Nvidia Hits $4T, Yaccarino Steps Down from X & SpaceX Eyes $400 Billion Valuation

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0:01:27 Today’s number, 13%.
0:01:33 That is the percentage of Americans who eat pizza on any given day.
0:01:39 Put another way, pizza has twice as many daily active users in America as X.
0:01:40 And the best part about pizza.
0:01:40 And the best part about pizza?
0:01:42 No Nazis.
0:01:46 Money market’s mad.
0:01:49 If money is evil, then that building is hell.
0:01:50 The show goes on!
0:01:54 The folks in there have watched the show, show!
0:01:57 Welcome to Prof G Markets.
0:01:58 I’m Ed Elson.
0:01:59 It is June 10th.
0:02:02 Let’s check in on yesterday’s market vitals.
0:02:08 The major indices rose, shrugging off Trump’s latest tariff letters to countries including
0:02:10 the Philippines, Iraq, and Brazil.
0:02:15 Investors were more excited about a rally in big tech, which pushed the Nasdaq to a record
0:02:16 high.
0:02:21 Bitcoin also hit a new record, surpassing $112,000 for the first time.
0:02:28 Meanwhile, Treasury yields fell after a successful $39 billion sale of 10-year notes that eased
0:02:29 bond market jitters.
0:02:33 Okay, what else is happening?
0:02:39 NVIDIA became the first company in history to hit a $4 trillion market cap.
0:02:46 The stock jumped around 2%, breaching $4 trillion before it came back down and closed at $3.97
0:02:47 trillion.
0:02:53 Just two years ago, the market cap was less than $600 billion, and since then, the stock
0:02:56 has risen more than 500%.
0:02:58 Just remarkable.
0:03:04 To put that in perspective, the value NVIDIA has added in the past two years is actually
0:03:07 greater than the current market cap of Apple.
0:03:11 So this is a very historic moment.
0:03:14 First company to hit $1 trillion was Apple.
0:03:17 The first to hit $2 trillion was also Apple.
0:03:20 The first to hit $3 trillion was Microsoft.
0:03:25 And now NVIDIA is the first one to hit $4 trillion.
0:03:26 So it’s a big moment for the company.
0:03:32 A big moment for AI, which is essentially carrying the stock market right now.
0:03:35 NVIDIA makes up 7% of the S&P at this point.
0:03:38 It’s up 74% since April.
0:03:43 So when you’re looking at your portfolio right now, and things look good, and they do, just
0:03:48 remember, as with last year, you have AI to thank once again.
0:03:52 Once again, this is the year of AI, or at least it is so far.
0:03:57 Let’s bring in Gil Luria, head of technology research at DA Davidson.
0:04:00 Let’s see what he makes of this $4 trillion milestone.
0:04:02 They deserve it.
0:04:09 NVIDIA has created a tremendous amount of value in the economy, in the stock market,
0:04:16 to its employees, to its shareholders, to Microsoft shareholders, to OpenAI shareholders.
0:04:22 And they have the largest contribution to the AI revolution.
0:04:29 Combined with OpenAI, they are probably the two companies most responsible for all the innovation
0:04:31 and breakthrough that we’ve had.
0:04:35 So it’s very fitting that they would be the first ones to hit a milestone.
0:04:38 NVIDIA’s had an insane run-up so far.
0:04:42 It’s up more than 1,000% since the beginning of 2023.
0:04:48 Do you think it can maintain that momentum, or will it run out of steam at some point?
0:04:53 So the company’s actually trading at a relatively similar multiple than it was trading before
0:04:55 the AI breakthrough.
0:05:02 Let’s not forget that it’s a huge market that was created out of nothing two and a half years
0:05:02 ago.
0:05:10 There was a big data center hyperscaler market that NVIDIA was the leading supplier to before
0:05:12 generative AI broke through.
0:05:19 And that supported the valuation they had up until the end of 2022.
0:05:28 But this big incremental market of AI compute and the chips that facilitate AI compute has added
0:05:36 so much revenue and profitability to NVIDIA that that explains the entire appreciation of NVIDIA’s stock price.
0:05:41 So it’s very well justified based on where we are today.
0:05:44 Going forward is always a different question.
0:05:50 NVIDIA will not be able to continue to grow the growth rates that it had so far.
0:05:56 In fact, it’s much more realistic that the growth rates next year will be more in the 15% to
0:05:58 20% range.
0:06:05 And there’s also a really big swing factor around China that we have yet to fully digest.
0:06:16 But either way, law of large numbers, the market is now for the deployment of AI data centers is
0:06:18 somewhat plateauing.
0:06:21 The growth rates will not be the same.
0:06:24 Not to mention the fact there’s going to be increased competition.
0:06:31 And so going forward, it may be a different story than we’ve had over the last two or three years.
0:06:35 That was Gil Luria, head of technology research at DA Davidson.
0:06:41 Even at $4 trillion, sounds like he believes we are still not at peak NVIDIA and that this
0:06:42 isn’t just hype.
0:06:47 This is, you know, actual fundamentals driving this valuation.
0:06:48 I have to say, I would agree.
0:06:51 We’ll be talking lots about NVIDIA over the next few weeks.
0:06:57 But for now, I would like to just take a moment to pay some respect to Jensen Huang,
0:07:03 the founder and the CEO of NVIDIA, because his story is, quite frankly, remarkable.
0:07:05 And we don’t talk about it that much.
0:07:09 He was born in Taiwan, later moved to Thailand.
0:07:15 And then when he was nine years old, his parents sent him to America to flee the Vietnam War.
0:07:20 He went to Kentucky, where he was enrolled in what his family thought was a prestigious boarding
0:07:25 school, but it turns out that it was actually a correctional boarding school for troubled
0:07:25 children.
0:07:27 So he had a really tough time there.
0:07:28 He was bullied.
0:07:30 He was physically threatened.
0:07:32 He was dealing with constant racism.
0:07:34 But he did get through it.
0:07:40 And eventually, he landed his first job, which was washing dishes at Denny’s.
0:07:40 That’s right.
0:07:45 The CEO of NVIDIA was originally a busboy at Denny’s.
0:07:50 In fact, he actually credits a lot of his success to the principles of hard work and grit that
0:07:52 he learned working that job.
0:07:55 He later got an electrical engineering degree from Oregon State.
0:07:57 Then he got his master’s from Stanford.
0:08:03 And then in 1993, with just $40,000 in seed capital, he launched NVIDIA.
0:08:08 I’m not going to go over the full history of the company, but the long and short of it is this was
0:08:11 basically a masterclass in bold bets.
0:08:16 I mean, he started out making chips for video games, which at the time seemed a little bit
0:08:17 ridiculous.
0:08:23 The gaming industry was kind of just beginning, but, you know, no one was taking it that seriously.
0:08:25 And then the industry just exploded.
0:08:28 So he had a really good run for a few years.
0:08:33 And then when that business started to kind of plateau, he decided to make another shift.
0:08:38 And he got into general purpose computing, which, again, seemed a little out there at the time.
0:08:43 And then, of course, 10 years later, AI happened and the rest is history.
0:08:45 So it’s just a remarkable story.
0:08:51 But before we wrap up, I just want to play you a quick clip of Jensen Huang reflecting on his
0:08:54 career and his time at NVIDIA.
0:08:56 This is from the Acquired podcast.
0:09:02 The hosts were asking him about what he would do differently if he had a time machine, if he
0:09:05 could go back in time and, you know, maybe start this company all over again.
0:09:07 And this was his response.
0:09:09 I wouldn’t do it.
0:09:11 I know.
0:09:14 And the reason for that is really quite simple.
0:09:19 Building a company and building a video turned out to have been a million times harder than
0:09:22 I expected it to be, any of us expected it to be.
0:09:28 And at that time, if we realized the pain and suffering and just how vulnerable you’re going
0:09:35 to feel and the challenges that you’re going to endure, the embarrassment and the shame and,
0:09:37 you know, the list of all the things that go wrong.
0:09:40 I don’t think anybody would start a company.
0:09:42 Nobody in their right mind would do it.
0:09:47 And I think that that’s kind of the superpower of a entrepreneur.
0:09:50 They don’t know how hard it is.
0:09:53 And they only ask themselves, how hard can it be?
0:09:59 And to this day, I trick my brain into thinking, how hard can it be?
0:10:02 I just, I love that response.
0:10:07 And I just think we have this obsession with romanticizing entrepreneurship.
0:10:12 And the story, it always sounds so fun and so exciting.
0:10:15 And, you know, now we’re seeing this big number, $4 trillion.
0:10:17 It feels incredible.
0:10:22 But I just think it’s worth remembering in moments like this.
0:10:27 You know, we’re only hearing the story once the success has happened.
0:10:31 But up until that point, the journey is not romantic at all.
0:10:33 I mean, it’s hard, it’s grueling.
0:10:35 As he says, it’s just extremely taxing.
0:10:40 And I just think it’s notable that when you ask the guy who really reached the top of the
0:10:48 mountain, you know, he hit the pinnacle of capitalism, the world’s first $4 trillion company.
0:10:50 When you ask him, would you do it again?
0:10:52 The answer is no.
0:10:56 I’m not sure exactly what to make of that.
0:10:57 You know, I still want to work hard.
0:10:59 I still want to make a lot of money.
0:11:05 But I will say it is certainly something that I’m thinking about, certainly something that I’m
0:11:06 carrying with me.
0:11:10 And I just think it’s a good reminder to keep things in perspective.
0:11:16 So we’ll be right back after the break with a major leadership change at X.
0:11:17 Stay with us.
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0:13:54 What’s up, y’all?
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0:13:58 The 2024-2025 NBA season is over.
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0:14:30 We’re back with Prof G Markets.
0:14:35 Linda Iaccarino is stepping down as the CEO of X.
0:14:40 With some advertisers returning and the XAI merger complete, she said that now was a good
0:14:41 time to step away.
0:14:43 She served as the CEO for two years.
0:14:48 During that time, she dealt with many challenges, including advertiser backlash over the platform’s
0:14:50 content moderation policies.
0:14:52 Those concerns have not really gone away.
0:15:00 Just two days ago, XAI’s chatbot, Grok, posted a series of anti-Semitic posts on the platform.
0:15:07 And, you know, I mean, I’m not going to go over what exactly was said, but it was egregious.
0:15:11 Like, praising Hitler, no ambiguity with this stuff.
0:15:16 So, Linda Iaccarino is out, and the big question is, why?
0:15:17 Why now?
0:15:22 You know, it could be to do with the Hitlerification of X’s chatbot.
0:15:24 That could genuinely be a reason.
0:15:25 They really coincided here.
0:15:27 It could be the business.
0:15:32 Ad revenue is reportedly down 40% since Elon took over.
0:15:39 But I think more likely, it’s just a combination of all of the troubles that she’s had to face
0:15:40 as the leader of this platform.
0:15:43 And I’ve said it from the beginning, and Scott said it too.
0:15:46 She was never cut out for this.
0:15:53 I mean, Linda Iaccarino, you have to remember, this is a classically educated, traditional media person.
0:15:55 This is not like a new media player.
0:15:56 She worked at Turner.
0:15:58 She worked on Late Night.
0:15:59 She worked at NBC.
0:16:01 She worked on Peacock.
0:16:08 I mean, her whole career before X was, it was basically selling ads for the establishment media.
0:16:15 And that is just a completely different ballgame from being the CEO of this terminally online cesspool
0:16:18 of edginess that is X.
0:16:21 And let’s be clear, like, that is what it is.
0:16:23 It’s kind of a news platform.
0:16:25 That’s what it bills itself as.
0:16:32 But it’s mostly a place at this point for memes and hot takes and political arguments.
0:16:36 And now, after the Elon takeover, Nazism and porn.
0:16:37 And that is not an exaggeration.
0:16:39 We saw what happened with Grok.
0:16:46 But we also saw multiple of these analyses that found a huge rise in Nazi content and
0:16:48 also in pornographic content.
0:16:50 That is what this platform is now.
0:16:56 So the idea that this seasoned media exec was going to come in and just do what she did at
0:16:59 NBC, that to me was crazy.
0:17:00 That was never going to work.
0:17:04 And you could even see it in the way she carried herself on the platform.
0:17:09 I personally cringed every time she posted on X.
0:17:14 Because on the one hand, you’ve got Elon who’s shitposting these senators and talking about their
0:17:15 private parts.
0:17:20 And then on the other hand, you’ve got the CEO of the company who’s talking about, like,
0:17:25 catching the big game and wishing everyone a happy Thanksgiving.
0:17:28 I mean, she was posting on X like it was LinkedIn.
0:17:32 It was this very traditional corporate approach.
0:17:36 And it showed us who she is, and that is a traditional and corporate executive.
0:17:38 And there’s nothing wrong with that.
0:17:40 But that is why I never thought she’d lost.
0:17:45 Because when you think about it, in a lot of ways, she was the embodiment of everything
0:17:46 Elon hates.
0:17:48 I mean, think about why he bought Twitter.
0:17:53 It wasn’t about free speech or the town square, all the stuff he said.
0:17:54 That was BS.
0:17:59 The reason he bought Twitter was basically to give a giant finger to the establishment.
0:18:05 I mean, he just wanted to say, screw you, to the media, to CNN, to the New York Times,
0:18:08 to NBC, to Wall Street, to the Democrats.
0:18:11 He wanted to say, look how much money I have.
0:18:12 Look what I can do.
0:18:13 That’s what this was all about.
0:18:20 And so to put it simply, that is a very hard thing to sell ads against.
0:18:25 And it’s especially hard if you’re coming from this more traditional establishment background.
0:18:30 And then you have to pretend that you’re now this edgy, jaded character, and that you believe
0:18:34 in all the same ridiculous juvenile principles as Elon Musk.
0:18:37 That is a very difficult act to pull off.
0:18:40 And that is why I never believed that she was going to stick around.
0:18:45 And it is also my personal belief that that is why she left the company this week.
0:18:46 But let’s hear from Scott.
0:18:48 He’s been talking about this for a long time.
0:18:50 I’m sure he has lots to add.
0:18:53 Claire hopped on the phone with him earlier.
0:18:57 Hi, Scott.
0:18:58 How are you, Claire?
0:18:59 I’m well.
0:18:59 How are you?
0:19:00 I’m good.
0:19:03 So Mr. Big Time doesn’t have time for the guy who made his career.
0:19:06 It’s now you and me.
0:19:07 He’s too important.
0:19:08 There you go.
0:19:11 So, Scott, Linda Iaccarino is out.
0:19:14 I’m sure you didn’t see this one coming at all.
0:19:15 What are your reactions?
0:19:17 Well, it’s one of those things.
0:19:19 It’s so obvious after it happens.
0:19:25 I think Musk is becoming a Trump-like figure, and that is very few people, you know, it’s like
0:19:27 being in the ring with Mike Tyson.
0:19:29 It’s just very few people leave standing.
0:19:33 You know, it’s just, in some ways, it’s shocking it took this long.
0:19:36 She was never really the CEO of Twitter.
0:19:39 And by the way, I’ve always called it and will continue to call it Twitter.
0:19:42 She was really just meant to be a heat shield.
0:19:48 She was there to kind of go on an apology tour for advertisers, which she was not very successful
0:19:49 at.
0:19:54 Advertising plummeted right after he purchased it.
0:19:57 And I guess it’s off about 40 or 50% since they purchased it.
0:20:00 Initially, she was sort of charged with brand safety.
0:20:06 And when you’re dealing with Elon Musk and Twitter, which immediately saw an increase in
0:20:08 hate speech by 50% that was tolerated.
0:20:11 It was like setting up daycare at a strip club.
0:20:13 I mean, it was just an oxymoron.
0:20:15 It just didn’t make any sense.
0:20:21 Or giving somebody like a flaming bag of raccoons and say, you know, build community now.
0:20:25 So she was kind of given, she was given a very difficult job.
0:20:28 And also, she managed to handle it poorly.
0:20:30 I’ll be very curious what she does next.
0:20:34 I think her brand, it’s interesting, her brand, it’ll be a real interesting test.
0:20:40 But Umberto Eco, the Italian philosopher said that in our era, it’s all about awareness, regardless
0:20:41 of what you’re known for.
0:20:47 She is now a globally known name, but she’s known as an ineffective manager that was basically
0:20:48 CEO and name only.
0:20:51 And it does not have a very good reputation.
0:20:54 But at the same time, everybody now in the business world knows who she is.
0:20:58 So it’ll be very interesting to see if and what her next move is.
0:20:58 Right.
0:21:00 So just some data.
0:21:03 Threads is catching up in terms of daily active app users.
0:21:08 It’s up 128% year over year to 115 million.
0:21:12 Meanwhile, X declined 15% in the same time period.
0:21:15 Still in the lead at 132 million.
0:21:21 And then Blue Sky is way behind at 4.1 million daily active users.
0:21:25 So do you have any predictions for X’s future?
0:21:27 Will it lose its lead in this market?
0:21:28 So it’s already lost it.
0:21:36 I mean, to a certain extent, the biggest beneficiary of Musk’s acquisition of Twitter was meta
0:21:37 shareholders.
0:21:43 And that is by kind of loosening up or basically getting rid of all content standards, you saw
0:21:47 a 50% increase in media, 50% increase in hate speech.
0:21:55 Just most recently, you had XAI, the kind of the chat bot from Grok, post very anti-Semitic
0:21:58 content, some phrasing Hitler and advertisers.
0:22:00 That’s just a third rail for advertisers.
0:22:06 So effectively, this created an enormous opening for threats.
0:22:10 I don’t think threats would be as big as Twitter.
0:22:15 And in a year, it’ll be bigger if it wasn’t for kind of the implosion and the white space that
0:22:21 was opened up by Twitter, basically declaring war on its advertising base.
0:22:26 And Elon Musk, who’s obviously very intelligent and has an incredible feel for stakeholder
0:22:33 value, has decided that the only way to rescue this is to rub kind of AI Vaseline over the lens
0:22:40 here and merge it with his AI startup and then do sort of a kind of a related party transaction
0:22:44 that supposedly valued Twitter at $30 billion while valuing his own AI company at $80 billion,
0:22:47 which is sort of an illusory market, if you will.
0:22:53 But I would say Twitter as a microblogging platform has kind of already lost to threats.
0:22:56 And that is, threats should not exist.
0:23:02 And it exists because basically Twitter screwed up so bad and created such an opportunity.
0:23:02 All right.
0:23:04 Well, thank you, Scott.
0:23:05 That’s all I’ve got for you.
0:23:06 I’ll send your regards to Ed.
0:23:08 Sounds good, Claire.
0:23:09 Have a good rest of the day.
0:23:09 Thanks, Scott.
0:23:10 Bye-bye.
0:23:10 Bye now.
0:23:13 Daycare at the nightclub.
0:23:16 I think that pretty much sums it up.
0:23:18 Well, we will miss Linda Iaccarino.
0:23:21 She was given an impossible job.
0:23:23 And we wish her the best of luck.
0:23:34 SpaceX is planning to raise money by selling insider shares at a new valuation of $400 billion.
0:23:39 This underscores their status as the most valuable private company in the world.
0:23:45 The valuation breaks the previous record, $350 billion, which was also set by SpaceX.
0:23:50 And this company has quickly become the largest source of Elon Musk’s wealth,
0:23:54 who owns a 42% stake in the business.
0:23:57 The new valuation makes SpaceX more valuable than OpenAI,
0:24:00 more valuable than Johnson & Johnson,
0:24:02 more valuable than Bank of America,
0:24:04 and more valuable than Coca-Cola.
0:24:07 In fact, if SpaceX were a public company,
0:24:13 it would now be the 22nd most valuable public company in the world.
0:24:14 Just incredible.
0:24:18 So nothing new here in terms of the business itself.
0:24:25 But what we are seeing is a lot of demand for this company in the secondary markets.
0:24:26 That demand is continuing to grow.
0:24:32 And there were some questions about SpaceX when this Elon-Trump drama started to unfold.
0:24:35 Obviously, that is putting pressure on Tesla stock,
0:24:39 but it should arguably be putting more pressure on SpaceX stock,
0:24:43 given the fact that SpaceX depends so heavily on government contracts.
0:24:46 But this news appears to be telling us actually no.
0:24:49 Investors aren’t worried about that Trump drama.
0:24:51 Tesla investors might be worried.
0:24:53 The stock’s down more than 20% year-to-date.
0:24:56 But SpaceX investors, they are not worried.
0:25:00 And that is why the valuation has increased as of the end of last year,
0:25:03 as of the most recent valuation, 15%.
0:25:09 So for more on this, we spoke with Sri Mupidi, a reporter at The Information.
0:25:12 I would say that SpaceX and Tesla are different businesses.
0:25:16 And I think you see the stock price reflect that with Tesla,
0:25:22 particularly because the big, beautiful bill got rid of a number of energy tax credits
0:25:23 that initially benefited Tesla.
0:25:27 And so while Tesla sales were already softening,
0:25:30 I think this big push really sort of,
0:25:33 you could see that pressure on Tesla stock.
0:25:35 But in terms of SpaceX, SpaceX, as I said,
0:25:38 dominates the market for rocket launches
0:25:41 and government agencies are less likely to switch.
0:25:43 There’s just a huge barrier to entry,
0:25:45 huge amount of friction to be able to switch.
0:25:50 And then also, because it’s been able to diversify
0:25:52 into commercial revenue as well through its Starlink business,
0:25:56 you really see sort of SpaceX to be more resilient than Tesla.
0:26:01 And then I think more importantly is that just in terms of the market,
0:26:08 there aren’t as many competitors for NASA or the Defense Department to be able to like switch to.
0:26:11 For example, Blue Origin or Rocket Labs,
0:26:17 they just aren’t at the level that SpaceX is at in terms of rocket launches or just other capabilities.
0:26:23 And so that’s why I think that SpaceX has an advantage in working with their existing set of
0:26:28 government contracts versus a government agency, for example, switching away.
0:26:32 That was Sri Mupiti from The Information, and she makes a really great point.
0:26:36 And that is even if you don’t want to do business with SpaceX,
0:26:37 if you want to go to someone else,
0:26:45 you don’t really have any options because SpaceX is just completely dominating this industry.
0:26:50 And I think there are some stats here that really highlight the dominance that we’re seeing from SpaceX.
0:26:57 The first one I would point you to, there were 154 orbital launch attempts in the US last year.
0:27:04 And SpaceX accounted for 87% of those launches, 134.
0:27:07 That is up from 96 in 2023.
0:27:12 It’s also more launches than the rest of the world combined.
0:27:14 It’s all coming from SpaceX.
0:27:19 So when it comes to getting payloads out into space, there is simply no question.
0:27:21 SpaceX is the undisputed number one.
0:27:24 They’re kind of your only option.
0:27:27 So that’s one part of the business, carrying stuff into space.
0:27:32 The other part of the business here is satellites or Starlink.
0:27:37 And on that side of the business, SpaceX is again completely dominating.
0:27:38 Here’s the big stat.
0:27:42 Of the roughly 10,000 satellites that are actively orbiting the Earth,
0:27:46 SpaceX owns 60% of them.
0:27:51 And that number is also expected to grow significantly over the next few years.
0:27:56 SpaceX is planning to increase their constellation network to 30,000 satellites.
0:27:58 We’ll see if that’s even possible.
0:28:00 But that is what they’re shooting for right now.
0:28:07 The only viable competitor right now to the satellite network that is being developed by Starlink
0:28:09 is Amazon’s satellite network.
0:28:11 And that is Project Kuiper.
0:28:13 And they are making some headway.
0:28:16 But, you know, you look at the business as of today,
0:28:18 they’re still not offering any internet service.
0:28:22 So it’s a very similar dynamic to what we’re seeing in the robotaxi industry,
0:28:27 where it’s kind of portrayed as maybe this competition between Waymo and Tesla.
0:28:30 They are the two players in the space.
0:28:32 But then you get down to it.
0:28:37 You look at the data and you realize only one of them is actually playing here.
0:28:40 In the robotaxi industry, it’s Waymo.
0:28:43 But in the satellite industry, it is SpaceX.
0:28:44 It is Starlink.
0:28:47 So I think that would shed some light on the valuation.
0:28:55 I think it also shed some light on why investors aren’t so worried about what’s happening in terms of Elon and his relationship with Donald Trump.
0:28:58 It is possible that it’s riding on some hype.
0:29:03 You know, I think the fact that it is still a private company maybe makes it feel more exclusive.
0:29:06 And so maybe you’re willing to pay a premium just to be part of the club.
0:29:08 And it is a pretty cool club.
0:29:11 But you also can’t deny the fundamentals here.
0:29:17 $12 billion in ARR, the undisputed leader in space right now.
0:29:21 They are essentially monopolizing the space industry.
0:29:23 That is the reality of the situation right now.
0:29:27 And it is unlikely that that is going to change anytime soon.
0:29:30 Okay, that’s it for today.
0:29:34 Thanks for listening to Prof G Markets from the Vox Media Podcast Network.
0:29:35 I’m Ed Elson.
0:29:41 Join us tomorrow for our conversation with David Risher, the CEO of Lyft.
0:30:00 You have me in kind reunion.
0:30:04 I don’t want to.