00:30:13 · Scott Galloway, Ed Elson
[00:30:13] S0: The threat is governors more than Congress. Right? It's that a lot of these governors ran against a very kind of anti AI positioning, and now that they've been elected, they've got a, you know, at least at least dance to the music, if you will, or or stay somewhat true. Chip and memory stocks... So the notes here, the election was the match, not the kindling. Chip and memory stocks had already lost about 4,000,000,000,000 since October 6, and it looks like it looks like Qualcomm and ARM added to the pain, and the semis are still about... You know, they're still up about 30% this year. [00:30:48] S3: Yeah. That's the other thing. Who cares? You're fine. The stock market's up eight and a half percent. I mean, it's crisis on Wall Street as we go from 9% year to date returns to eight and a half percent. Like, I'm okay with that. That's fine.
00:30:48 · Ed Elson, Scott Galloway
[00:30:48] S3: Yeah. That's the other thing. Who cares? You're fine. The stock market's up eight and a half percent. I mean, it's crisis on Wall Street as we go from 9% year to date returns to eight and a half percent. Like, I'm okay with that. That's fine. [00:31:02] S0: Another kind of simple way if we're trying to be reductive here is investors are separated the companies who are buying compute from those who sell it. And the ones that sell it got hit hard, and the ones that buy it seem to be fine. And that it's an AI break, a market break. And JPMorgan says 41 AI linked names are about 49% of the S and P above nineteen twenty nine and two thousand peaks. So this just might be the market's way of saying the concentration risk is scary, we're gonna unconcentrate it, if you will. So the S and P 500 is 500 stocks, but it's basically one bet right now. And AI infrastructure spending is expected to top a trillion dollars. And so if the music stops, it's not that the party ended. It's that the it's that the neighbors called the cops. Right? And the question is, once the cops leave, does does the music start again? [00:31:57] S3: We'll be right back after the break. And if you're enjoying the show so far, send it to a friend, and please follow us on YouTube, Spotify, or wherever you get your podcasts.
00:31:57 · Ed Elson, S5, Scott Galloway
[00:31:57] S3: We'll be right back after the break. And if you're enjoying the show so far, send it to a friend, and please follow us on YouTube, Spotify, or wherever you get your podcasts. Ad[00:32:13] S5: Support for the show comes from Z Biotics. The shorter months are upon us, which means even more evening outings and events. For some of us, that involves having a nice drink in hand. If that's your plan this holiday season, then let me tell you about Pre Alcohol by ZBiotics. ZBiotics' pre alcohol probiotic drink is the world's first genetically engineered probiotic. It was engineered by PhD microbiologists to break down acetaldehyde, an unwanted byproduct of alcohol metabolism. Make pre alcohol your first drink of the night, drink responsibly, and enjoy your next day activities. ZBiotics has sold more than 15,000,000 bottles and earned the trust of thousands, including us. So I was using ZBiotics before they became an advertiser. I'm trying to drink less as I Ad[00:32:53] S0: get older, but when I
00:32:54 · S5
Ad[00:32:54] S5: do go out and plan to drink, I do a shot of ZBiotics first. And I find that it takes about 30, 40% of the away the next morning, which is worth it for me. The holiday season is officially here, and if you're anything like me, your social calendar is filling up fast. From Friendsgiving with friends to the turkey trot the next morning, these are the moments you don't wanna miss. That's why I make Zbiotics pre alcohol part of my routine before drinking because the best part of the holidays is being present for all of it. Try Zbiotics pre alcohol for yourself. And if you're not satisfied, they'll refund your entire order. No questions asked. Head to zbiotics.com/profg and use the code prof g for 15% off your first order. Support for the show comes from Framer. If your team wants a website that looks and feels handcrafted but is still fast to ship, Framer is built exactly for that. Framer is the AI website builder that helps creators, teams, and businesses ship production ready sites faster than ever while getting every detail right. Prompt, inspect, edit, and publish in one place at a whole new pace. Agents solve the gap between AI generated ideas and production ready website work. The agent works in the same place where the real site is designed, managed, reviewed, and published. It lands on the canvas, stays editable, and can be published when the team is ready. Here's everything that can happen when your team and agents collaborate. You can build custom code components, create a managed CMS content, optimize SEO settings, audit for issues, and ship everything all in one place. Learn how you can get more out of your site from a Framer specialist or get started building for free today at framer.com/markets for 30% off a Framer Pro annual plan. That's framer.com/markets. Rules and restrictions may apply.
00:34:35 · S2, Ed Elson
Ad[00:34:35] S2: This episode is brought to you by Google Chrome. You think you know a browser, but Gemini Chrome? That's new. They can help you with practically anything on the web, like restoring a vintage motorcycle from a 50 page restoration block or finally break down that long article you've had open for weeks. Gemini and Chrome is here for it. Ready to make anything online make sense? There's no place like Chrome. Check responses, setup required, compatibility, and availability varies 18 plus. [00:35:04] S3: We're back with Prof G Markets. What should the Democrats do? Because this is gonna be the defining question over the next several years. And... I mean, the American people have spoken. We don't like data centers. At the same time, we also know that we're technically in a race with China. It would be getting in the way of progress, technological progress. It's just a fact to slow them down or to obstruct them. That's the truth. But the American people don't want it. So what do you do?
00:35:37 · Scott Galloway
[00:35:37] S0: I spent this morning talking to someone who reaches out to me for advice, which is their way of saying, give me money because I wanna run for president. And look, my thought is the following. So first off, the two groups that swung or swung hardest from red to blue, Hispanics and young men. There was a 38... I mean, every group broke to blue, but it was 8% for certain non white communities. It was like 12% for women. I mean, was just really big numbers. Nothing matched how young men broke from red to blue. 38% swing. And the thing about young men, and the second biggest swing was Hispanics. And, essentially, those two groups, they're not triggered by territorial sovereignty in Ukraine or whether or not to have a third bathroom. By the mind, they don't mind a third bathroom. They just don't care about it. They're not they're not animated by this stuff. They're not as big on social issues or foreign policy. Young men primarily vote based on who they think is going to offer them more prosperity and the ability to develop the economic security to start a family. And they're swingers. They'll go one way or the other. And my fear is that the Democrats are going to think they have a mortgage when they just have a renter right now, that they're in a relationship, they're not, they're just dating. Those swingers could easily swing back in twenty four months. So how do we turn it? How do we put a ring on it and maintain the momentum and hold on to those people going into '28? And I think it's the following. I think the Democratic Party needs to move from the party of indignance and obstruction to ideas and growth. I believe it would be terrible for... So for example, people are talking about the new, you know, oh, watch out SpaceX. Right? It's in Texas, and now it's all blue. They would be stupid to do anything to try and be punitive around space. They need growth. And by the way, there's a ton of states and countries that would love to have Space X. Right?