Scott Galloway

So once again, we have a situation where the investor is the customer at the same time.

And so when you think about it at the current valuation, 100 times sales-ish, when you think about it that way...

for every dollar that Google spends on SpaceX compute, they get about $6 back in shareholder value because they own 6% of the company.

Now, that already is like, that's weird.

You're paying for something and then getting something in return in the form of higher returns for your shares.

Here's where it gets weirder.

Google will pay SpaceX $8,400 per GPU per month.

Compare that to Anthropic, and their deal with Anthropic was announced within weeks of the Google deal.

Compare that to the Anthropic's deal with SpaceX.

They're paying $3,800 per GPU per month.

So Google is paying more than double what Anthropic, supposedly their competitor, is paying.

and the deal was announced basically at the same time, and you have to wonder why.

I think the answer is they're down to pay a ridiculous price because they are a shareholder and because they know that if they pay that amount,

then they'll get it back.

And so I think this is just more evidence of how these circular deals are distorting the AI economy.

It's inflating the revenues of various companies.

In this case, it's inflating SpaceX's revenues, if that is indeed what is happening.

And at the same time, it's inflating the valuation, which simultaneously inflates Google's valuation.

It's all getting a little bit weird.

So I just thought that we should just point that out.