WEBVTT - Single Best Idea with Tom Keene: Brian Levitt & Dan Ives

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news, Single.

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<v Speaker 2>Best Idea quickly on a Friday, but from a world day.

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<v Speaker 2>We can thank you for your support of all we

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<v Speaker 2>do here. Our team really appreciates the interest across all

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<v Speaker 2>of the different platforms, including a quick vignette here with

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<v Speaker 2>single Best Idea Brian Levitt and today with Investco, always

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<v Speaker 2>looking at the greater strategy. He's got a new mission

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<v Speaker 2>in Investco, which is a study of personal finance. Brian

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<v Speaker 2>Levitt of Investco.

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<v Speaker 3>The nation's personal finds. I would say in terms of

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<v Speaker 3>the literacy, we still have work to do in terms

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<v Speaker 3>of guiding people on saving money and how to invest.

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<v Speaker 3>I think there's a lot of superfluous purchases being made.

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<v Speaker 3>Those little purposes add up over time.

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<v Speaker 2>But what I see is particularly a generational mixture of

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<v Speaker 2>investment versus speculation. Correct, there's a lot of people doing

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<v Speaker 2>what you and I brought when you were at Michigan.

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<v Speaker 2>You're in class. This is a speculation the Detroit Tigers

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<v Speaker 2>will win. That's a speculation. There's way too much speculation

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<v Speaker 2>going on, right.

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<v Speaker 3>Yeah, back in eighty four, I guess the Tigers did

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<v Speaker 3>actually win. So you know, if you look at the

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<v Speaker 3>broad market. I think there's a perception from people that

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<v Speaker 3>it might be speculation. The reality is in the broad

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<v Speaker 3>marketing companies in the S and P five hundred are

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<v Speaker 3>growing earnings double digits, and so price to forward earnings

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<v Speaker 3>are above average. But I wouldn't say they're as excessive

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<v Speaker 3>as people think. There's certainly speculation in other parts of

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<v Speaker 3>the market where the younger generation may be looking to

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<v Speaker 3>get a little bit richer, quicker than perhaps.

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<v Speaker 2>We tried to Brian Levete of Invesco Damien SASA in

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<v Speaker 2>Today for Paul Sweenyan. I thought Damien had a really

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<v Speaker 2>trenchant idea that maybe what's percolating here is another bout

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<v Speaker 2>of this American exceptionalism with a resilient dollar. And of

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<v Speaker 2>the course how well in Nvidia did and AI and such.

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<v Speaker 2>Sometimes as zeitgeist changes, and it changes on a dime.

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<v Speaker 2>That happened overnight with a really acute observation that Microsoft

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<v Speaker 2>is really upset at the expense of claud Internally translated,

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<v Speaker 2>the you know, the being counters, the accounting people at

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<v Speaker 2>any given company are really like, is this what AI costs?

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<v Speaker 2>On the U side? All of a sudden, it's become

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<v Speaker 2>an issue. We were advantaged with this issue exploding. Jeffrey

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<v Speaker 2>Curry ex Golden Sachs out with a really important microeconomics

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<v Speaker 2>of AI tweet. What an advantage to have dan Ive's

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<v Speaker 2>with us this morning here on the innings of AI.

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<v Speaker 4>I mean, look that it just speaks to we're still

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<v Speaker 4>in the early stage. Great, there's more data centers being built.

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<v Speaker 4>In active data centers, costs over time will come down,

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<v Speaker 4>but right now in this arms raise, no company, whether

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<v Speaker 4>it's large cap tech, small cap international, could basically not

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<v Speaker 4>go down this route because eventually what's going to happen

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<v Speaker 4>is the cost and the MONIZI they'll flip flop over

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<v Speaker 4>the next few years, and that's why companies are spending

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<v Speaker 4>at this pace.

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<v Speaker 2>I agree on that, but on a macro basis in

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<v Speaker 2>your world famous on this. Does that mean we see

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<v Speaker 2>a consolidation within the industry? And is that in the

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<v Speaker 2>second inning year, is it Red Sox try to get

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<v Speaker 2>to fourth of July or is it in the eighth

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<v Speaker 2>inning the Yankees are ready to lose to the Blue

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<v Speaker 2>Jays again? Which is it it's second and third inning?

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<v Speaker 4>Because this is look, it speaks to like the Bears

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<v Speaker 4>in their caves hibernation mood that have missed every transmission

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<v Speaker 4>in TECHTOC the last twenty years. They'll continue to miss

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<v Speaker 4>the AI trade, underestimating the scale and scope of what

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<v Speaker 4>the spending looks like. And I've seen it, you know,

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<v Speaker 4>just even a few weeks ago in Taiwan, Inesia demand.

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<v Speaker 4>This is what twelve to one, and that is going

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<v Speaker 4>to continue to drive this massive cap BAC and the

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<v Speaker 4>ripple effects across tech, energy and everything else.

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<v Speaker 2>Daniel Eves Well timed from webbush I put this out

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<v Speaker 2>on Twitter and LinkedIn today. It's a Deloitte paper from January.

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<v Speaker 2>It's quite long. I will read the whole thing this weekend,

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<v Speaker 2>but a lot of people are thinking about the microeconomics

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<v Speaker 2>of artificial intelligence. Suddenly it's a theme for Bloomberg Surveillance

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<v Speaker 2>into the rest of two thousand and twenty six. On

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<v Speaker 2>podcasts at Apple, at Spotify, on YouTube podcasts. It's single

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<v Speaker 2>best idea