Bloomberg Tech – Episode Summary

Episode Title: Intel Appoints New CEO, FTC Moves Ahead With Microsoft Antitrust Probe
Date: March 13, 2025
Hosts: Caroline Hyde (New York), Jackie Devalos (Washington)
Main Topics: Leadership shakeup at Intel, Microsoft antitrust investigation by the FTC, OpenAI’s AI policy wish-list, broader trends in tech markets (software, semiconductors, IPOs), and market analysis of US-China AI competition and Apple’s struggles.

Episode Overview

This episode of Bloomberg Tech navigates some seismic shifts in the technology sector, spotlighting Intel’s new CEO appointment, the Federal Trade Commission’s (FTC) ongoing antitrust actions against Microsoft—an unexpected continuity from the Biden to Trump administrations—and major themes in AI regulation, software, hardware, and public market sentiment. The show features industry experts and Bloomberg reporters, tackling everything from high-profile personnel changes to policy wish lists from AI leaders and persistent volatility in global markets.

Key Discussion Points and Insights

1. FTC Advances Microsoft Antitrust Probe

Timestamps: 01:41 – 06:15

• The FTC, under the new Trump administration, is unexpectedly maintaining an aggressive stance towards big tech, especially Microsoft.
• Josh Sisco (Bloomberg): The ongoing investigation was initiated during the Biden administration and covers Microsoft’s market power, particularly in AI and its partnership with OpenAI.
  • Quote:

    "The fact that they are picking up this investigation and carrying it forward from the end of the Biden administration is a major sign that they're going to keep an aggressive stance against the tech sector." (03:27 – Josh Sisco)

• The FTC is simultaneously prosecuting cases against Meta (trial scheduled), Amazon (multiple cases), and continuing scrutiny initiated during previous administrations.
• DOJ continues inquiry into Google’s dominance; focus is shifting toward AI market concentration and remedies.

2. What It Means for Tech Giants and the Market

Timestamps: 06:15 – 12:18

• Rishi Jaluria (RBC Capital Markets): While the Microsoft probe is newsworthy, the market had anticipated regulatory headwinds for a while.
  • Microsoft has diversified partnerships, especially in AI (e.g., OpenAI’s relationships with Oracle, CoreWeave), which complicates antitrust arguments.
  • Quote:

    "It becomes tougher to make an antitrust case against Microsoft with the OpenAI relationship when there is that level of interoperability." (06:42 – Rishi Jaluria)

• M&A environment might become more favorable, with large-scale breakups remaining unlikely. Regulatory focus is on “keeping big tech in line.”
• Relationships with the Trump administration may provide modest shielding for some firms, but FTC operates independently.
• Software stocks present potential buying opportunities amid broad sell-offs, while hardware has been hit harder by volatility and trade tensions.

3. Intel’s New CEO: Lip Bhutan

Timestamps: 12:31, 24:08 – 29:05, 44:50

• Lip Bhutan, previously on Intel’s board and famed for steering Cadence through a turnaround, is named CEO.
• Ian King (Bloomberg): Market reacts positively (Intel up 15%), but the critical concern is whether Bhutan will restore Intel’s dominance or preside over a business breakup.
  • Quote:

    "That is the giant question here...whether Bhutan has come in as a CEO who's going to try to make Intel what it once was, dominating this industry, or whether he's a caretaker who's going to preside over it being broken up." (25:42 – Ian King)

• Allocation of CHIPS Act funding ("milepost triggered") is a wild card; Intel must meet milestones for government support.
• Janet Moody (RBC Brewin Dolphin) emphasizes long-term confidence in semiconductors but notes Intel’s current lag behind Nvidia, AMD, and others, especially in foundry and design.

4. OpenAI’s AI Policy “Wish List” to Trump Administration

Timestamps: 14:16 – 16:45

• Seth Figerman (Bloomberg): OpenAI submitted proposals that favor deregulation: lighter rules on copyright, major infrastructure investment, and relief from the “patchwork” of state bills through federal preemption.
  • Quote:

    "It's a real wish list of a deregulatory and heavy investment vibe here." (14:16 – Seth Figerman)

  • OpenAI is seeking government help to access more data—including healthcare data—to train AI, raising privacy concerns.
  • They also want US government support to defend “fair use” dealings abroad, especially as Europe and other jurisdictions tighten copyright and AI rules.
  • Quote:

    "They're asking for little bit more protection and relief from the patchwork of hundreds of state AI bills out there." (14:16 – Seth Figerman)

5. Market Analysis: Software, Hardware, and IPO Climate

Timestamps: 11:02 – 12:18; 16:45 – 24:03

• Software: Seen as more "tariff-proof" than hardware, but still subject to market volatility and macro uncertainty. Certain names like Salesforce, Intuit, HubSpot, and MongoDB are flagged as attractive in current conditions.
• Adobe: Despite reaffirming guidance, stock is seen as controversial; market is anxious about AI disrupting its creative business.
• CoreWeave IPO: Mark Klein (Surro Capital) discusses why the cloud compute firm could succeed in public markets despite volatility and client concentration (notably Microsoft), and how new dynamics in secondary markets let companies stay private longer.
  • Quote:

    "The idea of the need for COMPUTE and the supply going of COMPUTE was so offset and core we've sat right in the place to take advantage of that." (20:08 – Mark Klein)

6. US-China AI Competition and Global Tech Dynamics

Timestamps: 37:11 – 41:28

• Alibaba introduces advancements in its Quark agent, focusing on multisource reasoning and boosting SME participation in global trade.
• Alibaba.com President Kuo Jong reports 100,000+ weekly active sellers use agent-based tools; more than 1 million buyers engage with AI-assisted search.
• China’s rapid AI innovation cycle makes it hard to predict winners; industry consolidation is happening quickly.
  • Quote:

    "If you ask this question in January 2025, nobody can anticipate that there is a company called Deep Seek. This industry is moving so fast." (40:49 – Kuo Jong)

7. Apple’s Market Struggles and the iPhone 16e

Timestamps: 41:28 – 44:49

• Apple faces headwinds: tariffs, China uncertainty, Siri/AI concerns, and regulatory scrutiny of its Google search partnership.
• The affordable iPhone 16e, retailing at $600, is seen as “not affordable enough” to compete in emerging markets.
  • Mark Gurman (Bloomberg):
    • Quote:

      "It’s not affordable enough at $600...its specifications, one camera, its processing, its AI capabilities, really puts it sort of at the bottom barrel of budget phones. You can get Android phones for a couple hundred dollars less, particularly overseas." (42:33 – Mark Gurman)

8. Ads, Promos, and Short News Segments

(Skipped per instructions.)

Memorable Moments & Notable Quotes

• On FTC’s continuation of tech antitrust scrutiny:

  "This is a major sign that they're going to keep an aggressive stance against the tech sector." (03:27 – Josh Sisco)

• On the difficulty of proving Microsoft’s anti-competitive behavior:

  "It becomes tougher to make an antitrust case against Microsoft with the OpenAI relationship when there is that level of interoperability." (06:42 – Rishi Jaluria)

• On OpenAI’s regulatory wish list:

  "It's a real wish list of a deregulatory and heavy investment vibe here." (14:16 – Seth Figerman)

• On Intel’s uncertain future:

  "That is the giant question here...whether Bhutan has come in as a CEO who's going to try to make Intel what it once was, dominating this industry, or whether he's a caretaker who's going to preside over it being broken up." (25:42 – Ian King)

• On Apple’s budget phone strategy:

  "It’s not affordable enough at $600...You can get Android phones for a couple hundred dollars less, particularly overseas..." (42:33 – Mark Gurman)

Timestamps & Segment Guide

• FTC & Microsoft Antitrust: 01:41 – 06:15
• Market Pulse, Regulatory Trends: 06:15 – 12:18
• OpenAI Policy Wish List: 14:16 – 16:45
• Intel CEO Appointment: 12:31, 24:08 – 29:05, 44:50
• Bloomberg Market Analysis (Software, IPOs): 11:02 – 12:18, 16:45 – 24:03
• Alibaba, China AI Outlook: 37:11 – 41:28
• Apple iPhone 16e Analysis: 41:28 – 44:49

Tone and Language

• Informative, data-driven, with a keen focus on context and expert insight.
• Balanced mix of market analysis, policy deep dives, and C-suite developments.
• Conversational yet incisive, reflective of expert interviews and real-time reactions to major tech news.

Conclusion

This episode underscores the tech industry’s volatile crossroads: regulatory crackdowns aren’t letting up under the new administration; Intel bets on leadership to reclaim its edge; and leaders from OpenAI to Alibaba strategize for an AI-powered future, with China and Europe pressing competing regulatory visions. Investors are parsing opportunities amidst the noise—especially in software—while questions spiral about the next phase for public market darlings, global AI competition, and the fate of hardware titans like Apple and Intel.