Episode summary
Wall Street Gears Up for Earnings | Bloomberg Businessweek
Bloomberg Businessweek Daily
· · Hosts: Carol Massar, Tim Stenovec · Guests: Seth Fiegerman, Hanneke Faber, Robert Schiffman, Barbara Reinhard
Summary
The discussion centered on whether the current AI buildout is being backed by real demand or by numbers that are hard to compare across companies. Seth Fiegerman explained that OpenAI’s reported annualized revenue figures are moving quickly, but the metric itself is inconsistent across startups and can confuse investors. He said the broader issue is not whether AI demand exists, but how much spending, financing and operating capacity the ecosystem can ultimately support.
That theme carried into credit markets, where the host and Robert Schiffman argued that debt tied to AI infrastructure is still being absorbed well, even as borrowing needs rise toward hundreds of billions of dollars. Schiffman said investors remain bullish, spreads are holding up and the market is more focused on pricing than on the risk of a bubble bursting.
Logitech CEO Hanneke Faber presented a more constructive view of hardware demand, saying AI is a tailwind for the company’s interface products, headsets and gaming gear. Barbara Reinhard added that higher yields and oil prices are pressuring sentiment, but she expects bond yields to stabilize and sees room for equities to continue rallying if inflation cools and the Fed does not need to tighten further.
Key takeaways
- Seth Fiegerman said OpenAI’s annualized revenue is rising quickly, but the metric is inconsistent and can mislead investors.
- Robert Schiffman argued that AI-linked credit remains well bid and that spreads for major tech borrowers are tighter since July.
- Hanneke Faber said Logitech’s 10th consecutive quarter of growth shows AI is a tailwind for hardware, not just a threat to it.
- Barbara Reinhard said high yields and sticky oil prices are the main risks to equities, but she thinks bond yields may have peaked.
- The panel agreed data center delays, permits and community pushback could slow the pace of AI infrastructure spending.
Notable quotes
“this is not kind of your standard, you know, revenue accounting metric that you'd see on an earnings report”
“we were super proud to deliver our 10th consecutive quarter of growth”
“I have never been more bullish on the tech space than I am today”
“the bond market is a self-correcting mechanism. High yields are generally a cure for high yields”
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.
We want to get to our ongoing AI watch and the big players moving ever closer to their IPOs. Open AAI is expecting to reach or exceed $70 billion in annualized revenue by the end of the year according to people familiar with the matter driven largely by its growth in its enterprise uh business. I think what's so interesting about this, Jess, so that's today's story and just yesterday we heard OpenAI is on track to generate annualized revenue of roughly 50 billion according to people familiar with the matter.
It's an uptick from the prior year, but less than some recently reported estimates for the chat GBT maker. I think what is fascinating as we continue to get closer and closer to the IPO of OpenAI Anthropic, we're getting more details um into the businesses that they are. But I'm just wondering if the expectations or the reality is going will the reality I guess match up with the expectations, right?
Bloomberg had that story just last month talking about how OpenAI is considering slowing down the development of that cutting edge AI and Chat GPT makers CEO obviously uh Sam ultimate hoping that other AI companies will do the same. So what does that mean when to your point anthropic potentially mid November? Bailey Lip Schultz reporting on that from our Bloomberg News.
Maybe that could come but it's been delayed.
Right. Exactly. Let's see. It's not our um responsibility to keep track of all of this.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- earnings season
- interest rates
- energy prices
- bond yields
- equities outlook
Companies and tickers mentioned
- LOGI
- VOYA
- Logitech
- Voya Investment Management
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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