# Lyft Earnings Miss Estimates After Global Expansion Push

An episode of [Bloomberg Intelligence](https://invisiblenetwork.ai/podcast/326301337), 8 May 2026, 26 min.

Audio: https://podtrac.com/pts/redirect.mp3/tracking.swap.fm/track/UVBrz8bN8aM2Xe47PEPu/traffic.omny.fm/d/clips/e73c998e-6e60-432f-8610-ae210140c5b1/7f534b8c-9e91-429a-b102-ae3c00090c6d/70d0b529-1951-4c6a-a50e-b444011d24a7/audio.mp3?utm_source=Podcast&in_playlist=0ad812bf-fd15-4012-a18c-ae3c00090c76

Watch Paul and Scarlet LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg Intelligence hosted by Paul Sweeney, Scarlet Fu, and Isabelle Lee - Mandeep Singh, Global Tech Research Head at Bloomberg Intelligence, discusses Lyft and Airbnb earnings. Lyft Inc. reported profit that fell short of Wall Street’s estimates due to spending on international expansion and higher-end offerings. Airbnb boosted its annual forecast due to robust bookings in the Americas, and expects annual revenue growth to "accelerate to low- to mid-teens". --Michael Halen, Bloomberg Intelligence Senior Restaurant and Foodservice Analyst, discusses his outlook for Texas Roadhouse and U.S Foods, along with Wendy’s earnings. Wendy’s reported adjusted earnings per share for the first quarter that beat the average analyst estimate. -Brian Cox, Global Vice President of Scotch Whisky at Bacardi LTD, on why luxury brands are increasingly aligning themselves with golf culture right now. Not long ago, golf was fading. Membership fees were sky-high, and younger audiences weren’t buying in. By the late 2000’s, the sport had lost nearly 6.8 million players, especially younger generations who saw it as expensive, slow, and out of touch. The 2008 financial crisis only deepened the downturn, prompting widespread course closures and a sharp drop in memberships as golf came to feel like a luxury many could no longer afford. Culturally, golf struggled to stay relevant, overshadowed by faster-paced, more inclusive sports, and weighed down by an image of exclusivity and outdated tradition. -- Sarah Frier, Bloomberg Technology Managing Editor, discusses Intel. after Lip-Bu Tan became CEO of Intel Corp., the company's shares initially went nowhere, but have since risen to a record after Tan forged ties with tech titans and won over US President Donald Trump. Tan has spent more time outside the company than inside and has not widely explained his plan to fix products and manufacturing to employees, who say the company still has fundamental issues to address. See omnystudio.com/listener for privacy information.

## Transcript

[0:02] Speaker 1: Bloomberg Audio Studios, podcasts, radio news. You're listening to the
[0:10] Speaker 1: Bloomberg Intelligence podcast. Catch us live weekdays at ten am
[0:14] Speaker 1: Eastern on Apple, Cocklay and Android Auto with the Bloomberg
[0:17] Speaker 1: Business app. Listen on demand wherever you get your podcasts,
[0:21] Speaker 1: or watch us live on YouTube.
[0:24] Speaker 2: A lot of earnings flowing out here, including some of
[0:26] Speaker 2: the tech companies and some of the.
[0:29] Speaker 3: Online travel places as well.
[0:31] Speaker 2: So we want to check in with Man deep Seeing,
[0:33] Speaker 2: global tech research head for Bloomberg Intelligence, joining us here. Hey,
[0:36] Speaker 2: Mandy ip I saw we talked about Uber a day
[0:38] Speaker 2: or so ago and we had the LIFT numbers came
[0:41] Speaker 2: out at see the stock company kind of miss estimates here.
[0:44] Speaker 2: Give us a sense of what is going on operationally
[0:48] Speaker 2: with Lift. We know things are going pretty darn wall
[0:50] Speaker 2: at Uber, how about it Lyft? And where do they
[0:52] Speaker 2: fit in going forward?
[0:53] Speaker 4: Do you think.
[0:55] Speaker 5: I mean all these companies right now, I have to
[0:59] Speaker 5: look catch you know the scale of avay rides from
[1:03] Speaker 5: Ramo and how fast Wemo could you know? Go from here?
[1:09] Speaker 5: Right now they are doing five hundred thousand rides across
[1:14] Speaker 5: the US and more than ten cities, and I think
[1:18] Speaker 5: that's where you're starting to see an impact. I mean,
[1:21] Speaker 5: like Uber and Lyft still are growing double digits, but
[1:25] Speaker 5: when you look at the take rates, you're starting to
[1:28] Speaker 5: see some sort of pressure. And they've been talking about,
[1:31] Speaker 5: you know, partnerships and alliances. In the case of Lift,
[1:35] Speaker 5: they have partnered with Weamo in one city, Nashville, and
[1:39] Speaker 5: they're partnered with Baidu in London. But that's not going
[1:44] Speaker 5: to be enough if we're talking about Weamo ramping up
[1:47] Speaker 5: the way they have been. They've almost doubled their rides
[1:51] Speaker 5: over the past twelve months. So that's where you will
[1:54] Speaker 5: start to see challenges emerge when it comes to the
[1:57] Speaker 5: business models of both Uber and Lyft, which has been
[2:01] Speaker 5: asset light so far, but they have to start thinking
[2:04] Speaker 5: about how they add more av capacity on their platform
[2:08] Speaker 5: men deep.
[2:08] Speaker 6: Another thing that caught my eye is management saying premium premium, right,
[2:11] Speaker 6: they're growing thirty five percent? Is this becoming a real
[2:14] Speaker 6: margin and revenue driver for the company. All I know
[2:17] Speaker 6: is when I take Uberlyft, I pick the cheapest option,
[2:20] Speaker 6: but I guess some people take the premium ones.
[2:23] Speaker 5: Yeah. Look, they have segmented the market really well. In
[2:26] Speaker 5: the case of Uber, I would say they have done
[2:29] Speaker 5: a better job in terms of segmenting the market and
[2:32] Speaker 5: layering on subscriptions. You know, for that kind of service
[2:37] Speaker 5: where somebody wants a black suv, then you know they
[2:40] Speaker 5: prioritize the customers who is a subscription user. And in
[2:45] Speaker 5: the case of Lyft, they talked about, you know, partnering
[2:48] Speaker 5: with Chaseaphire and you know airlines to have those sort
[2:53] Speaker 5: of alliances and all that is great I think in
[2:57] Speaker 5: terms of driving engagement and sticking because for the most part,
[3:01] Speaker 5: people used to just compare prices and that's how they
[3:05] Speaker 5: were arbitrodging, you know, whichever one had the lower cost
[3:10] Speaker 5: when it comes.
[3:11] Speaker 3: Should somebody lift just particular right, should lift to sell it?
[3:14] Speaker 2: Soft mandeep. It just doesn't feel like they can scale
[3:17] Speaker 2: here visa vi uber. What do we do with this thing?
[3:20] Speaker 5: Well, I think down the line, I do expect you know,
[3:25] Speaker 5: one of the aavy platforms, whether it's Tesla or Vemo,
[3:31] Speaker 5: leveraging someone like Lyft or even a door Dash which
[3:35] Speaker 5: has an partnership right now with Lift in terms of
[3:39] Speaker 5: cross sell opportunities between food delivery and mobility. So DoorDash
[3:45] Speaker 5: is a great example of a company that has scaled
[3:47] Speaker 5: really well on their delivery side is making that pivot
[3:51] Speaker 5: to agentic AI use cases and so you know, for them,
[3:56] Speaker 5: it would make a ton of sense to expand in
[4:00] Speaker 5: to you know, ride sharing with an acquisition, as they
[4:04] Speaker 5: have done with their acquisition of delivery in the UK.
[4:07] Speaker 5: So I do think, you know, that combination makes a
[4:10] Speaker 5: ton of sense.
[4:12] Speaker 6: And we can go to Airbnb because they also raise
[4:14] Speaker 6: their full year outlook, but profits they'll miss because spending jump.
[4:17] Speaker 6: What do you make of the balance they're doing right now?
[4:19] Speaker 6: Because I know they're expanding into hotels, airport pickups and
[4:23] Speaker 6: a lot of other add on services.
[4:25] Speaker 5: I mean Airbnb's big advantage has been that they get
[4:29] Speaker 5: a lot of direct traffic and they are aware, you know,
[4:32] Speaker 5: similar to what Uber is on the ride sharing side.
[4:35] Speaker 5: So the problem they're trying to solve for is the
[4:39] Speaker 5: saturation in that alternative accommodation's market, so they had to
[4:44] Speaker 5: expand in new categories. It sounds like hotels and possibly
[4:49] Speaker 5: you know, layering on some ride sharing services or airlines
[4:54] Speaker 5: would make a ton of sense. They also have to
[4:57] Speaker 5: cater to this agent take shift that is happening. So
[5:02] Speaker 5: I think platform level, there will be some changes, but
[5:05] Speaker 5: clearly they have the stickiness when it comes to the
[5:08] Speaker 5: host they have on the platform and the inventory they
[5:11] Speaker 5: have when it comes to you know, exclusivity on Airbnb's platform.
[5:17] Speaker 2: So Airbnb, I mean, they actually boosted their sales outlook,
[5:22] Speaker 2: but Expedia had some problems. There Is that an Expedia
[5:25] Speaker 2: specific issue or is that just people doing more on
[5:29] Speaker 2: Airbnb maybe less on Expedia.
[5:32] Speaker 5: I mean they all these companies have a big catalyst
[5:35] Speaker 5: in FIFA World Cup, you know, for the second half,
[5:38] Speaker 5: and we know these big events drive a lot of
[5:43] Speaker 5: demand when it comes to you know, platforms like Airbnb,
[5:46] Speaker 5: even you know, Uber and Lyft will get a boost
[5:50] Speaker 5: during that quarter. So there's no doubt that, you know,
[5:54] Speaker 5: no matter what the macro situation is with higher gas
[5:57] Speaker 5: prices and what's going on, the FIFA World Cup will
[6:02] Speaker 5: be a big event and all these companies should do well,
[6:05] Speaker 5: you know, in terms of catering to that demand.
[6:07] Speaker 2: I mean, the Jersey Shore Mansion is only about an hour,
[6:10] Speaker 2: hour and ten minutes away from Wow MetLife Stadium.
[6:12] Speaker 6: I'd love to visit.
[6:14] Speaker 3: Y check it out.
[6:15] Speaker 6: What about Okay, So airlines and other travel companies are
[6:18] Speaker 6: warning about softer demand, but Airbnb sounds pretty optimistic. Why
[6:22] Speaker 6: do you think it's holding up when you made a
[6:24] Speaker 6: point earlier that they have direct access to these companies,
[6:27] Speaker 6: whether airlines or hotels.
[6:31] Speaker 5: Yeah, look, I think when it comes to the supply side,
[6:35] Speaker 5: Airbnb still has some exclusive supply. Like you could say,
[6:41] Speaker 5: you know, I would go across different hotel chains depending
[6:44] Speaker 5: on whoever is offering a lower price. But when it
[6:48] Speaker 5: comes to price elasticity around some of the inventory that
[6:52] Speaker 5: Airbnb has which you cannot find anywhere else, that's where
[6:56] Speaker 5: Airbnb has an advantage, and especially for larger groups. And
[7:00] Speaker 5: you know, if you're talking about big events, that certainly
[7:03] Speaker 5: should hold up much better. But you are seeing some
[7:07] Speaker 5: softness and you know travel overall, which is why you
[7:11] Speaker 5: see pressure on Expedia and you know some of the
[7:13] Speaker 5: other travel names.
[7:15] Speaker 3: Stay with us.
[7:16] Speaker 7: More from Bloomberg Intelligence coming up after this.
[7:22] Speaker 1: You're listening to the Bloomberg Intelligence podcast. Catch us live
[7:26] Speaker 1: weekdays at ten am Eastern on Apple Coarclay and Android
[7:29] Speaker 1: Auto with the Bloomberg Business app. Listen on demand wherever
[7:32] Speaker 1: you get your podcasts, or watch us live on YouTube.
[7:36] Speaker 3: More earnings.
[7:37] Speaker 2: We got some more of the restaurant companies reporting earnings here.
[7:42] Speaker 2: We want to get to with Michael Halen, senior restaurant
[7:44] Speaker 2: and food service analysts for Bloomberg Intelligence.
[7:46] Speaker 3: Hey, Mike, let's start with a name we don't talk
[7:48] Speaker 3: about too much.
[7:48] Speaker 2: Which is the company or one of the companies that
[7:51] Speaker 2: provides the actual food for the restaurants. You see all
[7:54] Speaker 2: the trucks double parked is a deliver food to the
[7:57] Speaker 2: various restaurants in town. US Foods. Just about that company
[8:01] Speaker 2: and what did they report?
[8:04] Speaker 4: Yeah, you know, more of the same.
[8:05] Speaker 8: I mean, you know, this is one of the best
[8:08] Speaker 8: run food service distributors in the country. You know, they're
[8:13] Speaker 8: they're looking to grow sales a little bit through M
[8:16] Speaker 8: and A, but also with improved technology for their customers.
[8:20] Speaker 8: They're shifting to a one hundred percent commission based sales
[8:23] Speaker 8: plan to kind of motivate them to sell certain things,
[8:27] Speaker 8: but particularly branded products which can can boost margins. You know,
[8:32] Speaker 8: just a really well run company that's taking share slowly
[8:36] Speaker 8: and steadily in the food service business.
[8:39] Speaker 2: So, I mean, again, US Food's holding. This is a
[8:41] Speaker 2: company that I rarely look at, but I should because
[8:44] Speaker 2: I see their trucks everywhere. Nineteen billion dollar market cap.
[8:47] Speaker 2: It's got about thirty thousand employees based in Rosemont, Illinois,
[8:51] Speaker 2: but they provide a food to a lot of restaurants
[8:54] Speaker 2: around the country. Again, the stocks of fourteen percent a
[8:58] Speaker 2: year to date, up twenty percent on a trailing twelve base.
[9:01] Speaker 6: It's a great report. Actually, can you talk to us
[9:03] Speaker 6: about international growth? Is it becoming a bright spot and
[9:07] Speaker 6: can that offset some weakness they're seeing in their business?
[9:11] Speaker 8: So US Foods is one hundred percent US based, Yeah,
[9:17] Speaker 8: so they are. They've done a good job, like I said,
[9:21] Speaker 8: of taking share here in the United States. That's been
[9:23] Speaker 8: their focus. That's one of the that's one of the
[9:27] Speaker 8: you know, one reason why investors do like this name
[9:30] Speaker 8: because the US economy has been more resilient than say
[9:34] Speaker 8: a place like Europe, especially with the higher inflation that
[9:38] Speaker 8: they've seen over there. Also, this company is pretty well
[9:43] Speaker 8: positioned in market downturns, so when people tend to cut back,
[9:48] Speaker 8: you know, they have a larger percentage of their business
[9:51] Speaker 8: that's dedicated to government, education, customers, hospitals and those types
[9:58] Speaker 8: of customers have these FI and dollar cost contracts, which uh,
[10:05] Speaker 8: you know, basically our index to inflation. So as inflation
[10:08] Speaker 8: goes up, you know, margin dollars are protected and those
[10:14] Speaker 8: businesses you know that I mentioned typically don't decline when
[10:18] Speaker 8: the overall economy declined, so this tends to be a
[10:21] Speaker 8: safer bet when you know the restaurant industry falters.
[10:26] Speaker 2: We had a big debate internally here this morning on
[10:28] Speaker 2: Bloomberg Surveillance about best French Fries and Wendy's got a
[10:31] Speaker 2: lot of support here. Talk to us about the Wendy's
[10:33] Speaker 2: profit earnings release they had.
[10:37] Speaker 8: Yeah, Wendy's was a disaster. It's been a disaster all
[10:43] Speaker 8: through you know, throughout last year. There was some hopes
[10:46] Speaker 8: for a turnaround and results or maybe just you know,
[10:50] Speaker 8: from from bad to less bad, and it didn't materialize
[10:54] Speaker 8: in the quarter.
[10:55] Speaker 4: You know, they're saying the right things.
[10:57] Speaker 8: On the call, but this company has had a lot
[11:01] Speaker 8: of negative momentum. You know, Chicken was always a big
[11:05] Speaker 8: part of their offering and now everybody's in that game.
[11:09] Speaker 8: Discounting is ramping up across the industry. This is the
[11:13] Speaker 8: most aggressive I've seen McDonald's in my career. So all
[11:18] Speaker 8: of that is going to make the turnaround at Wendy's
[11:21] Speaker 8: much more difficult to execute.
[11:23] Speaker 2: I'm a big fan of the baconator too, so I
[11:25] Speaker 2: hope they pulled through here one more before we let
[11:28] Speaker 2: you go here. Texas Roadhouse. I know, listen reading your
[11:31] Speaker 2: research in the past, they're trying to strive value here,
[11:34] Speaker 2: and that seems like a pitch that would work in
[11:36] Speaker 2: today's economy.
[11:38] Speaker 4: Yes, you're right, and it does.
[11:39] Speaker 8: And you know, you know, the way we look at
[11:42] Speaker 8: value is what you get for what you pay.
[11:45] Speaker 4: And nobody offers you more value on the plate than
[11:47] Speaker 4: Texas Roadhouse.
[11:48] Speaker 8: You go there, you get unlimited bread, you get massive portions,
[11:53] Speaker 8: all for a reasonable cost.
[11:54] Speaker 4: You know.
[11:54] Speaker 8: Look, management said that they're seeing some people trade down
[11:58] Speaker 8: to cheaper cuts of beef or even to chicken and pork.
[12:02] Speaker 8: They're cutting back on drinks, but they're making it up
[12:05] Speaker 8: in traffic. People are and they go to Texas Roadhouse
[12:09] Speaker 8: because they know they're going to get a great experience,
[12:13] Speaker 8: and so they're not cutting back on their visits to
[12:15] Speaker 8: Texas Roadhouse.
[12:16] Speaker 4: Clearly in the numbers, we're.
[12:17] Speaker 8: Seeing cutbacks to Wendy's and a lot of other restaurant chains,
[12:21] Speaker 8: and maybe some trade down to the grocery store.
[12:23] Speaker 4: But if people are.
[12:24] Speaker 8: Going to a Texas Roadhouse once a quarter, once every
[12:27] Speaker 8: other month, they're not coming back on that visit.
[12:31] Speaker 3: Stay with us. More from Bloomberg Intelligence coming up after this.
[12:38] Speaker 1: You're listening to the Bloomberg Intelligence podcast. Catch us live
[12:42] Speaker 1: weekdays at ten am Eastern on Apple, Cocklay and Android
[12:45] Speaker 1: Auto with the Bloomberg Business App. Listen on demand wherever
[12:48] Speaker 1: you get your podcasts, or watch us live on YouTube.
[12:52] Speaker 7: Paul, do you go golfing regularly? Is that a weekend
[12:55] Speaker 7: thing for you?
[12:55] Speaker 4: Yes?
[12:56] Speaker 2: And I'm wearing my Canoe Brook which is my club shirt.
[12:59] Speaker 2: I got the belt from Garden City Golf Club. So
[13:02] Speaker 2: I'm all in, have been all that life, but golf's not.
[13:05] Speaker 2: Actually now kind of cool and it's growing like crazy again.
[13:08] Speaker 7: I know, before the pandemic it felt like it was
[13:10] Speaker 7: kind of dying a little bit.
[13:11] Speaker 3: And now social media is all over.
[13:13] Speaker 2: These influencers are all over the game of golf.
[13:16] Speaker 4: Really.
[13:16] Speaker 2: Oh, huge audiences here and getting huge money and the
[13:19] Speaker 2: PGA Tour notices, the Lift Tour.
[13:21] Speaker 3: Notices, although the lead tours dying, Yeah, but it was.
[13:25] Speaker 3: It was part of the Lift Tour's birth was because
[13:27] Speaker 3: of social media.
[13:28] Speaker 7: Yeah, yeah, yeah, that's a good point. All right, Well,
[13:30] Speaker 7: let's talk to someone who's capitalizing on all of that.
[13:32] Speaker 7: The rebirth of golf. He is Brian Cox. He's global
[13:35] Speaker 7: vice president of Scotch Whiskey at Bacardi, and he's here
[13:39] Speaker 7: to talk to us about why his brand and other
[13:42] Speaker 7: luxury brands are increasingly aligning themselves with golf culture. Right now, Brian,
[13:46] Speaker 7: good to speak with you. What is golf culture and
[13:48] Speaker 7: how has it changed? As Paul mentioned, it's now something
[13:51] Speaker 7: that lives on in social media. Things go viral in
[13:53] Speaker 7: a way that they didn't before.
[13:57] Speaker 9: That's billion obviously two passion of mind golf and Scotch Whiskey.
[14:04] Speaker 9: I think the luxury brand sector has really paid attention
[14:08] Speaker 9: to the evolution of golf. As you alluded to a
[14:11] Speaker 9: second ago, it was really the pandemic that grew the
[14:15] Speaker 9: built in audience of golf from around twenty four million
[14:18] Speaker 9: people that followed or played the game in the US
[14:21] Speaker 9: to about forty million today. So it's just a massive
[14:25] Speaker 9: inbuilt audience. It's also become the profile of the audiences diversified.
[14:31] Speaker 9: It's become younger, young adults, much more accessible. It's also globalized.
[14:37] Speaker 9: You're REFERRINGTVE golf for example, but Japan huge market is booming.
[14:42] Speaker 9: Also in India and these all happen with the US
[14:45] Speaker 9: to be great Scotch whiskey and also luxury goods markets.
[14:49] Speaker 9: I'd also say at the same time, the audience has
[14:52] Speaker 9: stayed fairly affluent, so that's why you're seeing luxury and
[14:56] Speaker 9: lifestyle brands really lean in the factors. Of course, as
[15:02] Speaker 9: you will well know at Garden City you've got the
[15:04] Speaker 9: famous nineteenth pole, So golf in particular goes beyond just
[15:10] Speaker 9: what happens on the course. So it's really that lifestyle
[15:14] Speaker 9: social connection moment that allows us to really have a
[15:19] Speaker 9: role in that area.
[15:21] Speaker 2: So how are you, guys a doer Scotch, how are
[15:24] Speaker 2: you kind of trying to leverage that audience.
[15:28] Speaker 9: Well, we've now in our sixth year been sponsoring the
[15:32] Speaker 9: USGA and the US Open as it's official Scotch Whiskey.
[15:37] Speaker 9: Amazing partners, great tournament, great reach, big TV audience, and
[15:43] Speaker 9: we use these kind of tempole moments as we call them,
[15:47] Speaker 9: to really build integrated marketing programs around. So we have advertising,
[15:51] Speaker 9: we have corporate hospitality, entertaining clients and influencers. You're talking
[15:57] Speaker 9: about social media a second ago, so that's a really
[16:00] Speaker 9: important the whole online digital aspect of golf nowadays and
[16:06] Speaker 9: it overlaps between the sport against again the lifestyle. We
[16:10] Speaker 9: have also some fashion collaborations. We work with Peter Millar,
[16:15] Speaker 9: We've worked in the past with other fashion brands, and
[16:18] Speaker 9: then we run our own promotions. So there's an aspect
[16:21] Speaker 9: of integrating retail and country clubs. Of course, because every
[16:27] Speaker 9: country club pretty much has a nineteenth old the famous Spa,
[16:30] Speaker 9: so that's very relevant. And every year to celebrate the
[16:35] Speaker 9: US Open, we come out with a limited edition a
[16:38] Speaker 9: nineteen year old, and then we have also some very
[16:40] Speaker 9: innovative serves and RTDs which address a slightly less traditional
[16:45] Speaker 9: you might say, audience.
[16:47] Speaker 7: How are you integrating your brand with golf in a
[16:50] Speaker 7: way that changes from what it was before the pandemic.
[16:54] Speaker 7: I mean, you know, any golf tournament has lots of
[16:56] Speaker 7: brands showing up everywhere, but what is what is Doors
[17:02] Speaker 7: doing that's different that kind of makes it look like
[17:05] Speaker 7: it's twenty twenty six as opposed to twenty sixteen.
[17:09] Speaker 9: That's a big well for starts we're about, you know,
[17:13] Speaker 9: we play a role as a social catalyst. It's you know,
[17:18] Speaker 9: we've got the heritage of Scotland behind us and so
[17:21] Speaker 9: this way of connecting with consumers of opening up the games.
[17:26] Speaker 9: We partner with organizations such as Five Iron Golf, You've
[17:31] Speaker 9: got Top Golf and so forth as well, and so
[17:33] Speaker 9: you can see how we can monomate and activate beyond
[17:37] Speaker 9: the actual course itself. We also actually promote the tournament
[17:41] Speaker 9: through our advertising, so that's about gaining I guess, broader
[17:46] Speaker 9: awareness for the actual event itself. And then we do
[17:50] Speaker 9: things like every year we have the Duo's Lemon Wedge,
[17:54] Speaker 9: which is the official cocktail of the US Open that's
[17:58] Speaker 9: served as an artea, which means ready to drink and
[18:02] Speaker 9: can we sell about seventeen well not us, but the
[18:06] Speaker 9: venues will sell about seventeen thousand of those. Per tournament
[18:11] Speaker 9: we serve around thirteen thousand cocktails. So it's a way
[18:15] Speaker 9: of expanding the use such occasions and consumptions, which is
[18:20] Speaker 9: really cocking in on and that brings in a whole
[18:22] Speaker 9: new cohort of fans.
[18:24] Speaker 2: Actually, Brian, you mentioned earlier the impact of social media influencers,
[18:29] Speaker 2: and again maybe my feed my algorithm just feeds me
[18:33] Speaker 2: these guys all the time, but there's a lot of
[18:35] Speaker 2: them doing some really great content, getting a list stars
[18:40] Speaker 2: to come on their program, whether they're having a round
[18:43] Speaker 2: of golf somewhere with Lebron James or something else.
[18:46] Speaker 3: How do you play into that?
[18:48] Speaker 9: That's sure there's I think one of the big drivers
[18:52] Speaker 9: of the popularity of golf is how other sports people
[18:55] Speaker 9: have really lent in. I think there's a huge NFL,
[19:01] Speaker 9: an NBA following of golf of players that actually, in
[19:06] Speaker 9: the time of will will participate in the game. It's
[19:09] Speaker 9: the it's their hobby, it's their passion point, and something's
[19:12] Speaker 9: clicked in this sport in the way that it's it's
[19:15] Speaker 9: very much about, as you will know, plane with or
[19:19] Speaker 9: against yourself, but it also connects you to others. So
[19:22] Speaker 9: there's a dynamic in culture here. I think that is
[19:26] Speaker 9: driving this, and it's amazing to see how other sports
[19:30] Speaker 9: folks from other disciplines are actually fueling this.
[19:35] Speaker 3: Stay with us.
[19:36] Speaker 7: More from Bloomberg Intelligence coming up after this.
[19:41] Speaker 1: You're listening to the Bloomberg Intelligence podcast. Catch us live
[19:45] Speaker 1: weekdays at ten am Eastern on Apple, Coarclay, and Android
[19:48] Speaker 1: Otto with the Bloomberg Business app. Listen on demand wherever
[19:51] Speaker 1: you get your podcasts, or watch us live on YouTube.
[19:56] Speaker 2: Intel up seven point seven today up to hundred twenty
[20:00] Speaker 2: percent year to date, a four hundred and sixty percent
[20:03] Speaker 2: on a trailing twelve month basis. For those of us
[20:05] Speaker 2: old enough to remember Intel in the eighties and nineties
[20:09] Speaker 2: and then.
[20:09] Speaker 3: What happened in between, that's something.
[20:11] Speaker 2: And my boy Frank Yuri, my running buddy from Salomon Brothers,
[20:14] Speaker 2: he's retiring from as chairman of the board in a
[20:17] Speaker 2: couple of days.
[20:18] Speaker 3: He's had a heck of a run here to finish
[20:19] Speaker 3: up his career.
[20:20] Speaker 2: We want to talk to Sarah Fryar Bloomberg and managing editor.
[20:24] Speaker 2: What's going on at Intel? Have they finally.
[20:26] Speaker 3: Gotten I guess the AI tailwind? It sure looks like it.
[20:31] Speaker 10: Well, there's that, but it's actually a you know, an
[20:34] Speaker 10: even bigger process by Liputan, the new CEO. He has
[20:38] Speaker 10: spent the last year talking to all of these other
[20:43] Speaker 10: major leaders in tech and in the world and getting
[20:46] Speaker 10: them on his side. Right, So he's formed an alliance
[20:49] Speaker 10: with President Donald Trump. The US is now a major
[20:51] Speaker 10: investor in Intel. He has Elon Musk saying that they're
[20:54] Speaker 10: going to partner on building factories apples. It has talked
[20:59] Speaker 10: about potentially using Intel in video and videas, Jensen Wang
[21:05] Speaker 10: has explained that they think that the CPUs that Intel
[21:10] Speaker 10: makes are going to be back in demand during the
[21:12] Speaker 10: AI boom. So all of those factors have led to
[21:15] Speaker 10: this incredible tear in Intel stock, where it's back to
[21:19] Speaker 10: the level we really haven't seen since the dot com boom.
[21:22] Speaker 7: It is truly remarkable when you look at the advances.
[21:25] Speaker 7: I mean, the gain in Intel has eclipsed the gain
[21:28] Speaker 7: in Micron. And you know, Paul, you and I have
[21:30] Speaker 7: talked about how Micron just went on this bananas hair
[21:33] Speaker 7: because of the lust for memory chips, and Intel has
[21:36] Speaker 7: surpassed all of that. You mentioned, Sarah that the US
[21:38] Speaker 7: government has a stake in Intel. It's a five and
[21:41] Speaker 7: a half percent stake right now, the third biggest shareholder
[21:43] Speaker 7: after Blackrock and Vanguard, which of course represents Index Funds.
[21:48] Speaker 7: Is the US government an activist shareholder Intel? I mean,
[21:52] Speaker 7: is there pushing by the US government towards what Intel
[21:56] Speaker 7: should be doing?
[21:58] Speaker 2: Well?
[21:58] Speaker 10: I think it definitely adds to the momentum of Intel.
[22:02] Speaker 10: I think there's there's, you know, this sense that if
[22:05] Speaker 10: you support Intel, you support American manufacturing. And Donald Trump
[22:10] Speaker 10: had certainly celebrated himself as the you know person who
[22:15] Speaker 10: who struck this deal. But what Ian King's reporting reveals
[22:18] Speaker 10: in this story is that it really took some convincing
[22:21] Speaker 10: on the part of his allies. He had people in
[22:24] Speaker 10: the industry, including Michael Dell, calling Donald Trump asking him
[22:29] Speaker 10: to give Li Blutan a chance, and then once the
[22:31] Speaker 10: two of them met, Li Blutan was able to convince
[22:35] Speaker 10: Trump to to really bet on the company in an
[22:41] Speaker 10: unusual way. I mean, this is very unprecedented. But that
[22:44] Speaker 10: led to a lot of these other stakes that helped
[22:47] Speaker 10: Intel balance sheet. Now what Ian reveals in the stories
[22:53] Speaker 10: is there's the second phase of the turnaround that needs
[22:55] Speaker 10: to happen. For all of the optimism, for all of
[22:58] Speaker 10: the work that's been done on the external perception that
[23:02] Speaker 10: Intel can achieve a place of prominence in the AI boom,
[23:05] Speaker 10: that it really can deliver on returning to prominence, there's
[23:13] Speaker 10: still a lot that needs to be fixed in terms
[23:15] Speaker 10: of the quality of its products and the quality of
[23:17] Speaker 10: its factories. And that's what happens next.
[23:20] Speaker 3: So what is the thinking out there in Silicon Valley?
[23:22] Speaker 4: Sairer?
[23:23] Speaker 2: Is this something that again one one could argue that
[23:25] Speaker 2: a lot of the stock price appreciation was kind of
[23:28] Speaker 2: by the rumor. Now the questions they have to deliver
[23:31] Speaker 2: is the expectation that they will be.
[23:33] Speaker 3: Able to do that well.
[23:35] Speaker 10: I think now that Lipichan has has these allies that
[23:39] Speaker 10: are counting on him to do it, he's well set
[23:42] Speaker 10: up to But you know, in speaking with us in
[23:45] Speaker 10: the first interview he's given as the EO to a
[23:48] Speaker 10: news outlet, he acknowledged that he still has a lot
[23:52] Speaker 10: of work to do. He still has to build eventually,
[23:54] Speaker 10: still recruiting leaders that he trusts. And what we learned
[23:59] Speaker 10: from conversations with current and former employees is the way
[24:02] Speaker 10: that he leads is very different than how Intel is
[24:05] Speaker 10: used to working. He's a high level thinker. He's not
[24:08] Speaker 10: going in on the on the detailed. He picks people
[24:11] Speaker 10: that he believes in and then backs them the same
[24:14] Speaker 10: way you might see in venture capital investing. You know,
[24:18] Speaker 10: he's on many company boards. He has a long history
[24:20] Speaker 10: with that, but that could be risky for a company
[24:23] Speaker 10: like Intel, where the devil really is in the details.
[24:27] Speaker 10: The chips need to be at the right quality to
[24:30] Speaker 10: sustain those customer deals, to even get those major customers
[24:34] Speaker 10: on board, get them to take a bet on the
[24:36] Speaker 10: company so they have a lot of work to do
[24:38] Speaker 10: in the actual manufacturing, the actual design to to not
[24:44] Speaker 10: have to outsource it as much as they've been doing,
[24:47] Speaker 10: to bring it back in house, and through that they
[24:50] Speaker 10: can that they can.
[24:51] Speaker 4: Deliver very quickly.
[24:53] Speaker 7: Sarah Liputan has only been CEO of Intel for about
[24:56] Speaker 7: one point two years, not long at all, but it
[24:58] Speaker 7: feels like a long time. How patient are investors willing
[25:02] Speaker 7: to be with him?
[25:03] Speaker 10: I think as long as what we're hearing about CPUs
[25:08] Speaker 10: in the AI boom being really necessary, if that continues,
[25:14] Speaker 10: I mean, that's going to be definitely a positive boost
[25:17] Speaker 10: for them. They just have to really get that business.
[25:20] Speaker 10: They have to get it, and they can't let it,
[25:23] Speaker 10: can't feed it to rivals, and then they'll be okay
[25:25] Speaker 10: for a little while and they'll buy him time to
[25:28] Speaker 10: get everything else right.
[25:31] Speaker 1: This is the Bloomberg Intelligence podcast, available on Apple, Spotify,
[25:35] Speaker 1: and anywhere else you get your podcasts. Listen live each
[25:39] Speaker 1: weekday ten am to noon Eastern on Bloomberg dot com,
[25:43] Speaker 1: the iHeartRadio app, tune In, and the Bloomberg Business app.
[25:47] Speaker 1: You can also watch us live every weekday on YouTube
[25:50] Speaker 1: and always on the Bloomberg terminal

Shows are listed from Apple Podcasts' charts and directory, and Podcast Index where it is used. Every show and episode belongs to its publisher and plays from the publisher's own feed; this site hosts none of them.