Aswath Damodaran

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1,201 appearances 7 recordings 3 series first heard May 2025 last heard 7 Aug

Aswath Damodaran’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 6 in all, peaking in Nov 2025 with 2.

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Prof G Markets · Aswath Damodaran: Big Tech Has No Idea How AI Pays Off · 7 Aug 2026 podcast

But markets are recognizing that you can be a smart company.

But you got the situational awareness.

I I hate to bring that in component of you're smart and perhaps you're too immersed in this space to step back and ask the objective question of is there really a business here that can justify not a billion, five billion in capex, but tens of billions of capex?

And I think those questions are only gonna get going to get louder.

Is if I were on the board of these companies or the top

management, I'd be thinking seriously about the business narrative ending, not just throwing out the CapEx numbers and leaving them at that, because markets are going to continue to respond negatively to big CapEx numbers without a story backing the CapEx.

There's an outlier.

I agree with you.

This is gonna be a classic case study ten years from now, as to whether it's better to wait out the uncertainty and then decide.

what kind of factory to build, rather than build a factory first and worry about what can we produce from the factory.

I mean the analogy I keep coming back to is is this factory building exercise, which is Apple is saying, we don't know enough about this space.

We don't know yet.

Whether the kinds of products and services that AI will deliver will be low-cost, high-scale products, which will require a very different kind of factory than this premium product, high margin, lower scale business.

And I think even within the LLMs, you see this fight, you know, with the open AI versus anthropic.

Anthropic clearly is going for the premium.

Pricing strategy.

And OpenAI surprisingly is saying, hey, maybe the big market here is to sell stuff for at a lower cost and sell at scale.

And the Chinese are, of course, waiting on the sidelines to throw the story into complete turmoil because they can come in.

And this briefly, we saw this with Deep Seek a couple of years ago, coming in and shaking up the story to ultra every.

Everybody.

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