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Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

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Speaker 2: The single best idea out on Apple podcasts. Thank you

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Speaker 2: so much. The plan here is a six minute, five minute,

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Speaker 2: seven minute quick view of two smart voices sometimes three

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Speaker 2: today two two smart voices of what we do on

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Speaker 2: Bloomberg Survey. Once again it's three hours. Look for it

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Speaker 2: on YouTube, subscribe to Bloomberg Podcasts, search for Bloomberg Podcasts,

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Speaker 2: and then we try to pick out here two pieces

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Speaker 2: of the show that we think have some real insight.

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Speaker 2: I'll emphasize it's not like a committee. We don't have

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Speaker 2: a three hour meeting. We're not sitting around a desk going, oh,

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Speaker 2: you know, I don't Anastasia, I really don't like what

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Speaker 2: she said, or that we just picked two of the

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Speaker 2: wonderful voices we have today. I really want to emphasize

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Speaker 2: some of the skill and talent of Bloomberg opinion. We

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Speaker 2: had today Leonel Laurent from Paris on the French elections,

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Speaker 2: and he was absolutely riveting. It is not certitude, but

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Speaker 2: his belief that mister mccron has lost It's really the

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Speaker 2: first time I've heard that. But he meants no words

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Speaker 2: about it, that this is a debacle dibecca. That's what

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Speaker 2: they say, dibaccle for mister mccron. And then we got

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Speaker 2: bonus round. Adrian Woldridge sewed up with Bloomberg opinion from

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Speaker 2: London and he was mesmerizing on the scale and scope

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Speaker 2: of the Tory defeat, the Conservative defeat in the United Kingdom.

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Speaker 2: I think one of the great messages here from Adrian

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Speaker 2: Waldridge and Leonel Laurant is it does have ramifications for

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Speaker 2: the United States and that will play out here is

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Speaker 2: we go to our election again in a week's time.

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Speaker 2: Our David Gerrow leading our coverage with Joe Matthew and

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Speaker 2: Kayley Lines on the debate which looms and suddenly seems

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Speaker 2: to be more important suddenly inflation maybe disinflating, But so

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Speaker 2: much of it is a view short term of your

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Speaker 2: belief in inflation, or is captured by the University of

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Speaker 2: Michigan the five and ten year view here Turston Slock

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Speaker 2: of Apollo Global Management.

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Speaker 1: If you look at Michigan five to tenure inflation long

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Speaker 1: term expectations, the median is still very well behaved. So

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Speaker 1: the median household still thinks inflation will be three point one,

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Speaker 1: which is where it's been for the last several years.

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Speaker 1: But if you look at the mean, you will see

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Speaker 1: a significant increase in one half of the population expecting

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Speaker 1: that inflation is going to be dramatically higher than the

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Speaker 1: other half. And if you look at the sub questions

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Speaker 1: in the ursity of Michigan, who is it that's expecting

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Speaker 1: inflation to be higher? It is generally speaking, the bottom

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Speaker 1: thirty three percent of household incomes, meaning low income households,

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Speaker 1: to expect much higher inflation than high income households. And

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Speaker 1: it's general also people with high school or less education

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Speaker 1: that expects inflation to be a lot higher. So you'll

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Speaker 1: beginning to see some divergence in inflation expectations. And this

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Speaker 1: is opening up a very important debate in the Phillips

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Speaker 1: curve that you and I Tom had to talk about

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Speaker 1: for years, where if inflation expectations for half of the

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Speaker 1: population are very very high, what does that mean for

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Speaker 1: when the FIT says that inflation expectations are under control, Yes,

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Speaker 1: the media maybe under control, but there's a significant part

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Speaker 1: of the population but still worry about inflation.

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Speaker 2: I can't say enough about Torston slucks day to day work,

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Speaker 2: of course with Deutsche Bank and now at the Apollo

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Speaker 2: Global Management. His work on American housing dynamics is just

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Speaker 2: world class. Torston Slock of Apollo wonderful to talk to

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Speaker 2: Anastasia M. Moroso again. I think it's so important in

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Speaker 2: the Wall Street and the financial media grind where people

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Speaker 2: become talking heads, and what we try to do at

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Speaker 2: surveillance every day is really sort out the talking heads

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Speaker 2: and look for substance. One of the ways we do

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Speaker 2: that is we look back. And I want to make

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Speaker 2: clear here that when we look back, we're not just

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Speaker 2: looking for people that got it right. We're just as

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Speaker 2: interested in people that got it wrong and why they did.

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Speaker 2: You see a number of people that were bears on

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Speaker 2: Wall Street lifting up. Now not only are they lifting up,

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Speaker 2: but we want to know why they're lifting up to

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Speaker 2: a bull market, but we also want to know how

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Speaker 2: they got it wrong. Is a bear market? That's really

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Speaker 2: one of the fabrics of what we've done for twenty years.

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Speaker 2: Anastasia Ameroso is one of those people. There's massive substance here.

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Speaker 2: She is absolutely nailed the b in the market. Be

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Speaker 2: us domestic and don't be afraid of the big tech.

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Speaker 2: Can't say enough about it. We digressed with her as

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Speaker 2: she came in. You know, usually we're talking this gossip.

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Speaker 2: Forget about it. She's all fired up about AI. Here's

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Speaker 2: Anastasia Ameroso of I Capital UNCHET GPT.

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Speaker 3: Maybe not a lot of people are actually using this

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Speaker 3: across their functions right now, but I think a lot

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Speaker 3: of people will in the future. I think what's happening

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Speaker 3: right now is the race to invest in artificial intelligence

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Speaker 3: by hyperscalers, but also by other companies, you know, across

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Speaker 3: different industry verticals. I think there's a grave realization by

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Speaker 3: companies if you're not going to focus on investing in

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Speaker 3: AI now, you are going to be left behind. So

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Speaker 3: why would you continue to hire the same amount of

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Speaker 3: you know, workforce when you can automate certain tasks and

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Speaker 3: boost your margins. So I think that's a universal sort

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Speaker 3: of understanding right now, you know, from corporate development departments,

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Speaker 3: and that's what's driving the investment cycle and artificial intelligence.

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Speaker 3: That's why I don't think it's a coincidence that the

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Speaker 3: likes of Nvidia and Broadcom and you know, actually a

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Speaker 3: whole suite of semiconductors are benefiting from the build out

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Speaker 3: of the backbone of artificial intelligence. You know, do I

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Speaker 3: think the momentum is a little bit stretched at this

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Speaker 3: very point, you know, Do I think some exuberants crept

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Speaker 3: into a stock like Nvidia. Yes, But at the same time,

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Speaker 3: if the data center sales are growing four hundred per

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Speaker 3: said plus year over year, that's fundamentals.

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Speaker 2: Anstja Amroso of Capital. Is it Thursday, we'll be here

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Speaker 2: Friday and odd and strange. Week felt like a Monday today,

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Speaker 2: but it is Thursday, and we'll get you to Friday

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Speaker 2: as well. Don't forget on YouTube search and subscribe to

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