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Donald Trump has already changed the way we think about the U.S. economy.

Now he's back in the White House and Bloomberg's

Trumponomics podcast is here to help. I'm Stephanie Flanders, head of government and economics at

Bloomberg. Whatever the big question of the week is, we'll have something interesting to tell you

about it in a lively conversation with the reporters and analysts closest to the action.

Listen to new episodes every

Wednesday and follow Trumponomics on Apple Podcasts, Spotify, or wherever you listen.

Bloomberg Audio Studios. Podcasts, Radio News.

This is the Bloomberg Surveillance Podcast.

I'm Jonathan Ferro, along with Lisa Abramwitz and Anne-Marie Hordern.

Join us each day for insight from the best in markets, economics and geopolitics.

From our global headquarters in New York City, we are live on Bloomberg Television weekday mornings from 6 to 9 a.m. Eastern. Subscribe to the podcast on Apple, Spotify,

or anywhere else you listen. And as always, on the Bloomberg Terminal and the Bloomberg

business app. This turned back to Deep Seek's market impact of the last 24 hours. Losses

extending beyond AI and ship giants, as global investors reassess the sustainability of seemingly endless spending in the sector.

AI infrastructure companies, including Constellation Energy and Vistra taking a hit during yesterday's market turmoil.

For more on that, we're joined by Shah Puraza of Guggenheim.

Shah, welcome to the program, Sir.

I just want to understand from your perspective

...