# Apple Slides Most Since 2025 After Supply Shortages Hurt Outlook

An episode of [Bloomberg Intelligence](https://invisiblenetwork.ai/podcast/326301337), 31 Jul 2026, 18 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/b180b863-f10f-41cf-b36b-b4980112ace8/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 and Scarlet Fu --Gene Munster, Managing Partner at Deepwater Asset Management, joins to discuss Apple earnings and tech. Apple Inc. tumbled after component shortages weighed on the company’s sales forecast, signaling that industrywide supply constraints are taking a bigger toll than anticipated. -Vincent Piazza, Bloomberg Intelligence Senior Equity Research Analyst, Oil & Gas, discusses Chevron earnings. ExxonMobil and Chevron plowed profits into debt reduction rather than huge buyback increases due to caution about the duration of war-driven price rallies. The biggest US oil companies more than doubled second-quarter net income due to global energy market disruptions stemming from conflicts in the Persian Gulf and Russia. -Randall Williams, Bloomberg Business of Sports Reporter, discusses the top business sports stories. UEFA approved a boycott of FIFA tournaments if President Gianni Infantino proceeds with his plans to sell stakes in a new commercial entity to investors. FIFA will proceed with plans to privatize its commercial business, despite threats from regional footballing organizations in Europe, Asia and North America that they could boycott the World Cup. Separately, Randall talks about his conversation with Washington Commanders President Mark Clouse. See omnystudio.com/listener for privacy information.

## Transcript

[0:00] 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
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[0:21] Speaker 1: or watch us live on YouTube.
[0:24] Speaker 2: Going back to the markets, the Dow not doing anything,
[0:26] Speaker 2: the SMP not doing anything, but within the Dow, the
[0:29] Speaker 2: best performers Amazon up almost fifteen percent. The worst performer
[0:32] Speaker 2: is Apple, down about nine point three percent following yesterday's
[0:36] Speaker 2: quarterly results and the outlook. Gene Munster is the authority
[0:40] Speaker 2: on Apple. He is managing partner at Deepwater Asset Management,
[0:43] Speaker 2: and of course years before that he was a sell
[0:45] Speaker 2: side analyst on Apple, one of the most well known.
[0:48] Speaker 2: Gene good to speak with you. Partially, I'm guessing that
[0:51] Speaker 2: Apple's declined today outside declient has a lot to do
[0:54] Speaker 2: with the fact that it was an now performer in
[0:56] Speaker 2: the lead up to these results. What did we really
[0:59] Speaker 2: learn from Apple that can be attributed to what decisions
[1:02] Speaker 2: it made versus things are beyond its control, like really
[1:06] Speaker 2: high memoryship prices.
[1:08] Speaker 3: Well, this is less about the high memory prices and
[1:11] Speaker 3: more just similar numbers about where the guidance is going.
[1:14] Speaker 3: So Scott, just to take a step back, they guided
[1:16] Speaker 3: the twelve or the shoes at twelve percent revenue grows
[1:18] Speaker 3: through September. They guided to nine to eleven. Now, when
[1:22] Speaker 3: you find this subtraction key with a company, a stock
[1:25] Speaker 3: that's been up twenty two percent over the past month
[1:27] Speaker 3: versus the NASZAK up one percent, when analysts go to
[1:31] Speaker 3: that subtraction key, that is negative for the stock. There's
[1:34] Speaker 3: just no explanation that can get investors comfortable. And I
[1:38] Speaker 3: think that's kind of where the conversation ended. But I
[1:40] Speaker 3: want to go through that a little bit and answer
[1:42] Speaker 3: your question about like what what's the substance of what's
[1:44] Speaker 3: going on? Is it's about memory costs. The answer is
[1:47] Speaker 3: a little bit about memory costs. Maybe if you think
[1:49] Speaker 3: about the ten percent decline, probably one or two percent
[1:53] Speaker 3: is about this higher memory costs. It's going to have
[1:55] Speaker 3: a fifty BIPs negative impact on their margins in the
[1:58] Speaker 3: September quarter. The picture is on revenue and effectively what
[2:02] Speaker 3: happened this is a pretty unique dynamic, but it makes
[2:04] Speaker 3: a ton of sense is that the iPhone has been
[2:07] Speaker 3: on fire. It was up twenty two percent in the
[2:09] Speaker 3: June quarter. If you look at over the past year,
[2:11] Speaker 3: it's been up twenty two percent. That compares to over
[2:13] Speaker 3: the past five years it's up three percent on average.
[2:16] Speaker 3: So we've got this huge surge and iPhone demand and separately,
[2:20] Speaker 3: the MAC up almost thirty percent. Typically it's up a
[2:23] Speaker 3: few percent. And what that means is that they have
[2:25] Speaker 3: essentially been pulling through inventory. Remember how tight inventory is
[2:29] Speaker 3: in part because of these pricing deals that they have
[2:31] Speaker 3: to try to keep costs low. They're limited to the
[2:34] Speaker 3: amount of capacity that they've had, so they pulled inventory
[2:37] Speaker 3: essentially from September into the June quarter, and that means
[2:40] Speaker 3: they just simply don't have as much. And the way
[2:42] Speaker 3: that I'm going to back test this and be pretty
[2:45] Speaker 3: easy for your listeners to do this is just look
[2:47] Speaker 3: at what the lead times on the products are right now.
[2:50] Speaker 3: They're running a few weeks now that typically would be
[2:53] Speaker 3: same day on many of their products. That's the indication
[2:56] Speaker 3: that they are in fact constrained and so effectively, what
[2:58] Speaker 3: happened is they stole demand from the September quarter and
[3:02] Speaker 3: pulled it into the June quarter. There's still a ton
[3:05] Speaker 3: of demand out there stole supply excuse me, and pulled
[3:07] Speaker 3: it into the June quarter. There's still ample demand and
[3:10] Speaker 3: I think all the end of the day, just to
[3:12] Speaker 3: put it in the most basic term, Street was at
[3:14] Speaker 3: twelve percent revenue growth for September. If they would have
[3:17] Speaker 3: kind of had currency constant and supply constant, I bet
[3:20] Speaker 3: they would have guided to better than fifteen percent growth
[3:23] Speaker 3: for the September quarter.
[3:25] Speaker 4: So, Gene, you were busy this week, as a lot
[3:27] Speaker 4: of tech investors were, with all the earnings.
[3:29] Speaker 5: But I got to.
[3:29] Speaker 4: Ask you about this story Wall Street Journal story about
[3:33] Speaker 4: Tesla spinning out its China business maybe paved the way
[3:36] Speaker 4: for a SpaceX merger. Is that does that seem reasonable
[3:40] Speaker 4: to you?
[3:42] Speaker 6: Yeah?
[3:42] Speaker 3: I would say it's reasonable, and it is going to
[3:47] Speaker 3: increase the probability that I have put on this happening
[3:49] Speaker 3: in the next few years from ninety to probably ninety
[3:52] Speaker 3: two percent. About a week ago I had it at
[3:55] Speaker 3: eighty percent. And then the Tesla earnings call, they led
[3:58] Speaker 3: a question in about the two companies coming together, which
[4:01] Speaker 3: surprised me. Elon started to answer the question, and then
[4:05] Speaker 3: Legal took over and said, really, we can't say much,
[4:07] Speaker 3: and then Elon grabbed the mic back and started to
[4:10] Speaker 3: kind of pontificate about the benefits of these two companies
[4:13] Speaker 3: being together. That took me from eighty to ninety. Now
[4:15] Speaker 3: I'm at ninety two, and the answer is it just
[4:17] Speaker 3: makes a ton of sense. Like this China piece, I
[4:20] Speaker 3: think is grossly underappreciated about the tensions tech from the
[4:25] Speaker 3: technology companies geopolitically, as I've been meeting with many companies
[4:29] Speaker 3: that have ties and these leading private companies that have
[4:32] Speaker 3: ties to China, it's pretty clear that they want as
[4:35] Speaker 3: much separation as possible, and so my view is that
[4:38] Speaker 3: we're probably a couple of years away. Elon's always been
[4:41] Speaker 3: has always structured the China business to be easily separated
[4:45] Speaker 3: from the US business for a lot of reasons. In
[4:48] Speaker 3: one of them is his master plan. Just don't it's
[4:51] Speaker 3: very simple. He's going to just keep growing up his
[4:53] Speaker 3: businesses into a master company. And so to answer your question, Paul,
[4:57] Speaker 3: is I think that this makes a ton of sense,
[5:00] Speaker 3: even though they're saying that it's not going on. I
[5:02] Speaker 3: think it very much is in the cards.
[5:04] Speaker 2: Sounds like it'd be good for Elon Musk from the
[5:06] Speaker 2: way he operates and runs his company. Would it be
[5:09] Speaker 2: good for investors?
[5:12] Speaker 3: Now, that's the key question, and I think the answer
[5:16] Speaker 3: is that the simple answers yes from two levels. And
[5:18] Speaker 3: an operational piece, which is most important is that when
[5:22] Speaker 3: you bring things together, you reduce redundancies. And there's this
[5:27] Speaker 3: long standing view and within tech companies that are highly
[5:30] Speaker 3: innovative that smaller teams are more effective, and so when
[5:34] Speaker 3: you have smaller, tighter teams and effectively you can do that.
[5:37] Speaker 3: I think that's one piece of bringing all these together.
[5:39] Speaker 3: I think their visions are very similar obviously around being
[5:42] Speaker 3: AI first, space AI with SpaceX, physical AI, trustrial with Tesla.
[5:48] Speaker 5: All that makes sense.
[5:49] Speaker 3: The other reason why I think investors would be rewarded
[5:52] Speaker 3: is that the dynamic around Tesla and SpaceX to a
[5:55] Speaker 3: lesser extent right now is really about and less investor
[5:58] Speaker 3: confidence are on the long term retail investor confidence, and
[6:02] Speaker 3: I think that that unwavering confidence would only increase if
[6:05] Speaker 3: they brought some of these together. And that has really
[6:08] Speaker 3: explained how Tesla can still be a one point two
[6:11] Speaker 3: trillion dollar company despite having many of its targets pushed
[6:14] Speaker 3: back for years. And so I think you put these
[6:16] Speaker 3: two together, it would undoubtedly be the biggest company. I
[6:20] Speaker 3: think you put them together your I think the path
[6:23] Speaker 3: to a tend jillion dollar company is as well laid
[6:25] Speaker 3: at that point.
[6:26] Speaker 6: Stay with us.
[6:27] Speaker 5: More from Bloomberg Intelligence coming up after this.
[6:33] Speaker 1: You're listening to the Bloomberg Intelligence podcast. Catch us live
[6:37] Speaker 1: weekdays at ten am Eastern on Applecarplay and Android Auto
[6:41] Speaker 1: with the Bloomberg Business App. Listen on demand wherever you
[6:44] Speaker 1: get your podcasts, or watch us live on YouTube.
[6:48] Speaker 4: Erni's coming out of the energy patch here, excellent mobile, Chevron,
[6:53] Speaker 4: some of the big boys reporting here. Let's get in
[6:55] Speaker 4: touch with an expert on this stuff.
[6:57] Speaker 5: Vincent Piazza.
[6:58] Speaker 4: He's the senior research channel, so he covers all the
[7:00] Speaker 4: oil and gas companies for Bloomberg Intelligence.
[7:02] Speaker 5: No idea where he is.
[7:04] Speaker 6: It could be.
[7:05] Speaker 4: Philly, Princeton, Wilmington.
[7:07] Speaker 6: You never know where this guy is.
[7:08] Speaker 4: Bence, what's going on in your world of big oil?
[7:12] Speaker 6: And Good morning from Wilmington, Delaware.
[7:16] Speaker 7: But it's always sunny in Philadelphia, remember there you go. Yeah,
[7:21] Speaker 7: So look, if you think about coming into the quarter,
[7:25] Speaker 7: Exon and Chevron, significant optimism coming into the quarter, just
[7:30] Speaker 7: considering where we are on wt I and Brent. But
[7:35] Speaker 7: you know, Chevron posted a much much cleaner quarter operationally,
[7:41] Speaker 7: significant free cash flow, buybacks and dividends were up. The
[7:46] Speaker 7: debt side, you know, Chevron bought back roughly eight billion
[7:50] Speaker 7: dollars of debt. So look strong quarter operationally for Chevron,
[7:57] Speaker 7: a little more optimism coming into the quarter. For Exxon
[8:00] Speaker 7: it's down roughly two percent, little softer on the downstream side.
[8:04] Speaker 7: But Paul combined thirty two billion of free cash flow.
[8:10] Speaker 6: In the quarter.
[8:11] Speaker 7: For both companies, you're getting that back in dividends. You're
[8:15] Speaker 7: getting that back in buybacks as well. But for Exon,
[8:20] Speaker 7: Paul a little bit more of an impact from Hormuz
[8:23] Speaker 7: in three Q, so some thorny issues that they have
[8:28] Speaker 7: to deal with.
[8:28] Speaker 6: But for Chevron, much much cleaner quarter.
[8:32] Speaker 2: So does this windfall help them do anything that they
[8:35] Speaker 2: wouldn't be able to do otherwise? You talked about how
[8:38] Speaker 2: Chevron is going to reduce debt and increased share buybacks,
[8:40] Speaker 2: but operationally, can it think bigger than that?
[8:43] Speaker 7: Yeah, So if you think about Venezuela for Chevron, Chevron's
[8:48] Speaker 7: output in Venezuela will likely grow through twenty twenty eight. Again,
[8:53] Speaker 7: put the geopolitics aside. Definitely an operational ambition for them,
[8:59] Speaker 7: but one that we'll see production grow from roughly two
[9:04] Speaker 7: hundred and eighty thousand barrels to four hundred thousand.
[9:07] Speaker 6: Not a big mover right now.
[9:09] Speaker 7: But think about over the next couple of years what
[9:11] Speaker 7: could happen there with a more sanguine political backdrop in
[9:16] Speaker 7: the country.
[9:17] Speaker 4: Hey, Vince, what are your companies saying about the strait
[9:20] Speaker 4: of horror moves. I'm kind of the opinion that this
[9:22] Speaker 4: thing's never going to be really open again because it
[9:24] Speaker 4: just takes the threat of an attack to kind of
[9:28] Speaker 4: shut things down. What are your companies saying.
[9:31] Speaker 7: Well, I can tell you what they've met, and consider
[9:35] Speaker 7: that most of my coverage universe is US and domestic.
[9:40] Speaker 6: But what we see the industry doing is.
[9:43] Speaker 7: Recasting those capital flows, rejiggering, reordering seaborn maritime logistics to
[9:51] Speaker 7: dilute the.
[9:51] Speaker 6: Impact of the region. And what does that mean.
[9:54] Speaker 7: Well, it means extending transit times by up to two
[9:59] Speaker 7: three weeks and moving barrels away from geopolitical and conflict zones.
[10:06] Speaker 6: What does that mean in general?
[10:07] Speaker 5: Though?
[10:08] Speaker 7: It means a higher floor price, and it also means
[10:12] Speaker 7: a logistics environment that provides for greater redundancy, whether it's
[10:18] Speaker 7: floating storage, whether it's more land storage as well. But
[10:24] Speaker 7: it does suggest that over time, you know, we do
[10:27] Speaker 7: see that part of the world being diluted so that
[10:30] Speaker 7: you get away from those conflict zones. It means more
[10:33] Speaker 7: capital coming to North America, whether it's capital invested in
[10:38] Speaker 7: the US or Canada to get those molecules out in
[10:42] Speaker 7: the export market. It means more dollars heading down to
[10:45] Speaker 7: South America too, whether it's Venezuela, whether it's Argentina, and
[10:50] Speaker 7: even Brazil as well. So you could see over the
[10:53] Speaker 7: next several years, greater capital flowing to the Western hemisphere,
[10:59] Speaker 7: more barrels in floating storage, more barrels and land storage
[11:03] Speaker 7: to dilute the impact of subsequent geopolitical events.
[11:07] Speaker 2: Stay with us. More from Bloomberg Intelligence coming up after this.
[11:14] Speaker 1: You're listening to the Bloomberg Intelligence podcast. Catch us live
[11:18] Speaker 1: weekdays at ten am Eastern on Apple, Cocklay and Android
[11:21] Speaker 1: Auto with the Bloomberg Business App. Listen on demand wherever
[11:25] Speaker 1: you get your podcasts, or watch us live on YouTube.
[11:29] Speaker 5: Let's get right to it.
[11:30] Speaker 4: FIFA has plans to privatize some of its commercial business.
[11:34] Speaker 4: I think I've got that right, Okay, that's the global
[11:37] Speaker 4: FIFA UEFA. They're the European dudes. They're not happy with it.
[11:40] Speaker 4: And look at this just across the tape. I think
[11:43] Speaker 4: this is ap senior FIFA official resigns over Infantino's World
[11:47] Speaker 4: Cup selloff plan. Second says it deceived staff. Wow, random
[11:52] Speaker 4: Waims Joints. Is here you a sports This is a
[11:54] Speaker 4: big story, randal. This is global soccer. We just finished
[11:58] Speaker 4: with the World Cup. People have a great appreciation for football,
[12:01] Speaker 4: maybe now than they had before the World Cup. What's
[12:04] Speaker 4: going on here?
[12:05] Speaker 8: Listen, FIFA is trying to make as much money as
[12:07] Speaker 8: they possibly can. And you know, for me personally, I
[12:09] Speaker 8: thought the World Cup was going to come to a
[12:11] Speaker 8: cloth I would be able to take a deep breath.
[12:13] Speaker 5: But obviously we're witnessing a global fight right now.
[12:15] Speaker 8: We have FIFA who is over the World Cup, which
[12:18] Speaker 8: is the biggest, largest tournament and the most famous tournament.
[12:20] Speaker 5: It's the one of the players love the most.
[12:22] Speaker 8: It's one that the teams participating they have a deep
[12:26] Speaker 8: desire to win it.
[12:28] Speaker 5: But now they're saying, you know, we can.
[12:30] Speaker 8: Raise up to four point two billion dollars from Joshua
[12:33] Speaker 8: Kushners strive capital, and of course he is the son
[12:36] Speaker 8: in law of President Trump, who you BEFA catered to
[12:39] Speaker 8: brother in law, brother of.
[12:41] Speaker 5: The son in law.
[12:41] Speaker 8: Thank you for correcting that. You know, FIFA catd to
[12:44] Speaker 8: President Trump all while he was here. And you have UEFA,
[12:47] Speaker 8: who's over many of the countries who were participants, France, England, Spain,
[12:51] Speaker 8: so many who are just like, hold on, enough is enough.
[12:55] Speaker 2: Enough is enough. So UEFA is now talking about boycotting
[12:58] Speaker 2: the World Cup that's not for another four years. So
[13:00] Speaker 2: is this kind of an empty threat because there's a
[13:02] Speaker 2: lot of time between now and the next World Cup.
[13:04] Speaker 5: I don't think it's an empty threat.
[13:05] Speaker 8: I think that they're very very serious about this because
[13:08] Speaker 8: Conka Calf, who is over in North America, Central America
[13:10] Speaker 8: and the Caribbean, is also in and we have yet
[13:12] Speaker 8: to see what South America has to.
[13:14] Speaker 5: Say as well.
[13:15] Speaker 8: And so if everyone raises their hand and says we're
[13:17] Speaker 8: done with this, then of course these are membership organizations.
[13:20] Speaker 8: These aren't the members themselves. But of course to be
[13:23] Speaker 8: a part of UEFA you have to be a member,
[13:25] Speaker 8: and I think FIFA as well. So if England, France, Mexico,
[13:29] Speaker 8: the US, all of these organizations are saying, no, who
[13:32] Speaker 8: is going to be participating in this World Cup? And
[13:34] Speaker 8: it's not just the twenty thirty one, it's next year's
[13:37] Speaker 8: Women's World Cup, and of course it's top of.
[13:39] Speaker 5: Mind as well.
[13:41] Speaker 4: One of the surprising aspects to me is JP Morgan
[13:46] Speaker 4: is advising FIFA here. I'm surprised JP Morgan's would get
[13:50] Speaker 4: within a million miles of this.
[13:52] Speaker 5: Well, Jason a lot.
[13:54] Speaker 4: Of money and the potential political falloup distinctly.
[13:58] Speaker 5: Yep, it's true. That's true. How JP Morgan tried to
[14:01] Speaker 5: do the Super League years ago that.
[14:03] Speaker 8: Fell apart as well, and then outside of that, the
[14:07] Speaker 8: upside is tremendous. You know, FIFA's talking about expanding the
[14:12] Speaker 8: World Cup to sixty four teams. I believe there was
[14:14] Speaker 8: a report from the Times of London that just dropped
[14:16] Speaker 8: a couple hours or maybe minutes ago that said that
[14:18] Speaker 8: they're trying to do this by August and the vote
[14:21] Speaker 8: for this four point two billion dollars would be in September.
[14:24] Speaker 8: So who stands the profit between now and then if
[14:27] Speaker 8: you expanded before this investment goes in, of course the
[14:30] Speaker 8: investors immediately make a.
[14:31] Speaker 5: Ton of money.
[14:32] Speaker 2: Your colleague Jobs Turner in London wrote a really interesting
[14:35] Speaker 2: newsletter where he said FIFA's mistake was to value its
[14:39] Speaker 2: spin off at twenty billion dollars. What it should have
[14:42] Speaker 2: done is value it at five times that amount and
[14:45] Speaker 2: make it so that the members each country would get
[14:47] Speaker 2: even more of a payout, so that it'd be uneconomical
[14:50] Speaker 2: for them to say, no.
[14:52] Speaker 8: We were talking about this before, you know, we went live.
[14:55] Speaker 8: And if you are France, if you are England, if
[14:57] Speaker 8: you are Spain, if your Portugal, if your co issue,
[14:59] Speaker 8: twenty million dollars isn' but a good portion of these
[15:01] Speaker 8: soccer federations can make that money in their sleep, and
[15:06] Speaker 8: one hundred million dollars goes a long way. You know,
[15:09] Speaker 8: might be able to build a training facility, you might
[15:11] Speaker 8: be able to hire coaches that can better develop talent,
[15:14] Speaker 8: all of those things, whereas twenty million, I'm not so sure.
[15:17] Speaker 2: It's harder to say soccer's off for sale if you
[15:19] Speaker 2: get a one hundred million exactly.
[15:20] Speaker 8: And of course you have to remember that some of
[15:23] Speaker 8: the issues that exist in global football outside of Europe
[15:26] Speaker 8: are often the money distribution. So after you send this check,
[15:30] Speaker 8: who's going to be distributing the money. Is that person
[15:32] Speaker 8: going to be like, oh, we got twenty million dollars,
[15:34] Speaker 8: I'm going to take five of it.
[15:35] Speaker 5: Oh, no, one's looking. I'm going to take another two
[15:37] Speaker 5: and a half. And now you know you.
[15:39] Speaker 8: Have twelve and a half left to distribute amongst the players,
[15:41] Speaker 8: amongst other officials and everyone else like that.
[15:43] Speaker 5: There's no governance over that.
[15:45] Speaker 8: It would just be a blank check to these federations
[15:47] Speaker 8: and then they would have to deal with it.
[15:49] Speaker 5: So it's on life support.
[15:52] Speaker 4: I would say, is Yuweifa and the other critics of
[15:55] Speaker 4: the FIFA's plan. Are they critical of the fact that
[15:57] Speaker 4: they're selling a piece of FIFA in general or is
[16:01] Speaker 4: it to whom they are?
[16:02] Speaker 5: So I think it's both. I think it's both.
[16:05] Speaker 8: Number one of this is that if you were going
[16:07] Speaker 8: to sell a part of this, then you would want
[16:08] Speaker 8: to consult them.
[16:09] Speaker 5: To begin with.
[16:10] Speaker 8: You'd want to consult you atha, you would want to
[16:12] Speaker 8: consult concocasts, say hey, we're thinking about doing this. Then
[16:15] Speaker 8: you could say that you could get some preliminary thoughts
[16:17] Speaker 8: on it.
[16:17] Speaker 5: Everyone was shocked, you know, a week.
[16:20] Speaker 8: Ago or earlier this week when they dropped this and
[16:22] Speaker 8: said you know what we're going to be raising this money.
[16:25] Speaker 2: But your reporting has shown that these discussions have been
[16:27] Speaker 2: going on for a while.
[16:28] Speaker 5: It's not like it was last week exactly.
[16:30] Speaker 8: So now that makes you think you go back all
[16:32] Speaker 8: the way to December of last year, President Trump gets
[16:34] Speaker 8: a Peace Prize and then we have, you know, these different.
[16:36] Speaker 5: Wars that go on.
[16:37] Speaker 8: But also how long has FIFA been considering this, knowing
[16:40] Speaker 8: that this was going to be the most successful World
[16:42] Speaker 8: Cup of all time? And why did FIFA not have
[16:45] Speaker 8: conversations with other private equity firms.
[16:47] Speaker 5: Such as CVC, such as A sixth Street.
[16:50] Speaker 8: I think there's a bunch of them who might be
[16:52] Speaker 8: interested in doing this, but those conversations probably did not happen.
[16:55] Speaker 4: It's called running a process. Why did they not run
[16:57] Speaker 4: a process? And the process is, here's a pitch book,
[17:00] Speaker 4: We're gonna sit out touncover yourself, right, yeah, and do
[17:03] Speaker 4: it and then you create competition, you drive up to
[17:06] Speaker 4: value all that kind of stuff.
[17:07] Speaker 5: And you brought up JP Morgan really quickly. What about
[17:09] Speaker 5: the other banks?
[17:10] Speaker 7: Why?
[17:11] Speaker 5: I'm not saying.
[17:12] Speaker 8: There's anything wrong with JP Morgan, but I imagine that
[17:13] Speaker 8: there are other banks who might globally who might want
[17:16] Speaker 8: to be in understand.
[17:17] Speaker 5: And they're not.
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[17:35] Speaker 1: can also watch us live every weekday on YouTube and
[17:38] Speaker 1: always on the Bloomberg terminal

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