AI Chipmaker Cerebras Climbs 68% After Year’s Biggest IPO

Summary

Bloomberg Intelligence Podcast: AI Chipmaker Cerebras Climbs 68% After Year’s Biggest IPO

Date: May 15, 2026
Hosts: Paul Sweeney & Paul Allen
Notable Guests: Billy Lipschitz (IPOs & Equity Markets Analyst), Anuragran (Tech Analyst), Sid Philip (Global Aviation), Randall Williams (US Sports Business)

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Episode Overview

This episode dives into the biggest IPO of the year—AI chipmaker Cerebras—analyzing its staggering debut, market context, and wider implications for the IPO pipeline. Hosts Paul Sweeney and Paul Allen are joined by Bloomberg Intelligence analysts to discuss mega-cap tech trends, the evolving software landscape challenged by AI, Boeing’s moment in China, and the explosive transformation of sports business and US World Cup planning.

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1. Cerebras’ Monumental IPO and the State of the Market

[01:40–06:45]

Main Points

• Cerebras went public at $185/share, trading over $300 at session highs—a 68% pop, settling near $65B market cap.
• Largest US chip IPO ever; seen as an “appetizer” for forthcoming mega-IPOs like SpaceX and Anthropic.
• ARM and SoftBank reportedly tried to buy Cerebras a few weeks before IPO, raising questions about deal possibilities and valuation gymnastics.
• Cerebras positions itself as a potential Nvidia competitor—but with $500M trailing revenue and a sky-high valuation, skepticism remains.

Notable Quotes

• "It really does kind of serve as a quite large appetizer, if you will, in terms of just the sheer size of it...the largest chip IPO of all time here in the US."
  — Billy Lipschitz [02:31]

• "If there is going to be a real competitor for Nvidia, and it is Cerebras, then the valuation can make sense."
  — Billy Lipschitz [04:12]

• "What are we doing here? $65 billion market cap, trailing revenue $500 million."
  — Paul Allen [05:00]

• "According to people around the deal, they had $10 billion of demand before it formally launched, which is not something you see."
  — Billy Lipschitz [05:10]

Timeline on Next Big IPOs

• Anticipates SpaceX's filing next week, likely listing before Juneteenth, with immediate ETF inclusion and massive passive investor flows.
  • "That's going to be a lot of fun for us... a listing likely before Juneteenth."
    — Billy Lipschitz [06:02]

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2. Figma: Recovery in the AI Software Disruption Era

[08:28–12:26]

Main Points

• Figma, after seeing its stock drop ~80% post-IPO, is rebounding with solid growth and improved customer adoption.
• Once dubbed a questionable Adobe acquisition, it’s now seen as a market leader in design software, holding high market share (regulators blocked the Adobe deal).
• Fear that generative AI would obviate design software proved overblown—coding may be easier to commoditize than good design.
• Figma’s trajectory serves as a model for other software firms: “Just perform and put up good numbers, that's the only way to get around AI competitive threat.”

Notable Quotes

• "I went and criticized Adobe for such a big acquisition with no real revenue. But this is a phenomenal company." — Anuragran [08:49]

• "They have probably the best product that's out there in that category." — Anuragran [10:17]

• "You really nailed it in the head...the only way to get around that is just to perform and put up good numbers." — Paul Allen [11:28]

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3. Apple and OpenAI: Frayed Partnership and Strategic Shifts

[12:26–13:58]

Main Points

• Bloomberg reports the Apple-OpenAI alliance is weakening—OpenAI dissatisfied with results, exploring legal action.
• Apple is diversifying—likely to announce broader access to multiple AI models (Google, etc) at WWDC June 8.
• OpenAI’s efforts to hire Apple engineers and launch potentially competitive devices caused tensions.

Notable Quotes

• "Frankly, you don't do that to Apple...Apple controls one of the most important distributions for consumers and I think it's going to be very tough to work with them." — Anuragran [12:57]

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4. Microsoft: Ackman Takes a Stake

[13:58–14:28]

Main Points

• Bill Ackman’s Pershing Square has taken a position in Microsoft, citing deep tech ecosystem integration.
• Microsoft’s recent underperformance seen as undeserved; expected to be a foundational AI company.

Notable Quotes

• "They are just being punished for no reason...Microsoft is dead smack one of the most important companies as we see AI grows." — Anuragran [14:14]

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5. Boeing’s China Opportunity: Hype and Reality

[16:49–21:46]

Main Points

• Boeing’s CEO recently traveled with President Trump to China—rumors of a 200-aircraft deal, but market reaction has been muted.
• Expectations were for much larger orders (500+ jets), and details remain vague.
• For Boeing, China is vital—second largest aviation market, minimal new orders in a decade, while Airbus thrived.
• Government-to-government relations drive bulk orders; Boeing’s influence in China is limited without executive branch support.

Notable Quotes

• "On the face of it all, it looks like a really good deal for Boeing...But the expectations were much higher for this order from China." — Sid Philip [17:26]

• "It will be the first major order by China in over, in almost a decade if this order materializes, even if it's just for 200 planes." — Sid Philip [20:00]

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6. US Sports Business: Mavericks’ New Era & Las Vegas Boom

[24:12–28:04]

Main Points

• Dallas Mavericks: New ownership (Patrick Dumont) has broad ambitions—rebuild post-Luka trade, push for a new arena, and bring gambling to Dallas.
• Las Vegas Raiders: Egon Durbin (Silver Lake co-CEO) is buying stakes, positioning for potential full ownership if Mark Davis ever exits.
• Vegas growing as a sports hub; if NBA grants an expansion team, city would host all major US leagues.
• Sports team valuations surging (Raiders at $9.9B); market/infrastructure questions remain.
• Franchise moves in Vegas embraced more than in places like Florida.

Notable Quotes

• "If Dumont and the Mavericks start winning again, I think that a good portion of fans will forgive him because all is forgiven after winning."
  — Randall Williams [25:18]

• "Egon Durbin is the co-CEO of Silver Lake...if the principal owner of the team, Mark Davis, ever decides to sell, then Durbin is in line to purchase the remaining." — Randall Williams [25:50]

• "Vegas could become sports out. But in all reality, winners win. And if the losing teams don’t—don't win, then I think that the crowds will be empty." — Randall Williams [27:31]

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7. 2026 FIFA World Cup: Infrastructure, Drama, and the Show

[28:07–30:11]

Main Points

• Anticipation for the 2026 World Cup: concerns about infrastructure (e.g., New Jersey transit), high expectations post recent FIFA drama.
• Madonna, Shakira, and BTS announced for halftime—a bid for broad demographic appeal.
• For US hype, Team USA would likely need a deep run; global stars could “electrify” US audiences even if Messi doesn’t play.

Notable Quotes

• "There's been a lot that's been made about, you know, the New Jersey transit, which I'm actually about to get on and go to MetLife just to experience what it's like today."
  — Randall Williams [28:18]

• "In a perfect world for FIFA...this electrifies the European football/slash soccer fan base in the US." — Randall Williams [29:22]

• "I was hoping for credence."
  — Sid Philip (on halftime show) [29:14]

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Timestamps for Key Segments

• Cerebras IPO & IPO pipeline: [01:40–06:45]
• Figma and software AI disruption: [08:28–12:26]
• Apple-OpenAI partnership troubles: [12:26–13:58]
• Microsoft/Ackman: [13:58–14:28]
• Boeing/China order analysis: [16:49–21:46]
• US Sports Business—Mavericks, Raiders, Vegas: [24:12–28:04]
• 2026 World Cup Preview: [28:07–30:11]

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Memorable Moments

• Cerebras IPO described as “appetizer”—largest US chip IPO ever—sets scene for SpaceX, Anthropic, OpenAI listings.
• Paul Allen’s quip: “What are we doing here? $65 billion market cap, trailing revenue $500 million.” [05:00]
• “All is forgiven after winning.” — Randall Williams about Dallas fans and Mavericks [25:18]
• World Cup halftime show: Madonna, Shakira, BTS—Sid’s deadpan “I was hoping for credence.” [29:14]

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Conclusion

This episode provides lively, detailed analysis across technology, aviation, and sports business. The hosts and guests combine sharp market insights with entertaining banter—making sense of record IPOs, the AI software turmoil, and America’s ballooning sports ambitions. The show’s rapid-fire approach ensures you’re up to speed on Wall Street’s biggest stories—whether or not you even care about basketball or “downtown” doctor visits!

Transcript

[Paul Sweeney]

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[Paul Allen]

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[Paul Sweeney]

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[Paul Allen]

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[Adobe Representative]

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[Paul Allen]

I want to talk about the new issue market because we had a big IPO this week. Cerebras, I think, is kind of how we figured out how to pronounce it.

[Paul Sweeney]

We've said it every which way.

[Billy Lipschitz]

Yes.

[Paul Allen]

Bailey's advice to me yesterday when he

[Randall Williams]

was on TV afterwards and I said,

[Paul Allen]

how do you pronounce this? Because I got to do the story. He goes, just pronounce it both ways. That way they can't accuse you.

[Billy Lipschitz]

Say it correctly. As long as you say it correctly one time, that counts. That's what I believe.

[Paul Allen]

Okay, reverse. Anyway, they went public yesterday, $185 was the IPO price, traded up to like 3 over 300 bucks. Just extraordinary trading off 1 or 2% here this morning. Billy Lipschitz, he covers, he joins us here. He covers all this IPO stuff and all the equity markets. So barely. If you're looking to go public, this is a good first one to come out the door. I mean, if you're thinking about SpaceX and anthropic and all those other ones,

[Billy Lipschitz]

yeah, it really does kind of serve as a quite large appetizer. If you will, in terms of just the sheer size of it. Again, north of five and a half billion dollars. I don't know if we've confirmed that they've exercised the green shoe. You have to imagine that happened almost instantaneously. So this would be the largest chip IPO of all time here in the US and the big focus is again in a few weeks, what happens with Space X looking to raise $75 billion and how the market can digest that capital. And just thinking through how that does set the table for an anthropic and open air potentially later this year. Just given that across those three deals, it's pretty much an entire record year of IPO proceeds.

[Paul Sweeney]

And there was a lot of drama surrounding this IPO because we had reporting that showed ARM holdings and SoftBank, which owns ARM, the majority owner, wanted to buy this company a couple of weeks before the ipo.

[Billy Lipschitz]

Yeah, it's kind of unsurprising for all intents and purposes. The interesting thing from that reporting from Ed Ludlow and team is kind of the question around the cash and stock component. And when you think about the fact that right now, Sarah Bras, Cerebras, however you want to pronounce IT, is about $65 billion in market cap. Yes, AAM is $225 billion, but there is an interesting kind of financial gymnastics that would have had to be kind of accomplished to complete that deal. And the question then going forward is just how large would the company be?

[Paul Sweeney]

I mean, the selling point Cerebrus has or service. Cerebras.

[Paul Allen]

Cerebras.

[Paul Sweeney]

Okay, let's just reverse. The benefit it has is that it's an AI chip maker and that, like, you know, hits on so many different things right now. Is it a competitor to Nvidia?

[Billy Lipschitz]

Yeah, that's how they're billing themselves. And it actually. Yes, in the future, potentially, I mean, it goes back to like, what is a tpu? And how does the market kind of evolve over time? In the big debate, when you talk to folks on the buy side, whether they were interested or not in Sarah Bras in 2026 or even back in 2024 when they wanted to go public the first time was, okay, how large can this company be? If we say Nvidia is worth $6 trillion, is there a path to $100 billion? Is there a path to $200 billion? And just using essentially basic math is if there is going to be a real competitor for Nvidia, and it is Sarah Brass, then the valuation can make Sense again, based on the trailing data, based on what they've actually attained. For now, it is one of the most expensive, if not the most expensive one to go.

[Paul Allen]

I mean, we got a $65 billion market cap, trailing revenue $500 million.

[Billy Lipschitz]

Yeah.

[Paul Allen]

So, I mean, what are we doing here? Was there any pushback on valuation? I'll answer that.

[Adobe Representative 2]

No.

[Sid Philip]

No.

[Billy Lipschitz]

So we saw the march initially with a range of like 115 to 125 bucks, as you mention, is at 185 it. According to the people around the deal, they had $10 billion of demand before it formally launched, which is not something you see. The vision going forward though, is OpenAI is now a customer. They are diversifying away from G42, which was kind of the one of the bear cases a few years ago for the company. So if you're buying into the idea that these hyperscalers are going to spend, spend, spend, then investing in the companies that are actually producing the products that they're selling at least has the upside because they're not going to bear the cost if we are over indexing and overbuilding, like many people are fearing.

[Paul Sweeney]

Is there cornerstone investor in Cerebras?

[Billy Lipschitz]

No, not that I.

[Paul Allen]

In my day, we didn't do Cornerstone investors. We just.

[Paul Sweeney]

That's a thing that work in the 2020.

[Paul Allen]

Yeah, we work for a living real quick. Space X. Is that a June thing? Potentially, yeah.

[Billy Lipschitz]

We expect the formal filing to go public next week. That would set the table. That's going to be a lot of fun for us. I will be on vacation starting Wednesday, so I'm getting out of the country. But yeah. So expecting that that's that formal flip next week that'll set the stage for a listing likely before Juneteenth.

[Paul Allen]

Wow.

[Paul Sweeney]

And then 15 days after that, perhaps an entry into the NASDAQ 100 and the QS.

[Paul Allen]

Oh, I see what you're saying there.

[Paul Sweeney]

That passive investors buy in.

[Billy Lipschitz]

I mean, talk about interesting. It's going to be fascinating to watch. I don't know, a double or triple levered Space X ETF Day 3.

[Paul Sweeney]

There's already filings for all these ETF companies that haven't even gone public yet.

[Billy Lipschitz]

There's a levered Sarah Bros. ETF and it's six hours.

[Paul Sweeney]

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[Paul Allen]

Let's talk a little technology. John Tucker was just reporting on Figma. Let's start there because I have no idea who this company is, never heard it before. So I'm going to go to Anuragran, a technology analyst. He gets paid to know about this stuff for Bloomberg Intelligence. Anrak, tell me about what this company figment is. Why don't I know about it? But they had some some pretty darn good numbers here. Talk to us about Figma.

[Anuragran]

Yes, false. So you may remember Figma when Adobe tried to acquire them a few years ago. It was one of the biggest acquisitions by Adobe. To be honest. I went and criticized Adobe for such a big acquisition with with no real revenue. But this is a phenomenal company. It does design software. So if you're designing applications, this is place where you're going to go design the application and the workflow and then you're going to get coded with it. They came out public last year and you've seen the stock down around let's say 80% since then because again, high growth company right in the smack middle of being disrupted by AI models. And you know when you had a brand new company, you know your financials are not the best. So this has been the one that has absolutely been crushed over the last 12 months. But last night they showed that the growth rates are actually picking up their consumption is improving and they are not, you know, they're working closely with large language models and helping out their customers.

[Paul Sweeney]

And I'm so glad you bring out the point that the stock has gotten absolutely crushed because you take a look at a one year chart. On August 1, 2025 it was trading at $122. And of course yesterday was, or you know, prior to this earnings release it was trading below $20. Now it's above 20, but still a long way off from those highs. Back in the summer of 2025 you had mentioned on Rog that Adobe wanted to buy it but was stopped by regulators. Is this a takeover target? Is it still a takeover target for anyone?

[Anuragran]

Well, Adobe would have been the right fit at that time and again I go back and say when it happened I would really criticize Adobe for it but. But it seems now it looks like a very good design software. Now I don't know if it can be now because you know, as I said, there was some regulatory issue in the little market that they operate in Figma operates in, they actually have very high market share. They are the predominant vendor with very little competition from any of the bigger guys. But here the discussion was, the reason why it got crushed was people said, well, why don't I just go into a cloud or an OpenAI and start designing my application over there. And these guys are saying, listen, it's not that simple. You can, you know, coding, you can do it anywhere. But designing requires a different skill set. As I said, they have probably the best product that's out there in that category.

[Paul Allen]

Hey, Anurag, to what extent is what we're seeing today in Figma kind of emblematic of what maybe a lot of software companies need to do, which is, hey, you've been, people have sold your stock concerned about the AI competitive threat, what the only way to get around that is just to perform and put up good numbers. Is this kind of a template for some of these other software companies?

[Anuragran]

Yeah, Paul, you really nailed it in the head over there. That's exactly what needs to happen. But it was probably a little easier for Figma because the base of revenue is small and even one or two, they signed a very large client with one of the hyperscale cloud providers. So what happens is when you sign that big of a contract, your graph rate goes up. But when you are a larger company, let's say if you are a salesforce or a workday, you know, one or two clients really don't do it for you, that's really a Macro play and you know, believe it or not, macro right now tech's doing very well but macro for non tech is not good. We think things are going to be tough for Salesforce and Workday when they report in a few weeks because you know, if you see what's happening with deal activity being pushed up because of the war, because of all the uncertainty around rates, I think, you know, the large software company won't have an easy time to show a rebound in growth rates. So the real kicker has to be that the declining growth rate needs to improve but it's going to be hard for the larger ones to do it.

[Paul Sweeney]

Anurag, I want to switch gears and get your take on what's going on with Apple and Open Air. They have a two year partnership but it's starting to become frayed. This is according to our reporting. Mark Gurman of Bloomberg News reporting on this. The startup OpenAI is failing to see the expected benefits from the deal. And you know, there's now talk of possible legal action here too. Does this go back to the idea that Apple has had a kind of a tough road here figuring out how to deploy its AI strategy?

[Anuragran]

So I'll take a slightly different angle on this thing. You know, Apple I think did a good job at that time to tie up with OpenAI because OpenAI were the best model. And it did, you know, kind of at that point for a short term change the narrative that Apple's embracing. But frankly speaking, if you look at what OpenAI did, you know, they basically started a new firm where they're going to try to do a device that could compete with Apple someday. They've been poaching, you know, engineers from Apple but and frankly you don't do that to Apple. In fact, Elon Musk also learned it the hard way. You know, a long time ago you have to work closely with Apple. Apple went out and say, you know what, we're going to license Google model for our models. We're going to allow. And Mark also reported on that same framework that when they announced their Worldwide developers conference on June 8, they will showcase that consumers can use all the models and not just OpenAI. So I think there was a little bad blood over there because OpenAI wanted to, you know, compete with Apple and you know, Apple controls. I think that one of the most important distributions for consumers and I think it's going to be very tough to work with them.

[Paul Allen]

Anurag real quickly just kind of came across recently. Bill Ackman takes a stake in Microsoft stocks up a couple of percent here today, he says. Tech deeply embedded into the ecosystem. What do you make of Ackman and Microsoft?

[Anuragran]

Yeah, maybe that note from back in January when we said, you know, they are just being punished for no reason. They are being punished because they're part of the software bucket. But Microsoft is dead smack one of the most important companies as we see AI grows.

[Paul Allen]

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[Paul Allen]

Taking a look at Boeing right here. Boeing. As you know, the CEO of Boeing went with President Trump over to China in large part looking for some business, presumably. And I guess President Trump put out on social media yesterday, Trump said China would buy 200, quote, big aircraft. I don't know, the stock traded off about 4% yesterday, off about 3% today. So maybe a little underwhelming, but let's check out what's going on with Boeing and China. A huge market for Boeing, of course. Sid Philip, deputy team leader for Global aviation, joins us here. Sid, were you surprised that the stock has been trading down on news that China is going to be back buying some Boeing planes?

[Sid Philip]

So on the face of it all, it looks like a really good deal for Boeing given the fact that it's a 200 plane order. the same time, the expectations were much higher for this order from China. And so the expectation was that they would order 500, 737 Max jets as well as a large number of widebody jets. And unfortunately the details still aren't clear on what the order comprises, what the aircraft types are, what the timing of it. And both Boeing and China have not really talked about what the order entails. And so the market is a little underwhelmed by, by the order given the fact that the possibility was much larger.

[Paul Allen]

So just give us a little history here about for Boeing, how big is the China market for them and how has that market evolved over the last year or two?

[Sid Philip]

So for, for Boeing, China is a really important market. China is the world's second largest aviation market. And given the fact that comac, which is the Chinese rival to both Airbus and Boeing, isn't really producing airplanes at such a large scale. So for Boeing, this is an important market and a market that hasn't really seen any order momentum in the last almost a decade since when Trump was lost in China. So for Boeing, this was the moment that they would get their next big break from China. Unfortunately, that hasn't happened. I mean, Airbus in that meantime has secured over 700 plane orders. And so for Boeing, they're sort of really playing at a much smaller level in terms of the overall market in China.

[Paul Allen]

But given as I understand it, the China aviation market continues to be a serious growth mode. Can Airbus fulfill that growth, support that growth, or does China at some point need Boeing?

[Sid Philip]

China definitely needs Boeing. I mean, the Chinese airlines that are looking to secure their next generation of aircraft or replace all the aircraft with more fuel efficient ones will definitely need to order Boeing planes. And so it is something that the Chinese airlines have expressed a need for and it is in Boeing's interest to sort of supply those aircraft. So especially at a time when jet fuel prices are rising, like fuel efficient aircraft are really valuable. And so for the 737 Max, this is an important market both for the Chinese carriers as well as for Boeing.

[Paul Allen]

So let's just say it's even at this point lower than expected number of 200 aircraft. That would still be, would that be the first real order from China in almost a decade?

[Sid Philip]

It will be, it will be the first major order by China in over, in almost a decade if this order materializes, even if it's just for 200 planes. And then Trump on his way back talked about the possibility of up to 750 planes. And so again, specifics aren't clear and it's not really clear what the order entails because Trump said that it depends on whether Boeing is able to fulfill the 200 plane order and then they would order another seven up to six 750 aircraft. So details are sort of murky at the moment. But it, it could be a sign that there may be a thought towards ordering those Boeing planes from China before,

[Paul Allen]

I mean, I guess without the help of the executive branch, whoever that may be in office, what can Boeing. It looks like Boeing doesn't have much influence or ability to shape the conversation with the Chinese because again, as you mentioned, they have gone almost 10 years without a sale.

[Sid Philip]

Yes. So China, especially for its state owned airlines, tends to order planes in bulk. And so whether that's from Airbus, whether that's from Boeing, and so those big orders from the Chinese carriers depend on government to government relations. And Boeing has featured prominently in most of President Donald Trump's negotiations around the world. I mean remember in Qatar where there was that massive order, the biggest order by value for Boeing planes. And again, like Boeing planes have featured prominently in trade announcements, trade deals, and for, for China, getting those Boeing planes is sort of valuable and they need to get it done. So we do expect them to buy it. But timing again remains unclear.

[Paul Allen]

Stay with us. More from Bloomberg Intelligence coming up after this. Amazon Health AI presents painful thoughts.

[Paul Sweeney]

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[Paul Allen]

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[Podcast Announcer]

you're listening to the Bloomberg Intelligence podcast. Catch us live weekdays at 10am Eastern on Apple CarPlay and Android Auto with the Bloomberg Business app. Listen on demand wherever you get your podcasts or watch us live on YouTube.

[Paul Allen]

The business of Sports let's get right down to it. There's a ton of stuff going on. Must be good to be Randall Williams, US Sports Business Reporter for Bloomberg News. You got a bunch of them. I'm starting right with the Mavericks. What's going off there? Sheldon Adelson, son in law Patrick Dumont has big plans for the team.

[Randall Williams]

Yeah, I think we all remember where we were when Luca Donches was traded last year on February 1st or 2nd, depending on what time zone you were in. And it just set off an incredible sort of events for the team. We've never seen a team go from the NBA Finals to then lottery the next year and also get the number one pick. And so he's had to rebuild some things in Dallas and as part of that he's also trying to bring gambling there. The timeline of building a new arena in Dallas and building this luxury resort that he Wants probably won't match up at this point in time, but he's not going to stop trying.

[Paul Sweeney]

And are advertisers on board with this? Are the other investors in the team on board with this? Are fans on board with this?

[Randall Williams]

I think the reality is that everybody has to move on from it. There's a world where I think that there are some Mavericks fans who are Luka fans who now might be Laker fans because of the fact that Luka was traded.

[Paul Allen]

Cooper, flag dude. He's the future of them.

[Randall Williams]

He is. He is an incredible player and he was very kind to me when I spoke to him for all the five minutes and walking down the hallway. But I think in terms of business value, if Dumont and the Mavericks start winning again, I think that a good portion of fans will forgive him because all is forgiven after winning.

[Paul Sweeney]

You mentioned that they want to turn, you know, Mavericks to kind of like a Vegas type of situation. I want to stay with that Vegas idea because you also have the Las Vegas Raiders potentially selling a stake to Egon Durbin. Who is Egon Durbin?

[Randall Williams]

Egon Durbin is the co CEO of Silver Lake. He slowly but surely acquired a good portion of the Raiders. It started I believe in December 2024. He bought 7 and a half percent he can with a partner who then acquired another 7 and a half percent to get to 15. Then in March he acquired a path to control and now he's buying out even more limited partners. So he has a good portion of the Raiders. And if, if the principal owner of the team, Mark Davis, ever decides to sell, then Durbin is in line to purchase the remaining.

[Paul Sweeney]

But that hasn't happened.

[Randall Williams]

No. And Mark, Mark Davis has come out and said he has no plans of that right now. But listen, if teams are passed on at some point and I think Durbin is next in line.

[Paul Allen]

Mark Davis, the best haircut in the NFL. No question asked. Valuation here. Values of Raiders at $9.9 billion.

[Randall Williams]

A lot of money.

[Billy Lipschitz]

Wow.

[Randall Williams]

A lot of money.

[Paul Allen]

It's just a great market. I mean, have you seen embrace so many sports teams so quickly?

[Randall Williams]

Oh, no, no. I mean in 10 years they'll have everything. I think if they choose to get the NBA expansion team or if the NBA grants them that, then they will have everything. And of course the athletics of course will be there someday, hopefully.

[Paul Allen]

Moving franchises is hard like you think. You think or just having franchises like that in Florida. Nobody roots for the Tampa Bay Rays because they're all from New York or Philadelphia or whatever like that. But you Go to Vegas. They support teams that come in from other markets.

[Randall Williams]

It's really interesting. The Golden Knights have been the most successful team along with the Las Vegas Aces. And other teams haven't performed well. Like the Raiders haven't been good in a very long time. But if they were, yeah, it would be an incredible market and even be even more supercharged than they were maybe in the 80s.

[Paul Sweeney]

Does the city have the infrastructure to support all these teams?

[Randall Williams]

We'll find out. I think that T Mobile arena is right there. And so if an NBA team were to be granted or an NBA expansion group were to be granted a bid, they could be played there. An expansion group could offer to build another arena. And then of course, ML the mlb, they tore down the Tropicana Hotel in order to build the. A new. A new stadium there. And so I think that there's a possibility that I think Vegas could become sports out. But in all reality, winners win.

[Paul Sweeney]

Yeah.

[Randall Williams]

And if the losing teams don't. Don't win, then I think that the crowds will be empty.

[Paul Allen]

All right, you have another story out. Dude, you've been busy, man.

[Randall Williams]

Very busy.

[Paul Allen]

Take a breath here. You got a story out there on the 2026 World Cup. Other than John Tucker, I'm not sure people are paying attention to it too much. At least in this town, which we've got so much going on here.

[Randall Williams]

There's been a lot that's been made about, you know, the New Jersey transit, which I'm actually about to get on and go to MetLife just to experience what it's like today versus what it'll be like when.

[Paul Sweeney]

When I want a live vlog of this.

[Randall Williams]

And I think, listen, the World cup comes around and it does seem like the US only cares within 14 days of it. And there's been a lot of drama surrounding it. I mean, FIFA president awarded President Trump a peace prize, the first prize ever. And I think things like that are a bit, in my opinion, performative. But when it gets here, we'll see what happens. So long as Trump does not meddle in the World cup too much, I think it'll be fine.

[Paul Sweeney]

And the halftime show. There's a halftime show, which, yes, they

[Randall Williams]

announced earlier this week, or maybe it was late last week. It'll be Madonna. It'll be Shakira and bts.

[Paul Sweeney]

So appealing to different demographics.

[Paul Allen]

I'm a Madonna demo.

[Paul Sweeney]

Yeah, me too. Okay, then Shakira is like millennials. And then bts.

[Sid Philip]

I was hoping for credence, but

[Randall Williams]

I'll be there just clapping and singing along and hoping for for a good match.

[Sid Philip]

Right.

[Randall Williams]

I think in a perfect world for FIFA that this electrifies the European football slash soccer fan base in the US that's in a perfect world. But what does what has to happen in order for that? Is it a Team USA run to the round of 16?

[Paul Sweeney]

I feel like it has to be.

[Randall Williams]

Yeah, I do too. But we'll see if if you know any of these international stars can electrify audiences the same way that US stars across all sports do here as well.

[Paul Sweeney]

Dumb question, but is Messi playing?

[Randall Williams]

He hasn't come out and said so yet. It's a big elephant in the room. But there are stars globally and I think it would be fine without him. But also it would be a bit disappointing if he decided like I went out on Top in 2022 and that was it.

[Paul Allen]

Right?

[Randall Williams]

Can you blame them? Yeah, probably not. Yeah.

[Paul Allen]

All right. Go over the swamps of Jersey. That's where it's all gonna happen, baby. You know?

[Paul Sweeney]

How much are you gonna pay on New Jersey Transit?

[Randall Williams]

$98. It came down from 150, so everybody be grateful.

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