Kara Swisher · 54:48
It's just absolutely not true. And and you... Again, I wouldn't wanna have to do this. I don't know if I could stand next to him, but he's there for the next three years. And someone needs these drugs now, and he has to take the reputational hit. That's fine. I guess that's fine. The fact that you're dragging him is a... I I understand the the... And I don't wanna... In this case, for the first time, I thought derangement. Don't be so fucking deranged that you don't understand what Mark just did, which is he had to, like, put his, like, ego in a... In his pocket. He remains... By the way, Mark is not... I would say he's liberal or conservative. He's quite... It can vary all over the place. But there is absolutely no way Mark Cuban would vote for Trump by... At this moment in time or support Trump in... Politically. So I don't know what you want from him, but to me, I thought it was just a bad a bad, look for the left. I thought... I really did. I just was sort of disappointed... Very disappointed. So... But they're gonna drag us for it. So too bad. I don't care. Alright, Scott. Let's go on a quick break. When we come back, we'll talk about NVIDIA's latest earnings.
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Kara Swisher · 58:02
Scott, we're back with more news. Let's talk about NVIDIA's latest earnings. You just called them a casino. The company's profit for the quarter was over 58,000,000,000. They're benefiting from what's happening now, which is up 211% from a year earlier. That is a number. It's not 30%. It's a lot. Three years ago. Profit was 2,000,000,000. NVIDIA projected sales in the current quarter would reach 91,000,000,000 as spending on AI infrastructure would reach 2 to 3,000,000,000,000 in 2030. This is an insane growing streak, but like you said, they're benefiting from this huge spend by all these other companies. Thoughts very quickly?
Scott Galloway · 58:38
Well, not a casino. They're the house.
Kara Swisher · 58:40
Okay.
Scott Galloway · 58:41
And all of these all of these companies spending just a crazy amount of money on 1,600,000,000,000 on CapEx are kind of drunk gamblers is the way I would describe it, and they're benefiting from it. They're the house. They're the house when billionaires show up, sharks, who are drunk and have unlimited credit at the casino. That's the way I would describe it. But just in terms of the earnings, the revenue was 81,000,000,000, up 85% year on year, which was a beat. Earnings per share was a beat. Data center revenue, 75,000,000,000, up 92%, as you said, year on year, accounting for 92% of total revenue, again, a beat. Their q two guidance, 91,000,000,000, above the 86,000,000,000 expectations, another beat. And their shareholder returns, dividend was raised 25 x from 1¢ to 25¢ per share, 80,000,000,000 in new buybacks authorized. And, I mean, the reason he's on that plane to China is there's no shipments right now, and he he's like... He he relooks at the stock price and thinks, I have got to continue to beat. And the only thing that's I found really interesting here was despite beating on every every conceivable metric, the stock was flat, which says to me that some... The expectations of the stock price are so enormous now that they don't people don't expect NVIDIA to beat. They expect them to massively beat, which says to me that the first time NVIDIA even whispers things might be slowing down, it it craters. So unbelievable company, fifteenth beat in a row, but I just think show... The expectations that are built into this valuation, I think it's the most valuable company in the world now, are pretty significant as evidenced by the fact that it beat on every conceivable metric, and the stock didn't move.
Kara Swisher · 1:00:22
Right. Right. That's interesting. That's a really good point. Anyway, we'll see. We'll see what happens. There's a lot... It's it's... It feels precarious is what I've
Scott Galloway · 1:00:30
stock's off 2% today.
Kara Swisher · 1:00:32
Yeah. But let me see. A lot... Several different... Wall Street will call me, and they said everything feels so fragile. So we'll see. All right, Scott, one more, quick break. We'll be back for predictions.
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— Predictions segment begins —
Kara Swisher · 1:02:37
Okay, Scott. We're gonna be on in a second. We're gonna be off on Memorial Day for Tuesday. We'll not be... We'll be taping a show on Memorial Day for Tuesday, but, we'll talk about these, laws banning prediction markets, and the Trump administration is suing Minnesota after Minnesota became the first law banning prediction markets from operating in the state. But we'll talk about that all next week. Go
Scott Galloway · 1:02:58
ahead. We talked about late state or '99, but I... I'm... I just can't help it. I don't think SpaceX is gonna price near $2,000,000,000,000.
Kara Swisher · 1:03:07
Okay.
Scott Galloway · 1:03:07
The financials suggest otherwise.
Kara Swisher · 1:03:09
I like that you're going for it.
Scott Galloway · 1:03:10
Well, you're gonna have so many people pouring over this s one, and it's just pretty ugly. You just read this thing and you start thinking, okay. This feels this feels a little bit, you know, Ayahuasca. It just... It's a lot. And if and if you take each of the three business lines, space, connectivity, and AI, and apply a comparable price to sales multiple to each, Rocket Lab for space, ViaSat for connectivity, and Anthropic for AI, which are very generous, you know, health... Healthy valuations, and you add them up, you end up with a valuation of $5,547,000,000,000. My my hero on this stuff, Aswath Damodaran, value the thing at 1,100,000,000,000. And if you double each of those price to sales multiples, you assume that each business will command a valuation that is two times as the typical market rate. You are still about $750,000,000,000 away from SpaceX's projected valuation.
Kara Swisher · 1:04:09
Yeah. That's being kind, you're saying.
Scott Galloway · 1:04:11
If you just get very aggressive and value every piece of this as a leader in its respective field
Kara Swisher · 1:04:16
And add the Elon plus.
Scott Galloway · 1:04:17
You you get 600,000,000,000, and then you go, okay. Elon effect, double it, 1,200,000,000,000. So I've I've always been wrong around Elon, but I'm saying I think it's gonna... I think 2,000,000,000,000 is a real stretch for here, and it's gonna price below that. Alright. And then the other one is just boring one. There's... I think you can expect a deal between The US and Cuba in the coming months. Cuba is currently in a full blown crisis. I absolutely think the smartest thing we could do is be providing humanitarian aid and let people decide that they wanna be the fifty first state or at least get along with us. Yeah. I agree. Is comparable. It's not getting any news because of everything else going on, the collapse is literally comparable to the nineteen nineties crash that followed the fall of the Soviet Union. Yep. Between December 2025 and April '26, Cuba received just one of the eight monthly fuel shipments its economies required, requires to function, and blackouts are now, get this, twenty hours a day.
Kara Swisher · 1:05:08
I mean, it's crazy. No. We should just help them become part of the world again.
Scott Galloway · 1:05:14
A 100%. And and... But there's gonna be a deal here because Rubio is reportedly having secret talks with Raul Castro's grandson, bypassing official Cuban channels. Trump told reporters in February Cuba wants to make a deal. Just yesterday, Rubio sent video message to the Cuban people proposing a 100,000,000 in aid and blaming Cuba's leaders for shortages of electricity, fuel, and fuel. Rubio was born to two Cuban immigrants, and this is a deal that he has personal investment in. He sees this as his run, his next his next ticket on his run for president.
Kara Swisher · 1:05:44
It will win back all the people.
Scott Galloway · 1:05:46
Sets him up well for a 2028 run. Cuba is in a deep dark corner. And also Trump, he doesn't want another military excursion. There's just... There's no fucking way.
Kara Swisher · 1:05:55
There's a way to do this. Just let it fall apart, and we come in and help pick up
Scott Galloway · 1:05:58
the peace. It's already... Well, it's fallen apart.
Kara Swisher · 1:06:00
Right. You know what I mean? It's like, you know, interestingly, I agree with you here because I do think it should be welcomed back into the nations. It's... I've always wanted to go there. You know, my my... Actually, everyone in my family has been there but me, which is interesting.
Scott Galloway · 1:06:13
Been there. It's great.
Kara Swisher · 1:06:14
Yeah. That's... I just feel like it's it's wonderful people, and it'll help Rubio immeasurably. This is at the heart of his presidential camp. You understand that. Like, it's very clear for... At least for Florida. And and one of the things... Speaking of collapse, I've heard from so many foreign affairs people who I really trust and think are smart that Russia is very in much distress. Putin is under much stress right now because of the situation in... That that in Ukraine, the economy, everything else, and that they had thought this is the first time they see a light at the end of the tunnel in Putin's rule. Just saying that. Just putting that out there.
Scott Galloway · 1:06:54
I don't say there's light at the end of the tunnel. Think the end is nigh.
Kara Swisher · 1:06:57
The end is nigh. Yes. Whatever. Anyway, so it's just interesting. And we should do this, you know, there... Let me let me quote that more on Brendan Carr. We can do this the easy... The hard way or the easy way. Let's do it the easy way with the Cubans. Right? Let's A 100%. The bigness of The United States and really help them. And then Scott and I will open our hotel there and retire. Okay.
Scott Galloway · 1:07:20
It's got great mojitos, great cigars.
— Predictions segment ends —
Kara Swisher · 1:07:22
Mojitos, great cigars, everything else. In any case, we wanna hear from you. Send us your questions about business tech or whatever's on your mind. Go to nymag.com/pivot to submit a question for the show or call 85551 Okay. That's the show. Thanks for listening to pivot, and be sure to like and subscribe to our YouTube channel. We'll be back next week, actually, on Friday, as we do not have a live Memorial Day show the day after Memorial Day. Thanks for listening to Pivot. Be sure to like and subscribe to our YouTube channel. We, as I said, will be back next week.
Scott Galloway · 1:07:52
Today's show is produced by Lara Nayman, Zoe Marcus, Taylor Griffin, and Todd Wiseman. Brandon McFarlane engineered this episode. Thanks also to Drew Burrows, miss Severio, and Dan Shalon, the shot Kuros, Vox Media's executive producer podcast. Make sure to follow Pivot on your favorite podcast platform. Thank you for listening to Pivot from New York Magazine and Vox Media. We'll be back next week for another breakdown of all things tech and business.
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