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Broadcom Slides After AI Chip Forecast Underwhelms Investors · Bloomberg Intelligence

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  Speaker 1: Bloomberg Audio Studios.
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  Speaker 2: Podcasts.
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  Speaker 4: News.
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  Speaker 5: You're listening to the Bloomberg Intelligence Podcast. Catch us live
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  Speaker 6: Let's get back to the news flow, folks.
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  Speaker 4: I tell you, the news flow does not know that it's,
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  Speaker 4: you know, the Thursday before Labor Day weekend.
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  Speaker 6: It just keeps coming.
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  Speaker 1: You're waiting for a slowdown.
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  Speaker 6: Particularly.
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  Speaker 7: Yeah.
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  Speaker 6: And particularly in the tech space, we've got earnings. We've
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  Speaker 6: got M & A.
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  Speaker 4: Let's check in with Matthew Bloxham, senior media and tech
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  Speaker 4: analyst for Bloomberg Intelligence. He's over there in that tech
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  Speaker 4: hub of London, England. Matt, let's talk with Broadcom. Here's
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  Speaker 4: my takeaway from the Broadcom earnings. They predicted a boom
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  Speaker 4: in artificial intelligence chip sales, like what we've been experiencing
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  Speaker 4: over the last several years, predicted a boom in artificial
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  Speaker 4: intelligence chip sales over the next two years, helping to
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  Speaker 4: renew optimism that it can challenge NVIDIA's dominance there. So
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  Speaker 4: this spending cycle, it shows no signs of slowing, does it, Matthew?
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  Speaker 5: It does not.
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  Speaker 8: And obviously what we heard from them was that they
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  Speaker 8: expect both Anthropic and OpenAI to become their most important customers,
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  Speaker 8: eclipsing Google. And that's significant because it shows you that
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  Speaker 8: there's kind of substance behind the plans and capital raising
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  Speaker 8: that these companies are undertaking. But, you know, obviously that
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  Speaker 8: kind of midterm runway does change. is really contingent on
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  Speaker 8: the current momentum continuing. And I think what we're seeing
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  Speaker 8: and the opportunity for Broadcom is very much that these
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  Speaker 8: big hyperscalers don't want to be purely reliant on NVIDIA
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  Speaker 8: for their technology. They're looking to diversify and Broadcom is
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  Speaker 8: going to be an incredibly important partner for them in
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  Speaker 8: that technology diversification.
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  Speaker 3: Yeah. Hawk 10, the CEO is saying we have six
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  Speaker 3: customers and four of them are just simply going to
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  Speaker 3: be huge. So these hyperscalers, when they kind of spread
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  Speaker 3: out their needs across different suppliers, how broadly, how widely
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  Speaker 3: can they spread that out? I mean, they don't want
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  Speaker 3: eight suppliers for their chips, do they? They want to
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  Speaker 3: limit it to a handful.
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  Speaker 8: Yeah, I think there's a balance. And we'll see that
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  Speaker 8: there are also some compete risk vehicles. You know, Google,
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  Speaker 8: as well as being a hyperscaler competitor, is also a
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  Speaker 8: technology competitor, too. So there's a balance to be had.
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  Speaker 8: You know, I think maybe kind of two or three
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  Speaker 8: key suppliers is probably going to be sufficient for most
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  Speaker 8: of them. But you want those two or three suppliers
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  Speaker 8: to be genuinely competitive. you know kind of uh independent
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  Speaker 8: uh and and robust obviously we've had a lot of
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  Speaker 8: supply constraints um in the recent past and you know
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  Speaker 8: that they continue to kind of impact the growth of
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  Speaker 8: the industry um so i wouldn't be surprised that in
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  Speaker 8: the short term there's even some kind of broader diversification
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  Speaker 8: beyond the two or three you know i think there'll
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  Speaker 8: be a core two or three uh but they'll be
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  Speaker 8: looking at uh innovative technology around the edges just to
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  Speaker 8: kind of make sure that they've got as much supply
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  Speaker 8: coming through as they can get their hands on.
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  Speaker 4: Matthew, as this, I guess, AI theme continues to ripple
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  Speaker 4: through the technology space writ large, one of the potential
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  Speaker 4: losers was called out, you know, like a year, year
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  Speaker 4: and a half ago, certain software companies that might be
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  Speaker 4: displaced by AI. I mean, one of them that doesn't
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  Speaker 4: appear to be at all is Snowflake. They reported some really,
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  Speaker 4: really good earnings yesterday. And they talked about using AI-assisted
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  Speaker 4: coding tool, how that's been a big hit for them.
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  Speaker 4: So there's an example, I guess, of a software company
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  Speaker 4: adapting AI to making their products even better.
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  Speaker 6: What did you make of the Snowflake earnings?
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  Speaker 8: Yeah, I mean, if I'm honest, I'm surprised at quite
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  Speaker 8: how much the shares have reacted to the results, because
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  Speaker 8: obviously there's a beat on the earnings that they reported
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  Speaker 8: and an upgrade to the guidance for the full year.
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  Speaker 8: It's not that big, if I'm honest, but I guess
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  Speaker 8: it's kind of what you kind of mentioned here is that,
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  Speaker 8: you know, I think there's been a lot of scrutiny
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  Speaker 8: around software companies and their ability to adapt to the
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  Speaker 8: AI opportunity rather than being replaced by it. And I
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  Speaker 8: think what we've seen today in the Snowflake numbers is
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  Speaker 8: that Their execution against AI and adopting it and integrating
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  Speaker 8: it into their software is going incredibly well. And so
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  Speaker 8: I think probably what you're seeing in the share price today,
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  Speaker 8: that it's not just so much about the next two
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  Speaker 8: or three quarters or even the next 12 or 18 months.
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  Speaker 8: It's the view that actually, yeah, you know, they're grasping
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  Speaker 8: this opportunity and it's going to create a kind of
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  Speaker 8: mid to long term opportunity for them that's not fully
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  Speaker 8: appreciated in the numbers yet.
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  Speaker 4: Yeah, it feels like a little bit of a really
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  Speaker 4: for Ali trading today, up 20%, up 60% over the
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  Speaker 4: year to date. But it's almost like even a similar
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  Speaker 4: thing happened to Microsoft when they reported their last quarter.
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  Speaker 4: People said, oh, these guys can grow and adapt and
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  Speaker 4: use AI and all that.
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  Speaker 6: So I think that's case by case. You put up
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  Speaker 6: the numbers and boom.
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  Speaker 1: Also depends on the mood of the market at any
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  Speaker 1: given point.
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  Speaker 3: There's been a lot to be worried about, and that
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  Speaker 3: kind of casts a pall over everything. You've got to
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  Speaker 3: consider all the macro factors, too. Before we let you go, Matthew,
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  Speaker 3: just a quick comment from you on NVIDIA acquiring this
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  Speaker 3: AI platform, Hugging Face. NVIDIA getting into software, is that
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  Speaker 3: a good idea?
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  Speaker 8: Yeah, I think it is. Obviously, NVIDIA is playing this
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  Speaker 8: role of kind of key cheerleader, if you like, for
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  Speaker 8: the whole AI industry and are looking to use their
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  Speaker 8: financial and technological clout to kind of really make sure
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  Speaker 8: that the industry continues to develop in every direction. I
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  Speaker 8: think the kind of critical thing here, there's been a
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  Speaker 8: lot of talk about open source and that Hugging Face
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  Speaker 8: is kind of really the home for open source AI software. And,
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  Speaker 8: you know, I think NVIDIA kind of looks to the
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  Speaker 8: kind of mid to long term and thinks, well, you know,
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  Speaker 8: if we don't play a role in making sure that
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  Speaker 8: the open source community remains strong and vibrant and grows,
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  Speaker 8: then we're going to be left with an industry that's
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  Speaker 8: dominated by a very small number of very large, very
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  Speaker 8: powerful closed source businesses, you know, the likes of OpenAI,
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  Speaker 8: the likes of Intel. anthropic. And that's A, not good
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  Speaker 8: for the industry as a whole, and B, probably wouldn't
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  Speaker 8: be good for NVIDIA because it would create a lot
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  Speaker 8: of concentration of their customers. And as we were talking
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  Speaker 8: about earlier with Broadcom, potentially if they're diversifying away from
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  Speaker 8: NVIDIA technology, that potentially limits the NVIDIA opportunity. So I
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  Speaker 8: think it makes a lot of sense for the industry
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  Speaker 8: as a whole, and it definitely makes a lot of
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  Speaker 8: sense for NVIDIA in terms of protecting the midterm opportunity
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  Speaker 8: for them.
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  Speaker 1: Stay with us. More from Bloomberg Intelligence coming up after this.
• 7:07
  Speaker 5: You're listening to the Bloomberg Intelligence podcast. Catch us live
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  Speaker 5: weekdays at 10 a.m. Eastern on Apple CarPlay and Android
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  Speaker 5: you get your podcasts or watch us live on YouTube.
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  Speaker 8: All right.
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  Speaker 4: I've been doing the stock market thing for 40 years.
• 7:24
  Speaker 4: I have no idea what's going on or how this works.
• 7:26
  Speaker 4: HP Enterprises, for example, But our fiscal third quarter sales
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  Speaker 4: beat estimates. Fourth quarter outlook beat estimates. What's the stock doing?
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  Speaker 6: Down 7%.
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  Speaker 4: No idea what's going on. But the next guest, he
• 7:38
  Speaker 4: knows what's going on. Wu Jinhou, Senior Technology Analyst for
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  Speaker 4: Bloomberg Intelligence. Wu, what's going on with HPE stock today?
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  Speaker 4: I thought it was a pretty solid quarter all around here,
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  Speaker 4: but I guess the stock's up 100% and you can't
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  Speaker 4: win every day.
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  Speaker 2: Well, hey, Paul. Look, quite frankly, as a head scratcher myself,
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  Speaker 2: in terms, you know, we can't talk about valuations and
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  Speaker 2: stock movements. But the quarter all in all, to your point,
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  Speaker 2: has been very, very good, right? And especially in the outlook.
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  Speaker 2: You know, not only did they raise 26, but they
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  Speaker 2: also raised their preliminary fiscal 2027 growth outlook because the
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  Speaker 2: fundamentals are so strong. And, you know, quite frankly, you know,
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  Speaker 2: investors should be a little bit happier than the way
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  Speaker 2: they're reacting today.
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  Speaker 3: Yeah, HPE's report followed blowout results from Dell, who it
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  Speaker 3: competes against in those AI servers, and, of course, AI
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  Speaker 3: chipmaker NVIDIA, kind of the poster child for the AI boom,
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  Speaker 3: really raised the bar. How much of this is tied to,
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  Speaker 3: you know, Paul saying that the stock has done tremendously well?
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  Speaker 3: I look at total return, which includes dividends, 257% over
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  Speaker 3: the last five years. And then if you just look
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  Speaker 3: over the past one year, 114% total return. I mean,
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  Speaker 3: the stock has priced in a lot.
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  Speaker 2: Well, look, hey, Scarlett, so I will tell you that
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  Speaker 2: there's a couple things going on, right? Dell's $ 25 billion.
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  Speaker 2: Guidance increase was definitely a tough act to follow, right?
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  Speaker 2: So I guess investors were expecting a similar follow through
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  Speaker 2: to that, but they're not. But if we also look
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  Speaker 2: at it from a valuation standpoint, Scarlett, relative valuation, I
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  Speaker 2: think Dell is trading at roughly 18 times forward earnings.
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  Speaker 2: HPE is roughly around 14 times. So there is a discount.
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  Speaker 2: I will tell you that there's a couple of things
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  Speaker 2: going on. HPE doesn't have as big of an AI
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  Speaker 2: server exposure as Dell does. Quite frankly, it's probably one
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  Speaker 2: fifth of that, if not smaller, of Dell's. And that
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  Speaker 2: could be somewhat of a valuation drag because at the
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  Speaker 2: end of the day, even though it is a low
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  Speaker 2: margin business, it throws off a lot of operating cash
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  Speaker 2: flow if they can get into the right deals.
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  Speaker 4: Hey, Wooj, when you look across the portfolio of products, services,
• 10:00
  Speaker 4: HB provides the marketplace, are you comfortable with that? Is
• 10:03
  Speaker 4: the street comfortable with that? Or are there areas where
• 10:05
  Speaker 4: they need to either invest or maybe buy?
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  Speaker 2: Yeah, look, I like the portfolio where it stands right now, right?
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  Speaker 2: They've had a stated goal of focusing more on profitability,
• 10:16
  Speaker 2: and they made the acquisition of Juniper last year, and
• 10:21
  Speaker 2: that is going to be a margin boost. And the
• 10:22
  Speaker 2: way Antonio ended his earnings call was that, hey, they
• 10:26
  Speaker 2: consider themselves more of a networking company more so than
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  Speaker 2: anything else. Where I'm most critical of HPE is that
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  Speaker 2: they also own Cray computers, and that really should have
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  Speaker 2: opened the door for them to be a market leader
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  Speaker 2: in these multi-billion, hundreds of billions of dollars of AI
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  Speaker 2: server deals. And I really think that management has missed
• 10:52
  Speaker 2: on that. And they continue to stand the course on
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  Speaker 2: going for higher margin AI server deals. And quite frankly,
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  Speaker 2: that was an opportunity missed.
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  Speaker 6: Gotcha.
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  Speaker 3: You mentioned networking equipment kind of being what it does,
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  Speaker 3: and the AI servers as a smaller part of their business.
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  Speaker 3: HPE also announced this partnership with Oracle to provide networking
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  Speaker 3: equipment to Oracle's data centers. Is that a risk, given
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  Speaker 3: that at least credit investors look at Oracle kind of skeptically?
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  Speaker 2: Yeah. And that's one of the knocks on the deal. But,
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  Speaker 2: you know, I think it should be OK for the
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  Speaker 2: next couple of quarters. There's a couple of things here, Scarlett,
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  Speaker 2: that I think investors were focused on. There was some
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  Speaker 2: sort of secular financing. HPE issued some warrants as part of,
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  Speaker 2: you know, related to the partnership with Oracle. And I
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  Speaker 2: looked at the 10Q filing today, and thank you, Paul,
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  Speaker 2: for having us read the 10Qs. But, you know, 4
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  Speaker 2: million shares were tied to that deal. So, you know,
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  Speaker 2: from a dilution standpoint, it's really not a big deal.
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  Speaker 2: You know, we have to trust Oracle to go on
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  Speaker 2: and continue on with some of these deals. And at
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  Speaker 2: the end of the day, HPE should be able to
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  Speaker 2: get its money.
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  Speaker 6: So, which we've now had, I don't know, 24 hours
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  Speaker 6: to digest that conversation.
• 12:14
  Speaker 4: News out of Dell that they're taking their guidance up
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  Speaker 4: a monster amount that we've really never seen before. When
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  Speaker 4: you talk to institutional investor clients, how are they putting
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  Speaker 4: that into context these days? Because that was just a
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  Speaker 4: monster print from Dell yesterday.
• 12:27
  Speaker 2: Yeah, and that's the thing. It's a monster print and
• 12:29
  Speaker 2: they're trying to, you know, the trade has been long Dell,
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  Speaker 2: short HPE. And I don't view this as a binary
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  Speaker 2: type of outcome, right? I do think that Dell is
• 12:41
  Speaker 2: going to do its thing and they're going to win.
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  Speaker 2: I think there may have been some share shifts that
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  Speaker 2: have gone on based on Dell's results. But at the
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  Speaker 2: end of the day, HPE is going on this phenomenal
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  Speaker 2: growth run on the traditional server business. And given that
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  Speaker 2: they've been able to give out 2027 guidance, it's going
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  Speaker 2: to be durable. Now, when you had me on before,
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  Speaker 2: you asked about the cyclicality of the traditional server business.
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  Speaker 2: What we're seeing from corporates is that they're looking to
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  Speaker 2: upgrade their IT infrastructure to help support AI workloads inside
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  Speaker 2: the corporates and lower the token costs. So that's going
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  Speaker 2: to help HPE in my mind.
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  Speaker 7: All right.
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  Speaker 6: So here's my.
• 13:23
  Speaker 4: dumb question of the day, but this was actually my
• 13:25
  Speaker 4: job at one point when I was a youngster on
• 13:27
  Speaker 4: the equity.
• 13:27
  Speaker 6: Capital markets desk.
• 13:28
  Speaker 4: I would call our companies, our clients, that had a
• 13:31
  Speaker 4: $ 500 stock price and say, hey, are you interested in
• 13:34
  Speaker 4: a stock split? We think you should do a stock
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  Speaker 4: split here, blah, blah, blah, blah. What does Dell say
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  Speaker 4: about that? Do they even talk about that or they
• 13:41
  Speaker 4: don't mind a $ 500 handle on their stock?
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  Speaker 2: Look, if, you know, Berkshire Hathaway can get away with,
• 13:48
  Speaker 2: you know, thousands of dollars, hundreds of thousands of dollars stock,
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  Speaker 2: why can't Dell?
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  Speaker 6: Yeah, that's a good point. If I'm Michael Dell, I
• 13:54
  Speaker 6: would say, hey, if Warren can do it, I can
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  Speaker 6: do it to do it. It's a high class problem
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  Speaker 6: to have. Woojin Ho, thanks so much. Appreciate it.
• 14:00
  Speaker 4: Busy couple of days for you with some of these
• 14:02
  Speaker 4: big tech companies reporting earnings.
• 14:03
  Speaker 6: Appreciate getting some of your time.
• 14:05
  Speaker 4: Woojin Ho, folks, he's Senior Technology Analyst at Bloomberg Intelligence
• 14:08
  Speaker 4: working at our Princeton office.
• 14:11
  Speaker 1: Stay with us.
• 14:12
  Speaker 5: More from Bloomberg Intelligence coming up after this. You're listening
• 14:18
  Speaker 5: to the Bloomberg Intelligence Podcast. Catch us live weekdays at
• 14:22
  Speaker 5: 10 a.m. Eastern on Apple CarPlay and Android Auto with
• 14:25
  Speaker 5: the Bloomberg Business App. Listen on demand wherever you get
• 14:28
  Speaker 5: your podcasts or watch us live on YouTube.
• 14:31
  Speaker 6: All right, Scarlett, I just learned a new term today.
• 14:35
  Speaker 6: Semi-scratch cooking.
• 14:38
  Speaker 1: Do we do it?
• 14:39
  Speaker 4: I don't know, but our next guest can help us
• 14:41
  Speaker 4: out here. Diana Rosado-Pena, Consumer Staples Analyst for Bloomberg Intelligence.
• 14:46
  Speaker 6: What is... semi-scratch cooking.
• 14:49
  Speaker 4: And if I want to play it in the stock market,
• 14:51
  Speaker 4: how do I do that? Yes.
• 14:52
  Speaker 7: So basically it is based off of what Campbell's has said. It's,
• 14:57
  Speaker 7: it's basically when you cook a meal in less than
• 15:02
  Speaker 7: 30 minutes and with less than five ingredients. So they're
• 15:05
  Speaker 7: positioning themselves, this is Campbell's soup in terms of like,
• 15:10
  Speaker 7: you know, with their soups and condensed soups and all
• 15:13
  Speaker 7: of that. to make it easier for you to, you know,
• 15:17
  Speaker 7: do that and, you know, save time and money.
• 15:20
  Speaker 6: I guess.
• 15:21
  Speaker 1: So you're kind of cooking, but in a very truncated way.
• 15:24
  Speaker 2: Yes.
• 15:25
  Speaker 1: And you can feel some sense of accomplishment from that. Exactly.
• 15:29
  Speaker 3: But how does that match up with this current demand
• 15:32
  Speaker 3: for protein and healthy foods? I mean, condensed soup has
• 15:36
  Speaker 3: a lot of sodium, for instance.
• 15:37
  Speaker 4: Yes.
• 15:37
  Speaker 7: Yes, but they are hoping that because of, you know,
• 15:42
  Speaker 7: the fact that you add your own ingredients as well,
• 15:45
  Speaker 7: then you kind of.
• 15:46
  Speaker 3: So I'll add organic milk to my cream of mushroom
• 15:48
  Speaker 3: and that'll make it better.
• 15:49
  Speaker 7: Like some protein in that. They're also coming up with
• 15:52
  Speaker 7: like new products. lines with added protein, especially for like
• 15:57
  Speaker 7: drinkable soup and stuff like that. But, you know, cooking
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  Speaker 7: is now it's like half of their meal, uh, meal
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  Speaker 7: and beverages, uh, segment sales. So it seems that it's, it's,
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  Speaker 7: it's growing for them.
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  Speaker 6: It's, but they just reported earning some disappointing results.
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  Speaker 8: Yes.
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  Speaker 4: And then they also cut their dividend, uh, cut 13%
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  Speaker 4: of salaried workforce.
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  Speaker 6: What's going on here with Campbell's soup company?
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  Speaker 7: So basically, the biggest issue is snacks. Snacks is a
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  Speaker 7: very challenged segment for them, particularly on chips or salty snacks,
• 16:33
  Speaker 7: which is, you know, we have seen in the past
• 16:35
  Speaker 7: year salty snack sales as the category. It has slowed down.
• 16:41
  Speaker 7: People are more conscious about what they're eating. You know, dieting,
• 16:45
  Speaker 7: GLP-1 might play into that as well. And also, it
• 16:50
  Speaker 7: has become really aggressive in terms of pricing. I mean,
• 16:53
  Speaker 7: PepsiCo has 60% of their products. the salty snacks market.
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  Speaker 7: So definitely that seems to be working against them, against Campbell's.
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  Speaker 1: So Paul is a big fan of goldfish.
• 17:03
  Speaker 3: Every day around 10, 18 p.m., he goes upstairs and
• 17:07
  Speaker 3: gets a cup of goldfish. And Campbell's has done a
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  Speaker 3: pretty good job with reviving sales of goldfish.
• 17:13
  Speaker 1: What did it do with the goldfish line?
• 17:15
  Speaker 7: So they're actually starting to, it's been marketing, it's been
• 17:21
  Speaker 7: packet sizes, it's been they're going to introduce a goldfish gluten-free.
• 17:26
  Speaker 7: So all those, they're really trying to get into what
• 17:31
  Speaker 7: the trends for nutrition are about, and they're following them.
• 17:36
  Speaker 1: Macho-flavored goldfish, Paul. Oh, I don't know about that.
• 17:41
  Speaker 4: Campbell's Soup Company. IPO-ed November 16th, 1954. How about that?
• 17:48
  Speaker 1: That is a moment in time.
• 17:50
  Speaker 6: How cool is that? Based in Camden, New Jersey.
• 17:52
  Speaker 1: I was waiting for the New Jersey reference. We got it.
• 17:55
  Speaker 4: What does a company say they want to be when
• 17:57
  Speaker 4: they grow up? I mean, there's been so much consolidation
• 18:00
  Speaker 4: in this industry. They've been around forever.
• 18:02
  Speaker 7: Yeah.
• 18:04
  Speaker 4: Is there still any kind of family connection or anything
• 18:06
  Speaker 4: like that that says we're just going to stay independent forever?
• 18:09
  Speaker 6: In a consolidating world, what do they want to be?
• 18:12
  Speaker 7: Well, I think they want to, at least we're hoping,
• 18:17
  Speaker 7: is to bring shareholder returns. And they seem to be
• 18:21
  Speaker 7: committed with that. But not necessarily this year. Like you said,
• 18:26
  Speaker 7: they slashed dividend interest. This is the third company that
• 18:30
  Speaker 7: has done that this year after Conagra and B & G. And,
• 18:34
  Speaker 7: you know, a consumer staples company cutting dividends is... It's
• 18:38
  Speaker 7: a significant red flag as I will see it. You know,
• 18:42
  Speaker 7: you don't have a lot of growth. So share buybacks
• 18:46
  Speaker 7: and dividends are, you know, you're bread and butter and
• 18:49
  Speaker 7: you're not necessarily doing that. So, yeah, they're hoping they
• 18:54
  Speaker 7: save $ 170 million annually that is going to go to
• 18:59
  Speaker 7: debt repayment.
• 19:01
  Speaker 3: So it feels like Campbell's is at the center of
• 19:03
  Speaker 3: a lot of trends that are overtaking it and societal trends,
• 19:07
  Speaker 3: whether it's GLP-1, whether it's people being more healthy, people
• 19:10
  Speaker 3: wanting to cook, but with limited ingredients and unlimited time margins.
• 19:15
  Speaker 1: What about tariffs? How do tariffs affect a company like
• 19:18
  Speaker 1: Campbell's Soup? Well, they affect them significantly.
• 19:20
  Speaker 7: They did not mention it this quarter, but tariffs on
• 19:25
  Speaker 7: steel has been a significant headwind for them. And that
• 19:30
  Speaker 7: is obviously something that they're working through. They actually expect
• 19:36
  Speaker 7: COGS for fiscal 2026 to be about 5% to 6% greater.
• 19:40
  Speaker 1: Cost of goods sold.
• 19:41
  Speaker 7: Yes, exactly. And obviously, they are going to increase prices
• 19:46
  Speaker 7: in 60% of their portfolio around the same 4% to 5%.
• 19:51
  Speaker 7: So price increases, they are willing to sacrifice some volume
• 19:56
  Speaker 7: on that. The elasticity is significant compared to others.
• 20:00
  Speaker 6: All right.
• 20:01
  Speaker 1: Favorite Campbell's soup when you're a child?
• 20:03
  Speaker 5: Flavor.
• 20:05
  Speaker 7: Chicken noodle soup. Is that lame?
• 20:07
  Speaker 3: I like chicken with stars because I thought the stars
• 20:10
  Speaker 3: were cute.
• 20:11
  Speaker 6: I'm a Manhattan clam chowder guy.
• 20:13
  Speaker 1: I like cream of mushroom.
• 20:15
  Speaker 6: Solid. We had that stacked.
• 20:18
  Speaker 4: Apocalypse was coming. We had so much of that in
• 20:21
  Speaker 4: our house. Again, I was the last of four children.
• 20:25
  Speaker 4: Cooking food wasn't really on the agenda for the rent.
• 20:27
  Speaker 1: You're hungry? Have some Manhattan clam chowder. Go for it.
• 20:30
  Speaker 4: Or goldfish.
• 20:31
  Speaker 5: This is the Bloomberg Intelligence Podcast, available on Apple, Spotify,
• 20:36
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• 20:40
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• 20:48
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