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Well, it's like cheap-ass discount, Scott Galloway. I don't want cheap-ass. I want the real fucking deal. Hi, everyone.
This is Pivot from New York Magazine and the Vox Media Podcast Network. I'm Kara Swisher. And it is 5.14am here at the Beverly Hills Hotel in Los Angeles. And I had on my calendar that it was supposed to be.
We were supposed to be on a 7am. So, if I'm even a little slower than usual, you'll have to forgive me. No, I think you had a nice relaxing weekend after you missed me. First of all, that's the key question.
I don't miss you, but I'm not sick of you. After being together for seven nights in seven cities, I thought it was pretty seamless. I know it wasn't it? I had a good time.
I had a good time. What were your favorite parts? Oh, wow. All of it.
I have to say, everyone's like, what's your favorite city? I'm like, I kind of liked all of them. I didn't decide. Everyone was interesting that we had on stage.
I don't think there was a dud amongst. I thought they were the crowds. I thought, you know, I favorite part of the audiences. I got to say they were so enthusiastic.
I don't know what was your favorite part. The backstage whiskey. I don't know. No, it was nice.
LA was nice for me because as people listened, I had a couple of my mentors show up from I was a kid. Yeah. So, I and Paul, right? Yeah.
So, I and Paul. I stock broke around with 13 and my friend stepfather. When we had your fourth grade girlfriend? Yeah, that was a treb.
That was our producer figured out a way to track down. I've mentioned my girlfriend and fourth grade, W.B. Baker and they tracked her down and she showed up. That was a fan.
That was wild. And let me think. Several weeping. You cried a few times.
Yeah, but that's just me. That's just a week. People love that. And then I'm trying to think it was really good.
I thought, you know what? I thought Chelsea Handler was really good. I think she's a female version of you. She's so talented.
No, she's way more talented than me. She's super talented and like light on her feet and funny. Both governors were great. We have bands and cheerleaders and everything else.
And our staff was astonishing. I have to say it was Scott turned to me at one point and said this is completely seamless. This is just really in a good way. Super easy.
Anyways, you're back in DC? Yes, I had you had a relaxing weekend in Los Angeles. I assume I had a birthday party. I took my mother out to dinner and Louie was here.
It was a lot. It was a lot of stuff. But I feel great. We had a great weekend.
I went to a bunch of private clubs in LA. I think I win. I think you do. I went to a living room in this place called the Bird Sometime in Bird Street.
LA definitely has a unique vibe. Find out about these clubs. I never hear about these things. My friend, Michael Baruch, I showed up to you so I was 17.
He was 16. Michael is sort of like a mini celebrity. He's totally dialed in. It's just such a thing about it.
You drop in LA and you're immediately dialed into whatever is happening that night. He shepherds me around. The whole tour was really wonderful. We were thinking of cities on the plane where we should go next.
Lots of people have written in. I said where should we go next to one of my posts. All kinds of cities in Lanto, Seattle, Miami, Nashville. We will try to do different cities.
LA has got home. San Francisco is mine. I consider mine. It was great.
We had a wonderful time and we thank everybody. Everyone was extraordinarily generous to us and made it seem easy. Not seamless. I'm sorry.
You didn't talk about my Bill Maher appearance. Oh, Bill Maher? Oh, my God. Cara came and took over my dressing room and started drinking my drinks.
I was like, I'm not going to go back to the audience. I'm going to go back to the audience. They told me they had brought out. You don't go to Far East, Zachari.
Was that offensive to you? No, but you're like a girlfriend staking out your territory. Or like my mom that I bring on set. I'm like Matthew McConnie with my mom or something.
You liked it. It was fun. We had a good time. You were by the way spectacular on that show.
I was in backstage with the producers and we were watching you and we thought, whoa, what gotten Scott Sweeties. I was like, I'm very nervous on that show. My dad only watched two things when he was alive. He watched Toronto Maple, he was talking and Bill Maher.
I feel like he's watching. I get very nervous. You weren't told Bill that. He was surprised too.
I think. But it was really good. It's a very good show. I would check it out.
Scott said a number of fresh and exciting things. I think everyone was super impressed. They also had Far East, Zachari, and Josh Barrow. I love both those guys.
That was great. I know. That was a good show. It's finally time for four men to dominate a media show.
It's time, Cara. I didn't say word. I thought it. I knew you were thinking.
I thought I was waiting for them. Here it comes. Here it comes. That's how good I've gotten.
I was like, oh, from the front, thank you. Did you find? To be fair, he has a lot of women on that show. From what I understand, they try to get a lot of women.
A lot of women are like, no, which is interesting. And Susan Bennett, the producer who found me and put like, advocated for me to get on the show. Susan is amazing. I have to say, let me say, I know people like her don't like Bill Maher, but his staff has been there.
Every person is over to the makeup person 20 years. Scott made a very salient point. I think Scott, Bill off guard, where he was talking about Scott's book and he was about to do about procreating and things like that. He's like, you don't have to have kids or whatever.
And you said you have kids or you have family, which I thought, knocked him off a little bit there. Well, I said, I think you're full of shit and I could see kind of reared up waiting to get back my face. And I did say, look, everyone here from the makeup artist, the producer has been here 25 or 30 years. You have kids.
They're just wearing time-order badges. And there's a lot of research that on happiness, the kind of the twist on happiness is most people, it's not surprising that relationships are the key. But what's sort of surprising is that people at a happiest are not necessarily the ones that receive the most love and the ones that have opportunities to give the most love. And it's weird to describe Belmar in those terms, but he's clearly got very paternal and fraternal feelings and emotions because everyone around him is building them forever.
I know, it's really interesting because he tried to do, oh, I pay them kind of thing. He started to move that. And I was like, you don't stay at a job. You don't lie.
You just don't, unless you're like a masochist, but none of them seem like masochists. If someone works to me for 25 years, it means at some point they screwed up and you forgive them, and at some point you screwed up and they stayed with you. It goes beyond just kind of a professional relationship. It means that they feel comfortable with you.
You feel comfortable with them and you're loyal to each other. It's like family. I'm like, oh, I'm sorry, you have kids. That's the way it goes.
You know, you decry it. I dropped my kids off at his house. I probably killed them anyway. Anyway, by the way, Saul Switzer-Cats, happy birthday.
We've got a lot to get to today, including Jeff Bezos' new AI startup and Peter Thiel's Nvidia sell-off. But first, President Trump is urging House Republicans to back the measure to release the Epstein files because, quote, we have nothing to hide. The House is set to vote on it today. Trump also continues to call Congresswoman Marjorie Taylor-Green a traitor.
He announced late last week he was cutting ties with Greens referring to her as a ranting lunatic Greens, as she's been contacted by multiple private security firms after receiving a hotbed of threats. She told Cena that she supports Trump as administration, but it's not backing away from the Epstein files. Let's listen. I believe the country deserves transparency in these files.
And I don't believe that rich, powerful people should be protected if they have done anything wrong. And so I'm standing with the women and I will continue to do my small part to get the files released. She also noted that she was sorry and it was seen since the era of being such a toxic force in political discourse, which was a flat-out apology. And I know a lot of people are like, let's not forgive her, but I feel like you can't forgive the people who were saying they were sorry.
I don't know what you do. Epstein survivors released a powerful PSA on Sunday holding up a picture of their younger selves from when they met Epstein, very upsetting, they're encouraging House Republicans to vote to release the files, which it looks like it was going to do. I think Trump did that because he knew he wasn't going to win. And then he could make an excuse.
Either two things are going online, which is that he's scrubbed the files or two that he's going to say there's an investigation of Democrats going on in the files so they can't release them. In any case, he didn't want to lose so explicitly. Also the latest Epstein distraction, Amelia Earhart records were just released as actor Christopher Moloney put it, unless she went missing while on a flight to Epstein's island. No one gives a shit.
I love that guy. I love that guy. So any thoughts on this? This is a really interesting and continually developing story.
I just don't have a feeling. What I've never understood is why we think unless the files are part of some process where Trump appointees don't have access to them. I've always thought these things are going to be altered. I don't.
This is a corrupt organ, you know, his personal lawyer is out of the DOJ and an individual who's a sycophant and a total incompetent and just an acolyte is the head of the FBI. These people at the end of the day have ownership. I guess it's because why would we believe that these things won't be altered when they... Well, because that's a real thing.
They have to be thinking their own skins in the very end. They're not going to do anything for this guy. It's sort of like the mobsters that turn on the top mobster at some point. They always end up turning all those people if you've ever noticed.
Yeah, I just wouldn't put a pass. I think the crime here is so brazen. There was a couple of times on Bill Maher I thought for the first time in my life on this show, you know, everything does not demand my judgment. And I had a couple of topics like on the penny in daylight saving time.
I have no few and no reason to speak now. I feel like I'm watching this, but I don't have a view on it. The only thing I'll say is that Marjorie Taylor Greene is sort of what happens when CrossFit and a Facebook comment section have a baby and then raise it on Monster Energy drink, which she said and resentment. I don't know how to feel about her.
It's weird. You've always said, and I absolutely believe this we have to embrace imperfect allies and MTG is acting. Someone asked us the joke, who's the leader of the Democratic Party? It's Marjorie Taylor Greene right now.
And everybody loves a turncoat because it's good for your own advantage. But something has happened where she has seen polling data and someone in her campaign has said, we are going to do the mother of all pivots here because there's a huge opportunity. And I feel like she's quite she's a real canary in the coal mine for a kind of for the Trump campaign because she strikes me as being politically pretty savvy. Very much so.
And she's done some polling in her own district and found out that this positioning of turning on Trump for the first time makes sense politically. Can I see from a branding perspective? Because again, a lot of people are like, I don't believe her. And my joke I was doing on the tour was she's been visited by three ghosts recently, like the whole Scrooge pivot, essentially, in this overnight conversion.
I don't know how long it's been going on. And I loved some reporting from people actually close to her. If reporters could get to those people of what happened here because she is it's unbelievable, actually, even though I have to tell you, she's incredibly persuasive in her. I was I was a she makes a very I was a Q and on conspiracy victim, essentially, which I have seen it from, you know, I've seen it with my mom.
I've seen it with lots of people, friends of mine who have suddenly gone crazy, essentially. And and nobody's come back. That's the thing. But you think about those people who were K K K and then they teach people not to do violence or you you remember the IRA people they were having all these non-violence and at some point you've got to go and they were extraordinarily violent people.
These skinheads that then teach kids to not do that. At some point you have to believe, I guess, but talk about the brand thing because you do have a sneaking suspicion. It's a trick. And of course, AOC said it was because of the Senate race, which I'm like, okay, that make okay.
Like I'm not offended by that necessarily. They treated her like shit because she's a woman, right? Because they were like, we're not letting you in and she had to change your brand because it wasn't working for. But people do that every day, you know, whether they're marriages or, you know, you got to change or you you lose or you don't lose.
I don't know because people are very mean about her turn about. They did that same thing with George Conway or Liz Cheney or anyone else on the right. But George and Liz, it really wasn't a brand. Quite frankly, it's only back up.
The quote on a brand positioning, I would argue Marjorie Taylor Greene is gone for us. I'm going to come across like one of those women or the type of one who will return a rotisserie chicken to Costco after I've eaten half of it. She just has fun and crazy, weird energy. And that's how we take 530 here.
Did you do that? Did you do that one? Yeah, well, I've heard that before. Yeah, I've never heard that, but I like it.
But whereas she's just so fucking crazy, like, yeah, take it back. Just give her her money back. Yeah, right. But I would argue, okay, so first off from a branding standpoint, people appreciate what she's doing is actually poor branding because, and I'm not saying it's not good for the country.
I'm not saying it's not the right thing to do. It might end up being very strategic. But the reality is people appreciate someone who is consistent, even if they don't agree with the values they're showing consistency on. So, quite frankly, John Kerry ran, everyone gives Vice President Harris a ton of shit.
Senator Kerry or Secretary Kerry ran a pretty poor campaign. Because he came across as just the ad that just absolutely devastated him was a video footage of him, windsurfing in Nantucket Harbor. And it just said he was against the Iraq war before he was for it, before he was against it. And it ended with this devastating line and a picture of him on his kiteboard saying, John Kerry, whichever way the wind blows.
Yeah, oh, yeah. And so people, like, for example, George W. Bush, incredibly unpopular war on Iraq, probably first ballot hall of fame, geopolitical catastrophic mistake. But because he never wavered, people respect that.
And so from a brand standpoint, people would rather you be just fucking crazy and stay that way. Or crazy, crazy level, because those are the people who have been drawn to you. And but whereas I think Liz Cheney and George Conway stayed true to, quite frankly, GOP traditional principles. I don't think they really flip flops.
I think they're very... They did unnatural things for Trump and then stopped, right? And went back to their normal shape, essentially. Yeah, but they did kind of my opinion on Cheney and Conway is that they're the old GOPers.
That basically, MAGA has cast from the past off at the party. Right, absolutely. Yeah. But she was at the heart of it.
She was at the heart of it. But her brand, it'll be very interesting to see what happens. And what will be super interesting is if she's reelected. He's basically aimed at guns that are...
Whenever he's aimed at guns at anyone, it has been a direct hit. It has been shocking. Well, no, Thomas Massey won despite being directed. He tried to get Thomas Massey out the last time.
Yeah, but my sense is I think MTG would be an entirely different ballgame. Because I do know how much you're district-wide for Trump. There's smit, there's smit. A lot except that the head of the Republican party in the district is backing her or not Trump.
Yeah, that will be... If I feel like she's... That's interesting. I feel like she's your finger being pulled out of a dyke.
Yeah. So to speak. She's gonna become a lesbian. That dyke.
She just goes soon. But go ahead. She could fit. Yeah, I'm not gonna comment on that.
So, but she, by the way, Debbie Brubaker, my girlfriend. That's me. As you said, or as she said, the first thing she said was bats for the other team, so to speak. It's happening a lot to me, Kara.
I know that. Anyway, but... You know what I'm gonna do for you? I'm gonna go straight.
Anyway, so... So at this point, I think that ship is sailed, Kara. I think that ship is sailed. No, but MTG, I think she's actually a seminal figure in the political landscape.
Because if she gets reelected and shows that she can basically stick up the middle finger to President Trump, and he's now two years into his lame duck presidency, and you said something on the tour that really struck me. Was it you? You don't think he's gonna finish out as presidency? I really don't now, actually.
I really don't. At this past week, this shift on the Epstein files, whether they scrub them or not, he's in a weak position. And I think they sense it. And by the way, I think there are videos.
I think there are photos. And I think they're not good. And that's what's missing here is... He scared of something.
He scared of something. They made fun of it, actually. They were repeating a lot of stuff you said is, you know, if I was innocent, when I released things and it was the opener for SNL. And it was really quite like saying what you were saying is, he looks so guilty the way he's behaving.
And Amelia Earhart, I'm happy he released that although we still don't know where she went. But we're gonna have to live with that unfortunate accident. But he's gonna try to do distraction after distraction. But at some point, you do run out of steam of these distractions.
I feel like you can't unless you eat Texa country. That's another Venezuela. But I think he's in a deeply weak position. And I think Green is just an example of that.
It'll be interesting if she keeps this up. Because she can't quite let go of him. Because that's hell-bridged too far. But she's like him of another time, not this one, not this Trump.
And I think that's what's powerful. Because everyone I talk to in the Trump universe who's supportive of him is shifting. I like him, but not this stuff. Not the white, not the East Wing, not the way they're doing ice.
Not all these kinds of... But not this guy, essentially. So they like the idea of Trump, not what's happened to him, which is clearly a decline in cognitive and... See, I don't think it's...
I don't think it's... I don't see the cognitive decline. Occasionally he does look like an old man following a sleep. But I don't see the quote-unquote cognitive decline.
I think he actually presents a still remarkably robust. Well, I was in my mom's at a senior facility. And there's a guy there. There's always a guy there that's really robust and really losing it.
But also very energetically loud. And by the test dementia, like I'm just telling you, you could be very... I had a friend who's a mother in dementia. And a grandmother, grandmother in dementia.
And she used to get up from the beach and start swimming and kept going. She was in great shape. She was very lively and they had to go get her. Because she was so fit and so full of beings, but had dementia.
So we'll see. I'm gonna... I'm gonna impersonate Marjorie Taylor Greene. And if my room service is late, I'm gonna blend a deep state.
Okay, good. Okay. All right. Speaking of Congress, the House of Public Health is a report of the searchling a bill model on Trump's ID at a lower health care cause.
Redirecting insurance subsidies directly to people's HSA accounts. They would be for Obamacare enrollees. Mark Cuban called this really dumb, noting that when you send money to people's HSA's, there's no guarantee the money will be spent on health care costs. When they're used by insurance companies, they have to spend 85% on those costs.
Everyone thinks this is like ridiculous. And again, another bad move by Trump, I think. He seems to be missing. He's usually politically so savvy and this is just a dumb idea.
Yeah, look, I think it's time that if you were just to look at our deficit, it's $2 trillion a year. If you look at what we spent on health care, $13,000 per capita per year versus $6,500 for the other six members of the G7. Exactly. If we were able to actually leverage our scale and innovation to provide health care at the same prices every other nation, that's literally the annual deficit.
That would be a $2 trillion savings. You can't. We're going to have a very difficult time ever getting serious about a deficit as long as we continue the regulatory capture. And I don't think there's a health care.
I literally don't think there's a way to fix or enhance your idea. Your idea, you've repeated on the stage several times. Explain your Medicare. Well, if you look at health care in the United States, four out of five people are dissatisfied with it and they spent $13,000 a year on it.
And that's just there's no product in the world that is this expensive that has an 80% disapproval rate. And then you combine that with regulatory capture where we monetize health care is about health. It's about shareholder value, unfortunately. And we've ended up with the most capitalist health care system in a sense that if you're in the top 10% of the United States, it's the best health care in the world.
The person who at person at the top 1% lives 12 years longer than the person at the bottom 1%. We monetized it. It's actually for you and me, it's the best health care system in the world for everyone else, not so much. It's still frustrating.
So I think this has to be like really ripped a band-aid off. And what I think at the same time, Medicare, which is what seniors are eligible for, actually delivers pretty efficiently. And people are generally pretty happy with it. So my idea is to lower health Medicare eligibility by two years a year.
And then in 10 years, where are you? You're at 45 on up is eligible for Medicare. And that's 70 plus percent of health care costs because they happen later in your life. And I think you just keep going until effectively you have socialized or national medical coverage.
It's time. It's just not working for us. And everyone under could have a very inexpensive underfoot. They don't even need health insurance.
I know they don't, but just if something happens, right? They need to always say that. I'm trying to figure out an elegant way that gives the private sector time to respond because there are millions of jobs that are dependent upon this regulatory capture. And you want to give them time to adjust, but quite frankly, we have to move to an entirely different system.
We have to move in the UK, the NHS granted people have their issues with it, but generally you get good health care for free. And it's the responsibility of the entire nation. And just in Korea, they're perplexed by our health. They're like, why are you?
They can't get over a nation that's the most prosperous nation in the world where when your wife is diagnosed with lung cancer, also means you're going bankrupt. 40% American households have medical or dental debt. It's a huge, you know, happiness, we're talking about it, the six of the 10 happiest nations in the world are in Northern Europe. And I think a big component of that is people think of happiness is having stuff or the ability to have stuff which America defines.
But actually a bigger component of happiness is absence from fear that things are going to be taken from you. And in the US, there's a real fear that your dignity will be taken from you and the health of your loved ones because it's so fucking expensive and people can't afford it. Health care in homes, that's 100%. I think crime and immigration are big in terms of perception, but in terms of the actual quality.
As a relationship, actually... Health care in the illness, cortisol, stress. Well, I'm shocked that some of our friends on the left are more aggressive about this. You know, Hillary, the Secretary of Clinton was right.
It's just the world wasn't ready for it in 92 or whatever it was. The nation is ready for it. The nation has had it. And then the age of the system in the UK, the top, I forget, if it's 5 or 10%, go private.
And people say, well, that's the aristocracy. I'm like, no, it's not. Rich people are always going to have better service and better access, get used to it, folks. Their kids are going to have an easier time getting into college, they're going to have better doctors.
Did you see that journal story about Rich? Really the ultra-rich. Never see people like they go from one. It's a well-centered two.
Well, that's part of the problem. And that is the most powerful people, by far, in the top 1%, and they're no longer invested in the basics of American life. They have their own schools. They have their own police force and security now.
They have their own health care. They have their own transportation. They have their own planes. So when America infrastructure is crumbling and when the average American has a difficult time getting good education or feels unsafe, these people don't feel, don't have no empathy because they're, they've totally extricated themselves from the American experience.
Yeah, this story I'd recommend in the Wall Street Journal. We have to move on, but one of the things that we do mend you and you happen, I was like, okay, here we are. This is more and this is going to happen over time. People are furious about this thing and they don't need to be, right?
It's so fixable for our country and it saves money. We just before we move on two things. I actually believe if people had any idea how the 1% really live in terms of access, I think there'd be a revolution right now. I think the difference between...
Well, it was described rather detailed in the Wall Street Journal. Well, the difference between a middle-class person and an upper-income person when I was growing up was they got to buy business class and they had a Cadillac, not a grandtrainer, but you live largely the same life. Now it's a different fact in the universe. It is just a different...
It's also a cosmetic UK health care system. The people go private because they have the money for it. It actually kind of works because they basically take pressure off the system because they're not in the system. So I think it's time for nationalized health care.
It's not for socialized health care in the United States. It's just not working for us. Oh, you socialist. Anyway, let's go on a quick break.
When we come back, Peter Thiel dumps his steak and in video you're going to hear what you say about this. I'm Maria Sharapova and I'm hosting a new podcast called Pretty Tough. Every week I'm sitting down with trailblazing women at the top of their game to discuss ambition, work ethic, and the ups and downs that come on the path to achieving greatness. We'll dive into their stories and get valuable insights from top executives, actors, entrepreneurs and other individuals who have inspired me so much in my own journey.
Follow Pretty Tough wherever you get your podcasts. So we are 250 years into this American experiment and I say it's going okay. I give us like a C plus. There is no perfect past but there is also no exclusively negative past because humans are going to human.
That's what we do. I think the story of America is the struggle of people who have not been included in the promise of America to expand those principles to include more people. What's going to determine the next 250 years of America and how do we write a new social contract that can give us the democracy we deserve? Okay, so I'm just going to be a jerk here because I'm a historian so we have to have a prologue explaining, you know, we the people.
You know, I just don't remember it from Schoolhouse Rock. We the people that go into the former for a FQD and establish justice. What is it? Ensure domestic tranquility?
So you're talking about a foundational document so I'm building a document that will protect American democracy. That's this week on America Actually. This week on Network In Shell, I'm joined by Tanksen Onderat, the mean king with over 15 million followers across Tanks Good News, influencers in the wild, and his personal account. Tank is breaking down what the meme economy really is, how much a single sponsored post pays, why major brands are throwing serious money at jokes and how meme culture, think preparation H, starter packs, and a perfectly timed screenshot, is actually reshaping how we think about money and value.
Get ready for a conversation that will change the way you scroll, make your rethink, what's going viral is really worth, and prove that sometimes the most serious money moves are wrapped in the silliest of jokes. Listen, wherever you get your podcasts or watch on YouTube.com slash your rich BFF. Scott, we're back. Peter, feels fun.
He's sold off his entire stake in Nvidia, elevating AI bubble fears. At the time of the Staping Early Monday morning, it looks like the markets are in for a muted open after a rocky week of tech stock sell-offs quite a lot while we were away. The NASDAQ composite ended last week down a half a percentage, one led by dips in Alphabet, Amazon, and Neta, even though Warren Buffett bought into Alphabet, which we never buy as a detect. And talk about this, this move.
And let me just add that speaking of AI bubble fears, some recent reports are shedding more light on open AI's finances. This was jaw-dropping. I thought documents obtained by the Wall Street Journal show the company is burning through cash. I mean, it is a forest fire.
Operating losses are projected to reach about three quarters of annual revenues by 2028, mostly due to computing costs. Of course, though the company expects to turn a profit by 2030. They say they are. Then they could look at this happen with other internet companies.
Open AI has spent about $12 billion on inference, essentially computing costs between 2024 and the third quarter of 2025 according to documents reviewed by Tech Blogger Ed Zitrin. The documents also show Microsoft's revenue share payments from Open AI roughly doubling since last year. Open AI has said these aren't accurate, I guess. But they are having this.
We'll see when they have their IPO, Sam Alton recently said Open AI's revenue is more than $13 billion a year. But these latest numbers don't seem to support that. Any thoughts on this stuff? I'm really interested in your take on the teal stuff combined with, and of course, with his name from Massa Sun sold off one video in order to get Open AI.
But go ahead. I think most people, most of them are going to listen. This is some profit taking. Nvidia is up 38%, and Nvidia was down 8% last week, but it's up 38% for the year.
Microsoft down 1.3 up 22, Metas flat was down 4.5%. It's only up 2% for the year. Amazon is up 7%. It gave back 8% last week.
Alphabet was down 3%, but it's up 45%. Apple is up 1.2% last week and up 12% for the year. And the companies that, so Apple and Amazon are supposed to be most of them from the AI trade. I'm gone all in.
I personally, and again, this isn't financial advice, but I'm increasingly convinced that the string that gets pulled on, that takes down the global economy to recession levels. And they'll be nowhere to hide as the following. I think the $1 trillion plus commitments are framework that Sam Alton has made to try and convince everybody. I know more than you, and this is so fucking huge.
I need 60 nuclear power plants and 300 billion in compete from Oracle. I think a lot of that is marketing. And great. If the revenue is doubled at OpenAI, it means its stock is 80% overvalued because built into that evaluation of 40 times revenue is at this link is quadrupling every 12 months.
And will quadruple every 12 months for four years, and it's not. And the moment they announce, again, I think this trade unwinds the following way. I think a traditional company, a PepsiCo, a caterpillar on an earnings call says, look, we are excited about AI. We do think it's going to be breakthrough, but we are scaling back our investment.
And then a bunch of other traditional S&P 500 companies look at each other and make the same announcement. OpenAI has to, you know, it becomes clear there's no fucking way OpenAI is going to continue to be able to buy 300 billion in a video chip. And the thing that takes the market down, quite frankly, is Nvidia because with a $5 trillion market cap, if this thing gets cut in half and there's a $2.5 trillion destruction in the market, which will impact the top 10% households, and how responsible for 50% of consumers spending, that's how the economy literally starts to throw up and convulse. And I think we're getting there.
The narrative has gone from AI boom to AI bubble. Now everyone, people don't realize it happens incremental and you said something that was struck me. People don't realize how much the narrative is changing around AI in the financial press just in the last 15 days. Everyone's talking about a bubble now.
I've read so many bubble stories. It's crazy. And of course, as you say, sometimes when that's the case, it doesn't happen, right? Over indexes on that.
I would say the teal thing, I don't think it's just profit taking, although he's the next guy has a tuning fork for money, right? He figured out some weird tax plan that he never pays taxes again or some weird cap gains thing that he does. He's always up to some like amazing, ridiculous and greedy thing to do. But, you know, that's him.
He's a capitalist. He's a very, you know, nook and cranny of problems. But it was interesting that it just, they see things before people because they're in the middle of it and they can actually see the numbers. And anyone that can see the numbers, you have to pay attention to their moves.
And it's not just profit taking, right? It's not just that. I think probably it's not like, you sort of feel like, remember Amazon was all like going to be on Amazon. That kind of stuff that there was that narrative that went on.
And then it wasn't. But this is so much bigger. Like, it's so big. And it's affects everything.
And it was, and they're already established industries and already established companies, these other companies. And they cut off. Nobody cared in this case when they cough. Everyone dies, essentially.
Here's an interesting thing. Jeff Bezos is taking a larger role in the AI game. He's created a startup called Project Prometheus. Oh, it's such a.
By the way, Prometheus did not have the greatest tail. Just so you know, people know Prometheus gave humans fire. And he defied the gods for doing this. But punishment for his actions, Zeus condemned Prometheus to internal torment, including an eagle at his liver daily.
So good luck, Jeff. And he'll be the co-CEO, the company is focusing on AI with real-world applications and aerospace cars. Another feels makes sense. Project Prometheus has already raised $6.2 billion in funding.
I'm not sure what it's probably making apps, right? I would assume how you would deploy it anywhere. What's the use of AI? And I think people right now are mostly using it for search, a more robust search or a more robust analytical thing.
And so the question is how do you make it really seamlessly useful throughout, which is what you're talking about? What's the actual ROI on these things? So I don't know if you think of any of that. The thing that marks the age a little bit is weapons of mass distraction.
And that is, I think the country is being run by. I think we're bombing fishing boats, which no fentanyl comes out of Venezuela. They don't have any fentanyl. Yeah, not in fishing boats.
And then if these fishing boats were the distribution system or the transportation system for the drug trade, which by the way, it's not the way you go after the drug trade, the transportation system, they would have, if they were in fact, faring drugs or fentanyl, of which there's none of those soil outs in Miami, these boats would need to make 20 stops to refuel, which is sort of logistically improbable, if not impossible. I believe we're bombing fishing boats because of a dead pedophile. I think every day, as soon as Epstein creeps back into the news, they try and come up with something, you know, whether it's a health account nonsense or an additional 100% tariff on Lithuania to try and distract them. And then the other person who does this, I mean, the most powerful person in the world, the wealthiest man in the world, are literally deploying all their energy and firepower on distraction right now.
And Musk is like, look at anything but the fact I have a car company trading at, you know, a revenue multiple that's never made sense for a car company. Look over here, it's robots. Look over here, it's autonomous. I agree.
It's AI. Like jazz hands on fucking meth because it's not, if he just starts talking about Tesla as a car company in the metrics and what the plan is for this company that wraps steel around a motor, people are going to wake up and go, oh, it's a car company and take the stock down 80%. It's also, can I add something? It's more than that.
It's also the idea that they can't shut up. I was just thinking this last night, I'm going on that the show, Jennifer, you know, those two ladies, I've had it ladies. And I had to think of, I've had it. I have had it with them talking.
Like it's, when Bill Ackman was giving dating advice, you know, I was thinking like, I would call him a cheap ass discount version of Scott Galloway. It was first of all, stupid advice for men, young men. He's put a moving into your space. I gave him a smacker, Ruth Scott.
But he's sort of copying. Yes, he put out this whole thing about, can I meet you? You go up to a girl at a bar and you say, can I meet you? Can I meet you?
Just did you? Can I meet you? That's his piece of advice. He like started getting dating advice.
I'm like, can you just go back to hedge funds and stop con, make it on everything? I bet he saw like the Galloway's number one. I need to get in on this thing. That makes me a softer side of seers kind of look, but yeah, and it's completely wrong.
So just to be clear, I don't know. But that's what I mean. Basil's can't shut up. I know, but I, I try and base my dating advice on research.
So just real briefly, gentlemen, women are attracted to men sexually for three reasons. So the bad news is, you know, that's a range of a lot. But you can also signal resources by having a plan and having your act together and demonstrating discipline. It's like signaling, not only current but future resources.
Second is intellect. What's the fastest way to communicate intellect, Kara? I don't know. Make a joke.
That's right. So I told you my impersonation of a woman, I'm laughing, I'm laughing, I'm naked. And then, and then if you can, if you can make a woman laugh at that, but it was fun. If you can make a woman laugh, she'll have coffee with her.
And then the third thing, and this is the most underleveraged weapon and dating advice for young men is kindness. And it's true. Women instinctively believe at some point they'll be vulnerable because of gestation and they are someone who is a kind man. And it's all makes sense.
Can I meet you? Does not? Yeah. So I don't give guys opening lines.
I would start with, hey, where are you from? And then you read body language or what's that old line? That's a nice shirt. It'll look great on my floor in the morning.
Well, my big line is you give them the phone and ask them to take pictures of a picture of you. Everyone always says yes and no problem and they're nice. And then you say, now can you turn around and pair a cup of milk and take a picture of the two of us and she'll go, why? And you say, because I want to show it to our kids.
Oh my God. That's so creepy. That would send me way, way, way. How can I get out of this place with my head intact?
No, no, no, no, no. I need to take a dating advice from a guy who lost his virginity at 19. Yeah, no, that's true. No, but there's basics.
I did not know Bill is getting into the young men game. I'm going to have to call Richard. He's getting it. I was like, what are you doing?
Get out of Scott. I was immediately angry, but it was also stupid. So I thought, okay, I'm angry and yet it's stupid. He's like, totally getting into the Scott game.
He'll probably call you for lunch like they all do. Like, let's have lunch and chat. Let's do a hedge funds, Bill. You're a hedge fund person.
That's the only thing we want to talk to do. I don't mind all that much. I think he's become a clown. I think he's a very talented investor.
He's very risk-taking, but he needs to stop talking about everything else publicly. You could talk about it, probably, if he's interested in whatever. He reminds me there's a great show. Only we can talk about things when we're not supposed to talk.
Do we have no domain expertise in? No, no, no, we know a lot of reporting. No, I don't talk about hedge fund investing. I don't know anybody asking you.
We just talked about the market. Yes, but you talked about it. I didn't because I don't know anything about it because you know something about it because you've been investing since 13, but with Cy apparently. But there's a show called The Beast and Me, and then we're going to move on.
It's about this billionaire who lives next door to this people's surprise when he's a lesbian writer. It's kind of echoes. He's such an irritating person. Literally, they have a lunch that I have had with a dozen different tech people, rich people.
He's so irritating in this show. He also might be a killer. But anyway, he's so irritating. Stop getting into Scott.
I was defending you. I was like, get out of Scott. I love how you're like a dog and you're like protecting my purse. I'm going to get away with my purse.
Well, it's like cheap ass discount. Scott Galloway. I don't want cheap ass. I want the real fucking deal.
You want that new leather smell? No, I can never bill Ackman to give dating advice. I'd like to do a long- I'd love hedge fund advice from Bill Ackman. I'm so worried right now about Axe spray in the airport because I didn't have a gun.
That's like a teenage boy. No, 19. I'd like to buy a gun. That's like a teenage boy.
No, 19. I'd like to buy a gun without a 13. Anyway, just a memory of really bad smelling young men. Oh my God.
Just a funny point on the actual substance of the conversation. So at the peak of the dot-com bubble, all a big tech accounted for about 34% of the S&P. There's just 10 companies now that account for 40% and the 10 biggest companies in tech back then were 27%. So these companies are 50% more expensive as a percentage.
They account for 50% more as a percentage of the total S&P. So we are now in this. Look at below territory. Well, if you look at what happened to these companies in 2000 and you look at their peak from which they fell, these companies are now 50% have 50% more market cap as a percentage of the total market.
And then the Buffett test where you take essentially the market cap at the S&P as a percentage of GDP. He likes it. I guess normally it trades around 80 or 90%. It's trading at 220% right now.
Yeah. So Buffett is mostly in cash except he bought some Google shares. Oh, he's a, you know, he's assembled a war chest of $310 billion in cash. He did buy, he did buy Google.
Yeah, he bought alphabet. That was interesting. And Apple and Amazon are probably reasonable because they have not gone all in on AI like everybody else. But the narrative has changed really dramatically, which isn't to say, which isn't to say that the market, my friend Barry Rital reminded me that 97 when everyone said the market was overvalued, the NASDAQ doubled from that point.
But this feels really, really wobbly. Going to go fast. That's my feeling. All right.
Let's go on a quick break and we come back. Bonds are thriving. See Scott, I'm availing myself to your expertise. We're back with more news.
So bonds are having a moment, which usually seen as a steady predictable investment is having its best years since 2020 so far. The Bloomberg US Agri-Vond index has returned around 6.7% in 2025. And you know, who's noticed President Trump, he's bought at least $82 million in corporate municipal bonds since the end of the summer. According to ethics forms, we're talking about over 175 separate purchases here.
And here's the interesting part. A bunch of these investments are in sectors that are so happy to benefit from his own policies. What a surprise. And by the way, I recommend watching Scott Pelley's piece on 60 Minutes About the Binance CEO Pardon.
It's not new reporting by any stretch of the imagination, but he brings it together nicely. Anyway, is there a smart move for non-presidents? Explain this for the people. I don't know.
But can I meet you? Go ahead. It's been a bit of a fight to say the interest rates aren't historically not that high, but in terms of recent history, they feel fairly rich. And I think what's going on here is pretty basic and that is a lot of investors feel the way I do.
And we have no idea where to invest or find value. It feels like with gold up 55%. It's like where do you go? Where all the stocks over value, even foreign markets are getting not frothy, but what feels like fully valued.
And also, it feels like there's a lot of risk in the system. So if you return on bonds is fairly decent. And bonds are in the top of the cap structure, meaning that as long NVIDIA could get cut by 90%, but it would likely still be able to pay off its debt or its bonds. And so people generally think of bonds as being a safer instrument and they're getting actually paid for the risk most people would argue right now because of the run up in interest rates and inflation.