James Murdoch & Vox Media, SpaceX IPO Predictions, and Bezos Gets Defensive

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Just finish Burn Gluck and listen to all your podcasts. Keep up the good work, Jenny, from Texas. Oh, that's a very good question, Jenny, from Texas. So in case people don't know what she's talking about, James Murdoch's company, Lupa Systems, is acquiring Vox Media Podcast Network, New York Magazine, and the Vox site. The other parts of Vox Media, including Eder, the Verge, SB Nation, are becoming a different company, a new independent company. The deal is expected close in the coming weeks. There's a few legalities in this and that. I want to understand. Lupa Systems is not disclosed the purchase price, but it's reportedly around 300 million. The podcast network is the more attractive asset that we love New York Magazine. And it does rather well and love Vox. And so Scott, people want to know what we think about this. Because a lot of people have bad information. One, first of all, Jim Bank off the staying is CEO of this unit. It's a spin off, essentially, of these assets, and which have been fast growing. So explain Mr. Business, explain the situation. Well, about a decade ago, people thought, wouldn't it be great to aggregate kind of this alternative media or build alternative media companies for a new world? And so Buzzfeed, Food 52, CNET, Vice. It was called Mike Mashable and Vox. And back when they thought probably six, seven years ago that if we bring together sort of these good little media assets, some digital, some not, and grouped them together, we can spack it and it'll go public at one, two, three billion dollars. And so Jim, logically, the CEO of Vox thought this is a good idea about New York Magazine. Had a bunch of very, you know, fast growing websites, eater, verge, you know, vulture. And then started some nascent podcast, right? And then essentially what happened was the market never said, okay, there was never, the bloom came off the rose. And basically, they're competing against monopolies who extract rents. And then their margin was, you know, the margin of all these companies is Google and Meta and Amazon's opportunity. And they've slowly but surely sucked the oxygen out of the room. And Buzzfeed from peak valuation to sales prices off 86% food 52 lost 96% of its values seen at lost 94% of its value. Vice was, I think, basically when bankrupt puts sold some assets is down at least 93%. Mashable off 80%. I mean, just on and on and on and on. Tumblr, my favorite, 1.1 billion to 3 million. If you're an investor in your new square ventures, thank God that the guy with the Caesars haircut, I forgot his name. Was able to convince probably one of the weaker CEOs in digital history to buy his bag of shit for 1.1 billion Tumblr. That was Marissa Mayor at Yahoo. Marissa Mayor, right. So effectively, this is not worked out. Now Jim, our guy who we like is always said, Scott, be honest and was told us to be honest. So let me be honest. They spent a lot of money to create a company with negative synergy. There's some real assets there. New York Magazine is a trophy iconic asset. The sites themselves, the digital assets are actually do pretty well. But again, see above, they're in, they're swimming upstream against giants. And then the smaller division that started out as an afterthought has become the growth engine in the crown jewel. And Jim is a smart guy and realize that the whole was less than the sum of its parts and basically decided to break them up into what was going to be three buckets. But my understanding is and I do not have inside information here and I don't want it. Is that Jim Murdoch or James Murdoch who wants to be in the media business said, I'll take New York Magazine because I think he likes it and it's an iconic asset. And what I really want is the podcast network, which is growing. I'll stop there. Where did I get that right? No, you got that all right. And I think Jim of all of them has cannelly moved that into a space, obviously BuzzFeed just bought by Byron Allen. You know, they've all devices had a much less happy situation. You know, Mike, I don't know where that went. Like there were a lot of them and it was very exciting. And the one of the reasons I sold my tiny little site to Vox many years ago recode was because they were ridiculously priced and were sort of pricing me at. I was even a smaller minnow. And so when I got to Vox, I understood the ad market was really a problem here. But although we did great, let me just, the only thing you're leaving me out is so much great journalism by so many of these sites and so much really interesting independent media. Absolutely. All the verge eater, you know, all of them in New York magazine just wanted the national, the general excellence award in the national magazine awards wonderful under David. It was punches above its way class. Yes. It's like the HBO of magazines is the way I would describe it. Right. Exactly. It's amazing. So anyway, so it's really nice parts. They're really nice parts. But what happened was exactly what Scott said and what I thought, which is one of the reasons I went to Jim 12 years ago and said I'm going to start this little podcast. It was recode decode at the time. I might have been something else. I don't remember what it was. And because I really did have an interest in this area and felt it was shifting and then they added on the Ezra was on there. There's a whole bunch to explain a bunch of things. And would essentially happened after that, after that I met Scott Galloway in the rest of history, like we've done really well. The bald man or the wrecked out of this function in games Murdoch. It just all makes sense. In the Murdochs. In Murdochs. And I worked for so many. Life is so rich, isn't it? How did this happen? I know. I know. I know that people are thinking it's very funny for me, especially because I knew James from a million years ago when he was actually around for digital stuff. Very early when I was covering the early digital industry and he tried very hard to move his family's company digitally. But Rupert always did something idiotic, like whether it was the way they handled my space or there was so many I can't even tell you. Like Disney, they had 19 of these things and especially the iPad news thing that I thought was ridiculous. And so we left the Murdoch Empire largely over Rupert over problems. He was doing all sorts of nefarious things and we wanted to come out on our own and then ended up selling a box. And so everything comes around essentially met Scott. We built Pivot and we built each of our other stuff on and all the prof g stuff, which is wonderful. And over time in our recent renegotiation, we became partners with Vox and they sell our advertising. They help us mount the events, which they're excellent at. And Scott has his own way of doing these. He just started a great sub stack. And so it's a really actually fertile time and but there's all these different configurations and I would say for people to understand they aren't we I have met with James Murdoch and his wife Catherine who is also very involved in this. I have nothing but good feelings for them. I don't have good feelings for his father and either to see, which has been well documented. And so we have complete freedom to do what we want. We own these podcasts that we have. Scott on says I own mine and we own pivot together in a in a in a death grip to the end for whoever which one of us survives. And so we'll be keep doing what we want and we really like working with Jim and now this other Jim and and the rest of it and we hope there'll be more, you know, synergies between them. And we're not like a total believer in all synergy, but they've got some cool things like art, basil and. a number of-- - A number of film festivals. - Tribeca Film Festival, which I'll be at interviewing Mark Marin on stage. And so there's lots of opportunities here, but mostly it's not gonna change. From not gonna change our deal, we like the deal we got. We again own our things. And so we're happy to take suggestions from, you know, the same thing like Jim will suggest something when we'll either ignore him or will not. Like he might have a good, he just had a great idea to this morning for me and I'll take it. So, and I really do think of James Murdock has always been very smart digitally. I think, I like him, he's not, you can't just put Murdock on it and say they suck. I would agree about Rupert Murdock, I would not be owned by Murdock and we're not owned by anyone. So I think that's it, would anything else? - Well, when Reuters called me, I said, look, we like the gyms and we have a lot of power here and we didn't ask for anything. We just asked for everything to stay the same. I sell Pivot as a joint venture between Swisher, Galloway and Vox. You own on, I own ProvG, but both on and ProvG uses Vox for we do a revenue split where they sell our ads. And if we could, I mean, it's gonna sound self-absorbed, it's true. We could have killed the steal and we didn't. And we just, we didn't ask for anything extra. We just said, yeah, we just want things to stay the way they are. And Jim Bancoff has never once asked me to tone it down, to stop the dick jokes, to reconsider. - I have, but doesn't. - No, you have, but you're trying to save me for myself and you're also opposing for your woke grounds. - Oh, stop it, you're so much woker than I know. - Anyways, I'm so much woker than you. I'm the woker. - I'm the woker. - Get a dare. - But let me go to just some of the learnings here. It's basically the business model for tech has been, find, have great technology, find a very compelling leadership team that's able to craft a narrative to raise more capital than anyone else, deliver an unbelievable product at below price, and then consolidate the market and then start sucking the oxygen out of the entire ecosystem. So let me give you an example. And then everybody else gets crushed. Google and Meta have been increasingly pushing users away from external sites in favor of their AI overviews, which they can monetize. So HuffPo, between 2022 and 2025. So basically the last three years that we have data on this, HuffPo's organic search traffic has been cut in half. The Washington Post, down by nearly half, business insider has seen their organic traffic cut in half. NYT Organic Search is a share of their total traffic fell from roughly 44% to 36.5%. And the Wall Street Journal's organic search is a share of their total traffic fell from 29% to 24%. And let me just go back in history and pat myself on the back. In 2006 when I joined it in board of the New York Times, and literally my first meeting I said, they said, OK, you're the digital guy, which we do. I'm like, shut off Google. Don't let them crawl your content. Because eventually they're going to commoditize your content, stop driving traffic to us, and all you're doing is building them into the ultimate toll booth. And Nisenholtz is a very smart guy, said, well, if we can't figure out a way to compete against Google, and we're making money from the traffic, they send us and shame on us. I'm like, yeah, go to Murdoch, go to the new houses, go to the financial times, and consolidate, and turn off Google, and then license your content to the highest bidder. And at that point, Microsoft had been, and we would have been able to get a lot of money and say, look, if you want to crawl this gorgeous content from Thomas Friedman and from Vogue and from the FT, you got to pay us. But instead, they said, no, we like the traffic. They were pursuing this eyeball sinning. And now it's way too late. And these companies are the internet. And very few people go directly to NYDNew York Times.com. They get served stuff on meta. That's how they decide where they're going. Or the Google is now entirely-- they don't take you to the best place, they take you to a place they can further monetize. And Jim is managed to get on the last helicopter out of Saigon. Oh, wait, do you want to hear some of the threads I thought of? I'll test the limits of our new ownership. I was walking around Lisbon yesterday. It was beautiful and I was bored. So as soon as I saw the announcement of that, I'm going to test the limits of my freedom. My first thread was alternative media is like a vegan restaurant. Virtue signalling loses money in a billionaire bells you out. That was my first one. My second one was that picture of Jim Bangkok and James Murdoch where it looks like the 30-year reunion of Abercrombie and Fitch. They're both very handsome. They're very handsome. And I wrote Romeo and Michelle's high school reunion, too. Post-transition. That one I'm especially proud of. And-- OK, last one. What was my third one? Oh god, I wrote something about-- I don't know, but it just made late, late stage capitalism. But anyways, and then I started doing it, and I'm sitting around the park, and I'm like, do I really need to be an asshole? Not today. Do I really-- I'm like, give them their moments. Give them their moments. Give them their moment before we-- Will we an asshole later? Before we start making their lives difficult. No, you know what? Let me just end this, we get in this. So two things. Jim, as he said, we don't-- we can say whatever we want. I don't see that problem from James Murdoch at all. They might be irritated by us, but there's no going to be no change in that. And let me be-- I hate to say this, but Rupert Murdoch never asked me to change a thing. That is one thing. I never experienced what I worked at the walls. I just don't-- I think he's a heinous piece. I think he's heinous the way he's done Fox News and the other stuff. But and has degraded democracy quite a bit. But he's not-- James is not him. And so that's said, and Murdoch never meddled in my stuff, and he certainly could have-- for my entire time there, I just didn't like it. But one of the things we have to say, we get to do what we want. We will do what we want. And also, just-- I know Scott was sort of putting a sort of ugly picture on it. But actually, New York Magazine is profitable. So the podcast networks are doing great and very profitable. A lot of these websites are. So it's not like-- it's just not like a-- it's not a crazy business, but it's not. These are not suffering properties. And last of all, many of the most of them provide amazing journalism. And I think David Haskell deserves all due credit for New York Magazine winning that award. And awards are one thing. But they certainly-- they were up against some amazing journalism this year from the Atlantic and from pro-public and wired. So they're very good properties. He's bought some good properties here in that regard. It's not-- they're not falling knife properties. They make money, but the crown jewel-- shockingly of all this-- is the podcast. New York Magazine is a vanity asset. It is, but it does. OK, it doesn't-- it's not. It does fall. You become one of the sexiest men in Soho when your rap is aisle New York Magazine. Yeah, you're going to step. It's a great journalism, too. OK, that's great. So as NPR, it doesn't make any money. So yeah, but this one does. So anyway, let's speaking of not make any money, let's talk about some IPO news, some really not any money, SpaceX has filed an IPO prospectus. But it is revealing. Well, the company brought in $791 million in profit in 2024. It swung back to $4.9 billion in losses in 2025. For context, 200 companies in the SAP 500 and more revenue than SpaceX last year, including Tesla, also revealed in the-- by the way, they buy a lot of stuff from Teslas. There's a lot of round-trip and happen at these companies, all controlled by Elon Musk. But they also revealed in the filing anthropics paying SpaceX and thank God for it. $1.25 billion per month through May, 2029 is part of the compute deal, the two sign meaning Grock will not be using that space in Colossus 1 and 2. SpaceX is reportedly targeting $1.7 trillion valuation. I mean, it goes on and on and on a lot of these. A lot of words like human, I don't know, like connection. There's an AI mentioned a lot, just this business is not economically and mass speaking. It's not worth $1.7. I mean, it's just the Elon. That guy gets a lot of credit for using this number because even the stuff they're promising seems problematic. But he hasn't done it before. He just moves from one Lille Pet to the other in terms of from Tesla to this. But the big winner in this in that I read is a Starlink does great. The other's Grock and the rocket company is not so much. Go for it. I got a lot. OK, good. I can't wait. I'm excited. Yeah, what was stated out? That's 3 AM. I was reading the asset. I know you were. That's what we're doing. So first off, I have some notes here. The first 14 pages of the S1 are pictures of rockets. AI is mentioned 1,200 times in the S1. There are 277 pages of the prospectus for context. It's longer than the great Gatsby and the Catcher and the Rye. And some direct quotes from the filing. These are direct quotes. We do not want humans to have the same fate as dinosaurs. Well, thank God you're here, Elon. For decades, a reality or humanity travels between the planets and the stars has felt tentalizingly close, but still-- Would you mind if I ate my protein by where you do this because I'm hungry, and I also fascinated. Keep going. For decades, a reality where humanity travels between the planets and the stars has felt tentalizingly close, but still locked in the pages and screens of science fiction. The sun contains approximately 99.8% of the solar systems energy and, as a result, we believe it is the only truly scalable solution [BLANK_AUDIO] for Israel energy constraints in the age of AI. Oh, Jesus, fucking Christ. All right, hold on. - Talk about woke. - We believe the next paradigm shift for humanity is the creation of a resilient, perpetually expanding space-faring civilization, ultimately propelling-- - You said a sexy voice, please. I mean, I need more space. - Ultimately preparing us to Kardashev type two status, defined in the filing itself as a civilization that harnesses the full energy output of the Sun. Remember, we work, its mission was to elevate the world's consciousness. - Yes, no, this seems like he sounds like a Mayan. He sounds like a Mayan, but go ahead. - So let's talk about the numbers here. Headline valuation, 1.8 trillion, they're whispering they can go at it too. That's roughly the GDP of Canada. So let that marinate. The core business is generally an excellent business. Starlink generated 3.26 billion in revenue in a single quarter with 1.2 billion in operating income. That's 36% operating margin on a monopoly, satellite, internet business with no serious competitors in sight. It's a great business. If this were the whole company, it would be one of the great businesses of our era. And then, but the problem is, it's not. Stapled to this rocket ship is XAI, a business that is clinically speaking, a money furnace. In 2024, XAI lost 1.6 billion on 2.6 billion in revenues by 2025, losses ballooned to 6.5 billion on 3.2 billion in revenue. So revenue, revenue went up 20%, but losses went up 310%. - Could I ask you quickly, these revenues don't seem like killer, it's 30%. It's not like, wow, they're not wow growth, right? Is it sort of good, solid? Am I wrong there? - No, it's, well, let's just talk about SpaceX, the best business, it's growing 20% a year, and it's trying to go out at 100 times revenue. When Google went public, it was growing 240% a year and went out at 10 times revenues. So just back to XAI, XAI is losing money on the way to losing more money. And in Q12, 2026 alone, the net loss of 4.3 billion on 4.7 billion in revenue, total catbacks, 10.1 billion in 90 days, 7.8 billion of that for AI, cash on the balance sheet, cratered from 25 billion to 16 billion in just three months, they burned 9 billion in cash in a single quarter. That's $100 million a day. That's not investing in the future, it's the future building you in advance. - Right, this anthropic thing is critical. Do you think he's moving into being the infrastructure player rather than the AI player here? - No, it's him having spent too much catbacks, thinking that XAI, his AI would need it, and he woke up and realized he didn't. It's like, this has happened to me a million. Every time I start a company, I raise too much fucking money. I go get a giant office space and so home. Before I know it, I'm renting it out to a bunch of shitty startups to try and recoup some of the capital. That's what happened here. Total debt on the bank. - But there goodness for that, right? Presumably from the anthropic one. - Total debt on the balance sheet is 29 billion. So just for context, that's more debt than it's on the Delta Airlines, United Airlines and American Airlines combined with all their planes. And those, they carry passengers. SpaceX has Starship, which has cost over 15 billion in development and is still on its 12th test mission. So look, the bottom line, you're being asked to pay 1.75 trillion for a great satellite internet company. A rocket business that loses money, an AI product losing six billion a year and falling further behind its competitors that has 29 billion in debt and a CEO, who in this is my favorite part of the filing, purchased 131 million dollars of his own recalled cyber trucks with company cash. - He's propping up Tesla, propping up Tesla. - That's right. So in sum, Starlink is the golden goose, an amazing company. Everything else is Elon's hobbies. And at this valuation, you're paying full price for all of them. So, you know, snow white is fucking hot, but you gotta, if you marry her, you're taking on these little non-value ad weirdos. This is, so this company, you have an amazing company, buried in all of these other money furnaces. - Right. - And he's asking you to pay essentially 100 times revenue. - And people will. So talk about that because, look, it is not, I read it, I'm like, wow, this is not, there's one good business in there, right? Really good business. And by the way, easy to disrupt that business. By the way, people will come into this business and they'll be more competitors. And so that's my worry about Starlink. It's like, with sure he has the win for today, it doesn't mean he will have the win forever. And just like Tesla. The second thing is, it doesn't matter because people will just buy into this and run it up because it's him. And these promises that you would you left out a little bit here is, there's gonna be all these robots in your home. There's gonna be, he made a lot of promises in this, in this prospectus too, about the future. Like you have to assume he's gonna kill it in robots. And by the way, I have heard from many people his robot technology is really advanced, but it has to get to people, right? It's gotta, it's gotta get to people. It's gotta become a product. And so just, it feels very hand-waby. This entire thing, but I don't think it's gonna matter. I mean, be a Wall Street person and say, you know, what would you do as an investor here? - You might wanna play it for the pop, but I actually think that there's gonna be a ton of people and analysts that will look at this thing. The more scrutiny on this thing, the worse it's gonna be for the IPO. And does it go out at 1.8 trillion? I wouldn't be surprised if the banker is trying manufacturer's scarcity and it gets a small pop. But I think by the end of the year, it's well below a trillion dollars. There's just no way to justify, this thing is a cash incinerator. And also, certain components of the business feel very we work in the fact that as they grow, they burn more cash. There's no operating leverage. - Even with this inthropic deal. 'Cause that's all he can sell. It's like he's selling the chairs or something, right? - Yeah. He built out infrastructure for that he doesn't need because his AI is not growing the way he thought. - Right, exactly. And he's got this colossus. And of course, he's facing lawsuits all over the place 'cause he's gonna buy more of these methane engines that's gonna trust me that they're gonna put a stop to that eventually. So, how would you do it here? People are listening. What would you do here? - I wouldn't say what to do because I have been wrong about Tesla. I thought Tesla was a sell in 2017. And it's gone up eight accents. - No, you were right, but you were wrong about what people would do. - I think we have to squarely say I was wrong. So, what I'm gonna do is if someone called me and no one's going to call me, but if Elon Musk called me and said, "Do you want allocation in the IPO?" I would probably say, "Sure." And I'd sell it on the first trade. They will manufacture scarcity. Goldman and everybody will tell him, "Okay, this is what it looks like." Put out press releases saying, "You're 30 times over subscribed." It'll get a pop and then get out. Because again, an amazing business can be a shitty investment even at some valuation. And a shitty business can be an amazing investment at a certain valuation. This is an amazing business surrounded by businesses that are not scaling where he's trying to play catch up. And at a valuation that makes just absolutely no sense. - Glaming XAI in here was a way to save his ass, his own ass, correct? - It's the cheapest form of capital he could find by attaching it to an amazing business so it's that he could try and catch up. And even the amazing business on its own, which is doing 16 billion in top line revenue and 8 billion in EBITDA. - This is Starlink. - Yeah, give it 25, you know, give it 100 times EBITDA. It's worth 800 billion. 100 times EBITDA is, you know, no one trades at that. But you not only are trying to get it out at 1.7 to 2 trillion, you've attached onto it all of these businesses that look to have negative leverage. - And he's using the business to help Tesla out by buying shitty cyber trucks. - Well, that was the most eye popping thing in the whole thing. - I know, I agree. - It reminded me of, and this is the argument against when corporate or when governments decide to start cause playing business, the Irish government or the UK government said DeLorean is the future and they gave them a bunch of loans. And then these pictures came out of a ton of DeLorean sitting in a warehouse in Ireland, unsold. So the worst product, arguably the worst tech product other maybe than the Oculus or Siri, the worst tech product of the last decade is hands down the cyber truck. So he went out, a bunch of him recalled and he used money from this organization to buy back cyber trucks. You're not supposed to do that. You're supposed to say, okay, Tesla, Tesla has a turn of a product and we're gonna take a write down and you just take your, you know, you take your pain. This is Elon brings a level of awareness, magic. People have done investing with him. He is an unbelievable visionary. But, you know, this goes to something broader and that is this is all part of an entity that will cement where I believe we are now and that is I finally believe We are squarely in 1999. - Yeah, I would agree with you. That's what I felt after looking at. I didn't look at it over his carefreeze, but I thought, oh no, no, no, this is not good. This is, you know, I don't really care about the luminous humanity, bullshit, and flying to the stars and the sun is going to power our world. Like, that's all he's, I've had to listen that nonsense from him for many years. And, great, I'm glad you think that. I mean, I don't really care if everyone, if that's what turns him on, that's great. But it was, the Tesla thing, there was several things in here that were very, speaking of late stage capitalists, and I felt it was late stage Elon, right? That's what it felt like to me. - Look, his job is to get capital as cheaply as possible. He's going to do that. I think it's smart for him to do this, but I think investors, in some, if you look at what happened, so there was a really interesting analysis done in the FT, and that is, at the peak of the dot-com boom, about 60% of GDP growth was coming from CapEx related to telco infrastructure and the internet. It's now 93% is coming from AI, including, I'm loosely, and also these companies will be grouped into that. In addition, the total CapEx inflation adjusted was about 850 billion in 99, up until that point. Now we're at about 1.5 trillion. And every time you have over 2% or 3% of GDP going into the build out of CapEx of something, whether it's railroads or highways or the telco infrastructure of the late 90s, two years later, there's a crash, two to three years later, there's a crash, railroads, all of it, we are there. And in one of these companies, or more of them, is going to experience what every big tech company has experienced when they're get out over their skis, and that is you're going to see a 70% to 95% decline in the value of one or more of these companies. In video, I mean, all these companies are there's the expectation of they're increasing their CapEx 20% a year, while increasing their revenues optimistically 15% a year. That's negative operating leverage. And eventually the music's going to stop here. - Yeah, I felt drunk in sailors had a feel of this. I don't know, I just like that. - Well, the way I were described is, I think in video is the casino, and we're all drunk people, the blackjack table asking for. - Right, it will affect very good businesses, then along with the tariffs and all the other corruption around Trump, it just gets to be a real problem here. - In video is an amazing business. SpaceX is an amazing business. They should, oh my God, they should be worth, they should be worth a trillion dollars and 300 billion respectively. So down about 50 to 80%. And the technology, I think the technology will live up to expectations. More on the optimistic side than the pessimistic side, but the valuations won't. - All right, well speaking of which, OpenA is preparing to confidentially file a draft of its IPO perspective. As soon as Friday, I expect you to read it over the weekend and tell me about it next week. As you're listening to this, the company has valued it over $850 billion by private investors. The things I'm looking at there is all the cross investments with Altman involved. I'm probably interested in that, where the trends are in terms of their subscriptions and where they're spend is. I think those are the things I'm looking at. What are you looking at there? Very briefly. - Well, just to distill it, to justify the $1 trillion valuation that OpenA is pursuing at its IPO, it needs to grow from 13 billion revenue to the size of today's Microsoft in four years. So they're saying they're gonna be the size of Microsoft in four years. And I just don't think revenue did triple to 13 billion, but the company burned 9 billion. And right now it has negative momentum relative to anthropic. And what they have said is get out right away. We need the perception that we're the leader and also Sam Altman loads said SpaceX and says there's not room for, there's only so much retail money that's gonna come into the ecosystem. Get out because it's gonna dry up because of SpaceX goes out of pop and comes down. Retail investors are gonna start to get queasy. And then when you have these enormous IPOs, in other words, at some point, retail investors are gonna run out of money to invest in these things. So he's like get out in the CFO, Sarah Fire, who I'm shocked to last a job because she's not towing the company line. She worked at Goldman and McKinsey has reported previously to colleagues open AI saying we're not ready for an IPO because the risk from its spending commitments and the company is committed to spending 600 billion. - Yeah, no, her, she's a very, she's like that. - She's like a Ruth Parach, she's an adult. - Yeah. - The company is committed to spending 600 billion over the five years across vendors and their Oracle Deal alone requires 60 billion a year starting in 2027, nearly five times open AI's entire 2025 revenue. Again, this is, we are squarely in 99. - 99, all right, well, we'll go with that. All right, Scott, let's take a quick break. When we come back, Jeff Bezos, so good God, speaking of billionaires, behaving badly, speaks out on all sorts of things. - Meet Clavio, your brand's new best friend. With all your data in one place, Clavio knows you and your customers. It's AI agents build campaigns from one prompt and answer questions 24/7. Always on brand, always with you're okay. Go to klavyo.com/bestfriends. - Support for the show comes from USA Facts, income inequality, entitlements, housing costs. Wanna really see what the government is up to? What it costs and who is benefiting? Check out a debate on the American dream between Scott Galloway and Ben Shapiro. It's not your typical soundbites from boring politicians reading talking points. The debate is framed by an informative set of government facts from USA Facts, and then Ben and Scott get into it. There are sharp differences. Some common ground and data in facts that leave you knowing more. Check out the full debate now on the USA Facts YouTube channel. Support for the show comes from Canva Enterprise. Design is the face of your brand. It's how you stand out in a noisy world. That's why Canva Enterprise is the all-in-one visual communication platform that lets your organization create, collaborate, and publish high impact on brand content at scale. Canva Enterprise was designed to clear up bottlenecks so your teams move faster. Stay on brand and create content that stands above the rest. Whether it's social, presentations, docs, or video, scale your content without scaling your team, give your team the power to create their best work today with Canva Enterprise. Learn more at canva.com/enterprise. (upbeat music) Scott, we're back. Just Bayzo sat down for an interview with Andrew Ross Sork on our favorite Canadian and Wednesday. Let's talk about some of the things he said. First up, Bayzo said that Trump was, "I'm mature and more disciplined in his second term." The Washington Post owner defended massive cuts he made to the newsroom earlier this year, saying he doesn't want to post to be a charity. I have some things to say about that because I think he's the one that drove it into a wall. Bayzo's also back the idea of eliminating income taxes for the bottom half of U.S. earners. Let's hear what he said to say about his own taxes. For example, sometimes say that, you know, I don't pay taxes so true. I pay billions of dollars in taxes. And it's a, again, if people want me to pay more billions, then let's have that debate. But don't pretend that that's gonna solve the problem. You could double the taxes I pay and it's not gonna help that teacher in Queens. I promise you. - Let's try. - Let's try. Let's see what happens. - Let's see what happens, Jeff. - If we take his effective tax rate from 16 or 17% to 32 or 34 like the rest of us, I don't know. Let's just give it a whirl. - Let's just give it a whirl. - Let's see what happens. - So disingenuous in this interview. - Let me start and then I'll let you go. First up, the more mature. Come on, Jeff. Like seriously. Like I get that there's a lot of face work going on and a lot of other enhancements, but it's gone to your fucking head. Like I get what he means. It's good for me. Instead of saying more mature and more discipline is he's more focused on giving me the shit I want. That's, I would just prefer that if he wouldn't mind. Like saying that. Whatever, he can say what he wants. He's never been particularly liberal person, but now he's just, he's just now being just disingenuous. The Washington Post saying drove me crazy because he's the one who kept the same management in place than hired an incompetent like Will Lewis did nothing that the New York Times took moves after Trump left office to do something. He created all manner of situations where people just left cut their subscriptions, which were slightly growing, but they were definitely stabilizing. And then after he put his dirty little fingers in the editorial process, he messed it up. A huge exodus of talent, blaming the talent, which led to successful properties like the Atlantic and many other than the Wall Street Journal and other places, which are doing okay. They're doing, they're making businesses in New York Times, Wall Street Journal, the Atlantic, everything else. So every time he says this, I'm like, why don't you look over at Lorraine Powell Jobs, who's managed to do a very nice job over there at the Atlantic by not meddling and supporting and not losing money. The income tax thing, I'll let you take, but it was so full of disingenuous stuff. And again, let's try Jeff. Even if you pay billions, you have billions. And you pay the fact that I pay more of a percentage of my taxes than you. And then the corporate, don't even get me started with corporations. So anyway, the whole thing was, and also, he didn't look well in my- opinion. And since he spends so much time on cosmetic stuff, I feel like I can comment upon this. Go ahead. Jeff Bezos pays himself $82,000 just enough such that he can claim a child tax credit, which by the way, he takes. And then he puts all of his additional money and such that the value of his shares go up. He bars against those shares, not triggering a taxable event. Like there's a lot of those shares in a trust. And then after leveraging the unbelievable infrastructure and culture of the great state of Washington, he then helps us. Everything takes his $120 billion in shares and moves to Florida to spend more time with his father and then starts selling shares. Now granted, just as every prisoner has an obligation to escape, I think every individual has an obligation to avoid taxes. I don't blame him for tax evasion. I blame our government for letting him engage in it. But quite frankly, Jeff, when you start trying to wallpaper over the tax avoidance of billionaires by claiming you care about nurses, sit the fuck down. Just sit down. This is a misdirect. And it's like when Jensen talks about, yes, tax me more. Okay. Thanks, guys, but I just don't think they're in a position. When a guy has, when a guy has so optimized the dynamics of supply and demand of labor such that his delivery drivers have to pee in bottles to make their quotas, you're just not the person to pretend to have empathy for that nurse in Queens. So I'm not even going to, I'll talk about his idea. But give me the mother of all eye roles when Jeff Bezos claims to be concerned about the tax rates of the nurse in Brooklyn. What, when I've advised, or when I was talking to Andrew Yang when he was running for president mayor, I said, you fucked up. It shouldn't be universal basic income. It should be basic income. And to get Republicans on board, you need different frame it. Don't call it universal basic income because it sounds like socialism, polluting negative income tax. Republicans love tax breaks. I do believe there's something to the notion of saying anyone who makes below $50,000 should not only not get taxed, but maybe get a tax credit in the form of services or maybe just cash quite frankly because most of the studies show that when you create a government infrastructure to deploy social programs, they're inefficient and never go away. Just give them the money. Just cut them a check. You're in a household, you have kids, whatever. They did a bunch of studies in Africa. And quite frankly, I'm going to be a sexist here when they give money to the men, the prostitutes and the bars do well when they give money to the women, the kids get taller and fatter. You couldn't do that in America and just give money to single mothers, which is what I would like to see happen. But if you gave, just gave money, nationalized health care, there's a lot of good taxation ideas. What he said was very accurate is that if you had a tax holiday for people under the age of 30, he didn't say this, but if you gave a tax holiday, which is what he's saying or cut the taxes of people making less than $75,000, you don't lose that much tax revenue. Because it is true that only one percent, the top 1% in New York pay 48% of the taxes in the bottom 25% really don't pay much. So he's right. They wouldn't be giving up much. But he is just not, we need an alternative minimum tax on people like Jeff Bezos, of I believe 60%. Because the earner that's making $2 million, working her ass off as a baller partner at scat and arps in Manhattan is paying 54. And fine, maybe she pays, maybe the person making 10 billion or 10 million a year pays, makes 60% because here's the whole objective of taxation. We want the least taxing tax. If you start a taxing education in food and housing, you end up with homelessness, less educated people, people who put off their mammogram and die of metastatic breast cancer. Those are taxes that are too taxing. An alternative minimum tax on corporations making above a billion dollars and people say making over three million a year, they don't lose any happiness. The Bezos and also do away with the state tax exemption. If the Bezos children in here are 20 billion instead of 30, no loss in happiness. But that 10 billion that could potentially be divided amongst the million, the $10,000 to the million poorest households, a lot of incremental happiness. You know what the contrast was his ex-wife. Like she doesn't say a word. My hero. She doesn't do an interview. She gives no ribbon cuttings, no ribbon cuttings, no cosplaying, no whatever, weirdness you're doing in your body, Jeff, just and doesn't lecture us. That's the tone was what was crazy. I know I got like ban on a shave about the post stuff, but all of it had this tone. The post stuff was disingenuous in the extreme. He's the worst media owner of any media owner and it's a low fucking bar. Let me tell you, I take Rupert Murdock twice every day of the week and twice on Sunday to Jeff Bezos, at least he understands media and likes it. You know, the tone was so obnoxious. And this is why this general, you know, he talked about people demonizing billionaires. Well, stop, stop talking, stop appearing. Like I, honestly, the damage these people are doing to the brand of capitalism, brand capitalism and brand AI and brand tech is so vast that you can see why these polls are showing up like this way. I know my own sons who both are incredibly hard workers. And it has nothing to do with me. They, you know, they often don't listen to me. They don't listen to anything I do at least. And I'm fine with that. But they have these feelings, right? It's just, I don't know, it just, and then it gives rise to too much demonization, right? Because of the way these people behave. So I have stories about McKenzie Scott and Melinda French Gates. I'm involved in two nonprofits. I'm involved in something called the Jed Foundation that tries to train high schools around how to identify what is kind of normal, strange adolescent behavior and adolescent behavior that should raise red flags around depression and suicide. And they leverage the infrastructure of public schools and educate them. And they are, they are amazing. We started by a couple that lost their son, Jed. It's run by this wonderful management team. They do a great job. I got right after I sort of got involved. They called me and said, well, they did a big thing event and they got, we got great news. I'm like, what's that? And it goes, we got a $10 million dollar wire yesterday. And we're trying to figure out who it's from. McKenzie Scott didn't, didn't want an RFP, didn't want to meet with them, didn't want her name on anything. She just wired 10 million bucks. And then another association, I love the American Institute for Boys and Men, which focuses on the struggles and mental health of young men and boys run by one of my role models, Richard Reeves, Melinda French Gates, $10 million. Recognizing the majority of her funds are focused on the struggles and gender equality and struggles of young women. But she, she said, without thriving young men, women aren't going to continue to flourish. And she just sends 10 million bucks. And then someone who shall remain nameless, contacted the firm. And I get it. He's trying to be, or contact one of his companies and said, can I meet with so and so on? Scott, I want to hear about the strategy. And I'm like, typical fucking rich dude. We got to go sing for our supper. We got to like go talk to him as if it's a business and return on investment. Whereas these, these women are just like, you're doing good work. Here you go. Get back to work. You don't hear from them. They definitely check you out, but it's not the, it is. It's such a different way of giving. I couldn't dislike Jeff Bezos more after this interview. He was dumb to do the interview. I honestly thought Sorkin could have, it could have pressed him harder on it. I didn't think Sorkin pressed him hard enough on this stuff and let him get away with some stuff that I wish he had. But that said, we got to see him the way he is. And that is the way he is, folks. And let me go to the, let me make the conservative, or at least give some sunshine to conserve it a part of this. I can't stand him with people on the far left say Jeff Bezos didn't earn his money. Oh, he did. Because he was born with a single mother at the, at the age when she was 17. I believe he deserves to have earned 120 billion dollars. I think we deserve to elect people who have the backbone to tax him at 60 or 80 percent. But don't slow him down. Right. He's not a bad person. He's doing, he's doing what we all do. He's optimizing for his own self-interest. You may, you might just, you may say he's more self-interested than some people. Fine. We're not doing our job. Elizabeth, Elizabeth Warren and Bernie Sanders, you've been in Congress for fucking ever and the taxes keep going down under your watch. Yeah. Let's do something. You want to demonize him? No. Tax him. Tax him. That's the best way. Like to take look you, whatever you want to do. Now, let me switch to another billionaire because this was something that happened. We have not said a lot or some are listed or not going to like what I have to say here. And I don't really care. But I do care, but I don't care. Unexpected sighting in DC this week, Mark Cuban standing alongside President Trump. Cuban endorsed Kamala Harris was a big supporter in 2024 and spent one of Trump's most vocal critics, but the two appeared together as a Trump announced a major expansion of Trump Rx's administrations online drugstore. The site is adding more than 600 low-cost generic medications through partnerships with Cubans, cost plus drugs, Amazon pharmacy and good Rx. At this event, Trump was asked about his new alliance with Cuban. It's only on this issue, just for people to be clear. Let's listen. It's pretty remarkable seeing you and Mark Cuban up there and the fact that obviously Mark can doors Kamala Harris back in 2020. Well, he made a mistake. There was a thing But what does this say about when you two are building here? Well, it says we love people, we love our country. He wants to, he's got a good company and he's going to do a lot of business with this. And I'm going to get drugs out through Amazon, through the whole group. And we're going to get drugs out. And Mark wanted to be a part of it. And I think Mark was very gracious. He said this is something that really works. Cuban later posted on accident, anyone thinks I'm going to put politics ahead of helping Americans reduce their cost of health care and pharmaceuticals there, fucking idiot. He took that down because he thought swearing undercut his argument, he's probably right. Let me just say a few things. The stuff out there about him making a bank or he's mopping up with Trump is just not true. You don't have to like that he stood there. I get it. I get it. I get it. But this, this business is to get drug prices down. He does not make a ton of money here. This is more, it's not a charity either. He's trying to build a business. But this, the, the stuff that it's out there about what he's doing is just inaccurate. And it's not, if you don't like him standing there and you think he betrayed you and I saw a lot of these, I now can't like him. I thought he was a good guy. He is a good guy. He is doing something that I'm sure it makes him deeply uncomfortable for a very good thing, which is to bring lower prices. He's got to get in this Trump arcs. He essentially took the control of Trump Rx in a weird way because you've got to get these things. If Trump is doing this site and I hate that Trump's name is on it, I hate it. But look, he's an ego man who puts his name on every fucking thing. And there's nothing we can do about it. And if he sat up there with Biden, you'd love him for it or whoever, a Democratic president. He would sit up with anyone. The only thing I would say was that I'm not sure. He got gratched. I sent him a note. He got gratched when he, when he first he started talking about this, this $1.776 trillion slush fund for people who, who criminals who attack the Capitol. I don't know. He got gratched. He was sitting there when Trump was going on about something that's obviously illegal and also a slush fund. I don't know what, what he, should he walk out? Should he leave? I don't know. He did laugh at the you voted for Kamala Harris. I'm not sure what you do in situate. Should he have sat there and said, I still would. I don't know. He would have gotten lost out this deal. I don't know. And it's not great to have to stand with Trump. We get it. We get it. I wouldn't do it. But if I had something that mattered a lot, I might. And the only other thing I would say is Zoran Mondonmi went there and stood right next to Trump and everyone praised that and I, the difference was is, but he didn't insult Trump and he didn't like slap him or do anything rude. He also didn't say much and he didn't get gratched. And so he needed something for New York and he got it from Trump. And so I'm not quite sure what the difference here is because that's what I think was happening here with Mark. And you can hate on me all you want saying, I love the billionaires. But I think what he's doing is an important thing for bringing drug prices online and you cannot wait for three years to do so. Your thoughts. It's gone. If you're emotions in political partisanship, Trump, the health of Americans and the problem is you, not Mark Cuban. Yeah. The partnership between Trump, our ex and Cuban's cost plus drugs will unlock cheaper prices for millions of Americans. This week's expansion adds 600 generics, nearly seven times the previous catalog. They'll be available to anyone regardless of insurance status. In many cases, the cash price through cost plus is actually lower than what insured people pay at the pharmacy counter after co-pays. Plus drugs sells the cancer drug, I believe it's called a 10 minute for $17. The same drug runs over $2,000 in conventional pharmacies, three PBMs, OptumRX, CVS, Caramark and Express Scripts control roughly 80% of the US drug access and are untouched by this deal. It looks something has to change. And I respect and the US government has a scale and capital that no one can match. And if you have something that's good for America, it requires that scale in that capital. You act like an adult and you go there. If you think that Mark Cuban sold out, then all right, you go buy people's cancer drugs. I can't imagine Mark enjoyed this, but helping people get access to life-saving drugs at a reasonable value is more important than him getting dragged by a bunch of bots and people virtue signaling and applying purity tests from their keyboard. Right, I would agree. You just didn't have the right information. The inaccuracy is what drives you. As always, inaccuracy deserves me. And to say that he's going to make bank at this is just not true. It's just absolutely not true. And you again, I wouldn't want to have to do this. I don't know if I could stand next to him. But he's there for the next three years and someone needs these drugs now. And he has to take the reputational hit. That's fine. I guess that's fine. The fact that you're dragging him is, I understand them and I don't want to. In this case, for the first time I thought derangement, don't be so fucking deranged that you don't understand what Mark just did, which is he had to put his ego in his pocket. He remains. Like, Mark is not, I would say he's liberal or conservative. He's quite, it can vary all over the place. But there is absolutely no way Mark Cuban would vote for Trump at this moment in time or support Trump politically. So I don't know what you want from him. But to me, I thought it was just a bad look for the left. I really did. I just was sort of disappointed, very disappointed. But they're going to drag us for it. It's too bad. I don't care. Let's go on a quick break. We come back. We'll talk about Nvidia's latest earnings. Running a business shouldn't feel like surviving a software group project. One app for accounting, another for inventory, another for sales, and somehow, none of them talk to each other. That's where Odo comes in. And I'll in one business management software that brings every part of your business together. From sales and accounting to inventory and marketing, I'll in one powerful platform. No messy integrations, no bouncing between tabs and best of all, no spreadsheets. Stop managing software and start managing your business with one unified system. Try for free today at od.com/box. That's od.o.com/box. First Citizens Innovation Banking, formerly Silicon Valley Bank, is the bank of the Innovation Economy. The name may have changed, but for over 40 years, their commitment to bold ideas, relentless ambition, and delivering what's next is as strong as ever. So if you're wondering where the road innovation starts, it's here. First Citizens Innovation Banking, head to firstcitizens.com/innovation to learn more. Are you a pet owner? Every six seconds. A pet owner in the U.S. gets hit with a vet bill over a thousand dollars. Always, an unwelcome surprise. That's where Fetch comes in. Fetch is the most complete pet insurance for dogs and cats, according to consumeradvocate.org. You get paid back up to 90% of vet bills at any vet in the U.S. and Canada, with claims paid back in as little as two days. Go to fetchpet.com/save right now for your free quote. That's fetchpet.com/save. Scott, we're back with more news. Let's talk about NVIDIA's latest narratives. You just called them a casino. The company's profit for the quarter was over 58 billion. They're benefiting from what's happening now, which is up 211% from a year earlier. That is a number. It's not 30%. It's a lot three years ago. Profit was two billion. NVIDIA projected sales in the current quarter would reach 91 billion as spending on NVIDIA infrastructure would reach 2 to 3 trillion in 2030. This is an insane growing streak, but like you said, they're benefiting from this huge spend by all these other companies' thoughts very quickly. Well, not a casino. They're the house. And all of these companies spending just crazy amount of money on 1.6 trillion on cat packs are kind of drunk gamblers, is the way I would describe it. And they're benefiting from it. They're the house. That's when billionaires show up sharks who are drunk and have unlimited credit at the casino. That's the way I would describe it. But just in terms of the earnings, the revenue was 81 billion up 85% year on year, which was a beat. Earnings for share was a beat. Data center revenue 75 billion up 92% as you said year on year, accounting for 92% of total revenue, again, a beat. They're Q2 guidance 91 billion above the 86 billion expectations and other beat. And their shareholder returns dividend was raised 25 acts from one cent to 25 cents per share 80 billion in new buybacks authorized. And I mean, the reason he's on that plane to China is there's no shipments right now. And he's like, he looks at a stock price and thinks, I have got to continue to beat. And the only thing that's I found really interesting here was despite beating on every conceivable metric, the stock was flat, which says to me that some, the expectations of the stock price are so enormous now that they don't, the people don't expect anybody We had a beat, they expect another beat. to massively beat, which says to me that the first time in video even whispers things might be slowing down, it craters. So unbelievable company, 15th beat in a row, but I just think the expectations that are built into this valuation, I think it's the most valuable coming in the world now, are pretty significant. As evidenced by the fact that it beat on every conceivable metric, the stock didn't move. Right. That's interesting. That's a really good point. Anyway, we'll see. It's precarious. It feels precarious, is what I fragile. Well, it starts off 2% today. Yeah, but let me say a lot, several different Wall Street will call them and they said everything feels so fragile. So we'll see. All right, Scott, one more quick break we'll back for predictions. We will reengage students, alumni, and other members of our community to examine how we preserve what is valuable about Creek Life. That was Cornell University's president Michael Kotlikoff trying to quell some of the anger on his campus in a video address on October 3rd. A few days later, he addressed Cornell's faculty and what he said is since leaked out to the world and it's clear that he doesn't want an outright ban on frets. He thinks a ban could make matters worse, driving violent behavior off campus and into the shadows. But clearly, his response wasn't enough for Cornell's community because today, the university announced a ban on frat parties for the rest of the academic year. Cornell also says it's going to add experienced sexual assault investigators to their police force. The question is, why didn't this happen two years ago when the sexual assault at a campus fraternity was first reported? Or maybe the question remains, why don't we just ban frets? We're going to ask on today's explain from Vox, available in your feeds Monday to Friday. I'm Phoebe Judge, host of the podcast Criminal. Usually I'm telling stories about other people, but this fall, I'm headed out on the road with a brand new show, stories about me and the people I love. It's called Don't Worry. I hope you'll come out and see it. We'll be in cities like Boston, Chicago, Philadelphia, New York, and lots more. Get your tickets at ThisIsCriminal.com/live What if we told you that there was one thing you could eat to reduce your risk of death by about a quarter? Interested? And what if we added that this magical substance can dramatically lower your cholesterol, improve your mood, and keep your weight stable? No, it's not protein. It's actually fiber, the least sexy, most overlooked nutrient of all. But what is fiber? How could one nutrient do all those amazing things? And how can you get enough? Is a powder you start into some water going to do it for you? Well that plus the strange tail of the gorilla poop obsessed father of corn likes in the latest episode of Gastropod. Find Gastropod and subscribe wherever you get your podcasts. Okay, Scott's bringing you predictions in a second that we're going to be off on Memorial Day for Tuesday. It would not be, we'll be taping a show on Memorial Day for Tuesday. But we'll talk about these laws banning prediction markets and the Trump administration is suing Minnesota after Minnesota became the first law banning prediction markets from operating in the state. But we'll talk about that all next week. Go ahead. We talked about late state or 99, but I just can't help it. I don't think SpaceX is going to price near $2 trillion. Okay. The financials suggest otherwise. I like that you're going for. Well, you're going to have so many people pouring over this S1 and it's just pretty ugly. You just read this thing and you start thinking, okay, this feels a little bit ayahuasca. It's a lot. If you take each of the three business lines, space, connectivity, and AI and apply a comparable price to sales multiple to each rocket lab for space, via SAT for connectivity, and anthropic for AI, which are very generous, you know, healthy valuations and you add them up. You end up with a valuation of $547 billion. My hero on this stuff, that's what the motor and value the thing at $1.1 trillion. And if you double each of those price to sales multiples, you assume that each business will command a valuation that is two times the typical market rate. You are still about $750 billion away from SpaceX's projected valuation. Yeah. And kind, you're saying. If you just get very aggressive and value every piece of this as a leader in its respective field, and add the Elon plus, you get $600 billion and then you go, okay, Elon effect, double it, $1.2 trillion. So I've always been wrong around Elon, but I'm saying I think it's going to, I think $2 trillion is a real stretch for her and it's going to price below that. All right. And then the other one is just boring one. There's, I think you can expect a deal between the US and Cuba in the coming months. Cuba is currently in a full-blown, blown crisis. I absolutely think the smartest thing we could do is be providing humanitarian aid and let people decide that they want to be the 51st state or at least get along with us. Yeah, I agree. The collapse is comparable. It's not getting any news because of everything else going on, but the collapse is literally comparable to the 1990s crash that followed the fall of the Soviet Union. Yep. Between December of 2025 and April of 26, Cuba received just one of the eight monthly fuel shipments its economies required, requires a function. And blackouts are now get this 20 hours a day. I mean, it's crazy. No, we should just help them become part of the world again. 100%. And, but there's going to be a deal here because Rubio is reportedly having secret talks with Raul Castro's grandson bypassing official Cuban channels. Trump told reporters in February, Cuba wants to make a deal. Just yesterday, Rubio sent a video message to the Cuban people proposing a hundred million and eight and blaming Cuba's leaders for shortages of electricity fuel. Rubio was born to two Cuban immigrants. And this is a deal that he has personal investment in. He sees this. His run is next. His next ticket on his run for president. It will win back all the people. Set them up well for a 2028 run. Cuba is in a deep dark corner and also Trump, he doesn't want another military excursion. There's just, there's no fucking way. There's a way to do this. Just let it fall apart and we come in and help pick up the piece. It's already, well, it's fallen apart. Right. Well, you know what I mean? It's like, you know, interestingly, I agree with you here because I do think it should be welcome back into the nations. I always wanted to go there, you know, my, my, actually, everyone of my family has been there, but me, which is interesting. I've been there. It's great. Yeah. I just feel like it's, it's a wonderful people and it'll help Rubio immeasurably. This is at the heart of his president, so you understand that. Like it's very clear for at least for Florida. And, and one of the things that's speaking of collapse, I've heard from so many foreign affairs people who I really trust and think are smart that Russia is very in much distress. Putin is under much stress right now because of the situation in that in Ukraine, the economy, everything else. And that they had thought this is the first time they see a light at the end of the tunnel of Putin's rule. Just saying that. Just putting that out there. I didn't say it was light at the end of the tunnel. I think the end is nigh. End is nigh. Yes, whatever. Anyway, so it's just interesting and we should do this, you know, let me, let me quote that more on Brendan Carr. We can do this the easy, the hard way or the easy way. Let's do it the easy way with the Cubans, right? Let's show them the bigness of the United States and really help them. And then it's gotten I will open our hotel there and we're tired. Okay. Okay. Great. Well, he does. Great. Great. So, everything else. In any case, we want to hear from you. Send us your questions about business, tech or whatever's on your mind. Go to nmymag.com/pivot to submit a question for the show or call 85551pivot. 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 next week actually on Friday as we do not have a live memorial day show the day after memorial day. Thanks for listening to pivot. Be sure to like and subscribe to our YouTube channel. We, as I said, will be back next week. Today's show is produced by Larry Neiman, silly Marcus Taylor Griffin and Todd Weisman. And I'm McFarlane, engineer at this episode. Thanks also to Dubro's Mr. Vario and Dan Shaland and Chuck Carrot's Vox Media's executive producer podcast. Make sure to follow pivot on your favorite podcast platform. Thank you for listening to pivot from New York Magazine Vox Media. We'll be back next week for another breakdown of all things tech and business. It's late. 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