Speaker · Updated
Scott Galloway: latest market views
NYU Stern School of Business
Summary
Scott Galloway is a marketing professor at NYU Stern, bestselling author, entrepreneur and host of the Prof G Markets and Prof G podcasts, known for commentary on big tech, business and markets.
Chorus has 27 views from Scott Galloway across 2 episodes on Prof G Markets since October 26, 2026. Their latest calls: bullish on Amazon.com, Anthropic, NVIDIA and Space Exploration Technologies; bearish on OpenAI and Tesla.
Where they stand
Their latest bullish or bearish call on each company.
- Amazon.comBullish ·
- AnthropicBullish ·
- NVIDIABullish ·
- OpenAIBearish ·
- Space Exploration TechnologiesBullish ·
- BYD CompanyBullish ·
- Eli Lilly and CompanyBullish ·
- Meta PlatformsBullish ·
- TeslaBearish ·
- xAIBullish ·
What they talk about most
The latest views
Newest first. Every quote is checked against the episode's transcript.
AnthropicBullish
Anthropic could become the world's most valuable company, possibly reaching $4–5 trillion within four years.
Anthropic's revenue rose from about $1.2B to $16B in the first half, roughly a 13x increase. Galloway says no company has ever grown revenue this fast at that dollar scale, and that Palantir's 85% growth looks anemic beside it. Anthropic trades at about 60x revenue, but if it reaches a $200B run rate in 2027 or 2028, as estimated, that implies a multiple of about 10x, which looks cheap or reasonable. He argues the market pays high multiples for durable, moat-protected infrastructure businesses, and that the product is unbelievable. He thinks there is a real shot the valuation reaches $4–5T at some point in the next 48 months, especially when Nvidia and Apple have a bad quarter. He would not feel comfortable saying it will be the most valuable company in eight to ten years.
“I think in the next thirty six to forty eight months, there's a nonzero probability that Anthropic is the most valuable company in the world.”at 19:41
Prof G Markets: Josh Brown: If This Is A Bubble, It’s Pathetic ·
NVIDIABullish
Nvidia trades at a suppressed multiple because investors fear its earnings have peaked.
Galloway argues Nvidia is trading at suppressed earnings, meaning a lower multiple, because investors are worried about where its earnings go after the peak. He uses this to contrast Anthropic's multiple with Nvidia's, implying Nvidia looks cheap relative to its earnings power. The argument is brief and not fully developed.
“Nvidia, which I would argue is trading at suppressed earnings because [of the] PE [ratio], because everyone's worried about where the e[arnings] goes.”at 20:01
Prof G Markets: Josh Brown: If This Is A Bubble, It’s Pathetic ·
AnthropicBullish
Anthropic's gross margins and free cash flow should rise as compute costs fall and scale grows.
Morningstar estimates about $150B in revenue at a 30% free cash flow margin, implying roughly $45B a year in potential free cash flow within 24 months, or about 44x against a $2T valuation versus Palantir's roughly 150x. Anthropic already shows positive gross margins and is generating early free cash flow at a fraction of the scale it is expected to reach. Galloway says the per-unit cost of compute is falling sharply, so gross margins should rise over 24–36 months as the company scales. It already has the second-highest revenue per employee, behind only Nvidia. He cautions that if the company keeps growing at its current pace, the $500–800B in commitments, some of them firm and non-cancellable, could make it burn cash, and he dislikes adjusted EBITDA.
“a 30% free cash flow, which it looks like it's charting towards, or 30% free cash flow margin, that's 45,000,000,000 a year in potentially free cash flow in the next twenty four months.”at 23:06
Prof G Markets: Josh Brown: If This Is A Bubble, It’s Pathetic ·
OpenAIBearish
OpenAI's momentum is fading as Anthropic gains; Galloway is more worried about ChatGPT.
When asked which of OpenAI or Anthropic has the stronger moat, Galloway says that in software moats are intellectual property, human capital and culture, and that he is more worried about ChatGPT. He argues the momentum is very much with Anthropic and slightly against ChatGPT. Josh agrees that Anthropic's enterprise business is further along and less price-sensitive.
“Well, the momentum right now is very much for Anthropic and slightly against ChatGPT.”at 30:41
Prof G Markets: Josh Brown: If This Is A Bubble, It’s Pathetic ·
Space Exploration TechnologiesBullish
The company is priced below Palantir and near Nvidia while growing much faster; attractive on risk-adjusted basis.
Galloway says the company posted positive adjusted operating income while scaling at 13x growth, which he calls rare, since most such companies burn cash. Adjusted figures exclude stock-based comp, a caveat he flags. He says it is priced cheaper than Palantir and roughly in line with Nvidia while growing much faster than both. Despite existential and political risks, if it sustains even a fraction of its growth it becomes a cash spigot at a multiple that makes Nvidia and Palantir look expensive. He worries more about political risk than financial risk, though Ed Elson counters with the financial commitments.
“If you look at this thing in the pricing, it's pricing cheaper than Palantir and roughly in line with NVIDIA while growing much faster than both.”at 42:43
Prof G Markets: Josh Brown: If This Is A Bubble, It’s Pathetic ·
Amazon.comBullish
Amazon's retail unit could become a massive high-volume, reasonable-margin business via robots and AI.
Galloway names Amazon his big tech pick for 2026 and says AWS will be a serious unlock. He thinks the retail unit is the real story, a collision between industrialized robots and AI. Jassy says the company can double retail by 2032 without one incremental hire, and retail is Amazon's largest business by dollar volume. That turns a large, low-margin top line into one with reasonable margins. Amazon has about a million robots versus 400,000 industrialized robots in America.
“I think it's return or the empire strikes back around the retail unit because what I see is a collision between industrialized robots and AI.”at 1:00:20
Prof G Markets: Josh Brown: If This Is A Bubble, It’s Pathetic ·
Wealth, inequality & billionaires
AI-driven wealth concentration is a dangerous trend, with gains going to a few employees and owners.
Galloway says there is a serious concentration of wealth around AI companies. Anthropic has about 5,300 employees, versus 60,000 at Eli Lilly, 100,000 at P&G, and 150,000 at Apple. He cites rents up 24% quarter over quarter in San Francisco and a SpaceX IPO that created 12 billionaires in Texas. He notes that 40% of American households have medical or dental debt and that about 10% of Americans own all the stocks. He calls the spoils going to fewer and fewer talented or lucky employees something to watch closely and potentially very dangerous.
“But there is a pretty serious concentration of wealth here... a disproportionate amount of the spoils are going to a fewer and fewer number of very talented and also very, very lucky employees.”at 1:08:14
Prof G Markets: Josh Brown: If This Is A Bubble, It’s Pathetic ·
AI will create more jobs than it destroys over time, though current job creation is uneven.
Galloway says he is an AI optimist and believes AI over time will create more jobs than it destroys. He cites The Economist's estimate that AI has so far created about a million jobs and destroyed about 100,000. He also notes that the best earnings calls now show headcount cuts, such as Meta growing 23% with 20% fewer employees, which concerns him. He thinks AI will create more jobs than it steals even though the current pattern looks uneven.
“And granted, I do think that AI over time will create more jobs than it destroys.”at 1:08:25
Prof G Markets: Josh Brown: If This Is A Bubble, It’s Pathetic ·
TeslaBearish
Tesla's core business is shrinking, and its roughly 300x P/E is unjustified against an auto industry near 18x.
Galloway compares the two companies' latest quarter. SpaceX revenue rose 161% with about $4.4B net income and a 60% EBITDA margin. Tesla's revenue was flat, operating income fell 56% to a 2.6% margin, and deliveries fell 2%. He says Tesla trades at a P/E near 300 against an industry near 18, and calls it a company 'on its eighth of nine lives' that is out of magic tricks, citing the Roadster promised in 2017 and delayed four times. He states he is a Tesla shareholder.
“SpaceX revenue is up a 161% with net net income of 4,400,000,000 and a 60% EBITDA margin. Tesla's revenue is flat, and operating income is down 56% with a 2.6% margin, and deliveries are down 2%.”at 8:13
Prof G Markets: The $3.5T Bailout: Elon's Plan To Merge Tesla And SpaceX ·
Space Exploration TechnologiesBearish
SpaceX shareholders are on the losing side of the Tesla deal, which is a rescue for Tesla.
Galloway frames the merger as a rescue. Tesla is the patient and SpaceX is the organ donor, so SpaceX shareholders pay for Tesla's decline. Tesla shareholders win because they swap declining shares in a declining car company for a stake in Starlink and AI. Musk wins by keeping control. He also says some real synergies exist, such as SpaceX buying over $1B of Tesla batteries and Tesla's manufacturing scale, but calls it 'a real merger with a fake premise.' He cites Musk's history with SolarCity and Twitter.
“So right now, Tesla is the patient, and SpaceX is the organ donor. SpaceX shareholders are the organ donor. So who wins? Tesla shareholders.”at 8:13
Prof G Markets: The $3.5T Bailout: Elon's Plan To Merge Tesla And SpaceX ·
TeslaBearish
Tesla is making no real progress in autonomy, doing far fewer rides than Waymo, and robot targets look unlikely.
Galloway argues Tesla's autonomy claims are not backed by performance. Waymo is doing about half a million rides a week, while Tesla does very few, with a safety monitor in the front seat. He doubts the promised five million robots a year will happen and expects autonomy to fall short of expectations. He says he is a Tesla shareholder.
“Okay. You're making no progress in autonomous. Waymo's doing a half a million rides a week. You're doing very few with a safety monitor in the front seat.”at 10:45
Prof G Markets: The $3.5T Bailout: Elon's Plan To Merge Tesla And SpaceX ·
BYD CompanyBullish
BYD builds a better Tesla for half the price, a serious competitive threat to Tesla.
Galloway says Tesla has no [moats], while BYD is making a better version of the Tesla car for half the price. He uses this to argue Tesla's valuation rests on promises rather than a defensible product lead. He does not give BYD financials.
“Tesla has no [moats]. BYD is making a better Tesla for half the price.”at 28:03
Prof G Markets: The $3.5T Bailout: Elon's Plan To Merge Tesla And SpaceX ·
Space Exploration TechnologiesBullish
SpaceX is booming with no close rival to Starlink, and its launch capacity dominates the world.
Galloway says SpaceX is 'busting into outer orbit,' with revenue up 161%, net income around $4.4B, and a 60% EBITDA margin. He says the rest of the world has only 8% of launch payload capacity. He personally sees nothing like Starlink, and expects competition eventually but none yet. He calls SpaceX's promise real, while also saying it is dramatically overvalued.
“SpaceX still has the promise of... The entire rest of the world has 8% of the launch payload capacity right now... I can tell you personally, there is nothing like Starlink.”at 28:03
Prof G Markets: The $3.5T Bailout: Elon's Plan To Merge Tesla And SpaceX ·
xAIBullish
xAI, the AI portion of SpaceX, is up ninefold and its story has legs.
Galloway says the AI portion of SpaceX is up nine times. He concedes it is off a small base, but argues that story has legs. He contrasts this with a Tesla story he sees as running out of steam, so the merger brings in a growing AI business.
“the AI portion of SpaceX is up nine x. Now granted, it's off a small base, but that story has legs.”at 28:03
Prof G Markets: The $3.5T Bailout: Elon's Plan To Merge Tesla And SpaceX ·
Most acquisitions destroy shareholder value, and CEO pay incentives push leaders toward empire-building deals.
Galloway argues CEO compensation is set by boards that favour acquisitions, creating an incentive to do deals even when they make no sense. Each CEO hopes for a transformative deal like Zuckerberg's Instagram purchase. He says about seven to 10 acquisitions end up destroying shareholder value. He applies this to the Tesla-SpaceX deal, where the special committees may be building an empire.
“CEOs have a tendency to want to do acquisitions... The reality is about seven to 10 acquisitions end up destroying shareholder value.”at 34:40
Prof G Markets: The $3.5T Bailout: Elon's Plan To Merge Tesla And SpaceX ·
Space Exploration TechnologiesBullish
Given Musk's track record, SpaceX will likely be added to the S&P 500 via the Tesla deal.
Galloway agrees with Elson that the stock-for-stock merger gives the S&P committee grounds to waive eligibility rules on profitability, float, and trading history. He cites JPMorgan's estimate that inclusion would create passive buying equal to about 10% of the combined company's free float, and calls that real.
“given Elon's track record, I genuinely think that that is going to happen here... JPMorgan also estimated that inclusion would create a passive buying equal to about 10% of the combined company's free float, which is real.”at 34:40
Prof G Markets: The $3.5T Bailout: Elon's Plan To Merge Tesla And SpaceX ·
TeslaBearish
No outside buyer would pay Tesla's current price, so a SpaceX premium deal would be unsupported and hurt Tesla
Galloway says a special committee would benchmark the deal against what an outside buyer would pay for Tesla. His answer is that buyers would pay about 30 cents on the dollar, and no one would pay even the current price, let alone a premium. He compares it with Apple, the most plausible acquirer, which would need roughly $2T for Tesla (about $1.5T market cap) and would take 30-40% dilution, so he doubts it would happen. He expects a like-for-like share exchange at the closing price, and thinks any deal would produce an ugly first-day hangover in trading. He adds that regulators, CFIUS and antitrust reviewers, and state attorneys general will not simply rubber-stamp the merger.
“What would someone else pay for Tesla? And the answer is they pay 30¢ on the dollar. There is no one out there that would even pay the current price, much less a premium.”at 38:25
Prof G Markets: The $3.5T Bailout: Elon's Plan To Merge Tesla And SpaceX ·
AI is in a correction, not an implosion; the bubble-pop narrative is overstated
Galloway agrees a correction is coming but rejects the media narrative that AI is a clear bubble about to pop viciously. He says the AI trade still shows unprecedented velocity in revenue, adoption, new products and capital formation. He expects a soft landing in which stocks fall 10, 20, or even 50%, with revenues catching up if the companies keep growing. He says people he speaks with who work at or invest in these companies see growth they have never seen before.
“I think we're in the midst of a correction, but not an implosion.”at 53:04
Prof G Markets: The $3.5T Bailout: Elon's Plan To Merge Tesla And SpaceX ·
Power, not chips, is now the bottleneck for AI, so the constraint is electricity and data-centre capacity
Galloway says the scarce input has moved from chips to electricity. Amazon stockpiled GPUs, which he calls a smart move by one of the best supply-chain operators in history, but the constraint turned out to be power and data-centre capacity. He concludes that the market has too little power rather than too much supply, which is why the chips are sitting idle and why construction delays are hurting. This is the basis for his view that the buildout is delayed rather than oversupplied.
“The bottleneck has moved from chips to electrons.”at 53:18
Prof G Markets: The $3.5T Bailout: Elon's Plan To Merge Tesla And SpaceX ·
AnthropicBullish
Anthropic's reported loss is mostly non-cash, and its business is more successful than the media says
Galloway argues the headline $80B loss is misleading. About $72B is an accounting charge from convertible debt that converts to equity as the equity value rises. The real figure is about a $9B loss on $16B of revenue, with revenue growing roughly ninefold year on year. He has read the leaked numbers and the latest funding-round valuation, and thinks the media is unfairly downplaying the company's success. He expects the S-1 to describe a business that is living up to its promise.
“So, really, the kinda accurate number is they lost 9,000,000,000 on 16,000,000,000 in revenue, and I think they 9x'd their revenue year on year or something.”at 54:25
Prof G Markets: The $3.5T Bailout: Elon's Plan To Merge Tesla And SpaceX ·
AI infrastructure & data centers
Cloud margins are expanding, so the AI infrastructure build is not a glut
Galloway rejects the claim that AI infrastructure is oversupplied. In a glut, prices and margins fall, but AWS's operating margin rose from 33% to 39% and Google Cloud's rose from 21% to 36%. He reads the construction delays and stranded chips as normal friction, the kind seen in home renovations. In his view the constraint is power and data-centre capacity, not too much supply.
“AWS's operating margins rose from 33 to 39. Google Cloud's operating margins went from 21 to 36. If there was a glut, margins would be collapsing. Instead, they're expanding.”at 55:26
Prof G Markets: The $3.5T Bailout: Elon's Plan To Merge Tesla And SpaceX ·
AI infrastructure & data centers
Big Tech keeps spending on AI because it fears underspending, and the spend needs huge AI revenue to pay off
Galloway says hyperscalers are afraid to stop spending even though demand looks infinite in many scenarios. They fear falling behind, and the spend is also a moat, since only a few companies can make such commitments. He likens this to the Yellen-era stimulus, where the perceived risk of underspending outweighed the risk of overspending. The commitments imply AI revenue of about $3T, roughly double the roughly $1.5T big tech earns today, and that is the existential risk. He notes that companies are moving some of the spending into private credit vehicles so losses would not hit their equity.
“I feel as if they're afraid to stop spending.”at 1:04:11
Prof G Markets: The $3.5T Bailout: Elon's Plan To Merge Tesla And SpaceX ·
The traditional players will win the AI buildout, and newer, smaller players will suffer
Galloway draws on the railroad boom. The technology survived and changed the world, but there were many bankruptcies along the way. He thinks the established incumbents will be the big winners of the AI buildout, and the newer players will be the ones that suffer. Elson agrees, and the two link this to the cash-flow and debt problems of the newer neocloud players.
“I think a lot of the traditional players are gonna be the big winners here, and a lot of the newer players are gonna be the ones that suffer.”at 1:06:22
Prof G Markets: The $3.5T Bailout: Elon's Plan To Merge Tesla And SpaceX ·
Meta PlatformsUncertain
Meta's new non-voting stock issuance is a move to keep Zuckerberg's control, not a sign of need
Galloway reads Meta's 10-Q, which mentioned the difficult capital-raising environment, as justification for new stock issuance. He thinks this is a way to create a new class of non-voting stock so Zuckerberg keeps control. This would let him raise capital quickly, for example around $15B overnight, if a proposed wealth tax passes, without giving up control. He sees the move as a control and financing play rather than evidence of AI returns, so the signal is about financing motive.
“I saw it as them trying to create a new class of stock that's nonvoting such that he can maintain control.”at 1:12:34
Prof G Markets: The $3.5T Bailout: Elon's Plan To Merge Tesla And SpaceX ·
Meta PlatformsBullish
Meta can finance its huge AI capex by offloading risk to private credit
Scott disputes the idea that Meta is struggling to raise capital for its AI spending. He says Meta can keep many of its capital commitments off balance sheet and offload that risk to private credit sources. Its stock is near an all-time high and its business is firing on all cylinders, with revenue up 26% on fewer employees. Scott reads the planned share class as a control move rather than a sign of financial stress, and says the business can fund the ridiculous capex it requires.
“They're able to offload that risk to other private credit sources.”at 1:13:36
Prof G Markets: The $3.5T Bailout: Elon's Plan To Merge Tesla And SpaceX ·
Eli Lilly and CompanyBullish
Eli Lilly will beat its ambitious estimates in upcoming earnings; GLP-1s transformative
Scott calls Eli Lilly the AI trade of your waistline and says it is the most interesting company to come out of Indiana. He predicts its upcoming earnings will show results that blow away its already ambitious estimates. He reaffirms his view that GLP-1 drugs will be more transformative than AI, and says the earnings report will show it.
“I think it's kind of the AI trade of your waistline. I think it's... gonna even blow away its incredibly ambitious estimates.”at 1:14:39
Prof G Markets: The $3.5T Bailout: Elon's Plan To Merge Tesla And SpaceX ·
Meta PlatformsBullish
Meta will be the biggest AI-boom winner, due to distribution moat and cash flow
Meta's AI strategy is bearing fruit and is a model only Meta can execute. Despite technologists calling its LLMs a parody next to Anthropic and OpenAI, Meta has unmatched distribution: direct relationships with about 500 million businesses, where rivals have thousands, and no single advertiser is more than about a third of a percent of revenue. It also reaches roughly 3 billion users daily. Layering a model and cash flow to fund the capex on that base lets the advantages compound. Scott sees the agentic commerce layer and messaging as likely wins, and says Instagram's AI-driven engagement is unusually addictive. He names Meta as his pick for the company that will look back as the big AI winner in three years.
“Meta. AI strategy is finally bearing fruit, and it's a business model only Meta can execute on.”at 1:15:45
Prof G Markets: The $3.5T Bailout: Elon's Plan To Merge Tesla And SpaceX ·
Shows
- Prof G Markets · 2 episodes
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