Big Take

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’ We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer Host: Stacey Vanek Smith; Guests: Al Cook, Edahn Golan, Adelle Archer; Produced by Julia Press; Edited by Aaron Edwards; Engineering by Sean Carter.See omnystudio.com/listener for privacy information.

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. We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. 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.See omnystudio.com/listener for privacy information.

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 View profiles for each of the world’s 500 richest people, see the biggest movers, and compare fortunes or track returns on the Bloomberg Billionaires Index. We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Host: David Gura; Guests: Shawn Donnan and Tom Orlik; Produced by David Fox, Brunella Tipismana Urbano; Edited by Tracey Samuelson; Engineering by Emma Munger.See omnystudio.com/listener for privacy information.

Jane Street just eclipsed Goldman Sachs and JPMorgan as the biggest trading house on Wall Street. It pulled in nearly $40 billion in trading revenue in 2025. And it’s so enigmatic that to the outside world, it’s unclear who’s even in charge. On today’s Big Take podcast, David Gura talks to finance reporters Max Abelson and Katherine Doherty on their reporting on who’s calling the shots at the firm and why it matters to global markets. Read more: Who’s Who at Jane Street We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Host: David Gura; Guests: Max Abelson and Katherine Doherty; Produced by David Fox; Edited by Jeffrey Grocott; Engineering by Sean Carter.See omnystudio.com/listener for privacy information.

President Trump is campaigning in Texas on Wednesday, rallying voters in a state that’s long been a Republican stronghold. His efforts in traditionally red states around the country show how surprisingly close many of these midterm races have become — and the outcome will determine if Trump’s party can hold onto the Senate and advance his agenda for the next two years. On today’s Big Take podcast, Texas bureau chief Julie Fine and Washington correspondent Josh Wingrove join host Sarah Holder to break down the ultra-expensive, surprisingly competitive Texas Senate race and what it would mean for Trump’s presidency if he loses the Lone Star state. Further Listening:  Can $700 Million Buy Republicans the US Senate? Europe’s Debt Problem Is Back We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Host: Sarah Holder; Guests: Julie Fine, Josh Wingrove; Produced by David Fox, Julia Press; Edited by Naomi Shavin; Engineering by Sean Carter.See omnystudio.com/listener for privacy information.

Bond yields are climbing from the US to Japan — pushing up borrowing costs and putting fresh stress on governments, markets and consumers. In France, that strain could deepen into a broader crisis for the euro zone. On today’s episode, Bloomberg Opinion columnist John Authers and Navy Federal Credit Union Chief Economist Heather Long join Sarah Holder to discuss what’s driving the rise in yields, how long they could stay elevated and what lessons the Greek debt crisis might hold for France. Read more:  Could Bond Yields Break the Stock Market? Soaring Yields Find Europe’s Weak Spot View profiles for each of the world’s 500 richest people, see the biggest movers, and compare fortunes or track returns on the Bloomberg Billionaires Index. We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Host: Sarah Holder; Guests: John Authers, Heather Long; Produced by Julia Press, David Fox; Edited by Tracey Samuelson, Jeffrey Grocott; Engineering by Emma Munger.See omnystudio.com/listener for privacy information.

Romantasy books have created a near-billion-dollar industry in the US alone. This week, fans are racing to grab a copy of Rebecca Yarros’ Threshing Day, and bracing for the sixth installment of one of the genre’s biggest hits, A Court of Thorns and Roses by Sarah J. Maas, coming later this month. On today’s Big Take podcast, Bloomberg’s Hannah Miller and Madison Muller take host David Gura into the booming world of publishing’s runaway obsession. And The Knave and the Moon author Rachel Gillig talks about going from preschool teacher to global literary celebrity. Read more: The Steamy, Magical and Now Very Lucrative Romantasy Business We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Host: David Gura; Guests: Hannah Miller, Madison Muller; Produced by Julia Press and David Fox; Edited by Aaron Edwards; Engineering by Sean Carter; Illustration by Anna Podedworna.See omnystudio.com/listener for privacy information.

The 2026 midterms are on track to become the most expensive elections in US history, with Republican Senate candidates raking in hundreds of millions from PACs and Democrats riding a growing wave of individual donations. So who has the edge? On today’s Big Take podcast, Bill Faries, who oversees Bloomberg’s midterm coverage, and campaign finance reporter Bill Allison join Sarah Holder to break down how each party is raising and spending cash and what it means for control of the Senate — and for the coming presidential race. Read more: Shifting Senate Map Is Fueling Most Expensive Election Ever Further Listening: Why Everyone Is Talking About High Diesel Prices We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Host: Sarah Holder; Guests: Bill Allison and Bill Faries; Produced by David Fox and Julia Press; Edited by Jeffrey Grocott; Engineering by Sean Carter.See omnystudio.com/listener for privacy information.

At over 5%, the 10-year Treasury yield is the highest since 2007. Those soaring yields are raising lots of questions about whether investors should be trimming stocks and buying bonds. But timing such a move can be complicated.  On today’s Big Take podcast, Bloomberg’s David Papadopoulos and Michael Regan join host Sarah Holder to discuss whether we’re on the brink of a great portfolio reallocation, two very different reasons why bond yields are rising and why one prominent AI skeptic is embracing the trade he once shunned. Further reading: AI Skeptic Rajiv Jain Embraces the Tech Trade He Once Shunned Further listening: Why Everyone is Talking About High Diesel Prices We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Host: Sarah Holder; Guests: David Papadopoulos and Michael Regan; Produced by Julia Press and David Fox; Edited by Tracey Samuelson; Engineering by Sean Carter.See omnystudio.com/listener for privacy information.

People who fabricate artificial stone are getting sick with a deadly chronic illness—on that, there’s no debate. But whether it’s the individual shops or the material’s manufacturers who should be held responsible is the subject of a highly political dispute playing out across the US. On today’s Big Take podcast, Bloomberg labor reporter Josh Eidelson breaks down the consequences of this dispute for the industry and the people who work in it. Read more: ‘Death Sentences’: Crafting America’s Favorite Countertops Is Killing Workers We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Host: Sarah Holder; Guest: Josh Eidelson; Produced by Julia Press; Edited by Naomi Shavin; Engineering by Alex Sugiura.See omnystudio.com/listener for privacy information.

Diesel prices are hitting new highs, and voters aren’t happy. With the midterms approaching, the Trump administration is trying to find ways to curb fuel costs, including a potential US diesel export ban. On today’s Big Take podcast: The political fallout of sky-high diesel prices. Bloomberg national economics reporter Mark Niquette and host Sarah Holder break down what’s driving up costs, why prices are hitting battleground states particularly hard and whether an export ban could backfire. Read more: Record Diesel Prices Hit at Worst Time in Key Battleground States We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Hosted by Sarah Holder; Produced by David Fox; Reported by Mark Niquette Edited by Tracey Samuelson; Engineering by Alex SugiuraSee omnystudio.com/listener for privacy information.

The Iran War is likely to take center stage when President Trump meets with Gulf leaders on the sidelines of this week's UN General Assembly. Houthi attacks in Saudi Arabia and rising energy prices underscore the widening global toll of a war that has cost the US more than $43 billion, according to the Pentagon's latest estimate. On today's Big Take podcast, Bloomberg Global Defense Editor Gerry Doyle and Bloomberg Economics Defense Lead Becca Wasser join Sarah Holder to break down the conflict’s latest costs – the rising tab for the US's six-month-long blockade of the Strait of Hormuz, the drawdown of US munitions stockpiles and the deepening toll on military personnel – and how the war has changed the US's ability to defend itself in future conflicts. Read more: Iran Blockade Costs Are Draining America’s Global Military Power We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Hosted by Sarah Holder; Reported by Gerry Doyle and Becca Wasser;  Produced by Julia Press; Edited by Jeffrey Grocott; Engineering by Emma Munger.See omnystudio.com/listener for privacy information.