Ferrari Electric Car and World Cup

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Butcher, Hughie, Annie, and the Bys mount a desperate resistance against insurmountable odds to stop this tyrannical rule The Guardian calls it an extraordinary satire, and the rap says this season confirms the show's outstanding place in television history. The boys is Emm eligible and available for TV Academy members at consider Amazon. com Support for the show comes from Corawave Everywhere you look, AI is expanding what we thought was possible And at the center of it all is CorWave, medical research and diagnosis, education, complex visual effects for movies, science and technology breakthroughs. CORWave 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 Corewave powers the world's best AI, go to corewave. com slash ready for anything You talking about sports is like Gretta Thumberg reviewing steakhouses Hi everyone. This is Pivot from New York Magazine and the Fox Media Podcast Network. I'm Kara Swisher. I'm Scottallaway. How you doing? Scott're in N York, not seeing each other. Actually I gotw one of those TikToks Friday night. Yeah I went home and I was I don't like to do this, but I had a few drinks and I get very sentimental when I'm a little bit drunk. And I saw all of a sudden all these reels about how basically ninety percent of your time spent with your kids is before the age of eighteen and I'm an eighteen year old leaving for college in the fall. and I freaked out and booked a flight home Saturday morning and cancellled all my meetings Monday. Oh my God, so you're back,. Yeah back in London. Imili walked into loalked in the house and neither of my boys wanted anything to do with. That's Well you're there though. You're in the room playing video games, talking to friends and like, Oh. they're like, Well, that's good. Oh, how nice. That's nice. I heard you were out. You know I was tracking you. I texted you. Do you have to Sazi out? I have Sazi I am Stasi. You were out with some famous people. Apparently you walked into something with Sean Pann and walked out with Martin Scorsese. I don't understand what's happening. I don't understand. The scariest thing is, I get a text message from you saying, Why are at the Granich Chotel with Chan Pan? And I'm looking around like, Jesus Christ, I'm being watched My friends write me whenever they see you out and about in the thing. It's very Let me put it this way. That could get so much worse. I know exactly. I'm watching you at all times. I'm monoring you. I have to. I have to for my own career Um, um, I New York is really Kicking it. I gotta tell you, it's so weird. The kids didn't come into Beroklyn this wee. Ewhere you go, there's not a part of the city that's not on fire becausecause of the Nicks, you know, the But it's not that, it's something else. It's really interesting. Well, it's a lot of things, you know, I'm mean okay. Crime is at historic lows. Bankers' bonuses are at all time highs. newew stores, the city has shed its skin since COVID. peopleeople are excited about the new mayor. People are excited. World Cup is coming. World Cup is coming And the thing I noticed that was really exciting is we used to love to go to different European cities during the World Cup Like if Paris was in a World Cup match, you can go in Paris and it's just fun. Everyone's just on fire. I was I was in Morocco when Morocco made it the quarterfinals It felt that way in New York during for the Kicks. You go out by any bar and there's just a ton of young people watching the next game. Yeah, you know who's you know, the skunk that's coming to the garden party, The Madison Square Garden Trump He's fucking en up. They have all these outdoor watch things all around Madison Square Garden, which is really fun And now they can't do it because stupid Trump is coming to the to the game, the Dolan, James Dolan, who's kind of a toad is invited him, which ruins it for all the fans. That's how much he cares about, you know, blue collred people who can't afford the ridiculously priced tickets. It's really fun and stuff and now they can't do it because you need a perimeter around the garden, which is in the dead center of Manhattan, which is like creates all manner of nonsense from traffic point of view. Anway I think that sucks. I'm surprised he would want to be there. I would think that crowd would to. I would think so too. They are absolutely. It's going to be bad. I think it's going to be and he's wreacking it for everyone and the traffic issues are already bad enough anyway You know what I did this weekend, the kids came up to Brooklyn and we did a little kite flying in Prospect Park and stuff. But I went to the loveliest wedding in Connecticut. It was a guy who's a producer. his name's John Adler, got married to his longtime partner. And so it was a gay wedding at a country club in West Po And it was so fun It was really fun. It was the straightest gay wedding I've been to, but it was lovely. The family was there. They were so supportive. And itk I felt good about humanity after this wedding because there was and a lot of the like this guy jeweler, it was like uncles and cousins. they were all pivot fans, which was nice. and asked me about you. So the jeweler asked me to like it was nice It made me feel good about humanity. That's what weddings are generally supposed to do, right? Not all wedings I don't. Yeah, sometimes I go to a wedding, I'm like, this is gonna last. but this was just one of these wonderful family weddings that was really enjoyable. Weve got a lot to get to. I'm glad you're back in London with your boys, so that's good thing. Um Hunter Bid He's into his act too, and I'm loving it. He has fame on ex. Former presresident son now has seven hundred thousand dollars on the platform after he reemerged last month, saying I'm Hunter Biden. you never actually heard from me. Since then, he's taken this incredibly candid approach. He's quite canny at social media joking about his previous controversies, including drug use In one post he addressed the bag of cocaine found at the White House in twenty twenty three, saying it definitely wasn't his because he had never forgotten his drugs. In another, he replied to an accusation that he was part of an elite oligarch class with the self himself at a super eight motel off I ninety five It's really interesting because he's actually engaging with MAa people a lot and they're kind of liking it. They're kind of liking him Really interesting. I know it's kind of silly and sort of meime I gott to say I find it very interesting how he's doing it. Its authenticity I think Pah, he's like he's funny. I think people like. Yeah, and I think people love that kind of vulnerability and honesty And also I think I'm on this anti optimization kick or I think that I think the optimization trend has just gotten way too fucking far. It has. And you see that if you're truly about optimizing, you go to eighty percent, eighty percent of good sleep, good health. Good nutrition and then you indulge the other twenty percent. You don't want your metrics to consume the joy in your life. And also I think people are just sort of ready for a funny guy who smokes crack. Well he doesn't anymore. Anyways. fromom what I've heard it it's pretty addictive, but anyways, I hope for him that he's no longer smoking crack. But I think Hunter he he's just a unique personality. He's got he's got that kind of, I don't know, for lack of a bettererm that Twitter is But the thing that kicked it off and I h to admit this was his interview with Candace Owens. Yeah. That was part of his comeback tour I refuseed to watch it because my understanding is he He kind of indulged her conspiracy theories on Israel, Charlie Kirk and Trump's assassination attempts. didn't push back. But the Google the Google search on Hunter Biden is skyrocketed. He is You know, he's an interesting guy and there's this There's now a twenty six percent chance on Calcii he runs for president in twenty twenty. No, he's not gonna president. One in four chans. Like said he's defending the Bidens. They've been so claottish about defending themselves. I don't think Joe Biden's so great or Joe certainly isn't. But he's sort of like, yeah, we're broken people. so what? And like the stuff the shit you're throwown around about me Isn't true, Some of it is So I think that's why it works is that he's defending his family in a way that feeles a great point.. Pe People want to like a Biden right now. Well, but I don't think the Bidens have done a great job. That's my point. They're looking for someone to like in the. Yeah exactly. I don't I thought Dr. Biden. I thought she did it bet. I don't think she's she's She hasn't served the Biden family well in my view.. you know, she's mad and righteous. Yeah, don'tree. Anyway, I'm really enjoying Hunter. I'm really enjoying what you're doing. and it's interesting see where it goes. I'll be interested because you can't just live on Twitter and social media alone as Spencer Pratt just found out, there was a lot more heat around him than there were votes. And so he's just been surpassed Los Angeles, and of course, the right is saying, including President Trump that the election was stolen. It wasn't. There was a very big movement around U It's Nithia Raman, who is a very well qualified person And she's fulled ahead of him in the L.A. Mayoral primary and is probably going to stay there. And of course, the right is calling it rig, but it's not. That's how they do votes in California slowly because a lot of mail in. So That was a lot It was sort of snakes He was like snakes on a plane of politicians. That's my feeling. Although we did okay. He got a lot of votes still. Yeah, I'm I think it's I actually think the California elections are somewhat hardartening You know, Yeah Star was money Hilden with attention, Bisera appears to be experiencing competence and he appears to be doing well And the Mayoral race I mean, at some point, we're going to talk about candidate quality because it struck me as incompetence versus a conspiracy theorist, but I like the fact that he came in third. It's actually bad for Bass. It is because this other woman's impressive. She's a democratic socialist, I think, but She's got, you know, she's an MIT person. She worked on homelessness, She worked in India. She's a really interesting character. I don't know enough about her, but I certainly am going to learn She's got a race on our her hands here now. She is interesting, but more than that, it's D versus D now versus D versus R. and D versus R in LA, it's vastly skewed towards D and especially when the D is their primary qualification to run from mayor is that their house burned down So you know, California politics have been It's blurred the line between entertainment and public service, but you know, at least Netflix cancels shows when they're underperforming They don't seem to do that in California. And I think a lot of this Bllshit has started with not only Trump, but the fact that It appears that the primary qualification for a cabinet post now is that you're to, you know, a news host or celebrity But it didn't work, right? You know, it didn't work. his he had a lot more heat on social media than real actual voters, which is you know it's interesting because we talked about this last week, but you know, we said that Daniel Lurry is doing a great job in San Francisco, but he's also online. And I said, it's not like he's compelling like Spencer Pratd, who's a douuchele. And I got a call from And all this I pick up the phone. I wasn't looking who called and he goes, notot compelling. And it was Daniel. And I said, Yes, that is how you That is why you're doing something. Is that in the best way I said that. I said, no, you're not compelling at all. and he is a doue nozzle and you are not a doue. Anyway it just shows you that social media may not be what we think it is, right? Exactly. in terms of politics. voters want what voters want And I really feel good about voters right now. I think they know what they want. Anyway, let's move on to the big story. Again, FCC chairman Brendon Carr, the Moron has inserted himself in the sixty minutes drama. I don't know why because he's supposed to be deciding on this carar post on an X about fired correspondent Scott Pelly after Eie spokes New York Times resesponding to a comment about how Pelly was surprised. he got fired. ar the Moron wrote, One of the reasons why trust the media is low, so many legacy journalists are completely out of touch. You do not get away with that behavior in any run of the mill job. Well, yes, Brendon you Moron. he was asking a basic question and why were people who had no reason to be fired got firedway He should not be weighing in, neither should any of those people, though Pelly says CBS mananager the one's out of touch. Let's listen a clip from an extraordinary interview he did with a friend of mine, Lulu Garcia Navarro at the New York Times. It was full of stuff. So let's listen to it Of course, we have to reach out to a younger and younger audience Their argument about joining the internet age is just disingenuous U It's almost as if Barry Weiss and Nick Bilton were sealed in a time capsule in nineteen ninety. And it just cracked open. they've just discovered the interternet and they're running around telling everybody how important it is CBS newews. yeah. join the fight Anyway, I love his voice. It was such a good bd. We've been saying that.'s not everyone knows this. It's not new Fresh thingsinks. So I want to talk about this in a different way. I mean, I thought the interview was extraordinary and extremely damaging. That said, I don't know if something's going to happen about it But we had a great talk last night. Scott called me and there's a business aspect to this I really want to talk about. Obviously the interview was reallyally a lot, including this idea that he put his hands on Nick, Nick Bilton, who was put in place to run sixty minutes, A lot of controversy around him, which didn't turn out to be true, but this one executive, Tom, and I don't know has I can't br out anyyway He was saying that he tried to manhandle Lick Bilt, which wasn't true, and then said, oh, okay, you didn't. the lack of reporting on the behalf of CBS management is really quite striking And Scott called them out, Scott Pelly, whose voice is miculous. But you have this really great take about business and I'd love you to reel it out a little bit. Be I thought it was different than the typical those fuckers kind of thing, which in fact, they are fuckers, but go ahead. Yeah, I think if you just look at the industrial logic or lack thereof, you get to what's going on here and that is This is a Please a rare instance of broadcast media performing well And so From an industrial logic standpoint, you just wouldn't fuck with it. And we use the analogy of performing open heart surgery on your best performer I thought that was so smart. It makes no sense, right So why does this make sense? Because regardless of whether you like the eleisins or not David Ellison is a smart guy. His father is a brilliant business person. He just is And they understand they may not understand media or journalism, but they understand culture incentives and they vastly understand shareholder value. I would say Larry does, buthead Fair enough Although I would argue his son at lely seems competent. He's competent he's competent not our around own media, but he's good at making maver ahead. So the question is why would they Why would they fuck with something that's working? I mean, that's the question. So it becomes, all right, first off, And this is where I go to Wow Journalists and media are obsessed with themselves I think this is like an attack on democracy and journalism. I understand that the chill on journalism and the journalism are a key component of democracy. I'm of the camp that quite frankly, if the Washington Post in sixty minutes go away journalm is going to be just fine. That's not to say we shouldn't be concerned That's not to say this isn't another example of Trump trying to put a chill on journalism. I get it I'm, you know, when when you try and encourage taking vaccines off the market, I think that is a real existential threat to the health and wellbeing of Americans. I think if sixty minutes were to go away, those people are going to find amazing jobs and create reasonable facsimilies of off incredible journalism as they've continued to produce at sixty minutes. I just push back a time. that's not true. They are an important of the many fixtures and it's working. I do think it's more than that. And what Scott Pelly was asking, why are you firing competent people who are doing a great job And I do think they're important I think it's important to have a top of the food chain and a lower part too. and it's sort of. so I don't I do think fucking with the Washington Post is very damaging because of some of the stuff they do and fucking with sixty minutes same thing. So go ahead. And I believe that those journalists and their outstanding work and their willingness to take truth to power We'll find a ton of different vessels if the Washington post in sixty sixty minutes is a construct go away I don't think it's a threat to journism As evidenced by what you're doing and hundreds of other interesting new companies are doing Having said that, what's interesting here is just looking at it through a business lens, it doesn't make any sense to go up to Derek Jeter and say, we don't like you. We want to bench you or to it's like benching lyionl messy in the World Cup. It just doesn't make any industrial logic And so if you go up the food chain, it's one of two things here Either the Ellisons are so passionate about having a viewpoint that puts forth a more conservative viewpoint that they're willing to take these risks and potentially killed Messy Right? beforefore the World Cup or whatever I don't and I don't think that's it. I think that the math is pretty straightforward here. I think the Ellisons, the owners of Warner Media, the new owners have decided There's more economic upside if they do Trump's bidding and potentially lose value at sixty minutes. it's not economically an important business to CBS. It might have a halo effect on the whole thing. But even CBS, the network itself The Elliss have done the math and decided that we would rather there is more and this is a problem with autocracy and this is a bigger indictment in our society I think the Elliss have done the math and say we would rather risk killing a healthy player that's a small business conurring favor with a guy who can give us talk on a platter at eighty percent off. I think he already did that. And I think he'll continue to do it as long as we curry favorite with. and this is the problem This isn't about the death of journalism This is about an autocracy Oligarchs are made if you support the current administration. The eleisants have done the math Yeah, we'd like to hold on to sixty minutes But what's more important D't care. I think don't care is more of it. Yeah. A nice to have, we don't really care because the numbers here are so small, where the numbers turn into tens of billions of dollars is if the president is on our side because he perceives us as being on his side. And if we have to throw sixty minutes on the funeral pyre to show loyalty, so be it It's really interesting when you said that, at first I was like, oh, Scott, it's important. know. And then I thought, you know, actually When Tim Cook brought that golden statue, why did he do it? Like Be the reputational hit was bad and then he appeared at the Melania thing, right? It's such a reputational hit I was like, oh He invested one hundred million here and got like Elon giving money to the pCs Invested fifty million here. He got five hundred million billion here, or five billion here. And it was like, oh, it's a trade and they don't mind taking the reputational hit. Same thing with Bezos. Why would he go Yammer on so idiotically, right? Beacause he wants something, right? I mean that whole he's gotten more mature. Like come on Like stop it. Like you just saw that Kristin Wilker interview looks like a giant baby, giant baby Hueie. And I was like, you're right, gets they get more money out the other side The issue is they they don't mind throwing out the really beautiful thing, right? Like sometimes when you jk something that's just fine That's what it is. And so it feels much more it is political. It is political because I do think they're much more pro Israel, et cetera, et cetera. But and much more like anti woke, which sort of feeds into their selections, editorial selections It is about like they'll get more out of it. Now what two things I'd love you to talk about Trump's at the very end of this is we're at the end of the, you know, the king is fall is is falling down, right on a daily basis. He looks quite sick Let's not pretend he doesn't look like he had a stroke or something. Something happened to him And so it's at the tail end. you see the Republicans pushing back. you see the polling, which is really significant, even among female conservatives, male conservatives, farmers, like all his thing breaking down. Why would you double down on him right now because it seems like you'll get the reputational hit Because afterwards, when the Democrats come in, they're not going to forget. And by the way, probably the attorney generals will file a suit while we're taping this against to slow down the merger And it will slow down the merger. So why would you do it now? Like if you're as smart as Larry Helson is and Trust us, me tell you, he's very smart Um, whyy would you do it It seems like the dumb bet right now. Yeah, I don't think it is, Kara Keep in mind. the deal The deal hasn't closed yet It hasn't closed. rightight. The deal hasn't closed. If Brendon Carr gets a call from Trump is saying I'm having second thoughts about media consolidation A deal hasn't closed. And Trump has been has shown a willingness to violate all norms, not afraid of court battles. Yeah. mayaybe it gets overturned in court in a year or two years at which point CBS continues to hamorrhage viewership can absolutely kill this deal. Trump can call Ellison and basically say, I want you to cancel bigig bank theory and he would do it right now. And I'm trying to come up with a CBS show like the new matlock, whatever it is Yeah. And I think I think I think Larry calls his son and goes, kill this show Because if this deal doesn't go through and it doesn't close, I mean So one, he has very strong short term incentive to be supportive of Trump. And two, they still have two and a half, you know, you still have two and a half years left and nothing proves I mean, think about all the guys that showed up that we mocked, all the tech executives from S in aela to allmen tariffs affect any of them Any of them, they got contracts with government, they got this, they got that. Oh they got everything they wanted. And Jensen Hong, I'm going to take you to China and try and get you to sell chips. and now the Chinese are saying, fuck you, we're not going to buy your chips It's there has never been a return. Hey, not CapEx, not AI, not plant property equipment, like investing in Trump right now. That is what a good autocrat does. He says What happens come November? when the if the Democrats win the way they think, if they even win half of what they're going to win, there's there's going to be held to pay orr maybe they don't think they're. Here's the problem Graham Platinner Graham Platner has had a series of really disturbing accusations against him by by various women and the Okay The problem is We apply a purity test to ourselves. And to our candidates that the Republicans don don't apply. And as a result, they feel safer They like We threat lock her up. Have you heard we don't have chance of lock him up at Democratic We're better than that. And I I get it. I like that But the reality is the incentives are the following right now Get on get him with Trump, get your money. The Democrats are fucking pussies and That was the wrong word to use. That's right The the Democrats, there they'll feel bad for us and they'll try and understand us and they'll haul us in front of Congress fine The upside here is so much greater than the downside. We're dealing with an autocrat. Right, it's a risk assessment. I do one hundred percent Make a little prediction here. we should probably move on in the thing I think the Democrats are much more less aussy than you think. I hope so. I have talked to a lot of them and they're like Well, let me ask you this, do you think they should replace Blatner right now So we have our No O highigh ground? No You know I don't. And I have an argument with my wife about it. No. I don't I don't. I think the voters in Maine should decide. That's my feeling.. I feel I always feel like the voters should decide and if they make bad decisions, they have to live with it, right? If they had picked Pratt, they have to fuckking live live with it in Los Angeles. And I know the rest everyone who didn't vote for him have to live with it I'm a firm believer in voters. I just say am always. I always feel like they always get it ultimately. and I think pundits and everyone else doesn't often get it. Sometimes they do. sometometimes they're very canny. But I just feel like To me N on someone who's about to collapse. And we've been saying that We've been saying that for a while. No, look at him, look at him. It's going. Do you really think he looks that bad? I'm just look I'm not talking about him. Yes, I think he looks that bad. He looks really bad But that's not what I was talking about. I'm not talking about death. I'm not like whatever. he's old. He's gonna die within ten years. So whatever it's gonna somewhere in there, somewhere in there and, um But the numbers, I'm looking at the polls and a year ago I said, I think his polling iss going to do collapse and it has collapsed. And so that's what I'm looking at is voters Voters don't like this shit And I think they are sticking their chin out so far with all their nonsense, why would you fire competent people? it looks and also it creates listen CBS's other executives are furious because it's ruining the CBS brand, which is a very successful. It's done okay in the network with all their old people shows. They're doing okay. And so I think you're starting to see leaks from You know, there was one from this woman who was running CBS Entertertainment. You sort of started seeing it from other news. You're just starting to see it. She couldnt this could mess up the deal itself because of the heat on this on the other side, right? It It'll embolden more people from sixty minutes to speak out it'll embolden more stories. And let me tell you folks, there's more shoes about to drop. I hear about everything And so it's going to be a continuing leak leak leak. And if you remember the Chris Lick thing And I just think David Zazo' just quicker to fold, right? Or But it took Jeff Bezos two years to fold on Will Lewis. but eventually, it's messes up the brand and they happen to have other things. Now Jeff just has the Washington Post so we could to hold out for two years, but Zazlov was starting to feel the pain elsewhere. And so that to me, is the problem. So and then David Looks dumb And David looking dumb to daddy is not a good thing for him. You know what I mean? And so that's why I think there's a lot more play here. and I do think the Democrats will extract something from them in a way. I don't think they're as weak as you think they are. And from hearing from them Bygons is not in their vocabulary right now. It is, we will now be coming around and remembering what you did So maybe they won't do it, but that's the tone I get from them. So we'll see. Anyway, I really enjoyed your idea of what they're doing, and you're absolutely right. The business way to look at this Just to talk more about sixty, so Four of the seven I think four of the seven anchors have left. And the key executives, the editors, the key editors who you don't know their names That's really the heart and lungs. But the seventy five, what you call staff, editors Junior producers, statisticians,at none of them have bl. They can't leave. Let's be clear. they have jobs. there's it's not a big market. R. And they have mortgages and not only that. I know I know exactly what the Ellisons did here. They called them and said They called Leslie Stahalin and said Leslie, you're an icon. Things are tumultuous. promise we promise we'll let you do whatever you want. And by the way, if you just stick around another twelve months until things settle down, there's another five million dollars bonus for you. That's what I would' have done. And I'm sure that call took place. And then they called the twelve critical people at the rank and file and said, look Tell everyone that when there's this kind of tumult and the top of the pyramid gets chopped off, there's a tremendous sucking sound upward and they would be stupid not to hang around to see what additional opportunities emerge. And people will always think about themselves before they think about the brave new world of the attack on journalism. They have mortgages to pay, they have college funds to fund And this is what will happen. justust as we thought all the noise in social media was going to dictate the moral race All the noise around sixty is going to come down to the following. If the first six or dozen episodes in the fall are good, sixty will be fine. and if they're not, the thing will collapse under the weight of all this controversy So it's it's going to be It's going to be about it's going to be about the product full stop. It's You can make the product because you do need those correspondents. And maybe they can't. You know more about this than I do. Well, I know the people they're calling because I'm hearing from everyone they're calling and none of them want to go there. They don't want to they're calling some interesting people who are good But all of them are like, I'm not selling my fucking reputation with these clowns. Well, how do they get guesss? And also I never miss an opportunity to make myself feel important, I was approached about a role at sixty minutes. And what did I say I'd break your arm, correct? Well, and I said no fucking why. I don't want to be That's like the last thing If if if you're I mean, quite frankly, why the fuck is Leslie Stall stang? Well, can I take a word on that? and then we'll move on I know Leslie really well. She's to come to all my conferences. She's really terrific. I've talked She was trying an internet thing a couple of years ago and I helped her with it. She's not texting me back, let's just say, Leslie. I've helped you a lot. I really feel irritated by the fact that you willt need texting back, but that's another issue I think I predicted she would do this and everyone said I was wrong, but listen This is the end of her career. She wants that retrospective of her career next year or the year after. She wants the party She does have a loyalty to the place. She's been there so long and so she feels by staying Like at least someone's here to hold it back and watch them My iss And I think that's genuine. I do. I think it's genuine with her. Shes she she like you cut her up and she baded sixty minutes, right So I think that's in her thing and she wants that. L if she left now, there'd be no retrospective. there'd be no end of her career. And I think she wants that. that's from from a selfish point of view. From the other point of view, she thinks she can save it. She can at least protect it for the time being until she'll wait them out My problem is they're going to go just around her. They're just going to go around her. and I don't think she realizes that. how much they're as canny and smart and tough as she is She doesn't have as much leverage by staying. and that is a I think that she made a mistake, but I thought she would stay So that's my take on I don't know because I'm I'm glad you didn't go. Thank you. I would have not been happy Under the auspices of the latest episode of Don't these peopleeople haveave friendriends? Leslie Stahl is an icon Leslie Stahall is eighty four Between one and two percent of eighty four year olds work full time. By the time you're eighty seven, it's less than one percent You know, Leslie Stall may live another twenty years. She's going to be working full time for a matter of, you know, years if not months. I mean, that's just And I know that sounds ageist I am an agist, and so is biology She shouldn't be buying green bananas at this point Now I don't think it's a good choice As a friend, a friend should say to her, Leslie You put out the following memo. I have Loved appreciated and feel blessed to have been a part of this organization I am Proud and did my best Regarding my work here, it is time for me to leave Everyone else would have filled in the blanks. in every fucking room she would have walked into for the rest of her life, she would have got a standing ovation Instead now, under some narcissistic notion that she's going to be able to control what happens in every production meeting, Oh my Godd, how naive are you? She had a chance to put the world's greatest dot on top of an exclamation point at the end of a career and she's missed it. This was the perfect pererfect exit to a storied career. I'm not angry. I'm not shit posting her for staying. I'm shit posting her for not taking an unbelievable opportunity to put a Tiffany ribbon too put a Tiffany ribbon on the Aquamarine blue box that was her Tiffany career.. What a missed opportunity Boodye, sir. Like that kind of thing. Good day. Good Good day, sir. Good day, sir. canan I ask you, I want you to say in what they wanted you to do in sixty minutes, which cracks me the fuck up. Bea it's not to do the like big interviews with Trump or do the investigative hes where you dress up in a beer just for people to know What did they want from Professor Gallaay? To do one or more of those Andy Rooney segments. So you're Andy Rooney. You know what really bothers me about soda pop is? And by the way, let me Let me be clear. I grew up watching Sixty Minutes with my mother had someone called me twelve or twenty four month ago and offered me that role.. Yeah I would have just I would have said, I'll pay you. What do you want? what do you want? What do you want me to do? I would have that would have been Literally other than hosting a podcast with you, that would have been my crowning achievement professionally And now I'm not I'm gonna I'm not going to add to this chorus of unqualified people to cosplaying journal. I'm like the last fucking thing I want to do is wake up to social media they after they hear that I'm joining, I'm having anything to do with this shit show right now. And you were scared of me, right? Were you scared of me? Not. I just would have yelled at you like are you No, no no. You know what? Can I just say you're better than that? That's how I feel. And quite frankly, I think I like the people there more than you do. I don't have a, you know, I actually I like someh Yeah. I like I This is the last fucking thing I want to be associated with right now. I Yeah. An anyyways. anyway, you're stuck with me, Para. I know, I love it. I love it. You can do sixty minutes things here and you can do them about penises. so you couldnt do it there. I'm just saying anyyway, we're going to move on. really interesting story, but I appreciate your business thing. I was so struck by it last night when you called me. Anyway, we're going to go on a quick break and we come back the SpaceX IPO approaches Pf for the show comes from Vanta What's growing across businesses even faster than AI? AI risk. Every new tool your team adds, every vendor launching AI features, every new integration can introduce risk into your company. and most security programs weren't built for the speed of AI adoption. That's where Vanta comes in Vanta is a leading Eentic trust platform trusted by more than sixteen thousand fast moving companies like Ramp, Cursor, and Harvey to keep them audit ready at all times. And now, Vanta is helping companies like yours stay on top of the risks that emerge between audits, across vendors, AI tools, and your entire environment The Vanta agent works like a twenty four seven GRC engineer in the background, spotting issues, drafting remediations, and cutting vendor assessment time by up to fifty percent. 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It can help you regulate your appetite and eat less so success is within reach. Plus, Wagovi is the first ever GLP one pill for weight loss, so there's no needles needed HIS has everything online, you connect with a licensed provider who will determine if treatment is right for you. Ready to reach your goals? visit HIS. com slash pivot to get a personalized affordable plan that gets you. That's hi ms d. com slash pivot HIs. com slash Way Lost byy HMS is not available in all fifty states. Wovi is the registered trademark of NovanorduskS to get started and learn more, including important safety information. Wo be clinical study information and restrictions, visit HIMS. com. Scott we're back. I thought you did a great job sort of analyzing the SpaceX IPO. It really helped me and a lot of people were telling me that. But the company is expected to begin trading on the NazAQ this Friday and what could be the largest IPO in history. A lot of moving parts. A couple things we've learned in the last few days. SpaceX is set its share price at one hundred thirty five dollars, giving the company a valuation of roughly one point seven seven trillion You said it would be under two trillion. It won't be fast tracked onto the SMP five hundred. This is a new development after the index decided not to change its rules for these megaap IPOs. Thank you. They probably got a lot of pushback from people And there's more, SpaceX also made a major deal with Google selling off its SDCore and Google pay SpaceX nine hundred twenty million dollars a month over the next three years for computing power. That includes access to at least one hundred ten thousand NvidDA chips. Elon was smart to grab those. This is similar to a deal that SpaceX recently made with Anthropics. So it's becoming an infrastructure provider, essentially Google, which is already investor in SpaceX, everybody is, by the way, is calling this a short term timely agreement to ensure they can keep up with surging AI demand. They will go get their own stuff later and they're not going to rent it Talk about what's happening now and what you see happening in the next because it's the next week. and the deal and we're going to talk a lot about the IPO on Friday, obviously, but right now going into it, how are you looking at it? It's just so interesting. my judgment is clouded because I've been so wrong about Elon Musk's adventures in the market. I haven't fully appreciated what a meme stock he is and everything he touches So look, Alphabet agreed to pay SpaceX almost a billion dollars a month for compute capacity from XAI data centers. What's interesting is that They over buuilt and it ends up, that's fine because they can just rent the capacity out to someone else at probably a higher price than they'd originally anticipated The SpaceX is current multiple, it's going out at ninety four times revenues to deal with value. a deal that would total at least know, one trillion in additional market cap from if you just valuue this, what it should trade out versus its competitors evenven being generous. What does it matter for Alphabet? It owns it owns a six percent stake in SpaceX, which it purchased in twenty fifteen. So And they did this when the company was valued at just twelve billion dollars. So six percent of a one trillion in market cap is about sixty billion or more than five e. I remember when Yahoo had the Google stake that that was one of the big things they got out of it? Anyway, they had a big stake By them agreeing toy purchase this compute, when you look at the multiple For every dollar they spend on compute, they're technically getting five back in the increase in the value of their stake in SpaceX. Right ye. So we talk about these circular deals, but this one looks like a no brainer for Google So Look, I think SpaceX's multiple will deflate dramatically as revenues grow, but Point stands You know, Alphabet has a vested interest in SpaceX's revenueues going up And then And then look, I think in the last is seven days mayaybe fourteen, there has been a dramatic vibe shift interesteresting. And that is this study that came out at MIT that said ninety five percent of CFOs are stating that They're not getting the return they'd initially anticipated. I was on AI in AI. Y. I was on a webinar hosted by Section talking about AI in the comments I would describe is whenever people come in and talk about the brave newew world of AI It's like a giant fucking eye roll. peoplee are really in the business world are starting to sour on the brave new world of AI And this will this won't be the same litmus test directly as as anthropic or open AI. And I'm curious if you sense this, but I sense a little bit of like, you know what This is beginning to feel like bullshit The job apocalypse everyone's been predicting is not here the, you know, notion that this is going to change absolutely everything, the idea that we're going to have O person companies that could billion dollar unicorn. I remember that one. you know, I had the CEO of u of Lilon. He said AI's ability to accelerate drug discovery is vastly overhyped I just wonder if people are beginning to say, okay, this is beginning to feel a little ninety nine. It feels like there's been a tangible vibe shift around AI in the last few weeks. And then how does how does it affect the SpaceXI feel because there'sar there's other businesses in here, is it just because this is' an AI IPO Well, the AI that's got attached to it is I refer to affectionately as a money furnace is I mean, there's no doubt he's he's saddled. he's turned a great space business into a company hemorrhaging money because he's going to try and fund and play catch up in AI. What's interesting is hes It looks like he's got a rib cord here in the form that he's now running out his infrastructure But nothing, nothing feels or says froth in a market like a ninety four times Revenue valuation. Right. But is that Elon or AI? That's the Is it just the Eloness of it? I think the answer is yes. I think Eon. I think the Elon plus AI plus rockets Yeah In the rocket business or the Starlink business is a great business But my God, ninety four times revenue. So what happens? give me like the day up, the week after and the six months after. Everyone is predicting trough after like pretty quickly after relatively quickly after, not immediately. You know, I've gotten this so wrong, Kara, but people have called me and asked me to participate in the IPOs. they've got allocation I said I wouldn't get near SpaceX. and if you do, I would sell on the first trade. I think SpaceX is about to hit a ten year high. onn the minute it goes public, meaning it'll be all downhill from there. I just don't see how it justust even with even with Elon and AI and rockets, I don't see how it justust It's going to put robots everywhere , you know, all the promises are still that and they're tough ones. They're tough promises. he's good one hundred percent. The one I'm most or least sanguine about or at least pessimistic on is anthropic because the momentum is so dramatic there buy into that I would buy into the IPO. I'm not sure it'd be a long term hold based on the valuations going out An open AI. I think that's I think if if one of them struggles and could be a broken IPO, I think it could be open AI. I think the momentum is so negative. Yeah, SpaceX is a conglomerate so it's harder part and Elon. It's Elon. invvestors One of the reasons you might be seeing a decline in the crypto market right now is all of those people are selling to buy into the SpaceX IPO. I mean, you're also probably going to see a decline in the larger market for tech stocks because I think so much capital is going to be sucked up by these guys but you Elon has It's a cult And it's the same, I wonder what's going to happen to Bitcoin because that has a culty feel to it. And I think a lot of Elon Stans are Bitcoin holders and are going to fund their SpaceX purchases with sales of Bitcoin. Right, right. So that's another thing. Yeah. So anyway, so we'll see what happens. We'll be talking about it on Friday, But so youd say it goes at one hundred thirty five and it drops. cause they' They're having some punitive stuff if you sell it too quickly too. There was some there's all sorts of lock upps that people are being asked to commit to. I think Elon and his banks will probably create enough artificial scarcity to manufacture a pop Um, but I I think six, twelve Five years down the road Five years is tough I wouldn't I wouldn't get near this thing. And if you are, if you do get allocation Look at the first trade, consider getting out on the first trade. And the index hurts it, right? The lack of being in the index funds now. Well That would have been additional demand out front. But, you know, every IP up until now has not been in the SMP. So technically that should that shouldn't hurt and there was complaints about it being, you know, you were being forced to buy it if it went into the SMP because there were people Index funds. It'll be super interesting, but ninety four times reven. I know. Okay, Amazon, incredible company. A lot of people think it's overvalued. What's a trade at four and a half times revenue? I like that you like math still after all these years. And interestingly, speaking of what you were just saying, Donald Trump is looking into the government stake in AI companies. Oh, buy at the top So American people can quote benefit from the success of AI. He says leaders of all the big AI companies are coming to the White House has early this week to discuss the idea. I mean, it's such a socialist thing. OpenA in the White House are in ongoing talks about government stake, according to CNBC. This is something that Sam Altman has been floating for a while. He needs the help. As you were just noting. Altman was in DC last week and met with Senator Bernie Sanders, who's been pitching a similar plan because he's You know, a socialist. Sanders is proposing a sovereign wealth fund creating a one time fifty percent tax on the stock of AI companies giving the public a direct ownership sake Tal to me about this because I I don't love it. I feel like what? Like I get that for example, the government gave a loan to Tesla when it was in trouble and didn't get anything back for it and Elon got all the juicies That's what the government is there for. And they got their loan paid back, but they didn't get a stake. And I didn think that was okay But I don't know, what do you think? It is very easy once you get elected and everyone thinks you're great and you have power to start thinking you can control industrial policy and start picking winers and losers. It is very tempting That's socialism. You control the means of production When you do that, And you start believing you're better than the private market and the full body contact violence of capitalist private markets, you end up with warehouses in Ireland full of unld, Dolores, and Air France does not If you want to support an industry like the Chips A Everyone gets the same opportunity and the same subsidies. If you want to support the EV market and you give tax credits and subsidies, everyone's available to it. When you put a golden share into US steel or invest in Intel, you have decided you're smarter than the market. you are always Oh is wrong. This is Socialism, this is This is cronyism. It never works for the economy. At the same time Bernie Sanders is equally wrong Taxes that are industry specific don't work. They came up with the same nonsense idea around oil and gas when they were printing money in the seventies and eighties Because then what happens is Microsoft an AI company If we start producing podcasts what they are, we an AI company an AI company. We need a more progressive tax structure. It taxes our most successful companies, whether it's Anthropic or whether it's Apple or whether it's Novo Nordisk or whether it's Eli Lillily, we need more. Yeah. But when you go industry specific taxation doesn't work because then capital starts picking industries based on taxes, not where the greatest return or innovation is is It is bullshit populism going after a specific industry. It creates a ton of bureaucratic unnatural acts across capital allocation. Why AI? Why not? Why don't we own like the hot dog for? What about cigarette companies? shouldn't? Yeah? I mean what else can we have? I love McDonald's Americans like McDonalds. Let's have a more progressive tax rate for McDonald's and anthropic and open AI. And why not others? That's it. Industry specific taxation doesn't work. And if you want to invest in native industries or orphan industries or industries that have strategic importance Fine, But when Donald Trump, a failed business person gets into the business like MRNA technology, which they took away stuff. L that's already getting a lot of private funding, but it needs government funding. The ChIips actct made sense It makes sense, but everybody gets access to it Right? Every company, you're not picking winners and losers And so just as just as Trump is trying to pick winners, that is no better nor any worse than Sanders' trying to pick losers into dec.y Waltman go into the White House to do because he needs the support, right? It gives him support. gives him a little bit of support stable. The biggest bailout since the banking industry bailout will be the following, but it'll be positioned as growth. There will be some sort of government backed debt offering or backstop for AI companies can't afford the infrastructure spent they have committed to. when it's clear these valuations are not going to hold up. Also, Trump realizes his entire economy he has bet on AI The biggest bailout that'll be positioned as a quote unquote growth opportunity for the U.S. government. The taxpayer will hold it back. Right. Trump Trump will Trump will position is, I'm a smart businessman. We have an opportunity to invest in this. It is going to be a bailout.'ll be holding the back hundred percent fucking b. They want toar to God. We will privatize the gains and socialize the losses because Trump thinks he's smart and thinks he's a good business person. make such bad deals. Oh, I just am like, no, no, no. let them die. As you said, remember years ago We're talking about the plane. We're talking about air airlines. You're like, just let them die and something new will happen. Just like you're thking about guys New dumb money will show up and say, I want to start an airline called, you know Hooters I mean, there's no shortage of people who desire to start airlines. Hooters airline would be good. There was a hotererss airline Was there? Yeah, you didn't know that. Did you fly? It was a hooter fine. What? No, I've never been in a hooter actually. I'd like to go. I have been in a hoter because the wings are very good, let me say They're excellent, excellent things Actually the ladies are really nice in the hooters They do a great job. Fom understand, they do a great job. They are very nice. The ladies of the Hooters are nice. There's a wonderful story about a gay guy at a comic going into hooters when he was his father brought him there to try to man him up. And the ladies immediately understood what the kid was going through and we were sweet to him. He said, we'll love Hooters people the rest of my life because my dad was trying to man me up. They understood that I was gay and made me feel wonderful and gave me delicious wings. Anyway Here's to the hooters ladies. All right, let's go on a quick break when we come back, Siri gets a makeover Core 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. seventy two percent versus thirty three percent. That's from Teleport's twenty twenty six infrastructure identity survey of more than two hundred infrastructure securityers A data breach isn't just a costly endeavor, it can damage trust. The most frequent causes of data breaches are human error and compromiseed credentials. But in the AI era, agents that are granted broad privileges dramatically increase risk. 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I actually look hip, but I don't usually I like it because it's got a great look and feel. It feels a very heavy watch, like heavy in a way that is not insubstantial. and I love a watch, so it's really nice to wear it. And I think I look very attractive. Watches are very special to me, and I think it's really nice to have one of such quality. Fair's goal is simple to bring back American watch making their watches are assembled in the U SS across California, Arizona, Rhode Island, and Alabama, and their leather straps are made in Illinois and Florida. Each watch is made with premium materials and is ocean ready. I'm not often in the ocean, but I'm ready to go. So you can wear it swimming or diving. These aren't fashion accessories. proper tool watches. If you're looking for a watch whosesembly design was made to last decades, go to therewatches. com that's VaRwes d. com Support for the show comes from Chili Pad It's not your morning coffee or your kids making the bus on time or having an empty inbox that gets your day off on the right foot. It's the good sleep you had the night before. Good sleep is a secret sauce to tackle all the things you need to do during the day. and Chili pad can get you the best kind of sleep. The ChiliPad two.z by SleepMe is a water based mattress topper that actively controls your bed temperature from fifty five to one hundred fifteen degrees all night long. No new mattress, no renovation. It fits right over what you already had. And actually, I just put it on. I got it working last night and I's so far so good. Putting it on was simple. This stuff was very easy to understand. and so it's kind of nice to be able to regulate that because I'm a cold and hot Visit sleep. me slash pivot to get up to two hundred and fifty five dollars off your chilli pad two.z with code pivot. That's wWw dot sleep sLp. me mE slash pivot free shipping, free returns and a thirty night trial so you can test it out, Dream big and wake up better. The headlines will still be there in the morning. you might as well wake up ready for them He Scott, we're back with more news. As we tape, Apple is planning to announce a Siri overhaul at its annual deevelopers confference. Oh my God, you think The new Si features a chatbotx style app and uses Google Gemini teechnology AI powered web search. Siri will be able to understand personal data and analyze on screen content and users will be able to return to their prior conversations, a conference. is the last of Tim Cook's tenure before he hands the reins to John Turnis. They've been there was a good story about how behind they were. You know, Tim saying they were behind on AI and not doing enough. I think Syri has been one of the worst things they've ever done. It's so useless I was walking here from the subway. I was in Manhattan this morning, doing some meetings And I gotta tell you, Scott, like you couldn't call Amanda. Like it can't do things. It sucks. Siri sucks. so You know, and I'm not going to be happy that it just is workable at this point. I'm just I find it useless and I think Apple has really missed a boat here for many years for decades, even. thoughts. Yeah, we've talked about this. I mean, it's right up there with a cybertruck for like the biggest product fales. and that's unusual for Apple Um, The rebuilt Si runs on a custom one point two trillion parameter Gemini model under a deal worth approximately a billion year to Google And it's a three tier runining system It handles queries on device for simple tasks, Apple's private Cloud for moderate requests, and Goog's Nvidia B two hundred GPUs are used for heavy reasoning And they're claiming that new capabilities are multiep commands, persistent conversation history synced via iCloud and an on screen awareness It's being launched as a standalone app for the first time and they've delayed the overall twice The original AI boss left the company before it shipped And critics warned that Apple was rendering AI to Google the same way it rendered search and deepening the reliance on a competitor, I would argue was a smart move because of the licensing deail. Um And John Turnus, you know, he might he might switch direction and want to put his mark on this thing. It's a big It's aaker, I don't know if it's a maker breraak bed for Apple, but it's important because as of earlier this year They were the only big tech companany whose CapEx decreased from last year. I'm not sure that's That's a bad thing. But if you think about a market I mean, I I accidentally turn on Siri by hitting the wrong button on my phone. ten times a day, which mean which means it is the most accessible AI in the world If I'm constantly bringing up AI accidentally on my iPhone, that means it's the most it's the most accessible AI in history And for them not to be figuring out a way to get some of that AI Juju, you know, it feels like a missed opportunity, even if it means outsourcing all of it to someone else They should be the front end And Siri is arguably at this point, I wonder if Siri needs a rebrand because it's It's come to be it's come to be emblematic of something that just doesn't work. It doesn't work. And I do put a lot of trust in Apple in terms of privacy. I'm not worried about interacting with it as much As I am like you load up everything into AI and I don't. And But I feel I trust Apple, but it's incompetent. It's like having it's a bad assistant. I can't believe it took this long for Tim to have this assessment You know, one would imagine it's critical going forward, especially if they're going into glasses and things like that, you know, that you have this that just does what you ask it to do on a basic level. You know, There's AI in everything now and so much of it is so bad. I do think and it's a missed opportunity because they're so good at everything else. Well the best experience I've had with Apple AI happened this morning I was working out And as always I was listening to my mix of yellow and RM and NXS. love And Cap cut For some reason I have the app cap cut on my phone and Emeliia said Learn more about Cap Kot's editing features. And I'm like, and I just instinctively went, oh Godd, fuck off And Sya responded, I won't respond to that Oh yeah, it does that. When you curse at it, it totally I won't It was chastising it kind of made me laugh lagh when you called them stupid. when I called I won't respond to that. Which I do on a daily basis. It was like, I'm sorry you feel that way. So I've been saying everyone, I won't respond to that Anyways, that's the best experience with Ale I've had. Anyway, good luck, Apple. Make it better. We have very low expectations that you will All right, Scott, one more quick break. We'll be back for wins and fails recommendations can be amazing I mean, maybe someone recommended that TV show you've been obsessed with lately. But when it comes to home projects, it's different. If you don't like a show, you might lose a few minutes. If you hire a friend, of a friend, of a friend to fix a leaky ceiling, you could end up with a flooded kitchen Maybe I know a guy just isn't enough for your home. That's why Thumbtack works so well. They'll match you with a top rated local pro, and you can see photos of past work, credentials, and reviews all right in the app. For your next home project, try Thumbtack Hire the right pro today Support for this show comes from Odu. 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That's why over thousands of businesses have made the switch. So why not you Try Odoo for free at odoo d. com That's Odoo d. comot Okay, Scott, some wins and fails. You go first. Okay. The way I was just struck by this, there's all these movies that people are going to the movies for obsessions and backrooms, which is started on YouTube kind of things, but they're wonderful. I think people really like them. I don't think Just because they start on YouTube, they have to be bad. But domestic box office crossed a billion dollars last month, a number not seen since before COVID, which is interesting. and that's without a Marvel movie, which I think is nice. There's a lot of really interesting things out there that are doing well, lotots of different interesting movies The big winners right now are the Michael Jackson Biobic Michael, which I have not seen because it doesn't include some other stuff about him. I think needs to be there. And the Devil W' Pr two, starring Kara Swisher, of course. But it's just nice. you're seeing a lot of that. and I do I've noticed I've gone to the movies recently. I know you don't, but I hadn't and now I am because I want to see them in the movie theaters. and there's a couple of movies I do want to see in the movies theaters, including the next top gun, David Ellison. I think you do and let me pay you a compliment because I never do You'd make a marvelous topop gun movie and I lik your Star Trek work and Mission Impossible. My fail is the sixty Minutes thing because it's so unnecessary and stupid. And I know reporters, I agree with you can be like a little bit, self serious and you know pompous and something this case, they really are right and it's not they really are right. This is so dumb and if they can't answer the question, Why did you fire competent people? If you can't actually even answer it internally, There's something wrong with you. and At the same time ne favorite phrase that I'm using a lot now, and Pornck had when he was leaving with that fraught meeting with Scott Pelly, he he said as he was leaving, he sort of flounced out because he was getting fried by Scott and Scott is a tough guy. He said, Enjoy the bagels ome people from sixixty Mutes said they're going to make secret t shirts called Enjoy the Bagels, exclamation Point. And I just enjoy that, but I don't enjoy any of the rest of it. I don't. I think it's sad and it's unnecessary and stupid. So anyway, I'll like it. Enjoy the bagels. There you go. enjoy the bagel So So look, my win is The The death of higher education has been greatly exaggerated. Applications are up, but that's how my win. My win is our great public universities. One of the most underreported stories in America right now, I think is that the market is finally disciplining higher education and that is Families are waking up and realizing that paying a half a million dollars for a bachelor's degree is a luxury good masquerading as an investment and applications to our flagship public universities, which are a much better value are exploding. The University of Texas at Austin received more than ninety thousand applications up twenty five percent year on year Why applications at places like the University of Virginia, University of Michigan have surged regularly. My son's there. Alex is there. Theiity the My Almaa or UCLA gets one hundred sixty thousand applications. They get the number of a small city. And why are they doing this? Because we're coming to an uncomfortable truth and that is after your first job You know, people people care that you got into a good school, but they don't care if it's a good school or quote unquote, an elite school. They just want to know that you went to a good school. and they also care whether you can just do the work. There arere also great schools. Let me just say for Michigan, it's substantively less expensive than Louis Sch. UC San Diego And NYU, I'm sorry to tell you substantively University of North Carolina Yeah I mean, these are outstanding schools the guess wasn't cheap. Can we just point out it wasn't cheap, but it was substantively more less expensive. It was less expensive. I'm not saying I'm not saying it's a good value. I'm saying it's a much better value. It is And the ROI gap that you're referring to is staggering. at many flagship state schools, an in state student can graduate with tens or even hundreds of thousands less debt then access and access comparable employers alumni networks and graduate school opportunities You know, the elite schools have spent thirty years turning themselves into luxury brands and the public flagship spent thirty years building capacity research and outcomes. Did you see what I sent to? the numbers for those elite schools have gone up like over one hundred thousand each year It is crazy. Yeah. So look, the new the new American dream isn't getting into Harvard. It's getting rejected by Harvard and then going to Michigan or Texas, landing the same job and using the quarter of a million dollars you saved as a down payment on a house And I should post higherd all the time because I think me and my colleagues have been drunk on scarcity and reflect this dangerous trend towards rejectionism where we feel good when we turn away ninety percent of our applicants, similar to a head of a homeless shelter writing that he or she turned away nine and ten people last night. We are public servants, not Hermes bags But I do think our great public universities are doing their level back. You go to the University of Wisconsin of Madison and you see exxactly what you should see. It's not it's not it's not the Ritz Carlton Carlton Madison. The buildings were a little tired and haggard. And there's thousands of students floating in and out of their classes. and it's a bunch of middle class kids from Wisconsin and Minneapolis who are not freakishly fucking remarkable. Some of them were captain of the middle class team, most were not. Most are socially conscious, mostost have not figured out a freshwater startup to bring potable water to Rwanda. They're just good kids looking for great futures. A lot of our public universities are doing exactly what they're supposed to be doing. And folks, when you hear someone saying Oh, our daughter, we're thinking that she doesn't need education because of AI or higher , that means she just got a twenty two on the ACT Higher ed has never been more important. crritical thinking, social responsibility, getting along with others, relationships, getting your heart broken, breaking other hearts. If you are one of the one third of American public that has access to higher education, trust me on this It is a really solid plan B, especially if you can go to one of our great public universities who are continue to follow their mission. I put in a little plug for public schools in general. My both public, my little kids. And I have to say, I feel so good about them and they're great and they're doing really well. I went to public school kindergarten through graduate school And the generosity of California taxpayers and the vision of the Reents of the University of California are literally why I'm here with you now and The seventh my total tuition, first off, acceptance rate of UCLA seventy four percent was one of the twenty six percent that didn't get in, but I reapplied and they let me in because they had that kind of capacity and bandwidth My total tuition, five years undergrad, two years graduate school, seven thousand dollars. I showed up to UCLA with with like a nineteen eighty two Volkswagen rabbit and three hundred dollars. And I got through all five years. I two years of graduate school with no money with student jobs. And fifteen thousand dollars total in debt. Amazing. Amazing. And now they want you to be Andy Rooney, Richard. There you go. Anyway, I really appreciate you. That's a great one, Scott Is that your fail? That's your win? What's your fail? That's my win. Thanks. My fail is my fail is Ferrari's electric car This is a rare misstep from one of the world's great brands. I feel like The Ferrari announcing EV is like Maker's Mark, my favorite whiskey brand announcing it's launching bottled water. It might make sense. It might even be profitable, but something important just died the Ferrari. Ferr Ferar ople for God's sake, nobody spends honey for people to not know, right? It's like text ruins, fucking something else Nobody spends a half a million dollars on a Ferrari because it's efficient. They buy it because it makes irrational noises that trigger a primal masculine, wonderful instinct in the male brain The end the engine isn't a feature, it's the product. and And luxury is about scarcity, emotion and theater, and electric Ferrari is becoming a very expensive appliance. Nobody puts a poster of an appliance on their bedroom wall Nobody wants to give you a random moral sex because you have a hot appliance. mayaybe a sub zero, but only if you own the home around it. Anyways, don't know how I got here. The challenge The challenge is in engineering. every competent automaker can build a fast EV. The challenge is replacing eighty years of Italian heritage built around noise, vibration in mechanical drama with software them going electric