Good morning. I met with Bloomberg CEO Vlad Kliatchko who explained the next step in the company’s unfolding AI strategy and why he believes it’s too early to think about driving ROI from those investments. 

The company has made its conversational artificial-intelligence interface, ASKB, available to all users of the Bloomberg Terminal. The newest iteration of ASKB allows users to integrate their own content, such as watchlists and Instant Bloomberg chats, with existing financial information into their own workflows. The full exclusive story can be found here.

Bloomberg is a privately held company and is focused on investing for the longer term. Kliatchko gives voice to how many of the CEOs I speak with approach AI. It’s a fascinating and notable contrast to broader sentiment in the public markets.

Right now, tech stocks are repeating the painful dynamic that prevailed on Wednesday when AI jitters compounded with rate-hike fears to send the Nasdaq lower. 

I have found that the mindset of many corporate leaders, including those in the public markets, has more in common with that of venture capital investors. It’s a longer-term investment horizon.

“We believe it’s premature to focus on the ROI. We are acting out of a strategic conviction that now is the time to invest in AI aggressively,” Kliatchko said. “Bloomberg has an opportunity to provide leadership to the entire financial industry in the development and adoption of this revolutionary technology.”

That longer-term mindset has steered the company’s investments in journalism as well.

Kliatchko said AI has also vindicated the company’s strategy of investing in its news organization, even when others questioned its value to the business. “Suddenly today, we realize that in the age of AI, news is one of our most valuable assets. Because again, what’s behind all of these tools and large language models? It’s original, unique, actionable information. A lot of it comes from our data, but a lot of it comes from our news and research.”

Is your company holding firm on its AI strategy or is it having second thoughts? I would love to know. Send your feedback to me at steven.rosenbush@wsj.com (if you’re reading this in your inbox, you can just hit reply).

Tech stocks are headed for another rough session. CoreWeave, which has borrowed heavily to fund data-center construction, fell further premarket Thursday after a 15% plunge yesterday. In Asia, South Korea’s chip-heavy Kospi dropped 7% and Japan’s Nikkei fell almost 5%, the WSJ reports.

Even strong results from major AI players aren’t lifting the mood. Anthropic’s third-quarter revenue grew sharply, while Taiwan Semiconductor Manufacturing Co., the world’s largest contract chip maker, posted another record profit. More on that below.

As the AI race intensifies, the industry’s top companies are increasingly worried about their secrets walking out the door, The Wall Street Journal reports. Rapid hiring and employees’ frequent moves between rival firms have made leaks and theft harder to guard against.

On Wednesday OpenAI claimed in a legal filing that an employee who left Apple sent himself more than 100 “highly confidential” files about at least one unreleased OpenAI device under development. The employee later returned to Apple. The filing is the latest development in the ongoing case that Apple filed against OpenAI in July, claiming that its own confidential information had been taken by employees who left for its AI rival.

One day earlier, a Saudi employee of OpenAI, Abdulrahman Alfozan, was charged with trying to record audio using a device planted behind a TV set in a company conference room. The MIT graduate had stints at Meta Platforms and a startup backed by Andreessen Horowitz before joining OpenAI in July 2025. Since early 2025, Alfozan has been a venture partner at Saudi-based investment firm Raed Ventures, according to the firm’s website.

• Anthropic’s third quarter revenue rose 45% to $16.8 billion as the company pitched public-market investors ahead of an IPO planned for as soon as next month, the WSJ reports. Anthropic had posted revenue of $11.6 billion in the second quarter, and just under $5 billion in the first quarter. Investors expect Anthropic to reach more than $110 bill