AI’s New Trillion Dollar Mission (is BS)

YouTube:

This week on Prof G Markets, Scott Galloway and Ed Elson discuss the growing belief in Silicon Valley that AI won’t just replace workers, but managers too. Then, they break down the proposed pied-à-terre tax in NYC and why they believe taxing luxury second homes makes sense. Finally, they unpack why alcohol stocks are struggling while GLP-1 drugs are booming, and what that says about the future of American consumer behavior. [...]

Timestamps:
00:00 Preview
00:26 Today's number
01:04 Today's episode
05:23 AI's new mission
24:35 Ad break
26:55 The wealth tax debate is heating up
46:10 Ad break
48:41 The death of the night out
01:08:56 Week ahead
01:11:11 Scott's prediction
01:12:51 Ed's prediction
01:14:05 Credits

Starting at about 20:08, Scott Galloway:

And that is there is something to be said of and there's a balance here. I've in my companies, I'm doing some virtue signing right now. I've always said there should be two or three people and I've always had small companies, right? They they start at zero. Once we have a someone in HR or CFO, I either step step down from the CEO role or become the chairman because I I don't have those skills to scale a company and I don't want to deal with that stuff.

But until then, I've always said we should have two or three people that are one or two bad decisions away from living in their car. They're not, you know, they're they have bad judgment. They're they do stupid shit all the time. They're not what I'd call there's no way they're leaving us for Google. Let me put it that way. A little bit down on their luck maybe. And guess what? The business can be a great means of a little bit of social good.

And also the notion this is basically the notion that part of an organization if you think of stakeholders and I didn't get this. So, I always thought my goal was to pay people less than market and figure out other tricks of the trade to get them to stay and retain them. And then what you realize as you get older is that what is more rewarding is to build a profitable company and slightly overpay people. And if there's some fat in the organization and if there's a few people who quite frankly are, you know, not going to get a job anywhere else but work, you know, work hard or good people and maybe they're not, you know, amazing. Okay, that's okay too. And in some countries, the objective of a lot of the owners is to increase employment. Now, you have to balance that with making sure the organization can survive and has profitability.

But this is again this singular messiah complex that is nothing. There's only one stakeholder and it's shareholders. and I can figure out technology to replace people and we can all work singularly and then eventually the AI will take out those singular teams and replace them and then there will just be one. It'll be Jack Dorsey and Elon Musk who each own 49% of the world and do a lot of ketamine and if they're good enough they will provide UBI for all of us such that we don't uh rise up and kill them.

I I I'm not a fan, Ed. I'm not a fan of this whole line of thinking. I think it's [ __ ] and I think it's unhealthy and I think it's nihilistic.