🎢 “Roller Coaster Tycoon” — Travis Kelce’s Six Flag’s investment. OpenAI’s web browser. NHL’s predictions deal. +Google’s Bed Bugs

0:00This is Nick. This is Jack. It's Thursday, the new Friday, October 23rd. And today's pod is the best one yet. This is a T-boy. The top three pop business news stories you need to know today. Yetis, we got another record here and it's not a great one. Government shutdown, now the second longest in history. 750 ,000 people who work for the federal government are not getting paid right now. But otherwise, the economy hasn't been too impacted. Stocks pretty much at record highs. And we'll cover the next big economic update, government related, when it happens. But in the meantime, Jack and I whipped up the best mix of stories we've ever found.

0:39Jack, what do we got on today's T-Boy? For our first story, Travis and Jason Kelsey just made their first big financial investment in Six Flags. The Kelsies and a hedge fund are leading a hostile theme park takeover. For our second story, Nick and I spent all day Wednesday reviewing Atlas, which is the new web browser by ChatGPT. Our takeaway, Sam Altman has a big tech burn book, and he is burning his way through it like Regina George. And our third and final story, the NHL is now the first of the four big U.S. sports leagues to partner with a predictions market. The NHL just did a deal with Kalshi.

1:18We predict it'll boost Kalshi's legitimacy. And we bet DraftKings is pissed about it. Oh, they're not happy. But yet he's before we hit that wonderful mix of stories. Whoa, fantastic mix of stories for the new Friday. Feels like a Friday. Quick warning, nobody wants to hear. Nope, don't let the bed bugs bite. Because besties, word just leaked that Google has an office infestation. Hey Google, can bed bugs travel from my work trousers to my apartment? Yes, Jack, and this is so bad that Google had to close their building in New York City over the entire weekend. That's right, Google's got bed bugs.

1:54The Chelsea office location ordered a full-on fumigation situation. They sprayed the whole space till it was ungoogleable, man. Now, to sprinkle on some context, from a business perspective, there's no correlation between the stock market and bedbugs. But Jack, there is a correlation between commercial real estate and bedbugs. Here it is. The return to office movement has led to a bedbug boom in New York. That's right. The extermination industry hasn't been this hot since the cockroach crash in 92. According to real data from Terminix, New York City fell during the pandemic to the number five most bed bug infested city in America.

2:32But Jack, where are we in New York City right now in the bed bug rankings? Back up to number two. It's basically take your bed bug to work day over at J.P. Morgan right now. One sec, one sec. I don't think they bite, do they? Ah, what the heck is this, Jack? Besties, bed bugs are back to commuting just like you are. They're hitching a ride to your return to office. And ground zero, it's the Google headquarters on West 14th Street. So besties, after this pod, good night, sleep tight. And don't let the bedbugs steal your work laptop. Jack, let's hit our three stars.

3:22Fat 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.

3:33Start the show. First, a quick word from our sponsor.

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4:50And then Jack, we got to make sure each coworker is countersigned, I think. Oh yeah. And then we have to track down each employee and make sure they know their health insurance options. Oh, right. Did everyone know open enrollment ends tomorrow? Nope. No one did. Yetis, we are just podcast hosts. We also run a media company here and full-time employees mean full-time benefits too. Which means roughly 46 ,000 forms, documents, and tasks to process for each team member. Oh boy, if you're a small business, you'll want outsource all that to Gusto. Gusto is online payroll and benefit software built for small businesses.

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5:54One more time, gusto.com slash tboy. For our first story, Travis Kelsey and a hedge fund have teamed up to buy 9 % of Six Flags Theme Park. This is a standard Wall Street activist investor campaign to change the company, but this time with star power. And here's why. Well, Jack, if you want to know what's going on and what's wrong with Six Flags, what would you say you'd do? Take a ride on Siren's Curse, their new roller coaster. Yeah, because Siren's Curse over at Six Flags, it's actually cursed. Opened up in June, it was broken for days and left riders stranded 100 feet up in the air. That's not funny.

6:37What is funny, though, is that this is emblematic and symbolic of the whole Six Flags business. Because Six Flags and the company it bought last year, Cedar Fair, have half as many visitors today as they did pre-pandemic. Okay, get this, Jack. Six Flags owes twice as much more money in debt than the company is currently worth. That's right. Six Flags has negative value. Six Flags more like one flag, my friend. The stock is down 50 % so far this year, and investors call it a vomit-inducing market ride. Hilariously, Six Flags blamed their most recent bad quarter on bad weather, air quotes here. But Nick and I have the receipts, and over the last three years, they've blamed all three of them on bad weather.

7:20Yeah, it rains. Sometimes. But here's what's so shocking. In the meantime, other theme parks are living their best lives right now, right, Jack? Like you're a Disney shareholder. Disney revenue is at record high and it represents 60 % of the company's overall profits. Legoland, Peppa Pig Park, the new Universal Epic Universes in Orlando, all at record highs. Great Wolf Lodge, an indoor water park chain, that got acquired last year for$3 billion, which is more than Six Flags is even worth. Besties added all up and the theme park industry is doing fantastic, but Six Flags is the outlier doing the opposite.

7:54Which leads to the news. A hedge fund and a football player are teaming up to turn Six Flags around. Yeah, the hedge fund is Jana Partners located in New York City, which bought 9 % of Six Flags for 200 million bucks. But they passed the opportunity across the desk of the Kelsey brothers. Yeah, the Kelsey bros are part of the investing team. The biggest deal in amusement parks, Jack, since you burned that tongue on the funnel cake in college. Remember that? Dude, I used to hate roller coasters because as I would go down, like with the G-forces, I would just hold it all in. And I almost imploded.

8:29It's because you ate all that funnel cake before the ride jack. The key is you need to scream. Now, Basties, the Kelsey brothers announced their involvement on the podcast as they're now rollercoaster tycoons. No word on Taylor Swift's involvement, but Nick and I read the lyrics and cruel summer. It appears to be inspired by a bad day she had at Six Flags. We actually made that up. But the Kelsey brothers say this deal is personal because growing up in Ohio, Travis Kelsey was a Six Flags superfan. Cedar Fair, actually. Yeah. His mom worked there. His uncle worked there. Travis Kelsey's favorite roller coasters, yeah, they're the ones made of wood.

9:06But yet he's Six Flags doesn't own their own IP like Disney does. They license characters like Superman and Batman and even Charlie Brown. Which leads to the big upside opportunity Jack and I see here. Now that the Kelsey's are part of Six Flags ownership, will they get their own ride or maybe license an NFL-themed ride? Nick, the quarterback experience. I'm listening, Jack. You put a helmet on and you try to find an open receiver while dummies are coming at you and you have to, like, dodge and avoid the pocket. And you could slap an NFL team logo on it thanks to the Kelsey brothers' involvement.

9:40And just like with my rollercoaster experience, screaming helps. But Jack, I got to ask, what do the Kelsey's and the hedge fund actually want in this$200 million deal? Here are their demands. They want to change the CEO and the marketing of Six Flags and improve the customer experience and the technology too. Basically be more like the profit puppy that is Disney World and bring Six Flags and Cedar Fair back to their old glory. But there's actually a more fundamental reason that this hedge fund tapped this tight end. Yeah, I know what you're thinking, Jack. Emotional finance. And Mahomes, you're going to have to wait in line like the rest of us.

10:13So Jack, what's the takeaway for our buddies over at Six Flags? Finance is an election, and celebrity endorsements really help. Now, Yetis, activist investors only buy a minority stake in a company. In this case, they bought 9 % of Six Flags. Since they don't have the majority, they can't push through changes on their own. So activist investors must rely on sway, influencing other shareholders to support their campaign to force change in the business at the top. That's why Jaina brought in Travis Kelsey. He will put public pressure on Six Flags management and the shareholders to come over to their side.

10:49And you know what, Jack? This hedge fund has done a celebrity takeover deal before, right? They got Shaquille O 'Neal to co-invest in an activist campaign against Papa John's, and they won that campaign. Besties, this is a celebrity finance hookup strategy that works, bringing to pop culture what otherwise would remain buried in the Wall Street Journal. Because finance is democratic, and celebrity endorsements help win elections. For our second story, we use ChatGPT's new web browser, Atlas, for a full day. And here is our review. Also, this web browser shows that OpenAI is keeping a list. Oh yeah.

11:29And all of big tech is on it. Oh, it's a big tech burn book, baby. But yetis, what's the main thing stopping us from using AI more often? Well, the answer is the F word of technology, friction. Switching from your web browser to your chatbot, it's a pain. Total friction. Google Chrome finally added AI mode, but for users of ChatGPT, it's been clunky, frictiony, and like you got a two-window situation going on. Now, you might've been wondering, how come there isn't a Chrome plugin for ChatGPT? Well, the answer is Tuesday's news. Here it is. OpenAI is cutting Google out altogether with their own browser called ChatGPT Atlas.

12:10Now, besties, Jack and I jumped in T-boy style. We downloaded the new OpenAI web browser yesterday and we used it for the entire day preparing this podcast. And here's our review after one day. It's powerful with some glitches and some scaries that might keep you up at night. You know what, Yeti's? I'm kind of worried. Yeah, more on that in a bit. But besties, when you open the new ChatGPT Atlas browser, honestly, you may never use Chrome again. Because Atlas is the same as Chrome. In fact, it's built off an open-sourced version of Chrome called Chromium. Oh my God, Jack. Google must be kicking themselves for making their code free to use on their web browser.

12:52Like little did they know that OpenAI, their arch rival, was gonna use it to create a Chrome knockoff. So the first thing you notice when you use this new browser, Yetis, is that it kind of looks like Chrome. It looks just like Chrome. Yeah, like Google and OpenAI are siblings or something. And then when you first launch Atlas on your computer after downloading it, it's going to ask you if you want to migrate all of your information from your Chrome browser. Boom! It looks, vibes, and feels just like your old Chrome browser, all your bookmarks, all your saved history. But Atlas has one big difference.

13:21It's an always there button on the top right called Ask ChatGPT. And when you click it, it opens up a sidebar. So you can ask that chatbot any general questions or a question about the webpage you're looking at, or a question about the text you've highlighted right there. A great use case? Summarizing. Oh, totally. That New Yorker article is about 12 ,000 words too long. What do you do, Jack? You're like, I like the headline, but I'm not sure I'm ready to commit to like the 15 minutes of reading it. Just type in summarize and it'll tell you whether you should read the whole thing or not. And then explain the cartoon to me.

13:55So like you can stay in the flow here and ask the chatbot browser questions without leaving the web page. What's the homepage? It's not google.com. It's the chatbot. But it also includes Google-like search options like web search, image search, video search, or news search. Now there are downsides here we should point out, right, Jack? Like what kind of stuff? They don't have all the plugins. Like our password manager, we had to manually enter our username and passwords all day. It was pretty frustrating. That'll probably get fixed, but there is actually a deeper existential downside here, right, Jack?

14:26This one's not going to get fixed. You are feeding OpenAI an incredible amount of data for yourself all day while you're using the browser. Yeah, there is incognito mode, but this thing will learn everything about you and it never forgets. Now, Google already gets our information and they don't forget either, but they're just using our information for ads. On the other hand, OpenAI gets our information and launches products to replace us. So Jack, what's the takeaway for all our buddies working in or interested in tech? OpenAI is keeping a list, and all of big tech is on it. Yetis, in the last few months, OpenAI has set its sights on conquering all of big tech one product at a time.

15:07They're not just taking down Google. They also hired Johnny Ive to create a next-generation hardware device to compete with Apple's iPhone. They launched Instant Checkout to compete with Shopify and aim to cut Amazon out of e-commerce entirely. They launched Sora, an AI video social media feed that competes with Meta and TikTok. Okay, this may be the wildest. OpenAI is working on its own AI chips, potentially cutting NVIDIA out one day. There's only two companies in the Mag 7 that we haven't mentioned yet, Tesla and Microsoft. Now, OpenAI very much competes with Microsoft in AI, despite Microsoft having a huge investment in OpenAI.

15:43And will OpenAI launch self-driving software in the future? Probably making it a competitor with Tesla. Besties, OpenAI is keeping a list. It's a burn book and all of big tech is in it. Now, a quick word from our sponsor. Decagon. Am I still on hold? What am I doing? It's been like 15 minutes. Am I still on hold? Hello? Excuse me? No. No, I don't need to hear my list of options again. Yeah, it is. Decagon helps companies create personalized concierge-style customer experiences with AI agents across chat, email, voice, and SMS. They're available 24-7. They feel natural to talk to and can resolve customer requests on their own, so businesses can keep up with their requests without losing their personal touch.

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16:57Check Decagon out at decagon.ai slash tboy. That's decagon.ai slash tboy. Walmart business. Yetis, we cover business trends on our show, and they move faster than you can spell GPU. One minute it's vibe coding, the next it's agentic. Tomorrow it's probably gonna be in-person old school again. Yeah, well, while you're managing this to stay ahead, the last thing you need to worry about is supplies for your company. Carol, do we have the cogs needed to meet our Q1 sales commitments? Carol! Carol, outsource that mental load instead to Walmart business. Walmart business lets you buy the bulk supplies your business needs.

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18:07For our third and final story, the NHL just became the first of the big four sports leagues to strike a deal with the predictions markets. Because early business innovations need arm candy. Besties, we'll be honest, you could not have predicted this. The NHL announced yesterday a multi-year licensing deal with both Kalshi and Polymarket. who are the Coke and the Pepsi of the predictions markets. Now, both of the biggest prediction startups will have access to the National Hockey League's private data and team logos. So instead of just describing the betting category as hockey, they can actually say the NHL.

18:45There you go. So now, Jack, you could bet on whether the New York Rangers are going to beat the New Jersey Devils or whether Mika Zibanejad's slap shot will break 100 miles per hour in the third period. By the way, the NFL considered a deal with the predictions markets, but passed on it. Football is being cautious about entering the unregulated predictions industry, which competes with regulated sports betting. But hockey's just happy to be picked by the public market. Hockey's a sport where you take your gloves off, Jack. So honestly, whatever, they'll give anything a shot, good for them. But Nick, pause the puck drop for a second.

19:18How is predicting about a sports outcome different from betting on them? I hear you, Jack. It is the same action, right? Right? Like besties, Jack and I wrestle with this too. Like in both cases, you put money on a potential outcome and you win money if you're right or you lose money if you're wrong. If I bet that the Oilers will hoist the Stanley Cup at the end of the season, or I predict that they will, what's the difference? It's a fair point. So Yetis, there is a difference here. It's really, really nuanced, but technically it does exist. The difference is in the pricing structure and in the function of the market.

19:51Okay, here's our explanation. In betting, the odds are set by the house. So Vegas, for example, determines which team has the advantage. But in the predictions market, it's supply and demand. The predictions are a contract that you buy on which team will win. So in the sports betting industry, the house always wins. But in the predictions industry, the house just takes a fee. Seems like a very small difference to me. It's a little bit of a gray area right there, Jack. There is, however, real difference when it comes to regulation. That may be the biggest difference of all here. Because sports betting is heavily regulated by the states, whereas predictions markets are lightly regulated by the feds.

20:31For example, in the state of California, you can put money on a prediction that the Los Angeles Kings will win a game. But you can't put money on a sports bet in California because sports betting is illegal there. And this big difference in regulations is how the prediction markets have grown so fast. It's like sports betting has to pass through TSA to get on the airplane. the predictions markets go right past TSA and get on. It's the same outcome. Just one's regulated, one's not. Exactly. And that is why Polymarket is now worth$10 billion as a predictions market. Feels like Jack. I should hit the cha-ching button.

21:08Jack wants the takeaway for our buddies over in the predictions markets. Early innovations need arm candy to stand out. Yeti's the real winner of this deal. It is an ice hockey. It's the entire predictions market. Because the NHL is an established brand that's 100 years old. Partnering with them is great for the predictions industry. It legitimizes them. Like celebrities dating a man or a woman hotter than them is arm candy. They get cool by association. It's the same in business. When a stock gets inducted to the S &P 500, that's a legitimizer. It's financial arm candy. Or Jack, when a new movie studio wins their first Oscar, that's a legitimizer.

21:47It's Hollywood arm candy. And now, one of the four major U.S. men's professional sports leagues partnering with predictions? That's a legitimizer, too. Because sometimes an innovator needs some arm candy. Jack, could you whip up the takeaways for us for the new Friday? For our first story, Six Flags is now 9 % owned by a hedge fund and the Kelsey brothers, who are demanding changes in the C-suite. Finance is democratic, and celebrity endorsements help win shareholder votes. For our second story, OpenAI's new browser, ChatGPT Atlas, eliminates the friction of using AI and the internet. Sam Mottman's keeping a list, not a Santa list, and all of big tech is on it.

22:29And our third and final story, the NHL is licensing their brand and team logos to Kalshi and Polymarket. The NHL is now the arm candy of the predictions markets. But besties, this pod's not over yet. Here's what else you need to know today. First, Tesla earnings announced yesterday just as the market closed. We are in the middle of earnings season, baby. Revenues rose 12 % as electric car buyers rushed to snag that$7 ,500 tax credit before it expired. But profits for Tesla fell big. Their operating profit dropped 40 % from the year before. Jack, could you sprinkle on some context, please? General Motors is worth way less than Tesla, but its operating profit was nearly twice as big last quarter.

23:11And second, Netflix. Their revenue jumped an impressive 17%, but the stock dropped because of a random unexpected tax payment to the country of Brazil. Bigger news, Netflix announced a deal with the settlers of Catan. Oh, turning the famous board game into a world of TV shows, movies, and schmovies, Jack. Plus, they signed a deal with Hasbro to make K-pop Demon Hunter action figures. And finally, the star of the San Antonio Spurs, Victor Wempanyama, apparently got even taller over the summer. The French NBA star, who you may remember from the Olympics. He's huge. He almost blocked Seth Curry's three-pointer, but wasn't tall enough.

23:55Okay, he's 21 years old, but he's still growing physically. Last season, when he was 20 years old, he was listed as 7 '3", the second tallest player in NBA history. Okay, we double-checked the numbers, but this year he's listed as 7 '4", tied for tallest player in the league. He's 21 and he's still growing. Puberty, it's a profit puppy. Now time for the best fact yet, this one sent in by a legendary yeti, Khaled, all the way over in Kuwait. On Monday, we did a story on the date industry, how dates the fruit are surging. Well, Colette is from Kuwait, the heart of the date industry. And the Arabian Peninsula and Iraq are the top date producers in the world.

24:35More than 80 % of homes in the region have at least one date palm tree on the property, which families harvest as a family. In fact, the official emblem of Saudi Arabia has two swords and a date palm tree right in the middle. And dates are typically used to break the fast during Ramadan. The date, the dessert that your mom will let you eat as a snack. Yetis, you look fantastic today. And remember, when you get home, you got to wash those clothes because you may have some buddies with you. Yeah, let's just all be thankful that Google does software, not hardware. Good night, sleep tight, and don't bring the bed bugs into the one-on-one with your boss.

25:12Don't read that nursery rhyme to Maxie tonight. If you know, you know. Jack and I, we'll see you tomorrow.

25:21And before we go, a happy birthday to legendary Yeti Colin Curran, turning 38 in Spring Valley, California, celebrating at the Chargers game. Happy birthday to Aileen Dio Gracias in Atlanta, Georgia, who's listening since the Snacks days. A Snacker-turned-Yeti and Eric Guo in Saratoga, California, celebrating the best birthday yet. Happy birthday to David Raznick in Richmond, Virginia, who shared T-Boy with his bestie Nick at an office happy hour. Thank you for doing that. And a happy birthday to Annika Carlson turning three and Papa Carlson sharing the same birthday in lovely Plymouth, Minnesota.

25:57And happy 11th birthday to Sloan Laria in Boca Raton, Florida, who's gonna have a legendary 11th. And Israel Pease turning nine years old in New York City, the biggest T-Boy fan with the biggest birthday yet. And a big shout out to Kyle Uribe in Dallas, Texas, who works at Qualtrics, a snacker turned Yeti. And just a special shout out to Austin Patry, a fantastic founder of the date company Realzy Dates, almond-filled dates. He loved our date story the other day because he's got one of the fastest growing date brands in the entire industry. Check him out. And to anyone else celebrating something today, make it a T-boy.

26:32Celebrate the wins.

26:36This is Jack, Nick owned stock of Shopify. We both own stock in Apple, and we both own ETFs of the S &P 500. Biro Premium Non-Alcoholic Beer. All right, yetis, a little behind the scenes here. Before our New York City live show back in April, Jack and I went sober for two weeks. True story. Couldn't risk getting sick. I didn't want to be groggy. I couldn't afford a hangover. It was New York, baby. Okay, but Jack, celebrating the wins is what we do. And so for our live shows, we crack open something special. So we drank Biro, the premium non-alcoholic beer brand co-founded by Tom Holland. Yeah, I actually first saw it at my grocery store, delicious taste like a celebration, feels fantastic, and looks legit.

27:16More on the looks in a sec. And if it's good enough for the actor who played Spider-Man, it's good enough for us. You see, it pairs well with a pickleball game, a profitable earnings report, or with the best podcast. So, Yetis, if you want to celebrate the wins with all the taste of a premium lager or IPA, but none of the alcohol, there's no better choice than Bureau. Okay, pause the pod. Did we mention the can is straight up gold? This thing will stand out at every one of your next parties. Trust us, we've done it. Only beer we know that actually upgrades the scene like a promotion. So Basties, if there's a win you're celebrating every day, Bureau is the non-alcoholic brew brand you gotta bring.

27:51So use code T-Boy for 20 % off your first order at BureauBrewing.com.