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Chapter 1: What is the main topic discussed in this episode?
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Welcome to Profiteer Markets.
I'm Ed Elson. It is June 25th. Let's check in on yesterday's market vitals. The S&P 500 and NASDAQ declined as chip stocks extended their losses. However, Micron stock popped more than 9% in after hours as it quadrupled its revenue in the latest quarter. We will see how those results impact the rest of the chip sector today. Oil dipped below $70 for the first time since before the war.
The yield on 10-year treasuries fell. The dollar climbed as Bitcoin crashed below $60,000 to its lowest level since October of 2024. And finally, Alibaba shares sank 3% after Anthropic accused the company of, quote, illicitly accessing its AI models. Okay, what else is happening? America finally has a plan to make housing affordable, but President Trump is holding it hostage.
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Chapter 2: What is the significance of the new housing bill passed in the Senate?
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Chapter 3: What are the main provisions of the 21st Century Road to Housing Act?
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We're back with Prof G Markets. The world's largest social media company may soon be expanding into prediction markets. Mark Zuckerberg recently directed his team at Meta to create a prediction markets app similar to Kalshi and Polymarket called Arena.
An initial version of the app involves making bets on real-world events using in-game points, although wagering with real money has not yet been ruled out. So here to discuss this potential new direction for Meta, we're speaking with the reporter who actually broke this story. We're speaking with Mike Isaac, New York Times technology correspondent. Mike, great to see you.
Thank you for joining us. Meta's working on a prediction markets platform, I guess, something like Cal Street, something like Polymarket. What do we know about this?
So when I found out about it, my jaw kind of hit the floor just because it's kind of an intense thing to do, especially right now. It's a moment where all of these
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Chapter 4: How does Trump plan to block the housing bill?
markets are being heavily scrutinized, even if they are technically playing in a legal gray area, according to every analyst. But Zuckerberg, as far as my sources have told me, Zuckerberg himself has ordered this up. It's one of these things where he's really an astute, I would call him an astute student of just like obsessing over what people do online. And
Leaving, let's say, leaving value judgments out of it some of the time, but like just saying prediction markets, Cal State and Polymarket are two of the largest, fastest growing activities on the Internet for a while. How can we bring some of that activity into Facebook? As far as I know, it's a, you know...
going to be a standalone app, but also have the social graph from Facebook and Instagram kind of integrated somehow because their whole point is, you know, do it with your friends and family. That's where you make bets on things in the world.
It is striking because, I mean, for a guy who's led a company that has been scrutinized for engaging in the kinds of digital addictions and digital habits that a lot of people would say are bad for you health-wise, bad for you mental health-wise.
This is sort of the next controversial thing, is prediction markets, because it's controversial for the fact that it's quite similar to gambling in a lot of ways. And I guess I'm just struck by the fact that he doesn't seem to care about that. Or maybe he does, and he decides that the money's worth it. I mean, do you know if that's been part of the calculus for the people over at Meta?
It's a great point, and I was... After the story broke, it was actually great because a lot of people started coming out of the woodwork and sending me more stuff. And there's a few things. One, there are a lot of people inside of meta right now who are not happy that they're actually working on this. I think there are people like, as you might imagine, prediction markets are very controversial.
Like a lot of folks call them pathways to gambling. A lot of folks call them outright gambling under a different name and are upset that they're not called gambling apps. They're again, they're they're still in this process of where does regulation exist at all around them? You know, it's like stalled in Congress as far as some of these bills are going.
So, like, it's controversial to begin with and not a ton of people knew about it. It was a small team working on it under the direction of Zuckerberg. That said, I saw another document that was talking about what they do is a lot of these risk assessments internally, like essentially pros and cons lists.
And one of the the things they had a category that specifically was about regulatory risk and risk. because they're playing with not real money, they said this was like low risk and that's how they can sort of justify it. I still think that's probably a rosy view. Like it's, you're in the middle of exactly what you're saying.
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Chapter 5: What role do institutional investors play in the housing market?
So it's sort of SaaS meets Berkshire Hathaway meets consumer internet. And I think this company is gonna register a stronger first day pot because no one's heard of it. I would bet the bankers price it pretty aggressively. And when people look at the financials and the momentum they have, I think this thing's gonna get a lot of attention. And then once they have a public currency,
Think about the hundreds, if not thousands of companies that are on the list of great internet companies that never got iconic or got public on their own that are looking for a home. And the thing I love about it, it's not AI and it's not American. It's Italian. And it's doing really well.
And that's why no one's heard of it, because the AI companies have sucked all the attention oxygen out of the room. Anyways, bending spoons, my prediction, the biggest first day pop of a tech company is going to be this little known company out of Italy that has found all these orphaned brands that are great businesses.
Okay, Scott Galloway, thank you. Enjoy the party tonight.
Thanks, brother. Congratulations on Team England. That should have been a penalty for Ghana, I got to admit it. You got to be honest. But I'm glad they're doing so well.
Yeah, we should have scored at the end there. We're doing okay. 0-0 draws, not the best. But we'll see. We'll see. Panama soon. All right, brother. Okay, that's it for today. Tune in tomorrow for our conversation with AI researcher and skeptic Gary Marcus. We're discussing why AI models are actually dumber than investors think and what that means for the AI trade.
Also, be sure to join us on Monday. We've got Robert Armstrong joining us for a markets halftime report as the first six months of the year come to a dramatic close. This episode was produced by Claire Miller and Alison Weiss and engineered by Benjamin Spencer. Our video editor is Brad Williams. Our research team is Dan Chalon, Isabella Kinsel, Kristen O'Donoghue, and Mia Silverio.
And our social producer is Jake McPherson. Thank you for listening to Profity Markets from Profity Media. If you liked what you heard, give us a follow. I'm Ed Elson. I will see you tomorrow.
Here's a finding that should stop every tech leader cold. Organizations most confident in their AI deployments have more than twice the security incident rate of those that aren't. 72% versus 33%. That's from Teleport's 2026 Infrastructure Identity Survey of more than 200 infrastructure security leaders.
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