Prof G Markets

‘Apple Just Declared War On OpenAI’ Ed Elson speaks with Alex Kantrowitz about what Apple’s lawsuit against OpenAI could mean for the startup’s hardware and IPO ambitions. Then, Luke Kawa returns to the show to break down South Korea’s leveraged ETF problem. Finally, Ed gives an update on Trump’s latest Strait of Hormuz strategy. Ep👇

It sounds a lot like a meme stock: "No fundamental news, nothing actually happening that should trigger such a violent downswing. Just leverage, retail trading, excitement and then not excitement vibes essentially. South Korea is home to the hottest trade in the world and it might be spiraling out of control. Last month, the KOSPI, South Korea stock market, was up nearly 100% on the year, making it the best performing major index on the planet."

Apple is suing OpenAI... "The iPhone maker filed suit in federal court on Friday accusing OpenAI of stealing trade secrets to build their own hardware business. Apple claims that hardware business is now, quote, rotten to its core by its illegal reliance on misappropriated trade secrets. Apple also alleges that OpenAI pushed job candidates to reveal confidential information during interviews. The company is seeking damages, asking the court to bar OpenAI from using its trade secrets.

Trump is doing it again This kind of thing isn't even allowed: "Trump is blocking the Strait of Hormuz again.  The only difference is that he will now charge a 20% fee on all cargo that passes through. So if we were to calculate what that will do to the price of, say, a barrel of oil, well, at the current price of $83, up more than 30% year to date, by the way, that will mean that the new price will be $100 a barrel."

1 V-Buck ≈ $0.007–0.011 1 peso ≈ $0.000675 For those that don't know 'v-bucks' are pretend gold coins teens use to buy pretend toys in the video game 'Fortnite'...

"...a slide in prices at the pump in June offered consumers some relief as the worst of the Iran war energy shock started to fade" Define 'fade'

For ChatGPT "India is the first"

Trump getting Ginni back in the room rn:

🔗 Apple: links.profgmedia.com/48IKZvK Spotify: links.profgmedia.com/4tiKqjI Youtube: links.profgmedia.com/4ur48ur --

‘Apple Just Declared War On OpenAI’ Ed Elson speaks with Alex Kantrowitz about what Apple’s lawsuit against OpenAI could mean for the startup’s hardware and IPO ambitions. Then, Luke Kawa returns to the show to break down South Korea’s leveraged ETF problem. Finally, Ed gives an update on Trump’s latest Strait of Hormuz strategy. Ep👇

More bubble warning signs or out-of-this-world $SPCX price targets are justified? @PatrickEBoyle: "This is quite a famous story Henry Blodget, he was the internet analyst at Merrill Lynch at the time. And after the dot-com bubble burst, there were a few investigations and they found that many of the analysts were privately sending emails describing companies as 'POSs', which we'll work out what that means, publicly going on TV and really like bull-ing them up"

$SPCX going to $800? Ed: "Brian Gesuale, who set the price target at $800, I'm going to give you some of the projections that justifies that valuation: He estimates that SpaceX rev will rise from $19b last year to $5.2t by 2035. That rev will come from AI. In other words, he thinks that SpaceX is going to generate $4.9t. in AI rev in 2035. He says, quote, He's comparing it to railroads, electric grid, internet chips etc. @PatrickEBoyle: Essentially things that were bubbles that all blew up.."

SpaceX IPO retail investors with @PatrickEBoyle "Everyone who bought this as a retail investor has thus far lost money. They're all down. And the guys who bought it when it was going close to 200, those guys are really down. Looking at the valuation now, they did a little over $19 billion in revenue in the past 12 months. They're trading at 101 times sales, which is absurd. But then. We get the price targets from Wall Street. Goldman Sachs..."

Nothing to see here... h/t @themarketear

🔗 Apple: links.profgmedia.com/48IKZvK Spotify: links.profgmedia.com/4tiKqjI Youtube: links.profgmedia.com/4ur48ur --

‘Wall Street Is Pumping SpaceX — So Why Is It Falling?’ Patrick Boyle joins us to discuss how SpaceX’s stock has traded over the past couple weeks. They break down the price targets that analysts have issued and explain why they’re concerned about potential conflicts of interest in equity research. Then, they discuss why crypto bros don’t find crypto exciting anymore and have moved onto AI. Finally, they explore why the housing market is showing new signs of strain. Ep👇

Me logging on after a glorious weekend offline: - Big escalations in the Iran conflict and Brent spikes - Housing bill becomes US law - Former Qatar Emir dies - Senator Graham passes away suddenly - Russian strikes injure Kyiv civilians - Toronto festival shooting - NYT says feds pressured journalists - OpenAI rolls out GPT-5.6 Sol - Anthropic claps back by extending Fable 5 access

It's impossible to impose safety restraints within one AI lab when that lab is in competition: Ed: "You said, quote, if you couldn't negotiate safety mechanisms inside one company, what chance would there be to negotiate common safeguards among multiple labs? in multiple countries. What did you learn about the inner workings of these AI labs?" @scmallaby: "embedded in the story of Google DeepMind and Demis Asabis is somebody who really wanted to make AI safe."