Tech Stock Troubles: Cause for Concern or Healthy Reset? | Pivot

1. 0:00 – 1:11

   Intro

   1. DLDaniel Lurie0:00

      She thinks this is her town. Hello.

   2. KSKara Swisher0:05

      It is your city. (crowd cheers) No, it's Hello Men for you. Scott? Scott, it's Hello Men for you. Get the city right.

   3. DLDaniel Lurie0:18

      I don't care what you deserve, a man over here. (crowd cheers) That's right. Give it up for y'all. I've only listened to you all. I didn't know that there was visuals involved in this podcast.

   4. KSKara Swisher0:33

      (laughs) (upbeat music) Hi everyone, live from the Sydney Goldstein Theater in San Francisco, the best city on earth. (crowd cheers) This... Oh. I, I just got a loud environment notification from Apple. All right, um, I'm Kara Swisher.

   5. DLDaniel Lurie1:03

      And I'm Scott Galloway.

   6. KSKara Swisher1:04

      (cheers) Uh, before we start, I wanna send a big thank you to our sponsors, Odoo and Upwork. Please, again, uh,

2. 1:11 – 19:53

   SF Mayor Daniel Lurie Interview

   1. KSKara Swisher1:11

      give a round of applause for tonight's special guest, Mayor Daniel Lurie. (cheers) So, the mayor has a short time here, but we've got a couple of questions. So, let's start off with an easy topic, the housing affordability crisis here in San Francisco. (laughs) The city has an estimated 830,000 people living, uh, on about seven square miles. San Francisco residential rents have risen the most in the nation over the past year, with apartment prices in the city jumping about 6% in that time. Average rent for a San Francisco apartment is $3,315 a month, which makes it the second highest in the country, behind New York City's 33-60, uh, 3,360. You've proposed taller buildings and denser zoning. Critics have responded by calling you a gentrifier and Republican. Talk about, which one of those criticisms offends you more? Probably today with Epstein, probably Republican. (laughs) Anyway, talk about the importance-

   2. DLDaniel Lurie2:06

      We, so we-we have a-a state mandate imposed on all 58 counties in San F- in the state of California. Uh, we've responded by putting forth what we call our family zoning plan. Density along our commercial corridors, uh, and making sure that we allow the next generation of San Franciscans to have an opportunity to stay and live here. Um, and it's on the, uh, high resourced neighborhoods, the north and west side of town. Uh, parts of our city have not been rezoned for 50 years. Um, we need to build more housing. We need to build it along transit corridors and along commercial corridors.

   3. KSKara Swisher2:44

      (claps)

   4. DLDaniel Lurie2:44

      And that's what we're focused on. And we've made a lot of amendments, and we're working with our Board of Supervisors, which is our city council here in San Francisco. And we're almost at the finish line on it. And we wanna be a, uh, a city that does it our way and not the Sacramento way. And so this family zoning is going to help us increase density in our city in the coming years.

   5. KSKara Swisher3:06

      Scott? (cheers) Scott! Okay. All right, one of the signs, so, one of the signs of San Francisco's hospitality, uh, hospitality recovery, Blackstone is nearing $130 million dollar deal to acquire the Four Seasons Hotel. City oc- hotel occupancy has rebounded 70%, up from below 50% in 2021. However, um, there's discounts going on. What is, what, talk a little bit about what's happening commercially for the city.

   6. DLDaniel Lurie3:29

      Yeah.

   7. KSKara Swisher3:30

      Um, which got attacked by Fox News. You can boo. Um, but, but talk a little bit about, it feels as if, to me, I'm seeing a lot more business generation, I'm seeing a lot more return.

   8. DLDaniel Lurie3:41

      This city is on the rise. There's just no question about it.

   9. KSKara Swisher3:45

      (cheers)

   10. DLDaniel Lurie3:46

       All the, all the crime data is going in the right direction. We're down 30% year over year in terms of crime. We're down 40% in Union Square and our downtown area. Our local law enforcement is doing incredible work. We're using drones as a first responder. Uh, we're using license plate readers. When you commit a crime in San Francisco now, you're getting caught. And I think public safety has to be our number one priority.

   11. KSKara Swisher4:13

       (claps) (cheers)

   12. DLDaniel Lurie4:14

       It, it has been from day one. And I think, uh, the small business community, our restaurants, our bars, they're seeing that, and I think big business. You had John Gray of Blackstone running along, uh, the Wharf, Fisherman's Wharf two weeks ago saying, "Buy San Francisco real estate." I mean, if that isn't a good sign. Uh, retail space, we got Nintendo, we got Zara, we got Uniqlo, that left four years ago is reinvesting at 4th and Mission. These major retailers, they're coming back to San Francisco because they know what we all know here in San Francisco, and that we are indeed a city on the rise. We're the home of AI. It's all happening in San Francisco. It's not happening in Silicon Valley.

   13. KSKara Swisher5:00

       No, no.

   14. DLDaniel Lurie5:00

       It's happening in San Francisco.

   15. KSKara Swisher5:01

       But, but let me ask you, because a lot of the blame for the affordability crisis is going to the tech industry, which you wanted to come back. Now, let me-

   16. DLDaniel Lurie5:09

       Kara, that, but that you're bringing that up, but that, that's what we said five, six years ago.

   17. KSKara Swisher5:13

       Yes, correct. That's correct.

   18. DLDaniel Lurie5:14

       Right, okay.

   19. KSKara Swisher5:14

       Right.

   20. DLDaniel Lurie5:14

       So, that's an, that's like a narrative, and if we don't build more housing, it will get that way again.

   21. KSKara Swisher5:20

       Absolutely, but a lot of these companies, of course, famously left and kicked San Francisco on the way out. And I actually ran into one of the people that did that in a beautiful bakery here. And I said, and I walked up to him and I said, "Get the fuck out of here." Like, y- (laughs) ... "You can't have our bread." Like, they were, they're back and they're, and AI of course has led that, and companies like OpenAI and Anthropic. Um, how do you entice companies? And also we, we have other companies like e.l.f. and many others who have stuck with San Francisco. So, ha- (cheers) Yay, there's the e.l.f. people. Um-... what do- we don't wanna give up too much to these-

   22. DLDaniel Lurie5:58

       No.

   23. KSKara Swisher5:59

       ... people.

   24. DLDaniel Lurie5:59

       No, we- we want them to be invested in San Francisco. So, I say public safety, we have to get our behavioral health crisis under control, which we're working on every single day, and then third, I want everybody to know that San Francisco is open for business. We're stripping away red tape, we're cutting bureaucracy, but then my demand is that you as a company be engaged in our public schools, be engaged in our arts and culture institutions-

   25. KSKara Swisher6:25

       Which they were not, which they were not.

   26. DLDaniel Lurie6:26

       ... which they, there was a lot left lacking, as you and I talked about for years. Um, and I worked hard on it when I was running Tipping Point, and you'd see some good people, but I'm seeing more. We started something, uh, uh, Scott, we started something called the Partnership for San Francisco, modeled after what New York City did in the 1970s when New York was really hit hard. We now have 35 business leaders that are home-based here or live here in San Francisco recommitting or committing to our city, and helping not only revive us-

   27. KSKara Swisher7:00

       So they'll be, they'll be part of San Francisco? 'Cause mostly they seem like takers to me the last time.

   28. DLDaniel Lurie7:04

       And- and I'm- I'm only interacting with those that will make sure that they commit, once again, to funding Muni. Uh, we have to make sure public transit is top-notch in San Francisco.

   29. NANarrator7:15

       (claps)

   30. DLDaniel Lurie7:15

       That our arts and culture institutions are supported, that our public schools are supported. Uh, we started something, uh, Manny, who's backstage, he and I started something called the Civic Joy Fund a few years ago where we're doing trash pickups across this city. This city, we- no one's coming to save San Francisco except for San Franciscans. And I want those companies engaged. I want them involved, and they will be, and- and we're demanding that of them. But we also need to entice people back because I want that revenue here. I want our public schools getting more of those tax dollars. And so, I think it is a give and take, and they need to give more than they did in the 2010s.
3. 19:53 – 31:52

   Tech Stock Sell-off

   1. KSKara Swisher19:53

      this on Thursday when stocks are having their worst day in a month, taking a massive dive in the wake of the record six-week government shut, uh, shutdown. The S&P fell around 1.6%. The Dow dropped 800 points. The NASDAQ about 2.3%. Tech and AI stocks got hammered, something you and I have been talking about these past seven days in our togetherness y- week. Um, NVIDIA, Broadcom, Alphabet all slid on valuation, d- of, uh, meta. Disney crashed on disappointing earnings. Um, markets also soured on the chance of December Fed, uh, rate cut dropping. So talk about this AI. People have been sort of talking about it incessantly. Um, Michael Burry, famous short seller, uh, has been talking about it a lot. Um, so is it because the AI earnings don't support valuations, or is it a healthy reset?

   2. SGScott Galloway20:44

      Yes.

   3. KSKara Swisher20:45

      Okay.

   4. NANarrator20:45

      (laughs)

   5. SGScott Galloway20:46

      Uh, so look, America could best be described right now as just a giant bet on AI. It, I, it's hard to imagine a period, maybe back when, with the railroads, where our economy has been this dependent on a small number of companies. You have 10 companies that now represent 40% of the S&P by market value-

   6. KSKara Swisher21:03

      Right.

   7. SGScott Galloway21:03

      ... which represents 20% of global value. If these companies sneeze, the whole world is probably catching pneumonia. And if you look at the multiples historically, the Shiller Index, which looks at the PE ratios on an inflation-adjusted basis, it is higher than it's been since they've been tracking it, uh, for 99% of the time. And it's in the top 1% right now of periods in terms of an index. The Buffett Index, which measures market cap as a percentage of GDP, typically trades around 85%. It's trading at 220%. So and I wanna be clear, when, quote-unquote, "people like myself" are convinced something's about to crash, that means it's usually about to skyrocket, and then I throw the towel in, and then it crashes. So I'm having-

   8. NANarrator21:50

      (laughs)

   9. KSKara Swisher21:51

      This is Tesla with Scott.

   10. SGScott Galloway21:52

       I'm having PTSD because I was here from, I went to, uh, I graduated from the Haas School of Business. I lived in San Francisco from, um, uh, from 1992 to 2000, started two companies, Profit and Red Envelope. And, uh, I remember in 1997 thinking everyone, The Economist, everyone, Wall Street Journal, all the s- the smartest people, Julian Robertson, all these incredibly smart investors said, "The dot com..." They, they perfectly called how the dot-com bubble would unwind. First it would be B2C, then it would be B2B, and then it would go to the infrastructure guys, the Plays. Everyone was like, "Well, if it's not B2C, go to B2B, and then go to Cisco." And Cisco and Amazon lost 90% of their value from, um, 1999 to 2001. But the people who called it in 1997, the NASDAQ doubled from that point. But what you have is so frightening because quite frankly the string that might get pulled by some of the companies that are headquartered here... I mean, w- I, I, I'd like to give the mayor some talking points. In the last, in the last five years, as much as people shitpost California, there's been more wealth created in a seven-mile radius of SFO International Airport than in all of Europe in the last 20 years.

   11. NANarrator23:03

       (applause) Woo.

   12. SGScott Galloway23:03

       I mean, it's, it's striking how much value has been created here. But the string that might get pulled here is just so extraordinary. And I think it goes something like this. A large company announces that they're scaling back their investments in LLM side-

   13. KSKara Swisher23:18

       A, a large non-tech company.

   14. SGScott Galloway23:19

       ... like PepsiCo-

   15. KSKara Swisher23:21

       Pepsi.

   16. SGScott Galloway23:21

       ... or Toyota says, "Look," on their earnings call, "We made this enormous investment in site licenses from, you know, OpenAI or Anthropic."

   17. KSKara Swisher23:30

       Or, or-

   18. SGScott Galloway23:30

       "And it's just not showing any ROI, or it's not showing the ROI that we had anticipated. We're scaling back." And it's not OpenAI that could take, in my opinion, the market down. It's OpenAI which is the front, the helm of the bobsled. And then the company that could take the global economy down right now is one that is worth more than the entire German stock market, and that is NVIDIA. And that is... This company's worth $5 trillion. Take, take every company, publicly listed company in Germany and half the companies publicly listed in France. That's what NVIDIA is worth. And so there is no soft landing. And if NVIDIA got caught by 60 to 80... g- got cut by 60 to 80%, it still might not look cheap. And if you lose $2 trillion in market cap from the S&P, there's just nowhere to hide. I had a-

   19. KSKara Swisher24:18

       Right, because the other companies are, are the ones that are suffering from this, this. Was it Magnificent Seven or Ten? Is that they're, they didn't get affected by tariffs.They didn't get affected by all kinds of things.

   20. SGScott Galloway24:29

       But the president... So this is the dark side of the run-up here, and that is, I believe that AI has- is... Without these 10 companies, the market, the S&P would be flat, possibly down-

   21. KSKara Swisher24:41

       Correct.

   22. SGScott Galloway24:41

       ... and we'd already be in a recession, and GDP would be negative. And quite frankly, and you never know where extra dollars are gonna come from, I don't think the president would have cloud cover to be sending mass Secret Service or secret police into cities if the market was down 2%. Be- because of the idolatry of the dollar and our obsession with wealth and innovators in this country, as long as the markets are up. Most damaging metrics in history are the S&P and the NASDAQ 'cause they give the illusion of prosperity. They are not the Main Street economy. And also, when the markets are up 16%, and as of this morning 14%, it gives cloud cover for the administration to kinda do whatever they want because everyone's like, "Well, as long as the market's up, they must be doing something right, and I'll forgive them." So what you're gonna see, I believe, is a series of nonsensical, crony, autocratic, um, financings where they back debt to buy more chips and create these circular deals.

   23. KSKara Swisher25:32

       This is the government? Because we've been talking about the... Scott and I lived through the first internet part, which was this, th- there was a company called Purchase Pro, and it was like a l- that was one of them. But there was all this round tripping where the same $5.00 would go from-

   24. SGScott Galloway25:46

       Invid-

   25. KSKara Swisher25:46

       ... AOL would invest, and then they would spend on AOL and et cetera.

   26. SGScott Galloway25:50

       NVIDIA invests, you know, I think-

   27. KSKara Swisher25:52

       300 billion, wasn't it?

   28. SGScott Galloway25:54

       No, well, right now-

   29. KSKara Swisher25:55

       100 billion, 100 billion.

   30. SGScott Galloway25:56

       Right now, NVIDIA... So, uh, i- NVIDIA invests, uh, uh, billions of dollars in OpenAI in exchange for them buying NVIDIA chips. That's a related party transaction. There were a ton of them going on in the late '90s. We were all buying each other's crappy software, and then when we realized that consumers weren't showing up at the level we'd anticipated for the great world of e-commerce, the whole thing, the downward spiral. I mean, these deals just feel very late stage '90s. It is different this time because the... these are real companies with real earnings growth. But when you're, when you're OpenAI committing to $1.2 trillion in spend-
4. 31:52 – 48:08

   Epstein Emails Fallout

   1. KSKara Swisher31:52

      um, to the latest Epstein news. The lawyer (laughs) that got Ghislaine Maxwell transferred to a minimum security prison has egg on his face today, and much more. In a Twitter spat with George Conway, Deputy AG, uh, Todd Blanche seemed to admit that Wednesday's Epstein document dump undermined the interview he had with Maxwell pre-transfer. And interview is doing a lot of work in that sentence right there.

   2. SGScott Galloway32:14

      (laughs)

   3. KSKara Swisher32:14

      The transfer looked even worse after Wednesday's document dump showed that Trump and Epstein were tighter than people thought. Um, Scott, uh, do you think she'll have to go back to the old prison? Let's... I'd say a hole down at the bottom of the ocean would work for me, but-

   4. SGScott Galloway32:27

      (laughs)

   5. KSKara Swisher32:28

      ... thoughts?

   6. NANarrator32:29

      (applause)

   7. KSKara Swisher32:29

      He did. He admitted he didn't know the things, although the g- the Justice Department has all these... has m- has, uh, 10 times more documents.

   8. SGScott Galloway32:38

      I think the media... Uh, (sighs) so what I don't like about Democrats is that... and I consider myself a proud progressive, but I think oftentimes we get caught grasping for a virtue pin, or pin, as opposed to really focusing on what impacts the material and, and psychological wellbeing of more Americans. I, I, I hope Ghislaine Maxwell dies in prison, but I don't really care. I don't... I think the more important thing that impacts people is we have bastardized, perverted, and ruined a very important process of our justice system, which is clemency and pardons. And there are really talented people who are-

   9. NANarrator33:17

      (applause)

   10. SGScott Galloway33:18

       There are people, because of things like three strikes, because of, of incompetent representation, because of, of mental illness, there are just... There are a lot of people who are imprisoned, and then gr- there's great work done to uncover DNA testing that finds out that they're, in fact, innocent of the crimes, or that they're spending life in prison because they stole an, an, a car antenna out of a Kmart. And this whole process is an incredibly important process, and it has been totally perverted by this notion that essentially... In America, we've monetized healthcare. In, in Europe, healthcare is about trying to keep people healthy. Here, it's about trying to figure out a way to make the pharmaceutical and the obesity industrial complex profitable. We have monetized healthcare in this country. It's the best place in the world to be sick if you're in the top 10%. It's one of the worst places to be in the bottom 90. We pay double per capita for healthcare to be more anxious, depressed, obese, and die sooner. And now, who would have thunk it? We're monetizing the pardon and clemency process.

   11. KSKara Swisher34:25

       Well, this is, this is not a surprise. This is a coin-operated presidency.

   12. SGScott Galloway34:28

       Well, that's my point.

   13. KSKara Swisher34:29

       You know, I, I agree. I mean, it's... One of the problems that we have here, though, is that... is the, is the relentless lying. And obviously, uh, you at the ti- when Epstein first... when Elon first tweeted the Epstein thing, remember you were like, "Oh." And I said, "Uh-oh." Uh, 'cause I s- I saw that.

   14. SGScott Galloway34:46

       I get the sense I was wrong and you were right.

   15. KSKara Swisher34:47

       Yes, that's correct.

   16. SGScott Galloway34:48

       I don't know where this is going.

   17. NANarrator34:49

       (laughs)

   18. KSKara Swisher34:49

       That is correct.

   19. SGScott Galloway34:50

       Whenever we revisit history, it ends with, "And I was right!"

   20. KSKara Swisher34:54

       Right. Well, I was. You, like, totally sl-

   21. SGScott Galloway34:55

       A new biography from Kara Swisher-

   22. KSKara Swisher34:57

       No. No, no, no, no, no.

   23. SGScott Galloway34:57

       ... Ann, dot, dot, dot.

   24. KSKara Swisher34:58

       No.

   25. SGScott Galloway34:58

       I was right!

   26. KSKara Swisher34:59

       But-

   27. NANarrator34:59

       (laughs)

   28. KSKara Swisher35:00

       The, the thing is, "I was right." (laughs)

   29. NANarrator35:04

       (laughs)

   30. KSKara Swisher35:04

       So... But he did. He sloughed it off, and he was... said, "It's not..." I said, "This Epstein thing is gonna blow up like a Roman fucking candle."
5. 48:08 – 57:10

   Trump’s Visa Denial Policy

   1. KSKara Swisher48:09

      very quick thing. Secretary of State Marco Rubio has directed visa officers to deny entry to people with chronic health conditions like obesity, diabetes, and cancer, citing potential healthcare costs. They've-

   2. SGScott Galloway48:19

      They'd fit right in.

   3. KSKara Swisher48:20

      Yeah, I know, exactly.

   4. NANarrator48:22

      (laughs)

   5. KSKara Swisher48:22

      The guidance also flags retirement age and having de- in- in- dependents with disabilities as a reason for denial. Uh, the White House claims it's just enforcing an old policy, uh, not letting in people who'd be a drain on taxpayers. But immigration lawyers say it's a massive expansion of who can be turned away. About 16% of adults worldwide are obese, probably largely here. Um, eh, what does this sound like? It's not, "Give me your tired, your poor," uh, kind of attitude. What historical government does this remind you of, Scott? Any thoughts?

   6. SGScott Galloway48:51

      Look, I don't, I don't think anyone has... (sighs) This is a tough one, um, because, I mean, it's sort of a, uh, the one thing we share in America, except in wealthy cities where you all go to Equinox, um-

   7. NANarrator49:03

      (laughs)

   8. SGScott Galloway49:04

      ... by th- by the way, I went to the Equinox in my hotel today, the hottest men.

   9. KSKara Swisher49:07

      Okay.

   10. NANarrator49:08

       (laughs)

   11. SGScott Galloway49:08

       My God.

   12. KSKara Swisher49:09

       Did you hook up?

   13. SGScott Galloway49:10

       Whew. Wow. Yeah, in the back of a limo.

   14. KSKara Swisher49:13

       Yeah.

   15. NANarrator49:13

       (laughs)

   16. SGScott Galloway49:14

       Um, no. Eh, eh, so 70% of America is either overweight or obese. That's the one thing we share. 70% of Americans aren't anything, except we're obese and overweight. So I, that seems very strange to me that we wouldn't say, "Oh, you're uniquely American if you're obese." Um-

   17. NANarrator49:29

       (laughs)

   18. SGScott Galloway49:29

       ... but at the same time, I do think that... Uh, a- and it can go up and down the, if you're an outstanding roofer and you don't have a criminal record, we need roofers. We need people to take care of our, take care of our, our elderly. We need people to keep our prices... I, I'm a big fan of going up and down the supply chain in terms of who we let in, but I do think there should be criteria around who will or who won't be a drain on the system. I just don't know if it should be based on sickness.

   19. KSKara Swisher49:57

       Right, but why now? Because they're cr- they're, like, they're taking SNAP, and this is all about cruelty, just cruelty to various people. It's not... And again, the real obesity problem is here in this country.

   20. SGScott Galloway50:08

       Okay.

   21. KSKara Swisher50:08

       They don't wanna address that.

   22. SGScott Galloway50:10

       But on a meta level, this is what happened. When progressives wouldn't enforce the border, fascists will. We stuck our chin out. We let a quarter of a million people come across the border in one month under Biden by going, "Asylum." That's all they had to do. And so, the, the general cadence and rhythm of politics in America the last 10 years is the following. We are well-intentioned progressives. We do really fucking stupid things. We let a transgender woman show up at an NC2A meet and compete, right? And I'm not suggesting that a transgender athlete in junior high school, leave it up to the school. If it gives her confidence, fantastic. But when we let transgender athletes compete for medals and money, and we all just ignore it, fine. When we let a quarter of a million people come in, and then what happens, uh, we have this severe reaction of fascism from the right where they start pulling the names off of people who have served honorably. And we decide in a little nod to the gay community's contribution to the military that we're gonna name a secondary frigate after Harvey Milk, and they decide to take the fucking name off. I mean, that's just, that is just so, or we are, they're now kicking all transgender service people out of the service who have served honorably, which is not only mean and cruel, but it makes us less safe. But let's be clear, folks. We stick our chin out, in my view, and I know that's not popular among this audience, but when we go fucking insane and do things that are well-intentioned, for example, we built an infrastructure and an apparatus where people like me can pay themselves well and have no accountability or measurable outcomes, then sweep in this ridiculous fascist argument that we should cut funding to universities under the auspices of antisemitism, we take good intentions way too far, focused on virtue, not on actual on-the-ground material or economic or psychological wellbeing, and they overcorrect with what feels like fucking 1933 Germany.

   23. KSKara Swisher52:05

       But see, Scott, Scott, that's the thing. You see-

   24. NANarrator52:07

       (claps)

   25. KSKara Swisher52:07

       ... I, I might agree with you on some of that, but it's the, the level of cruelty and how far they go, um-

   26. SGScott Galloway52:14

       Agreed.

   27. KSKara Swisher52:14

       ... you know, be, you know, the left can be censorious, and then the right bans books. Like, it's a very different level of-

   28. SGScott Galloway52:20

       We're saying the same thing.

   29. KSKara Swisher52:21

       Right. But wh- when you have something like this, what should be the criteria of who comes in, people who are useful, that we need here in this country?

   30. SGScott Galloway52:30

       Look, I, I-
6. 57:10 – 1:11:53

   Q&A

   1. AFAudience Q&A asker (AI question fan)57:10

   2. KSKara Swisher57:10

      In the city by the bay and my favorite place on earth. We're ready to take some questions to the audience, and we love hearing from you. We might not get to everyone tonight. We're gonna try. We've been trying in every city. We're getting big, long lines. That said, keep questions short so we can get to as many people as possible. Um, but let's just look, I have a special person starting. Um, let's show this clipping photo here. So- uh, you want- might wanna look at it. Go ahead.

   3. SGScott Galloway57:37

      What is it?

   4. KSKara Swisher57:38

      This is a picture of Scott Galloway as a kid doing TaeKwonDo.

   5. AFAudience Q&A asker (AI question fan)57:42

      (laughs)

   6. SGScott Galloway57:43

      Where did you get this?

   7. KSKara Swisher57:44

      Exactly.

   8. SGScott Galloway57:45

      S- seriously didn't have access.

   9. KSKara Swisher57:46

      So let's bring the lights up please so I can see where people are. Hold on one moment.

   10. SGScott Galloway57:51

       This is in...

   11. KSKara Swisher57:51

       So hi.

   12. SGScott’s old acquaintance (on-stage surprise guest)57:53

       Hi.

   13. KSKara Swisher57:53

       What's your name?

   14. SGScott’s old acquaintance (on-stage surprise guest)57:55

       Debbie Brubaker.

   15. SGScott Galloway57:57

       Jesus Christ. Really?

   16. AFAudience Q&A asker (AI question fan)58:00

       (laughs)

   17. SGScott’s old acquaintance (on-stage surprise guest)58:00

       Hi Scott. (laughs)

   18. AFAudience Q&A asker (AI question fan)58:03

       (laughs)

   19. KSKara Swisher58:03

       This is apparently, or Scott thinks so, his fourth grade girlfriend.

   20. SGScott’s old acquaintance (on-stage surprise guest)58:08

       I- I'm thinking so. Uh... (laughs)

   21. AFAudience Q&A asker (AI question fan)58:12

       (laughs) (applause)

   22. SGScott Galloway58:22

       So just real quick, Debbie and I were the smartest kids in the third grade, and they used to send us to fifth grade for math and English.

   23. KSKara Swisher58:29

       (laughs)

   24. SGScott Galloway58:29

       And we used to hang out.

   25. SGScott’s old acquaintance (on-stage surprise guest)58:31

       We did, and I- I am thinking maybe you had a crush on me, and maybe- maybe I had a crush on you, but I am now on Kara's team.

   26. SGScott Galloway58:39

       (laughs)

   27. AFAudience Q&A asker (AI question fan)58:39

       (laughs)

   28. SGScott’s old acquaintance (on-stage surprise guest)58:39

       I bat for the other side. (laughs)

   29. AFAudience Q&A asker (AI question fan)58:44

       (applause)

   30. SGScott’s old acquaintance (on-stage surprise guest)58:45

       But I haven't seen you in 50 years. (laughs)

Episode duration: 1:11:53