Brian Levitt, Invesco Chief Global Market Strategist | Bloomberg Tech 2/17/2026

Key Concepts

• Warner Bros. Discovery - Paramount - Netflix Deal: Ongoing negotiations and potential acquisition involving these media giants.
• AI Contradiction: The tension between the potential of AI to revolutionize the economy and concerns about an AI bubble.
• AI Investment & Infrastructure: Significant capital expenditure by tech firms on AI, particularly concerning memory capacity and compute demand.
• Ford’s EV Strategy: Shift towards a more affordable EV platform with a focus on cost reduction and technological advancement.
• Physical AI Market: Projected growth of the robotics market, driven by autonomous vehicles, humanoid robots, and automation.
• Digital Talent Management: The evolving landscape of talent representation, focusing on internet-native creators and direct-to-consumer models.
• Supply Chain Resilience: The importance of securing supply chains, particularly in critical areas like optical transceivers.

Bloomberg Tech – Broadcast Summary

This summary details the key discussions and information presented during the “Bloomberg Tech” broadcast, covering market trends, media deals, AI developments, and emerging technologies.

I. Market Overview & Geopolitical Impact

The broadcast opened with a review of market performance following the U.S. holiday weekend, noting continued anxiety surrounding the AI trade and lingering geopolitical tensions. The NASDAQ 100 was up slightly, but chip stocks were dragging the market down. Bitcoin experienced volatility after a weekend rally fizzled, influenced by geopolitical risks and Fed rate cut expectations. Overall market sentiment was characterized by uncertainty.

II. Warner Bros. Discovery – Paramount – Netflix Deal Negotiations

A significant portion of the broadcast focused on the re-opening of negotiations between Warner Bros. Discovery and Paramount SkyDance. Netflix, which previously secured a deal with Warner Bros. Discovery, has issued a seven-day waiver (through February 23rd) allowing these negotiations to proceed.

• Timeline & Key Details: Paramount initially made an unsolicited offer for Warner Bros. Discovery last year, increasing it over several months before losing to Netflix. Despite previous public criticism, Warner Bros. Discovery is now willing to engage with Paramount, potentially due to shareholder pressure and a desire for a better deal.
• Paramount’s Offer: Paramount signaled a potential increase in its offer from $30 to $31 per share, but it’s anticipated that a higher bid will be necessary to compete with Netflix.
• Netflix’s Position: Netflix released a lengthy statement arguing against a Paramount deal, citing regulatory concerns (international financing, market concentration) and potential financial burdens for the combined company. Bloomberg Intelligence suggested Netflix should walk away as the situation escalates. Netflix retains the right to match any superior offer from Paramount.

III. The AI Trade: Contradiction & Investment

The broadcast highlighted a perceived contradiction within the AI trade: the belief that AI will fundamentally change the economy versus concerns about an AI bubble.

• Capital Expenditure: The four largest U.S. tech firms are projected to spend roughly $650 billion this year, raising concerns about cash flow.
• Generative AI Acceleration: Despite concerns, the rapid growth of generative AI is undeniable, with some token growth occurring at triple-digit month-over-month rates. Cloud providers are struggling to keep up with compute demand.
• Cash Flow Concerns: Traditional SaaS companies are facing challenges transitioning to consumption-based models, impacting free cash flow. Companies like Amazon have had to lay off employees to maintain cash flow neutrality.
• Memory Crisis: A significant bottleneck is emerging in memory capacity, potentially hindering AI development and deployment over the next two years.
• Nvidia’s Role: Nvidia’s upcoming earnings report is crucial. Investors will be looking for assurances regarding memory supply and the successful transition of Blackwell and Rubin technologies.

IV. Ford’s Affordable EV Platform

Ford is pursuing a new EV platform designed to deliver a starting price of $30,000.

• Engineering Approach: The platform was developed in California, led by a former Tesla engineer, with a focus on cost reduction through design improvements.
• Key Innovations: Ford has reduced battery size while extending range by approximately 50 miles.
• Timeline: The first vehicle, a pickup truck, is slated for launch in 2027, followed by the potential addition of Level 3 semi-autonomous driving features in 2028.
• Competitive Strategy: This strategy aims to compete with Chinese EV manufacturers by offering an affordable vehicle with advanced features.

V. The Physical AI Market – Robotics & Investment

Barclays projects the physical AI market (robotics) could reach $1 trillion by 2035, driven by autonomous vehicles, humanoid robots, advanced automation, and drones.

• Market Breakdown: Autonomous vehicles are expected to contribute the largest share of this market ($500 billion).
• China’s Lead: China currently dominates the robotics market, accounting for 85% of humanoid robot deployments and 50-60% of industrial robot sales.
• Challenges for Humanoid Robots: A key challenge is the lack of physical AI data needed for robots to operate effectively in the real world.
• Supply Chain Concerns: Securing access to critical minerals and components is crucial, with China currently holding a significant position in the supply chain.

VI. Other Notable News & Developments

• Palantir Headquarters Move: Palantir has relocated its headquarters from Denver to Miami, Florida.
• Crypto Market Volatility: Cryptocurrencies are experiencing volatility, with Bitcoin struggling to maintain gains.
• Soros Fund Management’s Portfolio Changes: Soros Fund Management doubled its stake in Microsoft and increased holdings in Apple, Nvidia, and Amazon.
• Night’s Expansion: Digital talent management firm Night raised $70 million to expand its business across music, sports, gaming, and live events, focusing on internet-native talent.
• SpaceX/XAI Pentagon Contract: SpaceX and XAI are competing in a $100 million Pentagon contest to develop voice-controlled drone swarming technology.

Conclusion

The “Bloomberg Tech” broadcast presented a complex picture of the technology landscape. Key themes included ongoing consolidation in the media industry, the challenges and opportunities surrounding AI investment, the race to develop affordable and sustainable EV solutions, and the burgeoning potential of the physical AI market. The broadcast underscored the importance of supply chain resilience, the growing influence of internet-native talent, and the continued volatility and uncertainty within the tech sector.