🌯♨️ “Pumpkin Spice Taco” — Starbucks’ Chipotle acquisition. SpaceX’s cellular biz. Airbnb killed MidCenturyMod. +NFL Math Whiz

0:28This is Nick. link in the episode description. We want to see you this Wednesday. Wow, Matt's fast. We're down to five tickets right now, Jack. I think Ben Affleck's involved too, because we're down to four. But we got three fantastic stories for the coolest show in capitalism. Jack, what do we got on today's T-Boy? For our first story, Starbucks explored acquiring Chipotle. Wow. It would be the biggest restaurant merger of all time. Investors think this idea tastes terrible, but we are giving this crack position a chance. For our second story, T-Mobile, AT &T, and Verizon all fell 10 % last week because SpaceX bought$8 billion of invisible airwaves.

1:01Can you hear me now? Uh, not good. Not good. And our third and final story, Mid-Century Modern is the favorite interior design aesthetic of all millennia's. Correction Jack was the favorite. Ooh, because Mid-Century Modern is flipped from cool to cringe. And we think the culprit is Airbnbs. But besties, before we hit that wonderful mix of stories. Oh, what a mix of stories. Funnest place in finance. Love 10 ,000 agents to go out and solve a century-old math problem. And do not come back here until you do. Well, 86 hours and a whole iceberg of AI compute later, that math problem was solved. Well, the latest major math problem wasn't solved by code or Claude.

1:41It was solved by an offensive lineman. John Urschel was a pro football player for the Baltimore Ravens, but then went Oppenheimer instead. Full Oppenheimer. This 6 '3", 335-pounder protected Joe Flacco for three years on the Baltimore Ravens like a TI-83 calculator. But then John called an audible. He traded the NFL for MIT. And now he's a published PhD and a professor. And he just published a paper that would make his old NFL coaches extremely confused. Jack, can you whip out the title on this one and sprinkle on some, I don't know, calculus translation? No, I can't. I can't translate the calculus.

2:15But the title of the paper is On the Growth Factor of Random Matrices. That's right. This NFLer solved a 35-year-old hypothesis by page seven. He's basically right up there with Isaac Newton in terms of mathematic elite. The Einstein of interceptions, Jack, and his decision to leave the NFL where he started two playoff games, it made people call him crazy. But he thought his brain was more suited for a hypotenuse than a helmet. Ah, we're seeing a takeaway here, aren't we, Jack? There's never a perfect time to quit what you're doing and do what you really want to do instead. But Festies, the next best time is always right after this pod.

2:48Let's hit our jingle and then you launch that thing. Jack, let's hit our three stars. 15 years before this song Two boys from the Northeast met in the dorm. They had an idea to cause a cultural storm. It's the best one yet, but the best is the norm. Jack Nick, that's it. I don't even think they need to practice. 50%, that's a fat tip. T-Boy City on your at list. If you know, you know, cause we ready to go. We can't wait no more, so just start the show.

3:17Start the show. First, a quick word from our sponsor.

3:27Monarch. Yetis, did you guys get that grandma check for your birthdays growing up? A white letter envelope stuffed inside a wonderful handwritten card. Great penmanship. Great penmanship. Oh, I just wish I'd had a way to add all those checks up or track them or store them in a piggy bank. If I had Monarch as a kid, I would have known my account balances and watched them grow in probably a savings account before splurging on something awesome to treat myself. Because Monarch is the money app that we'd always wish we'd had. And when I say something awesome, I mean like a bunch of free spots probably.

3:55Using Monarch today, we know how much our money was going to taxis or it could have gone to scooters and subways instead. With all your accounts securely linked to Monarch, it's like having a financial advisor in your pocket and on your computer. With weekly AI recaps to update you on your spending spikes that you definitely ignored. And while most apps tell you only what you've already spent, Monarch helps you set future spending goals. It's the kind of money app that your grandma would have loved with all her heart. Write your own money story with Monarch. Use code TBOY at Monarch.com to get your first year of Monarch or half off at just 50 bucks.

4:23That's 50 % off your first year at Monarch.com with code T-B-O-Y. Him's hair. Yetis, you're looking at a photo of yourself from five years ago and you quote George Costanza. I think it moved. We're not talking about that, though. You're talking about your hairline. Because millions of guys deal with hair loss, including most of the males in Jack's family. No offense taken. But Him's makes doing something about it simple. Prescription treatment to regrow thicker, fuller hair all online with no waiting rooms. Getting started is simple. You answer a few questions online and connect with a licensed provider who determines if treatment is right for you.

4:55If prescribed, HIMSS hair regrowth products ship right to your door. No pharmacy trips, no insurance necessary. If this product existed during the summer of George, there'd probably be a 10th season of Seinfeld. Ready to regrow your hair? Start your free online visit today at HIMSS.com slash tboy for personalized care. From hair to ED to weight loss and more. That's HIMSS.com slash tboy. HIMSS.com slash tboy. Individual results may vary. Featured products include compounded drug products, which the FDA does not approve or verify for safety, effectiveness, or quality. Prescription required. Prices vary based on product and subscription plan.

5:27See website for full details, restrictions, and important safety information. For our first story, surprise hookup of the year, Starbucks reportedly explored acquiring Chipotle. Investors hate the looks of this potential deal, but we see a recipe that could possibly work. All right, Jack, can I whip out the invite list here? You ready for this? Mm-hmm. Dua Lipa and Callum Turner, Zendaya and Tom Holland, Taylor Swift, and one of the Kelsey brothers. These are the super weddings of this year. And you thought, Yetis, that 2026 already had the biggest celebrity wedding, didn't you? Well, try this one.

6:04The Financial Times reported last week that the world's biggest beverage chain, Starbucks, worked with advisors on a proposal to acquire Chipotle. Sit down, stand up, and grab some more napkins, because that would create a$145 billion chain. Sprinkle on the context, Jack. That's nearly as big as McDonald's and Market Cap. Starbucks buying Chipotle for$40 billion would be nearly four times bigger than the biggest restaurant acquisition ever. Burger King acquiring Tim Hortons back in 2014. Just purely Nick from a, like, this would be awesome to cover on the pod perspective, Starbucks acquiring Chipotle would be the hottest food hookup since grilled cheese met tomato soup.

6:42I mean, since the Cronut era, Jack. But coffee and cornitas? More on that in a second. Bankers are salivating about the potential for this deal. I mean, big ticket deals mean big ticket fees, Jack. But investors are not. Chipotle stock initially rose 8%, but Starbucks dropped 6 % on the news. Wall Street basically thinks the combined company would be worth less than the two separate parts. Why don't you throw in salt and straw and see if that works? guys. Our initial take when we read this headline, desperation. Starbucks' turnaround must be struggling if they're considering buying a giant burrito chain.

7:14Like we said before, when the going gets tough, the tough get merging. Now, Starbucks said they don't comment on rumors or speculation about the company. But then they said, order for Jack, and we got our lattes and we moved on. But Bestie's funny detail about this potential deal. It's a little incestuous. It is a little incestuous. Give it a little Game of Thrones, Jack. The CEO of Starbucks, Brian Nickel, was previously the CEO of Chipotle. Yeah, we're a big fan. He hired two former Chipotle executives to help turn around Starbucks. We loved what he did with our Chipotle stock. But Starbucks stock is at the exact same price as the first day that Brian Nichol took over.

7:45And again, it looks a little thirsty that these three Chipotle alums want their old business back. But Chipotle, on the other hand, it's down 40 % since this menage a tortilla left Chipotle. So maybe Brian thinks this is the ultimate buy the dip. Queso Blanco dip. But again, the main issue with this potential acquisition, one plus one does not equal three. Investors don't seem to like the deal because there aren't any obvious synergies yet. Nobody wants to order carnitas along with their coffee. Yeah, they could save 700 million bucks a year by merging corporate departments, as one investment bank pointed out, but that doesn't justify such a huge deal.

8:19But Nick and I are going to give this acquisition a chance. We're going to consider the best case scenario. There is a way that this could work. We do see a way, but in order to see this way, Yetis, you can't call the new concept Star Potlay and you can't call it Chipbox. This isn't about merging those two brands into one mega brand. It is in a Brangelina situation, if you know what we mean. The path to success is not pumpkin spice tacos. It's not energy guac, and it's not sofritas de leche latte. The guac is always with two pumps of hazelnut. The most valuable potential of this deal is the one that leverages Brian Nichols' other family heritage.

8:54Because before he was CEO of Starbucks or Chipotle, Brian Nichols was Taco Bell's CEO for four years, and he led Pizza Hut before that. Again, things are getting a little incestuous over here. So, Jack, what's the takeaway for the Lannister? I mean, our buddies over at StarPotle. Can beans and beans coexist in one kitchen, like tacos and pizza did? We think there's a shot, Because the closest case study here of this deal is Kentaco Hut Yetis. Up until this year, KFC, Taco Bell, and Pizza Hut were all owned by one restaurant company, Yum Brands. Yum Brands. In some locations, you may have seen their three storefronts all sharing one kitchen, Kentaco Hut.

9:33There was one close to where I lived. You drive up and it looks like a regular fast food restaurant, but it's got three signs on the building and three different menus inside. Buddy Taco Timmy could dine next to Pizza Pete, who is right next to Chicken Charlie, all enjoying the same dining space. Some called it triple play. Others called it Kentaco Hut. But as wonderful as that culinary achievement was, it was also limited in its financial potential because all three also compete for your lunch order. Chipotle and Starbucks, though, would be different. If they worked together, could they find a way to operate in the same kitchen, but at different times of the day?

10:06I see what you're saying, Jack. Because a majority of Starbucks sales happen before noon, but a majority of Chipotle sales happen afternoon. Could they have one space that's a coffee cafe in the AM and a Mexican grill in the PM. The shared kitchen. You see, labor and rent are the big cause at Star Potley's 45 ,000 locations. So sharing the backspace, that could be huge. So if they can pull off the back kitchen logistics of a shared coffee house and burrito bar, and that's a big logistical if. Oh baby. Then this mega merger could possibly work. Besties, investors spat out this Star Potley deal at first, but with some assembly line innovation, it just could work.

10:42Coffee beans in the morning, pinto beans in the afternoon, all in one kitchen.

10:51For our second story, SpaceX just dropped 8 billion bucks to launch not T-Mobile, T-Global. And the three big wireless companies are in trouble. But for Elon to compete with Verizon, AT &T, and T-Mobile, he needs towers, not rockets. All right, Jack, I'm going to begin the story with a question here. What is Spectrum? A question straight out of an AP Physics textbook. I got a three on AP Physics. I didn't even bother to take a jackpot. I thought Spectrum was like a villain in like the Daniel Craig James Bond movies. But what is Spectrum exactly? That's Spectre. A correct answer to the question, what is Spectrum?

11:28It's what SpaceX bought$8 billion of on Thursday to try to become the fourth big wireless company in the US. You see, Yeti, Spectrum is a radio frequency that can transmit signals to our phones. Spectrum is considered a natural resource. The government regulates these invisible information highways to the telco companies. And SpaceX just bought the 800 megahertz band, the old fighting 800. Think of the 800 megahertz band like Interstate 800. Exactly. But for wireless internet, it's invisible. And Jack, on top of the 20 billion of Spectrum that Elon had already bought, the force is strong with SpaceX.

12:01Why is SpaceX buying Spectrum, though? To use their words, to pave the way for Starlink Mobile to become a major mobile carrier in the US. Because currently, Besties, SpaceX's satellite connectivity, it requires a physical satellite dish, which needs to point uninterrupted up into space. Because Starlink sends down mid-band spectrum, it can't penetrate hard objects like roofs or trees. But with low-band spectrum that SpaceX just acquired$8 billion of, it can penetrate walls and trees and obstacles and be a useful wireless network. Finally. But Besties, as you know in the stock market, one investor's great news is another's brutalness.

12:37Well, this is potentially fantastic news for consumers. True. Who for years, decades even, have been paying$100 a month plus fees to Verizon, T-Mobile, and AT &T, and then still have dead zones on the way home from work every single day. But SpaceX Wireless could fill coverage gaps from outer space, as long as you've got no big trees above your head. They'd use the spectrum for most of the connectivity, and they'd use the satellite dishes to fill the gaps. But this potentially great news for consumers out there is horrible news for the OG incumbents. T-Mobile plunged 13 % on the stock market on Friday, and AT &T and Verizon fell 10 % each.

13:12Because Elon has entered the chat. Although we should point out, Spectrum isn't enough. No. To use the analogy, SpaceX just bought an information highway, but now they need vehicles to move the information. It needs to fill that signal, which means now Elon is probably going to have to build his first cell tower. JP Morgan said as much on Friday. It's estimated that SpaceX needs to spend$100 billion if it wants a nationwide network in terms of cell towers. Which is like Crown Castle, SBA, American Tower. Cell tower companies are up 6 % to 12 % on Friday. Now, Yetis, this story reveals the enduring and devastating advantage that Elon-led companies have in the market.

13:49Yeah, Wall Street will give Elon any amount of money. 100 billion bucks? Yeah, I can raise that tomorrow. You just have to DM that Goldman guy. So any industry that Elon decides to enter, you're going to get outspent by Elon. And possibly outsmarted, too. SpaceX thinks they don't need conventional cell towers. Yeah, what's that wild idea we heard the other day, Jack? They floated the idea of building mini cell towers on their Starlink satellite dishes and even on the roofs of rolling Tesla cybercabs, which AT &T's CEO says is a quote, not viable idea. Although we should tell the AT &T CEO, it's never a good idea to bet against D-Log.

14:23So Jack, what's the takeaway for all our buddies who may be getting cell service from SpaceX? It's a new thing. Prod-fastructure. Companies that build both the product and the infrastructure. Look, Yetis, this deal's kind of a head-scratcher. Like, why does a futuristic space company want to build old-school cell towers down here on Earth? SpaceX's earnings deck shows pictures of rockets, the moon, Mars. Where do phones fall into this? Well, a satellite and terrestrial wireless network? That would actually follow a trend of Elon companies that we've noticed, products, and infrastructure. Tesla didn't just build electric cars.

14:59They built electric cars and the electric charging network. And his AI business didn't just build large language models, he bought a social media network, X, to train that large language model. And finally, he's not just building orbital data centers. SpaceX is building the Starship rocket to launch the orbital data centers. You see, Bessie's most companies, they build just one or the other. But building both makes it a moat. So what is SpaceX and what is Tesla? They're companies that build products and infrastructure. Now, a quick word from our sponsor.

15:32With the Discover Cash Back Card, it's payback time when you earn cash back on everyday purchases. Activate and earn 5 % cash back at different categories each quarter on up to$1 ,500 in purchases. That's 5 % cash back at different places each quarter, like grocery stores, on gas, and at restaurants. It pays to Discover. Terms apply. See discover.com slash 5 for details. Hot flashes. Rage crying. Forgetting words mid-cent. and yeah, we know. Menopause is a lot. Midi Health gets it. That's why Midi offers virtual healthcare specially tailored to women's needs. Built for women by women. Every symptom, every stage, every question.

16:17Visit joinmidi.com to get started today. That's joinmidi.com. Individual results and coverage varies. Check with your plan for coverage.

16:30For our third and final story, mid-century modern. The look was embraced by millennials for economic reasons, but has gone from cool to cringe. And the cause of cringe? We think it's Airbnb. Guilty. But besties, let us know if this name association works for you. A mason jar, handlebar mustache, suspenders, and Mumford & Sons banjo solo at my wedding. Ha! With an after party of bacon crap fear bacon bits, Jack. The list of things millennials loved and have become millennial cringe, it keeps on growing. Well, we got one more to add to the list, don't we, Jack? Mid-century modern. Mid-century modern, yeah.

17:10West Elm wood coffee tables with the tapered legs and a peacock blue upholstery. You know what we're talking about, besties. The iconic interior design look of the 20 teens, driven by 20-somethings at the time. Mid-century modern, it crept into coffee shops first, then walk-up apartments, and then boutique hotels. With demand driven by millennials who just graduated from college and finally had some money to spend. But besties, news alert. According to the Wall Street Journal, Gen Z hates our West Elmore tables. Mid-century modern is not the look anymore, and we know the culprit. But first, some context.

17:41Oh, let's spread on the context, Jack. Mid-century modern, it was actually born in the most optimistic era of America. The middle of the century, right after World War II. Yeah, the new design for new suburban sprawls, convenient lifestyles, and lounging. Mid-century modern was the first furniture for a society that made too much stuff. America in the 1950s. Yeah, there was like 40, 50 years where we just had like a glut of ornaments out there. Well, 50 years later, that style was embraced again by a new generation, us millennials, for our own economic reasons. That's right, because us millennials entered the workforce after the 2008 Great Recession and the beginning of the digital era, which meant that we were financially squeezed.

18:19A lot of us entered the workforce with 10 % unemployment, And then the next 10 years, it was low growth and high student debt. But Jack, it was also, interestingly, a time of economic optimism, wasn't it? Yes, it was. Smartphones made so many crazy things possible. Every one of your buddies, including Timmy, was working at a startup with 0 % interest rates and unlimited VC funding. Oh, and that VC funding, even if you weren't a founder, you benefited. Because that DoorDash order was free. DoorDash was paying you to eat that pad thai, Jack. Remember the 90-day return policy on Casper mattresses?

18:53Summer interns in New York would buy a new Casper mattress and then return it at the end of summer. Ever paying a dime. And as these all that mid-century modern furniture, it called back to being hopeful, cheerful, confident like the vibes. And all that old furniture was being sold at a discount as vintage. So Wayfair, Pottery Barn, CB2, and Ikea set their product lines back to the year 1950. That's how millennials embraced mid-century modern. that became the style spirit animal of millennials. I mean, Jack, you couldn't go to a party in Williamsburg without tripping on a faux Eames lounge chair made by Crate and Barrel.

19:25Until the pandemic. The pandemic is when tastes shifted to cleaner styles. In Gen Z, they had a different preference. So for the last few years, mid-century mod sales have been down. And today's 20-somethings mock the look in the comment section. But besties, we think there is one other reason for the cool to cringe flip Airbnb. This is not the start of an ad, by the way. So Jack, what's the takeaway for our buddies who care about the trends? Airbnb living rooms is where design goes to die. Look, there's no offense to Airbnb here. I'm a shareholder. Jack's a host. Jack's a power user. And this was an aggressively hot take, but we like it.

20:03But when do trends die? Once everyone is doing it. Right. And Airbnb is connected to that. Because on design, professional Airbnb units have a blanding effect. They revert to one common style. For full-time Airbnb units, the owners invest in what's affordable, durable, and most importantly, Instagrammable to the traveling type. And by the late 2010s, there was so much mid-century modern supply, Airbnb hosts bought it because they knew it worked. So the Airbnb living room, the one with five stars, it's probably got a West Elm furry poof, a Jonathan Adler ottoman, and a Palm Springs-style record player.

20:36Right in the living room, besties, which leads to our theory. The abundance of this look on Airbnb made a novel look become an expected one. Airbnb didn't kill mid-century mod. It made it ubiquitous. And ubiquity kills the cool. Jack, could you all whip up the takeaways for us to kick off the week? Starbucks is reportedly considering buying Chipotle, a deal Wall Street thinks doesn't make any sense. But could coffee beans and pinto beans share the same kitchen? Coffee in the AM, carnitas in the PM. For our second story, SpaceX now has nationwide spectrum, one of the last gaps to a wireless phone network.

21:10Because Elon-led companies build pod for structure, the product and the needed infrastructure. And our third and final story, mid-century modern is the interior design aesthetic of both the greatest generation and of millennials. But it's out because it's in the living room of so many Airbnbs. But besties, this pod's not over yet. Here's what else you need to know today. First, count them, five. We've got a fifth big Hollywood movie now coming out about a tech villain. The Sam Altman movie, the Mark Zuckerberg movie, the Elon documentary, the Elizabeth Holmes documentary, and now Sam Bankman-Free.

21:46Netflix just dropped the movie trailer for The Altruist. On November 19th, we get a movie about the biggest crypto fraud of all time. And second, the hottest fashion business right now, it's Canadian. That's right. Aritzia sales are surging these days. The J.Crew of Canada says that revenues rose 43 % and profits tripled last quarter. Get this, $11 billion Aritzia is now bigger than our Levi's, Urban Outfitters, and The Gap. Not combined. We covered the Red Sox strategy last year. Comment cute top if you want another story on Aritzia. And finally, GTA 6 Grand Theft Auto launches in just over a month.

22:20The most anticipated video game of all time. And finally, GTA 6 Grand Theft Auto launches in just over a month. The most highly anticipated video game of all time. And the leaks of the gameplay keep on coming. Apparently, you can play in GTA completely naked. Like your avatar is just fully naked. Oh, and not just naked, Jack. While you're strolling around without clothes, you can listen to six different radio stations in the fictional world of Leonida. And you can even listen to fake podcasts about this pretend world. Now time for the best fact yet, which, because it's Monday, means some T-boy trivia.

22:55Jack, what do we got? Happy candy corn season to all those who celebrate. Which is a small but loud minority, I believe. According to DoorDash, candy corn sales are already up 30 % this year compared to last. But here's our T-Boy trivia. What state is the biggest buyer of candy corn? I don't know the answer. My guess is not Iowa. I think they're offended by the entire concept. Answer is Iowa. Really? Yeah, it's actually Kansas, but Iowa's a close third on this. Yeah, Kansas, Utah, Iowa, Oklahoma. Here's the surprise. The biggest candy corn eaters are in the states that produce the most corn. You see, I thought it would be the opposite.

23:33Plus Utah, because they'll eat anything with sugar over there, Jack. Okay. Yetis, you look fantastic today. Jack, you are glowing over there. And, oh, we are down. We got like three tickets left now. It's going to be such a good show. My mom's going to be there. Yes. My little brother, Teddy, is going to be there. First time my family will ever see us on stage. Alex is going to be there. If Jennifer doesn't crowd surf at a rock show of business news, Jack, then we can't end until she does. I'm just hoping that my older brothers don't convince my younger brother to heckle me. I think that's what older brothers are for, Jack.

24:03So besties, grab the final two tickets to our Boston show before John Krasinski does. Jack and I, we'll see you in V-Town.

24:14And before we go, a happy birthday to legendary Eddie, Luke Rhodes. Biggest week yet. He bought a house, proposed to his girlfriend, has a kid on the way in Asheville, North Carolina. And he saw an interview we did on how to make a podcast in 2020. And Ashley Deerkes is turning 30 years old and doing tech logistic down in Chicago. Happy birthday to Mo, also in Chicago. And Robin Seiler, we see your birthday in the lovely Hudson, Wisconsin. Happy four-year anniversary to Alicia and Ben in Texas. They're celebrating with Spaghetti, Survivor, and authentic Kreuterliquor from Aachen, Germany. Yah, stuck the landing, Jack.

24:45And Sam Barber has got a new job in Executive Search celebrating in Royal Oak, Michigan. Congrats, Sam. And a big shout-out to Brian Beal from New York and California, who sent us a lovely note. Thank you, Brian. And Leah Perez is crushing it in the third grade in San Jose. She's been listening since the kindergarten days. And congrats to our buddy Griff, who just launched a new podcast, Stories for Robots. I listened to the first episode, Nick. Yeah, I'm into it. Griff was telling us about it last night at dinner. It's a new podcast for kids where he tells classic stories to two silly robots who are very confused about human culture.

25:15If you've got kids, search for Stories for Robots. This is French. And then celebrate the wins.

25:24This is Jack. I'm on stock of Netflix. Nick on stock of Airbnb. We both own stock at Chipotle and I own one share of SpaceX and Nick owns more than one.

25:57Book faster with confidence at Hotels.com. Loyalty members 18 plus.