Episode summary
Trump Taps Stephen Miller as New Chief of Staff; Chip Stocks Climb After Rout | Bloomberg...
Bloomberg Businessweek Daily
· · Hosts: Carol Massar, Tim Stenovec · Guests: Jeff Mason, Kailey Leinz, Seth Fiegerman, Max Chafkin, Brad Loftus
Summary
President Trump’s appointment of Stephen Miller as chief of staff, and Susie Wiles’s move to the political operation, was framed as a sign that the White House is not moderating after Republicans’ devastating midterm loss. Jeff Mason said the pick suggests Trump is “not planning to moderate his policies” in his final two years, while Kailey Leinz argued Miller’s immigration hard-line and Capitol Hill ties could make relations with Democrats more contentious, especially with investigations and possible impeachment efforts ahead.
The conversation then turned to AI, where Seth Fiegerman said private-market enthusiasm has cooled as Anthropic’s implied valuation discussion slipped to about $1.2 trillion to $1.3 trillion, down from earlier chatter near $2 trillion. He said the pullback reflects both a broader market rout and growing scrutiny of data center spending, with Microsoft’s move to wind down some Oracle-related cloud-rental arrangements presented as a sign of more control-minded behavior rather than lack of demand.
Max Chafkin argued Elon Musk’s political influence is only entering a new phase after the midterms, even after big losses for Trump-aligned candidates. He said Musk’s wealth has increasingly been tied to AI and that Democrats’ hostility, plus his need for government approvals and contracts, will keep him deeply engaged in politics. Later, Brad Loftus said the consumer remains surprisingly resilient: sentiment is gloomy, but spending on travel, apparel, and electronics is still holding up heading into the holidays.
Key takeaways
- Jeff Mason said Stephen Miller’s promotion signals Trump is not looking to moderate after the midterm drubbing.
- Kailey Leinz said Miller’s immigration role and Capitol Hill relationships could sharpen White House-Democratic conflict in the next Congress.
- Seth Fiegerman said Anthropic’s valuation talk has slipped to roughly $1.2 trillion to $1.3 trillion as public markets and data-center concerns weigh on AI names.
- Max Chafkin argued Musk’s political spending and regulatory dependence make him impossible to ignore, even after a bad election cycle.
- Brad Loftus said the consumer is still spending solidly, with apparel and consumer electronics among the strongest holiday categories.
Notable quotes
“That absolutely suggests that he is not planning to moderate his policies in the final two years of his second term”
“potential buyers are discussing a valuation range for the company of 1.2 trillion to 1.3 trillion”
“if the entire market is being propped up by AI, we're seeing the real risks of a contagion impact”
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 Stenbec.
Carol Masser along with Tim Stenbec live here at Bloomberg headquarters in New York City. So just about ah about 10 minutes ago, we did get a headline crossing the Bloomberg terminal and that has to do with some changes in the White House. President Trump said he was tapping Steven Miller as his new chief of staff and that Susie Wilds will move to his political operation.
Now, the move of course coming after Republicans suffered that devastating midterm election in which rival Democrats won control of both chambers of Congress. You can see there for those who are watching on television uh that the president is out there on social. I am pleased to announce that uh Susie Wilds will be taking over that spot.
Thank you very much for going back there. So, here's what he had to say. I am pleased to announce that Mr.
Steven Miller, the current deputy chief of staff of the Trump administration and one of my most trusted adviserss, will become the chief of staff starting Monday, November 9th, 2026. He went on to say that Susie Wilds, who has done an outstanding job. Again, this is the president, will be moving over to the Trump political operation.
I want to thank him or her, excuse me, for her services as chief of staff. She has done a great job. Again, that's President uh Trump out on social.
Well, to react to this breaking news, we've got Kaylee Lines here in New York City in the Bloomberg Business Week studio and also Jeff Mason, Bloomberg News White House and Washington correspondent.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- chip stocks rebound
- federal reserve rate hike
- technology stock recovery
- trump white house staffing
- midterm election aftermath
Companies and tickers mentioned
- Boston Consulting Group
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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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