Bloomberg Talks

Mike Wirth, CEO of Chevron, is at the helm of a new initiative to supply natural gas-fired power to AI data centers in West Texas. He discusses this strategic pivot, explaining how it utilizes Chevron's experience in remote power generation. The facility, expected by 2027, could generate up to 5,000 megawatts. Wirth also shares insights on oil prices, the importance of U.S. policy in global exploration, and how AI can enhance operational efficiency and safety. It's a bold step into the future of energy!

Ed Bastian, CEO of Delta Air Lines, shares his insights on travel disruptions caused by the government shutdown, resulting in over 2,000 flight cancellations. He emphasizes the impact on quarterly earnings but reassures travelers about a return to normalcy for the holiday season. Bastian discusses shifting booking behavior, noting a modest dip in reservations, alongside Delta's plans for international expansion and premium revenue sustainability. He also highlights advancements in technology and partnerships, envisioning a future with electric air taxis.

Rick Rieder, the Chief Investment Officer for Global Fixed Income at BlackRock, shares his insights on the labor market's structural challenges driven by automation and AI. He discusses the effects of interest rates on hiring and job mobility, and whether tolerating inflation above 2% could support employment. Rieder also analyzes how mortgage rates impact shelter inflation and provides an investment outlook shaped by tech-driven productivity. His thoughts on market excesses and equity concentration offer a comprehensive view of the current economic landscape.

Mike Brown, President and CEO of Travel + Leisure Co., discusses the intricacies of the domestic travel market and timeshare industry. He reveals how customer demographics shape brand strategies and the importance of lifestyle brands like Margaritaville. Brown highlights the high retention rates of existing timeshare owners and the challenges of operational complexities in the business. He also addresses the potential impact of a government shutdown on travel demand and emerging opportunities in the luxury market.

Byron Donalds, a Republican U.S. Representative from Florida's 19th district, discusses key political issues affecting the nation. He commits to supporting a deal to end the government shutdown while criticizing the current approach to Obamacare subsidies, stating that more funding won't solve the underlying cost problems. Donalds advocates for patient-centered health reforms and emphasizes the importance of fiscal responsibility to prevent future shutdowns. He also addresses energy policy, supporting small modular nuclear reactors to enhance grid capacity.

Michael Intrator, CEO of CoreWeave and expert in GPU-focused cloud infrastructure, dives deep into challenges like data-center delays and supply-chain diversification. He highlights the impact of third-party developers on project timelines and shares insights on maintaining client confidentiality. Intrator discusses a strategic agreement with NVIDIA, emphasizing its potential to benefit startups. He also advocates for government involvement in infrastructure improvements to speed up processes, showcasing the dynamic landscape of tech and cloud services.

Michael McGrath, European Commissioner for Justice, dives into the urgent need for enhanced consumer protection in the EU, especially regarding online sales. He discusses France's probe into Shein, highlighting concerns over dangerous products on the platform. McGrath emphasizes the necessity for the EU to have 'more teeth' in enforcing safety regulations. He also touches on recent efforts to strengthen ties with China and the Digital Services Act's role in combating online disinformation and enhancing consumer rights.

Nobel laureate Paul Krugman, renowned economist and professor, joins the discussion on the economic fallout from the US government shutdown. He highlights the unprecedented low in consumer sentiment and critiques the proposal for $2,000 checks as fiscally irresponsible. Krugman also addresses the complexities of measuring economic impact due to disruptions like air traffic control issues and concerns over delayed economic reports, cautioning about a 'ghost month' affecting labor and inflation data.

Alberto Musalem, President of the Federal Reserve Bank of St. Louis, provides insights into the U.S. economy's resilience, with growth near potential despite uncertainty. He discusses the cooling labor market and contrasts spending patterns between high and low-income households. Musalem emphasizes the importance of balancing monetary policy risks and urges a focus on a 2% inflation target as many households struggle. He also highlights firms' concerns about non-interest cost pressures and the implications of rising debt on consumer vulnerability.

Mary Daly, the President of the Federal Reserve Bank of San Francisco, dives deep into inflation and productivity. She warns that maintaining high interest rates too long could echo past mistakes from the 1970s. Daly discusses the potential of AI to drive productivity growth, showing optimistic trends across various firms. She emphasizes the importance of monitoring firms' pricing intentions to gauge inflation pressures. With a focus on the labor market, she details how recent changes indicate demand shifts and examines how monetary policy still functions effectively despite perceptions to the contrary.