Trump's Meme Coin Scheme, Alphabet's Earnings, and Cybertruck's Competition

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Speaker 19 What is he eating? Oh, now he's licking his fingers. Gross.

Speaker 19 Hi, everyone. This is Pivot from New York Magazine and the Vox Media Podcast Network.
I'm Kara Swisher.

Speaker 21 And I'm Scott Galloway.

Speaker 19 Scott, I went to the White House correspondent. Oh, you went? No, No, I didn't go to the dinner itself.
There was parties. No, no, you went to the parties.
I went to the parties.

Speaker 19 I didn't go to anything. And I actually slept through one of the better parties.
I came home after Tammy Hadded's party and was so tired, I slept the rest of the night.

Speaker 22 So what have you heard?

Speaker 23 What's the scuttlebutt from the insiders?

Speaker 19 I will tell you. Actually, you know, it was supposed to be like, oh, the Trump people weren't there and, oh, how terrible.
Actually, it was much more enjoyable.

Speaker 19 It was like kind of when the tech bros left San Francisco and everything was better. Like had, they sort of abandoned all the restaurants and everything.
I was like, oh, no.

Speaker 19 And it was much more pleasant, I have to say. It was nice.
So let me, I'll go through it. I went to a dinner for the Substack Through with my agents, UTA.
That was interesting.

Speaker 19 I sat the Substack party. Yeah, we sat across.

Speaker 18 A lot of hotties there.

Speaker 19 At Night Silver was there. Jim Macoste, Mehdi Hassan was there.
It was nice.

Speaker 29 The White House Correspondent Center, I feel some affection for her because it introduced me to who is my favorite comedian.

Speaker 19 Oh, oh,

Speaker 19 oh, what's her name? She was great, Michelle, Michelle, Michelle Wolfe.

Speaker 25 I think she's a genius, yeah.

Speaker 31 I think she's one of the great.

Speaker 19 Yeah, they didn't have one this year, supposedly. I wasn't there because no, they didn't.

Speaker 18 They don't.

Speaker 28 She wrote, I love her this quote: You guys got to stop putting Kelly Ann on your shows.

Speaker 34 All she does is lie.

Speaker 38 If you don't give her a platform and she has nowhere to lie, it's like that old saying: if a tree's, if a tree falls in the woods, how do we know Kellyanne Conway is under that tree?

Speaker 25 I'm not suggesting she gets hurt, just stuck.

Speaker 25 Just

Speaker 19 the Republicans were told to stay away. I did not have one Kellyanne Conway sighting.
Usually she's at these things swanning around, but she wasn't there.

Speaker 19 I'm trying to think what else was fun. I slept through the NBC party, so I slept all night, but the Tammy party was really fun.
And I rode, I sat in a Corvette, which was cool.

Speaker 19 That was a cool car, beautiful new Corvette, and saw the new Eevee Escalade, which was gorgeous.

Speaker 19 Trying to think what else. Oh, there was a CNN party too.
Oh, I'll tell you one story. So I'm I'm at the CNN party.

Speaker 19 Mark Thompson's there, all the CNN, you know, all the DeVarious and, you know, Wolf and et cetera, et cetera.

Speaker 19 And it was at the British Embassy, which has a new ambassador, and that's always a nice place because it has a beautiful garden. It was a beautiful day.

Speaker 19 And I'm standing there.

Speaker 19 I was sort of like jawing with the Facebook PR people because of that.

Speaker 19 story we'll talk about that Jeff Horowitz wrote in the Wall Street Journal about sexy bots, essentially, that are probably bothering children.

Speaker 19 And Joel Kaplan came up to me, the guy who's head of, you know, the big scary person of Facebook here in Washington, who's taken it sort of on a rightward shift or removed some moderation.

Speaker 19 And he came up to me, he said, I just want to thank you. Because I, you know, I had talked about that I didn't think what they said he did in that book he did, which I continue to agree.

Speaker 19 And I said, something like, well, if I'm going to hate you, I'm going to hate you for the right things, like essentially. But we had an interesting talk.
It was interesting.

Speaker 19 He won't have lunch with me, though. Really? Yeah.
I said, come on don't be scared i said are you a man or a mouse and he said a mouse and that was that

Speaker 19 what can you say after that squeak i don't know yeah i want to have lunch with so on the hole good i'm glad i'm i'm glad uh

Speaker 19 i'm glad you had a nice time anyway it was good it was interesting to see some people and and and it was much more low-key so anyway uh what did you do this weekend uh Thanks for asking.

Speaker 27 I had a really nice weekend.

Speaker 41 Yesterday was the kind of ideal day.

Speaker 36 I did this long workout with my son in Regent's Park.

Speaker 25 Oh, I was home.

Speaker 21 And then last night, me and my youngest went and had to, there's this great little kind of street of restaurants right in

Speaker 44 Marylebone. And

Speaker 46 then we came home and we had like a dozen pork bow buns, which was awesome.

Speaker 25 Oh, yeah.

Speaker 21 And he got boba and I got a beer.

Speaker 28 And every third sip, we would switch because that made us feel both really naughty.

Speaker 25 Oh, wow.

Speaker 48 And then we went home and

Speaker 34 he's 14.

Speaker 25 That's right.

Speaker 35 I think that's what we call child abuse.

Speaker 19 No, it's not. That's fine.

Speaker 48 And then

Speaker 29 we went home and watched an episode and a half of Game of Thrones.

Speaker 37 Kind of perfectly.

Speaker 19 You're still watching Game of Thrones?

Speaker 49 It's eight seasons, Carol.

Speaker 25 We'll be watching for one.

Speaker 19 What disemboweling season are you on?

Speaker 38 Ned Stark hasn't even had his head cut off yet.

Speaker 25 So I think we're still season one.

Speaker 19 Who's the tall lady who plays the one who's all devoted to, is it Ned Stark or one of the Starks?

Speaker 21 Oh, no. Lady

Speaker 52 The Knight or the Knight in Waiting.

Speaker 19 Lady Brianne of Tarth. Thank you.

Speaker 38 Brianna Tarth.

Speaker 25 And actually, there's so many.

Speaker 26 Game of Thrones is never fully recognized for how many wonderful love stories there are.

Speaker 30 The kind of love story between her and Jamie is really

Speaker 43 unexpected and nice.

Speaker 19 She's committed to him. That's right.

Speaker 19 I got out this disembowelment season when they kept disemboweling people. I was like, and I really don't want to see this.

Speaker 19 And then when they crushed beautiful Pedro Pascal's head, I didn't like that at all.

Speaker 25 Oh, that guy was.

Speaker 19 I did not know that was coming. I told you this.
I was like, what? Like, I hate when that happens when I'm like, oh, he's going to get killed.

Speaker 19 I did not have any clue that that was what was going to happen.

Speaker 26 Yeah, I think the love story between Jon Snow

Speaker 25 and

Speaker 25 the Main Lady.

Speaker 56 The wild. Oh, Igorate.

Speaker 47 I thought that was one of the nicest love stories in modern day television.

Speaker 37 Yeah.

Speaker 25 It was really nice.

Speaker 20 Yeah, I think they're married.

Speaker 43 Yeah, in real life. They're married.

Speaker 25 They're married. Yeah.
Yeah, they're both so beautiful.

Speaker 19 It's a story that continues.

Speaker 25 Yeah. Oh, I forgot.

Speaker 59 What I also did, I'm not allowed to talk about it, but I went and I saw this thing called Bum Bum Train.

Speaker 43 Have you heard of this thing? No.

Speaker 44 Oh, wow.

Speaker 21 You have to sign an NDA.

Speaker 43 But

Speaker 40 if you ever get the chance to do it, go do it.

Speaker 35 It was really incredible.

Speaker 25 What is it?

Speaker 19 It sounds like a gay bar, but go ahead.

Speaker 25 Bum bum train?

Speaker 19 Go ahead.

Speaker 48 It's what I would call performance art or, you know, the closest analog.

Speaker 33 I don't want to give too much away, but did you ever go to Sleep No More in New York?

Speaker 18 No.

Speaker 58 You become, I'm not even sure.

Speaker 61 I don't want to give away other than to say it's one of the most unique experiences.

Speaker 32 And the thing I love about it is that it's about five or six hundred volunteers who help pull it off.

Speaker 25 Oh, my God. That's cool.
It's really, it was very nice. London is feeling kind of fun.

Speaker 19 It's the weather's nice, right? The weather's turning nice, correct?

Speaker 63 I've experienced something today I haven't experienced in a year in London.

Speaker 38 No, I sweat.

Speaker 53 I took a run and I started sweating.

Speaker 19 It's so beautiful there when it gets warm. It really is.

Speaker 64 Oh, it's for 11 weeks a year, it's the greatest city in the world.

Speaker 19 It's beautiful. Washington right now has been spectacular for weeks and weeks.
I mean, just one beautiful tree like explodes after another. Flowers everywhere.
This weekend was quite beautiful.

Speaker 19 It's just gorgeous out, and then it gets like a swamp. It's a complete swamp.

Speaker 25 Yeah. Yeah, that's good.

Speaker 19 I'm glad you're liking the London. I got to come to London and bother you.
I've got to stay at your house, et cetera.

Speaker 25 Go through these things. Yeah.
Yeah,

Speaker 61 we got our guest room that's deep in the basement.

Speaker 19 Oh, excellent.

Speaker 54 I like that.

Speaker 23 I wanted to put in a door between the basement and the first floor to lock.

Speaker 25 Get up.

Speaker 21 They wouldn't let me do it.

Speaker 18 No.

Speaker 37 I can't.

Speaker 44 The in-laws are in there now.

Speaker 51 So occasionally I just slip the pizza under the door and say, don't come out.

Speaker 25 Nice, nice, nice.

Speaker 19 So May is coming. May is coming.
We're almost into May, which is really nice. I'm going to San Francisco this weekend.

Speaker 47 Do you know what I'm getting? And what are you doing out there?

Speaker 19 I'm going on Bill Maher on Friday.

Speaker 21 Are you doing the panel or are you the interviewer?

Speaker 19 I'm the panel, but it's just me and Kevin McCarthy. I mean, of all people.

Speaker 25 Oh, wow. I know, right?

Speaker 38 So two lesbians.

Speaker 19 He was excited. He was like, I was like the former dingity dog who was excited to be with Karis, which you're fine.
All right, Kevin.

Speaker 18 So literally,

Speaker 23 a panel with zero testicles.

Speaker 19 No, I have several. There you go.
I can lend them. Anyway.
There you go. Anyway, all right.
Now wake up. We got a lot to get to today.

Speaker 21 I'm sorry, more energy.

Speaker 19 More energy. Yes, that's Craig.
Okay.

Speaker 20 I took his annex last night.

Speaker 25 Did you?

Speaker 19 I can feel that. Okay.
We got a lot to get to you today, including Trump's latest meme coin scheme and the new affordable American-made EV truck backed by Jeff Bezos. It's quite adorable.

Speaker 19 And again, I just saw the EV of the Escalade, which I also thought was fantastic. It gets 466 miles to a charge, which is amazing.
But first, Alphabet earnings are out.

Speaker 19 And Scott, it's time for another victory lab. You've been, you are hitting it on all cylinders as non-international.
That's right. There you go.
There you go.

Speaker 64 That's why the people come here. That's why I make the big bucks.

Speaker 19 That's right. The company overall revenue grew 12% year over year, beating expectations.
Overall advertising was up 8.5% from the previous year.

Speaker 19 And Search and Other reported over $50 billion, up 9.8%. Well done, Sundar Pichai.

Speaker 19 AI Overviews, Alphabet's AI tool at the top of Google search page has 1.5 billion monthly users, and Waymo is providing over 250,000 rides per week.

Speaker 19 I got to say Waymo is the quiet storm in a lot of ways in terms of being successful and useful to people. It's coming to Washington, supposedly.

Speaker 19 And Alphabet's first quarter profit was boosted by $8 billion in unrealized gains from investments in private company such as SpaceX. They make investments for people to understand.

Speaker 19 Listen to what you had to say last week before these earnings were out.

Speaker 36 Alphabet's reporting.

Speaker 62 We're talking on Thursday. Alphabet's reporting at the end of the day.

Speaker 66 And I think rumors of Alphabet's struggles have been greatly exaggerated.

Speaker 40 I still think while ChatGPT is ascending dramatically and presents, does present an existential threat to search, YouTube is just an absolute juggernaut.

Speaker 64 And you talk about Waymo.

Speaker 67 I just think this company is so well run and Google continues to be the largest toll booth in the history of mankind.

Speaker 68 I think that they're going to beat and

Speaker 51 I think they're going to have, I think they're going to beat expectations this afternoon because I think some of those expectations have been beaten down.

Speaker 19 Well done. Although I have to tell you, Scott, a lot of people are talking about these cases, which they absolutely agree with you and I that will be broken up.

Speaker 25 And their stock will go up.

Speaker 19 Anyway, so Microsoft, Meta, Apple, and Amazon are reporting later this week. Any predictions and any thoughts on Google?

Speaker 58 I don't have predictions on the other ones.

Speaker 71 I'll save that for later in the week.

Speaker 16 But

Speaker 36 I mean, think about this.

Speaker 32 I think Alphabet still has room to run because if you look at Alphabet, or let's look at the SP, the SP 500, the average, so take an average SP company, I don't know, Dow or Procter Gamble, like a good company, they're all great companies, but some are amazing and some are not so amazing.

Speaker 65 But the average SP 500 company trades at a price earnings multiple of 27.

Speaker 21 Alphabet, which I would argue has more growth prospects and quite frankly, it's just a more impressive company than 495 of the SP 500.

Speaker 69 It trades at a multiple of 18.

Speaker 21 Now, why is that?

Speaker 38 Why does Alphabet trade at a multiple that is a third lower than the average of the SP?

Speaker 22 And I think it's because of the fear of the existential risk that AI presents, right?

Speaker 61 But just keep in mind, as of today,

Speaker 68 Google search handles 373 times more searches than ChatGPT.

Speaker 38 So it's going to take a while.

Speaker 19 Right. It's good.
There's a competitor. Let's be clear.
There've never been a significant competitor to Google as yet.

Speaker 19 This is, you would say, a significant competitor on some level, even if it's smaller.

Speaker 31 Right.

Speaker 60 But even looking at diversification or how robust the business is, ChatGPT, I think, is

Speaker 64 projected to do $4 billion in revenues.

Speaker 38 Alphabet has five separate businesses that do more than 30 billion.

Speaker 64 a year.

Speaker 60 And just to talk about just how incredible this company is, Google Cloud, its operating margins hit 18%, up from nine and a half.

Speaker 69 Their margins almost doubled in their cloud business.

Speaker 62 Waymo is really, as you said, starting to register potential.

Speaker 28 This was the first quarter

Speaker 28 in which Cinder answered a question directly about Waymo.

Speaker 37 Waymo is now serving a quarter of a million paid rides per week.

Speaker 25 Yeah, exactly.

Speaker 19 About 27 of them are mine, whenever I'm in Samuel. I'll be taking it when I get to San Francisco.

Speaker 64 That's up five-fold from a year ago.

Speaker 27 YouTube, in just the last nine years, its revenue has quadrupled.

Speaker 21 And between YouTube Premium and Music, the platform now has over 100 million paid subscribers.

Speaker 33 It also commands 11% of all streaming watch time, which means it's the number one streaming platform.

Speaker 73 And if you think of it as a social media company, it's the most popular social media company.

Speaker 69 in the world.

Speaker 68 So this company is just, it has seven products and platforms with over 2 billion users.

Speaker 38 Search, Maps, Gmail, Android, Chrome, Play Store, and YouTube.

Speaker 25 So Alphabet

Speaker 19 both think it should be broken up, right? Or it will be, correct?

Speaker 58 Oh, I think all of these guys should be broken up. And here's the thing.

Speaker 19 And this one in particular is under more pressure than any other company to be broken up.

Speaker 73 It might be under more pressure, but

Speaker 62 I think the company society would benefit most from being broken up would be Meta.

Speaker 32 But anyways,

Speaker 75 there's 11 amazing companies.

Speaker 27 The majority of which will be worth more than the original four companies that spin them.

Speaker 71 Apple, Amazon, Facebook, and and Meta, or Apple, Amazon, Meta, and Alphabet.

Speaker 29 Did I say that right? Apple, Amazon, Alphabet. I get that.

Speaker 70 They change their name so fucking often to so they're going to give eight people the CEO title.

Speaker 58 These companies would all thrive on their own.

Speaker 61 But anyways, my point is going back to Alphabet.

Speaker 71 Alphabet is just an incredible company.

Speaker 55 I think Alphabet is arguably the most adult.

Speaker 32 I think they're, I think Meta is probably the most visionary.

Speaker 27 Apple is the most, has the most robust supply chain.

Speaker 6 Amazon, fuck, they're all so well run.

Speaker 26 That's hard. It's hard to say.

Speaker 19 I think Sundar has often been thought of as an afterthought for sure. Like that he doesn't make, there was a whole spate of things.
He can't make decisions to save his life, that people were leaving.

Speaker 19 It's not innovative enough. It's too state.
I mean, those were all the takes on him.

Speaker 19 And obviously these cases that they have lost to the federal government, I think they're going to be a boon to them.

Speaker 19 I think it's actually not the worst thing in the world to have to do what they're going to probably have to do.

Speaker 73 The most undervalued of all the tech companies, though, right now, I think is in the U.S.

Speaker 55 market, I would say it's probably, it's probably Alphabet.

Speaker 54 Most overvalued would probably be OpenAI or

Speaker 66 Palantir.

Speaker 29 But the most, in my opinion, the most undervalued of the Magnificent 7, and it's not in the Magnificent 7, would be Alibaba.

Speaker 21 And the reason why is the following.

Speaker 35 You're going to see Alibaba's cloud unit start to take share from all the other cloud providers globally.

Speaker 18 Oh, interesting.

Speaker 25 Well, think about it.

Speaker 33 Do you want Trump and the American administration with

Speaker 77 their hands on your data?

Speaker 20 Because the Chinese cloud

Speaker 19 one, right? This is kind of like your...

Speaker 38 That's exactly right.

Speaker 25 You're going to see a ton of European and Asian companies defect from AWS and Azure and Google Cloud to Baba Cloud.

Speaker 61 And Alibaba trades at a huge discount to Amazon.

Speaker 47 You're about to see an incredible regression.

Speaker 39 One of the most powerful forces in the universe, especially in the markets, is a regression to the mean.

Speaker 27 Chinese stocks trading at a multiple of 14, U.S.

Speaker 65 stocks trading at a multiple of 26.

Speaker 60 So the best companies in China that are Amazon-esque, Alibaba, are not only going to regress this naturally in terms of a multiple regression, but Alibaba is about to scoop up so much unearned business in the cloud.

Speaker 19 A lot of people are moving to France. It's interesting.
A lot of tech people people I'm talking about is putting their stuff elsewhere.

Speaker 19 I like had a long discussion with someone this weekend about that, putting their stuff somewhere. And it's not moving their bodies necessarily.
It's moving their data. Interesting.

Speaker 25 Or their money. Yeah, money.

Speaker 18 You know what?

Speaker 37 Listen, take a meeting with the head of Alibaba and let's talk about we're Mercedes.

Speaker 64 Let's talk about putting our cloud there.

Speaker 40 We don't need to deal with these jerks.

Speaker 39 Send a signal.

Speaker 63 Copy the head of the commerce department.

Speaker 38 Copy that ass clown Lutnik on our memo saying we're switching from AWS to the Baba Cloud.

Speaker 19 He wouldn't even know what to do. Anyway, we have to move on.
But those are all really good ones, Scott. Very nice.
I like it. Well, we'll see what happens there.

Speaker 19 Very quickly, FBI agents arrested a Milwaukee judge, accused of obstructing justice for directing an undocumented immigrant in her courtroom to exit through the side door to avoid immigration agents.

Speaker 19 FBI Director Cash Patel posted a photo of the judge, Hannah C. Dugan, in handcuffs, saying, no one is above the law.

Speaker 19 Dugan has since been released from custody and expects to be arraigned on May May 15th, which is soon. Meanwhile, three U.S.

Speaker 19 citizen children under 10 have been deported with their mothers, including a four-year-old with stage four cancer.

Speaker 19 According to a recent Washington Post ABC Ipsos poll, 53% of Americans disapprove of Trump's handling of immigration, where he was winning. That's up from 48% in February.

Speaker 19 This was his signature issue.

Speaker 19 We'll talk about the polls for Trump, which are terrible right now, but this was the one where he was ironclad.

Speaker 19 Very quick thoughts on this?

Speaker 36 If you look at the polls and you try to be an honest broker, his signature issues, he had a lot of support around.

Speaker 21 He had a mandate around immigration.

Speaker 58 He had a mandate around tariffs.

Speaker 13 He had a mandate around kind of DEI or wokeness, whatever you want to call it.

Speaker 71 But as my friend Dev Seidman wrote a book on this,

Speaker 57 it's not about what you do, it's how you do it.

Speaker 31 And he's really blown it because actually the majority of Americans believe you should deport people who are here illegally.

Speaker 27 However, should you deport a four-year-old with stage four cancer without, I mean, should you start rounding up people because of the wrong tattoo?

Speaker 28 Should you levy tariffs that basically

Speaker 71 neuter domestic businesses and are about to put a ton of small businesses out of business?

Speaker 68 And it's the majority of his policies.

Speaker 74 actually

Speaker 61 especially on the immigration side he's a winner in especially over the democrats who just stuck out this chin the world's biggest chin in the world.

Speaker 32 But the problem is, the way he's going about it, he's kind of, in my view, he's kind of blown it with just a few.

Speaker 45 And I'm not talking about what's right here or what I would have liked to have seen done, but purely politically, if he had just scaled back, people actually agree with Doge, but the way they've gone about it has been such overreach and the coarseness and the cruelty and quite frankly, the incompetence and

Speaker 79 stupidity they've gone away.

Speaker 19 Doing victory laps without a victory.

Speaker 80 He could, yeah, he could care.

Speaker 33 The media and progressives could have their hair on fire, and he could be one of the most popular presidents in history in the first hundred days.

Speaker 18 But he's not. If he had maintained these themes, but handled them with a little bit more caution, nuance, and discipline, and had smarter people executing these things.

Speaker 19 He has people who say yes and to his bad base instincts. And so he's also older.

Speaker 19 I'm going to start to really stress that. I know all these books are coming about Biden, but he's older.
And so he's unfettered. He's addled.
And he does what he wants.

Speaker 19 And he has people around him who are incompetent or have a cruelty streak, like Cash Patel, Christy Gnome, standing in front of those people.

Speaker 19 I think everybody was uncomfortable with that photo of her in front of those. I don't care what those guys did.
That was gross. That was grotesque.
Dressed like a ice Barbie.

Speaker 19 Cash Patel, the way he talks about things.

Speaker 19 They have a cruel, Stephen Miller, forget it, screaming on every TV station.

Speaker 19 I think you don't win by yelling at people and telling them they're stupid for finding deportation of a four-year-old with stage four cancer.

Speaker 19 And that Tom Holman, he seems like he's had a few all the time, and he says stupid things almost continually. I mean, the cruelty is really quite diminishing of your right popular programs.

Speaker 19 But this number of 48 to 53, he's underwater on his signature issue, which is really, I mean, that'll make other people act up against him. Anyway, we'll see what's going to happen.

Speaker 19 I think it's going to continue to rise because I think he can't help himself. We'll see.
He needs to pull back. If he did, he'd probably be popular again.

Speaker 34 It would have been a few tweaks.

Speaker 55 Right, tweaks.

Speaker 58 We love our PhD students.

Speaker 74 Of course, oh, this person is not a criminal.

Speaker 55 We apologize.

Speaker 62 We're going to figure out where this person should be sent or brought back to America.

Speaker 37 I can't do it.

Speaker 63 We immediately called Sloan Kettering and got this little girl help.

Speaker 30 I mean,

Speaker 27 show me someone who is willing to be this cruel.

Speaker 38 I'll show you someone who invokes the name of Jesus Christ every fucking minute.

Speaker 82 And if Jesus came back, he'd puke on these people.

Speaker 19 Well, he was an immigrant, you know. Anyway, let's go on a quick break when we come back.
President Trump's switch up on Ukraine. This is sort of a shift.

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Speaker 19 Scott, we're back. President Trump and Ukrainian President Zelensky met on the sidelines of Pope Francis' funeral this weekend to discuss the end of war.

Speaker 17 It was a very interesting visual.

Speaker 19 I thought it was terrific visual, actually.

Speaker 19 And now President Trump appears to be on Ukraine's side. The U.S.

Speaker 19 President afterwards posted on True Social criticizing Russian President Vladimir Putin for recent missile attacks on Ukraine, saying, It makes me think that maybe he doesn't want to stop the war.

Speaker 19 Really? He's just tapping me along. Hmm.
And this has to be dealt with differently through banking or secondary sanctions, whatever that is.

Speaker 19 On Sunday, Secretary of State Marco Rubio, who really looks like he's blinking for us to come save him, said, administration will decide this week whether to continue pursuing a negotiated settlement of the war.

Speaker 19 Who do you think got in his ear about Russia here? It's really, it was kind of a shift.

Speaker 19 I thought that picture was kind of weirdly beautiful of him and in these, these, in this incredibly ornate setting on these two simple chairs, sort of leaning into each other in a really one of the images of the year.

Speaker 25 I agree.

Speaker 19 I was sort of like, whoa, that's a great image.

Speaker 25 But you know what it looked like?

Speaker 32 It looked like they were about to address the Senate on the planet of Naboo.

Speaker 36 Anyway, were you expecting Natalie Portman to come out?

Speaker 19 So, what do you think about this shift?

Speaker 25 Who got his ear?

Speaker 19 Who got his ear?

Speaker 25 Like,

Speaker 58 I think this is the issue.

Speaker 5 And I always say that, and then I go back to deficits. But

Speaker 21 what you have here

Speaker 46 is when Trump was asked

Speaker 29 after they said we need to, you know, they both need to give up something and accept things they don't want.

Speaker 38 And Trump was asked, well, what is Putin supposed to give up?

Speaker 62 And he said, well, to stop the killing and stop the invasion. Now, think about that statement.

Speaker 81 What the president of the United States is saying to the world is that if you're an autocrat, you now have an incentive to invade and kill people because you gain something to give up.

Speaker 81 The whole point of pushing back, the whole point of NATO, the whole point of having an $800 billion military industrial complex is we create a series of incentives that when you illegally invade a neighboring country and start shelling maternity wards, that you end up worse off.

Speaker 68 And what Trump and Vance are effectively saying is they're going to have to cede all the land.

Speaker 55 to Russia and exchange, Russia will just stop its illegal, murderous activity.

Speaker 47 That is exactly what America is not supposed to be doing.

Speaker 42 And what got in his ear, I'd like to think some sanity that at the end of the day, the president is the world's largest capital allocator, the world's largest manager, trying to allocate capital to the greatest return possible.

Speaker 66 The greatest return in geopolitics is for $60 to $80 billion, or 8% to 10% of our military budget, we give, we armed the brave Ukrainian army with the weapons to fight back on Russia such that they have to spend half a billion to a billion dollars a day to distract them from the surface area of attack against the U.S., which they deploy in one of two ways.

Speaker 24 They either steal our IP or they cyber attack us.

Speaker 68 So keeping Russia distracted in Ukraine, and I know this is macabre, and I know this ignores the incredible human sacrifice, but if we're going to just talk about rail politic,

Speaker 64 This is the best money we've ever spent.

Speaker 68 And until Russia, until we show other autocrats we're thinking about invading South Korea or invading Taiwan, until we give them a clear signal, there is incentive not to do it, meaning you are worse off when you do this, not better off.

Speaker 74 The world is less safe.

Speaker 19 Is there a person you think got in his head?

Speaker 37 I don't know, Kara.

Speaker 21 I don't know.

Speaker 91 I don't know who this guy listens to other than Peter Navarro.

Speaker 32 The best thing that could happen for our economy is if someone chained Peter Navarro to his bar, I mean,

Speaker 60 in his room.

Speaker 26 The worst thing that could happen to our economy is every time you see Peter Navarro anywhere near the president, go short the market.

Speaker 69 I don't know what Geo,

Speaker 24 Secretary Rubio, but the thing about Secretary Rubio is I literally think he'll say just anything.

Speaker 19 Anything. Right.
I agree. Anything.
Anything. Yeah, that'll get him.
He wants to put himself, position himself for the presidential race, obviously.

Speaker 25 What do you think?

Speaker 19 I think he understands he got taken and he's, he needs a win. And there's no winning with Vladimir Putin.
And he under, I think he understands that. Maybe he doesn't care about whatever

Speaker 19 with that relationship anymore. I think they kept bombing when they said they weren't.
So like, why wasn't he listening to me? I thought I had control.

Speaker 19 And he's got to do, he said he was going to do it on day one, if you remember, settle the war. Maybe he had some promise.
He's got to settle it.

Speaker 19 And so I think backing Ukraine is the best way to do that. I mean, it's the only way to.

Speaker 19 Punching a bully in the nose as a bully like Trump would know is the best way to do it. We'll see.
I just was really struck by it. We'll see if he can.
He could change next yes tomorrow.

Speaker 19 Like, who knows? That's the problem here, the flippity-flippity.

Speaker 40 But look at what Zelensky has done, and it's a great lesson.

Speaker 27 And that is Zelensky hasn't gotten emotional.

Speaker 19 He's shown up.

Speaker 67 He's shown up.

Speaker 20 He's kissed his ass.

Speaker 61 He's just tried to be very resolute and calm and dignified.

Speaker 24 And just a quick review here, folks.

Speaker 18 We spend $60 billion a year.

Speaker 53 Almost all of that comes back to America. And almost all of that goes into red states.

Speaker 13 And in exchange, we're going to get incredible drone technology.

Speaker 58 We're unifying Europe.

Speaker 27 I mean, we're sending a very strong signal to the rest of of the world.

Speaker 68 And if we take all of that money and just give Russia everything they've wanted, we're basically saying, okay,

Speaker 32 it's a go sign.

Speaker 30 It's green light for any autocrat that wants to invade.

Speaker 19 That's right. And also that someday Ukraine is going to be one of those countries, tech forward, exciting place to invest, exciting place for U.S.
capitalists to be.

Speaker 19 It is a wonderful economy in that regard. It's just getting the shit beat out of them by a bunch of people who are not a wonderful economy.

Speaker 19 So it is a real opportunity to back Ukraine from a financial point of view, from what Scott was saying, and in the future.

Speaker 19 Anyway, we're going to move on. Speaking of now, the other side of Donald Trump, his official meme coin skyrocketed after an announcement that

Speaker 19 the top 220 holders of the coin would get invited to dinner with the president. Oh my God.
Oh my God. What corruption in plain sight.

Speaker 19 Steve Ratner wrote a great piece about this, by the way, this week.

Speaker 19 The initial price surge was over 50%, boosting the coin's total market value to $2.7 billion, with Trump and his allies reportedly pocketing close to $900,000 in trading fees in two days and trading fees.

Speaker 19 Senator Chris Murphy posted on next that the meme coin sale was the most brazenly corrupt thing a president ever done. I think pretty much so.

Speaker 19 And Senators Adam Schiff and Elizabeth Warren are calling for an ethics investigation, saying this dinner might constitute a pay-to-play corruption. I think it doesn't constitute it.

Speaker 19 I think if he loses the House in two years, this is all we're going to be talking about.

Speaker 19 You have talked a lot about

Speaker 19 this meme coin.

Speaker 19 And then speaking of ask us, I'm going to add this on. Donald Trump Jr., along with Omi Malik, I think that's his name.

Speaker 19 Anyway, several other investors are reportedly launching an invite-only club in D.C. that costs more than a half a million dollars to join.

Speaker 19 The executive branch will cater to business and tech models looking to nurture relations with Trump administration, according to Politico.

Speaker 19 This one just sounds douchey, but I don't have a problem with it. They can have their little clubs to meet at and do their like man things there if they want.

Speaker 19 But talk about the second one, I don't think, is corruption. I just think the Democrats have it too.
There's always been clubs. There's always been this kind of thing.
It just is extra douchey as all.

Speaker 19 Thoughts on the coin and the club?

Speaker 21 I'm exactly where you are.

Speaker 58 I believe in the right of free assembly.

Speaker 9 And if Don Jr.

Speaker 62 wants to get people together and charge them, that's his right.

Speaker 58 And by the way, that's kind of what lobbyists do. It's like lobbying with a party.

Speaker 25 I don't have a problem.

Speaker 19 They can go to a stake place or this place.

Speaker 37 Who cares? Fine.

Speaker 32 The Trump coin is griff on an entirely different dimension.

Speaker 27 And let's just talk about the timing.

Speaker 32 He announced the Trump coin the Friday night before his inauguration when there was just a media maelstrom and it he buried it right because he knew that the market would go, this is incredibly corrupt.

Speaker 26 There were about 30 people who made about six or eight hundred million dollars according to logs in those first few hours.

Speaker 58 And my guess is those 30 people might have been tipped off or been really close to the president because they clearly had a lot of money and they were clearly in first.

Speaker 18 And then over the course of the next few weeks, about 80,000 people lost billions because it spiked.

Speaker 32 The insiders got out.

Speaker 27 Then let's talk about more timing.

Speaker 22 He decides

Speaker 40 that about the time that the lockup is going to come up, and that is the insiders, the people who started to get to sell, he decides, one, to have a meeting.

Speaker 40 you know, to announce this meeting to distract people and get the get the price back up.

Speaker 6 And shortly before that, he announced that he was doing away with the DOJ unit that investigates crypto scams.

Speaker 24 So this is really,

Speaker 25 I wish he approached geopolitics and tariff policy with the same strategy he approached his grift, because the grift has been the most competent, elegant part of the Trump administration.

Speaker 74 He is strategic.

Speaker 34 He is thoughtful.

Speaker 32 His timing is excellent.

Speaker 68 The brightest people in the Trump administration are the grifters.

Speaker 58 are the people handling, they're bearing the stories at the exact right moment.

Speaker 48 They're neutering the investigators.

Speaker 25 They're a lot of time.

Speaker 19 They're experienced grifters. Go ahead.

Speaker 45 They're very good at this.

Speaker 68 But this is, again, it's just very simple.

Speaker 71 If you found out

Speaker 61 that Vladimir Putin had been buying hundreds of millions or billions in Trump coin and saying to Trump, you're going to be the wealthiest man ever as long as we keep buying.

Speaker 52 By the way, in unrelated news, what are your thoughts on Ukraine?

Speaker 58 Wouldn't all of this make sense?

Speaker 91 And that might not be true, but the whole point point of the president and our elected officials is you're not supposed to have that doubt, that cloud of corruption over them.

Speaker 47 And just because I want to move to a solution, I absolutely think we need to move to a Singaporean model.

Speaker 32 I think the president should make 10 million bucks a year.

Speaker 68 I think senators should make 3 million and representatives should make $1 million a year.

Speaker 34 And in exchange for that, absolutely fucking lutely nothing.

Speaker 53 resembling corrections.

Speaker 49 Speaker, Amber Tipelosi, you can't trade stocks.

Speaker 91 You cannot, when you're voted out of office, there's a three-year sunshine period.

Speaker 18 You can't go to work for a lobbyist.

Speaker 91 You can never talk about an individual company.

Speaker 34 For God's sakes, you can't get involved.

Speaker 27 None of your family members can start a crypto company.

Speaker 26 Zero tolerance corruption, but we're going to pay you a lot of money because all they're doing now with

Speaker 19 them with a cane when they do it, like that they do in Singapore.

Speaker 91 Well, but to be fair, when you're making $185,000, which is what

Speaker 68 our congresspeople make, and they have to support two homes, the opportunity, and they see everyone else engaged in grift, the seduction of grift just becomes too great.

Speaker 58 So pay them a lot of money.

Speaker 26 These are important, impressive people who have a big impact on our economy.

Speaker 58 Pay them a lot of money, zero tolerance.

Speaker 20 And if you propose that, I think they would pass it.

Speaker 18 I don't know.

Speaker 19 I don't know. People would go, why are we paying the congressman a million?

Speaker 57 No, the congressman people would pass it.

Speaker 18 They get to vote on it.

Speaker 19 I don't think they would. They want to show you.
I don't think they were here for you.

Speaker 18 You don't think they said, all right, a million dollars.

Speaker 19 No, I think from the perception, I think people will be like, why are you getting a million dollars for that job? Like, what in the hell?

Speaker 19 I'm just saying, it's going to be a very difficult political thing to pull off.

Speaker 64 But if they all did it at once, are they going to vote all at once?

Speaker 18 Yeah, they never do anything all at once.

Speaker 19 It's just such a good thing for like a Marjorie Taylor Greene to say because she makes all this grift on the side. Speaking of Grift, she had a big stock sales.

Speaker 19 Yeah, I agree with you.

Speaker 32 I agree with you on her stock sale.

Speaker 34 She didn't do anything that Pelosi hasn't done dozens of time.

Speaker 25 Correct.

Speaker 19 But if you're going to insult Pelosi, please belly up to the fucking grift bar if you don't want to.

Speaker 19 All right, let's go in a quick break. We come back.
Trump claims he's made 200 deals on terrace. They're kissing my ass.

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Speaker 19 Scott, we're back. As President Trump marks 100 days in office, 64% of Americans disapprove of how he's handling the tariffs, according to that new ABC News Washington Post Ipsos poll.

Speaker 19 It's one of many many that are pointing in these directions. Trump is now saying he's made 200 deals on tariffs and interviewed Time magazine.

Speaker 19 He also keeps claiming to have spoken with China's President Xi, who knows. China denies any talks are happening and said the U.S.
should stop creating confusion. I'm believing China on this one.

Speaker 19 Treasury Secretary Scott Besson was on ABC's this week where he tempted to explain Trump's tariff strategy. This was so painful to watch.
Listen.

Speaker 93 And game theory is called strategic uncertainty. So you're not going to tell the person on the other side of the negotiation where you're going to end up.

Speaker 93 And nobody's better at creating this leverage than President Trump.

Speaker 93 He's shown these

Speaker 93 high tariffs and it's here's the stick.

Speaker 93 This is where the tariffs can go. And the carrot is come to us, take off your tariffs, take off your non-tariff trade barriers.

Speaker 93 stop manipulating your currency, stop subsidizing labor and capital, and then we can talk.

Speaker 19 Oh my God, Scott, Scott, it's like sticking your eye with a dry stick and saying, we won. Like,

Speaker 19 what? Like, this was like, it's chaos. I just don't strategic.
You do strategic uncertainty to me all the time, Scott. And I find it irritating.
That's all I have to say. Thoughts, thoughts, thoughts.

Speaker 64 I'm fascinated by game theory.

Speaker 25 I agree.

Speaker 82 I teach a class on game theory, and this could not be.

Speaker 45 This is their go-to.

Speaker 58 It's the general script that they all have to follow.

Speaker 59 Couch everything and what a genius Trump is.

Speaker 25 And also chess.

Speaker 19 That's right.

Speaker 39 Claim he's playing.

Speaker 19 20D.

Speaker 39 Claim he's playing 4D chess.

Speaker 67 And the reality is the world thinks there's a decent chance this man child is going to start eating the pieces.

Speaker 66 He's such a fucking idiot.

Speaker 21 And I don't know.

Speaker 64 Let's look at our three largest trading partners.

Speaker 73 And I'm boasting about, I'm name dropping now, but without name dropping.

Speaker 69 Our three largest trading partners are Canada, then Mexico, then China.

Speaker 52 In the last week, I have, I interviewed the Prime Minister of Canada.

Speaker 19 The soon to probably be today, by the way.

Speaker 33 Well, he's prime minister now, and he's probably going to be reelected because of Trump.

Speaker 25 Today.

Speaker 64 Because the opposition, the Conservative Party.

Speaker 19 25 points they were on.

Speaker 50 Has overcome the 25-point deficit.

Speaker 25 Anyways,

Speaker 18 anyways, by the way, this guy probably has the most impressive resume in global politics.

Speaker 19 I kind of want to marry him. I think he's married.

Speaker 53 Prime Minister Carney. He is dreaming.
He's tremendous.

Speaker 90 Oh, he's very nice. He's thoughtful.

Speaker 35 Anyways, I asked him straight up, are you talking to the administration?

Speaker 53 He said, no.

Speaker 72 So

Speaker 79 Canadians, Canadians literally, they can't lie.

Speaker 64 It's difficult for them to lie.

Speaker 59 They're just not good at it.

Speaker 58 It's like, if I asked Brian Adams or, you know, Alan Thick the most personal things, they would, they, I just get the sense they'd give you a straight answer. I don't think he's lying.

Speaker 42 On Saturday night, I was with the CEO of one of the largest Chinese companies

Speaker 21 in the world and in China.

Speaker 40 And I said, do you have any sense for if the CCP or she is talking to the U.S.?

Speaker 66 He's like, I have a very strong sense.

Speaker 21 And the answer is they're not talking.

Speaker 49 Their attitude is, yeah, bring it, boss.

Speaker 91 We've taken on much worse.

Speaker 50 There's no dialogue.

Speaker 58 So two of the three largest trading partners are not, unless these people are lying to me, are not, have no dialogue with Trump.

Speaker 58 They're just letting him flail around, writhe and scream on the ground like a three-year-old and saying, yeah, have at it, cry and scream and negotiate against yourself.

Speaker 33 This is the same guy speaking of 3D chess who imposed 145% 145% tariff on Monday, and then on Friday said the tariff rate's unsustainable and it needs to come down.

Speaker 19 Talk about Besant here. Like, what is he doing?

Speaker 24 He's in an impossible position.

Speaker 19 He's not impossible. He doesn't have to be.

Speaker 32 He's fallen into the same trap as Gary Cohen and all these guys.

Speaker 40 And

Speaker 25 there's a call

Speaker 27 when you're called to serve.

Speaker 50 You can understand that you go.

Speaker 82 Rubio wants to go because he wants to be more presidential and then announce his presidency in about two years and 11 months, his candidacy again.

Speaker 52 These guys all think this is an unbelievable opportunity, and I'm going to be the one that pulls things off his desk and can convince him.

Speaker 38 And also, I've heard when you talk to Trump in person, he comes across as remarkably sane.

Speaker 64 So they all go in, I think, with the false illusion they're going to be able to make a difference and talk some sense into this guy.

Speaker 58 Because when you talk to people who know Howard Lutnick, they say the following: nice guy.

Speaker 67 He's an ass in terms of these decisions and is way over his head.

Speaker 80 When you talk to people about Scott Besant, they say, very intelligent guy.

Speaker 64 People are very impressed with him.

Speaker 64 But the question is, and a lot of people acknowledge this, including Bill Clinton, and that is the only way you can have influence is to maintain your job or get elected.

Speaker 21 And sometimes you have to do things you don't want to do.

Speaker 21 But Scott Besant is, I think he goes home at night and literally looks in the mirror and says, I hate myself.

Speaker 82 And none of this makes any fucking sense.

Speaker 59 And he's like, I have to go on and defend the indefensible.

Speaker 19 Yeah, he cries under his cashmere pillows. I can see that.

Speaker 25 All right.

Speaker 19 We're going to move on in a second, but

Speaker 19 the word

Speaker 19 strategic uncertainty is chaos. That's what, that's their word they're using.
And it's to put, you know, lipstick on a pig. This is a pig, no matter how you slice it.

Speaker 19 Like that is, if you want to slice a pig. In any case, what is that? By the way, fast fashion giant that Scott likes Shein is already hiking prices as high as 377%.

Speaker 19 So instead of $1, it costs $4.

Speaker 67 Well, just and just, you know, some of the companies, for example, we were talking about Alibaba earlier.

Speaker 66 Do you know what percentage of Alibaba's business is done in the U.S.?

Speaker 18 Not much, I bet.

Speaker 35 2%. Yeah.

Speaker 27 So you think they're scared? Yeah.

Speaker 18 And

Speaker 25 the thing about... She's big here.

Speaker 42 She is big here, but what's interesting about it is the following.

Speaker 55 The math that people fail to do is like, oh, it'll really hurt them.

Speaker 38 And then Xi'an, and then she will get nervous. Oh, Xi'an is not doing well, even though Shien claims to be a Singaporean company.

Speaker 42 Their supply chain is in China.

Speaker 46 They employ a lot of people in China.

Speaker 82 So, oh, we're going to intimidate them and scare them because their products are gone up.

Speaker 25 Okay, let's do the math.

Speaker 51 Xian's whole value proposition is: I can get you, or they can get you, a $10 reasonable facsimile of a cashmere sweater.

Speaker 33 They can import it in for $10

Speaker 32 because of their supply chain.

Speaker 33 Whereas Ralph Lauren, when they import something in from China, it costs them $60 or say $50.

Speaker 67 Generally speaking, a retailer kind of triples it.

Speaker 64 So it goes from $10 to $30.

Speaker 40 bucks.

Speaker 64 If the 145% tariff goes from, that takes it from 10 to 24 bucks.

Speaker 42 So then it needs to go to 72.

Speaker 47 The $50 sweater that comes into Ralph Lauren goes from 50 to 1,

Speaker 38 what is that? 45%, 125.

Speaker 32 So that goes to $375.

Speaker 25 So the question is, do these less expensive products, the whole market shrinks, but I would argue the cheaper stuff from China ends up taking share.

Speaker 26 So the economy goes down because the price differential on cheaper goods broadens between the more expensive goods.

Speaker 53 So what happens?

Speaker 42 The economy goes down, spending goes down.

Speaker 26 But I wonder if some of those less expensive Chinese products actually end up grabbing share from the American companies that are bringing in

Speaker 46 Chinese products.

Speaker 25 So it's like the worst of both worlds for American companies.

Speaker 19 It's just a mess. Anyway, speaking of another interesting thing,

Speaker 18 we haven't talked about Elon in a while.

Speaker 19 He's been very quiet.

Speaker 19 He's not wielding his chainsaw. As I noted, I saw the Escalade EV, which I thought was a very impressive car.

Speaker 19 But another one,

Speaker 19 again, the Cybertruck could have been a terrific, beautiful car, and it turned out to be a lemon. And it's a disaster for Tesla, quite a big disaster.

Speaker 19 A startup called Slate Auto, backed by Jeff Bezos and other investors, is launching a Made in America EV truck with a starting price of 20K, inexpensive after federal tax credits.

Speaker 19 The slate struct design is pretty basic. No power windows, no infotainment screen, no paint.
People will get custom wraps. You can also change it and you can put a back on it.
It can be a

Speaker 19 pickup. It can do a number of different things.
It's really quite, I love the idea of it. It's a lot like Zooks, which he also has, where you can customize it very much.

Speaker 19 It gets about 150 miles of range on a charge. The car is designed in California and Michigan.
Will be manufactured in the Midwest with domestically sourced parts.

Speaker 19 Very, it's like a Lego car, it looks like. Slate plans to start deliveries in late 2026.
I bet they will. I bet they'll actually do what they say as opposed to what Tesla always does.

Speaker 19 Over in Europe, VW overtook Tesla as a top EV seller for the first three months of 2025. That's a big deal.

Speaker 19 Their car is an ID4, I think it's called.

Speaker 19 I want to buy it so badly, I can't even stand it. I don't care how much it costs.
It's so great looking and looks terrific and well made.

Speaker 19 All these EV companies, I've seen more and more, not just BYD, and there's another one in Japan, but so much competition, so many beautiful cars, which are fun and interesting, and at so many different price points.

Speaker 19 And EV sales are up along with hybrid sales. So, again, another thing Tesla could have done

Speaker 19 and had the market and losing it because they had to indulge in his cyber truck fantasies. So, any quick thoughts?

Speaker 53 I love the new Rivian car.

Speaker 27 I mean, the automobile industry is a case study in economics around fixed costs, and that is to

Speaker 21 build an assembly line or to build a platform.

Speaker 52 All right, we want to build an SUV.

Speaker 27 It costs so much money to build a platform that it's all about scale.

Speaker 33 You got to just shove a shit ton of cars down that assembly line.

Speaker 52 So what do they do?

Speaker 36 Volkswagen says, okay, we're building a platform for SUVs.

Speaker 59 And about 80% of the way down the assembly line, they shove a Volkswagen Torig, a Porsche.

Speaker 69 Porsche Cayman, and an Audi Q7.

Speaker 33 They're all on the same assembly line.

Speaker 53 And then the last 10 or 20% of of the assembly line, they take different routes.

Speaker 21 And the Porsche gets much higher end leather and badging and a better stereo.

Speaker 58 And then once it's off the assembly line, they get a different ad agency to appeal to men in midlife crisis.

Speaker 33 The Tor gets an ad agency for families.

Speaker 47 The Audi gets someone who thinks they're a little bit more Euro, whatever it might be.

Speaker 38 But they've got to shove as many cars down that assembly line for scale as possible.

Speaker 58 And basically, Rivian's saying, okay, we've got to come out with a lower cost product and shove

Speaker 32 as many cars down that assembly line.

Speaker 38 I think the most impressive company in the world right now, I'm actually thinking of buying their stock, even though it's up 60% in the last year, is BYD.

Speaker 32 I think this company is going to ultimately, ultimately, trade barriers come down because people are more greedy than they are concerned about their fellow citizens or whatever it is you want, argument you want to make around tariffs or trade protections.

Speaker 64 The world ultimately.

Speaker 36 is up into the right around

Speaker 40 free trade. It just makes sense for everybody.

Speaker 45 It's just

Speaker 38 everybody wants cheaper grapes and more toys under the tree than they are worried about Joe, who's a union guy over the long term.

Speaker 74 And BYD is literally just, if you look at their products relative to the cost, they're putting out a car right now.

Speaker 45 If we didn't have any trade barriers, you could get a really good EV for less than $10,000.

Speaker 39 Can you imagine how many of those things they would sell in America?

Speaker 19 Yep, absolutely.

Speaker 25 Yep. Anyway,

Speaker 63 and not only that, everyone keeps talking.

Speaker 58 I mean, this ridiculous notion about humanoid robots at Tesla.

Speaker 61 You want to see the most unbelievable robots?

Speaker 59 Go to a factory in China and see the robotics there.

Speaker 40 I mean, Tim Cook said this.

Speaker 38 He said the misconception of China is it's a bunch of low-cost wage labor and factories doing, you know, tedious work.

Speaker 24 You go into these factories, it's something out of West World.

Speaker 24 So they've already got robotics and humanoids doing incredible things.

Speaker 26 There's a ton of companies, but unfortunately or fortunately, like Volkswagen has unbelievable scale.

Speaker 52 And now they're selling the most EVs in Europe.

Speaker 32 And you just want to shove as many cars down that fixed cost assembly line.

Speaker 52 And the one I think that's going to become the automobile and innovation company of the next five years is going to be BYD.

Speaker 19 But let me just say, all the car companies are really have exciting cars. They're offering all of them in some ways.
And they'll either be popular or not, but impressive.

Speaker 19 I mean, you put the Cybertruck next to these and it's such a fail on behalf of Tesla to have had the lead here. And it could have been innovative.
He just doesn't want to be in the car company.

Speaker 19 And then he's bragging about robo-taxis, which Waymo is doing beautifully. And then he's talking about the Optimus Prime, which nobody wants to have a robot in their house right now.

Speaker 19 It's just not happening. Maybe someday.
But this idea, like these,

Speaker 18 they're indulging.

Speaker 21 I need someone to yell at.

Speaker 80 I can't believe you forgot to take the roast out of the freezer.

Speaker 25 No, exactly.

Speaker 19 But you know what? They're indulging in this guy's weird fantasies. They never should have done the Cyber Truck.
Never.

Speaker 19 There was so much opportunity for him to do a big killer, Escalade killer, a Ford, you know, a truck killer. And he just didn't do it.
Didn't do it.

Speaker 19 Had to create this weird thing that a woman would never buy. And the only men that would buy it are Dickless.

Speaker 58 Well, you know why robots don't have brothers?

Speaker 19 Why? Oh, no.

Speaker 58 Because they have trans sisters.

Speaker 19 That's good.

Speaker 25 Right?

Speaker 25 One more quick break.

Speaker 19 That's a good one. We'll be back for Wins and Fails.

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Speaker 19 Okay, Scott, here's some, let's hear some wins and fails. I think I'll go first today.

Speaker 19 There's a story in the Wall Street Journal. I, again, I argued with meta people this weekend at these parties called digital companions.

Speaker 19 They have the ability to engage in romantic role play with users, including kids. According to a Wall Street Journal article, Mark is the one pushing it through to be more aggressive.

Speaker 19 I've talked to a lot of people internally at Facebook, and they've been trying to keep them from doing that and to be very safety conscious around these things.

Speaker 19 Very similar to character AI, which was an offshoot of Google.

Speaker 19 People went off and did it and Google's now licensing it.

Speaker 19 And a lot of kids, one kid killed himself, et cetera. Just these, you cannot have digital companions that kids can get near.
And there can't be any holes in your wall if you're going to do this.

Speaker 19 I have no problem with, I don't have a problem with these digital companions and being romantic. They cannot get near certain people.

Speaker 19 And it should be like the fact that the Wall Street Journal was able to get them to do this. And also, they also have celebrity voices for these things.
And they start to get sick.

Speaker 19 Apparently, John Cena got sexy with someone.

Speaker 19 He didn't want to get sexy with them, but he did. His bot did.
And so, if you're going to do this stuff, you've got to have it locked the fuck down. And the fact that they haven't is just atypical.

Speaker 19 And Mark is pushing it through, and there's a lot of pressure, et cetera, et cetera.

Speaker 19 I think I just am, I'm just astonished that they continue to build things without

Speaker 19 the level of care they need to. It's just, maybe I shouldn't be surprised, but it's really amazing that they keep doing so.
It's it's it's such a fail. It's such an astonishing fail.

Speaker 19 And I think probably my positive this week, there's a lot of stuff coming out. I'll be talking about mission, the next Mission Impossible soon and other things that are coming out.

Speaker 19 Looks like some great movies this summer.

Speaker 19 But I have to say, I think this

Speaker 19 Carney in Canada is playing it beautifully. I assume he's going to win tonight, and

Speaker 19 he looks like he's on track to win. And what a comeback for the Liberals and changing their candidate is what they did.
They've been in charge for a long time.

Speaker 19 I don't think any country should have one party

Speaker 19 in charge for

Speaker 19 too long. But he seems to be a fresh new face when he's not a fresh new face.
So it gives a lot of lessons to Democrats in terms of... finding a fresh new face even when you're not fresh.

Speaker 19 So I'm really, we'll see what happens. And then very briefly, there's a big outage of power in Spain and Portugal.
And I hope good luck to the people there as it's happening.

Speaker 19 And of course, we have to think about a cyber attack in situations like this, but they're having it right now. And it's really,

Speaker 19 this is going to happen more in the future. Just, Scott?

Speaker 21 I love your fail.

Speaker 27 And I do believe that this requires some sort of legislation because I think one of the biggest threats to our society is a lack of

Speaker 33 companionship and

Speaker 38 love and mating that turns people, especially young men, into misogynists and nationalists and extremists, and also suicidal.

Speaker 33 I keep, I see all these TikToks about, and it's heartbreaking about women talking about why would they go on a date when they might go out with someone that murders them.

Speaker 69 And I understand that men are more violent.

Speaker 58 And I think it's a real issue.

Speaker 66 And I can understand, and it breaks my heart to think that women aren't safe around men.

Speaker 21 But the reality is 2,500 women are murdered by men a year, and that's way too many.

Speaker 73 And they're usually domestic partners or someone they know.

Speaker 38 40,000 men kill themselves.

Speaker 68 So these men are not only dangerous to society and dangerous to women, but especially dangerous to themselves.

Speaker 67 And the question is, well, why are we creating these violent men who are prone to just information that becomes turns them into shitty citizens, makes them more disparaging of women more and much more harmful to others and especially harmful to themselves.

Speaker 58 And I think part of that is they're mammals and they're losing connection with other people.

Speaker 82 And when you have the deepest pocketed, most well-resourced companies in the world all trying to convince these men they can have a reasonable facsimile of life on a screen with an algorithm,

Speaker 37 we're making the problem worse.

Speaker 68 And I've said that I think wanting to have friends, wanting to go through the pecking order, the humiliation of figuring out friendships, wanting to figure out how hard it is to navigate the corporate world, I think that can turn you into a better person, especially a better man who these guys don't mature very early.

Speaker 25 And also that fire, that real fire of sexual desire, I think

Speaker 38 when channeled correctly, makes you stronger, more kind, demonstrate excellence, have a plan.

Speaker 31 You know, there's a reason, and I've said this over and over, there's a reason romantic comedies are two hours, not 15 minutes, and that this shit is hard, but it's worth it.

Speaker 44 And anything that convinces even more young men that they don't need to go through the difficult and rewarding and worthwhile effort of establishing human connection with other sentient beings is a threat to our society.

Speaker 25 I would agree.

Speaker 19 But if they're going to do it, they have to do it safely.

Speaker 25 Like, honestly, I don't.

Speaker 91 Yeah, but my question is, if it's one thing to give seniors companions who are in their 90s and have lost all their love.

Speaker 19 I'd like to have one for my mother. I'll be honest with you.

Speaker 24 But should we have,

Speaker 64 should we have, or maybe tax the shit out of them? I don't know.

Speaker 48 Should we have AI AI sex robots that convince all men to think that, oh, I don't need to be kind to women.

Speaker 21 I don't need to have children.

Speaker 19 They're going to make them, Scott, whether you like it or not. They're going to make them.

Speaker 19 Well, because these guys, they can't have children and they desperately want to have children in a weird, strange, fucked up way.

Speaker 36 Who are you talking about?

Speaker 19 I think sometimes I think AI, I told you this theory. I think AI is the way, it's so dominated by men and there's so lack of safety and everything else.

Speaker 19 They said it's because I think they, men can't have children. Certain men, not all of them, think this way, but can't have children.
This is their way of giving birth.

Speaker 19 I just, or something, are creating.

Speaker 35 I never thought about that.

Speaker 25 Think about it. Fuck you.

Speaker 39 But

Speaker 49 are you saying incel culture or the people who run?

Speaker 19 No, I think the people that run some of these companies, they can't make beings. It's a very beautiful thing to make a child.

Speaker 19 Men and women make them together, obviously, but really women grow children, right?

Speaker 19 And men, this is men's way of growing things,

Speaker 19 growing beings. I don't know.
Anyway, go ahead.

Speaker 34 It's such a dystopian weird thing.

Speaker 19 No, it is. It is.
Think about it.

Speaker 22 Think about it.

Speaker 64 But I hear this stuff.

Speaker 71 Everyone talks.

Speaker 82 I do a lot of talks on AI, and they talk about, oh, they're going to be I'm sentient, self-healing weapons, misinformation.

Speaker 47 Hands down, the biggest threat of AI is loneliness.

Speaker 25 Loneliness. You're right.

Speaker 33 It's going to convince more and more people they don't need to engage.

Speaker 38 My win is a little bit longer, and I know you're probably interviewing the ghost of Boutros Gali, but you're going to have to put up with me.

Speaker 49 So

Speaker 25 he's very handsome, but go ahead.

Speaker 36 So after the Pope Pope passed, there was something that was attributed to him.

Speaker 21 I don't know if he said it, but I think it's lovely and I'm going to read it anyways.

Speaker 26 The walls of hospitals have heard more honest prayers than churches.

Speaker 27 They have witnessed far more sincere kisses than those in airports.

Speaker 33 It is in hospitals that you see a homophobe being saved by a gay doctor, a privileged doctor saving the life of a beggar.

Speaker 38 In intensive care, you see a Jew taking care of a racist, a police officer and a prisoner in the same room receiving the same care.

Speaker 27 A wealthy patient waiting for a liver transplant,

Speaker 50 ready to receive the organ from a poor donor.

Speaker 46 It's in these moments when the hospital touches the wounds of people that different worlds intersect according to divine design.

Speaker 23 And in this communion of destinies, we realize that alone we are nothing.

Speaker 44 The absolute truth of people, most of the time, only reveals itself in moments of pain or in the real threat of an irreversible loss.

Speaker 23 A hospital is a place where human beings remove their masks and show themselves as they truly are, in their purest essence.

Speaker 34 This life will pass quickly, so do not waste it fighting with people.

Speaker 49 Do not criticize your body too much.

Speaker 23 Do not complain excessively.

Speaker 38 Do not lose sleep over bills. Make sure you hug your loved ones.

Speaker 23 Do not worry too much about keeping the house spotless. Material goods must be earned by each person.

Speaker 44 Do not dedicate yourself to accumulating an inheritance. You are waiting for you are waiting far too much.

Speaker 44 Christmas Friday next year, when you have money, when love arrives, when everything is perfect.

Speaker 31 Listen, perfection does not exist.

Speaker 82 A human being cannot attain it because we are simply not made to be fulfilled here.

Speaker 23 Here, we are given an opportunity to learn. So make the most of this trial of life and do it now.

Speaker 23 Respect yourself, respect others, walk your own path, and let go of the path others have chosen for you.

Speaker 25 Respect.

Speaker 23 Do not comment. Do not judge.

Speaker 31 Do not interfere.

Speaker 51 Love more. Forgive more.

Speaker 23 Embrace more. Live more intensely.

Speaker 44 And leave the rest in the hands of the Creator.

Speaker 25 Wow.

Speaker 23 Anyways, Pope Francis, rest in peace.

Speaker 19 That was beautiful. Yeah.
I cried everything. I know, but it's my favorite, Scott, just so you know.

Speaker 36 Just turn on Modern Family. We'll see what it works.

Speaker 19 That was beautiful. That was beautiful, Scott.
Let's embrace, and I see you next time, okay? Let's just embrace for a whole minute and a half.

Speaker 82 Or if Emily Radikowski gets married again.

Speaker 19 To you, not to you.

Speaker 25 There's still time.

Speaker 25 There's still time.

Speaker 19 There is time.

Speaker 25 There's time.

Speaker 19 Anyway, that was beautiful, Scott Galloway, and I appreciate that you brought it here.

Speaker 58 Anyway. Well, you know what a priest's scrotum looked like.
Oh, no, here we go.

Speaker 19 You're going to ruin it.

Speaker 25 Go ahead. Come on, Kara.

Speaker 46 Come on, Kara. Every child knows that.

Speaker 46 Oh, my God.

Speaker 25 Just he's back.

Speaker 25 He's back.

Speaker 19 A moment of beauty followed by a moment of horror. Okay, I didn't see, I didn't, I didn't see that coming.
Anyway, so it's a new joke. Thank you for the scrotum joke.
We want to hear from you.

Speaker 19 Send us your questions.

Speaker 19 You have good jokes today about business, tech, or whatever's on your mind. Go to nymag.com/slash pivot to submit a question for the show or call 855-51-PIVOT elsewhere in the Kara and Scott universe.

Speaker 19 This week, I talked to comedic actor Ed Helms for the On With Kara Swisher Show.

Speaker 19 I named members of the Trump administration and asked Ed to match each of them with a character in the office where he starred for so many years.

Speaker 19 Such a great guy.

Speaker 19 He's been in tons of things like the Hangover, but he also has a really cool podcast about snafu, about fuck-ups over the many many centuries let's listen to a clip pete hagseth okay pete hagseth would be a little like um

Speaker 19 packer someone thinks meredith actually because alcoholism oh interesting

Speaker 21 jd vance uh jd vance uh is a little dwightish i think he's a little dwight fruity maybe yeah absolutely cash patel

Speaker 59 oh what was zach woods character there's something about something there like like intense loyalty, subscribing to a hierarchy with dedication and

Speaker 21 like actually being well-spoken in the midst of all of that.

Speaker 18 Yeah, Gabe. Gabe, of course.

Speaker 19 He's really delightful.

Speaker 19 Okay, that's the show. Thanks for listening to Pivot and be sure to like and subscribe to our YouTube channel.
We'll be back on Friday. Scott, read us out.
And your jokes are excellent today.

Speaker 19 I have to give you the star.

Speaker 17 Five stars. Thanks for the

Speaker 7 most comical in high school. Today's show is produced by Larry Names, Zoe Marcus, and Taylor Griffin.

Speaker 3 Ernita Totten engineered this episode.

Speaker 44 Jim Mackle edited the video.

Speaker 3 Thanks also to Du Burrows, Ms. Severo, and Dan Shulan.

Speaker 3 Nishak Karo is Vox Media's executive producer of podcasts. Make sure you subscribe to the show wherever you listen to podcasts.
Thanks for listening to Pivot from New York Magazine and Vox Media.

Speaker 3 You can subscribe to the magazine at nymag.com/slash pod.

Speaker 41 We'll be back later this week for another breakdown of all things tech and business.

Speaker 3 Kara, have a great rest of the week.

Speaker 19 Rest in peace, Pope Francis.

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