varostreamProf G Markets breaks down the news that’s moving the capital markets, helping you build financial literacy and security. Tune in every Monday and Thursday for no mercy, no malice insight from Scott Galloway and Ed Elson on high flying stocks, booming sectors, and master of the universe CEOs. Like it or not, we live in a capitalist society. The key to navigating it? Talk about money. Part of the Vox Media Podcast Network.
Episodes
Why The Bond Market Is Starting To Revolt — ft. Katie Martin
Ed Elson and Scott Galloway are joined by Katie Martin to discuss why bond markets are flashing warning signs and what’s driving the global debt selloff. They also break down how AI spending, Fed policy, and government borrowing are reshaping markets. Katie Martin is the markets columnist and editorial board member at the Financial Times. Subscribe to the Prof G Markets Youtube Channel Check out our latest Prof G Markets newsletter Follow Prof G Markets on Instagram Follow Ed on Instagram, X and Substack Follow Scott on Instagram Send us your questions or comments by emailing Markets@profgmedia.com Learn more about your ad choices. Visit podcastchoices.com/adchoices
1:07:12Anthropic Whistleblower Says AI Could “Kill Us All”
Ed Elson is joined by Alex Kantrowitz to break down whether mass extinction concerns raised by an Anthropic researcher should be taken seriously. Then, Patrick McGee joins to give his take on the new foldable iPhone. Ara Kharazian also joins to unpack new data tracking how much American businesses are actually spending on AI. Finally, Ed shares his thoughts on the Anthropic researcher’s warning. Alex Kantrowitz is the author of the Big Technology newsletter and host of the Big Technology Podcast. Ara Kharazian is the Lead Economist at Ramp. Patrick McGee is an award-winning journalist and author of Apple in China: The Capture of the World's Greatest Company. You can find Ramp’s AI Index here and Ara’s latest report here Subscribe to the Prof G Markets Youtube Channel Follow Prof G Markets on Instagram Follow Ed on Instagram, X and Substack Follow Scott on Instagram Send us your questions or comments by emailing Markets@profgmedia.com Learn more about your ad choices. Visit podcastchoices.com/adchoices
33:01Canadian Economist: Trump’s Tariffs Are A Gift To Mark Carney
Ed Elson is joined by Mike Moffatt to break down Canada’s retaliatory tariffs against the U.S. and what it means for the relationship between the two countries. Then, John Burn-Murdoch joins to unpack why the OECD’s global education report card was the worst on record and how it could impact the international economy. Finally, Ed gives his take on America’s debt problem. Mike Moffatt is a Canadian economist and Founding Director at the Missing Middle Initiative. John Burn-Murdoch is a columnist and the chief data reporter for the Financial Times. Subscribe to the Prof G Markets Youtube Channel Follow Prof G Markets on Instagram Follow Ed on Instagram, X and Substack Follow Scott on Instagram Send us your questions or comments by emailing Markets@profgmedia.com Learn more about your ad choices. Visit podcastchoices.com/adchoices
37:22OpenAI Says “AGI” Is Here — What Does That Actually Mean?
Ed Elson is joined by Gary Marcus to break down OpenAI’s new Astra model and whether or not AGI has actually arrived. Then, Kathryn Anne Edwards returns to unpack the August jobs report and what it reveals about the current state of the labor market. Finally, Ed shares why he is concerned about the results of Germany’s recent election. Gary Marcus is an author, scientist, entrepreneur, and Emeritus Professor of Psychology and Neural Science at NYU. Kathryn Anne Edwards is a labor economist and host of the Optimist Economy Podcast. Subscribe to the Prof G Markets Youtube Channel Follow Prof G Markets on Instagram Follow Ed on Instagram, X and Substack Follow Scott on Instagram Send us your questions or comments by emailing Markets@profgmedia.com Learn more about your ad choices. Visit podcastchoices.com/adchoices
38:11Why Nobody Trusts the News — And How to Fix It
Ed Elson sits down with Jim VandeHei, co-founder and CEO of Axios, to discuss how AI is reshaping the media industry, what role it should play in newsrooms, and why he believes AI will ultimately make human journalism more valuable. They also discuss how distrust in the media influenced his decision to launch Axios, where he draws the line between journalism and commentary, and what he makes of today’s rapidly changing media ecosystem. Learn more about your ad choices. Visit podcastchoices.com/adchoices
58:25Tyler Cowen: The AI Bears Are Asking The Wrong Questions
Ed Elson and Scott Galloway are joined by Tyler Cowen to discuss why he’s not concerned about a potential AI bubble, how AI is reshaping the labor market, and why he thinks the data center buildout is ultimately a good thing. They also discuss who stands to benefit most from AI, why cybersecurity is a growing concern, how he would grade the U.S. economy today, and what he sees as the biggest obstacle to AI’s continued growth. Tyler Cowen is an economist, author, podcaster and chair of the Mercatus Center at George Mason University. Subscribe to the Prof G Markets Youtube Channel Check out our latest Prof G Markets newsletter Follow Prof G Markets on Instagram Follow Ed on Instagram, X and Substack Follow Scott on Instagram Send us your questions or comments by emailing Markets@profgmedia.com Learn more about your ad choices. Visit podcastchoices.com/adchoices
59:41Bonds Are Warning Of A Global Inflation Crisis
Ed Elson is joined by John Mowrey to break down why bond yields have been rising and what it would mean for investors if they continue to increase. Then, Alex Heath returns to unpack his interview with Sam Altman. Finally, Ed shares his thoughts on why bond investors are fed up with the Trump administration. John Mowrey is the Chief Investment Officer at NFJ Investment Group. Alex Heath is the author of the Sources newsletter and host of the Sources podcast. Subscribe to the Prof G Markets Youtube Channel Check out our latest Prof G Markets newsletter Follow Prof G Markets on Instagram Follow Ed on Instagram, X and Substack Follow Scott on Instagram Send us your questions or comments by emailing Markets@profgmedia.com Learn more about your ad choices. Visit podcastchoices.com/adchoices
37:34Geopolitical Expert: Iran War May Drag On For Years
Ed Elson is joined by Ian Bremmer to break down the latest attacks in Iran and why the markets are finally pricing in a longer war. Then, Jonathan Kanter joins the show to unpack the FTC’s new lawsuit against Amazon and give his take on Meta’s “big tobacco” moment. Finally, Ed shares his thoughts on Anthropic’s new deal with cloud company Lambda. Ian Bremmer is the Founder and President of Eurasia Group. Jonathan Kanter is the former Assistant Attorney General for the Antitrust Division of the U.S. Department of Justice. Subscribe to the Prof G Markets Youtube Channel Check out our latest Prof G Markets newsletter Follow Prof G Markets on Instagram Follow Ed on Instagram, X and Substack Follow Scott on Instagram Send us your questions or comments by emailing Markets@profgmedia.com Learn more about your ad choices. Visit podcastchoices.com/adchoices
32:38Why Bessent Tried To Rescue The Bond Market (And Failed)
Ed Elson is joined by Robert Armstrong to break down what’s been happening in the bond market and what he makes of Scott Bessent’s intervention. Then, Deirdre Bosa joins the show to unpack how OpenAI’s agents went rogue and whether or not it raises larger concerns for the industry. Finally, Ed shares his thoughts on the recent SaaS rally and what he thinks we can learn from it. Robert Armstrong is the US financial commentator for the Financial Times and author of the Unhedged Newsletter. Deirdre Bosa is the founder of DB Live. Subscribe to the Prof G Markets Youtube Channel Check out our latest Prof G Markets newsletter Follow Prof G Markets on Instagram Follow Ed on Instagram, X and Substack Follow Scott on Instagram Send us your questions or comments by emailing Markets@profgmedia.com Learn more about your ad choices. Visit podcastchoices.com/adchoices
35:27Scott Galloway On Money, Happiness, And The Search For Enough
Scott Galloway and Ed Elson discuss how Scott’s relationship with money has evolved over the course of his life. They unpack the exact moment that Scott became obsessed with money, how it became an addictive substance, and why he still has fears of going broke. He ends with advice on how to get through financial hardships. Subscribe to the Prof G Markets Youtube Channel Check out our latest Prof G Markets newsletter Follow Prof G Markets on Instagram Follow Ed on Instagram, X and Substack Follow Scott on Instagram Send us your questions or comments by emailing Markets@profgmedia.com Learn more about your ad choices. Visit podcastchoices.com/adchoices
58:11Prof G Markets Is Taking A Break — You Should Too
Ed Elson and Scott Galloway are officially out on summer vacation. We’ll have no new episodes on the feed from August 17th to the 28th. The team will be enjoying the break from the daily news cycle, and we hope you do too. We’ll be back on August 31st with a fresh episode. See you then, and enjoy the rest of your summer! Subscribe to the Prof G Markets Youtube Channel Check out our latest Prof G Markets newsletter Follow Prof G Markets on Instagram Follow Ed on Instagram, X and Substack Follow Scott on Instagram Send us your questions or comments by emailing Markets@profgmedia.com Learn more about your ad choices. Visit podcastchoices.com/adchoices
4:15The Architect Of The Billionaire Tax Makes His Case — ft. Gabriel Zucman
Ed Elson is joined by Gabriel Zucman to break down Prop 40, the billionaire tax proposal in California. They discuss why Gabriel thinks it’s the most effective way to tax the ultrawealthy in the state, unpack the various criticisms of the tax, and consider what its influence could be on the rest of the country. Gabriel Zucman is a Professor of economics at the Paris School of Economics, Summer Research Professor at the University of California, Berkeley, and founding Director of the International Tax Observatory. He is also the founding director of the PSE Stone center on Global Wealth Dynamics. Gabriel has authored three books, including his most recent work, We Need To Tax Billionaires. Subscribe to the Prof G Markets Youtube Channel Check out our latest Prof G Markets newsletter Follow Prof G Markets on Instagram Follow Ed on Instagram, X and Substack Follow Scott on Instagram Send us your questions or comments by emailing Markets@profgmedia.com Learn more about your ad choices. Visit podcastchoices.com/adchoices
1:12:23“AI Compute Futures” — Has Wall Street Gone Too Far?
Ed Elson is joined by Rohan Goswami to break down the CME’s move to offer AI compute futures such that computing power can be traded like a commodity. Then, Mark Zandi returns to unpack the latest inflation data from the consumer price index. Finally, Ed shares his thoughts on what the recent high profile departures from OpenAI mean for the markets. Rohan Goswami is a business reporter at Semafor and the co-host of Compound Interest. Mark Zandi is the chief economist at Moody’s Analytics. Subscribe to the Prof G Markets Youtube Channel Check out our latest Prof G Markets newsletter Follow Prof G Markets on Instagram Follow Ed on Instagram, X and Substack Follow Scott on Instagram Send us your questions or comments by emailing Markets@profgmedia.com Learn more about your ad choices. Visit podcastchoices.com/adchoices
31:31Inside Nvidia’s $500B AI Financing Loop
Ed Elson is joined by Jay Goldberg to break down why Nvidia is partnering with Wall Street on a $500 billion AI financing package. Then, Tim Farrar returns to the show to unpack earnings from AST SpaceMobile and Rocket Lab, and how SpaceX’s IPO impacted the space industry. Finally, Ed shares his thoughts on the fraud allegations against Phoebe Gates. Jay Goldberg is an analyst at Seaport Global Securities. Tim Farrar is the president of TMF Associates. Subscribe to the Prof G Markets Youtube Channel Check out our latest Prof G Markets newsletter Follow Prof G Markets on Instagram Follow Ed on Instagram, X and Substack Follow Scott on Instagram Send us your questions or comments by emailing Markets@profgmedia.com Learn more about your ad choices. Visit podcastchoices.com/adchoices
31:40Here's What The Jobs Report Isn’t Telling You
Ed Elson is joined by Kathryn Anne Edwards to break down the real story behind the July jobs report. She also shares her thoughts on how AI is impacting the labor market, and the solution we need for those who lose their jobs due to the technology. Then, Bradley Tusk returns to the show to discuss Mark Zuckerberg’s AI manifesto and the $1 billion “Future Is For Everyone” fund. Finally, Ed asks the audience a question: what is democratic socialism, really? Kathryn Anne Edwards is a labor economist and host of the Optimist Economy Podcast. Bradley Tusk is a venture capitalist, political strategist, and writer. Subscribe to the Prof G Markets Youtube Channel Check out our latest Prof G Markets newsletter Follow Prof G Markets on Instagram Follow Ed on Instagram, X and Substack Follow Scott on Instagram Send us your questions or comments by emailing Markets@profgmedia.com Learn more about your ad choices. Visit podcastchoices.com/adchoices
33:06Bulls vs. Bears: Who’s Right About This Market?
Scott Galloway and Ed Elson break down the bull and bear cases for the market at new record highs. They unpack how dependent the market has become on cash-burning companies like OpenAI and Anthropic, and therefore how fragile the AI trade is. Then they turn to SpaceX and check in on the stock following the company’s first earnings report and share lockup expiration date. Subscribe to the Prof G Markets Youtube Channel Subscribe to the Prof G Markets newsletter Order "Notes on Being a Man," out now Note: We may earn revenue from some of the links we provide. Follow the podcast across socials @profgmarkets Follow Scott on Instagram Follow Ed on Instagram, X and Substack Send us your questions or comments by emailing Markets@profgmedia.com Learn more about your ad choices. Visit podcastchoices.com/adchoices
1:08:42Aswath Damodaran: Big Tech Has No Idea How AI Pays Off
Ed Elson and Scott Galloway are joined by Aswath Damodaran to break down the biggest takeaways from Big Tech earnings. He explains what the latest results reveal about the AI race, why he's becoming increasingly concerned about the Magnificent Seven's AI spending, and how he values the hyperscalers. They also discuss how much AI risk is already priced into the market and whether SpaceX's current valuation is justified. Subscribe to the Prof G Markets Youtube Channel Check out our latest Prof G Markets newsletter Follow Prof G Markets on Instagram Follow Ed on Instagram, X and Substack Follow Scott on Instagram Send us your questions or comments by emailing Markets@profgmedia.com Learn more about your ad choices. Visit podcastchoices.com/adchoices
1:06:33Michael Burry Says This Is The Top — Is It?
Ed Elson is joined by Steve Eisman to unpack why stocks are at record highs and what it would take for him to call a market top. Then, Ryan Petersen returns to explain how the war with Iran and escalating tariffs are reshaping global supply chains. Finally, Ed breaks down the growing evidence that the AI boom has become increasingly dependent on OpenAI. Steve Eisman is the Host of the Real Eisman Playbook. Ryan Petersen is the CEO and Founder of Flexport. Subscribe to the Prof G Markets Youtube Channel Check out our latest Prof G Markets newsletter Follow Prof G Markets on Instagram Follow Ed on Instagram, X and Substack Follow Scott on Instagram Send us your questions or comments by emailing Markets@profgmedia.com Learn more about your ad choices. Visit podcastchoices.com/adchoices
35:15Apple’s War On OpenAI Just Got Personal
Ed Elson is joined by Alex Heath to unpack the latest drama in the legal battle between Apple and OpenAI, what Apple's request for a preliminary injunction could mean, and how serious the case could become for OpenAI. Then, Nicolas Owens returns to break down SpaceX's latest earnings, assess the company's capital expenditures, and give his take on its current valuation. Finally, Ed gives his take on reports that Blackstone is in talks to loan money to Anthropic. Subscribe to the Prof G Markets Youtube Channel Check out our latest Prof G Markets newsletter Follow Prof G Markets on Instagram Follow Ed on Instagram, X and Substack Follow Scott on Instagram Send us your questions or comments by emailing Markets@profgmedia.com Learn more about your ad choices. Visit podcastchoices.com/adchoices
27:53Aschenbrenner’s AI Fund Collapse Is Just The Beginning
Ed Elson is joined by Michael Green to discuss the role that leverage played in the turmoil with Leopold Aschenbrenner’s fund, Situational Awareness, and how leveraged-ETFs are impacting the semiconductor industry. Then, Katie Martin returns to break down why the U.S. intervened to help Japan with the yen and whether the U.S. is actually in a position to prop up the currency. Finally, Ed gives his take on Trump’s decision to sell early access to his social media posts. Michael Green is the Chief Strategist and Portfolio Manager for Simplify Asset Management and author of the Yes I give a fig Substack. Katie Martin is a markets columnist and editorial board member at the Financial Times. Subscribe to the Prof G Markets Youtube Channel Check out our latest Prof G Markets newsletter Follow Prof G Markets on Instagram Follow Ed on Instagram, X and Substack Follow Scott on Instagram Send us your questions or comments by emailing Markets@profgmedia.com Learn more about your ad choices. Visit podcastchoices.com/adchoices
35:13How Leverage Turned An AI Boom Into A Crash
Scott Galloway and Ed Elson break down how single-stock leveraged ETFs caused volatility in the South Korean stock market and discuss how leverage can be damaging for investors. Then, they unpack earnings from Microsoft, Meta, Apple, and Amazon, explaining why investors rewarded Microsoft and Amazon while punishing Meta and Apple. They discuss how the AI boom is making it increasingly difficult to value Big Tech. Subscribe to the Prof G Markets Youtube Channel Subscribe to the Prof G Markets newsletter Order "Notes on Being a Man," out now Note: We may earn revenue from some of the links we provide. Follow the podcast across socials @profgmarkets Follow Scott on Instagram Follow Ed on Instagram, X and Substack Send us your questions or comments by emailing Markets@profgmedia.com Learn more about your ad choices. Visit podcastchoices.com/adchoices
1:20:09The Next Era of Warfare is Here
Ed Elson sits down with Brian Schimpf, co-founder and CEO of Anduril, to discuss how AI is transforming the defense industry and where it should, and shouldn't, be deployed. They also explore the growing threat posed by China, why we’re in such an unstable time right now, and what people get wrong about the defense industry. Learn more about your ad choices. Visit podcastchoices.com/adchoices
1:05:27Jim Chanos: We’re In The Golden Age Of Fraud
Ed Elson and Scott Galloway are joined by Jim Chanos to discuss the biggest risks he sees in today's AI-driven market and the warning signs that remind him of the late stages of the dot-com bubble. He also breaks down the companies he's long and short on, explains why he's increasingly concerned about fraud in the market, and shares the advice he'd give to young investors navigating today's environment. Jim Chanos is the Founder and Managing Partner of Chanos & Company, formally known as Kynikos Associates, the world’s oldest exclusive short selling investment firm. Subscribe to the Prof G Markets Youtube Channel Check out our latest Prof G Markets newsletter Follow Prof G Markets on Instagram Follow Ed on Instagram, X and Substack Follow Scott on Instagram Send us your questions or comments by emailing Markets@profgmedia.com Learn more about your ad choices. Visit podcastchoices.com/adchoices
1:08:39Microsoft Soars, Meta Sinks: Has The AI Narrative Flipped?
Ed Elson is joined by Gil Luria to break down earnings from Microsoft and Meta, and what the disparate results reveal about what’s next for the AI trade. Then, Mike Gapen returns to discuss the Federal Reserve’s interest rate decision and why he thinks rates might stay stagnant for the rest of the year. Finally, Ed gives his take on FIFA’s decision to sell its profits. Gil Luria is the Head of Technology Research at D.A. Davidson. Mike Gapen is the managing director and Chief U.S. Economist at Morgan Stanley. Subscribe to the Prof G Markets Youtube Channel Check out our latest Prof G Markets newsletter Follow Prof G Markets on Instagram Follow Ed on Instagram, X and Substack Follow Scott on Instagram Send us your questions or comments by emailing Markets@profgmedia.com Learn more about your ad choices. Visit podcastchoices.com/adchoices
33:38Why The Nasdaq Just Hit Correction Territory
Ed Elson is joined by Torsten Sløk to break down what's driving the recent tech sell-off, where he thinks markets are headed from here, and which asset classes investors should consider if they're looking to diversify beyond AI. Then, Justin Wolfers returns to discuss President Trump's latest tariff strategy, how it could affect inflation, and what it means for the broader economy. Torsten Sløk is the Chief Economist at Apollo Global Management. Justin Wolfers is a Professor of Public Policy and Economics at the University of Michigan and the founder of Platypus Economics. Subscribe to the Prof G Markets Youtube Channel Check out our latest Prof G Markets newsletter Follow Prof G Markets on Instagram Follow Ed on Instagram, X and Substack Follow Scott on Instagram Send us your questions or comments by emailing Markets@profgmedia.com Learn more about your ad choices. Visit podcastchoices.com/adchoices
35:04China Is Undercutting America’s AI Giants
Ed Elson is joined by Scott Singer to discuss why Chinese open models have been gaining momentum and whether or not the U.S. risks losing its lead in the AI race. Then, Vishy Tirupattur joins to unpack the debt behind the AI buildout and explain why investors should be paying attention to the off-balance sheet debt from the hyperscalers. Finally, Ed gives his take on China’s most valuable company. Scott Singer is a Technology and International Affairs fellow at the Carnegie Endowment for International Peace. Vishy Tirupattur is the Chief Fixed Income Strategist at Morgan Stanley. Subscribe to the Prof G Markets Youtube Channel Check out our latest Prof G Markets newsletter Follow Prof G Markets on Instagram Follow Ed on Instagram, X and Substack Follow Scott on Instagram Send us your questions or comments by emailing Markets@profgmedia.com Learn more about your ad choices. Visit podcastchoices.com/adchoices
33:59How Big Tech Offloaded The Risk Of AI
Scott Galloway and Ed Elson unpack why they think investors should be paying closer attention to the off-balance-sheet obligations behind Big Tech's AI buildout. Then, they examine how rising oil prices and a new wave of tariffs could keep inflation elevated and why they believe China has emerged as one of the biggest beneficiaries of the conflict with Iran. Finally, they break down the surge in new business applications and explain what they think is behind the apparent small-business boom. Subscribe to the Prof G Markets Youtube Channel Subscribe to the Prof G Markets newsletter Order "Notes on Being a Man," out now Note: We may earn revenue from some of the links we provide. Follow the podcast across socials @profgmarkets Follow Scott on Instagram Follow Ed on Instagram, X and Substack Send us your questions or comments by emailing Markets@profgmedia.com Learn more about your ad choices. Visit podcastchoices.com/adchoices
1:16:39America’s Economy Is Entering a New Era — ft. Noah Smith
Ed Elson and Scott Galloway are joined by Noah Smith for a livestream to discuss what AI issues he thinks deserve more attention and whether or not he is concerned about AI dumping. They also explore why he believes a sovereign wealth fund could help address wealth inequality and what America's fertility decline could mean for the economy in the decades ahead. For access to future livestreams, you can subscribe to our substack here. Subscribe to the Prof G Markets Youtube Channel Check out our latest Prof G Markets newsletter Follow Prof G Markets on Instagram Follow Ed on Instagram, X and Substack Follow Scott on Instagram Send us your questions or comments by emailing Markets@profgmedia.com Learn more about your ad choices. Visit podcastchoices.com/adchoices
1:01:28AI Has A Hidden Debt Problem
Ed Elson is joined by Ed Zitron to explore why AI companies have racked up so much debt and how they are able to keep it off their balance sheets. Then, Karim Bousta joins to give his takeaways from Tesla’s earnings and explain why the company is still struggling with its profits. Finally, Scott Devitt returns to break down Google’s earnings and whether or not he’s concerned about the company’s negative free cash flow. Ed Zitron is the author of the Where’s Your Ed At newsletter and Host of the Better Offline podcast. Scott Devitt is a Senior Research Analyst at Rosenblatt Securities. Karim Bousta is the Co-Founder and Managing Partner at DVx Ventures and former Vice President at both Tesla and Lyft. Subscribe to the Prof G Markets Youtube Channel Check out our latest Prof G Markets newsletter Follow Prof G Markets on Instagram Follow Ed on Instagram, X and Substack Follow Scott on Instagram Send us your questions or comments by emailing Markets@profgmedia.com Learn more about your ad choices. Visit podcastchoices.com/adchoices
42:18Trump’s Tariffs Are Back — And Crazier Than Ever
Ed Elson is joined by Peter Harrell to break down the new tariffs on Canada and whether or not there could be more trade chaos on the horizon. Then, Rohan Goswami returns to discuss the latest roadblock in the Paramount/Warner Bros. deal and give a prediction for when he thinks it will actually go through. Finally, Ed explains why he’s concerned about Oracle’s debt. Peter Harrell is a Visiting Scholar at the Institute of International Economic Law at Georgetown Law School. Rohan Goswami is a Business Reporter at Semafor. Subscribe to the Prof G Markets Youtube Channel Check out our latest Prof G Markets newsletter Follow Prof G Markets on Instagram Follow Ed on Instagram, X and Substack Follow Scott on Instagram Send us your questions or comments by emailing Markets@profgmedia.com Learn more about your ad choices. Visit podcastchoices.com/adchoices
32:07Gas Is Back Above $4 — And Could Keep Rising
Ed Elson is joined by Matt Smith to break down how the latest developments in the war with Iran are affecting oil prices and where he thinks gas prices could be headed next. Then, Charlie O'Neill joins the show to discuss China's new AI model, Kimi K3, why open-source models are gaining momentum, and what that shift could mean for the broader AI race. Matt Smith is the Director of Commodity Research at Kpler. Charlie O’Neill is the Co-Head of Model Training at Baseten. Subscribe to the Prof G Markets Youtube Channel Check out our latest Prof G Markets newsletter Follow Prof G Markets on Instagram Follow Ed on Instagram, X and Substack Follow Scott on Instagram Send us your questions or comments by emailing Markets@profgmedia.com Learn more about your ad choices. Visit podcastchoices.com/adchoices
32:39OpenAI Is Spinning Out Of Sam Altman's Control
Scott Galloway and Ed Elson unpack OpenAI's turbulent week and assess the biggest threats facing the company. They discuss why China's latest AI models could pose a serious challenge and why Scott thinks there might be a leadership shake-up at OpenAI. Then, they examine the growing narrative that the market is becoming more diversified, arguing that AI's influence extends far beyond Big Tech, and identify the sectors they believe are least exposed to the AI trade. Subscribe to the Prof G Markets Youtube Channel Subscribe to the Prof G Markets newsletter Order "Notes on Being a Man," out now Note: We may earn revenue from some of the links we provide. Follow the podcast across socials @profgmarkets Follow Scott on Instagram Follow Ed on Instagram, X and Substack Send us your questions or comments by emailing Markets@profgmedia.com Learn more about your ad choices. Visit podcastchoices.com/adchoices
1:05:35Mike Novogratz: Crypto's Investors Have Moved On
Ed Elson and Scott Galloway are joined by Mike Novogratz to discuss why crypto has struggled this year and where he thinks the industry goes from here. They also explore how he got into the AI infrastructure business, why he now considers himself an AI landlord, and whether the AI boom is headed toward a demand crisis. Mike Novogratz is the founder and CEO of Galaxy Digital. Subscribe to the Prof G Markets Youtube Channel Check out our latest Prof G Markets newsletter Follow Prof G Markets on Instagram Follow Ed on Instagram, X and Substack Follow Scott on Instagram Send us your questions or comments by emailing Markets@profgmedia.com Learn more about your ad choices. Visit podcastchoices.com/adchoices
1:01:27SpaceX Is Down 40% — How Low Can It Go?
Ed Elson is joined by Nicolas Owens to break down how SpaceX shares fell below their IPO price and where the stock might go from here. Then, Bradley Tusk returns to discuss New York’s statewide data center moratorium and whether other states might follow suit. Finally, Ed gives his take on the Treasury Department's new gold coins. Nicolas Owens is an Equity Analyst at Morningstar. Bradley Tusk is a venture capitalist, political strategist, and writer. Subscribe to the Prof G Markets Youtube Channel Check out our latest Prof G Markets newsletter Follow Prof G Markets on Instagram Follow Ed on Instagram, X and Substack Follow Scott on Instagram Send us your questions or comments by emailing Markets@profgmedia.com Learn more about your ad choices. Visit podcastchoices.com/adchoices
27:51Why America’s Inflation Problem Isn’t Going Away
Ed Elson is joined by Mark Zandi to break down what the latest inflation report reveals about the state of the economy and what it could mean for the path of interest rates. Then, Saul Martinez returns to explain why the nation's biggest banks delivered such strong earnings. Finally, Ed gives his take on the inflation report. Mark Zandi is the Chief Economist at Moody’s Analytics. Saul Martinez is the Head of US Financials Research at HSBC. Subscribe to the Prof G Markets Youtube Channel Check out our latest Prof G Markets newsletter Follow Prof G Markets on Instagram Follow Ed on Instagram, X and Substack Follow Scott on Instagram Send us your questions or comments by emailing Markets@profgmedia.com Learn more about your ad choices. Visit podcastchoices.com/adchoices
32:58Apple Just Declared War On OpenAI
Ed Elson speaks with Alex Kantrowitz about what Apple’s lawsuit against OpenAI could mean for the startup’s hardware and IPO ambitions. Then, Luke Kawa returns to the show to break down South Korea’s leveraged ETF problem. Finally, Ed gives an update on Trump’s latest Strait of Hormuz strategy. Alex Kantrowitz is the author of the Big Technology newsletter and podcast. Luke Kawa is the Head of Markets at Sherwood News. Subscribe to the Prof G Markets Youtube Channel Check out our latest Prof G Markets newsletter Follow Prof G Markets on Instagram Follow Ed on Instagram, X and Substack Follow Scott on Instagram Learn more about your ad choices. Visit podcastchoices.com/adchoices
29:43Wall Street Is Pumping SpaceX — So Why Is It Falling?
Patrick Boyle, professor at King’s College London and portfolio manager, fills in for Scott. He and Ed discuss how SpaceX’s stock has traded over the past couple weeks. They break down the price targets that analysts have issued and explain why they’re concerned about potential conflicts of interest in equity research. Then, they discuss why crypto bros don’t find crypto exciting anymore and have moved onto AI. Finally, they explore why the housing market is showing new signs of strain and what it would take to get home prices back to a reasonable place. Patrick Boyle is a professor at King’s College London and a portfolio manager with more than 20 years of experience at hedge funds, investment banks and private wealth management firms. He’s also the author of several books on finance and hosts the podcast, Patrick Boyle On Finance. Subscribe to the Prof G Markets Youtube Channel Subscribe to the Prof G Markets newsletter Order "Notes on Being a Man," out now Note: We may earn revenue from some of the links we provide. Follow the podcast across socials @profgmarkets Follow Scott on Instagram Follow Ed on Instagram, X and Substack Send us your questions or comments by emailing Markets@profgmedia.com Learn more about your ad choices. Visit podcastchoices.com/adchoices
1:10:24This Is How OpenAI Goes Broke — ft. Sebastian Mallaby
Ed Elson sits down with Sebastian Mallaby to discuss why he believes there's a real chance OpenAI runs out of money within the next 18 months, and what that would mean for the broader AI industry. He also explains why he doesn't necessarily see Meta's decision to sell excess compute capacity as a bear signal, why he was encouraged by the Trump administration's new AI policy, and how he expects the AI race to unfold over the coming years. Sebastian Mallaby is a prominent journalist, author, Pulitzer Prize finalist, and senior fellow at the Council on Foreign Relations. His latest book is The Infinity Machine: Demis Hassabis, DeepMind, and the Quest for Superintelligence. Subscribe to the Prof G Markets Youtube Channel Check out our latest Prof G Markets newsletter Follow Prof G Markets on Instagram Follow Ed on Instagram, X and Substack Follow Scott on Instagram Send us your questions or comments by emailing Markets@profgmedia.com Learn more about your ad choices. Visit podcastchoices.com/adchoices
1:05:05What Wall Street Got Wrong About Iran
Ed Elson is joined by Brian Katulis to break down the latest attacks in the Iran War and how he thinks diplomacy will play out over the next several months. Then, Casey Mock joins the show to discuss what the Meta lawsuits mean for investors. Finally, Ed gives his take on Trump’s Iran strategy. Brian Katulis is a Senior Fellow at the Middle East Institute. Casey Mock is the Senior Policy Director for the Anxious Generation Movement. Subscribe to the Prof G Markets Youtube Channel Check out our latest Prof G Markets newsletter Read the Ramp paper Follow Prof G Markets on Instagram Follow Ed on Instagram, X and Substack Follow Scott on Instagram Send us your questions or comments by emailing Markets@profgmedia.com Learn more about your ad choices. Visit podcastchoices.com/adchoices
30:32Why The World Is Spending More On War
Ed Elson is joined by Steve Feldstein to break down why countries are pouring so much money into defense and what that says about the future stability of the world. Then, Zed Francis joins the show to break down why chip stocks are selling off despite strong earnings from Samsung. Finally, Ed is joined by Ara Kharazian to dig into his paper which showed that the biggest AI spenders are actually hiring more than non-adopters. Steve Feldstein is a senior fellow at the Carnegie Endowment for International Peace. Zed Francis is the CIO & Co-Founder at Convexitas. Ara Kharazian is the Lead Economist at Ramp. Subscribe to the Prof G Markets Youtube Channel Check out our latest Prof G Markets newsletter Read the Ramp paper Follow Prof G Markets on Instagram Follow Ed on Instagram, X and Substack Follow Scott on Instagram Send us your questions or comments by emailing Markets@profgmedia.com Learn more about your ad choices. Visit podcastchoices.com/adchoices
33:49SpaceX Just Got Fast-Tracked Into Your Portfolio
Ed Elson is joined by Michael Green to break down the impact of SpaceX’s early entry into the Nasdaq 100 and what it means for the future of passive investing. Then, Kathryn Anne Edwards joins the show to break down the June jobs report and why she thinks wage growth is the most important thing to focus on. Finally, Ed gives his take on the latest evidence of Trump’s kingmaker economy. Michael Green is the Chief Strategist and Portfolio Manager for Simplify Asset Management. Kathryn Anne Edwards is a PhD economist, economic policy consultant, and columnist for Bloomberg News. Subscribe to the Prof G Markets Youtube Channel Check out our latest Prof G Markets newsletter Follow Prof G Markets on Instagram Follow Ed on Instagram, X and Substack Follow Scott on Instagram Send us your questions or comments by emailing Markets@profgmedia.com Learn more about your ad choices. Visit podcastchoices.com/adchoices
34:31OpenAI Wants A Government Bailout
Scott Galloway and Ed Elson unpack reports that Meta is launching a cloud business and explain why they see it as a bearish signal. They also discuss why they don’t think there’s any justification for a government bailout of OpenAI. Then, they break down why the new Trump accounts are a step in the right direction, but argue that reducing inequality shouldn't depend on the generosity of billionaires. Finally, Scott explains the investment thesis behind his bullish call on the Bending Spoons IPO and why he decided to invest in the company. Subscribe to the Prof G Markets Youtube Channel Subscribe to the Prof G Markets newsletter Order "Notes on Being a Man," out now Note: We may earn revenue from some of the links we provide. Follow the podcast across socials @profgmarkets Follow Scott on Instagram Follow Ed on Instagram, X and Substack Send us your questions or comments by emailing Markets@profgmedia.com Learn more about your ad choices. Visit podcastchoices.com/adchoices
1:05:58Healthcare is Broken—This Company Wants to Fix It
Ed Elson sits down with Andrew Dudum, co-founder and CEO of Hims & Hers, to discuss why the company went public so early, how it made GLP-1s more affordable, and whether healthcare regulation has gone too far. They also explore why Hims & Hers chose to disrupt the system instead of working within it. Learn more about your ad choices. Visit podcastchoices.com/adchoices
1:00:31Tom Lee's Case for S&P 8,000 Has One Big Catch
Ed Elson and Scott Galloway are joined by Tom Lee to map out where he thinks markets are headed by year-end. He explains why he’s still bullish on crypto, what would force him to rethink his stance, and the red flags he watches for in earnings quality. He also breaks down his bullish case for the Magnificent 7 and software stocks, and how he stays confident through volatility. Tom Lee is the co-founder, managing partner, and head of research at Fundstrat Global Advisors. Subscribe to the Prof G Markets Youtube Channel Check out our latest Prof G Markets newsletter Follow Prof G Markets on Instagram Follow Ed on Instagram, X and Substack Follow Scott on Instagram Send us your questions or comments by emailing Markets@profgmedia.com Learn more about your ad choices. Visit podcastchoices.com/adchoices
1:01:25The AI Trade Just Got A Warning From Meta
Ed Elson is joined by Ed Zitron to break down Meta’s move to sell its excess AI capacity and why it’s a bad sign for the AI bubble. Then, Melissa Murray joins the show to discuss the Supreme Court’s latest decisions and what they mean for the future of the country. Finally, Ed gives his take on Trump’s personal financial disclosures. Ed Zitron is the author of the Where’s Your Ed At Newsletter, and the Better Offline Podcast. Melissa Murray is a professor at NYU Law and co-host of the Strict Scrutiny Podcast. Subscribe to the Prof G Markets Youtube Channel Check out our latest Prof G Markets newsletter Follow Prof G Markets on Instagram Follow Ed on Instagram, X and Substack Follow Scott on Instagram Send us your questions or comments by emailing Markets@profgmedia.com Learn more about your ad choices. Visit podcastchoices.com/adchoices
41:19Chip Stocks Are On Fire — Will It Last?
Ed Elson is joined by Stacy Rasgon to break down why chip stocks had their best quarter ever and how long he thinks the boom will last. Then, Rohan Goswami joins the show to discuss why Comcast is spinning off all its remaining media assets and what it means for the future of conglomerates. Finally, Ed gives his take on Trump’s strategy to lower gas prices. Stacy Rasgon is a Senior Analyst at Bernstein. Rohan Goswami is a Business Reporter at Semafor and the co-host of Compound Interest. Subscribe to the Prof G Markets Youtube Channel Check out our latest Prof G Markets newsletter Follow Prof G Markets on Instagram Follow Ed on Instagram, X and Substack Follow Scott on Instagram Send us your questions or comments by emailing Markets@profgmedia.com Learn more about your ad choices. Visit podcastchoices.com/adchoices
31:31OpenAI Hits Pause On Its IPO
Ed Elson is joined by Alex Heath to break down why OpenAI is reportedly delaying its IPO. Then, Jemima Kelly joins the show to discuss what the Bitcoin selloff means for the crypto market. Finally, Ed gives his take on new data about the AI boom that raises even more concerns about a bubble. Alex Heath is the author of the Sources Newsletter and co-host of the Access Podcast. Jemima Kelly is a columnist at the Financial Times. Subscribe to the Prof G Markets Youtube Channel Check out our latest Prof G Markets newsletter Follow Prof G Markets on Instagram Follow Ed on Instagram, X and Substack Follow Scott on Instagram Send us your questions or comments by emailing Markets@profgmedia.com Learn more about your ad choices. Visit podcastchoices.com/adchoices
27:10This Market Is Directionless (And That Should Scare You)
Robert Armstrong, U.S. financial commentator for the Financial Times, fills in for Scott to assess the state of the markets at the halfway point of the year. He and Ed look back at the biggest stories of the past six months and explain why they believe investors may be approaching a nervous top. They discuss why the Magnificent Seven have begun to lose their grip on the market and which sectors are emerging as the new leaders. Finally, they look ahead to the second half of the year, making predictions on inflation, interest rates, and whether or not the bubble will burst. Subscribe to the Prof G Markets Youtube Channel Subscribe to the Prof G Markets newsletter Order "Notes on Being a Man," out now Note: We may earn revenue from some of the links we provide. Follow the podcast across socials @profgmarkets Follow Scott on Instagram Follow Ed on Instagram, X and Substack Send us your questions or comments by emailing Markets@profgmedia.com Learn more about your ad choices. Visit podcastchoices.com/adchoices
1:12:55AI Is Dumber Than Investors Think — ft. Gary Marcus
Ed Elson is joined by Gary Marcus to discuss why he’s concerned about the fact that we’re all-in on AI. They explore why he argues generative AI is inherently unreliable, whether the concerns surrounding Anthropic's Mythos model are justified, how policymakers should approach AI regulation, and the biggest misconception about the technology that he believes needs to be corrected. Gary Marcus is a leading voice in artificial intelligence, author, and professor at NYU Stern. Subscribe to the Prof G Markets Youtube Channel Check out our latest Prof G Markets newsletter Follow Prof G Markets on Instagram Follow Ed on Instagram, X and Substack Follow Scott on Instagram Send us your questions or comments by emailing Markets@profgmedia.com Learn more about your ad choices. Visit podcastchoices.com/adchoices
59:17America Finally Has a Housing Plan. Trump Is Blocking It.
Ed Elson is joined by Daryl Fairweather to break down whether the housing bill that just passed in the Senate will bring down housing prices in a meaningful way — if Trump lets it through. Then, Mike Issac joins the show to discuss his reporting on Meta’s prediction markets play. Finally, Ed checks in with Scott Galloway for a dispatch from Cannes. Daryl Fairweather is the chief economist at Redfin. Mike Isaac is a technology correspondent at The New York Times. Subscribe to the Prof G Markets Youtube Channel Check out our latest Prof G Markets newsletter Follow Prof G Markets on Instagram Follow Ed on Instagram, X and Substack Follow Scott on Instagram Send us your questions or comments by emailing Markets@profgmedia.com Learn more about your ad choices. Visit podcastchoices.com/adchoices
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