Prof G Markets

Scott Galloway and Ed Elson break down the bull and bear cases for the market at new record highs. They unpack how dependent the market has become on cash-burning companies like OpenAI and Anthropic, and therefore how fragile the AI trade is. Then they turn to SpaceX and check in on the stock following the company’s first earnings report and share lockup expiration date.

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Ed Elson and Scott Galloway are joined by Aswath Damodaran to break down the biggest takeaways from Big Tech earnings. He explains what the latest results reveal about the AI race, why he's becoming increasingly concerned about the Magnificent Seven's AI spending, and how he values the hyperscalers. They also discuss how much AI risk is already priced into the market and whether SpaceX's current valuation is justified.

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Ed Elson is joined by Steve Eisman to unpack why stocks are at record highs and what it would take for him to call a market top. Then, Ryan Petersen returns to explain how the war with Iran and escalating tariffs are reshaping global supply chains. Finally, Ed breaks down the growing evidence that the AI boom has become increasingly dependent on OpenAI.

Steve Eisman is the Host of the Real Eisman Playbook. Ryan Petersen is the CEO and Founder of Flexport.

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Ed Elson is joined by Alex Heath to unpack the latest drama in the legal battle between Apple and OpenAI, what Apple's request for a preliminary injunction could mean, and how serious the case could become for OpenAI. Then, Nicolas Owens returns to break down SpaceX's latest earnings, assess the company's capital expenditures, and give his take on its current valuation. Finally, Ed gives his take on reports that Blackstone is in talks to loan money to Anthropic.

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Ed Elson is joined by Michael Green to discuss the role that leverage played in the turmoil with Leopold Aschenbrenner’s fund, Situational Awareness, and how leveraged-ETFs are impacting the semiconductor industry. Then, Katie Martin returns to break down why the U.S. intervened to help Japan with the yen and whether the U.S. is actually in a position to prop up the currency. Finally, Ed gives his take on Trump’s decision to sell early access to his social media posts.

Michael Green is the Chief Strategist and Portfolio Manager for Simplify Asset Management and author of the Yes I give a fig Substack. Katie Martin is a markets columnist and editorial board member at the Financial Times.

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