Bloomberg Businessweek Weekend - July 10th, 2026

**SPEAKER_1** (0:02)
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**SPEAKER_2** (0:08)
This is Bloomberg Businessweek 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 Businessweek Daily podcast with Carol Massar and Tim Stenovec on Bloomberg Radio.

**SPEAKER_1** (0:32)
Hi, everyone.

**Carol Massar** (0:32)
Welcome to the Bloomberg Businessweek weekend podcast. Tim is off this week. Now, it was a volatile week for global markets that included an escalation of tensions again between the United States and Iran that sent oil prices higher, and their peace deal once again in doubt. We also had a focus on global relations, including the ongoing war between Ukraine and Russia, thanks to the NATO summit in Turkey.
And then we also had investors parsing the latest Fed Minutes for clues on the direction of US interest rates. All of this, as the tech trade churns, as some strategists talk up a rotation out of high-flying chip stocks to the more subdued hyperscalers, which have way, way underperformed the overall market. This is all against a backdrop of investors increasingly questioning the momentum against the massive and pricey cost of that AI build-out. All right. It was a lot again. With that in mind, this week, the ever-changing AI narrative. Plus, navigating the high-stakes world of advanced manufacturing and industrial supply chain with Lippy Sternheim, CEO of Realloy, and the rush to decouple critical defense supply chains from China, from the US defense industrial base. He covered it all. Also, a sobering look at the accelerating human and economic costs of climate change. And why extreme heat isn't the only impact shocking scientists, courtesy of our Bloomberg Green team.
All of that to come, we begin with the AI build and the evolving conversations around the activity and its return on investment, especially as Wall Street focuses on the big tech hyperscalers. On that, we caught up with longtime investor, Rudina Sissary. She's founder and managing partner at Glasswing Ventures. She invests in companies where artificial intelligence is the core architectural foundation. She joined me alongside Bloomberg tech host, Ed Ludlow and Bloomberg News credit reporter, Emily Grafeo, who was in for Tim this week. We want to get into, though, what we feel like is the evolving AI story. Ed is here with us in studio and then we want to bring in longtime investor, Rudina Sissary. She's founder and managing partner at Glassweek Ventures. She invests in companies where AI is the core architectural foundation. And so she's been thinking about the next generation of winners. She joins us from Boston. Hey, great to have you here, Rudina, with Emily and, of course, with Ed.
I'm curious about, you know, how this conversation around AI continues to evolve. We are now talking so much about the memory names. How do you see it?

**Rudina Sissary** (2:56)
Oh, hello, Carolyn. Good to see everyone. I think fundamentally we are seeing the overall demand for AI related infrastructure and all the way up to the application layer continue to be strong. And in my view, the shifts that we are seeing in the market sort of reflect the scarcity or overestimation of scarcity along the value chain. So on the point around NVIDIA and others, are we seeing the correction because we expected more scarcity while on the hyperscalers are the valuations coming back because it's becoming a lot easier to track the sources of revenue that these players will have. And no, by the way, we think of the hyperscalers as that sort of fundamental layer at the software infrastructure layer. But each of them are much more vertically integrated with their own chips. So in many ways, we're seeing the market move toward vertically integrated players from the chip layer all the way to the foundation models rather than just the capex spend. I don't know that we're out of the capex demand. I think that's a multi-multi-cycle multi-year level of demand. I do think that perhaps we're correcting a bit for the overestimation of scarcity.

**Emily Grafeo** (4:09)
You mentioned revenue and I'm curious, Rodina, if you can talk a little bit more about just how critical it is for investors like you to be able to pinpoint whether the spending on AI is actually translating into tangible revenue and whether we've seen that yet.

**Rudina Sissary** (4:27)
Thank you, Emily. I think it's interesting because I'm a very early stage investor, so I often say I back to brilliant researchers out of a lab and we build out a monetization plan. If anything, I would bifurcate between the next-gen application layer AI companies where not only are we seeing revenue, but the scale from zero to multi-million, hundreds of millions is a matter of months rather than a matter of years. If anything, we are seeing acceleration. Now, beneath that, two fundamental questions. Why?