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♪ DAVID: COMING UP ON BLOOMBERG THIS WEEKEND. COUNTDOWN TO THE ELECTION. JUST THREE DAYS AGO UNTIL THE CRUCIAL U.S. MIDTERMS, WITH CONTROL OF CONGRESS ON THE LINE. PRESIDENT TRUMP MAKING A FINAL PUSH IN FLORIDA AHEAD OF A PAIR OF LAST-MINUTE RALLIES IN BATTLEGROUND STATES.

ALL I AM ASKING IS FOR YOU TO GET OUT AND VOTE. IF YOU VOTE, WE WILL HAVE A LANCE LIKE. CHRISTINA: TECH LUNCH. PLUS, THE LATEST ON A SUSPECTED NORTH KOREAN HACK TARGETING THE WORLD'S LARGEST CRYPTO EXCHANGE. DAVID: AND BACK FROM THE DEAD. HOW RESURGENCE IN HAUNTED HOUSE IT IS PROVING TO BE AN ECONOMIC BOOM FOR SOME NEIGHBORHOODS. WELCOME TO "BLOOMBERG THIS WEEKEND," LIVE FROM BLOOMBERG'S WORLD HEADQUARTERS IN NEW YORK.

LISA: AND I AM LISA MATEO, IN FOR CHRISTINA REPAIR -- LIKE CHRISTINA RUFFINI. I THINK MY MIKE IS --- DAVID: WE ARE PLAYING TRICKS ON YOU. WE WILL BLAME CHRISTINA RUFFINI FOR THAT. WE HAVE LISA MATEO WITH US. TWO BIG STORIES. WE HAVE THE MIDTERM ELECTIONS, AND THEN THE SELLOFF AT THE END OF LAST WEEK. MEGAN HAGER FILLING IN FOR -- NATHAN HAGER FILLING IN FOR LISA. NATHAN: WE ARE DOWN TO THE FINAL THREE DAYS BEFORE THE MIDTERM ELECTION.

PRESIDENT TRUMP WAS IN DAYTONA BEACH, FLORIDA FOR ONE OF HIS THE FINAL RALLIES FOR REPUBLICAN CANDIDATES. HE SPENT MUCH OF HIS SPEECH FOCUSED ON ALASKA, WHERE THE NEW YORK TIMES HAS BEEN REPORTING THAT DEMOCRAT MARY PELTOLA'S OPPONENT.

THIS IS FRAUD, AND THAT DEMOCRAT CANDIDATES WHO WERE INVOLVED IN THE SCHEME, MARY PELTOLA, MARY PELTOLA, PERSON WHO ABUSES HER LAUGH. IN FACT, SHE ABUSES HER STAFF SO MUCH HER CHIEF OF STAFF WENT OUT AND RATTED ON HER. NATHAN: THE JUSTICE DEPARTMENT IS PUSHING FOR A COURT ORDER TO ISOLATE SOME ALASKAN BALLOTS. MARY PELTOLA SAYS SHE IS NOT INTERESTED IN TRICKING VOTERS. TWO STATES AWAY FROM FLORIDA, FORMER PRESIDENT BILL CLINTON WAS STUMPING FOR DEMOCRATIC CANDIDATE SCOTT COLLOUM.

WE ARE ABOUT TO FIND OUT IF -- NATHAN: MISSISSIPPI IS ONE OF A NUMBER OF STATES DEMOCRATS HOPE TO FLIP FOR CONTROL OF THE SENATE. THE FEDERAL APPEALS COURT IN SAN FRANCISCO DENIED A BID TO FORCE CALIFORNIA TO SET ASIDE UP TO 20,000 MAIL-IN BALLOTS. THE JUSTICE DEPARTMENT'S AS THEY MAY HAVE BEEN CAST IN NONCITIZENS, BUT IN A 2-1 VOTE, THE JUSTICES SAY THIS COULD DISENFRANCHISE ELIGIBLE VOTERS.

THIS IS THE FIRST KIND OF TEST CASE WHERE WE BROUGHT SUBSTANTIAL EVIDENCE, AND 24 -- 20,000 IS THE FLOOR, NOT THE CEILING. NATHAN: IT SETS UP A POSSIBLE SUPREME COURT SHOWDOWN. EARLY VOTING HAS HIT A RECORD. MORE THAN 1 IN 5 REGISTERED VOTERS, BEATING THE HIGH WATERMARK FROM THE LAST MIDTERM. DEMOCRATS HAVE A 12 POINT EARLY VOTING ADVANTAGE, AND THAT IS CLOSE TO THE MARGIN THAT LED TO JOE BIDEN'S PRESIDENTIAL WIN. A SHOOTING LAST NIGHT IN CALIFORNIA.

THE -- IT LEFT ONE PERSON DEAD AND SIX FEET. IT HAPPENED AT A SPIRIT HALLOWEEN STORE IN FAIRFIELD. FAIRFIELD POLICE SAY IT IS STILL AN ACTIVE INVESTIGATION.

DETECTIVES ALREADY SPEAKING WITH WITNESSES AND DILIGENTLY WORKING TO TRY TO IDENTIFY THE SUSPECT OR SUSPECTS RESPONSIBLE FOR THIS HORRIFIC SHOOTING. NATHAN: POLICE SAY AT LEAST THREE VICTIMS ARE IN CRITICAL CONDITION. DAVID: APPRECIATE THAT UPDATE. AND ANOTHER BRUTAL DAY FOR STOCKS YESTERDAY. THE NASDAQ 100 HIT ITS THIRD CORRECTION OF 2026 WHILE THE S&P FELL 1.8%. THAT DROPPED, THE BIGGEST DROP FOR STOCKS SINCE JUNE, THANKS TO DISAPPOINTING EARNINGS RESULTS FROM SOME OF THE BIGGEST NAMES IN TECHNOLOGY, INCLUDING AMAZON, ALPHABET, AND INTEL.

LISA: A LOT OF WORRY ABOUT BIG BETS ON ARTIFICIAL INTELLIGENCE PERVADING WALL STREET CARE INVESTORS CONCERNED ABOUT THE POTENTIAL PAYOFF FROM THE TRILLIONS OF DOLLARS BEING POURED INTO AI HIGH, BUT THERE ARE ALSO CONCERNS ABOUT THE HEALTH OF THE ECONOMY. DAVID: MIKE SHEPARD IS A SENIOR EDITOR AT BLOOMBERG TECHNOLOGY. WE HAVE BEEN THROUGH THIS A COUPLE OF TIMES, ANXIETY ABOUT AI, THE SENSE OF WHAT IT IS GOING TO BE LEADING TO.

DOES THIS TIME FEEL DIFFERENT? MICHAEL: IT DOES, AND I AM GLAD YOU PUT IT THAT WAY, BECAUSE THIS IS SOMETHING WE HAVE BEEN SEEING, NOT JUST THIS WEEK, IN TERMS OF THE LOSS OF CONFIDENCE AMONG INVESTORS IN THE AI TRADE. IT WAS MANIFESTING ITSELF EARLIER THIS YEAR -- THIS MONTH. WE SAW THAT SPASM OF CONCERN SURROUNDING THE SO-CALLED NEOCLOUDS, THAT RENT ARTIFICIAL INTELLIGENCE COMPUTING POWERS, COMPANIES LIKE COREWEAVE.

WHERE INVESTORS ARE LOOKING AT NOT ONLY THE EQUITY BUT ALSO THE DEBT THEY ARE TAKING ON AND QUESTIONING WHETHER THAT KIND OF BUSINESS HAS RETURN. AND THEN THE QUESTION ABOUT WHAT ABOUT THE BIG HYPERSCALERS, THE PROVIDERS LIKE AMAZON? THE TALE IN THE PAST WEEK AND HALF AS THEY ARE PUSHING AHEAD WITH ALL OF THOSE PLANS FOR AI INVESTMENT, BUT THE UNDERLYING BUSINESS, ESPECIALLY SOME OF THE TRADITIONAL CORE AREAS, LIKE FOR ABOUT AN LIKE FOR AMAZON IN AREAS LIKE E-COMMERCE AND ADVERTISING, THAT IS SHOWING MORE SOFTNESS THAN INVESTORS ARE WILLING TO ACCEPT AT THIS POINT.

SO IT REALLY IS ADDING TO ALL THAT RENEWED FEAR AND LOATHING ABOUT THE AI TRADE LISA WAS TALKING ABOUT. LISA: I WANT TO DIG DEEPER. LET'S DIG DEEPER IN ALPHABET, GOOGLE'S PARENT COMPANY. SALES CAME IN LOWER THAN EXPECTED. AD SALES MISSED FORECAST AS WELL. WHAT STOOD OUT TO YOU THE MOST? MIKE: ONE OF THE MOST INTERESTING THINGS WAS IN THE CLOUD DIVISION. THEY HAD BROUGHT ONTO THE EARNINGS CALL THE PERSON WHO RUNS THEIR CLOUD BUSINESS.

FOR THEM, THAT IS A WAY OF POINTING TO AI IS SOMETHING THAT WILL TRANSLATE INTO RESULTS. AND YET, THERE IS A TWO EDGED SWORD, AND THAT IS AS AI HAS BECOME INCORPORATED INTO THEIR SEARCH -- YOU CAN SEE THE AI MODE IN TIME YOU USE GOOGLE NOW -- THAT IS MAKING IT HARDER FOR THEM TO PLACE DISPLAY ADS, AND THE AMOUNT OF TIME SPENT ON ADS OR ADJACENT TO ADS IS REDUCED. THAT RAISES QUESTIONS ABOUT, HOW DO YOU THEN MAKE MONEY FROM THESE AI-GENERATED SEARCHES THAT YOU HAVE BEEN TALKING ABOUT?

DAVID: I WANT TO ASK ABOUT INTEL AS WE LOOK AT A FEW OF THESE COMPANIES. INTEL, I BELIEVE, HAD ITS WORST DAY SINCE 1974 COME ON THE HEELS OF THOSE EARNINGS. THE COMPANY DOWN MORE THAN 25%. WHAT IS THE PLAY HERE? YES, IT HAS TO DO WITH ANXIETY ABOUT AI AND ECONOMIC CONSIDERATIONS AS WELL. THIS IS A COMPANY TRYING TO NAVIGATE ALL THE SUPPLY-CHAIN DIFFICULTIES WE HAVE SEEN OTHER CHIPMAKERS HAVE TO FIGURE OUT. MIKE: THIS DOES TRACE BACK TO ARTIFICIAL INTELLIGENCE, AND THAT IS ON THE SUPPLY CHAIN SIDE.

SPECIFICALLY IN THE AREA OF MEMORY CHIPS. THEY HAVE HAD A MUCH HARDER TIME ACQUIRING THESE COMPONENTS FOR THEIR DEVICES HERE THIS WOULD INCLUDE LAPTOPS AND OTHER EQUIPMENT THAT INTEL IS TRYING TO SELL BUT IS HAVING DIFFICULTY , BOTH MEETING CUSTOMER DEMAND AND ALSO KEEPING PRICES WITHIN A RANGE CONSUMERS WOULD FIND ACCEPTABLE. THE REASON MEMORY IS SO SCARCE THESE DAYS IS THE AI BLUE. AI CHIPS NEED -- AI BOOM. AI CHIPS NEED THE MEMORY CHIPS THAT WORK EFFECTIVELY.

IT GOES INTO TRAINING AND THE INFERENCE FUNCTIONS OF ARTIFICIAL INTELLIGENCE. WITH THE AI BOOM, USE SEE COMPANIES LIKE APPLE AND INTEL COMPETING WITH THE AI DEVELOPERS AND AI CHIPMAKING. WITHOUT THAT ADEQUATE SUPPLY OF MEMORY, COMPANIES LIKE INTEL ARE REALLY STRUGGLING. BUT THEY ARE FEELING IT ESPECIALLY BECAUSE THEY ARE IN THE MIDST OF TURNING AROUND UNDER THE NEW CEO, AND THIS IS YET ANOTHER HURDLE. HE SAID HE WAS MORE THAN A BIT DISAPPOINTED WITH THE RESULTS BUT ALSO POINTED SPECIFICALLY AT THE MEMORY QUESTION AS A KEY AREA OF WEAKNESS AND A CHALLENGE FOR THE COMPANY.

LISA: I ANOTHER STORE I WANT TO ASK IS ABOUT THE BIGGEST CRYPTO HACKS WE HAVE SEEN, AT $3 BILLION FROM THE CRYPTO EXCHANGE BINANCE. LOOKING AT BITCOIN NOW, IT IS THAT MAY BE ABOUT .5%. WHAT DO YOU KNOW ABOUT WHAT HAPPENED? MIKE: WE ARE STILL LEARNING ABOUT THE ACTUAL FACTS BEHIND WHAT HAPPENED. THE FBI AND THE U.S. SECRET SERVICE ARE INVESTIGATING THIS. THE TOTAL AT STAKE IS ROUGHLY $6.3 BILLION, MAKING IT THE LARGEST SUCH CRYPTO HEIST IN HISTORY, FAR OUTPACING THE LAST BIGGEST, OR $1.5 BILLION FROM THE 5BIT PLATFORM LAST YEAR IN 2025.

AUTHORITIES AND OBSERVERS, WHO STUDIED THE INTELLIGENT SURROUNDING THE CRYPTO INDUSTRY, ARE POINTING TO NORTH KOREAN HA