sonali basak, thank you. she will have to wait a while for another ipo anyway.device and updated alexa with new generative ai features. that and more announced earlier today at amazon's product event. its first in-person gadget unveiling since the pandemic. we are delighted to bring in the senior vice president of amazon devices and services who is joining us from the company's new campus in washington, d.c. you and i have done so many interviews over the years but you did announce he would retire at the end of this year. we will get to that. first off, let's start with generative ai inspiration into alexa. how are you going to roll that out the coming -- in the coming weeks and months? other tech companies have been conservative about putting generative ai tools into the real world. >> by the end of the year we will offer a free preview to anybody that has an alexa out there and we are going to do that in a way that you can get into the experience or couple ways. kind of reinventing how we do entertainment on fire tv, doing some things in the smart home, then o

sonali basak quashing up -- walking us through this order. work in stock, the next big wimp let's turn back to the fed because it is coming in less than an hour. earlier, a rep from principal global shared her expectations. >> we are seeing inflation move in the right direction at least for now, on the core inflation side. for us we think it is a pause. we think rates have peaked but i think from the fed's perspective, for powell today, it is important to maintain hawkishness. matt: michael mckee joins us from the federal reserve live. i guess what we are really expecting or what we really are looking forward to is a new summary of the economic projections which we get four times per year as well as a new dot plot. >> i think that is what everybody will turn to first. they want to see whether the fed retains the idea of one more rate move this year. they probably are going to. why not? it does give him at least the option of raising rates without market angst. then they will look at 2024, does the fed raise the number of dots? do they project

let's kick it to new york city where sonali basak has the latest. on instacart, setting the stage for an ipo that could value it at up to $9.3 billion. that is less than a quarter of what it was worth at the height of the pandemic. let's bring in katie roof to bring it -- break it down. we're looking at this instacart ipo and it is not the only one that may be facing a down round. >> instacart was well aware that market conditions have affected the valuation. they lowered their own internal valuation, the valuation to market conditions, and their own slowed growth. some people are saying bankers may be trying to price this -- it opens the window for ipo's. sonali: even with a valuation that is closer to where it was in private rounds, this is still lower. they are bringing an interesting massive names. what does this say about the model to take companies public? >> at this point goes in the tech company were no longer in denial. the market has been in correction for over a year now and companies are aware that it is not going to look like 2021. they

sonali basak. if you look at the big u.s. banks, what did i learn from jeffries? arned they are signaling there is a bottoming of dealmaking. this seems to be a stronger note and even though they missed estimates, certain investment banking figures, according to the differential between wall street estimates but they are rebounding in the market today up 1% coming off almost a eight date streak of the client so there were worries for the direction of travel, volatility has been quite muted in many markets. a lot of worries about trading businesses on wall street and a lot of skepticism. jeffries is showing you they will lean in and hire through this and singularly -- singling more optimism on the rebound then perhaps we have seen from other banks. guy: turbulence is picking up and i am here -- i hear you what -- i hear what you are saying how this can ripple into the bond market but if you were to get a deal done, via a capital raise and if you want to go to the market of an ipo, the market is feeling more treacherous. are we going to go to the difficult times for

i'm pleased to welcome sonali basak.reat article you have helped pen just talking about the decision-making process of not becoming a bank. and it is large part because of regulators. >> the figure blockchain holding company we have two blockchain subject businesses. we have over 200 state licenses. you can see the appeal of having national charter, nothing to do with the overhead of 200 state licenses and ability to have liability to fund assets you generate. our lending business is more of a means to an end to both that marketplace out. we felt without clear identification of what we could and could not do as a bank, it did not make sense for us to move forward. there are other reasons but that was the key one. sonali: i'm curious what you think of the -- yet the regional banking system that may not be the ultimate form of capital for people like you moving forward. what role do up start start to play? mike: you're in a macro trend right now where banks are contracting credit and that would be exacerbated. you're in a

sonali basak joins us, our start wall street reporter. this is bloomberg. ♪ with your hearing, if you start having a little trouble, you're concerned that it's going to cost you money. to this day i only paid what i had to pay for the device... when i go back everything is covered. there's so much you're missing by not having hearing aids. (♪♪) we'll find you a hearing aid that fits your lifestyle and budget. unlock your risk-free trial during our limited-time sounds of autumn event. call 1-800-miracle to book your appointment today. you got this. let's go. gobble gobble. i've seen bigger legs on a turkey! rude. who are you? i'm an investor in a fund that helps advance innovative sports tech like this smart fitness mirror. i'm also mr. leg day...1989! anyone can become an agent of innovation with invesco qqq, a fund that gives you access to nasdaq-100 innovations. i go through a lot of pants. before investing carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com. ed: matt: t

here with us is sonali basak who has john zito with her. >> thank you for joining us.you made the comments, we were just starting the rate hiking cycle so when we look to now and we may be closer to the end then beginning, what is left of the opportunity when you look to capitalize on higher yields? john: thanks for having me. i think we have those comments the s&p had been down 8% and people were not loving credit at the time. flash forward to today, obviously the environment is still very exciting. for the last 14 years, we have had effectively debt market subsidize equity markets. so with rates at zero you had to be an equity investor, you had to -- if you did not taste -- take risk, you would not earn the return to serve your clients whether a pension or endowment. today it is different. you can achieve your cost of capital by investing in say field in investment grade credit in direct lending, anything in the credit markets given where yields are you can achieve your return. it is a lot easier and people have not really built their teams to invest in credit. they

caroline: i'm sonali basak and bloomberg real yield starts right now. sonali: coming up, countdown to the fed. days away from the next u.s. century bank decision and in the walk up, short and yields on the rise. a flurry of issuance underwriters looking to get ahead of the big rate decision but we begin with all the big issues all eyes on -- >> the september meeting. the outcome of the september meeting. >> i think the fed will do what we expect it to do. pause and indicate they are data dependent. >> the fed has to rethink their done hiking. that's -- they have to maintain the policy stance. >> think they will be inclined to deliver a hawkish pause. >> the trend of inflation is moving slower. >> core inflation moving in the way they want. >> most central banks probably done hiking. >> i think the fed is going to be responsive to the labor backdrop. >> i think we may be at the end of rate hikes. sonali: joining us now are jerome schneider and maureen o'connor . someone who manages along the curve, i want to ask you about the rates this week because we ha

blue owl co-ceo marc lipschultz and bloomberg reporter sonali basak.we will be getting a lot of wall street at the movie theater, coming up soon. remember the gamestop frenzy? it is coming to hollywood -- coming from hollywood to the big screen. a new film called "dumb money." we will learn more about it, next. ♪ i need it cool at night. you trying to ice me out of the bed? baby, only on game nights. you know you are retired right? am i? ya! the queen sleep number c2 smart bed is now only $999. plus free home delivery when you add an adjustable base. shop now only at sleep number. >> the meme trading frenzy and gamestop took wall street by storm. that story is now getting the hollywood treatment in a new film called "dumb money," premiering at toronto's film festival. we spoke with executive producers. >> economic inequality, we have seen the top 10% has added $29 trillion to their wealth over the last 30 years. this movie is a way into some of the most -- inequalities of our time. it was important to us, especially being part of the writers guild that

managing partner at vallow capital group, looking to benefit to climate tech, he joins us alongside sonali basakere with us on set. has climate tech lost momentum because it feels like there is esg back lash and people group those things together? on the other hand, you're getting so much federal money behind these technologies. >> this is a new time in climate. we had a whole time of climate investment the early 2000's. do not do as well but now you're seeing a revitalization. a lot of societal pressure. climate issues happening right now as we know. secondly, the ira putting a lot of money towards climate. third i think technology is at that point cost has come down directly such that is the ability to invest in climate. sonali: we look at the market overall, it seems the silver bullet is artificial intelligence. i'm wondering why you're taking on climate at this time. do you think valuations are better? do you think it is more sustainable? what is the thesis? antoine: ai is important for all companies. it's also our portfolio companies about how they can use ai in their day-to-day whether ai

sonali: hi, i'm sonali basak. and this is "the next big risk."ting is a business of managing risk for the long-term. and in a year where recession fears abound, a war in ukraine rages for a second year, and

sonali: hi, i'm sonali basak. and this is "the next big risk." business of managing risk for the long-term. and in a year where recession

joining us is sonali basak. a point in time where earlier we were talking about arm looking to raise $10 billion. the marketed range would bring them in at $4.87 billion. at a valuation perspective you're looking at a firm value to potentially 50 billion or more. how does that compare? softbank a month ago just a couple weeks ago had bought back its share from the vision fund it did not own and that value transaction at six $4 billion for arm. this is significantly below that price. it is above the price that they agreed to sell arm to nvidia four. also it's interesting about finally having these numbers as well and bloomberg story points this out as well, the interesting part is from a price to earnings is still over 100 times its trailing earnings for the last 12 months. if you compare that to synopsys and cadence designs and other companies in the u.s., of companies trade below. guy: this was meant to open the door to other ipos. if this is what is happening here what does that tell us about the other ipos in

sonali: hi, i'm sonali basak. and this is "the next big risk."ng is a business of managing risk for the long-term. and in a year where recession fears abound, a war in ukraine rages for a second year, and geopolitical tensions across the globe are boiling under the surface, three wall street veterans look five to 10 years out on where wealth could be destructed even further. boaz weinstein, thec

sonali basak, as ever. thank you both for being here.ictor, i want to start with you in more detail as to what's happening here. we are in a period of huge uncertainty and a lot of people are nervous about what they see in financial market and they are looking to figure out a way to maybe protect their wealth rather than grow their wealth. what do you say to those people about the tools that are available to them at this point to do that? as that were investors' -- is that where investors' heads should be now? victor: that is always where they should be, that, in general , we all naturally are and should be risk-averse, so we also -- we always should be more worried about the downside than the upside. more money just has a decreasing marginal value in terms of making us happy and blessed money hurts us. being risk-averse makes sense so to take risks we need to make sure that there's a reasonable amount of expected compensation for taking risks. and some of the markets today, that expected compensation is relatively low compared to the ri

joining us now is sonali basak. if i am a banker, am i nervous? st thing i did before i got on the set, seeing how far down it is going. you have arm trading at seven dollars a share. i think the name of the game for bankers in town as well is the companies is this idea that ipo's will not be high flyers. they will have to be smooth sailors. they have to make it into market smoothly. we know at the top end of the range, it could be worth more than $9 billion in market value. there is an interesting footnote, this idea that cornerstone investors could take up to 60% of the shares. you have some embedded demand, but getting this onto markets smoothly, after already upsizing here or increasing the price range for both instacart and clay via ill be an interesting thing before fed day when both of these things are supposed to start trading ahead of. guy: sonali, it has taken a long time to get instacart to market. is this as good as it gets? sonali: great question. you have arm, instacart, flavio all in a row. also showing profitability. there is a very

should nelly -- sonali basak is here. and we should talk about it. sonali: there's no official definition of what they are. they documented unsustainable growth. they navigated the pandemic and went through some transitions at that. they are trying to operate now to avoid any potential church after 11. they have cited growing concern issues. they say over two thirds of operating expense of the second quarter has been able to get a handle on it, but they still remain too high and this is their wording, they are dramatically out of that with the current market conditions. so to the point we were talking about in the commercial break when we saw this come out, there are very drastic moves in the commercial property prices. now we -- they want their share of the benefit of that. guy: what is the next domino after we work? sonali: that's a great question because we know wework is in a lot of the properties -- and there was a question of where do these other problems lie. they remain in the majority of buildings at markets. the renegotiation process is rea

and sonali basak join us as well. is private equity really winning? >> the good ones are winning.ol than it used to be compared to when i was an analyst 25 years ago. interest rates are more normal as opposed to zero. the business is more difficult but the good ones are doing well. one of the challenges where investors are focusing is monetization. those who can, sell may be those who cannot are not selling as well. i'm seeing increasing focus on that. sonali: the other reality of this is that private equities are at a 13 year high. have we seen the worst of it yet? sachin: we have to see how the macro picture evolves. it is unquestionably a lot of deals that were done with optimistic assumptions capital structures and so on. a lot of that is coming home to roost, but you have to be more selective. you think about funds and see who is performing and who is not. that is why i think not only there will be a thinning of the herd but investors will be -- in the next round say how did you do in the last vintage and the one before that? sonali: a lot of the private firms are raising bil

sonali basak, thank you. coming up, the european close and jens stoltenberg. he will join annmarie hordern at the u.n. we've just been hearing from the president. this is bloomberg. ♪ ¡se fue la luz! pero todavía tenemos wifi para hacer las tareas. ¿y eso es algo bueno? wifi y estudiar. buenísimo. wifi y pedir una pizza online sería buenísimo. presentamos storm ready wifi. solo de xfinity. ahora puedes mantener una conexión confiable durante apagones, con datos celulares ilimitados y batería de respaldo de hasta 4 horas para mantenerte conectado. obténlo solo con xfinity. el hogar del 10g network. entérate más hoy. hi, i'm jason and i've lost 202 pounds on golo. so the first time i ever seen a golo advertisement, i said, "yeah, whatever. there's no way this works like this." and threw it to the side. a couple weeks later, i seen it again after getting not so pleasant news from my physician. i was 424 pounds, and my doctor was recommending weight loss surgery. to avoid the surgery, i had to make a change. so i decided to go with golo and it's changed my life. w

my colleague sonali basak spoke to both ryan salame and sam bankman-fried prior to their arrests.d it was interesting to note the two were not always close together because you had ryan salame traveling between d.c. and the bahamas, and he was mainly contributing to republican campaigns, while sam bankman-fried was contributing to democratic campaigns. haidi: how does this complicate things for sam bankman-fried? su: it certainly appears to stack the deck against him. as noted, three prior members of sam bankman-fried's inner circle of already entered into plea deals, and they have agreed to cooperate with prosecutors, meaning, they will likely testify against him. also, sam bankman-fried had his bail revoked several weeks ago when a judge found that there was significant evidence he had been tampering with one of the witnesses, namely carolyn ellison, one of the three other members of ftx's inner circle who not only pled guilty, but again, could not be presenting devastating evidence against him. sam bankman-fried is now awaiting his october trial in jail and lost a bid to get ou