Episode summary
Nasdaq 100 Touches Correction as AI Trade Unwinds | Bloomberg Businessweek
Bloomberg Businessweek Daily
· · Hosts: Carol Massar, Tim Stenovec · Guests: Kristine Aquino, Jeff Sprecher, Muyao Shen, Dan Sheridan
Summary
Technology stocks took the day’s punishment first, with the Nasdaq 100 briefly slipping into a correction as the selloff broadened beyond the usual AI rotation trade. A guest from Bloomberg Markets Live said the drop looked less like a single catalyst and more like investors reacting to several different pressures at once, with the key question now being which companies can still justify heavy AI spending. The host and the guest also flagged Apple as a possible test case for whether the market still rewards hardware strength and premium pricing in a more affordability-conscious environment.
The episode then turned to Intercontinental Exchange and its push into perpetual futures and other crypto-linked products. Jeff Sprecher argued that the move is about capturing a new trading cohort, not cannibalizing ICE’s existing business, and said the products should be brought into U.S. regulated markets with guardrails. He also said ICE is working toward a future that includes more continuous trading, including a first glimpse of 24/7 equity trading in December 23 by 5.
The show also covered the Binance hack, with Muyao Shen saying early signs point to North Korean involvement and that roughly half of the stolen funds are being frozen. The hour ended with Brooks Running CEO Dan Sheridan, who said the brand is benefiting from a durable running boom, 13 straight quarters of growth, and 40% growth in China.
Key takeaways
- The host said the market’s sharp drop looked broader than the recent tech rotation, raising questions about whether the AI trade is losing momentum.
- A guest said the next stock winners may be the companies that can defend AI spending with strong cash flow rather than the biggest capex budgets.
- Jeff Sprecher said ICE’s perpetual futures push is aimed at a separate retail-style trading audience and should not cannibalize its core institutional businesses.
- Muyao Shen said about half of the Binance hack proceeds are being frozen, and the market reaction has been relatively contained so far.
- Dan Sheridan said Brooks is in its 13th consecutive quarter of growth and is growing 40% in China.
Notable quotes
“the explanation eludes many of us watching markets today because, you know, before today, the explanation was that, oh, well, this is just a rotation, right”
“there's a technology shift going on. There's a there's a there's a trading behavior shift, and we just want to be a part of it”
“We're growing about 12% year to date. And the story is one where the consumer that we target is is super healthy right now”
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 Stenac.
I want to bring in Christina Kino because she oversees the markets live blog here at Bloomberg and I would imagine you had an incredibly busy day just going through these numbers before we bring you in. Christine, taking a look at the equity markets. The S&P 500 fell 1.8%, the NASDAQ Composite down 2.9%, the Dow down a little over 1%. How how do you explain today's selloff?
I mean, honestly, Tim, the explanation eludes many of us watching markets today because, you know, before today, the explanation was that, oh, well, this is just a rotation, right? We've seen this before. This has actually been happening beneath the surface, even though the index level moves haven't necessarily shown it.
We've gone uh we've seen investors kind of gone back and forth out of tech into uh uh non- tech sectors and then back again. And then today that theory just went out the window because everything was selling off. I mean even I was looking at the equal weight S&P 500 earlier.
It was still in the green at the beginning of the session. I that fell by the wayside by the close and so now it's kind of question is a broad selloff. Is it a foot?
Also — That's the question I have as well. — Right. Well the VIX ended up closing. So it closes around 4:15 minutes after but it Yes, exactly. So it closed below 20.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- nasdaq correction
- ai trade unwind
- tech stocks selloff
- equity market momentum
- earnings results
Companies and tickers mentioned
- ICE
- Intercontinental Exchange
- Brooks Running
Watch the episode
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Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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