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Big Take

A News podcast

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About the show

The Big Take from Bloomberg News brings you inside what’s shaping the world's economies with the smartest and most informed business reporters around the world. The context you need on the stories that can move markets. Every afternoon.

Newest episodes

The Climate Is Changing in Ways Models Couldn’t Predict

17 min

COP31 aims to set new goals to bring down emissions as a record-breaking El Niño threatens extreme heat, major disasters and trillions of dollars of lost economic growth. On today’s Big Take podcast, climate reporter Laura Millan tells host Sarah Holder that part of the problem is that climate change is happening faster than models predicted — and in ways they couldn’t account for. Read more: Trillions Hinge on a Future That Eludes Climate Models We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Host: Sarah Holder; Guests: Laura Millan; Produced by Julia Press; Edited by Tracey Samuelson, Naomi Shavin; Engineering by Greg Tock. See omnystudio.com/listener for privacy information.

A Fall From Grace So Extraordinary It Seems Made for Hollywood

17 min

Jensen Huang’s run as the seemingly untouchable Nvidia CEO, defining the future of AI, ended in a fall from grace made for Hollywood when multiple affairs came to light, including one with an alleged Chinese spy. On today’s Big Take podcast, tech policy senior editor Michael Shepard and Dina Bass, Bloomberg’s AI infrastructure reporter, on what the departure of the key man at AI’s key company means for markets, competitors and US-China relations. Read more: Nvidia’s Huang Ousted by Board in Move that Roils AI Economy Nvidia Turns to CFO Kress to Steady Ship After Huang Exits Silicon Valley Stunned by Swift Action on Huang by Nvidia Board We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Host: David Gura; Guests: Dina Bass and Michael Shepard; Produced by David Fox; Edited by Jeff Grocott; Engineering by Emma Munger. See omnystudio.com/listener for privacy information.

What Changes for Iran, Israel, Ukraine and China Under a Flipped US Congress

14 min

As President Trump aims to cement his legacy in his final two years in office, congressional Democrats are taking aim at signature pieces of his foreign policy. On today’s Big Take podcast, David Gura sits down with US National Security editor Nick Wadhams and Bloomberg Economics Chief Geoeconomics Analyst Jennifer Welch to discuss how congressional Democrats will try to rein Trump in on trade and foreign intervention. Find our special series of timely and urgent conversations on the US midterm elections wherever you listen to podcasts. We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Host: David Gura; Guests: Nick Wadhams, Jennifer Welch; Produced by David Fox; Edited by Naomi Shavin, Patrick Hirsch; Engineering by Alex Sugiura. See omnystudio.com/listener for privacy information.

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The newest 50 of 1,052 episodes

The Climate Is Changing in Ways Models Couldn’t Predict

17 min

COP31 aims to set new goals to bring down emissions as a record-breaking El Niño threatens extreme heat, major disasters and trillions of dollars of lost economic growth. On today’s Big Take podcast, climate reporter Laura Millan tells host Sarah Holder that part of the problem is that climate change is happening faster than models predicted — and in ways they couldn’t account for. Read more: Trillions Hinge on a Future That Eludes Climate Models We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Host: Sarah Holder; Guests: Laura Millan; Produced by Julia Press; Edited by Tracey Samuelson, Naomi Shavin; Engineering by Greg Tock. See omnystudio.com/listener for privacy information.

A Fall From Grace So Extraordinary It Seems Made for Hollywood

17 min

Jensen Huang’s run as the seemingly untouchable Nvidia CEO, defining the future of AI, ended in a fall from grace made for Hollywood when multiple affairs came to light, including one with an alleged Chinese spy. On today’s Big Take podcast, tech policy senior editor Michael Shepard and Dina Bass, Bloomberg’s AI infrastructure reporter, on what the departure of the key man at AI’s key company means for markets, competitors and US-China relations. Read more: Nvidia’s Huang Ousted by Board in Move that Roils AI Economy Nvidia Turns to CFO Kress to Steady Ship After Huang Exits Silicon Valley Stunned by Swift Action on Huang by Nvidia Board We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Host: David Gura; Guests: Dina Bass and Michael Shepard; Produced by David Fox; Edited by Jeff Grocott; Engineering by Emma Munger. See omnystudio.com/listener for privacy information.

What Changes for Iran, Israel, Ukraine and China Under a Flipped US Congress

14 min

As President Trump aims to cement his legacy in his final two years in office, congressional Democrats are taking aim at signature pieces of his foreign policy. On today’s Big Take podcast, David Gura sits down with US National Security editor Nick Wadhams and Bloomberg Economics Chief Geoeconomics Analyst Jennifer Welch to discuss how congressional Democrats will try to rein Trump in on trade and foreign intervention. Find our special series of timely and urgent conversations on the US midterm elections wherever you listen to podcasts. We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Host: David Gura; Guests: Nick Wadhams, Jennifer Welch; Produced by David Fox; Edited by Naomi Shavin, Patrick Hirsch; Engineering by Alex Sugiura. See omnystudio.com/listener for privacy information.

Democrats Now Control the Future of the Supreme Court

20 min

Democrats were considering radical Supreme Court reform to address its conservative tilt. Now, their sweeping midterm victory enables the party to put a stamp on the US Supreme Court without fundamentally altering the institution. On today’s Big Take podcast, Harvard Law constitutional scholar and Bloomberg Opinion columnist Noah Feldman joins David Gura to discuss what’s in store for the top court in the coming months and years. Read more: Democrats Can Now Fix the Supreme Court Without Reforming It Host: David Gura; Guest: Noah Feldman; Produced by Naomi Shavin; Edited by Jeff Grocott; Engineering by Greg Tock See omnystudio.com/listener for privacy information.

The AI Economy Runs on Nvidia. Can It Survive the CEO’s Affair?

20 min

Nvidia CEO Jensen Huang is at the center of the circular AI economy — and news of his extra-marital affair with an alleged Chinese spy has hammered Nvidia’s stock and threatened to roil markets. On today’s Big Take podcast, host Sarah Holder is joined by Sarah Frier, managing editor for big tech, AI and startups, and tech policy editor Michael Shepard to discuss how Nvidia, the AI sector and the US government are navigating the scandal, its fallout and the investigations ahead. Read more: Nvidia Scandal Creates Risks for Whole AI Industry, Not Just CEO We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Host: Sarah Holder; Guests: Sarah Frier and Michael Shepard; Produced by David Fox; Edited by Tracey Samuelson; Engineering by Emma Munger See omnystudio.com/listener for privacy information.

Weekend Listen: Composer Max Richter on AI and Music’s Future

42 min

Max Richter is one of the most successful classical composers alive. His catalog has had more than 4 billion streams and his works range from an eight-hour album based on the science of sleep to the Oscar-nominated score for the film Hamnet. Richter’s work often responds to political upheavals and current events. His new album, ‘While The Flood Rages’, derives from his score for a ballet inspired by Margaret Atwood‘s MaddAddam trilogy of books. In this conversation with Mishal Husain, he discusses his influences, his creative process and how music is his refuge from the world. This episode features the tracks: ‘On The Nature of Daylight’, by Max Richter, from the album ‘The Blue Notebooks’. Courtesy of Deutsche Grammophon. ‘While The Flood Rages’, by Max Richter, from the album While The Flood Rages. Courtesy of Decca Records, part of Universal Music Group. Visit https://www.bloomberg.com/mishal to read Mishal’s notes and reflections on this conversation. See omnystudio.com/listener for privacy information.

The New AI Trade Is FOGO: ‘Fear of Getting Obliterated’

14 min

Wall Street’s brutal, $3.7 trillion rout cascaded into Asian markets, putting chipmakers and tech companies in its crosshairs. Host K. Oanh Ha sat down with Bloomberg Opinion Columnist Shuli Ren to look at what comes next for AI – and consider whether this is simply a correction or a crack in the AI bubble. Read more:  Anatomy of a Selloff: Sudden Chain Reaction Rattles Wall Street AI Has Taken Over Every Corner of the Market We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Host: K. Oanh Ha and David Gura; Guest: Shuli Ren; Produced by Naomi Ng and David Fox; Edited by Crispina Robert and Nicole Beemsterboer; Engineering by Sean Carter. See omnystudio.com/listener for privacy information.

The Economic Levers Democrats Will Try to Pull Without Trump

15 min

The Blue Wave might have been a rebuke of Trump and his economy, but Democrats have limited options to tackle affordability without him. On today’s Big Take podcast, PIMCO’s Head of Public Policy Libby Cantrill joins host Sarah Holder to discuss how the economic issues Democrats campaigned on could translate into policy and the compromises and clashes that may lie ahead. Find our special series of timely and urgent conversations on the US midterm elections wherever you listen to podcasts. We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Host: Sarah Holder; Guest: Libby Cantrill; Produced by Julia Press and David Fox; Edited by Naomi Shavin; Engineering by Emma Munger. See omnystudio.com/listener for privacy information.

Global Markets Ride the Blue Wave

18 min

The blue wave that swept across US midterms buoyed Senate and House Democrats — as well as big tech shares and French bonds. On today’s Big Take podcast, Bloomberg Opinion Executive Editor Robert Burgess and reporter Matthew Griffin, who covers the intersection of politics and stocks, join host Sarah Holder to sort out the day’s market winners (the Fed) and losers (Elon Musk’s companies). Read more: US Election 2026 | Markets in Context We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Host: Sarah Holder; Guests: Robert Burgess and Matthew Griffin; Produced by David Fox and Julia Press; Edited by Jeff Grocott and Patrick Hirsch; Engineering by Alex Suguira. See omnystudio.com/listener for privacy information.

Democrats Swept Congress. What Will It Mean for Trump?

15 min

The results are in: In a US midterm election seen as a referendum on President Donald Trump, a blue wave swept Congress. Democrats will control both the House and Senate for the last two years of Trump’s term. On today’s Big Take podcast, host Sarah Holder, Bloomberg White House reporter Josh Wingrove and Congress editor Megan Scully dig into how election night played out in the US, how markets are reacting and what clashes to expect between President Trump and Democrats in Congress.  Find our special series of timely and urgent conversations on the US midterm elections wherever you listen to podcasts. We are also live blogging at Bloomberg.com with the latest from across the globe.  We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Host: Sarah Holder; Guests: Josh Wingrove and Megan Scully; Produced by Naomi Shavin and David Fox; Edited by Nicole Beemsterboer and Tracey Samuelson; Engineering by Sean Carter. See omnystudio.com/listener for privacy information.

The Legal Fight Nightmare Scenario for the US Midterms

13 min

It’s Election Day in the US and a deluge of midterms-related lawsuits have already been filed, even though polls haven’t closed yet. Bloomberg legal reporter Zoe Tillman and Josh Wingrove, who covers the White House, join host David Gura to make sense of the latest legal fights. Read more: Trump’s Aggressive Voter Lawsuits Offer Democrats a Blueprint for Legal Defense This is a developing story. We are live blogging at Bloomberg.com with the latest from across the globe. Host: Sarah Holder; Guests: Josh Wingrove and Zoe Tillman; Produced by David Fox and Julia Press; Edited by Nicole Beemsterboer; Engineering by Alex Sugiura. See omnystudio.com/listener for privacy information.

Binance, North Korea and the Crypto Heist Boom

17 min

Hackers the FBI has linked to North Korea stole $6.3 billion from Binance, pulling off the biggest crypto heist of all time. On today’s Big Take podcast, host Sarah Holder speaks with Bloomberg crypto editor Ryan Weeks and Bloomberg Economics’ Adam Farrar about how the attack unfolded and how stolen crypto is increasingly funding Pyongyang’s nuclear ambitions.  Read more:  North Korean Hackers Behind Binance Crypto Heist Are Weaponizing AI Kim Jong Un Flouted Sanctions to Amass $22 Billion Windfall Further listening: The Unexpected Rise of North Korea’s Economy We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. See omnystudio.com/listener for privacy information.

Is Indonesia’s Stock Market Becoming Uninvestable?

14 min

After a rare double downgrade warning from MSCI, Indonesia suffered its worst stock rout in nearly 30 years. On today’s Big Take Asia podcast, host K. Oanh Ha speaks with Bloomberg Indonesia bureau chief Ben Otto about what dropping Southeast Asia’s largest economy from key global benchmarks would mean for investors and what Jakarta can do to avert the crisis. Read more: What Happens If Indonesia Is Removed From MSCI’s Global Indexes?Further listening: Indonesia’s $15 Billion Free Lunch Experiment Host: K. Oanh Ha; Guest: Ben Otto; Produced by Naomi Ng; Edited by Crispina Robert and Nicole Beemsterboer; Engineering by Greg Tock. See omnystudio.com/listener for privacy information.

Grand Theft Auto VI Is Gaming’s Biggest Financial Bet

18 min

Grand Theft Auto VI is expected to set new records for the video game industry. But will potential billion-dollar sales of the title buoy an entire industry facing years of layoffs and lower returns on investment?On today’s Big Take podcast, Bloomberg’s Jason Schreier takes us inside the making of GTA VI and breaks down the financial stakes of one of the biggest entertainment releases of all time. Read more: The Making of Grand Theft Auto VI We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Host: Sarah Holder; Guest: Jason Schreier; Produced by Julia Press; Edited by Aaron Edwards; Engineering by Sean Carter. See omnystudio.com/listener for privacy information.

Kyla Scanlon’s ‘Shrugflation’ Triangle

13 min

Ahead of the Federal Reserve’s decision to hold rates steady this week, host Sarah Holder sat down with author and economic commentator Kyla Scanlon to talk about who’s continuing to spend and borrow, who isn’t and what happens when consumer spending doesn’t equal consumer confidence.  Read more:  Voters’ Inflation Frustrations Take Shine Off Strong Economic Growth Kyla’s Newsletter: The Shrugflation Triangle: How AI, Oil, and Treasuries are Impacting the Economy  We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Host: Sarah Holder; Guest: Kyla Scanlon; Produced by David Fox; Edited by Tracey Samuelson and Patrick Hirsch; Engineering by Emma Munger. See omnystudio.com/listener for privacy information.

Was the US Republicans' Redistricting Effort a Texas-Sized Mistake?

14 min

Republicans in Texas, hoping to lock in more seats in Congress, kicked off a redistricting frenzy that saw several other states redraw their congressional maps. Today on the show, host David Gura sits down with Bloomberg Texas Bureau Chief Julie Fine and Senior White House reporter Josh Wingrove to talk through why that gamble may not pay off. Read more: Trump Calls for Peltola to Be Banned From Alaska Senate Race Joe Rogan’s Microphone Goes Quieter on Trump Ahead of Midterms Economic Pain Turns Nebraska Into Unexpected Senate Battleground We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Host: David Gura; Guests: Julie Fine and Josh Wingrove; Produced by David Fox; Edited by Nicole Beemsterboer and Naomi Shavin; Engineering by Sean Carter. See omnystudio.com/listener for privacy information.

Anthropic's S-1

17 min

Anthropic’s initial public offering, set for November, will be the first by a company whose primary focus is developing frontier AI models. It could surpass SpaceX’s recent IPO as the biggest on record. And it’s risky. In 94 pages, the company laid out how its plans could be knocked off course by regulation, energy costs, climate change — or catastrophic risks to humanity caused by its own models. In today’s episode, host Sarah Holder, Bloomberg Opinion columnist Dave Lee and Michael Regan, managing editor for US equities, talk about why the company is leaning into its risk prospectus, what a successful IPO would mean for competitors and markets and how much is riding on next week’s US midterm elections. We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Host: Sarah Holder; Guests: Dave Lee, Michael Regan; Produced by David Fox; Edited by Jeffrey Grocott; Engineering by Sean Carter. See omnystudio.com/listener for privacy information.

Does France Answer to Its Citizens or the Bond Market?

19 min

France is caught between two powerful forces: protesters demanding that the government protect public services and social benefits and a bond market that can’t stomach the idea of France’s deficit getting any larger. But the fight over France’s budget is also reviving a longstanding debate at the heart of the euro zone: How much control does a country really have over its economic future when it shares a currency with its neighbors? On today’s Big Take podcast, Bloomberg’s John Stepek joins host Sarah Holder to discuss the competing forces shaping France’s financial future — and what’s at stake for the rest of Europe. Read more: A Turning Point for France Looks a Long Way Off A French Accident Waiting to Happen French Bond Risk Falls Most Since 2020 as Downgrade Avoided Further Listening:  French Bond Markets and AI Neoclouds Feel The Pressure We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Host: Sarah Holder; Guest: John Stepek; Produced by Julia Press and Naomi Shavin; Edited by Tracey Samuelson; Engineering by Emma Munger. See omnystudio.com/listener for privacy information.

Weekend Listen: Suhasini Haidar on Modi’s Challenges Trump Abroad and Gen Z at Home

39 min

India’s “Cockroach” protests have returned to the streets of Delhi, and just as the country faces intensifying challenges from abroad, including fallout from the Iran war and tensions with the US, China and Pakistan. In a conversation on the sidelines of Bloomberg’s New Economy Forum in New Delhi last week, Suhasini Haidar, diplomatic editor for The Hindu, sat down with The Mishal Husain Show to unpack India’s shifting place in the world and Gen Z discontent at home. See omnystudio.com/listener for privacy information.

Benjamin Netanyahu’s Referendum Has Arrived

14 min

For the first time since the Oct. 7 attacks, Israelis are headed to the polls. The race is seen as a referendum on Prime Minister Benjamin Netanyahu, who is neck-and-neck with opponent Gadi Eisenkot in the latest polls.  On today’s Big Take podcast, Bloomberg’s Dan Williams examines the existential questions this election has raised: Will Israelis choose a post-Netanyahu future? And if they do, what would it mean for Israel and for the Palestinian territories? Read more: Win or Lose, Netanyahu Has Reshaped Israeli Politics in His Image Trump’s Endorsement of Netanyahu Falls Flat With Israeli Voters We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. See omnystudio.com/listener for privacy information.

Meta and Tesla Beat Expectations. So Why Are Investors Unimpressed?

17 min

Tesla disclosed this week that it had fallen short of its targets for AI infrastructure spending. Investors didn’t like that. Meta revealed its plans to lay out more than $800 billion on AI infrastructure over the next decade. Investors didn’t like that, either. On today’s Big Take podcast, why all eyes are on AI spending plans — and which US tech giants’ earnings to watch. Host Sarah Holder is joined by Michael Regan, managing editor for US equities, and Sarah Frier, managing editor for big tech, AI and startups. Read more:  Meta Credit Risk Gauge Surges to Record on AI Spending Plans Meta Falls After Boosting Spending Plans for AI Bet Tesla’s Lowered Capex Plan Fuels Doubt on AI, Robotics Goals We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Host: Sarah Holder; Guests: Sarah Frier and Michael Regan; Produced by David Fox; Edited by Jeffrey Grocott; Engineering by Emma Munger. See omnystudio.com/listener for privacy information.

Elon Musk Has Spent More Than $445 Million on the US Midterms

17 min

Amid the news that Elon Musk wants to merge Tesla and SpaceX, he has given $445 million to political races in the US midterms. That makes him one of the biggest-ever contributors in US history.  On today’s Big Take podcast, host David Gura talks to Dana Hull, who covers Musk, and campaign finance reporter Bill Allison, about the impact that money could have on some of the closest races, like the Texas Senate race. Read more: Musk Giving Tops $445 Million in Midterm Election Push for GOP Musk Pours $158 Million Into GOP Super PAC for Texas Senate RaceSpaceX, Tesla Boards Study Possible $3.5 Trillion Merger We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Host: David Gura; Guests: Dana Hull, Bill Allison; Produced by Julia Press, David Fox, Julia Weaver; Edited by Naomi Shavin; Engineering by Sean Carter. See omnystudio.com/listener for privacy information.

Has Sanae Takaichi Made Japan Great Again?

19 min

Japanese Prime Minister Sanae Takaichi wants to put Japan back in the fast lane, with huge investments in everything from AI to space technology. But can she generate the growth to justify the spending without unsettling markets and voters? On today’s Big Take Asia podcast, host K. Oanh Ha talks to Bloomberg’s Paul Jackson about Takaichi’s first-year scorecard and the economic and political pressures that could determine whether her agenda succeeds. Read more: Japan Is Still Figuring Out How a Female Prime Minister Should Lead Further listening: Japan Hikes Rates, Reshaping Carry Trade We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Host: K. Oanh Ha; Guest: Paul Jackson; Produced by Naomi Ng; Edited by Crispina Robert and Julia Weaver; Engineering by Greg Tock. See omnystudio.com/listener for privacy information.

CoreWeave’s Selloff and the AI Economy

16 min

CoreWeave’s eye-popping debt and quest for new capital has some investors on edge. On today’s Big Take podcast, Bloomberg credit reporter Katherine Schwartz and AI infrastructure reporter Dina Bass join host Sarah Holder to make sense of the selloff, what it means for neoclouds and the future of the AI build-out. Read more: CoreWeave’s Business Is Sound Despite Debt Fears, JPMorgan Says We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer.Host: Sarah Holder; Guests: Katherine Schwartz, Dina Bass; Produced by Julia Weaver and David Fox; Edited by Paddy Hirsch; Engineering by Sean Carter. See omnystudio.com/listener for privacy information.

Weekend Listen: The Secret History of the Mar-a-Lago Document Seizure

41 min

In Disclosure, investigative reporter Jason Leopold and attorney Matt Topic take listeners inside a years long effort to head off document destruction at the White House during President Trump’s first term. Drawing from government documents (and The Big Lebowski), they reveal how the US National Archives and Records Administration tried to alert the feds to potentially illegal record disposal. And they learn why FBI and Justice Department personnel clashed before searching Trump's Florida home, Mar-a-Lago. Voice acting by Mandy Hull. Subscribe to Jason's FOIA Files newsletter at https://www.bloomberg.com/account/newsletters/foia-files. See omnystudio.com/listener for privacy information.

The Diamond Industry’s Battle for Your Ring Finger

12 min

Are “natural” diamonds still worth it if you can get a near-identical alternative for a fraction of the cost? With a boost from celebrities like Sarah Jessica Parker, lab-grown competitors could be coming for the crown. On today’s Big Take podcast, guest host Stacey Vanek Smith talks to industry insiders and De Beers Group CEO Al Cook about what $12 half-carat earrings could mean for the luxury business’ future and how the old guard is pushing back.  Read more: The Diamond Industry’s Old Guard Wants You to Buy ‘Natural’ We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer Host: Stacey Vanek Smith; Guests: Al Cook, Edahn Golan, Adelle Archer; Produced by Julia Press; Edited by Aaron Edwards; Engineering by Sean Carter. See omnystudio.com/listener for privacy information.

US Economic Growth Is Up — So Why Is Sentiment Down?

18 min

US economic growth is up but consumer sentiment is down. Another rate hike, expected this year, could help lower inflation, but do little to ease the frustrations of much of the middle class, for whom the American dream sits just out of reach. On today’s Big Take podcast, editors Matthew Boesler and Cristina Lindblad join Sarah Holder to unpack what the data says is happening in the US economy and why consumer sentiment tells another story. Read more:  The Trump Stock Market Is Lousy for Most US Consumer Prices Rise by Most Since April in Broad Advance We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Host: Sarah Holder; Guests: Matthew Boesler and Cristina Lindblad; Produced by David Fox; Edited by Paddy Hirsch and Naomi Shavin; Engineering by Emma Munger. See omnystudio.com/listener for privacy information.

Diesel Prices are Hitting Records Just in Time for the Midterms

18 min

Energy prices are up — and President Trump is out of time to bring them down before the US midterm elections.  On today’s Big Take podcast, David Gura breaks down the factors keeping prices high and how much it could cost the Republican party with White House reporter Josh Wingrove and Will Kubzansky, who covers gasoline, diesel and jet fuel. We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Host: David Gura; Guests: Josh Wingrove and Will Kubzansky; Produced by Julia Press, David Fox, Julia Weaver; Edited by Naomi Shavin; Engineering by Sean Carter. See omnystudio.com/listener for privacy information.

How India’s Day Traders Broke the World’s Biggest Options Market

17 min

When millions of retail investors piled into India’s options market to get rich quick, losses mounted and regulators launched a sweeping crackdown.  On today’s Big Take Asia podcast, guest host Rebecca Choong Wilkins and India equities reporter Savio Shetty break down how the world’s largest options market unraveled, why regulators are struggling to police the country’s latest craze and where traders are placing their bets now.  Read more: How India Built (and Broke) the World’s Biggest Options CasinoFurther listening: Inside Jane Street: The Enigmatic Firm That Rules Wall Street Watch, from Originals: How India's Day Retail Traders Lost Billions Host: Rebecca Choong Wilkins; Guest: Savio Shetty; Produced by Naomi Ng and Yang Yang; Edited by Crispina Robert and Julia Weaver. Engineering by Sean Carter II. See omnystudio.com/listener for privacy information.

AI’s Giant Money Loop Is Feeling Very 2008

18 min

The AI infrastructure boom is funded by a complex web of investments, as tech companies pour money into one another and foreign investors funnel still more cash into the industry. That flow of foreign money is also creating global imbalances — and flashbacks to the run-up to the 2008 financial crisis. On today’s Big Take podcast, Bloomberg’s Shawn Donnan and Bloomberg Economics’ Tom Orlik join David Gura on the AI industry’s global money machine: how it works and what risks it could pose to the global economy if the AI trade doesn’t deliver fast enough.  Read more: AI’s Giant Money Loop Is Drawing Foreign Cash Like 2008 National Bureau of Economic Research: Financing the AI Buildout View profiles for each of the world’s 500 richest people, see the biggest movers, and compare fortunes or track returns on the Bloomberg Billionaires Index. We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Host: David Gura; Guests: Shawn Donnan and Tom Orlik; Produced by David Fox, Brunella Tipismana Urbano; Edited by Tracey Samuelson; Engineering by Emma Munger. See omnystudio.com/listener for privacy information.

Weekend Listen: In Defense of Melania

38 min

As US journalist Azadeh Moaveni was writing her latest book, ‘The East Wing’, a history of America's first ladies and their staff, President Donald Trump’s demolition of that very part of the White House was underway.  Moaveni presents her book as a “parallel women’s history,” tracing how the wives of US presidents, including Melania Trump, who traditionally had offices in the now-vanished annex, helped shape alliances at home and abroad.   See omnystudio.com/listener for privacy information.

Inside Jane Street: The Enigmatic Firm That Rules Wall Street

16 min

Jane Street just eclipsed Goldman Sachs and JPMorgan as the biggest trading house on Wall Street. It pulled in nearly $40 billion in trading revenue in 2025. And it’s so enigmatic that to the outside world, it’s unclear who’s even in charge. On today’s Big Take podcast, David Gura talks to finance reporters Max Abelson and Katherine Doherty on their reporting on who’s calling the shots at the firm and why it matters to global markets. Read more: Who’s Who at Jane Street We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Host: David Gura; Guests: Max Abelson and Katherine Doherty; Produced by David Fox; Edited by Jeffrey Grocott; Engineering by Sean Carter. See omnystudio.com/listener for privacy information.

What Happens When the Billionaires Brexit

17 min

Ultra-wealthy individuals in the UK have been fleeing the country, after sweeping Labour Party tax reforms led to a crackdown on overseas wealth. For the first time, new data from the Bloomberg Billionaires Index reveals just how much money is at stake with the exodus. On today’s Big Take podcast, host Sarah Holder talks to Bloomberg’s Benjamin Stupples about the UK’s $160 billion problem and the impact it could have on Britain’s economy. Read more: London Takes a Hit as Super Rich Worth $160 Billion Exit UK “Taxation and Migration by the Super-Rich” (2025 CESifo Working Paper)  Bloomberg Billionaires Index We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Host: Sarah Holder; Guest: Benjamin Stupples; Produced by Julia Press, Julia Weaver; Edited by Paddy Hirsch, Aaron Edwards; Engineering by Emma Munger. See omnystudio.com/listener for privacy information.

Could Democrats Actually Flip Texas This Time?

16 min

President Trump is campaigning in Texas on Wednesday, rallying voters in a state that’s long been a Republican stronghold. His efforts in traditionally red states around the country show how surprisingly close many of these midterm races have become — and the outcome will determine if Trump’s party can hold onto the Senate and advance his agenda for the next two years. On today’s Big Take podcast, Texas bureau chief Julie Fine and Washington correspondent Josh Wingrove join host Sarah Holder to break down the ultra-expensive, surprisingly competitive Texas Senate race and what it would mean for Trump’s presidency if he loses the Lone Star state. Further Listening:  Can $700 Million Buy Republicans the US Senate? Europe’s Debt Problem Is Back We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Host: Sarah Holder; Guests: Julie Fine, Josh Wingrove; Produced by David Fox, Julia Press; Edited by Naomi Shavin; Engineering by Sean Carter. See omnystudio.com/listener for privacy information.

The Surprising People Getting Very Rich Off AI

14 min

Beyond software and chips, the AI boom relies on good old-fashioned manufacturing of essential components – a skill that has made a new class of people very, very rich. On today’s Big Take Asia podcast, host Oanh Ha talks with Bloomberg reporter Cindy Wang and Opinion columnist Catherine Thorbecke about how nimble producers—think toilet manufacturers and furniture makers—pivoted to this booming industry, and the risks of concentrating too much AI manufacturing in one part of the world. Read more: ‘Like It’s Raining Gold’: The AI Boom’s Unexpected Billionaires Bloomberg Billionaires Index: 500 of the World’s Richest People  We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Hosted by K. Oanh Ha; Guests: Cindy Wang, Catherine Thorbecke; Produced by Naomi Ng and Yang Yang; Edited by Crispina Robert and Paddy Hirsch Engineering by Greg Tock. See omnystudio.com/listener for privacy information.

Europe’s Debt Problem Is Back

20 min

Bond yields are climbing from the US to Japan — pushing up borrowing costs and putting fresh stress on governments, markets and consumers. In France, that strain could deepen into a broader crisis for the euro zone. On today’s episode, Bloomberg Opinion columnist John Authers and Navy Federal Credit Union Chief Economist Heather Long join Sarah Holder to discuss what’s driving the rise in yields, how long they could stay elevated and what lessons the Greek debt crisis might hold for France. Read more:  Could Bond Yields Break the Stock Market? Soaring Yields Find Europe’s Weak Spot View profiles for each of the world’s 500 richest people, see the biggest movers, and compare fortunes or track returns on the Bloomberg Billionaires Index. We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Host: Sarah Holder; Guests: John Authers, Heather Long; Produced by Julia Press, David Fox; Edited by Tracey Samuelson, Jeffrey Grocott; Engineering by Emma Munger. See omnystudio.com/listener for privacy information.

Weekend Listen: Google’s James Manyika on AI Risk

41 min

Amid growing concern over AI risks, top tech executives were summoned to the White House this past week and agreed to US President Donald Trump’s preferred alternative to federal regulation. The accord, which carries no legal weight, commits Anthropic, OpenAI, Nvidia, Meta, SpacexAI and Google to “robust internal processes” and independent audits, and comes soon after safety worries delayed the release of the latest ChatGPT model. At Google, James Manyika’s role as senior vice president of technology and society — and as co-director of the newly established DeepMind Institute — is to help ensure that AI turns out well. In this conversation with Mishal Husain, the two discuss what regulation could look like without the support of the US and where Google stands in the debate. Read Mishal’s notes on this conversation https://www.bloomberg.com/mishal See omnystudio.com/listener for privacy information.

The Steamy, Billion-Dollar World of Romantasy

18 min

Romantasy books have created a near-billion-dollar industry in the US alone. This week, fans are racing to grab a copy of Rebecca Yarros’ Threshing Day, and bracing for the sixth installment of one of the genre’s biggest hits, A Court of Thorns and Roses by Sarah J. Maas, coming later this month. On today’s Big Take podcast, Bloomberg’s Hannah Miller and Madison Muller take host David Gura into the booming world of publishing’s runaway obsession. And The Knave and the Moon author Rachel Gillig talks about going from preschool teacher to global literary celebrity. Read more: The Steamy, Magical and Now Very Lucrative Romantasy Business We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Host: David Gura; Guests: Hannah Miller, Madison Muller; Produced by Julia Press and David Fox; Edited by Aaron Edwards; Engineering by Sean Carter; Illustration by Anna Podedworna. See omnystudio.com/listener for privacy information.

The Man City Scandal Rocking the Premier League

16 min

The Premier League has found its top-ranked club, the star-studded and highly decorated Manchester City, guilty of artificially boosting financial results by more than £900 million over nine years. The franchise used “sham” contracts to build an unprecedented competitive advantage. The team has until Oct. 2 to respond to the charges. On today’s Big Take podcast, David Gura and UK-based Business of Sports Editor Giles Turner unpack the cheating allegations against Man City and how the scandal could reshape the entire league. Read more: Man City Broke Rules With ‘Sham’ Contracts, League Finds Popular on Bloomberg: Who’s Who at Jane Street We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Host: David Gura; Guest: Giles Turner; Produced by Julia Press and David Fox; Edited by Naomi Shavin; Engineering by Emma Munger. See omnystudio.com/listener for privacy information.

Can $700 Million Buy Republicans the US Senate?

16 min

The 2026 midterms are on track to become the most expensive elections in US history, with Republican Senate candidates raking in hundreds of millions from PACs and Democrats riding a growing wave of individual donations. So who has the edge? On today’s Big Take podcast, Bill Faries, who oversees Bloomberg’s midterm coverage, and campaign finance reporter Bill Allison join Sarah Holder to break down how each party is raising and spending cash and what it means for control of the Senate — and for the coming presidential race. Read more: Shifting Senate Map Is Fueling Most Expensive Election Ever Further Listening: Why Everyone Is Talking About High Diesel Prices We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Host: Sarah Holder; Guests: Bill Allison and Bill Faries; Produced by David Fox and Julia Press; Edited by Jeffrey Grocott; Engineering by Sean Carter. See omnystudio.com/listener for privacy information.

China’s New Message to Its Billionaires: Pay Up

13 min

China is ramping up an ongoing effort to shore up local government budgets and fund AI data centers with tax revenue from its richest citizens. Billionaires across the country are seeing bills hit their doorstep, and one major deadline to pay up is just weeks away. On today’s Big Take podcast, host David Gura talks to Bloomberg’s Lulu Chen about why Beijing is enforcing and rewriting its tax rules, and the measures some wealthy citizens are taking to pay up or fight back.View profiles for each of the world’s 500 richest people, see the biggest movers, and compare fortunes or track returns on the Bloomberg Billionaires Index. Read more: China’s Tax Grab Squeezes Rich Elite Harder Than Ever Further listening: China Tightens Its Grip on Billions in Offshore Wealth Hosted by David Gura; Guest: Lulu Chen; Produced by Naomi Ng; Edited by Aaron Edwards, Engineering by Greg Tock See omnystudio.com/listener for privacy information.

Could Bond Yields Break the Stock Market?

17 min

At over 5%, the 10-year Treasury yield is the highest since 2007. Those soaring yields are raising lots of questions about whether investors should be trimming stocks and buying bonds. But timing such a move can be complicated.  On today’s Big Take podcast, Bloomberg’s David Papadopoulos and Michael Regan join host Sarah Holder to discuss whether we’re on the brink of a great portfolio reallocation, two very different reasons why bond yields are rising and why one prominent AI skeptic is embracing the trade he once shunned. Further reading: AI Skeptic Rajiv Jain Embraces the Tech Trade He Once Shunned Further listening: Why Everyone is Talking About High Diesel Prices We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Host: Sarah Holder; Guests: David Papadopoulos and Michael Regan; Produced by Julia Press and David Fox; Edited by Tracey Samuelson; Engineering by Sean Carter. See omnystudio.com/listener for privacy information.

Weekend Listen: There's a Mind-Boggling Number of Rich People in America

59 min

In 2014, the economists Owen Zidar and Eric Zwick were asked by the US Treasury to conduct a study on the tax burden of private business owners. One of their central findings is that there are about three million private business owners who have an average wealth of around $25 million. The research they conducted led to their new book, The Everywhere Millionaire: Who Is Really Rich in America and How They Got There.On this week's Weekend Listen, Odd Lots co-hosts Joe Weisenthal and Tracy Alloway talk to Zidar and Zwick about how they measured the actual number of rich people in America, why income inequality started to rise in tandem with the growing number of pass-through businesses, and how it's possible that the collective revenue of the nation's dentists far exceeds that of the NFL. Read more: Tech’s New Rich Are Suffering From ‘Sudden Wealth Syndrome’ Jobless Tech Workers Are Being Left Out of San Francisco’s AI Boom See omnystudio.com/listener for privacy information.

Crafting America’s Favorite Countertops Is Killing Workers

21 min

People who fabricate artificial stone are getting sick with a deadly chronic illness—on that, there’s no debate. But whether it’s the individual shops or the material’s manufacturers who should be held responsible is the subject of a highly political dispute playing out across the US. On today’s Big Take podcast, Bloomberg labor reporter Josh Eidelson breaks down the consequences of this dispute for the industry and the people who work in it. Read more: ‘Death Sentences’: Crafting America’s Favorite Countertops Is Killing Workers We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Host: Sarah Holder; Guest: Josh Eidelson; Produced by Julia Press; Edited by Naomi Shavin; Engineering by Alex Sugiura. See omnystudio.com/listener for privacy information.

This Isn’t Your Grandparents’ UN

15 min

At this week’s UN General Assembly meeting in New York, an AI executive delivered dire warnings via video. President Trump threatened to annihilate Iran. China’s Xi Jinping skipped the meeting altogether. Eight decades after its founding as a guarantor of world peace, does the UN still matter? On today’s Big Take podcast, what UN week and the Xi-Trump summit mean for global security and the future of multilateralism. Host David Gura speaks with Bloomberg’s managing editor for international security and economics, Nick Wadhams, and Bloomberg TV’s chief political correspondent Annmarie Hordern. We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Hosted by David Gura; Produced by David Fox and Naomi Ng; Guests: Annmarie Hordern and Nick Wadhams; Edited by Jeffrey Grocott; Engineering by Emma Munger. See omnystudio.com/listener for privacy information.

Why Everyone Is Talking About High Diesel Prices

17 min

Diesel prices are hitting new highs, and voters aren’t happy. With the midterms approaching, the Trump administration is trying to find ways to curb fuel costs, including a potential US diesel export ban. On today’s Big Take podcast: The political fallout of sky-high diesel prices. Bloomberg national economics reporter Mark Niquette and host Sarah Holder break down what’s driving up costs, why prices are hitting battleground states particularly hard and whether an export ban could backfire. Read more: Record Diesel Prices Hit at Worst Time in Key Battleground States We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Hosted by Sarah Holder; Produced by David Fox; Reported by Mark Niquette Edited by Tracey Samuelson; Engineering by Alex Sugiura See omnystudio.com/listener for privacy information.

US-China AI Race to Take Center Stage at Trump-Xi Meeting

16 min

As Chinese President Xi Jinping makes his first visit to Washington in over a decade, trade and the AI race will likely dominate talks with Donald Trump. On today’s Big Take Asia podcast, host K. Oanh Ha and Bloomberg’s John Liu unpack what each leader hopes to gain and why they may have no choice but to cooperate on AI safety. Read more: The Tough AI Questions Looming Over the Trump-Xi Summit We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Hosted by K. Oanh Ha; Produced by Yang Yang and Naomi Ng; Edited by Crispina Robert and Paddy Hirsch Engineering by Alex Sugiura See omnystudio.com/listener for privacy information.

How Much Is the Hormuz Blockade Costing the US?

14 min

The Iran War is likely to take center stage when President Trump meets with Gulf leaders on the sidelines of this week's UN General Assembly. Houthi attacks in Saudi Arabia and rising energy prices underscore the widening global toll of a war that has cost the US more than $43 billion, according to the Pentagon's latest estimate. On today's Big Take podcast, Bloomberg Global Defense Editor Gerry Doyle and Bloomberg Economics Defense Lead Becca Wasser join Sarah Holder to break down the conflict’s latest costs – the rising tab for the US's six-month-long blockade of the Strait of Hormuz, the drawdown of US munitions stockpiles and the deepening toll on military personnel – and how the war has changed the US's ability to defend itself in future conflicts. Read more: Iran Blockade Costs Are Draining America’s Global Military Power We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Hosted by Sarah Holder; Reported by Gerry Doyle and Becca Wasser;  Produced by Julia Press; Edited by Jeffrey Grocott; Engineering by Emma Munger. See omnystudio.com/listener for privacy information.

Big Pharma Needs New Drugs. China Has Them

17 min

American pharma giants are increasingly turning to Chinese labs to discover, test and develop cutting-edge drugs. On the Big Take Asia podcast, Bloomberg’s Amber Tong and Robert Langreth join Oanh Ha to break down why global drugmakers are sourcing their next big breakthroughs from China — and what that means for US biotech dominance. Read more: Big Pharma Is Hooked on Chinese Licensing Deals Hosted by K. Oanh Ha; Produced by Naomi Ng and David Fox; Guests: Amber Tong and Robert Langreth; Edited by Paddy Hirsch and Crispina Robert. Fact-checking by Brunella Tipismana Urbano; Engineering by Alex Suguira. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer. See omnystudio.com/listener for privacy information.

Japan Hikes Rates, Reshaping Carry Trade

16 min

It’s been a big week for central banks around the world. Yet among the flurry of rate decisions, the Bank of Japan’s move stands out. After decades of near-zero interest rates, policymakers are betting Japan’s economy is finally returning to something closer to normal. On today’s Big Take Podcast, K. Oanh Ha and Bloomberg’s Paul Jackson explore why the Bank of Japan is hiking rates at its fastest pace in decades, what the shift means for the yen carry trade and how Japan’s policy moves could ripple across global markets. Read more: BOJ Hikes at Fastest Pace Since 1990 After Bessent’s Calls Hosted by K. Oanh Ha and David Gura; Guest: Paul Jackson; Produced by Naomi Ng, Julia Press and David Fox; Edited by Crispina Robert and Paddy Hirsch. Engineering by Sean Carter. See omnystudio.com/listener for privacy information.

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