The Information's TITV
00:22:29 · Akash Pasricha
[00:22:29] S0: Right. Hey, I want to ask you, you know, last night, the posts on Twitter were really funny last night. There were a lot of jokes on tech Twitter. You know, I think the one that I liked was it's time for all the defense investors to pivot back to clean tech or something like that. I just wanted to ask if you think there will be any kind of transition in the way that Silicon Valley talks about these these issues? You've you've seen the pendulum swing many So what are you forecasting here in that way?
00:23:05 · Bradley Tusk
[00:23:05] S2: I think that when you live your life in a way where all of your decisions are about maximizing your wealth and status at the expense of anything else in your life or anyone else's well-being, that ultimately always comes back to haunting you. And I think that the people who threw in hard with Trump, most of them weren't doing it because ideologically they believed in specific policies because Trump doesn't believe in any policies. They did it because they said, if I back this guy who is so transactional and work with him in the right ways, I can get a lot of benefits for myself and make more money. That's kleptocracy, right? That's what the Soviet Union turned into, and that's why it fell eventually. And so that never lasts, whether it's because of a revolution or in this country because of elections. And so I think the people who made that choice, are in for a reckoning. And I think that for startups who are engaged, you know, with that crowd, there probably will be retribution when Democrats come in 2028. There should not be. But I think that, you know, if I were a startup and I was associated with Trump really heavily, I would worry that Washington, you know, when things flip, will be gone if.
00:24:18 · Akash Pasricha, Bradley Tusk
[00:24:18] S0: And before I let you go, I mean, so you you mentioned prediction markets, and that was the other thing people were watching last night. Do... How... What what are your observations about how people were talking about predictions markets last night? I mean, I saw a tweet saying, oh, tonight is a huge win for prediction markets. Think it's quite funny that... [00:24:38] S2: Just because of all the volume and the attention [00:24:40] S0: Yeah. That they Well, even... I think the thing they were pointing to is that... Which I thought was a little bit silly, was the idea that the prediction markets would forecast a race much earlier than, say, you know, news publications would Yeah. Based on the Which is... [00:24:56] S2: They can't [00:24:57] S0: They're do not counting the votes. It's just predictions Right. At the end
00:25:01 · Bradley Tusk
[00:25:01] S2: That doesn't make sense. But I will say, as someone who likes to call myself a political professional, I have come to find that prediction market data is often more useful in assessing a race than polling data, right? Because for a poll, it's a limited sample. You're asking someone, not do you think what will happen, but how do you as one individual feel about something? And the methodology is usually pretty screwed up. Getting people on the phone is hard. Online samples are confusing. Whereas prediction markets, much bigger samples. People are saying what they think will happen based on talking to their friends, their neighbors, looking at other data, whatever else. And, you know, it's just a lot cleaner in many ways actually than than the way a poll is conducted. And so I I do think that the prediction markets were pretty on point for most of what I've been looking at and compared to how the outcomes were. I mean, there were still things that I think people were... Like the Texas, you know, governor's race, I think Abbott was still ahead in the prediction markets heading into last night. But overall, I think prediction markets are very much a force. And I think in the twenty twenty eight presidential race, people are going to spend a lot of time looking at those before deciding, these are more institutional players, who to endorse, major donors, you know, advocacy groups, things like that. And so they did win that way, but I do think that legislation, to regulate them will certainly come out of a Democratic Congress, and
00:26:24 · Mahdi Yahya, Akash Pasricha, CJ Muse
[00:26:24] S3: we'll see what Trump does. [00:26:26] S0: Great. Bradley, want thank you for coming on. As always, that is Bradley Tusk, CEO and founder of Tusk Ventures here on TITV. Stocks are getting a boost following Democrat victories last night in the midterms, but investors remain on edge about the AI trade as tech giants pour billions into infrastructure. AMD's latest earnings offered a bit of a bright spot amid those concerns. Joining me now to discuss the markets and outlook for AI chips is CJ Muse, senior managing director and semiconductor analyst at Cantor Fitzgerald. CJ, welcome to the show. It's great to have you here. [00:26:59] S4: Yeah. Thanks for having me. [00:27:01] S0: Okay. So we're going to get to AMD in a second here, but very quickly, I mean, the market is kind of a bit bifurcated this morning in tech. You've got the hyperscalers are up, the core weaves are down, Oracle's flat. What do you make of this result broadly speaking?
00:27:01 · Akash Pasricha, CJ Muse
[00:27:01] S0: Okay. So we're going to get to AMD in a second here, but very quickly, I mean, the market is kind of a bit bifurcated this morning in tech. You've got the hyperscalers are up, the core weaves are down, Oracle's flat. What do you make of this result broadly speaking? [00:27:17] S4: Yeah. No, I think it's a flight to quality. So I think recurring revenues at the hyperscalers is attractive. I think there's a vision that if data center builds are canceled, that would be a net positive for the hyperscalers in terms of their free cash flow generation. And on the other hand, I think the view is that the amount of data centers approved within The United States is lower. Can debate to what degree. And in that sense, I think that that benefits the lead steer. So I'd kind of put Nvidia in that spot. And at the same time, it begs the question as to what the growth rate will look like for some of the neo clouds who are really requiring that build out to drive their EBITDA. [00:28:08] S0: Yeah. So what do you think happens to CapEx plans then? [00:28:13] S4: Do you [00:28:13] S0: think they change?