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Our Chief U.S. Economist Michael Gapen and Global Head of Macro Strategy Matthew Hornbach discuss potential next steps for the FOMC and the risks to their views from the U.S. government shutdown. 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: The October FOMC meeting delivered a quarter percent rate cut as widely expected – but things are more complicated, and policy is not on a preset path from here.It's Friday, November 7th at 10am in New York.So, Mike, the Fed did cut by 25 basis points in October, but it was not a unanimous decision. And the Federal Open Market Committee decided to end the reduction of its balance sheet on December 1st – earlier than we expected. How did things unfold and does this change your outlook in any way?Michael Gapen: Yeah, Matt, it was a surprise to me. Not so much the statement or the decision, but there were dissents. There was a dissent in favor of a 50-basis point cut. There was a dissent in favor of no cut. And that foreshadowed the press conference – where really the conversation was about, I think, a divided committee; and a committee that didn't have a lot of consensus on what would come next.The balance sheet discussion, which we can get into, it came a little sooner than we thought, but it was largely in line with our view. And I'm not sure it's a macro critical decision right now. But I do think it was a surprise to markets and it was certainly a surprise to me – how much Powell's tone shifted between September and October, in terms of what the market could expect from the Fed going forward.So, what he said in essence, the key points, you know. The policy's not on a preset path from here. Or [a] cut in December is maybe not decidedly part of the baseline; or certainly is not a foregone conclusion. And I think what that reflects is a couple of things.One is that they're recalibrating policy based on a risk management view. So, you can cut almost independent of the data, at least in the beginning. And so now I think Powell's saying, ‘Well, at least from here, future cuts are probably more data dependent than those initial cuts.' But second, and I think most importantly is the division that appeared within the Fed. I think there's one group that's hawkish, one group that's dovish, and I think it reflects the division and the tension that we have in the economic data.So, I think the hawkish crowd is looking at strong activity data, strong AI spending, an upper income consumer that seems to be doing just fine. And they're saying, ‘Why are we cutting? Financial conditions for the business community is pretty easy. Maybe the neutral rate of interest is higher. We're probably less restrictive than you think.' And then I think the other side of the committee, which I believe still that Chair Powell is in, is looking at a market slowdown in hiring a weak labor market. What that means for growth in real income for those households that depend on labor market income to consume; there's probably some front running of autos that artificially boosted growth in the third quarter.So, I think that the dissents, or I should say the division within the FOMC, I think reflects the tension in the underlying data. So, to know which way monetary policy evolves, Matt, it's essentially trying to decide: does the labor market rebound towards the activity data or does the activity data decelerate at least temporarily to the labor market?Matthew Hornbach: Mike, you talked a lot about data just now, and we're not exactly getting a lot of government data at the moment. How are you thinking about the path for the data in terms of its availability between now and the December FOMC meeting? And how do you think that may affect the Fed's willingness to move forward with another rate cut in the cycle?Michael Gapen: Right. So that's key and critical to understanding, right? We're operating under the assumption, of course the federal government shutdowns going to end at some point. We're going to get all this back data released and we can assess where the economy is or has been. I think the way markets should think about this is if the government shutdown has ended in the next few weeks, say before Thanksgiving – then I think we, markets, the Fed will have the bulk of the data in front of them and available to assess the economy at the December FOMC meeting.They may not have it all, but they should get at least some of that data released. We can assess it. If the economy has moderated and weakened a bit, the labor market has continued to cool, the Fed can cut. If it shows maybe the labor market rebounding downside risk to employment being diminished, maybe the Fed doesn't cut.So that's a world and it is our expectation the shutdown should end in the next few weeks. We're already at the longest shutdown on record, so we will get some data in hand to make the decision for December. Perhaps that's wishful thinking, Matt, and maybe we go beyond Thanksgiving, and the shutdown extends into December.My suspicion though, is if the government is still shut down in December, I can't imagine the economy's getting better. So, I think the Fed could lean in the direction of taking one more step.Matthew Hornbach: This is going to be very critical for how the markets think about the outlook in 2026 and price the outlook for 2026. The last FOMC meeting of the year has that type of importance for markets – pricing, the path of Fed policy, and the path of the economy into 2026. Because if we end up receiving a rate cut from the Fed, the dialogue in the investment community will be focused on when might the next cut arrive. Versus if we don't get that rate cut in December, the dialogue will focus on, maybe we will never see another rate cut in the cycle. And what if we see a rate hike as we make our way through the second half of 2026? So that can have a dramatic impact on the U.S. Treasury market and how investors think about the outlook for policy and the economy.Michael Gapen: So, I think that's right. And as you know, our baseline outlook is at least through the first quarter, if not into the second quarter. The private sector will still be attempting to pass through tariffs into prices. And I think in the meantime, demand for labor and the hiring rate will remain low.And so, we look for additional labor market slack to build. Not a lot, but the unemployment rate moving to more like 4.6, maybe 4.7 – and that underpins our expectation the Fed will be reducing rates in in 2026. But I think as you note, and as I mentioned earlier, there is this tension in the data and it's not inconceivable that the labor market accelerates. And you get, kind of, an animal spirits driven 2026; where a combination of momentum in the data, AI-related business spending, wealth effects for upper income consumers and maybe a larger fiscal stimulus from the One Big Beautiful Bill Act, lead the economy to outperform.And to your point, if that is happening, it's not farfetched to think, well, if the Fed put in risk management insurance cuts, perhaps they need to take those out. And that could build in a way where that expectation, let's say towards the second half or the fourth quarter maybe of 2026, maybe it takes into 2027. But I agree with you that if the Fed can't cut in December because the economy's doing well and the data show that, and we learn more of that in 2026, you're right.So, it would… And may maybe to put it more simply, the more the Fed cuts, the more you need to open both sides of the rate path distribution, right? The deeper they cut, the greater the probability over time, they're going to have to raise those rates. And so, if the Fed is forced to stop in December, yeah, you can make that argument.Matthew Hornbach: Indeed, a lot of the factors that you mentioned are factors that are coming up in investor conversations increasingly. The way I've been framing it in my discussions is that investors want to see the glass as half full today, versus in the middle of this year the glass was looking half empty. And of course, as we head into the holiday season, the glass will be filled with something perhaps a bit tastier than water. And so…Michael Gapen: Fill my glass please.Matthew Hornbach: Indeed. So, I do think that we could be setting up for a bright 2026 ahead. And so, with that, Mike, look forward to seeing you again in December – with a glass of eggnog perhaps. And a decision in hand for the meeting that the Fed holds then. Thanks for taking the time to talk.Michael Gapen: Great speaking with you, Matt.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.

Today's guest is Joe Davis, Vanguard's Global Chief Economist and Global Head of Vanguard's Investment Strategy Group. His latest research on megatrends is covered in his book, Coming Into View: How AI and Other Megatrends Will Shape Your Investments. In today's episode, Joe explains why the coming decade for the U.S. economy will be shaped by a tug-of-war between AI and demographics-driven deficits. While the most likely outcome is optimistic (the benefits of AI offset demographic pressures), the next most likely outcome is pessimistic (AI fails to meet our expectations and growth tumbles, putting pressure on the government's balance sheet). Joe emphasizes the need for investors to prepare for non-consensus outcomes and embrace diversification to navigate this uncertain future.  Listen to Joe's first appearance on the show in February 2020. (0:00) Starts (1:40) AI's impact on the economy (7:26) Megatrends and technological change (19:18) Financial market signals, narratives, and nonconsensus outcomes (25:23) Comparing hype in AI stocks, gold, and economic scenarios (32:44) Historical technology cycles (41:48) The role of international bonds in a diversified portfolio (47:47) AI's impact on financial advisors (55:10) The future of automation & AI ----- Sponsor: ⁠AcreTrader⁠ is an investment platform that makes it simple to own shares of farmland and earn passive income, and you can start investing in just minutes online. For more information, please visit ⁠acretrader.com/meb⁠. ----- Follow Meb on X, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Follow The Idea Farm: X | LinkedIn | Instagram | TikTok ----- Interested in sponsoring the show? Email us at Feedback@TheMebFaberShow.com ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more.  ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here!  ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Learn more about your ad choices. Visit megaphone.fm/adchoices

In this Marketing Over Coffee: Learn about big branding campaigns vs always on, ad tech, generative ads and more! Direct Link to File Chloe is Spotify's Global Head of Product and Commercial Growth, overseeing a team of Product Marketers, Trainers and Marketing Scientists, responsible for accelerating product adoption and commercial growth for Spotify Advertising. Starting […] The post Chloe Wix Of Spotify On Building An Ad Platform For The Future appeared first on Marketing Over Coffee Marketing Podcast.

In this third installment of the podcast series, the speakers explored what it takes to build an AI-ready workforce—examining emerging roles, evolving skill sets, and how existing talent is reshaping the future of work. Moderator: @Elizabeth Suehr - Director of Legal Risk Systems & Strategy, Jenner & Block LLP Speakers: @Reggie Pool - Principal, Practical IG LLC @ Sumit Tenaja - SVP & Global Head of AI Consulting and Implementation, EXL  Recorded on 11-07-2025. About the Speakers @Reggie Pool is the founder of Practical IG, where he helps law firms and corporate legal teams modernize their information governance programs for the era of Microsoft 365 and AI. With more than 25 years in legal technology and compliance, he focuses on making governance practical, defensible, and future-ready. Reggie believes AI isn't replacing IG—it's redefining it, and IG professionals need to evolve their skills to stay at the center of that transformation. Sumit Tenaja leads EXL's AI Consulting practice, driving innovation by integrating AI across business operations and reimagining customer journeys to enhance experience and outcomes. With over 25 years of experience across Insurance, Healthcare, Banking, and Energy, he is recognized for thought leadership in transformation, process excellence, and delivering impactful, scalable solutions.

At the start of 2025 there was optimism that the global M&A market would strengthen with the expectation that inflation and interest rates would fall and a more favourable regulatory environment would exist. Yet it was a slow start amid uncertainty. The unpredictability of US trade policy under the Trump administration saw the global Economic Policy Uncertainty Index rise to a 30 year record high in early 2025, decreasing the appetite for deals. But M&A still remains a critical part of a companies growth strategy. So where will the M&A market be at the end of this year and over the next five years? And how can business leaders manage a successful M&A in today's climate and tomorrow's world? Here to discuss this further are Brian Salsberg, Snr Managing Director & Global Head of M&A at FTI Consulting and Massimo Battaini, CEO of Prysmian.Sources: FT Resources, Morrison Foerster, St.Louis Fed, McKinsey, World Uncertainty Index, JP MorganThis content is paid for by Prysmian and is produced in partnership with the Financial Times' Commercial Department. The views and claims expressed are those of the guests alone and have not been independently verified by The Financial Times. Hosted on Acast. See acast.com/privacy for more information.

Behind every strong professional story is a journey of courage, reinvention, and empowerment.

What if the most powerful tool for saving time, making money, and transforming your life was already right in front of you? And yet you're most likely using it incorrectly or not using it at all. That tool is AI – artificial intelligence. Have you noticed: it seems like everybody is talking about AI everywhere you turn? You're already living with it every single day, whether you notice it or not. So, you might as well be the one in charge of how you use it. That's why Mel has been searching for the right expert to come on the show to empower you, step by step, on how you can best use AI to benefit your life. That's what you'll hear today from Allie K. Miller, who Mel calls “The AI Whisperer” because she is in the ear advising some of the world's leading brands on AI. Allie launched the first multimodal AI team at IBM, was the Global Head of AI for Startups and Venture Capital at Amazon Web Services, is the most-followed AI voice on LinkedIn and one of TIME Magazine's 100 Most Influential People in AI. And she isn't here to scare you about artificial intelligence. She's here to show you how to use it in ways that can improve your life, starting today. Allie breaks down how AI actually works, what it can do for your day-to-day life, and how you can use it to make your days better and easier. You don't need to be a coder or a tech person to follow along. Mel is right there with you as a beginner to AI. Allie explains it all clearly, with real-life examples. In fact, if you've ever felt behind on technology or overwhelmed by the hype, this episode will leave you feeling empowered. It's time for a real, human conversation about AI – one that will give you the truth, the confidence, and the step-by-step moves that will help you take control of your time, your money, and your life. For more resources related to today's episode, click here for the podcast episode page. If you liked the episode, check out this one next: How to Get Things Done, Stay Focused and Be More ProductiveConnect with Mel:  Get Mel's newsletter, packed with tools, coaching, and inspiration.Get Mel's #1 bestselling book, The Let Them TheoryWatch the episodes on YouTubeFollow Mel on Instagram The Mel Robbins Podcast InstagramMel's TikTok Subscribe to SiriusXM Podcasts+ to listen to new episodes ad-freeDisclaimer Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Earlier this week, the U.S. Supreme Court heard a case challenging the current administration's tariff policy. Our Head of Fixed Income Research and Public Policy Research explains the potential magnitude of the case's outcome for markets.Read more insights from Morgan Stanley.----- Transcript -----Welcome to Thoughts on the Market. I'm Michael Zezas, Global Head of Fixed Income Research and Public Policy Strategy.Today, we discuss the challenge against tariffs at the Supreme Court and how it might affect markets.It's Thursday, Nov 6th at 11am in New York.This week, the U.S. Supreme Court heard arguments about the legality of most of the tariffs implemented by the Trump administration. Investors are paying close attention because if the Supreme rules against the administration, it could undo much of the four-five times tariff increase that's taken place in the U.S. this year. That would seem to set up this hearing, and a subsequent ruling which could come as early as this month, as a clear market catalyst. But, like many policy issues affecting the economic and markets outlook, the reality is more complicated. Here's what you need to know.First, there's ample debate among experts about how the court will rule. That may seem surprising given the court's makeup. Three of the nine judges were appointed by President Trump, and six of the nine by Republican Presidents. But it's not clear they'll agree that the President used his executive power in a way consistent with the law that granted the executive branch this particular power. That law is the International Emergency Economic Powers Act, or IEEPA. And, without getting into too much detail, the law appears to have been designed to deal with economic crises and foreign adversaries, which the court might argue is not evident when considering tariffs levied against traditional allies.But, the next important point is that a ruling against the Trump administration might not actually change much around U.S. tariff levels. How is that possible? It's because the administration has other executive tariff powers it can deploy if needed, and ones that are arguably more durable. For example, Section 301 gives a President wide latitude to designate a trading partner as undertaking unfair trade practices. So this authority could be swapped in for IEEPA. That could take time, as Section 301 requires a study to be submitted, but there are other temporary authorities that could bridge the gap. So the U.S. can likely ensure continuity of current tariff levels if it wants – keeping tariffs more of a constant than a variable in our outlook.Of course, we have to consider ways we could be wrong. For example, the administration could use a ruling against it to re-focus instead on product specific tariffs through Section 232. That likely would result in U.S. effective tariff rates drifting a bit lower, alleviating some of the pressure our economists see on the consumer and corporate importers, adding more support to risk assets. But that scenario might come with some volatility along the way if the administration feels the need to float larger product specific tariff levels before settling on more palatable levels – similar to what happened in April.So bottom line, there's more tariff policy noise to navigate this year. It could bring some market volatility, and maybe even a bit of upside, but the most likely outcome is that we circle back to the approximate levels we are today. Setting up for 2026, that means other debates – like how companies respond to tariffs and capital spending incentives – are probably more important to the outlook than the level of tariffs themselves. We're digging in on all that and will keep you in the loop.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.

Now in its second season, this exclusive CNS Summit podcast series features biopharma leaders sharing bold ideas, breakthrough innovations and what it takes to move smarter and faster for patients. Compass Pathways CEO Kabir Nath joins host, Dr. Alex Wise, Global Head of Neuroscience at Syneos Health, to discuss the clinical promise of psychedelics and what's next for psychiatric innovation.  What you'll learn: What's driving the momentum behind psilocybin therapy Why investor confidence is growing in mental health biotech How biopharma can better communicate the value of innovation Kabir's message to next-gen leaders in science and strategy 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.

We love to hear from our listeners. Send us a message.Episode 115 of Cell & Gene: The Podcast features Host Erin Harris' talk with Aliya Omer, Vice President and Global Head of Hematology and Cell Therapy at AstraZeneca. Omer shares valuable insights from her rich experience leading cell therapy development across multiple top companies. She highlights the critical importance of collaboration by breaking down silos across research, manufacturing, regulatory, and commercial teams to deliver innovative therapies efficiently. She also discusses AZ's diverse and ambitious cell therapy portfolio, encompassing autologous CAR-T, TCR-T, in vivo gene therapies, and regulatory T-cell therapies. She candidly addresses current challenges in manufacturing scalability, patient access, and healthcare system readiness and describes how AZ is prioritizing fast manufacturing platforms and ecosystem-wide partnerships to surmount these hurdles. Subscribe to the podcast!Apple | Spotify | YouTube Visit my website: Cell & Gene Connect with me on LinkedIn

In this episode of OnBase, host Chris Moody sits down with Jasmeet Sawhney to explore what it means to lead marketing in an AI-driven world. Jasmeet shares his unconventional journey from engineer to marketing executive, emphasizing how technical fluency and creativity are now inseparable in leadership roles.They dive deep into the evolving responsibilities of marketing leaders, how AI is reshaping strategy, execution, and team structures, and why the biggest risk is failing to evolve. From scaling personalization to rethinking attribution and ROI, Jasmeet offers a candid and forward-looking perspective on how leaders can guide their teams through this transformation.This episode is a must-listen for marketing, sales, and business leaders navigating the AI revolution and seeking actionable insights for long-term success.Key TakeawaysAI is no longer optional: AI is no longer a buzzword, it's a business necessity. Marketing leaders must integrate it across every function, from data analytics to customer engagement.Leadership must get technical: Future marketing leaders can't avoid data or tech. Understanding AI, automation, and analytics is critical for setting effective goals and strategies.Don't just hire AI experts, build internal fluency: Instead of creating isolated “AI teams,” leaders should train and empower existing staff to integrate AI into daily workflows.Personalization at scale is the new standard: AI enables hyper-personalization down to the stakeholder level, not just the account level. This is where real competitive advantage lies.Measure what matters: AI offers new opportunities to track touchpoints across the customer journey, finally making ROI and attribution measurable with greater accuracy.Change requires courage: Creativity, experimentation, and risk-taking are essential to unlocking AI's potential, leaders must champion innovation even when outcomes are uncertain.Quotes“This is the biggest opportunity of our generation. If we don't leverage AI, that's what's really at stake.”Tech RecommendationsClaude (Anthropic) – For content creation and ideation.Veo (Google LLM) – For AI-driven media and video content.Lovable – For AI-powered design support.Figma – For creating lightweight AI agents and workflows.Resource RecommendationsBook:Nexus: The History of Information Networks by Yuval Noah HarariPodcast:Marketing Against the Grain by HubSpotShout-OutsMohanbir Sawhney, Northwestern University - Kellogg School of Management – mentor and thought leader in marketing innovation.Dharmesh Shah, Co-founder & CTO of HubSpot – admired for bridging strategy, culture, and technology.Gary Vaynerchuk, Chairman of VaynerX, CEO of VaynerMedia – inspiration for fearless creativity and constant evolution.About the GuestJasmeet is a marketer with deep roots in technology, data analytics, and AI. He is currently Global Head of Marketing at Axtria. Earlier, Jasmeet was CEO of YibLab, which was one of the fastest growing marketing technology and solutions providers, ranked Top 50 among the fastest growing companies in NJ. Jasmeet has 20+ years of experience building and scaling marketing operations for both small and large companies. He is an investor, advisor, and mentor to multiple firms, and has received several company and individual awards - Inc. 500, Deloitte 500, Crain's Fast 50, SmartCEO Future 50, Red Herring, NJBiz Business of the Year, Top CMO, and Forty Under 40, among others.Connect with Jasmeet.

Tottenham Hotspur and England footballer James Maddison joins the Leaders Worth Knowing podcast to unpack his approach to social media. Fresh off the stage at the Summit at Leaders Week this year, Maddison was joined by fellow panelists Shaneil Patel, Head of Social Media at Spurs, and Rollo Goldstaub, TikTok's Global Head of Sports Partnerships. The trio piece together the winning formula that has made Spurs the most successful Premier League team on TikTok - with 43 million followers - and Maddison himself one of the most resonant active athlete voices on the platform today.

Tata Consultancy Services (TCS), a global leader in IT services, consulting, and business solutions and operating a global delivery centre out of Letterkenny in Ireland, has expanded its 18-year partnership with ABB, a global leader in electrification and automation. The partnership aims to modernise ABB's global hosting operations, simplify its IT landscape, and strengthen its digital foundation to drive resilience and innovation. As part of this multi-year engagement, TCS will operationalise ABB's Future Hosting Model, a next-generation modular IT infrastructure designed to streamline systems. This model will enable predictive operations, faster service restoration, and continuous security assurance through its AI-powered Zero Ops framework. This extension strengthens a trusted collaboration that has already delivered significant progress for ABB. TCS will help accelerate ABB's Core Platform vision which prioritises modernisation at scale, greater self-service and automation, cloud migration and agility, and orchestration and resilience. Alec Joannou, Group CIO, ABB, said, "Our extended partnership with TCS strengthens ABB's ability to deliver value to customers. By modernising our hosting operations, we're creating a foundation for agility, faster innovation, and improved reliability across the business." ABB envisions transforming the hosting landscape by leveraging state-of-the-art technologies that drive innovation and optimisation. This transformation aims to empower its evolving business demands with enhanced flexibility, superior quality, and cost efficiency. TCS' AI framework will ensure business continuity and excellent service delivery across ABB's global operations by minimising human intervention. Anupam Singhal, President, Manufacturing, TCS, said, "TCS has been a trusted partner in ABB's transformation journey for over 18 years. This latest milestone is not just a testament to our enduring collaboration, but a bold step towards reimagining ABB's hosting landscape with a modular, future-ready architecture. At the core of this engagement lies a shared vision: technology must serve a higher purpose - to empower people, enhance agility, and drive intelligent, responsible operations. Together, we embark on a transformative journey to build a platform-driven core that will unlock unprecedented levels of efficiency, autonomy, and innovation for ABB's global business." TCS's operational and industry expertise combined with ABB's platforms, security, and reliability will create a foundation that is resilient, efficient, and future-ready. Further, TCS' managed services platform architecture will enable flexibility in ABB's business integration needs across mergers, acquisitions, and carve-outs. Through a best-in-class, innovative environment built on a cloud-first approach and data-driven governance, TCS will help ABB reduce its carbon footprint. Over the past 18 years, TCS has supported ABB in initiatives such as ERP implementation, cloud migration, and data center consolidation. The new engagement will build on the foundation laid over the last two decades to transform ABB's infrastructure services and support service adoption to aid ABB's next phase of growth in electrification and automation, thereby enabling faster innovation to deliver more business value. Peter Alkema, Global Head of IS Technology and Platforms, ABB, said "ABB is committed to building a modular, scalable hosting service that drives agility and innovation. With TCS as our strategic partner, the Future Hosting Model strengthens this commitment and ensures operational excellence." This partnership builds on TCS' long-standing commitment to serving as a trusted IT partner for European enterprises, with a presence in the region for over 45 years. The company supports its clients in Europe with a robust network of highly skilled employees, operating out of 62 offices across 21 countries in the continent, serving over 350 clients. The company has been...

Private credit is one of the fastest-growing areas in alternative investments, driven by tighter traditional lending and demand for higher yields. But its rise brings valuation challenges—limited transparency, non-standard pricing, and infrequent market activity. How can these assets be accurately valued? What risks might be overlooked? And how should investors assess performance and liquidity? Hear from a specialist tackling these questions, and explore AICPA resources to enhance your valuation analysis. Key takeaways  •    Industry economics and motivations of stakeholders and constituents •    Applications and limitations of formal valuation and accounting guidance •    Characteristics and valuation implications of payment-in-kind (PIK) features •    Looking beyond carrying values to assess debt instruments Continue reading to learn about key resources available at AICPA-CIMA.com to improve your valuation analyses. Guest: Susan DuRoss, Managing Director, Global Head of Valuation, Harvest Investments Host:  Howard Mah-Lee, CFA, CAIA, ABV, Senior Manager, AICPA Valuation Services Please share your thoughts about the episode -  click here to leave us a review   Want to get involved with future FVS conferences, committees, task forces, or the standing ovation program? Send a message to infoFVS@aicpa-cima.com RESOURCES FOR FURTHER EXPLORATION If you're using a podcast app that does not hyperlink to the resources, please visit our podcast platform to access the show notes with direct links. UPCOMING:  Business Valuation School - Dec 1-5, Live online JUST MISSED:  AICPA FVS Conference, Oct 27-29, 2025  - you can purchase sessions and the handouts.  Please see here Accounting and Valuation guides from AICPA  If you are an AICPA-FVS Section member see below for free access to these guides •    Valuation of Privately Held Companies Equity Securities Issued as Compensation •    Valuation of Portfolio Company Investments of Venture Capital and Private Equity Funds and Other Investment Companies Exclusive content available with AICPA FVS Section membership: Click here to join this active community of your FVS peers. You will get 16 credits of complimentary CPE and access to rich technical content Private credit valuation in alternative investments | FVS webcast archive Valuation of Privately Held Companies Equity Securities Issued as Compensation Portfolio Company Investments of Venture Capital and Private Equity Funds and Other Investment Companies The FVS Valuation Podcast archives •    409A Valuations – What you Need to Know •    SAFEs, Convertible Notes, and Embedded Derivatives LEARN MORE ABOUT THE FOLLOWING AICPA CREDENTIALS: Accredited in Business Valuation (ABV®) – Visit the home page and check out the ABV infographic Certified in the Valuation of Financial Instruments (CVFI®) – Visit the home page and check out the CVFI infographic Certified in Financial Forensics (CFF®) - Visit the home page and check out the CFF infographic This is a podcast from AICPA & CIMA, together as the Association of International Certified Professional Accountants. To enjoy more conversations from our global community of accounting and finance professionals, explore our network of free shows here. Your feedback and comments are welcomed at podcast@aicpa-cima.com

Private credit is one of the fastest-growing areas in alternative investments, driven by tighter traditional lending and demand for higher yields. But its rise brings valuation challenges—limited transparency, non-standard pricing, and infrequent market activity. How can these assets be accurately valued? What risks might be overlooked? And how should investors assess performance and liquidity? Hear from a specialist tackling these questions, and explore AICPA resources to enhance your valuation analysis. Key takeaways  •    Industry economics and motivations of stakeholders and constituents •    Applications and limitations of formal valuation and accounting guidance •    Characteristics and valuation implications of payment-in-kind (PIK) features •    Looking beyond carrying values to assess debt instruments Continue reading to learn about key resources available at AICPA-CIMA.com to improve your valuation analyses. Guest: Susan DuRoss, Managing Director, Global Head of Valuation, Harvest Investments Host:  Howard Mah-Lee, CFA, CAIA, ABV, Senior Manager, AICPA Valuation Services Please share your thoughts about the episode -  click here to leave us a review   Want to get involved with future FVS conferences, committees, task forces, or the standing ovation program? Send a message to infoFVS@aicpa-cima.com RESOURCES FOR FURTHER EXPLORATION If you're using a podcast app that does not hyperlink to the resources, please visit our podcast platform to access the show notes with direct links. UPCOMING:  Business Valuation School - Dec 1-5, Live online JUST MISSED:  AICPA FVS Conference, Oct 27-29, 2025  - you can purchase sessions and the handouts.  Please see here Accounting and Valuation guides from AICPA  If you are an AICPA-FVS Section member see below for free access to these guides •    Valuation of Privately Held Companies Equity Securities Issued as Compensation •    Valuation of Portfolio Company Investments of Venture Capital and Private Equity Funds and Other Investment Companies Exclusive content available with AICPA FVS Section membership: Click here to join this active community of your FVS peers. You will get 16 credits of complimentary CPE and access to rich technical content Private credit valuation in alternative investments | FVS webcast archive Valuation of Privately Held Companies Equity Securities Issued as Compensation Portfolio Company Investments of Venture Capital and Private Equity Funds and Other Investment Companies The FVS Valuation Podcast archives •    409A Valuations – What you Need to Know •    SAFEs, Convertible Notes, and Embedded Derivatives LEARN MORE ABOUT THE FOLLOWING AICPA CREDENTIALS: Accredited in Business Valuation (ABV®) – Visit the home page and check out the ABV infographic Certified in the Valuation of Financial Instruments (CVFI®) – Visit the home page and check out the CVFI infographic Certified in Financial Forensics (CFF®) - Visit the home page and check out the CFF infographic This is a podcast from AICPA & CIMA, together as the Association of International Certified Professional Accountants. To enjoy more conversations from our global community of accounting and finance professionals, explore our network of free shows here. Your feedback and comments are welcomed at podcast@aicpa-cima.com

Concluding a two-part roundtable discussion, our global heads of Research, Thematic Research and Firmwide AI focus on the human impacts of AI adoption in the workplace.Read more insights from Morgan Stanley.----- Transcript -----Kathryn Huberty: Welcome to Thoughts in The Market, and to part two of our conversation on AI adoption. I'm Katy Huberty, Morgan Stanley's Global Head of Research. Once again, I'm joined by Stephen Byrd, Global Head of Thematic Research, and Jeff McMillan, Morgan Stanley's Head of Firm-wide AI. Today, let's focus on the human level. What this paradigm shift means for individual workers. It's Wednesday, November 5th at 10am in New York. Kathryn Huberty: Stephen, there's a lot of simultaneous fear and excitement around widespread AI adoption. There's obviously concern that AI could lead to massive job losses. But you seem optimistic about this paradigm shift. Why is that? Stephen Byrd: Yeah, as I mentioned in part one, this is the most popular discussion topic with my children. And I would say younger folks are quite concerned about this. There's a lot of angst among young folks thinking about what is that job market really going to look like for them. And admittedly, AI could be quite disruptive. So, we don't want to sugarcoat that. There's clearly going to be impacts across many jobs. Our work showed that around 90 percent of jobs will be impacted in some way. Oh, in the long term, I would guess nearly every job will be impacted in some way. The reason we are more optimistic is that what we see is a range of what we would think of as augmentation, where AI can essentially help you do something much better. It can help you expand your capabilities. And it will result in entirely new jobs. Now with any new technology, it's always hard to predict exactly what those new jobs are. But examples that I see in my world of energy would be smart grid analysis, predictive maintenance, managing systems in a much more efficient way. Systems that are so complicated that they're really beyond the capability of humans to manage very effectively. So, I'm quite excited there. I'm extremely excited in the life sciences where we could see entire new approaches to curing some of the worst diseases plaguing humankind. So, I am really very excited in terms of those new areas of job creation. In terms of job losses, one interesting analysis that a lot of investors are really focused on that we included in our Future of Work report was the ratio – within a job – of augmentation to automation. The lower the ratio, the higher the risk of job loss in the sense that that shows a sign that more of what AI is going to do, is going to replace that type of human work. Examples of that would be in professional services. As I mentioned, you know, one of my former professions, law would be an example of an area where you could see this. But essentially, tasks that don't require a lot of proprietary data, require less creativity. Those are the types of tasks that are more likely to be automated. Kathryn Huberty: One theme I hear both in Silicon Valley and in our industry is the value of domain expertise goes up. So, the lawyer that's very good in the courtroom or handling a really complicated situation because they have decades of experience, the value of that labor and talent goes up. And so, when my friends ask me what their kids should pursue in school and as a career, I tell them it's less about what job they pursue. Pick a passion and become a domain expert really quickly. Stephen Byrd: I think that's excellent advice. Kathryn Huberty: Jeff, how do you see AI changing the skills we'll need at Morgan Stanley and the way that people should think about their careers? Jeff McMillan: I think you have to break this down into three pieces – and Stephen sort of alluded to it. One, you have to look at the jobs that are likely to disappear. Two, you have to look at the jobs that are going to change. And then finally, you have to look at the new jobs that are going to actually emerge from this phenomena. You should be thinking right now about how you are going to prepare yourself with the right skills around learning how to prompt and learning how to move into those functions that are not going to be eliminated. In terms of jobs that are changing, they're going to require a far, far greater sense of collaboration, creativity. And again, prompting; prompt engineering is sort of the center of that. And I would highly encourage every single person who's listening to this to become the single best prompt engineer in their group, in their friend[s group], in their organization. And then in terms of the jobs that are being created, I'm actually pretty optimistic here. As we build agents, there's actually a bull case that we're going to create so much complexity in our environment that we're going to need more people to help manage that. But the skills are not going to be repetitive linear skills. They're going to require real time decision-making, leadership skills, collaboration skills. But again, I would go back to every single person: learn how to talk to the machine, learn how to be creative, and practice every day your engagement with this technology. Kathryn Huberty: So then how are companies balancing the re-skilling with the inevitable culture shifts that come with any new paradigm? Jeff McMillan: So, first of all, I think if you think about this as a tool, you've already lost the plot. I think that number one, you have to remind yourself what your strategy is; whatever that strategy is, this is an enabler of your strategy. The second point I'd make is that you have to go from both – the top down, in terms of leadership messaging that this change is here, it's important and it needs to be embraced. And then it's a bottoms-up because you have to empower people with the right tools and the technology to transform their own work. Because if you're trying to tell people that this is the path that they have to follow. You don't get the buy-in that you need. You really want to empower people to leverage these tools. And what excites me most is when people walk into my office and say, ‘Hey Jeff, let me show you what I built today.' And it could be some 22-year-old who; it's their first month on the job. And what's exciting about this technology is you do not need a technology background. You need to be smart; you need to be creative. And if you've got those skills, you can build things that are really innovative. And I think that's what's exciting. So, if you can combine the top down that this is important and the bottoms up with giving people the skills and the technology and the motivation – that's the secret sauce. Kathryn Huberty: Jeff, what's your advice for the next generation college students, recent college graduates as they're thinking about navigating the early parts of their career in this environment? Jeff McMillan: Well, Katy, I first of all, I'd agree with what you say. You know, everyone's like, ‘What should I study?' And the answer is – I don't actually know the answer to that question. But I would study what you care about. I would do something that you're passionate about. And the second point, and I hate to be a broken record on this. But I would be the single best user of GenerativeAI at your college. Volunteer with some nonprofit, build a use case with your friends. When you walk into your first job, impress in your interview that you are able to use this technology in really effective ways – because that will make a difference, in your first job. Kathryn Huberty: And I'm curious, are there areas where you think humans will always beat AI, whether it's in financial services or other industries? Jeff McMillan: I like to think that we are human and that gives us the ability to build trust and emotional relationships. And I think not only are we going to be better at that than machines are. But I think that's something that we as humans will always want. I think that there may be some individuals in the society that may feel differently. But I think as a general rule, the human-to-human relationship is something that's really important. And I like to think that it will be a differentiator for a long time to come. So, Katy, from where you sit as the Head of Global Research, how has GenAI changed the way research is being done? Kathryn Huberty: With the help of your team, Jeff, we have now embedded AI through the life cycle of investigating a hypothesis, doing the analysis, writing the research in a concise, effective way. Pushing that through our publishing process, developing digital content in our analysts' voice, in the local language of the client. And now we're working on a client engagement tool that helps direct our research team's time. And so, the impact here is it reduces the time to market to get a alpha generating idea to our clients and, you know, and it's freeing up time for our teams. Stephen Byrd: So, Katy, I want to build on that. Productivity is a big theme. And away from the research itself, from a management perspective, how are you and your team using AI? And what do you see as the benefits? And how are you spending the extra time that's freed up by AI? Kathryn Huberty: I like to say that the research AI strategy is less about the tools. I mean, those are critical and foundational. But it's more about how we're evolving workflow and how our teams are spending time. And so, the savings are being reinvested in actually your area – thematic research – which takes a lot more coordination, collaboration. A global cross-asset view, which just takes more time to develop, and test a hypothesis, and debate internally, and get those reports to market. But it's critical for our core strategy, which is to help our clients generate alpha. When you look at equity markets over the past 30 years, a very small number of stocks drive all of the alpha. And they tend to link to themes. And so, we're reinvesting time in identifying those themes earlier than the market to allow our clients to capture that alpha. And then the other piece is when we look at our analyst teams, they spend about a quarter of their time with clients because they have to meet with experts in the industry. They need to do the analysis, they have to build the financial forecast, manage their teams. You know, we have internal activities, build culture. And with the ability to leverage these tools to speed up some of those tasks, we think we can double the amount of time that our analysts are spending with clients. And if we're putting thought-provoking, you know, often thematic global collaborative content into the market, our clients want to spend more time with us. And so, that's the ultimate impact. On a personal level, and I think both of you can relate. I think a lot of the freed-up time right now is just following the fast pace of change in AI and keeping up with the latest technology, the latest vendors. But long term, my hope is that this frees up time for more human activities on a personal level. Learning the arts, staying active. So, this could be potentially very beneficial to society if we reinvest that time in both productive activities that have impact in business. But also productive, rewarding activities outside of the office.As we wrap up, it's clear that the influence of AI is expanding rapidly, not just in digital- and knowledge-based sectors, but increasingly in tangible real-world applications. As these innovations unfold, the way we interact with both technology and our environments will continue to evolve – both on the job and elsewhere in our lives. Jeff, Stephen, thank you both for sharing your insights. And to our listeners, thank you for joining us. If you enjoy the show, please leave us a review wherever you listen, and share Thoughts on the Market with a friend and colleague today.

Discover how biotech and healthcare teams are fast-tracking research and development through AI and high-performance cloud infrastructure. Ross Katz sits down with Hugo Shi of Saturn Cloud and Ilya Burkov of Nebius to explore scalable, secure solutions for GPU-heavy AI workloads. From compliance to cost savings, this episode unpacks what it takes to innovate at scale in life sciences. What You'll Learn in This Episode: >> Why AI workloads in biotech demand specialized infrastructure >> How Saturn Cloud and Nebius simplify compliance, scale, and security for life sciences >> Real-world examples of gene editing, RNA sequencing, and medical imaging powered by cloud AI >> The trade-offs between hyperscalers and NeoClouds for GPU availability and cost >> Strategies for deploying, optimizing, and managing large-scale AI models Meet Our Guests Hugo Shi is the CTO and Founder of Saturn Cloud and a co-founder of Anaconda. He brings deep expertise in data science, AI infrastructure, and open-source development, helping teams scale complex workloads with minimal friction. Ilya Burkov is Global Head of Healthcare & Life Sciences Growth at Nebius. With a background in medicine and cloud technology, Ilya leads strategy and partnerships to empower biotech teams with secure, high-performance compute solutions. About The Host Ross Katz is Principal and Data Science Lead at CorrDyn. Ross specializes in building intelligent data systems that empower biotech and healthcare organizations to extract insights and drive innovation. Connect with Our Guest: Sponsor: CorrDyn, a data consultancyConnect with Hugo Shi  on LinkedIn Connect with IIya Burkov on LinkedIn  Connect with Us: Follow the podcast for more insightful discussions on the latest in biotech and data science.Subscribe and leave a review if you enjoyed this episode!Connect with Ross Katz on LinkedIn Sponsored by… This episode is brought to you by CorrDyn, the leader in data-driven solutions for biotech and healthcare. Discover how CorrDyn is helping organizations turn data into breakthroughs at CorrDyn.

eCommerce Rockstars: Estrategias que Conectan: de HOT SALE a la temporada navideña 2025 con SAP EMARSYS En este episodio de eCommerce Rockstars, conversamos con Fernando Pagani, Global Head of Solutions en SAP Emarsys. Fernando, arquitecto de estrategias de commerce digital que impulsan a retailers globales, ha liderado la expansión de SAP Emarsys en México, combinando la perspectiva global con insights específicos sobre el consumidor mexicano en eventos como HOT SALE y Buen Fin.Analizamos la paradoja de la IA en México: el 72% de retailers reporta que WhatsApp aumentó las ventas 35%, pero la adopción de chatbots de Inteligencia Artificial (IA) es baja (solo el 28% ha implementado IA), a pesar de que quienes lo hacen ven 50% menos carritos abandonados.Discutimos el reto de la IA Rápida vs. IA Correcta, abordando el hot take de Fernando de que "Los chatbots básicos son peores que no tener chatbots". Abordamos el debate crucial sobre si las temporadas altas deben enfocarse en la Adquisición de clientes o en la Retención/Fidelización, y cómo las empresas enfocadas en customer engagement vieron resultados significativamente superiores en ventas por cliente durante HOT SALE 2024.Fernando comparte el KPI que más le obsesiona al preparar a las marcas para Black Friday y revela la importancia crítica del uptime, advirtiendo que "durante Black Friday, 87 minutos offline pueden costarte el año entero".El takeaway estratégico principal es que la diferencia entre colapsar y dominar se decide en la ejecución tecnológica y que ganar en temporalidades altas requiere que el customer engagement sea una estrategia orquestada y continua, no solo tácticas activadas durante la crisis.

With U.S. tech giants showing signs of fatigue and Asia’s growth stories regaining investor attention, is a global equity rotation finally taking shape? Aadil Eebrahim, Global Head of Equities at Klay Group, breaks down the shifting market dynamics, Japan’s renewed momentum, and the thematic trends shaping portfolios for the year ahead. Produced/Presented: Ryan HuangSee omnystudio.com/listener for privacy information.

In the first of a two-part roundtable discussion, our Global Head of Research joins our Global Head of Thematic Research and Head of Firmwide AI to discuss how the economic and labor impacts of AI adoption.Read more insights from Morgan Stanley.----- Transcript ----- Kathryn Huberty: Welcome to Thoughts on the Market. I'm Katy Huberty, Morgan Stanley's Global Head of Research, and I'm joined by Stephen Byrd, Global Head of Thematic Research, and Jeff McMillan, Morgan Stanley's Head of Firm-wide AI.Today and tomorrow, we have a special two-part episode on the number one question everyone is asking us: What does the future of work look like as we scale AI?It's Tuesday, November 4th at 10am in New York.I wanted to talk to you both because Stephen, your groundbreaking work provides a foundation for thinking through labor and economic impacts of implementing AI across industries. And Jeff, you're leading Morgan Stanley's efforts to implement AI across our more than 80,000 employee firm, requiring critical change management to unlock the full value of this technology.Let's start big picture and look at this from the industry level. And then tomorrow we'll dig into how AI is changing the nature of work for individuals.Stephen, one of the big questions in the news – and from investors – is the size of AI adoption opportunity in terms of earnings potential for S&P 500 companies and the economy as a whole. What's the headline takeaway from your analysis?Stephen Byrd: Yeah, this is the most popular topic with my children when we talk about the work that I do. And the impacts are so broad. So, let's start with the headline numbers. We did a deep dive into the S&P 500 in terms of AI adoption benefits. The net benefits based on where the technology is now, would be about little over $900 billion. And that can translate to well over 20 percent increased earnings power that could generate over $13 trillion of market cap upon adoption. And importantly, that's where the technology is now.So, what's so interesting to me is the technology is evolving very, very quickly. We've been writing a lot about the nonlinear rate of improvement of AI. And what's especially exciting right now is a number of the big American labs, the well-known companies developing these LLMs, are now gathering about 10 times the computational power to train their next model. If scaling laws hold that would result in models that are about twice as capable as they are today. So, I think 2026 is going to be a big year in terms of thinking about where we're headed in terms of adoption. So, it's frankly challenging to basically take a snapshot because the picture is moving so quickly.Kathryn Huberty: Stephen, you referenced just the fast pace of change and the daily news flow. What's the view of the timeline here? Are we measuring progress at the industry level in months, in years?Stephen Byrd: It's definitely in years. It's fast and slow. Slow in the sense that, you know, it's taken some companies a little while now and some over a year to really prepare. But now what we're seeing in our CIO survey is many companies are now moving into the first, I'd say, full fledged adoption of AI, when you can start to really see this in numbers.So, it sort of starts with a trickle, but then in 2026, it really turns into something much, much bigger. And then I go back to this point about non-linear improvement. So, what looks like, areas where AI cannot perform a task six months from now will look very different. And I think – I'm a former lawyer myself. In the field of law, for example, this has changed so quickly as to what AI can actually do. So, what I expect is it starts slow and then suddenly we look at a wide variety of tasks and AI is fairly suddenly able to do a lot more than we expect.Kathryn Huberty: Which industries are likely to be most impacted by the shift? And when you broke down the analysis to the industry and job level, what were some of the surprises?Stephen Byrd: I thought what we would see would be fairly high-tech oriented sectors – and including our own – would be top of the list. What I found was very different. So, think instead of sectors where there's fairly low profit per employee, often low margin businesses, very labor-intensive businesses. A number of areas in healthcare staples came to the top. A few real estate management businesses. So, very different than I expected.The very high-tech sectors actually had some of the lowest numbers, simply because those companies in high-tech tend to have extremely high profit per employee. So, the impact is a lot less. So that was surprising learning. A lot of clients have been digging into that.Kathryn Huberty: I could see why that would've surprised you. But let's focus on banking for a moment since we have the expert here. Jeff, what are some of the most exciting AI use cases in banking right now?Jeff McMillan: You know, I would start with software development, which was probably the first Gen AI use case out of the gate. And not only was it first, but it continues to be the most rapidly advancing. And that's probably; mostly a function of the software, you know, development community. I mean, these are developers that are constantly fiddling and making the technology better.But productivity continues to advance at a linear pace. You know, we have over 20,000 folks here at Morgan Stanley. That's 25 percent of our population. And, you know, the impact both in terms of the size of that population and the efficiencies are really, really significant.So, I would start there. And then, you know, once you start moving past that, it may not seem, you know, sexy. It's really powerful around things like document processing. Financial services firms move massive amounts of paper. We take paper in, whether it be an account opening, whether it be a contract. Somebody reads that information, they reason about it, and then they type that information into a system. AI is really purpose built for that.And then finally, just document generation. I mean, the number of presentations, portfolio reviews, you know, even in your world, Katy, research reports that we create. Once again, AI is really just – it's right down the middle in terms of its ability to generate just content and help people reduce the time and effort to do that.Kathryn Huberty: There's a lot of excitement around AI, but as Stephen mentioned, it's not a linear path. What are the biggest challenges, Jeff, to AI adoption for a big global enterprise like Morgan Stanley? What keeps you up at night?Jeff McMillan: I've often made the analogy that we own a Ferrari and we're driving around circles in a parking lot. And what I mean by that is that the technology has so far advanced beyond our own capacity to leverage it. And the biggest issue is – it's our own capacity and awareness and education.So, what keeps me up at night? it's the firm's understanding. It's each person's and each leader's ability to understand what this technology can do. Candidly, it's the basics of prompting. We spend a lot of time here at the firm just teaching people how to prompt, understanding how to speak to the machine because until you know how to do that, you don't really understand the art of the possible. I tell people, if you have $100 to spend, you should start spending [$]90, on educating your employee base. Because until you do that, you cannot effectively get the best out of the technology.Kathryn Huberty: And as we look out to 2026, what AI trends are you watching closely and how are we preparing the firm to take advantage of that?Jeff McMillan: You and I were just out in Silicon Valley a couple of weeks ago, and seemingly overnight, every firm has become an agentic one. While much of that is aspirational, I think it's actually going to be, in the long term, a true narrative, right? And I think that step where we are right now is really about experimentation, right? I think we have to learn which tools work, what new governance processes we need to put in place, where the lines are drawn. I think we're still in the early stage, but we're leaning in really hard.We've got about 20 use cases that we're experimenting with right now. As things settle down and the vendor landscape really starts to pan out, we'll be down position to fully take advantage of that.Kathryn Huberty: A key element of the agentic solutions is linking to the data, the tools, the application that we use every day in our workflow. And that ecosystem is developing, and it feels that we're now on the cusp of those agentic workflow applications taking hold.Stephen Byrd: So, Katy, I want to jump in here and ask you a question too. With your own background as an IT hardware analyst, how does the AI era compare to past tech or computing cycles? And what sort of lessons from those cycles shape your view of the opportunities and challenges ahead?Kathryn Huberty: The other big question in the market right now is whether an AI bubble is forming. You hear that in the press. It's one of the questions all three of us are hearing regularly from clients. And implicit in that question is a view that this doesn't look like past cycles, past trends. And I just don't believe that to be the case.We actually see the development of AI following a very similar path. If you go back to mainframe and then minicomputer, the PC, internet, mobile, cloud, and now AI. Each compute cycle is roughly 10 times larger in terms of the amount of installed compute.The reality is we've gone from millions to billions to trillions, and so it feels very different. But the reality is we have a trillion dollars of installed CPU compute, and that means we likely need $10 trillion of installed GPU compute. And so, we are following the same pattern. Yes, the numbers are bigger because we keep 10x-ing, but the pattern is the same. And so again, that tells us we're in the early innings. You know, we're still at the point of the semiconductor technology shipping out into infrastructure. The applications will come.The other pattern from past cycles is that exponential growth is really difficult for humans to model. So, I think back to the early days when Morgan Stanley's technology team was really bullish, laying the groundwork for the PC era, the internet era, the mobile era. When we go back and look at our forecasts, we always underestimated the potential. And so that would suggest that what we've seen with the upward earnings revisions for the AI enablers and soon the AI adopters is likely to continue.And so, I see many patterns, you know, that are thread across computing cycles, and I would just encourage investors to realize that AI so far is following similar patterns.Jeff McMillan: Katy, you make the point that much of the playbook is the same. But is there anything fundamentally different about the AI cycle that investors should be thinking about?Kathryn Huberty: The breadth of impact to industries and corporates, which speaks to Stephen's work. We have now four times over mapped the 3,700 companies globally that Morgan Stanley research covers to understand their role in this theme.Are they enabling AI? Are they adopting? Are they disrupted by it? How important is it to the thesis? Do they have pricing power? It's very valuable data to go and capture the alpha. But I was looking at that dataset recently and a third of those nearly 4,000 companies we cover, our analysts are saying that AI has an impact on the investment thesis. A third. And yet we're still in the early innings. And so, what may be different, and make the impact much bigger and broader is just the sheer number of corporations that will be impacted by the theme.Let's pause here and pick up tomorrow with more on workforce transformation and the impact on individual workers.Thank you to our listeners. Please join us tomorrow for part two of our conversation. If you enjoy the show, please leave us a review wherever you listen and share Thoughts on the Market with a friend or colleague today.

Welcome back to The Talent Development Hot Seat! In this episode, host Andy Storch sits down with Molly Hill, Global Head of Talent Development at Toast, for a lively and insightful conversation on the evolving landscape of talent development. Molly shares her fascinating career journey, from her early days at Disney and impactful roles at Microsoft, Starbucks, and Airbnb, to her current adventure at Toast—where she blends her professional passion with the hands-on experience of owning a bar in picturesque Lake Chelan, Washington.Together, Andy and Molly dig into the art and science of large-scale leadership development, codifying company values, and fostering a culture of connection in remote and in-person environments. Molly offers practical advice and lessons learned from orchestrating major events at Starbucks and spearheading innovative programs like the Leadership Lunchbox series and executive development initiatives at Toast. Plus, the conversation touches on the importance of behavior change, using marketing principles in L&D, and adapting to the growing influence of AI in HR—including hosting internal hackathons to inspire curiosity and collaboration.If you're ready for fresh ideas on building manager capability, driving career development, or creating memorable learning experiences, you won't want to miss this episode!Order Own Your Brand, Own Your Career on AmazonApply to Join us in the Talent Development Think Tank Community!This episode is also sponsored by LearnIt, which is offering a FREE trial of their TeamPass membership for you and up to 20 team members of your team. Check it out here.Connect with Andy here: Website | LinkedInConnect with Molly: LinkedIn: LinkedInMentioned in this episode:Check out Learnit! For fantastic on-demand learning, check out learnit.com/hotseat

The future of work won't wait - and neither can your people analytics strategy. On today's episode of the Digital HR Leaders Podcast, Rob Etheridge, Global Head of Workforce Strategy and Insights at HSBC, joins the Digital HR Leaders podcast with host David Green to reveal how the bank is building a forward-looking people analytics function - grounded in skills, AI, and trust. Join them, as they explore: The evolution of people analytics at HSBC and across the industry How to design and scale an operating model that delivers business value Why skills are a strategic priority - and how HSBC is addressing them Building governance frameworks for AI in people analytics The leadership behaviours that embed analytics into decision-making This episode is sponsored by TechWolf. TechWolf helps enterprises get fast, accurate, and actionable skills data—without surveys. From identifying the skills your workforce has to mapping what they need, TechWolf's AI integrates seamlessly with your existing systems to turn messy data into strategic advantage. Learn more at techwolf.com Hosted on Acast. See acast.com/privacy for more information.

In this Retail Technology Spotlight Series episode, Julie Haleluk, Global Head of Growth at Amazon Shopping Video, and Wayne Purboo, VP of Amazon Advertising and Amazon Shoppable Video, join Omni Talk to reveal the future of social commerce and how AI is transforming the way we shop. From the evolution of shoppable video to agentic commerce, Julie and Wayne break down why social commerce isn't going away, how to measure video content beyond the live moment, and why brands need to clean up their data NOW before AI agents start shopping for customers. If you've ever wondered what's next in retail video and social commerce, this episode is for you.

Dr. Serena Gonsalves-Fersch is the Global Head of Talent at SoftwareOne. Drawing from her doctoral research on workforce development in technology-driven environments, Serena explains how traditional learning models no longer fit the pace of change in modern organizations. She outlines how SoftwareOne reimagines learning through contextual business partnerships, a T-shaped team model, and a focus on human skills like empathy, curiosity, and critical thinking. Finally, they explore how AI will reshape, not replace, the learning function and why the future of talent lies in blending data, human insight, and deep organizational context.LinksSerena's LinkedIn: https://www.linkedin.com/in/dr-serena-gonsalves-fersch-flpi-a23589/Research: https://repository.mdx.ac.uk/download/36ed76c7176aaafc4f36877bcb9f9ce69b891385e73b311500e597e67e249bcd/12681644/SGonsalvesFersch%20thesis.pdf 

Learn valuable insights into creating a more effective and inclusive workforce with AI in this AI Leaders Podcast episode! Keri Smith, Global Banking Data and AI Lead, sits down with David Parker, Global Financial Services Industry Chair and GMC Member at Accenture, and Susan Reid, Global Head of Talent at Morgan Stanley, to talk about how humans and digital workforces can collaborate to achieve greater results. Don't miss this engaging conversation.

Welcome back to the Alt Goes Mainstream podcast.Today's episode is with an experienced private markets and distribution executive who has been educating the wealth channel and distributing private markets investment solutions at some of the industry's largest investment platforms.We sat down in Prudential's Newark studio with PGIM's Global Head of Alternative Investments, Dominick Carlino. PGIM is the $1.4T global asset management business of Prudential Financial.At PGIM, Dominick is responsible for driving the continued development and distribution of alternative investments tailored to the firm's wealth channel investors globally.Dominick joined the firm in 2023, bringing over 20 years of experience in alternatives distribution. He was most recently MD, Head of Alternative Investments Distribution at Merrill Lynch.Dominick and I had a fascinating conversation about the intersections between insurance and asset management and the evolution of distribution. We covered:How the distribution of private markets investment solutions has evolved.The benefits of an integrated platform across insurance and asset management.Navigating the playing field of collaboration and competition between asset managers and insurance companies.The importance of education.How, why, and where evergreen funds will be adopted.Thanks Dominick for sharing your perspectives and wisdom on insurance and private markets. We hope you enjoy.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.Show Notes00:00 Message from our Sponsor, Ultimus01:18 Welcome to Alt Goes Mainstream01:55 Guest Introduction: Dominick Carlino03:34 Dom's Background and Career Journey03:55 Early Career and Transition to Alternatives05:03 Experience at Morgan Stanley and Merrill Lynch05:18 Evolution of Private Markets Distribution07:08 Wealth Channel and Private Markets09:08 Joining Prudential and PGIM10:25 Prudential's Capabilities and Strategy12:47 Asset Liability Matching in Private Markets14:22 Liquidity Risk and Private Markets16:16 Education and Evergreen Funds17:06 Credit Risk in Private Credit18:14 Vertical Integration and Acquisitions19:35 Partnerships and Strategic Growth20:22 Market Shakeout and Scale22:09 Product Set and Innovation23:24 Advisor and Client Needs24:45 Evergreen Funds and Market Trends26:13 Specialized Strategies in Private Markets26:41 Distribution and Education28:16 Skills for Effective Distribution30:54 Organizational Alpha and Trust31:56 Brand and Stability33:11 Partnerships and Long-term Solutions33:49 Insurance and Tax-Advantaged Strategies34:12 Asset Managers and Insurance Partnerships35:42 Private Markets in Retirement Plans36:17 Future of Private Markets36:41 Keys to Winning in Private Markets37:29 Prudential's Competitive Advantages37:48 Conclusion and Guest FarewellThe opinions expressed in this podcast are those of the author and do not reflect the views or opinions of PGIM, Inc. PGIM, Inc. is not responsible, endorses nor confirms its accuracy. All trademarks and other intellectual property used or displayed are the ownership of their respective owners. Unless noted otherwise in this podcast, PGIM, Inc. is not affiliated with, nor  endorses any mentioned company or any linked third-party content. PGIM and its affiliates may develop and publish research that is independent of, and different than, the recommendations contained herein. PGIM's personnel other than the author(s), such as sales, marketing and trading personnel, may provide oral or written market commentary or ideas to PGIM's clients or prospects or proprietary investment ideas that differ from the views expressed herein.Editing and post-production work for this episode was provided by The Podcast Consultant.

In this episode of InvesTips, Steve speaks to Nic Rigois, Global Head of Capital Market Products and Solutions at Standard Chartered, about the features and operation of wealth lending and why investors should consider wealth lending as part of their wealth management approach to optimise portfolio returns. Speakers: - Steve Brice, Global Chief Investment Officer, Standard Chartered Bank - Nic Rigois, Global head, CMPS, Standard Chartered Bank 

Four acquisitions in six months? Most companies would call that ambitious. MSCI called it Tuesday.In this week's episode of the Only Constant, Allison Nelik discusses with Nellie Wartoft how they navigated the communications chaos of back-to-back M&A deals, from managing employee fears about job security to integrating entirely new cultures while maintaining business momentum.Connect with:⁠⁠⁠⁠⁠⁠⁠⁠Nellie Wartoft⁠⁠⁠⁠⁠⁠⁠⁠CEO of ⁠⁠⁠⁠⁠⁠⁠⁠Tigerhall⁠⁠⁠⁠⁠⁠⁠⁠Chair of the ⁠⁠⁠⁠⁠⁠⁠⁠Executive Council for Leading Change (ECLC)⁠⁠⁠⁠⁠⁠⁠⁠nellie@tigerhall.com

Rob Horn, Global Head of Infrastructure and Asset Based Credit for Blackstone Credit and Insurance, discusses trends in private credit as well as the continued growth of data centers, LNG infrastructure, and renewables.

Most companies struggle with stale data and delayed dashboards. Noha Rizk, CMO of Incorta and former Global Head of Marketing at Meta AI, explains how live data infrastructure drives real business impact. She details how retail chains optimize inventory waste through real-time promotions, manufacturing companies save hundreds of thousands through live factory floor analytics, and finance teams make faster trading decisions with immediate market data.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Most companies struggle with stale data and delayed dashboards. Noha Rizk, CMO of Incorta and former Global Head of Marketing at Meta AI, explains how live data infrastructure drives real business impact. She details how retail chains optimize inventory waste through real-time promotions, manufacturing companies save hundreds of thousands through live factory floor analytics, and finance teams make faster trading decisions with immediate market data.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

On today's Legally Speaking Podcast, I'm delighted to be joined by Samallie Kiyingi. Samallie is the former General Counsel of Standard Chartered Bank. She has a wealth of experience in financial servies in the public and private sectors. Samallie was also previously Director of Legal Services at African Export-Import Bank, Global Head of Securitisation Regulatory Policy at Deutsche Bank and Senior Associate at Clifford Chance. She is also an expert member of PRIME's Finance Foundation. In 2021, Samallie was awarded General Counsel of the Year at the International Financial Law Review Africa Law Awards.So why should you be listening in? You can hear Rob and Samallie discussing:- Diverse and Global Legal Career- Influence of Heritage and Family Legacy- Lessons in Career Transitions and Adaptability- Leadership, Executive Mindset, and Commercial Awareness- Cultural Intelligence and Negotiation StyleConnect with Samallie Kiyingi here - https://sg.linkedin.com/in/samallie-kiyingi-26566213

This weeks guest, Karl Mohan, is a seasoned fintech and crypto executive, currently serving as General Manager for APAC and MEA and Global Head of Banking Partnerships at Crypto.com. With over two decades of experience across traditional finance and emerging technologies, Karl is known for bridging the gap between banking and blockchain innovation. Passionate about financial inclusion and responsible crypto adoption, he advocates for regulation that supports innovation, security, and trust, helping Crypto.com make cryptocurrency accessible to everyone.   In this episode, we explore how technology and regulation are shaping the future of finance, with a focus on the rapid evolution of crypto and digital payments. We discuss why Dubai has emerged as a leading hub for the industry, comparing its regulatory landscape with more democratic societies. We also look at the growing integration of crypto with traditional banking and consider the global shift toward cashless societies.   06:19 – New technologies changing the way we pay and invest 11:25 – The evolution of technology and the role of regulation 14:40 – Why Dubai has become one of the leading crypto financial centres 22:18 – The risks of crypto and how regulation and security are improving trust and confidence 34:57 – The Crypto.com x Trump Media deal and its impact on direct and indirect crypto investment 46:34 – The future of cash, societal behaviours, and the role of crypto 52:26 – Pros and cons of a cashless society and the rise of alternative payment systems     Show Sponsors:   AYS Developers: A design-focused company dedicated to crafting exceptional homes, vibrant communities, and inspiring lifestyle experiences. https://bit.ly/AYS-Developers     Socials:   Follow Spencer Lodge on Social Media https://www.instagram.com/spencer.lodge/?hl=en  https://www.tiktok.com/@spencer.lodge  https://www.linkedin.com/in/spencerlodge/  https://www.youtube.com/c/SpencerLodgeTV  https://www.facebook.com/spencerlodgeofficial/    Follow Karl Mohan on Social Media https://www.linkedin.com/in/karlmohan

Dan Ives, global head of tech research at Wedbush Securities, give his take on the week's megacap tech earnings. Ives spoke with Bloomberg's Paul Sweeney and Alexis Christoforous.See omnystudio.com/listener for privacy information.

Let us know your thoughts. Send us a Text Message. Follow me to see #HeadsTalk Podcast Audiograms every Monday on LinkedInEpisode Title:

On 30th September and 1st October 2025 we held our inaugural Money Maze Allocator Summit (MMAS). We gathered 120+ global investors & allocators - many of whom have been previous guests - for 2 days of fascinating investment discussions. It proved incredibly popular & much of that was a result of the quality of panels, moderators & topics! The moderator was the brilliant Annachiara Marcandalli, Global Head of Sustainability at Cambridge Associates.  The panel was Brian Menell (Chairman and CEO, TechMet), Per Lekander (CEO, Clean Energy Transition), Bill Orum (Partner, Capricorn Investment Group) & Kristin Eshak Weldon (Senior Managing Director, CCI).  The climatic changes challenging our world should not be in doubt. The responses, the consequences and the investment opportunities and risks are profound. The panel encompasses rare earths, electrification, power sources, uses and solutions, the EV charge, the continued role of hydrocarbons & much more… -- MMAS  - More Info & 2026 Event Registration - Please note that the 6th/7th October date indicated on the webpage remains provisional (as of 30/10/25). The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors, World Gold Council and LSEG. 

How do you scale from 3,000 to 13,000 employees — and raise the bar on quality while doing it?In this episode of Hiring on All Cylinders, host Kathryne Friend (VP of Community, EMEA) speaks with Jonathan Beaney, Global Head of Talent Acquisition at Revolut, about how the company built a high-performance hiring engine designed for hyperscale.Jonathan shares how Revolut developed its own ATS, embedded Quality of Hire as a measurable, operational metric, and built a data-driven model that balances speed, precision, and excellence.Tune in for practical insights on redefining TA efficiency, elevating hiring quality, and designing systems that scale without compromise.

In this episode of The Produce Moms Podcast, host Lori Taylor welcomes Bradford Warner, the Global Head of Digital and Data at AgroFresh. They discuss the importance of fresh produce in our diets, the role of AgroFresh in the supply chain, and how technology is transforming agriculture.

Archer's Global Head of Engineering reveals how they're using Amazon Bedrock to help enterprises avoid billions in regulatory fines by transforming complex compliance laws into actionable AI-powered workflows.Topics Include:James Griffith, VP Engineering at Archer, leads development for risk and compliance solutionsArcher helps enterprises navigate the complex world of regulatory compliance beyond outdated spreadsheetsSince 2009, banks alone have been fined $342 billion by regulators worldwideEven "deregulated" Texas added 1,100 new laws in just one legislative sessionRegulatory data exists online but is overwhelming—too much for humans to processArcher built an AI pipeline: ingesting regulations, extracting obligations, and generating compliance controlsAmazon Bedrock eliminated the need to build ML infrastructure or hire specialized teamsModel interchangeability let them switch between Claude and Llama with just clicksBuilt-in guardrails prevented users from misusing AI without custom security developmentFrom initial vision to working product took just six months using BedrockDifferent AI models deploy globally, adapting to each country's unique regulatory stanceEngineers experiment safely with AI using Bedrock, preparing the team for the futureParticipants:James Griffith – Global Head of Engineering, ArcherSee how Amazon Web Services gives you the freedom to migrate, innovate, and scale your software company at https://aws.amazon.com/isv/

As women in midlife, we're constantly juggling all the things.  So, what can we do to balance all of our to-dos without feeling totally burnt out?  In this episode, we're diving into the reality of energy changes during midlife and why committing to your own well-being is non-negotiable. I've invited Dr. Kristen Holmes– an expert in optimizing human performance, especially in women– to share her powerful strategies for enabling autonomic control so you can feel your best in your body.  We're talking:  Boosting mitochondrial energy Improving recovery and metabolic health  And feeling fully resourced every. single. day We'll break down the simple yet impactful habits you can start to help you reclaim your vitality—even with a packed schedule.  Because the truth is, no one is looking out for you the way YOU can. It's time to prioritize yourself, show up fully, and start feeling amazing again! Dr. Kristen Holmes  Dr. Kristen Holmes is the Global Head of Human Performance, Principal Scientist at WHOOP. She engages with industry-leading researchers to better understand individual and team biometric and performance data to drive product innovation, strategy, and coaching. Kristen blends her academic and applied background in athletics, coaching, performance technology, psychology, and exercise physiology to drive research, partnership, and product development initiatives to strengthen WHOOP.  IN THIS EPISODE Core behaviors that enable autonomic control  The importance of HRV metrics for health, fitness, and wellness  Surprising insights from WHOOP data  The science behind sleep for optimal recovery  Non-negotiable habits for boosting your energy  Your autonomic nervous system and your stress response  Incorporating movement easily into your daily routine QUOTES “If we focus on improving the health of our autonomic nervous system, we're going to then improve not only our competitive advantage just as a human but most importantly our survival advantage.” “I think it's really important for us to have the resilience to overcome the stressors and to show up for the people we love in this world.” “It's a cross we bear in perimenopause and menopause. We can't afford to wing it. And that's why I think this data can be really helpful.”  RESOURCES MENTIONED Use code THRIVE15 and get 15% off on your Berkeley Life order https://berkeleylife.pxf.io/Vxvdja Dr. Kristen's Instagram Dr. Kristen's NEW Podcast: Science and Soul  Dr. Kristen's Linked In WHOOP Podcast with Kristen Holmes  Try WHOOP HERE! RELATED EPISODES  #527: The Science Of Energy Production and Recovery & How To Balance Out Cortisol and Melatonin with Kristen Holmes #626: Own Your Morning to Feel Energized and Ready to Show Up for Your Day with Liz Plosser #599: How to Wake Up Feeling Well Rested by Optimizing Sleep & Your Sleep-Wake Cycle with Lynne Peeples 580: Mastering Your Sleep, Metabolism and Overall, Health in Midlife with Cynthia Thurlow

A podcast series brought to you by ICE and hosted by Gordon Bennett, Global Head of Environmental Markets at ICE, with a great lineup of guests, to take off into CORSIA - the first global sector-based carbon pricing program.

This is episode 796. Read the complete transcription on the Sales Game Changers Podcast website. Watch the video of the podcast here. The Sales Game Changers Podcast was recognized by YesWare as the top sales podcast. Read the announcement here. FeedSpot named the Sales Game Changers Podcast at a top 20 Sales Podcast and top 8 Sales Leadership Podcast! Subscribe to the Sales Game Changers Podcast now on Apple Podcasts! Read more about the Institute for Effective Professional Selling Emerging Sales Leader Program here. Purchase Fred Diamond's best-sellers Love, Hope, Lyme: What Family Members, Partners, and Friends Who Love a Chronic Lyme Survivor Need to Know and Insights for Sales Game Changers now! Today's show featured an interview with Frank Passanante, Global Head of Sales at Hilton. Also appearing is Lisa Earle McLeod, author of "Selling with Noble Purpose." Find Frank on LinkedIn. Find Lisa on LinkedIn. FRANK'S TIP: “Purpose is a North Star, it's a compass, and when it's aligned, it becomes that source of energy. It should align with where you get energy and it should align with your ability, even through volatile times, to persevere and ultimately to see sustained ongoing performance success.” LISA'S TIP: "You have really understood, at a very deep level, the way that money and meaning go together. They're not siloed. The best sales teams don't have to choose between purpose and profit; they use purpose to drive profit.”

Jennie Magiera, Global Head of Education Impact at Google, joins the podcast to discuss her journey from classroom teacher to tech leader. She shares practical ways educators can use Google Gemini to support diverse student needs and save time, while also addressing critical data privacy considerations and introducing a brand-new hub of AI resources for teachers.Jennie on LinkedInCourageous Edventures, discover your own version of innovation, using the limitless possibilities of educational technologyPhillips Exeter AcademyGoogle for Education Learning CenterGet Started with Google for Education productsGoogle for Education training, catalog of quick lessons and comprehensive courses to build curriculumhttps://ai.google/literacy, AI literacy resources and trainings that empower students, educators, and families to use AI effectively, safely, and responsiblyGoogle NotebookLMKPop Demon HuntersCarnac the Magnificent, character from The Tonight Show with Johnny CarsonVoltaire, French Enlightenment writer, philosopher (philosophe), satirist, and historian

Extreme weather is intensifying, and funding for adaptation measures remains a challenge. Emerging markets face growing economic and credit risks given limited resilience and insurance protection.  In this new video podcast ahead of the COP30 meeting in Belém, Brazil, our Moody's experts discuss whether innovative private and multilateral finance are the answers to bridging the gap.Watch the full episode at: moodys.com/sustainable-finance Host: Colin Ellis, Head of Centre for Credit Research, Moody's Ratings Guests: Rahul Ghosh, Global Head of Sustainable Finance, Moody's Ratings; Marie Diron, Global Head of Sovereign and Sub-Sovereign Risk, Moody's Ratings Related Research:Environmental Risk – Global – Strong water management increases economic resilience to physical climate risk 27 Oct 2025Environmental Risk – Global – Adaptation can support credit strength, but faces race to keep up with climate risks 22 Sep 2025 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Stop chasing clicks without meaning, says Pepe Gorbea, Global Head of Brands, Agencies & Sustainability Innovation at HP and Co-Founder. of StoryMaking4Good. Tune in to hear: • how co-creation turned Nescafé into a double-digit growth story in Mexico • why marketers must learn to listen and focus on the metrics that matter • how to link storytelling and sales  • why the future of advertising lies in community, not campaigns "I want to stop people skipping ads — because advertising can help communities thrive." Learn how co-creation drives both purpose and performance.

For episode 618 of the BlockHash Podcast, host Brandon Zemp is joined by Christian Davies, Global Head of Distribution and Innovation for Relm. Christian Davies has over 12 years of experience in the insurance industry as a worldwide brokerage executive director and founder. He drives Relm’s global distribution strategies and fosters innovation to enhance product reach and market impact. Relm crafts insurance solutions that give businesses in dynamic industries like Web3, AI, Alternative Medicine, Biotech and the Space Economy the protection to innovate and thrive. ⏳ Timestamps: (0:00) Introduction(1:07) Who is Christian Davies?(11:07) How to keep up with variable risk across emerging tech(12:51) How to insure the growing Cybersecurity space(17:43) How does Relm assess risk for a company(19:28) AWS outage(22:28) Why Founders should prioritize insurance against risk(24:30) Relm roadmap for 2025 and 2026(28:30) UI/UX in Web3(30:31) Events & conferences(32:12) Learn more & contact Relm

I did an interview with Joe Darko, Global Head of Developer Relations at Snap, at Snap's Developer Conference of Lensfest. See more context in the rough transcript below. You can also check out all 11 episodes in this Snap Lensfest series here: #1667: Kickoff of Snap Lensfest 2025 Coverage & SnapOS 2.0 Announcements #1668: Snap Co-Founders Community Q&A about Specs 2026 Launch Plan #1669: Snap's Resh Sidhu on the Future of AR Commerce & Developer-Centered Innovation #1670: Snapchat's Embodied Gaming Innovations with AR Developer Relations Head #1671: Reflecting on Snap's AR Platform & Developer Tools Past and Future with Terek Judi #1672: Niantic Spatial's Project Jade Demo Shows Latest Location-Aware, AI Tour Guide Innovations #1673: Snap Lensfest Announcement Reflections from AR Gaming Studio DB Creations #1674: 3rd Place Spectacles Lensathon Team: Fireside Tales Collaborative Storytelling with GenAI #1675: 2nd Place Spectacles Lensathon Team: CartDB Barcode-Scanning Nutrition App #1676: 1st Place Spectacles Lensathon Team: Decisionator Object-Detection AI Decision-Maker #1677: Snap's AR Developer Relations Plan for 2026 Specs Consumer Launch with Joe Darko This is a listener-supported podcast through the Voices of VR Patreon. Music: Fatality

Our Global Head of Fixed Income Research and Public Policy Michael Zezas discuss the latest developments in U.S.-China relations and how they could affect investors.Read more insights from Morgan Stanley.----- Transcript ----- Welcome to Thoughts on the Market. I'm Michael Zezas, Global Head of Fixed Income Research and Public Policy Strategy. Today, we're talking about the U.S. and China—why the relationship remains complicated, and what it means for markets. It's Tuesday, Oct 21st, at 12:30pm in New York. If you've been following headlines, you know that U.S.-China relations are rarely out of the news. But beneath the surface, the dynamics are more nuanced than the daily soundbytes suggest. Investors often ask: Are we headed for a decoupling of the two economies, or is there room for cooperation? The answer, as always, is—it's complicated. Let's start with the basics. The U.S. and China are deeply intertwined economically, but strategic competition has intensified. Recent years have seen tariffs, export controls, and restrictions on technology transfer. Yet, there's still plenty of trade between the two countries, and both economies are dependent on each other for growth and innovation. So what's going on now? In recent weeks, China has moved to tighten rare earth export controls and the U.S. has proposed 100 percent tariffs in return. If this came to pass, these events could mark a clear economic split. But given the interdependencies we just cited, neither Washington nor Beijing seems eager for a true split, at least not anytime soon. The economic costs would be staggering, and both sides know it. So, a truce seems more likely, perhaps with somewhat different terms than the narrow semis-for-rare earths agreement they made this spring. And longer term, this episode seems to be a part of a broader dynamic, where rolling negotiations and truces are more likely than either a durable trade peace or a hard economic decoupling. For fixed income investors, this drives some important considerations. First, U.S. industrial policy is ramping up, with clear implications for AI infrastructure. AI is an area where the U.S. views it as essential that they outcompete China. Supported by renewed CapEx incentives from the latest tax bill, it's clear to us that U.S. companies will be pushing further into AI development, where my colleagues have identified $2.9 trillion of data center financing needs over the next three years, about half of which will come from various credit markets. And for credit investors, this presents an important opportunity. Another consideration is how markets will balance near-term growth risks with an array of medium term growth possibilities. As our U.S. economics team has pointed out, the evidence suggests that corporates haven't yet been forced to make tough decisions about passing on or absorbing tariff costs, underscoring that trade-related growth pressures aren't yet in the rearview. The ongoing U.S. government shutdown doesn't help either. It's all a good argument for why bond yields could move lower in the near term. But also, we should expect yield curves could steepen more, with higher relative yields in longer maturities. This would reflect greater uncertainties around higher fiscal deficits, inflation, and economic growth. Our economists have been calling out the mixed messages in economic data, as well as a U.S. fiscal sustainability picture that appears reliant on acceleration in corporate CapEx for a manufacturing and AI-driven growth burst. In sum, the U.S.-China relationship is evolving, with global implications that don't lend themselves to easy narratives or quick fixes. Our challenge will continue to be crafting investment strategies that reflect durable policy undercurrents, the signal amid news headline noise. Thanks for listening. If you enjoy the show, please leave us a review wherever you listen and share Thoughts on the Market with a friend or colleague.

Is your marketing organization built for disruption or doomed to be disrupted? Agility requires both rapidly responding to market changes while also anticipating and shaping your products or services to map to evolving customer expectations. This means embracing new technologies and strategies while maintaining a laser focus on delivering value. Today, we're going to talk about how leading marketing organizations are leveraging AI and collaborative work management to not only survive but thrive in today's dynamic landscape. To help me discuss this topic, I'd like to welcome, Christine Royston, Chief Marketing Officer at Wrike. About Christine Royston Christine Royston serves as Wrike's Chief Marketing Officer and is responsible for overseeing the global marketing program, driving a customer-first strategy, and focusing on enterprise growth. Christine joined Wrike with more than 20 years of B2B enterprise marketing experience. She most recently served as Vice President and Global Head of B2B Marketing for Udemy and Vice President and Head of Marketing at Bitly. Christine has also held senior leadership roles at Dropbox, Imperva, and Salesforce. She holds a B.A. from the University of Virginia and an International MBA in Global Marketing from the University of South Carolina Darla Moore School of Business. ,Yes, this will be completed shortly Christine Royston on LinkedIn: https://www.linkedin.com/in/christineroyston Resources Wrike: https://www.wrike.com/ The Agile Brand podcast is brought to you by TEKsystems. Learn more here: https://www.teksystems.com/versionnextnow Register now for Sitecore Symposium, November 3-5 in Orlando Florida. Use code SYM25-2Media10 to receive 10% off. Go here for more: https://symposium.sitecore.com/Catch the future of e-commerce at eTail Palm Springs, Feb 23-26 in Palm Springs, CA. Go here for more details: https://etailwest.wbresearch.com/ Connect with Greg on LinkedIn: https://www.linkedin.com/in/gregkihlstromDon't miss a thing: get the latest episodes, sign up for our newsletter and more: https://www.theagilebrand.showCheck out The Agile Brand Guide website with articles, insights, and Martechipedia, the wiki for marketing technology: https://www.agilebrandguide.com The Agile Brand is produced by Missing Link—a Latina-owned strategy-driven, creatively fueled production co-op. From ideation to creation, they craft human connections through intelligent, engaging and informative content. https://www.missinglink.company