One day it's so over. The next day we're so back. This is what it feels like gauging the AI boom right now. Everyone's looking for signs of some kind of slowdown and that investments aren't going pan out, but mostly, the dollar signs just keep piling up. And the AI winners like Nvidia, OpenAI, and Anthropic just keep seeing their market valuations rise. In the meantime, other AI players are seeing weird outcomes. Some promising startups aren't being sold, but rather their top talent is walking out the door, leaving other workers potentially in the lurch, while creating risk for venture capital bagholders. On this episode we speak with Josh Wolfe, co-founder and managing partner at the firm Lux Capital, which invests in a range of startups, many of which are in the AI space. He talks about the challenge of aligning incentives, what's overrated, what's underrated, why he thinks Nvidia may have run its course, and the threats to Silicon Valley's "social contract.”

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For this week’s episode of Bloomberg’s Everybody’s Business, Joe Wiesenthal joins Max Chafkin and Stacey Vanek Smith to fact check President Trump’s recent claim that the “stock market needs the tariffs, they want the tariffs." Is it actually possible to tell how markets feel about tariffs? Do the markets even know themselves? The trio dives deep.

Also on this episode, journalist and cultural commentator Sam Sanders of the Sam Sanders Show unpacks the lessons Hollywood is learning from its latest unexpected success: Netflix's mega-viral KPop Demon Hunters. And, finally, Stacey explain why—love them or hate them—tariffs are making your pumpkin spice latte (not to mention any pumpkin spice cat litter you happen to buy this fall) more expensive.

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We've been in a strange labor market for a while now. The unemployment rate is still nice and low at 4.2%. But the pace of job creation has been slowing markedly. And furthermore, not only has the pace of job creation been slowing, it seems almost every monthly Non-Farm Payrolls number ends up getting revised lower. Of course, this comes at a time of some big transitions in the workforce — whether we're talking immigration changes, aging demographics, or AI. As such, just understanding the monthly data has never been more difficult. And because it's so difficult, it's also challenging to get a read-through from data to policy. On this episode we speak with Steven Englander, global head of G10 FX research and North America strategy at Standard Chartered Bank. In addition to talking about the state of the labor market, we also discuss the goings-on in bond markets, and why the stress is particularly acute in Europe.

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