Episode summary
Democrats Prepare to Take Power. Republicans Gear Up for War
Pivot
· · Hosts: Kara Swisher, Scott Galloway
Summary
Anthropic’s upcoming IPO was the centerpiece: the hosts said the company is pricing at $70 to $78 a share, implying about a $1.3 trillion valuation, with seven tech giants including Google, Microsoft, and Nvidia putting in a combined $26 billion. The host argued the deal is designed to create a strong first-day pop and drain capital from rivals, especially OpenAI, while also showing how tightly the AI sector is being financed and cross-held by the same companies.
They also unpacked OpenAI’s latest figures, saying third-quarter revenue rose roughly 50% to $10 billion, but adjusted operating losses widened to $10.9 billion. The host suggested Anthropic’s IPO could make OpenAI look less dominant and intensify the fight for AI funding, even as both companies post huge growth and huge losses.
The second half turned to politics: California voters rejected a billionaire wealth tax proposal with about 53% against, and the host argued wealth taxes generally fail because they shrink receipts and can push wealthy residents out. They then covered Mississippi’s historic Democratic Senate upset, Pete Hegseth’s impeachment escape, the Epstein files fight, and the likelihood of a more confrontational Congress in January.
Key takeaways
- Anthropic is targeting a $70 to $78 price range, which the host said would value it around $1.3 trillion and likely produce a strong first trade.
- The host argued Anthropic is trying to absorb AI capital and could hurt OpenAI by forcing investors to compare two fast-growing, money-losing models side by side.
- OpenAI’s third-quarter revenue reportedly rose roughly 50% to $10 billion, but adjusted operating losses also grew to $10.9 billion.
- California’s billionaire wealth tax failed with about 53% voting no, and the host said wealth taxes usually reduce receipts rather than raise them.
- The host said Mississippi’s Democratic Senate win was powered by black women, who made up about 20% of the electorate and voted about 99% Democratic.
- The hosts expect the Epstein files battle and other oversight fights to intensify when Democrats take more power in January.
Notable quotes
“The company has set its price range from $70 to $78 a share, valing it at around 1.3 trillion”
“The IPO is going to raise about 65 billion and they're placing 26 billion with private placement with seven suppliers to bring the total race to about 90 billion”
“I've never seen Coke become Pepsi this fast”
“13 of the 16 nations that passed wealth taxes in Europe have repealed them”
“Black women turned up 20% of the electorate. And do you know what percentage went blue”
Topics
- ai ipo
- openai losses
- billionaire wealth tax
- congressional politics
- epstein files
Companies and tickers mentioned
- Anthropic
- OpenAI
Watch the episode
Watch “Democrats Prepare to Take Power. Republicans Gear Up for War” on YouTube
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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