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This episode is sponsored by Fidelity Investments and the all-new Fidelity Trader+ platform. Try Fidelity's most powerful trading experience yet: ⁠⁠⁠⁠⁠⁠⁠https://www.fidelity.com/trading/trading-platforms?immid=100734&imm_pid=430504639&imm_aid=a&dfid=&buf=99999999⁠⁠⁠⁠⁠⁠⁠ Views, opinions, products, services, and strategies discussed are not endorsed or promoted by Fidelity Investments. Fidelity Brokerage Services LLC, Member NYSE, SIPC In this episode of 'Okay, Computer' Dan Nathan and Dan Ives, the Global Head of Technology Research at Wedbush Securities, reunite to discuss the resurgence of their podcast and the state of the tech industry. They reflect on past conversations, significant tech changes, and the return of their brand due to popular demand. They delve deeply into the impact of AI on the technology sector, the volatility in the space, and how retail and institutional investors can navigate these changes. Ives highlights his AI-themed ETF, IVES, explaining its investment strategy and evolution. The duo also explores the challenges and opportunities in enterprise software, the performance of tech giants like Microsoft, Google, and Apple, and the significant disruptions brought by AI. Later, Adam Singolda, CEO of Taboola, joins to discuss his company's strategy and the broader implications of AI on journalism and advertising, emphasizing the need for ethical practices in using AI-generated content. The episode provides a comprehensive look at the transformative power of AI and its implications across various tech sectors. —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media

In this feature episode, recorded live at our inaugural Amsterdam Treasury Career Corner LIVE event, two senior treasury leaders share how they transitioned from banking to corporate finance - and reshaped treasury into a strategic force within their organizations.You'll hear how they built credibility, influenced business decisions, and led globally dispersed teams while driving treasury beyond its traditional operational boundaries.Our guests this week bring a rare blend of technical mastery and real-world leadership experience, offering practical strategies for anyone looking to elevate treasury's impact in their business.It's a powerful conversation about influence, transformation, and the future of treasury leadership.Meet the Guests:Engin Dorttepe, Director of Global Cash Management at SABIC Ayca Arisoy-Kilic, Treasurer & Global Head at BungeTune in to hear honest stories, leadership insights, and actionable advice straight from the frontlines of global treasury.What We Cover in This Episode:Transitioning from banking into corporate treasury - and why each guest made the leapHow to get treasury invited to the decision-making tableLeading global treasury teams across cultures and time zonesSelling the value of treasury to the wider businessLessons in managing liquidity, transformation, and internal buy-inThe role of data, technology, and macroeconomic awareness in modern treasuryBuilding influence through soft skills: empathy, communication, and cultural awarenessReal-life challenges and wins - from cash repatriation to systems implementationWhy soft skills and strategic thinking are just as critical as technical knowledge----

In this episode, Dr. Wolf Spaether, Global Head of Product Management and Strategic Marketing for Ethylene, Clariant, discusses the groundbreaking Styromax UL100 catalyst, which revolutionizes styrene monomer production by achieving unprecedented low steam-to-oil ratios. The conversation covers the significance of styrene in the petrochemical industry, the technical challenges in developing this catalyst and the positive market response it has received.

Send us a textIn this episode we sit down with Liz Myers, Global Chair of Investment Banking and Capital Markets at J.P. Morgan for an Equity Capital Markets deep dive. We get into IPOs vs follow-ons, primary vs secondary proceeds (and why sponsor-backed IPOs often use proceeds differently), convertibles and the reality of price discovery. Liz breaks down the modern IPO process — from test-the-waters investor education to the order book build — and explains the newer concepts that didn't exist until recently like cornerstone investors, why they matter, and how banks think about allocating “precious” shares to create the right long-term shareholder base. We also get into market timing (their internal “IPO dashboard”), what makes the window feel open vs shut, and why the market loves certainty more than anything.Liz Myers, Global Chair of Investment Banking and Capital Markets, J.P. MorganLiz Myers is Global Chair of Investment Banking and Capital Markets at J.P. Morgan, where she has worked for over 30 years. Prior to her current role, she served as Global Head of Equity Capital Markets where she led the team responsible for advising J.P. Morgan's corporate clients on equity capital raising (IPOs, follow-ons and convertible issuance) in the Americas, Europe and Asia. She has been named one of the Top 25 Most Powerful Women in Finance by American Banker magazine and one of Barron's 100 Most Influential Women in U.S. Finance.Myers serves on the Executive Committee of Women on the Move at J.P. Morgan, which supports women employees and women-run businesses. She serves on the Board of Trustees for Princeton University and the Advisory Boards of the Bendheim Center for Finance at Princeton University and the Harvard Graduate School of Education. Myers is a National Board Member of the Posse Foundation, which expands the pool from which top universities can recruit young leaders. She is also a Board Member of New Yorkers for Children, a nonprofit with a focus on youth in foster care.Myers graduated cum laude from Princeton University in 1992, with a major in Economics. She received an MBA from Harvard Business School in 1997.Learn more about 9fin HERE Shop our Self Paced Courses: Investment Banking & Private Equity Fundamentals HEREFixed Income Sales & Trading HERE Wealthfront.com/wss. This is a paid endorsement for Wealthfront. May not reflect others' experiences. Similar outcomes not guaranteed. Wealthfront Brokerage is not a bank. Rate subject to change. Promo terms apply. If eligible for the boosted rate of 4.15% offered in connection with this promo, the boosted rate is also subject to change if base rate decreases during the 3 month promo period.The Cash Account, which is not a deposit account, is offered by Wealthfront Brokerage LLC ("Wealthfront Brokerage"), Member FINRA/SIPC. Wealthfront Brokerage is not a bank. The Annual Percentage Yield ("APY") on cash deposits as of 11/7/25, is representative, requires no minimum, and may change at any time. The APY reflects the weighted average of deposit balances at participating Program Banks, which are not allocated equally. Wealthfront Brokerage sweeps cash balances to Program Banks, where they earn the variable APY. Sources HERE.

To conclude their two-part discussion, our Head of Corporate Credit Research Andrew Sheets and Chief Investment Officer for Morgan Stanley Wealth Management Lisa Shalett discuss the outlook for inflation and monetary policy, with implications for investment-grade credit.Read more insights from Morgan Stanley.----- Transcript -----Andrew Sheets: Welcome to Thoughts on the Market. I'm Andrew Sheets, Global Head of Corporate Credit Research at Morgan Stanley.Lisa Shalett: And I am Lisa Shalett, Chief Investment Officer of Morgan Stanley Wealth Management.Andrew Sheets: Yesterday we focused on the topic of a higher for longer inflation regime, and I was asking the questions. Today, Lisa will grill me on my views for the next year. It's Friday, December 19th at 4pm in London. Lisa Shalett: And it's 11am in New York. All right, Andrew, I'm happy to turn tables on you now. I'm very interested in your thoughts about the past year – 2025 – and looking towards 2026. In 2026, Morgan Stanley Research seems to expect a resilient global growth backdrop, with inflation moderating and central banks easing policy gradually. What do you think are the main drivers behind this more constructive inflation outlook, especially taking into account the market's prevailing concerns about persistent price pressures. Andrew Sheets: There are a couple of factors that we think are going to be near term helps for inflation, although I don't think they totally rule out what you're talking about over that longer term period.So first, we, at Morgan Stanley, are very cautious, very negative on oil prices. We think that there's going to be more supply of oil over the next year than demand for it. And so lower oil prices should help bring inflation down. There's also some measures of just how the inflation indices measure shelter and housing. And so, while we think, kind of, looking further ahead, there are some real shortages emerging in things like the rental markets – where you just haven't had a whole lot of new rental construction coming online, as you look out a year or two ahead. But in the near term, rental markets have been softer. Home prices are coming down with a lag in the data. And so, shelter inflation is relatively soft. So, we think that helps. While at the same time fiscal policy is very supportive and corporates, as we discussed in our last conversation, they're really embracing animal spirits – with more spending, more spending on AI, more capital investment generally, more M&A. And so, those factors together, we think, can over the next 12 months, still mean pretty reasonable growth and Inflation that's still above target – but at least trending a little bit lower. Lisa Shalett: You believe that central banks, including the Fed, will cut rates more slowly given better growth. And this slower pace of easing could actually be positive for the credit markets. So, could you elaborate on your expertise on credit and why a gradual Fed approach may be preferable? What risks and opportunities might this create? Andrew Sheets: Yeah, so I think this is kind of one of these big debates going into this year is – which would we rather have? Would we rather have a Fed that was more active, cutting more aggressively? Or cutting more slowly? And, indeed, we're having this conversation on the heels of a Fed meeting. There's a lot of uncertainty about that path. But the way that we're thinking about it is that the biggest risk to credit would be that this outlook for growth that we have is just too optimistic. That actually growth is weaker than expected. That this rise in the unemployment rate is signaling something far more challenging for the economy ahead and in that scenario the Fed would be justified in cutting a lot more. But I think historically in those periods where growth has deteriorated more significantly while the Fed has been cutting more, those have been periods where credit – and indeed the equity market – have actually done poorly despite more quote unquote Fed assistance. So, periods where the Fed is cutting more gradually tend to be more consistent with policy in the right place. The economy being in an okay place. And so, we think, that that's the better outcome. So again, we have to kind of monitor the situation. But a scenario where the Fed ends up doing a little bit less than the market, or even we expect with rate cuts – because the economy's holding up. That can still be, we think, an okay scenario for markets. Lisa Shalett: So, things are okay and animal spirits are returning. What does that mean for credit markets? Andrew Sheets: Yeah, so I think this is the bigger challenge: is that if our growth scenario holds up, corporates I think have a lot of incentives to start taking more risk – in a way that could be good for stock markets, but a lot more challenging to the lenders, to these companies for credit. Corporates have been impressively restrained over the last several years. They've really, kind of, held back despite lots of fiscal easing, despite very low rates. Those reasons for waiting are falling away. And so, in this backdrop that you, Lisa, were describing the other day around – easier monetary policy, easier fiscal policy, easy regulatory policy, and you know, just for good measure, maybe the biggest capital spending cycle since the railroads through AI. These are some pretty powerful forces of animal spirits. And that's a reason why we think ultimately, we see a lot more issuance. We see roughly a trillion dollars of net supply. So, total supply, less redemptions in U.S. investment grade. That's a huge uptick from this year, and we think that drives spreads wider, even if my colleague Mike Wilson is correct that equity markets rise. Lisa Shalett: So, wow. So, we have very strong U.S. equities. But perhaps an investment grade credit market that underperforms those equities. How else would you think about your asset allocation more broadly, and how might those dynamics around credit issuance and equity success play out regionally? Andrew Sheets: Yeah, so, I think this scenario where equities are up, credit is underperforming. The cycle is getting more aggressive. It's a little unusual, but I think we do have some templates for it and specifically I think investors could look to 2005 or 1997 and 1998. Those were all years where equities were up double digits, where credit spreads were wider. Where yields were somewhat range bound, where corporate aggression was increasing. That is all very consistent with Morgan Stanley's 2026 story. And yet, you did have this divergence between equities and credit market. So, I think it is a market where we see better risk-reward in stocks than in credit. I think it's a market where we want to be in somewhat smaller credits or somewhat smaller equities. We like small and mid cap stocks in the U.S. over large caps. We like high yield over investment grade. And we do think that European credit might outperform as it's somewhat lagging this animal spirits theme that we think will be led by the U.S. Lisa Shalett: So, if that's the outlook, what are the risks? Andrew Sheets: Yeah, so I think there are two risks, and you know, we alluded to one of them early on in this conversation – would be just that growth is weaker than we expect. Usually when the unemployment rate is rising, that's a pretty bad time to be in credit. The unemployment rate is rising. Now, Morgan Stanley economists think that that rise will be temporary, that it will reverse as we go through 2026. And so, it'll be less of a thing to worry about. But you know, a sign that maybe companies have been holding off on firing, waiting for more tariff clarity, if that doesn't come, then that would be a risk to growth. The other risk to growth is just around this AI-related spending. It is very large and the companies that are doing it are some of the wealthiest companies in the world, and they see this spending potentially as really core to their long-term strategic thinking. And so, if you were to ever have an issuer or a set of issuers who were just less price sensitive, who would keep issuing into the market, even if it was starting to reprice that market and push spreads wider, this might be the group. And so, a scenario where that spending is even larger than we expect, and those issuers are less price sensitive than we expect – that could also drive spreads wider, even if the underlying economic backdrop is somewhat okay. Lisa Shalett: Super. That's probably a great place for us to wrap up. So, I'll hand it back to you, Andrew. Andrew Sheets: Well, great, Lisa, always a pleasure to have this conversation. And, as a reminder for all you listening, if you enjoy Thoughts of the Market, please take a moment to rate and review us wherever you listen, it helps more people find the show. *****Lisa Shalett is a member of Morgan Stanley's Wealth Management Division and is not a member of Morgan Stanley's Research Department. Unless otherwise indicated, her views are her own and may differ from the views of the Morgan Stanley Research Department and from the views of others within Morgan Stanley.

What happens when asset owners stop managing asset classes and start managing the whole fund? How do portfolios change, and how does the industry reorient their business models around them? In this episode, a practical sequel to Season 1's introduction, we break down how TPA changes investment processes, how portfolios differ under an SAA framework, and what this means for external managers. With insights from CPP Investments, NZ Super, Blue Owl, and Capital Group, the conversation highlights how partnership, transparency, and solution-oriented relationships reshape the manager-investor relationship in a TPA world.Guests:Geoffrey Rubin, Chief Investment Strategist, Total Portfolio Management, CPP Investment BoardCharles Hyde, Head of Asset Allocation, New Zealand Superannuation Fund Eugene Podkaminer, Institutional Solutions, Capital GroupJames Clarke, Senior Managing Director, Global Head of Institutional Capital, Blue Owl CapitalEpisode Sources

In the first of our 2026 Outlook episodes, our Economists in Asia discuss Nomura's key macro and market views for the region in the year ahead. In China, we discuss the "great divide" and the challenging backdrop for policy makers. For India, we expect another Goldilocks year, with strong cyclical growth, low inflation and another RBI rate cut. Across the broad region, we forecast a year of divergence, with technology and domestic demand divergences, creating leaders and laggards. We also welcome Craig Chan, our Global Head of FX Strategy, who outlines some thoughts on the US dollar, where we see some downside medium term risk, and a couple of potential medium-term winners. 

In our latest Intelligence Talks episode, Liam Bailey, Global Head of Research at Knight Frank, is joined by Tom Burchfield, Head of Market Intelligence at Liv-ex, the world's leading fine wine exchange. They unpack a challenging three-year period for the Liv-ex 100, why Tuscany has shown resilience, and what the recent rebound could mean for the end of the downturn. Liam and Tom explore how changing investor behaviour, shifting global demand, and evolving preferences for top vintages are reshaping the market. From Europe to Asia and the US, they reveal the forces stabilising prices and the trends shaping luxury alternative assets for the year ahead.For more insight into global wealth, luxury markets and the assets that sit alongside property subscribe to Liam's twice-weekly research briefing here:https://preferences.knightfrank.com/subscribe-to-research?utm_campaign=2703391_Data%20Protection%20-%20Not%20asked%20consent%20%28Headshot%29&utm_medium=Email%20Marketing&utm_source=Dotmailer&dm_t=0,0,0,0,0 Hosted on Acast. See acast.com/privacy for more information.

Today's guest is Robert Wenier, Global Head of Cloud and Infrastructure at AstraZeneca. Robert leads enterprise cloud, infrastructure, and platform strategy across a highly regulated, data-intensive global organization. Robert joins Emerj CEO and Head of Research Daniel Faggella to discuss how enterprise data and AI architectures are shifting from service-oriented and microservice models toward emerging agentic architectures that prioritize end-to-end business outcomes over stepwise technical execution. The conversation explores why AI is moving from a supporting role to a direct driver of competitive advantage, and how this changes expectations for infrastructure, data strategy, and leadership ownership. Want to share your AI adoption story with executive peers? Click emerj.com/expert2 for more information and to be a potential future guest on the 'AI in Business' podcast! If you've enjoyed or benefited from some of the insights of this episode, consider leaving us a five-star review on Apple Podcasts, and let us know what you learned, found helpful, or liked most about this show! Watch Daniel and Robert's conversation on our new YouTube Channel: youtube.com/@EmerjAIResearch.

In this episode of the HR Leaders Podcast, we sit down with Jason Bloomfield, Global Head of Talent Acquisition Transformation at Ericsson, to unpack how a 149-year-old company is rebuilding HR by putting people before technology.Jason explains how a failed global HR tool rollout, what he openly calls the “tool of doom,” became the catalyst for a complete reset. Instead of adding more systems, Ericsson built a global feedback loop that turns employee sentiment into action, investment, and prioritised roadmaps.Most importantly, Jason shares why five-year plans no longer work, why the shelf life of strategy is now six months, and how HR, TA, and change leaders must build change agility, skills intelligence, and authentic empathy to stay relevant in an AI-driven world.

Mimi Thabethe is an accomplished communications, media, and consumer-marketing leader with more than a decade of experience shaping brand narratives, driving digital transformation, and delivering high-impact communication strategies across Africa. As the Global Head of Communications, Digital & Media at Groupe Ethica, she leads the organization's multi-market communications ecosystem, positioning the Group as one of Africa's most trusted partners in healthcare, dermo-cosmetics, and pharmaceutical promotion.

Biomanufacturing has always dealt with the challenge of turning vast, complex datasets and intricate production steps into life-changing therapies. But when batch records multiply and process deviations loom, how do biotech teams make sense of it all? In this episode, we move beyond theory to the nuts and bolts of how AI - when thoughtfully deployed - can turn bioprocessing chaos into actionable intelligence, paving the way for the factory of the future.Our guest, Ilya Burkov, Global Head of Healthcare and Life Sciences Growth at Nebius AI, doesn't just talk about data wrangling and algorithms—he's spent years building tools and strategies to help scientists organize, contextualize, and leverage real-world datasets. Having worked across tech innovation and pharmaceuticals, Ilya Burkov bridges cutting-edge computation with the practical realities of CMC development and manufacturing, making him a trusted voice on how bioprocessing is rapidly changing.Highlights from the episode:Advice for biotech scientists on learning from innovations in other industries (00:02:21)Tackling the complexities of organizing huge and often unstructured datasets in bioprocessing (03:08)Techniques and tools to structure, label, and prepare data for AI—including Nebius's in-house tool, Tracto AI (06:24)Strategies for startups and small teams—how to begin implementing AI and what areas of bioprocessing to focus on first (10:12)The vision for the “factory of the future”: AI-driven, interconnected, and self-learning manufacturing environments (08:11)Navigating the decision between on-premise and cloud computing for scalable, cost-effective AI workloads (12:32)The importance of partnership between scientists and AI, emphasizing collaboration and data-driven decisions (00:15:47)Wondering how to kick off your own AI-enabled bioprocessing project, or what to insource versus outsource as you scale? This episode gives you a grounded starting point—minus the buzzwords and empty promises.Connect with Ilya Burkov:LinkedIn: www.linkedin.com/in/ilyaburkovContact email: ilya.burkov@nebius.comNebius: www.nebius.comIf this topic grabbed you, you'll love these related episodes focusing on advanced modeling, continuous manufacturing, and Digital TwinsEpisodes 213 - 214: From Developability to Formulation: How In Silico Methods Predict Stability Issues Before the Lab with Giuseppe LicariEpisodes 85 - 86: Bioprocess 4.0: Integrated Continuous Biomanufacturing with Massimo MorbidelliEpisodes 05 - 06: Hybrid Modeling: The Key to Smarter Bioprocessing with Michael SokolovEpisode 153 - 154: The Future of Bioprocessing: Industry 4.0, Digital Twins, and Continuous Manufacturing Strategies with Tiago MatosEpisodes 173 - 174: Mastering Hybrid Model Digital Twins: From Lab Scale to Commercial Bioprocessing with Krist GernaeyNext step:Need fast CMC guidance? → Get rapid CMC decision support hereSupport the show

This episode is available in audio format on our Let's Talk Loyalty podcast and in video format on www.Loyalty.TV.In today's episode, Ros Netto, Global Head of Rewards at Virgin Active, shares how their program motivates members through gamification, milestones, and personalized experiences. She discusses the challenges of scaling globally while creating meaningful connections that go beyond points, inspiring loyalty that truly transforms members' wellness journeys. Hosted by Joanna WitschThis episode is sponsored by Comarch Show Notes:1) Ros Netto2) Virgin Active3) Book recommendation: The Happiness Project

The year ahead will likely be driven by three powerful forces: uneven monetary policy, the relentless AI cycle and deepening polarization across markets and economies. What are the key opportunities and risks to watch across equities, commodities, currencies and more? Join analysts from J.P. Morgan Global Research as they explore the outlook for 2026.   In this episode, we hear from: Bruce Kasman, Chief Global Economist - 01:00 Mislav Matejka, Head of Global Equity Strategy - 05:19 Francis Diamond, Head of European Rate Strategy - 11:50 Meera Chandan, Co-Head of Global FX Strategy - 15:58 Stephen Dulake, Co-Head of Global Fundamental Research - 19:43 Jonathan Goulden, Head of EM Fixed Income Strategy - 25:13 Natasha Kaneva, Global Head of Commodities Research - 30:21 Fabio Bassi, head of Cross-Asset Strategy - 35:25   This episode was recoded between December 9 and December 17, 2025.   This communication is provided for information purposes only. Please visit www.jpmm.com/research/disclosures for important disclosures. JPMorgan Chase & Co. or its affiliates and/or subsidiaries (collectively, J.P. Morgan) normally make a market and trade as principal in securities, other financial products and other asset classes that may be discussed in this communication.  This communication has been prepared based upon information from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy except with respect to any disclosures relative to J.P. Morgan and/or its affiliates and an analyst's involvement with any company (or security, other financial product or other asset class) that may be the subject of this communication. Any opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This communication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. J.P. Morgan Research does not provide individually tailored investment advice. Any opinions and recommendations herein do not take into account individual circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies. You must make your own independent decisions regarding any securities, financial instruments or strategies mentioned or related to the information herein. Periodic updates may be provided on companies, issuers or industries based on specific developments or announcements, market conditions or any other publicly available information. However, J.P. Morgan may be restricted from updating information contained in this communication for regulatory or other reasons. This communication may not be redistributed or retransmitted, in whole or in part, or in any form or manner, without the express written consent of J.P. Morgan. Any unauthorized use or disclosure is prohibited. Receipt and review of this information constitutes your agreement not to redistribute or retransmit the contents and information contained in this communication without first obtaining express permission from an authorized officer of J.P. Morgan.  Copyright 2025, JPMorganChase & Co. All rights reserved. 

Our Public Policy Strategists Michael Zezas and Ariana Salvatore break down key moves from the White House, U.S. Congress and Supreme Court that could influence markets 2026.Read more insights from Morgan Stanley.----- Transcript -----Michael Zezas: Welcome to Thoughts on the Market. I'm Michael Zezas, Global Head of Fixed Income Research and Public Policy Strategy.Ariana Salvatore: And I'm Ariana Salvatore, U.S. Public Policy Strategist.Michael Zezas: Today we'll be talking about the outlook for U.S. public policy and its interaction with markets into 2026.It's Wednesday, December 17th at 10:30am in New York.So, Ariana, we published our year ahead outlook last month. And since then, you've been out there talking to clients about U.S. public policy, its interaction with markets, and how that plays into 2026. What sorts of topics are on investors' minds around this theme?Ariana Salvatore: So, the first thing I'd say is clients are definitely interested in our more bullish outlook, in particular for the U.S. equity market. And normally we would start these conversations by talking through the policy variables, right? Immigration, deregulation, fiscal, and trade policy. But I think now we're actually post peak uncertainty for those variables, and we're talking through how the policy choices that have been made interact with the outlook.So, in particular for the equity market, we do think that some of the upside actually is pretty isolated from the fact that we're post peak uncertainty on tariffs, for example. Consumer discretionary – the double upgrade that our strategists made in the outlook has very little to do with the policy backdrop, and more to do with fundamentals, and things like AI and the dollar tailwind and all of all those factors.So, I think that that's a key difference. I would say it's more about the implementation of these policy decisions rather than which direction is the policy going to go in.Michael Zezas: Picking up on that point about policy uncertainty, when we were having this conversation a year ago, right after the election, looking into 2025, the key policy variables that we were going to care about – trade, fiscal policy regulation – there was a really wide range of plausible outcomes there.With tariffs, for example, you could make a credible argument that they weren't going to increase at all. But you could also make a credible argument that the average effective tariff rate was going to go up to 50 or 60 percent. While the tariff story certainly isn't over going into 2026, it certainly feels like we've landed in a place that's more range bound. It's an average effective tariff rate that's four to five times higher than where we started the year, but not nearly as high as some of the projections would have. There's still some negotiation that's going on between the U.S. and China and ways in which that could temporarily escalate; and with some other geographies as well. But we think the equilibrium rate is roughly around where we're at right now.Fiscal policy is another area where the projections were that we were going to have anything from a very substantial deficit expansion. Tax cuts that wouldn't be offset in any meaningful way by spending cuts; to a fiscal contraction, which was going to be more focused on heavier spending cuts that would've more than offset any tax cuts. We landed somewhere in between. It seems like there's some modest stimulus in the pipe for next year. But again, that is baked. We don't expect Congress to do much more there.And in terms of regulation, listen, this is a little bit more difficult, but regulatory policy tends to move slowly. It's a bureaucratic process. We thought that some of it would start last year, but it would be in process and potentially hit next year and the year after. And that's kind of where we are.So, we more or less know how these variables have become something closer to constants, and to your point, Ariana now it's about observing how economic actors, companies, consumers react to those policy choices. And what that means for the economy next year.All that said, there's always the possibility that we could be wrong. So, going back to tariffs for a minute, what are you looking at that could change or influence trade policy in a way that investors either might not expect or just have to account for in a new way?Ariana Salvatore: So, I would say the clearest catalyst is the impending decision from the Supreme Court on the legality of the IEEPA tariffs. I think on that front, there are really two things to watch. The first is what President Trump does in response. Right now, there's an expectation that he will just replace the tariffs with other existing authorities, which I think probably should still be our base case. There's obviously a growing possibility, we think, that he actually takes a lighter touch on tariffs, given the concerns around affordability. And then the second thing I would say is on the refunds piece. So, if the Supreme Court does, in fact, say that the Treasury has to pay back the tariff revenue that it's collected, we've investigated some different scenarios what that could look like. In short, we think it's going to be dragged out over a long time period, probably six months at a minimum. And a lot of this will come down to the implementation and what specifically Treasury and CBP, its Customs and Border Protection, sets up to get that money back out to companies.The second catalyst on the trade front is really the USMCA review. So, this is an important topic because it matters a lot for the nearshoring narrative, for the trade relationship that the U.S. has with Mexico and Canada. And there are a number of sectors that come into scope. Obviously, Autos is the clearest impact.So, that's something that's going to happen by the middle of next year. But early in January, the USTR has to give his evaluation of the effectiveness of the USMCA to Congress. I think at that point we're going to start to see headlines. We're going to go start to see lawmakers engage more publicly with this topic. And again, a lot at stake in terms of North American supply chains. So that's going to be a really interesting development to keep an eye on next year too.Michael Zezas: So, what about things that Congress might do? Recently the President and Democrats have been talking about the concept of affordability in the wake of some of the off-cycle elections, where that appeared to influence voter behavior and give Democrats an advantage. So are there policies, any legislative policies in particular, that might come to the forefront that might impact how consumers behave?Ariana Salvatore: So a really important starting point here is just on the process itself, right? So, as we've said, one of the more reliable historical priors is that it's difficult to legislate during election years. That's a function of the fact that lawmakers just aren't in D.C. as often. You also have limited availabilities in terms of procedure itself because Republicans would have to probably do another Reconciliation Bill unless you get some bipartisan support.But hitting on this topic of affordability, there really are a few different things on the table right now. Obviously, the President has spoken about these tariff dividend checks, the $2,000. They've spoken about making changes on housing policy, so housing deregulation, and then the third is on these expanded ACA subsidies.Those were obviously the crux of the government shutdown debate. And for a variety of reasons, I think each of these are really challenging to see moving over the finish line in the coming months. We think that you would need to see some sort of exogenous economic downturn, which is not currently in our economists' baseline forecast, to really get that kind of more reactive fiscal policy.And because of those procedural constraints, I would just go back to the point we were saying earlier around tariff policy and maybe the Supreme Court decision, giving Trump this opportunity to pull back a little bit. It's really the easiest and most available policy lever he has to address affordability. And to that point, the administration has already taken steps in this direction. They provided a number of exemptions on agricultural products and said they weren't going to move forward with the Section 232 tariffs on semiconductors in the very near term. So, we're already seeing directionally, I would say, movement in this area.Michael Zezas: Yeah. And I think we should also keep our eye on potential legislation around energy exploration. This is something that in the past has had bipartisan support loosening up regulations around that, and it's something that also ties into the theme of developing AI as a national imperative. That being said, it's not in our base case because Democrats and Republicans might agree on the high points of loosening up regulations for energy exploration. But there's a lot of disagreements on the details below the surface.But there's also the midterm elections next year. So, how do you think investors should be thinking about that – as a major catalyst for policy change? Or is it more of the same: It's an interesting story that we should track, but ultimately not that consequential.Ariana Salvatore: So obviously we're still a year out. A lot can change. But obviously we're keeping an eye on polling and that sort of data that's coming in daily at this point. The historical precedent will tell you that the President's party almost always loses seats in a midterm election. And in the House with a three-seat majority for Republicans, the bar's actually pretty low for Democrats to shift control back. In the Senate, the map is a little bit different. But let's say you were to get something like a split Congress, we think the policy ramifications there are actually quite limited. If you get a divided government, you basically get fiscal gridlock. So, limits to fiscal expansion, absent like a recession or something like that – that we don't expect at the moment. But you really will probably see legislation only in areas that have bipartisan support.In the meantime, I think you could also expect to see more kind of political fights around things like appropriations, funding the government, the debt ceiling that's typical of divided governments, unless you have some area of bipartisan support, like I said. Maybe we see something on healthcare, crypto policy, AI policy, industrial policy is becoming more of the mainstream in both parties, so potentially some action there.But I think that's probably the limit of the most consequential policy items we should be looking out for.Michael Zezas: Right, so the way I've been thinking about it is: No clear new policies that someone has to account for coming out of the midterms. However, we definitely have to pay attention. There could be some soft signals there about political preferences and resulting policy preferences that might become live a couple years down the line after we get into the 2028 general elections – and the new power configuration that could result from that.So – interesting, impactful, not clear that there'll be fundamental catalysts. And probably along the way we should pay attention because markets will discount all sorts of potential outcomes. And it could get the wrong way on interpreting midterm outcomes, which could present opportunities. So, we'll certainly be tracking that throughout 2026.Ariana Salvatore: Yeah. And if you think about the policy items that President Trump has leaned on most heavily this year and that have mattered for markets, there are things in the executive branch, right? So, tariff policy obviously does not depend on Congress. Deregulation helps if you have fundamental backing from Congress but can occur through the executive agencies. So, to your point, less to watch out for in terms of how it will shift Trump's behavior.Michael Zezas: Well, Ariana, thanks for taking the time to talk.Ariana Salvatore: Always great speaking with you, Michael.Michael Zezas: And to our audience, thanks for listening. If you enjoy thoughts on the Market, please leave us a review and tell your friends about the podcast. We want everyone to listen.

Can AI fuel a people-first transformation at global scale? At UPS, the answer is a resounding yes. While many companies view AI through the lens of automation and efficiency, UPS is taking a radically different approach: treating AI as an enabler of human growth, not a replacement for it. In this episode of the Digital HR Leaders podcast, host David Green is joined by Danelle McCusker, Senior Vice President and Global Head of Talent, Learning and Culture at UPS, to explore how the company is redefining what workforce transformation looks like in the age of AI. With over half a million employees and a deeply rooted culture of promotion from within, UPS faces a unique challenge: how to prepare its people for a future defined by emerging technologies - while preserving trust, purpose, and opportunity. Join them as Danelle and David explore: Why UPS is designing AI implementations to relieve frontline burdens and elevate the value of human work - not eliminate it. How a pilot with Valence's AI coach Nadia is creating access to consistent, personalised development for employees well beyond the executive tier. The role of psychological safety and experimentation in successful AI adoption How HR and technology teams are partnering to drive cultural and capability transformation What other HR leaders can learn from UPS's intentional, business-first approach to AI Whether you're in the early stages of your AI journey or looking for practical ways to align tech with talent strategy, this conversation offers both inspiration and actionable insights from the front lines of change. This episode is sponsored by Valence. Imagine if every employee had a world-class coach in their pocket. That's exactly what Valence has created with Nadia - the AI-powered coach helping Fortune 500 companies scale development, boost performance, and support leaders at every level. Learn more at valence.co/insight222 Hosted on Acast. See acast.com/privacy for more information.

About Jason Hreha:Jason Hreha is a behavioral scientist and entrepreneur specializing in applying behavioral science to solve business challenges. After studying neuroscience at Stanford and conducting research in BJ Fogg's Persuasive Technology Lab, Jason has spent 15 years developing Behavioral Strategy, a methodical approach for turning research into actionable business solutions. As Global Head of Behavioral Science at Walmart, he established and led the company's first behavioral science team, and he also founded Dopamine and co-founded Kite.io, later acquired by Quixey. As CEO of Persona, Jason transforms talent assessment through research-backed psychometric tools that predict employee performance and fit, and his book Real Change challenges conventional approaches to habits through science-based frameworks. Jason's work has been cited in Atomic Habits and featured in Inc.com, Knowledge at Wharton, and BigThink, and he continues to advise organizations on applying behavioral science for innovation and growth. In this episode, Dean Newlund and Jason Hreha discuss:Understanding how core personality traits drive leadership effectivenessExploring why emotional stability underpins real emotional intelligenceExamining the limits of adult personality change and what that means for teamsRecognizing how interpersonal friction often comes from mismatched stylesConsidering how AI models express measurable personalities that shape user behavior Key Takeaways:Identify your own trait profile using a validated Big Five assessment so you can play the leadership “hand” you actually have instead of chasing traits you do not possess.Reduce conflict by assuming others cannot easily change their styles and instead adapt your expectations so collaboration becomes easier and less personal.Strengthen your culture by clarifying norms, incentives, and strategic consistency so the environment aligns behavior without needing personality change.Use AI tools more effectively by understanding their default personality traits and adjusting your prompts or model choice to complement—not mirror—your own tendencies. "It's hard to be emotionally intelligent if you're angry or upset or annoyed or freaked out.” — Jason Hreha Connect with Jason Hreha:  Website: https://www.personatalent.com/Blog: https://www.thebehavioralscientist.com/Book: https://www.amazon.com/stores/author/B0CVCZ2VR9YouTube: https://www.youtube.com/@thebehavioralscientistLinkedIn: https://www.linkedin.com/in/hreha/ & https://www.linkedin.com/company/personatalent/X (Twitter): https://x.com/jhreha & https://x.com/PersonaTalentFacebook: https://www.facebook.com/choosepersona/Instagram: https://instagram.com/the.behavioral.scientist   See Dean's TedTalk “Why Business Needs Intuition” here: https://www.youtube.com/watch?v=EEq9IYvgV7I Connect with Dean:YouTube: https://www.youtube.com/channel/UCgqRK8GC8jBIFYPmECUCMkwWebsite: https://www.mfileadership.com/The Mission Statement E-Newsletter: https://www.mfileadership.com/blog/LinkedIn: https://www.linkedin.com/in/deannewlund/X (Twitter): https://twitter.com/deannewlundFacebook: https://www.facebook.com/MissionFacilitators/Email: dean.newlund@mfileadership.comPhone: 1-800-926-7370 Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.

James Clark is senior managing director at Blue Owl and the Global Head of Institutional Capital. He has 26 years of asset management experience, and prior to Blue Owl, worked for Pimco, Golden Tree Asset Management and Landmark Partners.   We had met on the circuit during my time as an allocator with Chicago Policemen's Annuity and Benefit Fund, and I recently enjoyed listening to him on this podcast with Ted Seides of Capital Allocators. https://youtu.be/laLuf6XrrDw?si=uixmWOvMGnPNeydfI wanted to catch up with James to capture some of his lessons learned amid such an accomplished career as an institutional capital raiser - he has an innate ability to play the long game, and a sharpened set of skills that enable him to know what a client needs and when, as well as when to dial things back. Diving in to these skills, he notes the value of active listening, core competencies, and the alignment of values in leadership. We end with a discussion of the changing dynamics of the private credit market, and the team's approach to building strong partnerships with clients.Series 5 of 2025 is kindly sponsored by Diamond Hill. Diamond Hill invests on behalf of clients through a shared commitment to its valuation-driven investment principles, long-term perspective, capacity discipline and client alignment. An independent active asset manager with significant employee ownership, Diamond Hill's investment strategies include differentiated US and non-US equity, alternative long-short equity and fixed income.

Across biotech labs, researchers swim in oceans of process data: sensor streams, run records, engineering logs, and still, crucial decisions get stuck in spreadsheets or scribbled into fading notebooks. The challenge isn't having enough information, it's knowing which actions actually move the needle in cell culture productivity, process stability, and faster timelines.This episode, David Brühlmann brings on Ilya Burkov, Global Head of Healthcare and Life Sciences Growth at Nebius AI. With a career spanning NHS medicine, regenerative research, and cloud infrastructure, Ilya Burkov has lived the leap from microscope to server room. He's seen firsthand how digital twins, autonomous experimentation, and cloud-first strategies are shifting the way biologics are developed and scaled.Topics discussed:Shifting from experimental-based to computational bioprocess development, and the evolving role of human expertise vs. AI (02:48)Ilya Burkov's journey from medicine and orthopedics to AI and cloud infrastructure (04:15)Solving data silos and making real-time decisions with digital twins and automated analytics (06:36)The impact of AI-driven lab automation and robotics on drug discovery timelines (08:51)Using AI to accelerate cell line selection, cloning, and protein sequence optimization (10:12)Why wet lab experimentation is still essential, and how predictive modelling can reduce failure rates (11:15)Reducing costs and accelerating development by leveraging AI in process screening and optimization (12:32)Strategies for smaller companies to effectively store and manage bioprocess data, including practical advice on cloud adoption and security (14:30)Application of AI and digital twins in scale-up processes, and connecting diverse data types like CFD simulations and process data (17:18)The ongoing need for human expertise in interpreting and qualifying data, even as machine learning advances (19:09)Wondering how to stop your own data from gathering dust? This episode unpacks practical strategies for storing and leveraging your experimental records - whether you're in a major pharma or a small startup with limited tech resources.Connect with Ilya Burkov:LinkedIn: www.linkedin.com/in/ilyaburkovContact email: ilya.burkov@nebius.comNebius: www.nebius.comIf this topic grabbed you, you'll love these related episodes focusing on advanced modeling, continuous manufacturing, and Digital TwinsEpisodes 213 - 214: From Developability to Formulation: How In Silico Methods Predict Stability Issues Before the Lab with Giuseppe LicariEpisodes 85 - 86: Bioprocess 4.0: Integrated Continuous Biomanufacturing with Massimo MorbidelliEpisodes 05 - 06: Hybrid Modeling: The Key to Smarter Bioprocessing with Michael SokolovEpisode 153 - 154: The Future of Bioprocessing: Industry 4.0, Digital Twins, and Continuous Manufacturing Strategies with Tiago MatosEpisodes 173 - 174: Mastering Hybrid Model Digital Twins: From Lab Scale to Commercial Bioprocessing with Krist GernaeyNext step:Need fast CMC guidance? → Get rapid CMC decision support hereSupport the show

On November 19th, 2025, National College of Ireland in (NCI) collaboration with Citi proudly announced the official kick-off of the Citi upStart programme for the 2025/26 academic year. The initiative, designed to foster innovation and entrepreneurship among postgraduate students, saw Citi organisers, mentors, NCI students, academics, and new partners gather for the launch event. Activate mentorship This year's programme features 165 NCI postgraduate students who took part in a series of rigorous in-house idea-development workshops facilitated by NCI academic staff. This intensive process saw 60 students progress to team formation, advancing the most promising proposals which were then presented via elevator pitches at the event. Addressing participants and mentors, Dr Prag Sharma, Director, Future of Finance Think tank, former Global Head of AI CoE at Citi expressed his admiration for the nascent ideas, and provided crucial advice on AI's role: "AI is a tool for you to use, alongside the other tools you have acquired through college and your working life. AI augments our skills; so, become experts in using it to accelerate your capabilities." Following the pitches, a "speed dating" session allowed mentors from various Citi departments to connect with student teams, exploring project proposals and identifying alignment with their skills and insights. Dr Anu Sahni, Programme Director for the MSc in AI for Business, Data Analytics, and Knowledge Transfer Champion at National College of Ireland underscored the transformative power of mentorship: "Having the guidance and support of an experienced mentor can provide a mentee with a broad range of personal and professional benefits, including gaining practical advice and encouragement, as well being exposed to new ideas, and new ways of thinking, and now having another big organisation, Mphasis onboard to support this initiative, we will definitely see a remarkable amount of value added to an already innovative collaboration." New supports This year's cohort has already benefited from additional supports, including valuable insights into innovative solution development from Georgina Lupu Florian and Adrian Florian of Wolfpack Digital. Pritesh Tiwari, CEO of Data Science Wizards (itself a spin-out company from NCI MSc in Data Science), provided guidance on idea building and validation, while Swapnil Parashar, Director of Software Engineering at Oracle Cloud, shared industry perspectives on innovation. New partnership A?significant development for this year's programme is the new strategic partnership withMphasis, a global AI-led, platform-driven technology solutions provider. Mphasis will support participating student teams through project guidance and will sponsor awards and prizes for the winners at the upcoming Dragons' Den event. Rohit Jayachandran, Head of Banking & Financial Services at Mphasis, said: "Our long-standing partnership with Citi has opened the door to impactful collaborations, such as Dragons' Den. At Mphasis, we see immense potential in the next generation of technologists, and working with Citi upStart allows us to nurture that potential and fuel innovation for the future. Additionally, Mphasis' philosophy, "AI Without Intelligence Is Artificial", aligns perfectly with the programme's focus on intelligent application of technology." The ten participating teams, comprised of master's students in Cloud Computing, Data Analytics, AI, AI for Business, Fintech, or Cybersecurity, are developing a diverse range of impactful ideas. These include "Finpals," an AI-driven solution for automating credit risk analysis; "Lendloop," a peer-to-peer lending platform; "Medinova AI" and "Medtrix," both focused on enhancing healthcare access and patient support; "Phantom," an all-in-one Irish tourism app; and "Venture Forge," which aims to innovate within the Carbon Credits Market using blockchain technology. You can read more about the teams and their projects here on the NCI we...

Small Cap Breaking News You Can't Miss!Here's a quick rundown of the latest updates from standout small-cap companies making meaningful moves today—covering clean energy, AI, and gold exploration.HPQ Silicon (TSX-V: HPQ)HPQ Silicon reached a major commercialization milestone after securing UN 38.3 certification for its ENDURA+ lithium-ion battery cells. This globally required certification allows HPQ to safely ship its high-performance 18650 and 21700 cells worldwide by air, land, and sea. For investors, this marks HPQ's transition from R&D into commercial readiness, opening the door to customer qualification programs, global partnerships, and near-term revenue opportunities across electric mobility, robotics, and industrial markets.Nextech3D.ai (CSE: NTAR)Nextech3D.ai strengthened its growth engine by appointing veteran sales executive James McGuinness as Global Head of Sales. With decades of experience scaling enterprise SaaS and event-technology platforms, McGuinness has already built out a full sales team. The move signals Nextech3D.ai's shift into a revenue-focused execution phase as demand grows for its unified AI-powered event and spatial computing platform heading into 2026.Newcore Gold (TSX-V: NCAU)Newcore Gold reported additional near-surface gold intersections at its Enchi Gold Project in Ghana, including 3.16 g/t gold over 3 metres and 0.78 g/t gold over 16 metres. Nearly all drill holes in the current program have intersected gold, reinforcing continuity across the Boin Deposit. These results support Newcore's plan to advance Enchi toward a Pre-Feasibility Study in the first half of 2026 while continuing to test higher-grade potential at depth.Onyx Gold (TSX-V: ONYX)Onyx Gold delivered another strong drilling update from its Munro-Croesus Project in Ontario, reporting 194 metres grading 1.8 g/t gold at the Argus North Zone, including multiple higher-grade intervals. The results confirm continuity between drill holes, expand the mineralized footprint to roughly 900 metres of strike, and support a growing discovery in the prolific Timmins gold camp. With a well-funded treasury, Onyx says it is positioned to continue aggressive exploration through 2026.Loncor Gold (TSX: LN)Loncor Gold cleared a major transaction milestone after receiving final court approval for its proposed acquisition by a subsidiary of China's Chengtun Mining Group. While the deal is not yet closed, the court order significantly reduces procedural risk. If completed, the transaction would transition Loncor and its multi-million-ounce Adumbi gold resource in the Democratic Republic of the Congo into the hands of a larger global mining group.Stay ahead of the small-cap story.Follow AGORACOM for more breaking small-cap news, in-depth company coverage, and investor insights—and don't forget to followhttps://spotifycreators-web.app.link/e/mB8A9pKJ9Yb

“There's some articles out there that [suggest] once there's losses, there could be a bunch of fire sales of assets ... not true,” says KKR Partner and Global Head of Private Credit Daniel Pietrzak when discussing misunderstandings about private credit markets. “We've got $131 billion of AUM. Almost none of that has any redemption feature.” Pietrzak joins Bloomberg Intelligence's Noel Hebert on the latest episode of Credit Crunch to talk about volatility, continued market growth – especially in asset-based finance – and strategic partnerships like the company's recent deals with Harley-Davidson and PayPal. They also examine global opportunities, how AI factors into lending decisions and the benefits of diversification. The Credit Crunch podcast is part of BI's FICC Focus series.

How did investment banking clients navigate a year of uncertainty, and what's next for dealmaking and capital markets? In this episode, Dorothee Blessing, Global Head of Investment Banking Coverage, is joined by Anu Aiyengar, Global Head of Advisory and M&A, and Kevin Foley, Global Head of Capital Markets. Together, they break down the forces that shaped 2025—from cautious optimism and strategic adaptation to the surge in mega deals and the transformative impact of AI. Looking ahead, they share actionable insights on M&A, IPOs, private capital, and global market trends that will define opportunities and risks in 2026. Tune in for expert perspectives on building resilience, seizing growth, and preparing for the future of investment banking. This episode was recorded on December 8, 2025. This material was prepared by certain personnel of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide and not the firm's research department. It is for informational purposes only, is not intended as an offer or solicitation for the purchase, sale or tender of any financial instrument and does not constitute a commitment, undertaking, offer or solicitation by any JPMorgan Chase entity to extend or arrange credit or provide any other products or services to any person or entity.  © 2025 JPMorgan Chase & Company. All rights reserved.

AI has become inescapable over the past years, with the technology being integrated into tools that most people use every day. This has raised some important questions about the associated risks and benefits related to AI. Those developing software and services that include AI are also coming under increasing scrutiny, from both consumers and legislators, regarding the transparency of their tools. This ranges from how safe they are to use to where the training data for their systems originates from. This is especially true of already heavily regulated industries, such as the financial sector. Today's guest saw the writing on the wall while developing their unique AI software, that helps the financial sector detect fraud, and got a jump start on becoming accredited to the world's first best practice Standard for AI, ISO 42001 AI Management. In this episode, Mel Blackmore is joined by Rachel Churchman, The Global Head of GRC at Umony, to discuss their journey towards ISO 42001 certification, including the key drivers, lessons learned, and benefits gained from implementation.    You'll learn ·      Who is Rachel? ·      Who are Umony? ·      Why did Umony want to implement ISO 42001? ·      What were the key drivers behind gaining ISO 42001 certification? ·      How long did it take to implement ISO 42001? ·      What was the biggest gap identified during the Gap Analysis? ·      What did Umony learn from implementing ISO 42001? ·      What difference did bridging this gap make? ·      What are the main benefits of ISO 42001? ·      The importance of accredited certification ·      Rachel's top tip for ISO 42001 Implementation   Resources ·      Umony ·      Isologyhub   In this episode, we talk about: [02:05] Episode Summary – Mel is joined by Rachel Churchman, The Global Head of GRC at Umony, to explore their journey towards ISO 42001 certification. [02:15] Who is Rachel?: Rachel Churchman is currently The Global Head of GRC (Governance, Risk and Compliance) at Umony, however keen listeners to the show may recognise her as she was once a part of the Blackmores team. She originally created the ISO 42001 toolkit for us while starting the Umony project under Blackmores but made the switch from consultant to client during the project. [04:15] Who are Umony? Umony operate in the financial services industry. For context, in that industry every form of communication matters, and there are regulatory requirements for firms to capture, archive and supervise all business communications. That covers quite a lot! From phone calls, to video calls, instant messaging etc, and failures to capture that info can lead to fines. Umony are a compliance technology company operating within the financial services space, and provide a platform that can capture all that communications data and store that securely. [05:55] Why did Umony embark on their ISO 42001 journey? Umony have recently developed an AI platform call CODA, which uses advanced AI to review all communications to detect financial risks such as market abuse, fraud or other misconduct. This will flag those potential high-risk communications to a human to continue the process. The benefit of this is that rather than financial institutions only being able to monitor a very small set of communications due to it being a very labour intensive task, this AI system would allow for monitoring of 100% of communications with much more ease. Ultimately, it's taking communications capture from reactive compliance to proactive oversight. [08:15] Led by industry professionals: Umony have quite the impressive advisory board, made up of both regulatory compliance personnel as well as AI technology experts. This includes the likes of Dr.Thomas Wolfe, Co-Founder of Hugging Face, former Chief Compliance Officer at JP Morgan and the CEO of the FCA. [09:00] What were the key drivers behind obtaining ISO 42001 certification? Originally, Rachel had been working for Blackmores to assist Umony with their ISO 27001:2022 transition back in early 2024. At the time, they had just started to develop their AI platform CODA. Rachel learned about what they were developing and mentioned that a new Standard was recently published to address AI specifically. After some discussion, Umony felt that ISO 42001 would be greatly beneficial as it took a proactive approach to effective AI management. While they were still in the early stages of creating CODA they wanted to utilise best practice Standards to ensure that the responsible and ethical development of this new AI system. When compared to ISO 27001, ISO 42001 provided more of a secure development lifecycle and was a better fit for CODA as it explores AI risks in particular. These risks include considerations for things like transparency of data, risk of bias and other ethical risks related to AI. At the time, no one was asking for companies to be certified to ISO 42001, so it wasn't a case of industry pressure for Umony, they simply knew that this was the right thing to do. Rachel was keen to sink her teeth into the project because the Standard was so new that Umony would be early adopters. It was so new, that certification bodies weren't even accredited to the Standard when they were implementing the Standard. [12:20] How long did it take to get ISO 42001 certified? Rachel started working with Anna Pitt-Stanley, COO of Umony, around April 2024. However the actual project work didn't start until October 2024, Umony already had a fantastic head start with ISO 27001 in place, and so project completion wrapped up around July of 2025. They had their pre-assessment with BSI in July, which Rachel considered a real value add for ISO 42001 as it gave them more information from the assessors point of view for what they were looking for in the Management System. This then led onto Stage 1 in August 2025 and Stage 2 in early September 2025. That is an unusually short period of time between a Stage 1 & 2, but they were in remarkably good shape at the end of Stage 1 and could confidently tackle Stage 2 in quick succession. The BSI technical audit finished at the end of September, so in total from start to finish the Implementation of ISO 42001 took just under 12 months. [15:50] What was the biggest gap identified during the Gap Analysis? A lot of the AI specific requirements were completely new to this Standard, so processes and documentation relating to things like 'AI Impact Assessment' had to be put in place. ISO 42001 includes an Annex A which details a lot of the AI related technical controls, these are unique to this Standard, so their current ISO 27001 certification didn't cover these elements. These weren't unexpected gaps, the biggest surprise to Rachel was the concept of an AI life cycle. This concept and its related objectives underpin the whole management system and its aims. It covers the utilisation or development of AI all the way through to the retirement of an AI system. It's not a standalone process and differs from ISO 27001's secure development life cycle, which is a contained subset of controls. ISO 42001's AI life cycle in comparison is integrated throughout the entire process and is a main driver for the management system.   [19:30] What difference did bridging this gap make? After Umony understood the AI life cycle approach and how it applied to everything, it made implementing the Standard a lot easier. It became the golden thread that ran through the entire management system. They were building into an existing ISMS, and as a result it created a much more holistic management system. It also helped with the internal auditing, as you can't take a process approach to auditing in ISO 42001 because controls can't be audited in isolation.   [21:30] What did Umony learn from Implementing ISO 42001? Rachel in particular learned a lot, not just with ISO 42001 but with AI itself. AI is new to a lot of people, herself included, and it can be difficult to distinguish what is considered a risk or opportunity regarding AI. In reality, it's very much a mix of the two. There's a lot of risk around data transparency, bias and data poisoning as well as new risks popping up all the time due to the developing technology. There's also a creeping issue of shadow IT, which is where employees may use hardware of software that hasn't been verified or validated by the company. For example, many people have their own Chat GPT accounts, but do you have oversight of what emplyees may be putting into that AI tool to help with their own tasks? On a more positive note, there are so many opportunities that AI can provide. Whether that's productivity, helping people focus more on the strategic elements of their role or reduction of tedious tasks. Umony is a great example of where an AI has been developed to serve a very specific purpose, preventing or highlighting potential fraud in a highly regulated industry. They're not the only one, with many others developing equally crucial AI systems to tackle some of our most labour-intensive tasks. In terms of experience with Implementing ISO 42001, Rachel feels it cemented her opinion that an ISO Standard provides a best practice framework that is the right way to go about managing AI in an organisation. Whether you're developing it, using it or selling it, ISO 42001 puts in place the right guardrails to make sure that AI is used responsibly, ethically, and that people understand the risks and opportunities associated with AI. [26:30] What benefits were gained from Implementing ISO 42001? The biggest benefit is having those AI related processes in place, regardless of if you go for certification. Umony in particular were keen to ensure that their certification was accredited, as this is a recognised certification. With Umony being part of such a regulated industry, it made sense that this was a high priority. As a result, they went with BSI as their Certification Body, who were one of the first CB's in the UK to get IAF accredited, quickly followed by UKAS accreditation. [27:55] The Importance of accredited certification: Sadly, a new Standard creates a lot of tempting offers from cowboy certification bodies that operate without a recognised accreditation. They will offer a very quick and cheap route to certification, usually provided through a generic management system which isn't reflective of how you work. Their certificate will also not hold up to scrutiny as it's not accredited with any recognisable body. For the UK this is UKAS, who is the only body in the UK under the IAF that is able to certify companies to be able to provide a valid accredited certificate. There's are easily available tools to help identify if a certificate is accredited or not, so it's best to go through the proper channels in the first place! Other warning signs of cowboy companies to look out for include: ·      Off the shelf Management system provided for a fee ·      Offering of both consultancy and certification services – no accredited CB can provide both to a client, as this is a conflict of interest. ·      A 5 – 10 year contract It's vital that you use an accredited Certification Body, as they will leave no stone unturned when evaluating your Management System. They are there to help you, not judge you, and will ensure that you have the upmost confidence in your management system once you've passed assessment. Umony were pleased to have only received 1 minor non-conformity through the entire assessment process. A frankly astounding result for such a new and complex Standard! [32:15] Rachel's top tip: Firstly, get a copy of the Standard. Unlike a lot of other Standards where you have to buy another Standard to understand the first one, ISO 42001 provides all that additional guidance in its annexes.   Annex B in particular is a gold mine for knowledge in understanding how to implement the technical controls required for ISO 42001. It also points towards other helpful supporting Standards as well, that cover aspects like AI risks and AI life cycle in more detail. Rachel's second tip is: You need to scope out your Management System before you start diving into the creation of the documentation. This scoping process is much more in-depth for ISO 42001 than with other ISO Standards as it gets you to understand your role from an AI perspective. It helps determine whether you're an AI user, producer or provider, it also gets you to understand what the management system is going to cover. This creates your baseline for the AI life cycle and AI risk profile. These you need to get right from the start, as they guide the entire management system. If you've already got an ISO Standard in place, you cannot simply re-use the existing scope, as it will be different for ISO 42001. If you're struggling, CB's like BSI can help you with this. [35:20] Rachel's Podcast recommendation: Diary of a CEO with Stephen Bartlett. [32:15] Rachel's favourite quote: "What's the worst that can happen?" – An extract from a Dale Carnegie course, where the full quote is: "First ask yourself what is the worst that can happen? Then, you prepare to accept it and then proceed to improve on the worst." If you'd like to learn more about Umony and their services, check out their website.   We'd love to hear your views and comments about the ISO Show, here's how: ●     Share the ISO Show on Twitter or Linkedin ●     Leave an honest review on iTunes or Soundcloud. Your ratings and reviews really help and we read each one. 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Our Global Head of Macro Strategy Matthew Hornbach and Chief U.S. Economist Michael Gapen discuss the Fed's path as inflation remains above its target and the labor market continues cooling.Read more insights from Morgan Stanley.----- Transcript -----Matthew Hornbach: Welcome to Thoughts on the Market. I'm Matthew Hornbach, Global Head of Macro Strategy. Michael Gapen: And I'm Michael Gapen, Morgan Stanley's Chief U.S. Economist. Matthew Hornbach: Yesterday, the FOMC meeting delivered another quarter percentage point rate cut. Today we're here to discuss what happens next.It's Thursday, December 11th at 8:30 AM in New York. So, Mike, once again, the Fed cut rates by 25 basis points. That outcome was not a surprise, and the markets reacted positively. But there were some surprises. A bit of a divided FOMC, if you will. How did things play out during the meeting and what are some important takeaways to keep in mind? Michael Gapen: Yeah, well certainly Matt, it is a divided committee. I think that's clear. I think one key takeaway for me is the idea that the Fed is done with risk management rate cuts, and now we're back to data dependent. So, what does that mean? I mean, a risk management rate cut isn't necessarily about the data you have in hand and the data you see; it's your view about the distribution of risks around that. So, in some ways, you're not data dependent when you're making those cuts. Now, I think the challenge at this press conference for Powell was to say, ‘Well, now things are different.' And it was a nuance in the sense that cuts from here, if and when they come, will be data dependent. But I think at the same time he did not want to communicate that the bar for those rate cuts were exceptionally high. But I think he threaded the needle quite well in transitioning from risk management cuts, which aren't data dependent to an outlook, which is now more data dependent. And I thought he did that artfully well. So, for me, that's the big key. Secondarily I'd add a takeaway for me was he seems fairly confident that inflation will be coming down, and I think he still believes the labor market is cooling. The blend of that came across as a bit dovish to me. And then the third thing I would add is he fairly explicitly ruled out the risk of rate hikes. So, I think the combination of those three things: data dependence, still concerns about cooling in the labor market, and chopping off the upper half of the rate path distribution – those were kind of the key takeaways from my point. Matthew Hornbach: So, Mike, with respect to the labor market, Chair Powell did address it in a couple of different ways. But one of the ways that stood out to my ears was how he described some technical factors that people are well aware of – that could mean the economy is actually shedding jobs to the tune of about 20,000 per month. I was wondering if you could just briefly address what those factors – that are supposedly so well known – might be. Michael Gapen: Sure. So, obviously the data that gets released, there are the initial releases and then there are revisions. And in the labor market, there are what are called annual benchmark revisions. So, the BLS released a preliminary estimate of that benchmark revision several months ago, and if you apply that initial estimate, it would suggest that job growth in 2025 could be about 60,000 jobs per month, less than has already been reported. But at the same time, we know immigration controls are slowing growth in the labor force. So, this is what Powell is calling the really curious balance. How can you have employment growth basically zero, maybe even negative, after these revisions come in – and the unemployment rate relatively stable. Yes, it's gone up a few tenths, but not like you would normally expect that rise would be if we were shedding jobs. So that to me is why he… You know; the technical factors about revisions and things that lead them to be, I think, very unsure about where the labor market is; and lean in the direction of thinking lower rates are better to manage those risks than where they were six months ago. Matthew Hornbach: One of the points that you raised in your opening explanation of the meeting was about inflation. And Chair Powell mentioned an expectation that the inflation related to tariffs would be peaking in the first quarter of the year. That sounded very familiar to me because I believe that's your expectation as well. I'm curious. How are you looking at tariffs and the inflation related to tariffs today? And do you agree with Chair Powell still? Michael Gapen: We do. Our modeling of the tariff pass through and our conversations with clients and firms and what we hear on corporate earnings calls suggests that this is a long process. Meaning tariffs go in place, prices don't go up the next month. Firms make pricing decisions that take time to implement. So, we agree that the tariff pass through story will extend into 2026 and likely through the end of the first quarter. And if that's true, then goods prices should continue to move higher. The year-on-year rate of inflation should move higher, peaking at 3 percent or a little above in the first quarter of the year. And then tat effect should we think be over, which would open the door for overall inflation to start coming back down. So, I will use the dreaded T-word. We think ultimately inflation from tariffs will be transitory. And I agree with the Chair's timeline; inflation should peak in the first quarter of the year and then start to trend down. That said, we think inflation will be above the Fed's 2 percent target into 2027, and this is the cost of providing insurance to the labor market. Matthew Hornbach: So finally, all things considered, what is your outlook for Fed policy in 2026? Michael Gapen: Yeah, and the key here, Matt, is that exactly what you just implied about tariffs and inflation still going on into 2026, right? Because what we know is while firms are gauging exactly where they should be pricing, they've been offsetting tariffs through lower demand for labor. So, we think the Fed will be cutting again in January. We have three months of employment data that come across two employment reports between now and the January meeting. We think they will show continued cooling in the labor market. And then we have a second cut next year in in April. So, while tariffs are getting passed through, we think the labor market will continue to cool. And this Fed will be biased to cutting rates to provide support to the labor market in the process. That would mean the federal funds rate gets to 3 – 3.25 percent in the second quarter of 2026, where we think it'll stay.So Matt, I'd like to ask you a question. What I noticed was the rate market backed up going into the meeting, despite the fact that market participants were projecting a cut. And then the rate market rallied, in my view, significantly during the meeting and right after. What do you think was happening there? Matthew Hornbach: So, there's a phenomenon that happens in all markets where investors often speculate on a potential outcome. And if the outcome is then delivered, the follow-on price action is underwhelming. That is colloquially known as buying the rumor and selling the fact. So, I think going into this meeting kind of in line with your expectations, investors were forming very similar expectations about how the FOMC statement itself would change and the implications that that might have for the future of Fed policy. When that hawkish cut was delivered almost exactly as you had expected, Mike, I think, investors started thinking about the future in a slightly different way. Now that their expectations were met with the meeting outcome, they started to consider, the data that is forthcoming. And whenever, officials at the Fed talk about data in the way that Chair Powell spoke about the data – and by which I mean labeled the labor market as potentially losing jobs at the moment, and labeling inflation as transitory, that we'd be past the peak of tariff related inflation after the first quarter of the year. Investors can kind of look at those factors and extrapolate going forward, what that may mean for Fed policy in the first half of 2026. So, I think similar to your expectations for policy after this meeting, investors probably became a bit more confident in your outlook for Fed policy that we would see additional rate cuts in the first half of next year. And then, of course, after the April meeting, the baton will be passed to the next Fed chair, and I think investors are considering what policy might look like under that new regime at the Fed. And on the margin, the view is that the next Fed chair would be more likely than not to continue the process of lowering policy rates. So, I think all of those factors played into the post press conference, and even during the press conference reaction. Michael Gapen: Okay Matt, one last question, if I may. How did the events of the FOMC this week and the market reaction, how does that dovetail with how you're thinking about longer term rates, in particular where you see 10-year yields going? And the dollar? Matthew Hornbach: So, 10-year yields are relatively close to 4 percent at this juncture, and we expect them to drift modestly lower in the first half of 2026, as the Fed continues this process of lowering the policy rate. One point that's very important to make here is that the longer-term Treasury yields today are now sitting well above the Fed's policy rate, and that hasn't been the case for many, many years now. A lot of investors with whom we speak think that longer term yields can head a lot higher from here. But we're skeptical – because the higher that those yields go relative to the Fed's policy rate, the more attractive those bonds become for other investors to buy. So, we don't expect a big increase in longer term interest rates. Unlike some investors, we are expecting interest rates in the long end to remain relatively stable with a downward bias.On the dollar, similarly, we have the dollar continuing its depreciation trend, which it began in January of 2025, earlier this year. We expect that depreciation trend to continue in the first half of 2026 before – similar to the interest rate path – we see a little bit of dollar strength in the second half of the year. And so, you know this being the last FOMC meeting of the year, Mike, I guess we're going to have to take a wait and see approach until the FOMC reconvenes in the new year. Thanks a lot for taking the time to talk about the Fed with me this year. Michael Gapen: Great speaking with you Matt. See you in 2026. Matthew Hornbach: And thanks for listening. If you enjoy Thoughts on the Market, please leave us a review wherever you listen and share the podcast with a friend or colleague today.

In this episode, John sits down with Joe Baratta. Joe is the Global Head of Private Equity at Blackstone, the world’s largest alternative asset manager. Baratta shares his remarkable journey from a modest upbringing in Sacramento to leading one of the most powerful private equity platforms in the world. Together John and Joe explore the real meaning of access, aspiration, relationship capital, and why talent is universal, but opportunity is not. This episode is both a masterclass in economic empowerment and a reminder that the American Dream still exists, especially when leaders choose to widen the table and share the climb. See omnystudio.com/listener for privacy information.

1036: What does it mean to manage a digital workforce? In this episode of Technovation, we feature a panel from our most recent Metis Strategy Summit where three top executives explore how AI is reshaping work, both automating tasks, and changing the nature of management itself. Peter High speaks with: Jennifer Charters, Chief Information Officer at Lincoln Financial Prasanna Gopalakrishnan, Chief Product & AI Officer at ADP Daniel Marcu, Global Head of AI Engineering at Goldman Sachs Together, they discuss: Why AI agents require new thinking about team structure and oversight How CIOs and CHROs must partner to build enterprise AI fluency The risks of shadow AI and the need for secure platforms How habit loops and performance incentives impact AI adoption What it takes to balance innovation speed with organizational readiness

Heath Terry, Citi's Global Head of Technology and Communications Research, breaks down the latest OpenAI announcement and what it means for the AI landscape in 2026. Earnings from Broadcom, Costco, Lululemon and RH set the tone for the afternoon. Market gut check with Stephanie Guild, Chief Investment Officer at Robinhood. Christopher Rolland of Susquehanna analyzes Broadcom's results. Diana Olick reports on U.S. home prices turning negative and Deepak Puri, Chief Investment Officer at Deutsche Bank Wealth Management, on his 2026 market outlook and the strengthening dollar. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

What if protein degradation could address neurodegenerative diseases, not just cancer? In this episode, Dr. Angela Cacace, CSO at Arvinas, speaks with Dr. Talar Hopyan, Global Head of CST at Syneos Health, about how the company is advancing a degrader targeting LRRK2 in Parkinson's disease and why early-stage signals in healthy volunteers are raising new possibilities for CNS care. They discuss how Arvinas is engineering blood-brain barrier-penetrant molecules, the translational challenges in neurodegeneration and what's required to move from platform to patient. What you'll learn: How Arvinas is expanding targeted protein degradation into neurology Why LRRK2 degradation is a promising approach for Parkinson's disease What it takes to translate platform innovation into measurable clinical outcomes The views expressed in this podcast belong solely to the speakers and do not represent those of their organization. If you want access to more future-focused, actionable insights to help biopharmaceutical companies better execute and succeed in a constantly evolving environment, visit the Syneos Health Insights Hub. The perspectives you'll find there are driven by dynamic research and crafted by subject matter experts focused on real answers to help guide decision-making and investment. You can find it all at https://www.syneoshealth.com/insights-hub. Like what you're hearing? Be sure to rate and review us! We want to hear from you! If there's a topic you'd like us to cover on a future episode, contact us at podcast@syneoshealth.com.

This “Best of 2025” episode highlights insights from Shannon Shae Montoya, Global Head of B2B Marketing, Sponsorships, and Events at Yahoo; Toby Espinosa, Vice President of Ads at DoorDash; Adam Kornblum, Chief Creative Officer at L'Oréal; and Merill Hollander, founder of Fiametta, as they discuss how data-driven creativity, storytelling, and bold experimentation are shaping the future of marketing, retail media, beauty, and fine jewelry. Hosted on Acast. See acast.com/privacy for more information.

In this episode, Avanish and Antonio discuss:BBVA's data transformation journey, including the strategic decision in 2017 to create a global data function at the executive committee level reporting to the CEO and ChairmanBuilding hybrid data architecture combining centralized lake house (AWS) with data mesh approaches to balance agility and control across global operations in regulated environmentsThe "eight robots" framework—a top-down AI transformation agenda targeting the most critical parts of BBVA's value chain, from digital client relationships to banker productivity to risk underwritingHow BBVA defines data democratization as "responsible access" not "open access," implementing strict governance while enabling self-service analytics in a highly regulated industryReal-world AI impact: solutions reducing tasks from 11 minutes to less than 1 minute, generative assistant "Blue" serving 20+ million clients in Spain and Mexico, and IVR improvements saving minutes to secondsThe partnership and ecosystem strategy leveraging enterprise-focused innovation through AWS, OpenAI, Google Gemini, and vertical solution providers to increase speed of learning and innovationWhy the "mode in this cycle is learning—how fast you can learn, how fast you can test hypotheses"—embracing experimentation and continuous improvement as models rapidly evolveAntonio's vision for the future: using AI and data to expand bankarization globally, serving underserved populations and fueling economic growth for families and businessesAbout the host:Avanish Sahai is a Tidemark Fellow and served as a Board Member of Hubspot from 2018 to 2023; he currently serves on the boards of Birdie.ai, Flywl.com and Meta.com.br as well as a few non-profits and educational boards. Previously, Avanish served as the vice president, ISV and Apps partner ecosystem of Google from 2019 until 2021. From 2016 to 2019, he served as the global vice president, ISV and Technology alliances at ServiceNow.  From 2014 to 2015, he was the senior vice president and chief product officer at Demandbase.  Prior to Demandbase, Avanish built and led the Appexchange platform ecosystem team at Salesforce, and was an executive at Oracle and McKinsey & Company, as well as various early to mid-stage startups in Silicon Valley.About Antonio Bravo, Global Head of Data at BBVAAntonio started his career in 2009 as a consultant focused in Technology, Media and Telecom. There he had the opportunity to learn how (mobile) internet growth blurs barriers between different industries and makes them converge. One of those industries is finance. He joined BBVA in 2011 to be part of its transformation strategy, and since then he has had different jobs. Started working in the Strategy & M&A area, with focus on the BBVA Ventures team (today Propel) investing in fintech startups, continued with a role in Digital Banking Strategy team, and later in 2015 assumed the responsibility of Business Development in South America (Argentina, Chile, Colombia, Perú, Venezuela, Uruguay and Paraguay).He also held the responsibility of Agile Organization until July 2019, focused in scaling the Agile methodology through-out the entire organization, more than 33.000 people including holding and countries, to improve quality, time to market, productivity and team engagement.From July 2019 until September 2021 he held the responsibility of IT Strategy & Control within BBVA, a function that manages some of the core IT functions at a global level, such as IT strategy, finance, vendor management, PMO, first line of defense and IT spin-offs.Since September 2021 he holds the position of Head of Sustainability Strategy & Business Development, where he contributes to the design of the strategic plan for all segments and manages investment in descarbonization funds. In January 2024 he was also appointed as Head of Corporate and Investment Banking Strategy, Industrial client coverage and cross border business.In January 2025 was appointed Global Head of Data at BBVA. Antonio is responsible of leading the transformation of the Group towards a data-driven company.About BBVA:BBVA is a global financial services group founded in 1857. The bank is present in more than 25 countries, has a strong leadership position in the Spanish market, is the largest financial institution in Mexico and it has leading franchises in South America and Turkey. In the United States, BBVA also has a significant investment, transactional, and capital markets banking business.BBVA contributes with its activity to the progress and welfare of all its stakeholders: shareholders, clients, employees, providers and society in general. In this regard, BBVA supports families, entrepreneurs and companies in their plans, and helps them to take advantage of the opportunities provided by innovation and technology. Likewise, BBVA offers its customers a unique value proposition, leveraged on technology and data, helping them improve their financial health with personalized information on financial decision-making.About TidemarkTidemark is a venture capital firm, foundation, and community built to serve category-leading technology companies as they scale.  Tidemark was founded in 2021 by David Yuan, who has been investing, advising, and building technology companies for over 20 years.  Learn more at www.tidemarkcap.com.LinksFollow our host, Avanish SahaiLearn more about Tidemark

This “Best of 2025” episode highlights insights from Shannon Shae Montoya, Global Head of B2B Marketing, Sponsorships, and Events at Yahoo; Toby Espinosa, Vice President of Ads at DoorDash; Adam Kornblum, Chief Creative Officer at L'Oréal; and Merill Hollander, founder of Fiametta, as they discuss how data-driven creativity, storytelling, and bold experimentation are shaping the future of marketing, retail media, beauty, and fine jewelry. Hosted on Acast. See acast.com/privacy for more information.

Hosted by Kathryne Friend, VP Community at HIGHER, this episode of Hiring on All Cylinders features Kathrin Holzfurtner, a 3× Regional and Global Head of Talent who has led hiring at Google, Microsoft, and Ideals.With more than 5,000 hires across 40+ countries and new-market launches on three continents, Kathrin reveals why global hiring breaks when companies treat it like copy-paste recruiting — and what high-growth teams should do instead.Together, Kathryne and Kathrin unpack the pillars of successful international scaling: how to use talent intelligence to shape location strategy, how to choose the right operating model when entering new markets, how to build TA capacity and enablement ahead of demand, and how to avoid the common pitfalls that derail global growth.Required listening for any TA leader driving global expansion in 2026 and beyond.

This special episode marks the publication of our 2026 global outlook, which offers insights across public and private markets after another remarkable year for investors. Topics covered include: AI-driven capital expenditure and rising government borrowing What may need to happen to justify investor bullishness on AI Concentration risk in US and global equity markets Non-consensus market views for next year and beyond You can read the foreword and access the entire report here, on our blog. During the episode, Sonja Laud, our global CIO, is joined by: Christopher Jeffery, Head of Macro Strategy Colin Reedie, Head of Active Strategies David Barron, Global Head of Index and ETFs Robin Martin, Global Head of Investment Strategy & Research, Private Markets Our panel also share what they are planning to read, watch and listen to over the holidays. The podcast was recorded on 9 December and was moderated by Max Julius, Head of Content. For professional investors only. Capital at risk.

Most large enterprises rely on a handful of expansive technology platform solutions to run their business, and the most prominent and widely deployed in oil and gas is SAP. As I've outlined in my books, enterprise solutions such as SAP are also migrating to digital technologies, which triggers a major question: what is the optimal upgrade path for an SAP customer, or any enterprise technology, to adopt? Broadly speaking, there are two strategies to this vexxing question: a brownfield migration or "lift and shift" and a greenfield re-implementation or "start afresh". The problem is that brownfield upgrades rarely deliver any ROI while greenfield is seen as too risky, costly, or complex to execut, especially at the global scale one encounters among the oil and gas majors. Is there a third path, where organizations can preserve their historical data, stay compliant, and still deliver tangible business outcomes? In this episode I speak with Don Mahoney,  Global Head of Products and Innovation at SNP Group about a new approach, coined 'bluefield'. Bluefield lets companies dial in just the right amount of transformation, one that preserves key data, avoids excessive risk, and achieves a positive ROI. I'm very interested in how Bluefield works, how it supports AI training strategies, when to use it, and why it's becoming an attractive model for SAP S/4HANA transitions, and indeed all major platform solution transformations. 

Ellick Tsui, Deputy CEO and CFO, CTF Life, joins Fiona Horsewill, Global Head of Securities Services, HSBC, and Lisa O'Connor, Global Head of Client Change in Securities Services, HSBC, to discuss the pivotal role insurance and asset servicing play in fortifying Hong Kong as a leading international financial hub.This episode was recorded on 14 October 2025.Disclaimer: Views of external guest speakers do not represent those of HSBC.

In this episode of the Verified Podcast by Bitcoin Suisse, hosts Dominic Weibel and Denis Oevermann explore the transformation of tokenization from experimental pilots to real-world production with Daniel Coheur, Global Head of Digital Assets and Fund Distribution at Apex Group. The discussion examines tokenization's impact on fund distribution, the evolution of blockchain integration in traditional finance, and the regulatory landscape for stablecoins across jurisdictions. Daniel shares insights on how intermediaries are adapting, the challenges of achieving scale and efficiency, and the critical role of regulatory clarity and technological standards in shaping the future of digital finance. 

Throughout this season of The Process Automation Podcast, we’ve uncovered how experts around the world are rethinking the future of production in heavy industry. In the final bonus episode for this season, host Fran Scott steps back to revisit some of the standout ideas and insights that really made us stop and think. From digital tools reshaping everyday operations to the evolving nature of industrial work itself, you'll be hearing highlights from: April Whitson, Global Head of HR at ABB Process Industries (Episode 1: Driving change – people behind the energy transition) Stefan Basenach, Senior Vice President at ABB Process Automation Technology (Episode 2: Automation in action – built to last, designed to evolve) Dr. Carlos Lopez-Gomez, Head of Policy Links at IFM Engage at the University of Cambridge (Episode 5: Small tech, big impact – delivering precision in harsh industrial operations) Shanthala Kamath, R&D Corporate Executive Engineer at ABB Measurement and Analytics (Episode 5: Small tech, big impact – delivering precision in harsh industrial operations) Follow The Process Automation Podcast wherever you get your podcasts so you never miss an episode. If you want to get involved and join us as an expert, follow the link to ABB’s website where you can let us know your domain of expertise. Link here: or at The Process Automation Podcast — ABB Group See omnystudio.com/listener for privacy information.

It's been an unprecedented year in fashion. 16 designers rebooted 15 labels in September causing one of the biggest shakeups in fashion history, Labubus took over the world, and Kendrick Lamar's Celine flared jeans stirred up the discourse.Today on the show, we invited Virginia Smith, Vogue's Global Head of Fashion Network, and Laia Garcia-Furtado, Senior Fashion News Editor at Vogue Runway, to break down all the biggest moments from a massive year in fashion.“Awar closing the Chanel show was my fashion moment of the year because it encapsulated so many great things,” Smith said. “It was really something I have not witnessed very many times in my very long career of attending shows.”Another major collection was Dario Vitale's debut at Versace. Vitale was our reader's 3rd favorite designer of the year, after Blazy at Chanel and Jonathan Anderson at Dior. “Immediately I saw the show and thought, “this is how I want to dress.” said Garcia-Furtado. “As soon as the show ended, I went on The RealReal and bought a pair of Versus jeans within minutes.”Plus, tune in to hear what our editors are looking forward to in 2026.The Run-Through with Vogue is your go-to podcast where fashion meets culture. Hosted by Chloe Malle, Head of Editorial Content, Vogue U.S.; Chioma Nnadi, Head of British Vogue; and Nicole Phelps, Director of Vogue Runway, each episode features the latest fashion news and exclusive designer and celebrity interviews. Learn about your ad choices: dovetail.prx.org/ad-choices

Shefali Kakar, Global Head of PK Sciences and Oncology at Novartis, returns to the AI in Business podcast to discuss how AI is reshaping the earliest and most critical phases of drug development—where strategic investment decisions are made long before a clinical trial begins. Together with Emerj Editorial Director Matthew DeMello, Shefali explores how advanced modeling, in silico design, and patient data are creating a clearer picture of risk and return across R&D portfolios. She explains how pharmaceutical organizations are leveraging multi-factorial models to simulate safety, efficacy, and market potential—down to the molecular level. Want to share your AI adoption story with executive peers? Click emerj.com/expert2 for more information and to be a potential future guest on the 'AI in Business' podcast!

In this episode, we dive into the future of Talent Acquisition with AI at its core. Dominik Hahn, Global Head of Group Talent Acquisition at Allianz, joins Jason Averbook and Jess Von Bank to explore how organizations can responsibly harness AI to transform recruiting on a global scale. Tune in to hear insights on enhancing candidate experience while maintaining the human touch, building trust through ethical AI practices, and scaling recruitment technology across diverse regions and business lines. Don't miss this thoughtful conversation on the evolving landscape of recruitment in the age of AI.

What does it take to transform treasury into a strategic driver inside a global luxury brand? In this episode, Olivier Smekens, Global Head of Treasury at Breitling, shares how he's leveraging fintech, automation, and agile thinking to future-proof treasury operations - and what you can learn from his approach.With a career spanning consulting, automotive manufacturing, and high-growth private equity environments, Olivier brings a wealth of cross-industry experience. At Breitling, he's leading the digital transformation of treasury - automating FX hedging, preparing for IPO-readiness, and exploring the frontiers of AI in financial systems.Whether you're building a treasury function from the ground up or optimizing an established one, you'll walk away with practical insights on:Implementing automation to manage FX riskEvaluating next-gen treasury techSupporting rapid growth in a private equity settingThis conversation is a must-listen for treasury professionals ready to elevate their role as strategic enablers of growth.What We Cover in This Episode:Olivier's career path: from KPMG auditor to global treasury leaderTransitioning into treasury without prior experience - and thrivingKey treasury challenges in the automotive industry (FX risk, liquidity, decentralization)What it's like to lead treasury in a private equity-backed companyHow treasury supports high-growth initiatives at Breitling, including acquisitions and expansionImplementing FX hedge automation using KantoxPreparing for a TMS rollout: evaluating AI capabilities and tech providersThe role of NFTs and blockchain in Breitling's digital innovationEmbracing a tech-forward mindset to drive treasury efficiencyHow cross-cultural experience has shaped Olivier's leadership styleWhy soft skills and simplification are vital for board-level impactYou can connect with Olivier Smekens on LinkedIn. ---

You can have the best tech and innovation, but are you creating for and connecting with humans? If all you rely on is AI, you'll eventually lose human connections and your marketing will fail, says Carly Morris, Global Head of Acquisition & Growth at Microsoft Advertising. She's picked "people centric leadership in an AI evolution" as her shiny new object and we talk about: understanding the data beyond surface level creating environments where people can be creative and thrive why brands who put people first will eventually have the upper hand. "Data can be a starting point, a way to fill in the gaps." Learn more on the full episode. 

Welcome back to the Alt Goes Mainstream podcast.Today's episode was filmed at ING's HQ in Amsterdam, right after ING held its Private Markets Day. The firm has been actively building out its private markets capabilities to serve its private wealth clients so it was a treat to interview two of the people responsible for running ING's wealth management and private markets practice.We sat down with Anneka Treon, ING's Global Head of Private Banking, Wealth Management & Investments, and Johan Kloeze, Head of Private Banking & Wealth Management Netherlands, to discuss ING's big ambitions in private markets.ING, which manages over €260B of invested assets across 5 million clients, has made a major push into private markets. Led by Anneka and Johan, the firm has built out a Private Markets business that has grown AUM in three years since its launch. ING has partnered with established alternative asset managers to create one of the largest evergreen fund platforms in European wealth management.Anneka, Johan, and I had a fascinating discussion about wealth management, how to bring private markets to advisors and clients, and how to educate the wealth channel about private markets. We covered:What Anneka means by “fast money versus slow money.”Why it's important for advisors to bring private markets “to the kitchen table.”How to transform savers into investors — and why that matters.Why focus on private markets.The challenges with building a private markets business.Figuring out how to partner with alternative asset managers.How and why ING has focused on curation when building its private markets platform.The benefits and challenges of evergreen funds.Thanks Anneka and Johan for sharing your wisdom and expertise at the intersection of private markets and private wealth.Show Notes00:00 Message from our Sponsor, Ultimus01:43 Welcome to the Alt Goes Mainstream Podcast01:57 Introduction to Johan Kloeze and Anneka Treon03:19 Guest Welcome and Backgrounds04:05 Johan's Journey at ING05:07 Anneka's Background and Ambitions06:58 The Importance of Private Markets07:56 Wealth Creation and Preservation08:25 Building the Private Markets Business14:55 Educational Approach to Private Markets16:19 Making Private Markets Human20:54 Curating the Right Managers23:02 Slow Money vs Fast Money24:07 The Bookcase Analogy24:21 Cash Flow Dynamics24:27 The Importance of a Stable Financial Foundation24:53 The Role of Quality Managers in Investment25:16 Motivations Behind Public vs. Private Markets26:13 Educating Younger Clients on Slow Money28:04 The Role of ING in Providing Diverse Investment Options28:47 Challenges in Building a Private Markets Platform29:46 The Success of Evergreen Vehicles31:25 Anneka's Perspective on ING's Private Markets Strategy32:18 Humanizing Private Markets32:54 Opportunities in the ELTIF Space34:24 Educating Clients on Private Markets36:29 The Future of ING's Private Markets Platform37:43 Balancing Digital and Human Approaches38:49 The Importance of Simplifying Investment Concepts38:57 The Role of Liquidity in Private Markets39:53 Lessons Learned in Building an Investment Platform41:38 The Entrepreneurial Spirit of ING's Clients42:46 The Need for Harmonization in Private Markets44:36 The Growth Roadmap for ING's Private Markets45:07 The Future of Private Markets InvestmentsEditing and post-production work for this episode was provided by The Podcast Consultant.A word from AGM podcast sponsor, Ultimus Fund SolutionsThis episode of Alt Goes Mainstream is brought to you by Ultimus Fund Solutions, a leading full-service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. In an increasingly sophisticated financial marketplace, investment managers must navigate a growing array of challenges: elaborate fund structures, specialized strategies, evolving compliance requirements, a growing need for sophisticated reporting, and intensifying demands for transparency.To assist with these challenging opportunities, more and more fund sponsors and asset managers are turning to Ultimus, a leading service provider that blends high tech and high touch in unique and customized fund administration and middle office solutions for a diverse and growing universe of over 450 clients and 1,800 funds, representing $500 billion assets under administration, all handled by a team of over 1,000 professionals. Ultimus offers a wide range of capabilities across registered funds, private funds and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever-changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products.Visit www.ultimusfundsolutions.com to learn more about Ultimus' technology enhanced services and solutions or contact Ultimus Executive Vice President of Business Development Gary Harris on email at gharris@ultimusfundsolutions.com.We thank Ultimus for their support of alts going mainstream.

Send us a textSarah Kapnick literally trained under John Nash at Princeton, went from structuring catastrophe bonds at Goldman during Hurricane Katrina, to serving as Chief Scientist at NOAA, and is now Global Head of Climate Advisory at JPMorgan. She's part mathematician, part climate scientist, part Wall Street insider – and the godmother of The Wall Street Skinny, the person who first convinced Jen to go into finance. This interview has been two and a half years in the making, and it's easily one of the most full-circle, “how is this one person real?” conversations we've ever had.We get into the math of predicting the future: how fluid dynamics and game theory show up in Black-Scholes, what “1-in-100 year events” actually mean over a 30-year mortgage, and why climate risk isn't a political side quest but a massive driver of returns, insurance pricing, and portfolio construction. Sarah explains cat bonds in plain English, walks through physical vs. transition risk, and connects wildfires, hurricanes, nuclear, fusion, and geothermal to the way capital is being allocated right now. If you care about making or losing money over the next few decades, this is not optional listening.We also talk mentorship, careers, and what it looks like to build a non-linear, insanely high-impact path across science, government, and Wall Street while raising a young family. Sarah shares how she decides when to leave a prestigious job, what she tells the next generation of math and science nerds curious about finance, and how she translates hardcore climate science for CEOs, investors, and ultra-high-net-worth clients. Even if you think “climate isn't for me,” this episode will change how you think about risk, opportunity, and the future.Learn more about 9fin HERE Shop our Self Paced Courses: Investment Banking & Private Equity Fundamentals HEREFixed Income Sales & Trading HERE Wealthfront.com/wss. This is a paid endorsement for Wealthfront. May not reflect others' experiences. Similar outcomes not guaranteed. Wealthfront Brokerage is not a bank. Rate subject to change. Promo terms apply. If eligible for the boosted rate of 4.15% offered in connection with this promo, the boosted rate is also subject to change if base rate decreases during the 3 month promo period.The Cash Account, which is not a deposit account, is offered by Wealthfront Brokerage LLC ("Wealthfront Brokerage"), Member FINRA/SIPC. Wealthfront Brokerage is not a bank. The Annual Percentage Yield ("APY") on cash deposits as of 11/7/25, is representative, requires no minimum, and may change at any time. The APY reflects the weighted average of deposit balances at participating Program Banks, which are not allocated equally. Wealthfront Brokerage sweeps cash balances to Program Banks, where they earn the variable APY. Sources HERE.

In the first episode of this new series ‘Let's talk thEMes', Deutsche Bank's Emerging Markets research team discusses key themes facing EM in 2026 – combining top-down views on the asset class with a bottom up look at various EM geographies around the world. After delivering close to what has been among the best annual performance since GFC, we argue for why EM has more room to go.Featuring:Sameer Goel, Global Head of Emerging Markets and APAC ResearchChristian Wietoska, Head of CEEMEA & LatAm ResearchOliver Harvey, Head of CEEMEA & LatAm Currency ResearchDanelee Masia, Chief Economist, CEEMEAFrancisco Campos, Chief Economist, Latin AmericaPerry Kojodjojo, Senior Asian Macro Strategist

Ron takes an important look at fork split english muffins, juicy fish, and the Epstein files..... Guest: Savannah Badalich is Global Head of Policy at Discord

Our Global Head of Fixed Income Research and Public Policy Strategy Michael Zezas and Chief Global Cross-Asset Strategist Serena Tang address themes that are key for markets next year.Read more insights from Morgan Stanley.----- Transcript -----Michael Zezas: Welcome to Thoughts on the Market. I'm Michael Zezas, Global Head of Fixed Income Research and Public Policy Strategy.Serena Tang: And I'm Serena Tang, Morgan Stanley's Chief Global Cross-Asset Strategist.Michael Zezas: Today we'll be talking about key investor debates coming out of our year ahead outlook.It's Wednesday, December 3rd at 10:30am in New York. So, Serena, it was a couple weeks ago that you led the publication of our cross-asset outlook for 2026. And so, you've been engaging with clients over the past few weeks about our views – where they differ. And it seems there's some common themes, really common questions that come up that represent some important debates within the market. Is that fair?Serena Tang: Yeah, that's very fair. And, by the way, I think those important debates, are from investors globally. So, you have investors in Europe, Asia, Australia, North America, all kind of wanting to understand our views on AI, on equity valuations, on the dollar.Michael Zezas: So, let's start with talking about equity markets a bit. And one of the common questions – and I get it too, even though I don't cover equity markets – is really about how AI is affecting valuations. One of the concerns is that the stock market might be too high, might be overvalued because people have overinvested in anything related to AI. What does the evidence say? How are you addressing that question? Serena Tang: It is interesting you say that because I think when investors talk about equities being too high, of valuations – AI related valuations being very stretched, it's very much about parallels to that 1990s valuation bubble.But the way I approach it is like there are some very important differences from that time period, from valuations back then. First of all, I think companies in major equity indices are higher quality than the past. They operate more efficiently. They deliver strong profitability, and in general pretty solid free cash flow.I think we also need to consider how technology now represents a larger share of the index, which has helped push overall net margins to about 14 percent compared to 8 percent during that 1990s valuation bubble. And you know, when margins are higher, I think paying premium for stocks is more justified.In other words, I think multiples in the U.S. right now look more reasonable after adjusting for profit margins and changes in index composition. But we also have to consider, and this is something that we stress in our outlook, the policy backdrop is unusually favorable, right? Like you have economists expecting the Fed to continue easing rates into next year. We have the One Big Beautiful Bill Act that could lower corporate taxes, and deregulation is continuing to be a priority in the U.S. And I think this combination, you know, monetary easing, fiscal stimulus, deregulation. That combination rarely occurs outside of a recession. And I think this creates an environment that supports valuation, which is by the way why we recommend an overweight position in U.S. equities, even if absolute and relative valuation look elevated.Michael Zezas: Got it. So, if I'm hearing you right, what I think you're saying is that comparisons to some bubbles of the past don't necessarily stack up because profitability is better. There aren't excesses in the system. Monetary policy might be on the path that's more accommodative. And so, when compared against all of that, the valuations actually don't look that bad.Serena Tang: Exactly.Michael Zezas: Got it. And sticking with the equity markets, then another common question is – it's related to AI, but it's sort of around this idea that a small set of companies have really been driving most of the growth in the market recently. And it would be better or healthier if the equity market were to perform across a wider set of companies and names, particularly in mid- and small cap companies. Is that something that we see on the horizon?Serena Tang: Yes. We are expecting U.S. stock earnings to sort of broaden out here and it's one of the reasons why our U.S. equity strategy team has upgraded small caps and now prefer it over large caps. And I think like all of this – it comes from the fact that we are in a new bull market. I think we have a very early cycle earnings recovery here. I mean, as discussed before, the macro environment is supportive. And Fed rate cuts over the next 12 months, growth positive tax and regulatory policies, they don't just support valuations. They also act as a tailwind to earnings.And I think like on top of that, leaner cost structures, improving earnings revisions, AI driven efficiency gains. They all support a broad-based earnings upturn. and our U.S. equity strategy team do see above consensus 2026 earnings growth at 17 percent. The only other region where we have earnings growth above consensus in 2026 is Japan; for both Europe and the EM we are below, which drive out equal weight and slight underweight position in those two indices respectively.Michael Zezas: Got it. And so, since we can't seem to get away from talking about AI and how it's influencing markets, the other common question we get here is around debt issuance related to AI.So, our colleagues put together a report from earlier this year talking about the potential for nearly $3 trillion of AI related CapEx spending over the next few years. And we think about half of that is going to have to be debt financed. That seems to be a lot of debt, a lot of potential bonds that might be issued into the market – which, are credit investors supposed to be concerned about that?Serena Tang: We really can't get away from AI as a topic. And I think this will continue because AI-related CapEx is a long-term trend, with much of the CapEx still really ahead. And I think this goes to your question. Because this really means that we expect nearly another [$]3 trillion of data center related CapEx from here to 2028. You know, while half of the spend will come from operating cash flows of hyperscalers, it still leaves a financing gap of around [$]1.5 trillion, which needs to be sourced through various credit channels.Now, part of it will be via private credit, part of it would be via Asset Backed Securities. But some of it would also be via the U.S. investment grade corporate credit bond space. So, add in financing for faster M&A cycle, we forecast around [$]1 trillion in net investment grade bond issuance, you know, up 60 percent from this year.And I think given this technical backdrop, even though credit fundamentals should stay fine, we have doubled downgraded U.S. investment grade corporate credit to underweight within our cross asset allocation.Michael Zezas: Okay, so the fundamentals are fine, but it's just a lot of debt to consume over the next year. And so somewhat strangely, you might expect high yield corporate bonds actually do better.Serena Tang: Yes, because I think a high yield doesn't really see the same headwind from the technical side of things. And on the fundamentals front, our credit team actually has default rates coming down over the next 12 months, which again, I think supports high yield much better than investment grade.Michael Zezas: So, before we wrap up, moving away from the equity markets, let's talk about foreign exchange. The U.S. dollar spent much of last year weakening, and that's a call that our team was early to – eventually became a consensus call. It was premised on the idea that the U.S. was going to experience growth weakness, that there would also be these questions among investors about the role of the dollar in the world as the U.S. was raising trade barriers. It seemed to work out pretty well. Going into 2026 though, I think there's some more questions amongst our investors about whether or not that trend could continue. Where do we land?Serena Tang: I think in the first half of next year that downward pressure on the dollar should still persist. And you know, as you said, we've had a very differentiated view for most of this year, expecting the dollar to weaken in the first half versus G10 currencies. And several things drive this. There is a potential for higher dollar negative risk premium, driven by, I think, near term worries about the U.S. labor markets in the short term. And as investors, I think, debate the likely composition of the FOMC next year. Also, you know, compression in U.S. versus rest of the world. Rate differentials should reduce FX hedging costs, which also adds incentive for hedging activity and dollar selling. All this means that we see downward pressure on the dollar persisting in the first half of next year with EUR/USD at 123 and USD/JPY at 140 by the end of first half 2026.Michael Zezas: All right. Well, that's a pretty good survey about what clients care about and what our view is. So, Serena, thanks for taking the time to talk with me today.Serena Tang: And thank you for inviting me to the show today.Michael Zezas: And to our audience, thanks for listening. If you enjoy Thoughts on the Market, please leave us a review and share the podcast. We want everyone to listen.

Carl Quintanilla, Sara Eisen, and Michael Santoli kicked off the hour with a check on how the consumer's held up this holiday season according to alternative data sources and earnings reports - before breaking down what it all means for stocks with Truist Wealth's Chief Investment Officer. Plus: is the Bitcoin bottom in? Or is there more pain to come - the CEO of crypto trading platform Bullish gave his take on the action... before the team turned to gold with TD's Global Head of Commodity Strategy, who argues there's better bets for the new year elsewhere.  Also in focus: Apple's AI shake-up, OpenAI's "Code Red", and Amazon's new AWS plans... The team discussed all 3 headlines, and what it means for shares alongside the broader markets. Squawk on the Street Disclaimer Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Corey Salsberg, one of the leading voices on intellectual property policy in the United States, joins Clause 8 to discuss surviving the anti-pharma activism of the last administration, why he's encouraged by the current administration's approach to patent policy, and even the scientific possibility of “resurrecting the woolly mammoth.”As Global Head of IP at Novartis, Salsberg has a unique vantage point on how legal uncertainty affects the future of healthcare innovations. His work testifying before Congress has placed him at the center of the debate over the Supreme Court's Mayo, Myriad, and Alice decisions — rulings that he thinks have been followed by years of instability around Section 101, threatening investment in critical biotech and diagnostic breakthroughs.The conversation explores the political landscape surrounding the Patent Eligibility Restoration Act (PERA), the persistence of myths like “patent thickets,” and the consequences of letting misinformation shape innovation policy. It also highlights what Congress can do to prevent the U.S. from falling behind in the race for gene and AI-driven therapeutics.Ultimately, Salsberg's perspective underscores how constructive, good-faith dialogue across industries remains essential to safeguarding innovation.