Even before the midterms, the AI trade was weakening. Just look at all the headlines from October in the hedge fund world — it was one of the bloodiest periods the industry has faced in recent memory. Now, after the blue wave, things continue to look uncertain. So what's going to happen with the AI buildout now? And what about the big Anthropic IPO? Today's episode is a two-parter, one that examines both the hedge fund carnage of the last few weeks and the broader macro conditions we find ourselves in after the midterm elections. We speak with two of our Bloomberg News colleagues — Nishant Kumar, chief correspondent for hedge funds, and macro strategist Michael Ball — and they help lay out why October was a historic month for hedge funds and what they are paying attention to now as jitters from the AI trade continue to work their way through the market. 00:21:43 - PM Firings and November Uncertainty 00:24:30 - Industry Saturation: How Many More Multi-Strats? 00:28:06 - Guest No. 2: Michael Ball, Bloomberg News 00:28:25 - Anatomy of a Market Collapse 00:30:52 - Structured Products, Gamma, and Systematic Selling 00:34:04 - The CapEx Narrative Shift 00:37:53 - Neo-Clouds and the Financing Question 00:42:16 - The Jensen Huang Question 00:43:28 - Anthropic IPO and Equity Supply 00:45:38 - Hyperscaler Business Model Analysis 00:47:08 - Oil Market Latest 00:49:48 - Final Thoughts Watch Bloomberg Vodcasts: https://www.youtube.com/playlist?list=PLe4PRejZgr0MS0Tqk_zQl1LVVTdWuH2Di Watch more Odd Lots episodes: https://www.youtube.com/playlist?list=PLe4PRejZgr0OJbRzA6nWybYiThLJd_ouz Bloomberg's Joe Weisenthal and Tracy Alloway analyze the weird patterns, the complex issues and the newest market crazes. Join the conversation every Monday and Thursday for interviews with the most interesting minds in finance, economics and markets. Join the conversation: discord.gg/oddlots Subscribe to Bloomberg Podcasts: https://bit.ly/BloombergPodcasts Check out more Odd Lots: https://youtube.com/playlist?list=PLe4PRejZgr0MuA6M0zkZyy-99-qc87wKV Get the Odd Lots newsletter: https://www.bloomberg.com/account/newsletters/oddlots And for all things Odd Lots, visit https://www.bloomberg.com/oddlots #Investing #Markets #Finance #Bloomberg #Podcast #OddLots Visit us: https://www.bloomberg.com/podcasts For coverage on news, markets and more: http://www.bloomberg.com/video Visit our other YouTube channels: Bloomberg Television: https://www.youtube.com/@markets Bloomberg Originals: https://www.youtube.com/bloomberg