Bezos's AI Start-up, Thiel's Nvidia Sell-off, and Trump-MTG Breakup

Summary of Bezos's AI Start-up, Thiel's Nvidia Sell-off, and Trump-MTG Breakup

by New York Magazine

1h 3m•November 18, 2025
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Overview of Pivot — Bezos's AI Start-up, Thiel's Nvidia Sell-off, and Trump‑MTG Breakup

This episode of Pivot (New York Magazine / Vox Media) — hosted by Kara Swisher with Scott Galloway — covers the week's biggest intersections of politics, tech, and markets: President Trump and Marjorie Taylor Greene’s fallout and the push to release the Epstein files; Peter Thiel’s sale of his NVIDIA stake and rising “AI bubble” concerns; fresh reporting on OpenAI’s heavy compute spending and cash burn; Jeff Bezos launching an AI venture called Project Prometheus; and wider consequences for markets, bonds, healthcare policy and political branding. The hosts mix reporting, opinion, and investor-minded analysis, ending with their weekly “wins and fails.”

Key topics discussed

  • Trump / Marjorie Taylor Greene / Epstein files

    • Trump urged House Republicans to release the Epstein files, saying “we have nothing to hide.”
    • MTG publicly turned on Trump; she claims to have received threats and private security offers.
    • Hosts debated whether MTG’s pivot is sincere, strategic, or politically motivated.
    • Guests and survivors press for transparency; concerns about possible tampering with files under Trump appointees.

  • Peter Thiel sells NVIDIA stake

    • Thiel’s fund sold its entire NVIDIA holding, stoking fears of profit-taking and signaling that some insiders see valuations as stretched.

  • OpenAI finances and compute burn

    • Reporting (Wall Street Journal, Ed Zitron) shows massive compute spend (around $12B on inference between 2024–Q3 2025) and projected operating losses that raise questions about sustainability and IPO math.
    • Sam Altman’s revenue claims (>$13B/year) were taken with skepticism.

  • Jeff Bezos: Project Prometheus

    • Bezos is launching an AI startup dubbed “Project Prometheus,” focusing on real-world AI applications (aerospace, cars, etc.) and has reportedly raised ~$6.2B.
    • Hosts were skeptical about the branding and the real-world ROI of AI promises.

  • Markets, concentration and the “AI bubble”

    • The AI narrative has made a handful of companies (top 10) an outsized share (~40%) of the S&P; hosts warned this concentration makes markets fragile.
    • Comparisons to dot‑com era valuations and warnings that a reversal would have big macro consequences.
    • Bonds have rallied in 2025 (Bloomberg U.S. Aggregate up ~6.7% YTD); Trump has been buying corporate and municipal bonds heavily.

  • Healthcare policy proposals

    • Reported GOP/Trump idea: redirect insurance subsidies into individuals’ HSAs (major criticisms — Mark Cuban and hosts note HSAs can be used for non‑health expenses).
    • Scott floated lowering Medicare eligibility gradually (e.g., reduce eligibility age by 1 year per year) as a way to transition toward less costly, broader public coverage.

  • Media and culture notes

    • Bill Maher appearance, late-night politics, SNL sketches about AI image misuses.
    • Tom Cruise received an honorary Oscar — hosts applauded the recognition.

Main takeaways

  • Insider moves matter: Thiel’s NVIDIA exit and other insider sales are being read as warnings, not just routine profit-taking.
  • AI economics are still uncertain: heavy compute costs make many AI business models capital‑intensive and potentially loss-making for years; that makes valuation assumptions fragile.
  • Market concentration increases systemic risk: a crash in a few mega-cap AI beneficiaries (e.g., NVIDIA) could ripple into consumer spending and broader recession risks.
  • Government intervention risk: if private AI projects need government backstops for massive chip purchases or debt, that raises fiscal and political downsides and could inflame partisan backlash.
  • Politics is volatile and performative: MTG’s sudden pivot illustrates both the unpredictability of individual actors and how branding or polling can drive dramatic political moves.
  • Healthcare remains a major unresolved national problem: hosts argued for bolder structural change (Scott advocates expanding Medicare eligibility as a pathway) rather than piecemeal subsidy reroutes.

Notable quotes & insights

  • On MTG: “What happens when CrossFit and a Facebook comment section have a baby and then raise it on Monster Energy Drink.” — characterization of Greene’s persona (colorful host remark).
  • On AI spending and valuation: “If OpenAI’s revenue is doubled… its stock is 80% over value” — warning about the math baked into sky-high multiples.
  • On fragility: “A robust industry is one where any one or number of companies go out of business and it wouldn't threaten the entire sector.” — argument that the current tech concentration makes the economy fragile.
  • On the social role of health care: healthcare is a major determinant of national happiness and the U.S. system’s costs + inequity are politically and economically toxic.

Practical recommendations (for listeners / watchers)

  • Investors: consider diversification and risk management — be cautious about concentration risk in large AI beneficiaries and recognize the potential for a mean reversion in valuations.
  • Policy watchers: follow the House vote on Epstein files for legal/political implications and monitor any attempts by the administration to control or scrub records.
  • Tech observers: watch OpenAI/Microsoft financial disclosures closely (and compute cost announcements) — high spending on inference is a core risk to the current AI investment narrative.
  • Healthcare advocates: track policy proposals (HSAs redirection vs. Medicare expansions) and push for framing around systemic fixes rather than one-off subsidy shifts.
  • General audience: treat breathless claims from tech billionaires skeptically — look for concrete ROI, regulatory implications, and who benefits economically from new AI deployments.

Hosts’ perspectives — summary

  • Kara Swisher: skeptical of political distractions, concerned about Trump’s maneuvers and MTG’s motivations; skeptical of the hype cycle but acknowledges cultural/entertainment angles (Bill Maher, SNL).
  • Scott Galloway: deeply worried about market concentration and AI bubble risk; skeptical of OpenAI’s spending claims and worried about macro contagion if AI chip demand and valuations unwind. Advocates systemic healthcare change (expand Medicare eligibility gradually).

Quick list of “wins & fails” from the episode

  • Wins:
    • Tom Cruise receiving an honorary Oscar.
    • Strong SNL sketches that captured AI photo absurdities.
  • Fails:
    • Rising market froth, extreme concentration in a few tech names, and the resulting fragility.
    • Trump’s public attacks on late night and political theatrics that may put allies at risk (MTG example).

Bottom line

This episode links fast-moving political drama (Epstein files, MTG) with structural risks in tech and markets (OpenAI’s burn, Thiel’s NVIDIA exit, Bezos’s new venture). The hosts urge skepticism toward hype, warn about concentrated market fragility, and press for systemic solutions — particularly in healthcare — rather than short-term political or corporate theater.