Prof G Markets

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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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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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. Their book, The Everywhere Millionaire: Who Is Really Rich in America and How They Got There, is available now.

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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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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 newsletter. Nicolas Owens is an equity analyst at Morningstar. Thierry Wizman is the global FX and rates strategist at Macquarie Group. 

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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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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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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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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 First Great Depression and the Making of the Modern World is available now. 

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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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