In short
SpaceX’s record-setting IPO (valuation $1.8T, ~$75B raised), retail/market ripple effects, World Cup betting boom ($50B projected), and Jeff Bezos launching Prometheus (AI for manufacturing). Also: left-turn bias study; DoorDash’s AskDoordash chatbot; Wall Street reaction to Iran-strike reversal; weekend sports/entertainment picks.
Guest backgrounds
No named guests in the transcript; hosts are Neil Freiman and Toby Howell.
Key claims
SpaceX trades at ~100x sales ($19B revenue) with critics calling it “hopes and dreams” (Jim Chanos) and Morningstar valuing ~$63/share vs offering price. Retail investors may drive first-day moves; NASDAQ rule change could trigger ~$20B passive buying. World Cup wagers: 100,000 bets/min, $50B total, boosted by 48-team format, more legal states, and more betting options (Caesars “10x” more). Bezos’s Prometheus raises $12B at $41B valuation to build “artificial general engineer” for faster invention; expects labor shortage, not job loss.
Notable examples
Tesla IPO comparison (2010 $1,000 → ~$400,000 today); Polymarket $2B+ on World Cup final; AST Mobile +150%, Rocket Lab +290%; DoorDash reservation discovery; Trump/Iran deal claims; World Cup opener USA vs Paraguay.
Written by AI. May contain mistakes. Listen to the episode to check what was said.
Chapters
Tap a time to open that second in VOThe Counterclockwise Phenomenon
0:48 to 3:20
Exploration of a study revealing humanity's tendency to move counterclockwise.
“Let's say I pluck you up like a ladybug and drop you in a house or a museum or a supermarket or any other enclosed space and told you to start walking around.”
The Anticipation of SpaceX's IPO
4:01 to 5:48
Discussion on the unprecedented scale and implications of SpaceX's IPO.
“SpaceX will begin trading today in a public offering that will impact space, AI, Wall Street, and whether another comma is added to Elon Musk's net worth.”
Valuation and Market Impact
5:48 to 10:30
Analysis of SpaceX's valuation, market conditions, and investor reactions.
“Wall Street has never seen anything like this.”
Market Reactions and Future Outlook
10:30 to 14:01
How SpaceX's IPO affects other stocks and market dynamics.
“But also the argument is if a company does hit the public markets that's worth nearly$2 trillion, excluding it for months doesn't make any sense at all either.”
Impact of SpaceX IPO on the Market
14:01 to 16:00
Learn how the SpaceX IPO is reshaping investor behavior and the stock market dynamics.
“So we've already seen a little bit of that participation start to drop a little bit as people have sold to free up some cash.”
Impact of SpaceX IPO on the Market
16:40 to 17:10
Learn how the SpaceX IPO is reshaping investor behavior and the stock market dynamics.
“That way you don't get melted gummy vitamins.”
World Cup Betting Surge
18:00 to 21:14
Explore the unprecedented growth in sports betting during the World Cup.
“My stock of the week are sportsbooks, which are poised for a historic month thanks to the World Cup.”
Jeff Bezos Launches Prometheus
21:14 to 25:36
Understand Jeff Bezos's new venture into AI and its potential impact on manufacturing.
“I think I'm maxing out my betting debt just like$50.”
DoorDash's AI-Powered Ordering
25:36 to 28:00
Discover how DoorDash is transforming food ordering with AI chatbots.
“Yeah, maybe he's a little jealous that Elon's about to become a trillionaire.”
Chatbots in Delivery Apps
28:00 to 29:24
Exploring the integration of chatbots in food delivery services and their impact.
“Toby, DoorDash isn't the first delivery app to infuse chatbots, but as the biggest one in the country, it highlights a major shift away from traditional search.”
Show all 12 chapters
Upcoming Weekend Sports and Events
29:24 to 31:24
Previewing exciting sports events and new entertainment releases for the weekend.
“Finally, to finish off this week, Let's do a little weekend ahead segment because we have an all-timer on our hands, folks.”
Weekend Plans and Enthusiasm
31:24 to 32:01
Discussing personal plans for an eventful sports weekend and the excitement around it.
“Nixon, I know it doesn't flow off the tongue as Nixon five, but Nixon six at home Tuesday night could be perfectly fine.”
Transcript
Automatic transcript. May contain errors.0:01Alex Lieberman:Marketers, tell us if this sounds familiar. You invest in something that seems incredible, like millions of views, but then don't see any revenue. Instead, invest in what looks good to your CFO. LinkedIn Ads generates the highest ROAS of all major ad networks. Spend$250 on your first campaign on LinkedIn Ads and get a$250 credit. Just go to linkedin.com slash mbd. That's linkedin.com slash mbd. Terms and conditions apply.
0:29Austin Rief:Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, SpaceX is going public in the biggest ever IPO. Will it soar to the stars or blow up on the launch pad?
0:39Alex Lieberman:Then gambling companies are expecting 100 ,000 bets per minute on this year's World Cup. It's Friday, June 12th. Let's ride.
0:57Austin Rief:Let's say I pluck you up like a ladybug and drop you in a house or a museum or a supermarket or any other enclosed space and told you to start walking around. Which direction do you think you'd go first? Well, a new study found that almost always you'll start walking left first. Researchers in Spain have concluded that humanity has a baffling, unexplained tendency for counterclockwise motion. It doesn't matter where you're from, your background, how old you are, whether you're right-hand dominant or right-eye dominant. People just have this innate left-turn bias, which is surprising given our most famous strutter, Derek Zoolander, said he was not an ambi-turner and ever since he was a baby, he couldn't turn left.
1:38Austin Rief:Tell me what is going on. Why are we, besides Zoolander, seemingly programmed to go counterclockwise?
1:44Alex Lieberman:Nobody knows. No, but seriously, the researchers did not come to a conclusion and specifically said it's not caused by cultural norms because it happened identically in Spain. It happened identically in Japan. So that means to me it must be biological. So here's one idea I have and take it with a massive grain of salt. Your liver is a very heavy organ situated on the right side of your toe. So while your heart leans a little bit to the left. So we have uneven internal weight distribution that puts our center of math slightly to the right. So my theory is to naturally compensate for carrying that extra weight.
2:19Alex Lieberman:Your biomechanics might steer you ever so slightly to the left over long distances. Makes sense to me. I don't know enough to dispel.
2:28Austin Rief:Neither do I. But it's true that the researchers are like, yeah, we literally have no idea why this is happening. We know that tracks go counterclockwise. A number of things in our lives go counterclockwise. But still, it's completely unexplained. Maybe your liver explanation has little legs to it.
2:43Alex Lieberman:I feel like it's true. Also, I just Googled good explanations for this and that's what it came up with. So again, take it with a grain of salt.
2:49Austin Rief:Mine was the grocery store explanation. Like when you go into a grocery store, usually my perception of it, the produce is to the left and this is just where the grocery store wants you to go. But I don't know if that is a symptom or a cause of our counterclockwise motion.
3:02Alex Lieberman:I mean, if it's biological from the moment humans existed, then we didn't have grocery stores at that time. And I feel like that's too like social and cultural for it to be the real explanation. But if you guys have any ideas, clearly we're grasping at straws here. So send us your thoughts as well.
3:18Austin Rief:And so are the people that did this study. Okay. Now a word from our sponsor Sage. Toby, ever teach yourself how to do something with a video? Yes. How to raise a cactus. How'd that go?
3:28Alex Lieberman:I miss him every day.
3:29Austin Rief:Well, if you don't want your enterprise implementations to end up like old Pierce, Sage can help. They build AI powered finance, payroll, and HR software for businesses of all sizes.
3:38Alex Lieberman:Their certified partners handle implementation, customization, and ongoing optimization. You get a professional deployment process for professional companies. That level of support is part of why 6 million businesses use Sage globally across 150 countries to help stay audit ready.
3:54Austin Rief:Just head to sage.com slash morningbrew to learn more. That's sage.com slash morningbrew. The most anticipated IPO in
4:03Alex Lieberman:market history is here. SpaceX will begin trading today in a public offering that will impact space, AI, Wall Street, and whether another comma is added to Elon Musk's net worth. The valuation is set to be huge. The company is targeting a$1.8 trillion market cap, which would raise over $75 billion, more than two times larger than any IPO in history. SpaceX, despite its name, has evolved into much more than a rocket company. Elon Musk has pitched it as an AI leader, a data center builder, a communications giant, and of course, a Mars colonization company. Its revenue is roughly$19 billion, which, while not small, means traders are giving Musk's empire a valuation that is nearly 100 times its sales.
4:46Alex Lieberman:To put that in perspective, the average price to sales multiple of Nasdaq 100 companies is about 6.8x. Apple trades at 10x its sales. Neither the lofty valuation nor the fact that SpaceX lost over$4 billion in the last quarter is scaring Elon Musk fanboys and girls away though. Bloomberg spoke to a 33-year-old PR manager who tried to borrow$5 ,000 from a bank to go along with the$6 ,500 she already had saved away to buy shares in the debut. An unusually large 20 % of the shares were reserved for retail traders who place$100 billion worth of buy orders, meaning that everyday people will have a lot of sway over how the stock performs on its first day.
5:27Alex Lieberman:But let's just zoom out once again about how big this thing is. It's bigger than Tesla, Meta, and Berkshire Hathaway. If it does trade at$1.8 trillion, it would equal the combined value of the 29 largest US IPOs since 2000, adjusted for inflation. Neil, have I hyped this up enough? I can keep going.
5:46Austin Rief:No, it's totally appropriate. You can throw every superlative out there. The SpaceX IPO deserves it. Wall Street has never seen anything like this. It's completely breaking people's brains who've been in this industry for decades. Here's the big question. Is this the real life or is this just Elon's fantasy? And there are arguments for both. Let's start for the bull case. This is going to pop today. SpaceX is totally worthy of its$1.7,$1.8 trillion valuation. And that case is, let's just believe in Elon and let's hope he replicates the Tesla story. So 16 years ago, Tesla went public. If you bought$1 ,000 worth of Tesla shares back in 2010 when it went public, your stake would be worth$400 ,000 today.
6:30Austin Rief:Tesla right now has a valuation that's larger than the next 30 largest car makers combined, despite being ranked 12th in US sales. So you just make a bet on Elon Musk as an entrepreneur, as a visionary, and hope he can basically do what he did to SpaceX with, or do what he did to Tesla with SpaceX.
6:48Alex Lieberman:I mean, what you are betting on too, not just his force of personality, you're betting that it becomes the defining infrastructure company of the AI era that they can successfully operate their massive colossal colossus AI data center sign these big compute deals with leading labs its space business keeps popping off it puts AI data centers in space that's a big part of its thesis it does colonize Mars and becomes a defining space infrastructure business of the era which it already has been so far and it takes over telecom too and you know it provides internet and satellite cell service to billions of people that That is what you are hoping.
7:24Alex Lieberman:And that is what this evaluation is implying. Now, the Bayer case is, is that it did only generate$19 billion in revenue while losing nearly$5 billion. The valuation is just absurd. Short seller Jim Chanos called it a hopes and dreams IPO. Morningstar put out a report where they valued it at roughly$63 a share. That's 50 % below the offering price right now. So critics say that you are literally betting the house on futuristic products like orbital data centers that have no guarantee of actually becoming a reality.
7:57Austin Rief:Now, a lot of people are going to get rich from this. It's the biggest IPO in history. And one person who is going to get very rich from this is, of course, Elon Musk, who owns about 42 % of SpaceX common stock right now. So at the current price,$135 a share, Elon Musk's net worth is worth, according to Bloomberg Billionaires Index, about$970 billion. that's a lot. I just kind of skated over that. He's worth$970 billion. If SpaceX shares pop on the first day, as perhaps they are expected to, then he will become the first trillionaire the world has ever seen. And the Wall Street Journal did this interesting piece saying, do you even know what a trillion is?
8:35Austin Rief:It's a thousand billions. Your mind can't really comprehend it. So a million seconds ago was two weeks ago. Okay. A billion seconds ago was 1994. So I was three years old. Pulp Fiction was released. I was not alive. A trillion seconds ago was literally back in the ice age. So the difference between a billion and a trillion is so much. And so Elon Musk could be the first trillionaire. And maybe Bernie Sanders is going to need to update his millionaires and billionaires line. Not only that, a lot of early SpaceX employees are also going to get very rich. There are about 4 ,400 current and former SpaceX employees who are expected to become millionaires from this IPO as they sell their shares.
9:14Austin Rief:And about 400 of them are expected to rake in$100 million or more.
9:19Alex Lieberman:It is insane. One other thing to look at is index providers. So the NASDAQ won this listing. A lot of different indexes were fighting over, you know, attracting SpaceX's business. And one of the reasons why potentially SpaceX went with the NASDAQ is that they changed their rules three months before this went public. IPOs typically had to wait three months before entering the NASDAQ 100. SpaceX can now enter after just 15 trading days. So they dramatically reduced the amount of time it would take to be listed on the index. And why this matters is index funds, those index funds that you probably have in your portfolio somewhere, ETFs, tracking benchmarks, they have to buy shares.
10:02Alex Lieberman:So passive investors end up owning SpaceX, whether they actively chose to or not. And that means a lot of passive money would flow into this stock. Nearly$20 billion of automatic passive buying demand could hit the stock, according to Bloomberg Intelligence. And the controversy here is that New York Stock Exchange president effectively accused NASDAQ of tailoring the rules to attract SpaceX. He says government concerns are being ignored. Indexes are changing themselves to fit one company. But also the argument is if a company does hit the public markets that's worth nearly$2 trillion, excluding it for months doesn't make any sense at all either.
10:38Alex Lieberman:So that is one kind of B plot to look out for is if that wave of passive buying does hit the stock, what does that do to the share price of the company?
10:48Austin Rief:Yeah, you're basically going to own SpaceX whether you like it or not. It's going to be fascinating to see what happens when the bell rings at 9.30 a.m., whether it pops or fizzles. But I just want to make it clear, this is not the last word. This is not the last referendum on SpaceX. Whatever happens today, as interesting as it's going to be, I mean, back in 2012, Facebook had a very famously floppy IPO, crashed and burned on its first couple weeks of trading. Things were glitching everywhere. And now it's worth, you know, a couple trillion dollars. So this is, we'll have to see what happens in the weeks, months, years ahead for SpaceX.
11:20Austin Rief:But for right now, a truly historic day. Can't wait for 930.
11:24Alex Lieberman:It's Stock of the Week, Dog of the Week time, where we pick one stock that is complaining about the summer heat and one stock that is embracing the warmth after a long, cold winter. I won the pre-show game of who can rock five-inch inseam shorts the best, so I'm up first, and since we spent a lot of time talking up SpaceX as the potential stock of the generation, I'm going to switch it up and start with our Dog of the Week, which is pretty much every other stock on the market right now. You know when someone walks into a room and suddenly every conversation becomes about them? that's SpaceX's IPO.
11:55Alex Lieberman:Retail investors are ditching their previous favorite names to make room for SpaceX. This week saw the retail crowd sell more individual stock than they bought for three straight days, the first time that's happened since March of 2020. Given the tight consumer environment, no one really has much extra cash sitting around, so to free up some dry powder, certain positions had to hit the chopping block. The start of the week saw a wave of selling that by Monday's end turned into the largest retail outflow from individual stocks since 2023. It's kind of like the Andy tossing aside a Woody meme. The stocks people are selling used to be their favorite toys.
12:32Alex Lieberman:Names like Micron, Broadcom, Qualcomm, and AMD each are down between 5 % and 15 % over the past half dozen trading days. The fear is if SpaceX does too well, then maybe some of these market darlings get a reality check and the capital keeps rotating away from names that up until this point have turned your portfolio green. Neil, SpaceX is sauntering into the public markets and sucking up all the oxygen in the room. I know the feeling.
12:57Austin Rief:But yeah, unfortunately, we investors can't just type in rosebud to our portfolios and get an infinite money glitch like you did in the Sims. So you have to trim some of your stakes elsewhere to make money or to acquire money that you can invest in SpaceX or not to mention there's two other huge IPOs coming down the line in Anthropic and OpenAI. And one asset class that seems to be very hard hit by people trimming their portfolios to make to clear out some space for SpaceX and Anthropic and OpenAI is Bitcoin. Now, if you haven't been paying attention to Bitcoin, I don't blame you. But it is down 50 percent from its all time high back in October.
13:34Austin Rief:Right now, it's trading at about sixty three thousand dollars. Last week, it fell 15 percent. Maybe that's not a coincidence, but that was the most since FTX imploded in November 2022. So Bitcoin is in the dumps. another another tech stocks are in the dumps perhaps because of this spacex effect it's so big that its blast radius is taking it down a bunch of tech companies and crypto one other
13:55Alex Lieberman:reason why we're seeing it radiate so widely is that americans own a record amount of stock right now stocks now make up nearly 35 percent of u.s household financial assets that is an all-time high so if people own a lot of stocks like you said they need money to buy new stocks you got to sell your existing one. So we've already seen a little bit of that participation start to drop a little bit as people have sold to free up some cash. Retail investors were only 17 % of US equity volume in the first quarter of this year. That is down nearly from 21 % a year earlier. So if you read between the lines, that means that people are, you know, moving some things around to free up some space for these bigger companies coming down.
14:39Alex Lieberman:Now, I guess you could say that the market can absolutely take it. Again, SpaceX is expected to raise$75 billion. That is a ton of money. But if you go back to S &P 500 companies over the past year, they've been issuing$140 billion per month of fresh equity. The market takes that every single month, no problem. So$75 billion isn't something that is so large, even though it's crazy to say, that it's going to completely warp the market because a lot of companies are issuing stock all the time. Now, this is a very buzzy name. It is going to suck up a lot of oxygen, a lot of time that we're talking about and a lot of money as well.
15:14Alex Lieberman:But it's nothing that the market cannot take.
15:16Austin Rief:What's fascinating is that an industry that you might expect to be going down because of the SpaceX IPO is actually doing well. And that is the space industry. Space stocks actually been booming over the past 12 months. AST Mobile is up 150%. Rocket Lab is up 290%. These do the same exact things that SpaceX just on a much smaller scale, But perhaps like other industries you've seen, like Elon Musk and Jeff Bezos come into, it's sort of a validation. It creates a halo effect around the entire industry and says, yeah, keep doing what you're doing. We're the biggest player, but we're not going to have a monopoly on this space.
Read the full transcript
15:51Austin Rief:So it's been very interesting to see other tech stocks kind of get their lumps from SpaceX's IPO. But space stocks in general are doing pretty well.
15:59Alex Lieberman:All right, we're going to take a quick break and come back with our Stock of the Week right after this.
16:06Austin Rief:toby did you know employees who are financially stressed are way more likely to be distracted
16:11Alex Lieberman:while at work what was that sorry i'm really distracted i've got some questions about this
16:15Austin Rief:hit to my bank account here see this missed work is estimated to cost employers big bucks annually
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16:31Austin Rief:aflac.com slash morningbrewdaily. That's A-F-L-A-C dot com slash morningbrewdaily. It's freezing in here.
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16:59Austin Rief:Toby, that only works on supplements and sports products, not...
17:03Alex Lieberman:And iHerb stands behind every purchase. If something doesn't meet your expectations, they make it right with easy returns and simple refunds.
17:10Austin Rief:Head to iherb.com slash mbdaily and use code mbdaily for 20 % off your purchase. That's iherb.com slash mbdaily.
17:21Alex Lieberman:Neil, it feels like every week there's a new AI model making headlines.
17:26Austin Rief:And somehow I'm expected to keep up with all of them.
17:28Alex Lieberman:Fair, but Minimax's new M3 is one worth paying attention to. Their open-weight model combines frontier-level coding and AI agent capabilities, a massive 1 million token contacts window, and native multimodal understanding.
17:43Austin Rief:M3 is built for coding, agent, and visual understanding, helping developers and businesses build more capable AI products and automate complex tasks. It's available today through APIs and leading AI platforms.
17:55Alex Lieberman:To learn more and start building with M3, visit minimax.io. That's minimax.io.
18:04Austin Rief:My stock of the week are sportsbooks, which are poised for a historic month thanks to the World Cup. DraftKings is up 12 % this week, and FanDuel parent Flutter has gained 8 % after its CEO predicted that at peak times during the tournament, which started yesterday, the company expects to see 100 ,000 bets a minute. Gambling execs have called this World Cup the biggest betting opportunity in history. With$50 billion projected to be wagered across all platforms globally, that'd be a 43 % increase from the amount wagered in the previous event four years ago. The main reason for the spike? Pretty simple.
18:38Austin Rief:More games to bet on. For this edition, the World Cup expanded its field from 32 to 48 teams, meaning there are an additional 40 games on the schedule for your friend to take the over on corners. There are a couple of other tailwinds that could boost gambling. for the first time, the majority of Americans can place legal bets after more states approved it. 65 % of the population can now gamble on sports compared to 40 % in 2022. Plus, with the games taking place in North America, the time zones are favorable for a betting deluge here and in Europe. Toby, it's a much-needed lift for an industry that's being squeezed on all sides.
19:11Alex Lieberman:It's not just that more people can bet and that the times are more favorable. It's that there's just more bets out there that you can wager on. So Caesars says it's offering 10 times more betting options for this world cup than it did in the 2022 world cup you can do same game parlays you can do live betting now you can do soccer specific prop bets the list goes on so that's one of the reasons why it's going to attract more money is there's more options for it and then also you got prediction markets joining the party as well 19 of better so that they plan to use prediction markets that is very close to traditional sportsbooks at 29 calce has over 500 world cup related markets as well.
19:49Alex Lieberman:So not even just gambling companies, throw in prediction markets as well. There are so many different ways to bet on this world cup.
19:56Austin Rief:Yeah. The world cup final winner on prediction markets is already on its way to becoming the biggest market in these companies history. I just checked this morning. Polymarket had over$2 billion worth of wagers or whatever you want to call it for polymarket, uh, on that world cup final. So, and this is we're five weeks out like this is only going to grow to even more more billion so prediction markets people are definitely flocking to prediction markets to place their wagers but it's just crazy to think of the scale of the world cup and how much people are wagering on this so i looked at the super bowl so how many how much was legally wagered on the super bowl across regulated u.s sports books 1.76 billion and they're expecting i thought you're gonna quiz me and i was gonna guess no i'm gonna say the answer because i don't think you would have gotten it 1.76 billion compared to 50 billion for the World Cup.
20:46Austin Rief:The World Cup final in Qatar in 2022, 1.5 billion people watch the final. 5 billion people watch the whole competition. 1.5 billion people is one-fifth of the entire global population. So everything, however big, 200 million people watch the Super Bowl. So however big you think the Super Bowl is, I mean, the World Cup is just so much bigger with more attention, more legal wagering. This money is going to be bet on.
21:10Alex Lieberman:It's the beautiful game, Neil. It's the world's game. It's way bigger than football. It's the real football.
21:14Austin Rief:I think I'm maxing out my betting debt just like$50. Just one pool. It's too much. Too much. And also a lot of, you know, wagering oversight nonprofits are saying this is going to get so many more people hooked on gambling. And we've already documented all of the ills of that to society. But either way, people are going to do it. It's just the biggest competition in the world. After getting married in Venice, partying on his yacht and bankrolling the Met Gala, Jeff Bezos is back in founder mode. Yesterday, he lifted the curtain on his new company, Prometheus. the first time Bezos has occupied the CEO chair after leaving Amazon in 2021.
21:47Austin Rief:And you're never going to guess what business Prometheus is in. Okay, maybe you will. AI. But it's not just AI the way we're accustomed to with chatbots and agents responding to our every desire on the internet. Bezos is building so-called physical AI, applying artificial intelligence models to the real world in order to transform manufacturing and industry. Whereas OpenAI and Anthropic are aiming to build artificial general intelligence, Bezos wants to build what he calls an artificial general engineer to supercharge production lines with superhuman level efficiency. To help him get there, Bezos has enlisted a co-CEO, Vic Bajaj, a former executive working on moonshots at Google X.
22:26Austin Rief:Together, Bezos and Bajaj say they've raised$12 billion at a$41 billion valuation with investors including Bezos himself, JP Morgan, BlackRock, and Goldman Sachs. They've already hired 150 employees around the world as they move out of stealth and get ready to compete with a number of rivals hoping to usher in a robotics revolution.
22:43Alex Lieberman:Bezos says the mission is to make invention way faster so teams can quote do much bigger things and he gave an example of designing a jet engine he says it can take roughly 10 years to design and manufacture a new jet engine if you wanted to add 10 percent of thrust to it that can stretch out over a decade because it just takes so long to do anything in engineering and he thinks that Prometheus can significantly compress that timeline. Bajaj, his co-founder, said designing a jet engine still requires a thousand human minds creatively working together, and yet the tools haven't much changed over the past couple of years or so.
23:19Alex Lieberman:So it's not even necessarily robotics. It really is just aiding people in their quest to iterate, to design, to manufacture, to test. All of those parts of the engineering process they think that can be enhanced by AI, One issue with training an AI on something like this, though, is that there's no data. Where does the data come from? When you train a large language model like ChatGPT, you have the entire internet. You have all of written work of humanity, but there is no internet of manufacturing data. Where are they going to get it from? So that's one big problem that they're going to have to solve because engineering data is not just so freely out there laying around on the internet.
24:00Austin Rief:Maybe that$12 billion can help. Bezos had also some interesting things to say about work and labor in this AI future and how Prometheus and he plays into it all. I don't think he would play well at graduation at colleges or graduation speeches because he said that the pessimism around AI among young people is, quote, the opposite of reality. And he had this more optimistic take on labor in the future. He actually said we're going to have a labor shortage in the economy instead. that there's been all these worries about robots taking people's jobs and chatbots taking people's jobs. Well, he said, actually, we're not going to have enough people to do all the jobs.
24:35Austin Rief:And he said that there's going to be so much wealth created because of this industrial, third industrial revolution that he's helping bring about. Because if you just reduce the cost of creating anything, then you're going to build more of everything, make cheaper things, make more things. There's just going to be more to build, more to consume. There's more wealth around. He said that all societal wealth is driven by invention. 6 ,000 years ago, someone invented the plow. We all got wealthier. Much later, someone invented the steam engine. We all got wealthier. He hopes that Prometheus invents whatever it wants to invent.
25:07Austin Rief:It's an artificial general engineer, and we all get wealthier in the process.
25:10Alex Lieberman:It's clearly also an ecosystem play for Bezos as well. We just talked about Elon Musk's ecosystem. Remember, Jeff Bezos also owns a rocket company. That's a very engineering-heavy industry to be in. So he does say that Blue Origin would be a perfect customer for Prometheus. So you can see him trying to assemble his own version of kind of what Elon Musk has built over with SpaceX. He's a little bit behind in the timeline, but you never know, he might catch up.
25:36Austin Rief:Yeah, maybe he's a little jealous that Elon's about to become a trillionaire. He's like, all right, I need to build a new company right now. And Elon has called him a copycat for building Prometheus, actually. Okay, let's sprint to the finish with some final headlines. Wall Street turned from blue and orange to a deep shade of green yesterday after President Trump backed off planned strikes on Iran and said he had an agreement with the country to end the war and reopen the Strait of Hormuz, barring a few more details still to be worked out. At the White House, Trump said, we just made a great settlement of the war with Iran and we're going to be subject to finalization of documents, which should get done over the next few days, adding that Vice President J.D.
26:11Austin Rief:Vance might head to Europe over the weekend for a signing ceremony. The potential escalation of the war had weighed on stocks all week. So investors breathe a sigh of relief and sense stocks soaring after another Trump reversal. Wall Street is dubbed the taco. The Dow surged 900 points, the Nasdaq rose more than 2.5%, and oil fell as maybe, just maybe, this war might wrap up soon.
26:32Alex Lieberman:So you're telling me Trump went from threatening news strikes to saying a peace deal is essentially done all within the span of a single day? If that feels like deja vu, you are not far off. according to CNN, if you include the period before the ceasefire, he's done that same thing at least 38 times. That's a number he said directly in a social media post, in a public appearance, or a phone call with the media that a deal was close or claimed Iran was desperate to cut one 38 different times. So again, the question here, is there actually a signed agreement coming this weekend or is this just another case where they say the deal is imminent before all sides have actually formally agreed?
27:08Alex Lieberman:It's been the question for a long time and it's still the question today.
27:11Austin Rief:are new developments this morning. Iranian state media said there was a draft deal, so it confirmed there was a draft deal and that potentially, again, we don't know if it's actually going to happen, but the U.S. and Iran could reportedly sign a peace deal as soon as Sunday. DoorDash is going AI mode to change the way you order food on its app. Yesterday, the delivery company said it's launching a chatbot called AskDoordash that aims to make searching for meals and groceries a lot simpler. For instance, instead of scrolling through restaurants to find the food you want to order, you'll simply type something like, I want healthy Thai food for three people, or I'm really hungover help, and it'll surface relevant results.
27:47Austin Rief:On the grocery side of things, you can share a link to a recipe and it'll find the items you need, or you can upload a picture of your grocery list. Finally, it'll help find restaurant reservations through similar natural language prompts like Italian food for four in Williamsburg on Friday night. Toby, DoorDash isn't the first delivery app to infuse chatbots, but as the biggest one in the country, it highlights a major shift away from traditional search.
28:08Alex Lieberman:First of all, am I in that Italian reservation for four? Sounds pretty delicious. But I do love a lot of these features, although it does feel like it's a significant other. Like, what do you want to eat today? You tell me. I'm like, no, DoorDash. Actually, you tell me. I don't want to have to write in exactly what I want you choose. You're demanding too much from your delivery apps. Well, the delivery apps are demanding too much of me. Like, I want some algorithm to tell me what I want to eat because I don't know what I want to eat on a given day. But yeah, this shift to a more natural language is something we're seeing in Uber Eats.
28:41Alex Lieberman:We're seeing across the delivery app ecosystem. But I am very bullish on the restaurant reservations because it's good for new restaurant discovery. Nearly 50 % of takeout orders placed through Ask DoorDask came from restaurants customers had never ordered from before. So if new restaurants are getting new business from this, that is a feature that obviously DoorDash is going to push even further. And you want that to happen. I'm stuck in a rut actually on delivery apps. I order from the same exact place because I don't really want to scroll through many different ones. If it leads to a broadening of where you order from, then I think it's good for the restaurants and it's good for the consumers as well because you get to try new things.
29:24Alex Lieberman:Finally, to finish off this week, Let's do a little weekend ahead segment because we have an all-timer on our hands, folks. First off this evening, we have the U.S. men's national team kicking off their World Cup campaign against Paraguay at 9 p.m. Eastern. If Lucek scores and we win, give them the keys to the White House. If we lose, you know what? I'm not even going to consider the possibility. Then Saturday brings another Knicks playoff game where they could turn their 3-1 lead over the Spurs into their first championship in 53 years. I'm fully on the bandwagon, Neil. I can't imagine anyone living in New York City not being on the bandwagon right now.
29:59Alex Lieberman:If you're looking for other World Cup games too, Brazil plays at 6 p.m. Saturday. I have some friends that are Brazilian and huge Knicks fans, so they are going 6 p.m. World Cup game into 8.30 Knicks tip-off for what could very well be the greatest sporting day of their lives. If sports aren't your thing, Steven Spielberg's latest alien thriller, Disclosure Day, hits theaters today. The guy's been making movies about aliens for half a century at this point. I think he's got it down by now. And if movies or sports involving balls aren't your thing, the UFC is coming to 1600 Pennsylvania Avenue on Sunday.
30:32Alex Lieberman:The price tag for letting people beat each other up on the South Lawn of the White House on Trump's birthday, $60 million, according to a lawsuit filed by the Public Integrity Project, alleging it's an improper use of public property.
30:44Austin Rief:Truly an epic weekend. And you didn't even mention the best part, Olivia Rodrigo's new album, which dropped today. It's supposed to be incredible. My friend who reviewed it earlier this morning said, like, she cried multiple times before even finishing the album. So I am very excited to listen to that. But first thing first, we take care of Paraguay tonight. We are rocking the USA soccer jerseys right now. You only get to watch your national team play in the World Cup every four years. So it's truly something special. I can't wait to watch our boys play. And as for the Knicks, as a purely independent observer to this whole thing, I hope this don't hate me.
31:18Austin Rief:I hope the Spurs win game five because I just want to see more basketball. I got no dog in this fight. And even if you're a Knicks fan, wouldn't it be great to win game six? Nixon, I know it doesn't flow off the tongue as Nixon five, but Nixon six at home Tuesday night could be perfectly fine. We all get more basketball. And either way, if you need to reach me, I'll probably be at a sports bar from five. I'm thinking 5 p.m. Tonight until 11 p.m.
31:41Alex Lieberman:Not even 5 p.m. Tonight. I think it's 5 p.m. Tonight till 9 p.m. You might never leave the bar, Neil, because there's just so many games.
31:48Austin Rief:That's what I said, 11 p.m. Saturday.
31:50Alex Lieberman:Oh, Saturday. Okay. Well, actually, let's do a wellness check if you do make it that long. But I love the enthusiasm, and it really is a great weekend with hopefully some good weather. And just soak it all in. Like, summer's great.
32:01Austin Rief:That is all the time we have. Thanks so much for starting your morning with us. Have a wonderful Friday and an even better weekend. I'm really excited to share your thoughts on the episode or anything else. Send an email to morningbrewdaily at morningbrew.com or DM us on Instagram at mbdailyshow. Let's roll the credits. Emily Milliron is our supervising producer. Raymond Liu is our senior producer. Our producer is Olivia Graham. And our associate producer is Olivia Lake. Technical direction by Nina Miller. Hair and makeup just walked out of work. To the left, of course. Devin Emery is our president.
32:31Austin Rief:And our show is production of Morning Brew.
32:33Alex Lieberman:Great show, Daniel. I wish you all well.
32:40Austin Rief:You can't reason with the sun. Trust us. We've tried. This summer, it's time to put that angry ball of fire on mute. Columbia's OmniShade technology is engineered to protect you from the sun's harsh rays that can burn and damage your skin. The sun is relentless, but so is our gear. Level up your summer at Columbia.com to spend more time outside and less time slathering on aloe lotion. You're welcome. Columbia. Engineered for whatever.
From the publisher
#866: SpaceX’s much anticipated debut on the stock market is here and everyone is looking to cash in, especially retail investors who are moving stocks around to make room for the historic IPO. Prediction markets and sports gambling is gearing up for boom times as the World Cup kicks off. Jeff Bezos’s AI startup that builds things is revealed to be worth $41 billion. Finally, Trump cancels Iran strikes, DoorDash AI chatbot, and a weekend preview.
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