GameStop's eBay Bid, AI and the Midterms, and Senate Prediction Market Ban

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I'm Scott Alley. So are you going to the mettle? I was invited. I'm sorry, yes. I was in the devil as Prada, which may as say, as I predicted, what happened?

I've got it. Were you talking?

233 million dollars globally.

But why would tell me why you were invited to the mettle? I'm still not sure. I just, I think it's because I've talked a lot about and got a lot of social media activity when I went to the vanity fair thing, so I think I thought, I don't know.

“I think someone, I think some interns somewhere said podcasting, what about that crazy professor?”

I don't, I'm not sure a lot. I'm trying to be your pal, right? Aren't they trying to like suck up to you for a minute and a half? I don't know. The people are pretty nice.

No, the base of people, base of them is lady friend. Oh, I like them. I mean, I don't know them, but you've had more interaction with them than I am. I find them to be lovely. I was invited, I think I told you, I was invited to a small dinner with him and another

friend and I said, no, I don't like dinners and two, I don't like people in three. I don't want to know these people because I know what's going to happen. We talk about the slot. I'm going to like them and I'm going to stop speaking my mind. You like everybody, you have a truly low bar for me.

It is a pretty low bar. I'm pretty excited. I'm pretty excited. Nice. I'm like, hmm.

Yeah, I'm pretty. I'm pretty.

“I think they're getting the shit kicked out of them.”

There's protests and like billboards, very, some funny things. There was like a shopping cart out front with a bunch of empty bottles and said bathroom. I don't know. They're projecting things onto the buildings nearby. They kind of hijacked the whole thing and it's kind of, I don't know, grass being thirsty.

I find them. It's a perfect fit. Well, though, it has so much risk and no money and the bays us to have just so much money and not a lot of risk, it's a marriage made in heaven. I get the sense, I don't know this, but I get the sense, bays us is pretty self-actualized

and honey badger don't give a shit. I think he's just living his best life quite frankly. I don't know him. Oh, I have a very different. You might know more than me.

I don't know him. I think they're tongue-deaf to what's going on right now.

Gas prices, nearing $5, I think they're always coming on.

They're on infected. Gas prices. I get it, but that's hilarious. No, I don't know. I don't know.

I need to cut back. No more sex in yacht. They're not quiet wealth. Let's just say. I think he's selling his yacht.

He's selling his yacht. It's a good idea. I think there's more about anyways. I get the sense, the guy. I mean, this is the journey of all of them.

All of them were like, you know, captain of the chess club.

They've worked their asses off.

They've very smart. They're very talented. They've been working nonstop. And one day, the day of the IPO, they went into a conference room, this, you know, nice, fairly unattractive guy who had no sexual currency their whole life.

And they come out and they're the sexiest man alive. I know. I've had these. And they go a bit. And I don't, you know.

And I would respect the basis. I get the sense. You know more about the scenario. I get the sense. It's having a great time.

I don't know. I don't know.

“I just think, I think there's leaders in our, I, I'm, I'm more for the quiet.”

If they're going to be very wealthy, the quiet. There is an argument to be made at this moment in time in it, which, which is your self. Keep it to yourself. Yeah, I agree. So I don't think, I think this doesn't play well.

And I know they don't care. But they look like ridiculous. They look like Tom and Daisy. I'm sorry. I just, I just, they just do in the Gatsby end.

And it's not a good look right now because things are really shifting. And I don't mean they have to pretend they're like living on the prairie with like one shovel and a look, you know, on a bucket. Like, that's not what I'm talking about. It's just a, I think the McKenzie Scott slurring pal jobs, the Melinda Gates. You know, they speak out appropriately.

They're not showing off. I just, I just, I don't think it's going to end well. Anyway, we'll see. I'm coming to London, by the way, I'll be there tomorrow morning. Yeah, I know you have some dinner, a big dinner.

Yes, you were invited as a small dinner and you will refuse to come. But that's okay. Well, I was invited by the ball. You think I said no to the bad ball, but I'm going to shoot dinner. Yes, I do.

Because who the fuck cares about them? What would you wear to the met ball? Speaking of which? You know, the idea, I get anxiety just thinking about it. That was such an easy no for me.

I wrap myself in like, oil and glad wrap. Oh, God. That's right. I just ate. What would you wear, seriously?

“What would you, if you had to think of some fantastic cost?”

I have, I literally have absolutely no idea. I don't. You love to dress up. You dressed up as like a Halloween. You always dress up.

Oh, no, I love dressing up and something outrageous. I love going as, as, as, as, as, as Deadpool or Starship Commander Jean-Luc Picard. Huge crowd pleaser. Okay. So I went as Luke Skywalker.

Like for a costume met costume. Anya, I went as headlash. Any opportunity to put on a wig and be someone different. I absolutely love that. But to try and look good.

We don't have to. Not all of them do. Sometimes they look kind of crazy. That was the easiest no in the world. That's like the last thing.

At some point. At some point, I lose all academic credibility. Yeah. And, you know, something that gets much closer to that point is showing up. And that's what you say.

I wish you would go and wear on. I don't care. Do you sure? Like the Malania shirt. I don't like that either.

I think if you get invited to something like that, you play along. And you'd be a good gracious guest. I guess. You know, I don't think you wear dress. I think that's stupid.

You don't go.

“But you should go because I need to understand it.”

I need you to go in there because I would never do such a thing.

And I'm in London. And possibly I really want to hang out with you and your friends here. Not sure. Don't say I don't invite you. You are.

I have nothing to do. I'm home alone. I've got the boys this week. You're off partying with your fancy friends from the devil. Where's Prada?

No. I'm home alone with my dogs. No. That's all I got to say. It's a small dinner.

You're invited. If you'd like to come, it would be great. Okay. If not, I'm going to find you and see your house. Yeah, come back.

I'm going to turn out staying here. No. They have me. The hotel next to the thing. But I would usually.

If you'd like me to come back, I will. Are you staying there now? What's the deal? I don't know. I'm.

Okay. The honest answer is. The monkey wrench has been thrown into our plans because. Told me that. My youngest who has a habit of doing this.

His likes where he is. It's all of a sudden getting in. And. Anyways, I'm going to spend much more time in the US. A lot of moving parts here.

But. All right. Well, let me know. Anyway, I will come by and find you somehow. I'll break into your house.

Anyway, let's get to the news. This is a weird one. As we record, GameStop and eBay stocks. Responding to real train. Reck of an interview from the GameStop CEO.

What a surprise. Ryan Cohen, who's somewhat of a. More on sometimes when he talks. Announce the deal of the century over the weekend.

A 55.5 billion dollar unsolicited offer to buy eBay at $125.

Dollar's a chair. Pitching as a future rival to Amazon. But then he went on. C.M.B.C. Squawk box.

Or a good friend, Andrew Russ Sarkin and our famous Canadian friend pointed out. The map wasn't mapping. It was amazingly awkward. Let's listen. You have $9 billion on your balance sheet.

Arguably if you're if you're providing. Effectively all of your stock.

You have this letter from TD. That's another 20. We're now at 40. But we're still off by call it 16. And the 20 as far as I understand.

“While it's considered a highly confident letter.”

Meaning TD saying they're highly confident that they provide the financing. It's not locked financing. No, we'll see what happens. I hear you. I understand that.

I'm just trying to understand where the rest of the money would come from. Top cash. Top stock. I hear you. I'm just saying that that math doesn't get you to the.

To the price that you're offering. Hey, got more and more awkward after that. Um, this is just this is a meme stocks done. This guy is such a moron.

He's always trying to get that stupid stock up.

The game stock thing and take advantage of people. So I don't know. Reminds me of the story about Polly Market and the calcium. Only the top whatever 0.1% make money and everyone else loses. But your thoughts on this ridiculousness.

I love Andrew.

“This is well, first off, Andrew did a great job.”

I think Andrew is one of those. You're like this, too. It is very difficult to ask really piercing hard questions to make people look stupid. Well, we're manning dignified and not coming across as an asshole and Andrew's able to do that. You're able to do that.

Um, this is off off off Broadway theater. Not strategy. This is just so fucking stupid and such a waste of oxygen. And a CEO who has, I looked into this. A compensation strategy that says if you can get game stock to 100 billion,

you get 35 billion in a musk like compensation strategy.

So he's trying to memeify his stock again. So this is noise. It doesn't pass the most basic smell test. First off, there's a scale mismatch. eBay as a 30 to 40 billion dollar enterprise came.

Stop doesn't have the balance sheet to do with that without massive delusional leverage. And the stock they would have to offer. They'd have to issue so much stock that the stock would immediately go into a downward spot. Correct. There's no way they can do this.

The strategic fit is then. We're both commerce isn't a strategy. eBay is too cited marketplace with with decades of liquidity. And tens of millions of customers, GameStop is still figuring out what the fuck it wants to be other than trying to become a meme stock.

And then as Andrew was pointing out, the financing reality here is nothing but about Iowa's good trip. Even even a partial bit would require issuing a ton of equity. See above massive decline in the stock. That's effectively asking shareholders to fund a Academy in trips.

So what's left here? There's nothing here. But signaling to retail investors, he's trying to say, we're bold. We're swinging.

Start taking get get someone on Reddit. Get rowing kiddie fired up. So I can get in a rational compensation for not actually adding any fucking intrinsic value. To the market, what he said is we're a melting ice cube.

And he's also, in my opinion, he's backfired. By the way, GameStop stock, as we record down 9% today.

“This is not only, I believe the board here.”

A board of directors is supposed to be fiduciary. Is there one? That's at fair point.

But this should never have even been allowed.

Real acquisitions. The real work is done behind the scenes. And if you're going to make a hostile bit for a company, you show up with your financing locked and loaded. And it's done.

And if you have to go hostile, because they reject your initial offer, this should be a one sentence response from the board of eBay. Come on. You are not a serious people.

Period. That's it. So this makes a headline. This is using financial markets in the press. As you're taking them for clowns,

because you got to trip to the circus and COVID with your meme stock. Adventure. This is, I, I, Well, he's trying to get it going again. It's like that Wall Street Journal piece about

who's benefiting from these prediction markets. And if you don't know who the sucker in the room is, it's probably you. This is not a real thing. It is a, it's, it was, it was showing who makes profits.

And it's a small group of people who make all the profits. Everyone else loses thousands and thousands of whoever's using it. And so it's, you know, you're, you're a sucker. There's just, it's just like, I don't know why this is legal. This kind of nonsense.

nonsense. I don't sound 10% you're allowed to I don't know if it should be illegal. I here's the bottom line. The market the market is doing its job. They they say or member game stop. Okay. The CEO is a fucking idiot and he has no he clearly has no fiduciary oversight. And it's taking a stock down 10% today one day right except this is gone on for a long time this nonsense and people have benefited just like they are doing over on these predictions market. They're the certain people who have who are a little smarter.

Like it just is so grotesque that what I do. I think the meme stock movement. I I hated it. I got dragged on the internet because I I said young mentions spend last time in their phone and trading with this was just stupid. The I do think a lot. I'd be curious to know I mean quite frankly the meme stock movement. The whole Gestalt of it was stick it to the man stick it to rich people never and then it became about a con that's right and when and when when you have. The wink of I telling you to stick it to the man it means you're about to be impaled as a retail investor exactly and so I agree with you that.

Anyone this is just pure gambling. It's not speculation and and the reality is for younger people are people doing this. If you want to have some fun. It's like Vegas fine have at it, but the thing is you got to share your phone all fucking day because the the moves are so wild here. But this is in my opinion. I think and I don't know if there should be regulation here it's free speech but the question is should you be able to.

“I think that's what I don't think it has when you make offers that are not in any way realistic in other words is this mark and manipulation is trying to do something right that's what I mean yeah with absolutely no serious intent of.”

That's a company that's just thank Andrew our favorite Canadian and Russ Orkin for like slap in this guy he's really polite I'd like I'd be like at this point after he says have got a job I go you fucking more on that's would be my next line. He's like the math doesn't work. He is about five percent that's really interesting. Well, that's been a long sort of troubled company right it seems like an opportunity for someone anyway we'll see.

It's a great point on everybody knows I wrote one of the first stories about it.

I remember meeting with the venture capitalists they were at with that firm benchmark it was all the handsome benchmark man it was me across from six tall white men. Yeah, other tall and they were telling me about eBay and I know Pierre a little bit who I like very much. Yeah, it's a nice man anyway. Oh, it's had a rocky it's sort of missed a lot of turns in any case. Let's move on the stream court just temporarily blocked a lower court's ban on the abortion pill.

“Miffa Preston being sent through the mail to pharmaceutical companies had filed an emergency appeal warning.”

learning school records really could create chaos and leave patients around the country. And limbo medication is now the method used in nearly 2/3 of abortions the United States, the FDA approved, the drug in 2000, experts say it's safe and effective. We're going to be talking more about the midterms in a bit, but is this a fight that Trump, their problems want to have right now as Melinda, French gate set on threads. Everyone deserves healthcare that's guided by science, not politics, Melinda for the win.

TW thoughts? Well, I'm just going to refer to it as an M-tone.

A M-tone isn't enormous breakthrough.

It's used by millions of patients worldwide.

“It's one of the most studied and safest medications on the market, serious complications are very rare.”

The safety profile is comparable or safer than many common prescriptions. It's effective. It reduces the need for more invasive procedures. In fact, it expands access, especially in underserved areas. You know, earlier care, safer outcomes, it's consistent with medical authority and standards.

The legal consistency argument doesn't hold up here. Other medications with higher risk profiles remain legal. Singling, this one is often just inconsistent. Well, it's because it's working at the anti-abortion activists. That's why this is what it's done.

Again, this is what is so mendacious and un-American. Rich people don't need government. I don't, I have benefited enormously from standing on the shoulders of other people and taxpayers, assisted lunch, University of California, rights, rule of law, the SEC, all these things I've benefited from. Now that I have wealth, I don't need the government.

I have my own transportation, I have my own security, I have my own schools, I have my own health care. The people who need government the most are the most vulnerable among us. And just when the government needs to step in and protect a 15-year-old non-white woman in the south, from something they could impoverish her for her lifetime, traumatize her, put her in real serious health risk, that's who they go after.

This isn't, I've even said the anti-abortion movement is not a war on women. It's a war on poor women.

This is who needs this, who is this a breakthrough for?

to get on a plan and go to a clinic to get an abortion in a state where it's legal.

“And then they sustain them when they're born after they're born.”

They can make this illegal? You and I would have no problem getting it. None. This is government at its worst, this is not protecting the people who need government and laws the most. This is, there is, there is no medical, no moral.

But I want no abortion to do this. You get why, they want no abortion.

No, I get that, but when you, but here's the bottom line.

They want abortions, but only on the download for if and when it happens to one of their friends. They're, you know, they're very, like, you're not into abortion, they don't have an abortion.

“But I think you would find that one of the reasons that people are a lot of people, especially wealthy anti-abortion people,”

to have no empathy for this, is they know if shit ever gets real for them or anyone in their family, they can figure it out. And so I find this, I find efforts to do a way with, this drug is a gift.

Yeah, well, Supreme Court has just temporarily though, this is just a gift.

Well, my understanding is as we were just a couple hours ago, they've temporarily halted the ban or blocked the ban. Yeah, but this also goes, it's temporary block. This also goes back to, you know, what I think about a lot about young men and the number one reason, a lot of, I think it's most women who have terminated pregnancy, go on to have children. One of the top reasons stated by women as to why they terminated pregnancy is lack of partner support.

And so, if you're really serious about reducing the number of pregnancies terminated, then we need economic policies, and we need more men, my age, you get involved in young men's life, and it's still a set of values such that we produce more economically and emotionally viable men. This is true, but they don't like them once they're born, Scott, they don't like them, they don't like these people once they're born. That's a different issue, what I'm saying is, well, I get that, but we're talking past each other right now.

I'm talking about if you were serious about reducing the number of abortions, you would figure out a way, such that they were women who felt they had more reliable partners. You want more kids, and you want fewer abortions, we need to produce a new generation of more responsible, economically viable young men. And, and you're right, once the same people who are most rapidly anti-abortion tend to be the same ones who don't want universal childcare. Or give them money, or they disdain them, or they're, you know, everything, it makes no sense, it makes no, and then they're the most for the death penalty, and you're sort of like, where is the consistency here in any way?

“Well, Joe, if you want to save someone from the death penalty, just shut them up and we'll miss you to us.”

Oh my god, I can't believe I laughed at that. That's kind of funny. Anyway, let's look, I hope it's not just a temporary ban, I hope it's room court, you know, gets slapped since they've had some very dicey and horrible rulings recently around the voting's rights acts, but this is something that is just ridiculous, it's bad for companies and bad for people. But the abortion foes have one enough, I feel like, but they won't, they won't, they'll keep going. Okay, let's go on a quick break when we come back, how AI is upending the midterms.

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Scott we're back with six months to go until the midterms AI regulation has become a hot button issue and the money is pouring in. AI super PACs are taking a page out of the crypto playbook which worked rather well spending millions to influence elections. They're backing both democratic and republican candidates. Whoever is more friendly to AI in big tech, the biggest PAC leading the future is funded in part by injuries in Horowitz and open AI co-founder Greg Brockman on the other. And there's the public first action a PAC backed by 20 million dollar donation from anthropic and tech billionaire Chris Larson is putting up 3.5 million in New York to back democratic congressional candidate Alex Boris who supports AI regulation.

This was I was texting with Chris about this the other day and also Alex. Let's take a look at the ad that Larson's PAC just launched. This is an interesting ad and from a marketing perspective it's an interesting way to counter child safety is the number one thing that people are all bipartisan about. And also AI increasingly and just for speaking of the AI legislation the Senate Judiciary Committee just advanced to build it would require AI companies to implement age verification process. It would also ban miners from using AI chatbot companions.

I'm not sure this will will pass and at the same time the Senate just unanimously passed a ban on prediction market trading for senators and their staffers effectively smart. Calshian Polymarket both praised the Senate's move the sentiment minority leader Schumer called it a no brainer saying was never allowed Congress to turn into a casino here to White House to follow suit of course the White House has already worn staff about betting on the Iran war. But I doubt they'll go for a full bit and again the White House is probably in the way of any of this AI.

I just even the safety stuff passing because they're in the pocket of the AI industry so thoughts on on this effort by Chris who was Chris was a tech billionaire at a company he's really interesting he's been very involved in San Francisco politics, but this was interesting for him to sort of go against these pro AI packs which are led by essentially mark and recent in his gang his mob thoughts on this.

“Well is this is feeling a vacuum it feels as if there should be federal legislation what what I find most interesting is I think that.”

The entity or the part that that touched on or the visible object or the cultural whatever on a call it is going to be data centers.

We used to be the enforcers protecting people of the Western rogue nations now we are that rogue nation and AI the brand AI has just taken an absolute no stif.

Because the only population of the cohort where AI has over 50% approval is people making over 200,000 dollars a year because if you're wealthy you see AI is powering your 401k and opportunity to make money you may use it at work. You feel pretty secure about your job, but what a lot of lower income people think is that AI the only visible representation of AI is a data center that's going to send their electricity rates up. While private companies that they don't even have access nor the money to participate in boom and value.

“I think data centers are going to be ground zero for this battle.”

Yeah it's one of them I think a lot of it I think people just have it like a real and tip of the towards AI at this point even if it's it's a good thing in some ways right I think they really.

You know these packs and they'll work they'll work day and night the same thing with the crypto industry you know which had sort of a faint distasteful aroma to it. And it really but it's still was effective with all the millions they're spending all over and by the way musk is part of this they're all trying to stop it it's interesting that anthropics on the other side are Chris Larson's on the other side. So there's a lot of tech billionaires lining up to to stop that and it's it's not good for anyone.

Well, it's a really interesting candidate he's in that part of Manhattan I think it's Jack Schlossburg George Conwayer all there's a whole pack of people running in that area and Alex is trying to sort of stick his head up and as the Mr. AI regulator but it'll be it'll be an interesting case of who wins here a lot of people think the candidates are the party that is sort of sort of vaguely anti AI has a better chance in the midterms I don't know if you think that's so but there there is legislation it's just that this in this.

In this administration is just not going to pass any of these laws because they're they're getting so much money from the companies I don't see them that's the only people they ever have at the White House or AI people never have a critic never have anybody who's against it. There was a great huge grant Nicole Kidman show called the undoing where they're trying to solve a murder and the defense attorney says people hire me to create a mock and that's what's going on here. I think that's what the the AI guys are going to do I think they're just going to create a ton of confusion around this and make it difficult to pass anything and also they have the money my understanding is they've already.

Pledged about a quarter of a million dollars and just for reference leading up into the 22 midterms farmer spent 26.

No, this is using 22 just as a benchmark. Oh, okay, got it.

“But the farm a lobby spent 380 million insurance spent 159 real estate spent 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.”

They'll try to couch it as we're we're forced safety and children we need to do this thoughtfully and the anti AI will be a grassroots and it'll be focused on data centers. They're environmentally damaging to us. They're not creating any jobs and all they're going to do is send your alert already soaring energy costs even higher. So it's going to be it's it's going to be an interesting. It's going to be an interesting proxy for how people feel about AI and technology. I don't know I feel like it goes back to the basics thing is they're trying nobody likes them anymore like they have become villains they are villains now.

And so I don't know how much money they spend people are like I can't tell you many people Scott really interestingly over the past week 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 know not just screaming about it but explaining it.

“I just feel like these are villains now and they can spend as much money as they want but I don't think it's going to I think people in their heart feel very nervous about it and very very distrustful.”

And I know it doesn't correlate with how much money like the product was but the story is about corporations fucking you tech companies fucking you that's really what it's about. And I think and it was it didn't a very subtle way but it's they've got I'm not sure it's going to work and the same thing with these the prediction markets as much as they're interesting everyone's got a little funny feeling about it. I mean obviously the Senate nobody in the Senate should should be on prediction markets if they have trading well both you're right.

The prediction market is even worse on some level because it's like let's bet on the more let's bet on death essentially and and it should be the White House it should be the house it should be all of them it's not free speech it's.

Look there's two issues here one and we'll come back this one is how the general public feels about AI and how the brand is eroded dramatically and then there's in my view.

We should follow the Singapore model an entry level minister earns the equivalent of $800,000 and 1.7 million US for a prime minister.

The objective of our elected representatives the incentive should be you are there to make Americans wealthier not to enrich yourself. And what Americans see right now around AI 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 these guys and my electricity costs are going to go up.”

So I'm supposed to like this only by the way that the ultimate poster child for bid for tech in this age is musk. Yeah, and he does not equate himself well. No, he does not. So it used to be used to be gates is a little bit awkward it used to be and then went on to I think I think it very concerned about public health and developing nations. Steve Jobs and a minimum was was likable and seen as a visionary.

The new spokespeople for tech are musk.

Altman right it's kind of I don't even think baseless he's got. Oh, I don't left no I think people think of him. I think he looks like you know daddy warbox except not nice day and then unfortunately we're not fortunately. The other person at the center of this that's identifying or marking the age around technology because he was so close to so many of them is abstine. So what do you have you have increasing electricity costs wealth of creation that you're not participating in. Parallel that supposedly the inventors of this shit think is everywhere. Oh, and let's add in a dash of pedophilia welcome to big tech.

Like who are they who are I mean maybe Dario Almade who who are the heroes here that are supposed to be.

“Cuban Dario. I did think he was associated with technology. I do I do I'm just saying but I think he's not he's not associating with it. I'm just saying there are better better heroes.”

He'll like I would say a such in Adele could fill that role. Tim Cook could have except now he looks like somewhat of a child.

You know I don't I agree with you. I think I've never seen such a thing happen. I mean just 10% of Americans are more excited than concerned about AI as of March.

Two thirds of Americans have not have not much or no exposure to AI at work. Two thirds of Americans think that AI will eliminate more jobs in it creates. Less than a third of Americans trust AI and seventy seven or seventy-seven percent of Americans think AI poses a threat to humanity. So okay threat to humanity but my electricity costs are going up. Yeah so I'm living here. I'm I can barely afford gas. I don't have my affordable care subsidies.

But the but open AI is raising money to $150 million. It took to fund something that supposedly is a threat to humanity. What do you know people aren't excited about AI? They've done that this is the worst manage brand in a long time. I don't know what they can do get it back. I really don't at this point we'll see if they can but they're just all such.

“Every time they open their mouths I think they should stop talking. That's my feeling.”

Anyway, we need to go on a quick break and we come back Apple is sitting on a ton of cash. Might they use it to make a big acquisition under their new CEO. Support for the sure comes from back market. Listen there's a lot of ads out there telling you to buy new products. I'm at a point in my life where I'd say two thirds of the things I buy I think do I really need this. I'd like to go somewhere at the silent retreat and just let off a plate and a fork but that doesn't nothing to do with this. It's the same thing with tech ads but back market gives you a smarter way to buy tech.

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They just had their best March quarter ever beating expectations with a hundred and eleven billion dollars in revenue.

Up 17% from last year. iPhone is still the engine, $57 billion in sales up 22% in their services business. That's iCloud, Apple TV and subscriptions just hit an all-time record of nearly 31 billion. But the company also announced it's abandoning its net cash neutral target. Some analysts say this is a signal that Apple's about to make a major AI acquisition possibly.

The AI startup perplexity, which has struggled compared to the others. But a range of issues around it should Apple buy into the AI business. First, what do you think about this? Well, first off, this really is sort of a run through the tape high five. You know, nice last quarter for Tim Gray.

Yeah, it best Q and ever revenues of 111 billion up 17% year on year, beating Wall Street estimates of 109 billion. The stock's trading up 3% after hours. One of the things I love about Apple is they figured out we're a mature company. We're not a growth company.

We're still growing. But we're going to return money to shareholders. They do it through buybacks.

They just announced a hundred billion dollar share buyback.

They've raised their dividend 4% to 27 cents per share. iPhone revenue rose 22% in the quarter with Cook calling the iPhone 17 lineup, which I wasn't a fan of, I got to own that. The most popular in our history got that one wrong. The revenue was constrained by supply issues.

Q3 guidance revenue growth of 14 to 17% year on year on year. And the new CEO joined the earnings call was introduced by Cook, which was the first time I think. First appearance since the transition was announced. He praised Apple's financial discipline under Cook.

And the thing I love our respects so much about Apple is that companies typically have a tough time acknowledging their no longer a teenager and they stuff their face with Botox and fillers. And they don't want to act like a mature company in B. Very disciplined, which goes to your question around AI.

I personally think and watch by the time this air is low announced. They've acquired perplexity.

“I think Apple's culture is so strong that they've decided that they are not in a”

quizzative company that they don't like acquire. They've made fewer acquisitions in any company of their size. And I wonder. A headphone company's the last one I remember. Beets, right?

It just wasn't that big a deal. But in my view what they've decided is similar to the search wars. Let's return, let's not engage in the AI wars. It's too expensive. There's too much capital in it.

Continue to be the arbiter, the toll.

And then custody of the billion most attractive consumers in the world.

Like with maps, the way they got out of sort of got out of maps. They get and they manage and granted there's been any trust action against it. But they manage to get a $20 billion licensing fee to be the default search engine from from alphabet. I wonder if they're going to say, look, we'll use AI to improve our targeting and improve our Apple

music, but we're going to at some point have an auction and auction off access is the default

Or should they buy something and just because this is sort of the heart.

Whatever you think of AI, it is at the heart of your services. You can't just like, it's not, you can't vendor it like you would search or or map it. It has been pretty central. Yes, but it's not that there's a whole bunch of things you do on it.

And it's not just searching. And you don't use search internally on the phone. You use it when you go outside.

“That's what they use Google for for your browser.”

And they don't do it. They don't power the search inside of Apple. They have to have an AI company. They just do. They need to integrate the way Google has done with Gemini.

They need one. I think they have to buy one because they're not going to be able to build it. They keep having people leave who running AI. It's just, there's not enough action happening there for people to stay. There's more action.

So you think it'll be an aquahar?

Do you think they'll actually offer it as a service? No. I think it'll be integrated into their services. It'll, the way Gemini is. I mean, there is a Gemini separate service.

But most, most of the usage of Gemini is within the search engine, right? Into their current product. I don't think people necessarily, like, like, I go out when I want to use AI and go to Cloud, right? And sometimes I get it in Gemini.

But Gemini is not quite specific enough. And I don't want to pay for it. And I don't want more relationship with Google. And probably one of, and the cloud is better for me, at least. So I think they have to have something they integrate into their business for lots of reasons.

“And then they could also say, if you want to do something outside like with search,”

we have a deal with opening. I think they did have some sort of deal. Anyway, I think they, they buy something. I don't see how they can't. But to be serious in AI involves this, this cat backs.

It's the Apple's complexion and shareholders is Apple's shareholders have gotten their lips wrapped around the crack cocaine of profits. I'm not talking about a customer service, a consumer service. I'm talking about integrated into their other services. They need to have some, some ability to do that.

But why, I guess my question is of following. Why, anthropic and open AI both get public. Wanted, you know, both of them call it a trillion dollars. The new CEO shows up and says, who wants to be the default AI for Apple products? Yes, but for Apple products externally, not internally.

They need to have AI. They need to have AI competence. Right. And that's why they need to buy something like proplexity. Because you don't think they can recruit the people to build that.

I can't. They have lost people. You go, I don't pay attention every turn of the screw with all these AI people moving around, which they do like a lot. But they've lost quite a few people running.

It's just that it's not where the action is. And so they're going to go. And so they have to have a competence by having a, like, a proplexity to run the internal stuff that you don't see necessarily. And then, for a consumer service, just like with search, there's search in Apple that's

not Google. But then they go and get it for the external stuff for customers.

“Where it's like, why should we pay for a really robust search service?”

It just doesn't make sense. Why should we pay for a map? I mean, they still have maps that's on true. But mostly it's Google maps, right? That's who they get a big chunk of money from.

And that's who their default is or default browser. Here we have, you know, the Google browser, essentially. And so that kind of stuff. It's like, why bother doing that? This is integral to there.

How they get you songs. How they get you. They can't have open AI. Give you song information. It just doesn't make.

They need to do with themselves certain things. That's my feeling. Yeah, I, I, I find the product. I haven't, you know, I pull up. I'm now running running and doing more zone two.

I exercise, but good. Yeah, I know. Thank you. And then, but I do when I bring up Spotify, they have that AI DJ. I'm trying to think you think that Apple needs AI.

How would that manifest in the customer consumer experience? You don't see it. You don't just the way when you go to search right now with Gemini. It's there, right? It says this is the Gemini.

You don't even have to tell me. It's just search. Like, I don't know why they have to differentiate. When I'm an Apple founder, I use Google search. Right.

But internally, as they, they serve up all manner of things to you. They, they, they're using Apple technology. They just need to own. They need to have a basic level of competence in AI to serve much of their stuff. And then the external stuff they can get piles of money from whatever company.

And I then will be clawed. That's my guess. But they need to own something. So if only to maintain those relationships, right? To under, I just don't think they can be without AI expertise.

But they don't need to offer a consumer service.

They're never going to offer a consumer service.

Not their strength. Anyway, their strength is their ecosystem. Anyway, we need to move on. But the Pentagon just made a slew of AI deals. Speaking of this is an AI.

We care Jeff Bezos is Tuxedo and AI do's.

Video, Oracle, and a startup called Reflection to use their technology. For quote, lawful operational use. Trust them at all. These companies join XAI, OpenAN, Google, and providing Pentagon. Pentagon with AI tools.

The Pentagon says these agreements will accelerate transformation toward making the US military

AI first fighting force, notably anthropic is still out of the mix.

Despite that recent productive meeting at the White House, just last week, Defense Secretary Pete Hegsep called anthropic CEO Dario Amodi and Ideological lunatic piece. You know, they should spread around the wealth here. But not just rely on one company, obviously, and let them fight it out.

But I think nonetheless, from what I understand from everyone who works in government Claude remains the top player here. And it's stupidity on the, well, it's kind of saying things twice. Stupidity on the behalf of Pete Hegsep.

“You have to assume he's smart in the first place, which he isn't.”

I think he's going to be out. I have this feeling. Do you think? I do. I don't know why.

I just was like, oh, he's going to get rid of him. He's too much more on. He's such a link. I know he looks the part, and he's like, does his chest puffy thing for Donald Trump, which he likes.

But I just think he's, I think the knives are out for this guy. Because he's such, I just can't figure out which one they're going to get first, Patel, or, and by the way, S&L did a great job on both of them this week. No, my God. It just says in Zarya.

Patel. And of course, Colin just josts as PX. It's just fantastic. But I think he's in more on. And it's fine to have all these people come in and do this.

That's sure why not. It just seems like that's a lot of people in there in that room. I don't think it's, I feel like somehow it's probably too chaotic to have all of them there. On some level, maybe not. It just seems to me that, to a certain extent, anthropic and declare victory and go home

and be one of the seven companies or not. The Department of Defense, they blacklisted anthropic. Anthropic feels like Andario mode. I feel like kind of the first person who sort of said no to the tech bros into Hexath and Trump.

“And he's gained, I think, a lot of stature from that.”

And but at the same time, he can, you know, he can say that fine. I'll be one of the seven companies. The breakdown wasn't over capabilities. It was over guardrails, right? The DOD wanted cloud deployable for all lawful purposes.

Right, which they didn't, yes, I guess. And Anthropic said no to autonomous kill decisions. And so a federal judge said the Pentagon's move looks like an attempt to cripple Anthropic, which is, and it's just so weird, all these, all these tech bros who are all looking for the next check and bail out in their own crypto scheme.

Going after Dario, I think it's, I think Dar isn't great spot right now. Oh, for the next era. Oh, wow. He looks really solid. Next, if there's a Democratic president, he's going to be the poster child for the day. The most interesting argument I've heard and really made me think about this was that

all of these guys are claiming that this is more powerful than nuclear weapons.

Mm-hmm. We don't have private venture back companies making nuclear bomb. So it's okay. If you really believe that, then shouldn't you all by virtue of defense, for defense reasons, be government controlled in own companies?

Yes, yes. Or highly regulated, because you're claiming that these things are more powerful than any technology ever. We don't, we got stop making sense. Well, it's just so, it feels to me like they're setting themselves up. I'm really excited about the potential for a Democratic administration, because I think there's

going to be a lot of momentum around. All right. Here are some basic common sense regulations. We would apply to any technology that is a quarter of what you claim the peril is here.

You're the ones saying it's going to take employment over 20 percent.

And by the way, the French Revolution and the Wymar Republic descending into darkness happened when they hit 20 percent unemployment. You're claiming this thing is learning so fast that it'll be able to turn on itself. Well, okay, so shouldn't that mean you're not allowed to release anything to the broader public until we have given you the badge of clearance on it?

I think it's just going to be so easy for somebody to kind of step in and say, all right, you guys win. You have scared us so squarely and so rightly that we are going to. We are going to have regulators and the defense department and the DOJ in your fucking knitting folks.

And at the same time, they need to strike a balance. Such that Chinese LLMs don't get well ahead of us.

“At some point you have to realize, okay, when does when does the well-being of civilization begin”

to even remotely rival the excitement of your IPO?

billboard, I can overrun all social concerns. And I can even brag about how fucking dangerous this is. As long as I use it to extract or pull the future forward with cheap capital, I think these guys are really sticking their chin out. They're sticking, and then they have, again, a meal Michael is there, all their best

body, which was from there, you know, gaming the situation, because the more on Pete Hagsat doesn't know anything. And so they're just, they're sitting, let me say, when if the Democrats do get control

“in a strong way, you need to flush all these people down the toilet, like immediately.”

Like not even like, let's all try to get along.

First, you take them out and then you start over again.

And I think puts Darryu in the best position in that regard. Because he had the guts to speak back, you know, at least push back on. Just the most illogical, moronic statements by the defense department under this incredibly unqualified cabinet secretary. I mean, really.

It's so ridiculous. And one of the problems, you know, sometimes there's nefarious people who are smart, right, and you're sort of like, oh, we're in trouble. But this is a moron, like an actual, like the moronic nature of both cash Patel and Pete Hagsat is so parent.

They're not sligh. They're not, you know, slightly evil or evenly sligh or whatever. And I think-- The tanya's shaking his head. Correct.

“I was like, oh, because he knows, right?”

He could do something. But I just-- I-- you're right. Darryu puts himself in a much better position for what's next. If we make it there. Anyway, one more quick break will be back for wins and fails.

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at Canva.com. OK, Scott, Winston fails. What do you go first this week? Well, my fail is the Board of Directors for GameStop. If you're going to be an SEC publicly listed company,

you have a video share responsibility to not impose a tremendous burden on other companies who are trying to serve their shareholders and serve their consumers and their employees. And when you make these ridiculous offers to another company that has absolutely no credibility for asked or likelihood of going through, you're just in some weird attempt

to like ignite another meme crazy in your stock. That's as irresponsible and reckless. And there needs to be generally speaking in business within from public companies to other public companies. There is sort of a code.

You don't like when we were thinking about acquiring a company to public company and then we decided internally it doesn't make sense.

because we don't want to tie them up.

“We want them to get on with their business and their life.”

Even though you could do it to distract them. But I was on the board of Urban Outfitters in a one point we were considering acquiring Abercrombian fit you at the time. Oh god, hugely diminished. Oh, by the way, Kara, we missed that one.

We could have picked it up for pennies. Penies. And it's come back hugely. Oh my gosh, Abercrombian, that would have been that one got away from us. We came very close.

The handy family that runs and controls Urban Outfitters are very, very smart people.

And, but ultimately we passed, but the moment it was like the moment we made the decision,

we could have gotten the way of other competitors American Eagle or whatever to acquire it, kept it on the market for longer.

“But it was like, no, there's a code amongst good fiduciaries.”

We immediately say, we're not going to be a better here. Such that they can get on with trying to sell it to somebody else. And this is such, it's just irresponsible. I just hate this from like a decorum standpoint. It's a waste of everyone's time.

He's not serious. And I love the fact that the market is responded by taking the stock down 11% anyways. Yeah, he's a prime co in an ass clown in me. My win is a senator and university president Ben Sass. Did you see a 60 minutes interview?

Oh, God. Oh, it's heartbreaking. It really, and of course I turn everything back to me. I find he is such a like, he's the best of conservative values. You know, his ability to talk about his faith.

God, his fidelity to the constitution, his fidelity to his family. And couch it as he struggles with a pancreatic answer. He had so eloquent and so moving. And I was struggling with something that happened to me that really upset me this weekend. And he, I watched his interview.

And he talked about that at one point before it was he had the diagnosis of pancreatic answer. He had he said hundreds of tumors around his spine unmonounced to him. And he was in such intense crippling pain that he was taking a dozen scalding hot showers a day that would provide him just minutes of relief. And then he'd have to take another hot shower.

And so I started a practice where I'm like, okay, imagine you have that kind of pain. Tumors all over your spine. And all you can do is lay down and then take another scalding hot shower. I'm like, what would this problem mean to me at that point? And it's a really healthy practice.

And anyways, I have my, my bencess tumor practice now. Oh, goodness.

And can I point out there's a lot of really amazing mRNA technology happening right now about pancreatic.

Well, he's still alive because of some of those technologies. Yeah, but it's still, it's probably too late, but there's so much going to of course the administration's been cutting all these things. But he's amazing. He was one of the first people to go against Trump to when it wasn't convenient.

“He also had a really lovely statement when they were talking about the worst thing about his illness.”

And he said that he was really sad that he wasn't going to be with his wife for a while. I mean, it was just so such a lovely testament to his wife. And the way he framed it that he's going to, that he believes they'll be together again. But he's upset that he's, he's going to have to wait. I mean, this guy, it's democrat should, a sigh of relief that he is not running for president on the Republican side.

Except the Republicans rejected him because he was early. He was an early Trump opponent and then he got sorry. Well, I think he got a carved out of big lane. I don't know. He got drummed out. He was one of the people like Liz Cheney. And so he was in that game that got shoved out of the whole party because they needed to be in, you know, the Trump parallel he acquire.

So I, I always found him to have a lot of courage even before this.

And he's out to him and his people over the weekend, he's going to come on the top of the cod. But anyways, my win is just just the perspective. And I, I think I would, I would recommend that everyone wants that interview. It really does remind most of us. And it's like that monk saying that the man with good health has a thousand problems.

The man with bad health has one problem. And you hear what this guy's going through and you hear how just articulate he is about government. And in his views on things, I really found it. I thought, this guy's such a great role model. I really hope, I really hope he's around for I love that he's getting attention now. But I think he's adding a lot of really wonderful value to the public discourse right now.

That's where it is. Excellent win. All right. Okay. And your fail is this board. Okay. So my fail, it's kind of a win in some ways. But then New York Times interview with Tucker Carlson. He's done a lot of interviews lately because he's trying out all his stylings to run for president as he knows him. He's trying everything. It's fascinating to watch.

Interviewed at a great job. Yes, Lulu Garcia and Navarro's a friend of mine did a great job pressing him back. He denied wondering whether Trump is the anti-Christ Lulu played it. And then he denied it again. He denied it right after I, oh, I didn't come out of my mouth.

She's like, it just came out of your mouth. He goes, I never said that.

Yeah, right. It was like, funny. This guy looks like you saying that. Wow. Wow.

She did a great job with him, but it was just, I think the more interesting is thing is,

“you should watch all of them because he's preparing for a presidential run.”

And so his tricks and everything else, she's super smart. You may not like Tucker Carlson, but he's a highly intelligent. And, and I think he's an interesting. It'll be an interesting fight over the Republican Party post-Trump. And, you know, obviously, Marjorie Taylor Green is trying to prepare her way. She changed Trump to rangement syndrome and Trump disappointments syndrome,

which I think is probably a more accurate for his followers. Anyway, just a really good interview. Watch it, Lulu's an amazing interviewer at the times. And, but that exchange, the whole thing is quite good. But that exchange back and forth is really, was really something.

Obviously, my win is the money that Deborah has brought it. Yeah, it's crazy. Sorry. You just did yours. You just did the same one of yours.

The game took, that is a lot of money. I also, it's really interesting what's doing really well. The Michael Biopicked did really well. Michael Jackson Biopicked is doing incredibly well. Again, it's really, here's why I think it's a win.

Because Hollywood always says, "Oh, that's a black movie."

Or that's a woman's movie. Or that's a gay man and women's movie. And that's why it's doing well. It's just, they're both, I haven't seen the Michael movie. And I think they left out some of the pertinent parts of the controversy around him and this one.

Michael Jackson, what controversy? Yeah, exactly. Or let's bring in a white guy, Project Hell Mary. They're just good movies. Like, stop having to like say, "Oh, it's the women.

It's this." Like, you just make a, what I loved about this movie and some of the others that have been doing really well is they show Hollywood at their very best. Beautifully told stories. There's not any of these. There's not a stitch of fucking AI anywhere.

Right? It doesn't feel cooked.

“And that's what really is working people are just flocking to these movies.”

And by the way, the theater was full of not women.

It was everybody. It was really interesting.

It was young men. It was, it was not, I was surprised by the audience because you get to thinking it's a bunch of ladies going out and having, you know, Margarita's frozen margarita's with their friends and then kicking it up in their heels. But it wasn't. That was you. That was you.

So, I just, I, I really like to start hanging out on movies. Yeah, I know. Non-AI movies. I don't know what else to say. It's a push, just like people don't like brand-AI.

They like brand people. And that's the story. It's done very good. They love stories. Anyway.

Oh, I got a show recommendation for you. What? Shorzi. Shorzi. It's about this, it's about this hockey team that sort of the pride and joy of some small town in Canada.

It's really, and of course it's all about, it's really a story about people, but it's really adorable. Okay. Okay. All right. Oh, and Kara, you'll love this.

Shorzi is directed by the same guy who directed heated rivalry. Jacob Ternis. There's got to be blow jobs in the locker room coming episode two. I was watching a running point. I think that's what it's called.

The one with Kate Hudson and Justin's in it too. Justin's in it a lot. Yeah. He's very good in that too. It's good.

It's adorable. I just finished watching. Okay. Shorzi. All right.

I'll listen to it. Anyway. We want to hear from you. Send us your questions about business tacker. Whatever's on your mind.

Go to NYMag.com/pivot. Send a question for the show or call eight five five five five one pivot. And elsewhere in the Karen Scott universe. You're going to love this cut for the latest episode of on. I interviewed a lean brush.

McKenna and David Frankle. The writer and director of Devour's product too. I wanted to focus on them. I mean, the stars have gotten a lot of attention.

“But I think these two are at the heart of why it's so excellent.”

And they're really incredibly good perverts of what they do. Let's listen to a clip of David explaining how he approached Merrill Streep's character, Miranda Priestley. Miranda is not the villain here. Miranda is the heroine. Miranda is trying to achieve excellence every day.

And why does she have to be nice to accomplish that? And there's a long list of mostly men, of course, who are highly regarded for their superb work. I mean, they might be the goats in their business.

It's a really smart interview.

“I really like to show people behind the scenes.”

I mean, they're great. And Scott, one of the parts you'll like a lot is Miranda trying desperately to avoid getting trouble with HR. You're minding me a view. I'm trying to avoid HR.

Yes. There's, you know, she says things in her assistant goes, no. No. And she's like, what? I can't say I want to kill myself.

You know, there's a whole, it goes, it's a little bit. I saw the thing that I thought, oh, Scott, can't wait. Need someone who sits next to him and goes. But then I realized that was me. Yeah.

No. No. No.

You give me a, you realize I have never been in anything resembling any type of trouble

like that at a corporation. I'm Allen Aldo. I know. I know. I know.

I know. Anyway, it was good. Anyway, it's David's Franco. And although I do call my assistant jiggles. Is that wrong?

Oh, God. Any dare we go? No. No. We don't.

We don't say that. At the Christian party, I ask all the hot ones to sit on my lap. Is that wrong? What are you on for Christmas, little girl? Oh, my God.

All right. That's the show. Thanks for listening to Pivot. And be sure to like and subscribe to our YouTube channel. We'll be back on Friday.

Today's show was produced by Leron Amen. Zoe Marcus, Taylor Griffin, Todd Weissman, and Christine Driscoll. Any of your Todd engineered this episode. Thanks also to Drew Rose, Mr. Vera, Danchlon, and Kate Gallagher. Your shot, Cura, as Mark Smith is an executive producer of podcast.

Subscribe to follow up. Hit it on your favorite podcast by a forum. Thank you for listening to Pivot from your magazine of our media. You can subscribe to the magazine on my Mac.com/pod. We'll be back later this week for another breakdown of all things tech and business.

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