Michael Nathanson, founding partner and Senior Research Analyst at Moffettnathanson, shares his insights on the transformative effects of AI on search engines and media companies. He discusses the shift towards AI-driven responses and its implications for traditional browsing methods. Additionally, Nathanson highlights the challenges faced by companies like Disney in the streaming industry amidst evolving market dynamics. The conversation delves into the broader impact of AI disruptions on major tech stocks and consumer habits.
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Trade Shock Weakens Dollar, Helps EM
The trade shock recently caused the U.S. dollar to weaken, benefiting emerging market currencies with appreciation.
High foreign reserves in Asia and hopes for smaller trade tariffs have supported some currency strength despite trade war risks.
insights INSIGHT
US Economy: Headwinds and Tailwinds
U.S. economy faces headwinds from trade uncertainty but benefits from strong AI-driven capex and income growth.
Medium-term growth potential is bullish, possibly hitting 4% by decade's end despite trade and migration policy setbacks.
insights INSIGHT
Fed Stance and Upcoming Near Recession
A near recession is expected by Q4 due to slower growth, higher inflation, and rising unemployment.
Fed commitment to fight inflation anchors expectations, setting stage for eventual rate cuts after short downturn.
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In 'Megathreats,' Nouriel Roubini identifies and examines ten critical threats to global stability, such as the worst debt crisis in history, the rise of AI replacing jobs, climate change, and the new superpower competition between the U.S. and China. Roubini details the potential consequences of these megathreats and argues that immediate action is necessary to prevent or mitigate them. He also discusses the interconnected nature of these threats and how they could exacerbate each other, leading to a Great Stagflationary Debt Crisis. The book emphasizes the need for global awareness and collective action to address these challenges and presents both optimistic and pessimistic scenarios for the future[1][2][3].
Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyMay 8th, 2025 Featuring: 1) Nouriel Roubini, Professor Emeritus of Economics at NYU and chairman of Roubini Global Economics, joins to discuss the Fed decision and a recent op-ed on why he believes the US economy will survive the Trump shock and thrive. It comes as Fed Chair Jay Powell says he won't lower borrowing costs until there's more certainty on the direction of trade policy, which will have to come from the White House. 2) Ken Shinoda, Portfolio Manager at DoubleLine Capital, talks growth and inflation, signals from the bond market, and pressures in MBS market. Bond investors continue to search for clarity after Chair Powell suggested the Fed will wait for conviction on whether the next move is a cut based on the economy moving towards a recession or whether it's a move towards more restrictive policy due to high inflation becoming entrenched into the economy. 3) Richard Portes, professor at London Business School, joins in studio to talk tariffs and the dollar exchange rate, risks of a financial crisis, and a potential US-UK trade deal. The announcement is expected to boost the UK economy and markets, but investors will closely examine the extent to which Trump is willing to backtrack from his sweeping tariffs imposed on April 2. 4) Michael Nathanson, founding partner and Senior Research Analyst at Moffettnathanson, discusses his note on The Beginning of the End for Search in reaction to Apple's VP of Services comments. Apple is considering revamping Safari to focus on AI-powered search engines, potentially ending its longtime partnership with Google. Eddy Cue, Apple's senior vice president of services, believes AI search providers will eventually replace standard search engines like Google and that Apple will bring those options to Safari in the future. 5) Lisa Mateo joins with the latest headlines in newspapers across the US, including a WSJ story on REAL ID Day and a NYT story on Agatha Christie, who died in 1976, teaching a class in AI.
Bloomberg Surveillance 
