Odd Lots

Bloomberg's Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets and economics. Join the conversation every Monday, Thursday, and Friday

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Beak Capitalism, Part 1: Chickflation Friday, November 15, 2024

Everybody loves chicken. And, it turns out, that this humble bird can tell us quite a lot about the way the world works. In this three-part series, the Odd Lots team is exploring some of the thorniest issues facing the US economy, through the medium of chicken. In this first episode, we’re looking at chicken from the consumer side. Why do we love it so much? What goes into the price of something like a hot wing or an egg? And what can chicken tell us about the way we think of inflation? We speak with prominent economists, analysts, CEOs, and even a chicken sandwich war correspondent, to discuss. It’s time for Squawk Lots! Become a Bloomberg.com subscriber using our special intro offer at bloomberg.com/podcastoffer. You’ll get episodes of this podcast ad-free and exclusive access to our daily Odd Lots newsletter. Already a subscriber? Connect your account on the Bloomberg channel page in Apple Podcasts to listen ad-free.See omnystudio.com/listener for privacy information.

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Jasmine Sun on What the AI Industry Got Wrong About the Public Backlash Friday, August 21, 2026

Within the AI industry, even the builders of it have been very anxious about the technology. They've talked for years about its potential to create destabilizing job losses. They even spend a lot of time thinking about rogue AI that could lead to human extinction. But for all their anxiety, they missed the thing that's become the most publicly salient: how upset people would be about building data centers. Part of this was understandable. Data center construction has been happening for a long time in America, and it used to be relatively uncontroversial. In fact, cities and states would often design their tax code to incentivize data center construction. Now there's this complete 180. On this episode, we speak with independent writer and Substacker Jasmine Sun, who recently traveled to Wisconsin and Michigan for some on-the-ground reporting about the communities and activists trying to stop data center development. She explains what the pushback is really all about, what it represents, and what future developers will have to do in order to be welcomed in.Come see Odd Lots live in Los Angeles, get your tickets now. Read more:Anthropic-Tied Data Center Inks $1.3 Billion Private Credit LoanPennsylvania Governor Josh Shapiro to Limit New Data Centers Only Bloomberg - Business News, Stock Markets, Finance, Breaking & World News subscribers can get the Odd Lots newsletter in their inbox each week, plus unlimited access to the site and app. Subscribe at bloomberg.com/subscriptions/oddlots Subscribe to the Odd Lots NewsletterJoin the conversation: discord.gg/oddlotsSee omnystudio.com/listener for privacy information.

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Nick Bostrom on What Happens if AI Solves All of Our Problems Thursday, August 20, 2026

The philosopher Nick Bostrom was one of the first thinkers who mapped out the existential risk of AI. In his 2014 book, Superintelligence: Paths, Dangers, Strategies, he delved into various scenarios — like the now-famous “paperclip maximizer” — to show the dangers that unfettered and highly intelligent AI posed to humans. A decade later, in Deep Utopia: Life and Meaning in a Solved World, he looked at the other side of the AI coin, and theorizes what human experience might look like if AI is capable of solving all of our problems. What happens if AI and robots can literally do every single thing better than humans can? How would we find any meaning or satisfaction from life? On this episode, he speaks to us about the two divergent ways of understanding AI's future, what we might do, and what we can do right now to improve the chances that AI actually improves our lives. Come see Odd Lots live in Los Angeles, get your tickets now.Read more:Tech Deploys Charm Offensive to Combat AI Data Center BacklashYoung Americans Become More Hostile to AI, Fearing Job Losses Only Bloomberg - Business News, Stock Markets, Finance, Breaking & World News subscribers can get the Odd Lots newsletter in their inbox each week, plus unlimited access to the site and app. Subscribe at bloomberg.com/subscriptions/oddlots Subscribe to the Odd Lots NewsletterJoin the conversation: discord.gg/oddlotsSee omnystudio.com/listener for privacy information.

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What the OpenAI-Hugging Face Hack Really Tells Us About AI Danger Monday, August 17, 2026

Scenarios that used to be the domain of sci-fi writers are coming true. We have machines that can talk. We have machines that are capable of ignoring the intent of their creators. And we have machines that are capable of planning and coordinating with other machines to deceive their creators. All of this came together last month, when it was revealed that an unreleased OpenAI model had hacked into the Hugging Face platform in order to obtain answers to an exam it was given. That was alarming enough, but the details that have emerged since then have been even more remarkable. On this episode, we speak with Miles Brundage, a former OpenAI employee who is the founder and executive director of the non-profit AVERI, which pushes for third-party auditing of model-makers and the models themselves. He explains what he learned from the attack and discusses what can plausibly be done to continue building out these models in a safe manner.See omnystudio.com/listener for privacy information.

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A Historic El Niño Is Coming That Could Cost the World Trillions Friday, August 14, 2026

Every few years, weather nerds and agriculture analysts will talk about an upcoming El Niño, and then they mostly pass by with relatively few headlines. But sometimes El Niños end up being massively destabilizing -- leading to devastating droughts, flooding, and other catastrophes. And this year's emerging El Niño could end up being one of the big ones, with forecasters predicting record-breaking intensity. But what exactly is an El Niño, and what does it mean that this year's could be so big? On this episode, we speak with Justin Mankin, professor of geography at Dartmouth and director of the Climate Modeling and Impacts Group. We discuss the forecasting of El Niños, and why they can lead to large and long-lasting economic damage. Read more:Super El Niño Will Give Us a Glimpse of Life in 2035Heat Wave and World Cup Hand UK Economy a Surprise Boost Only http://Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox each week, plus unlimited access to the site and app. Subscribe at bloomberg.com/subscriptions/oddlots Subscribe to the Odd Lots NewsletterJoin the conversation: discord.gg/oddlotsSee omnystudio.com/listener for privacy information.

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Trucking Is Booming Again, And Drivers Aren't Happy About It Thursday, August 13, 2026

In the last year, freight companies have seen a significant upturn in the business. Volumes are up. Billing is up. And in addition to growing demand, we've also seen new constraints on the supply side, with the administration cracking down on who is even allowed on the road. As we know, trucking is an especially cyclical industry, but is this current boom structurally different from past booms? Why is it that despite the boom, many of today's drivers are unhappy with the state of the industry? On this episode, we speak with Reed Loustalot, the chief marketing officer at the the Truck Parking Club, a company which aims to help drivers find parking, so that they're not using up valuable road hours just looking for a place to stop for the night. We talk about the crackdown on the supply side of the market, the rise of surveillance, and how a recent Supreme Court ruling could impair capacity even further. Read more:Ship Pays $4 Million to Skip Line to Cross Panama CanalTrucking Stocks Fall on Legal Risk in Worst Month Since Tariffs Only http://Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox each week, plus unlimited access to the site and app. Subscribe at bloomberg.com/subscriptions/oddlots Subscribe to the Odd Lots NewsletterJoin the conversation: discord.gg/oddlotsSee omnystudio.com/listener for privacy information.

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NYT CEO Meredith Kopit Levien on Running a Media Brand in the Age of AI Monday, August 10, 2026

In the last decade, the New York Times has remade itself many times over. It has done that through acquisitions (The Athletic, Wirecutter, and the ever-popular Wordle) and by navigating all the different challenges that have emerged in the digital age and now the age of AI. Its video operation, for instance, has grown exponentially in the last few years. And they've used AI tools in their reporting, namely in several pieces they did on the Epstein Files. At the same time, the company is also suing the likes of OpenAI and Perplexity for copyright infringement. To understand the modern media landscape, you really do have to understand the Times, so today we speak with The New York Times Company's CEO and president, Meredith Kopit Levien. We talk to her about how to run a media business without seeing the news itself as a loss leader, the NYT's evolving bundle strategy, how the paper retains talent, why the current pivot to video is different from the first one, and the ideal set-up for AI companies and media properties to co-exist.See omnystudio.com/listener for privacy information.

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Introducing: Our Town Sunday, August 9, 2026

Our Town from Bloomberg’s Big Take podcast follows residents of Gainesboro, Tennessee, after a group of far-right Christians moves in with plans for a radical social experiment.Listen to Episode 1 on the Big Take.See omnystudio.com/listener for privacy information.

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How a Sardine Gets From the Ocean to a Can Friday, August 7, 2026

Just a decade ago, tinned fish was hardly a premium product. Most Americans likely associated cans of tuna with thrift. But that has changed a lot in recent years. The category took off during Covid and now shoppers are shelling out for high end brands like Fishwife. Today's guest Becca Millstein started the company in 2020, positioning it as a distinct, artisanal product, more akin to one might find in European grocery stores. In addition to the sheer challenges of scaling, the nature of the business itself has changed, influenced by climate change and geopolitics (shortages have led Morocco to suspend frozen sardine exports for instance). We discuss the tinned fish supply chain and how a new brand positions itself in today's media market.Read more: What the American Tin Can Reveals About Trump’s Volatile Tariff PolicyOnly Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox, plus unlimited access to the site and app. bloomberg.com/subscriptions/oddlotsSee omnystudio.com/listener for privacy information.

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Brad Setser on the US's Unusual Japanese Yen Intervention Thursday, August 6, 2026

Last week, the US joined forces with Japan to try to stop the yen’s slide. It’s the first time the two sides have intervened in the Japanese currency in 15 years, and in many ways it was an unprecedented and unusual move, with Treasury Secretary Scott Bessent choosing to sell euros (as opposed to dollars) and the use of a little-known Federal Reserve repo facility. So why did the yen’s value drop so precipitously in the first place? And will this intervention be enough to stop it? Brad Setser, senior fellow at the Council on Foreign Relations, explains why the Bank of Japan initially refrained from raising rates, why East Asian currencies (not just the yen) have been so weak lately, the improving fiscal outlook for Japan, and what to look out for next.See omnystudio.com/listener for privacy information.

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The Tungsten Market Is Warning of an Upcoming War Monday, August 3, 2026

Bloomberg Opinion columnist David Fickling tells us you can think of tungsten mining as “a century old prediction market for war.” As he writes in a recent piece, tungsten is “a super-element that can determine the fate of nations.” While the commercial market for tungsten is fairly small, it can be crucial in war manufacturing, due to its high density and melting point. He learned more about tungsten mining, and its increasing geopolitical necessity, during a visit to Australia's Dolphin Mine, which has a history of opening up during times of war, and then closing again during times of peace. He explains to us why investors are once again interested in tungsten mining and why it's been so hard (over the last century) to sustain production outside of China.See omnystudio.com/listener for privacy information.

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Why Private Credit Got Entangled With Insurance Friday, July 31, 2026

Insurers have quietly become a major driver of the private credit boom, with numerous private equity shops striking deals with insurance companies or buying them outright. But the entanglement with private credit is also changing the insurance industry itself, raising a number of questions about risk and regulation. Today we speak to Andrew Granato and Pranjal Drall, authors of a new paper, “Private Credit's State Backstop: How Private Equity Socializes Risk Through Insurers," examining the relationship between private credit and insurance. Granato (an assistant professor at the UT Austin Law School) and Drall (JD-PhD student in Financial Economics at Yale) talk to us about how PE got so interested in insurance in the first place, how both sides benefit from the relationship, and why taxpayers might ultimately be on the hook. Read more:Blue Owl Surges as Leaders Stress It’s More Than a Direct LenderAres $29 Billion Private Credit Fund Sees Uptick in Non-Accruals Only Bloomberg - Business News, Stock Markets, Finance, Breaking & World News subscribers can get the Odd Lots newsletter in their inbox each week, plus unlimited access to the site and app. Subscribe at bloomberg.com/subscriptions/oddlots Subscribe to the Odd Lots NewsletterJoin the conversation: discord.gg/oddlotsSee omnystudio.com/listener for privacy information.

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How the Iranian Economy Actually Works Thursday, July 30, 2026

After the Iranian Revolution of 1979, the country's new leaders — religious and political — promised to redistribute the country's wealth and made moves to make Iran independent from western influence and business interests. In the decades since, Iran's economy completely transformed, and it is closer to what Yeganeh Torbati and Bozorgmehr Sharafedin describe as a "mafia state," where fealty to various factions is baked into the country's political economy. In their new book Stolen Revolution: Betrayal and Hope in Modern Iran they trace the massive changes Iran's political economy has undergone since the revolution, and they speak to us today about this history, how average Iranians navigate everyday cronyism, how Iranian leaders treated the country's burgeoning tech sector, and why the recent peace talks might not change all that much about how the country's economy currently operates. Read more:A New Age of Missiles Reshapes Battlefields Around The WorldUS War With Iran Set to Drag On for Months Over Hormuz Deadlock Only http://Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox each week, plus unlimited access to the site and app. Subscribe at bloomberg.com/subscriptions/oddlots Subscribe to the Odd Lots NewsletterJoin the conversation: discord.gg/oddlotsSee omnystudio.com/listener for privacy information.

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Branko Milanovic on What Comes After Globalization Monday, July 27, 2026

It's pretty obvious by now that globalization has fallen out of favor. And while many pundits have deemed economic globalism dead, we are still figuring out what to call this new era. Branko Milanovic's chosen phrase is "national market liberalism," a term that sums up how a world once defined by the free movement of capital has begun to contract as the most powerful governments have come to favor mercantilism and nationalism. In his new book, The Great Global Transformation: The United States, China, and the Remaking of the World Economic Order, the famed economist explains what comes after globalization. He talks to us about China's economic evolution, the pressure it has put on elites in the West, and much more.See omnystudio.com/listener for privacy information.

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How Financial Advisors Can Grow During the Great Wealth Transfer (Sponsored Content) Sunday, July 26, 2026

Over the next two decades, more than $100 trillion will change hands in the greatest wealth transfer in history. This is a massive opportunity for financial advisors, both new and established. This conversation provides detailed, research-backed information and practical advice for financial advisors who are considering their next move. Produced by Bloomberg Media Studios and Prudential Financial, this roundtable discussion provides clear and honest perspectives on the changes that are coming. Guests on the show include:David Blanchett, Head of Retirement Research with Prudential Financial, and Portfolio Manager with PGIMBrittney Castro, CFP, AAMS, CRPC, Financial Expert and SpeakerChelsea Ransom-Cooper, Co-Founder and Chief Financial Planning Officer with Zenith Wealth PartnersMaggie Lake, Financial Journalist Research sources:Cerulli Associates: U.S. High-Net-Worth and Ultra-High-Net-Worth Markets, 2024Cerulli Associates: The Cerulli Edge, U.S. Retail Investor, 2023Alliance for Lifetime Income: Protected Retirement Income and Planning Study, 2024Prudential Communications: Global Retirement Pulse Survey, 2025 For more about this series visit us at:https://sponsored.bloomberg.com/media/prudential/the-great-client-transfer See omnystudio.com/listener for privacy information.

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How Franchise Restaurants Opened the Door to the Gig Economy Friday, July 24, 2026

When the fast food industry began booming in the 1950s, it did so via a new business model known as the franchise. This model allowed independent operators to license trademarks from a business like McDonald's or Dunkin Donuts, and it soon spread across the country, with huge consequences for how Americans are employed. Legal battles fought by franchises eventually opened the door to what's now known as the gig economy, allowing Uber drivers to be treated in much the same way as the operator of a local Chick-fil-A. To better understand the history of the franchise model, we speak with Brian Callaci, chief economist of the Open Markets Institute, and author of the book Chains of Command: The Rise and Cruel Reign of the Franchise Economy. Callaci helps break down how the franchise model works, how franchise contracts are structured to precisely dictate how franchisees are supposed to run their businesses, the relationship between the franchise model and gig work, as well as how franchises pioneered worker surveillance. Read more:Taco Bell Traffic Sinks After Lettuce Tied to Parasite CasesChicken Back on Menu as Cyber-Hit Nichirei Restores Operations Only http://Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox each week, plus unlimited access to the site and app. Subscribe at bloomberg.com/subscriptions/oddlots Subscribe to the Odd Lots NewsletterJoin the conversation: discord.gg/oddlotsSee omnystudio.com/listener for privacy information.

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Why Apple Is Heading Into a Pivotal Moment Thursday, July 23, 2026

There used to be a time when the latest product release from Apple was a huge deal. But lately, it's been kind of 'meh,' and a lot of the hype in the tech world has been directed at companies doing things with AI. For better or worse, Apple seems to have largely missed the AI boom. But there are signs things might be changing. In addition to appointing John Ternus as the new CEO to replace Tim Cook, Apple is expected to unleash a slate of new products, including AirPods with cameras and foldable phones. Meanwhile, it's also raising prices on a bunch of its devices for the first time in its history, thanks to a shortage of memory. So can Apple recapture the hype and find new products to entice customers? In this episode we speak with Mark Gurman, managing editor for consumer tech at Bloomberg and one of the world's most prominent Apple-watchers. We talk to him about Apple's AI strategy, the origins of the OpenAI and Apple legal battle, what to expect with Ternus in the CEO seat, and when and why iPhones stopped being a sexy piece of hardware.See omnystudio.com/listener for privacy information.

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The Creator of Claude Code on The Hottest Piece of Software in the World Monday, July 20, 2026

2026 has been, in terms of software, the year everyone is talking about Claude Code. Indeed, Anthropic's coding agent incited a market scare — and helped usher in the era of vibe coding — through its promise of streamlining software development for both pros and amateurs. Famously, Claude Code began as a side project of Anthropic led by Boris Cherny, who speaks to us today about the early days of Claude Code and how he and his team approach building an agentic coding tool. We also talk about the business aims of a harness like Claude Code, safety and alignment research, the specific skillset he looks for in engineers now that code writing is a deemphasized skill, and what happens when Claude Code feels more like a co-worker than a tool. Read more:For Software Engineers, the AI Reckoning Is Already HereDimon Warns of Broad Mythos Access, Calling It a Real Issue Only http://Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox each week, plus unlimited access to the site and app. Subscribe at bloomberg.com/subscriptions/oddlots Subscribe to the Odd Lots NewsletterJoin the conversation: discord.gg/oddlotsSee omnystudio.com/listener for privacy information.

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Lev Menand and Nathan Tankus on Why Fed Independence Is Now Hanging by a Thread Friday, July 17, 2026

Last August, President Trump made the unprecedented choice of moving to fire Fed governor Lisa Cook. The administration claimed she was being terminated with cause, citing an ongoing investigation in alleged mortgage fraud committed by Cook. The legal battle between Cook and the administration has been tangled in the courts for the last year, eventually reaching the Supreme Court. This June, in a 5-4 decision, the court ruled in favor of Cook. However at the same time, in a different case, the court allowed the President to fire individual members of the FTC, undermining its role as quasi-independent body not beholden to the executive branch. So what are the implications here? How can the court change the status of a body like the FTC while allowing the Fed to continue operating as is? And for how long will the Fed maintain some amount of operational autonomy? On this episode we speak with Columbia Law School's Lev Menand who just wrote a piece on these two cases for Just Security called The Federal Reserve Exception to the Slaughter Rule as well as Nathan Tankus (writer and president of Notes on the Crises). The two of them lay out the consequences of these two decisions and they dig into the generations-long legal history, starting with Alexander Hamilton, that explains how we got here.Read more: Can Trump Still Fire Lisa Cook After Her Supreme Court Win? Only Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox now delivered every weekday plus unlimited access to the site and app. bloomberg.com/subscriptions/oddlotsSee omnystudio.com/listener for privacy information.

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Why Soccer Analytics Works Like Volatility Arbitrage Trading Thursday, July 16, 2026

American sports fans have long been comfortable talking in the language of stats and analytics. Soccer embraced the 'moneyball' revolution later; the sport was once perceived as too complex to model analytically — there were too many players on the pitch, the game's progression was too random and chaotic to reliably predict. That's no longer the case, and soccer watchers are well aware of stats like xG (Expected Goals) and each match is an opportunity for a team to mine data, whether its tracking data, on-ball data, or even analyzing body poses and movement. Today, we speak with two soccer analytics veterans, Mike Treacy (head of risk at Apex Fintech Solutions) and Joris Bekkers (a soccer analytics consultant). Treacy's background includes a stint in analytics for a Premier League team and he's currently advising the MLS team Austin FC while Bekkers has built software that analyzes raw soccer data and he's worked with the US Soccer Federation. We talk to them about how VAR has affected the sport, how data analytics can capture ineffable things like hustle, how European leagues and the MLS differ in their analytics strategy, and why chess and soccer are not so dissimilar. Read more:The Lawyer Taking On StubHub Over World Cup Ticket SalesPolymarket Partners With Crypto Firm During World Cup Only http://Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox each week, plus unlimited access to the site and app. Subscribe at bloomberg.com/subscriptions/oddlots Subscribe to the Odd Lots NewsletterJoin the conversation: discord.gg/oddlotsSee omnystudio.com/listener for privacy information.

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NY Governor Kathy Hochul on Her One Year Data Center Moratorium Wednesday, July 15, 2026

On July 14, New York Governor Kathy Hochul announced a one-year moratorium on new large data center projects in the state. It's the nation's first such pause at a time when anti-data center politics is on the rise around the country. But Hochul insists that she's not anti-AI, and that she's an avid user of the technology, as well as a believer that it can be a force for economic growth. On this episode, we talk to Hochul about the logic of the pause, and what she hopes it will achieve. We also discuss energy and housing stress in the state, and what it would take for New York to welcome in driverless cars.Read more: Meta’s Louisiana Data Center to Surpass $250 Billion Price TagOnly Bloomberg - Business News, Stock Markets, Finance, Breaking & World News subscribers can get the Odd Lots newsletter in their inbox each week, plus unlimited access to the site and app. Subscribe at bloomberg.com/subscriptions/oddlotsSee omnystudio.com/listener for privacy information.