Pivot Podcast Summary – Dec 5, 2025
New York Magazine | Hosts: Kara Swisher & Scott Galloway
Episode Title: Anthropic IPO Chatter, Bitcoin’s Turbulent Week, and Kara Gets Caught in a Scandal

Episode Overview

This episode covers the latest news and insights from tech, business, and media, including:

• Early Anthropic IPO speculation,
• Bitcoin and crypto market turmoil,
• A deep dive into media ethics via Kara's entanglement in a journalism scandal,
• M&A wars over Warner Bros. Discovery,
• Billionaire philanthropy and structural inequality,
• Costco suing the federal government, as well as the duo’s characteristic back-and-forth on reputation, accountability, and industry disruption.

Main Discussion Points & Insights

1. Therapy Discourse Revisited

(01:39–06:32)

• Kara Swisher shares her mother-in-law’s reaction to Scott's prior comments on the therapy industry, ultimately supporting Scott’s critical stance.
• Scott discusses negative social media criticism, especially accusations of misogyny. Kara and Scott debate how social media incentives amplify controversy and negativity.
• Memorable quotes:

  "The more incendiary negative comments or words in titles, the more clicks." – Scott, (05:12) "I like to think of myself as an off ramp from the red pill." – Scott, (03:59)

2. Celebrity Endorsements and Media Banter

(06:41–11:00)

• Oprah publicly praises Scott's book, “Notes on Being a Man”, describing him as a “thought leader” with his “whole hand on the pulse of men.”
  • Replay of Oprah’s Instagram clip.
• The hosts riff on media fame, therapy, and the bizarre nature of being transformed into “characters” by others.

3. The Olivia Nuzzi–Ryan Lizza Journalism Scandal

(11:00–17:57)

• Kara explains her involuntary role as a “swizzle stick” in the Nuzzi–Lizza–RFK Jr. affair, defending her decision to alert her editor after learning that a journalist covered a candidate she was allegedly involved with.
• Both hosts stress basic crisis management: acknowledge, take responsibility, overcorrect.
  • Scott notes the broader reputational impact, especially for women in journalism.
• Memorable quotes:

  "It's typically not the detonation, the crisis itself, it's the shrapnel ... the cover-up." – Scott, (15:00) "I did the right thing and I'd like to leave, please. Like, make it fucking stop. And the book's not selling, by the way." – Kara, (16:24)

4. Anthropic’s Potential IPO and AI Industry Competition

(17:57–24:57)

• Anthropic may file for IPO in 2026; CEO Dario Amodei’s DealBook remarks focus on AI safety and industry risks. (Clip played at 18:58)
• Anthropic vs. OpenAI: Anthropic seen as “measured, honest, less cheerleading,” focused on enterprise, trust, and vertical markets.
  • OpenAI’s mass-market push and “code red” internal focus after competitive pressure.
• IPO speculation: Anthropic could beat OpenAI to IPO, capturing investor excitement for “enterprise first” AI, regulatory alignment.
• Memorable quotes:

  "In my experience… B2B is more consistent. If a company signs an enterprise or a sitewide license, they tend to not [leave]." – Scott, (20:20) "OpenAI is trying to become a full operating system for AI ... Anthropic is trying to focus on enterprise and … regulatory environment." – Scott, (24:11)

5. Warner Bros. Discovery Bidding Frenzy

(24:57–35:03)

• Multiple offers from Netflix, Paramount (+ Apollo + Middle East), and Comcast.
• Paramount’s bid based on political proximity to Trump for regulatory approval, relying on foreign capital, prompting ethical & antitrust concerns.
• Hosts lament the politicization of deals and the risk of non-U.S. control over media IP.
• Scott analogizes the situation to prom competition, critiquing irrational late appreciation of key assets.
• Memorable quotes:

  "Part of their main strategy is Trump loves us... It's so non-economic what they're doing here and then involving the Saudis is really... troubling." – Kara, (25:59)

6. Michael Dell’s ‘Trump Accounts’ Philanthropy & Wealth Power

(38:43–42:30)

• Debate over Dell’s $6.25B donation for “Trump Accounts for Kids.” Kara is critical: “Just tax him properly,” calling the branding “grotesque.” Scott notes philanthropic efforts are still laudable, but agrees structural change is preferable.
• Broader conversation about billionaire philanthropy, the differences in approach between men and women, and models for long-term wealth redistribution.

7. Bitcoin and Crypto Market Volatility

(42:30–46:48)

• Bitcoin has fallen ~30% from peak; significant volatility continues despite the “crypto president.”
• Scott shares his own investment losses, considers doubling down, and highlights shifting demographics—crypto is overwhelmingly younger and male.
• Kara expresses caution; both reflect on the psychological and generational dynamics of crypto speculation.
• Prediction: the next “crypto” trend will be prediction markets.

8. Costco vs. Trump Administration: Corporate Resistance

(50:32–55:07)

• Costco sues the US Government for refund of Trump-era tariffs, arguing those tariffs misused emergency powers.
• Scott and Kara celebrate Costco’s business model, customer loyalty, and willingness to fight for its interests; compare to stories of Nordstrom’s legendary customer service.
  • "The only place where I go in for paper towels and I leave with a kayak..." – Scott, (52:40)
  • "They'll still refund you ... you could literally show up and hand them the ashes of your broken dreams." – Scott, (54:01)

Notable Quotes & Moments

• On social media and reputation:

  "The profit incentive is to be as over the top ... and, quite frankly, not over the top positive." – Scott, (05:47)

• On AI company positioning:

  "They're trying to position themselves as high trust, enterprise first LLM provider." – Scott, (20:20)

• On political dealmaking:

  "Doing this non economically because you're pals with the President is about the most non capitalist thing I can think of." – Kara (31:40)

• On philanthropy and social policy:

  "If we're just reliant on the generosity of billionaires, they get to dictate social policy, not our elected leaders." – Scott, (39:21)

Timestamps for Key Segments

• 01:39 – Therapy debate and social media (through 06:32)
• 07:03 – Oprah's endorsement of Scott
• 11:00 – Journalism scandal (Olivia Nuzzi)
• 17:57 – Anthropic IPO and AI competition
• 24:57 – Warner Bros. bidding wars
• 38:43 – Michael Dell's philanthropy and "Trump Accounts"
• 42:30 – Bitcoin/crypto turbulence
• 50:32 – Costco sues U.S. Govt over tariffs

Tone & Style

The episode is fast-paced, irreverent, and candid—Kara and Scott provide sharp criticism, industry anecdotes, and self-deprecating humor. They’re unafraid to criticize powerful figures, reflect honestly on their own positions, and use high-profile news to explore systemic challenges in tech, media, and capitalism. The banter remains personal but deeply connected to larger industry trends.

For Listeners Who Missed the Episode

Expect insight into:

• The obstacles of AI enterprise vs. mass-market approaches,
• The messy, very personal human realities behind journalism and business scandals,
• The persistent intertwining of politics, business, and media consolidation,
• The growing debate over billionaire philanthropy vs. taxation,
• How iconic brands can fight back against political overreach.

The episode blends news analysis, industry inside baseball, and genuine debate, with plenty of irreverent comic relief.