Ed Ludlow

And we still will probably have an unpredictable policy environment.

So you want to be able to have all of your options open.

Probably it helps unbalance some of the software, the things that are producing actual physical goods.

But we'll see how long this rate stays in place.

We could all change in 150 days, as we know.

Shanti Kellerman of 7IM.

It's great to have you on the show.

Thank you very much indeed.

Meanwhile, coming up, Blue Owl Capital permanently shuts the gates on one of its funds, making the private credit market even more jittery after existing AI concerns.

Stick with us.

This is Bloomberg Tech.

And I'm Caroline Hepke in London.

We're the hosts of the Bloomberg Daybreak Europe podcast.

We do it early so the news is fresh, not recycled, and so you know what actually matters as the day gets going.

And from London, I'm looking at what all that means for markets, money and the wider economy.

So whether it's geopolitics, energy, tech or markets, you're hearing it while it happens.

And it fits into your morning.

On Apple, Spotify, YouTube or wherever you get your podcasts.

Morgan Stanley Investment Management is looking away from AI and adding to emerging market bets that are insulated from the AI boom.

Now, the firm's deputy chief investment officer says it is positioning itself for a potential pullback in the crowded tech trade following rising concerns over stretched valuations and heavy capital spending by U.S.