Pivot Podcast Summary

Episode Title: Kimmel & ABC, Nvidia’s OpenAI Investment, and Tylenol’s Trump Problem
Hosts: Kara Swisher and Scott Galloway
Date: September 26, 2025

Episode Overview

This episode covers:

• The return of Jimmy Kimmel to late night TV and the controversy surrounding it
• Nvidia’s $100B investment in OpenAI and the implications for the tech sector
• President Trump’s unfounded claim linking Tylenol to autism and the business fallout
• Notable free speech and “refusal of service” legal controversy at Office Depot

Throughout, Kara and Scott blend sharp analysis with their signature banter, offering insights into how these headlines reflect larger trends in media, tech, and politics.

Key Discussion Points & Insights

1. Jimmy Kimmel’s Return and ABC’s Boycott

[07:06–13:13]

• Context: Jimmy Kimmel returned to late night after a controversial incident, drawing 6.2 million viewers on TV—about 4x the typical audience—even as some ABC affiliates boycotted.
• Scott’s Take: Praised Kimmel for showing “genuine emotion” and vulnerability, calling it important for young men to see famous men be open with their feelings.
  • “It’s really important for young men to see...With all this performative masculinity...it’s terrible for young men. So to see a guy that talented, that successful...showing genuine emotion.” – Scott [08:07]
• Kara’s Take: Agrees Kimmel’s performance was effective because it was both “class and funny,” not just a lecture.
• Business Angle: Both argue the format of late night TV is dying—Kimmel’s success won’t save it. Scott expects Kimmel (and others) to eventually migrate to podcast or streaming formats.
  • “Market dynamics trump individual performance. The Jimmy Kimmel show as it is now is already over. It’s just a question of timing.” – Scott [08:14]
• Political Subtext: Trump’s commentary and legal threats on Truth Social are distraction tactics—using controversies like Kimmel’s as a way to dominate the news cycle and “keep Epstein out of the news.” [10:15–11:36]

Memorable Moment:
Kara and Scott playfully acknowledge their new high podcast ranking (#23) with off-color jokes, then quickly pivot into serious analysis.

2. Nvidia’s $100B Investment in OpenAI: Bubble or Genius?

[13:18–21:50]

• Deal: Nvidia will invest $100B into OpenAI, which in turn will use the money to buy Nvidia AI chips for its data centers—an arrangement the hosts liken to “round tripping.”
• Scott’s Take:
  • Warns this is a hallmark of a late-stage tech bubble, reminiscent of AOL’s manipulations in the dotcom era:
    • “It’s a huge flashing green or red light that we’re in late stage bubble...you juice your top line, it’s just financial engineering.” – Scott [14:45]
  • Shares a personal anecdote about “related party” revenue deals from his own dotcom days.
• Kara’s Take:
  • Gets “big Meyer, Merlo, David Colburn vibes” from the deal—referring to infamous dotcom-era shell games.
  • Both agree the arrangement both boosts Nvidia’s revenue and OpenAI’s capacity, but is essentially a circular transaction that could collapse when the “music stops.”
• Market Power Concerns:
  • Scott argues that Nvidia and OpenAI are creating a “Wintel x10” scenario (lock-in between Intel and Microsoft in the 90s): Nvidia designing chips specifically for OpenAI while OpenAI shapes its business with foreknowledge of Nvidia’s roadmap.
    • “This is Wintel times 10...If you had Lina Khan or Tim Wu, you’d already have heard from regulators.” – Scott [19:43]
  • Predicts regulators should but probably won’t intervene under the current White House.

3. Trump’s Tylenol-Autism Link & Corporate Response

[24:59–31:37]

• Situation: Trump’s comments linking Tylenol (Kenview, formerly J&J) to autism cause the stock to drop 7–10%, despite zero scientific evidence, putting the company in a crisis.
• Science: Kara and Scott point out the scientific consensus refutes the claim; only poorly-controlled observational studies exist, and genetics are a far bigger risk factor.
• Crisis Management:
  • Scott lays out the three hallmarks of great brand crisis response: acknowledge the problem, have leadership out front, and “overcorrect”—using J&J’s Tylenol cyanide crisis as the gold standard.
    • “There are only three things you have to remember in crisis management... One, acknowledge the problem... Two, the top guy or gal has to be out in front... Three, the hardest thing to do is to overcorrect.” – Scott [28:57]
  • In this scenario, Kenview’s best move is to go on offense, loudly counter the misinformation, and invite scientific scrutiny—even if legal recourse against a president is practically impossible.
    • “I would absolutely play offense and say this is outrageous, it is not true and you owe us 10% of our market cap.” – Scott [27:40]

4. YouTube’s Misinformation Policy Reversal

[31:37–34:20]

• News: YouTube will reinstate previously banned accounts accused of COVID and election misinformation, after GOP investigation pressure.
• Analysis: Kara sees it as political strategy—platforms oscillate according to who is in power; moderation is always “a political football.”
• Scott’s Commentary:
  • “The free speechers aren’t true free speechers—they want speech that helps them and censor speech that doesn’t.” [32:45]
  • Disappointment that platforms won’t stand firm on moderation for the sake of public trust; instead, they just follow political winds for minimal business risk.

5. “Refusal of Service” Controversy at Office Depot

[35:25–42:33]

• Incident: Office Depot workers refused to print a memorial poster for conservative activist Charlie Kirk, got fired, and now FL AG Pam Bondi threatens prosecution for “political discrimination.”
• Hosts’ Analysis:
  • Both hosts draw a parallel to the Colorado same-sex wedding cake case, and point out the selective outrage.
  • Kara: “Every accusation is a confession with these people...They just literally shift and were never really believing in it.” [37:45]
  • Scott: Sympathizes with being asked to do tasks you don’t like as an employee, but sides with companies’ rights to fire for not doing assigned work:
    • “Folks, it sucks to be a grownup.” [40:22]
  • Both stress: Employees can refuse, but must accept consequences; government shouldn’t prosecute—and Bondi’s threats are First Amendment overreach.
  • “Shut the fuck up Pam...It’s called the First Amendment, Pam. As usual, you don’t know what it says.” – Kara [40:35]

6. Predictions and Closing Banter

[43:59–52:23]

• Scott's Prediction:
  • Major, possibly disastrous, tech M&A is coming (“Time Warner-like deal”) as mega-cap companies overspend their inflated stock values:
    • “We’re going to see a company that in three to five years will be seen as the most disastrous M&A deal in history.” [44:03]
  • Tangent: Struggling economy for the bottom 90% evidenced by rising pet surrenders; makes emotional plug for adopting shelter dogs.
    • “There has never been a better time to adopt a dog... rescues and mutts are hands down the best breed.” [47:43]
• Kara’s Prediction:
  • Rampant cronyism from Trump administration—government help for friends (farmers, Argentina’s Malay) while demanding equity from others:
    • “You’re going to see more cronyism. One hundred percent.” [48:57]
  • Teases upcoming interview with the K-pop Demon Hunters directors as a future episode highlight.
• Book Recommendation: Prof G interviews Dr. Fiona Hill, who sounds the alarm about the collapse of federal government support and a similar crisis now facing Europe.

Notable Quotes & Timestamps

• On Kimmel’s Emotional Openness:
  • “Young men need to see that you need to feel your emotions. It’s okay to be vulnerable.” – Scott [08:14]
• On Trump’s Distraction Playbook:
  • “Their entire strategy...is what can I say and test a million times with AI that will keep Epstein out of the news cycle.” – Scott [11:30]
• On Nvidia–OpenAI and Financial Engineering:
  • “It’s kind of a pyramid scheme. There’s the financial engineering aspect...really, really unsettling.” – Scott [17:20]
• On Crisis Management:
  • “Acknowledge the problem, have leadership out front, and overcorrect.” – Scott [28:57]
• On Free Speech and Moderation:
  • “On YouTube...you can get to pretty dark, ugly content pretty fast...Free speech is not only about letting people say shit, it’s about your right to not say shit on your platform.” – Scott [34:01]
• On Employees and Political Acts:
  • “If you start making it harder for Google to do their business...the leaders get to decide who they work with and you get to decide if you want to work there or not.” – Scott [39:30]
• On Pet Adoption as Economic Signal:
  • “People surrendering their pets has gone way up...If you want to feel more mammal and more connected...think about adopting a dog.” – Scott [47:43]

Timestamps for Major Segments

• [07:06] – Jimmy Kimmel's Return and Analysis
• [13:18] – Nvidia’s OpenAI Investment: Shell Game?
• [24:59] – Trump vs. Tylenol: Corporate and Scientific Fallout
• [31:37] – YouTube, Misinformation, and Political Pressure
• [35:25] – Office Depot, Refusal of Service, and Free Speech
• [43:59] – Predictions (Tech M&A Bubble, Cronyism, Pet Adoption)
• [50:35] – Fiona Hill Interview Teaser & Closing Thoughts

Tone & Style

The episode blends high-level, insightful business and policy analysis with irreverent humor and frank, sometimes raunchy banter. Both hosts call out hypocrisy and political theater directly. The conversation is peppered with personal anecdotes and pop culture references, staying grounded even when discussing big-picture economics or legal dilemmas.

Summary for New Listeners

If you missed this episode, you’ll come away with:

• An understanding of how media, business, and tech are being reshaped by powerful economic and political incentives;
• A solid framework for evaluating controversial headlines—whether it’s financial engineering in Silicon Valley, government interference in the media, or viral misinformation;
• A dose of honesty and levity, and a few reminders (with feeling) about the value of humor, directness, and adopting a rescue dog.