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- [00:00]
David Gura
What if you could have more wins, more support, more sound effects? At LPL Financial, we like the sound of that because LPL offers more advisors. What if you could have more ways to help your clients ready to invest?
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Christina Raffini
What if you could find an advisor that really understands you when it comes to your finances, your business, your future?
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David Gura
At lpl, we ask what if you could Paid Advertisement Investing involves risk, including
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Christina Raffini
potential loss of principal. LPL Financial LLC Member FINRA SIPC Small businesses are the pulse of every community. They bring people together, create opportunities and drive growth. Chase for Business helps business owners like you with personalized guidance and convenient digital tools all in one place. With that guidance and your determination, you can take your business farther and help build a brighter future for your community. Learn more@chase.com 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.
- [01:08]
IBM Narrator
So there's a lot of noise about AI, but time's too tight for more promises. So let's talk about results. At IBM we work with our employees to integrate technology right into the systems they need. Now a global workforce of 300,000 can use AI to fill their HR questions, resolving 94% of common questions, not noise. Proof of how we can help companies get smarter by putting AI where it actually pays off, deep in the work that move the business. Let's create smarter business IBM
- [01:40]
David Gura
Bloomberg Audio
- [01:41]
Christina Raffini
Studios Podcasts Radio News welcome to the
- [01:47]
David Gura
Bloomberg this Weekend Podcast with David Gura,
- [01:51]
Christina Raffini
Christina Raffini and Lisa Mateo.
- [01:55]
David Gura
Thanks for joining us for today's selection of conversations from the show.
- [01:59]
David Gurr
You can listen to our favorite discussions right here on the podcast, but also make sure to join us live every Saturday and Sunday morning starting at 7am Eastern.
- [02:07]
Lisa Mateo
We're on Bloomberg Television Radio and the Bloomberg Business App bringing you unique takes and in depth interviews on news, politics, lifestyle and culture.
- [02:18]
David Gura
First we want to go to our colleague in Washington, that's Jeff Mason, to talk about this breaking news and release and of the Strait of Hormuz. Jeff, we're so glad to have you back with us after a brief Jeff Mason list few weeks. I know you had some time off. Well well deserved.
- [02:33]
Jeff Mason
I took a vacation. Yeah it's like outrageous but it's good to be back. Thank you Christina.
- [02:39]
David Gura
Nobody asked us if we approve that, but you have definitely deserved it. I do want to ask you about this strike that the US took in reciprocation for what happened in the Strait. It seems kind of designed to show that, you know, yes, the US Responded without blowing up anything too significant or frankly, blowing up these negotiations. But I wondered what your take was on that.
- [03:00]
Jeff Mason
Yeah, I think your analysis is right. Certainly the US Wants to show Iran that it's still going to play if, if there are attacks or if there are violations of the ceasefire that they find unacceptable. And the president was sort of hinting about that in the clip that you played earlier when he was chatting with reporters yesterday. But yeah, they, they also, and when I say they, I mean the United States and this, the, the Trump administration does not want to unnecessarily undermine this deal that is so important to President Trump, this sort of shaky ceasefire deal that is in place while they continue to negotiate a broader nuclear deal related to the, to the MoU that led to the fighting ceasing or stopping. But I do think it's worth underscoring how shaky that deal is and the politics of that for President Trump as he has roughly 60 days. To have JD Vance come up with a longer term agreement is such that you got the midterms just coming right up. And he's expected to be doing a lot of campaigning in the fall, right around the time when a nuclear deal could either be being announced or falling apart.
- [04:16]
David Gurr
Jeff, I want to go back to the shaken as the deal that you just mentioned and the role that the vice president's playing in these talks. I'll read a tweet from the vice president. Iran signed a ceasefire agreement. We have honored it. He writes, if they have disagreements about how the MoU is being applied, they can pick up the phone. But violence will be met with violence. I want to ask you just about sort of how the White House sees these talks unfolding. So it was just last weekend we saw that initial meeting where we saw the Iranians and the US with the Qataris and Pakistanis kind of laying out a path forward. Here we are now, many days into this 60 day period, your sense of sort of where things are headed. And then there is this kind of overarching sense of confusion. What the vice President is getting at here about whether or not the cease fire still holds. It is shaky, as you said.
- [04:58]
Jeff Mason
You know, we've talked a lot on this program over the last few months about the contradictions in the rhetoric about the Iran war coming out of the White House. I think this is another example of that. You had Vice President Vance coming out of that last round of talks speaking pretty positively about the fact that he felt that a framework had been led for progress. But at roughly the same time or right before or right after, President Trump also threatened additional violence. And that's what Vice President Vance is doing in that same post that you were just referencing. So I think the right word is shaky. It's a shaky ceasefire. And the talks themselves are also very fragile. That said, they are talking and they are doing what the MOU calls for in terms of sitting down and going over next steps with regard to Iran's nuclear program. But again, just for a context check, remember that during the Obama administration it took a year and a half to put together what's called the jcpoa. The, the Iran nuclear agreement that President Trump ended up jettisoning when, jettisoning when he got into power in his first term. And, and with which this current deal is as being compared in part because it allows again for some inspections of, of the Iranian nuclear, have been away, have gone away as a result of the Obama deal being thrown in the garbage. So again, shaky but, but happening. And the fact that they're happening is really crucially important for President Trump and Vice President Vance's sort of political future and the future of their party going into November.
- [06:46]
David Gura
Jeff, what is the status of those talks at the moment? There were some mixed signals yesterday evening. The Swiss coming out and saying there are no planned talks this week after hear hearing from a couple administration people. Maybe there were are people actively speaking to each other in Switzerland or somewhere else in the world. And then we heard for the first time Kushner and Wyckoff talk about, you know, there are technical teams who are going to kind of take it from here and work out the details. Do we have any idea who's on those technical teams or how big they are?
- [07:17]
Jeff Mason
I don't know the answer to that. I think you're right to mention Kushner and Woodcoff. Certainly the President has appointed those two men, his special envoys, Woodcock being a friend and Kushner being his son in law, to spearhead these talks just as they were spearheading the talks with Iran before the war started. And there is, I think, not a small amount of irony in the fact that they, they were the lead negotiators at a time when they then pulled back and said, hey, Iran is not serious about giving up its nuclear program. This, of course, was several months ago now. And that led to President Trump deciding on, on a green light for a war against Iran with Israel. But to the, to the specifics that you're asking, Christina, right Now, I can't tell you who is in which, you know, who are the lead or who are the technical negotiators if it's not those two. That has been something that I know some Democrats and some Iranian experts from the Obama administration have been looking at closely because of, again, the fact that many, many people were involved in putting together the, the agreement, the JCPOA agreement. And it's been, you know, two. I don't want to say inexperienced people. I mean, Jared Kushner certainly has some experience from the first term in terms of diplomacy, but they don't have the. The years of background that were part of the staff that helped work out that first agreement. So maybe there are some that have been pulled in from the State Department, but I just don't know.
- [08:51]
David Gurr
Jeff, let me ask you about Lebanon, because this kind of complementary conflict between Israel and Lebanon is certainly integral to the one between the US And Iran as well. And there was a kind of trilateral meeting that took place. Another one, the first was unprecedented. This was a build on from that involving Israel, Lebanon and the United States. And they also came out with a memo of understanding on the heels of that. Let's take a listen to Israel's ambassador here commenting on that deal, and I'll ask you a question on the other side, Jeff.
- [09:15]
Jeff Mason
Well, my concern that I expressed at the beginning of the talks was about Iranian statements and Iranian actions basically trying to conduct this proxy war against Israel, continue it after it reached an MOU with the United States. And it was very, very important for the United States to make it very clear, and they did so during the course of these talks, that Iran will be kept out of the Lebanon equation and that we've achieved through this framework agreement.
- [09:42]
David Gurr
Jeff, help us understand the importance of this. So Israel is going to maintain this security zone in Lebanon. And we have the prime minister of Israel saying that's a huge deal. Israel's continued presence in the security zone in southern Lebanon, a major achievement according to Prime Minister Netanyahu. What does this mean, again, in the broader terms of sort of where we're seeing these negotiations between the US And Iran taking place? Again, this was such a crucial part of getting to that memo, of understanding something that Iran thought was hugely important.
- [10:07]
Jeff Mason
Yeah, I think apropos Shaki, the threat or the looming threat of additional conflict between Israel and Lebanon, which has been hanging over this entire ceasefire, has. That's the significance, is that they're trying to take that threat away. And the fact that you're hearing positive statements from Israel about It is also very interesting because the Israelis have certainly signaled that they weren't entirely on board with President Trump's agreement with Iran and the MoU. And this gives them some ability, as I think the ambassador was just saying, or as Israel has said, to maintain a presence there while also giving the United States and Iran some assurance that there's not going to be a big blow up in the region between those two countries. And Hezbollah, of course, being an ally or an extension of Iranian forces in that sense. So I think, David, to your question, the broader significance is this still gives Israel a chance to maintain that presence there that it wants, but also provides, at least temporarily, some assurance to both Iran and to the United States that while they are going on to negotiate a broader nuclear agreement with each other, that there's not going to be a blow up in the region.
- [11:28]
David Gura
Jeff, I want to pivot a little bit back to domestic politics, but it's related, I promise you. Talked a little bit about how, you know, 60 days from now we're 60 days closer to that midterm. This is an increasingly unpopular conflict, partially because Americans, as we keep talking about, consistently are concerned about kitchen table issues, the price of fuel, the price of housing. And it's all kind of related, as you see J.D. vance and possibly Marco Rubio going out on the trail. You know, we had this cage fight on the South Lawn, but there's also a literal cage fight. Thank you. But there's also a political cage fight kind of going on between Rubio and Vance within this administration. And there's some reporting out this week that Vance is maybe trying to distance himself from this interventionist Trump policy and kind of form a new, more moderate foreign policy as he goes forward. What's going on here? Who is the heir apparent? It seems to change every week. And can you just explain the dynamics between those three in this administration?
- [12:21]
Diana Rosera Pena
Yeah.
- [12:22]
Jeff Mason
I mean, Christina, you know that if you say domestic politics, you're going to get me excited. That's, that's what I love to talk about.
- [12:28]
David Gura
I know. Jeff, welcome back. We wanted to give you a welcome back.
- [12:31]
Diana Rosera Pena
Jump right in.
- [12:31]
Jeff Mason
And I've got some reporting I can share with you on that. I spoke to a White House official this last week very much about the Rubio Vance dynamic. And I have, I have spoken to one source, source in the last several months who had said he expected that Rubio was going to resign at the end of this term. Excuse me, not the end of this term, but at the end of this year and, and launch his own presidential campaign. I asked that of the White House official who said that's not what he's expecting, that he takes Marco Rubio at his word when he says if J.D. vance runs for president, that he's not going to run against him. And he said he thought that the more likely outcome is that the two men run together and that the two men then basically clear the Republican field, giving them a chance to jump right in to start raising money for the general election. Now, all of that is tbd, but it's certainly fascinating because of the dynamics that you were just raising. Marco Rubio has not been the key negotiator as secretary of state with the Iranians. That's been J.D. vance. And if this turns out to be a big success, then that's going to hand a success to Vance as he goes into the the presidential election in at the end of this year. If he doesn't, then Rubio will have an advantage, should Rubio decide to run himself, of maybe creating a little bit of distance between himself and this administration, even as he, of course, has been a key player in all things foreign policy, both as the secretary of state, but also as the national security advisor to the president.
- [14:09]
David Gurr
And I should say he was on a trip this week, Jeff. He was not. He was in the Gulf kind of negotiating some of the stuff around this deal as well. Is that any sign that he's going to become more involved in this negotiations, do you think?
- [14:20]
Jeff Mason
I think it's just a sign that he's not involved. He's not the main interlocutor, but he is not on the outside ring either. And the White House official that I spoke to said that he and J.D. vance download on a regular basis about the war and about the negotiations and that there's no daylight there. I will give you guys a heads up that in about 45 minutes I've got a story hitting the Bloomberg terminal about the strategy that the president and his administration are taking to sell the war and some of the issues that that creates in terms of political risk for President Trump and for these folks. So keep an eye out for that and maybe we can talk about it tomorrow.
- [15:00]
David Gurr
All right, Very good. Keep an eye on the terminal. Bloomberg.com, jeff Mason, nice tease there. Stay with us for more on Bloomberg this weekend, right after this.
- [15:12]
IBM Narrator
So there's a lot of noise about AI, but time's too tight for more promises. So let's talk about results. At IBM, we work with our employees to integrate technology right into the systems they need. Now, a global workforce of 300,000 can use AI to fill their HR questions. Resolving 94% of common questions, not noise Proof of how we can help companies get smarter by putting AI where it actually pays off deep in the work that moves the business. Let's create smarter business.
- [15:41]
Sponsor Narrator
IBM support for the show comes from public.com if you're actively involved in your portfolio, you probably catch yourself repeating the same actions. Buying the dip, manually sweeping idle cash, putting on a hedge on Public. You can now create AI agents that handle all these tasks on your behalf. Just describe what you want to do in plain English like if the Vix hits 25, buy a put option on the S&P 500 or if my cash balance goes above $20,000, move the excess into my direct index. You approve the workflow and your agent handles the risk, monitoring the market, watching for your conditions and executing your strategies exactly as defined. An investing platform driven by your intent, not just your clicks. You can also get full read and write access to your account via the public API. Go to public.com market and fund your account in five minutes or less. That's public.com market paid for by Public Investing Brokerage Services by Open to the Public Investing Inc. Member FINRA and SIPC Advisory Services by Public Advisors, LLC, SEC registered advisor complete disclosures available@public.com disclosures when you own your
- [16:52]
Christina Raffini
own business, you own every decision. Now own the card that rewards you for it. The Chase Sapphire Reserve for Business Card brings the best Sapphire Reserve benefits to business owners who expect hardworking rewards designed to meet the needs of business owners at scale, this Pay in Full card elevates your travel experience and offers premium benefits and value toward business services that will take your business to the next level, fuel your business and maximize rewards with 8x points on all purchases through Chase Travel, 3x points on social media and search engine advertising, annual partnership credits, and more. Make every journey more rewarding with a $300 annual travel credit and access to a network of airport lounges. Whether you're looking for pre flight productivity or time to rest and recharge. Chase Sapphire Reserved for business it's the car that gives back all all you put in. Learn more@chase.com reserve business chase for Business make more of what's yours Accounts subject to credit approval restrictions and limitations apply. Cards are issued by JPMorgan Chase Bank NA member FDIC.
- [18:06]
David Gurr
AI has permeated nearly every aspect of society, as we all know, including at the ballot box. As the US Nears a crucial midterm election, a flood of money is already Impacting the races.
- [18:18]
David Gura
And it's the focus of this weekend's big take called AI is already reshaping US Politics at every level. One of the writers that story, Emily Birnbaum, joins us now. Emily, in the post Citizens United World, it already takes a ton of money to win these elections. How are AI and tech factoring in now?
- [18:36]
Emily Birnbaum
This is the first cycle that I has entered the political arena. The chat, yes, has entered the chat with as much money as the crypto companies of the last cycle. So in total, AI companies and investors have pledged $275 million towards these midterm elections via super PACs. So we have a super PAC that's backed by The President of OpenAI and Marc Andreessen and Ben Horowitz, and we have sort of a dueling PAC that is backed by Anthropic. And each of them are vying to, to boost candidates that are favorable to their AI regulation agenda. So this has become a central topic in this year's midterm elections.
- [19:26]
David Gurr
We have an illustration of that for those who are watching on television and streaming the show. Just looking at the amount of money that those two super PACs in particular have poured in and really a crucible for that has been right where we're sitting in the New York 12th congressional district. We just had a primary here a few days ago. Walk us through. I guess principally why this was the place where all of this attention and energy and yes, money was focused. Why The New York 12?
- [19:50]
Emily Birnbaum
Yes. So New York 12, crowded primary and Alex Borrez, who's a state assemblies man, when he first, first announced his candidacy, it was a long shot bid. But Alex Borres has long been known to the AI companies because he helped to write one of the country's first safety bills. And that was a bill they lobbied very hard against, particularly 8 16Z, which is behind one of the super PACs. So they announced they were going to spend $10 million to oppose his candidacy. And that prompted a huge proxy war from AI safety activists and anthropic and tech employees who want more AI regulation of the technology they're creating. So money poured in really quickly. So the Andreessen backed PAC ended up spending $8 million against bores, but the safety community rallied behind him and ultimately they spent over $20 million backing Borez. So this is a really expensive House primary. Borres did not win the race. He lost to Michael Lasher, who's another well known New York political operative. But ultimately the takeaway is not necessarily that the AI Companies won, but rather that if in the races where they pledge to spend a lot of money, they actually have well heeled opponents ready to spend in favor of that candidate.
- [21:16]
David Gurr
Before we move on from The New York 12, I will say Michael Lasher was backed by Michael Bloomberg, majority shareholder of Bloomberg lp, the parent company of Bloomberg News. Well disclosed on my part.
- [21:25]
David Gura
Yes, exactly. I want to talk because it's not just about money, though. We're also now in the era of deep fakes. And these AI generated ads are kind of becoming more common. And you point out there's this ad for a Republican Louisiana congressional candidate which has supposed liberals, including someone who looks like Billie Eilish. And another ad depicts Texas Democrat James Talarico singing about transgender children. These are not real. But how are these deep fakes impacting the vote?
- [21:56]
Emily Birnbaum
So deep deepfakes in particular impact low information voters and usually older voters. So a younger voter who understands what AI looks like would have seen the video of James Talarico and known this looks like AI. This looks fake. But there is some evidence coming out that older people not as familiar with the nuances of what AI generated ads look like, could be fooled by some of these things and that could affect votes in some of these competitive primaries. It's still yet to be seen. Like experts in this space, kind of caution from, you know, experts in the space say people are more involved, formed than you might imagine. So, you know, maybe give people a little credit. But what's definitely true is Democrats and Republicans both are betting that this technology will help convince at least some voters.
- [22:54]
David Gura
And even if you know they're fake, I mean, people find them funny and share them. So it's a, it's a new way to kind of get your point across. Even if people are laughing at it, I feel like it does send some sort of a message.
- [23:03]
David Gurr
Yeah. Okay, so we've got the amount, all of this money being poured in. That's one facet of this election. The other is these deepfakes that we were just talking about. I think the third is just like AI as a policy issue or as a political issue in this campaign. And I wonder if you could talk about that as well. So, you know, on the show we've talked about how it's pushed up energy prices and caused a lot of dissatisfaction and concern in a lot of communities across the country.
- [23:24]
David Gura
Debates about these data centers.
- [23:26]
David Gurr
Totally. How, how is that manifest in these midterms? How is it likely to be manifest? Kind of look into the general elections. Just the role that AI is going to be playing as a political issue.
- [23:36]
Emily Birnbaum
Right. I think consistently what we're hearing is that data centers are the physical manifestation of anxiety voters have about a job loss related to energy prices spiking due to the data centers. So every single day, data centers become a more and more potent issue in federal elections. So, you know, for like the past year, they've been important at the local level, but now people are looking to people and their congressional candidates and, you know, incumbents and they're saying, well, what are you going to do about this data center thing? Are you going to make sure that, you know, it doesn't use up all our water, it doesn't, it doesn't spike our utility bills? So what you're seeing is even in some of these very competitive races. So thinking about Pennsylvania governor's race, this is coming up, candidates are seeking to distinguish themselves, saying, I'm going to protect you from data centers. My opponent's not going to. And it's interesting. It doesn't go along partisan lines. It's not a left right issue. It's sort of data centers are becoming a proxy for I'll protect you from the establishment, from corporations trying to disrupt what's happening in your backyard. So data centers, I think, are the most visible way that AI is coming up across the country. And I think probably in 2028, a job loss, a related job loss is going to be the next big issue that people consider even a kitchen table issue.
- [25:08]
David Gurr
I was talking with Mike Shepard, editor, who does a lot of AI editing for us, and I said, what are the odds that in 2028 we're going to call that the election? He was very, he was very clear that this is going to be a thematic trend here in this election. The next one, in the one one
- [25:22]
David Gura
after that was going to be my question only. We've got about 20 seconds left, but we're focused on the midterms now. Do you expect this to be all exacerbated when it comes to the next presidential race?
- [25:31]
Emily Birnbaum
Absolutely. These midterms are just a dress rehearsal. 2028 is when we're going to really see a policy come to a head. Presidential candidates will have to stake out their positions and we'll see which side wins.
- [25:43]
David Gura
All right, Emily Bernman, thank you so much for joining us. If you want to catch that article, it's great. And it's on the website right now and on the terminal and any place you read all the Bloomberg things. Thanks again, Emily. Stay with us for more on Bloomberg this weekend right after this
- [26:00]
Sponsor Narrator
Support for the show comes from public.com if you're actively involved in your portfolio, you probably catch yourself repeating the same actions. Buying the dip, manually sweeping idle cash, Putting on a hedge on Public you can now create AI agents that handle all these tasks on your behalf. Just describe what you want to do in plain English like if the Vix hits 25, buy a put option on the S&P 500 or if my cash balance goes above $20,000, move the excess into my direct index. You approve the workflow and your agent handles the risk, monitoring the market, watching for your conditions and executing your strategies exactly as defined. An investing platform driven by your intent, not just your clicks. You can also get full read and write access to your account via the public API. Go to public.com market and fund your account in five minutes or less. That's public.com market paid for by Public
- [26:56]
IBM Narrator
Investing Brokerage Services by Open to the Public Investing Inc.
- [26:59]
David Gurr
Member FINRA and SIPC Advisory services by Public Advisors, LLC.
- [27:04]
Sponsor Narrator
SEC registered advisor complete disclosures available@public.com disclosures
- [27:09]
Christina Raffini
when you own your own business, you own every decision. Now own the card that rewards you for it. The Chase Sapphire Reserve for Business card brings the best Sapphire Reserve benefits to business owners who expect hardworking rewards. Designed to meet the needs of business owners at scale, this Pay in Full card elevates your travel experience and offers premium benefits and value toward business services that will take your business to the next level, fuel your business and maximize rewards with 8x points on all purchases through Chase Travel, 3x points on social media and search engine advertising, annual partnership credits and more. Make every journey more rewarding with a $300 annual travel credit and access to a network of airport lounges. Whether you're looking for pre flight productivity or time to rest and recharge, Chase Sapphire Reserved for business, it's the card that gives back all you put in. Learn more@chase.com ReserveBusiness Chase for Business make more of what's yours Accounts subject to credit approval, restrictions and limitations apply. Cards are issued by JPMorgan Chase Bank NA member FDIC this coffee shop running
- [28:16]
Sponsor Narrator
smooth thanks to genius from Global Payments, instant transactions, effortless inventory and synchronized operations. Big league reliability for any business, that's genius.
- [28:38]
David Gurr
Welcome back to Bloomberg this weekend. I'm David Gurr with Christina Raffini. Pet parent to Brutus, joins us here on set. Special segment as well, American's pet obsession is expanding beyond traditional preventative care. Over the next decade, the US Pet market expected to grow more than grow to more than $250 billion from about $150 billion today.
- [28:59]
David Gura
And I'm only spending about a billion, just a fraction on my tiny dog. All right, Bloomberg Intelligence consumer staples analyst Diana Rosera Pena is here. What is the future of pet retail? Is it online shopping? Is it traditional stores? I will admit I do both. We have this fabulous, quite overpriced soccer jersey that I impulse purchase show that office. I'm not sure which. Okay, see, oh, I dropped my dog. But this is an impulse purchase. But I also, there's a lot of targeted ads online. There's a lot of Instagram ads. Where are people buying for their pets the most?
- [29:30]
Diana Rosera Pena
I mean, it really depends on, you know, how, how young you are, your income level. It's, it's all across the pet mania continues in the US for sure. So it's, it's really interesting to see what I mean.
- [29:44]
David Gurr
So you go ahead.
- [29:47]
David Gura
Do we know, is there a certain category that's more likely to like, if you're younger, you're more likely to shop online. If you're older, you're more likely to pick it up in person, or is it all. It's just across the board.
- [29:55]
Diana Rosera Pena
So actually younger consumers are more likely to go to pet specialty retailers such as Petco and PetSmart. They, in our survey, they actually did about, you know, they are, they said that they were going to these formats about 30% compared to like a little lower for E commerce. And I think it's because there is that one stop shop alternative that they seek, particularly if you're, you know, young, a young, you know, pet parent, you probably want to get more, you know, into the grooming and like your, your accessories and food and all of that.
- [30:29]
David Gura
We do have a lot of accessories.
- [30:30]
David Gurr
Is this a term you use, pet parent?
- [30:32]
David Gura
I don't, I stick to human. I say I'm his human. But I know most people say pet parent. Yes.
- [30:38]
David Gurr
When it comes to online spending. So what's driving those sales and that growth? I think about sort of the, the ads. You mentioned them like get on some recurring plant. We have cats for cat food. Forget get on this plan. We're going to get them every month. Is that a main driver for, for those businesses?
- [30:52]
Diana Rosera Pena
So autoship, which is something that Chewy offers, is not necessarily a big driver. In our survey, we found out that about 18% of respondents think that that is very important. However, over 60% of respondents said that, you know, they like free shipping, the convenience, and also they, they're not going to say no to coupons. And the like so they, you know, there's a lot of, it seems to be while people prioritize their pets, there seems to be that, that underlying drive of, of, you know, value driven behavior. So you can see that online as well.
- [31:28]
David Gura
And when you look at the big retailers, how is it split up between, I guess it would be Amazon, Petco and Chewy. Are those the major players?
- [31:34]
Diana Rosera Pena
Yes. So Amazon is actually from, you know, from what we saw it was about 50% of the respondents said that they are going to, you know, Amazon Chewy is also a high contender as well as Walmart. It really depends on, you know, what your priority is. I will guess that for Amazon is more of, you know, you're a prime member, you want to buy for, you know, every week you have your, your, you know, box of things and then you're, you're buying stuff from Amazon.
- [32:04]
David Gurr
You've surveyed a lot about multi pet households. Of course there's only room for one Brutus in the Raffini, only one purchase apartment. But this is a trend as well. I mean this is an important driver of growth in spending too.
- [32:15]
Diana Rosera Pena
Yeah. So obviously for multi pet households we find out that they spend about $300 a month compared to like 200.
- [32:25]
David Gura
So how much do you guys spend?
- [32:27]
David Gurr
300amonth? No, no, I'd say like 200. Probably 150 to 200.
- [32:33]
David Gura
Okay, that's significant.
- [32:34]
Diana Rosera Pena
Yeah, yeah, yes. And you know, there's always, that is, is very important for, you know, the producers as well as the retailers because it gives them a little bit more alternative to, you know, for, for them to visit the store or buy more. So it's definitely profitable for them.
- [32:51]
David Gura
You guys also asked what people were spending, were spending money on or were. No, I'm sorry. You also asked what people were concerned about and this year you asked a new question. And what was that? And it's like off the charts.
- [33:03]
Diana Rosera Pena
Yes. So the first time that we asked about anxiety and it seems that panda anxiety seems to be something of concern for pet parents.
- [33:13]
David Gura
Brutus, are you anxious?
- [33:15]
David Gurr
He doesn't seem anxious.
- [33:16]
David Gura
I don't think he seems that anxious now. He's fine.
- [33:19]
David Gurr
I look at that, I see anxiety and I see obesity is two of the main drivers there.
- [33:23]
Diana Rosera Pena
Yes.
- [33:24]
David Gurr
So people are spending money on what they're buying and GLP sedatives. No, no. Is that true? My God. Peptides.
- [33:31]
David Gura
We just did a whole thing on peptides.
- [33:33]
David Gurr
Peptides are the new rage.
- [33:34]
Diana Rosera Pena
But there's, you know, a higher concern for putting their pets on a diet and making them as comfortable as possible. And this is, you know, a bit opportunity for obviously pharmaceuticals as well as, you know, specialty foods. Specialty foods and the like. So it's, it's, you know, it's a
- [33:52]
David Gurr
boon for, for this world in which you're waiting. You do all this stuff. No, no, he's not obese.
- [33:56]
David Gura
He's not obese.
- [33:57]
Emily Birnbaum
He runs.
- [33:57]
David Gura
I mean, he's very calm now, but he runs like a maniac. He burns it all off. But you guys also talk about wellness visits and how you said around 17% of dogs and 29% of cats are missing their annual wellness visits.
- [34:10]
David Gurr
We don't do it.
- [34:11]
David Gura
We don't either.
- [34:12]
David Gurr
I feel bad about that.
- [34:13]
David Gura
But vets are getting so expensive. I was just talking to some other pet owners in the park about this and we were saying, like the mission creep on vet visits and they want to see you four times a year and it's $800 each time. And so people are just not going now.
- [34:25]
Diana Rosera Pena
Yeah, exactly. They're prioritizing other things. And that is, I would say food companies are doing a lot of good marketing on that because they are trying to convince pet parents that, hey, if you feed your dog good quality food, which usually comes at a higher price, then you can probably be comfortable skipping a few doctor visits. If that is true or not. It really depends on who.
- [34:50]
David Gura
That's not part of your survey.
- [34:51]
Diana Rosera Pena
Yes, exactly. I mean, we have talked to vets and they mentioned that, you know, food, while they think it, you know, for dieting and the like, it's, it's a, it's a good thing. It doesn't necessarily, you know, cure any of the issues that we have seen with vets.
- [35:08]
Lisa Mateo
Stay with us for more on Bloomberg this weekend right after this.
- [35:15]
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- [37:53]
David Gurr
All right, it's time now for this weekend's pointed news quiz.
- [37:57]
David Gura
This might be your week.
- [37:58]
David Gurr
Might be my week.
- [37:59]
David Gura
Yeah, I don't feel like I've been up on my random headlines. At least I can see how kind Lisa Mateo. Lisa Mateo is here.
- [38:05]
David Gurr
Lisa.
- [38:05]
David Gura
Lisa.
- [38:06]
Lisa Mateo
That's my job, guys. Okay, so those of you playing at home, if you're wondering why we have all these chips on the table, here's how it works. So they have 30 chips in front of them for you. On radio, you can hear them rustling them nicely. They will place their bets on three different categories. So, you know, if you feel a little confident out of the first category, then you put more of your chips there. Or if you're like Christina, you just go 10 across the board each time. And it seems to be working for.
- [38:28]
David Gura
I like to hedge my lack of knowledge. So that's what we do.
- [38:32]
Lisa Mateo
All right, are you ready for your category?
- [38:33]
David Gura
Yeah, put them up there.
- [38:34]
Lisa Mateo
Okay, let's go. So the first category is Reddit.
- [38:37]
David Gurr
Reddit, yes. Social network.
- [38:40]
David Gura
Oh wait, I Don't think about Reddit feel about that. Oh, okay. I can't remember what it was, though.
- [38:44]
Lisa Mateo
Okay, think about it. Second category is music. And third category is YA novels or young adult. Young adult novels.
- [38:52]
David Gurr
Okay, take me back.
- [38:54]
Lisa Mateo
So place your bets. What do you think Reddit taking back what to.
- [38:57]
David Gura
Like last year when you were reading young adult fiction.
- [39:00]
David Gurr
Sorry, it was Reddit.
- [39:01]
Lisa Mateo
Reddit first, music, second, YA novel.
- [39:05]
David Gurr
You know, I'm gonna do the Raffini across the board, 10 to 10.
- [39:10]
Lisa Mateo
It seems to work.
- [39:11]
David Gura
It's a very diverse number of categories.
- [39:13]
David Gurr
All right, it's the. Yeah.
- [39:15]
Lisa Mateo
I think you've heard this first story.
- [39:17]
David Gurr
Really?
- [39:17]
David Gura
Are you ready to get annoyed if I care? This was. Okay.
- [39:20]
Lisa Mateo
Traders on the WallStreetBets subreddit chose which struggling fast food chain as the latest.
- [39:26]
David Gurr
Should have gone all in stock.
- [39:28]
David Gura
I should have gone all in on this. I can't remember which one it was. Hang on.
- [39:32]
David Gurr
Oh, that makes me. Always makes me angry when I know when you know.
- [39:36]
Lisa Mateo
And you should have bet more. Have confidence in yourself, David.
- [39:39]
David Gurr
Yeah, well, you know.
- [39:42]
David Gura
Okay, Are you ready?
- [39:43]
David Gurr
I'm ready.
- [39:43]
Lisa Mateo
Okay.
- [39:43]
David Gura
Dave, what are you saying?
- [39:44]
David Gurr
Wendy's.
- [39:45]
David Gura
Wendy's.
- [39:45]
Emily Birnbaum
Wendy's.
- [39:46]
David Gura
You guys are right.
- [39:47]
Lisa Mateo
Yes, yes, yes, yes.
- [39:48]
David Gurr
I was going to get an edge.
- [39:49]
Lisa Mateo
So they urged traders to, quote, save Wendy's before it's too late. Okay. But it actually spikes.
- [39:56]
David Gura
This is really how the markets work.
- [39:58]
David Gurr
Yes.
- [39:58]
Lisa Mateo
I'm telling you. A little word and a fun fact for you for those who are Wendy's fans. Dave Thomas, you know, the owner, appears all the commercials. He appeared in more than 800 advertisings for the brand.
- [40:09]
David Gurr
I know him well.
- [40:10]
Lisa Mateo
That is more than any other company.
- [40:11]
David Gurr
Founder Paul Sweeney here with us, graduate of the Fuqua School of Business at Duke. He would say that Dave Thomas endowed a lot of that business school. There's a Dave Thomas building on the Duke University campus.
- [40:20]
Diana Rosera Pena
I didn't know that.
- [40:21]
David Gura
See, I used to love those commercials. I guess he's not, you know, obviously he's not around, but they're not doing anything with the founder anymore, the president. We have seen very personal.
- [40:29]
David Gurr
Burger King fire the King famously. Now it's gotten rid of him.
- [40:33]
Lisa Mateo
How sad.
- [40:33]
David Gura
That was a great idea. You know what they needed to bring back Dave Thompson.
- [40:36]
Lisa Mateo
You got to move on.
- [40:37]
David Gurr
Sorry.
- [40:38]
Lisa Mateo
All right, The Colonel still is at Kentucky Pride right here. Music. Are you feeling confident about music? Okay, let's get to it. Clive Davis. Okay, so he passed away this week at 94. He launched Arista Records in 1974 after being pushed out by which record label? So what company did he get fired from before he started his new company?
- [41:01]
David Gurr
Okay.
- [41:02]
Lisa Mateo
Ooh.
- [41:03]
David Gurr
Oh, I don't know. I'm gonna reevaluate. I'm gonna be.
- [41:07]
David Gura
Oh, gosh.
- [41:08]
David Gurr
Okay. All right. I'm ready.
- [41:10]
Lisa Mateo
Christine is confident.
- [41:11]
David Gura
Yeah, no, I'm not. I just only have.
- [41:12]
David Gurr
You said rca.
- [41:13]
David Gura
Ah, that was my other guess. I said Motown.
- [41:15]
Lisa Mateo
You should have kept it in Columbia.
- [41:19]
David Gura
I was gonna write rca.
- [41:22]
Lisa Mateo
I was like, don't erase it. Don't erase it.
- [41:25]
David Gura
It was Columbia.
- [41:26]
Lisa Mateo
He actually joined Columbia as a lawyer in 1960. He was appointed president seven years later. But then he was let go. But we went over to Arisa, and Whitney Houston was the big, you know, name.
- [41:36]
David Gura
Yeah, that would help over there. That would be a little bit.
- [41:38]
David Gurr
Did you just lose 10?
- [41:39]
David Gura
Okay. All right. I will give up my chips. My goodness.
- [41:43]
David Gurr
I don't want viewers to be confused by the story.
- [41:45]
David Gura
David Gura. There you go. There you go.
- [41:47]
Lisa Mateo
Okay. You guys are still tied.
- [41:48]
David Gurr
Less than going with your gut. I guess I should have stuck with
- [41:51]
David Gura
didn't, and now we're even. I ain't up.
- [41:54]
Lisa Mateo
Young adult novels. This is where you're going to pull through. Okay, here we go.
- [41:58]
Diana Rosera Pena
Okay.
- [41:59]
Lisa Mateo
The country, Namibia, has denied Starlink a license. So Starlink's name. Here's a question for you. Starlink's name was Inspired by what 2012 young adult novel?
- [42:12]
David Gurr
I have no idea.
- [42:14]
Lisa Mateo
Not into those, huh?
- [42:15]
David Gurr
No, I'm not into those.
- [42:16]
Lisa Mateo
Kids don't have them on the shelf
- [42:17]
David Gurr
since I've been a young adult.
- [42:20]
Lisa Mateo
Starlink's name Inspired by what? 2012 young adult?
- [42:24]
David Gurr
I don't know. I'm gonna leave that. I'm all right. I'm ready.
- [42:27]
Lisa Mateo
What are you writing?
- [42:28]
David Gurr
I just leave it blank.
- [42:29]
Lisa Mateo
Blank.
- [42:29]
David Gurr
I have no idea.
- [42:30]
David Gura
It's the fault in our Stars.
- [42:32]
Lisa Mateo
Fault in our stars. Okay.
- [42:34]
David Gura
It's the only one stars I could think of. Christina.
- [42:36]
Emily Birnbaum
Yes.
- [42:38]
Lisa Mateo
He said he did a Twitter post. He actually did that. So it's John Green's novel. Comes from actually Shakespeare's Julius Caesar.
- [42:43]
David Gurr
Oh, who knew who did that?
- [42:45]
David Gura
My dog is named Brutus. This is a quote I'm familiar with.
- [42:48]
Lisa Mateo
All right, David, you're behind, so this is your chance for redemption.
- [42:53]
Jeff Mason
Thank you.
- [42:53]
Lisa Mateo
Because we have a bonus. All right, you ready? The bonus category, though, is birthdays.
- [42:58]
IBM Narrator
Okay.
- [42:59]
Lisa Mateo
Okay. I believe you both are going to Nail this. The US is marking its 250th anniversary. What is the term for this milestone? It's a long one, and you need to spell it correctly.
- [43:11]
David Gura
It's got, like, 8,000 syllables in it.
- [43:14]
Lisa Mateo
You need to spell it correctly. 250th anniversary. There was a term for that. I can't remember.
- [43:21]
David Gurr
I wrote.
- [43:22]
David Gura
Wait, it's a.
- [43:23]
Lisa Mateo
The week.
- [43:24]
Christina Raffini
Not yet.
- [43:24]
David Gura
David.
- [43:25]
Emily Birnbaum
It's gotta have sent it
- [43:29]
David Gurr
Sesquicentennial.
- [43:31]
Lisa Mateo
Yes.
- [43:31]
David Gura
Oh, yeah. I wrote like quincesintendental. No, I don't get that one.
- [43:35]
Lisa Mateo
Hold up, hold up. Snow. It's semi.
- [43:39]
David Gurr
Oh, semi.
- [43:39]
Lisa Mateo
Because it's not the correct. That is Anthony, hand over to chips.
- [43:44]
David Gurr
What's bonus Lisa Anyway.
- [43:46]
Christina Raffini
All right.
- [43:48]
David Gura
Thank you.
- [43:48]
David Gurr
Always a pleasure.
- [43:50]
David Gura
Thank you. Lisa Mateo.
- [43:51]
Lisa Mateo
We had a lot of 250 stuff going on.
- [43:53]
David Gurr
We do test your knowledge on all 10 questions. Take the Pointed News Quiz@Bloomberg.com pointed where it's multiple choice.
- [44:00]
David Gura
Remember? It is multiple choice. It is. It is less difficult but, you know, less fun for Lisa because she doesn't get to torture you like she does us. So.
- [44:06]
David Gurr
Yeah, well, torture way.
- [44:09]
David Gura
Thanks for joining us on today's Bloomberg this Weekend podcast. Don't forget to tune in live for the show every Saturday and Sunday morning starting at 7am Eastern.
- [44:17]
David Gurr
We're on Bloomberg Television radio and the Bloomberg Business app, bringing you unique takes and in depth interviews on news, politics, lifestyle and culture.
- [44:27]
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