Bloomberg Daybreak: Asia Edition Daybreak Weekend: US GDP, UK Politics, China Eco
Dec 19, 2025
Mandeep Singh, Global Head of Tech Research at Bloomberg Intelligence, shares insights on the potential bubble surrounding Big Tech’s 2025 gains and highlights AI spending trends. John Liu, Bloomberg's Chief China Correspondent, discusses China’s economic priorities for 2026, focusing on consumption boosts and the troubled property market. They delve into the juxtaposition of optimistic tech investments against the harsh economic reality in China, and the implications of upcoming US-China trade dynamics on global markets.
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Q3 GDP Could Mask A K-Shaped Reality
- Q3 GDP revisions may show much stronger growth than preliminaries, driven by updated nowcasts and data corrections.
- Ed Harrison warns headline growth can mask a K-shaped economy where lower-wage workers face labor-market pain.
AI Spend Lifts Growth But Leaves Workers Behind
- AI spending and large deficits support headline growth but create labor-market mismatches for average workers.
- Harrison notes reentry into the labor force shows some optimism despite weak job opportunities.
Earnings Resilient; Free Cash Flow Under Pressure
- Big tech earnings look resilient but free cash flow may suffer as hyperscalers raise capex 40–50% for AI.
- Mandeep Singh expects FCF pressure and potential prioritization of AI projects in 2026.