What's Behind Trump's Epstein Files Reversal? | Pivot

1. 0:00 – 1:29

   Intro

   1. KSKara Swisher0:00

      It's sort of like the mobsters that turn on the top mobster at some point. You know, they always end up turning, all those people. (instrumental music) Hi, everyone. This is Pivot from New York Magazine and the Vox Media Podcast Network. I'm Kara Swisher.

   2. SGScott Galloway0:19

      And it is 5:14 AM here at the Beverly Hills Hotel in Los Angeles.

   3. KSKara Swisher0:25

      Oh.

   4. SGScott Galloway0:25

      And I had on my calendar-

   5. KSKara Swisher0:26

      Oh.

   6. SGScott Galloway0:26

      ... that it was supposed to be, we were supposed to be doing this at 7:00 AM, so.

   7. KSKara Swisher0:29

      Yeah.

   8. SGScott Galloway0:30

      If I'm even a little, even a little slower than usual, you'll have to forgive me.

   9. KSKara Swisher0:34

      No, I think you had a nice relaxing weekend after our... Do you miss me? First of all. That's the key question.

   10. SGScott Galloway0:39

       Uh, I don't miss you-

   11. KSKara Swisher0:40

       We were together.

   12. SGScott Galloway0:40

       ... but I'm not sick of you. I- I-

   13. KSKara Swisher0:42

       Yeah. Isn't that weird?

   14. SGScott Galloway0:42

       After being together for seven nights-

   15. KSKara Swisher0:44

       Wee.

   16. SGScott Galloway0:44

       ... and seven cities, I thought, I thought it was pretty, pretty seamless, pretty good.

   17. KSKara Swisher0:47

       I know, wasn't it?

   18. SGScott Galloway0:48

       Yeah.

   19. KSKara Swisher0:48

       I had- We had a good time. W- I had a good time.

   20. SGScott Galloway0:51

       What were your favorite parts?

   21. KSKara Swisher0:53

       Oh, wow. The- all of it. I have to say, everyone's like, "What's your favorite city?" I'm like, "I kinda liked all of them."

   22. SGScott Galloway0:58

       Hmm.

   23. KSKara Swisher0:58

       I didn't dis- I thought everyone was interesting that we had on stage. I don't think there was a dud amongst. Um, I thought they were, the crowds, uh, the fa- you know what my favorite part? The audiences.

   24. SGScott Galloway1:09

       Yeah.

   25. KSKara Swisher1:09

       I gotta say-

   26. SGScott Galloway1:10

       Yeah.

   27. KSKara Swisher1:10

       ... they were so enthusiastic. Anyway, we've got a lot to get to today, including Jeff Bezos's new AI startup and Peter Thiel's NVIDIA sell-off. This is real- a lot of people selling off. But first, President Trump is urging House Republicans to back the measure to release the Epstein files because, quote, "We have nothing to hide." The House is set to vote on it today.

2. 1:29 – 14:48

   Trump-MTG Breakup

   1. KSKara Swisher1:29

      Trump also continues to call congressman, um, Congresswoman, uh, Marjorie Taylor Greene a traitor. He announced late last week he was cutting ties with Greene, referring to her as a ranting lunatic. Greene says she's been contacted by multiple private security firms after receiving a hotbed of threats. She told CNN that she supports Trump and his administration but is not backing away from the Epstein files. Let's listen.

   2. NANarrator1:50

      Uh, I believe the country deserves transparency in these files. And I- I don't believe that, that rich, powerful people should be protected if they have, if they have done anything wrong. And, and so I'm standing with the women, and I will continue to do my small part to get the files released.

   3. KSKara Swisher2:11

      She also noted that she was sorry, uh, and it was- seemed sincere, uh, for being such a toxic force in political discourse, which was, uh, it was a, it was a flat-out apology, and it- well, well done. And I know a lot of people are like, "Let's not forgive her," but I feel like you, if you can't forgive the people who were saying they s- or sorry, uh, I don't know what you do. Um, Epstein survivors released a powerful PSA on Sunday holding up a picture of their younger selves-

   4. SGScott Galloway2:37

      Yeah, that's powerful.

   5. KSKara Swisher2:37

      ... from when they met Epstein. Very upsetting.

   6. SGScott Galloway2:40

      It's time to bring the secrets out of the shadows. It's time to shine a light into the darkness. (instrumental music)

   7. KSKara Swisher2:55

      They're encouraging House Republicans to vote to release the files, which it looks like it was gonna do. I think Trump, um, uh, did, did that because he knew he wasn't gonna win and then he could make an excuse. Either two things are going online, which is that he scrubbed the files, or two, that he's gonna say there's an investigation of Democrats going on in the files. So, um, so that they can't release them. In any case, he didn't wanna l- lose so explicitly. Also, the latest Epstein distraction. The Amelia Earhart records were just released. As actor Christopher Meloni put it, "Unless she went missing while on a flight to Epstein's island, no one gives a shit." I love that guy. So any thoughts on this? This is a really interesting and continually developing story.

   8. SGScott Galloway3:40

      I just don't have a feel- I just don't- what I've never understood is why we think, unless the files are s- part of some process where Trump appointees don't have access to them, I've always thought these things are gonna be altered. I don't-

   9. KSKara Swisher3:54

      Yeah.

   10. SGScott Galloway3:54

       This is a corrupt organi- you know, uh, his personal lawyer is head of the DOJ, and an individual who's a sycophant and a total incompetent and just an acolyte-

   11. KSKara Swisher4:05

       Mm-hmm.

   12. SGScott Galloway4:05

       ... is the head of the FBI. These people, at the end of the day, have, uh, ownership. I guess it's, is it because- why would we believe that these things won't be altered when they-

   13. KSKara Swisher4:18

       Well, 'cause that's a real, I mean-

   14. SGScott Galloway4:20

       A, a real crime.

   15. KSKara Swisher4:20

       ... think of, they have to at some point ... I, I think they have to be thinking their own skins in the very end. They're not gonna do anything for this guy. And it's sort of like the mobsters that turn on the top mobster at some point. You know, they always end up turning, all those people, if you've ever noticed.

   16. SGScott Galloway4:36

       Yeah. I don't- I- I- I just wouldn't put it past them. I think the crime here has been-

   17. KSKara Swisher4:40

       No, neither would I.

   18. SGScott Galloway4:41

       ... so brazen. Um, I- I- what- you know what? I'm ... There was a couple times on Bill Maher where I thought for the first time in my life on this show-

   19. KSKara Swisher4:51

       Mm-hmm.

   20. SGScott Galloway4:52

       ... you know, everything does not demand my judgment, and I-

   21. KSKara Swisher4:56

       Yeah.

   22. SGScott Galloway4:56

       ... had a couple, a co- a couple topics like on the penny and daylight savings time, I thought-

   23. KSKara Swisher5:00

       Yeah, you didn't. I liked that. But-

   24. SGScott Galloway5:01

       ... "I have no few and no reason to speak now."

   25. KSKara Swisher5:03

       Me- me neither one.

   26. SGScott Galloway5:04

       I feel like I'm l- I'm watching this, but I don't have a view on it all. The only thing I'll say is that, you know, Marjorie Taylor Greene-

   27. KSKara Swisher5:12

       Yeah.

   28. SGScott Galloway5:12

       ... is sort of what happens when CrossFit and a Facebook comment section have a baby, and then-

   29. KSKara Swisher5:17

       Ugh.

   30. SGScott Galloway5:17

       ... raise it on Monster Energy Drink.
3. 14:48 – 23:42

   GOP Floats Healthcare Plan

   1. KSKara Swisher14:48

      All right. Speaking of what Congress is up to, House Republicans are reportedly circulating a bill modeled on Trump's idea to lower healthcare costs, redirecting insurance subsidies directly to people's HSA accounts. They would be for Obamacare enrollees. Mark Cuban called this "really dumb," noting that when you send money to people's HSAs, there's no guaranteeing the money will be spent on healthcare costs.

   2. SGScott Galloway15:07

      Mm-hmm.

   3. KSKara Swisher15:07

      When they're used by insurance companies, they have to spend 85% on those costs.

   4. SGScott Galloway15:11

      That's right.

   5. KSKara Swisher15:12

      Um, everyone thinks this is, like, ridiculous and again, another bad move by Trump, I think. And, uh, he seems to be missing... He's usually politically so savvy, and this is just a dumb idea. So...

   6. SGScott Galloway15:24

      Yeah, look, uh, uh, I think it's time. The- If you were, if you were just to look at our deficit, it's $2 trillion a year. If you look-

   7. KSKara Swisher15:31

      Mm-hmm.

   8. SGScott Galloway15:31

      ... at what we spend on healthcare, 13,000 per capita per year versus 6,500 for the-

   9. KSKara Swisher15:35

      Yeah.

   10. SGScott Galloway15:35

       ... other six members of the G7-

   11. KSKara Swisher15:37

       Striking stat you used.

   12. SGScott Galloway15:38

       If we were able to actually leverage our scale and our innovation to provide healthcare at the same price as every other nation, that's literally the, the annual deficit.

   13. KSKara Swisher15:47

       Yeah.

   14. SGScott Galloway15:47

       That would be a $2 trillion savings.

   15. KSKara Swisher15:49

       Golden ticket.

   16. SGScott Galloway15:49

       You can't-

   17. KSKara Swisher15:50

       Yeah.

   18. SGScott Galloway15:51

       We're, we're gonna have a very difficult time ever getting serious about a deficit as long as we continue the regulatory capture. And I don't think there's-

   19. KSKara Swisher15:57

       Mm-hmm.

   20. SGScott Galloway15:57

       ... of healthcare. I don't think there's a- I, I literally don't think there's a way to fix or enhance or-

   21. KSKara Swisher16:03

       Your idea. Repeat your idea you repeated on stage several times. What- Explain your Medicare.

   22. SGScott Galloway16:07

       Well, if you look at healthcare in the United States, four out of five people are dissatisfied with it, and they spend-

   23. KSKara Swisher16:12

       Yeah.

   24. SGScott Galloway16:12

       ... $13,000 a year on it. And that's just-

   25. KSKara Swisher16:15

       Yeah.

   26. SGScott Galloway16:15

       There's no product in the world that is this expensive that has an 80% disapproval rate. And then you combine that with regulatory capture, where we'd monetize health. Healthcare isn't about health. It's about shareholder value, unfortunately. And we've ended up with the most capitalist healthcare system in the sense that if you're in the top 10% in the United States, it's the best healthcare in the world. The person who- That person in the top 1% lives 12 years longer than the person in the bottom 1%. We've monetized it. It's actually, for you and me, it's the best he- best healthcare system in the world. For everyone else, not so much.

   27. KSKara Swisher16:46

       It's still frustrating. It's still frustrating.

   28. SGScott Galloway16:48

       So I think this has to be like, really rip the Band-Aid off, and uh-

   29. KSKara Swisher16:52

       Yeah, I'd agree.

   30. SGScott Galloway16:52

       What I think, at the same time, Medicare, which is what, uh, seniors are eligible for, actually delivers pretty efficiently, and people are generally pretty happy with it. So my idea is to lower health- uh, Medicare eligibility by two years a year, uh, and then in ten years, where are you? You're at 45, uh, on up, is eligible for Medicare.
4. 23:42 – 24:15

   Thiel Sells Off Nvidia Stake

   1. KSKara Swisher23:43

      Scott, we're back. Peter Thiel's fund has sold off its entire stake in NVIDIA, elevating AI bubble fears. At the time of this taping early Monday morning, it looks like the markets are in for a muted open after a rocky week of tech stock sell-offs, quite a lot-... while we were away. The Nasdaq Composite ended last week down a half a percentage point, led by dips in Alphabet, Amazon, and Meta, even though Warren Buffett bought into, uh, Alphabet, uh, which, he never buys into tech. Any, uh, talk about this, this move? And, and let me just add this. Speaking of AI bubble fears, some recent reports are shedding more

5. 24:15 – 29:25

   OpenAI Finances

   1. KSKara Swisher24:15

      light on OpenAI's finances. This was jaw-dropping, I thought. Documents obtained by the Wall Street Journal show the company is burning through cash. I mean, it is a forest fire. Operating losses are projected to reach about three-quarters of annual revenues by 2028, mostly due to computing costs, of course, though the company expects to turn a profit by 2030. They say they are. OpenAI spent about 12 ... And they could. Look, this happened with other internet companies. OpenAI spent about $12 billion on inference, essentially computing costs, between 2024 and the third quarter of 2025, according to documents reviewed by tech blogger Ed Zittrain. Uh, the documents also show Microsoft's revenue share payments from OpenAI roughly doubling since last year. OpenAI has said these aren't accurate, I guess. Um, but they are having this ... We'll see when they have their IPO. Uh, Sam Altman recently said OpenAI's revenue is more than $13 billion a year. But these latest numbers don't seem to support that. Um, a- a- any, any thoughts on this stuff? I'm really interested in your take on, on the, the, the Thiel stuff combined with, um ... And of course, uh, s-, uh, uh, what's his name, uh, from Masa Son sold off one NVIDIA in order to get into OpenAI, but go ahead.

   2. SGScott Galloway25:27

      Well, I think you'd ... (sighs) I think most people, most market analysts would go, "Listen, this is just some pro- some profit-taking."

   3. KSKara Swisher25:34

      Yeah.

   4. SGScott Galloway25:34

      NVIDIA's up 38%. Even ... NVIDIA was down 8% last week, but it's up 38% for the year.

   5. KSKara Swisher25:39

      Yeah.

   6. SGScott Galloway25:39

      Microsoft down 1.3, up 22. META's flat, was down f- f- four and a half percent. It's only up 2% for the year. Amazon is up 7%, but it l- it gave back 8% last. Last week Alphabet was down 3%, but it's up 45%. And Apple-

   7. KSKara Swisher25:54

      Nice call. Nice call. (whispers) Nice call, Scott Keller.

   8. SGScott Galloway25:57

      Apple's up one, Apple's one point- up 1.2% last week and up 12% for the year. And the companies that, uh ... So Apple and Amazon are supposed to be most immune from the AI trade. They haven't gone all in. Uh, I, I personally, and again, this isn't financial advice, but I'm increasingly convinced that the string that gets pulled on that takes down (laughs) the global economy to recession levels, and it'll be no-, there'll be nowhere to hide, is the following. I think the quote-unquote trillion-dollar-plus commitments or framework that, uh, Sam Altman has made to try and convince everybody, "I know more than you, and this is so fucking huge, I need 60 nuclear power plants and 300 billion in compute from Oracle," I think a lot of that is marketing. And great, if the revenue is doubled at OpenAI, it means its stock is 80% overvalued, because built into that e- valuation of 40 times revenue is that this thing is quadrupling every 12 months, and will quadruple every f- twelve months for four years. And it's not. And the moment they announce ... I, again, I think this trade unwinds the following way. I think a traditional company, a PepsiCo, a Caterpillar, on an earnings call says, "Look, we are excited about AI. We do think it's, it's, it's gonna be a breakthrough, but we are scaling back our investment," and then a bunch of other traditional S&P 500 companies look at each other and make the same announcement, OpenAI has to ... You know, it becomes clear there's no fucking way OpenAI's gonna continue to be able to buy $300 billion, 100 billion in NVIDIA chips.

   9. KSKara Swisher27:25

      Mm-hmm.

   10. SGScott Galloway27:25

       And the thing that takes the market down, quite frankly, is NVIDIA, because with a $5 trillion market cap, if this thing gets cut in half and there's a two and a half trillion dollar destruction in the market, which will impact the top 10% of households who are now responsible for 50% of consumer spending-

   11. KSKara Swisher27:39

       Mm-hmm.

   12. SGScott Galloway27:40

       ... that's how the economy, like, literally starts to-

   13. KSKara Swisher27:42

       Yeah.

   14. SGScott Galloway27:42

       ... throw up and convulse.

   15. KSKara Swisher27:44

       Right.

   16. SGScott Galloway27:44

       And I think we're getting there. The narrative has gone from AI boom to AI bubble.

   17. KSKara Swisher27:49

       Right.

   18. SGScott Galloway27:49

       Now everyone ... Have you ... People don't realize 'cause it happens incremental, and you said something that always struck me, that humans adapt.

   19. KSKara Swisher27:55

       Hm.

   20. SGScott Galloway27:55

       People don't realize how much the narrative has changed around AI in the financial press just in the last 15 days.

   21. KSKara Swisher28:03

       Yeah. I would agree.

   22. SGScott Galloway28:03

       Everyone's talking about a bubble now.

   23. KSKara Swisher28:03

       Bubble ... They write a bubble story. I've read so many bubble stories, it's crazy. Uh, and of course, as you say, sometimes when that's the case, it doesn't happen, right?

   24. SGScott Galloway28:11

       Yeah.

   25. KSKara Swisher28:11

       It over- it over-indexes on that. I would say the Thiel thing, I don't think it's just profit-taking, although he's l- this guy is, has a, like a f- a tuning fork for money, right? He, he-

   26. SGScott Galloway28:22

       He's a very talented investor.

   27. KSKara Swisher28:22

       ... whether he co- figures out some weird tax plan that he never pays taxes again or some weird gap gains thing that he does, he's always up to some, like, amazingly ridiculous and greedy thing to do. But you know, that's him. He's a capitalist. He's gonna take advantage of every, uh, you know, nook and cranny of problems. Um, but it was interesting that it, it, it just, um ... They, they see things before people because they're in the middle of it and they can actually see the numbers. And anyone that can see the numbers, you have to pay attention to their moves, and it's not just a profit-taking, right? It's not just that. Um, I, I think, I think probably it's not, like, uh, you sort of feel like, remember Amazon was all, like, gonna be on the amazon.bomb, that kind of stuff, that-

   28. SGScott Galloway29:05

       Mm-hmm.

   29. KSKara Swisher29:06

       There was that narrative that went on, and then it wasn't. But this is so much bigger, like it's so big and it effects everything. And it was ... And there are already established industries and already established companies. These comp-, other companies, when they coughed, nobody cared. In this case, when they cough, everyone dies, essentially. Um, what's in- ... Here's

6. 29:25 – 40:54

   Bezos’s AI Startup

   1. KSKara Swisher29:25

      an interesting thing. Jeff Bezos is taking a larger role in the AI game. He's created a startup called Project Prometheus. Oh, it's so, oh, it's such a, uh, whatever, you know he's-

   2. SGScott Galloway29:34

      So macho, isn't it?

   3. KSKara Swisher29:34

      I know, right? (imitates horse neighing) Um, by the way, Prometheus did not have the greatest tail, Jeff, just so you know. Uh, for people who don't know, Prometheus gave, uh, humans fire, um, and he defied the gods for doing this, but as punishment for his actions, Zeus, uh, uh, condemned Prometheus to eternal torment, including, uh, an eagle ate his-... liver daily. So, good luck, Jeff. Um, and he'll be the co-CEO. The company is focusing on AI with real-world applications in aerospace, cars, and other fields. It makes sense. Project Prometheus has already raised $6.2 billion in funding. Um, I'm not sure what ... it's, it's probably making apps, right? I would assume, like, how you, how you would deploy it anywhere. Like, what, how, what's the use of AI? And I think people right now are mostly using it for search of, you know, sort of a, a more robust search or a more robust a- a- analytical thing. And so the question is, what ... w- how do you make it really seamlessly useful throughout, which is what you're talking about. What's the actual ROI on these things? So, I don't know. I don't know if you think of anything like that.

   4. SGScott Galloway30:38

      Yeah. Uh, the new, the, the thing that kind of ident- uh, marks the age a little bit is weapons of mass distraction, and that is ...

   5. KSKara Swisher30:44

      Right.

   6. SGScott Galloway30:45

      I think the-

   7. KSKara Swisher30:46

      Oh, yeah.

   8. SGScott Galloway30:46

      ... country is being-

   9. KSKara Swisher30:47

      Sure.

   10. SGScott Galloway30:47

       ... run by ... I think we're bombing fishing boats.

   11. KSKara Swisher30:50

       Right.

   12. SGScott Galloway30:50

       Which, A, no fentanyl comes out of Venezuela. They don't have any fentanyl production.

   13. KSKara Swisher30:53

       Yeah, not in fishing boats, that's for sure.

   14. SGScott Galloway30:55

       And then the, and then if these fishing boats were the distribution system or the transportation system for the drug trade, which by the way is not the way you go after the drug trade, the transportation system, they would ha- ... if they were in fact ferrying drugs or fentanyl, of which there's none in Venezuela, it's in Miami, these boats would need to make 20 stops to refuel, which is sort of logistically improbable, if not impossible. I believe we're bombing fishing boats because of a dead pedophile. I, I, the, I think they, every day d- as soon as Epstein creeps back into the news, they try and come up with something.

   15. KSKara Swisher31:29

       Yeah, you'll bomb something.

   16. SGScott Galloway31:29

       You know, whether it's this health account nonsense or an additional 100%-

   17. KSKara Swisher31:32

       Ehrhardt.

   18. SGScott Galloway31:32

       ... percent tariff on Lithuania to try and distract them. And then the other person that does this, I mean, the most powerful person in the world and the wealthiest man in the world are literally deploying all of their energy and firepower on distraction right now. And Musk-

   19. KSKara Swisher31:45

       Yeah.

   20. SGScott Galloway31:45

       ... is like, "Look at anything but the fact I have a car company trading at, you know, a revenue multiple that's never made sense for a car company. Oh, look over here, it's robots. Look over here, it's autonomous. Look over here"-

   21. KSKara Swisher31:57

       I would agree.

   22. SGScott Galloway31:58

       "... it's AI." Like, jazz hands on fucking meth-

   23. KSKara Swisher32:02

       Yeah. Yeah.

   24. SGScott Galloway32:03

       ... uh, because it's not ... if he just starts talking about Tesla as a car company and the metrics and what the plan is for this company that wraps steel around a motor, people are gonna wake up and go, "Oh. It's a car company," and take the stock down 80%.

   25. KSKara Swisher32:18

       It, it's also ... Can I, can I add something? It's more than that. It's also the idea that they can't shut up. I was just thinking this last night. I'm going on that, uh, the show, Jennifer, you know, those two ladies, I've, I've Had It Ladies? And I had to think of I've Had It. I have had it with them talking. Like, it's ... o- one o- ... when Bill Ackman was giving dating advice, I, you know, I was thinking like, I would call him a cheap-ass discount version of Scott Galloway. It was, first of all, stupid advice for men, young men. I- he's sort of moving into your space. I'd give him a smackeroo, Scott. But he's sort of copying-

   26. SGScott Galloway32:51

       Bill Ackman?

   27. KSKara Swisher32:51

       Yes. He put out this whole thing about, "Can I meet you?" You go up to a girl at a bar and you say, "Can I meet you?"

   28. SGScott Galloway32:58

       "Can I me- ... " You just did. You we- ... "Can I meet you?"

   29. KSKara Swisher33:01

       "Can I meet you?" That's his piece of vi- ... he, like, started giving dating advice.

   30. SGScott Galloway33:06

       Huh.
7. 40:54 – 47:42

   Bonds Up

   1. KSKara Swisher40:54

      bonds are having a moment. What's usually seen as a steady, predictable investment, uh, is having its best year since 2020. So far, the Bloomberg US Aggregate Bond Index has returned around 6.7% in 2025. And you know who's noticed? President Trump. He's bought at least $82 million in corporate municipal bonds since the end of the summer. According to ethics forms, we're talking about over 175 separate purchases here. And here's the interesting part. A bunch of these investments are in sectors that are so happy to benefit from his own policies. What a surprise. And by the way, I recommend watching Scott Pelley's piece on 60 Minutes about the Binance CEO pardon. It's not new reporting by any stretch of the imagination, but he brings it together nicely. Anyway, um, is there a smart move for non-presidents? Explain this for the people. Again, I shall not comment 'cause I don't know, but can I meet you? But go ahead, sorry. (laughs)

   2. SGScott Galloway41:44

      ... uh, it, like, it's just, it's been a bit of a flight to safety. Interest rates aren't ... They're historically not that high, but f- from terms of recent history, they feel fairly rich. And I think what's going on here is pretty basic, and that is a lot of investors feel the way I do, and that is, we have no idea where to invest or find value. It feels like, with gold up 55%, it's like, "Where do you go?" Like, where ... All the stock- stocks are overvalued. Even foreign markets are getting not frothy, but what feels like fully valued. And also, there's a lo- ... It feels like there's a lot of risk in the system. So if, if your return on bonds is fairly decent and ... Bonds are in the top of the cap structure, meaning that as long ... NVIDIA could, could get cut by 90%, but it would likely still be able to pay off its debt or its bonds. And so people generally think of bonds as being a safer instrument, and they're getting, uh, they're getting actually paid for the risk, most people would argue right now, because of the run-up in interest rates and inflation. So kind of a safe haven is like, people look at the market and go, "I don't know where ..." When the Dow is trading at a PE of 25 and the Russell 2000 at 34, with the median historical at 19 and 15 respectively, like, okay, uh, stocks are just too goddamn expensive. So there's been of a, just a bit of a flight into the bond market, which has rallied the bond market. It's, I think it's ... I don't think it's that bonds are such a great deal. I think it's a flight. I think it's a, quote-unquote, "risk-off strategy," and there's more, more money is just floating out of stocks into, uh, the bond market. I think it's a pretty basic kind of-

   3. KSKara Swisher43:19

      Right.

   4. SGScott Galloway43:19

      ... fear index. Like, people are-

   5. KSKara Swisher43:20

      What, what do you think about Trump moving into them?

   6. SGScott Galloway43:23

      You know, I don't-

   7. KSKara Swisher43:24

      More corruption? Or just-

   8. SGScott Galloway43:25

      I, I don't know what's going on there.

   9. KSKara Swisher43:26

      ... just planning?

   10. SGScott Galloway43:26

       I think what's gonna happen ... I think the biggest thing that's gonna happen in the debt markets is that-

   11. KSKara Swisher43:31

       Yeah.

   12. SGScott Galloway43:31

       ... essentially, America's a giant bet on AI, in terms of-

   13. KSKara Swisher43:35

       Right.

   14. SGScott Galloway43:35

       ... uh, uh ...

   15. KSKara Swisher43:35

       As you've noted, yeah.

   16. SGScott Galloway43:37

       E- e- e- everything is about AI now. If these companies get cut, I don't see any way that the global economy doesn't go into a recession, because now-

   17. KSKara Swisher43:45

       Yeah.

   18. SGScott Galloway43:46

       ... s- the S&P dominates global market cap, and, uh, these 10 companies are 40% of the S&P. So 20%-

   19. KSKara Swisher43:53

       Right.

   20. SGScott Galloway43:53

       ... of global market cap is in 10 companies.

   21. KSKara Swisher43:56

       Yeah.

   22. SGScott Galloway43:56

       But if you think about ... I'm, I mean, i- if this thing comes undone, it's just-

   23. KSKara Swisher44:02

       I know.

   24. SGScott Galloway44:02

       It's just so ... I don't ... I mean, it's just, uh, quite frankly, it's just kind of scary. I'm, I'm sitting here thinking, "Wow, how do I get out of the bonds?"

   25. KSKara Swisher44:09

       What are you gonna put your money in?

   26. SGScott Galloway44:11

       Like, where do I-

   27. KSKara Swisher44:11

       Are you gonna put gold up your ass? What are you doing?

   28. SGScott Galloway44:13

       Where do I ... You know, where do, where do I-

   29. KSKara Swisher44:15

       Gold up your ass. Okay.

   30. SGScott Galloway44:16

       Where do I put my money? It's, it's, it's-
8. 47:42 – 57:16

   Wins and Fails

   1. KSKara Swisher47:42

      fails. I think I will go first.

   2. SGScott Galloway47:44

      Go ahead.

   3. KSKara Swisher47:44

      Um, one thing that really irritates me... Now, I like Seth Meyers. Uh, I, I don't think he's my friend, but I l- I talk to him and he's a really terrific guy. Um, uh, the administration's war on late night continues. President Trump has called on NBC to fire Seth Meyers after the show featured multiple roasts at his expense. Seth is very funny. President said Meyers was suffering from TDS, or Trump derangement syndrome, and described his performance as uncontrollable rage. It's ridiculous. In a normal world, that's fine. He can complain about it. He's obsessed with late night. He's obviously up late, or something's happening by himself in his room with his clicker. Um, and in an, uh, uh, it, what really irritated me, once again, fucking FCC chair, uh, Brad- Brandon Carr sh- re-shared the post. Brandon, you suck-up toady. Do you understand the jig is frigging up for this guy at some point? And you are gonna go down hard. Hard, let me just say. Uh, he is, should not be sharing this post, um, about firing people when he got into trouble before saying, you know, "We're coming to get Jimmy Kimmel." Remember that?

   4. SGScott Galloway48:46

      Mm-hmm.

   5. KSKara Swisher48:46

      Where he had to take back? Um, I thought... I, I just... He is such a dumb fuck, I don't know what else to say. But Trump can yank... Uh, he, he hammers on about whoever, the, Marjorie Taylor Greene. I think he is putting her at risk, by the way. Um, and by the way, call out to Da- Dana Bash for pointing out, "Marjorie, you weren't concerned about this until it was directed at you." And, uh, Greene said, "That's a fair criticism, and you're right." Um, but, uh, but e- in this case, Brandon Carr is, continues to make the same stupid mistake 'cause he's not very smart. My win, SNL this week. Glen Powell was so s- spectacularly good on SNL.

   6. SGScott Galloway49:22

      Mm.

   7. KSKara Swisher49:22

      He was so good, he, he really fell into it really beautifully. He, he's, uh, I would, uh, I'm sh- he's shockingly, surprisingly funny, um, 'cause he's so handsome and he took off his shirt, of course. Um, but there was an SNL AI photo sketch that... It's not a new idea that a- AI photos are demented, sometimes can be demented, or videos that you make. That's been a trope for, you know, this AI slop thing, and weird photos with six hands. It was so funny. It, like, it, it was about a grandmother and their kids give them this a- AI photos that turn old photos into AI photos and they come alive. It was so funny. I recommend everybody see it. It l- it just really encapsulated like how fucking ridiculous these AI photo enhancements are. And I just thank Glen Powell. Kudos.

   8. SGScott Galloway50:12

      So my win is Tom Cruise received his first Oscar. I was-

   9. KSKara Swisher50:16

      Yeah.

   10. SGScott Galloway50:16

       ... here in LA and I kept seeing all them, uh... I kept seeing all these stars at the hotel. And I guess last night was the Governor's Award or something? Or I-

   11. KSKara Swisher50:24

       Governor's Awards, yep. Mm-hmm.

   12. SGScott Galloway50:25

       And Tom Cruise was given an honorary Oscar for his-

   13. KSKara Swisher50:28

       Deserved.

   14. SGScott Galloway50:28

       ... you know, contribution to the, to the medium. But just... I've always thought that Tom Cruise and Brad Pitt, and I think the same is actually true of Channing Tatum, he's in this cool movie called Roof Man. But I think these guys are so good-looking that it actually diminishes their, the perception of just what fantastic actors they are.

   15. KSKara Swisher50:47

       Is that what happens to you?

   16. SGScott Galloway50:48

       That does happen to me. Me and-

   17. KSKara Swisher50:49

       Yeah.

   18. SGScott Galloway50:50

       Me and Bill Ackman.

   19. KSKara Swisher50:50

       People don't appreciate-

   20. SGScott Galloway50:52

       Um, uh, but just-

   21. KSKara Swisher50:53

       Fuck an Ackman.

   22. SGScott Galloway50:54

       ... just some of the movies, his body of work. Obviously the Mission: Impossible and Top Gun-

   23. KSKara Swisher50:58

       I agree.

   24. SGScott Galloway50:58

       ... franchises. But he, people forget he was in Risky Business when he was a, you know, I think he was-

   25. KSKara Swisher51:03

       Yep.

   26. SGScott Galloway51:03

       ... a teenager. Edge of Tomorrow, Minority Report, Rain Man.

   27. KSKara Swisher51:08

       Great. Mm-hmm.

   28. SGScott Galloway51:08

       The Color of-

   29. KSKara Swisher51:09

       Yeah.

   30. SGScott Galloway51:09

       ... Money where Paul Newman finally got the c- uh, an Oscar. Collateral, A Few Good Men, Jerry Maguire.

Episode duration: 57:16