Trump's AI Stake, SpaceX's IPO Froth, and Apple's Siri Overhaul

What It Covers

Kara Swisher and Scott Galloway analyze SpaceX's IPO pricing at $135/share with a $1.77 trillion valuation, Trump's push for government AI stakes, Apple's Siri overhaul using Google Gemini technology, and the business logic behind CBS/60 Minutes executive firings — arguing oligarch deal-making with Trump outweighs preserving functional media assets.

Key Questions Answered

• •SpaceX IPO valuation risk: SpaceX prices at 94x revenues versus Amazon's 4.5x, signaling extreme froth. Galloway recommends selling on the first trade if allocated shares, predicting a multi-year decline from opening-day highs. The S&P 500 exclusion removes forced index-fund buying demand. Google's $920M/month compute deal benefits Alphabet directly — its 6% stake purchased at a $12B valuation now represents roughly $60B in paper gains.
• •AI vibe shift: A MIT study shows 95% of CFOs report AI returns below initial expectations. Enterprise sentiment is souring on AI productivity promises — the predicted job apocalypse has not materialized, one-person billion-dollar companies have not emerged, and drug discovery acceleration is described by one Lilian CEO as vastly overhyped. Investors should treat AI infrastructure valuations with the same skepticism applied to late-1990s internet multiples.
• •Trump AI stake — why industry-specific policy fails: Government equity stakes in AI companies repeat historical failures like Air France and DeLorean. When governments pick winners, capital allocation distorts toward tax-advantaged sectors rather than highest-return opportunities. Sanders' proposed 50% stock tax creates the same problem inversely. A more progressive broad-based corporate tax structure targeting all high-profit companies — Apple, Novo Nordisk, Anthropic equally — avoids sector-specific distortion.
• •CBS/60 Minutes business logic: The Ellisons are sacrificing a profitable, high-performing asset to curry favor with Trump because the potential upside — regulatory approval on the Paramount/Skydance merger and future deal flow — vastly exceeds 60 Minutes' standalone economic value to CBS. This mirrors Tim Cook's $100M investment yielding billions in favorable treatment. Autocratic environments structurally reward loyalty over operational excellence, making this a rational if reputationally costly trade.
• •Apple Siri overhaul architecture: The rebuilt Siri runs on a custom 1.2 trillion-parameter Gemini model under a roughly $1B/year Google licensing deal. It uses a three-tier routing system — on-device for simple queries, Apple's private cloud for moderate requests, and Google's NVIDIA B200 GPUs for heavy reasoning. New capabilities include multistep commands, iCloud-synced conversation history, and on-screen awareness. Siri launches as a standalone app after two prior delays.
• •Public university ROI advantage: Applications to flagship public universities are surging — University of Texas Austin received 90,000 applications, up 25% year-over-year; UCLA receives 160,000 annually. In-state students graduate with hundreds of thousands less debt than private peers while accessing comparable employers and graduate programs. After the first job, employer hiring decisions prioritize competency over institutional prestige, making flagship state schools a structurally superior risk-adjusted investment versus elite private alternatives.