Podcasts about Kauai

It's Friday, March 20th, A.D. 2026. This is The Worldview in 5 Minutes heard on 140 radio stations and at www.TheWorldview.com. I'm Adam McManus. (Adam@TheWorldview.com) By Adam McManus Communist Cuban officials detain 16-year-old protestor Protests in Morón, Cuba, erupted the night of March 13 and lasted through the next day in response to a week of blackouts and shortages of medical and food supplies, reports International Christian Concern. Protestors ransacked and set fire to the Cuban Communist Party's headquarters. Among those arrested on March 16 were Evangelical Pastor Elier Ávila and his son, Jonathan. Though the pastor is now free, his 16-year-old son is still behind bars. While his son was accused of participating in the vandalism, some suggest that Cuban officials painted many of the law-abiding protestors of criminal mischief. Anna Stangl, the Director of Advocacy for Christian Solidarity Worldwide, said, “The detention of a 16-year-old child, with a serious medical condition, simply because he attempted to exercise his freedom of expression, is unconscionable.   “Despite the gravity of the situation on the island–with rampant hunger, scarcity of medicine, outbreaks of disease, and the failure of the power grid, the answer of President Miguel Canel, and the Cuban Communist Party, is to round up and imprison those who dare to call for change.”  Please send a 2-3 sentence letter to Ambassador Lianys Rivera urging Cuba to release Pastor Elier Ávila's son, Jonathan. Invite your children to send a letter as well. The address at the Cuban Embassy is 2630 16th Street NW, Washington, DC 20009. Trump's snappy rely to Japanese reporter During a meeting with Japanese Prime Minister Sanae Takaichi on Thursday, U.S. President Donald Trump was bold in his response to a provocative question from a Japanese reporter, according to Real Clear Politics. Listen. REPORTER: “Japan and U.S. are very good friends. But one question: Why didn't you tell U.S. allies in Europe and Asia, like Japan, about the war before attacking Iran? So, we are very confused about, we Japanese citizens.” TRUMP: “One thing, you don't want to signal too much, you know? When we go in, we went in very hard, and we didn't tell anybody about it because we wanted surprise. Who knows better about surprise than Japan? Okay? Why didn't you tell me about Pearl Harbor? (laughter) Okay? Right? “No, you believe in surprise, I think much more so than us. We had to surprise them, and we did. And because of that surprise, we knocked out, in the first two days, we probably knocked out 50 percent of what we and much more than we anticipated doing. So, if I go and tell everybody about it, there's no longer a surprise, right?” Joseph Duggar arrested for sexually abusing a minor Joseph Duggar, from the reality TV show "19 Kids and Counting," was arrested Wednesday on allegations of sexually abusing a minor during a family vacation in Panama City Beach, Florida, reports NewsNation.com. The married 31-year-old former reality star, who has three children of his own, was charged with lewd and lascivious conduct with a minor and molestation of a victim less than 12 years old. His arrest occurred years after his 38-year-old brother, Josh Duggar,  was convicted of child pornography charges. Officials say the victim identified Joseph Duggar as the abuser, saying he repeatedly asked her to sit on his lap. She said these incidents would allegedly progress into Joseph Duggar covering her with a blanket and touching her inappropriately. The victim reportedly stated that Joseph Duggar apologized for his actions, and the incidents stopped. Officials say the victim's father confronted him on Tuesday, and Joseph confessed his sins to both the father and detectives in Tonitown, Arkansas. In Matthew 18:6, Jesus said, “But whoever causes one of these little ones who believe in Me to stumble, it would be better for him to have a great millstone fastened around his neck and to be drowned in the depth of the sea.” Late-term abortionist, who died, had no regrets Susan Robinson, one of America's most infamous late-term abortionists, died earlier this month, less than a year after being diagnosed with cancer, according to an Instagram post made by her fellow abortionist Shelly Sella. She wrote, “Susan was my friend and colleague in third trimester abortion …, both in Wichita and Albuquerque. Susan was drawn to abortion … by her sense of justice, which never wavered. … Together, we helped create a model of abortion.” LifeSiteNews.com reports that Shelly Sella emphasized that Susan Robinson had “no regrets” and that she was “very pleased about the whole business” before she died. Jonathon Van Maren wrote, “Reading the news about Robinson, my mind was immediately drawn to two videos I had seen her in. The first was After Tiller, a 2013 documentary featuring four late-term abortionists, which I reviewed over a decade ago. It struck me that two of the featured abortionists – Susan Robinson and Leroy Carhart – are now dead, while Warren Hern and Shelly Sella are retired.” The second was the video footage published by David Daleiden of the Center for Medical Progress in his bombshell undercover investigation exposing the abortion industry and the trafficking of baby body parts. At one point, the late Susan Robinson tells Daleiden, “The fetus is a tough little object, and taking it apart … is very difficult,” Robinson tells Daleiden at one point. “I mean, taking it apart on day one is very difficult.” Later: “You go in there, and you go, ‘Am I getting the uterus, or the fetus? Oh good, fetus. [Robinson made a stabbing sound] What have I got? Nothing. Let's try again.'” Van Maren concludes, “Translated: It is hard work to dismember and crush a baby. This was Robinson's sense of justice.” Micah 6:8 says, “[God] has shown you, O mortal, what is good. And what does the Lord require of you? To act justly and to love mercy and to walk humbly with your God.” Actor Chuck Norris hospitalized And finally, Chuck Norris, the 86-year-old actor and martial arts icon, has been hospitalized in Hawaii following a medical emergency, reports NewsNation.com. The incident occurred on Wednesday on the island of Kauai, though the nature of the emergency has not been disclosed. The hospitalization appeared to be sudden. As recently as Wednesday of this week, Norris was on the phone with a friend while training on the island, cracking jokes, and showing no signs of distress. Norris had been actively training in Kauai in the days before the emergency. A black belt in karate, taekwondo, tang soo do and Brazilian jiu-jitsu, Norris posted a video on his birthday, March 10, showing him sparring with a trainer. NORRIS: "I don't age. I level up." The caption read, “I'm 86 today! Nothing like some playful action on a sunny day to make you feel young. I'm grateful for another year, good health, and the chance to keep doing what I love.” Though largely retired from acting in recent years, Norris has remained active on screen. He had a cameo in “Hawaii Five-0” in 2020 and a lead role in the 2024 sci-fi action film “Agent Recon.” Close And that's The Worldview on this Friday, March 20th, in the year of our Lord 2026. Follow us on X or subscribe for free by Spotify, Amazon Music, or by iTunes or email to our unique Christian newscast at www.TheWorldview.com.  Plus, you can get the Generations app through Google Play or The App Store. I'm Adam McManus (Adam@TheWorldview.com). Seize the day for Jesus Christ.

Breaking news this morning, as catastrophic flooding is happening right now on Oahu's North Shore. Residents in Waialua and Haleiwa are being urged to evacuate now, as the water continues to rise. We're also tracking the dam at the Wahiawa Reservoir, which is now over the 84-foot threshold.See omnystudio.com/listener for privacy information.

Hundreds of Hawaii Island residents are now going on nearly a full week without power. Days after dangerous floods forced evacuations, the Waialua community is bracing for another stretch of heavy rain. And the trial started today for the attempted murder case of a Maui doctor accused of trying to kill his wife. See omnystudio.com/listener for privacy information.

The attempted murder trial is underway for the Maui doctor accused of trying to push his wife off a cliff at Oahu's Pali Lookout trail nearly one year ago. Mayor Blangiardi delivered his state of the city address last night, where he outlined his administration's accomplishments and touched on plans to stem a population drain on Oahu. And there are new warnings at Waimea Bay, where state crews are working to shore up a landslide as drivers face delays on the highway.See omnystudio.com/listener for privacy information.

Another First Alert Weather Day. Our team is tracking the potential for flash flooding and its impact on your weekend. This comes after the recent marathon storm system that hit the islands last week. We talk with residents who are still without power. Weight loss drugs are taking the nation by storm but what happens when you stop taking them? We'll give you tips on how to keep the weight off. See omnystudio.com/listener for privacy information.

The Honolulu Police Department is facing a lawsuit after a high-ranking officer allegedly took a screenshot of an internal message detailing a teen sex assault case and sent it to a friend. Plus, a South Maui bridal shop is asking the community for help in finding a new retail space to continue serving wedding and prom events.See omnystudio.com/listener for privacy information.

Supplies were handed out on Hawaii Island, with some residents out of power for days following the storm. Meanwhile, Oahu drivers are dealing with rough roads and growing concerns over vehicle damage. And police are searching for the suspect behind a brazen midday robbery at The Wedding Ring Shop.See omnystudio.com/listener for privacy information.

The recent Kona storm left significant damage across the state, including a Kihei condo that got knocked off its foundation. On Oahu, High-rise residents are struggling after severe weather knocked out elevator service. Plus, Kauai Mayor Derek Kawakami announced his bid for lieutenant governor.See omnystudio.com/listener for privacy information.

The state is closing one lane of Kamehameha Highway near Waimea Bay to stabilize the hillside after heavy rains stripped vegetation. Hawaiian Electric crews are still working to restore power following the recent storm. A city bus driver who crashed into a tree in Kalihi has died.See omnystudio.com/listener for privacy information.

Lingering impacts from the recent storms. Some residents are being forced to climb dozens of stories to run simple errands. It's been a long road for some repairs. A tough pill to swallow at the gas pump. The new mark we've now crossed in Hawaii, as we all pay more to fill up. Using AI for financial advice. It may be convenient for some of us, but should you trust tech with your money? Why experts say you should be careful. See omnystudio.com/listener for privacy information.

A Kihei Kai rental complex collapsed during the Kona low early Saturday. On Oahu, a city bus driver is in critical condition after crashing into a tree on North Vineyard Boulevard early this morning. Plus, Kauai Mayor Derek Kawakami entered the race for lieutenant governor, challenging incumbent Sylvia Luke.See omnystudio.com/listener for privacy information.

Storm assessments continue as coastal areas across the state are covered in debris. Parts of Kihei were decimated by flooding, though the damage didn't stop some businesses from reopening. On Oahu, a Waimanalo farm is struggling to save hundreds of animals after the storm smashed pens, structures, and equipment. See omnystudio.com/listener for privacy information.

The Kona Low set rainfall records across several islands, the National Weather Service reports. Family members are raising money for the construction worker killed in last week’s wall collapse in Lanikai. A Maui state representative is switching from the Democratic Party to the GOP, making her the 10th Republican lawmaker in the state House.See omnystudio.com/listener for privacy information.

A deadly stabbing in Waikiki. The suspect in custody is a 16-year-old boy. The latest on the investigation, including a link to more violence nearby. We're all trying to dry out after the weekend's wild weather—more on the cleanup efforts now underway across the state. And dreams of a perfect spring break vacation are turning into nightmares for many across the country. Why delays and prices are causing travel tensions. See omnystudio.com/listener for privacy information.

After much speculation, Kauai County Mayor Derek Kawakami just announced he will be running for lieutenant governor. A city bus crashed into a tree around 7 this morning, critically injuring a man who had to be extricated from the bus. We're also following developing news of a deadly stabbing in Waikiki.See omnystudio.com/listener for privacy information.

How flooding forced evacuations on Hawaii Island, and we hear from city leaders as the storm eases. On Oahu, hear how city outreach teams stepped in to get families to safety. Plus, Hawaiian Electric says about 86,000 customers statewide are without power. See omnystudio.com/listener for privacy information.

We're taking stock of all the damage caused by the weekend storm. Casey Lund will show us the impacts from across the state. We'll tell you about some of the scams this tax season, so you can avoid becoming a victim. See omnystudio.com/listener for privacy information.

The Kona Low really made its presence felt across the state over the weekend, bringing consistent heavy downpours, washed roads, and power outages. A Maui couple is starting all over after watching their home crumble into a raging river. And the U.S. is looking for help in defeating an Iranian blockade of a critical shipping channel for oil tankers. See omnystudio.com/listener for privacy information.

The state is now feeling the full-effects of an intense, multi-day Kona Low storm. First responders are working around the clock with flash flooding prompting several rescues in Honolulu and Central Oahu. We have First Alert team coverage tracking the conditions as the storm crawls down the island chain. See omnystudio.com/listener for privacy information.

Most visitors to Pearl Harbor only see it from the ground, but that just changed!The Pearl Harbor Aviation Museum just opened a brand new experience, and if you're heading to Oahu, you'll want to know about this before you go.

Another first alert weather day is in in effect, as a strong Kona Low is making its presence felt across the state. For more on power outages, joining us live is Darren Pai, HECO's manager of External communications. And the Rainbow Wahine basketball team has clinched a spot in the Big West title game after taking down top seed UC Irvine. See omnystudio.com/listener for privacy information.

Closures, power outages, and potentially dangerous conditions. There is a lot to know about as this Kona Low storm impacts our lives in the coming days. We have team coverage to help make sense of it all and protect your families. See omnystudio.com/listener for privacy information.

For the third straight day, a first alert weather day is in effect as a Kona Low moves through the state. An Oahu grand jury has indicted John Nihipali Senior on charges of murder, attempted murder, burglary and escape. And there's a slight delay for the new Aloha Stadium project, but supporters say it's not slowing the excitement. See omnystudio.com/listener for privacy information.

The Kona Low is ramping up with more rainfall and stronger winds, and the most intense storm activity is still ahead of us. Kamehameha Schools has postponed its 106th Annual Song Contest. And the Rainbow Wahine are moving on in the Big West Tournament after an overtime win against Cal State Fullerton. See omnystudio.com/listener for privacy information.

It's a First Alert Weather Day, as we brace for another round of flooding rains and strong winds. Our team is keeping you safe through this powerful Kona Low storm. Tragedy in Windward Oahu, as workers are buried under a collapsed wall. What we've learned as investigators look into this fatal incident. And charting a course for the next year on the Garden Isle. What Kauai's Mayor revealed about his priorities for his last year in that office See omnystudio.com/listener for privacy information.

The state prepares for the second round of severe weather from a kona low, which our HNN weather team expects to be more intense beginning Thursday night. Plus, attorneys began questioning 300 prospective jurors in the attempted murder trial of a Maui anesthesiologist.See omnystudio.com/listener for privacy information.

Our HNN team is tracking the storm and impacts across the state on this First Alert Weather Day. Hawaii Volcanoes National Park has reopened parts of Kilauea summit following eruption episode. A wall collapsed in Windward Oahu killing a construction worker and injuring two others. See omnystudio.com/listener for privacy information.

Kauai is often described as paradise. It's the oldest island in Hawaii, known as The Garden Isle for its lush jungles, dramatic cliffs, and emerald valleys that plunge into the deep blue Pacific. Every year, hikers from around the world travel there to explore its legendary trails. But paradise can also hide secrets. Since 1975, more than 80 people have gone missing on the island of Kauai, many of them never found. Today we're going to talk about two of those cases. Two young men… Two disappearances… Both connected to one of the most breathtaking- and dangerous- places on the island. The remote wilderness of Kalalau Valley along the Nā Pali Coast.Sources:SFGate, AllTrails, Utah Dept. of Public Safety, Charley Project, Civil Beat, FacebookSupport us on Patreon for as little as $1 a month, with benefits starting at the $3 tier!Follow us on Instagram at offthetrailspodcastFollow us on Facebook at Off the Trails PodcastIf you have your own outdoor misadventure (or adventure) story that you'd like us to include in a listener episode, send it to us at offthetrailspodcast@gmail.com  Please take a moment to rate and review our show, and a big thanks if you already have!**We do our own research and try our best to cross-reference reliable sources to present the most accurate information we can. Please reach out to us if you believe we have mispresented any information during this episode, and we will be happy to correct ourselves in a future episode.

Emergency crews are addressing flood-prone areas before a powerful storm impacts the state. A warning for the public as lava fountains at Kilauea launch showers of ash and tephra throughout the area. A man whose home caught fire twice in the last eight months has been charged.See omnystudio.com/listener for privacy information.

An Aina Haina man was arrested a day after another fire broke out at his home. Honolulu police launch an investigation into a crash that left a bicyclist in critical condition. Episode 43 of Kilauea's ongoing eruption has paused, but safety hazards remain after ash and tephra earlier fell from the sky.See omnystudio.com/listener for privacy information.

Today is a First Alert Weather Day, as flooding rains roll through the state. These conditions are expected to persist for days. Our First Team is tracking it all to keep you and your family safe. A different type of showers on Hawaii Island, dangerous ashfall. The havoc caused by Kilauea's latest eruptive episode. Headaches at airports across the country, as travelers are met with long lines and security checkpoints. What you need to know if you are planning to get away for Spring Break. See omnystudio.com/listener for privacy information.

A construction worker died and two others injured after a wall collapsed in Lanikai. The first round of severe weather passes over Kauai and Oahu. What happened, and what more is in store this week? Jury selection begins in the case against Gerhardt Konig, a Maui doctor accused of trying to kill his wife at the Pali lookout.See omnystudio.com/listener for privacy information.

Picking the wrong island can cost you thousands of dollars and the trip you've been dreaming about for years.For first-time Hawaii travelers, the four main islands each deliver a completely different experience, and matching the right one to your travel style is the decision that makes or breaks everything.In this episode of Hawaii's Best, we walk through all four main islands side by side so you can make a confident, informed decision before you book a single thing.

We welcome back Luemas from Chant it Down Radio to discuss his new documentary series, Sacred Sight, where they explore the pyramids around the world and seek to uncover insights into our hidden ancient historyAbout Sacred Sight:The documentary Sacred Sight is going to investigate and explore the cover-up of our true ancient history, uncover our current present situation, explore new clues and sites around the world that point to the lost high knowledge ancient civilization that once existed globally. Sacred Sight takes place all across the world, Egypt, England, Malta, Bosnia, Peru, Australia, Oahu, Maui, Big island and Kauai.We are taking a look at the lost ancient megalithic global civilization, that once spanned this Earth, and has been hidden from us by the controllers of this world. We now live in a world as “captive humanity” because of the blurring of our ancient roots. This documentary sets out to make history in finding pyramids on 4 Hawaiian islands, where there are currently no ties to the lost ancient megalithic world, but we go off of clues, and echoes, that there are some hidden in Hawaii.When we travel to Australia, we connect this puzzle to the largest continent that is said to have no ties to the megalithic map. This documentary features, Triffon of Unlocking The Code, Ceb Bland, Zach Royer, Mike Collins, Nikianna Jones, Paul Anthony Wallis, Ole Dammegard, Sean McCann, William Ramsey, Bob Tuskin, Double A and Heather Arnold. Links: Chant it down on YouTube: https://www.youtube.com/watch?v=DI-p9YtdhTQ Website: https://www.sacredsight.info Podcast: http://www.chantitdownradio.com/ Rumble: https://rumble.com/user/Chantitdownradio Sacred Sight Podcast: https://podcasts.apple.com/au/podcast/sacred-sight-podcast/id1846693033-----Check out my latest masterclass on the 7 deadly health fads destroying your health: https://www.livelongerformula.com

A debate in court over bail for a work furlough inmate accused of going on a deadly stabbing spree. How long it took Honolulu firefighters to get a two-alarm fire at a Kailua home under control. And first responders rush to another blaze at an Aina Haina home with a troublesome past. See omnystudio.com/listener for privacy information.

Gov. Josh Green issues an emergency proclamation as homes and businesses still recovering from recent floods brace for another round of severe weather. The man accused of killing his ex-girlfriend and brutally stabbing his estranged wife appears in court. An Aina Haina homeowner is taken into custody after his property goes up in flames for the second time in months.See omnystudio.com/listener for privacy information.

Our team has declared a stretch of First Alert Weather days, as a powerful storm is set to roll into the state. When your community will see the impacts. A new theory on the death of crime boss Mike Miske. Why prosecutors are claiming it wasn't an accident. Weight loss drugs have been taking the world by storm. We'll look at the impacts well beyond your waistline. See omnystudio.com/listener for privacy information.

A volcano warning is in effect as Kilauea began erupting again this morning, causing closures due to dangerous conditions. On the Garden Isle of Kauai, local businesses are seeing an influx of customers coming in for emergency supplies as the state braces for prolonged rain. And the Trump administration says it will step up the attacks on Iran until that country is no longer able to strike back. See omnystudio.com/listener for privacy information.

About the Guest(s): Dr. Dustin Dillberg is a highly accomplished acupuncturist and practitioner of Chinese medicine based on the island of Kauai. He has been practicing for 18 years, with a background deeply rooted in the fusion of various healing methodologies, including acupuncture, chiropractic principles from his father, and other forms of traditional medicine. Dr. Dillberg is recognized for his innovative approach that combines the ancient wisdom of traditional Chinese medicine with cutting-edge technologies such as laser therapy. He has shared his expertise by speaking at numerous seminars and continues to teach and influence the integrative medicine community. Episode Summary: In this fascinating episode of "The Laser Light Show," Dr. Chad Woolner and Dr. Andrew Wells invite back their distinguished guest, Dr. Dustin Dillberg, for the fourth time. The discussion delves into the dynamic intersection of Eastern and Western medicines, particularly focusing on the integration of acupuncture and innovative laser therapies in modern healthcare practices. Broadcasting from the serene island of Kauai, Dr. Dillberg shares his unique insights and the remarkable outcomes he witnesses in his practice using Erchonia laser technology. This episode is a treasure trove of knowledge for practitioners looking to enrich their practices with integrative methods. Dr. Dillberg discusses the profound historical context and evolution of acupuncture and how these time-honored techniques intersect with groundbreaking treatments, such as transcranial laser therapy. He candidly explores the benefits of integrating laser technology into traditional Chinese medicine, emphasizing the symbiotic relationship between light therapy and herbal compounds. By recounting his personal journey in medicine, Dr. Dillberg underscores the transformative potential of blending ancient practices with modern innovations. Key Takeaways: Dr. Dillberg practice integrates acupuncture, functional neurology, posture therapy, and laser technology, creating a dynamic and holistic patient treatment approach. The seminar circuit finds Dr. Dillberg speaking at various events, aiming to broaden the understanding of integrative health practices among practitioners across the globe. Photodynamic therapy is discussed in detail, explaining how specific wavelengths of light can enhance the efficacy of herbal and nutritional compounds. Dr. Dillberg emphasizes the importance of organizing and communicating the effectiveness of Chinese medicine practices to become more mainstream in the Western world. The episode encourages practitioners to explore new dimensions in their treatments, similar to Dr. Dillberg methods that go beyond traditional acupuncture techniques. Notable Quotes: "What the body's capable of doing is so far past what most people will give it credit for or even imagine." "There's more referrals for acupuncture than I've ever seen before. We're seeing surgeons say, I don't think you need surgery; go try acupuncture at an unbelievable rate." "Light and laser therapy…have been used in Egyptian, Tibetan and Chinese medicine literally for thousands of years." "Our cutting edge science is proving that we are a conductive light system." "The new moxa is literally laser coherent energy free yang qi that you can stimulate the body's energetics." Resources: Dr. Dustin Dillberg speaking schedule can be found on the Erchonia website for those interested in attending his lectures and seminars. For listeners interested in diving deeper, this episode is a must. Tune in to discover how traditional and modern practices can create a powerful synergy that not only respects the wisdom of the past but also embraces the innovations of the future. Stay tuned for more episodes in "The Laser Light Show" that continue to illuminate the path of integrative medicine.

Hawaii musicians speak out after they say they've been stiffed for pay by a promoter overseas. How much some of them say they're owed. Hawaii gas prices have jumped nearly 14 cents in the past week. Howard's tracking the developments from the Middle East.See omnystudio.com/listener for privacy information.

The governor has issued an emergency proclamation ahead of a very wet week of weather. Iran has appointed a new Supreme Leader, the son of the late Ayatollah, who has not been seen in public since his father was killed at the outset of U.S. and Israeli attacks. And firefighters responded to a two-alarm fire at a home in Aina Haina this morning.See omnystudio.com/listener for privacy information.

Fire crews responded to a brush fire in Waimea around 9PM near mile marker two on Waimea Canyon Drive. A vehicle was seen flipped over near the Palama Street off-ramp backing up traffic in the area. Three 18-year-olds from Kona are facing charges after a weapons investigation on Hawaiʻi Island. See omnystudio.com/listener for privacy information.

A city-wide stabbing spree has left one woman dead and another in critical in condition. Former U.S. Congresswoman Colleen Hanabusa died at age 74, a look at her decades-long career and her lasting impact on Hawaii politics. And progress in the ongoing legal push to sort out the multi-billion dollar Maui Wildfire settlement.See omnystudio.com/listener for privacy information.

Questions are being raised about Hawaii's inmate furlough program and why the state is now launching a review. A popular fast-food chain teamed up with a local nonprofit to help keiki fall in love with reading. Former U.S. Congresswoman Colleen Hanabusa has died at age 74; we look at her decades-long career and lasting impact on Hawaii politics.See omnystudio.com/listener for privacy information.

In the second of our two-part panel discussion from Morgan Stanley's TMT conference, our analysts break down the complexity of financing AI's infrastructure and the technological disruption happening across industries.Read more insights from Morgan Stanley.----- Transcript -----Michelle Weaver: Welcome back to Thoughts on the Market, and welcome to part two of our conversation live from the Technology, Media and Telecom conference. I'm Michelle Weaver, U.S. Thematic and Equity Strategist at Morgan Stanley. Today we're continuing our conversation with Stephen Byrd, Josh Baer and Lindsay Tyler. This time looking at financing AI and some of the risks to the story. It's Friday, March 6th at 11am in San Francisco. So yesterday we spoke about AI adoption. And while there's a lot of excitement on this theme, there've also been some concerns bubbling up. Lindsay, I want to start with you around financing. That's another critical component of the AI build out. What's your latest on the magnitude of the data center financing gap, and what role [are] credit markets playing here? Lindsay Tyler: Yeah, in partnership with Thematic Research, Stephen and team, and colleagues across fixed income research last summer, we did put out a note, thinking about the data center financing gap, right? So, Stephen and team modeled a $3 trillion global data center CapEx need over a four-year timeframe. So, in partnership with fixed income across asset classes, we thought: okay, how will that really be funded? And we came to the conclusion that the hyperscalers, the high quality hyperscalers, generate a good amount of cash flow, right? So, there's cash from ops that can fund approximately half of that. But then we think that fixed income markets are critical to fund the rest of the funding gap. And really private credit is the leader in that and then aided by corporate credit and also securitized credit. What we've seen since is that yes, private credit has served a role. There is this difference between private credit 1.0, which is more of that middle market direct lending. And then private credit 2.0, which is more ABF – Asset Based Finance or Asset Backed Finance. And what we see there is an interest in leases of hyperscaler tenants, right? We've also seen in the market over the past nine months or so, investment grade bond issuance by hyperscalers. Obviously, a use of cash flow by hyperscalers. We've seen the construction loans with banks and also private credit per reports. We've also seen high yield bond issuance, which is kind of a new trend for construction financing. We've seen ABS and CMBS as well. And then something new that's emerging in focus for investors is more of a chip-backed or compute contract backed financings, like more creative solutions. We're really in early innings of the spend right now. And so, there is this shift. As we start to work through the construction early phases, the next focus is: okay, but what about the chips? And so, I think a big focus is that, you know, chips are more than 50 percent of the spend for if you're looking at a gigawatt site. And it depends what type of chips and kind of what generation. But that's the next leg of this too. So, it's kind of a focus, you know, for 2026. Michelle Weaver: And how do you view balance sheet leverage and financing when you think about hyperscaler debt raising magnitude and timelines? Lindsay Tyler: So just to bring it down to more of a basic level, if you need compute, you really might need two things, right? A powered shell and then the chips. And so, if you're looking for that compute, you could kind of go in three basic ways. You could look to build the shell and kind of build and buy the whole thing. You could lease the shell, from, you know, a developer, maybe a Bitcoin miner too – that is converted to HBC. And then you kind of buy the chips and you put them in yourselves. Or you could lease all the compute; quote unquote lease, it's more of a contract. In terms of the funding, if you're thinking about the cash flows of some of the big companies – think of that as primarily being put towards chip spend. If you're thinking about the construction that's kind of split between cash CapEx but also leases. And so, what we've seen is that there is more than [$]600 billion of un-commenced lease obligations that will commence over the next two to five years, across the big four or five players. And then my equity counterparts estimate around [$]700 billion of cash CapEx that needs this year for some of those players as well. So, these are big numbers. But that's kind of how, at a basic level, they're approaching some of the financing. It's a split approach. Michelle Weaver: And what have you learned around financing the past few days at the conference? Anything incremental to share there? Lindsay Tyler: Sure. Yeah. I think I found confirmation of some key themes here at the conference. The first being that numerous funding buckets are available. That was a big focus of our note last year is that you can kind of look at asset level financing. You can look at public bonds, you can look at some equity. There are these different funding buckets available.The second is that tenant quality matters for construction financing. I think I've seen this more in the markets than maybe at this conference over the past two to three weeks. But that has been a focus of pricing for the deals, but also market depth for the deals. A third confirmation of a key theme was around the neo clouds and also the GPU as a service business models. Thinking about those creative financings, right. Are they thinking about from their compute counterparties? Would they like upfront payments? Might they look to move financing off [the] balance sheet, if they have a very high-quality investment grade rated counterparty? So, there is some of this evolution around those solutions. And then a fourth key theme is just around the credit support. And Stephen has and I have talked about this around some of the Bitcoin miners – is that, you know, there can be these higher quality investment grade players that might look to lend their credit support. Maybe a lease backstop to other players in the ecosystem in order to get a better pricing on construction financing. And we are seeing some press pickup around how that might play out in chip financing down the road too. Michelle Weaver: Mm-hmm. AI driven risk and potential disruption has been a big feature of the price action we've seen year-to-date in this theme. Stephen, what are some asset classes or businesses you see as resistant to some of this disruption? Stephen Byrd: We spend a lot of time thinking about, sort of, asset classes that are resistant to deflation and disruption. And what's interesting is there's actually a handful of economists in the world that are doing remarkable work on this concept. That they would call it the economics of transformative AI. There are three Americans, two Canadians, two Brits, a number of others who are doing really, really interesting work. And essentially what they're looking at is what do economies look like? As we see very powerful AI enter many industries – cause price reductions, deflation… What does that do? They have a lot of interesting takeaways, but one is this idea that the relative value of assets that cannot be deflated by AI goes up. Very simple idea. But think of it this way, I mean, there's only, you know, one principle resort on Kauai. You know, there's a limited amount of metals. And so, what we go through is this list that's gotten a lot of investor attention of resistant asset classes or more of the resistant asset classes that can go up in value. So, there are obvious ones like land, though you have to be a little careful with real estate in the sense that like, office real estate probably wouldn't be where you would go. Nor would you potentially go sort of towards middle income, lower income housing. But more, you know, think of industrial REITs, higher-end real estate. But there are a lot of other categories that are interesting to me. All kinds of infrastructure should be quite resistant, all kinds of critical materials. Metals should do extremely well in this. But then when you go beyond that, it's actually kind of interesting that there; arguably there's a longer list than those classic sort of land and metals examples.Examples here would be compute… Michelle Weaver: Mm-hmm. Stephen Byrd: I thought Jensen put it, well, you know, if there's a limited amount of infrastructure available, you want to put the best compute. And ultimately, in some ways, intelligence becomes the new coin of the realm in the world, right? So, I would want to own the purveyors of intelligence. It could include high-end luxury. It could include unique human experiences. So, I don't know how many of y'all have children who are sort of college age. But my children are college age, and they absolutely hate what they would call AI slop.They want legit human content, and they seek it out. And they absolutely hate it when they see bad copies of human content. And so, I think there is a place in many parts of the economy for unique human experiences, unique human content, and it's interesting to kind of seek out where that might be in the economy. So those would be some examples of resistant assets. Michelle Weaver: Mm-hmm. Josh, software's been at really the center of this AI disruption debate. How would you compare the current pullback in software multiples to prior periods of peak uncertainty? And do you think any of these concerns are valid? Or how are you thinking about that? Josh Baer: Great question. I mean, software multiples on an EV to sales basis are down 30 – 35 percent just from the fall, I will say. And that's overall in the group. A lot of stocks, multiple handfuls, are down 60-70 percent over the last year. And what's being priced in is really peak uncertainty, a lot of fear. And these multiples, now four times sales – takes us all the way back about 10 years to the shift to cloud. And this time in many ways reminds us of that period of peak fear. In this case, what's being priced in is terminal value risk. We talked about this TAM yesterday. But you know, who is going to win that share? How is it divided from a competitive perspective across these model providers? The LLMs with new entrants. Of course, the incumbents. And this other idea of in-housing. Michelle Weaver: Mm-hmm. Josh Baer: So, there's competitive risk, there's business model risk. Are companies going to need to change their pricing models from seat-based to consumption or hybrid. And then last margin risk. Just thinking about the higher input costs and higher capital intensity. And so, you know, all of those fears are being priced in right now. Michelle Weaver: And we, of course though, had a bunch of these companies live with us at the conference. How are they responding to some of these risks? How are they addressing these investor concerns? Josh Baer: Most of the companies here from our coverage are the incumbent software vendors. And I think that the leadership teams did a really nice job coming out and defending their competitive moats and really articulating the story of why they are in a great position to capitalize on the opportunity. And the reasons can vary across different companies. But some of the commonalities are around enterprise grade, trust, security, governance, acceptance from IT organizations.The idea of vibe coding all apps in an organization get squashed when you actually talk to companies and chief information officers. For some companies there's proprietary data moats, network effects. All of that's on top of existing customer relationships. And so, you know, that was the message from the companies that we had. That we're the incumbents. We get to use all of the same innovative AI technology in the same way that all these different competitive buckets do. But we have, you know, that differentiation in that moat. And so, we're in a good place. Michelle Weaver: I want to wrap on a positive note. Stephen, what did you hear at the conference that you're most excited about? Stephen Byrd: I'd say the life sciences. A few investors pointed out that perhaps AI has a PR problem these days. And I do think showing a significant benefit to humanity in terms of improved health outcomes, whether that's just better diagnosis, you know. Away from this event, but I was in India the week before and, you know, AI can have a powerful benefit to the people who suffer the most in terms of providing very powerful medical tools in a distributed manner. So, I'm a big fan there.But you know, in many ways, curing the most challenging diseases plaguing humanity. The kind of problems involved in providing those and developing those cures are perfect for AI. So that, for me – stepping way back – that is by far the most exciting thing. Michelle Weaver: Josh, same to you. What are you most excited about? Josh Baer: From my perspective, it's potentially the turning point for software. The ability to showcase that we are at this inflection point and acceleration. To actually see that it takes time for our software companies to develop new AI technologies. Put that into products that have been tested and proven and go through the enterprise adoption cycle. And that we're at the cusp of more adoption – that's what our survey work says. And to see that inflection, I think can help to rerate this sector. Michelle Weaver: Lindsay, same question for you… Lindsay Tyler: Maybe I'll tie it to markets. I've already had a lot of more conversations with equity investors over the past, how many months? There's a big fixed income focus right now, which is a great, you know, spot and really interesting opportunity in my seat. And there's a lot of interesting structures coming to be right now in the credit space. So, I think it's an exciting time. Michelle Weaver: Lindsay, Stephen, Josh, thank you very much for joining to recap the event and let us know what you learned at the conference. To our audience, thank you for listening here live. And to our audience tuning in, 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.

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