AI Impact on Economics - AI has a tremendous effect on economics, similar to historical periods of great inventions and changes like the 1920s [1] - AI represents a real productive shift and a significant change [1] Wealth Creation and Bubbles - The mechanism of wealth creation, the difference between wealth and money, and the formation and collapse of bubbles are discussed [3] - Wealth cannot be directly spent; it must be sold to obtain money for purchases [3] - Bubbles arise from creating needs for money, leading to a rise in wealth and a subsequent need to sell [4] - The current situation resembles another bubble scenario [4] Distinguishing Real vs Accounting Wealth - It is crucial to differentiate between real wealth and accounting wealth [4] - A common mistake is assuming that an asset's valuation is justified by its ability to produce income over time, which is not what creates bubbles [4]

We've uh just had a great meeting, a really good, very productive meeting. We have one thing in common. We want this uh city of ours that we love to do very well.And I wanted to congratulate the mayor. He really ran an incredible race against, you know, a lot of smart people. I feel very confident that he can do a very good job.I think I think he's going to be I think he is going to surprise some conservative people. Actually, the better he does, the happier I am. I will say there's no difference in party.t ...

GOOGLE AND NVIDIA AS WELL, WE'RE JOINED BY MANDEEP SINGH, GLOBAL HEAD OF TECHNOLOGY RESEARCH. LET'S KICK IT OFF WITH AMAZON. I THINK IT'S FAIR TO SAY WE'RE BOTH INTERESTED IN ALPHABET TODAY.SO THEY HAVE A ABOUT A ZILLION DATA CENTERS. I'M ACTUALLY NOT MOVED BY THAT. I COULD HAVE GUESSED IT, AND I DON'T THINK IT REALLY MATTERS, RIGHT.HOW MANY ACTUAL PLACES THEY HAVE, DOES IT. MANDEEP: RIGHT NOW, WHEN YOU COMPARE THEM TO A PURE PLAY DATA CENTER PLAY ON THE G. P.U. SIDE, THEY DO ABOUT 32 TO 35 DATA CENTERS. IT ...

The team at Morgan Stanley releasing their outlook for 2026, writing We raise our S&P 500 price target to 7800, driven by strong earnings growth. We believe that we're in the midst of a new bull market and earnings cycle, especially for many of the lagging areas. Michael Asset of Morgan Stanley joins me now.Wonderful to see you, Mike. Thanks, Alison. So let's start on the optimism you have and optimistic for quite a while talking about the rotation into the adopters, not just the tech behemoths.Why are you ...

Market Trends & Dynamics - Weight loss drugs originally intended for obese individuals are now marketed for general weight loss [2] - Off-label Ozempic prescriptions for non-obese, overweight, or diabetic individuals increased from 3% in 2018 to 30% in 2023 [2] - Off-label Wegovy prescriptions rose as high as 38% [3] - Telehealth companies are broadly marketing GLP-1 drugs, even to individuals wanting to lose a few pounds [3][7] Regulatory & Legal Landscape - The FDA has sent warning letters to telehealth companies regarding their marketing practices, but without significant legal action [9][10] - Pharmaceutical giants Eli Lilly and Novo Nordisk have sued some telehealth firms for marketing compounded versions of their drugs [10] - Pharmaceutical companies face strict regulations on marketing claims, while telehealth companies have more leeway [6][7] - The industry is awaiting further action from the federal government regarding compounding and telehealth companies [11] Company Strategies & Competition - Shortages of weight loss shots from Eli Lilly and Novo Nordisk allowed telehealth companies to emerge [5] - Now that shortages are resolved, there is tension between pharmaceutical giants and telehealth companies competing for market share [6] - Eli Lilly and Novo Nordisk originally created the GLP-1 class of weight loss shots [4] Risks & Concerns - The risks of compounded versions of weight loss drugs are understudied [2][5] - Medical professionals are concerned that advertisements for these drugs are perpetuating diet culture issues [8] - Doctors do not recommend these drugs for individuals at a healthy weight due to unknown long-term effects [8] - Side effects of GLP-1 drugs can include extreme nausea, vomiting, and gastrointestinal issues [8]

The team at Morgan Stanley releasing their outlook for 2026, writing We raise our S&P 500 price target to 7800, driven by strong earnings growth. We believe that we're in the midst of a new bull market and earnings cycle, especially for many of the lagging areas. Michael Asset of Morgan Stanley joins me now.Wonderful to see you, Mike. Thanks, Alison. So let's start on the optimism you have and optimistic for quite a while talking about the rotation into the adopters, not just the tech behemoths.Why are you ...

Government Intervention & Policy Changes - The Trump administration is anticipated to announce a plan to address rising health insurance premiums, potentially as early as this week [1][2] - The administration aims to secure the plan by January 30th [1] - Discussions involve the possibility of extending healthcare subsidies, potentially for an additional two years, with income caps and mandatory minimum premiums [4] Healthcare Costs & Accessibility - Healthcare prices are expected to decrease [1] - The White House is prioritizing the affordability and accessibility of healthcare [2] - A key point of contention, potentially leading to government shutdown, was the rising healthcare insurance costs for millions of Americans [2] Potential Policy Actions - President Trump has previously expressed a desire for direct payments to individuals to empower them in making healthcare decisions [3]

I want to start on your discussions with the European Union. We were hearing some noise that it doesn't necessarily include reducing steel and aluminum tariffs from 50% to 15%. Is that off the table for now.Know what we're talking about. Everything is on the table When you have such a great partner as the European Union. They have 450 million people and a $20 trillion economy.So the opportunity is great. They would like to have steel and aluminum as part of this package. And we think it is very, very import ...

Market Trends & Geopolitics - Traders increase bets on a rate cut by the Fed next month [1][48] - Marco Rubio says talks with U S -backed peace plans with Russia could extend past Trump's deadline [1][48] - There is considerable pressure coming through on Ukraine from the United States [9] - European leaders surprised by the 28 point plan on Ukraine that the U S put out [52] - Lithuania has accused Russia of violating its airspace and sabotaging Poland's railway [84] - The U S government accuses the group whose name translates are being led by Venezuelan President Nicolas Maduro [60] Company & Industry Dynamics - BHP backs off from another attempt to take over Anglo American [2][48] - Mining industry will continue to look at opportunities to acquire copper assets [29] - U K 's CEOs are bracing for a Chancellor Rachel Reeves to pop costs on their businesses in the budget [31] - Private credit has fundamentally changed to the structure of credit markets [39] - HSBC is active in lending to SMEs [45] Financial Markets & Investments - S&P futures are up 0 7% in anticipation of a Fed pivot with dovish commentary [2] - Germany's business confidence index at 88 1 versus estimates of 88 5% [3] - Defense stocks have been darling trades [14] - Defense segment of the market trading at 32 times forward 12 month multiple to about 10 for banks [17] - Banks are at the center of the region in the big wave of savers moving into investments, we talk about 14 trillion waiting to be deployed [19] - Gold has been a massive outperformer, up around 50% this year [63] - Alamos Gold CEO sees gold ultimately trading substantially higher than what it is today, potentially reaching $5,000 an ounce by 2026 [69][75]

Good morning. This is Bloomberg Daybreak Europe. I'm Tom Mackenzie in London.These are the stories that set your agenda. US Secretary of State Marco Rubio hails tremendous progress in talks with Ukraine as President Trump pressures the country to strike a controversial deal with Russia. Oil in flux as traders weigh the prospects of a Ukraine Russia peace agreement.Stocks in Asia advance alongside European and US futures as investors increase bets on a Fed rate cuts next month. Plus, BHP backs off the world' ...