Podcasts about global head

Our Global Head of Fixed Income Research and Public Policy Strategy Michael Zezas reads the fine print of U.S. tax legislation to understand how it might affect foreign companies operating in the U.S. and foreign investors holding U.S. debt.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 a proposal tucked away in U.S. tax legislation that could impact investors in meaningful ways: Section 899.It's Wednesday, June 11th, at 12 pm in New York. So, Section 899 is basically a new rule that's part of a bigger bill that passed the House. It would give the U.S. Treasury the power to hit back with taxes on foreign companies if they think other countries are unfairly taxing U.S. businesses. And this rule could override existing tax agreements between countries, even applying to government funds and pension plans.The immediate concern is whether foreign holdings of U.S. bonds would be taxed – something that's not entirely clear in the draft language. Making the costs of ownership higher would affect holders of tens of trillions of U.S. securities. That includes about 25 percent of the U.S. corporate bond market. In short, the concern is that this would disincentivize ownership of U.S. bonds by overseas investors, creating extra costs or risk premium – meaning higher yields. The good news is that there's a decent chance the Senate will tweak or clarify Section 899. Consider the evidence that the motive of those who drafted this provision doesn't seem to have been to tax fixed income securities. If it was, you'd expect the official estimates of how much tax revenue this provision would generate to be far higher than what was scored by Congress. Public comments by Senators seem to mirror this, signaling changes are coming. But while that might mitigate one acute risk associated with 899, other risks could linger. If the provision were enacted, it acts as an extra cost on foreign multinationals investing in building businesses in the U.S. That means weaker demand for U.S. dollars overall. So while this is not at the core of our FX strategy team's thesis on why the dollar weakens further this year, it does reinforce the view. For European equities, our equity strategy team flags that Section 899 adds a whole new layer of worry on top of the tariff concerns everyone's been talking about. While people have been focused on European goods exports to the U.S., Section 899 could affect a much broader range of European companies doing business in America. The most vulnerable sectors include Business Services, Healthcare, Travel & Leisure, Media, and Software – basically, any European company with significant U.S. business.The bottom line, even if modified, if section 899 stays in the bill and is enacted, there's key ramifications for the U.S. dollar and European stocks. But pay careful attention in the coming days. The provision could be jettisoned from the Senate bill. It's still possible that it's too big of a law change to comply with the Senate's budget reconciliation procedure, and so would get thrown out for reasons of process, rather than politics. We'll be tracking it and keep you in the loop.Thanks for listening. If you enjoy Thoughts on the Market please leave us a review. And tell your friends. We want everyone to listen.

In this episode, James talks with Pat Lynch, Executive Managing Director and Global Head of Data Center Solutions at CBRE. With 30+ years in digital infrastructure, Pat shares his journey from early fiber builds in the 90s to leading CBRE's global data center strategy.They discuss how CBRE's data center business scaled from 3% to 10% of company revenue through strategic talent and investment, and how today's growth is shaped by shifting from “bringing power to the site” to “bringing the site to power.” Pat breaks down the unique power challenges developers face, the rise of behind-the-meter generation, and why delivery speed is everything in today's market.You'll also hear insights on:AI's impact on siting and infrastructure designThe risk of stranded assets in power-constrained marketsNavigating utility slowdowns and regulatory uncertaintyGlobal growth opportunities and future talent needs in the sectorWhether you're in energy, real estate, or tech, this episode delivers a front-row seat to the forces reshaping the future of data infrastructure.Paces helps developers find and evaluate the sites most suitable for renewable development. Interested in a call with James, CEO @ Paces?

Credit globally recovered to nearly where it was as trade tensions eased, with various trade deals or tariff pauses while rate cuts are priced for central banks, especially the ECB and BOE but not the Fed. The big question is how to play credit after this recovery. In this episode of our Credit Crunch podcast, Mahesh Bhimalingam, Global Head of Credit Strategy at Bloomberg Intelligence, and Craig Scordellis, CIO of Credit at CQS UK, discuss how alternative credit and leveraged finance offer opportunities after the spread rally. They discuss tariffs, their effect on global inflation and currencies, central bank policy and outlook, state of credit fundamentals and default views for the next year across Europe and the US.

Our analysts Betsy Graseck, Manan Gosalia and Ryan Kenny discuss the major discussions they expect to highlight Morgan Stanley's upcoming U.S. Financials conference.Read more insights from Morgan Stanley.----- Transcript -----Betsy Graseck: Welcome to Thoughts on the Market. I'm Betsy Graseck, Morgan Stanley's U.S. Large Cap Bank Analyst and Morgan Stanley's Global Head of Banks and Diversified Finance Research. Today we take a look at the key debates in the U.S. financials industry. It's Monday, June 9th at 10:30am in New York.Tomorrow Morgan Stanley kicks off its annual U.S. Financials Conference right here in New York City. We wanted to give you a glimpse into some of the most significant themes that we expect will be addressed at the conference. And so, I'm here with two of my colleagues, Manan Gosalia, U.S. Midcap Banks Analyst, and Ryan Kenny, U.S. Midcaps Advisor Analyst.Investors are grappling with navigating economic uncertainty from new tariff policies, inflation concerns, and immigration challenges – all of which impacts financial growth and credit quality. On the positive side, they are also looking closely at regulatory shifts under the Trump administration, which could ease banking rules for the first time since the Great Financial Crisis.Let's hear what our experts are expecting. Manan, ahead of the conference, what key themes do you expect mid-cap banks will highlight?Manan Gosalia: So, there are three key themes that we've been focused on for the mid-cap banks: loan growth, net interest margins, and capital. So, first on loan growth. Loan growth for the regional banks has been fairly tepid at about 2 to 3 percent year-on-year, and the tone from bank management teams has been fairly mixed in the April earning season that followed the tariff announcements on April 2nd. Some banks were starting to see the uncertainty weigh on corporate decision making and borrowing activity, while others were only seeing a slow down in some parts of their portfolio, with a pickup in other parts. Now that we've had two months to digest the announcements and several more positive developments on tariff negotiations, we expect that the tone from bank management teams will be more positive. Now, we don't expect them to say growth is accelerating, but we do expect that they will say loan growth is holding up with strong pipelines. On the second topic, net interest margins, we expect to hear that there is still room for margin expansion as we go through this year. And that's coming in two places, particularly as bank term deposits continue to reprice lower. And then the back book of fixed rate loans and securities, essentially assets that were put on the books four to five years ago when rates were a lot lower, are now rolling over at today's higher rates. Betsy Graseck: So, is the long end of the curve going up a good thing?Manan Gosalia: Yes, for net interest margins. But on the flip side, the tenure going up is slightly negative for bank capital. So that brings me to my third theme. The regional banks are overall in a much better place on capital than they were two years ago. Balance sheets have improved. Capital levels remain solid across the sector. But the recent increase in the long end of the curve is marginally negative for capital, given that there will be a higher negative mark on securities that banks hold. But we believe that higher capital levels that regional banks have accumulated over the past couple of years will help cushion some of these negative marks, and we don't expect the recent shift in the tenure will have a meaningful impact on bank capital plans.Betsy Graseck: So, the increase in the 10-year pulls down capital a little bit, but not enough to trip any regulatory minimums?Manan Gosalia: Correct.Betsy Graseck: So, all in the 10-year yield going up is a good thing?Manan Gosalia: It's slightly negative, but I would expect it does not impact bank growth plans. Betsy Graseck: Okay. All in, what's the message from mid-cap banks?Manan Gosalia: All in, I would expect the tone to be a little more positive than the banks had at April earnings.Betsy Graseck: Excellent. Thanks so much, Manan. Ryan, what about you? What are you expecting mid-cap advisors will say?Ryan Kenny: So, I think we'll hear a lot about the trends in M&A. And when we last heard from investment bank management teams during April earnings, the messaging was more cautious. We heard about M&A deals being paused as companies processed the Liberation Day tariffs, and a small number of deals being pulled. Tomorrow at our conference, expect to hear a measured but slightly improved tone. Look, there's still a lot of uncertainty out there, but what's changed since April is the fact that the U.S. administration is flexing in response to markets. So that should help shore up more confidence needed to do deals, and there's tremendous pent-up demand for corporate activity. Over the last three years – so 2022 to 2024 – M&A volumes relative to nominal GDP have been running 30 to 40 percent below three-decade averages. Equity capital markets volumes 50 to 60 percent below average. There is tremendous need for private equity firms to exit their portfolio investments and deploy $4 trillion of dry powder that has accumulated and also structural themes for corporates – like the need for AI capabilities, energy and biotech consolidation and reshoring – that should fuel mergers as a cycle gets going.So, I think for this group, the message will likely be: April and May – more challenged from a deal flow perspective; but back up of the year, you should start to expect some improvement.Betsy Graseck: So slightly improved tone…Ryan Kenny: Slightly improved. And one of the other really interesting themes that the investment banks will talk about is the substantial growth of private capital advisory.So, this is advising private equity funds and owners on capital raising, liquidation, including secondary transactions and continuation funds. And what will be interesting is how the clients set here is growing. We've seen this quarter, major universities, some local governments that increasingly need liquidity and they're hiring investment banks to advise on selling private equity fund interests.It's really going to be a great discussion because private capital advisory is a major growth area for the boutique investment banks that I cover.Betsy Graseck: How big of a sleeve do you think this could become – as big as M&A outright?Ryan Kenny: Probably not as big as M&A outright, but significant. And it helps give the investment banks' relationships with financial sponsors who are active on the M&A front. So, it can be a share gain story.So, Betsy, what about you? You cover the large cap banks. What do you expect to hear?Betsy Graseck: Well, before I answer that, I do want to just put a pin on it.So, you're saying that for your coverage Ryan, we have some green shoots coming through...Ryan Kenny: Yeah, green shoots and more positive than in April.Betsy Graseck: And Manan on your side? Same?Manan Gosalia: A little bit more of a positive than April earnings, but more of the same as we heard at the start of the year.Betsy Graseck: Okay. Going back to the future then, I suppose we could say. Excellent. Well on large cap banks, I do expect large cap banks will be reflecting some of the same themes that you both just discussed. In particular, you know, we'll talk about IPOs. IPOs are holding up. We look at IPOs where we had 26 IPOs in the past week alone.That's up from 22 on average year-to-date in 2025. And I do think that the large cap banks will highlight that capital market activity is building and can accelerate from here, as long as equity volatility remains contained. By which we mean VIX is at 20 or below. And with capital market activity should come increased lending activity. It's very exciting. What's going on here is that when you do an M&A, you have to finance it, and that financing comes from either the bond market or banks or private credit. M&A financing is a key driver of CNI loan growth. A lot of people don't know that. And CNI loan growth, we do think will be moving from current levels of about 2 percent year-on-year, as per the most recent Fed H.8 data to 5 percent as M&A comes through over the next year plus. And then the other major driver of CNI loans is loans to non-depository financial institutions, which is also known as NDFI Loans. NDFI loans have been getting a lot of press recently. We see this as much ado about reclassification. That said, investors are asking what is the risk of this book of business? Our view is that it's similar to overall CNI loan risk, and we will dig into that outlook with managements at the conference. It'll be exciting. Additionally, we will touch on regulation and how easing of regulation could change strategies for capital utilization and capital deployment. So, you want to have an ear out for that. Well, Manan, Ryan, it's been great speaking with you today.Manan Gosalia: Should be an exciting conference.Ryan Kenny: Thanks for having us on.Betsy Graseck: And thanks for listening everyone. 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.

After being laid off from his UX position, Duncan Abel wasn't sure how to package his 20+ years of UX experience—or if he even wanted to stay in the field. In this candid conversation, Duncan shares how Career Strategy Lab gave him the structure, community, and confidence to move forward and land a global UX leadership role at the British Standards Institute.Whether you're a senior leader navigating change or just unsure how to communicate your value, Duncan's story will inspire you to stop doubting your experience and start owning your career path.What You'll Learn in This Episode:✔️ Why being experienced doesn't always make job searching easier✔️ How Duncan rebuilt his confidence after a layoff✔️ The surprising value of self-reflection in a job search✔️ What made interviews feel radically different this time✔️ Why your “mentor model” and “compass statement” matter more than you think✔️ How Career Strategy Lab helped him clarify, focus, and land a high-level roleTimestamps:00:00 Introduction to Career Strategy Podcast00:40 Meet Duncan Abel: Career Journey and Challenges04:29 The Impact of Career Strategy Lab10:30 Mentorship and Career Roadmap Insights14:09 Global Relevance of Career Strategy Lab16:45 Final Advice and Encouragement19:58 Conclusion and Social Media Call-to-ActionApplied to 50+ UX or Product jobs & still no interviews or offers? Get UX job search help.Welcome to the Career Strategy Podcast with Sarah Doody, a UX Designer & UX Researcher with 20 years of experience who founded the UX job search accelerator, Career Strategy Lab. She's been doing UX career coaching since 2017.⭐ Support the show! Leave a rating on Spotify or a review on Apple Podcasts to help more UX professionals find this podcast.

On today's podcast we are resharing our interview with Evelyn Lee.Evelyn started in architecture but is now the first-ever Global Head of Workplace Strategy & Innovation at Slack Technologies. She is also the Founder of the Practice of Architecture, Co-Host of the Podcast, Practice Disrupted; and is extremely involved in the AIA, most notably serving as the first-ever female Treasurer to the AIA National Board from 2020-2021.Evelyn has been widely published in Contract Magazine, Architect Magazine, and is currently working with Architizer to develop recurring content on the business of architecture. She is a recognized innovator in the profession and has received numerous industry awards, including the 2016 40 Under 40 award for Building Design + Construction and the 2014 AIA National Young Architects Award. We talk about: - How Evelyn was inspired to study architecture and balanced it- from the start- with other commitments that were important to her, like playing collegiate soccer. - We next review qualifications and expectations for achieving FAIA recognition.- Evelyn shares about her experience as the first employee at her firm to have a baby and how she negotiated a maternity and return to work plan with her employer.- Next, we chat about the Practice of Architecture and how Evelyn leverages her MBA and MPA to work with business owners to make their operations more efficient.- We then talk about what architecture firms can learn from Slack's stance on in-person and remote work strategies. - Evelyn then elaborates on small changes that make a big impact on worker engagement like core hours, personal operating manuals, and dial-in policies.- We end with a few ways Evelyn continues to learn and evolve and where you can follow her efforts (see the show notes!).More Episodes You May Enjoy:048: Robyn Linstrom: Design and De-Stigmatization as a Mental/ Behavioral Health Architect045: Atelier Cho Thompson: Ming Thompson and Christina Cho Yoo on Diverse Strengths and Great Design026: Angela Watson: Embracing Challenges, Fostering Connection as CEO013: Erin Alley: Rising to Leadership in Architecture through Inquiry, Inclusivity, and Innovation009: FIFTEEN: Ximena Valle, Mary Beth Di Figlia, and Jill Lavine on their Women-led Firm017: Tigress Osborn: National Association to Advance Fat Acceptance (NAAFA) and the Built Environment037: Karen Hager & Lauline Mitchell: NAWIC Presidents027: Sharadan Rorabaugh: Architect to US Navy Civil Engineer Corps006: Tenille Bettenhausen: Soft Skills and Unexpected Career Twists011: Tami Hausman: Amplifying AEC Industries

The DOJ files to seize over $7 million linked to illegal North Korean IT workers. The FBI warns of BADBOX 2.0 malware targeting IoT devices. Researchers uncover a major security flaw in Chrome extensions. ESET uncovers Iranian hackers targeting Kurdish and Iraqi government officials. Hitachi Energy, Acronis and Cisco patch critical vulnerabilities. 20 suspects are arrested in a major international CSAM takedown. Hackers exploit a critical flaw in Roundcube webmail. Today's guest is Ian Bramson, Global Head of Industrial Cybersecurity at Black & Veatch, exploring how organizations can close the cyberattack readiness gap.  ChatGPT logs are caught in a legal tug-of-war.  Remember to leave us a 5-star rating and review in your favorite podcast app. Miss an episode? Sign-up for our daily intelligence roundup, Daily Briefing, and you'll never miss a beat. And be sure to follow CyberWire Daily on LinkedIn. CyberWire Guest Today's guest is Ian Bramson, Global Head of Industrial Cybersecurity at Black & Veatch. Ian joins us to explore how organizations can close the cyberattack readiness gap in industrial environments—especially as cyber threats grow more sophisticated and aggressive. Selected Reading Department Files Civil Forfeiture Complaint Against Over $7.74M Laundered on Behalf of the North Korean Government (U.S. Department of Justice) FBI: BADBOX 2.0 Android malware infects millions of consumer devices (Bleeping Computer) Chrome Extensions Vulnerability Exposes API Keys, Secrets, and Tokens (Cyber Security News) Iran-linked hackers target Kurdish and Iraqi officials in long-running cyberespionage campaign (The Record) CISA reports critical flaw in Hitachi Energy Relion devices (Beyond Machines) Critical security vulnerabilities discovered in Acronis Cyber Protect software (Beyond Machines) Cisco Patches Critical ISE Vulnerability With Public PoC (SecurityWeek) Police arrests 20 suspects for distributing child sexual abuse content  (Bleeping Computer) Hacker selling critical Roundcube webmail exploit as tech info disclosed (Bleeping Computer)– mentioning this in the Briefing OpenAI slams court order to save all ChatGPT logs, including deleted chats (Ars Technica) Want to hear your company in the show? You too can reach the most influential leaders and operators in the industry. Here's our media kit. Contact us at cyberwire@n2k.com to request more info. The CyberWire is a production of N2K Networks, your source for strategic workforce intelligence. © N2K Networks, Inc. Learn more about your ad choices. Visit megaphone.fm/adchoices

Dan Ives, Global Head of Technology at Wedbush Securities, discusses the feud between Elon Musk and President Trump and how it's affecting Tesla stock, Musk's other companies, and his personal wealth. He speaks with Bloomberg's Lisa Abramowicz and Annmarie HordernSee omnystudio.com/listener for privacy information.

Impact investing isn't just a trend – it's a fundamental shift in how one approaches long-term investing, an approach that focuses on resilience and responsibility. Join Steve and Eugenia Koh, Standard Chartered's Global Head of Sustainable Investing, as they discuss core characteristics of these investments that set them apart from conventional ones. Speakers:- Steve Brice, Global Chief Investment Officer, Standard Chartered Bank- Eugenia Koh, Global Head of Sustainable Investing, Standard Chartered BankRead our full report to find out more https://av.sc.com/corp-en/nr/content/docs/wm-thematic-report-impact-investing-profit-with-purpose-05-june-2025.pdf

In this episode of Branded, Ben Kaplan sits down with Bridget Evans, the Global Head of Business Marketing at Spotify, to unpack the platform's growing role as a multimedia advertising powerhouse. Bridget breaks down Spotify's evolution from a primarily audio-based brand into a dynamic player in video advertising and podcast monetization.They explore:Spotify's strategic pivot to include more video-first experiences, including video podcasts, music videos, and lyric videos.The award-winning “Spreadbeats” B2B campaign that turned Excel spreadsheets into media channels to reach media buyers in unexpected ways.How Spotify is supporting mid-tier and micro-podcasters through the Spotify Partner Program and new monetization tools.The balance between owned/licensed content and supporting a broader creator economy.Why podcasting fosters deep engagement and trust, making it a unique advertising channel with powerful reach.The future of AI in audio, from content discovery to personalized playlists and DJ experiences.Bridget's thoughts on data-driven marketing, brand storytelling, and why creative opportunities on Spotify are more expansive than ever.Plus, Bridget shares the best career advice she ever got from Gary Vaynerchuk: “Don't focus on being the first—focus on being the best or the most creative.”

Our first episode from Money20/20 Europe 2025, this one produced in partnership with LSEG Risk Intelligence, who provide a range of solutions to help organisations effectively navigate risks and reduce fraud. The event took place at the RAI in Amsterdam. Our guests for this episode were: 1/ David White, Global Head of Product & Data, LSEG Risk Intelligence 2/ Ugne Buraciene, Group CEO, payabl. 3/ Pavan Ramkishan Bachwal, Head of Ericsson Financial Services, Ericsson 4/ Denise Johansson, Co-Founder and Co-CEO, Enfuce 5/ Darek Paleczny, Chief Risk & Compliance Officer, Worldline 6/ Eline Blomme, Chief Strategy & Product Officer, acquired.com 7/ Daniel Kornitzer, Head of Global Partnerships, Ebanx

You've led the development of e-commerce strategies across multiple markets. What are the key elements of a successful e-commerce strategy, and how do you ensure it is flexible enough to adapt to different consumer behaviors and market conditions globally? With the rise of omnichannel retail and retail media, how do you approach building a seamless experience for customers across both physical and online channels? What are the key factors in optimizing online visibility and conversion? Data-driven decisions are essential in today's fast-changing e-commerce landscape. How do you use data and experimentation to improve customer experience and drive business results? Can you share any examples of where experimentation led to unexpected insights or success? You've played a key role in leading digital transformation by integrating marketing, commerce, and retail media functions. What are some of the biggest challenges in transforming an organization for digital success, and how do you ensure alignment across teams? Looking ahead, what are you most excited about in the e-commerce space? Are there any emerging trends or technologies that you believe will significantly shape the future of online shopping and consumer behavior?

Born in France almost 50 years ago, Decathlon has grown into the world's largest sporting goods retailer with over 1,700 stores in more than 70 countries. On today's episode of Redefiners, Simon Kingston is joined by our new co-host, Marla Oates, as they sit down with former CEO of Decathlon Barbara Martin Coppola. Barbara takes us through her globe-hopping journey in leadership roles across several industries, including technology, home furnishings, food delivery, and consumer electronics before she came to the CEO role at Decathlon. She talks about the need for a clear North Star to enable transformation, creating a culture of innovation, driving a circular product strategy, and redefining Decathlon's customer experience in-store and online. Plus, as a member of the board of directors at INSEAD, she shares her insights on how educational institutions' next generation leaders need to redefine what skills will be needed in a rapidly changing world. We'll also hear from Pam Fitzpatrick, Global Head of Sustainability at Russell Reynolds Associates. Pam will discuss key insights from our 2024 Sustainability Report and the commitments we've made as a firm. Four things you'll learn from this episode: How a North Star and guiding purpose can shape overall business strategy and leadership development How to build a culture of innovation while maintaining a clear vision of quarterly, annual, and longer-term goals How a circular product strategy impacts product life cycle from design and distribution through end of life How educational institutions and young people need to redefine the skills needed in a rapidly changing world If you enjoyed this episode, you might also like these Redefiners episodes: Paws, Purpose & Profit: A Conversation with Pets at Home CEO Lyssa McGowan Leadership Lounge: Beyond Handshakes – How to Build Trust and Transform Executive Team Performance Unpacking Leadership Lessons with Marriott International President and CEO Tony Capuano Leadership Lounge: What do top-performing teams have in common? Outwork the Competition: Jordan Brand's Winning Strategy with President Sarah Mensah Leadership Lounge: How to develop your personal leadership brand

How can fintechs turn data into strategy? Anand Pandya, Global Head of Financial Services at Hakkoda, an IBM Company joins us to talk AI, monetization, and the cutting edge of data innovation. A must-listen for fintech professionals and data strategists this week on the Fintech Newscast! https://hakkoda.io Click Subscribe to keep up to date on … Continue reading Ep 258- Hakkoda an IBM Company

SummaryIn this episode, Dan Sixsmith interviews Anurag Goel, the Global Head of Business Value and Realization at Red Hat and one of the highest profile experts in the value engineering world. They discuss the importance of shifting the conversation from product features to business outcomes, the challenges of scaling business value, and the role of AI in enhancing value propositions. Anurag shares insights on navigating buyer confidence, the significance of customer success, and the value of partnerships. He also reflects on his personal journey and leadership style, emphasizing the importance of relationships and team growth in achieving success.TakeawaysThe shift from feature selling to value selling is crucial for success.AI's ROI is a major concern for customers today.Value selling provides a framework for addressing buyer confidence.Customer success is integral to maintaining and growing accounts.Partnerships are essential for scaling business value.Anurag's journey includes significant roles at SAP, Adobe, and Salesforce.Building relationships is key to success in sales and leadership.Cultural synergy is important for team cohesion, especially in remote settings.Success is defined by team impact, shared vision, and individual growth.Chapters00:00 Introduction to Business Value at Red Hat02:26 Scaling Business Value and Overcoming Challenges06:38 The ROI of AI: Insights and Strategies11:00 Navigating Buyer Confidence in Complex Sales14:11 Customer Success as a Demand Generation Strategy18:32 Partnering for Success: The Role of Partners21:17 Anurag's Journey: From Aspirations to Leadership30:41 Leadership Style and Team Motivation35:34 Defining Success: Goals for 2025

Subscribe to DTC Newsletter - https://dtcnews.link/signupIn this episode of the DTC Podcast, we're joined by Garrick Tiplady, Global Head of SMB Group at Meta, and Yingying Kuang, Head of Ecommerce and Growth at Kitsch. They share practical insights into how AI tools are reshaping media buying—not replacing it, but making it more efficient and creative.From Zuckerberg's recent comments about simplifying campaign setup to the real-world tactics Kitsch uses to launch 100 creatives a week, this episode is filled with straightforward strategies for scaling performance marketing. Garrick and Yingying discuss how Meta's Advantage+ and GenAI Creative tools support human creativity and free up media buyers to focus on strategy and storytelling.Key insights:Why creative is targeting, and how AI helps scale itHow Kitsch leverages AI for creative production, testing, and analysisThe balance between automation and human strategy in performance marketingMeasuring incrementality and understanding attribution beyond last-clickPreparing for Q4 with proven creative and campaign strategiesThis is a must-listen for media buyers and marketers who want to leverage AI tools without losing sight of strategy, customer connection, and real business impact.Find out more at https://www.facebook.com/business/news/meta-advantage-explained-in-two-minutesTimestamps00:00 – How Kitsch approaches Meta's automation and creative strategy02:15 – Why creative diversification outperforms targeting hacks04:30 – Retargeting strategy and why it's not one-size-fits-all07:00 – Meta's view on freeing up time for creative strategy09:15 – Using Gen AI to boost creative volume and performance11:30 – Measuring incrementality with Meta tools and Northbeam14:00 – Multi-channel attribution and retail halo effects16:15 – Testing Q4 offers early and holiday creative strategies18:30 – How creators and partnership ads drive 15–25% higher ROAS20:30 – Final advice for mastering Meta media buying in 2025Hashtags#dtcpodcast#mediabuying#metaads#genai#ecommercemarketing#kitschbrand#advertisingstrategy#q4planning#creatorads#digitalattribution#incrementality#performancecreative Subscribe to DTC Newsletter - https://dtcnews.link/signupAdvertise on DTC - https://dtcnews.link/advertiseWork with Pilothouse - https://dtcnews.link/pilothouseFollow us on Instagram & Twitter - @dtcnewsletterWatch this interview on YouTube - https://dtcnews.link/video

  If uncertainty is the new normal – how can the commodities markets and participants adapt? What does that mean for costs, supply chains and people.  In May we held our latest Live Event in London, in partnership with ITFA. The event was hosted by Aon, with additional sponsorship by Atradius, Brown Brothers Harriman, Coface, Natixis Partners, Pole Star Global, The Mercury Group and RESCOM. Our panellists debated themes including the sources of uncertainty, and what it means for markets, prices and participants. What are the impacts of tariffs and geopolitical tensions? What is the state of the talent landscape as a new generation of professionals, and new businesses, confront these challenges? Is a new generation of deep specialists ready? Joining podcast host, Paul Chapman was Stuart Lawson, Global Head at Aon Credit Solutions; Khushroo Pochkhanawalla, Commodity Risk Director at The Heineken Company; Matthew Chamberlain, CEO at the London Metal Exchange; Marieke Franssen, Managing Director of Natixis Corporate & Investment Banking and William Tully, Head of Business Development at Brown Brothers Harriman Commodities & Logistics.

How can companies leverage sustainable strategies as a potential source of competitive advantage? In this episode of Sustainability Leaders, James Burrow, Director, Sustainable Finance at BMO is joined by a panel of experts to explore how incorporating social and environmental considerations could help drive efficiencies and unlock growth opportunities. The panel includes Aysu Katun, VP of Sustainability, Greif; Tim Faveri, VP of Global Sustainability, Nutrien Inc; and Torsten Lichtenau, Partner and Global Head of Carbon Transition Practice, Bain & Company.

Duolingo is famous for its TikTok presence — but can it become just as iconic as an employer brand? On this episode of Hiring on All Cylinders, Jocelyn S. Lai, Global Head of Talent Brand at Duolingo, shares how she's building the Talent Brand function from the ground up with bold ambition. From reporting into Marketing and leading with a lean team, to attracting top-tier tech talent in Pittsburgh and reimagining what “LinkedIn fame” really means, Jocelyn delivers both practical advice and fresh perspective for anyone looking to build a standout talent brand. 

This episode of HSBC's Perspectives series features Rob Fauber, President and CEO, Moody's, in-conversation with Danielle Johnson, HSBC's Global Head of Institutional Clients. Rob shares his perspectives on the evolving private credit market and today's interconnected risk landscape, as well as key moments from his own career journey – including what keeps him up at night.Watch or listen to find out more.This episode was recorded on the sidelines of the HSBC Global Investment Summit in Hong Kong on 26 March 2025. Find out more here: grp.hsbc/gisDisclaimer: Views of external guest speakers do not represent those of HSBC.

Wagner Denuzzo is the author of Leading to Succeed, a book on essential skills for the new workplace. He is currently a consultant and coach at his own firm. Previously, he served as the VP and Global Head of Leadership Development at IBM, as well as the VP and Head of Capabilities for the Future of Work at Prudential Financial.He is a seasoned leader in organizational development, human capital strategy, and leadership transformation, with over two decades of experience across global enterprises, consulting firms, and startups.In today's episode of Smashing the Plateau, you will learn how to effectively transition from corporate roles to entrepreneurship and the importance of collaboration in achieving success.Wagner and I discuss:Wagner's journey from humble beginnings in Brazil to a successful corporate career [02:16]The pivotal moment that led Wagner to become an entrepreneur [04:41]The role of community in organizational success [07:13]How to leverage personal experiences for professional growth [10:04]The significance of listening in consulting engagements [13:14]The importance of shared leadership and collective purpose [20:12]Strategies for overcoming imposter syndrome as an entrepreneur [22:48]Insights on building effective teams through the lens of quantum physics [25:10]Learn more about Wagner at https://a.co/d/azLLRXK.Thank you to our sponsor:The Smashing the Plateau CommunitySign up now to gain exclusive access to handpicked, succinct strategy insights from our podcast guests – your journey to success is just a click away!

Get an exclusive sneak peek into how Duolingo built its iconic employer brand with insights from Jocelyn S. Lai, Global Head of Talent. In this trailer, discover the bold strategies, creative risks, and data-driven decisions behind one of the most recognized talent brands in the world. Full episode drops tomorrow

Send us a textWelcome to T.A.C.E! From nurturing talent across a Global Banking Giant to launching her own Leadership Coaching practice, Tace Heuston's journey epitomizes the courage to embrace change and follow your passion. After 33 remarkable years at JP Morgan Chase, where she rose to become Global Head of Talent Development impacting over 30,000 employees, Tace has stepped into entrepreneurship with Training and Coaching Enterprises (T.A.C.E - see what she's doing there?!)The essence of Tace's approach to Leadership Development is beautifully simple: "The only thing holding you back is you." Throughout her career, she's been driven by an authentic desire to help others succeed, particularly women navigating workplace challenges. As the architect of JP Morgan's Re-entry Program, she created pathways for women returning to careers after family breaks, addressing the often-overlooked talent pool of experienced professionals eager to contribute again.What makes Tace's coaching distinctive is her rare combination of corporate wisdom and genuine empathy. She recognizes that senior leaders often lack safe spaces to be vulnerable about their challenges – everyone expects them to have all the answers. Through executive coaching, team development, and her signature "Thrive" program for women leaders, she creates that crucial space where authentic growth happens.Tace's personal philosophy of "be brave, do the things that frighten you most" guided her own leap into entrepreneurship. Drawing from her father's example as a business owner and her lifelong passion for nurturing others (which began when teaching Sunday school in her twenties), she's created a coaching practice that embodies her values of kindness, courage, and saying "yes" to opportunity.Ready to discover your leadership advantage? Connect with Tace at tacehouston.com or find her on LinkedIn to learn how her coaching can transform your professional journey.Tune in next week for more stories of 'Distinction & Genius' from The Good Listening To Show 'Clearing'. If you would like to be my Guest too then you can find out HOW via the different 'series strands' at 'The Good Listening To Show' website. Show Website: https://www.thegoodlisteningtoshow.com You can email me about the Show: chris@secondcurve.uk Twitter thatchrisgrimes LinkedIn https://www.linkedin.com/in/chris-grimes-actor-broadcaster-facilitator-coach/ FaceBook Group: https://www.facebook.com/groups/842056403204860 Don't forget to SUBSCRIBE & REVIEW wherever you get your Podcasts :) Thanks for listening!

After the federal court's ruling against Trump's reciprocal tariffs, and an appeals court's temporary stay of that ruling, our analysts Michael Zezas and Michael Gapen discuss how the administration could retain the tariffs and what this means for the U.S. economy.Read more insights from Morgan Stanley.----- Transcript -----Michael Zezas: Welcome to the Thoughts on the Market. I'm Michael Zezas, Morgan Stanley's Global Head of Fixed Income Research and Public Policy Strategy.Michael Gapen: And I'm Michael Gapen, Chief U.S. Economist.Today, the latest on President Trump's tariffs.It's Thursday, May 29th at 5pm in New York.So, Mike, on Wednesday night, the U.S. Court of International Trade struck down President Trump's reciprocal tariffs. This ruling certainly seems like a fresh roadblock for the administration.Michael Zezas: Yeah, that's right. But a quick word of caution. That doesn't mean we're supposed to conclude that the recent tariff hikes are a thing of the past. I think investors need to be aware that there's many plausible paths to keeping these tariffs exactly where they are right now.Michael Zezas: First, while the administration is appealing this decision, the tariffs can stay in place. But even if courts ultimately rule against the Trump administration, there are other types of legal authorities that they can bring to bear to make sure that the tariff levels that are currently applied endure. So, what the court said the administration had done improperly was levy tariffs under the International Emergency Economic Powers Act (IEEPA).And there's been active debate all along amongst legal scholars about if this was the right law to justify those tariff levies. And so, there's always the possibility of court challenges. But what the administration could do, if the courts continue to uphold the lower court's ruling, is basically leverage other legal authorities to continue these tariffs.They could use Section 122 as a temporary authority to levy the 10 percent tariffs that were part of this kind of global tariff, following the reciprocal trade announcement. They also could use the existing Section 301 authority that was used to create tariffs on China in 2018 and 2019, and extend that across of all China imports; and therefore, fill in the gap that would be lost by not being able to use the International Emergency Economic Powers Act to tariff some of China's imports.So bottom line, there's lots of different legal paths to keep tariffs where they are across the set of goods that they're already applied to.Michael Gapen: So, I think that makes a lot of sense. And with all that said, where do you think we stand right now with tariffs?Michael Zezas: So, if the court ruling were to stand then the 10 percent tariffs on all imports that the U.S. is currently levying, that would have to go away. The 30 percent tariffs on roughly half of China imports, that would've to go away. And the 25 percent tariffs on Canada and Mexico around fentanyl, that would have to go away as well.What you'd be left with effectively is anything levied under section 232 or 301. So that's basically steel, aluminum, automobile tariffs. And tariffs on the roughly half of China imports that were started in 2018 and 2019. But as we said earlier, there's lots of different ways that the authority can be brought to bear to make sure that that 10 percent import tariff globally is continued as well as the incremental tariffs on China.But Michael, turning to you on the U.S. economy, what's your reaction to the court's ruling? It seems like we're just going to have a continuation of existing tariff policy, but is there something else that investors need to consider here?Michael Gapen: Well, I'm not a trade lawyer. I'm not entirely surprised by the ruling. It did seem to exceed what I'll call the general parameters of the law, and it wasn't what we – as a research group and a research team – were thinking was the most likely path for tariffs coming into the year, as you mentioned. And as we, as a group wrote, we thought that they would rely mainly on section 301 and 232 authority, which would mean tariffs would ramp up much more slowly. And that's what we had put into our original outlook coming into the year.We didn't have the effective tariff rate reaching 8 to 9 percent until around the middle of 2026. So, it reflected the fact that it would take effort and time for the administration to put its plans on tariffs in into place. So, I think this decision kind of shifts our views back in that direction. And by that I mean, we originally thought most of 2025 would be about getting the tariff structure in place. And therefore, the effects of tariffs would be hitting the economy mainly in 2026.We obviously revise things where tariffs would weigh on activity in 2025 and postpone Fed cuts into 2026. So, I think what it does for the moment is maybe tilts risks back in the other direction. But as you say, it's just a matter of time that there appears to be enough legal authority here for the administration to implement their desires on trade policy and tariff policy. So, I'm not sure this changes a lot in terms of where we think the economy's going. So, I'm not entirely surprised by the decision, but I'm not sure that the decision means a lot for how we think about the U.S. economy.Michael Zezas: Got it. So, the upshot there is – really no change from your perspective on the outlook for growth, for inflation or for Fed policy. Is that fair?Michael Gapen: That's right. So, it's still a slow growth, sticky inflation, patient Fed. It's just we're kind of moving around when that materializes. We pulled it into 2025 given the abrupt increase in in tariffs and the use of the IEEPA authority. And now it probably would come later if the lower court ruling stands.Michael Zezas: Right. So, sticking with the Fed. Several Fed speakers took to the airwaves last week, and it sounds like the Fed is still waiting for some of these public policy changes to have an effect on the real economy before they react. Is that a fair way to characterize it? And what are you watching at this point in terms of what determines your expectations for the Fed's policy path from here?Michael Gapen: Yeah, that's right. And I think, given that the appeals court has allowed the tariffs to stay in place as they review the lower court, the trade court's ruling, I think the Fed right now would say: Okay, status quo, nothing has changed.So, what does that mean? And what the Fed speakers said last week, and it also appeared in the minutes, is that the Fed expects that tariffs will do two things with respect to the Fed's mandate. It'll push inflation higher and puts risks around unemployment higher, right? So, the Fed is offsides, or likely to be offsides on both sides of its mandate.So, what Fed speakers have been saying is, well, when this happens, we will react to whichever side of the mandate we're furthest from our target. And their forecasts seem to say and are pretty consistent with ours, that the Fed expects inflation to rise first, but the labor market to soften later. So, what that means for our expectations for the Fed's policy path is they're likely to be on hold as they evaluate that inflation shock.And we'll keep the policy rate where it is to ensure that inflation expectations are stable. And then as the economy moderates and the labor market softens, then they can turn to cuts. But we don't think that happens until 2026. So, I don't think the ruling yesterday and the appeal process initiated today changes that.For now, the tariffs are still in place. The Fed's message is it's going to take us at least until probably September, if not later, to figure out which way we should move. Moving later and right is preferable for them than moving earlier and wrong.Michael Zezas: Got it. So bottom line, from our perspective, this court case was a big deal. However, because the administration has a lot of options to keep tariffs going in the direction that they want, not too much has really changed with our expectations for the outlook for either the tariff path and it's not going to fix to the economy.Michael Gapen: That's right. That's, I think what we know today. And we'll have to see how things evolve.Michael Zezas: Yep. They seem to be evolving every day. Mike, thanks for speaking with me.Michael Gapen: Thank you, Mike. It's been a pleasure. And 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 today.

In this AppleVis Extra episode, David Nason and Thomas Domville (AnonyMouse) interview Sarah Herrlinger, senior director of Global Accessibility Policy and Initiatives at Apple. They explore Apple's ongoing dedication to accessibility, spotlighting exciting new features designed to better support users with disabilities. The conversation covers several highlights, including Accessibility Nutrition Labels, Braille Access Mode, Magnifier for Mac, and the role of AI in accessibility enhancements.Key Highlights:Accessibility Nutrition LabelA new initiative that provides standardized accessibility info for apps.Developers will showcase features like VoiceOver and captions.Designed to increase awareness and help users easily find accessibility details.Braille Access ModeAvailable on iPhone, iPad, Mac, and Apple Vision Pro.Enables quick note-taking, calculations, and BRF file access with Braille displays.Supports live captioning for DeafBlind users to improve communication.Magnifier for MacTurns your iPhone into a magnifier for Mac users.Uses a secondary camera to enlarge physical objects.Includes zoom, color filters, brightness controls, and OCR with text-to-speech via Accessibility Reader.AI and AccessibilityAI remains a vital tool in accessibility advancements.Enhances image recognition and descriptive capabilities.Continues to be integrated to improve experiences for visually impaired users.User Engagement and FeedbackHighlights the value of user feedback in shaping accessibility features.Encourages users to send suggestions to accessibility@apple.com.Share Accessibility SettingsA new feature lets users temporarily transfer their accessibility settings to another device.Makes it easier for family members to help with troubleshooting and tech support.Listeners are invited to share their thoughts on these features and suggest any other accessibility needs they'd like Apple to consider.TranscriptDisclaimer: This transcript was generated by AI Note Taker – VoicePen, an AI-powered transcription app. It is not edited or formatted, and it may not accurately capture the speakers' names, voices, or content.Dave: Hello there, and welcome to another episode of the AppleVis Extra. My name is David Mason, and I am delighted to be joined once again by Thomas Domville, also known as AnonyMouse, of course. And this is an exciting episode that we, I want to say, annually, semi-annually do, and that is an interview with Apple's Global Head of Accessibility, Sarah Herrlinger. So, looking forward to this one, Thomas.Thomas: Right. I mean, you're right. That is a mouthful. What is your, I had to look that up. Director of Global Accessibility Policy and Initiatives. I'm like, wow. I wonder if that actually fits on her business card in one line. There's no way. They only respond so small.…

In this episode of the Investing in Integrity podcast, Ross Overline, CEO and co-founder of Scholars of Finance, sits down with Jamie Kase, Managing Director and Global Head of Investor Relations at HarbourVest.Learn how Jamie manages and builds relations with a global community of investors at this $138 billion AUM firm. He shares how finance professionals can create authentic, long-term relationships. They discuss leadership during uncertainty, the art of trust-driven networking, and the importance of mentorship in shaping the next generation of finance leaders. Jamie also shares insights on navigating market volatility, embracing failure, and fostering principled careers in finance. Whether you're a student or a seasoned investor, this episode offers valuable lessons on turning transactional interactions into meaningful professional partnerships.Meet Jamie KaseJamie Kase is the Managing Director & Head of Global Investor Relations at HarbourVest Partners, a leading global private markets investment firm. With nearly a decade at HarbourVest and extensive experience in capital raising, strategy, and corporate branding, Jamie leads global sales, marketing communications, and client relations. A member of HarbourVest's Executive Leadership Team, he focuses on strategic initiatives that drive growth. He also serves on the Boards of Trustees for Wheeler School and United Cerebral Palsy of NYC.

After roughly 18 years with William Grant & Sons in a wide array of positions, including Global Head of Brand Ambassadors, Charlotte Voisey is now serving in the newly created role of Executive Director for Tales of the Cocktail.Having been to Tales three times, and preparing for my fourth, it was a delight to chat with Charlotte. Her enthusiasm for the organization and its work psyched me up for this year's week-long adventure in the beautiful city of New Orleans.Enjoy this conversation. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit decodingcocktails.substack.com

The second of two episodes that we recorded at Seamless Middle East in Dubai. We produced these episodes in partnership with BPC, a payments processor that builds digital ecosystems that enable seamless payment experiences. Our guests for this final set of interviews were: 1/ Amit Malhotra, Global Head of Retail Banking, Abu Dhabi Islamic Bank 2/ Radu Topliceanu, EVP, Head of NEO and Personal Banking, Mashreq 3/ Mahmoud Hamouda, Head of Strategic Initiatives, Banque Misr 4/ Sameh Khairy, Head of Cash Management & Digital Solution, Credit Agricole 5/ Ramy Refaat, IT Digital Transformation Manager, National Bank of Egypt 6/ Joseph Cleetus, Vice President of Business Transformation, LuLu Financial Holdings

Send us a textIn this episode of the ZAGA Centers Podcast, George Raeber, Global Head of R&D and Innovation at Straumann, offers a personal and forward-thinking perspective on implant dentistry. As a top-level sponsor of the Edentulism Conference 2025, Straumann shares its vision for tackling complex rehabilitation through innovation—from zygomatic and subperiosteal implants to dynamic navigation and time-saving workflows. Tune in to explore how science, technology, and patient-centered care come together in Straumann's commitment to shaping the future of edentulism.Curious about the latest insights from the Edentulism Conference 2025? Discover more on our website: https://bit.ly/EdentulismConference2025BCNOr engage directly with our ZAGA Community by joining the ZAGA Circle, our WhatsApp group, where knowledge and experience in full mouth rehabilitation are shared daily: https://chat.whatsapp.com/HAA4vAj6nl4ApY02m9zMgS

KPMG’s Global Head of Agribusiness yesterday released his 2025 Agribusiness Agenda, sharing the results of its annual Agribusiness Leaders Priority Survey, a key resource for industry leaders and influencers. See omnystudio.com/listener for privacy information.

Our Global Head of Fixed Income Research & Public Policy Strategy, Michael Zezas, shares the answers to clients' top U.S. policy questions from Morgan Stanley's Japan Investor Summit.Read more insights from Morgan Stanley.----- Transcript -----Michael Zezas: Welcome to Thoughts on the Market. I'm Michael Zezas, Morgan Stanley's Global Head of Fixed Income Research & Public Policy Strategy. Today, takeaways from our Japan Investor Summit. It's Wednesday, May 28th at 10:30am in New York. Last week, I attended our Japan Investor Summit in Tokyo: Two full days of panels on key investment themes and one-on-one meetings with clients from all parts of the Morgan Stanley franchise. During the meeting, Morgan Stanley Research launched its mid year economics and market strategy outlooks. So needless to say there was a healthy dialogue on investment strategy over those 48 hours. And I want to share what were the most frequent questions I received and, of course, our answers to those questions. As you could guess, U.S. tariff policy was a key focus. Could tariffs re-escalate? Or was the worst behind us; and if so, could investors set aside their concerns about the U.S. economy? It's a complicated issue so accordingly our answer is nuanced. On the one hand, the current state of play is mostly aligned where we thought tariff policy would be by end of year. It's just arrived much earlier. Higher overall U.S. tariffs with a skew toward higher tariffs on China relative to the rest of world, as the U.S. has less common ground with them and thus greater challenges in reaching a trade agreement with China in a timely manner. So that might imply we've arrived at the end point. But we think that's too simple of a way for investors to think about it. First there's plenty of potential for escalation from current levels as part of ongoing negotiations. And even if it's only temporary it could affect markets. Second, and perhaps more importantly, even though the U.S. cutting tariffs on China from very high levels recently brought down the effective tariff rate, it's still considerably higher than where we started the year. So one's market outlook will still have to account for the pressures of tariffs, which our economists translate into slower growth and higher recession risk this year. Another key concern – U.S. fiscal policy, and whether the U.S. would be embarking on a path to smaller deficits, in line with campaign promises. Or if the tax and spending bill making its way through Congress would keep that from happening. For investors we think it's most important to focus on the next year, because what happens beyond that is highly speculative. And we do not expect deficits to come down in the next year. Extending expiring tax cuts, and extending some new ones, albeit with some spending offsets, should modestly expand the deficit next year in our estimates; and some further deficit expansion should come from other factors baked into the budget, like higher interest payments. It's understandable these two questions came up, because we do think the answers are key to the outlook for markets. In particular, they inform some of the stronger views in our markets' outlook. For example, slower relative U.S. growth and the related potential for foreign investors to increasingly prefer their portfolios reflect their local currency should keep the U.S. dollar weakening – a key call our team started this year with and now continues. Another example, the shape of the U.S. Treasury yield curve. Higher deficits and the uncertainty about inflation caused by tariffs should make for a steeper yield curve. So while we expect U.S. Treasury yields to fall, making for good returns for high grade bonds including corporate credit, the better returns might be in shorter maturities. Thanks for listening. If you enjoy Thoughts on the Market, please leave us a review wherever you listen. And if you like what you hear, tell a friend or a colleague about us today.

Midland grit, tech leadership, and a dash of fun: How did Dusti Wofford become Global Head of Digital Strategy and Technology at CBRE? Trace her path from a strict upbringing to mastering a fast-paced, tech-driven world. Gain sharp insights on building resilient teams, leading with empathy and high expectations, and navigating generational shifts. Learn the power of mentorship, community, and balancing work identity with personal life. Essential listening for leaders cultivating growth, collaboration, and a champion's spirit.

Risk sentiment is positive ahead of the next critical event that will determine whether the US market can achieve new all-time highs: the Nvidia's earnings call after the close today. Elsewhere, still signs of trouble in Japan's bond market, even as the pressure on the US treasury market has continued to ease, helping fuel risk sentiment. Thoughts on gold, crude, uranium and more also on the pod, which features Saxo Head of Commodity Strategy Ole Hansen and Global Head of Macro Strategy John J. Hardy.   Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here. Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo.

Discover the journey of Interface as they revolutionize the home furnishings industry by integrating AI and data-driven strategies. In this episode, James Pope, global head of digital marketing and analytics at Interface, shares how the company leverages Salesforce products like MuleSoft, Marketing Cloud, and Sales Cloud to both B2C and B2B customer experiences.  Learn the pivotal role of data governance and AI in their strategic initiatives, and how Interface's approach to blending traditional and digital methods boosts commercial productivity while fostering trust and compliance with global data privacy standards. Join us to explore the future of home furnishings in the digital age. Show Highlights: Interface's innovative use of the B2C brand, Flor, to optimize B2B operations and enhance customer experiences Integration of Salesforce products for seamless, personalized customer journeys in B2B and B2C contexts Emphasis on data governance, AI integration, and global data privacy compliance as critical components of Interface's strategy Use of Salesforce Commerce Cloud as a central hub for dynamic order management and AI-driven recommendations The role of AI agents in improving customer service and commercial productivity at Interface Follow and Review: We'd love for you to follow us if you haven't yet. Click that purple '+' in the top right corner of your Apple Podcasts app. We'd love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review,” then a quick line with your favorite part of the episode. It only takes a second, and it helps spread the word about the podcast. Supporting Resources: James Pope on LinkedIn: https://www.linkedin.com/in/jamespope/  Interface: https://www.interface.com/US/en-US.html  Learn more about Agentforce for Commerce: https://www.salesforce.com/commerce/ai/  Join the Commerce Cloud Community: https://sforce.co/commerce-crew Attend Connections 2025: https://www.salesforce.com/connections/ *** Episode Credits If you like this podcast and are thinking of creating your own, consider talking to my producer, Emerald City Productions. They helped me grow and produce the podcast you are listening to right now. Find out more at https://emeraldcitypro.com. Let them know I sent you.

Marcos Torres, Global Head of Media, Communications and Entertainment, sat down with fellow RBC Capital Markets experts Chip Wadsworth, Head of Technology, Media, Telecom, Equity Capital Markets, and Nanda Kamat, Global Head of Project Finance, to explore the forces shaping digital infrastructure and the transformation of how projects are financed, structured and scaled.

Strategies promising to remove human emotion from investing were once niche. Now a growing number of institutions are finding them valuable. Where will QIS go next?Participants:Janet Wilkinson (Desk Strategy), Head of Global Markets Flow Sales, EMEASolenn Le Floch (Desk Strategy), Managing Director, Global Markets SolutionsAkilesh Eswaran (Desk Strategy), Global Head of QIS and EMEA Head of Equity TradingSamkit Tated (Desk Strategy), Director of QIS Structuring.* Research Analyst opinions are their published views, independent of those expressed by Desk Analysts

Today a look at Japanese Government Bond yields getting crushed overnight on signs that the MoF is planning to tweak its issuance to avoid further pressure on long yields. This inspired a JPY sell-off and the US dollar has backed up across the board as well. Elsewhere, risk appetite is in fine form, if we have some longer term concerns on heavy retail participation. Today's pod hosted by Global Head of Macro Strategy John J. Hardy Jacob's preview of Nvidia earnings John's second article in four-part series covering Rule #2 for Trading and Investing in the Trump 2.0 era.   Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here. Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo.

Caitlin Choate is the Global Head of Marketing at Boatsetter, a peer-to-peer boat rental platform. With nearly 15 years of experience building disruptive brands, she has led marketing efforts at companies like TOMS, Google's Nest, Airbnb, and Yumi. Caitlin's work has been recognized by Cannes Lions and the Webby Awards for innovation and storytelling.  In this episode… Marketing isn't just transactional; it requires building emotional resonance with customers through memorable experiences with a brand. It's easy to sell a product, but how do you sell a lifestyle, a sense of identity, or even a community? How can companies balance bold creativity with performance and data-driven ROI? Brand builder and creative marketer Caitlin Choate believes that connecting with customers emotionally begins by designing marketing that mirrors real-life human experiences. She recommends leveraging user-generated visuals, generating stories that emphasize emotional connection over product specs, and integrating creative, data, and performance teams. Caitlin also highlights the value of running measurable, high-reward experiments to foster brand growth and category domination. In this episode of the Up Arrow Podcast, William Harris converses with Caitlin Choate, Global Head of Marketing at Boatsetter, about turning product transactions into lifestyle-driven brand movements. Caitlin discusses brand versus performance alignment, using PR and influencers as a storytelling medium, and why cultivating serendipity can catalyze unexpected career opportunities.

Cassandra Napoli, Create Tomorrow's host, welcomes Rajni Jacques, Snapchat's Global Head of Fashion and Beauty, to share about the rise of digital fashion. They discuss how brands are leveraging AR to engage younger audiences amid shifts in values and expectations, especially among Generation Alpha. Rajni emphasises the importance of self-expression online, focusing on authenticity and engagement in content creation. She uncovers how brands are increasingly valuing versatile creators who can connect with audiences across various domains in Snapchat's evolving creator economy. Find out how to overcome digital fatigue and foster phygital experiences to connect with consumers.

Kristin Kallergis Rowland is the Global Head of Alternative Investments for J.P. Morgan Wealth Management, where she oversees $180 billion of alternative investments within the $500 billion managed in J.P. Morgan's $3 trillion private bank. The Private Bank's investment approach resembles that of many institutions, with centralized research, manager selection, and portfolio construction that its financial advisors use in client portfolios. KK has spent her entire career in private wealth at J.P. Morgan, spanning investment functions and global geographies.   Our conversation describes J.P. Morgan's centralized approach to alternative investing for its clients. We cover KK's journey through J.P. Morgan and the evolution of alternatives within the firm. We discuss the allocation strategies for private equity, private credit, real assets, venture capital, and hedge funds, insights from J.P. Morgan's Family Office Report, and the importance of portfolio construction tailored to diverse client needs. KK also shares her thoughts on the democratization of access to private markets, innovations in evergreen fund structures, and the challenges of scaling investment solutions across a global client base.   Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

This week, Paramount is on the brink, Warner Bros. Discovery is weighed down, and Disney owns the Memorial Day weekend. Nielsen Ratings Show Notes Democrats warn Redstone that Paramount talks with Trump over CBS Kamala Harris interview may be illegal | The Independent Freedom of the Press Foundation says it will sue Paramount if it settles with Trump over 60 Minutes lawsuit | The Independent Trump sues CBS over ‘60 Minutes' interview with Harris. Legal experts call it ‘frivolous and dangerous' | CNN Business '60 Minutes' Addresses EP Bill Owens' Departure in On-Air Segment: “Paramount Began to Supervise Our Content in New Ways” CBS News CEO Wendy McMahon quits as potential Trump lawsuit settlement looms S&P Downgrades Warner Bros. Discovery To Junk Status On “Weak Credit Metrics” Warner Bros. Discovery Downgraded to Junk by S&P Cannes: Mubi Buys Wagner Moura-Starring ‘The Secret Agent' for U.K., India, Most of Latin America Mubi Buys Jennifer Lawrence and Robert Pattinson's ‘Die My Love' in $24 Million Cannes Deal Mubi Acquires Sound of Falling Out of Cannes New Direct-to-Consumer Offering to be Singularly Branded ESPN Disney exec: ESPN+ sticking around due to existing rights deals Justin Connolly, After Exiting Disney, Joins YouTube as Global Head of Media and Sports; Disney Sues Over Exec's Hiring Recommendations Lilo & Stitch The Completely Made-Up Adventures of Dick Turpin on Apple TV+ Clair Obscur: Expedition 33 Carl's Doomsday Scenario

It's a holiday weekend in the United States, and we thought it would be a good time to revisit some of the big ideas that our guests shared with us over the past year.   Meeting the new commercial realities created by the globalization of the natural gas market, the energy transition to a lower carbon economy, and the rise of artificial intelligence requires new and smarter markets in which participants are empowered with new financial technology.   And building those smarter markets will require big ideas. We hope you enjoy revisiting these moments and ideas with us.   Our guests featured on this episode are:    -Robert Friedland, Founder & Executive Chairman, Ivanhoe Mines -Brad Hitch, Director of LNG Trading, EQT Corporation -Samantha Dart, Head of Natural Gas Research, Goldman Sachs -Susan Sakmar, Visiting Professor, Univ. of Houston & Board Member, Flex LNG -Mark Lewis, Head of Research, Andurand Capital -Hannah Hauman, Global Head of Carbon Trading, Trafigura -Andy Home, Senior Metals Columnist, Thomson Reuters -Andrea Hotter, Special Correspondent, Fastmarkets -Ben Hunt, Author of Epsilon Theory & Co-Founder/CIO, Second Foundation Partners -Michelle Finneran Dennedy, Chief Data Strategy Officer, Abaxx Technologies -Dr. David Bray, Distinguished Chair of the Accelerator & CEO/Principal, Stimson Center & LDA Ventures, Inc. -Josh Crumb, Founder & CEO, Abaxx Technologies  

Defined outcome ETFs are redefining how investors manage risk and achieve targeted outcomes in their portfolios. This panel will delve into how these ETFs use options to mitigate risk, their role in managing market volatility, and the ripple effects they are creating across the options and futures markets. Moderator: Geoff Gaiss, Vice President, Global Deriviatives, TRAFiX Panelists: John DiBacco, Global Head of Derivatives, Clear Street Brian Gilbart, Head of Options Market Development, NYSE Sara Levin, Director, ETF and Derivative Trading, WallachBeth Capital Matt McFarland, Senior Vice President, Capital Markets, Vest Financial

What excites you most about the future of digital commerce, and how do you see Barilla evolving to meet emerging trends?Leading a team across 35 countries must come with unique challenges and opportunities. How do you balance global consistency with local adaptability in your eCommerce acceleration strategy?What innovative strategies or partnerships is Barilla pursuing to capitalize on this trend?Consumer behavior in eCommerce is constantly evolving. How is Barilla leveraging data and insights to anticipate these changes and stay ahead of the curve?What capabilities and skills do you believe are essential for eCommerce professionals in 2025, and how is Barilla investing in education and training to prepare its teams for the future of digital commerce? 

As Global Head of Equity Derivatives Research at Bank of America Merrill Lynch, Ben Bowler is helping the firm's institutional client base understand the complex risk dynamics that impose themselves on today's markets. His process often leads him across asset classes, looking for linkages and developing stress indices that may provide early warning signs for US equity markets.Our discussion first considers the recent SPX vol event, which, from a short-term severity standpoint, Ben puts in a category with the GFC and Covid. He further makes the point that since the Tariff uncertainty was self-imposed, it was as if we were in the midst of the Covid crisis but already had the vaccine in hand.We then explore the work that Ben and his team have done on the concept of fragility. Here, he argues that the speed and magnitude of vol spikes, flash crashes and tantrum in markets has increased. In fact, in US single stocks, he suggests that fragility is at an all-time high with the reaction to earnings faster and more violent. Two factors may be playing a role. First, there is substantial crowding in certain risk exposures, like large cap tech. And second, liquidity provision, increasingly electronic in nature and sometimes rapidly withdrawn during times of stress.Lastly, we discuss the history of innovation and how investors have generally pulled forward the benefits of path-breaking new technologies, leading to asset price bubbles. Here, Ben is thinking about right tail risk and how important optionality may be in hedging the risk that the AI bubble could inflate substantially.I hope you enjoy this episode of the Alpha Exchange, my conversation with Ben Bowler.

Scott Kapusta is the Global Head of Tax at FactSet. In this episode of On Tax, Scott and Cravath partner and host Len Teti discuss how an early interest in economics led Scott to his current corporate tax practice, and how there are benefits to using the process of elimination when it comes to choosing a career path. They also reflect on lessons learned over the course of their long professional relationship, on both sides of the negotiating table, and share insights into what makes tax advisors excel in their roles. Hosted on Acast. See acast.com/privacy for more information.

Our analysts Adam Jonas and Sheng Zhong discuss the rapidly evolving humanoid technologies and investment opportunities that could lead to a $5 trillion market by 2050. Read more insights from Morgan Stanley.----- Transcript -----Adam Jonas: Welcome to Thoughts on the Market. I'm Adam Jonas Morgan Stanley's Global Head of Autos and Shared Mobility.Sheng Zhong: And I'm Sheng Zhong, Head of China Industrials.Adam Jonas: Today we're talking about humanoid robots and the $5 trillion global market opportunity we see by 2050.It's Thursday, May 15th at 9am in New York.If you're a Gen Xer or a boomer, you probably grew up with the idea of Rosie, the robot from the Jetsons. Rosie was a mechanical butler who cooked, cleaned, and did the laundry while dishing out a side of sarcasm.Today's idea of a humanoid robot for the home is much more evolved. We want robots that can adapt to unpredictable environments, and not just clean up a messy kitchen but also provide care for an elderly relative. This is really the next frontier in the development of AI. In other words, AI must become more human-like or humanoid, and this is happening.So, Sheng, let's start with setting some expectations. What do humanoid robots look like today and how close are we to seeing one in every home?Sheng Zhong: The humanoid is like a young child, in my opinion, although their abilities are different. A robot is born with a developed brain that is Large Language Model, and its body function develops fast.Less than three years ago, a robot barely can walk, but now they can jump, they can run. And just in last week, Beijing had a humanoid half marathon. While robot may lack on connecting its brain to its body action for work execution; sometimes they fail a lot of things. Maybe they break cups, glasses, and even they may fall down.So, you definitely don't want a robot at home like that, until they are safe enough and can help on something. To achieve that a lot of training and practice are needed on how to do things at a high success rate. And it takes time, maybe five years, 10. But in the long term, to have a Rosie at every family is a goal.So, Adam, our U.S. team has argued that the global humanoid Total Adjustable Market will reach $5 trillion USD by 2050. What is the current size of this market and how do we get to that eye-popping number in next 25 years?Adam Jonas: So, the current size of the market, because it's in development phase, is extremely low. I won't put it a zero but call it a black zero – when you look back in time at where we came from. The startups, or the public companies working on this are maybe generating single digit million type dollar revenues. In order to get to that number of $5 trillion by 2050 – that would imply roughly 1 billion humanoids in service, by that year. And that is the amount of the replacement value of actual units sold into that population of 1 billion humanoid robots on our global TAM model.The more interesting way to think about the TAM though is the substitution of labor. There are currently, for example, 4 billion people in the global labor market at $10,000 per person. That's $40 trillion. You know, we're talking 30 or 40 per cent of global GDP. And so, imagining it that way, not just in terms of the unit times price, but the value that these humanoids, can represent is, we think, a more accurate way of thinking about the true economic potential of this adjustable market.Sheng Zhong: So, with all these humanoids in use by 2050, could you paint us a picture in broad strokes of what the economy might look like in terms of labor market and economic growth?Adam Jonas: We can only work through a scenario analysis and there's certainly a lot of false precision that could be dangerous here. But, you know, there's no limit to the imagination to think about what happens to a world where you actually produce your labor; what it means for dependency ratios, retirement age, the whole concept of a GDP could change.I don't think it's an exaggeration to contemplate these technologies being comparable to that of electric light or the wheel or movable type or paper. Things that just completely transform an economy and don't just increase it by five or 10 per cent but could increase it by five or 10 times or more. And so, there are all sorts of moral and ethical and legal issues that are also brought up.The response to which; our response to which will also dictate the end state. And then the question of national security issues and what this means for nation states and, we've seen in our tumultuous human history that when there are changes of technologies – even if they seem to be innocent at first, and for the benefit of mankind – can often be uh, used to, grow power and to create conflict. So Sheng, how should investors approach the humanoid theme and is it investible right now?Sheng Zhong: Yes, it's not too early to invest in this mega trend. Humanoid will be a huge market in the future, like you said. And it starts now. There are multi parties in this industry, including the leading companies from various background: the capital, the smart people, and the government. So, I believe the industry will evolve rapidly. And in Morgan Stanley's Humanoid: A Hundred Report a hundred names was identified in three categories. They are brand developers, bodies components suppliers, and the robot integrators. And we'd like to stick with the leading companies in all these categories, which have leading edge technology and good track record. But at the meantime, I would emphasize that we should keep close eyes on the disruptors.Adam Jonas: So, Sheng, it seems that national support for the humanoid and embodied AI theme in China is at least today, far greater than in any other nation. What policy support are you seeing and how exactly does it compare to other regions?Sheng Zhong: Government plays an important role in the industry development in China, and I see that in humanoid industry as well. So currently, the local government, they set out the target, and they connect local resources for supply chain corporation. And on the capital perspective, we see the government background funds flow into the industry as well. And even on the R&D, there are Robot Chinese Center set up by the government and corporates together. In the past there were successful experience in China, that new industry grow with government support, like solar panels, electronic vehicles. And I believe China government want to replicate this success in humanoids. So, I won't be surprised to see in the near future there will be national humanoid target industry standard setup or adoption subsidies even at some time.And in fact we see the government supports in other countries as well. Like in South Korea there is a K Humanoid Alliance and Korean Ministry of Trade has full support in terms of the subsidy on robotic R&D infrastructure and verification.So, what is U.S. doing now to keep up with China? And is the gap closing or widening?Adam Jonas: So, Sheng, I think that there's a real wake up call going on here. Again, some have called it a Sputnik moment. Of course the DeepSeek moment in terms of the GenAI and the ability for Chinese companies to show just extraordinary and remarkable level of ingenuity and competition in these key fields, even if they lack the most leading-edge compute resources like the U.S. has – has really again been quite shocking to the rest of the world. And it certainly gotten the attention of the administration, and lawmakers in the DOD. But then thinking further about other incentives, both carrot and stick to encourage onshoring of critical embodiment of AI industries – including the manufacturing of these types of products across not just humanoids, but electronic vertical takeoff and landing aircraft drones, autonomous vehicles – will become increasingly evident. These technologies are not seen as, ‘Hey, let's have a Rosie, the robot. This is fun. This is nice to have.' No, Sheng. This is seen as existential technology that we have to get right.Finally, Sheng, as far as moving humanoid technology to open source, is this a region specific or a global trend? And what is your outlook on this issue?Sheng Zhong: I actually think this could be a global trend because for technology and especially for humanoid, the Vision Language Model is obviously if there is more adoption, then more data can be collected, and the model will be smarter. So maybe unlike the Windows and Android dominant global market, I think for humanoid there could be regional level open-source models; and China will develop its own model. For any technology the application on the downstream is key. For humanoid as an AI embodiment, the software value needs to be realized on hardware. So I think it's key to have mass production of nice performance humanoid at a competitive cost.Adam Jonas: Listen, if I can get a humanoid robot to take my dog, Foster out and clean up after him, I'm gonna be pretty excited. As I am sure some of our listeners will be as well. Sheng, thank you so much for this peak into our near future.Sheng Zhong: Thank you very much, Adam, and great speaking with you,Adam Jonas: 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.

James Clarke is the Global Head of Institutional Capital at Blue Owl, a leading public alternative asset manager with $270 billion in assets under management. James joined Doug Ostrover and Mark Lipschultz shortly after the firm's launch and has been instrumental in its explosive growth over the last eight years. Doug was a past guest on the show, and that conversation is replayed in the feed. Our conversation covers James' path to asset management, lessons he learned over a decade at PIMCO, equally powerful lessons from his subsequent, if less successful, stops, and the application of those lessons at Blue Owl. We discuss product knowledge, relationship development, balancing capital raising needs with long-term partnerships, the evolution of the institutional and wealth channels, the importance of transparency, and the benefits and challenges of scale. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Our strategists Michael Zezas and Ariana Salvatore provide context around U.S. House Republicans' proposed tax bill and how investors should view its potential market impact.Read more insights from Morgan Stanley.----- Transcript -----Michael Zezas: Welcome to Thoughts on the Market. I'm Michael Zezas, Global Head of Fixed Income Research and Public Policy Strategy.Ariana Salvatore: And I'm Ariana Salvatore, Public Policy Strategist.Michael Zezas: Today, we'll dig into Congress's deliberations on taxes and fiscal spending.It's Wednesday, May 14th at 10am in New York.Michael Zezas: So, Ariana, there's been a lot of news around the tax and spending plans that Congress is pursuing; this fiscal package – and clients are really, really focused on it. You're having a lot of those conversations right now. Why are clients so focused on all of this?Ariana Salvatore: So, clients have reasons to focus on this tax policy bill across equities, fixed income, and for macroeconomic impacts.Starting with equities, there's a lot of the 2017 tax cut bill that's coming up for expiration towards the end of this year. So, this bill is Congress's chance to extend the expiring TCJA. And add on some incremental tax cuts that President Trump floated on the campaign trail. So, there's some really important sector impacts on the specific legislation side. And then as far as the deficit goes, that matters a lot for the economic ramifications next year and for bond yields.But Mike, to pivot this back to you, where do you think investor expectations are for the outcome of this package?Michael Zezas: So there's a lot of moving pieces in this fiscal policy package, and I think what's happening here is that investors can project a lot onto this. They can project a lot of positivity and constructive outcomes for markets; and a lot of negativity and negative outcomes for markets.So, for example, if you are really focused on the deficit impact of cutting taxes and whether or not there's enough spending cuts to offset those tax extensions, then you could look at the array of possible outcomes here and expect a major deficit expansion. And that might make you less constructive on bonds because you would expect yields to go higher as there was greater supply of Treasuries needed to borrow that much to finance the tax cuts. Again, not necessarily fully offset by spending cuts.So, you could look at this and say, well, this will ultimately be something where economic growth helps tax revenues. And you might be looking at the benefits for companies and the feed through to the equity markets and think really positively about it.And we think the truth is probably somewhere in between. You're not going to get policy that really justifies either your highest hopes or your greatest fears here.Ariana Salvatore: So, it's really like a Rorschach test for investors. When we think about our base case, how do you think that's going to materialize? What on the policy front are we watching for?Michael Zezas: Yeah, so we have to consider the starting point here, which is Congress is trying to address a series of tax cuts that are set to expire at the end of the year. And if they extend all of those tax cuts, then on a year-over-year basis, you didn't really change any policy. So that just on its own might not mean a meaningful deficit increase.Now, if Congress is able to extend greater tax cuts on top of that; but it's going to offset those greater tax cuts with spending cuts in revenue raises elsewhere, then again you might end up with a net effect close to zero on a deficit basis.And the way our economists look at this mix is that you might end up with an effect from a stimulus perspective on the economy that's something close to neutral as well. So, there's a lot of policy changes happening beneath the surface. But in the aggregate, it might not mean a heck of a lot for the economic outlook for next year.Now, that doesn't mean that there would be zero deficit increase in the aggregate next year because this is just one policy that is part of a larger set of government policies that make up the total spending posture of the government. There's already something in the range of $200-250 billion of deficit increase that was already going to happen next year. Because of weaker revenue growth on slower economic growth this year, and some spending that would automatically have happened because of inflation cost adjustments and higher interest on the debt. So, long story short, the policy that's happening right now that we think is going to be the endpoint for congressional deliberations isn't something our economists see as meaningfully uplifting growth for next year, and it probably increases the deficit – at least somewhat next year.Now we're thinking very short term here about what happens in 2026. But I think investors need to think around that timeline because if you're thinking about what this means for getting deficits smaller, multiple years ahead, or creating the type of tax environment that might induce greater corporate investment and greater economic growth years ahead – all those things are possible. But they're very hypothetical and they're subject to policy changes that could happen after the next Congress comes in or the next president comes in.So, Ariana, that's the overall look at our base case. But I think it's important to understand here that there are multiple different paths this legislation could follow. Can you explain what are some of the sticking points? And, depending on how they're resolved, how that might change the trajectory of what's ultimately passed here?Ariana Salvatore: There are a number of disagreements that need to be resolved. In particular, one of the biggest that we're focused on is on the SALT cap; so that's the cap on State And Local Tax deductions that individuals can take. That raised about a trillion dollars of revenue in the first iteration of the Tax Cuts and Jobs Act in 2017.Republicans generally are okay with making a modification to that cap, maybe taking it a bit higher, or imposing some income thresholds. But the SALT caucus, this small group of Republicans in Congress, they're pushing for a full repeal or something bigger than just a small dollar amount increase.There's also a group of moderate Republicans pushing against any sort of spending cuts to programs like Medicaid and SNAP; that's the food stamps program. And then there's another cohort of House Republicans that are seeking to preserve the Inflation Reduction Act. Ultimately, these are all going to be continuous tension points. They're going to have to settle on some pay fors, some savings, and we think where that lands is effectively at a $90 billion or so deficit increase from just the tax policy changes next year.Now with tariff revenue excluded, that's probably closer to [$]130 billion. But Mike, to your point, there are these scheduled increases in outlays that also are going to have to be considered for next year's deficit. So, you're looking at an overall increase of about $310 billion.Michael Zezas: Yeah, I think that's right and the different ways those different dynamics could play out, I think puts us in a range of a $200 billion expansion maybe on the low end, and a $400 billion expansion on the high end. And these are meaningful numbers. But I think important context for investors is that these numbers might seem a lot smaller than some of what's been reported in the press, and that's because the press reports on the congressional budget office scoring, and these are typically 10-year numbers.So, you would multiply that one-year number by 10 at least conceptually. And these are numbers relative to a reality in which the tax cuts were allowed to expire. So, it's basically counting up revenue that is being missed by not allowing the tax cuts to expire. So, the context matters a lot here. And so we have been encouraging investors to really kind of look through the headlines, really kind of break down the context and really kind of focus on the short term impacts because those are the most reliable impacts and the ones to really anchor to; because policy uncertainty beyond a year is substantially higher than even the very high policy uncertainty we're experiencing right now.So, sticking with the theme of uncertainty, let's talk timing here. Like we came into the year thinking this tax bill would be resolved late in the year. Is that still the case or are you thinking it might be a bit sooner?Ariana Salvatore: I think that timing still holds up. Right now, the reconciliation bill is supposed to address the expiring debt ceiling. So, the real deadline for getting the bill done is the X date or the date by which the extraordinary measures are projected to be exhausted. That's the date that we would potentially hit an actual default.Of course, that date is somewhat of a moving target. It's highly dependent on tax receipts from Treasury. But our estimate is that it's somewhere around August or September. In the meantime, there's a number of key catalysts that we're watching; namely, I would say, other projections of the X date coming from Treasury, as well as some of these markups when we start to get more bill text and hear about how some of the disputes are being resolved.As I mentioned, we had text earlier this week, but there's still no quote fix for the SALT cap, and the house is still tentatively pushing for its Memorial Day deadline. That's just six legislative days away.Michael Zezas: Got it. So, I think then that means that we're starting to learn a lot more about how this bill comes together. We will be learning even a lot more over the next few months and while we set out our expectations that you're going to have some fiscal policy expansion. But largely a broadly unchanged posture for U.S. fiscal policy. We're going to have to keep checking those regularly as we get new bits of information coming out of Congress on probably a daily basis at this point.Ariana Salvatore: That's right.Michael Zezas: Great. Well, Ariana, thanks for taking the time to talk.Ariana Salvatore: Great speaking with you, Michael.Michael Zezas: Thank you for your time. If you find Thoughts on the Market and the topics we cover of interest, leave us a review wherever you listen. And if you like what you hear, tell a friend or colleague about us today.

Dan Nathan and Dan Ives, Global Head of Technology Research at Wedbush, engage in a detailed discussion on recent tech market dynamics. They reflect on a particularly challenging period in April, marked by falling markets, rising yields, and tariff impacts. They touch on topics like major tech earnings, AI developments, and enterprise spending trends. Ives highlights the importance of survey data in technology research and shares insights into companies like Microsoft, Amazon, Apple, and Google. The conversation also covers the future of AI-driven revenue, autonomous vehicles, and the importance of Apple's strategic decisions in the evolving tech landscape. —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media