00:00:00
This is just so [ __ ] stupid and such a waste of oxygen. It doesn't pass the
00:00:04
most basic smell test. >> Hi everyone, this is Pivot from New York Magazine and the Fox Media Podcast
00:00:15
Network. I'm Cara Swisser >> and I'm Scott Galloway. >> So are you going to the Met Bowl?
00:00:20
>> I was invited. >> Why were you invited? I'm sorry to ask that.
00:00:25
>> I I acknowledge it. was in the Devil Wears Prada, which may I say, as I
00:00:30
predicted, >> what happened? >> Oh god, are we talk? Is this your new
00:00:34
Taylor Swift thing? >> $233 million globally. But why? Tell me why you were invited to the Metall.
00:00:42
>> I'm still not sure. I just I'm I think it's because I've talked a lot about and
00:00:47
got a lot of um social media activity when I went to the Vanity Fair thing. So, I think I [ __ ] I don't know. I think
00:00:56
someone I think some intern somewhere said podcasting. What about that crazy professor? I don't I'm not sure why.
00:01:01
>> They tried to be your pal, right? Weren't they trying to like suck up to
00:01:04
you >> um >> for a minute and a half? >> I don't know. People are pretty nice. Um
00:01:09
>> no, the Bezos people. Bezos and his lady friend. >> Oh, I I like them. I I met I mean I
00:01:15
don't know them, but I my I've had you've had more interaction with with
00:01:20
them than I have, but I find them to be lovely. I >> I was invited I think I told you this. I
00:01:25
was invited to a small dinner with him and another friend and I I said no I don't a I don't like dinners and two I
00:01:32
don't you know two I don't like people and three I don't I don't want to know
00:01:34
these people because I know what's going to happen. We talk about the slot. I'm
00:01:37
going to like them and I'm going to start >> you like everybody. >> I'm going to stop speaking my mind.
00:01:40
>> Truly low bar for people. >> It is a pretty low bar. I'm pretty
00:01:43
>> say I'm pretty nice. I'm like >> Yeah. No, I'm pretty I'm pretty
00:01:48
>> I think they're getting the [ __ ] kicked out of them. You know, there's protests
00:01:52
and like billboards, very some funny things. There was um um you know, like a shopping cart out front with a bunch of
00:01:59
empty bottles and said bathroom, VIP bathroom. I They're projecting things onto the
00:02:06
buildings nearby. Um they kind of hijacked the whole thing and it's kind of I don't know, graspy and thirsty. I
00:02:12
find that >> it's a perfect fit. Vogue Vogue has so much RZ and no money and the Bezos have
00:02:19
just so much money and not a lot of RZ. It's a marriage made in heaven. I don't
00:02:22
know this, but I get the sense Bezos is pretty self-actualized and Honey Bear don't give or Honey Badger don't give a
00:02:30
[ __ ] I think he's just living his best life. Quite frankly, I don't very
00:02:34
different. >> Oh, you might know more than me. I don't >> I think they're tonedeaf to what the
00:02:38
what what's going on right now. Gas prices nearing $5. I think they're always showing off.
00:02:44
>> They're unaffected gas prices. I get it. But that's hilarious. >> No, I don't think honey. We need to cut
00:02:48
back. No more second yacht. They're they're they're not quiet wealth. Let's
00:02:52
just say apparently he's selling his yacht. He's selling his yacht. >> So gossipy. I think this is more about
00:02:58
Well, anyways, I I get the sense the guy I mean this is this is the journey of all of them. All of them were like the,
00:03:06
you know, captain of the chess club. They weren't getting laid a lot. They've
00:03:11
worked their asses off. They're very smart. They're very talented. They've
00:03:14
been working non-stop. And one day, uh, the day of the IPO, they went into a conference room, this, you know, nice,
00:03:23
fairly unattractive guy who had no sexual currency their whole life, and they come out and they're the sexiest
00:03:28
man alive. >> I know. I've had these discussions >> and they go apehit. And I don't, you
00:03:33
know, and and with with respect to Bezos, um, I I get the sense, you know, I get
00:03:40
the sense he's having a great time. >> I don't know. I just think I think
00:03:44
there's a leaders and our I I'm I'm more for the quiet if they're going to be
00:03:49
very wealthy. The qu there is a an argument to be made at this moment in time in it which is
00:03:55
>> keep it to yourself. >> Keep it to yourself. So I don't think I
00:03:58
think this doesn't play well and I know they don't care but they look like
00:04:03
ridiculous. They look like Tom and Daisy. I'm sorry. I just they just do in the Gatsby and and it's not a good look
00:04:10
right now because things are really shifting and I don't mean they have to pretend they're like living on the
00:04:15
prairie with like one shovel and a you know in a bucket like that's not what
00:04:19
I'm talking about. It's just a I think the McKenzie Scots, Lorraine Pal jobs,
00:04:24
the the Melinda Gates, they speak out appropriately. They're not showing off.
00:04:30
I just I just I don't think it's going to end well. Anyway, uh we'll see. I'm
00:04:35
coming to London, by the way. I'll be there tomorrow morning. >> Yeah, I know you have some dinner, a big
00:04:39
dinner. And >> yes, you were invited. It's a small dinner and you will refuse to come, but
00:04:43
that's okay. >> Well, I was invited to the Met Ball. You think I said no to the Met Ball, but I'm
00:04:47
coming to your dinner. >> Yes, I do because who the [ __ ] cares about the Met. What would you wear to
00:04:51
the Met Ball? Speaking of which, >> you know, the idea I get anxiety just thinking about it. I I don't I I'm That
00:04:58
was such an easy in in like oil and glad. God. Jesus Christ. I just ate. >> What could What would you wear?
00:05:08
Seriously, what would you If you had to think of some fantastic costume. >> I have I literally have absolutely no
00:05:14
idea. I don't >> You love to dress up. You dressed up as like at Halloween, you always dress up.
00:05:19
>> Oh, no. I love dressing up in something outrageous. I love going as as as uh as
00:05:24
Deadpool or Starship Commander Jean Luke Peard. Huge crowd-pleaser. >> Okay.
00:05:29
>> I love I went as Luke Star. >> Not like for a costume met costume.
00:05:33
Yeah, I went as Ted Lasso. Any opportunity to put on a wig and be someone different. I absolutely love
00:05:37
that. But to try and look good. >> Well, you don't have to. Not all of them
00:05:41
do. Sometimes they look kind of crazy. >> That was the easiest no in the world.
00:05:46
That's like the last thing at some point. At some point, I lose all academic credibility. And you know,
00:05:53
something that gets much closer to that point is showing up the [ __ ] Metall. >> I wish you would go and wear an I don't
00:05:58
care do you shirt like the Melania shirt. I wish you would do that. I I don't like that either. I think if you
00:06:04
get invited to something like that, you play along and you'd be a good gracious
00:06:08
>> I guess. Um, >> you know, I don't think you wear a dress saying tax the rich. I thought that was
00:06:12
I agree with you. Um, I think that's stupid. You don't go. Um, but you should
00:06:16
go because I need to understand it. I need you to go in there because I would never do such a
00:06:20
>> I'm in London and plus I really want plus I really want to hang out with you
00:06:24
and your friends here. Not true. >> You are invited. Don't say I don't
00:06:27
invite you. You are >> I literally have nothing to do. I'm home alone. I've got the boys this week.
00:06:33
You're off partying with your fancy friends from the Devil Wears Prada. I'm
00:06:37
home alone with my dogs. That's all I got to say. >> You're It's a small dinner. You're
00:06:42
invited. If you'd like to come, it would be great. Okay. >> If not, I'm going to find you and see
00:06:47
your house in time. I'm not staying here. >> No, they have me at the hotel next to
00:06:52
the thing, but I would usually, but when I come back, I will. If Are you staying
00:06:56
there now? What's the deal? Uh, I don't know. Um, >> oh, okay. The honest answer is a monkey
00:07:04
wrench has been thrown into our plans because >> you told me that >> my youngest who has a habit of doing
00:07:09
this >> has >> likes where he is >> is all of a sudden getting A's. And
00:07:14
>> anyways, I'm going to spend much more time in the US. A lot of moving parts
00:07:17
here, but which I won't bother with. >> Let me let me know. Anyway, I will come
00:07:21
by and find you somehow. I'll break into your house. Um, anyway, let's get to the
00:07:25
news. This is a weird one. As we record, GameStop and eBay stocks are responding
00:07:29
to real train wreck of an interview from the GameStop CEO. What a surprise. Ryan
00:07:34
Cohen, who's somewhat of a [ __ ] sometimes when he talks, announced the deal of the century over the weekend, a
00:07:40
$55.5 billion unsolicited offer to buy eBay at $125 a chair, pitching it as a future rival to Amazon. But then he went
00:07:48
on CNBC's Squawkbox, where our good friend Andrew Ross Sorcin, our famous Canadian friend, pointed out the math
00:07:54
wasn't mathing. It was amazingly awkward. Let's listen. >> You have $9 billion uh on your balance
00:08:01
sheet. Arguably, if you're if you're providing uh effectively all of your
00:08:06
stock and then and then the cash that gets you to 20, you have this letter from TD, that's another 20. Uh we're now
00:08:15
at 40. Uh but we're still off uh by call it uh 16. and and the 20 as far as I
00:08:23
understand while it's considered a highly confident letter meaning TD saying they're highly confident uh that
00:08:29
they would provide the financing it's not locked financing. >> Yeah, we'll see what happens.
00:08:38
Um I I hear you. I understand that. I'm I'm just trying to understand where the the
00:08:48
rest of the money would come from. It's half cash, half stock. >> I I I'm I hear you. I'm just saying that
00:09:00
that math doesn't get you to the to the price that you're offering. >> It got more and more awkward after that.
00:09:08
Um this is just this is a meme stocks. This guy is such a [ __ ] He's always
00:09:12
trying to get that stupid stock up, the GameStock thing, and take advantage of people. So, I don't know. Reminds me of
00:09:18
the the story about poly market and kalshi. Only the top whatever 0.1% make money and everyone else loses. But your
00:09:27
thoughts on this ridiculousness? I love Andrew. >> This is Well, first off, Andrew did a
00:09:32
great job. I I think Andrew is one of those You're like this, too. It is very
00:09:37
difficult to ask really piercing hard questions to make people look stupid while remaining dignified and not coming
00:09:42
across as an [ __ ] And Andrew is able to do that. You're able to do that. Um, this is off off off Broadway
00:09:50
theater, not strategy. This is just so [ __ ] stupid and such a waste of oxygen. And a CEO who has I looked into
00:09:59
this, a compensation strategy that says if you can get GameStop to hundred billion, you get 35 billion in a
00:10:05
Musklike compensation strategy. So, he's trying to memeify his stock again. So, this is noise. it doesn't pass the
00:10:16
most basic smell test. First off, there's a scale mismatch. eBay is a 30 to40 billion enterprise. GameStop
00:10:23
doesn't have the balance sheet to do without massive dilution or leverage. And the stock they would have to offer,
00:10:28
they'd have to issue so much stock that the stock would immediately go into a
00:10:32
downward spiral. There's no way they can do this. The strategic fit is then where
00:10:36
both commerce isn't a strategy. eBay is a two-sided marketplace with with decades of of liquidity and tens of
00:10:45
millions of customers. GameStop is still figuring out what the [ __ ] it wants to
00:10:48
be other than trying to become a meme stock. And then, as Andrew was pointing out, the financing reality here is
00:10:56
nothing but a bad Iaska trip. Even a even a partial bid would require issuing a ton of equity. See above massive
00:11:03
decline in the stock. That's effectively asking shareholders to fund a a a ketamine trip. So what's left here?
00:11:12
There's nothing here but signaling to retail investors. He's trying to say,
00:11:16
"We're bold. We're swinging. Start taking get someone on Reddit. Get
00:11:19
Roaring Kitty fired up so I can get in a rational compensation for not actually adding any [ __ ] intrinsic value to
00:11:27
the market." What he said is, "We're a melting ice cube." And he's also, in my
00:11:31
opinion, this has backfired. And by the way, Gamestock stock as we record down 9% today
00:11:39
this is not only I I blame the board here. A board of directors are supposed to be
00:11:45
fiduciaries. >> Is there one? I mean >> that's a fair point of >> but this should never have even been
00:11:51
allowed. Real acquisitions, the real work is done behind the scenes. And if you're going to make a hostile bid for a
00:11:57
company, you show up with your financing locked and loaded and it's done. And if
00:12:01
you have to go hostile because they reject your initial offer, this should be a one-s sentence response from the
00:12:07
board of eBay. >> Come on. >> You are not a serious people. Period. >> That's it. So, this makes a headline.
00:12:15
This is using financial markets and the press as you're taking them for clowns
00:12:21
because you got a you got a trip to the circus in COVID with your meme stock adventure.
00:12:27
>> Well, he's trying to get it going again. It's like that Wall Street Journal piece
00:12:30
about who's benefiting from these prediction markets. And if you don't know who the sucker in the room is, it's
00:12:35
probably you. It's this is not a real thing. It is a it's it was it was showing who makes profits and it's a
00:12:41
small group of people who make all the profits. Everyone else loses. Thousands and thousands, whoever's using it. And
00:12:48
so it's you know, you're a you're a you're a a sucker. There's just it's
00:12:52
just like I don't know why this is legal. This kind of nonsense. I just >> Now it's sound 10%. You're allowed to I
00:12:58
don't know if it should it be illegal. I Here's the bottom line. The market the
00:13:02
market is doing its job. They they say, "Oh, remember GameStop? Okay, the CEO is
00:13:07
a [ __ ] idiot and he has no he clearly has no fiduciary oversight and it's taken his stock down 10%. Today, one
00:13:14
day, >> right?" Except this has gone on for a long time, this nonsense. And people
00:13:18
have benefited just like they are doing over on these predictions market the certain people who have who are a little
00:13:24
smarter you know supposedly like I think Chimath was in there remember when it was going up and up and up GameStop it
00:13:31
just feels like there's they're just taking poor people's money like that it
00:13:35
just is so grotesque that what they're doing here >> I think the memeto movement I I I hated
00:13:42
it. I I got dragged on the internet because I I said young men should spend less time on their phone and trading
00:13:48
with this was just stupid. >> Yeah. >> The I do think a lot I'd be curious to
00:13:52
know I mean quite frankly the meme stock movement the whole gestalt of it was stick it to the man stick it to rich
00:13:58
people. >> Yeah. But it never and then it became about a con at >> right and when any when when you have
00:14:03
the winklevi telling you to stick it to the man it means you're about to be impaled as a retail investor. And so I
00:14:09
agree with you that anyone, this is just pure gambling. It's not speculation.
00:14:15
And and the reality is for for younger people or people doing this, if you want to have some fun, it's like Vegas. Fine,
00:14:21
have at it. But the thing is, you got to steal your phone all [ __ ] day because
00:14:24
the the moves are so wild here. But this is, in my opinion, um I think and I don't know if there
00:14:32
should be regulation here. It's free speech. But the question is, should you
00:14:37
be able to should you be able to have this kind of impact on the markets, which I don't think it has when you make
00:14:44
offers that are not in any way realistic. In other words, is this market manipulation? Is it trying to do
00:14:49
something, >> right? That's what I mean. Yeah. >> With absolutely no serious intent
00:14:54
>> of uh of I wonder what's happened to eBay stock price. >> God, that's a company that
00:14:59
>> Let's just thank Andrew, our favorite Canadian, Andrew Rossin, for like
00:15:03
slapping this guy. Uh he's really polite. I'd be like I'd be like at this
00:15:06
point after he says have cash stock I go you [ __ ] [ __ ] That's would be my
00:15:10
next line. He's like the math doesn't work. >> eBay stocks up 5%. That's really
00:15:16
interesting. >> Well well that you know that's been a long sort of troubled company, right? It
00:15:20
it seems like an opportunity for someone. Anyway, we'll see. >> It's a great brand. Everybody knows it.
00:15:25
>> I wrote one of the first stories about it. Um I remember meeting with the
00:15:28
venture capitalists. They were at what's that firm? Benchmark. It was all the
00:15:33
handsome benchmark men. It was just it was me across from six tall white men. Tall white men and they were telling me
00:15:41
about eBay. And I know Pierre a little bit who I like very much who founded it. Um anyway, uh oh, it's had it's had a
00:15:47
rocky it sort of missed a lot of turns. Um in any case, um let's move on. The
00:15:52
Supreme Court just temporarily blocked a lower court's ban on the abortion pill
00:15:58
being sent through the mail. Two pharmaceutical companies had filed an emergency appeal warning the lower
00:16:03
courts ruling could create chaos and leave pa patients around the country in limbo. Medication is now the method used
00:16:09
in nearly twothirds of abortions in the United States. The FDA approved the drug
00:16:13
in 2000. Experts say it's safe and effective. Um we're going to be talking
00:16:18
more about the midterms in a bit, but is this a fight that Trump and the Republicans want to have right now? As
00:16:22
Melinda French Gate said on threads, everyone deserves health care that's guided by science, not politics.
00:16:29
Melinda, Melinda for the win. FTW thoughts? Well, I'm just going to refer to it as Mton.
00:16:36
Mton is an enormous breakthrough. It's used by millions of patients worldwide.
00:16:42
It's one of the most studied and safest medications on the market. Serious complications are very rare. The safety
00:16:49
profile is comparable or safer than many common prescriptions. It's effective. It
00:16:54
reduces the need for more invasive procedures. It not it expands access, especially in underserved areas. It, you
00:17:02
know, earlier care, safer outcomes. It's consistent with medical authority and
00:17:07
standards. Uh the legal consistency argument doesn't hold up here. Other medications with higher risk profiles
00:17:13
remain legal. Singling this one is often just inconsistent. Well, it's because
00:17:18
it's working. The anti-abortion activists, that's why. >> But this is this is what again, this is
00:17:23
what is so macious and unamerican. >> Rich people don't need government. I I
00:17:30
don't I I I have benefited enormously from standing on the shoulders of other
00:17:35
people and taxpayers, assisted lunch, University of California, rights, rule of law, the SEC, all these things I've
00:17:42
benefited from. Now that I have wealth, I don't need the government. I have my
00:17:47
own transportation. I have my own security. I have my own schools. I have my own healthcare. The people who need
00:17:53
government the most are the most vulnerable among us. And just when the government needs to step in and protect
00:18:00
a 15-year-old non-white woman in the South from something that could impoverish her for her lifetime,
00:18:07
traumatize her, put her in real uh serious health risk. That's who they go after. This isn't I've even said the the
00:18:15
anti-abortion movement is not a war on women. It's a war on poor women. This is
00:18:22
who needs this? Who is this a breakthrough for? The people who don't have the resources or quite frankly the
00:18:27
sophistication to get on a plane and go to a a a clinic to get an abortion in a state where it's legal and they stain
00:18:34
them when they're b after they're born. >> They can make this illegal.
00:18:38
>> Yeah. >> You and I would have no problem getting it. >> None. This is government at its worst.
00:18:45
At its worst, this is not protecting the people who need government and laws the
00:18:49
most. This is there is there is no no medical, no moral, no in my opinion reason to do this.
00:18:58
>> You get why they want no abortions whatsoever. >> I get that. But when you But here's the
00:19:04
bottom line. They want abortions, but only on the down low for if and when it happens to
00:19:11
one of their friends. You're not into abortion that don't have an abortion.
00:19:15
But I think you would find that that the one of the reasons that people are a lot
00:19:21
of people, especially wealthy anti-abortion people, have no empathy for this is they know if [ __ ] ever gets
00:19:27
real for them or anyone in their family, they can figure it out. And so I find this I find efforts to do away with this
00:19:35
drug is a gift. >> Yeah. Well, the Supreme Court has just temporarily though this is just a
00:19:41
temporary. >> Well, my understanding is as we were speak just a couple hours ago, they've
00:19:44
temporarily halted the ban or blocked the ban. Yeah. But this also a >> temporary block.
00:19:49
>> This also goes back to um you know what I think a lot about young men and the number one reason
00:19:57
a lot of I think it's most women who have terminate a pregnancy go on to have
00:20:01
children. One of the top reasons stated by women u as to why they terminate a pregnancy is lack of partner support
00:20:09
>> right or the money or the money. If you're really serious, and by the way,
00:20:14
since if you're if you're really serious about reducing the number of pregnancies
00:20:18
terminated, then we need economic policies and we need more men my age to get involved in young men's life and
00:20:23
instill a set of values such that we produce more economically and emotionally viable men.
00:20:27
>> This is true. But they don't like them once they're born, Scott. They don't
00:20:31
like them. They don't like these people once they're born. >> Well, that's a different issue. What I'm
00:20:34
saying is >> Well, I I get that. But we're talking past each other right now. I'm talking
00:20:39
about if you were serious about reducing the number of of of of abortions, you would figure out a way such that there
00:20:46
were women who felt they had more reliable partners. If you want more kids and you want fewer abortions, we need to
00:20:53
produce a new generation of more responsible, economically viable young men. >> Yeah.
00:20:59
>> And and you're right. Once it the same people who are most rapidly anti-abortion tend to be the same ones
00:21:05
who don't want universal child care >> or give them money or they disdain them
00:21:10
or they're you know everything. It's just it makes no sense. It's it makes no
00:21:15
and then they're the most for the death penalty and you're sort of like where is
00:21:19
the consistency here in any way? >> Well that joke if you want to save someone from the death penalty just
00:21:24
shove her up a woman's uter uterus. Shove them up a woman's uterus. >> Oh my god. I can't believe I laughed at
00:21:31
that. That's kind of funny. Um, anyway, let's look, I hope it's not it's not
00:21:36
just a temporary ban. I hope the Supreme Court, you know, gets slapped since they've had some very dicey and horrible
00:21:43
rulings recently around the Voting's Rights Act, but this is something that is just ridiculous. It's bad for
00:21:48
companies. It's bad for people. Um, the abortion foes have won enough, I feel
00:21:53
like, but they won't. They won't. They'll keep going. Um, okay, let's go
00:21:56
on a quick break. when we come back, how AI is upending the midterms. >> Support for the show comes from Better
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betterhelp.com/pivot. That's betterhp.com/pivot. Scott, we're back. With six months to go
00:22:55
until the midterms, AI regulation has become a hot button issue and the money is pouring in. At AI super PACs are
00:23:01
taking a page out of the crypto playbook, which worked rather well, spending millions to influence
00:23:06
elections. They're backing both Democratic and Republican candidates. Uh, whoever is more friendly to AI and
00:23:12
big tech. The biggest pack leading the future is funded in part by Andre Horowitz and OpenAI co-founder Greg
00:23:18
Brockman. On the other end, there's the public first action, a pack backed by 20
00:23:24
uh million donation from Anthropic and tech billionaire Chris Larson is putting up 3.5 million in New York to back
00:23:31
Democratic congressional candidate candidate Alex Boris who supports AI regulation. This I was texting with
00:23:38
Chris about this um the other day and also Alex. Um let's take a look at the
00:23:43
ad that Larsson's pack just launched. >> Oscar, what is wrong? You think you know
00:23:48
what they're watching, but with AI, they can land on anything. Violence, child
00:23:54
sexual abuse, and predators. Who would be against AI safety laws? Open AAI, the company behind Chachi PT. They're
00:24:03
attacking Alex Boris for writing the toughest AI safety law in the country. Don't let Open AI shut down child
00:24:11
safety. You can push back is responsible for the content of this advertising. It
00:24:16
>> It's an interesting ad. And from a marketing perspective, it's an
00:24:18
interesting way to counter child safety is the number one uh the number one uh thing that people are all bipartisan
00:24:26
about and and and also AI increasingly. Um and just for speaking of AI legislation, the Senate Judiciary
00:24:33
Committee just advanced a bill that would require AI companies to implement age verification process. It would also
00:24:38
uh ban miners from using AI chatbot companions. Um I'm not sure this will um
00:24:45
will pass. Um and at the same time the Senate just unanimously passed a ban on prediction market trading for senators
00:24:51
and their staffers effective immediately smart. Calcian and poly market both praised the Senate's move. Um the Senate
00:24:57
minority leader Schumer called it a no-brainer saying must never allow Congress to turn into a casino. Here the
00:25:03
White House to follow suit. Of course the White House has already warned staff about betting on the Iran war but I
00:25:08
doubt they'll go for a full ban. And again, the White House is probably in the way of any of this AI legis even the
00:25:14
safety stuff passing because they're in the pocket of the AI industry. So thoughts on on this effort by um Chris
00:25:21
who was Chris was a tech billionaire at a company. He's really interesting. He's
00:25:25
been very involved in San Francisco politics, but this was interesting for him to sort of go against these pro- AAI
00:25:31
packs which are led by essentially Mark Andrees and his gang, his mob. Um thoughts on this?
00:25:38
Well, it's just it's feeling a vacuum. It feels as if there should be federal
00:25:43
legislation. What what I find most interesting is I think that the entity or the part the touchstone or the the
00:25:51
visible object or the cudel, whatever you want to call it, is going to be data centers. And what's interesting about AI
00:25:57
is that your approval of AI the two brands that have in registered the greatest brand destruction have been the
00:26:05
US abroad over the last few years. We used to be the enforcers protecting people of the west from rogue nations.
00:26:11
Now we are that rogue nation. And uh AI, the brand AI has just taken an absolute
00:26:17
nose dive because the only population of the cohort where that where AI has over
00:26:22
50% approval is people making over $200,000 a year. Because if you're wealthy, you see AI as powering your
00:26:28
401k, an opportunity to make money. You may use it at work. You feel pretty secure about your job. But what a lot of
00:26:36
um lower-income people think is that AI, the only visible representation of AI is
00:26:41
a data center that's going to send their electricity rates up while private companies that they don't even have
00:26:46
access nor the money to participate in boom in value. I think data centers are going to be ground zero for this battle.
00:26:52
>> Yeah, it's one of them. I think a lot of it I think people just have like a a a
00:26:57
real antipathy towards AI at this point. Even if it's it's a good thing in some
00:27:02
ways, right? I think they really, you know, these packs, they'll work, they'll
00:27:06
work day and night. The same thing with the crypto industry, you know, which had
00:27:10
sort of a faint distasteful aroma to it. Um, and it really but it still was effective with all the
00:27:17
millions they're spending all over. And by the way, Musk is part of this. They're all trying to stop it. It's
00:27:22
interesting that Anthropic is on the other side or Chris Larson's on the other side. So, there's a lot of tech
00:27:27
billionaires um lining up to to stop that. And I it's it's not good for anyone. Alex Boris is a really
00:27:33
interesting candidate. He's in that part of Manhattan. I think it's uh Jack
00:27:36
Schlloberg, George Conway are all there's a whole pack of people running in that area. Um and Alex is trying to
00:27:43
sort of stick his head up as the Mr. AI regulator, but it'll be uh it'll be an
00:27:47
interesting case of who wins here. A lot of people think the candidates or the party that is sort of sort of vaguely
00:27:55
anti-AII has a better chance in the midterms. I don't know if you think that's so, but there there is
00:28:00
legislation. It's just that this this um administration is just not going to pass
00:28:05
any of these laws because they're they're getting so much money from the
00:28:08
AI companies. I don't see them. That's the only people they ever have at the
00:28:11
White House are AI people. Never have a critic. Never have anybody who's against
00:28:16
it. >> There was this great Hugh Grant Nicole Kidman show called The Undoing where
00:28:19
they're trying to solve a murder and the defense attorney says, "People hire me
00:28:24
to um create muk." And that's what's going on here. I think that's what the
00:28:29
the AI guys are going to do. I think they're just going to create a ton of confusion around this
00:28:33
>> and make it difficult to pass anything. And also, they have the money. My
00:28:37
understanding is they've already >> pledged about a quarter of a billion
00:28:41
dollars. And just for reference, leading up into the 22 >> midterms, pharma spent
00:28:46
>> 26. >> No, this is I'm using 2022 just as a benchmark. >> Oh. Oh, okay. Got it.
00:28:52
>> But the pharma lobby spent 380 million. Insurance spent 159. real estate spent
00:28:57
139. I think you're going to see far more than that spent by the pro AI lobby. I think it's going to be sort of
00:29:05
uh they'll try to couch it as we're we're for safety and children. We need
00:29:10
to do this thoughtfully and the anti- AI will be a grassroots and it'll be focused on data centers. They're
00:29:17
environmentally damaging to us. they not creating any jobs and all they're going
00:29:22
to do is send your already soaring energy costs even higher, >> right? >> Um, so I it's gonna be it's it's going
00:29:29
to be an interesting it's going to be an interesting proxy for how people feel about AI and
00:29:34
technology. >> I I don't know. I feel like it goes back to the Bezos thing is they're trying
00:29:40
nobody likes them anymore. Like they have become villains. They are villains now. And so I no matter how much money
00:29:46
they spend, people are like I I can't tell you how many people come Scott really interestingly over the past week
00:29:54
people have come up to me and said thank you to you and I for being at least critical in a smart way like very you
00:30:01
know not just screaming about it but explaining it. Um, I just feel like these are villains now and they can
00:30:08
spend as much money as they want, but I don't think it's going to I think people
00:30:12
in their heart feel very nervous about it and very very distrustful. And I know it doesn't correlate with how much money
00:30:19
like the Prada was, but the story is about corporations [ __ ] you, tech companies [ __ ] you. That's really
00:30:27
what it's about. And I think and it was it did it in a very subtle way. Um, but
00:30:32
it's they've got I'm not so sure it's going to work. And the same thing with
00:30:36
these the prediction markets. As much as they're interesting, everyone's got a
00:30:40
little funny feeling about it. I mean, obviously the Senate, nobody in the Senate should should be on prediction
00:30:45
markets if they have information >> trading. Well, both. You're right. Um,
00:30:50
the prediction market is even worse on some level because it's like, let's bet
00:30:54
on the war. Let's bet on death essentially. Um, and and it should be the White House. It should be the the
00:31:00
House. It should be all of them. It's not free speech. It's you have unique
00:31:05
information. You're there for the public service. And while you're there, you're
00:31:09
not going to be gambling essentially, which is what I think it is. >> We look there's two issues here. One,
00:31:15
and we'll come back to this. One is how the general public feels about AI and
00:31:18
how the brand has eroded dramatically. And then there's in my view, we should
00:31:23
follow the Singapore model. An entry- level minister earns the equivalent of $800,000
00:31:28
and $1.7 million US for a prime minister. The objective of our elected representatives, the incentive should be
00:31:35
you are there to make Americans wealthier, not to enrich yourself. And what Americans see right now around AI
00:31:42
is the following. It's making a lot of people a lot of money, but the only thing I see is risk peril according to
00:31:49
these guys. And my electricity costs are going to go up. So, I'm supposed to like
00:31:54
this. Oh, and by the way, the the the ultimate poster child for bid tech for tech in this age is Musk.
00:32:00
>> Yeah. >> And he does not acquit himself. Well, >> no, he does not.
00:32:03
>> So, it used to be it used to be Gates was a little bit awkward. It used to be
00:32:07
and then went on to I think I think get very concerned about public health and in developing nations. Steve Jobs at a
00:32:14
minimum was was likable and seen as a visionary. The new spokespeople for tech are Musk, Altman, right? Um I don't even
00:32:25
think Bezos he was kind of left. No, don't you think he's kind of left? >> I think people think of himm I think he
00:32:31
looks like, you know, Daddy Warbucks except not nice to Annie. And then unfortunately or not fortunately or
00:32:38
unfortunately the other person at the center of this that's that's identifying
00:32:42
or marking the age around technology because he was so close to so many of them is Epstein. So what do you have?
00:32:49
You have increasing electricity costs wealth wealth accretion that you're not
00:32:54
participating in peril that supposedly the inventors of this [ __ ] think is everywhere. Oh, and let's add in a dash
00:33:02
of pedophilia. Welcome to big tech. Like who are the her who are I mean do maybe Dario Amade
00:33:10
who who are the heroes here that are supposed to be >> Cuban. Daario >> Do you think Cuban's associated with
00:33:17
technology? >> I do. I do. I'm just saying but I think he's not he's not associating with it.
00:33:22
I'm just saying there are better better heroes here. Like I would say Asatcha
00:33:25
Nadella could fill that role. Um Tim Cook could have except now he looks like somewhat of a Chad. Um,
00:33:33
you know, I don't I agree with you. I think I've never seen such a thing
00:33:36
happen. I mean, >> just 10% of Americans are more excited than concerned about AI. As of March,
00:33:43
uh, twothirds of Americans have not have not much or no exposure to AI at work. Twothirds of Americans think that AI
00:33:50
will eliminate more jobs than it creates. Less than a third of Americans trust AI. And 77% of Americans think AI
00:33:56
poses a threat to humanity. So, okay. Threat to humanity, >> but my electricity costs are going up.
00:34:04
>> Yeah. >> So, I'm living here. >> I'm kills us. >> I can barely afford gas.
00:34:10
>> Yeah. >> I don't have my affordable care subsidies, but the but Open AI is raising money at
00:34:16
$850 billion to to fund something that supposedly is a threat to humanity. What do you know? People aren't excited about
00:34:22
AI. They've done th this is the worst managed brand in a long time. I don't
00:34:27
know what they can do to get it back. I really don't at this point. We'll see if
00:34:30
they can't, but they're just all such every time they open their mouths. I
00:34:34
think they should stop talking. That's my feeling. Anyway, we need to go on a
00:34:37
quick break. And when we come back, Apple is sitting on a ton of cash. Might they use it to make a big acquisition
00:34:43
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Code pivot. Scott, we're back. We have to talk about Apple's latest earnings and what they
00:37:14
mean for the company's future strategy. They just had their best March quarter
00:37:17
ever, beating expectations with 111 billion in revenue, up 17% from last year. iPhone is still the engine. 57
00:37:27
billion in sales, up 22% in their services business. That's iCloud, Apple TV, and subscriptions. Just hit an
00:37:33
all-time record of nearly 31 billion. But the company also announced it's abandoning its net cash neutral target.
00:37:40
Some analysts say this is a signal that Apple's about to make uh a major AI acquisition, possibly the AI startup
00:37:47
Perplexity, which has struggled compared to the others, but uh and have a range of issues around it. um talk about
00:37:54
should Apple buy into the AI uh business? Um first, what do you what do you think about this?
00:38:00
>> Well, first off, this really is sort of a a run through the tape high five, you
00:38:06
know, >> nice last quarter for Tim C. >> Yeah. Yeah. Uh best Q1 ever, revenues of
00:38:11
111 billion, up 17% year-on-year, beating Wall Street estimates of 109 billion. >> The stocks trading up 3% after hours.
00:38:20
They one of the things I love about Apple is they've figured out we're a
00:38:23
mature company. We're not a growth company. We're still growing, but we're
00:38:27
going to return um money to shareholders. They do it through buybacks. They just announced hundred
00:38:33
billion dollar share buyback. They've raised their dividend 4% to 27 cents per
00:38:38
share. iPhone revenue rose 20 22% in the quarter with Cook calling the iPhone 17
00:38:44
lineup, which I wasn't a fan of. I gota I got to own that. The most popular in
00:38:48
our history. got that one wrong. The revenue was constrained by supply issues. Q3 guidance revenue growth of 14
00:38:55
to 17% year on year and the new CEO joined the earnings call and was introduced by Cook uh which was the
00:39:02
first time I think um first appearance since the transition was announced. He praised Apple's financial discipline
00:39:09
under Cook. And the thing I love I respect so much about Apple is that companies typically have a tough time
00:39:17
acknowledging they're no longer a teenager and they stuff their face with Botox and fillers and they don't want to
00:39:22
they don't want to act like a mature company and be very disciplined which goes to your question around AI. I
00:39:30
personally think and watch by the time this airs they'll announce they've
00:39:33
acquired perplexity. I think Apple's culture is so strong that they've decided that they are not an inquisitive
00:39:39
company that they don't like acquiring. They they've made fewer acquisitions
00:39:44
than any company of their size. >> And I wonder >> the headphone company's the last one I
00:39:49
remember >> Beats, right? But in my view, what they've decided is similar to the
00:39:55
search wars, let's return. Let's not let's not engage in the I AI wars. It's
00:40:01
too expensive. There's too much capital in it. Let's continue to be the arbiter,
00:40:06
the toll um in custody of the billion most attractive consumers in the world. >> Like with maps, the way they got out of
00:40:14
sort of got out of maps, >> they get and they manage and granted there's been antitrust action against
00:40:19
it, but they managed to get a $20 billion licensing fee to be the default search engine from from Alphabet. I
00:40:24
wonder if they're going to say, "Look, we'll use AI to improve our targeting
00:40:28
and improve our Apple Music, but we're going to at some point have an auction
00:40:33
and auction off Access as the default LLM and they're going to get tens of billions of dollars.
00:40:39
>> They buy something and just because this this is sort of the heart, whatever you
00:40:43
think of AI, it is at the heart of your services. You can't just like it's not
00:40:47
you can't vendor it like you would um search or um or map. Search has been pretty central.
00:40:54
>> Yes, but it's not that. There's a whole bunch of things you do on an iPhone
00:40:58
that's not just searching. And you don't use search internally on the phone. You
00:41:02
use it when you go outside. That's what they use Google for for your for your
00:41:06
browser. They don't do it. They don't power the search inside of Apple. They
00:41:10
have to have a AI company. They just do. They need it to integrate the way Google
00:41:15
has done with Gemini. They need one. I think they have to buy one. Um because they're not going to be able to build
00:41:21
it. They keep having people leave who running AI. It's just there's not enough
00:41:25
action happening there um for people to stay. >> So you think it'll be an aqua hire or do
00:41:29
you think they'll actually offer it as a service? >> No, I think it'll be integrated into
00:41:33
their services. It'll the way Gemini is. I mean there is a Gemini separate service, but most most of the usage of
00:41:40
Gemini is within the search engine, right? Into their current product. I don't think people necessarily like like
00:41:47
I go out when I want to use AI and go to claw, right? And and sometimes I get it
00:41:53
in Gemini, but Gemini is not quite specific enough and I don't want to pay for it and I don't want more
00:41:59
relationship with Google and probably one of and Claude is better for me at least. So I think they have to have
00:42:05
something they integrate into their business for lots of reasons. And then they could also say if you want to do
00:42:12
something outside like with search we have a deal with opening I think they did have some sort of deal anyway I
00:42:18
think they they buy something I don't >> to be serious in AI >> right
00:42:22
>> involves this this capex you see Apple's complexion and shareholders is Apple
00:42:28
shareholders have gotten their lips wrapped around the crack cocaine of profits you start waiting
00:42:33
>> I'm not talking about a customer service a consumer service I'm talking about
00:42:37
integrated into their other services. They need to have some some ability to do that.
00:42:43
>> But why I guess my question is the following. Why anthropic and open AI
00:42:48
both get public? One, you know, both of them call it a trillion dollars. Uh the new co shows up and says who
00:42:55
wants to be the default AI for Apple products? >> Yes, but for Apple products externally,
00:43:00
not internally, they need to have >> they need I I agree. They need to have
00:43:03
AI competence, >> right? And that's why they need to buy something like perplexing
00:43:08
>> because you don't think they can recruit the people to build that. >> I can't. They have lost people. You go I
00:43:12
I don't pay attention to every turn of the screw with all these AI people moving around, which they do like a lot,
00:43:18
but they've lost quite a few people running. It's just not it's not where
00:43:21
the action is. And so the they're going to go and so they have to have a competence by having a like a perplexity
00:43:27
to run the internal stuff that you don't see necessarily. And then for a consumer
00:43:33
service, it's just like with search, there's search in Apple that's not
00:43:36
Google, but then they go and get it for the external stuff for customers where it's like, why should we pay for a
00:43:42
really robust search service? It just doesn't make sense. Why should we pay for a map? I mean, they still have maps.
00:43:48
That's not true. But mostly it's Google maps, right? They that's who they get a
00:43:53
big chunk of money from and that's who their default is or default browser. Here we have, you know, the Google
00:43:58
browser essentially. And so that kind of stuff, it's like why bother doing that?
00:44:02
This is integral to their how they get you songs. How they get you they can't
00:44:07
have open AI give you song information. It just doesn't make they need to do it
00:44:12
themselves certain things. That's my feeling. >> Yeah. I I I find the product I haven't
00:44:19
you know I pull up I'm now running running and doing more zone two exercise but
00:44:25
>> good. >> Yeah I know. Thank you. And then but I do um when I bring up Spotify, they have
00:44:30
that AI DJ. >> I'm trying to think you think that Apple needs AI. How would that manifest in the
00:44:37
customer consumer experience? >> You don't see it. You don't just the way
00:44:40
when you go to search right now with Gemini, it's there, right? It says this
00:44:44
is the Gemini. You don't even have to tell me. It's just just search. Like I
00:44:47
don't know why they have to. >> When I'm on Apple phone, though, I use
00:44:49
Google search, >> right? But internally as they they serve up all manner of things to you they
00:44:56
they're using Apple techn they just need to own they need to have a basic level
00:45:01
of competence in AI to serve much of their stuff and then the external stuff they can get piles of money from
00:45:08
whatever company I bet it'll be claude that's my guess but they need to own
00:45:12
something so if only to maintain those relationships right to under I just don't think they can be without AI
00:45:19
expertise but they don't need to offer a consumer service. They're never going to
00:45:23
offer a consumer service. It's not their strength anyway. Their strength is their
00:45:26
ecosystem. Anyway, we need to move on. But the Pentagon just made a slew of AI deals. Speaking of, this is an AI week
00:45:33
here. Um Jeff Bezos's tuxedo and AI dudes. Um announcing last week that it reached agreements with Amazon,
00:45:40
Microsoft, Nvidia, Oracle, and a startup called Reflection to use their technology for quote lawful operational
00:45:46
use. Uh I don't trust them at all. These companies join XAI, OpenAI, and Google
00:45:51
in providing Pentagon Pentagon with AI tools. The Pentagon says these agreements will accelerate
00:45:56
transformation toward making the US military an AI first fighting force. Notably, Anthropic is still out of the
00:46:02
mix despite that recent productive meeting at the White House. Just last week, Defense Secretary Pete Hegath
00:46:08
called Anthropic CEO Daario Amodi an ideological lunatic. Uh he's such a [ __ ] um you know this they should
00:46:16
spread around the wealth here but and not just rely on one company obviously and let them fight it out but I think
00:46:22
nonetheless from what I understand from everyone who works in government Claude remains the top player here and it's
00:46:29
it's stupidity on the well it's kind of saying things twice stupidity on the
00:46:34
behalf of Pete Hexat you have to assume he's smart in the first place which he
00:46:37
isn't I think he's going to be out I I have this feeling he's out >> I do I don't know why I just was like,
00:46:44
"Oh, he's going to get rid of him. He's too much of a [ __ ] He's such a like I
00:46:48
know he looks the part and he's like does his chest puffy thing for Donald Trump, which he likes, but I just think
00:46:54
he's I think the knives are out for this guy cuz he's such an I just can't figure
00:46:57
out which one they're going to get first. Patel or uh and by the way, SNL did a great job on both of them this
00:47:02
week." Um >> Oh my god, did you see Patel and of course Colin Jo as Pets is
00:47:10
just fantastic. Um, but I think he's a [ __ ] and it's fine to have all these
00:47:15
people come in and do this stuff. Sure, why not? It just seems like that's a lot
00:47:18
of people in there in that room. I don't think it's I feel like somehow it's
00:47:22
probably too chaotic to have all of them there on some level. Maybe not. >> It just seems to me that to a certain
00:47:29
extent Anthropic can declare victory and go home and be one of the seven companies or not.
00:47:34
>> Yeah. >> The Department of Defense they black they blacklisted Anthropic. Anthropic
00:47:38
feels like and Dario Mode I feel like kind of the first person who sort of said no to the tech bros and to Haggsath
00:47:45
and Trump and he's gained I think a lot of stature from that. >> Y >> and but at the same time he can say that
00:47:51
fine I'll be one of the seven companies. The the breakdown wasn't over capabilities it was over guard rails.
00:47:57
Right. The DoD wanted uh Claude deployable for all lawful purposes. >> Right. Which they didn't Yes. and and
00:48:04
Anthropic said no to autonomous kill decisions. >> And so a federal judge said the
00:48:09
Pentagon's move looks like an attempt to [ __ ] Anthropic, which is an it's just
00:48:15
so weird all these all these tech bros who are all looking for the next check and bail out in their own crypto scheme
00:48:24
going after Daario. I think it's I think Dario's in a great spot right now
00:48:27
>> for the next era. Oh wow. >> Yeah, he looks really solid. next. If
00:48:33
there's a Democratic president, he's gonna be the poster child. >> The most interesting argument I've
00:48:38
heard, and it really made me think about this, was that all of these guys are claiming that this is more powerful than
00:48:44
nuclear weapons. >> Mhm. >> We don't have private ventureback companies making nuclear bombs.
00:48:49
>> Correct. >> So, it's like, okay, if you really believe that, then shouldn't shouldn't
00:48:54
you all by virtue of defense for for defense reasons be governmentont controlled and owned companies? Yes.
00:49:02
Yes. Yes. >> Or highly regulated >> because you're claiming that these
00:49:07
things are more powerful than any technology ever. We don't like >> Scott, stop making sense, please.
00:49:12
>> Well, it it's just so it feels to me like they're setting themselves up. I'm
00:49:18
really excited about the potential for a Democratic administration because I think there's going to be a lot of
00:49:22
momentum around all right here are some basic common sense regulations we would apply to any technology that is a
00:49:29
quarter of what you claim the peril is here. You're the ones saying it's going
00:49:34
to take employment over 20%. By the way, the French Revolution and the Weimar Republic descending into darkness
00:49:41
happened when they hit 20% unemployment. Uh you're claiming this thing. You're
00:49:47
claiming this thing is learning so fast that it'll be able to turn on itself.
00:49:51
Well, okay. So, shouldn't that mean you are not allowed to release anything to
00:49:55
the broader public until we have given you the badge of clearance on it? That it's just I think it's just going to be
00:50:01
so easy for somebody to kind of step in and say, "All right, you guys win. you
00:50:08
have scared us so squarely and so rightly that we are going to we are going to um have regulators and the
00:50:16
defense department and the DOJ in your [ __ ] knitting folks and at the same time they need to strike a balance such
00:50:24
that Chinese LLMs don't get well ahead of us but at some point you have to realize okay when does when does the
00:50:32
well-being of civilization begin to even remotely rival the excitement of your IPO. It's just the the tech bros have
00:50:41
become so used to as long as long as I'm going to get my face on the NASDAQ billboard, I can overrun all social
00:50:49
concerns and I can even brag about how [ __ ] dangerous this is. As long as I use it to extract or pull the future
00:50:56
forward with cheap capital. I think these guys are really sticking their chin out. They're sticking and then they
00:51:01
have you know again Emil Michael is there all their best buddy which who is from there you know gaming the situation
00:51:09
because the [ __ ] Pete Haggath doesn't know anything and so they're just
00:51:12
they're sitting let me say when if the Democrats do get control in a in a strong way you need to flush all these
00:51:20
people down the toilet like immediately like not even like let's all try to get
00:51:24
along first you take them out and then you start over again and I think puts Daario in the best position in that
00:51:30
regard. Um because he had the he had the guts to speak back, you know, or at least push back on just the most
00:51:37
illogical, moronic statements by the defense department under this incredibly unqualified
00:51:43
uh cabinet secretary. I mean, really, it's so it's so ridiculous. Um one of
00:51:48
the problems, you know, sometimes there's nefarious people who are smart, right? And you're sort of like, oh,
00:51:54
we're in trouble. But this is a [ __ ] Like an actual like the moronic nature
00:51:59
of both Cash Patel and Pete Hegsth is so apparent. They're not sly. They're not,
00:52:05
you know, silly evil or evily sly or whatever. And >> I think Cheney is shaking his head.
00:52:10
>> Correct. I was like, uhoh. Cuz he knows, right? He could do something. Um but I just I
00:52:17
you're right. Dario puts himself in a much better position for what's next if
00:52:21
we make it there. Anyway, um, one more quick break. We'll be back for wins and
00:52:27
fails. >> Support for the show comes from Back Market. Listen, there's a lot of ads out
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and confidence. Harvey AI tailored for law. Learn more at harvey.ai. Okay, Scott, wins and fails. Why don't
00:54:46
you go first this week? >> Uh, well, my fail is the board of directors for GameStop. If you're going
00:54:51
to be an SEC publicly listed company, you have a fiduciary responsibility to not to not impose a tremendous burden on
00:55:00
other companies who are trying to serve their shareholders and and serve their consumers and their employees. And when
00:55:07
you make these ridiculous offers to another company that has absolutely no credibility, veracity, likelihood of
00:55:15
going through, you're just in in in some weird attempt to like ignite another
00:55:20
meme craze in your stock. That's just irresponsible and reckless. And there needs to be generally speaking in
00:55:27
business within from public companies to other public companies, there is sort of
00:55:32
a code. You don't like when when when we were thinking about acquiring a company at a public company and then we
00:55:40
decided internally it doesn't make sense. We immediately sent them a letter saying we're with
00:55:46
trying consideration because we don't want to tie them up. We want we want them to get on with their business and
00:55:52
their life even though you could do it to distract them. But I was on the I was on the board of Urban Outfitters and at
00:55:59
one point we were considering acquiring Abberrombian Fitch who at the time was >> hugely diminished.
00:56:05
>> Wow. >> Oh, by the way, Cara, we missed that one. We could have picked it up for
00:56:10
pennies. >> Pennies. >> And it's come it's come back hugely.
00:56:13
>> Oh, has it? I didn't. >> Oh my gosh. Abraham, that would have
00:56:16
been that one got away from us. We came very close. the Haney family that runs and controls Urban Outfitters are very
00:56:22
very smart people and and but ultimately we passed. But the moment it was like the moment we made the decision, we
00:56:31
could have gotten in the way of other competitors, American Eagle or whatever to acquire it, kept it on the market for
00:56:36
longer, but it was like no, there's a code amongst good fiduciaries where you
00:56:40
immediately say we're not going to be a bidder here such that they can get on
00:56:43
with trying to sell it to somebody else. And this is such It's just irresponsible. I just I just
00:56:50
hate this from like a a decorum standpoint. It's a waste of everyone's time. He's not serious. And I love the
00:56:56
fact that the market has responded by taking the stock down 11%. Anyways, it's
00:57:01
kind of weird. >> Ryan Cohen's an ass clown. I mean, sounds like the right word.
00:57:05
>> The the my win is um uh uh Senator and University President Ben Sass. Did you
00:57:12
see a 60 Minutes interview? >> God. Oh, it's heartbreaking. I I it it really and of course I turn everything
00:57:18
back to me. I find he is such a like he's the best of conservative values. >> I would agree.
00:57:27
>> You know, his ability to talk about his faith, uh God, his fidelity to the
00:57:32
Constitution, his fidelity to his family and couch it as as he struggles with pancreatic cancer. It's so eloquent and
00:57:42
so moving. And I was um um struggling with something that happened to me that really upset me this weekend. And he I
00:57:53
watched his interview and he talked about um that at one point before it was he had the diagnosis of pancreatic cancer,
00:58:01
he had he said hundreds of tumors around his spine, unbeknownst to him. And he was in such intense, crippling pain that
00:58:10
he was taking a dozen scalding hot showers a day that would provide him just minutes of relief and then he'd
00:58:17
have to take another hot shower. And so I started a practice where I'm like,
00:58:23
"Okay, imagine you have that kind of pain, tumors all over your spine, and all you can do is lay down and then take
00:58:32
another scalding hot shower." I'm like, what would this problem mean to me at
00:58:36
that point? >> Mhm. >> And it's a really healthy practice. Anyways, I have my my Ben Sass tumor
00:58:42
practice now. >> Oh goodness. Yeah. And >> you know, can I point out there's a lot
00:58:46
of really amazing mRNA technology happening right now about pancreatic. It's not going to
00:58:50
>> Well, he's still alive because of some of those technologies. >> Yeah. But it's still is probably too
00:58:54
late. But there's so much going on. Of course, this administration's been
00:58:57
cutting all these things. But he also he was one of the first people to go against Trump too when it wasn't
00:59:04
convenient. >> He also had a really lovely statement when they were talking about the worst
00:59:07
thing about his illness. He stated that he was really sad that he wasn't going
00:59:10
to be with his wife for his while a while. I mean it was just so such a lovely testament to his his wife and the
00:59:18
way he framed it that he's gonna that he believes they'll be together again but
00:59:22
he's upset that he's he's gonna have to wait. I mean, this guy I it's Democrats
00:59:28
should a sigh of relief that he is not running for president on the Republican side.
00:59:33
>> Well, except the Republicans rejected him because he was early he was an early
00:59:37
Trump opponent and then he got sort of >> Oh, I think he could have carved out a
00:59:40
big lane. >> I don't know. He he got drummed out. He was one of the people like Liz Cheney
00:59:44
and so he was in that gang that got shoved out of the whole party because they needed to be in uh you know the
00:59:52
Trump Hallelujah Choir. Um, so I I always found him to have a lot of courage even before this.
00:59:59
>> I reached out to him his people over the weekend. He's going to come on uh the
01:00:03
prophet pod. >> Good. >> Um, but anyways, my win is just the just the perspective.
01:00:11
And I I think I I would I would recommend that everyone watch that interview. It really does remind most of
01:00:17
us. It's like that monk saying that the man with good health has a thousand problems. The man with bad health has
01:00:24
one problem. When you hear what this guy's going through and you hear you hear how just articulate he is about
01:00:32
government and and his views on things, I I really found it. I thought, God, this guy's such a great role model. I
01:00:38
really hope I really hope he's around for I I love that he's getting attention
01:00:43
now, but I think he's adding a lot of really wonderful value to the public discourse right now. Anyways, my my win
01:00:49
is um Senator and University President Excellent win. All right. Um Okay. And your fail is this board. Okay. So, my um
01:00:59
fail. It's Well, it's kind of a win in some ways, but um the New York Times
01:01:03
interview with Tucker Carlson, he's done a lot of interviews lately because he's
01:01:06
trying out all his stylings to run for president as >> um he's trying everything. It's
01:01:12
fascinating to watch. >> The interviewer did a great job. >> Yes. Lulu Garcia Navaro, who's a friend
01:01:16
of mine, um did a great job pressing him back. He denied wondering whether Trump
01:01:20
is the antichrist. Lulu played it >> played the video >> and then he denied it again. He denied
01:01:26
it right after I oh it didn't come out of my mouth. She's like it just came out
01:01:30
of your mouth. He goes I never said that. >> Yeah. >> It was I was like
01:01:34
>> funny this guy looks like you saying that. Isn't this isn't you?
01:01:36
>> You know she did a great job with him but it was just in I think the more
01:01:40
interesting is thing is you should watch all of them because he's preparing for a
01:01:43
presidential run and so his tricks and everything else are she's super smart.
01:01:48
You you may not like Dr. Carlson, but he's highly intelligent and um and I think he's an interesting
01:01:55
it'll be an interesting fight over the Republican party post Trump. And you know, obviously Marjorie Taylor Green is
01:02:01
trying to prepare her way. She changed Trump derangement syndrome into Trump disappointment syndrome uh which I think
01:02:06
is probably a more accurate for for his followers. Um anyway, just a really good
01:02:12
interview. Watch it. Lulu is an amazing interviewer uh at the times and uh but that exchange the whole thing is quite
01:02:18
good but that exchange uh back and forth is really was really something. Um obviously my win is the money that Devil
01:02:25
Wars product did is crazy. Sorry you just did yours. You just did the same one of yours that the that game that is
01:02:33
a lot of money. I also it's really interesting what's doing really well.
01:02:36
The Michael biopic did really well. Michael Jackson biopic is doing incredibly well. Um, again, it was
01:02:42
really Here's why I think it's a win because Hollywood always says, "Oh,
01:02:47
that's a black movie or that's a woman's movie or that's a gay man and women's
01:02:52
movie and that's why it's doing well." It's just they're both I haven't seen
01:02:55
the Michael movie and I think they left out some of the pertinent parts of >> the controversies around him in this
01:03:01
one. >> Michael Jackson. What controversy? >> Oh, yeah. Exactly. Or or Hail, let's
01:03:07
bring in a white guy. Project Hail Mary. Um, they're just good movies. Like, stop
01:03:11
having to like say, "Ah, it's the women. Ah, it's this." Like, you just make a re
01:03:16
What I loved about this movie and some of the others that have been doing really well is they show Hollywood at
01:03:21
their very best. Beautifully told stories. There's not a in any of these, there's not a stitch of [ __ ] AI
01:03:28
anywhere, right? It doesn't feel cooked. And that's what really is working.
01:03:33
People are just flocking to these movies. And by the way, the theater was full of not women. It was everybody. It
01:03:39
was really interesting. It was young men. It was It was not I was surprised by the audience cuz you get to thinking
01:03:45
it's a bunch of ladies going out and having, you know, margaritas, frozen margaritas with their friends and then
01:03:51
kicking it up in their heels, but it wasn't. That was you. That was you Scott. Um, so I just I I really like
01:03:58
>> I'm going to start hanging out of movie theaters. >> Yeah, I know. NAI movies, I don't know
01:04:03
what else to say. It's a push. Just like people are don't like brand AI, they
01:04:07
like brand people and that's done very good. They love stories. Anyway, >> oh, I got a show recommendation for you.
01:04:13
>> What? What? >> Shores. >> Shores. >> It's about this. It's about this hockey
01:04:19
team that's sort of the pride and joy of uh of some small town in Canada. It's
01:04:24
really And of course, it's all about It's really a story about people, but
01:04:27
it's really adorable and well done. Oh, and Cara, you'll love this. Uh, Shores
01:04:32
is directed by the same guy who directed Heated Rivalry, Jacob Tyranny's. There's
01:04:36
got to be [ __ ] in the Locker Room Coming, episode two. >> I was watching Running Point. I think
01:04:41
that's what it's called. The one with Kate Hudson and Justin's in it, too.
01:04:44
Justin's in it a lot in this movie. >> He's very good in that, too.
01:04:47
>> It's good. It's adorable. I just finished watching. Okay. Shoresy. All
01:04:49
right. I'll listen to it. Anyway, uh, we want to hear from you. Send us your
01:04:53
questions about business, tech, or whatever's on your mind. Go to nymag.com/pivot
01:04:57
to submit a question for the show or call 8551 pivot. and elsewhere in the Karen Scott universe. You're going to
01:05:02
love this, Scott. For the latest episode of On, I interviewed Alen Brash McKenna
01:05:06
and David Frankle, the writer and director of Devil Wars Prada 2. I wanted to focus on them. I mean, the stars have
01:05:12
gotten a lot of attention, but I think these two are at the heart of why it's
01:05:15
so excellent and uh and they're really incredibly good purveyors of what they
01:05:19
do. Let's listen to a clip of David explaining how he approached Meyer Street's character, Miranda Priestley.
01:05:24
>> Miranda is not the villain here. Miranda is the heroine. Miranda is trying to
01:05:29
achieve excellence every day and the why does she have to be nice to accomplish that you know and there's a long list of
01:05:38
mostly men of course uh who are um highly regarded for their superb work. I mean they might be the
01:05:47
goats in their business but they uh and no one really questions how how nice they are about about accomplishing that.
01:05:55
>> It's a really smart interview. I really like to show people behind the scenes
01:05:58
and I think they're great. Um, and Scott, one of the parts you'll like a
01:06:01
lot is Miranda trying desperately to avoid getting in trouble with HR the whole time. It's really reminded me of
01:06:08
you. I don't know. >> Trying to avoid HR. >> Yes. There's, you know, she says things
01:06:13
and her assistant goes, "No, no." And she's like, "What? I can't say I want to
01:06:17
kill myself." You know, there's a whole It goes, it's a little bit, but it works
01:06:21
really well. Like I every time she did it when I saw the same time I thought, "Oh, Scott Galloway needs someone who
01:06:26
sits next to him and goes but then I realized that was me." >> Yeah, that's who.
01:06:30
>> No, no, no, no, no. >> I think you give me You realize I have never been in anything resembling any
01:06:36
type of trouble like that at a corporation. I'm Alan Alda at work. >> I know. I know. I know. I know. Anyway,
01:06:43
it was good. Anyway, it's David Franle and >> although I do call my assistant Jiggles.
01:06:47
Is that wrong? >> Oh god. There we go. No. No, no, no, no, no, no. We don't do that.
01:06:54
>> We don't say that. >> At the Christmas party, I ask all the hot women to sit on my lap. Is that
01:06:58
wrong? >> What do you want for Christmas, little girl? >> Oh my god. All right, that's the show.
01:07:03
Thanks for listening to Pivot and be sure to like and subscribe to our YouTube channel. We'll be back on
01:07:08
Friday.