Bloomberg Surveillance TV: September 23rd, 2026

SPEAKER_1 (0:02)

Bloomberg Audio Studios, Podcasts, Radio, News.

Jonathan Ferro (0:11)

This is the Bloomberg Surveillance Podcast. I'm Jonathan Ferro, along with Lisa Abramowicz and Annmarie Hordern. Join us each day for insight from the best in markets, economics and geopolitics. From our global headquarters in New York City, we are live on Bloomberg Television weekday mornings from 6 to 9 a.m. Eastern.

Subscribe to the podcast on Apple, Spotify or anywhere else you listen. And as always, on the Bloomberg Terminal and the Bloomberg Business app. We begin this out with tech lift in stocks near all time highs. Aaron Kennon of Clear Harbor Asset Management writing, AI may have started as a technology story. It is increasingly becoming a power infrastructure, productivity and capital market story. Aaron joins us now for more. Aaron, good morning.

Aaron Kennon (0:50)

Good morning.

Jonathan Ferro (0:50)

Disruption, we did this with software earlier this year. Are we doing it again with different sectors?

Aaron Kennon (0:56)

Yeah. Well, I think that the SaaS apocalypse has come and gone and come and gone again. I mean, this past week, it was Metamuse and how is it going to impact travel stocks? But how could it be served maybe as a tailwind to other entities or companies like Shopify, which actually signed an agreement.

I think the story is maturing. I'm not sure it's a headwind more than it is still a tailwind for things like networking, electrification, power infrastructure, those supply chain bottlenecks are there, but the demand is very, very high.

Jonathan Ferro (1:29)

Draw a distinction between the companies that are choosing to come along for the ride, Shopify, and the ones that are putting up a wall, Amazon. What do you think is the right path?

Aaron Kennon (1:37)

Well, I can't speak for the management teams, but clearly Shopify is of the view that with 3.4 billion users at Facebook connected now to Shopify's platform that could be a huge economic tailwind. I think Amazon is very concerned that perhaps Metta is extracting insights into consumer activity on their and creating their own models that could potentially disintermediate some important sort of motes that have existed at Amazon over the past several years. So there's probably a nuance there.

SPEAKER_5 (2:18)

So Aaron, John called me out on the demographic of who might be using Mr. Claude to manage their money. Do you think that that is actually a real and growing reality, that a lot of people who aren't just young entrants to college are allowing Anthropic to manage their money?

Aaron Kennon (2:36)

So it's interesting. When you ask that question, I think about maybe 15 years ago, we had the robo-advisors entering our orbit. I remember back then looking at the average value of the average account at a place like Betterment, which was one of the leaders at the time. I think it was about $30,000, 10, 12 years ago. So that speaks to maybe not an age demographic, but perhaps a wealth quotient, and I think it's probably correlated as well. There's a greater proclivity to use technology among the younger cohort and there are fewer dollars to be put to work.

I do think it's evolving. I mean, clearly, if we all sat here 10 years ago, we were reticent to put our emails on sites where we were shopping. Today, I don't think we think twice about doing that. So I think there's probably a growing acceptance of this among even the older age cohort.

SPEAKER_5 (3:36)

Although some of us are planning to move to the south of Italy and just check out. I'm an old man.

Jonathan Ferro (3:41)

I'm an old man.

SPEAKER_5 (3:42)

I'm just saying.

SPEAKER_1 (3:42)

That's all.

Jonathan Ferro (3:43)

My birth certificate might suggest I'm in my 40s, but I'm actually in my 80s. And I would never, I would never allow anyone to book my flights.

Even if you gave me a world class assistant, I would never allow anyone else to book my flights.

SPEAKER_5 (3:55)

And maybe this is why people like Aaron would go out and buy some of these stocks that are getting beaten up, because this is such an apocalypse.

SPEAKER_4 (4:01)

Yeah, why not?

Jonathan Ferro (4:02)

Oh, do you? No, I'm very...

SPEAKER_4 (4:03)

I just say I'd like to fly between this window.

Jonathan Ferro (4:06)

I need to know the times. I need to know the airline. I need to know the seat. The seat's important.

SPEAKER_4 (4:10)

My mom now checks aircraft.

Jonathan Ferro (4:11)

I'm not outsourcing that to anybody.

SPEAKER_5 (4:12)

I don't think that this is an age thing. I think this is... And real attention to detail that some of us might lack.