Slate Money – "Spice World" (April 4, 2026)

Hosts: Felix Salmon (Bloomberg), Elizabeth Spiers (New York Times), Emily Peck (Axios)

Episode Overview

This week, the hosts discuss seismic shifts in private and public equity markets, including mind-boggling fundraising by AI companies like OpenAI, the unprecedented McCormick-Unilever food business merger, and the record-setting WNBA pay hike for players. Lively conversations explore capital allocation, market risk concentration, changes in consumer tastes, and the evolving financial landscape for women in sports. The hosts season the finance talk with wit, pop culture references, and some very strong feelings about spices (and mayonnaise).

Key Topics and Discussion Highlights

1. AI Companies, Public Markets, and the Scale of Modern Fundraising

(02:49 — 22:31)

• Felix recounts the "unicorn" era and how billion-dollar private valuations have been surpassed by today's AI companies (e.g., OpenAI raising $122B in a single round).

  • Quote: "OpenAI is a private company. In a single round, it has raised $122 billion, which is the largest single equity fundraising round in the history of humanity." (Felix, 03:57)

• Emily explains why private market depth is not infinite, noting OpenAI and others will still go public for additional cash ("It needs even more money... it's looking at a valuation of trillions of dollars." - Emily, 05:24).

• The hosts discuss how the AI boom makes public markets relevant again, with massive IPOs (OpenAI, Anthropic, xAI) slated to raise unprecedented sums.

  • "Raising this money in the public markets has almost never been easier if you can have this kind of valuation..." (Felix, 10:16)

• Elizabeth flags index risk: Mega-cap AI IPOs may further "top-heavy" S&P 500.

  • "It's already a problem that the indexes are so top heavy...In theory you put money into indexes partly to diversify a portfolio." (Elizabeth, 09:04)

• Risk vs. Hype: Emily and Felix debate whether massive capital inflows into loss-making AI companies are justified.

  • Felix: "If you have a trillion dollar company going to zero, then that's a lot of money that's lost out of people's S&P 500." (13:25)

• Valuations and Investor Psychology: Much is predicated on potential, not current earnings.

  • Felix: "All of these numbers are just invented. No one knows where these numbers are coming from..." (14:34)

• xAI/SpaceX Merger and Elon's Empire:

  • Elizabeth observes, "It's a company that produces AI technology, sat phones, technology and rockets. How do you value that kind of company?" (15:35)
  • Felix speculates on future mergers: "Tesla is basically a robot company. So it kind of makes sense to fold the robot company into the AI company." (17:17)

• Psychological Impact of Mega-Numbers:

  • "These numbers are so enormous...it is kind of beyond the ken of any normal human being...to understand just how big these numbers are." (Felix, 19:34)

2. Space to Spice: McCormick Buys Unilever’s Food Business

(23:05 — 33:38)

• Deal Details: McCormick (the spice giant) is buying Unilever’s food brands (e.g., Hellman’s, Knorr), forming "a global flavor powerhouse" for $45B (mostly in equity).

  • "I think of this as like a minnow eating a whale." (Felix, 24:14)

• Market Skepticism: Unilever's stock has underperformed, possibly reflecting skepticism about future McCormick-led success.

  • "Unilever's stock dropped 24% on the news. Why do they hate it?" (Elizabeth, 25:53)
  • Felix attributes this to little faith in McCormick from European shareholders now poised to own a US-based company.

• Changing Tastes, Shrinking Spice Cabinets:

  • Elizabeth and Emily discuss consumer cutbacks: "Food is expensive now, and spices are not cheap." (Elizabeth, 26:55)
  • Spices are “winnowed” (not minnowed!) down to just essentials—can you live with just 10?
  • Cookbook recipes and chefs like Yotam Ottolenghi blamed for explosion of spices in home kitchens.
    • "The number of fucking spices that he puts in all of his recipes..." (Felix, 28:33)

• Culture and Brand Affection: Baltimore pride for McCormick’s Old Bay gets a mention; debate on Hellmann’s as "the best mayonnaise."

  • "Every time you buy a store bought mayonnaise that isn't Hellman's, you regret it." (Felix, 32:51)

3. WNBA Players’ 400% Pay Bump & Gender Equity in Sports

(37:12 — 43:50)

• Historic Raise: Negotiating help from Nobel-winning economist Claudia Goldin secured a 400% raise for WNBA players.

  • “She has helped the women's basketball players negotiate a 400% raise in their latest contract. And it's awesome.” (Emily, 37:21)

• Revenue Sharing: WNBA players now claim a higher share of league revenues, closing the gap (somewhat) with "the MNBA."

  • "I want to call them the MNBA from now on." (Felix, 37:57)

• Growth Metrics:

  • TV viewership up 23%, merchandise up 40%.
  • Average salary jumps from $118k to $580k. Still a far cry from the Men’s NBA (~$12 million average), but the disparity is narrowing.

• Ownership, Profitability, and Value:

  • Felix notes owning sports teams is often a "vanity investment," but private equity is making inroads as leagues become profitable.

• Gender Equity Momentum:

  • Emily credits US Women’s Soccer’s push for equal pay in shifting the dialogue and creating fan activism ("chants like, pay them!" - 42:14).
  • Discussion extends to pay inequities versus men’s soccer, especially given comparably lower men's league revenues.

4. Numbers Round: Consumer Trends & Cultural Nuggets

(44:06 — 48:31)

• Ryan Gosling’s Sweater: $90 for a do-it-yourself kit to knit the viral Project Hail Mary cardigan (Emily, 44:09).
• Iceland’s Hot Dog Index: Hot dogs cost 750 ISK ($6) in Iceland, up 5%—a cultural staple and price flashpoint (Elizabeth, 45:32).
  • Story: Bill Clinton ordered only mustard (“the Clinton”), shocking locals.
• KitchenAid Mixer Upgrade:
  • The new $600 KitchenAid stand mixer offers its first significant update in 75 years: an LED light (Felix, 47:33).
  • “Now you can bake in the dark.” (Elizabeth, 47:55)

Notable Quotes & Memorable Moments

• On Modern Fundraising:

  • "OpenAI is a private company. In a single round, it has raised $122 billion...It dwarfs the biggest ever IPO..." (Felix, 03:57)
  • "The current tech revolution, the AI one, is really, really expensive..." (Emily, 05:57)

• On S&P 500 Concentration:

  • "The S&P 500 won't look like a diversified set of stocks so much as it'll look like a bunch of tech stocks and a few other things tacked on." (Felix, 09:16)

• On Companies' Immense Valuations:

  • "All of these numbers are just invented. No one knows where these numbers are coming from..." (Felix, 14:34)

• On AI/SpaceX Synergies:

  • "Tesla is basically a robot company at this point rather than an AI company." (Felix, 17:17)

• On Spices:

  • "The number of fucking spices that [Ottolenghi] puts in all of his recipes..." (Felix, 28:33)
  • "I couldn't live happily with 10 spices. I need 400 kinds of chili pepper." (Elizabeth, 27:56)

• On WNBA Pay Raise:

  • "She has helped the women's basketball players negotiate a 400% raise in their latest contract." (Emily, 37:21)
  • "The average salary before...was around 118k and now it's 580k." (Elizabeth, 38:54)

Timestamps for Key Segments

• AI Funding & Market Dynamics: 02:49 – 22:31
• McCormick-Unilever Food Merger & Spices: 23:05 – 33:38
• WNBA & Gender Equity in Sports: 37:12 – 43:50
• Numbers Round (Consumer Trends, Cultural): 44:06 – 48:31

Tone & Takeaways

Slate Money balances deep dives into market mechanics with delightful personal anecdotes, dry wit, and cultural commentary. This episode captures the scale and weirdness of today’s money flows—from trillion-dollar AI bets to the spices in your cabinet, and the real social progress in pay equity for women athletes. The blend makes for an episode that’s both essential and entertaining for anyone interested in business, finance, or just why their S&P 500 index fund or spice rack looks the way it does.