Bloomberg Tech Podcast Summary

Episode: Warner Bros. Discovery Reopens Paramount Talks; Invesco's Brian Levitt
Date: February 18, 2026
Hosts: Caroline Hyde (NY), Ed Ludlow (SF)
Notable Guests: Lucas Shaw (Bloomberg), Ted Mortensen (Bed), Keith Norton (Bloomberg), Mark Gurman (Bloomberg), Anita Teliarova (Barclays), Isabel Lee (Bloomberg), Hema Palmer (Bloomberg), Katrina Manson (Bloomberg), Travis Sheer (Mesh), Reed Duckshire (Knight)

Overview

This episode covers a broad sweep of technology, business, and investment news with a central focus on:

• Warner Bros. Discovery reopening acquisition talks with Paramount Skydance
• Ongoing volatility in the tech sector amid questions about AI spending
• Highlights on Ford’s new EV strategy, Apple’s forthcoming product event, and the trillion-dollar potential of the physical AI market
• Analysis of crypto and hedge fund moves, and the future of optical manufacturing in the US

Key Discussion Points & Insights

1. Warner Bros. Discovery, Paramount Skydance, and the Ongoing Media Merger Debate

Segment Start: [02:13]

• Latest News: Warner Bros. Discovery (WBD) is back in negotiations with Paramount Skydance after a hiatus, with Netflix granting a seven-day waiver for exclusive talks.

• Lucas Shaw’s Analysis ([03:38]):

  • Paramount has been steadily increasing its offer (hinting at up to $31/share, up from $30), but Shaw doubts $31 will secure a deal. More increases may come, raising the key question: “At what point is that beyond what Netflix is willing to match?” ([04:44])
  • Netflix, frustrated with public posturing by Paramount, released a lengthy statement attacking Paramount’s regulatory narrative, highlighting that its own (Netflix’s) acquisition would be less disruptive to jobs.
  • Quote:

    “Netflix goes through all the reasons why regulators might be concerned about a Paramount deal, including some of their international financing and the concentration owning two different movie studios.” – Lucas Shaw ([05:43])

• Market Implications: The M&A uncertainty has added to volatility in a tech sector already jittery about AI spending.

2. AI Trade: Bubble or Business Transformation?

Segment Start: [06:25]

• Host’s Framing: The contradiction in the heart of the AI trade: Is AI truly transformational or just a bubble?

• Ted Mortensen’s View ([07:30], [08:53], [10:05]):

  • The “agentic explosion” (new autonomous AI agents and platforms) is dramatically accelerating cloud compute demand, with monthly token growth rates in the triple digits.
  • Traditional SaaS firms struggle as investors can’t model predictable free cash flow anymore; rapid shifts towards consumption models make financial forecasting messy.
  • Hyperscalers face capital expenditures that may wipe out free cash flow—except for those like Google and Meta, which have supportive ad businesses.
  • Memory Crisis:

    “We have a huge memory problem and I would almost put it at a crisis level where you’re not going to have enough memory to support this compute over the next two years. That’s a real issue out there.” – Ted Mortensen ([10:05])

• Nvidia’s Position: Nvidia must assure investors next week that it’s ahead on memory supply and can execute transitions to new infrastructure (Blackwell, Rubin) without cannibalizing business.

  • Quote:

    “Jensen was so far ahead of this memory issue by locking up supply.” – Ted Mortensen ([11:19])

3. Ford’s Ground-Up EV Redesign

Segment Start: [13:18]

• Keith Norton’s Reporting: Ford is rebuilding its EV strategy from scratch, led by a former Tesla engineer out of California, not Detroit.

  • Achievements: Reduced battery size (major cost factor) and increased vehicle range by 50 miles, enabling a $30,000 starting price—well below the US average.
  • Quote:

    “They sweat the details. It's like improvement by a thousand cuts.” – Keith Norton ([13:18])

• China’s Influence: Competing directly with Chinese firms on price and technology is central; bringing advanced features like Level 3 semi-autonomy to affordable models as early as 2028—rare for non-luxury price points ([14:22]).

4. Apple’s Forthcoming Event & Product Pipeline

Segment Start: [15:59]

• Mark Gurman’s Preview: Apple is planning an in-person event across NY, Shanghai, and London (not Cupertino), signaling significant product launches.
  • Major expectation: Launch of a low-cost MacBook ($700–$900), the first to use an iPhone chip, aiming to undercut Chromebooks and Windows PCs.
  • Pipeline also includes: new MacBook Pros/Airs, iPhone 17e, and new iPad models.
  • Quote:

    “My eyes are on this new low cost MacBook… It will be their first MacBook powered by an iPhone chip.” – Mark Gurman ([16:53])

5. Physical AI Market: A $1 Trillion Opportunity

Segment Start: [21:05]

• Anita Teliarova, Barclays: Reports project physical AI (robots, drones, automation) reaching $1 trillion by 2035, up 10x from today.
  • Categories: Autonomous vehicles (half the growth), humanoid robots, advanced automation, drones.
  • China’s Lead: 85% of humanoid robots deployed worldwide in 2025 will be in China; the US lags in single digits for industrial robots.
  • Key challenge for humanoid robots: Lack of physical-world data, especially for tasks with variable conditions.
  • Quote:

    “There is no dictionary out there… all that [data] needs to be built from scratch in order for the technology to scale.” – Anita Teliarova ([23:18])

6. Volatility Watch: Crypto & Major Funds

Crypto Markets Recap ([28:43], [29:28]):

• Bitcoin and cryptocurrencies face headwinds amid ongoing geopolitical risk and US inflation, with BTC losing four straight weeks.

• Isabel Lee: Bitcoin is behaving much more like a Nasdaq-style risk asset:

  “This is a haven… but for now, it’s definitely behaving like a risk asset.” – Isabel Lee ([28:43])

• Hedge Fund Moves ([29:48]):

  • Soros Fund Management doubled its Microsoft stake, though it has seen sharp volatility.
  • UT trimmed Microsoft and Amazon, increased Apple holdings.

7. Optical Manufacturing & Supply Chain Sovereignty

Segment Start: [38:59]

• Travis Sheer, Mesh (Optical Start-up): Mesh, led by SpaceX alumni and funded by Thrive Capital ($50M), aims to build the largest optical manufacturing presence outside Asia, with an eye on US supply chain independence.

  “Our priority is to build as many optical interconnects as possible and deploy as many of those as we can… standing up a secure supply chain outside of, you know, Asia and China specifically really helps Us leverage our product.” – Travis Sheer ([41:10])

• The startup plans to serve both ground-based data centers and, eventually, space-based communications.

8. Pentagon’s AI Swarming Drone Contest & Ethics

Segment Start: [34:11]

• Katrina Manson’s Reporting: SpaceX and X.ai, now merged, are among select firms in a $100M Pentagon contest to develop voice-controlled, autonomous drone swarms.
  • The initiative pushes into “uncharted territory,” raising ethical concerns about autonomy and weaponization.
  • Notably, Elon Musk previously signed a letter against autonomous weapons.
  • Quote:

    “This is really the frontier of the future of war… the Pentagon trying to experiment with completely new tech that has so far been failing.” – Katrina Manson ([34:40])

9. Talent & Media: Knight’s Growth and the Future of Internet Celebrities

Segment Start: [44:32]

• Reed Duckshire, Knight: Management firm Knight raised $70M to expand across digital-native talent in music, sports, gaming, and events.
  • YouTube and TikTok are dominant talent-launch platforms due to large audience and discoverability.
  • The trend is for creators to own their IP and revenue streams outside traditional Hollywood.
  • Quote:

    “The thesis was always that talent of the future are born on the Internet… Individuals are more loyal to individuals now more than ever.” – Reed Duckshire ([46:09])

Notable Quotes & Moments

• Lucas Shaw on M&A Tensions:
  “Both sides kind of waging war in public, if you will.” ([03:38])

• Ed Ludlow on the AI Trade:
  “Either AI is going to change the old economy and the new economy or we are in an AI bubble. And for lots of people, both can’t be true at the same time.” ([06:25])

• Ted Mortensen on the Memory Crisis:
  “I would almost put it at a crisis level where you’re not going to have enough memory to support this compute over the next two years.” ([10:05])

• Keith Norton on Ford’s EV Redesign:
  “Improvement by a thousand cuts… extending the range by about 50 miles.” ([13:18])

• Mark Gurman on Apple’s Strategy:
  “It has the potential to really overshadow Chromebooks…” ([16:53])

• Anita Teliarova on Humanoid Robotics:
  “A humanoid robot needs precise instructions… if something changes, it needs a new set of instructions.” ([23:18])

• Isabel Lee on Bitcoin:
  “It’s definitely behaving like a risk asset.” ([28:43])

Timestamps for Key Segments

• [02:13] Warner Bros. Discovery & Paramount M&A Talks Resume
• [06:25] Market Anxiety & The Contradiction in AI Investing
• [13:18] Ford’s New Affordable, Longer-Range EV
• [15:59] Apple’s Event & Product Pipeline
• [21:05] Physical AI as a Trillion-Dollar Market (Barclays)
• [28:43] Crypto Volatility Amid Geopolitical Risk
• [29:48] Soros Fund, Hedge Fund Moves
• [34:11] SpaceX/X.AI and Pentagon’s Drone Swarm Contest
• [38:59] Mesh: Optical Manufacturing & US Supply Chain
• [44:32] Knight: Venture-Backed Digital Talent Management

Conclusion

This packed episode of Bloomberg Tech delivers deep insight into the shifting tectonics of the tech, media, and investment world—highlighting how AI innovation, global supply chains, and content platforms are converging to reshape business and culture. Notably, Warner Bros.-Paramount drama, concerns about an AI-fueled bubble, and China’s robotics dominance frame the strategic challenges for US industry and investors in 2026.