AI Investments, Record M&A, Angels Sold | Bloomberg Deals 9/2/2026

Watch on YouTube ↗ | September 02, 2026 at 20:02 | 43:39 | Bloomberg Markets

Speakers

Ryan Rheingold — Reporter, Bloomberg

Liana Baker — Reporter / Correspondent

Michelle Davis — Reporter, Bloomberg

Mike Wirth — CEO of Chevron

Dorothee Blessing — Global Co-Head of Investment Banking, J.P. Morgan

Allison McNealy — Reporter, Bloomberg

Aarti Kapoor — Managing Director, Consumer & Retail Group, Cascadia Capital

Maria Watts — Head of Global Consumer Investment Banking, Baird

DJ Deb — CEO & Co-Founder, Francisco Partners

Scarlet Fu — Anchor, Bloomberg Television

Randall Williams — Sports Business Reporter, Bloomberg

Summary

Bloomberg Deals covers Nvidia's reported $14B Hugging Face acquisition, Anthropic's expected IPO, S&P Global's potential Capital IQ spinoff, and Eli Lilly's biotech buying. J.P. Morgan's Dorothee Blessing discusses record M&A and IPO pipelines; consumer bankers highlight pet, health and wellness, travel, and aesthetics dealmaking. DJ Deb says software multiples have compressed and AI is a long-term meta-wave with bifurcated winners and losers. The show also covers KKR's $17B exit, Uber's Delivery Hero bid, Chevron's Venezuela operations, and the record Angels sale.

Nvidia reportedly near a $14B Hugging Face deal to expand its AI ecosystem.
Anthropic IPO seen in late September or early October, possibly raising up to $86B.
S&P Global exploring a Capital IQ Pro separation; Eli Lilly buying Merida for up to $3B.
Dorothee Blessing sees record M&A and IPO pipelines and large private-equity dry powder.
Consumer dealmakers favor pet, health/wellness, travel and aesthetics areas.
DJ Deb sees software bifurcation and an AI meta-wave with a few multitrillion-dollar winners.
KKR's $17B exit adds about $2 per share; Uber gains on Delivery Hero's board endorsement.
Stan Kroenke buying the Los Angeles Angels at a record $4B MLB valuation.

Ideas

Ryan Rheingold Reporter, Bloomberg 1:07

Nvidia deal broadens AI ecosystem.

Nvidia's reported $14B acquisition of Hugging Face is a democratization and open-source bet that extends Nvidia beyond selling chips and protects it against customer concentration, with Nvidia also on a broader dealmaking spree.

Liana Baker Reporter / Correspondent 5:19

S&P Global spinoff could unlock value.

S&P Global is exploring separating Capital IQ Pro into a standalone public company; the data is proprietary, the stock ticked up on the report, and a strategic process may lead to a sale, though the situation is early.

Michelle Davis Reporter, Bloomberg 6:58

Lilly diversification supports future pipeline.

Eli Lilly is using its obesity-franchise windfall to buy early-stage biotechs like Merida for up to $3B; it has already done about $33B in such deals this year, a diversified shots-on-goal strategy that reduces risk versus one big acquisition.

Mike Wirth CEO of Chevron 9:06

Chevron Venezuela expansion is a win.

Chevron's expansion of its Venezuela oil operations is framed as a win for U.S. finance and for Venezuela's economy because it brings investment into Venezuelan production.

Dorothee Blessing Global Co-Head of Investment Banking, J.P. Morgan 12:01

JPMorgan pipeline supports record activity.

J.P. Morgan sees an active and building investment-banking pipeline across M&A, IPOs and capital raising, with volumes on course to potentially surpass 2021's record.

Allison McNealy Reporter, Bloomberg 21:26

KKR exit adds $2 per share.

KKR struck a $17 billion exit from its strategic holdings unit that will add about $2 per share to KKR's profit, marking the first exit for that strategy.

Aarti Kapoor Managing Director, Consumer & Retail Group, Cascadia Capital 25:23

Pet sector has compounding resilient growth.

The pet sector has compounding growth from a growing pet population and rising spending per pet driven by humanization and premiumization; it is resilient, with minimally processed food and pet supplements taking share and strong exit alternatives.

Maria Watts Head of Global Consumer Investment Banking, Baird 27:29

Health and wellness benefits self-investment trend.

Broader health and wellness is attractive because consumers are investing in themselves through personal care, fitness routines, devices and longevity, driving strong dealmaking activity.

Maria Watts Head of Global Consumer Investment Banking, Baird 27:29

Travel and leisure benefits experience spending.

Travel and leisure remains attractive because consumers are still investing in experiences such as high-end cruises and adventure travel, supporting deal activity.

Aarti Kapoor Managing Director, Consumer & Retail Group, Cascadia Capital 30:22

Med spa aesthetics offer attractive unit economics.

Aesthetic services such as medical spas and injectables offer strong, replicable unit economics, extensive whitespace, recurring revenue and favorable consumer tailwinds, attracting sponsor capital.

DJ Deb CEO & Co-Founder, Francisco Partners 37:58

AI-enabled software multiples are attractive.

Software is bifurcating: some companies will compress, but AI-enabled software companies at compressed multiples around 4-5x revenue can use AI to sell more and are attractive, and Francisco Partners has been active.

DJ Deb CEO & Co-Founder, Francisco Partners 39:01

AI meta-wave creates winners and losers.

AI is a genuine meta-wave comparable to PC, internet, mobile and cloud, with deployment only about 7% today; long-term upside is underestimated and short-term is overestimated, so a few multitrillion-dollar winners will emerge while 90% of today's AI companies will be worth far less.

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This Bloomberg Markets video, published September 02, 2026, features Ryan Rheingold, Liana Baker, Michelle Davis, Mike Wirth, Dorothee Blessing, Allison McNealy, Aarti Kapoor, Maria Watts, DJ Deb discussing NVDA, SPGI, LLY, CVX, JPM, KKR, PAWZ, Consumer health and wellness, XLY, Aesthetic services / medical spas, AI-enabled software, XLK. 12 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Ryan Rheingold, Liana Baker, Michelle Davis, Mike Wirth, Dorothee Blessing, Allison McNealy, Aarti Kapoor, Maria Watts, DJ Deb · Tickers: NVDA, SPGI, LLY, CVX, JPM, KKR, PAWZ, Consumer health and wellness, XLY, Aesthetic services / medical spas, AI-enabled software, XLK