of this is the key topic of conversation today and we're grateful for the robust conversation. Good conversation. That does it for this edition of Bloomberg Tech.

[Caroline Hyde]

It does. You should go back and listen to the conversation. Listen to all of it. Don't forget to check out the podcast. You can find it on the terminal as well as online on Apple, Spotify and Iheart. We're going to keep on banging that drum about the infrastructure build out we gave our cynics such as what we've just heard from Kim Forrest that we have those I think in is significant. Look AMD a significant move today.

[Bloomberg Host/Reporter]

Yeah, look, it's actually only biggest jump in a month. But that was the whole point. It's them outlining growth tied to the build out of data centers. And what we're trying to understand is, well, in the end we need all of them. That's what your markets look like. This is Bloomberg Tech.

[Ed Ludlow]

Wishing the holidays could come early.

[Bloomberg Host/Reporter]

If you own or manage your business.

[Ed Ludlow]

They can, with help from iHeartradio.

[Bloomberg Host/Reporter]

People are already shopping for their loved.

[Ed Ludlow]

Ones and hunting for deals wherever they can find them, including right here. They're listening to the radio, they're listening to podcasts. They could be listening to you. Don't wait for everyone else to kick off the holidays. Get your best season of the year up and running today. Call 844-844-IHEART or visit iheartadvertising.com Bloomberg Daybreak is your best way to get informed first thing in the morning, right in your podcast feed.

[Josh Araujo]

Hi, I'm Karen Moscow.

[Ed Ludlow]

And I'm Nathan Hager. Each morning we're up early putting together the latest episode of Bloomberg Daybreak US Edition. It's your daily 15 minute podcast on the latest in global news, politics and international relations. Listen to the Bloomberg Daybreak US Edition podcast each morning for the stories that matter with the context you need, find us on Apple, Spotify or anywhere you listen.