This week, part two of our continued conversation with Benedict Evans, an analyst with over 175,000 avid readers for his tech blog.

For more on Bubble Trouble, including transcripts of the show, visit us online at http://bubbletroublepodcast.com

You can learn more about Richard at https://www.linkedin.com/in/richard-kramer-16306b2/

More on Will Page at: https://pivotaleconomics.com

(Times below correspond to the episode without considering any inserted advertisements.)

In this episode of Bubble Trouble, hosts Richard Kramer and Will Page delve into the intricacies of technology bubbles with special guest Benedict Evans. The discussion revolves around AI advancements, particularly focusing on Apple's recent integrations of AI models, the differentiation between small and large models, and the implications for email summarization and other features. They explore the economic and strategic decisions behind Apple's use of AI, the potential for various large language models (LLMs) to disrupt industries like legal tech, and the broader market dynamics and antitrust considerations. The conversation also touches on the challenges and opportunities presented by these technological advancements, emphasizing the importance of careful analysis and skepticism in the face of rapid innovation.

00:03 Introduction

00:29 Part One

00:29 AI and Apple's New Developments

01:53 Apple's AI Integration and Market Dynamics

04:20 The Evolution of AI Models and Market Impact

12:29 Antitrust and Market Strategies

17:34 Cloud Computing and Business Models

24:49 The Future of Cloud Machine Learning Providers

25:36 Marginal Costs in Consumer Internet Companies

26:16 Generative AI and Cost Efficiency

28:14 Part Two

28:14 Legal Tech and Large Language Models

30:05 Challenges in Selling Software to Law Firms

31:08 Error Rates and AI Hallucinations

34:36 Practical Use Cases for AI in Legal Scenarios

36:27 Evaluating AI's Potential and Limitations

41:05 Recognizing Tech Bubbles and Market Hype

44:59 Concluding Thoughts on AI and Market Trends

47:27 Credits

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This week we are talking bubbles - or not! - with Benedict Evans, an analyst with over 175,000 avid readers for his tech blog. We’ve done our level best to reflect on why bubbles happen, but what about calling them out before they burst. “It would have been nice to have known” we were in a bubble before it caused trouble. That wish fits like an OJ Simpson glove into a recent column by Benedict exploring how and when to call them. With AI mania and NVIDIA up 130% this year and 700% in 18 months, lifting many other boats with it, this will be a timely conversation.

For more on Bubble Trouble, including transcripts of the show, visit us online at http://bubbletroublepodcast.com

You can learn more about Richard at https://www.linkedin.com/in/richard-kramer-16306b2/

More on Will Page at: https://pivotaleconomics.com

(Times below correspond to the episode without considering any inserted advertisements.)

In this episode of Bubble Trouble, hosts Richard Kramer and Will Page delve into the phenomenon of market bubbles with tech analyst Benedict Evans. They discuss the intricacies of identifying bubbles before they burst, explore the role and future implications of Artificial Intelligence (AI), and touch upon how companies disclose crucial data. Benedict shares his career journey and insights on tech market dynamics, providing a detailed perspective on AI's potential impacts and strategic questions surrounding tech advancements. This episode offers a mix of reflective analysis and forward-looking forecasts in the tech landscape.

00:00 Introduction

01:06 Meet Benedict Evans

01:22 Benedict's Career Journey

02:59 The Art of Simplifying Complex Points

07:48 The Role of Public Companies in Market Bubbles

13:01 Tech Industry Cycles and Bubbles

19:56 Part Two

20:13 Generative AI: The Next Big Thing?

36:44 The Future of AI and Its Impact

39:48 Conclusion and Final Thoughts

40:20 Credits

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This week we’re going to split lanes as we’ve got breaking news coming out of Canada that Will’s been knee deep in: soon after their Government tried to regulate Google and Meta news, they’re now after Spotify and Netflix. Think contagion and buckle up - this may well be the sign of the regulatory times. Once we’re done with Canadians, we turn our attention to Cuppertino as we’ve just seen the WWDC wrap up the calendar of set piece marketing - Google, Meta, Microsoft and more - all now done and dusted. It's all become a slick operation, but what’s and not said can help us decipher the narratives of the most watched companies on the planet and these events have now gone mainstream.

For more on Bubble Trouble, including transcripts of the show, visit us online at http://bubbletroublepodcast.com

You can learn more about Richard at https://www.linkedin.com/in/richard-kramer-16306b2/

More on Will Page at: https://pivotaleconomics.com

(Times below correspond to the episode without considering any inserted advertisements.)

In this episode of Bubble Trouble, independent analyst Richard Kramer and economist Will Page delve into the recent regulatory developments in Canada targeting streaming giants like Spotify and Netflix following earlier regulation attempts on Google and Meta. They explore the implications of Canada's new gross revenue contribution policy on streaming services and its potential impact on consumers and competitors. Additionally, the duo examines the wrap-up of Apple's Worldwide Developers Conference (WWDC) and discusses the trends, leaks, and undertones of major tech company events, including the strategic presentations, the nuances of unsaid elements, and the ever-tightening grip of technological giants on the market. The episode aims to provide insights into the evolving landscape of tech regulation and market domination.

00:00 Introduction and Overview

00:08 Canadian Regulatory News

01:12 Impact on Streaming Services

01:30 Historical Context of Canadian Regulations

02:24 Current Regulatory Actions and Reactions

07:51 Tech Giants' Marketing Events

08:39 The Magnificent Seven and Market Concentration

10:17 The Role of Marketing in Tech

11:17 The Evolution of Tech Events

18:21 The Importance of Perception in Tech Announcements

21:03 Reading Between the Lines

32:14 Conclusion and Final Thoughts

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Hosted on Acast. See acast.com/privacy for more information.

This summer, a lot of us (and our children) will be packing our tents and heading to music festivals and concerts - there is trouble brewing. At one end, good luck buying a ticket and watching those fees add up. At the other end, the DoJ threw down the gauntlet and argued that Live Nation Ticketmaster needs to be broken up. This is big for music, and it’s also big for anti-trust - they’ve actually picked a fight and we’re ringing the bell for round one. Gloves off, where might there be punches below the belt. What can markets learn when the DoJ enters the ring?

For more on Bubble Trouble, including transcripts of the show, visit us online at http://bubbletroublepodcast.com

You can learn more about Richard at https://www.linkedin.com/in/richard-kramer-16306b2/

More on Will Page at: https://pivotaleconomics.com

(Times below correspond to the episode without considering any inserted advertisements.)

Bubble Trouble: The Live Nation Antitrust Case

In this episode of Bubble Trouble, Independent Analyst Richard Kramer and Economist Will Page delve into the intricacies of the Live Nation antitrust case brought by the DOJ. They explore the history of antitrust regulations, Live Nation's market dominance, and the implications for the live music industry. The discussion covers topics such as the control of ticketing, venues, and artists by Live Nation, the bundling of services, and the economic impact on smaller venues. The hosts debate the potential outcomes of the case and critique the inefficiencies in the current ticketing system, especially the Ticketmaster app. They also touch on broader issues in live music, including the decline of small venues and the impact of social isolation on festival attendance.

00:00 Introduction to Bubble Trouble

01:16 Part One

01:46 Understanding Antitrust and Live Nation's Market Power

03:59 Live Nation's Business Model and Market Impact

16:00 Part Two

17:15 The Ticketmaster Experience: A Consumer's Nightmare

27:06 Economic Realities of the Live Music Industry

34:44 Conclusion and Future Outlook

38:15 Credits

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When markets get fooled, stocks get …well, WHACKED, to quote a famous Kramerism. Our audience deserves to know more about volatility - for all the PhDs, MBAs and CFAs working on Wall Street, for all the compliance rules and regulations, why is it that a stock can go from hero to zero so quickly? Why is stability in itself destabilizing?

For more on Bubble Trouble, including transcripts of the show, visit us online at http://bubbletroublepodcast.com

You can learn more about Richard at https://www.linkedin.com/in/richard-kramer-16306b2/

More on Will Page at: https://pivotaleconomics.com

(Times below correspond to the episode without considering any inserted advertisements.)

Understanding Market Volatility: The Seven Deadly Sins That Get Stocks Whacked

In this episode of Bubble Trouble, hosted by independent analyst Richard Kramer and economist Will Page, the duo delves into the intricacies of stock market volatility and the factors that lead to significant drops in stock values, often referred to as getting 'whacked.' They explore why financial markets remain volatile despite compliance rules and thorough analysis by Wall Street's experts. Using recent examples like Duolingo and Double Verify, they highlight how sentiment, market expectations, and artificial intelligence fears influence stock performance. They introduce the concept of the seven deadly sins—ranging from expectations management to fake it till you make it—that companies and analysts commit, causing stocks to tank. The discussion covers essential themes like the role of credibility, influence of peer performance, external market factors, and the impact of fear and greed. They also touch on larger market dynamics, such as the dominance of tech giants and the influence of algorithmic trading. The episode is both an educational dive into market mechanics and a cautionary tale for investors, emphasizing the importance of understanding broader market sentiments and the potential pitfalls of speculative trading.

00:00 Introduction

01:18 Part One

02:30 Recent Examples of Stocks Getting Whacked

06:08 The Role of Expectations in Market Behavior

10:53 Credibility and Its Impact on Stocks

16:17 The Influence of Peer Groups and Market Share

18:19 Mathematical Models and Black Swans

23:09 Part Two

24:15 The Sheer Size of Companies and Market Impact

25:13 Big Companies and Revenue Growth Challenges

26:33 Market Dynamics and Money Managers

27:04 Thought Experiment: Market Crowding

28:53 Taxing Market Capitalization

34:18 Fear and Greed in Financial Markets

40:11 Unprofitable IPOs and Market Distortions

42:47 Seven Deadly Sins of Stock Trading

46:22 Conclusion and Final Thoughts

46:53 Credits

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This week, with the world of podcasting descending on London for the Podcast Show, we’re going to turn the tables on ourselves and get a little introspective, figuring out what is happening with this Podcast format. This time two years ago, we got a little ahead of our skis with Spotify, Amazon and the like spending eight (and nine) figure sums on podcast companies. That bubble burst and now we’re picking up the pieces to see what the future might resemble given its recent roller coaster past. To do that, two guests and two of the very best: James Cridland, author of the bible that is Podnews and Jonas Woost of Bumper. The former understands the industry, the latter understands the listener and by the end of this conversation you’ll find podcasts and podcasting a more rewarding listen.

For more on Bubble Trouble, including transcripts of the show, visit us online at http://bubbletroublepodcast.com

You can learn more about Richard at https://www.linkedin.com/in/richard-kramer-16306b2/

More on Will Page at: https://pivotaleconomics.com

(Times below correspond to the episode without considering any inserted advertisements.)

The episode features a discussion on the evolving dynamics of podcasting, including the recent burst of the investment bubble in the sector, the impact of this shift, and what the future holds for podcast creators and companies. Guests include James Cridland, editor of Pod News, and Jonas Woost from Bumper, who share insights into the industry trends, listener engagement, and the complexities of podcast advertising. The conversation also explores the nuances of podcast data analysis, the importance of understanding 'actual listening' versus 'downloads', and strategies for podcast growth and monetization. The episode aims to provide a comprehensive look at both the business side of podcasting and the listener engagement aspect, intending to inform and guide podcast creators and industry stakeholders.

00:02 Introduction

01:02 Part One

01:10 Introducing the Experts: Insights from the Front Lines

02:43 The Podcasting Landscape: Numbers, Growth, and Challenges

06:53 Adapting to Change: Strategies for Success in Podcasting

15:48 Understanding Podcast Advertising: Data, Attribution, and Impact

22:34 The Evolution of Podcast Metrics: Attention Over Downloads

22:43 The Power of Feedback: From Music to Podcasts

23:37 Part Two

23:46 Navigating the Podcast Landscape: Insights and Strategies

24:25 Decoding Podcast Listenership: Beyond the Numbers

32:02 The Future of Podcast Advertising: Challenges and Opportunities

32:10 The Intimacy of Podcasting: Engaging Niche Audiences

41:48 The Podcast Show Preview: Expectations and Predictions

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Who doesn’t like to talk about Twitter and Tweets? Word of mouth (or tweet) is the secret sauce of its success. But has it ever been successful? And if it hasn’t, how do you gauge the impact of Elon Musk’s shock therapy over the past two years? Journalist Kurt Wagner joins to share his deep dive profile of the tortured history of Twitter.

For more on Bubble Trouble, including transcripts of the show, visit us online at http://bubbletroublepodcast.com

You can learn more about Richard at https://www.linkedin.com/in/richard-kramer-16306b2/

More on Will Page at: https://pivotaleconomics.com

(Times below correspond to the episode without considering any inserted advertisements.)

This episode of Bubble Trouble features a conversation with Bloomberg journalist Kurt Wagner, author of 'Battle for the Bird,' a book about Twitter's tumultuous history and evolution, particularly under Elon Musk's ownership. The hosts, independent analyst Richard Kramer and economist Will Page, delve into Twitter’s origins, its struggle to monetize effectively compared to giants like Meta, and the significant influence of Jack Dorsey’s leadership style on the platform's direction. They discuss the platform's missed opportunities, such as Vine and Periscope, and how it became a place where 'good ideas go to die.' The discussion also covers Musk's takeover, his attempts to transform Twitter into 'X', and the challenges of balancing free speech with the need for content moderation and advertiser appeal. Wagner shares insights on the potential future of 'X', the impact of Musk's leadership on the platform's advertising and user engagement, and the skepticism surrounding the 'everything app' concept Musk envisions.

00:00 Introduction

01:02 Part One

01:02 Deep Dive with Kurt Wagner: The Story of Twitter

02:36 The Origins and Evolution of Twitter

06:20 Twitter's User Base and Business Model Explored

09:10 The Challenges of Twitter's Business Model

14:10 Board Dynamics and Google's Influence on Twitter

18:03 Extravagant Spending and Corporate Culture at Twitter

21:13 Reflections on Twitter's Stock Performance

23:47 The Almost Disney-Twitter Deal: A Glimpse into Corporate Negotiations

24:29 Twitter's Quest for a Savior and Its Struggle for Independence

25:53 Missed Opportunities: The Story of Vine and Periscope

27:27 Part Two

27:27 Transition to Part Two: The Elon Musk Era at Twitter

27:49 The Challenges of Rebranding Twitter to X and Musk's Controversial Leadership

28:32 The Impact of Elon Musk's Actions on Twitter's Ad Revenue and Brand Safety

36:52 The Struggle with Bots and Spam: Has It Gotten Worse?

40:06 Free Speech Under Musk: A Double-Edged Sword

44:26 The Everything App Ambition: A Skeptical View

46:33 Closing Thoughts and Acknowledgements

47:01 Credits

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