Episode summary
Bloomberg Businessweek Weekend: May 22nd, 2026 | Bloomberg Businessweek
Bloomberg Businessweek Daily
· · 43 min · Hosts: Carol Massar, Tim Stenovec
Summary
Volatility in global markets was driven by geopolitics, Nvidia’s quarterly results, and renewed debate over the pace of the AI infrastructure buildout. The host also noted reports that OpenAI is preparing a massive IPO and that SpaceX filed for one as well, while bond yields swung on President Trump’s comments about talks with Iran and his recent China trip.
A major segment focused on rare earths and the struggle to build a non-Chinese supply chain fast enough for U.S. defense needs. The guest said Real Alloys is racing toward the January 21st, 2027 deadline for defense firms to buy products with no China ties, and argued that refining, processing, metallizing and magnet making are the real bottlenecks. He said the company has not taken direct government funding yet, but has a $200 million LOI from the Export-Import Bank and expects production later this year.
The episode also examined lab-grown diamonds, private aviation, and how wealthy consumers are spending on time and convenience. One guest argued lab-grown diamonds are chemically identical to mined stones, cost about 70% less, and are taking share rapidly. In private aviation, Wheels Up said its turnaround is improving fleet reliability and margins, while Sensient Jet emphasized steady demand, younger customers, and multigenerational travel.
Key takeaways
- The Real Alloys CEO said the company is building a North American rare-earth and magnet supply chain with no Chinese nexus and is racing toward a January 21st, 2027 defense deadline.
- The guest said refining, processing, metallizing and magnet making are the hardest parts of rare-earth supply, not mining, and that scaling will take time.
- The Astria London founder said lab-grown diamonds are chemically and structurally identical to mined diamonds and are about 70% cheaper.
- Wheels Up said it finished replacing its legacy jet fleet early and is using Delta-linked premium demand to support a turnaround.
- Sensient Jet said private aviation demand remains strong, with 6,700 card owners and a customer base that is getting younger and more family-oriented.
Notable quotes
“we're racing towards that deadline, making sure the firms that supply our men and women in uniform with everything they need can get there on time”
“Rare earth is not the mining is not the big bottleneck in rare earth. It's the refining, processing, metallizing and magnet making”
“The global lab grown diamond market valued between 26 and $30 billion. We've reported this across Bloomberg”
“No, there is zero difference chemically, optically, structurally”
“private aviation flying in North America is actually up 11% year-over-year. Uh, and globally 5% year-over-year”
How the episode opens
Bloomberg Audio Studios, podcasts, radio, news.
This is Bloomberg Business Week Daily, reporting from the magazine that helps global leaders stay ahead with insight on the people, companies, and trends shaping today's complex economy. Plus, global business, finance, and tech news as it happens. The Bloomberg Business Week Daily podcast with Carol Masser and Tim Stenc on Bloomberg Radio.
Hi everyone, welcome to the Bloomberg Business Week weekend podcast. Carol is on assignment this week. It was a volatile week for global markets driven largely by geopolitical headlines and a crucial earnings report from AI giant Nvidia.
Bond yields also seesawed as President Trump said the US was in the quote final stages of talks with Iran. Meanwhile, investors parsed Nvidia's first quarter earnings report, fueling the ongoing debate over the sustainability of the global AI infrastructure buildout. That as news reports surfaced that OpenAI is preparing to file for a massive IPO.
And speaking of filing for a massive IPO, SpaceX filed for it on Wednesday. For the latest headlines, head on over to Bloomberg.com or always on the Bloomberg terminal. Trade and supply chain security continue to dominate the geopolitical stage following President Trump's highstakes trip to China last week.
With that in mind, we caught up with the CEO of Real Alloys, Lippy Sternheim. It's a rare earth and magnet supply chain company. We spoke about the intense competition between the US and China over rare earth elements and what the latest maneuvering means for national security and global tech manufacturing.
And speaking of rare or not so rare minerals, we dive into the booming market for lab grown diamonds and how it's challenging the centuries old dominance of mind gems. And then we take to the skies for a view on the state of private aviation and evolving consumer travel budgets with the president of Sensient Jet.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- business and finance news
- global technology
- politics
- economics
- weekly roundup
Watch the episode
Watch “Bloomberg Businessweek Weekend: May 22nd, 2026 | Bloomberg Businessweek” on YouTube
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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