Bloomberg Tech Podcast Summary

Episode: Tesla Faces NHTSA Probe Over Model 3 Emergency Door Handles
Date: December 24, 2025
Host: Katie Greifeld

Episode Overview

This Christmas Eve episode of Bloomberg Tech covers a packed slate of top tech and business stories for the close of 2025. Topics include Intel’s chipmaking struggles, the momentum and pitfalls within AI and related tech sectors, heightened visa regulations impacting tech hiring, escalating US/EU tech tensions, major moves in media and AI data, and a deep dive into Tesla’s latest regulatory hurdles, most notably a new NHTSA probe into its Model 3’s emergency door handles. The discussion is fast-paced, with key insights from Bloomberg reporters and industry insiders.

Key Segments and Insights

1. Intel & Nvidia: Chipmaking Troubles and Market Impacts

[03:30 – 06:58]

• Intel’s Setback: Nvidia has reportedly paused using Intel’s advanced chipmaking process, highlighting Intel’s continued lag versus global competitors like TSMC.
  • “There was a lot of hope this year … it would be able to better finance this ambitious turnaround program … this report … Nvidia tried out some … and it’s pausing that.” – Ryan Vlastelica, [03:30]
• Investment Context: Nvidia invested $5 billion in Intel; the US government holds a 10% stake, ramping up hopes for a domestic manufacturing renaissance.
• ‘Boring’ Winners of 2025: “Micron especially has been a really big gainer this year … memory chips, the high bandwidth memory. That’s a pretty significant part of AI infrastructure.” – Ryan Vlastelica, [06:14]
• Market Takeaway: Traditional infrastructure names (Micron, SanDisk, Western Digital) soared this year due to underestimated demand.

2. AI Sector: Rotation, Winners & Losers

[06:58 – 12:36]

• Momentum Shifts:
  • “Not only that the most boring and undervalued pockets of the market will be on investors’ radar, but we will also expect to see this rally broaden toward non-technology sectors … AI productivity, air cost efficiency also benefits any sector … banks, health care, industries.” – Oscar Dash Kaya, Swissquote, [07:35]
• AI Disruptors vs Disrupted: AI infrastructure soared, while software names like Adobe, ServiceNow, Salesforce struggled to monetize new AI tools amid rising competition.
  • “They have not been able to monetize and sell these AI-boosted models … the fact that other AI models came to the market … challenge these companies.” – Oscar Dash Kaya, [09:06]
• Capex Concerns: Investors seeking concrete ROI from tech spend, wary of overinvestment that could quickly become obsolete.
  • “The risk is that this technology gets outdated by the time revenues start coming in.” – Oscar Dash Kaya, [10:39]
• 2026 Outlook: Anticipated rotation from pure tech toward broader market sectors empowered by AI, but rally may decelerate.

3. US H1B Visa Fee Shock: Legal Ramifications for Tech

[16:16 – 20:03]

• $100k H1B Visa Fee: A federal judge upheld the Trump administration’s $100,000 application fee, threatening tech sector talent pipelines and squeezing public healthcare/education.
  • “These companies did not file lawsuits challenging the visa … certainly the Trump administration and other government officials say that these companies can afford them, even though they do use them quite a bit.” – Erik Larson, [16:47]
  • “The quality of healthcare will simply suffer because there is a shortage of these skilled healthcare workers … hospitals, not so much.” – Erik Larson, [17:37]
• Legal Fight’s Next Phase: Outcome now hinges on lawsuits from states and unions; final resolution could take months or end up at the Supreme Court.
  • “The big question … is whether or not this program, this fee, will stay in place during the entire legal challenge. Right now it is.” – Erik Larson, [19:53]

4. US/EU Tech Tensions: Sanctions and Regulatory Clashes

[20:03 – 22:08]

• Sanctions Surprise: The US issued visa sanctions against former EU Commissioner Thierry Breton and online regulation activists.
  • “There’s been a really strong and forceful pushback saying that this is a move that amounts to censorship and is very inappropriate … this is just one prong in what has really become a multifaceted cold war between the US and the EU.” – Laura Davison, [20:55]
• Underlying Battle: Centers on social media content moderation—specifically, fines on X (Twitter) for hate speech and US concerns over European regulatory reach.

5. Media Megamergers: Paramount, Skydance, Warner Bros. & the AI Data Race

[22:55 – 26:58]

• Ellison’s Bid for Paramount/Warner Bros.: A $40 billion, personally guaranteed Skydance/Paramount hostile offer could reshape US media, with Oracle in the background.
  • “They are truly amassing one of the biggest and most important collections of media assets in record time … the amount of data that they are now going to have … to train all their AI.” – Stephen Wolf Pereira, [23:46]
• Data as Power: These deals are about amassing content/data to train AI models; governance and guardrails are a top concern.

6. ETF Landscape: Actives, Thematics & Quantum Bets

[30:10 – 38:35]

• Active ETF Boom: Active funds, particularly in levered/single-stock and AI/quantum thematics, have been significant 2025 winners.
  • “You’ve seen huge amounts of growth in that because investors were looking for that … new picks and shovels of AI, quantum names, … I think we’ll see other things grow out too.” – Sylvia Jablonski, Defiance ETFs, [31:06]
• Product Curation: ETF issuers vet launches rigorously, acknowledging some products take time or luck to catch on (“Bloomberg Intelligence’s Lazarus list”).
• Quantum Computing as Theme: The QT ETF saw strong inflows as real-world usage (e.g. bond pricing) gained steam, but it’s still a ‘buy and hold’/emerging tech investment.
  • “Quantum is still just learning to crawl.” – Sylvia Jablonski, [37:11]
• Investor Profiles: Both retail and institutional investors participate; risk appetite varies by product type.

7. Tesla in Regulatory Crosshairs (Main Segment)

[41:45 – 46:40]

• NHTSA Probe: US regulators have launched a new investigation into Model 3 emergency door handles, with Bloomberg’s own reporting highlighting potential reputational risks.
  • “It’s a serious issue, but a lot of other auto companies have had similar issues … but it’s not a simple software fix.” – Steve Wesley, former Tesla board member, [43:04]
• Urgency for Fixes: Not a quick solution—requires reengineering, not just software updates.
• Brand & Market Context: Tesla shares have surged (up 19% in 2025; $1.6T market cap), but sales are declining and new challenges loom.
  • “Share price at record highs … but Tesla’s likely to see its second year in a row of declining sales and shrinking profits.” – Steve Wesley, [44:21]
• Robotaxi Catch-Up: Even with regulatory wins in Austin, Tesla trails Waymo in autonomous rides and city presence.
  • “Waymo’s got a huge lead. Tesla’s got its work cut out for it to catch up.” – Steve Wesley, [45:09]
• Energy Division Bright Spot: Tesla’s energy solutions (Powerwalls, Megapacks) could be key growth drivers, targeting the surging power needs of data centers.
  • “Their energy division will grow from $10 billion in 2024 to I think about $14 billion this year … 40% year-over-year growth.” – Steve Wesley, [46:35]

Notable Quotes & Timestamps

• “You think about some of these giant tech companies with deep pockets … to your point, if it’s a hospital having to pony up that fee, it’s a much different conversation.” – Katie Greifeld, [18:31]
• “If the news had been the opposite and Nvidia had come out and said that it is going to be using Intel, I think that would be a pretty significant game changer for Intel …” – Ryan Vlastelica, [05:54]
• “This is not a simple software fix. They’re going to have to go in reengineer some things … it’s happened with other auto companies, but … everybody in the sector is going to be focused in on this one.” – Steve Wesley, [43:27]
• “Waymo will do 12-14 million rides by the end of this year, next week … next year looking at a number close to 35 million. … Waymo’s got a huge lead.” – Steve Wesley, [45:09]
• “Quantum is still just learning to crawl.” – Sylvia Jablonski, [37:11]

Episode Flow & Tone

The episode is brisk and newsroom-focused, weaving a big-picture tech market perspective with on-the-ground legal, policy, and sector-specific developments. Hosts and guests communicate with clarity and urgency, reflecting both year-end analysis and rapid news developments.

Timestamps for Major Segments

| Segment | Start Time | End Time | |-----------------------------------|------------|-------------| | Intel/Nvidia/Chips | 03:30 | 06:58 | | AI Sector/Rotation/Capex | 06:58 | 12:36 | | H1B Visa Fee Legal Battle | 16:16 | 20:03 | | US/EU Tech Tensions | 20:03 | 22:08 | | Media M&A/Data/AIGovernance | 22:55 | 26:58 | | ETF Trends / Quantum Thematics | 30:10 | 38:35 | | Tesla Regulatory Probe | 41:45 | 46:40 |

Memorable Moments

• Intel’s latest chip woes, coupled with US and Nvidia investments, stir doubt about an American chip comeback ([03:30]).
• The controversial $100,000 H1B visa fee ratified by the courts, setting up a potentially long legal fight, with collateral damage in healthcare and education ([16:16], [17:37]).
• Steve Wesley maps out Tesla’s regulatory quandary, how its technology aspirations are at odds with basic manufacturing lapses ([43:27]).
• Waymo’s undeniable lead in robotaxi deployments, creating urgent challenges for Tesla’s tech identity ([45:09]).
• Quantum investment still “just learning to crawl,” but finally catching the market’s imagination ([37:11]).

Conclusion

This episode captures the complexity and headwinds facing both legacy and emergent tech leaders as 2025 draws to a close—from battered chip ambitions, legal and policy landmines, to dealmaking driven by the race for control over data and next-gen AI. Tesla’s crisis crystallizes the risks and expectations facing even America’s most celebrated innovators, while broader sector trends suggest a shift toward diversification, value rotation, and the ever-deepening entanglement of technology and policy worldwide.