Why Bloomberg for AI News

A stand-alone newsroom with more than 2,700 journalists worldwide has, in the years since 2017, built what may be the deepest and most consistent beat covering artificial intelligence in commercial news.^[1] Bloomberg is, in 2024, the single most important English-language source of news on AI for the serious reader, and the case for treating it as such is stronger than the case for any other single source. The post explains why Bloomberg is the AI source to watch, and where the other A-list AI publications — Wired, Semafor, and Rest of World — fit in the picture.^{[2, 3, 4, 5]}

The Bloomberg AI beat: who covers it and why it matters

The Bloomberg AI beat is, in 2024, the most consequential technology beat in commercial news. It is staffed by reporters with deep domain expertise in machine learning, semiconductors, cloud infrastructure, and the business models of AI labs. It has, since 2017, broken or co-broken a significant fraction of the most important AI stories in commercial media: the internal turmoil at OpenAI in 2023, the founding of Anthropic in 2021, the rapid scaling of compute budgets at the major labs, the multi-billion-dollar training runs for the leading large language models, the corporate restructuring of Google DeepMind, the export-control regime imposed by the United States in 2022, and the partnership negotiations between OpenAI and Microsoft, Apple, and Nvidia. The list goes on, and the through-line is consistent: Bloomberg is, in most cases, either the first to report the story, the most thorough in its reporting, or both.^{[1, 6, 10]}

What makes Bloomberg distinctive is, in significant part, structural. The Bloomberg Terminal, the financial-data platform that is the company’s core product, gives Bloomberg’s reporters privileged access to corporate financials, industry data, and real-time market movements that other publications cannot match.^[12] A Bloomberg reporter can, in a way that a reporter at a generalist newspaper cannot, look up the precise quarterly revenue of an AI lab’s cloud business, the precise capital expenditures of a chipmaker, or the precise headcount of an AI research team. The Terminal is, in effect, a research tool that the rest of the press corps does not have access to, and it gives Bloomberg a structural advantage in covering the business of AI that no other commercial publication can match.

Bloomberg’s AI coverage is also, in 2024, distributed across a wider range of formats than that of any other commercial publication. The Bloomberg website publishes several hundred original AI stories per month, ranging from breaking news to long-form features to opinion pieces. The Bloomberg podcast network includes several AI-specific shows. The Bloomberg Terminal itself includes AI-related data products, including an “AI Edition” that surfaces AI-related news and analysis for Terminal subscribers. The Bloomberg Professional Service, the subscription product that includes the Terminal, has, since 2023, integrated OpenAI-style large language models as a built-in feature, and the company has, in 2024, launched BloombergGPT, a large language model trained on financial data. The result is a publication that is, in the AI era, both a news source and an AI-infrastructure provider, and the combination is unique in commercial media.^{[1, 12, 13]}

The Bloomberg AI beat is, finally, distinctive in its willingness to cover the chip-supply-chain side of AI in depth. The AI revolution is, in significant part, a semiconductor revolution, and the leading-edge chips that make modern AI possible are made by a small number of companies (primarily TSMC, Samsung, Intel, and, in the equipment layer, ASML and the Dutch lithography ecosystem). Bloomberg’s coverage of TSMC, Samsung, ASML, and the broader chip industry is, by any measure, the deepest of any commercial publication, and the connection between AI coverage and chip coverage is, in 2024, the most important connection in the industry. A reader who follows Bloomberg’s chip coverage is, by default, reading the most informed English-language reporting on the AI industry as a whole.^{[6, 14, 15]}

The other A-list AI publications: Wired, Semafor, and Rest of World

Bloomberg is the single most important AI source, but it is not the only one, and the most informed AI reader reads across at least three other publications. The first is Wired, the technology magazine founded in 1993 by Louis Rossetto and Jane Metcalfe. Wired is, in 2024, the gold standard of long-form tech journalism, and its features on AI labs, AI ethics, and AI policy are, by any measure, the most thoughtful in commercial media. The magazine’s coverage of the founding of Anthropic by Dario and Daniela Amodei, the rise of Demis Hassabis at Google DeepMind, the early history of the transformer architecture, and the labour conditions at the data-labelling firms that underpin the AI industry is, in each case, the most detailed reporting available in commercial media.^{[2, 7, 16]}

Wired’s editorial structure is, in 2024, more magazine-like than newspaper-like, and its AI features tend to run several thousand words with significant original reporting. The features are typically the result of months of access to a single AI lab, founder, or product team, and the publication is, in effect, the long-form sister to Bloomberg’s daily AI coverage. The combination of Bloomberg for daily news and Wired for features is, in 2024, the most natural single-publication pair for any serious reader of AI coverage. Wired is, however, no longer the dominant voice in tech journalism that it was in the 1990s and 2000s: the magazine was acquired by Condé Nast in 1998, and its coverage in the 2010s was, by many accounts, less distinctive than it had been in its early years. The current editorial team, led since 2020 by a new generation of editors, has, in 2024, restored much of the magazine’s distinctive voice.^{[2, 17]}

The second is Semafor, the digital-media startup founded in 2022 by Ben Smith (former editor-in-chief of BuzzFeed News and media columnist at The New York Times) and Justin Smith (former CEO of Bloomberg Media). Semafor is, in 2024, the most successful of the post-2020 digital-media startups, and the publication has, from the outset, treated AI as one of its core beats. The “Signals” newsletter, launched in 2023, is a daily AI briefing that has, in 2024, become required reading for AI-industry insiders. The “Big Tech” vertical covers the major AI labs in depth, and the publication’s coverage of the corporate politics of OpenAI, Anthropic, and the other leading labs is, in many cases, more timely and more insider-y than Bloomberg’s.^{[3, 8, 18]}

Semafor’s distinctive editorial model is, in 2024, the “two-sided” story, in which a single news event is covered from two different perspectives (one US, one international) in a single article. The model is, in significant part, a response to the recognition that the US-centric AI coverage of the major US publications is, in many cases, incomplete, and Semafor’s coverage of AI in China, India, and Europe is, in many cases, the most thoughtful available in any English-language publication. Semafor is, in 2024, also the most profitable of the post-2020 digital-media startups, with a paid-subscriber base of more than 500,000 and a significant advertising business, and the publication’s financial model is, in significant part, the model that other AI-focused startups are trying to replicate.^{[3, 8]}

The third is Rest of World, the non-profit technology magazine founded in 2019 by Sophie Schmidt (daughter of former Google CEO Eric Schmidt) with personal investment of more than $6 million from a family trust, supplemented by grants from the Schmidt Family Foundation, the Knight Foundation, and the Newmark Foundation. Rest of World is, in 2024, the most important international source of AI coverage, and its reporting on AI in non-Western countries — China, India, Africa, Latin America, Southeast Asia — is, for many stories, the only reliable English-language source available. The publication’s coverage of the gig-economy data-labelling industry in Kenya, the facial-recognition industry in China, the AI-driven agricultural-extension programmes in India, and the algorithmic-content-moderation systems in Brazil is, in each case, the most thoughtful and the most thoroughly reported in commercial media.^{[4, 9, 19]}

Rest of World’s editorial model is, in 2024, magazine-like and features-oriented, with most stories running several thousand words. The publication is, in effect, the international sister to Wired, and the combination of Rest of World for the global view, Wired for the US feature view, and Bloomberg for the daily business view is, in 2024, the most natural three-publication core for any serious reader of AI coverage. Rest of World is, however, a smaller and less well-funded publication than either Wired or Bloomberg, and its coverage is, in 2024, less consistent than that of its larger siblings. The publication has, since 2022, had to scale back some of its international reporting, and the gap between Rest of World’s coverage and that of Wired and Bloomberg is, in 2024, smaller than it should be.^{[4, 9]}

Why dedicated beats matter: the case for deep AI coverage

The case for treating Bloomberg as the single most important English-language source of AI news rests, in significant part, on the general principle that deep, dedicated beats matter. A dedicated beat is, in journalism, a team of reporters who focus on a single subject (or a small set of related subjects) over a long period, and the rationale for dedicated beats is, in significant part, the rationale for any kind of specialisation: reporters who focus on a single subject accumulate expertise, contacts, and context that generalist reporters cannot match.^{[5, 11, 20]}

The case is, in the case of AI, particularly strong. The AI industry is, in 2024, one of the most rapidly changing industries in the world, and the technology that underlies the leading AI products is, in significant part, opaque to outsiders. The training runs for the leading large language models cost hundreds of millions of dollars and are conducted behind closed doors. The internal politics of the leading AI labs (OpenAI, Anthropic, Google DeepMind, Meta AI) are complex and, in many cases, opaque. The chip-supply-chain that makes modern AI possible is dominated by a small number of companies (TSMC, ASML, Samsung) whose internal operations are, in significant part, opaque. The export-control regime imposed by the United States in 2022 is, in significant part, classified. A generalist reporter cannot, in any reasonable amount of time, develop the expertise required to cover all of these subjects, and a publication that tries to cover AI with generalist reporters will, in 2024, be consistently out-reported by a publication that has invested in dedicated AI expertise.^{[5, 11, 21]}

Bloomberg’s investment in dedicated AI expertise is, in 2024, the largest of any commercial publication. The publication has, since 2017, built a dedicated AI team embedded in its technology bureau, and the team includes reporters with prior experience at AI labs, semiconductor companies, and the major cloud providers. The team is, in 2024, large enough to cover the major AI labs, the major chip companies, the major cloud providers, and the major AI policy issues on a daily basis, and the publication’s coverage is, in most weeks, the most consistent of any commercial publication. The investment is, by any measure, significant: a dedicated AI team of more than a dozen reporters represents a multi-million-dollar annual commitment, and the commitment is, in 2024, larger than the entire editorial budget of most specialist AI publications.^{[1, 6]}

Wired, Semafor, and Rest of World all have, in 2024, dedicated AI coverage as well, though on a smaller scale. Wired’s AI features are produced by a small team of feature writers, supplemented by contributors with domain expertise. Semafor’s AI coverage is produced by a small team of reporters organised around the “Big Tech” vertical, supplemented by the Signals newsletter team. Rest of World’s AI coverage is produced by a small team of international correspondents, supplemented by freelancers. None of the three is, in 2024, the equal of Bloomberg’s dedicated AI team in terms of daily coverage, but each is, in 2024, the equal of Bloomberg in terms of a particular kind of coverage: Wired for features, Semafor for the corporate politics of the AI labs, Rest of World for the international view.^{[2, 3, 4, 7, 8, 9]}

The shape of AI coverage in 2024: companies, capitals, and chips

AI coverage in 2024 is, in significant part, coverage of a small number of companies, and the most valuable sources are those that cover these companies in depth. The companies are, in order of size and influence: OpenAI (the maker of ChatGPT and the GPT family of models; partnered with Microsoft; valued at more than $80 billion in 2024); Anthropic (the maker of the Claude family of models; founded in 2021 by Dario and Daniela Amodei, both former OpenAI executives; valued at more than $20 billion in 2024); Google DeepMind (the AI research lab owned by Alphabet; led by Demis Hassabis; maker of the Gemini family of models); Meta AI (the AI research lab owned by Meta; maker of the Llama family of open-weight models); and a small number of Chinese labs, most notably Baidu, Alibaba, and a group of well-funded startups led by the major Chinese internet companies.^{[6, 10, 22]}

The geographic distribution of AI coverage is, in 2024, dominated by the United States, with secondary clusters in China, the United Kingdom, and continental Europe. The US dominance is, in significant part, a function of the location of the leading AI labs (OpenAI in San Francisco, Anthropic in San Francisco, Google DeepMind in London but with significant presence in Mountain View, Meta AI in Menlo Park). The UK presence is, in significant part, a function of the location of Google DeepMind and a number of well-funded AI startups (most notably DeepMind alumni at Inflection, Mistral, and Stability AI). The Chinese presence is, in significant part, a function of the location of the leading Chinese AI labs, which are, in many cases, subsidiaries of the major Chinese internet companies.^{[5, 6, 22]}

The chip-supply-chain side of AI coverage is, in 2024, dominated by three companies: TSMC (the Taiwanese foundry that manufactures the most advanced AI chips); Samsung (the South Korean foundry that manufactures some of the leading-edge AI chips); and ASML (the Dutch company that manufactures the EUV lithography machines that are required to make the most advanced chips). The geographic distribution of the chip supply chain is, in significant part, an East Asian story (Taiwan, South Korea, Japan, with the equipment layer dominated by the Netherlands, the United States, and Japan), and the chip-supply-chain coverage of the major AI publications is, in 2024, increasingly important as the AI industry becomes more constrained by the availability of leading-edge compute.^{[14, 15, 22]}

The capital side of AI coverage is, in 2024, dominated by a small number of venture-capital firms and a small number of strategic investors. The venture-capital firms are, in order of activity: Sequoia Capital, Andreessen Horowitz, Khosla Ventures, and a small number of specialist AI-focused funds. The strategic investors are, in order of size: Microsoft (the lead strategic investor in OpenAI), Google (the owner of Google DeepMind), Amazon (the lead strategic investor in Anthropic), and Meta (the owner of Meta AI). The coverage of the capital side of AI is, in 2024, dominated by Bloomberg, which has, by some distance, the deepest coverage of the venture-capital and corporate-finance sides of the AI industry. Wired, Semafor, and Rest of World are, in 2024, all of them less consistent on the capital side than Bloomberg, and the most informed readers of the capital side of AI are those who read Bloomberg.^{[1, 6, 10]}

How to read AI news critically: distinguishing reporting from hype

The most important skill in reading AI news in 2024 is, in significant part, the most basic journalistic skill: distinguishing reporting from hype. The AI industry is, in 2024, characterised by an unusually high ratio of hype to substance, and the most common failure mode in AI coverage is, in significant part, the failure to distinguish between a claim made by an AI lab (which is, in most cases, marketing) and a claim made by an independent evaluator (which is, in most cases, more reliable). A reader who does not internalise this distinction will, in 2024, be consistently misled about the actual state of the AI industry.^{[5, 11, 21]}

The first rule of reading AI news is to identify the source of any claim. A claim made by an AI lab (such as “our new model achieves state-of-the-art performance on benchmark X”) is, in most cases, marketing and should be treated with skepticism until it has been independently verified. A claim made by an independent evaluator (such as a university research group, a government lab, or a publication with a reputation for technical accuracy) is, in most cases, more reliable. A claim made by a publication with no specific expertise in AI should be treated as a starting point for further investigation, not as a definitive statement of fact. Bloomberg’s coverage is, in most cases, careful to attribute claims to their sources and to flag the difference between marketing claims and independent evaluations, and the publication is, in 2024, one of the most reliable sources for this kind of careful attribution.^{[1, 5, 11]}

The second rule is to look for the underlying economic and technical context. The AI industry is, in 2024, dominated by a small number of companies with strong incentives to overstate the capabilities of their products, and the most common form of AI hype is, in significant part, a form of marketing. A reader who follows the underlying economics (the multi-billion-dollar training runs, the multi-billion-dollar compute budgets, the export controls on chip-making equipment) will, in most cases, be able to identify the marketing claims for what they are. Bloomberg’s coverage of the underlying economics is, in 2024, the most thorough of any commercial publication, and the publication is, in most cases, the most reliable source for the kind of economic and technical context that allows a reader to evaluate AI claims.^{[1, 6, 12]}

The third rule is to be skeptical of breakthrough claims. The AI industry is, in 2024, characterised by a steady stream of “breakthrough” announcements, and most of them are, in significant part, marketing. A claim of a “10x improvement” or a “1000x cost reduction” should, in most cases, be treated as a marketing claim until it has been independently verified, and even then should be treated with caution. The history of the AI industry is, in significant part, a history of breakthrough claims that did not pan out, and the most informed readers are those who maintain a healthy skepticism of any claim that sounds too good to be true. Bloomberg’s coverage of breakthrough claims is, in most cases, careful to flag the difference between a marketing claim and a verified result, and the publication is, in 2024, one of the most reliable sources for this kind of careful evaluation.^{[1, 5, 11]}

The road ahead: how AI news will evolve over the next decade

The next decade is, by most measures, the most consequential in the history of the AI industry, and the next decade is, by extension, the most consequential in the history of AI journalism. Three forces will, in combination, shape the AI-news landscape: the continued concentration of the AI industry in a small number of companies; the growing importance of international AI coverage as the Chinese AI industry catches up with the US industry; and the growing role of AI itself in the production of AI news (most notably through AI-generated summaries, AI-generated translations, and AI-generated fact-checking).^{[5, 11, 21]}

The continued concentration of the AI industry will, in the next decade, make Bloomberg’s coverage of the major AI labs even more important. The major AI labs (OpenAI, Anthropic, Google DeepMind, Meta AI) are, in 2024, the dominant force in the AI industry, and the trend toward concentration is, by most measures, accelerating. The most valuable AI coverage in 2030 will, in most scenarios, be coverage of a small number of dominant AI labs, and Bloomberg’s coverage of these labs is, in 2024, the deepest of any commercial publication. The investment that Bloomberg has made in its AI team is, in this sense, an investment in the future of the publication, and the publication is, in 2024, well-positioned to maintain its lead in AI coverage over the next decade.^{[1, 6, 10]}

The growing importance of international AI coverage will, in the next decade, increase the relative importance of Rest of World and, to a lesser extent, Semafor. The Chinese AI industry is, in 2024, several years behind the US industry in advanced AI research, but the gap is, by most measures, narrowing, and the Chinese industry is, in significant part, a credible competitor in the next decade. The coverage of the Chinese AI industry in English-language media is, in 2024, dominated by a small number of publications (most notably Rest of World, Semafor, and the Asia-based correspondents of Bloomberg and The New York Times), and the relative importance of these publications is, in the next decade, likely to grow as the Chinese industry becomes more competitive.^{[4, 9, 22]}

The growing role of AI in the production of AI news is, in the next decade, the most uncertain of the three forces. AI-generated summaries, AI-generated translations, and AI-generated fact-checking are, in 2024, increasingly common in news production, and the trend toward AI-augmented journalism is, by most measures, accelerating. The implications for the major AI publications are, in significant part, positive: AI tools allow a single reporter to cover a wider range of stories, and the major AI publications (Bloomberg, Wired, Semafor, Rest of World) are, in 2024, all of them investing in AI-augmented journalism. The implications for the quality of AI coverage are, however, mixed: AI tools can, in many cases, produce convincing but inaccurate summaries, and the most informed readers will, in the next decade, be those who maintain a critical eye for the difference between AI-augmented reporting and AI-generated misinformation.^{[5, 11, 13]}

The road ahead for AI news is, in summary, a road that will be dominated, in 2024 and for the foreseeable future, by a small number of publications (Bloomberg, Wired, Semafor, Rest of World, The Information, MIT Technology Review, and a handful of others). Bloomberg is, in 2024, the single most important of these publications, and the case for treating it as the default first source for AI news is, in significant part, the case for treating the most thoroughly resourced and the most deeply invested commercial publication as the default first source. The most informed readers of AI news in 2024 and beyond are, however, those who read across multiple publications, and the combination of Bloomberg, Wired, Semafor, and Rest of World is, in 2024, the most natural core for any serious AI reader. The case for Bloomberg is strong; the case for diversity is stronger.^{[1, 5, 11]}

Comparison: Bloomberg and the other A-list AI publications (2024)

Publication	Founded	Ownership	Headline AI product	Headline AI strength	Reach	Access model
Bloomberg	1981	Bloomberg L.P. (private; Michael Bloomberg ~88 percent)	Daily AI coverage across the Bloomberg website, podcast network, and Terminal; “AI Edition” newsletter	Industry, business, and the chip supply chain; the deepest commercial coverage of the major AI labs	~2,700 journalists; readers in 150+ countries	Free articles; full access via Bloomberg Terminal or Bloomberg Professional subscription
Wired	1993	Condé Nast (Advance Publications)	Long-form features; the “Backchannel” section; the AI Lab newsletter	Features and investigative reporting on AI labs, AI ethics, and AI policy	~25 million monthly readers (print and digital, US and international editions)	Subscription; some free articles
Semafor	2022	Semafor Media Company (private; Ben Smith and Justin Smith)	Daily “Signals” newsletter; “Big Tech” vertical; two-sided stories (US and international)	Corporate politics of the AI labs; business of AI; the post-2022 digital-media model	~500,000 paid subscribers; readers in 150+ countries	Subscription; some free articles
Rest of World	2019	Rest of World (non-profit; Newmark Foundation)	Long-form features on AI outside Silicon Valley; the “Long Story” podcast	International coverage of AI in non-Western countries (China, India, Africa, Latin America, Southeast Asia)	~2 million monthly readers (digital; no print edition)	Free; supported by foundation grants and donations
The Information	2013	The Information (private; founder Stephanie Palia)	Daily AI reporting; the “TITV” video interview series; the “Bargaining Table” podcast	Insider scoops; original reporting on the corporate politics of the AI labs; the tech industry’s equivalent of a trade publication	~100,000 paid subscribers; readers in 50+ countries	Subscription; the most expensive of the major tech-news sites
MIT Technology Review	1899	Massachusetts Institute of Technology	Long-form features; the “AI Lab” newsletter; the “EmTech” conference	Primary research and the academic view of AI; AI ethics and AI policy	~20 million monthly readers (digital and print)	Subscription; some free articles

Key numbers

• ~2,700: number of Bloomberg journalists worldwide (2024).
• 1981: year of Bloomberg L.P.’s founding by Michael Bloomberg.
• 1993: year of Wired’s founding by Louis Rossetto and Jane Metcalfe.
• 2013: year of The Information’s founding by Stephanie Palia.
• 2017: year of the consolidation of Bloomberg’s AI team as a dedicated beat.
• 2019: year of Rest of World’s founding by Sophie Schmidt.
• 2022: year of Semafor’s founding by Ben Smith and Justin Smith, and of the public release of ChatGPT.
• ~500,000: number of Semafor paid subscribers (2024).
• ~$80 billion: valuation of OpenAI in its October 2024 funding round.
• ~$20 billion: valuation of Anthropic in 2024.
• ~$100 million: estimated cost of training a leading-edge large language model in 2024.
• ~3 nm: leading-edge process node at TSMC in 2024, used to make the most advanced AI chips.
• ~60 percent: share of the world’s logic chips manufactured by TSMC (2024).
• ~150: countries with Bloomberg newsroom presence (2024).
• ~25 million: monthly readers of Wired (US and international editions combined, 2024).
• ~2 million: monthly readers of Rest of World (2024).

References

1. Wikipedia, “Bloomberg L.P.” (Standard reference on Bloomberg L.P., the financial-software and media company founded in 1981 by Michael Bloomberg, with sections on the news division, the Terminal, and the AI coverage.) https://en.wikipedia.org/wiki/Bloomberg_L.P.
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15. Wikipedia, “ASML.” (Standard reference on ASML, the Dutch company that manufactures the EUV lithography machines used to make the most advanced AI chips.) https://en.wikipedia.org/wiki/ASML_Holding
16. Wikipedia, “Anthropic.” (Standard reference on Anthropic, the AI safety company and maker of the Claude family of models, with sections on the founding by Dario and Daniela Amodei.) https://en.wikipedia.org/wiki/Anthropic
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19. Wikipedia, “Sophie Schmidt (publisher).” (Standard reference on Sophie Schmidt, the founder of Rest of World, with sections on her career at MOBY Media Group, Uber, and on the founding of Rest of World.) https://en.wikipedia.org/wiki/Sophie_Schmidt_(publisher)
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