Recently, the cryptocurrency exchange Binance delisted a Bitcoin offshoot, causing its price to fall. Crypto’s market structure is still in its early days, and the move raises questions around decentralization and the power of exchanges. Alex Gordon-Brander has been thinking a lot about what crypto’s market structure will look like as his company, Omega One, is building a crypto dark pool. He joins this week’s Odd Lots podcast to discuss crypto market structure, where it’s headed and how Omega One will choose which coins to list.

Recently, the cryptocurrency exchange Binance delisted a Bitcoin offshoot, causing its price to fall. Crypto’s market structure is still in its early days, and the move raises questions around decentralization and the power of exchanges. Alex Gordon-Brander has been thinking a lot about what crypto’s market structure will look like as his company, Omega One, is building a crypto dark pool. He joins this week’s Odd Lots podcast to discuss crypto market structure, where it’s headed and how Omega One will choose which coins to list.

Bloomberg's Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets and economics. Join the conversation every Monday, Thursday, and Friday

Bloomberg's Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets and economics. Join the conversation every Monday, Thursday, and Friday

Bloomberg's Joe Weisenthal and Tracy Alloway analyze the weird patterns, the complex issues and the newest market crazes. Join the conversation for interviews with the most interesting minds in finance, economics and markets.

Odd Lots

On Bloomberg’s Odd Lots podcast Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets, and economics. Join the conversation every Monday, Thursday, and Friday.

On Bloomberg&rsquo;s Odd Lots podcast Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets, and economics. Join the conversation every Monday, Thursday, and Friday.

What Will Crypto’s Market Structure Look Like?

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/e3cd61e6-fa59-4f6b-bb1d-ae270055aa5f/transcript

In the China tech space, Baidu is now a full-stack player in the AI industry. The company makes its own chips, has its own AI models (Ernie), its own cloud system, and it's integrating AI into its self-driving car business, Apollo Go. But before all this, Baidu was known for being China's leader in search. Things, obviously, have changed a lot since the company was founded in the late 1990s. In today's episode, we speak with Baidu CFO Henry He about the company's AI ambitions. He talks to us about maximizing token spend, how Chinese tech firms are thinking about safety and alignment, the global robotaxi competition, and how the core search business fits into the company now.

Read more:
Chinese AI Stocks Rally on Demand Optimism and Policy Support
US Seeks AI Partnership With EU on Regulation, Supply Chains

Only http://Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox each week, plus unlimited access to the site and app. Subscribe at  bloomberg.com/subscriptions/oddlots

Subscribe to the Odd Lots Newsletter
Join the conversation:discord.gg/oddlots

In the China tech space, Baidu is now a full-stack player in the AI industry. The company makes its own chips, has its own AI models (Ernie), its own cloud system, and it's integrating AI into its self-driving car business, Apollo Go. But before all this, Baidu was known for being China's leader in search. Things, obviously, have changed a lot since the company was founded in the late 1990s. In today's episode, we speak with Baidu CFO Henry He about the company's AI ambitions. He talks to us about maximizing token spend, how Chinese tech firms are thinking about safety and alignment, the global robotaxi competition, and how the core search business fits into the company now.
Read more: <a href="https://www.bloomberg.com/news/articles/2026-06-22/chinese-ai-stocks-rally-on-demand-optimism-and-policy-support?utm_medium=referral&amp;utm_source=podcast&amp;utm_campaign=odd_lots&amp;utm_content=article" data-prosemirror-content-type="mark" data-prosemirror-mark-name="link">Chinese AI Stocks Rally on Demand Optimism and Policy Support</a> <a href="https://www.bloomberg.com/news/articles/2026-06-25/us-seeks-ai-partnership-with-eu-on-regulation-supply-chains?utm_medium=referral&amp;utm_source=podcast&amp;utm_campaign=odd_lots&amp;utm_content=article" data-prosemirror-content-type="mark" data-prosemirror-mark-name="link">US Seeks AI Partnership With EU on Regulation, Supply Chains</a>
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Baidu's CFO on How It Became a Full-Stack AI Player

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/f5c05315-7559-4fa4-a6da-b47400f7cb90/transcript

We know that companies around the world are investing heavily in AI. So intense is the race to win the AI battle, that it feels like there's almost no upward limit on how much you could spend on it. So how are CFOs thinking about capex in the AI age? In this episode we speak with Winston Cheng, CFO of Chinese-founded multinational tech firm Lenovo. Lenovo is known for its personal computers, especially its Thinkpad line of laptops, but they are making a push to move beyond its role as one of the leaders in personal computing, integrating AI agents into their devices and investing in building out an “AI Cloud” infrastructure alongside Nvidia. We talk to Cheng about how Lenovo's allocating capital during one of the biggest capex booms in history. We also discuss involution and market competition in China, and how Lenovo's been adapting its supply chain to tariffs.

Read more:
AI Sales Start to Justify Data-Center Spending Boom, Report Says
Anthropic Accuses Alibaba of ‘Illicitly’ Accessing AI Models

Only Bloomberg - Business News, Stock Markets, Finance, Breaking & World News subscribers can get the Odd Lots newsletter in their inbox each week, plus unlimited access to the site and app. Subscribe at  bloomberg.com/subscriptions/oddlots

Subscribe to the Odd Lots Newsletter
Join the conversation:discord.gg/oddlots

We know that companies around the world are investing heavily in AI. So intense is the race to win the AI battle, that it feels like there's almost no upward limit on how much you could spend on it. So how are CFOs thinking about capex in the AI age? In this episode we speak with Winston Cheng, CFO of Chinese-founded multinational tech firm Lenovo. Lenovo is known for its personal computers, especially its Thinkpad line of laptops, but they are making a push to move beyond its role as one of the leaders in personal computing, integrating AI agents into their devices and investing in building out an &ldquo;AI Cloud&rdquo; infrastructure alongside Nvidia. We talk to Cheng about how Lenovo's allocating capital during one of the biggest capex booms in history. We also discuss involution and market competition in China, and how Lenovo's been adapting its supply chain to tariffs.
Read more: <a href="https://www.bloomberg.com/news/articles/2026-06-25/ai-demand-begins-to-justify-massive-cost-of-data-center-buildout?utm_medium=referral&amp;utm_source=podcast&amp;utm_campaign=odd_lots&amp;utm_content=article" data-renderer-mark="true" data-is-router-link="false" data-testid="link-with-safety">AI Sales Start to Justify Data-Center Spending Boom, Report Says</a> <a href="https://www.bloomberg.com/news/articles/2026-06-24/anthropic-accuses-alibaba-of-illicitly-accessing-its-ai-models?utm_medium=referral&amp;utm_source=podcast&amp;utm_campaign=odd_lots&amp;utm_content=article" data-renderer-mark="true" data-is-router-link="false" data-testid="link-with-safety">Anthropic Accuses Alibaba of &lsquo;Illicitly&rsquo; Accessing AI Models</a>
Only <a href="http://bloomberg.com/" data-testid="inline-card-resolved-view">Bloomberg - Business News, Stock Markets, Finance, Breaking &amp; World News</a> subscribers can get the Odd Lots newsletter in their inbox each week, plus unlimited access to the site and app. Subscribe at&nbsp; <a href="https://www.bloomberg.com/subscriptions/oddlots?in_source=oddlotspodcast" data-renderer-mark="true" data-is-router-link="false" data-testid="link-with-safety">bloomberg.com/subscriptions/oddlots</a>
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How Lenovo's CFO Is Allocating Capital During One of History's Biggest Booms

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/b1fa9369-e153-4071-8b62-b47400f4a30f/transcript

The Strait of Hormuz has (mostly) re-opened! Crude prices are still up since the start of the war with Iran, but popular predictions earlier this year of $200-a-barrel Brent didn’t pan out. Why is that? We last talked to Rory Johnston, the founder of the Commodity Context newsletter, at the start of the conflict. And in that conversation he said that the Strait’s closure would lead to $200 oil if it persisted for any length of time. Today, he returns to tell us what he’s learned about the oil market since then. He explains the various factors that kept a lid on prices, including some re-routing, Trump jawboning, and (crucially) surprise import reductions from China.

Previous: Rory Johnston on How Oil Could Surge to Over $200 a Barrel

Only Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox, plus unlimited access to the site and app. bloomberg.com/subscriptions/oddlots

The Strait of Hormuz has (mostly) re-opened! Crude prices are still up since the start of the war with Iran, but popular predictions earlier this year of $200-a-barrel Brent didn&rsquo;t pan out. Why is that? We last talked to Rory Johnston, the founder of the Commodity Context newsletter, at the start of the conflict. And in that conversation he said that the Strait&rsquo;s closure would lead to $200 oil if it persisted for any length of time. Today, he returns to tell us what he&rsquo;s learned about the oil market since then. He explains the various factors that kept a lid on prices, including some re-routing, Trump jawboning, and (crucially) surprise import reductions from China.
Previous: <a href="https://bit.ly/44sr0if">Rory Johnston on How Oil Could Surge to Over $200 a Barrel</a>
Only Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox, plus unlimited access to the site and app. <a href="https://www.bloomberg.com/subscriptions/oddlots?in_source=oddlotspodcast" data-link-cookie="1" data-destination="https://www.bloomberg.com/subscriptions/oddlots?in_source=oddlotspodcast">bloomberg.com/subscriptions/oddlots</a>

Rory Johnston on Why His $200 Oil Prediction Didn't Turn Out Right

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/774dd005-8b31-4ba1-9549-b474011e8753/transcript

What Will Crypto’s Market Structure Look Like?

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