<![CDATA[Prof G Media: Prof G Markets]]>https://www.profgmedia.com/s/prof-g-marketshttps://substackcdn.com/image/fetch/$s_!a8Hu!,w_256,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F471c02fa-458e-45c3-8501-ff7807cac637_1067x1067.pngProf G Media: Prof G Marketshttps://www.profgmedia.com/s/prof-g-marketsSubstackThu, 15 Oct 2026 10:37:37 GMT<![CDATA[Elon Musk Spent $366M On The Midterms — Will It Work?]]>https://www.profgmedia.com/p/elon-musk-spent-366m-on-the-midtermshttps://www.profgmedia.com/p/elon-musk-spent-366m-on-the-midtermsWed, 14 Oct 2026 11:02:37 GMTEd 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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]]><![CDATA[Has Nvidia Become Too Big To Fail?]]>https://www.profgmedia.com/p/has-nvidia-become-too-big-to-failhttps://www.profgmedia.com/p/has-nvidia-become-too-big-to-failTue, 13 Oct 2026 10:26:09 GMTEd 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 of Wells Fargo Advisors.

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]]><![CDATA[How Fraud Became A Winning Strategy]]>https://www.profgmedia.com/p/how-fraud-became-a-winning-strategyhttps://www.profgmedia.com/p/how-fraud-became-a-winning-strategySat, 10 Oct 2026 11:03:05 GMTIn 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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]]><![CDATA[Cal Newport: OpenAI & Anthropic’s Biggest Bet Won’t Work]]>https://www.profgmedia.com/p/cal-newport-openai-and-anthropicshttps://www.profgmedia.com/p/cal-newport-openai-and-anthropicsFri, 09 Oct 2026 10:04:09 GMTEd 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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]]><![CDATA[SpaceX Raised $111B — It Already Needs More]]>https://www.profgmedia.com/p/spacex-raised-111b-it-already-needshttps://www.profgmedia.com/p/spacex-raised-111b-it-already-needsThu, 08 Oct 2026 11:00:52 GMTEd 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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]]><![CDATA[The S&P Just Hit A Record High — So Why Are Yields Soaring?]]>https://www.profgmedia.com/p/the-s-and-p-just-hit-a-record-highhttps://www.profgmedia.com/p/the-s-and-p-just-hit-a-record-highWed, 07 Oct 2026 11:03:07 GMTEd 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 the Unhedged newsletter.

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]]><![CDATA[Brazil’s Far-Right Is Surging — Investors Love It]]>https://www.profgmedia.com/p/brazils-far-right-is-surging-investorshttps://www.profgmedia.com/p/brazils-far-right-is-surging-investorsTue, 06 Oct 2026 11:01:36 GMTEd 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 Podcast.

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]]><![CDATA[This Bull Market Is Hiding Something]]>https://www.profgmedia.com/p/this-bull-market-is-hiding-somethinghttps://www.profgmedia.com/p/this-bull-market-is-hiding-somethingMon, 05 Oct 2026 10:03:27 GMTScott 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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]]><![CDATA[This EU Firm Made Billions Buying Up Forgotten Tech]]>https://www.profgmedia.com/p/this-eu-firm-made-billions-buyinghttps://www.profgmedia.com/p/this-eu-firm-made-billions-buyingSun, 04 Oct 2026 11:00:35 GMTEd 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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]]><![CDATA[How America Got Hooked On Sports Betting]]>https://www.profgmedia.com/p/how-america-got-hooked-on-sportshttps://www.profgmedia.com/p/how-america-got-hooked-on-sportsSat, 03 Oct 2026 11:03:07 GMTIn this debut episode of Ed Elson’s newsletter, Simply Put, Ed breaks down how the gambling economy captured America.

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]]><![CDATA[Why Steve Eisman Is Taking Risk Off The Table]]>https://www.profgmedia.com/p/why-steve-eisman-is-taking-risk-offhttps://www.profgmedia.com/p/why-steve-eisman-is-taking-risk-offFri, 02 Oct 2026 10:00:46 GMTEd 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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]]><![CDATA[The FTC Is Investigating OpenAI — Here’s Why]]>https://www.profgmedia.com/p/the-ftc-is-investigating-openai-hereshttps://www.profgmedia.com/p/the-ftc-is-investigating-openai-heresThu, 01 Oct 2026 11:01:39 GMTEd 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 Economics.

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]]><![CDATA[Anthropic’s Financials Revealed — The Losses Are Stunning]]>https://www.profgmedia.com/p/anthropics-financials-revealed-thehttps://www.profgmedia.com/p/anthropics-financials-revealed-theWed, 30 Sep 2026 11:03:56 GMTEd 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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]]><![CDATA[Wall Street Veteran: The Bond Sell-Off Is A Buying Opportunity]]>https://www.profgmedia.com/p/wall-street-veteran-the-bond-sellhttps://www.profgmedia.com/p/wall-street-veteran-the-bond-sellTue, 29 Sep 2026 11:00:54 GMTEd 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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]]><![CDATA[Nobody Wants a Data Center. Not Even Wall Street.]]>https://www.profgmedia.com/p/nobody-wants-a-data-center-not-evenhttps://www.profgmedia.com/p/nobody-wants-a-data-center-not-evenMon, 28 Sep 2026 11:01:28 GMT

37%

Of Americans say that their biggest regret in life is something that they didn’t do. Twenty-five percent say it’s something they did do.

Wall Street is losing its appetite for data centers
Streaming update: Netflix is down 40%, and Paramount gets closer to buying Warner Bros. Discovery
The wellness boom is getting its first big IPO

Nobody Wants a Data Center. Wall Street’s Finally Listening

The backlash against data centers is starting to worry Wall Street.

SB Energy, a SoftBank-backed data center provider, was supposed to go public this month. But according to The New York Times, its plans were delayed because bankers couldn’t find enough buyers at the company’s targeted $50 billion market cap.

The most apparent problem is that SB Energy, purportedly a data center company, has zero operational data centers. It has a $439 billion backlog, but only 9% of contracts have actually broken ground.

SB’s backlog isn’t 100% guaranteed revenue. Most of its contracts have completion time clauses, meaning the customer can get out of the agreement, or get a discount if a project is delayed by more than a year.

Investors are understandably nervous: an estimated 30% to 50% of data center capacity planned to come online this year will be delayed. Data center constructors face grid connection issues, power equipment supply shortages and, increasingly, community opposition. There are now more than 840 data center opposition groups in the U.S., up from fewer than 50 at the beginning of 2024.

SB Energy isn’t the only company changing its plans. Last week, Aggreko, a modular power company that supplies energy to data centers, said it was delaying its IPO, and Holtec, a nuclear technology firm, withdrew its IPO filing. In a statement, Holtec said uncertainty over data center development had compounded “a set of pre-existing headwinds.” These setbacks come on top of Sam Altman’s decision to push OpenAI’s IPO back to 2027.

Second-order effects are starting to trickle down to Big Tech. Last week, Oracle sent a force majeure notice to the developer of its data center project. The company wants the option to delay payments if the data center is not operational by 2028. That news sent Oracle’s stock down 4%, and Blue Owl, which is financing the development, down 5%. Debt tied to the development is already trading at stressed levels, below 90 cents on the dollar.

Your Streaming Bill Is Up, but Netflix Stock Is Down 40%

There’s always been one company that seemed destined to win the streaming wars: Netflix. But this year, that certainty has faded.

Since its 52-week high, Netflix stock is down 40%, and it has lost roughly $230 billion in market cap. That’s more than twice as much as Paramount is paying to buy Warner Bros. Discovery.

Netflix faces two challenges: declining engagement, and competition from YouTube and other social video platforms like TikTok and Instagram Reels.

Engagement has stalled. Netflix members watched more than 97 billion hours of content in the first half of this year. That might sound like a lot, but it’s up only 2% year over year, and on a per-subscriber basis, is actually down 8% from the same period in 2023. Meanwhile, overall content spend is expected to grow 10% in 2026.

Netflix’s biggest competitor is now YouTube.

YouTube has something Netflix doesn’t: It’s free. Netflix has increased its prices twice over the past two years, part of a broader trend across the streaming industry. Subscribing to all six main streamers (Netflix, Disney, HBO Max, Hulu, Apple, and Peacock) costs close to $1,400 per year, up 80% from five years ago.

These price increases, referred to as “streamflation,” are straining already tight wallets. Thirty-nine percent of Americans canceled at least one streaming subscription over the past six months, up from 29% in the six months ending in March.

Soon, the streaming wars will have one fewer competitor. Last week, Paramount Skydance settled an antitrust lawsuit that sought to block its $110 billion merger with Warner Bros. Discovery. The case was filed by 12 state attorneys general who worried that the merger would further increase consumer streaming prices and lead to layoffs in the creative industry.

Paramount agreed to various concessions, including setting up independent editorial boards for its news properties (CBS and CNN), increasing domestic production by at least $300 million annually, and committing to releasing at least 30 films per year in theaters. Paramount also settled a lawsuit from the Writers Guild of America, agreeing to no writer layoffs at CBS News Broadcast for five years.

I hear something in Ed’s comments that I also suffer from. It’s one of my biggest flaws as an investor:

Your Doctor Sees You Once a Year. Oura Sees You 23 Hours a Day

Oura, the maker of the popular smart ring, is planning to go public this week at a $15.6 billion valuation. The offering will be an important test for the IPO market, but also a bellwether for the broader wellness economy. The CEO of Whoop, which manufactures its own fitness tracking band, said the company is also targeting an IPO within the next 18 months.

Healthcare used to consist of a checkup once a year at a hospital. Now, it’s a recreational pursuit and a dinner table topic. Since January 2025, the number of news articles relating to wellness solutions has increased by 36%, and 84% of U.S. consumers say wellness is a top or important priority.

Owning a fitness tracker is now more common among Americans than having a passport or a tattoo.

Anyone who knows Oura ring owners can attest: Its users evangelize the product. This helps keep customer acquisition costs down, as 40% of new subscribers come from word of mouth, and its retention rate is 87% — better than Netflix’s or Spotify’s.

Sales hit $1.4 billion over the last 12 months, up 74% year over year, and Oura still has room to grow. Its rings accounted for less than 2% of global wearable shipments last year.

However, Oura’s $16 billion target valuation is steep. It assumes an 11x revenue multiple, and, as Scott wrote in the No Mercy / No Malice newsletter, while that might be appropriate for a high-margin subscription software business, Oura is a company that gets 77% of its revenue from hardware.

Hardware is a lower margin business, and the fitness wearables market is only getting more competitive. Two juggernauts, Apple and MrBeast, are both reportedly developing fitness bands.

Micron is going to beat on earnings this week, and Nike is still in turnaround purgatory.

‘That’s so AI!’ What Gen Alpha’s biggest insult tells us
The 100 best TV shows, according to The New York Times
Inside Mark Zuckerberg’s style transformation

]]><![CDATA[Investors Are Turning Against Data Centers (Here's Why)]]>https://www.profgmedia.com/p/investors-are-turning-against-datahttps://www.profgmedia.com/p/investors-are-turning-against-dataMon, 28 Sep 2026 10:03:08 GMTScott 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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]]><![CDATA[AI Regulation Is Simpler Than You Think]]>https://www.profgmedia.com/p/ai-regulation-is-simpler-than-youhttps://www.profgmedia.com/p/ai-regulation-is-simpler-than-youFri, 25 Sep 2026 10:48:49 GMTEd 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 in how AI develops and build a shared Democratic approach to the technology.

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]]><![CDATA[Bonds Are Going Haywire Again — Howard Marks Explains Why]]>https://www.profgmedia.com/p/bonds-are-going-haywire-again-howardhttps://www.profgmedia.com/p/bonds-are-going-haywire-again-howardThu, 24 Sep 2026 11:03:58 GMTEd 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 the Carnegie Endowment for International Peace.

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]]><![CDATA[Oil Expert: We Can’t Predict Iran Anymore]]>https://www.profgmedia.com/p/oil-expert-we-cant-predict-iran-anymorehttps://www.profgmedia.com/p/oil-expert-we-cant-predict-iran-anymoreWed, 23 Sep 2026 11:04:15 GMTEd 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 American Institute for Boys and Men and author of Losing Big: America’s Reckless Bet on Sports Gambling.

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]]><![CDATA[David Ellison’s Media Takeover Just Got Greenlit]]>https://www.profgmedia.com/p/david-ellisons-media-takeover-justhttps://www.profgmedia.com/p/david-ellisons-media-takeover-justTue, 22 Sep 2026 11:04:08 GMTEd 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 Housing Frame substack.

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