# Alibaba Raises $10 Billion in Record Hong Kong Share Sale

An episode of [Bloomberg Intelligence](https://invisiblenetwork.ai/podcast/326301337), 24 Aug 2026, 25 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/fb36f25c-2738-4f9d-bb5e-b4b00112d084/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 -Ed Ludlow, Bloomberg Tech Anchor, discusses top tech stories. Alibaba Group Holding Ltd. raised HK$80 billion in Hong Kong’s biggest follow-on offering to take the lead in global artificial intelligence. SoftBank Group Corp. plans a record ¥1 trillion retail bond sale to raise funds for its investment commitments to OpenAI. Tesla Inc. and at least eight other automakers are recalling millions of cars in China over safety concerns with their door handles, which have led to vehicle entrapment and multiple fatalities. -Woo Jin Ho, Bloomberg Intelligence Senior Hardware and Networking Analyst, discusses the PC market. According to Bloomberg Intelligence: Dell, Lenovo and Apple's supply-chain scale and product breadth position them to defend or gain share in a sustained PC downturn. -Beth Kowitt, Bloomberg Opinion Columnist, discusses her column: “LinkedIn Users are Rewriting the Past to Land Jobs.” Researchers at Stanford University and Revelio Labs found that nearly 20% of established US LinkedIn users edited the descriptions or titles of jobs they had left years earlier, with tech workers doing so at a rate of nearly one in three. These changes, dubbed "time travel," aren't made while memories are still fresh, but instead reflect a change in personal branding, with the median time-travel edit occurring more than four years after the user left the role. -Paige Smith, Bloomberg Consumer Finance Reporter, discusses the Bloomberg Big Take story: “Trump’s Family Joins the Sprint to Get a National Bank Charter.” Donald Trump's family has won preliminary approval to start a national bank, riding a wave of deregulation under the Trump administration. The Office of the Comptroller of the Currency has approved 22 bank charter applications in the first 19 months of the president's second term, with many going to fintech and digital-asset firms. 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: Work tech out there.
[0:25] Speaker 3: Ali Baba the latest big hyperscaler to hit the capital markets.
[0:28] Speaker 3: They plan on raising ten billion dollars from just another
[0:31] Speaker 3: ten billion yep, exactly right. I think they're doing in
[0:33] Speaker 3: Hong Kong, which is pretty interesting. There's a lot going
[0:37] Speaker 3: on in tech world, and of course Nvidia reporting their
[0:40] Speaker 3: earnings Wednesday after the clothes Let's check in with Ed Lovedlow,
[0:42] Speaker 3: Bloomberg Tech co anchor. So, what'd you make of the
[0:47] Speaker 3: Ali Baba news? Just another big hyperscaler raising capital to
[0:52] Speaker 3: fund their their capex.
[0:55] Speaker 4: Yeah, it's interesting. You cool them the hyperscaler, right. I
[0:57] Speaker 4: think that's the observation that most markets would make. They've
[1:00] Speaker 4: shifted from being an e commerce company in China to
[1:03] Speaker 4: a cloud computing company that are very focused on AI
[1:06] Speaker 4: and the same way that lots of the analogous companies
[1:08] Speaker 4: in America are. There are some questions being posed, like
[1:11] Speaker 4: why are they doing a follow on follow on simply
[1:14] Speaker 4: being you know, existing public fly traded company tapping equity
[1:17] Speaker 4: markets and not using debt. You know, debt has been
[1:20] Speaker 4: the financing mechanism of choice here in the United States.
[1:23] Speaker 4: But either way, the net conclusion is the same that
[1:26] Speaker 4: they are in need of capital to build infrastructure and
[1:29] Speaker 4: invest heavily in AI development. And you know, Ali Barba
[1:33] Speaker 4: is seen by many as being the leader of that
[1:35] Speaker 4: pack in China because of not just their commitment but
[1:39] Speaker 4: their competence too.
[1:41] Speaker 5: Yeah, we're seeing all I Baba's shares drop on that
[1:43] Speaker 5: placement here in the US, down one point four percent
[1:46] Speaker 5: to one hundred and seventeen dollars. There's another headline speaking
[1:49] Speaker 5: of companies raising money. SoftBank planning a record one trillion
[1:53] Speaker 5: yen retail bond sale to raise funds for what else,
[1:56] Speaker 5: investment commitments to AI in this case AI tell us
[2:00] Speaker 5: a little bit more about SoftBank's relationship with open AI.
[2:04] Speaker 4: Yeah, so really interesting because retail bonds, but also a
[2:09] Speaker 4: trillion ends about six billion dollars six point three billion
[2:12] Speaker 4: dollars and officially a spokesperson at SoftBank says they'll use
[2:16] Speaker 4: the proceeds in two ways. One paid down existing debt
[2:21] Speaker 4: and refinance, but also support portfolio companies. And the way
[2:26] Speaker 4: that this is being interpreted is soft Bank is on
[2:29] Speaker 4: the hook for lots of commitments to open Ai, and
[2:32] Speaker 4: they've used lots of mechanisms to get the cash to
[2:34] Speaker 4: support that. And open Ai is in a place where
[2:38] Speaker 4: it's far confidentially for IPO, but is under no pressure
[2:41] Speaker 4: to pull the trigger because it's able to get capital
[2:43] Speaker 4: from all kinds of places, including its existing private market backers,
[2:47] Speaker 4: and soft Bank, you know, is part of this deal,
[2:49] Speaker 4: will set aside some funds to do that. Say, oh,
[2:52] Speaker 4: open Ai, we said we give you some money, here's
[2:54] Speaker 4: some money ed.
[2:56] Speaker 3: We're going to get Nvidia reporting their quarterly results after
[2:59] Speaker 3: the close Wednesday. What are you going to be listening
[3:02] Speaker 3: for from Jensen Wang and team.
[3:05] Speaker 4: Yeah, I mean inevitably, and I think your last guest
[3:08] Speaker 4: was talking about this. It's come to the point now
[3:10] Speaker 4: where somebody will ask Jensen about circular financing, you know,
[3:15] Speaker 4: a to is this or is this not circular financing
[3:18] Speaker 4: in any given a deal that's been announcing in the
[3:20] Speaker 4: last few weeks, but also whether or not we should
[3:22] Speaker 4: be worried about it. What's extraordinary is that you know
[3:25] Speaker 4: sales will come in at around ninety two billion dollars.
[3:28] Speaker 4: The streets is quite a wide range, ninety two to
[3:30] Speaker 4: ninety five billion dollars, but essentially revenues doubled from the
[3:33] Speaker 4: same period a year ago. Adjusted earnings of doubled from
[3:36] Speaker 4: the same period a year ago. The bar is so
[3:39] Speaker 4: high and so often Wall Street is just wants Jensen
[3:42] Speaker 4: to say definitively, this is what will happen for the
[3:44] Speaker 4: next five years. And as you know, Paul, there are
[3:47] Speaker 4: a few executives anywhere in the world that are willing
[3:50] Speaker 4: to make that bet and get their crystal ball out
[3:53] Speaker 4: for that kind of time horizon.
[3:56] Speaker 5: Yeah. In video reporting on Wednesday after the market close
[3:59] Speaker 5: of Ludlaw will be on hand to help sure break
[4:03] Speaker 5: down the coverage of that before we let you go ed.
[4:06] Speaker 5: Tesla also recalling three million evs in China overdoor handles safety.
[4:11] Speaker 5: Topic of a market is China's still for Tesla?
[4:14] Speaker 4: Yeah, So, China's the world's biggest automotive market, and actually
[4:17] Speaker 4: in this recall there are about eight different players impacted,
[4:21] Speaker 4: but Tesla's by far and away the largest single one.
[4:23] Speaker 4: Three million evs of Tesla's are subject to this recall
[4:27] Speaker 4: where the regulator is asking Tesla to enact a software
[4:31] Speaker 4: fix so in the event of an accident, the windows
[4:33] Speaker 4: automatically come down. But as you guys know Bloomberg's one
[4:36] Speaker 4: so much reporting on this. In a Tesla you have
[4:38] Speaker 4: a button electronic door release. There is also a manual override,
[4:43] Speaker 4: and it has been the discussion of much debate of
[4:45] Speaker 4: how safe that MANU override is, how easy it is
[4:49] Speaker 4: for somebody in an accident to get out the car.
[4:51] Speaker 4: So the regulators directing Tesla to put stickers like literally,
[4:55] Speaker 4: this is where the MANU override is. This isn't unique
[4:57] Speaker 4: to China, like this has been something that regulates looked
[5:00] Speaker 4: at in this country too. But it's a big one
[5:02] Speaker 4: and like you know, it's it's the result of a
[5:05] Speaker 4: year's worth of discussion about how EV doors are designed.
[5:09] Speaker 2: All right, just real quick.
[5:10] Speaker 3: I know over the weekend ed you were probably sitting
[5:12] Speaker 3: at the Starbucks on sand Hill Road. Amongst all the
[5:15] Speaker 3: I was the Venture Capitals pe guys, when are we
[5:18] Speaker 3: going to get an IPO of one of these? I
[5:19] Speaker 3: guess it's Anthropic is probably the first one in the pipeline.
[5:23] Speaker 3: You think that's going to happen when we get back
[5:24] Speaker 3: from Labor Day.
[5:26] Speaker 4: This was actually a pickleball weekend, so show up with
[5:28] Speaker 4: pickleball people. That was a good one. I think we're
[5:31] Speaker 4: still in a place where, you know, Brace Andthropic could
[5:34] Speaker 4: flip its its S one public in the next two
[5:38] Speaker 4: weeks and that would put it on track for an
[5:40] Speaker 4: IPO late September early October. We don't know that definitively,
[5:44] Speaker 4: but that's the latest reporting. The soft Bank story on
[5:47] Speaker 4: open Ai is just more evidence that open Ai is
[5:50] Speaker 4: not in any rush right and that the latest reporting
[5:53] Speaker 4: was that they had kicked an IPO target to next year.
[5:56] Speaker 4: I think there's been some reporting that the CFOs acknowledged
[5:59] Speaker 4: that internally meetings that you know it will happen in
[6:02] Speaker 4: twenty seven.
[6:03] Speaker 5: So do you see a lot of companies kind of
[6:05] Speaker 5: steering clear of late September early October because of this
[6:09] Speaker 5: massive Anthropic IPO.
[6:11] Speaker 4: You know, it's whether you believe that a big IPO
[6:14] Speaker 4: pressages a starting gun for an IPO window in which
[6:18] Speaker 4: one everyone follows suit, or if you look at what's
[6:21] Speaker 4: happening in capital markets.
[6:22] Speaker 2: The Ali Barber follow on offering.
[6:24] Speaker 4: For example, you know, there's lots of activity in the
[6:27] Speaker 4: equity market. The market is flooded with equity at the moment.
[6:31] Speaker 4: Can it sustain lots and lots of IPOs at that scale?
[6:34] Speaker 4: That is a debate for the bankers and in the
[6:36] Speaker 4: demand of those big institutions that would buy the shared.
[6:40] Speaker 5: Stay with us. More from Bloomberg Intelligence coming up after this.
[6:47] Speaker 1: You're listening to the Bloomberg Intelligence podcast. Catch us live
[6:51] Speaker 1: weekdays at ten am Eastern on Apple, Cocklay and Android
[6:54] Speaker 1: Auto with the Bloomberg Business app. Listen on demand wherever
[6:57] Speaker 1: you get your podcasts, or watch us live on YouTube.
[7:02] Speaker 3: Back to the tech story, but not necessarily the Nvidia
[7:05] Speaker 3: and the AI story, but just kind of some of
[7:07] Speaker 3: the infrastructure plays, the networking plays that are really benefiting here. Hardware, yeah, exactly,
[7:13] Speaker 3: that are really benefiting from just this increased AI spend.
[7:16] Speaker 3: Wood you know, Joints is here, senior technology annels for
[7:18] Speaker 3: Bloomberg Intelligence. Talk to us about just the PC business
[7:23] Speaker 3: in general, wooje and what that means for the folks
[7:27] Speaker 3: like the Dell's, the Apple, Lenovo's, those kinds of players.
[7:30] Speaker 2: What's the outlook for that business?
[7:33] Speaker 6: Yeah, Hey, Paul, I'll tell you the one area in
[7:36] Speaker 6: hardware that really isn't that hot. It's the PC market. Well, look,
[7:44] Speaker 6: it's actually done better than we anticipated in the first half, right,
[7:47] Speaker 6: And the way we're looking at it is that companies
[7:50] Speaker 6: that handled their memory supply chain really well, like the
[7:53] Speaker 6: Dells and the Lenovo's, they actually did very well, but
[7:58] Speaker 6: from a uniershipment basis because they were able to hold
[8:00] Speaker 6: back pricing. Now, when we look into the second half
[8:04] Speaker 6: of the year and from a back to school as
[8:08] Speaker 6: well as a holiday spending standpoint, if you haven't gotten
[8:12] Speaker 6: your p seed now you're kind of in a rock
[8:16] Speaker 6: and a hard place because PC prices are going up
[8:18] Speaker 6: around twenty twenty five percent, whereas unit volumes are going
[8:23] Speaker 6: to go down by about twenty percent in the second half.
[8:26] Speaker 2: And overall, we do.
[8:28] Speaker 6: Think that PC shipments are going to be down roughly
[8:30] Speaker 6: about three percent for the year I'm sorry, fifteen percent
[8:34] Speaker 6: for the year, twenty two percent in the second half
[8:36] Speaker 6: of this of this year. So you know, margins are
[8:40] Speaker 6: thin in the PC market and companies that have not
[8:44] Speaker 6: a good supply chain on the memory side are going
[8:46] Speaker 6: to be struggling.
[8:48] Speaker 5: Have we seen any kind of ramp up in demand
[8:50] Speaker 5: before the price hikes take effect. I mean, was there,
[8:53] Speaker 5: you know, kind of a rush to lock things in
[8:55] Speaker 5: now from consumers and from companies.
[8:58] Speaker 6: Yeah, and that's a good points, Carl. It We saw
[9:01] Speaker 6: a really sharp uptick on the on the corporate PC
[9:04] Speaker 6: side as well as on the consumer side because of
[9:08] Speaker 6: the memory spikes. First quarter was a fantastic quarter for
[9:12] Speaker 6: companies like Dell, Lenovo as well as HP. Second quarter
[9:16] Speaker 6: was surprisingly better than we'd anticipated because all of the
[9:18] Speaker 6: news on the memory side. But you know, I think
[9:22] Speaker 6: there is going to be some exhaustion, right There is
[9:25] Speaker 6: a lot of price sensitivity, and the PC market is elastic,
[9:29] Speaker 6: quite elastic, and there is going to be a second
[9:32] Speaker 6: second half slowdown. And from a corporate PC side. From
[9:35] Speaker 6: a corporate side, there's only a certain amount of it
[9:38] Speaker 6: dollars that you can spread around. So you know, I'm
[9:41] Speaker 6: going to spend it more on the AI side and
[9:44] Speaker 6: let my PCs, my employees run their PCs a little
[9:48] Speaker 6: bit longer for at least another year.
[9:50] Speaker 5: Here's a hack, Paul, go to Japan, spend your strong
[9:53] Speaker 5: dollar by laptop there, bring it back, use it there
[9:55] Speaker 5: so that it's not brand new.
[9:57] Speaker 2: Perfect. I love the play there the arbor.
[10:00] Speaker 3: You knows, I've been telling Scarlett with ninety dollars oil,
[10:03] Speaker 3: I'm going to go down at Texas and start drilling
[10:05] Speaker 3: some oil. I think I can make some money there,
[10:06] Speaker 3: but I think I might just get into the memory
[10:09] Speaker 3: chip manufacturing business. Talk to us about the shortage there
[10:12] Speaker 3: and how that plays.
[10:13] Speaker 2: Out and how long it takes to play out.
[10:15] Speaker 6: Yeah, so, and you're right, and my colleagues Jake Silverman
[10:22] Speaker 6: and Masahiro Wakasuki have done a fantastic job on the
[10:24] Speaker 6: memory side. Look, DRAM prices have tripled over the last
[10:29] Speaker 6: first half of the year to now, and the way
[10:31] Speaker 6: that we're looking at it is that it's going to
[10:33] Speaker 6: continue to rise sequentially up until twenty twenty eight. You know,
[10:37] Speaker 6: the AI servers, the hyperscale cloud guys are just sucking
[10:41] Speaker 6: up a lot of memory, and you know, because of
[10:45] Speaker 6: the lower capacities and the lower volumes, it leaves less
[10:50] Speaker 6: for everybody else, whether it's going to be the PC makers,
[10:54] Speaker 6: whether it's going to be automotives for the cars as well.
[10:57] Speaker 6: So price is going to continue to go up until
[10:59] Speaker 6: twenty twenty eight, until Microns, SK and Samsung have the
[11:03] Speaker 6: fabs up and running.
[11:04] Speaker 3: See, I'm going to go to the swamps of Jersey
[11:06] Speaker 3: build them, build your own factory, yep, my own fab
[11:09] Speaker 3: as they call it, and just start cranking O chips.
[11:11] Speaker 5: Are these chip makers dragging their feet on creating new facilities,
[11:15] Speaker 5: like building new manufacturing capability because they're enjoying the record
[11:19] Speaker 5: prices right now?
[11:21] Speaker 6: No, As a matter of fact, you know these these
[11:24] Speaker 6: fab these chip makers, I've actually committed to making adding
[11:29] Speaker 6: capacity the beginning of this year. So look at the
[11:33] Speaker 6: end of the day, it takes about two years for
[11:35] Speaker 6: them to build a facility, bringing the equipment and the
[11:37] Speaker 6: clean rooms to get the capacity up and running. And
[11:40] Speaker 6: even then, by twenty twenty eight, we're still going to
[11:42] Speaker 6: be short of capacity.
[11:44] Speaker 3: It's amazing they didn't anticipate it, But I guess you didn't.
[11:47] Speaker 3: You couldn't really anticipate the.
[11:49] Speaker 5: AI right and the scale of demand. I mean, once
[11:51] Speaker 5: the price goes up, can it come back down? Hujin?
[11:53] Speaker 5: Or like it's never going to come back down to
[11:55] Speaker 5: what it was pre AI boom.
[11:58] Speaker 6: From a memory standpoint, when we start having more volume,
[12:03] Speaker 6: we should expect memory press to come back down. I mean,
[12:07] Speaker 6: quite frankly, KAPEC is good. Well, Kapex can only go
[12:10] Speaker 6: so far, right, and when we did our HGD modeling, yep,
[12:16] Speaker 6: we do expect it to slow in second half in
[12:18] Speaker 6: twenty eight.
[12:19] Speaker 5: Stay with us. More from Bloomberg Intelligence coming up after this.
[12:26] Speaker 1: You're listening to the Bloomberg Intelligence podcast. Catch us live
[12:30] Speaker 1: weekdays at ten am Eastern on Apple, Cocklay and Android
[12:33] Speaker 1: Auto with the Bloomberg Business app. Listen on demand wherever
[12:36] Speaker 1: you get your podcasts, or watch us live on YouTube.
[12:41] Speaker 5: Let's talk a little bit about time travel and time travel,
[12:44] Speaker 5: not insofar as you know the Outlander movies, and not movies,
[12:49] Speaker 5: TV shows and books or sci fi or anything, but
[12:52] Speaker 5: time travel when it comes to your resume. That's a thing.
[12:56] Speaker 5: And Beth Cohen has been writing about it. She's one
[12:58] Speaker 5: of our Bloomberg Opinion column And Beth, what you say,
[13:01] Speaker 5: or what people have identified as time travel is when
[13:05] Speaker 5: someone edits the descriptions or titles of jobs that they
[13:08] Speaker 5: had left years earlier with you know, new information or
[13:13] Speaker 5: you know, something geared towards a reader. In twenty twenty six,
[13:17] Speaker 5: and we're noticing, at least on LinkedIn that that's happening
[13:20] Speaker 5: more and more frequently, Beth. This is all about incorporating
[13:24] Speaker 5: AI into your job description or your job title, isn't it.
[13:29] Speaker 7: Yeah, it's really interesting because you know this, this practice
[13:31] Speaker 7: has been going on forever, right, people have been polishing
[13:35] Speaker 7: their resumes for as long as there have been resumes.
[13:37] Speaker 7: But what's interesting here is that, you know, after the
[13:41] Speaker 7: introduction of chat GPT, we really saw a surge in
[13:45] Speaker 7: words associated with AI, so lm AI, GBT. People were
[13:51] Speaker 7: going back and adding these two jobs that they had left.
[13:54] Speaker 7: And this is not sort of like fresh you know
[13:57] Speaker 7: in their memories. This was like a medium of four
[13:59] Speaker 7: of jobs left four years prior. So something really interesting
[14:04] Speaker 7: happening happening there.
[14:05] Speaker 3: So employers, I guess, the folks that actually use LinkedIn
[14:09] Speaker 3: to find employees, are they getting hip to this? Are
[14:12] Speaker 3: they are they dealing with it recognizing it?
[14:15] Speaker 7: So I think there's a couple of ways to think
[14:17] Speaker 7: about this one. This whole thing came up because researchers
[14:21] Speaker 7: who study the labor market use LinkedIn now as data.
[14:25] Speaker 7: It's a treasure trove for them. But this paper examines
[14:29] Speaker 7: this idea of how much do these edits actually change
[14:33] Speaker 7: our understanding of the labor market. So they found, for example,
[14:35] Speaker 7: that if based on the edits the time traveling that
[14:38] Speaker 7: people have done, we would be overstating people's AI skills
[14:44] Speaker 7: in twenty twenty two by thirty percent.
[14:47] Speaker 2: So it doesn't so.
[14:48] Speaker 7: Much give us a great understanding of the labor market
[14:51] Speaker 7: of the past as much as it does maybe an
[14:53] Speaker 7: understanding of what employers are looking for today or what
[14:57] Speaker 7: they're not looking for, because that's what people are acting too.
[15:00] Speaker 3: Right.
[15:01] Speaker 7: It's like, Oh, I think I think that employers want
[15:04] Speaker 7: AI skills, so I'm going to make sure that it
[15:06] Speaker 7: looks like I have.
[15:07] Speaker 5: Those capabilities, rewriting history in the process. I'm totally to
[15:12] Speaker 5: pause point. I wonder how employers are looking at this
[15:15] Speaker 5: when we don't even know if human recruiters are looking
[15:18] Speaker 5: at this, or whether bots are looking at people's resumes
[15:21] Speaker 5: and kind of filtering out and filtering in resumes that
[15:26] Speaker 5: they think are appropriate for jobs that they want to
[15:28] Speaker 5: have to feature AI experience.
[15:32] Speaker 7: I think we are in this AI doom loop where
[15:35] Speaker 7: we have people using as we know AI to write
[15:40] Speaker 7: their resumes, write their LinkedIn profiles in order to apply
[15:43] Speaker 7: for jobs that will be screened by AI to make
[15:47] Speaker 7: sure that they fit the job. Descriptions that we're also
[15:51] Speaker 7: written by AI. So I don't know that we're I
[15:54] Speaker 7: don't know what this is telling us. We're not getting
[15:55] Speaker 7: a lot of really good information. But I do think
[15:58] Speaker 7: that employers, as we are seeing an increase in jobs
[16:03] Speaker 7: that are posted that are related to that, are asking
[16:05] Speaker 7: for human capabilities, right, empathy, creativity. The problem is that
[16:11] Speaker 7: I don't know how AI assesses that, right, So we're
[16:15] Speaker 7: we're in a very difficult cycle right now.
[16:18] Speaker 3: So Beth does LinkedIn assume any responsibility or liability for
[16:24] Speaker 3: making sure.
[16:24] Speaker 2: Stuff is actually accurate.
[16:26] Speaker 5: They're just a platform.
[16:27] Speaker 2: They're just a platform, right, just a platform.
[16:29] Speaker 5: There's just a platform.
[16:30] Speaker 7: And I should say I'm not making any moral assessment
[16:33] Speaker 7: about this, right because I do think again, like people
[16:36] Speaker 7: have been tailoring their jobs to whatever the job they're
[16:41] Speaker 7: applying for. There's obviously different degrees of that. So it's
[16:45] Speaker 7: and again I don't think people I think it is
[16:48] Speaker 7: hard to go back and say, hey, I had all
[16:50] Speaker 7: these AI skills ten years ago.
[16:52] Speaker 2: Right, But I do.
[16:53] Speaker 7: I do think that the practice itself is not is
[16:57] Speaker 7: not new, but the way it's so public think is
[17:00] Speaker 7: very new. You're not just sending it to one employer.
[17:03] Speaker 7: You're putting out out there for everybody to see.
[17:06] Speaker 5: And the interesting part of this research study was that
[17:10] Speaker 5: this is happening in particular to the tech industry. People
[17:14] Speaker 5: in the tech field who are looking for jobs, where
[17:17] Speaker 5: I guess it's more credible that they might have been
[17:19] Speaker 5: doing something with AI and large language models four years
[17:22] Speaker 5: ago or five years ago than say Paul or I
[17:24] Speaker 5: put it in our resumes.
[17:27] Speaker 7: Totally, totally, Yeah, I was like one, I think for tech.
[17:29] Speaker 7: So it was twenty percent for the overall popular you know,
[17:33] Speaker 7: LinkedIn user population in the US, but it was one.
[17:35] Speaker 2: In three for tech workers.
[17:37] Speaker 7: But you know, I think that it can tell us.
[17:39] Speaker 7: It does tell us information about the labor market, even
[17:43] Speaker 7: if it's not so much.
[17:45] Speaker 2: A historical artifact.
[17:46] Speaker 7: Right, we could say, you know, if we saw a
[17:49] Speaker 7: surge in people update so people do tend to update
[17:53] Speaker 7: their their LinkedIn profiles before changing jobs, there's a correlation,
[17:57] Speaker 7: you know, there's a high connection there. So what they
[18:00] Speaker 7: found what you know, I think one way to think
[18:03] Speaker 7: about this is if we see a surge in people
[18:06] Speaker 7: updating their LinkedIn profiles, or does this foretell the next
[18:10] Speaker 7: great resignation? Or could you tell something about a company's health.
[18:14] Speaker 7: If you were looking at a particular company and saw
[18:17] Speaker 7: a lot of employees updating their LinkedIn profiles, does this
[18:20] Speaker 7: mean we're going to have a mass exodus of employees?
[18:23] Speaker 7: So this data is still useful, just not in the
[18:26] Speaker 7: way I think a lot of economists had anticipated.
[18:31] Speaker 5: Stay with us more from Bloomberg Intelligence coming up after this.
[18:38] Speaker 1: You're listening to the Bloomberg Intelligence podcast. Catch us live
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[18:52] Speaker 3: Here's something I didn't know. It's now easier than in
[18:56] Speaker 3: any time almost twenty years to get a national bank
[18:59] Speaker 3: charter thanks to Trump administration's deregulation push. And then, also
[19:03] Speaker 3: in the same story, Donald Trump's family is on the
[19:06] Speaker 3: verge of having its very own bank.
[19:08] Speaker 2: That sounds good for them.
[19:09] Speaker 3: Page Smith joins us here Connumer Finance, consumer finance reporter
[19:13] Speaker 3: for Bloombergen News here, joining us life on our Bloomberg
[19:16] Speaker 3: in Actor Broker studio. Page Talkers. This is a big
[19:19] Speaker 3: take story. We love the big takes stories on the terminal.
[19:22] Speaker 3: Deeply sourced deeply reported so talk about Donald Trump, his family,
[19:26] Speaker 3: business associates and their interest in banking.
[19:30] Speaker 8: Certainly, so, we have been looking at this trend for
[19:33] Speaker 8: the last I would say honestly since the since Trump
[19:38] Speaker 8: took office again last year, and we've really, of course
[19:41] Speaker 8: been watching very closely the deregulatory push across agencies. But
[19:46] Speaker 8: the deregulatory push when it comes to financial regulation has
[19:50] Speaker 8: been particularly interesting as it comes to banks and how
[19:54] Speaker 8: many new banks are being formed, and who is being welcomed.
[19:59] Speaker 2: Into the u US financial system and maybe who's not.
[20:03] Speaker 8: Certainly, the data shows that the OCC or the Office
[20:07] Speaker 8: of the Controller of the Currency that's a regulator that
[20:10] Speaker 8: Trump can pick the leaders of. They have proved twenty
[20:16] Speaker 8: two bank charter applications, more than the number it gave
[20:19] Speaker 8: out during the five years combined since in the first
[20:24] Speaker 8: nineteen months of the president's second term.
[20:26] Speaker 2: So that's a change in pace to be sure.
[20:28] Speaker 3: Okay, now that the Trump family's entry is World Liberty
[20:33] Speaker 3: Financial the name of their bank, what's the regulatory process
[20:37] Speaker 3: to get and to see if this President Trump is found,
[20:40] Speaker 3: do they have conflicts of interest?
[20:41] Speaker 2: How who decides all those things?
[20:43] Speaker 8: Certainly, so, the OCC decides who can get a bank charter,
[20:47] Speaker 8: and in this case, the OCC was the entity that
[20:51] Speaker 8: granted conditional approval to President Trump's family's venture, which is
[20:56] Speaker 8: called World Liberty Financial, And in that docum that essentially
[21:00] Speaker 8: said yes, you have preliminary approval, they actually acknowledged your
[21:05] Speaker 8: question and said yes. There were some commenters that asked
[21:09] Speaker 8: the question of hey, are there conflicts of interest here?
[21:12] Speaker 8: And to that the OCC essentially said senior staff approved
[21:17] Speaker 8: this application and reviewed it, and it was sort of
[21:20] Speaker 8: an acknowledgment of the question. But it was I would
[21:23] Speaker 8: say fair to say, scant on details on how exactly
[21:28] Speaker 8: those conflicts of interest would be avoided, if there are any.
[21:33] Speaker 3: Has there been any pushback from say Democrats or other
[21:36] Speaker 3: parts of the government.
[21:38] Speaker 8: Well, I would say it's been very quiet from trade
[21:42] Speaker 8: groups and other entities that were much louder about other
[21:46] Speaker 8: charter applications, which, of course, I mean, you know, you'd
[21:49] Speaker 8: be going up against the president's family in this environment
[21:52] Speaker 8: there it's important to maintain ties for existing regulations. But yeah,
[21:58] Speaker 8: it's been quite It's been quieter then I would have anticipated.
[22:01] Speaker 3: Interestingly, do we know what the Trump bank here, the
[22:07] Speaker 3: Trump family bank, what they intend to do with this
[22:09] Speaker 3: charter with how active they intend to be?
[22:12] Speaker 8: Yes, So the long term trajectory, of course isn't known.
[22:15] Speaker 8: We'll have to see where it goes. But when upon
[22:19] Speaker 8: a receiving conditional approval, the Trump family and their business
[22:24] Speaker 8: associates essentially said that the primary focus of the bank
[22:27] Speaker 8: charter is to further grow the reach of their stable coin,
[22:32] Speaker 8: which is USD one.
[22:33] Speaker 2: Okay, So this is.
[22:35] Speaker 8: That was their primary primary reason for requesting and receiving
[22:41] Speaker 8: approval for this bank charter is that stable coin venture.
[22:44] Speaker 3: So I guess the question what is their stable coin business,
[22:49] Speaker 3: what is the strategy there and how did they expect
[22:51] Speaker 3: to do all that?
[22:52] Speaker 2: Have they provided details on that?
[22:54] Speaker 8: Again, I think it remains to be seen. I would
[22:57] Speaker 8: say that we will have to watch very clear to
[23:00] Speaker 8: see how they expand. But they're certainly not alone in
[23:03] Speaker 8: terms of FinTechs and other firms seeking similar charters. We've
[23:10] Speaker 8: seen Coinbase has received conditional approval. Circle has received conditional approval.
[23:15] Speaker 8: These are a lot of digital asset firms that are
[23:17] Speaker 8: kind of in the same space in.
[23:19] Speaker 3: The Office of the Control over the Currency that was
[23:22] Speaker 3: at appointed by President Trump.
[23:24] Speaker 2: Indeed, the head of that department.
[23:26] Speaker 3: Yes, Okay, so some potentially some concerns there. What's kind
[23:32] Speaker 3: of the next next step for the story for you guys.
[23:35] Speaker 8: Honestly, for us, it's just a matter of watching who
[23:38] Speaker 8: else gets approval, what happens to the firms that have
[23:42] Speaker 8: received approval already. I mean, we note in the story
[23:46] Speaker 8: just how this is going to be sort of approving
[23:48] Speaker 8: ground for a lot of firms that actually some of
[23:50] Speaker 8: them have never operated before and they're receiving approval to
[23:54] Speaker 8: be a bank in the United States. That's a pretty
[23:56] Speaker 8: big jump, and they're doing so sort of interesting different
[24:02] Speaker 8: things in the US financial system. So we'll have to
[24:05] Speaker 8: see how successful they are, how risky they are, and
[24:09] Speaker 8: if regulators are prepared to enforce the rules of bland.
[24:15] Speaker 2: We'll have to see.
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