matt: welcome. let's get a quick check on where we stand at this hour. we had turned lower on the s&p. but we did have five days of gains, biggest rally in over a year. if we were to turn higher by the end of the day, that would be the sixth in a row. 10 year yield rising. investors sung stocks and bonds.

-- selling stocks and bonds. bloomberg u.s. dollar index little change right now at 1256. crude at $81.79. paragraph -- paramount downgraded by bank of america. there is so much going on in media with disney stealing an executive from pepsico, dish dropping the most in over 20 years. looking holdings up for 5%. upgraded to a buy at davidson, trading almost $300,000 a share. bumble's founder and ceo stepping down. bumble, which has tanks from $70

a year and a half ago, it is now trading at just over $12. yields have been volatile. need drop over the last two weeks was mind-boggling. here is what they told >> the high end has outperformed the low end of the ig market. it is not as clear-cut as underweight high-yield versus i.t.. i would preferred to be higher in quality within high-yield. matt: double line capital is making its most aggressive bet on high-quality corporate bonds in years. head of global credits as we find this to be one of the most effective periods were fixed income overall but specifically for corporate credit. we think it is one of the most

interesting times over the last 10 years. robert cohen bullish on ig. sonali: interesting to see him ref to safety. blackrock talking about opportunities in high-yield. but if you think about the cautiousness in terms of how they are approaching investment grade, they are moving toward higher quality banks, higher quality technology, still staying away from investment-grade regionals, part of the reason being you have seen significant downgrade. this idea of where ratings actions stand with these companies, investment grade day may fall tomorrow depending on how the economy turns. matt: in terms of good lock and a double line, that is what they are doing right now.

what are other investors doing in credit? sonali: investment-grade, blue-chip, safety, the approach here that seems to span across the board is that safety trade. this idea that even investment-grade, spreads can turn against you but perhaps he will make some of that on yields. it shows your decoction in terms of how investors are approaching credit markets. a lot of investors saying the same thing. they are not willing to take on risk in high-yield but investment-grade looks attractive because carpets are still going to be paying more for the debt they are taking out and they might need the money to weather the storm. matt: in terms of sovereign debt, we have been watching the big swings and the huge drop in yields over the past couple of weeks. and a lot of investors were caught wrongfooted. sonali: 100%. we are talking about that massive treasury short.

there were a few reasons that that happened. some of this was hedge funds engaging in the basis trade, shorting futures to buy the present, but part of this was also be leaving that bonds would go down, longer-term 10 year, 30 year treasuries. yields on the longer end of the curve have caught a lot of investors off guard. a lot of large asset managers engaged in futures positions, which is why you are seeing that position so exacerbated. matt: that is why the basis trade is so big. making hedge fund races $1.3 billion, not as much as they wanted. sonali: interesting to see viking come back to market. them raising money for the first time in more than a decade, ringing in money at their main hedge fund in the $42 billion

hedge fund. they did fall short on another pool of capital. what does that mean? these were those startups that were running to firms like viking, saying we are not want a down around some let's figure out another way to get financing to make it through this time. clearly, it is not getting the same love this year that it did in primary -- prior years, covid era for example. so much and certainty with where private markets are going. matt: sonali basak bringing us the hottest wall street stories. coming up, dish down by the most on the most in 20 years. we dig into the media industry and we will talk to fubo ceo david gansler about what he is doing and what he sees in the space. this is bloomberg. ♪

matt: time for the stock of the hour, dish network shares dropping the most on record. the stock is at its lowest level since the late 1990's, also posted a drop in wireless customers worse than predicted. in august, dish announced plans to merge with echostar. ceo erik carlson will depart next week. chris, thanks for joining us. how bad were dish results

compared to expectations? chris: multiples of bad, across the board that. the big problem is it is well-known that people are canceling sunlight to be subscriptions, -- canceling satellite tv subscriptions, just like cable. everybody is migrating toward streaming. the siliceous was -- the solution was to luscious wireless service. that is looking less like a good idea. the wireless business is competitive. phone and cable companies so wireless service. this business they are spending billions of dollars to get into does not look like it is going to save them. matt: a ton of other news or your industry today. hugh johnson will leave pepsi for disney. he is done with pepsi november

30. what will he do at the house of mouse? chris: he will be cfo, which is what he was doing at pepsi, but he is also vice chairman. he has got operational experience, m&a experience, ran pepsi's e-commerce business. he is a seasoned executive, 60 two years old. this is something that somebody who could potentially be a successor to bob iger. so much speculation around who is going to get that job, as there has been for a long time. iger is staying until 2026. but his name is added to the potential list of replacements. matt: as a father of a young child, i have disney plus, hulu, as well as a million other apps that i pay like nato's night incense a month -- pay like $9

.99 for all of them. what consolidations do you see, disney plus and hulu? chris: yes. they sell them as bundles. when they complete the acquisition, disney will buy out the one third of hulu that comcast owns. there will be more integration. disney does not operate hulu overseas. they call it something else. that is a big part of the consolidation. that will be the first consolidation of many in streaming land. too many services are chasing customers. matt: i feel like i have mike 80 -like 80 real channels in my cable box. now i have 80 apps. let's discuss the media landscape further with fubo ceo david gansler.

david, let's talk about your product and the solution to my problem. what do you offer? david: essentially, we believe in the aggregation model. there is great value in having one seamless experience where you can access all of your favorite content. in his delivery to you in a personalized -- that is delivered to you any personalized manner. since 2020 one, we have stated the market is moving in this direction. matt: what do you do it for about -- do at fubo? a hot second, your stock was up to $60 during the pandemic. now it has come down but to a tiny piece of fat. you are trading under three dollars. what is the future for fubo in such a crowded market?

david: it certainly is crowded and the market has been in disruption for about 7 or 8 years. we continue to take more than our fair share of the market. we added 300 thousand net additions relative to what you stated with respect to dish and we continue to perform both top and online. my sense is we will continue to grow because people are frustrated with the friction and fragmentation, the increase in cost for these services. media companies also cannot seem to monetize their content profitably over a sustainable period of time. we are in the perfect spot over the next three years and we will continue to grow. matt: is it possible to grow without being incredibly well-capitalized? you are looking at an almost billion-dollar market cap. you had a $16 million loss, loss

of less money than the street was looking for but you are not generating a lot cash. how do you grow in this market? david: all businesses in our stage, about 8 years old, we are continuing to improve our balance sheets, operating model. we have stated since 2022 that we are on a path to profitability in 2025. we have now been able to exceed three quarters consecutively in terms of meeting consensus on the bottom line. we are comfortable that we will achieve growth rates and profitability. the ad market has been supportive of this. we are a dual revenue stream of subscription and advertising. matt: i am wondering if you could partner with a bigger player. could you get in bed with netflix, which enables more live

coverage and a more interesting package for their subscribers? does that one of your options? david: over the last few months, we have been talking to some large and medium-sized companies. we are beginning to build a brand that a lot of companies are interested in partnering with. we partnered with charter during the disney charter dispute. from that respect, we will continue to look for partnerships that will drive value for customers and shareholders. matt: how many players are in this space that you have to compete with, offer a better product? or even players that are offering something different but still taking consumer dollars? what do you see that being consolidated down to in five, 10, 15 years? david: you used to have 80 channels, now you have 80 apps.

what has become clear is media executives of traditional media companies are in favor of ensuring that that bundle stays alive. you will see that, especially with the charter disney dispute, espn plus will now be part of the spectrum offerings. my sense is he will start to see media companies gravitate toward the bundle. it improves customer experience, improves their ad business, and allows them to support their sports contract. it is difficult for them in their single streaming apps to deliver the audience is required to pay for that content. matt: i wonder in the big consolidation, are you bought? can you find a way to be a buyer? do pender -- do partner up? how do you see fubo playing a role? david: we have been growing

consecutively, double digits, between 20% and percent. this very competitive order with youtube tv, spending hundreds of millions of dollars plus promotional value to push their ticket offer. we are continuing to grow at a fast clip we will do our best to grow independently. we have a bright future ahead of us, but we have a fiduciary responsibility to shareholders. if there are opportunities that come in, we will evaluate them, discuss them with the board and act appropriately. matt: at the same time as we expect a consolidation in media, we see a huge diversification in american taste in terms of sports. i do not know if we have more time or if someone decided that soccer is interesting. that is how you got your start but people are watching other sports -- pickle ball teams are selling for hundreds of millions

of dollars. how do you think that turns out? live sports is having the kind of resurgence that i have not seen in my now 50 years on this planet. david: we never noticed it before because over the last couple of years, you have seen that streaming companies, in order to drive larger audiences, are moving sports content onto their own plus services. that has not worked out the way they initially thought it would but google has over 50,000 -- but fubo has over 50,000 sporting events on its platform, the largest collection with hockey and basketball starting shortly. if you are 80 of company with rights, it is likely you want to be on a platform where a company like fubo caters to all of its audiences, basically sports fans. 98% of our audience watches

sports. we will continue to take advantage of the tailwind. matt: my producers suggest you buy espn. i am sure you are already in talks. ceo of fubo, they begin there. coming up, what we know about elon musk's version of catchy -- chatgpt. plus, what else elon musk is doing. this is bloomberg. ♪

that first time you take a step back. i made that. with your very own online store. i sold that. and you can manage it all in one place. i built this. and it was easy, with a partner that puts you first. godaddy. matt: openai is hosting its

first developers conference in san francisco. chatgpt has 100 million weekly users and the company unveiled a chatgpt for turbo model that lets people customize the chat pot. it comes as elon musk unveiled his own artificial intelligence bought to challenge chatgpt. they say it is better than chatgpt 3.5. thanks for joining us. what do we know? the developers conference is most interesting but grok makes it more exciting because there is real competition. >> that is right. openai came out with a series of announcements that are tailored toward getting more programmers to use their platforms. m have --matt: have you tried

grok? is it legit? you have to be a paid subscriber to x to get involved right now. but how is it? shirin: i have not tried it. very few people have access to it right now. it is in a beta testing mode it will later on be available to anyone who pays for the premium tier service that twitter offers, which costs around $10 a month. once it rules out to those users, we will expect to hear more feedback but at this time, it is limited to a small floor. matt: i use the free version of jet -- of chatgpt for yachts comes strategy, help with crossword puzzles. it is awful at all of those things. worse than i am without air paired when are these tools going to really add value? shirin: they can do you right in

specific areas and with specific limits, for example coders are using it to help them solve coding problems, basically speed up the pace of their work, but you still have to have somebody reviewing the code, plugging it into your bigger face. that is this more limited way we are seeing a few. it division openai presented on stage is that these chatbots are only getting more and more sophisticated and that you should start letting them automatic plug in to your other apps. for example, they demoed a situation where you can directly have chatgpt hang someone on your internal workplace communications. matt: interesting and cool to see how it all fits together. talking to us about openai and grok. tomorrow is the launch of elon,

in, a podcast from the bloomberg team that breaks down the most important stories about elon musk and his empire. you can listen wherever you get your podcasts. this is bloomberg. ♪ avalarahhh ahhh you want to be able to provide your child with the tools or resources they need.

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bonds on pause as investors search for technical and fundamental support. katie: picking up because invalid valley here in the u.s.. those gains do not exist anymore. romaine: we started off strong, looked like we would get an extension of the rally from last week. what is driving that? what changed from friday and today? katie: