Episode Summary
Executive Summary: Pivot opens with a light personal catch-up before turning to major political and business topics: Alphabet’s strong earnings and the durability of Google’s search/YouTube/Waymo businesses, Trump’s escalating cruelty and political overreach on immigration, the strategic case for continued U.S. support for Ukraine, and Trump’s blatant meme-coin self-dealing. The hosts repeatedly argue that competent execution and restraint matter as much as policy, especially when power is used to punish rather than govern.
Main Topics: Alphabet earnings and Big Tech durability: Scott argues Alphabet is undervalued despite AI risk fears, citing strength in Search, YouTube, Cloud, and Waymo; Kara presses on whether antitrust breakups may actually help the company and consumers. Trump’s immigration enforcement backlash: The hosts criticize the administration’s harsh tactics, including deporting children and handcuffing a judge, arguing Trump is losing public support because of cruelty, overreach, and incompetence rather than policy itself. Ukraine and the logic of U.S. support: They defend continued aid to Ukraine as a strategic investment that weakens Russia, supports Western security, and deters future autocratic invasions; Trump’s apparent pivot toward Russia is framed as dangerous. Trump meme coin and corruption concerns: They discuss Trump’s coin surging after an incentive tied to dinner with the president, calling it brazenly corrupt and emblematic of pay-to-play politics. Tech regulation, data migration, and cloud geopolitics: Scott suggests companies may diversify data and cloud providers away from U.S. firms over political risk, even pointing to Alibaba as an underappreciated beneficiary of global distrust in U.S. platforms. Personal banter and media/podcast culture: The episode includes extended lifestyle and pop-culture banter about White House Correspondents’ events, London, food, and Game of Thrones, which sets the conversational tone but is secondary to the news analysis.
Key Arguments: Alphabet remains structurally strong because Google Search, YouTube, Cloud, and Waymo provide multiple durable growth engines, making the stock cheaper than comparable firms despite AI concerns. Antitrust breakups may ultimately increase shareholder value and improve market competition, even if the companies are already operationally strong. Trump’s immigration problem is not that voters reject enforcement; it is that they reject cruel, chaotic, and incompetent execution, especially when children and sick people are harmed. Support for Ukraine is framed as a high-return geopolitical investment that keeps Russia distracted, strengthens deterrence, and protects U.S. interests. Trump’s meme coin dinner scheme is presented as overt pay-to-play corruption that normalizes self-enrichment from public office. Companies and investors may increasingly seek offshore cloud/data alternatives because of fears over U.S. political interference and surveillance risk.
Data Points: Alphabet revenue growth: 12% year over year - Q1 overall revenue beat expectations Alphabet advertising growth: 8.5% year over year - Advertising performance in the quarter Alphabet Search and Other revenue: over $50 billion, up 9.8% - Core search business remains dominant AI Overviews monthly users: 1.5 billion - Google’s AI tool usage at the top of search results Waymo rides per week: over 250,000 - Alphabet’s autonomous vehicle unit growth Alphabet profit boost from investments: $8 billion - Unrealized gains from private-company investments such as SpaceX Google search volume vs ChatGPT: 373 times more searches - Used to argue Google still dominates despite AI competition Google Cloud operating margin: 18% - Up from 9.5%, showing stronger profitability YouTube paid subscribers: over 100 million - YouTube Premium and Music combined YouTube streaming share: 11% of all streaming watch time - Evidence of YouTube’s platform dominance Alphabet major products with over 2 billion users: 7 - Search, Maps, Gmail, Android, Chrome, Play Store, and YouTube Trump immigration disapproval: 53% disapprove - Washington Post-ABC-Ipsos poll on handling of immigration Prior Trump immigration disapproval: 48% - February comparison in the same polling reference Trump meme coin market value: $2.7 billion - After the dinner-for-holders announcement Trading fees pocketed by Trump and allies: close to $900,000 in two days - Reported from meme coin trading activity Ukraine aid discussed: $60 billion a year - Scott describes annual U.S. spending on support for Ukraine Potential Chinese/U.S. market multiple comparison: Chinese stocks around 14x vs U.S. stocks around 26x - Used to argue for regression-to-the-mean and Alibaba upside Vanta audit prep reduction: 82% - Ad read claiming compliance automation benefits Eater app availability: free for iOS users - Ad read promoting the new Eater app
Pivotal Quotes: "Google continues to be the largest toll booth in the history of mankind." — Scott Galloway: On Alphabet’s earnings and the enduring strength of Google Search "If I’m going to hate you, I’m going to hate you for the right things." — Kara Swisher: After a brief exchange with Facebook/Meta policy head Joel Kaplan at the CNN party "The meme coin sale was the most brazenly corrupt thing a president ever done." — Chris Murphy: Quoted by Kara during the segment on Trump’s official coin and dinner invitation
Implications: The episode suggests Big Tech remains resilient despite AI disruption, while Trump’s governing style may be becoming politically costly. For listeners, the big takeaways are that execution and restraint matter—and that corruption, cruelty, and policy chaos can create both backlash and market risk.
From the Episode
These earnings were out. Alphabet's reporting. We're talking on Thursday. Alphabet's reporting at the end of the day. And I think rumors of Alphabet's struggles have been greatly exaggerated. I still think while ChatGPT is ascending dramatically and presents, does present an existential threat to search, YouTube is just an absolute juggernaut. And you talk about Waymo. I just think this company is so well run, and Google continues to be the largest toll booth in the history of mankind. I think that. Are going to beat. And I think they're going to beat expectations this afternoon because I think some of those expectations have been beaten down. Well done. Although I have to tell you, Scott, a lot of people are talking about these cases, which they absolutely agree with you and I that will be broken up. And their stock will go up. Anyway, so Microsoft, Meta, Apple, and Amazon are reporting later this week. Any predictions and any thoughts on Google? I don't have predictions on the other ones. I'll save that for later in the week. But I mean, think about this. I think I'll be.
Scary person of Facebook here in Washington who's taken it sort of on a rightward shift or removed some moderation. And he came up to me, he said, I just want to thank you. Because I, you know, I had talked about that I didn't think what they said he did in that book he did, which I continue to agree. And I said, something like, well, if I'm going to hate you, I'm going to hate you for the right things, like essentially. But we had an interesting talk. It was interesting. He won't have lunch with me, though. Really? Yeah. He said, I said, come on, don't be scared. I said, are you a man or a mouse? And he said, a mouse. And that was that. What can you say after that? Squeak? I don't know. Yeah. I want to have lunch with him. So on the whole, I'm glad. I'm glad you had a nice time. Anyway, it was good. It was interesting to see some people. And it was much more low-key. So, anyway, what did you do this weekend? Thanks for asking. I had a really nice weekend. Yesterday was the kind of ideal day. I did this long workout with my son in Regents Park. Oh, I was hoping to see him. He was home. And then.
The other side of Donald Trump, his official meme coin skyrocketed after an announcement that he that the top 220 holders of the coin would get invited to dinner with the president. Oh my God. What corruption in plain sight. Steve Ratner wrote a great piece about this, by the way, this week. The initial price surge was over 50%, boosting the coin's total market value to $2.7 billion, with Trump and his allies reportedly pocketing close to $900,000 in trading fees in two days in trading fees. Senator Chris Murphy posted on X that the meme coin sale was the most brazenly corrupt thing. President ever done. I think pretty much so. And Senators Adam Schiff and Elizabeth Warren are calling for an ethics investigation, saying this dinner might constitute a pay-to-play corruption. I think it doesn't constitute it. I think if he loses the House in two years, this is all we're going to be talking about. You have talked a lot about this meme coin. And then, speaking of ask us, I'm going to add this on. Donald Trump Jr., along with Omi Malik, I think that's his name. Anyway, several other investors are reportedly launching an invite-only club in D.C.
About Pivot
With great power, comes great scrutiny. Every Tuesday and Friday, journalist Kara Swisher and NYU Professor Scott Galloway offer sharp, unfiltered insights into the biggest stories in tech, business, and politics. They make bold predictions, pick winners and losers, and bicker and banter like no one else. From New York Magazine and the Vox Media Podcast Network.