How To Actually Regulate AI — ft. Alex Bores

Scott Galloway (0:00)

Support for the show comes from Alumni Ventures. We've said it before, diversification is our Kevlar vest. But do you know how concentrated your public stock fund actually is?

A handful of mega cap stocks with an AI story are doing most of the work. That's not the diversification you think, especially when so much value creation is happening before companies overgo public. Alumni Ventures ranked a top 20 US venture firm by both Time and CB Insights, gives accredited investors a smart, simple way to assemble a blue chip venture portfolio and participate in the value creation that is occurring in private markets. You can sign up for free, see the weekly deal flow and decide for yourself, or write one check into the Alumni Ventures Foundation Fund for a diversified portfolio of about 25 private venture deals. Go to av.vc.gov.

SPEAKER_2 (0:47)

Not an offer to sell securities.

Alex Bores (0:48)

Venture capital involves substantial risk, including loss of capital invested. See disclosures and fund offering materials for more information.

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SPEAKER_4 (1:12)

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Scott Galloway (1:41)

Today's number, $27 billion. That's how much Mark Zuckerberg's net worth increased Monday. Ed, you know how Instagram models get paid. How's that? Per diem.

Per diem. Yeah, you should call yourself an Instagram influencer because it just sounds better than unemployed.

Ed Elson (2:11)

How are you?

Scott Galloway (2:12)

I'm good. I'm in New York. I'm headed to Colorado tomorrow. And then I go to Santa Barbara on Friday for a speaking gig. And I go back to Colorado for a conference. And then, I don't know, I'm doing pretty well though. It's great to be in New York.

This is a golden age, Ed. You're living in a golden age. You don't realize it because you're young and you're used to everything being great despite the mass extinction possibilities. The New York's amazing.

Ed Elson (2:38)

You think this is the golden age of New York?

Scott Galloway (2:39)

I think in 20, you never realize you're in a golden age when you're in it. I think in 20 years, we're going to look back on Manhattan and think that was a golden age.

Ed Elson (2:47)

Wow. Why now?

Scott Galloway (2:49)

The crush of humanity, the creativity, the number of new restaurants, new things to do, culture.

Ed Elson (2:55)

You think that's new? I feel like New York's been that. I feel like the main change is that we're a lot more like sweet greens and cover restaurants and like slot bowls.

Scott Galloway (3:06)

Well, just one crime. When I first moved to New York right out of UCLA, you'd go downtown and if you're with a woman, you walked her to a cab, you did not take the subway at night when I moved here.

If you were in Manhattan for longer than a year, at some point, you probably got- I mean, it was just an entirely different situation. There weren't nearly- every neighborhood in Manhattan now, it is kind of cool and has interest and interesting vibe to it.

Sixty-five million people visited New York, 85 million in economic activity, 400,000 jobs. There's more people attended Broadway last year than all local sports teams combined. We've had net job creation since 2020 of 1.1 million jobs. Granted, most of that has been health care. But it used to be 54 percent of the GDP of New York State, now it's 60 percent. I mean, this is a golden age.

Ed Elson (4:02)

Are you running for mayor?

Scott Galloway (4:02)

I am not. I am not. I am neither talented nor likable nor very good on social, so I don't qualify.

But New York is, I mean, I didn't appreciate it when I was your age, but you're living, you're literally living at the helm of the bobsled of a capitalist society right now living in New York. And I mean, there's always a but, inflation is at 4.6 percent versus 3.4 percent nationally, rents are up. So the deep, it's kind of indicative of our metaphor for the larger economy. And that is, if you're in the right place, in the right time and have the right job, you're just living an amazing life. If you're the kind of person that actually has to show up for jury duty, all you know is your rent's going up. So it's more difficult. The city used to be a place where you could be upper middle class safely and dance between the raindrops and live here. I don't think that's longer any true. I think either you have a great job that pays really well, or your parents are putting you through New York.