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 and Thursday.

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

Bloomberg's Joe Weisenthal and Tracy Alloway analyze the weird patterns, the complex issues and the newest market crazes. Join the conversation every Tuesday and Thursday 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

We live in an era of charts that are going up and to the right. This image obviously describes the stock market, particularly any company whose business is adjacent to artificial intelligence. But beyond stocks, another sort of chart we keep seeing is of AI capabilities also going up and to the right. The most famous and viral of these comes from an organization called METR, which stands for Model Evaluation and Threat Research. The organization is focused on understanding the degree to which AI models can engage in autonomous, complex tasks. METR see this is as a particularly important benchmark, given the risk that AI could one day be engaged in recursive self improvement, taking humans out of the loop. But how do you really gauge a model's ability to do complex problems. And what is being measured for exactly? On this episode, we speak with METR's President Chris Painter as well as Joel Becker, a member of the technical staff who works on evaluation methods for the organization. We discuss both the mechanics and the philosophy of METR's work, and what it means when we see a a chart showing that Clause Opus 4.6 can do a task that would take a human nearly 12 hours.

Read more:
DeepSeek Unveils Flagship AI Model a Year After Breakthrough
Meta Inks Deal to Use Amazon’s Graviton Processors for AI

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

We live in an era of charts that are going up and to the right. This image obviously describes the stock market, particularly any company whose business is adjacent to artificial intelligence. But beyond stocks, another sort of chart we keep seeing is of AI capabilities also going up and to the right. The most famous and viral of these comes from an organization called METR, which stands for Model Evaluation and Threat Research. The organization is focused on understanding the degree to which AI models can engage in autonomous, complex tasks. METR see this is as a particularly important benchmark, given the risk that AI could one day be engaged in recursive self improvement, taking humans out of the loop. But how do you really gauge a model's ability to do complex problems. And what is being measured for exactly? On this episode, we speak with METR's President Chris Painter as well as Joel Becker, a member of the technical staff who works on evaluation methods for the organization. We discuss both the mechanics and the philosophy of METR's work, and what it means when we see a a chart showing that Clause Opus 4.6 can do a task that would take a human nearly 12 hours.
Read more: <a href="https://www.bloomberg.com/news/articles/2026-04-24/deepseek-unveils-newest-flagship-a-year-after-ai-breakthrough?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">DeepSeek Unveils Flagship AI Model a Year After Breakthrough</a> <a href="https://www.bloomberg.com/news/articles/2026-04-24/meta-inks-multibillion-dollar-deal-to-use-amazon-chips-for-ai?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">Meta Inks Deal to Use Amazon&rsquo;s Graviton Processors for AI</a>
Only <a href="http://Bloomberg.com" data-inline-card="" data-card-data="">http://Bloomberg.com</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-prosemirror-content-type="mark" data-prosemirror-mark-name="link">bloomberg.com/subscriptions/oddlots</a>
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Understanding the Most Viral Chart in Artificial Intelligence

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/b5332c19-d958-475c-ad93-b4360136c71d/transcript

We're living in an extraordinary moment for Latin American politics. From the ousting of Maduro to the ongoing oil blockade of Cuba to Javier Milei revving up a chainsaw at CPAC. Various leaders in different countries are taking different approaches to their relationship with the US. Each is aware that there is a high value in being close to Trump, but also each know that Trump won't be the US President forever. So how should we understand the different approaches being taken? Today we talk to James Bosworth, who is the the founder of Hxagon, a company that does political risk analysis and research primarily in Latin America. He is also the author the Latin America Risk Report newsletter. Our conversation with Bos covered what he calls the "orange shift," a region-wide realignment towards dealmaking with the Trump administration. We discuss how Latin American leaders are dealing with inflation, why Mexico's Claudia Sheinbaum and El Salvador's Nayib Bukele are so popular, how Brazil's Lula has surprised economic observers, and whether Trump will be able to find a "Delcy" elsewhere in the region.

Read more:
Brazil Oil Driller Expanding in Venezuela as US Eases Sanctions
Mexico Inflation Slows Slightly, Keeping Another Rate Cut in Play

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

We're living in an extraordinary moment for Latin American politics. From the ousting of Maduro to the ongoing oil blockade of Cuba to Javier Milei revving up a chainsaw at CPAC. Various leaders in different countries are taking different approaches to their relationship with the US. Each is aware that there is a high value in being close to Trump, but also each know that Trump won't be the US President forever. So how should we understand the different approaches being taken? Today we talk to James Bosworth, who is the the founder of Hxagon, a company that does political risk analysis and research primarily in Latin America. He is also the author the Latin America Risk Report newsletter. Our conversation with Bos covered what he calls the "orange shift," a region-wide realignment towards dealmaking with the Trump administration. We discuss how Latin American leaders are dealing with inflation, why Mexico's Claudia Sheinbaum and El Salvador's Nayib Bukele are so popular, how Brazil's Lula has surprised economic observers, and whether Trump will be able to find a "Delcy" elsewhere in the region.
Read more: <a href="https://www.bloomberg.com/news/articles/2026-04-22/brazil-oil-driller-finds-growth-in-venezuela-as-us-eases-sanctions?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">Brazil Oil Driller Expanding in Venezuela as US Eases Sanctions</a> <a href="https://www.bloomberg.com/news/articles/2026-04-23/mexico-inflation-slowed-down-in-early-april-as-iran-war-weighs?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">Mexico Inflation Slows Slightly, Keeping Another Rate Cut in Play</a>
Only <a href="http://Bloomberg.com" data-inline-card="" data-card-data="">http://Bloomberg.com</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-prosemirror-content-type="mark" data-prosemirror-mark-name="link">bloomberg.com/subscriptions/oddlots</a>
<a href="http://bloomberg.com/subscriptions/oddlots" data-prosemirror-content-type="mark" data-prosemirror-mark-name="link">Subscribe to the Odd Lots Newsletter</a> Join the conversation: <a href="https://discord.gg/oddlots" data-prosemirror-content-type="mark" data-prosemirror-mark-name="link">discord.gg/oddlots</a>

James Bosworth on the "Orange Wave" Happening Across Latin America

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/a70f0f76-f2a3-4f8d-9316-b435012b46b0/transcript

Not too long ago, search engines were the dominant form of querying the internet. But that's changing since the rise of large language models like ChatGPT, Claude, and Google's Gemini. More and more people are getting their online info through AI, effectively bypassing the search bars of old and creating a tension for large tech companies that offer AI models, but also make money from web traffic and search-related advertising. In this episode, we speak with Elizabeth Reid, VP of search at Google. Liz has been with the company for more than two decades, witnessing multiple tech transformations in that time. So we talk with her about how Google is incorporating Gemini into search via AI overviews, what that means for traffic and ad sales, and the practical experience of search in an age of LLMs and internet slop.

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

Not too long ago, search engines were the dominant form of querying the internet. But that's changing since the rise of large language models like ChatGPT, Claude, and Google's Gemini. More and more people are getting their online info through AI, effectively bypassing the search bars of old and creating a tension for large tech companies that offer AI models, but also make money from web traffic and search-related advertising. In this episode, we speak with Elizabeth Reid, VP of search at Google. Liz has been with the company for more than two decades, witnessing multiple tech transformations in that time. So we talk with her about how Google is incorporating Gemini into search via AI overviews, what that means for traffic and ad sales, and the practical experience of search in an age of LLMs and internet slop. <a href="http://bloomberg.com/subscriptions/oddlots" data-link-cookie="1" data-destination="http://bloomberg.com/subscriptions/oddlots">Subscribe to the Odd Lots Newsletter</a> Join the conversation: <a href="https://discord.gg/oddlots" data-destination="https://discord.gg/oddlots">discord.gg/oddlots</a>

Google's Liz Reid on Who Will Own Search in a World of AI

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/96deb7b5-7fae-4040-a3c7-b4350008bd04/transcript

What Will Crypto’s Market Structure Look Like?

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