Eli Lilly and GLP-1 Revolution

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In it, they interview some of the smartest tech minds in the biz to hear about how they identified opportunities, solved their hardest challenges, and grew their businesses in the process. Listen to the Build with Michael Sullivan wherever you get your podcasts . Support for the show comes from CoreWeave. Everywhere you look, AI is expanding what we thought was possible. And at the center of it all is CoreWeave. Medical research and diagnosis, education, complex visual effects for movies, science and technology breakthroughs. CoreWave powers AI pioneers around the world with purpose-built tech, building what's never been built before. CoreWave is the essential cloud for AI, ready for anything, ready for AI. To learn more about how CoreWeave But it's the stent. Hi everyone, this is Pivot from New York Magazine and the Vox Media Podcast Network. I'm Kara Swisher. And I'm Scott Galloway. Scott, you're still on the road. How's it going? Good. San Francisco was good. LA was great with Ted's around us. Miami was good. Love Miami. Um You're in Chi Town? Uh and now in yeah, the what do you call it? The city of Big Shoulders. Yes. We always love being here. Chicago's always it's the most grateful little big city in the world. Like I just know it's gonna go well tonight 'cause they're like, thank you for coming here. I know. It's like Minneapolis, right? It's Minneapolis. Last night with my my closest friend Adam since the fourth grade. Chicago is one of my favorite cities. It's really a lovely place. Um I like all cities. What am I talking about? I love Chicago. I always am happy to be there. Uh and then you then uh you'll be in New York. How exciting. This is is that the last stop on your parade at Elson Parade? And we've got a couple we have by far our most impressive guests who shall go nameless. Uh uh but I'm super excited about that. We sold out a big theater. So Yeah. Is that the final one? Is that the final one? That's the last one. Yay. Well, how exciting. How good. Get ready to do it in the fall with me. Aren't you excited? But that it's not for a while. It's not for a while. You'll have some resting time. Anyway, uh I had a nice weekend of children's activities. Children's activities. Like uh Saul has left his preschool, so we had all his friends from preschool over for a giant run around the yard and scream uh party with tiny bagels. Um I had a another one last night, another barbecue. I I clean the outdoors, Scott. I'm like one of these and then I ended up having I I'm one of these people that does the yard essentially. I had to like get it ready for the summer. And I end up having discussions with other dads about yard things, like different landscaping, different construction things. So I I really am the dad. I recognize this weekend. So just so you know, yard work is basically it has nothing to do with the yard work. It's about escaping your family. Oh, we see. It's not that you're into yard work, you just want away from the house. No, I it's actually it's not because my kids help me. I have my kids do it with me. And so we fill the bird feeders. Um I have a different way. So I I employ my children into this and they do a good job. They do a great job, I have to. And my friend Chris Nelson down in Florida was saying how he taught his son over the weekend how to use what are those like they look like a chainsaw, but you use them to mow a hedge, a shear? I don't even know what those shears. Shears, electric shears. No, they're called shears, electric shears. Okay. So he said he taught his eight-year-old son how to do them. I thought I'm such a bad dad . Like I'm so incompetent. I don't have to teach my kids aren't gonna know how to do anything. I teach my kids how to do we did the hoses. We replaced all the hoses. I do everything with the kids. I got an electric shear and I took my son out back, and one of us almost lost a hand. And I'm like there',s a reason I don't teach this stuff. Um the other thing I'm doing this week, uh besides uh uh some Trebecka stuff and this and that is I'm gonna be guest host of of the view. I love that. I think that's perfect for you. Mm-hmm. Yeah. I love the whoopee goldberg. I like the whole team. Uh yeah. They they're by the way, they give great TV. They do that is that is an outstanding You've been great on it. You've had a you've had great times when you're there. They're so nice to me and I like the mix. And they used to bring in like a dumb Republican that they could all scream at. Kind of what CNN does. Let's bring on a racist and have a bunch of B League progressives scream at them. Right. That's the the the the formula there. They now have smart conservatives. Alyssa Alyssa Farah. Yeah she's great. She's great. I love her. I think they've done a great job. Which should I wear? You definitely have a distinct style. Now it's awful, but it's distinct. Well, I am a guest host of the view. I think I'll be good. I'd be interesting. I really enjoy them. I always have a good time there. I mean everyone's like, oh, the declining uh broadcast. I'm like, that's a good show. That's a solidly fucking good show. Nothing's just as an author, nothing moves books, like in general podcasts, but if you looking for quick hits. View and Bill Maher. The view, Bill Maher, and actually a close third would be Morning Joe. A lot of people still watch Morning Joe. Yeah. Anyway. Anyhow. Well, anyway, let's get to the news. Yeah, I'm excited. Um, I'm gonna try not to make a penis joke. Um with just a week to go before Maine's speaking of penises, Maine's Senate primary, Graham Plattiner, the presumptive Democratic candidate, is facing his latest controversy. Multiple outlets reported over the weekend that Plattner's wife told a campaign aide last year that her husband sent sexually explicit texts to several women outside of the marriage. Um by the way, this campaign person had a falling out with Platiner and has dropped a dime, which is has its own ethical considerations. Plattner's calling these reports gossip from a former staffer and accused the media of journalistic malpractice as of this recording. None of the women involved in the in the text exchanges have come forward. Plattner's wife Amy Gertner released a video which I thought was fascinating over the weekend defending her husband and their marriage. Let's listen because it was really quite something to to listen to. It makes me really angry, um disappointed , and And I find it really shameful that there's a group of media outlets and people who are willing to spread gos sip um instead of talking about real issues that Gra ham is is running on like health care and education and child care it's the you know, this contr this has been a controversial campaign. You know, he reportedly has an active account on kicks, a private messenger sometimes used for sexing. He's faced scrutiny, of course, about his Nazi symbol tattoo. He later expressed regret and covered it up. There were posts from a deleted Reddit account recent all manner of sex you know jokes about sexual assault. And he's also apologized for that. It's a really interesting issue and lots of people disagree on this. I I'll I'll tell you what I think in a second, but there's Plattner appears to be the real chance of unseating Republican Susan Collins and uh who just is the zombie of all senators. He's been leading in recent polls. Um I personally, I'm gonna just very quickly say I think voters don't care about this. I don't, and I thought his wife handled it well. Um, I have others, I had an argument with Amanda this weekend, she doesn't like the Nazi tattoos, she doesn't like this. Um I feel as if if they if the husband and wife are working it out, it remind me a little when Hillary Clinton did I should I stand by my man when he had those Jennifer Flowers things. Reminds me a little bit of that. Um turned out to be a pretty good president. And not everything, not of course the Monik Lowinsky stuff, but it's a really interesting question. I don't get bothered by it as much, none of it. Um I think he's an he's as Amanda Littman correctly said, he's someone who had a drinking problem as a marine, probably got that tattoo, has some mental health challenges, which he's trying to overcome, marriage problems, which he's his wife is insisting they're going to counselors and overcoming. I'm not so sure in the era of Trump this matters at all. So what do you think? Look, uh okay. Every election is a choice, not a marriage proposal. We're not hiring a priest. We're hiring a senator. Do you think that do you want to make sure that women's rights aren't continue to be rolled back? Do you want a more responsible economic policy? Do you want do you want different um approaches to labor that raise the wages of nurses and students? Do you want something regarding fiscal sanity? Do you want to stop have a check against the unfettered, unprecedented corruption, but we're gonna talk about fucking tattoos and sexting. I mean, the obsession with personal purity has become a luxury belief. And folks, if your house is on fire, you don't ask whether the firefighter has problematic DMs . Now, having said that, the comms person for the Platiner campaign should be fired. You don't go after media. You don't say this is gossip. You don't say these are texts he said it was it was journalistic malpractice. Guess what? These texts are accurate. Right. The reporting has been accurate. The response should be the following. I am an imperfect man. I have demonstrated terrible judgment on several occasions in my marriage. And I have a great marriage. What about you? What about you ? That are we gonna continue to have one strike and you're out? I'm a Jew, I don't love a Totten Kampf tattoo. Okay, if he gets drunk one night and gets a stupid fucking tattoo, the fact that he's trying to protect our liberties the next day and might be blown up by an IED, he gets a hall pass . So, okay, folks, if you want to keep applying purity tests, we end up with an incompetent running against a 9-11 denier in Los Angeles. We're not going to have any candidates running. So one, stop the purity tests. And two , the the platinum campaign. It's not the crisis that brings people down. It's their inability to own it. I fucked up. Did you what did you watch the His Wife's thing? I thought it was it reminded me a lot of the Hillary. Remember when Hillary Clinton and Bill sat down? When they sat down together? Yeah. On 60 Minutes. Yeah, it was really interesting to me. It had a lot of echoes of that. I thought uh you know, uh s w someone said to me, like, oh, she looks like someone whose wife's in denial. I'm like, no, I think she seems to not be in denial. She understands his problems and I think i it just reminded me a great deal of that. Um and there's you know, as a person you can have com as a personal thing you have comments about people. On a political thing, I I'm like I I wanna I talk about this idea of imperfect allies that you and I have talked about. Obviously I'd heard it first from Sarah McBride, but uh over representative Sarah McBride, who has plenty of reasons to be angry to people and isn't. Um she's uh a writer named David Gate posted about it on Substack. Let me read a quote. Working with someone toward a shared goal does not require believing they are morally perfect. It requires believing the goal itself matters enough to justify strategic alignment. He goes on to say the planet is on fire well as you noted just now, Scott, while many people are still conducting back ground checks on one another's vibes. So talk about that concept because it's a really, it's a really difficult one for many people to get around. This guy, many people supported him. Others were like, no, we have to we have to like have background checks. So what do you think about that? Can people get to that idea of for I guess forgiving people for their imperfections or one of the reasons we're saying a crash in birth rates is a lack of dancing. And that is a dancing is a key component or a key mating ritual. And when you dance, typically it helps if you drink a little bit, the anti-alcohol movement is hurting it, but more than anything, and there was a wonderful TikTok on this by some young man, and I thought, God, this is so powerful . People have a camera on them all the time . Nineteen-year-old men don't want to dance because they're worried about or they don't they don't want to take risks like dancing, like approaching a a romantic a potential expressing romantic interest because they're worried one false move and you're out. Everything in a digital world. So unless we move to at least some basic notion of as our digital world increases and everything we've done is going to be recorded and potentially used against us unless we have a little bit more grace. And okay, uh what's interesting here is that I just hope the same thing holds, and that is if the Republicans decide the best candidate for a Senate seat in Texas is someone whose wife divorced him on biblical grounds. If they can who has a history of And if if we can decide that this guy can have his finger on the button and be the most powerful person in the world while he's banging adult uh movie stars while his wife is home nursing. And to a certain extent, I'm kind of like, I don't care if the pilot is a good person. I want someone who's really good at flying the fucking plane. Yeah. So I think the same thing needs to go to our politics. I just hope that the same what I'll call focus on perceived effectiveness is the same for Democrats. And I am still rips hit angry at Senator Gillibrand, who thought a seven-minute run for president was worth kicking Senator Al Franken out. The Democrats want to walk around and say, well, we'll have our dignity. Okay. Hold on to your dignity as a 15 year old has her pelvis broken because she's forced to carry a child to term. But yeah, you you kicked platinum out. Is there something that there should be a line? Like I think at some point. Yeah. Yeah. So if it I mean, let me put it this way: if Graham Platiner was g was w you know, it it ended up that he was kind of fond of wearing a white hood and was constantly engaging in anti Semitic behavior, then that t that that tattoo isn't an errant mistake from a youthful soldier. It's a pattern. The corruption of the Trump family is a pattern. This is not this is this speaks to their character. But folks, all of us have made mistakes. I I d I I I mean may okay, Barack Obama doesn't appear we we can't seem to find a mistake on President Trevor Burrus, I can't, but go ahead and you know what I mean. Scandal. Powerful men are under the illusion that they mistake kindness for sexual interests, and as they become more powerful, power cor rupts and they're more likely to believe that they're immune from standard norms and engage in stupid stupid reckless behavior. By the way, more women do that than they get credit for. I will I will argue that it's it infects a lot more men than women . But you know, Secretary Gnome was banging her number two on government property. So Yeah, she did a lot of work for that. She counts for ten men, I have to say. But Oh man. Look, I don't I I I saw this and I was like, okay, at what point at what point I'm hoping we've passed the purity tests on the Democratic side, but more than anything, I want to call the Platinum campaign and say Oh no. Stop attacking. Don't say it's gossip or it's not accurate reporting. It's been corroborated. I think the point they were trying to make is shouldn't we be focusing on the important issues? And that's all they need to ed say. I think the sec first part should have been removed, right? Just say, you know what, we get why people might stare at this. It feels like a traffic accident, and it kind of is. But let's focus on the real matters. I have a question. Do you think we're imperfect allies? Imperfect allies. Yeah. Like people you don't always agree with everything. And but yet they're always I think you I think that I mean the reality is, Kara, is I'm a pr we're both progressives. And we do disagree on things. Where the real progress needs to be is between moderate Democrats and moderate Republicans. Every major issue, you and I are within two basis points of each other. Sometimes in terms of actually what we believe. We might believe in tech, you know, and we might have differences around text and tone or whatever. But what really what we really need I mean a couple things. One, I think this is we have to from a young age start thinking, all right, folks, unless you want to live a life with a fake user account and VPN for fear you ever do anything wrong, we're gonna have to demonstrate more grace with each other. The Democrats, applying these purity tests to themselves, is just like that the Republicans are just laughing that we would do. Kind of like people be naughty. Like people be naughty. Have at it, but the thing that really the Plattiner campaign, Graham Platiner should do the following. I've had I've demonstrated terrible judgment numerous times. He has on other issues, yeah. Numerous tim es in my professional and personal life. I've also served my country. I think I'd be a great senator. And by the way, I have a fantastic marriage. Yeah. So have out of folks. If you want to if you want to engage in this stuff, I realize it's titillating, have at it. All he's doing and his campaign are doing is keeping the story alive by denying it and by attacking the media. I don't think there's anything wrong with the media reporting this. Because well I I do have a I have to say, I'd like to know I I'd like to know a little more about this campaign person who keeps dropping dimes on this guy and what her agenda is. I have to say. She's been doing it a lot. She she wants to. She's angry. She's mad. And I wanna know I'd like to know about her in specifics also. I w that's what I would say the media needs to do a little bit more of because I need to understand what the source's motivations are. And it's she's not here to protect us, I don't think. Anyway, um let's move on. Uh self-help podcaster Jay Shetty has signed a deal to bring a video version of his show exclusively to Spotify and Netflix, another one of these deals, which is interesting. The deal is reportedly over worth over $100 million dollars over multiple years. Who knows? Shetty and his previous partner, iHeart Media, parted ways. They could not come to terms. This is something happening. Obviously, Scott and I went through a bunch of this, not this amount of money, but it's a really interesting um that not n uh next. Oh okay and that's why we're imperfect allies as you realize on bank. Yeah, we're pretty high on the news list this week, I was noticing. We're moving up. We still haven't passed Megan Kelly, but we will. No, in the Apple Podcast rate. Let's be clear so you don't make a show out of it. Um so uh but talk about these deals because they're really because you can't go on YouTube, it's all of them, right? Is that and he was he did it the the normal way, which is an iHeart deal. You could do those.' Ths aere bunch of companies like this. But now this was a this is for Spotify and Netflix, which is interesting. And Spotify had tried, you know, the Rogan thing, obviously, and they did signed a bunch of deals that didn't work out. Um, you know, and so talk a little bit about this. What do you how do you look at this market right now? And what do these indicate to you? Well, first off, uh let me just say with with Jay, I'm really happy for him. I I don't know him well, but I know him. I've been on his podcast a couple of times. I think he's a lovely man and I think he does a good job. And essentially what he realized is the most valuable media asset i in podcasting isn't sports like it is on cable TV. It's loneliness . He figured how to monetize the largest market in America, and that is people who need a friend. And so in okay, so I'm happy for Jay. I think he does a great job. And by the way, I cannot get over, and I think it's total bullshit, all the hate that Jay and Mel Robbins get. Aaron Ross Powell They get a lot. And it's just like, okay, uh don't listen to their podcasts. They're not bad. Yeah, I that's how I feel. I don't I'm not a big fan of I mean, I like them I like Mel personally but I just I get why people find it annoying. It's a little bit more I was literally in an elevator and someone says do you know Mel Robbins? I find her very annoying I'm like okay. Then don't listen. That's what I said. But if you're literally apropos of nothing. If you go on TikTok, I mean the reality is any best-selling author, if you say best selling author is full of shit, you get elevated in the r the ratings. So people are shitposting every best-selling author to get another 70 bucks from from fucking TikTok. Have at it. But I've never understood the hate for Jay and Mel. I think they're both nice people doing their best, doing good work. And if you don't like their work, which I understand it's not for everybody,. You know the whole kind of monk rap gets a little bit of a few. Yeah, fine. Then don't listen. That's fine. Yeah. But there's two things here. This dynamic that's colliding is the following. The fastest growing ad supported medium is not even it's not even YouTube in terms of revenue or or meta . It's podcasts. They think the I think the ad revenue is going to be up twenty-one percent this year on podcasting. In addition , 40% of I think about 20% of ours and 40% of Prof GMarket's pods are watched or listened to on a TV because they're streamed off of YouTube. So essentially what a podcast is, it's a television show for 10% of the production value or costs. So the means of production of TV is being ARB into podcasting. And now fifty-five percent of Americans have listened to a podcast recently. So in addition, the intimacy of the relationship advertisers really like, and the CPMs for Pivot are $45 , the CPMs for CNN are $13. And then you combine it with the following. There's this dirty secret of podcasting called the RSS feed. And slowly but surely you build up subscribers and every time a show comes out, it's automatically downloaded to an iPhone and it's counted as a listen . So the people who've been in it for three, five, ten years as you have, who have built large RSS feeds, have moats . So what you have is a series of acquirers going, we need growth, let's go find a podcast, and a small number of podcasts that actually have large RSS feeds, because you cannot i uh you know when landmen comes out, it's a hit overnight. It's hard for a podcast. If you look at the top ten podcasts, even the t in any category, they're usually the original gangsters. Are they people who've been around Aaron Powell You're absolutely right. Trevor Burrus So you have demand and you have sequestered or pretty big moats, which all adds up to large acquisition prices relative to their revenues. I bet Jay does ten to twenty million a year, so he's getting sold at ten to five times revenues, which is a lot. But you're about to see, and we've been predicting this, and I'm talking our own book here, but I've been saying this for the last two years. There just aren't when Spotify, iHeart, Sirius , you know, and James Murdoch go looking for podcasts, there aren't that many of scale. It is the cost structure and which people don't understand, and it is television , because our YouTube audience find uh revenues are growing pretty smartly. Um and it's a really interesting way to deliver news. That's you know, it's it's what people want, which is why you're saying the potification of network news. I just don't think it's gonna work. I think you either just have to go this way or not. I don't think you can switch that audience over because they're older and they like the way it is. So you're gonna see these declines like you see at CBS because they don't like the new stuff you're doing. Um you it's kind of just like a you need to do a hard reset with a lot of this stuff. Um but I agree. I think it's interesting and they can actually usually make the money back. But I the foregoing of YouTube versus Netflix is a really interesting and it'll depend on the on what your product is at any one time, whether you want to sort of be in the safe harbor of Netflix, Spotify, or you want to be out in the open in the y in a YouTube Google world essentially. Um which I th people can mix and match too, by the way, which is what's great about it, right? Presumably. Oh, I'm seeing your giant hand there. Look at that. Keep put put your big hand up there. Oh, oh, oh, yeah. I'm very self conscious of my hands. I have my I have my mother's hands. They're not they're my hands. I i in the competition for my worst feature, it is the Olympics. I mean it is there's a lot of competitors. Yeah. But my hands are right up there. I'm very self-conscious of my hands. That's why I don't wewelry. They're perfectly nice. Anyways, so uh Netflix, I think, is the most powerful media company in the world, or traditional media company, and they're getting into podcasting. And overnight, they're g onna be able to whoever they decide to distribute or acquire, overnight that podcast is gonna be I mean they'll they'll be king they'll be the new king and queen makers of podcasting. I thought it was bad news for iHeart, I'll tell you that. I think that's right. I don't think iHeart iHeart is a company that's gone, I think, ba through bankruptcy once or twice, and they have to be economically rational. They don't have access to cheap capital. So they if iHeart shows up and Spotify and Netflix show up to a bidding war, I don't know who wins, I just know iHeart loses. If you know, if w even a serious basically I think you're going to see Spotify and Netflix take the whole value of the podcast ecosystem up. And not only that, if your podcast does a a 10 million downloads a month, you're worth four times the podcast that does five million, because it is so hard in this environment to find scale. It's very similar to cable TV in the sense that there's a small number of personalities who extract the majority of the economics. And it's the same it's the same in podcasting. But I I want to finish where I started. I'm really happy for Jay. I like it when people he's been in the business for 10 years.. He's a nice man Yeah. He has worked in the case. That's right. He and I have been sexting in related news. On kicks. Kicks is his journey. Let me just try to do it. He has the most beautiful eyes. I'll just say he picked the dirty one. Kix is dirty. Okay, I don't know anything about it. How would you even know that? I don't know any of these. I don't use any of them. Really? Do you go on and talk about it? Do you offer other to power wash other lesbians' backyard, you little saucy minks you? Scott, I fixed my power washer this weekend. I was very excited. Anyway. So just on that note, before we go, I think the new thing , a guy asked me for dating advice and he's like, I'm never gonna go graduate from college. What did will I ever be able to find a woman? And I'm like, I think the new sexy is blue-collar romance, and that is no poetry, don't send a car for her. Right. Fix her fucking refrigerator. I think that gets women really hot. I could look at a woman's stressors and treat them like they're your enemy. Fill up her car with gas. All right. Okay. Uh I think if you want to get a woman I think humor is the ultimate effort DC ac with women behind maybe money, but I think a a decent runner up is to look at a woman's acts of service and if you know how to fix shit , you know, move your girlfriend. Show up and fix fix the air conditioner. Like attack her problems like they're your enemies. I like it. Self-help from Scott Galloway. Okay, Scott. L'ets go in a quick break when we come back. Big IPO news from Anthrop ic Support for the show comes from BetterHelp. For some, summer is the best season. Travel picks up, kids are out of school , and adventure fills our days. For others, juggling at all can be tough, long, busy days that can lead to an overwhelming feeling of exhaustion and counting down the minutes until the kids are back in school. It's not uncommon for people to worry they're wasting the days of sunshine. That's why it's important to take a step back and take care of yourself during the busy summer season. Therapy can help you slow down and understand your needs. And you can start with BetterHelp. With over 30,000 therapists, BetterHelp is the world's largest online therap y platform, having served over six million people globally. They do the initial matching work for you so you can focus on your therapy goals. 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My wake-up call when I looked at the dashboard of Delete Me and saw how much crap was out there about me and a lot of my personal information all collected in really strange and weird ways by a lot of companies. I had no idea who they were and made me feel like that I was being stalked. I discovered a lot of inaccuracies also at the same time and I found an enormous amount of information about my life for dozens of years. So if you've ever thought I should really be doing something to protect myself from stalkers, scammers and hackers, but you're not sure what. Here's what you do. Go to joindelete .com slash pivot and enter the code PIVIT. You'll get twenty percent off DELETME. DELETEME removes your personal information that's being sold online. You can get an individual plan for a little over eight dollars per month with an annual plan. And discounts get even better with a two-year plan or whenever you enroll your partner or family. Take control of your data and keep your private life private by signing up for Delete Me now at a special discount for our listeners. Get 20% off your delete me plan when you go to join delete me dot com slash pivot and use the promo code pivot at checkout. The only way to get twenty percent off is to go to join delete me dot com slash pivot and enter code pivot at checkout. That's join delete me.com slash pivot code pivot . Scott, we're back with breaking news, Anthropic just confidentially filed its IPO with the SEC. It has not disclosed the size or terms of the offering. I'm excited for you to read it for me and tell me what's in there. But before that, Anthropic hit a major milestone last week, passing OpenAI to become the most valuable AI startup in the world. The company announced a $65 billion funding round, I can't believe I'm saying billion round that values at $965 billion, very close to uh very close at the top. Um to put things in perspective, uh OpenAI announced a seven hundred and thirty billion dollar valuation back in February, but it took the company uh to around a decade to reach that number. It just keeps escalating. Anthropic, which was founded five years ago, has beaten the valuation in half the time . Uh did anyone see this coming? Scott Galloway did. Let's listen to Scott's prediction from February. As we sit here today, I actually think that anthropic or in the next 12 months, from this one of our predictions, is going to be worth more than open Very well done. What does this valuation mean for Anthropics IPO as well as OpenAI and SpaceX? By the way, SpaceX is now targeting an IPO valuation of $1.8 trillion after feedback from advisors and investors, according to Bloomberg. That's a step down from the initially reported two trillion. Uh it's still too much. Uh anyway, uh thoughts, what do you think? You got that one right. And uh we'll be looking at the filing when we get to be able to see it, but we don't know a lot yet. Aaron Powell I don't think any company in the world has the momentum right now of anthropic . And it was built a genius move, they went after the enterprise market . And I mean the pivot you have never seen a number two this viciously become the number one this fast. Yeah. You've never seen Hertz overtake, you know, you've never seen Avis overtake Hertz this fast. You've never seen Pepsi overtake Coke like this this fast . And the thing the thing that's so impressive about this isn't the valuation. It's the speed. Google took 20 years to reach a trillion dollars. Anthropic got there in five. It was founded in 2021. And if it had been founded in Amsterdam, it would be one of the five most valuable companies in Europe. And it did it in five years. I mean, it's it's not capital formation, it's it's financial teleportation. Five years, zero to a trillion dollars. Yeah. So we keep talking about how AI might transform the world. Maybe, maybe not, but it's definitely transforming capital formation . And And I mean, the one advantage America has is that we will do these $60 billion rounds after two or three years. And in Europe, they just don't have that type of capital formation. Trevor Burrus, Jr. I want you to give me the downside. Because you were you did definitely p call this, but what would be the worry for you of maybe all three IPOs or this one? What would be the warning signs or something you would pay attention to? Because you're not always fully like up and to the right as a person. These stocks and the collective hallucination around the valuations here , one or more of these stocks is going to be off forty to seventy percent and it's going to send the US and the global economy into a recess ion. The U.S. has become a giant bet on AI and these companies are overvalued. The technology will survive. These valuations won't. There's just I'm sorry, SpaceX at 100 times revenues? You know, uh open AI at what's going on at twenty every every big company we follow has in the last 10 years been off between 40 and 70 percent in a 12 month period. That's fine, that's part of the cycle of high-growth companies, up and down. The difference here is that we even bet the entire economy on these magnets and 10. 93% of our GDP growth is coming from AI CapEx. So when these companies, you know, they would say company if the American economy sneezes, the world catches a cold, we're going to catch fucking pneumonia when the expectations An MIT professor just came out with a study saying 95% of C Aaron Powell As we noted last week with the Uber uh COO talking about it. Folks , uh I I don't think I think anthropic is the only one of these three that has a reasonable shot at trading above its IPO price 12 months out. There's just gravity , no basketball player has ever been in the air for more than one second. For some reason, one second is the limit . Uh none of these companies can justify their valuation unless they are able to literally destroy the labor market. I just got off the, I just got off a podcast with the CEO of Lilly and I said, AI as it relates to drug discovery, underhyped or overhyped, this is a measure guy. And he's like, overhyped. The incentives from Amazon that the more you more tokens you use, the more will compensate you, that shit's about to go away. And the first big company that announces we're cutting back our AI spending, you know, you're going to see the G DP of Germany come out of the market. And unfortunately the U.S. market you know, we used to say is frothy because of that. Because of that. We're now concentrated uh the entire U.S. economy is a bet on ten companies. You know, I have to say m uh months ago Mark Ewan said there's going to be a point where tokens would be more expensive than people. Like I think it's already. And he wanted me to ask Dario that question. Yeah, yeah. It's a great question. He was like, I was interviewing him at an offsite thing and he's like, that's the question. When do people cost less than tokens? And tokens are getting too expensive, which is interesting. Anyway, we'll see what happens. But uh we'll I'm excited for you to read it for me. Um all right, let's go on a quick break. When we come back, some updates on America's 250 th celebration . Support for the show comes from Bolin Branch. The quality of your sleep affects everything: energy, mood, focus, and overall health. That's why it's extra important to assess your sleep setup and make sure it's actually letting you get the rest you need. You can upgrade your bedding with bowl and branch. Shop signature sheets, supportive pillows, cozy blankets, and luxurious comforters. Find exactly what you need to get better sleep. The result is a bed that looks beautiful and feels amazing the moment you get into it. 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With Gusto, you can get direct access to certified HR experts to help support you through any tough HR situation. I use Gusto with my small business podium media and I really like it. It's super simple to use. Try gusto today at gusto.com slash pivot to get three months free when you run your first payroll. That's three months free payroll at gusto.com slash pivot. One more time, gusto.com slash pivot Scott we're back with more news America's two hundred and fifties birthday will now be a MAGA rally, apparently. President Trump called for canceling the concert series at the planned event after several musicians dropped up. Instead, because they they they were told it was nonpartisan, it's obviously not nonpartisan. Instead, Trump suggested he should headline the event c,alling himself the number one attraction anywhere in the world. Um but there's a lot you know, and now his name's gonna be yanked off the the Kennedy Center. A judge has ordered his name to be taken down. Uh again. A lot of performative stuff, but still ir ritating. Um any predictions for the two hundred fiftieth celebration? It feels like no one's any closer to the he is not backing down on on celebrating himself, including a two hundred fifty dollar bill. Scott Besson has soiled himself once again. So thoughts? Yeah. It's obnoxious and we'd like to think that it's bad for him, but you know, I hate to admit it if somebody thinks about brands a lot. I you could make an argument that the most successful consumer brand of the last decade isn't Tesla, Apple, or Nike. It's Trump. He's used the presidency to right analogy. It used to be a public office, and now it's increasing ly an entertainment franchise. Yeah. And I think he has I I just think Democrats, like Robert McNamara said, if you want to defeat an emp an enemy, you have to empathize with them. There's just no getting around it. The guy has an incredible feel for branding and marketing . And the product is awful. It is uh it is like the greatest brand what he's been able to do with this shitty a product, an inconsistent product. It's it really is um it really is inc redible. I I think this is quite frankly, I think this comes and goes. I don't think it's a big story. What do you think? I don't I think it's it makes us all feel bad about Amer ica on the two hundred fiftyth anniversary. I mean I'm gonna be somewhere far away uh from Washington. Um and I just think him I think all these these artists pulling out was interesting. That you know, they were like, Yeah, no. We we they Did I get that right? You did. Oh my god. Stereotypes are for a reason. They had a barn house and it was gonna fall down and they rebuilt it and it's very lovely. And so we're going up there. That's where we're going. Can't believe I got that right. You totally got that right. Oh my god. Um anyway, um, I'll tromp around and hike . You got the dog guard for the German shepherd in the back of the Subaru. No, I don't have a dog. I would like to have a dog maybe. But um they'd mess up my beautiful yard work. Um so cats don't mess up yarn work, they just bring in chipmunks into the house. Um uh no I think it's just you know I remember do you remember the two hundredth? I do. I do. I was at the kid. I was at camp. I was Franklin Mint. Yeah I. really liked the 200th and I felt very proud of this country at the time. And I feel like, ugh, like why do you have to make everything so cheesy and grifty and gross? Like it it would be I'm excited for the 300th. I'll be dead, but that's okay. Um But I mean it's just it feels like grifty and gross. Although I did recently run into You might be around actually. I'm gonna call challenge on that. You'll be a hundred and thirteen. No, I will not be around for that. Anyway, I just ran into Ken Burns at something and um and he he always makes me feel better. I just always I want to hang out with Ken Burns in Vermont and go hiking. That's what I want to do. Because I like listening to him tell tales of our founding fathers and I feel better. Well d but but but just to that point, if you wanna feel better about America and this the space we're in and we're incredible narcissists, we like to think that we're in uniquely good or uniquely bad times. Folks, as bad as things are, things have been much worse in America and we've always been able to come back stronger. Yeah. And it's not to say you don't need to vote, you don't need to be alarmed, you don't need to take action. But at one point one percent of America, American population controlled the government and it happened to be the slave owners. Eighty years ago we were interning people in makeshift concentration camps because their parents were or because they immigrated from Japan. We have been in pretty dark places before history makes me free. H outang with Ken Burns in Vermont. That's my goal. Um anyway, um last last story, Blue Origin is facing a major setback after it's a new Glen Rocket exploded during a test on the launch pad last week. The company said all personnel were safe and described the incident as an anomaly. Jeff Bezos posted on X very rough day, but we'll rebuild whatever needs rebuilding and get it back to flying. It's worth it. The explosion which damaged Blue Origins launch pad, which is a critical problem. It's a significant blow. Uh they've spent about a billion dollars on it at uh I think it's at Cape Canaveral um to challenge SpaceX in the commercial space race. And one of the things about the new Glen is they can put up they're they're trying with their LEO system um to put up lots of satellites. They have a couple hundred and uh and space uh Starlink has I don't know ten thousand or close to ten thousand. And so they've been trying to do this and these new Glenn rockets would put up I think forty-eight or fifty as opposed to a couple that they put up in their smaller rockets. You know, it's a real problem for the launch pad. They only had one for the big for the big one. And for it to blow up on the launch pad, from what I understand, I've been talking to a lot of rocket people is bad. Um it should have blown up in the air of all things, because then it would have been able to preserve the launch pad. Um it's not great. It's not a great thing. And uh thank God Elon didn't didn't caval you know go o on and on about it. He 'cause he knows he blows up his own rockets frequently. But it's a it would be nice to have more than one in in this area, although it's two of the same people, but still the compet competition. Thoughts? As soon as I saw the explosion, I immediately posted it on threads and said, Bezos back on CNBC again. Um which I thought was really good. It didn't get that many likes, but I thought that was funny. Like my favorite, I always like to hear the live broadcast because the the individual and they're trained to do this, they always call an explosion an anomaly. An anomaly, yeah. Which is like calling my divorce a scheduling conflict. It's like jokes because nobody was giving it. A disagreement. A mild disagreement. I don't fully understand, and this this happens all the time, but when a rocket blows up on the launch pad, isn't that like failing a sobriety test in the parking lot? Yeah. I mean Yeah. I need to understand the physics, but uh just to be clear, not good. One of the reasons private companies like SpaceX and Blue Origin have succeeded or have caught in some way surpassed NASA is that they're allowed to move further out the risk curve and explode rockets on the launch pad. If NASA did this, there's a feeling of government failure. They can't take these kinds of risks. And to a certain extent, just as I feel like you see need a certain number of bank failures every once in a while to show that you are allocating capital at close to or near the efficient frontier of growth, you do I hate to say this, you I think you do need a certain number of explosions on the launch pad because what that says is and by the way, That's right. This is a loss of capital from a company that has access to a lot of capital. It's not good. It's not because they were trying to get like think about it, a couple hundred versus ten thousand satellites. Like you know Elon's had them explode. This is a function of No, no, no. But he has ten thousand satellites up there. This is this is everyone talks about Mars and everything else. This is a race for satellite dominance. only one company dominates at this point. And so it's a setback in that they can't get dozens of these things up. They can get a couple on these smaller rockets. And you know, they're trying very hard. It's just it's still y you someone when they saw the explosion said to me, Oh look, it's the Washington Post budget for like or something. I was sort of laughed. It's true. He doesn't mind losing money here. And he's losing money, let's be clear. Um he he's hoping for a payoff later, although looking at the the ro cket business at spa the SpaceX is not the greatest business in the world right now yet either. Well it's Starlink is. It's got to drive him crazy that he's behind he looks like he's behind a guy who's running six companies at the same time. Yeah. Yeah. And and right now, you know, Blue Origin is looking less like NASA and more like, I don't know, Neiman Marcus with propulsion. I mean just like you know, there's summer yachting to do , you know. I don't know if you know that, but that's Bezos' job during the summer. I'm here I've told you I'm here for his midlife crisis. Yeah, I know you like that. I think I've got invited back to the event he goes to that I thought I was disinvited from because I thought Elon was going. Why do you get invited to what do they think you're like like a Patsy? They think they can turn me, I think. And by the way, I am a Patsy. Oh no. If I if I turn it's going to be towards way to the left. Every day I get a little bit more Bernie. Oh wow. Okay. All right. No, but but uh people are always coming for you. It really it irritates me, especially because they're irritating people to come for you. Coming for me an hating on me or inviting me? That bothers you, I like that. Bothers me. I'm like, get me get your mitts off mic. No, no. I told a dick joke right uh while Anthony Blinken was on stage. That was a that was a moment. No. I like him. He's very handsome. He's nice, he's a handsome man. I think people are scared of you. I think they're less scared of me. I don't know. And they know I like to drink. I bring a good vibe. All right. Okay, fine. I'm not on fun. I'm going on the view. Anyway. Oh, that is true. That's a big you know what? That's a b that's a you would rather be invited to be on the view than this thing. You're right. You're right. But I like to just so because I like to s see their discomfort when I'm there. Oh, speaking of invitations and bringing this back to me, I'm going to brilliant mom Oh you are that's fun. I went to it a many years ago. What's that like? It's in Sweden, right? Stockholm. That's why I'm not sure what's going on There's not a lot of edge to it, but maybe there is now. The sun never sets, which fucked with the stuff I'm gone. I I can't wait to go to Stockholm. Anyway, one more quick break. We'll be back for wins and fails . Hi, I'm Maria Sheripova, host of the Pretty Tough Podcast. Each episode, I sit down with high-achieving women to discuss the pursuit of excellence without apology. This week on the show, clinical psychologist and founder Dr. Becky Kennedy and I unpack what it really means to raise kids today. I think parenting is the most important job in the world and the one that has the most impact on your world and the world. It is non-stop. Check out Pretty Tough. New episodes on Wednesdays. You can watch it on YouTube or listen in your favorite podcast app . In the span of a decade, Ben Shapiro built the Daily Wire into a conservative media empire. He produced hit podcasts that bit at liberal excesses and documentaries and lectures about the founders, the genders, the gospels. He peddleds polos, hat, candles, provided a home for de-platformed conservative stars like Matt Walsh and minted stars like Candace Owens. Let's put a pin in that. Judgmental puppet named Zodles. Zoodles. Zudles! Who shares Shapiro's load-bearing eyebrows. This year though, the Empire showed signs of collapse. The Daily Wire's YouTube videos are down from millions of views to the low five figures. Traffic is plummeting, and recently Shapiro laid off 13% of his employees. Asked by the Washington Post what had happened, Shapiro accused other conservatives of click-hor ring by embracing radical Islam, theorizing about the evils of Winston Churchill and mocking the widow of Charlie Kirk. The kids still got it. On Today Explained, the fall of Ben Shapiro . Today Explained drops every weekday afternoon . Okay, Scott, let's hear some wins and fails. I I shall you go first or should I? I go first. I've been doing all the talk. Okay, I'm gonna win. I just interviewed this young man, Theo Baker. It's right here. This is his book, uh, How to Rule the World. Um and it's about uh it's it's education and power at Stanford University. This is the kid who did all those stories as a 17-year-old on the head of Stanford, um being part of a false he didn't falsify the information, but uh several papers he had his name on did and he never moved to correct them. Um just agree he's the son of two well known Washington reporters. I'm not gonna say their names because I he's his own person. Wonderful book about power techno he's a technologist who loves technology. He's also an astonishing reporter. Just a great uh really great . I felt so good for journalism. He started off as a and just really is doing it got amazing reviews, How to rule the Wldor, Theo Baker. He.' Hes's very young just graduating Stanford in two weeks. Uh, although he he's just run right over them with his amazing reporting. And this is a really interesting book, including about this one group called How to Rule the World, the Course, the Secret Course that you have to get tapped for at Stanford and how they made so many um misshapen entrepreneurs, mentally misshapen entrepreneurs. And I just it's nice to hear from a young person in this regard. Um and I just think he's a really he has a big career ahead of him. That's nice. Um yeah, and they and Amy Pascal has bought the book for a movie and he's the kids are all right. I always when I did this interview, I felt the kids are fucking all right. Oh that's nice. Uh and it extends also to my kids. Uh like Alex is killing it at his job. I can't say where it is, but it's a it's a big car company. And he's loving it and he's the enthusiasm is enormous. And Louis is working in a restaurant in San Francisco and he loves it in a political campaign. So the kids are fucking all right. That's what I feel good about. So um and the car company. Let me get this. He went to Michigan. There's a lot of them. I don't know. He's having a great time. He's having a great time. He's learning so much and it's really wonderful for him. He asked me not to, so I'm not going to. Okay. Okay. My fail is I do think it's around this uh Glam Graham Plattler thing. And I Amanda and I did have a disagreement about it. She's quite irritated by him. Did you have hot sex after? No, no, we did not. We were exhausted from all the children's parties. Um and my power washing. Let me say this I I know this people don't like it, but at some point we just have to this and I know people are gonna say we have to have purity tests and you s coming from white lady cara, old white lady Cara who has money, et cetera. I don't care. I just I never have cared for zeroing in on people's uh personal issues. I can have personal feelings about it, like friends who have shitty boyfriends or whatever. But Grand Plattener's wife is not my friend. I might have a different piece of advice for her if that was the case. And but I just feel like it's their business. Like it's even even with Ken Paxton as much of a I think he's more the fraudulent stuff. With his wife, I don't it sounds like he's a liar and a chi in that way he handled it and treated her, which says a lot about his judgment. And I think that's pertinent. But I I almost don't care even about that. And and uh although there are some things to learn. And so I think the judginess of people has really got to stop. It's got and not only because the Republicans do it. That's not the reason to do it. It's not kind and it's not and it's not there is a goal here. And we cannot make people feel like shit all the time for mistakes. I've made mistakes, Scott's made mistakes. Um we're all imperfect and that's that's what I think about. So it's a failure of our country to continue on to in that down that road. We have to leave some things behind. Uh my win I, just interviewed uh the CEO of Eli Lilly, a guy named David Ricks, and I I'm just fascinated with Lilly. They made a huge bet on GLP1 drugs as you know, I'm a I think a revolutionary. I think GLP one is going to be a more important technology than AI. And this company has uh quintupled its market cap in the last five years. And one of the things I absolutely, because they made a big bet on GLP1, GLP1's just 12 months ago were averaging $1,000 a month. They've already been cut to $250 to $500 . It's a definition of elasticity. I think at some point these drugs are going to be less than $100 a month, and maybe even lower than that, and I think the demand will absolutely explode . So I think the market is doing a really good job here of trying to get these drugs to the people who need them the most. And I think these drugs are just absolutely revolutionary in terms of everything from obviously from obesity but reduction in alcoholism, biting your nails or giving it to kids with social media addictions. I you know I I think it's it's not about eating less, it's about wanting less. I just I'm fascinated by these things. And this company, Eli Lilly, is the first trillion dollar or is the first pharmaceutical company to breach a trillion dollars. It's the thirteenth most valuable company in the world. And the thing I love about this place, it's not in San Francisco. It's not in New York. It's not in London. Do you know where their headquarters are? No, I don't. Where are they? Indianapolis. Oh, cool. And this guy kind of reeks of he went to Purdue, followed uh Love of His Life to Indiana, where he went to the Kelly School. They employed 50,000 people. It's easily the most important company in Indiana, if not the Midwest. But we spend so much time talking about the Bay Area or New York. And I just love a trillion dollar company. That's a great interview for you. That's a great interview. You have all you have been you have been a very early person on GLP one. I find them absolutely fascinating. Mm-hmm. Much talk to someone who uses AI for their work and just loves it and talk and if that person is also on GLP one, ask them what's had a bigger impact on their life.