Bloomberg Businessweek Weekend - July 17th, 2026 | Bloomberg Businessweek

Bloomberg Audio Studios, podcasts, radio news. >> This is Bloomberg Business Week Daily. Reporting from the magazine that helps global leaders stay ahead with insight on the people, companies, and trends shaping today's complex economy. Plus, global business, finance, and tech news as it happens. The Bloomberg Business Week Daily Podcast with Carol Masser and [music] Tim Stenc on Bloomberg Radio. >> Hi everyone, welcome to the Bloomberg Business Week weekend podcast. A high stakes week both globally and up on Capitol Hill in the Middle East. First of all, the fragile June ceasefire between the United States and Iran hit a major roadblock following a heavy new wave of US air strikes on Iran. The strikes are part of a bombing campaign that President Donald Trump says will continue until Iran stops attacking ships in the straight of Hormuz and agrees to open the waterway. A developing story big time as we wrapped up. We should point out there were strikes kind of going on all around the region. It was just not working out as everyone expected. And oh, got to also mention all the big Wall Street banks reported earnings. And let's just say there were lots of superlatives when it came to many of the results. For the latest on that and the ongoing US war in Iran, head over to the Bloomberg and to bloomberg.com. >> Also a focus this past week, newish Fed Chair Kevin Worsh making a highly anticipated debut on Capitol Hill. He faced tough questions from lawmakers when it came to inflation, monetary policy, the economic impact of AI, and more. Meanwhile, on Wall Street, chip stocks had quite a week, riding a roller coaster of sharp sell-offs followed by a strong tech rebound, ups and downs. roller coaster, I think, is the right way to describe it. >> It is. And this hour, we keep an eye on those chips, plus chocolate and Barbie. It's all in the 10 stocks to watch this quarter, thanks to our Bloomberg intelligence team, who have identified the most interesting companies from their group of what they call high confidence focus ideas. We reveal the names and why, for better or for worse, they bear watching. >> Then we turn our attention to the rapidly expanding world of prediction markets. We sit down with Udesh Jaw. He's the chief risk officer over at Kalshi on the company's latest tool that plots the future price of computing power. >> Plus, as the summer heat continues to break records, we address a hotly debated question in the modern corporate world. Is it ever okay to show some leg in the office? We're talking about I feel like mostly for guys here. >> I'm wearing shorts right now. [laughter] So, >> I know you are. That's the answer. >> Women can kind of get away with lots of things of showing legs regularly, but I don't know. With guys and shorts, I guess it's a whole other thing. Bloomberg Pursuits editor at large Chris Rouseer says yes, it's okay to show a little leg for men. He'll explain a little later on. >> All that to come. We begin with the 10 companies to watch this quarter. Our Bloomberg intelligence team has identified interesting companies from its roster of high confidence focus ideas. It spans sectors and regions. Each scenario outlines a catalyst in the next few months that supports their case. Some of the companies highlight high stakes in semiconductor chips, the pricing power of global chocolate, and the next chapter for Barbie. Helping us break it all down is Tim Craig Head, Bloomberg Intelligence Global Chief Content Officer. He joined me alongside Bloomberg News credit reporter Emily Grafo. So these these companies are all part of a broader group of of ideas that we have on an ongoing basis, an actively managed group of ideas we call focus ideas. Um you can find them on the terminal by the way with BI focus. But the the crux of these is that they're high conviction fundamental views either positive or cautious uh from the the analyst across the globe. uh they span all sectors and uh they're differentiated from what the market seems to be um discounting and high conviction differentiated. The third leg of this is there's catalyst ahead that we think will change the market's mentality. And with this group of 10, you know, it is whittleled way down. These are 10 across the globe, positive and negative across sectors that we think have particularly notable catalyst coming up in the third quarter. So, it's not the beall and endall, but it's certainly a a high-profile topical list of 10 companies to watch. Okay. Well, we have to start with Microsoft. That's the largest company on the list here. What is the market getting wrong about Microsoft? And I love how the story is laid out because you have a picture, you have a data sheet, and then you also have a trigger, which is a note about, you know, what could trigger any movement. But I'll let you explain it. >> Yeah. Yeah. So the the crux of the of the idea with Microsoft is the the market seems to to have put Microsoft in the bucket of broad software that could be disrupted by AI. You know there's that that uh that theme of the SAS apocalypse where AI is going to take over everything that's software. It seems to be forgetting that Microsoft is one of the large hyperscalers. uh it has through its ongoing work uh arguably the the leading cloud platform for large language models and they also have a new Microsoft 360 office suite that's coming out in the second half. We think revenue is set to surprise on the upside and the market seems to be discounting quite the opposite. >> I get it. I feel like we've been talking about Microsoft and watching it a lot. So, I can see why you guys included that in the list. Um, where shall we go next? What's a name that maybe either surprised you or you think um maybe I don't know that you find of interest? >> Well, well, I I think one way to think about this, you know, the last couple of times we've had conversations, there's been AI related ideas. We've talked about some of the big chip companies before. We've talked about other hyperscalers, but we're always looking for the the undiscovered AI plays or the second derivative, if you will. And there's two on the list this time that I think fit that bill. One is a UK company called Helma, which is it falls in the industrial category. They do a lot of health and safety equipment. M >> um but they've got a business embedded in in in their their divisions that makes photonix. Photonix are an optical device that essentially helps replace copper into data center infrastructure to reduce legacy, increase bandwidth, speed, etc. And it's a big business. It's ramping aggressively. they are the supplier for one of the big hyperscalers and we don't think that it's baked in to what the market thinks. Second one is telecom uh Malaysia. You think about Asia building out AI, a lot of the data center buildout has been in um Singapore. >> They're running out of space. It is space constrained. more and more data center buildout is moving across the channel into southern Malaysia and Telecom Malaysia is the digital infrastructure provider. So they're providing, you know, fiber back haul and and other services that will allow this data center buildout. So two interesting sort of second derivative plays on the AI theme. >> And what about Solar Edge? I know that's a company on the list where the the outlook was a cloud. Again to to those just listening this list the outlook is either a a cloud or a sun. Sorry. Solar edge has a sun. [laughter] >> Um is that not does AI not play into that that thesis? Wouldn't they get a boost from energy demands? >> It it does and it doesn't. it does in that there is no doubt that solar and other renewable energy sources are going to play into uh data center energy demand and you know there's there's there's a great story to be told along those lines. That said, the real reason why we're focused on solar edge at this point is actually the European business. Um, and that's not so much an AIdriven issue. It's energy security. Uh, you know, we've we've been through the story of Russia invading Ukraine and disrupting the gas supply. We've now been through the story of the Middle East conflict, disrupting gas supply. Europe has been twice bitten and is thinking very actively about how to do more in terms of driving energy security. Solar is one of those elements and solar edge has seen its European business which is about 30% of revenue um accelerate and we think that has further legs long legs. >> Yeah. You know, it's interesting. We I feel like Craig keep having these conversations coming off the US war in Iran that there are countries whether it's China as we are talking about and other places that don't want to be um so vulnerable when it comes to global energy supplies like brought to their need and China in particular I think is certainly looking at that. Um this is a stock though uh that's been on a tear up almost 100% year-to date although about 18% of the float is short. So, uh, you get a little bit of feel in terms of what the street is thinking. I got to go to Mattel. We talked Barbie. Let's go there. They were they were on fire and then they weren't. >> Well, enough is enough, right? Um, so sorry. No, >> had to go had had to throw that in at some time. So, >> um, Mattel, you know, has has a big business in the doll business. It's a big chunk of that is Barbie. and it did get a big boost by the Barbie movie um back a couple years ago. Um but the toy business has been moving at least from from our analysts perspective more towards building sets and in particular trading cards more recently. Uh the the sort of focus is off of the dolls. And with that in mind, we think that they're set for further disappointment uh in terms of uh expected revenue growth. It's as really as simple as that. It's a product cycle sort of story and the product cycle is right now not in their favor. >> All right, you got to finish up with what? What's the matter? >> I just feel bad for Barbie. Maybe they could have her [laughter] build something like Barbie the builder and then >> maybe she could build data centers. >> Yeah, [laughter] >> like an AI play or something. >> Sorry, Carol. Go ahead. >> I know. I don't know. That's that lame, but hey, Barbie can do anything. We know that. Um I got to end up with chocolate. Got about a minute left here. Not a name that I'm that familiar with, but I love me some good dark chocolate. >> Just going to say >> so Barry [clears throat] Calibat is a European cocoa producer. And so they source cocoa, they process it, they sell it to the big chocolate makers, Nestle and others. A couple of things have been going on in the chocolate business. Number one, after cocoa spiked um over the course of the last couple of years because of of harvest issues, weather, what have you, um chocolate makers have been actually reducing the content of chocolate of cocoa in their chocolate, >> which is a negative on a structural basis for berry calib we don't think is fully understood. You layer on top of that El Nino, which is increasingly looking to be uh more severe, and that could disrupt supply, which increases the cost of cocoa beans, which causes a cost squeeze for Barry Calibit, and you end up therefore with a volume pressure, a cost pressure, and they're kind of stuck in the middle. We think that disappointment is ahead. >> All right, that makes sense. >> So, it's not very sweet on that one, [laughter] but you can get a chocolate bar. That was Tim Craighead, Bloomberg Intelligence Global Chief Content Officer. Check out the full list online at bloomberg.com/businessweek. And on the Bloomberg terminal, our thanks to Emily Grafo, Bloomberg News credit reporter. She filled in while I was away. >> Still ahead on Bloomberg Business Week, we know about trading AI [music] tech stocks, but how about trading the computing power behind them? >> Cali ramps up its effort to build markets for just that. We check in with its chief risk officer next. This is Bloomberg. You're listening [music] to the Bloomberg Business Week daily podcast. Catch us live weekday afternoons from 2 to 5:00 p.m. Eastern. >> Listen on Apple CarPlay and Android Auto with the Bloomberg Business app >> or watch us live on YouTube. >> So, remember [music] back in May? I don't know if you remember this. It was at the Milkin Institute, their global conference in Beverly Hills. If you were if you you weren't watching our show if you don't remember those cuz >> uh cuz it was cuz it was on it was on. >> Black Rockck CEO Larry Fank said global demand for computing power is so huge that traders will one day be able to bet on a futures market for it. Here's a refresher in case you missed it or forgot about it. >> The United States is short power. We're short compute. We're short chips. And there going to be shortages in all three and memory for things. I actually believe a new asset class will be buying futures of compute. We just don't have enough compute power right now. >> And that was Black Rockck's Larry Frink at Milk & Back in May. While Larry's prediction might just be coming true. Calcy has created a tool that plots the future price of computing power joining the ranks of exchange and index operators attempting to build markets around the commodity powering artificial intelligence. >> And joining us now with more in a Bloomberg exclusive, Udesh Ja, chief risk officer of the prediction market, K. joining us from London. Also with us, Bloomberg News finance reporter Kat Doherty here in the studio. Udish, uh, you were just appointed to this position coming from the derivatives marketplace CME Group. You spent 16 years at CME. You posted on LinkedIn that you started paying attention to Kashi back in 2024 during the elections. What struck you then and why at the end of the post you say, "I've never felt this energized in a long time." What struck you about this company? >> I think I, as you said, I've been at CME. I was at CME for 16 years. I joined CME at the onset of uh the DoddFrank post clearing mandates and um now looking ahead 16 years I think I see the same excitement in the uh financial industry with prediction markets with the migration uh to tokens with with cloud adoption and and from that standpoint I think Kelshi at the center of a lot of that innovation is a really exciting place and I'm super excited to be joining at this part of the journey with them. So Udash, many people know Koshi for event contracts, betting on the likelihood of, let's say, a FIFA game and who's going to be the the World Cup winner. You've launched a number of new products outside of event contracts. Can you talk about some of the recent initiatives and why you're moving away from or adding to event contracts? >> Yeah, that's a great question. I think as we have seen, event contracts are or prediction markets are becoming quite mainstream. uh for a few reasons. One is the predictive power that they provide. The very specific questions that they ask which help the uh institutions, retail and other participants manage risk and and today we are at Kali we are we have about a very large set of institutional and direct retail uh participants who are able to do so. And and with that in mind, we have seen a fairly large growth in some of the very important asset classes such as crypto, such as KPI markets. And now I'm excited to talk today about uh the compute market which is which is GPU related that we are um that we are excited to also uh bring in to the marketplace for risk management and other other needs. >> And we want to dig into this. Just two quick questions. Is Black Rockck involved? Right now at this point in time uh we are this this is something that we have done organically. Uh we do have pricing information that comes from one of our partner vendors that's available uh on our website. Uh but we do expect large institutions to take advantage of this innovation by you looking at the forward curves and use it use it to price deals to do OTC contracts to do other sorts of derivatives for for their purposes. >> And I know it's early. Are people calling you already because they're interested in terms of you know various institutions or institutional investors? >> Yes, we are uh we are getting a lot of inbounds um because we are filling a void uh in this marketplace which was very important. If you're Bloomberg for example is very big in the swaps market as you know for pricing uh interest rate swaps or any other uh derivative or any other deal that depends forward curve is very important. It is it is it is extremely valuable for anybody doing a fiveyear swap or a two-year swap to know what would be the rate on a particular index out there right and that's precisely what we have done um we know that eventually this market is going to become quite large um you know some estimates of of the total addressable market size are in trillions if you look at the uh amount of uh funding committed to by the hyperscalers they are north of 500 to 600 billion just for 2026 and if you look at multiples beyond that what this market could be it's a very large market so we are getting a lot of inbound but we we we do want to start uh first with uh with a natural uh requirement which is to bring uh price discovery in the marketplace so that it can be used for hedging trading and other purposes down the line >> so CME group said back in May that it would launch computing power futures linked to an index compiled by Silicon Data, Intercontinental Exchange. It owns the New York Stock Exchange. And I'm reading right from from Cat's article here, teaming up with the financial infrastructure firm or to add futures contracts for computing power. Why are you better positioned to build this tool than they are? >> I think I would start by saying that by by such CME and ICE and others u it actually lends a lot of credence to the marketplace to the demand for this asset class in addition to what Larry Fink said earlier. uh but prediction markets are unique u for a few reasons. One uh the compute or the GPU market is not standardized at this point in time. There are many different uh factors that play into uh that index. It could be locations, the chips, the different kinds of chips, the grades, the different uses. So rather than focusing on a particular index or a particular contract, the prediction market allows us to list several of these contracts which is what we have done. And the prediction market also ensures very robust price discovery uh at much lower levels of total open interest that we have seen through many of other other contracts. So this is where it is very uniquely positioned uh to bring in a more accurate price discovery than focusing on a one or two different uh grades of the marketplace and and do a traditional future. So >> eventually >> you're mentioning an an issue that has been raised in terms of this is a nent asset class. It is a market that is evolving. We have a number of exchanges as Tim mentions that have gotten into the compute market and trying to develop it. Why is this price discovery that you're talking about, do you find it to be a more accurate indicator of where compute prices are at this moment and then with this forward curve where they are indicated at a future point in time? >> Yeah, I think one of the unique aspects of our price discovery that it's market driven. Uh there are some forward curves out there but they are derived not out of uh market inputs but through either OTC deals or other other bilateral contracts. But ours is a true market driven and that is where uh the power of the uh wisdom of the crowd of the marketplace and the accuracy that comes out of it comes to full form and and that's why it's unique and and the first in its in its category. >> And who do you see as your core users for this product? >> We do expect to see a variety of users. I think on on one side you have the natural sellers of compute, you know, hyperscalers, you can have the neocloud providers. On the other side there are the users of compute you know AI inference companies um medical uh research companies coming up with with which have significant uh computing needs to do drugs research retail uh many of which would like to which were interested or are speculators in the marketplace. So we do feel uh this just like many other commodities to have a breadth of of producers or or suppliers and and and and demand that that that will propel this ecosystem or the marketplace. >> Uh I want to try to understand some of the nuance in this and how you account account for the nuance. Maybe it's algorithmically. I'm just curious from you. Uh in this release, Tar Mansour, the company's founder CEO says that compute is the new oil. Compute futures will eventually dwarf oil futures. Oil though is fungeible. Uh it's a barrel of Brent is a barrel of Brent. It kind of doesn't matter. An hour though on an H200 is not the same as an hour on a B200. Chips depreciate, new architecture arrives every 12 to 18 months. Pricing power shifts. How do you build a reliable forward curve on a commodity that kind of like as soon as you know it's like a new car, it becomes obsolete or it depreciates, you know, as soon as you drive it off the lot. and and and and and that's a very very important point that you make Tim. I think as I mentioned earlier this this uh marketplace is still finding its footing because there are several grades there several you know different teners several different categories that that that give the appearance that it is it is quite dispersed. I would like to say that even in the oil market there are many different grids. There is the WTI cushion grid. There is the WTI but there are v various forms of WTI but the marketplace has gravitated and formed a a representative index which which is which is good for the market and then there are basis products that that that derive. So we expect the marketplace to gravitate towards that and and the prediction markets and our forward curve to be a good enabler so that that markets our users can see the price on different grades of of GPU compute at different teners and then the market will most likely gravitate towards a limited set of of usable indices. Udash I wanted to ask so we have this forward product that you have just released but the intention moving forward could you and do you plan to release other products that are investable products on top of this forward curve? Yes, I think uh the forward curve is sort of your your foundation to do other products such as futures, such as swaps, u such as I think other derivatives. So, so we'll see uh where the demand takes us, but I think our focus in the very immediate term is to build liquidity on the markets that are driving this forward curve so that this is this is the this this becomes the anchor and the benchmark for the industry. So, one of the things I'm curious about is and and follow me for a second if you get like who who actually trades this in the first year. And I bring it up because the buyers who needed this most, we're talking about the AI startups um using millions of compute for training, right? There's that are also the ones least able to post margin and kind of manage derivatives risk. The sellers, the hyperscalers, you know, whether it's AWS, whether it's Google Cloud, they have already in many ways locked in capacity through those long-term contracts. we talk about a lot here at Bloomberg. They have no obvious incentive to essentially give up some of that pricing power to an exchange. So Udish, who do you see as using this in the first year, if you will, and what happens if liquidity is too thin, so thin to produce a meaningful price signal, which is so important to really a truly functional marketplace? >> You're very right. I think there is a lot of capacity that the the hyperscalers have have have have already committed to but we are also seeing an astronomical speed at which the demand is growing over the last 6 months or even a year if you look back the the adoption of compute that are heavily dependent on AI and others have been growing on quite so there are there are going to be quite a few uh on the demand side that will emerge whether it's it's financial institutions or drug research institutions or neoclouds um lending those. So we do expect and then retail of course uh for an asset class which is which is as exciting and and potentially volatile. I think we will see retail and other speculative power come in as well and I do expect hyperscalers to at some point in time um do look at this this market as well. >> That was Jaw chief risk officer at Khi. Our thanks as well to Kat Doerty Bloomberg news finance reporter. Now, a couple days after our interview, Khi announced it's expanding into biotech by offering wages on the outcomes of clinical trials. Also, it's getting into predicting flight delays, too. >> Sounds like everything is getting too, so stay tuned. Hey, still ahead on Bloomberg Business Week, to wear or not to wear shorts. We debate the ultimate summer corporate [music] workplace battle. >> That's with the shorts wearing Chris Rouseer. This is Bloomberg. This is the Bloomberg Business Week daily podcast. Listen live each weekday starting at 2 p.m. Eastern on Apple CarPlay and Android Auto with the Bloomberg Business app. >> You can also listen live on Amazon Alexa from our flagship New York [music] station. Just say Alexa, play Bloomberg 11:30. [music] >> All right. you hopefully [laughter] there was a little bit of a debate like when we were talking about doing this on the show today. There's like sort of a divide between who knows this ad and this song versus who doesn't. I think the three of us sitting here know this. >> Yes. >> Are familiar with this. >> Taking you back to the 70s >> or Yeah. Or or just like it's kind of legendary. >> It is legendary. Like it's you know being culturally literate. >> So we'll we're talking about shorts in the office and here [clears throat] here's what I've started doing over the past few years as as you guys know. Uh, I wear shorts on my commute because it's like >> tomorrow's going to be 97°. >> Absolutely. >> I'm walking I walk miles dropping these kids off at camp or school or whatever. >> I sweat a lot in this humidity. And then I get into the office and I basically run from the elevators [laughter] trying to avoid everybody and go and change into actual work clothes. [laughter] >> Yeah. >> Chris Rouseer is not the same. He wears shorts into the office and he wears them proudly. >> He looks great. >> Oh, and you can actually see them if you're watching this on YouTube or Bloomberg Originals. >> They are. >> Yeah. >> The shorts are nice though. They're ironed. >> Mhm. >> Sometimes they're I don't sprint to my desk. I prance. I strut. I am proud of wearing shorts. >> There's a list of about a dozen people in this building who I do not want to see between when I'm wearing those shorts and when I'm [snorts] when I'm changed into >> Yes, I have seen some of those people. [laughter] That voice you hear is Chris Rouseer. He's editor at large for Bloomberg Pursuits. He's probably the only person who can write 2,000 words >> about shorts and wearing them or not to the office. And and I think Chris, this it's it's an really it's actually an important story for our time. We're going to talk to Mark Gongoff in a few minutes about heat and weather and and sort of what we're going through here in the US and in Europe this summer. But the the conversation is particularly relevant right now. >> It's very important. and thank you for taking uh paying attention to this very important subject. >> We do. >> So, you get into the history a little bit in the piece, but but why are shorts having a moment? >> Well, shorts are having a moment on runways in on streets because it's so hot and a little bit in offices. I have been on a war path for a couple of years now where my rule is if it's 90° or higher, you get to wear shorts to work. [snorts] Now, I know I'm wrong. We did a poll [laughter] We did a poll of Bloomberg users and only 45% of people thought it was uh appropriate to wear shorts to work. And many of them left comments like, "Yes, of course, if you work in a surf shop." [laughter] Um, one one person said, "AI is taking all our humanity. All we have left is pants." So, [laughter] this is an unpopular stance, but the world is changing. France recorded its hottest temperature ever two weeks ago. >> And there's no air over there, right? I see >> the tube in London is like uh like a a hell pipe, you know? Like it's just truly miserable. Why can't we wear clothes that recognize that we have actual bodies that exist in an actual world? >> Yeah. I ask you >> what's what's wrong with that? Tell us what's going on too in Japan. Didn't they kind of come out, I think the governor and and declare that male municipal workers were allowed to wear shorts to work? >> Yeah. So to uh Japan and Tokyo has had this uh initiative Tokyo cool biz uh since like the mid as uh which was basically like we don't need to be so dressed up we can relax with some of our codes. Uh and then this year they went as far as to say in April okay you can actually wear shorts to work because uh for uh saving money on uh air conditioning costs. It just was like an actual civic duty. Interesting. >> You should wear shorts and that's a very formal culture. Much more formal than we are. Yeah. >> Exactly. You know, it's it's funny in in your piece you you quote people. Some of them are are are, you know, investors that people have heard of like Bill Aman. Some are prominent doctors, real estate brokers who are touring multi-million dollar >> homes, partners at prominent law firms. >> Every single one of them was like, "Do not wear shorts." >> Correct. >> In fact, the the partner [laughter] at the law firm said, "Three suit, tie, and dress shoes that are made of leather that are black or brown, no sneakers." [laughter] >> Yes. Correct. He that person also recognizes that he is on the more formal edge of the spectrum. He said no backpacks except if you're an intern. Um but yeah, most people uh feel like it's not okay. A lot of people I spoke to, like that real estate agent, like this interior designer, even people who are not in, you know, strictly formal offices, if they've ever been shamed or yelled at by someone, which a lot of us have, including me in this office, like [laughter] you you stick it sticks with you and you're like, "Okay, I my behavior code is set by somebody disapproving of me and then it sticks with me for the rest of my career." >> Wait, was Bill Aman talking about giving up shortselling or was he talking [laughter] about >> He's already given up shortelling. >> Okay. But he but he doesn't wear shorts either. >> I asked him about shorts shorts and he said no no I don't >> but he does play tennis and he wears shorts when he plays tennis. >> Yes but not in the office. >> Well you know I love this but it wasn't always so before the 19th century in the west as you write displaying the body was central to displaying masculinity specifically showing some leg. >> Oh yeah like men in courtly situations they show they wore koulots or they wore um you know breaches and then they wore stockings. Oh yeah kilts of course. And like when he in the painting John Trumbull did of the signing of the Declaration of Independence, John Adams is showing his calfs. Like if he can do it, you can in your next do your next RFP talking about your KPIs. I swear. [laughter] >> No, it's really true. Like what happened? Is it just because I mean you get into I really love like industrial suits becoming cheaper like people could afford more? >> You know, showing that you're not showing that you're not a laborer, >> right? >> Right. that you're you're not working in in you know you're actually working in an office. It's a class thing. >> You guys see how easy it is to write 2,000 words about this stuff. It >> we are blown away. >> It used to [laughter] be like wearing clothes that recognized that you lived in a world and used your body was like for poor people. It was like only surfs did that. Uh you know courtly people wore corsets. They wore really restrictive clothing that was like almost you couldn't move in at all and pretended that you weren't in like a boiling hot world. And then that in when the founding fathers started America, they basically uh it was a lot of white men who were like, "Oh, that's too fancy." Like that we have to reject European friery like French worlds. We have to wear black suits. And that became the American uniform at work, especially through the industrial revolution when like suits became cheap to make. And that actually spread around the world. So in a lot of countries everywhere, people in offices are wearing dark suits. And it's been remarkably unchanged. >> There's a >> We're not wearing wigs though. were not wearing delicate shirt cuffs. Yeah. So, >> it really was. >> It could be worse is what I'm saying. >> That's true. >> I mean, I don't understand like we, you [clears throat] know, we went to casual Fridays and like people were wearing khakis, you know, the pandemic and then we came back to work and we're still wearing our yoga pants and you know, when the runways show me I don't know if we have this picture and producers, if you >> I don't know if we can show that. >> If you didn't put this out, we're going to have to talk after the show. Um, but when runway starts showing >> guys, >> blazers with shorts, >> well, she's talking about a different picture. There's there's a Yeah, there's an E St. Laurent men's wear look from this summer where the model is wearing truly like a nightmare, like an actual nightmare outfit that I've [laughter] actually had a nightmare about. He's walking down the runway with a big blazer, sort of a sweater top, [laughter] and no pants. No pants. >> You could maybe describe him as shorts, but it's really like undergarment. Yeah. We're talking with Chris Rouseer, editor- large of Bloomberg Pursuits. The only man we know who can both write 2,000 words on wearing shorts to the office and then wear shorts when it's above 90 degrees. Yes, Carol. >> You know what I find interesting is you also talked to people in the in the fashion industry and there was one um person who said when I was an internet women's wear daily in Paris as an 18-year-old in my exit interview, I was told by my editor that it was inappropriate for me to wear shorts to work. It was sweltering in Paris. But I would think in like anything connected with fashion would be like anything kind of goes. >> I mean it's so much about respect, right? Like if you're a journalist and I want to really say this like I once wore uh sandals to work when I was a young reporter at the New York Daily News and someone talked to me about it and they were like because we had and had to run out and interview people that something happened an emergency and it was disrespectful and I that is real like if you're meeting with people how you present yourself if you're you're formal it talks about how you respect yourself how you respect the people you meet with that people that really sticks with people >> but [laughter] if you're just hanging out at your desk or you're moving around the city I don't know guys >> it's hot Dress for the job you have. [laughter] >> Listen, if you do what you love, you never work a day in your life. You get to write 2,000 words about wearing shorts to work. >> It's not work. >> Are we going to talk about luxury? >> I think we have to move to Norway because they kind of get it, right? Yes. >> Why is every everybody talks about Norway right? >> Well, I know it seems like the a place to be, but they're they kind of inside outside, right? Environment like they just kind of embrace >> like Bermuda, they wear shorts. Norway they have this um this uh uh sort of um metaphor for life called fruliv fruiv I don't I always get it wrong which is basically like outdoor life outdoor living is life and uh the more you recognize the world and your place in it and the more you spend time passing through it the better you are mentally and physically >> Norway we're Oh we got the short pick I guess >> oh oh do we have it >> you know I went to Norway can we bring it up >> maybe like nine years ago 10 years ago with my wife >> uh for those who Well, I'm just going to say for those who are listening on radio, um, that is the picture that Chris said, Eve St. Laurent. >> Eve St. Laurent. Yeah. >> Yeah. And it's a guy with a big blazer, but not much else, right? >> Yeah. We clearly still haven't figured out what to wear with socks, by the [laughter] way. So, that's a whole other thing. Uh, let's talk about luxury shopping. >> You were saying you were >> Well, I was in Norway and this whole idea of outdoor culture, uh, there's a law, at least there was back then. You were literally allowed to camp anywhere on the side of the road. So, you'd be driving through these amazing roads and people would just be pulled over. Uh, and and every everyone's it's not like campsites in the US. I mean, everyone is so respectful of the outdoors. They're so respectful of their surroundings, but it's just widely accepted that you can pull over and you can sleep outside. >> Are we going to tease this one other? >> Yeah, let's tease this other story. >> Um, so if I can't get like a Chanel bag that I'm coveting, I just have to go to the airport. >> I wouldn't say you just have to go to the airport, but [laughter] airport shopping, you [snorts] always go by those uh boutiques, whether luxury or not. Like you walk by a Chanel at the airport, you're like, there's never anyone in there. but actually they do a big business. A lot of them are owned by these big sort of uh mega companies that run them all. So it's not necessarily like Brooks Brothers owning the Brooks Brothers store. Um but they're small footprints and they do a lot of business. Doesn't have to be a lot of people in there. And at stores like Chanel and Hermes, if you have a good relationship with them, they can actually get you good stuff. Not a Birkin bag, but like good stuff. Uh and if you you can get someone's phone number, they'll like call ahead, order stuff, have it ready for you. You just pick it up taxree. I'm always with airports being like who are who is in here buying stuff >> cuz they do always look empty. >> Yeah. But people spend a lot more time in airports cuz you're so worried about getting uh you know getting caught up in lines and stuff. So people are in airports for a long time and they just shop. >> I love that you like call ahead and like I'm going to be flying into the airport in like 2 weeks and they hold stuff for you. Unbelievable. >> Our thanks to Chris Rouseer, Bloomberg Pursuits editor at large. >> And that wraps up our weekend edition of Bloomberg Business Week from Bloomberg Radio. Thank you so much for joining us. Be sure to tune in to Bloomberg Business Week daily Monday through Friday starting at 2 p.m. Wall Street time on Bloomberg radio, Bloomberg TV, and on SiriusXM channel 121. >> You can also watch our daily broadcast on YouTube. Just search Bloomberg Podcasts. We're simalcast on Bloomberg Originals, available on Bloomberg.com/orals and streaming platforms including Roku, Amazon Fire TV, Samsung TV Plus, and more. >> Find our Bloomberg BusinessWeek podcast at bloomberg.com, Apple, or wherever you get your podcasts. This past week, we featured a conversation with Mark German. He's Bloomberg managing editor for Consumer Tech. We talked Apple's lawsuit against Open AI, accusing the company of systematically stealing its intellectual property, as well as OpenAI's latest move into consumer hardware. Plus, [music] the latest edition of the magazine. It's available on news stands now at bloomberg.com and always on the Bloomberg terminal. I'm Tim Sen >> and I'm Carol Masser. Have a good and safe weekend, everyone. [music] Do stay cool and stay with us and wear your shorts, maybe. This is the Bloomberg Business Week daily podcast available on Apple, Spotify, and anywhere else you get your podcasts. Listen live weekday afternoons from 2 to 5:00 p.m. Eastern, on Bloomberg.com, the iHeart Radio app, TuneIn, and the Bloomberg Business app. [music] You can also watch us live every weekday on YouTube, and always on the Bloomberg terminal.