Prof G Markets
Prof G Markets is your daily briefing on the news moving markets — from earnings and geopolitics, to Big Tech and AI. Hosted by Scott Galloway and Ed Elson, we cut through the noise with no-BS analysis. Tune in to understand what's happening, why it matters, and how to stay ahead. Fast takes. Clear insights. No jargon — just signal. Have a question or comment for us? Reach out to [email protected]. Part of the Vox Media Podcast Network.
Anthropic's Q3 Results Are In — The Costs Are Exploding
Ed Elson is joined by John Foley to break down Anthropic’s amended S-1 and whether investors should be paying attention to the company’s potential credit rating. Then Deirdre Bosa returns to explain why the Nasdaq just entered correction territory and what the sentiment is like in San Francisco. Finally, Mark Zandi joins to assess the state of the economy ahead of the midterms.
John Foley is the Head of the Lex column at the Financial Times. Deirdre Bosa is the Founder & Host of Deirdre Bosa Live. Mark Zandi is the Chief Economist at Moody's Analytics.
The Stock Market Is Already Pricing In A Democratic Sweep
Scott Galloway and Ed Elson discuss how voters have been affected by the Trump administration’s economic policies and what that could mean for the midterm elections. Then, they break down the latest Big Tech earnings, including whether Google is a buy, why Scott continues to be impressed by Apple’s decision to stay out of the AI arms race, and why Ed thinks investors are right to focus on capital expenditures and financial discipline. Finally, they discuss Instagram Features, why it could spell trouble for Netflix, and how the streaming giant should respond.
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The American Startup Taking On China’s AI Models
Ed Elson sits down with Misha Laskin, co-founder and CEO of Reflection, to discuss what drew him to AI, what inspired him to start the company, and the key differences between open and closed-source models. They also explore how Reflection plans to build a sustainable business, why he sees open-source models as a gift regardless of where they come from, and why he believes the company could play an important role in America’s AI future.
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The Democrats Will Sweep The Midterms — Here’s Why
In this episode of Ed Elson’s newsletter, Simply Put, Ed unpacks why he thinks the Republicans are headed for a historic loss at the midterms.
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Josh Brown: If This Is A Bubble, It’s Pathetic
Ed Elson and Scott Galloway are joined by Josh Brown to break down Anthropic’s S-1, including why its revenue growth stood out to him and why he doesn’t think the company has much of a moat. He also shares his prediction for the IPO and why he thinks the company has timed its public debut well. Plus, he weighs in on Netflix and what he believes is the company’s biggest problem.
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Microsoft Rises, Google Tanks: Why Investors Are Polarized On Big Tech
Ed Elson is joined by Gil Luria to break down Microsoft and Google’s latest earnings, including Microsoft’s AI spending plans and why Google’s results disappointed investors. Then, Michael Gapen returns to explain why the Federal Reserve held interest rates steady and whether political pressure played a role in the decision. Finally, Ed shares his take on Microsoft’s voluntary buyout program.
Gil Luria is the Head of Technology Research at D.A. Davidson. Michael Gapen is the Chief U.S. economist at Morgan Stanley.
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Why Steve Eisman Isn't Buying Anthropic's IPO
Ed Elson is joined by Steve Eisman to get his takeaways from Anthropic’s S-1, including what data points he thinks investors should focus on and what he makes of the company’s corporate governance structure. Then, Prof G Media’s own Dan Chiolan joins to break down the winners and losers in the autonomous vehicle race. Finally, Ed explains why he thinks the Anthropic IPO is misunderstood.
Steve Eisman is the legendary Big Short investor and Host of the Real Eisman Playbook. Dan Chiolan is a research associate at Prof G Media. To watch a replay of Dan’...
The $800 Billion Catch Behind Anthropic's IPO
Ed Elson is joined by Paul Kedrosky to unpack Anthropic’s S-1, including the red flags in the filing and what investors might be overlooking. Then, Robert Armstrong returns to break down why he thinks winter is coming for the stock market and what could trigger a correction.
Paul Kedrosky is a Managing Partner at SK Ventures. Robert Armstrong is the US financial commentator for the Financial Times, and author of the Unhedged newsletter.
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...The $3.5T Bailout: Elon's Plan To Merge Tesla And SpaceX
Scott Galloway and Ed Elson break down why Elon Musk is considering a merger between SpaceX and Tesla, what a deal could look like, and the hurdles it would face. Scott also explains the existential threat he believes both companies are up against. Then, they examine the growing challenges facing the AI buildout, including why some chips are sitting idle in warehouses and whether investors have priced in the risks.
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The AI Bubble Isn't Where You Think It Is
In this episode of Ed Elson’s newsletter, Simply Put, Ed unpacks why the real AI bubble hasn’t actually hit the public markets — yet.
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Meet The Millionaire Class That Really Runs America
Ed Elson is joined by Owen Zidar and Eric Zwick to unpack their research on the “Everywhere Millionaire”. They explain how pass-through businesses work, why the tax code disproportionately benefits their owners, and how policymakers could close some of these loopholes. They also explore how AI is changing entrepreneurship in America and what it all means for the future of the American dream.
Owen Zidar is a Professor of Economics and Public Affairs at Princeton University. Eric Zwick is the Joel F. Gemunder Professor of Economics and Finance at the University of Chicago Booth School of Business. Thei...
Why Elon Might Merge Tesla And SpaceX
Ed Elson is joined by Karim Bousta to give his takeaways from Tesla’s earnings and what he makes of the news that SpaceX and Tesla might merge. Then, Mark Mahaney returns to break down Meta’s earnings. Finally, Ed explains why he’s bearish on Netflix.
Karim Bousta is the Co-Founder and Managing Partner at DVx Ventures and former Vice President at both Tesla and Lyft. Mark Mahaney is the senior managing director at Evercore.
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Is Nvidia Selling More Chips Than Anyone Can Use?
Ed Elson is joined by Ed Zitron to break down why AI chips are sitting in warehouses and why it could be a huge problem for the AI industry. Then, Nicolas Owens joins to give his takeaways from SpaceX’s earnings. Later, Thierry Wizman joins to unpack the fiscal crisis unfolding in France and whether he thinks the U.S. could follow in its footsteps. Finally, Ed shares his gratitude to the audience for voting at the Signal Awards.
Ed Zitron is the CEO of EZ Primary Research and author of the Where’s Your Ed At newsl...
Why The Tech Selloff Just Reversed Course
Ed Elson is joined by John Mowrey to break down why tech stocks rallied yesterday and where he still sees opportunities in the market. Then, Aaron Parnas joins to unpack why investors are convinced the Democrats will sweep the midterms and whether or not he thinks they actually will. Finally, Ed shares his take on You Can See Everything, Nathan Fielder’s documentary about Elizabeth Holmes.
John Mowrey is the Chief Investment Officer at NFJ Investment Group. Aaron Parnas is the author of The Parnas Perspective Substack and co-host of Raging Perspectives.
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Why The Stock Market Is Booming — But Your Paycheck Isn't
Scott Galloway and Ed Elson break down the latest inflation report, explaining why they think the consumer spending data may be misleading and why real wage growth is the economic indicator that matters most. Then, they examine the latest moves in AI stocks and Anthropic’s financials, including the growing divide between public and private markets. Finally, they discuss Bumble’s reported move toward going private and whether the struggles of dating apps point to a broader shift toward in-person socializing.
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How The Children Of Billionaires Took Over America
In this episode of Ed Elson’s newsletter, Simply Put, Ed unpacks how America gave rise to a new ruling class: the inheritocracy. He breaks down the economic stakes of inherited wealth, and how it could transform society as we know it.
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Will The AI Boom End Like The Railroad Crash Of 1873? — ft. Liaquat Ahamed
Ed Elson is joined by Liaquat Ahamed to examine the railroad bubble of 1873 and why he sees parallels with today’s data center buildout. They discuss the lessons history offers, why overbuilding remains a recurring problem, the warning signs he sees in today’s AI boom, what AI executives should learn from the past, and where he thinks we are in the cycle today.
Liaquat Ahamed is a financial historian, with degrees in economics from both Harvard and Cambridge universities and over two decades of professional experience as an investment manager. His new book, 1873: The Rothschilds, the Firs...
CoreWeave Is Imploding — And Taking AI Stocks Down With It
Ed Elson is joined by Paul Kedrosky to break down CoreWeave’s debt crisis and whether it signals a broader problem for the industry. Then, Mark Zandi returns to unpack the latest inflation reading from the Consumer Price Index and what recent consumer spending data reveals about the state of the economy. Finally, Ed shares his take on a report that CFTC investigators were ordered to halt their analysis of potential insider trading involving the President.
Paul Kedrosky is a Managing Partner at SK Ventures. Mark Zandi is the Chief Economist at Moody’s Analytics.
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Elon Musk Spent $366M On The Midterms — Will It Work?
Ed Elson is joined by Bradley Tusk to break down how Elon Musk is funding the midterms, whether that investment will pay off, and how he sees the elections playing out. Then, Gil Luria joins to unpack the sell-off in chip stocks and what he makes of valuations in the sector. Finally, Ed shares his take on Kimberly Guilfoyle’s resignation.
Bradley Tusk is a venture capitalist, political strategist, and writer. Gil Luria is the Head of Technology Research at D.A. Davidson.
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Has Nvidia Become Too Big To Fail?
Ed Elson is joined by Liz Hoffman to break down Nvidia’s AI holding company strategy and why she thinks it has become too essential to fail. Then, James Taylor joins to unpack why he thinks this will be the most important earnings season of the year. Finally, Ed shares his take on President Trump’s deal with Putin.
Liz Hoffman is the Business editor at Semafor. James Taylor is the Managing Director of Investments at The Taylor Group from Wells Fargo Advisors.
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How Fraud Became A Winning Strategy
In this episode of Ed Elson’s newsletter, Simply Put, Ed unpacks the rise of fraud, tracing its impact from Manchester City to the startup world, all the way to the President of the United States.
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Cal Newport: The AI Industry Is Betting On The Wrong Kind Of AI
Ed Elson is joined by Cal Newport to discuss AI’s impact on children and mental health and how AI companies are addressing these risks. They also explore what AI “gone right” would look like, whether large language models are the future of the industry, and what role the government should play in regulating the technology.
Cal Newport is a Professor of Computer Science at Georgetown University and New York Times bestselling author of eight books.
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SpaceX Raised $111B — It Already Needs More
Ed Elson is joined by John Foley to unpack why SpaceX is looking to borrow $40 billion, what’s driving its stock, and whether he thinks the current price is justified. Then, Ronan Farrow returns to break down the rise of the annoyance economy and the legislation aimed at combating it. Finally, Ed shares his take on OpenAI’s reported breakthrough in solving some of the world’s most difficult math problems.
John Foley is the head of the Lex Column at the Financial Times. Ronan Farrow is a Pulitzer-winning journalist at the New Yorker.
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Why The S&P Just Hit A Record High — Despite Soaring Yields
Ed Elson is joined by John Mowrey to unpack the market’s current dynamics and where he thinks stocks are headed next after notching fresh records. Then, Robert Armstrong returns to break down the state of the housing market, what it will take for conditions to improve, and whether now is the right time to buy a home. Finally, Ed shares his take on the closed Paramount and Warner Bros. Discovery deal.
John Mowrey is the Chief Investment Officer at NFJ Investment Group. Robert Armstrong is the U.S. financial commentator for the Financial Times and author of...
Brazil’s Far-Right Is Surging — Investors Love It
Ed Elson is joined by Monica de Bolle to unpack her takeaways from the Brazil election results, how the market reacted, and why the runoff could mark a major turning point for the country. Then, Kathryn Anne Edwards returns to break down the September jobs report and the warning signs she sees in the data. Finally, Ed shares his take on the SEC’s decision to change its quorum law.
Monica de Bolle is a Senior Fellow at the Peterson Institute for International Economics. Kathryn Anne Edwards is a labor economist and host of the Optimist Economy Po...
5 Stocks Are Carrying The Market — Here's How To Protect Yourself
Scott Galloway and Ed Elson break down the biggest takeaways from Anthropic’s financials and explain why the company’s customer concentration is raising concerns. Then, they examine the state of the IPO market and make the case for why now could be the time to buy bonds. Finally, they discuss the changes John Ternus is making at Apple and debate whether the company’s new smart home hub will be a success.
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This EU Firm Made Billions Buying Up Forgotten Tech
Ed Elson sits down with Luca Ferrari, co-founder and CEO of Bending Spoons, to discuss the company’s origin story, what sets its acquisition model apart from private equity, and how it decides which companies to buy. They also discuss the role of headcount reduction in Bending Spoons’ strategy, what it’s like to build a company in Europe, and how the company uses AI to transform the businesses it acquires.
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How America Got Hooked On Sports Betting
In this debut episode of Ed Elson’s newsletter, Simply Put, Ed breaks down how the sports betting economy captured America.
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Steve Eisman: One Company Could Break The AI Boom
Ed Elson is joined by Steve Eisman to discuss why he thinks Anthropic and OpenAI are manufacturing a crisis. Steve explains why he wouldn’t invest in the Anthropic IPO and what he’ll be looking for when the S-1 finally drops. He also breaks down why he thinks high yields could result in a market correction, which company he is shorting, and what his investment strategy currently looks like.
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The FTC Is Investigating OpenAI — Here’s Why
Ed Elson is joined by Madison Mills to discuss the FTC’s investigation into OpenAI and Anthropic. She also breaks down her reporting on the agentic security breaches involving the companies. Then, Justin Wolfers returns to unpack the latest inflation report and explain what the bond market is signaling about the health of the economy. Finally, Ed shares his take on President Trump’s meeting with AI leaders.
Madison Mills is a senior AI reporter at Axios. Justin Wolfers is a Professor of Public Policy and Economics at the University of Michigan and the founder of Platypus Econ...
Anthropic’s Financials Revealed — The Losses Are Stunning
Ed Elson is joined by Paul Kedrosky to break down the biggest takeaways from Anthropic’s S-1. Then, Jay Ritter joins the show to discuss why Oura delayed its IPO and what the decision says about the broader IPO market. Finally, Ed shares his take on the news that Manchester City was found guilty of financial violations.
Paul Kedrosky is the Managing Partner at SK Ventures. Jay Ritter is the Director of The IPO Initiative at the University of Florida.
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Wall Street Veteran: The Bond Sell-Off Is A Buying Opportunity
Ed Elson is joined by Michael Green to discuss what the bond market is telling us as yields march ever higher. Then, Gil Luria returns to break down what Nvidia’s record stock buyback means for investors and what he makes of the company’s valuation. Finally, Ed gives his take on the next phase of the AI safety debate.
Michael Green is the CEO and CIO of Tier1 Alpha Asset Management. Gil Luria is the Head of Technology Research at D.A. Davidson.
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Investors Are Turning Against Data Centers (Here's Why)
Scott Galloway and Ed Elson break down why the data center buildout is making Wall Street increasingly anxious and examine some of the risks facing the industry. Then, they turn to Netflix’s struggles this year, with Scott explaining why he remains bullish on the stock despite its recent decline. Finally, they discuss Oura’s upcoming IPO, the concerns surrounding the company, and whether they’d want to get in on the offering.
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How To Actually Regulate AI — ft. Alex Bores
Ed Elson and Scott Galloway are joined by Alex Bores to discuss what the path toward AI regulation could look like and the specific actions he believes are needed to reduce the potential catastrophic risks posed by AI. He also explains who should be held accountable, explores the role of third-party audits in regulating AI, addresses the data center concerns he believes policymakers should prioritize, and weighs in on which states are taking the right approach to AI regulation.
Alex Bores is the co-founder of Who Decides, a new organization working to give the public a voice...
Bonds Are Going Haywire Again — Howard Marks Explains Why
Ed Elson is joined by Howard Marks to break down what’s happening with the bond market and how investors should act accordingly. Then, Daniel Baer joins to discuss the biggest takeaways from the UN General Assembly so far and where the relationship between the U.S. and Iran stands. Finally, Ed gives his take on an AI data center provider delaying its IPO.
Howard Marks is the co-founder and co-chairman of Oaktree Capital Management. Daniel Baer is the former U.S. Ambassador to the Organization for Security and Cooperation in Europe and the Interim President of th...
Oil Expert: We Can’t Predict Iran Anymore
Ed Elson is joined by Matt Smith to break down how Trump’s latest threats are driving oil prices and where he thinks they’re headed next. Then, Jonathan Cohen returns to discuss the state of the sports betting market and what the regulatory landscape could look like going forward. Finally, Ed explains why he thinks the AI debate is the dumbest conversation of the year.
Matt Smith is the Director of Commodity Research at Kpler. Jonathan Cohen is the Policy Lead at the Institute for Boys and Men and author of Losing Big: America’s Reckless Bet on...
David Ellison’s Media Takeover Just Got Greenlit
Ed Elson is joined by Rohan Goswami to break down Paramount’s latest victory in the battle for Warner Bros. Discovery and what happens next in the merger. Then, Conor Sen joins to explain how higher interest rates have reshaped the housing market and what he would recommend to someone looking to buy a house right now. Finally, Ed shares his thoughts on Amazon’s decision to ban Meta’s new AI agent, Muse.
Rohan Goswami is a business reporter at Semafor. Conor Sen is the founder and CEO of Peachtree Creek Investments and author of the Housin...
How Meta Could Quietly Win The AI Race
Scott Galloway and Ed Elson discuss why the Federal Reserve raised interest rates and why they think Kevin Warsh made the right call. Then, they break down Meta’s new AI product and why they see it as a smart move for the company. Finally, they examine what Canada becoming an associate member of the European Union could mean for the United States.
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He Warned AI Could Destroy Us. Now The Industry Is Listening — ft. Nick Bostrom
Ed Elson is joined by Nick Bostrom to discuss the existential risks of AI. Bostrom explains why he believes the concerns raised by AI researchers are genuine and how he assesses the probability of catastrophic outcomes. He also shares his thoughts on the rapid advancement of AI capabilities, what a world with superintelligence could look like, and some of the best-and worst-case scenarios for the future of the technology.
Nick Bostrom is an AI philosopher and best-selling author of Superintelligence and Deep Utopia.
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Fed Hikes Rates For First Time In 3 Years — Here’s Why It Matters
Ed Elson is joined by Robert Armstrong to break down the Fed’s decision to raise interest rates and what a high rate environment means for the markets. Then, Alice Han returns to break down how China has responded to the AI apocalypse fears in the U.S. Finally, Ed shares his thoughts on the news that the EU invited Canada to become its first associate member.
Robert Armstrong is the author of the Unhedged Newsletter and US financial commentator for the Financial Times. Alice Han is a Director at Greenmantle.
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