Episode summary
Bloomberg Surveillance TV: September 23rd, 2026 | Bloomberg Surveillance
Bloomberg Surveillance
· · 20 min · Hosts: Tom Keene, Paul Sweeney, Lisa Mateo, Michael Barr · Guests: Aaron Kennon, Amos Hochstein, Juan Londono
Summary
Aaron Kennon of Clear Harbor Asset Management argued that AI is moving beyond a pure software story and into power infrastructure, electrification, networking, productivity, and capital markets. He said the “SAS apocalypse” has passed and that AI adoption may be a tailwind for some companies while pressuring others, with Meta’s consumer-facing AI and Shopify-style partnerships potentially creating winners and Amazon facing more competitive risk. He also suggested that frontier-model differentiation may depend on the data ecosystems companies control, including Google’s and Meta’s, and that cybersecurity and data infrastructure remain attractive areas as compute demand expands.
The discussion then shifted to energy policy, where Amos Hochstein argued that the U.S. should not frame diesel exports as a simple ban-or-no-ban choice. He said exports could be tied to inventories so supply tightens only when stocks fall, rather than through an outright prohibition that could harm trust in the U.S. economy. He tied elevated fuel prices and mortgage rates to unresolved conflicts in the Middle East and Russia-Ukraine, saying policy can move prices around but not solve the underlying geopolitical problem.
Juan Londono of the Cato Institute said AI regulation does not have to slow innovation if it clarifies privacy, liability, and responsibility for agents. He said consumers may ultimately decide whether they trust platforms or their AI agents more, and that clearer rules could help both markets and businesses.
Key takeaways
- Aaron Kennon said AI is becoming a power, productivity, and capital markets story, not just a software story.
- Kennon sees networking, electrification, power infrastructure, cybersecurity, and data companies as potential AI beneficiaries.
- Amos Hochstein argued for tying diesel exports to inventories instead of imposing a blunt export ban.
- Hochstein said unresolved wars in Ukraine and the Middle East are still feeding energy inflation and higher mortgage rates.
- Juan Londono said AI rules can be pro-market if they clarify privacy, liability, and responsibility for agent-driven actions.
Notable quotes
“AI may have started as a technology story. It is increasingly becoming a power infrastructure, productivity, and capital market story”
“I think that the SAS apocalypse um has come and gone and come and gone again”
“As long as compute power is expanding, as long as AI agentic adoption is accelerating, you would think companies that are sort of in that data segment would be well well positioned”
“I don't believe that we have to look at this just as a ban or no ban”
How the episode opens
Bloomberg Audio Studios podcasts radio news. This is the Bloomberg Surveillance Podcast. I'm Jonathan Pharaoh along with Lisa Abramitz and Amarie Hordern.
Join us each day for insight from the best in markets, economics, and geopolitics. From our global headquarters in New York City, we are live on Bloomberg television weekday mornings from 6:00 to 9:00 a.m. Eastern.
Subscribe to the podcast on Apple, Spotify, or anywhere else you listen. And as always on the Bloomberg terminal and the Bloomberg Business app. We begin this hour with tech lift in stocks near all-time highs.
Aaron Kenned Clear Harbor Asset Management writing, "AI may have started as a technology story. It is increasingly becoming a power infrastructure, productivity, and capital market story. Aaron joins us now for more.
Aaron, good morning.
Good morning. — Disruption. We did this with software earlier this year. Are we doing it again with different sectors?
Yeah. Yeah. Well, I think that the SAS apocalypse um has come and gone and come and gone again.
I mean, this past week it was Metam Muse and how is it going to impact, you know, travel stocks, but how could it be serve maybe as a tailwind to other entities or companies like Shopify, which which actually signed an agreement. Um I I I think the the story is maturing. I'm not sure it's a headwind more than it is still a tailwind for things like networking, uh, electrification, power infrastructure.
Those supply chain bottlenecks are there, but the demand is very, very high. Draw a distinction between the companies that are choosing to come along for the ride, Shopify, and the ones that are putting up a wall, Amazon. What do you think is the right path?
Well, I can't speak for for for the management teams, but you know, clearly uh Shopify is of the view that uh that with 3.4 4 billion uh users at Facebook um connected now to Shopify's platform.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- global markets
- macroeconomics
- investment outlook
- asset management
- policy
Companies and tickers mentioned
- Clear Harbor Asset Management
- TWG Global
- Cato Institute
Watch the episode
Watch “Bloomberg Surveillance TV: September 23rd, 2026 | Bloomberg Surveillance” on YouTube
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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