Big Take

It’s Election Day in the US and a deluge of midterms-related lawsuits have already been filed, even though polls haven’t closed yet.

Bloomberg legal reporter Zoe Tillman and Josh Wingrove, who covers the White House, join host David Gura to make sense of the latest legal fights.

Read more: Trump’s Aggressive Voter Lawsuits Offer Democrats a Blueprint for Legal Defense

Host: Sarah Holder; Guests: Josh Wingrove and Zoe Tillman; Produced by David Fox and Julia Press; Edited by Nicole Beemsterboer; Engineering by Alex Sugiura.

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Hackers the FBI has linked to North Korea stole $6.3 billion from Binance, pulling off the biggest crypto heist of all time.

On today’s Big Take podcast, host Sarah Holder speaks with Bloomberg crypto editor Ryan Weeks and Bloomberg Economics’ Adam Farrar about how the attack unfolded and how stolen crypto is increasingly funding Pyongyang’s nuclear ambitions.

Read more:

North Korean Hackers Behind Binance Crypto Heist Are Weaponizing AI

Kim Jong Un Flouted Sanctions to Amass $22 Billion Windfall

Further listening: The Unexpected Rise of North Korea’s Economy

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After a rare double downgrade warning from MSCI, Indonesia suffered its worst stock rout in nearly 30 years.

On today’s Big Take Asia podcast, host K. Oanh Ha speaks with Bloomberg Indonesia bureau chief Ben Otto about what dropping Southeast Asia’s largest economy from key global benchmarks would mean for investors and what Jakarta can do to avert the crisis.

Read more: What Happens If Indonesia Is Removed From MSCI’s Global Indexes?Further listening: Indonesia’s $15 Billion Free Lunch Experiment

Host: K. Oanh Ha; Guest: Ben Otto; Produced by Naomi Ng; Edited by Crispina Robert and Nicole Beemsterboer; Engineering by Greg Tock.

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Grand Theft Auto VI is expected to set new records for the video game industry. But will potential billion-dollar sales of the title buoy an entire industry facing years of layoffs and lower returns on investment?

On today’s Big Take podcast, Bloomberg’s Jason Schreier takes us inside the making of GTA VI and breaks down the financial stakes of one of the biggest entertainment releases of all time.

Read more: The Making of Grand Theft Auto VI

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Host: Sarah Holder; Guest: Jason Schreier; Produced by Julia Press; Edited by Aaron Edwards; Engineering by Sean Carter.

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Ahead of the Federal Reserve’s decision to hold rates steady this week, host Sarah Holder sat down with author and economic commentator Kyla Scanlon to talk about who’s continuing to spend and borrow, who isn’t and what happens when consumer spending doesn’t equal consumer confidence.

Read more:

• Voters’ Inflation Frustrations Take Shine Off Strong Economic Growth
• Kyla’s Newsletter: The Shrugflation Triangle: How AI, Oil, and Treasuries are Impacting the Economy

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Host: Sarah Holder; Guest: Kyla Scanlon; Produced by David Fox; Edited by Tracey Samuelson and Patrick Hirsch; Engineering by Emma Munger.

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Republicans in Texas, hoping to lock in more seats in Congress, kicked off a redistricting frenzy that saw several other states redraw their congressional maps. Today on the show, host David Gura sits down with Bloomberg Texas Bureau Chief Julie Fine and Senior White House reporter Josh Wingrove to talk through why that gamble may not pay off.

Read more:

• Trump Calls for Peltola to Be Banned From Alaska Senate Race
• Joe Rogan’s Microphone Goes Quieter on Trump Ahead of Midterms
• Economic Pain Turns Nebraska Into Unexpected Senate Battleground

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Host: David Gura; Guests: Julie Fine and Josh Wingrove; Produced by David Fox; Edited by Nicole Beemsterboer and Naomi Shavin; Engineering by Sean Carter.

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Anthropic’s initial public offering, set for November, will be the first by a company whose primary focus is developing frontier AI models. It could surpass SpaceX’s recent IPO as the biggest on record. And it’s risky. In 94 pages, the company laid out how its plans could be knocked off course by regulation, energy costs, climate change — or catastrophic risks to humanity caused by its own models.

In today’s episode, host Sarah Holder, Bloomberg Opinion columnist Dave Lee and Michael Regan, managing editor for US equities, talk about why the company is leaning into its risk prospectus, what a successful IPO would mean for competitors and markets and how much is riding on next week’s US midterm elections.

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Host: Sarah Holder; Guests: Dave Lee, Michael Regan; Produced by David Fox; Edited by Jeffrey Grocott; Engineering by Sean Carter.

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France is caught between two powerful forces: protesters demanding that the government protect public services and social benefits and a bond market that can’t stomach the idea of France’s deficit getting any larger.

But the fight over France’s budget is also reviving a longstanding debate at the heart of the euro zone: How much control does a country really have over its economic future when it shares a currency with its neighbors? On today’s Big Take podcast, Bloomberg’s John Stepek joins host Sarah Holder to discuss the competing forces shaping France’s financial future — and what’s at stake for the rest of Europe.

Read more:

• A Turning Point for France Looks a Long Way Off
• A French Accident Waiting to Happen
• French Bond Risk Falls Most Since 2020 as Downgrade Avoided

Further Listening:

• French Bond Markets and AI Neoclouds Feel The Pressure

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Host: Sarah Holder; Guest: John Stepek; Produced by Julia Press and Naomi Shavin; Edited by Tracey Samuelson; Engineering by Emma Munger.

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India’s “Cockroach” protests have returned to the streets of Delhi, and just as the country faces intensifying challenges from abroad, including fallout from the Iran war and tensions with the US, China and Pakistan.

In a conversation on the sidelines of Bloomberg’s New Economy Forum in New Delhi last week, Suhasini Haidar, diplomatic editor for The Hindu, sat down with The Mishal Husain Show to unpack India’s shifting place in the world and Gen Z discontent at home.

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For the first time since the Oct. 7 attacks, Israelis are headed to the polls. The race is seen as a referendum on Prime Minister Benjamin Netanyahu, who is neck-and-neck with opponent Gadi Eisenkot in the latest polls.

On today’s Big Take podcast, Bloomberg’s Dan Williams examines the existential questions this election has raised: Will Israelis choose a post-Netanyahu future? And if they do, what would it mean for Israel and for the Palestinian territories?

Read more:

• Win or Lose, Netanyahu Has Reshaped Israeli Politics in His Image
• Trump’s Endorsement of Netanyahu Falls Flat With Israeli Voters

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Tesla disclosed this week that it had fallen short of its targets for AI infrastructure spending. Investors didn’t like that. Meta revealed its plans to lay out more than $800 billion on AI infrastructure over the next decade. Investors didn’t like that, either.

On today’s Big Take podcast, why all eyes are on AI spending plans — and which US tech giants’ earnings to watch. Host Sarah Holder is joined by Michael Regan, managing editor for US equities, and Sarah Frier, managing editor for big tech, AI and startups.

Read more:

• Meta Credit Risk Gauge Surges to Record on AI Spending Plans
• Meta Falls After Boosting Spending Plans for AI Bet
• Tesla’s Lowered Capex Plan Fuels Doubt on AI, Robotics Goals

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Host: Sarah Holder; Guests: Sarah Frier and Michael Regan; Produced by David Fox; Edited by Jeffrey Grocott; Engineering by Emma Munger.

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Amid the news that Elon Musk wants to merge Tesla and SpaceX, he is spending roughly $369 million on midterms races. That money could have an impact on some of the closest races in the country, like the Texas Senate race.

On today’s Big Take podcast, host David Gura is joined by Dana Hull, who covers Tesla and Elon Musk, and campaign finance reporter Bill Allison to discuss the value proposition of such massive spending for Musk and his empire.

Read more:

• Musk Pours $158 Million Into GOP Super PAC for Texas Senate Race
• Elon Musk PAC Ramps Up Midterms Spending to Help Republicans
• SpaceX, Tesla Boards Study Possible $3.5 Trillion Merger

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Host: David Gura; Guests: Dana Hull, Bill Allison; Produced by Julia Press, David Fox, Julia Weaver; Edited by Naomi Shavin; Engineering by Sean Carter.

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Japanese Prime Minister Sanae Takaichi wants to put Japan back in the fast lane, with huge investments in everything from AI to space technology. But can she generate the growth to justify the spending without unsettling markets and voters?

On today’s Big Take Asia podcast, host K. Oanh Ha talks to Bloomberg’s Paul Jackson about Takaichi’s first-year scorecard and the economic and political pressures that could determine whether her agenda succeeds.

Read more: Japan Is Still Figuring Out How a Female Prime Minister Should Lead

Further listening: Japan Hikes Rates, Reshaping Carry Trade

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Host: K. Oanh Ha; Guest: Paul Jackson; Produced by Naomi Ng; Edited by Crispina Robert and Julia Weaver; Engineering by Greg Tock.

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CoreWeave’s eye-popping debt and quest for new capital has some investors on edge. On today’s Big Take podcast, Bloomberg credit reporter Katherine Schwartz and AI infrastructure reporter Dina Bass join host Sarah Holder to make sense of the selloff, what it means for neoclouds and the future of the AI build-out.

Read more: CoreWeave’s Business Is Sound Despite Debt Fears, JPMorgan Says

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Host: Sarah Holder; Guests: Katherine Schwartz, Dina Bass; Produced by Julia Weaver and David Fox; Edited by Paddy Hirsch; Engineering by Sean Carter.

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In Disclosure, investigative reporter Jason Leopold and attorney Matt Topic take listeners inside a years long effort to head off document destruction at the White House during President Trump’s first term. Drawing from government documents (and The Big Lebowski), they reveal how the US National Archives and Records Administration tried to alert the feds to potentially illegal record disposal. And they learn why FBI and Justice Department personnel clashed before searching Trump's Florida home, Mar-a-Lago. Voice acting by Mandy Hull.

Subscribe to Jason's FOIA Files newsletter at https://www.bloomberg.com/account/newsletters/foia-files.

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Are “natural” diamonds still worth it if you can get a near-identical alternative for a fraction of the cost? With a boost from celebrities like Sarah Jessica Parker, lab-grown competitors could be coming for the crown.

On today’s Big Take podcast, guest host Stacey Vanek Smith talks to industry insiders and De Beers Group CEO Al Cook about what $12 half-carat earrings could mean for the luxury business’ future and how the old guard is pushing back.

Read more: The Diamond Industry’s Old Guard Wants You to Buy ‘Natural’

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Host: Stacey Vanek Smith; Guests: Al Cook, Edahn Golan, Adelle Archer; Produced by Julia Press; Edited by Aaron Edwards; Engineering by Sean Carter.

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US economic growth is up but consumer sentiment is down. Another rate hike, expected this year, could help lower inflation, but do little to ease the frustrations of much of the middle class, for whom the American dream sits just out of reach.

On today’s Big Take podcast, editors Matthew Boesler and Cristina Lindblad join Sarah Holder to unpack what the data says is happening in the US economy and why consumer sentiment tells another story.

Read more:

• The Trump Stock Market Is Lousy for Most
• US Consumer Prices Rise by Most Since April in Broad Advance

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Host: Sarah Holder; Guests: Matthew Boesler and Cristina Lindblad; Produced by David Fox; Edited by Paddy Hirsch and Naomi Shavin; Engineering by Emma Munger.

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Energy prices are up — and President Trump is out of time to bring them down before the US midterm elections.

On today’s Big Take podcast, David Gura breaks down the factors keeping prices high and how much it could cost the Republican party with White House reporter Josh Wingrove and Will Kubzansky, who covers gasoline, diesel and jet fuel.

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Host: David Gura; Guests: Josh Wingrove and Will Kubzansky; Produced by Julia Press, David Fox, Julia Weaver; Edited by Naomi Shavin; Engineering by Sean Carter.

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When millions of retail investors piled into India’s options market to get rich quick, losses mounted and regulators launched a sweeping crackdown.

On today’s Big Take Asia podcast, guest host Rebecca Choong Wilkins and India equities reporter Savio Shetty break down how the world’s largest options market unraveled, why regulators are struggling to police the country’s latest craze and where traders are placing their bets now.

Read more: How India Built (and Broke) the World’s Biggest Options CasinoFurther listening: Inside Jane Street: The Enigmatic Firm That Rules Wall Street

Watch, from Originals: How India's Day Retail Traders Lost Billions

Host: Rebecca Choong Wilkins; Guest: Savio Shetty; Produced by Naomi Ng and Yang Yang; Edited by Crispina Robert and Julia Weaver. Engineering by Sean Carter II.

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The AI infrastructure boom is funded by a complex web of investments, as tech companies pour money into one another and foreign investors funnel still more cash into the industry. That flow of foreign money is also creating global imbalances — and flashbacks to the run-up to the 2008 financial crisis.

On today’s Big Take podcast, Bloomberg’s Shawn Donnan and Bloomberg Economics’ Tom Orlik join David Gura on the AI industry’s global money machine: how it works and what risks it could pose to the global economy if the AI trade doesn’t deliver fast enough.

Read more:

• AI’s Giant Money Loop Is Drawing Foreign Cash Like 2008
• National Bureau of Economic Research: Financing the AI Buildout

Viewprofiles for each of the world’s500 richest people, see thebiggest movers, and comparefortunes or trackreturns on the Bloomberg Billionaires Index.

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Host: David Gura; Guests: Shawn Donnan and Tom Orlik; Produced by David Fox, Brunella Tipismana Urbano; Edited by Tracey Samuelson; Engineering by Emma Munger.

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