Trump's Iran Deal, SpaceX’s Wild Ride, and Snap’s Specs

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Try Odo for free at Odo.com. That's OdoO.com. Oh my God, you're so difficult today. So fucking bossy. Hi everyone, this is Pivot from New York Magazine and the Vox Media Podcast Network.

I'm Karis Swisher. And I'm Scott Galloway. We're not going to talk about the next, because we just got an argument about it. I think it's amazing. Stop shit posting the next, it's super sad.

No, no. No, no. What are you wearing? Explain what you're wearing a world cup is also very exciting. And I'm very hot in your wee last.

That's right. Scotland, top of the table in their flight. Do we want to? They're fighting. Okay.

Yeah. And they're playing Morocco tomorrow, which is a fairly serious

“do you know that I know you're excited to talk about Team Scotland.”

They haven't appeared in the World Cup since 1998.

They've been in the World Cup eight or 12 times and never managed to get it out of

the group stage, which is no one else is unfortunately had that. They haven't been in this time. They have a really strong midfield. I'm just super excited about Team Scotland. Yeah, speaking and bringing the world together in New York is having

it's ticker take parade for the next, which I'm very. Are you going? No, look, I'm not a sportsman. It's got unlike you. I'm not.

I don't go parades. I don't like. I don't like large gatherings. Is it through, I take it through Manhattan? He's through the Wall Street thing and they're going to like throw the ticker

tape stuff. Someone's put a picture up. He was in a hotel room. I guess it was a guy. And it five in the morning.

The noise was like, loud. Like people are like getting ready to go. I heard New York is literally electric right now. It is. I was just this week.

It was great. Yeah, but more importantly, this is a true story. Boston bars that run out of beer. Boston. I know they're playing in Boston.

Anyway, it's very exciting. All these sporting events. I love this. I like basketball best of all. If I had to watch something.

But it's really nice is to see all these gatherings. And that's my favorite part. The gatherers. I don't think I'm going to come back. Yeah.

And also people seem to. There's not a lot of fighting. It doesn't seem like people are jolly. Like all these pictures this morning from New York. They're like jolly.

And all the world cup people. Is it the Norwegians that keep rowing everywhere. They go up for escalators. And then they threw. Then they threw the Japanese fan in the air.

Yeah. Yeah. It really does bring the world. But the Japanese fans bring these blue bags. And then they clean up afterwards.

I just like the whole thing. I like all the group activities. And I think it's cute. It's adorable. You know, the Scottish clean up.

It's putting all their empty bottles in the corner. Anyway, are you. So it's in the Scottish of any chance since you're called Scott. It's the strongest team we've fielded in a while.

“I think that and they did win their first game, which means that the chances of getting”

in the next stage realistically. Realistically, we probably don't go that far.

But there's always a dark horse that makes it to the quarter finals.

Whether Morocco is considered a dark horse. No.

It's more likely that in terms of the UK that England represents us. But this is the strongest Scottish team in a while. And they had a fantastic opening game last night. Today, I don't have other stuff on the social media. Very keen is probably one of the three best players in the world right now.

The disappointments were Spain, which drew and Portugal, which drew, which are both supposed to be amazing contenders. So the US team is the strongest it's been in a long time. And they had a fantastic opening. That's what I heard.

“I feel like we should dominate. Why don't we dominate me, essentially?”

That's such an American thing to say. No, but I would think we all the money that's put into soccer all the attention.

It just seems like we never make it in an opening.

I know, I guess it's not really as popular as football and basketball here. But it's a group of people who just don't play together that often. Oh, okay. This could be their year though. I'll play her by player, pull a stitch.

I mean, they have some amazing. They have some amazing talent. But well, I'm excited. I'm excited for you to go to a game. You should go.

It's a very early year. I don't want to a bunch of games. Yeah, that's great. I'm excited. Plus it's really inexpensive.

It's such a good deal. It's incredible. I make a decent living and I'm blanching. I know. Whenever I see, they have a lot of stuff on social media.

I think of the prices, like the lowest price is $11,000. And I was like, what? Yeah. Like it's crazy. Maybe not that much.

But it's like, as I said, it's easier to go to Mexico or Canada to watch these things. Oh, I have an invitation for you. Okay. Leslie Stall wants to have dinner. Emily Roda-Coskey.

No. She wrote that piece.

So I can't believe you didn't comment upon having a single mother.

Yeah. Yeah. The one where she's breastfeeding. Yes. Exactly that one.

Okay. Okay.

“And by the way, I definitely read the article.”

I didn't just look at the picture. I definitely read the article. Okay. All right. Okay.

You got some books. Did you ask about me? No. No. Never.

No. She's playing that game. That hard to get game. I got it. Anyway.

Leslie Stall. I had breakfast with her in New York. And we had a lovely time. And she really is. We had a good talk.

We had a good talk about what's happening. You and Leslie Stall.

I'm trying to come up with this act.

Like the Cagmin and Lacey a year reunion. What is that? Like, what? I don't. Leslie Stall will take your skid off.

No. I'm giving up on top. She's very good. Well, she wants to have dinner with us. I do not like to turn other people.

You know this. You're supposed to clear out these invitations for me. No. Leslie Stall's worth it. Trust me.

All right. I'm sure she's super impressive. And she will find me.

“She will like like anyone you introduce me to.”

They find out. I'm not nearly as interesting as they think I am. So let's just say that everyone disappoint me. No. She don't say no to Leslie Stall.

You're doing it. I'm going to say we're meeting. And then I'm going to bring her. And that's how it's going to go. Why are you hanging out with Leslie Stall?

Is this like another journalist's mafia thing? Yes. We talk about how old white people don't get it when they buy their companies. No. She's came to code for years.

She came to go for years. I you understand the amount of people I know. No. I think I do. I think I do.

I'm looking for friends. I would say we were friends. And so just we just got together. She, you know, we wanted to get together. We did talk about you.

You and an icon of journalism. Yeah. We're like, I just hang it on the journalists people. Like, you know, you go for drinks with them. It's stuff like you do that all the time.

Anyway, she wants to know what people would drink. That's it. That's my criteria. Do you drink? Yeah.

Oh, I don't know. I don't know. She throws some back. She looks like she could throw some back. Yeah.

Anyway. She really is a big family. It's an inexplicably. And obviously, oh, I got some other intel. But wasn't from Leslie Stahl.

You were approached. You were approached. Just I'm getting more and more info. I'm looking to tell everyone what that's about. But indeed, I got more confirmation on that topic.

You mean CBS longing that I ever talked to them about. Yes. Yes. Someone who knows. But I need to be fair though.

I've thought a lot about this because it upset me. It was very immature of me to try and get cloud by talking about. A professional outreach, just to make myself look more normal. That was immature. We never do.

I regret it. Okay. You never. It was just it was immature. I just shouldn't brag about someone reaching out to me.

Oh, I guess. It's like, okay. That's a great way to show gratitude to someone coming to you with an opportunity. And brag about it. Oh, anyways.

All right. God. What is going on with me? What is going on with me? What is going on with me?

What is going on with me? I need to hang out with Leslie Stahl. You do. All right. Anyway, Leslie's lovely.

Hi Leslie. Oh, I doubt it. I need. I need someone. I've been trying for years to do.

Yeah, no, I need someone more affectionate and loving than you. She's not talking to me. Leslie Stahl is not your choice. I need. It's like that.

Do you know who Ruthie Rogers is? She owns the river cafe.

Sure. Yeah. She's an older woman.

And she reached out to know where to say hi.

And I was so pissed off because it ends up at the river cafe. It's like in fucking Birmingham. London. It's like, it's far out yet. And I go down there.

I have been there. I go down there. And I'm going to all piss off. And this little woman fairly advanced age comes rolling out. And I'm like, what the fuck?

“Why am I not with Emily Radikowski was my first thought?”

And then I'm like, what am I doing here? Why did I agree to this? It was in 10 minutes. She was holding my hand. I love the table.

Like talking to me about my childhood. See, there's something about her. I'll try to find you a nice lady like that. But we have a new bunch of tough lady fans. That's what it is.

Oh, oh, can I do one call out, Katie Kirk has had a grandchild. Oh, I saw that. I saw that. That was nice. Good for her.

Very nice. Congratulations, Katie. Before we get into it today or a reminder to check out our YouTube channel. Be sure to like the videos and subscribe. We're into the YouTube situation.

And we're also in Roga. We're a lot of places.

“Yes, Roga, you just type into, I don't know how you get that though.”

We're with on the Swarve channel or whatever it is. Prop. It's prop. The properties channel. I love that.

I love the pivots on the property channel. We'll just ignore that for a second. All right. Well, that's fine. People can stream us live.

Oh, wait. Okay. We're very promiscuous. But go to YouTube. We got a lot to get to.

So let's dig in first. Scott, the reflecting pool. I wanted to ignore this. But it's crazy. The paint's coming off today.

It's $14 million renovation.

They put this American flag blue on it. And they pump and sisted on it. When there's other problems with that thing, it's for years and years. You know, like all the fountains, all pools, that problems. And this is a big, friggin pool.

But it's usually just the stone color. And he had painted it this color. And it's turned algae green. There's algae everywhere. Now the paint is coming off.

There were pictures this morning. The interior department says it was a residual algae from the supply lines. It was sitting there while the pool was being renovated. Most people say this is nonsense. And he pulled all these pool people are weighing in, which I'm enjoying very much.

They're deploying, quote, high-tech, nano bubble ozone technology to combat this. Except workers were seeing pouring bottles of hydrogen peroxide into the pool earlier this. Like by hand, some experts say the pool's new color. It's worse than the pre-existing issues. Darker blue absorbs sunlight, increasing water temperature, making the pool ripe for algae.

Apparently there's phosphates in it. It's ridiculous. And what a f*cking mess up, because they picked the wrong people to do this. They shouldn't have painted it. It's very much sort of lack of transparency, overly expensive and badly done.

But I want to talk about bad messaging because this is the reflecting pool, which is ahead of the 250 celebration. That's a center of along with the washroom monument, the Lincoln Memorial. You know, those are symbolically beautiful and actually much visited during the 4th of July. And it's going to look like shit. Talk about it from a brain.

Is there a branding perspective? Is it getting a lot of traction? Usually I think these things are silly. But this one I'm like, yeah, this really fucked this up like royalty in a way that seems ridiculous. Yeah, like the analogy here, the symbolism is pretty strong.

I would argue that the reflecting pool is actually doing its job and reflecting what's going on 500 feet away. By the way, I stared into a reflecting pool for too long and it made me think. I don't know. I feel like it's been staring. The reflecting pool is been staring at Congress for several hundred years.

And it's just finally given up in a handful of moss.

Right. I don't know. It's a symbolically, it's for a lot of people. Most kids have gone to the reflecting Americans when they go in trips to Washington. If you get to go to on a trip to watches, many people do.

“It's just like everything about it is like, can you do anything that doesn't suck?”

It's sort of, even though it's just the pool, it's the easiest thing to fix in all the many things that are hard in this country. And to fuck it up, this royally is really quite something, I think. You know, it's a messaging of sort of this old man who is adult who overspends our money. It's all tax money and we're going to pay for whether it's cleaning up the East Wing, whether these physical things. And you would talk about this, the destruction of the East Wing or what he did at the Kennedy Center with the name coming down.

It's just, it's all like destruction. We're going to have to clean up after this, but you know, this elderly toddler essentially. Yeah, I was asked, I was on a podcast yesterday and they asked me what I thought about the reflecting pool in DC turning green. And I said, no notes. I mean, the metaphor or the analogy, whatever, it's just, it's just perfect, but there are only two people in my life that make me laugh. Occasionally, you make me laugh. You have a very infectious laugh.

And I should have said, you have a great sense of humor.

“Your laugh isn't factual. So I think it definitely softens you up.”

Yeah, here I'll do one. I like that you cry. Someone asked me if your crying was genuine and I said, it isn't. It's very moving. Yeah, no, it's not an act. I really have. Yeah, someone thought it was, they said, you cried somewhere at an event. And I forgot who was it? It wasn't Leslie Stoll.

It was someone, no, no, no, another secret meeting. I'm excited about that. That's like, I would be, I'd put it at one in five. If I talk about my mom, young men killing themselves or my boys, that's it. I'm done.

Yeah, I think it's not your mom. And I said, no, it was someone, and they asked it, but it was real.

And I said, it really is. He's really very heartfelt. Anyways, so back to, so the funniest people, the two, there's two people in the world that make me laugh out loud. One is David Frey, my friend is the cosmetic dentist who's one of the strangest funniest people in the world. And he'll just call me and start talking about his day, and it cracks me up. And my friend Lee Lotus who's got father to my children. Anyway, hilarious.

And I mean, we used to take trips together. Like before he found his partner and before I had a girlfriend, we used to go on trips together. Like, we just, we would drive up the coast together, we did all these trips together. And we decided he's like, "We should go to Chicago." And we said, "We want to Chicago." And he was doing the same Patrick's day, and they died the river green. And he looked at him like, "That's the color." He goes to me, he goes, "You think they'd be able to die it clear." And we just sat there. I just sat there and laughed for like, "That's fine."

Anyway. Well, get him down to the fucking reflecting book, is it really fun? Literally the funniest guy in the world. And he, he's such a good friend, speaking of DC.

“When my sister was a senior in college, the University of Florida, he's like, "You're the big brother. You need to take her to DC to our nation's capital."”

And so we went to the nation's capital, and we like stormed into Speaker Pelosi, or representative of that time Pelosi's office and started asking questions about the procedural park. And thinking, "This will get your sister excited about our government and politics." And you know what she did? She did get excited, and she went to an intern for some far right fucking crazy. Oh, what? And I'm like, "That's no why I brought you here." I don't know. Well, it kind of is.

And she's been kind of a, I'll give her this, in moderate public, in ever since. And it says, "You're not that bad." No, she's not crazy. No. But she is, she is kind of a, you know, she went for roles in the... She's like a moderate public.

Anyway, algae, bad messaging, because it just sort of piles on with the Kennedy Center thing, this thing, and now, of course, the biggest one. Donald Trump is defending his deal to end the war in Iran saying critics who think he hasn't been tough enough for jealous, bad, or people, or stupid. His comments come after he signed the memorandum of understanding or M-O-U at the Palace of Versailles on Wednesday, which was the most epic troll by Macron. I've ever seen. He lured him there with gold, and it's the place, of course, where the Germans signed the moral one record.

So let's talk about the treaty of Versailles. Let's talk about some of the terms of this agreements. The straight of her moves will open immediately in Iran. We allow it to sell. It's oil-freely. Also, they'll get some sort of fees, which didn't exist before. It's exactly the Obama deal, but worse, essentially. Obama got a lot more stuff and paid a lot less than nobody died, and there wasn't the fact on the economy globally in the United States. The US will end sanctions on Iran in unfreeze assets.

The $300 billion fund will be established to help rebuild Iran, though Trump says the US will not contribute to it.

Iran agrees to not procure or develop a nuclear weapon, but before the Obama agreement was much more stringent. The deal is set to be officially signed on Friday. It's not a final agreement. It doesn't seem much has been agreed at all. The two sides have 60 days to negotiate a longer-term deal either side can walk away. The Republicans are not liking it, and those who are trying to defend it are pretzeling themselves. You know, he's lost the support of all manner of people, including Ben Shapiro, Tucker Carlson, of course.

Lots of Republicans build capacity, and many others are like, this is a piece of shit deal. Ascent they're saying it all out of Senator Kennedy, you know, the Dermers don't have to say anything. And even Fox News is attacking him. Thoughts on the situation, because Ben was someone Donnie Deutsch said, you know, I was for this, you know, this attack on Iran, but now this is like bullshit.

“He reminded me of you the way he talked about it, but any thoughts?”

Yeah, I've got on it. I thought there was a legitimate rationale for military action.

It's not great.

“He's following that for the people the Dominion of failure.”

Well, just to relate to it on an individual level, have you ever been at a, you know, you're in a conversation with family or dinner. Yeah. And you say something at someone disagrees and you double down, and then you find yourself two months later, defending and going deeper into a position that you've probably realized was wrong. But you've doubled down and you keep going further and further and unfortunately the American public rewards that doubling down as opposed to being contemplative and recognizing that a step back from the wrong direction is a step in the right direction.

Right. Right. And we basically told our politicians never admit your wrong double down, never acknowledge that things have not worked out the way we'd hoped, and we need to change course.

And just to go to the critical memo of understanding, let's let's start with the term memo of understanding memo of understanding is a business term. And I have written and received dozens of memos of understanding and this is what they are. If you're thinking usually in a business context about acquiring a firm or doing a large deal. You outline general parameters. Okay. This is what you do. But not specifics. Correct. Not well, you identify ranges. This is what you do. This is what we do. We're interested in acquiring you.

And this is kind of evaluation range subject to the following conditions. These are the people who would stick around. You kind of outline to basically say, we need to at least agree on some basics before we get serious and start conducting diligence and papering a deal. And it means not that I would bet that somewhere between a third and maybe 50% of memos of understanding are consummated in a legally enforceable deal. And that's the same thing here. It is this is obvious. They said a Trump wanted an agreement and they said, we'll give you a memo of understanding because we know you're on your way out. This will not be enforceable. I don't even think we can get into a conversation around how terrible this deal is including the fact that it doesn't include random inspections.

It's gone from one and a half billion in the JCPOA to three hundred billion and that sounds like an opportunity for wit, cough and kosher. The fact that they've essentially have not have a have an opening to start charging tolls again.

“This isn't an equivalent deal. This is a much worse deal. But here's the thing. It's not even a deal, Cara. It's a memo of a, I don't know if you heard.”

This morning it was announced that Mexico has presented the US with a memo of understanding and they're taking back Phoenix. I mean, this is so, this is, here is the reality. I like Phoenix. We go ahead. Sorry. We, we drew from a deal, fought a stupid war or apparently a stupid war with 13 people dead, hundreds injured, thousands of Iranians killed alienated allies. That's not forget those school girls that got accident alienated allies.

We can do our relationship with golf nations provided accidentally Iran with insight into a weapon more powerful than a nuclear arm.

D stabilized the global economy such that we could get a much worse deal. In terms of American politics, what this means is the following. JD Vance will not be president. Have you noticed already? Oh, no, Trump keeps trying to hang it around his neck. The president is throwing vice president Vance under the buck. No, he's just, he's just his servant to go there into basically he has sent the equivalent of a, I don't know, a reputational mob and news. For the latest vice president, he is hanging vice president Vance.

This is this. He's dancing him. He's pensing him.

The most conservative Republicans are saying, this is a terrible deal, a terrible deal.

“Right, the comparison between the, they put up comparatively between the Obama deal and this, and you're like, what?”

We lost all this stuff. Like, why? And, you know, he had the advantage when he just, say, bombed some of the, the areas, right? He had the what we're watching you kind of thing happening, which I think was strong. I agree with you. When the original bombing of those, even if they didn't take them out, they didn't completely and totally, I don't know why you had to say that. He could have just said, we, we set them back again, and we're going to keep doing that if they keep developing nuclear weapons.

But that was good, and then he couldn't resist because of the, as you said, the person on her shoulder is Jeffrey Epstein. And so he wanted to do something after Venezuela, he felt emboldened and did this. Like, this is, this is, to me, I don't think, I don't think, you're right. He is hanging Judy Vance out to drive, but this is hanging on him. This doesn't come on.

But he was wandering. He looked sickly. He looked cancly. His hands looked, like, suddenly there's all these cuts on his hands.

“And, you know, Macron was wandering, moving around like he was an elderly parent at an old folks home, which I thought Macron did on purpose because he looked fantastic, right?”

He was fit and lively and stuff like that. But Macron was looking like he was his friend, but made him look elderly sitting next to him. And I think he was. And then the Versailles thing, oh my God, did nobody on his team understand the symbolism and the marketing of that thing.

And I know only, I mean, it's just he's so dumb. Like that's the whole thing. Like he just continuously bent. I think this will all hang on him.

You seeing the polling is down. And, you know, they think Georgia is going to be going to be all Democrat, which is unheard of. The Texas is now absolutely in play.

“He's going to have the worst two years of his life after November, just the worst. I think it's going to go on and on and on.”

Macron led him around like an old man that he was really something to see. And I think, you know, what's really interesting is how much the polling is really declining, how much in danger. He is of losing states like Georgia and Texas and Ohio stuff that you wouldn't have thought before. And I think it has a lot to do. And I know it. Is one thing, the algae is another, the Kennedy Center. It's all like this old man. Like I think we have to seriously talk about whether he had a stroke or not. And, you know, we did this with Biden.

And I think it's fully appropriate to discuss it at this point.

“We don't agree on the non-important stuff. I think I think Trump looks remarkably robust for a guy of his age. I don't, I don't see any degradation or should say any change in his cognitive ability.”

And his cognitive ability at 76 was exceptionally poor judgment from a narcissist who doesn't care about anything. But himself and coming across is strong and that he is arguably, or they're probably a terrible business person. And I think he's the same person he was for eight years ago in that a someone with absolutely terrible judgment that the diminishes our power soft and hard abroad. Let's talk specifically about the JCPOA. It required Iran. This is the deal that the Obama administration and Iran side.

It required Iran to reduce its enriched uranium stockpile by 98 percent, dismantle two thirds of its centrifuges cap enrichment at 3.7 percent and accept IAEA monitoring.

The 2026MOU contains no nuclear constraints at all, just a pledge never to build a weapon. A pledge from the IRGCO. That's worth a lot, which Iran already made when it signed the non-proliferation treaty in 1970. The key here, quite frankly, is verification and inspection and let's compare the two. The JCPOA had IAEA inspectors, continuous monitoring, and 24-day access provisions. The MOU refers all of this to a 60-day negotiating window with no guarantees. Think of this in consumer. We are paying more for less. The MOU comes with released assets plus a $300 billion reconstruction framework, exceeding the JCPOA's costs while delivering fewer nuclear concessions.

This in two words is a fucking disaster for the American brand. I got to be honest, I'm going to enjoy watching all these accolades and weirdos trying to explain this one away. There are only a few more, but many more are being quite explained. You didn't have to hear a Democrat yesterday, because all the Republicans were saying it. I was like, "I was listening to the television, I was packing for this trip to France," and I'm like, "Oh, another Democrat and I looked at it was a Republican senator."

So, vehement, right? It was so, except for one who was trying to defend it, but it was very hard. You can see them. Fox News has been very tough for top men. Of course, Wall Street Journal is like strafing him, which is a Murdoch property. I don't know, I feel like all of it. I'm going to disagree with you on his health. I think something happened, and he still looks for bus, but his physical demeanor and the way he wandered around. All the specialists he's saying. Yeah, all the specialists, and the way McCron, I felt like McCron knows exactly what's happening, because he kept, it's how you move an elderly person, if you were like, as my mom got less mobile, she was in that zone that Trump is in, and she was mobile and very robust, as you know, my mother never shuts up, but it was like, and then it started to crumble essentially.

It is now 60%. Just a short step away from weapons-grade material. US military leverage, given away. This memo of understanding commits the US to not increasing its regional forces with Washington or the US withdrawing forces within 30 days of a final agreement. We typically, that's not negotiable for us. One of our key advantages is we have these things called aircraft carriers that we can put anywhere in the world to deliver violence on an unprecedented level, which is an enormous advantage that we're giving up. The other thing that people aren't talking about or the press isn't talking about is that the JCPOA was multilateral.

“It was signed by the US, the EU, the UK, France, Germany, China, and Russia, whereas this is bilateral. So if they walk away from this, it doesn't impair the ability to sell oil, do business with all these nations.”

Whereas the JCPOA was the entire Western world and China and Russia saying, "You have to stick to this agreement." He can't clean fountains and he can't do worse. You know, the thing he said, the press conference, go watch that press conference, you will have another thought about his mental health.

He goes, "Well, we'll just bomb them." And I'm like, "What?" That's your plan. We'll just bomb them if they don't keep up. It's just so embarrassing.

You know, the Republicans know it. And I think he's in for a world of heart and Epstein's roaring its way back, of course. New York Times did a great piece. Very briefly, I want to say the Ukrainian bombings in Moscow, wow, that is shifted rather significantly, Putin's the other one that's got to be on the ropes. I would imagine, as I said, I'd heard from people that he was. Well, I mean, just a couple thoughts. One, that is the most exciting positive thing happening in the world right now. Is that the West has a huge victory, your Europe deserves an incredible credit for being steadfast, which is in their interest economically.

And also, the learning from both Iran and the war in Ukraine is a following. Our military budget should be cut in half, and it should be focused on one word asymmetric warfare. It is expensive platforms that risk too much where we can't. There's no way we're sending 50 B2s into a hostile area.

“Because America doesn't have the stomach or the money to lose on high Mars or lose its soldiers, whereas if you build basically what are go cards or motorcycles with bombs on them, and you send 50 out and 48 get shot down, but to make it through.”

This is totally changed the game of warfare, and how do we turn chicken salad into chicken salad frikacy or something even better? Is this is the opportunity in America needs this? This is how fucking stupid the administration is, oh wait, warfare is changing. This increased expensive platforms and the monetization of our military defense by increasing our military budget by 400 billion. We should be thinking about opportunities to take our military budget down to 500 billion and making it more lethal and more deadly with a symmetric warfare. That is the learning here, and they aren't taking the learning.

They aren't. Anyway, I think it's a disastrous week for Trump. And I have a truly disastrous one. Anyway, and algae. Let's just say that again, algae. Okay, Scott, let's go on a quick break and we come back. We'll discuss SpaceX's busy first week as a public company. Support for the show comes from quints. It's really hard to get everything that you want when it comes to breathable quality clothes that elevate your fit quints comes pretty close to perfection. Quints European linen pants and shirts are perfect one weather upgrade to add your rotation starting at just $34. Their tees are soft and easy to wear, and their lightweight cotton sweaters are perfect for cooler summer nights. Everything is priced 50 to 80% less than what you'd find at similar brands plus quints works directly with ethical factories and cuts out the middle meant to you're getting premium materials without a markup.

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This is appetizer content from Harvey AI. We have a choice over who we work with, and who we don't, specifically who we allow to advertise and who we don't. And for those of you who watch my content, I am not an AI catastrophist, I'm an AI optimist, I think it's going to create more jobs, and it destroys.

AI, more than almost anything I do in terms of what I could point to for real, economic leverage and savings, is 100% in the legal fields.

Harvey is the AI designed specifically for legal work, trusted by leading law firms and enterprise legal teams. All right, so now I'm looking at their demo. It plugs into tools that lawyers already work with, Lexus Nexus Microsoft. And this is a key, and I do this internally with my LLMs, with permissions that lets you look at the firm's own files and databases. So here it's answering a question, reads the complaint, pulls the relevant terms, checks the web, weighs the evidence and traps the response, but it also can do this in a shared workspace between the firm and the client.

So they both have visibility into the working done and can both have value to it.

“I think this space is clearly sort of handing glove for AI.”

All right, so there's no doubt about it, this I think is going to be super helpful, not only for law firms themselves, but internally for general counsels and companies.

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Try Odo for free at Odo.com. That's Odo.com. [Music] Scott, we're back. Let's go through a rundown of the latest SpaceX news, as we tap shares are down 6.5% to $179. Valuing the company at 2.35 trillion, which is what it was when we last talked, shares surged around 50% in the first days of trading, making the SpaceX, the fifth largest company by market caps or passing Amazon.

Tuesday was the first day that investors could buy SpaceX's options, contracts in about 1.8 million contracts changed hands.

And amidst all this SpaceX announced it will acquire AI coding startup. Cursor for $60 billion in all step transaction, I thought this was rather smart. Cursor's annual sales recently hit 4 billion, making it a reliable sort of revenue. It also gets them up to speed and enterprise. It moves the shitty product of growth and makes it, you know, this is a smart. This is a very typical Elon move, is to buy something to get ahead.

And I thought that was smart. In another win for Musk, the DOJ told a Mississippi federal court that it should throw out a lawsuit against XAI saying it has the right to run dozens of glass burning turbines despite not having permits for him. I'm not sure this is a victory for Musk and it was going to come back to bite him. Before we get to our own thoughts, let's hear from our friend and founding partner, a puck Bill Cohen.

“Hey, Karen Scott. So SpaceX, I mean, I think that Scott has been nailing this for weeks now, which is that it's one great business starlink, which is the fabulous business and kind of revolutionizing the world in many ways.”

And one glamorous business, the rocket business and one lousy business X and XAI that they crammed in there, and one astounding valuation with infinite multiples, because only Starlink is really profitable. And it's just the latest example, frankly, of the Wall Street height machine that is so, so good at highping up stocks that companies that need to raise huge amounts of capital. I mean, you got to give Goldman Sachs a Morgan Stanley credit for raising $85 billion of equity and getting this thing launched at a huge valuation 2.5 trillion now, exceeding Amazon, and it's been trading up, although for the last couple of days it's been trading down.

So maybe we've at a minor peak and maybe as usual, it'll be the retail investors that get left holding the bag here. And of course a bunch of lockups come off over the next couple of months. Scott, how do you feel now and talk about the acquisition of cursor? I think it's smart. I do. I think the thing in the data centers is an mistake on the government's part to do that.

I mean, kind of the game now is for the first, whatever, 100 years of the market, CEOs were compensated to under promise and over deliver.

And the last 30 or 40 years or 20 years at least, it's been over promise, get your stock of based on these incredible projections of the future.

And use that cheap capital to pull the future forward by investing at a rate no one else can match Amazon or Netflix, using this inflated stock. Or go acquire companies. So for example, with cursor and it cursors are really good company and they're buying it, they're buying it at a multiple of 15 times revenues. So when SpaceX is trading at 130 times revenues, it's a creative. So a 60 billion dollar acquisition, which is a lot of money, but that gives them a really strong company that a really strong AI coding tool that has 26% share for a 3.5% delusion of that crazy 2.5 trillion dollar market cap.

And it makes the grock story go away, the grock failure story. Oh, I mean, when you are sitting on a company a stock that's at 130 times revenues, you tell every investment bank and you tell your corporate debt people.

Anything that makes sense by it.

Right, because you give me a name, what should he buy? Oh, shit, here. I don't know enough about the AI. He's going to shut Tesla in there as I said he would. Well, yeah, that's not an acquisition. That's something other than what would you, is there a dot to one of the dwarfs who can continue to sleep with Snow White.

“Look, I don't, I think we're going to see a lot. I think the M and A space.”

I think if you're any investment bank and says, I have this cool AI tool that would help shore up this component of X AI, they get the calls returned right now because the way to think of it is,

if you're looking for a house in San Francisco in a cost $2 million and you're with, and it's a lot of money and you're worth $3 million.

It's worth, you know, you really think about it. If overnight you were 30 million, you're like, honey, buy it. Right, exactly. So everything in the world looks cheap to them right now, because almost anything is technically a creative and adds to earnings because nothing out there is trading at 120 times revenues. Yeah, like, I could get perplexity, they can get. Clarkson, yeah, that'd be an interesting one. Yeah, because they, they will paper over their problems with grock, which are rather significant, which you may.

Regulators, regulators won't get it through, but if they could, they should buy, they could acquire a mistrol. I mean, they could. That's a good idea. That would not get past regulators, but they, they're, what could they not buy right now? I mean, there's rocket site does, does rocket lab, but what if the fuck that company is does that have any technology they could use? They are looking at everything right now.

Yeah, they've got to, yeah, there's some really interesting stuff. The thing is he doesn't want to create sort of like a basket of nothing fits. It's got to be strategic, like in terms of what, like, so cursor gets some enterprise business, it gets them, you know, highly talented people, it gets them a product to people like that are people are using, you know, that's what they got to look at. He can't just buy anything, because I think his big mistake with grock was that he like overstuffed it with geniuses, and then it was sort of like a hot mass essentially.

“And this is more his way the way he bought Tesla from the creators, you know, of it he didn't make Tesla, he bought it from their inventors, and he does that with a lot of stuff, and I think that's what he does best.”

He's a little Henry Ford like in a lot of ways if you think about it versus an Edison, right, everyone looks at him like as if he's an inventor, but he's not he's a, he's a, he's a collector, right, a really good collector. He hasn't been in a choir typically though. No, he tries to be a vertical. He does, but he buys things that are, he sees things that are promising and buys them. He doesn't found them in a lot of ways. You know, so I think this is more his cursor, I thought, okay, maybe he's laid off the catamine or something, because that's a good idea, right, that kind of thing.

And it's not, it's, it's just the right thing. It's sort of like, if you put them in charge of their AI, the way he put when shot will in charge of SpaceX, you really could do well, and he keeps, he just wanted it.

“When I described him, he comes in, he kicks some cans and he leaves, and that's what they prefer, essentially. And so I think that's probably good to put it in the hands of better people and him at this particular thing.”

And that's a smart move. It is. You're right. He could buy anything.

They're actually reducing the size of their offerings. Because they go, this, this, a ton of people rushing through a small door of, of smaller float and increasing demand, wow, did that work out well for those guys. And then those lockups come out right when they were going to go public, the SpaceX lockups come out in the fall in September, I think, a lot of them. It goes to when it was 76, 40% something. There's a big, there's a big slow source of things. If it trades above a certain amount for a certain number of days,

“there's soft lockups. If you're on, if you bought the stock.”

The big ones come in the fall and which is right when these people are going to go public right presumably, which means a possible decline. Like, that's the thing. That's when you would see that.

Yeah, but there's, there's gotta be everyone who's just thrown their numbers in the trash bin and said, I would love to be anthropic going public to say, Oh, my gosh, if you like this company at 120 times revenue is we're growing, we're not growing 24% a year, we're going 400% a year and you can buy us for the low low price of 40 times revenue. Right. I would love to be an IR for anthropic. The weird thing, and I've been, I talked to a lot of companies about their AI efforts.

“What's going to be weird for open AI is what you're seeing a lot of incorporations right now is they are, they're blaming the model. A lot of corporations right now are swapping out,”

chat GPT and open AI for anthropic and quite frankly some of it is not open AI's fault. What it is is all these companies who are not seeing the return that was initially promised are blaming the model.

Yeah, they're blaming it.

And swapping out open AI for the hotter brand right now, which is anthropic. So it's going to be very interesting to see the numbers that got leaked of open AI. Whoa, whoa, they lose money. Yeah, they're burning. They're burning a lot of capital. It's going to be very, very interesting to compare Open AI and Anthropics revenues. Now open AI is to be fair. Open AI's losses were somewhat exaggerated by the conversion from nonprofit to for profit and compensation costs. But once somebody smart like Bill Cohen actually looks into it and goes apples to apples, what will be most interesting is to see how much momentum and profit is gained and how much momentum

open AI has lost because that kind of sets the tone for everything. But I'll tell you their valuations went up their first day valuations are up 40 or 50% because of space tax and even smaller guys.

There's this really cool company out of Italy called bending spoons. It's a private equity company that's about to come public And they've did a roll up of like Vimeo and AOL and Eventbride. Basically, they've found a bunch of orphans. We transfer evernotes eventbride meet up all these companies that were sort of left for dead or

“And they've they've streamlined the back end, which is what private equity does and they're taking them public. I love this company. I think it's a really smart idea.”

Oh my god, we have to look at that. They probably got them a really good price is and and these are companies that needed scale. Like how they cleaned up, yeah, right? Exactly. And but every every banker and every company going public right now because of space tax. I mean, there's an argument that they get hurt because there's not enough capital out there. But I'd go the other way. I would say everything looks cheap now in the context of space. Well, sir, it goes. But I think Bill is right. The retail and passage will be left holding the bag when when it comes to past that, you know, a few earnings in.

All right. Let's go on a quick break. When we come back. We'll talk about snaps new smart glasses. This is a treat for Scott. I know. Support for the show comes from teleport. Here's a finding that should stop every tech leader cold organizations. Most confident in their AI deployments have more than twice the security incident rate of those that aren't 72% versus 33%. That's from teleports 2026 infrastructure identity survey of more than 200 infrastructure security leaders. The data breach isn't just a costly endeavor. It can damage trust. The most frequent causes of data breaches are human error and compromised credentials. But in the AI era, agents that are granted broad privileges dramatically increased risk.

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Scott, we're back and there's a few wearable that I know you'll be rushing out to buy. It snapped as announced. It's augmented reality, smart glasses called specs. Evan's vehicle called it a way to bring computing into the world and make it more human. It's always wired notes that glasses are chunky. I would think that's a perfect word actually. And at a price point of 2,195, there are well above the cost of most rate bands which are a couple hundred. And then though it's still about a thousand cheaper than Apple's Vision Pro, which people think they're going to get rid of and replace with their glass version that will compete with the rate bands.

Investors don't seem to be impressed. Raptors fell nearly 10% on Tuesday after the glasses were unveiled. I mean, I like I very much like Evan's vehicle, but that was bad. Been putting them on. I can't say anything else. It just he's a handsome man and immediately rendered him unhandsome and they looked kind of ridiculous and pretending otherwise. It seems silly. And by the way, met as version of these glasses, which have more utility, and they have to be this big and chunky. The rate bands almost have no utility. There's just a few things.

But the ones that have more utility like mapping and all kinds of things like as if you're a cell phone in your hand are very heavy. No matter how you slice it. So your thoughts on the chunky glasses. I've net. This is the first time in my life. I've ever seen an image of Evan's vehicle. I'm cooler than Evan's vehicle. Yeah. He doesn't look like that.

“It looked like I think. Okay. So $2,200 for four hours of battery life, bulky frames from a company that has never turned a profit.”

Let's go. I mean, I, it is a terrible thing to say. I've never been a fan of snap. I've always thought it was sub scale.

I think Evan isn't innovator. I'm glad he's a billionaire. He seems like a lovely guy. He is a lovely guy. I've met him. Lovely guy. This is the beginning of the end of snap as an independent company. This thing is dead on arrival. It makes the mixed mixed reality headset from Tim Cook look like a viable product. This is, I mean, I don't know if you've heard. I'm not a big fan of these wearables and headsets. No. I am looking forward to seeing what Apple comes in with a lighter version.

I am looking forward. But they're very chunky. Have you tried these on? I have. I've tried the specs and I'm not, I'm not part of the incredible crowd.

This is very heavy. It's all headed to air pods with AI and cameras built into them. I just, and maybe there'll be some cool lights on. I'm not going to ask this. But here's the problem. Snap doesn't have the capital because what Medicare can do is meta can burn 60 billion dollars on a failed product.

This product is overpriced under engineered because snap, whatever it is, six-ray billion mark app, doesn't have the capital to compete in the hardware space.

And you can't make those smaller. I mean, from what I understand, they got a lot packed in there. Even the ray bands are a little heavy that I don't wear them because I find them like they're heavier than my glasses. And so, and they have limited features, like limited limited limited features. And so it's like take a picture, report something.

“I think one of the things, you know, recognition is important. I think, you know, like if you were blind or other things like who is that? Very helpful.”

That kind of stuff with limited features is great. But if you want anything really substantive like and actually when you put them on and look through them, it's cool because the room becomes like I saw one thing with this specs. This was many years ago, actually. They brought it to my house and I tried them on and they were so heavy. They were ridiculous. But when you look through them, there was the planets in front of you and you could walk through the planets and it was beautiful. Like I have to say that was cool.

And I was like, how can we get to this kind of thing? So for the first time I understood the planets. I know it sounds dumb because they were swirling around me.

And I was like, how do you create this in a way that is light? And I don't think you can. I think you kind of have to have some sort of holographic room or something that you live in or your room has cameras. But this idea that you can have it all from the glasses means you have to wear these chunky glasses. But when you're in it, it is quite lovely. It's just the, I don't know how they're going to make these light and easy to wear. You know, they're in the movies. They're always in Iron Man always has a pair. It looks pretty cool. But there's military applications, there's commercial applications, but from a consumer standpoint, these glasses and these three, it's always been like,

“it's always been like going to the planetarium and Griffith Park, which I used to do with my college buddies. We get ridiculously fucking high. I go to the planetarium. I think this is amazing. We got to do this again in another 24 months.”

Yeah, I mean, it's just not. Yeah, the commercial application is the most ubiquitous screen in the phone. I mean, in the world, your iPhone that you can hold up to something and use AR, not VR. And then where the only wearable, in my opinion, that's going to really take off is the one that's already taken off and that is AirPods. And then, I mean, keep in mind, specs. Snap launch specs and they are an innovator in 2016 for 130 bucks and nobody bought them. So naturally, the solution was to make them 15 times more expensive and way up there.

So sort of look like the ray bands. I'll tell you that. They definitely do the early specs. This is dead on arrival. Snap is an innovative subscale company that should be searching for an acquire right now. Yeah, who would buy them? I don't know. I don't know if I don't know if I don't know if that is allowed to. I don't, I don't know. It's probably. Yeah, it sees the chief product office and even for even even despite the fact that stock is now 90% or whatever it is in the last five years, it's still not six million dollars. It's not Trump change.

“Yeah, remember, he was offered a ton of money to be bought by Zuckerberg. I think it was in the mill. It was in this area. Yeah, he turned him down.”

Well, it's interesting. I think he was offered a three billion and now it's worth six or eight, but if it had been three billion in Facebook stock, that would be worth 30 or 50 billion now.

Yeah, now I know. Anyway, good try. But really, you don't look at those glasses. I'm sorry. You don't know. I like you. But make it sell the truth. All right. It's got one more quick break. We'll be back for predictions. Support for the show comes from Odew. Running a business is hard enough. So why make it harder with it doesn't different apps that don't talk to each other. Introducing Odew. It's the only business software you'll ever need. It's an all in one fully integrated platform that makes your work easier.

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“Do you have a recipe or a Shibapoteek at Brontaladen and direct one-listen?”

Good-sign, but in a minute, I'll shop Minosapoteek a.com/goochina. OK, Scott, let's hear a prediction. I have to say, "Can I make one quick prediction?" I was really struck by how, and I was just on the view, and I liked those ladies of the view. But I thought they did a fantastic job with that interview with J.D. Bands.

I thought they did a great job. And I have to say, because I'm thinking, like, some was like, "TV's over." I'm like, "Is all TV over? Can you innovate TV?" And when you see things like that, you're like, they created a viral moment that was also substantive. There are ways to innovate in the broadcast space, I think. Not secular to secularly, it's going down.

But when I saw that, I'm like, "There would be a way to do this." They showed you could make products that are really people like. And I think it was viewed by a lot of people who did a huge social thing. And I was just like, "Good, what would you do to innovate television?" It was really, it made me start thinking.

And I have to say, I paid compliments to them, because that's not where you expect. I think the best interview of him was done. I have to say of all of them. And I thought they asked exactly the right questions. They had the amount of fairness and the fairness and quality.

“And also had a lot of good side eyes, sunny Austin and Anna had the best side eyes.”

But it was well done. I have to say. Yeah, I agree with you though. I thought they did as good a job as they were very respectful. They were pushed back when it was appropriate. I thought he did the best he could with the hand he's been built.

Yes. And I thought he had a doubt I should say, I don't, you know, he was, you know, could as to him. He wants to be present. Could as to him, you got to go into the alliance. He did.

He did. I thought he was actually in a weird way. I thought it was a win for both of them. I thought he came off as more human. Yeah, I thought it was well done.

Here's the problem. He's with the only question they didn't ask him as the one they asked Kamala. What would you separate yourself from? It's a great question. That's the one I would ask.

What would you do differently? What would you do differently? I would ask exactly the same. That's exactly right. That would have killed him.

He could have because he'd have to have the same answer, Kamala did, which is not a thing. I can't think of a thing. He couldn't say anything is the thing. So that would have been the killer question. Sadly, I was not there.

He wouldn't have come on if he were there. I don't think. Anyways, okay, so my, my prediction is on a sort of, I mean, an activist is going to show up. And four or seven either to sell or spend the specs division.

They've spent three and a half billion over the past decade on their fever

dreams of a wearable with no real return. And they spend about a third of their justice, but, um, specs per year. And, and better capitalized competitors, including Apple and meta are struggling to make this product category work. And if they spawn or shut down their specs division, it's actually, it's not a great business,

but it's a good business. And that is snap for all of its issues in being sub-scale. It's only one of four-scale social networks. It has a billion monthly active users and nearly half a billion daily active users. Said my children.

Yeah. My, my two. My kids, my sons. You don't like it. Snap has over six million in revenue.

It's still growing 10% a year. And it has a billion subscription revenue growing 60% a year. If snap, if snap were able to achieve Reddit's forward revenue multiples, it would be worth three and a half. X what it is today.

So anyways, I think there's an activist play around saying to Evan, you have got to stop with the spec shit. And either spend that into a separate company for other dumb people to finance. But the core business is a good business. And you've settled it with a shitty business.

And you don't have the capital to do that unlike these other companies that can go play in traffic.

“You can't, you have to be more disciplined than the seven.”

And the person or the entity that's going to impose that discipline will be an activist. The comes in and buys five to 10% of the company and says. Get shut this down or spend it. I think you're going to see them in that.

You know, I always go to the, I was go to the same people.

But there's activists everywhere now. Yeah. You're about to see quite frankly. You're about to see 20 new hedge funds from former SpaceX and Thropic and open AI employees.

Do you know what I was talking dinner with a group of friends last night? My friends Fernando and Tony and Steven last night at roof gardens. Beautiful night care. Beautiful night. And then we watched team England.

Oh my god. This is New Yorker for too.

And we were saying in granted these are.

Do you realize? How expensive? Like Europe is going to be the summer with all these newly minted douche bags headed to Europe this summer. I mean, I can't wait to see. I'll just hear about it.

What a table in a beef that costs a beef that for a big event. When you have a bunch of 34 year old and let's be honest and almost all dudes. We have a bunch of 34 year old dudes who woke up and are like a worth 11 million. And the first thing they're going to do is head to Central Bay this summer. That don't bad.

And I said. Thanks. Thanks. Thanks. Thanks.

Thanks. Thanks. Thank you. Yeah. I'm going to realize how expensive.

We're a radish caused $50. I mean, we talk about San Francisco real estate. Just what do you see with the price of a bottle of bottle services? Yeah. You know.

“Well, that's what you're paying when we're there next week's gone.”

Baby, I was paid.

If you always pay for the win.

I know you do. I think I'll mention I was paid for the win. Yeah. I'm going to take time. I really don't like when things cost ridiculous amounts of money.

It makes me hungry. Unless it's at the hotel to cap with the dog. I have to tell you. I have to tell you that every penny. Another bottle of rose day for my friend who doesn't drink.

Yeah. So I'm bringing the children and they're like, wait a minute. No, we're not about it. I forgot about that. Oh, yes, exactly.

That's what I thought. Yeah. You were very sweet with them in the pool last night. You're the kids are less awful in the most kids. They're not the hotel to cap with you.

Amanda and your two kids. And I'm going down to the pool with Amanda and the kids.

I'm like, I want to come down with us.

And you're like, no, and please just keep them down there as long as possible. And you literally just played on a chair. I did.

“And you said to me, you gave me kind of that dad to dad.”

Look, you go. Do me a favor. Do me a favor. Do me a favor. Keep Amanda and the kids down there as long as possible.

Yeah, you like to swim. I don't like this one. I'm like a cat. I don't like this one. So I already have it.

I can't wait. Do you have your, um, what is zodiac? Do you have the zodiac, right? Oh, I hired the same guy. He'll show up.

I want to ride in the zodiac. Are you almost trying to push me out? All I know is he was, he somehow manages to, to navigate that thing with a lit cigarette at all times. I love you in the zodiac.

I'm Pam. I'm Pam. I think I'm like 800 years a day. And he just circles the hotel and waits. I'm ready to go somewhere and zooms me.

They're like fucking James Bond. I want to ride in the zodiac this year. That takes all in the zodiac. You'll kill him now. My son is already, uh, 34 year old hedge fund.

Zillion. He just acts. That's exactly right. Four and a half. He's ordering bottle service.

As a matter of fact, I do own the world. He's ordering bottle service. Anyway, I'm very excited. By the way, we'll be in France. And we'll be doing, uh, a live pivot, which we're very excited about.

Um, and hanging out on the closet. We're doing a live pivot. We are doing it. I did not know that. Yes.

All right. What do you mean you did not know that? I did not know that. What? Recorded live.

Recorded live. I'm not broadcast live. But we are going to be together. Oh, my God. Nice.

Where are we recording it from? Just show up where MJ tells you. Okay, I'm in. Uh, we want to hear from you send us your questions about business. Let's listen to a clip.

It does raise a larger question.

“I think about where the United States is in this moment.”

And that is obviously this is hitting consumers incredibly hard. They were already hurting from the tariffs. Now they're going to be hurting even more from the rising cost of diesel and the cost of what that's going to do to food and gasoline and so on. But to what degree is the, uh, corruption and the incompetence and the self dealing among Trump and his inner circle, affecting the way that ordinary Americans who are not paying a lot of attention to that because they're working three jobs to put food on the table.

You know, to what degree do those things speak to each other? That is a very good point. I do think the algae, the algae. I think it's a new night's us all. Anyway, that's a show.

Thanks for listening to Pivot. We'll be back next week. In congratulations in New York next, especially uh, the Brunson family. There was some pictures in him with his daughter. Lovely.

What they all really exhibit masculinity and and community in the way that is wonderful. So congratulations. I hope everyone's having a good time right now at the ticket tape parade. And we'll, we'll be next week in France. Scott, no.

So we'll, we'll, I hope you'll enjoy our shows from there. Anyway, Scott. Today's show is produced by Lauren Aiman to any Marcus Taylor Griffin and Todd Wiseman.

Thanks for listening to Pivot from Box Media.

“We'll be back next week for another breakdown of all things.”

Tech and business.

Both meals, sandwiches, descend on y'all.

We last as in Boston. Go Tardin Army. Scarland.