2023 Predictions Part II

We hear part two of Scott's 2023 Predictions Livestream. Plus, we hear predictions from several blue-flame thinkers on the global economy, healthcare, cities, and the financial markets. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Speaker names marked ? are inferred from speaking time and the show’s known hosts — they are not voice-verified.

• 0:01Scott Galloway?

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• 0:49Speaker 01

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• 1:42Scott Galloway?

  Welcome back to another episode of the Prof G Pod. I'm living it up on vacation in Bangkok with my son, so sit back and enjoy part two of our 2023 Predictions livestream.

• 1:58Speaker 02

  The tech of the year in 2023 is going to be AI. It's going to be the headline everywhere. It's going to result in a certain amount of euphoria and hysteria that takes AI-related companies and stocks, makes them skyrocket. But an interesting way to look at the sustainability of a technology is through peer-reviewed research or academic articles. And my argument here is it's sustained release of peer-reviewed research results in a more sustainable technology. Now, why is that? If you look at what happened around crypto or the metaverse, it was massive academic articles. Everyone gets excited. But the thing about peer review, if you look back, what's more sustainable is when it's peer-reviewed, you're teaching each other.

• 2:39Speaker 02

  You're writing an article on AI and then your colleagues from Carnegie Mellon, MIT, and SMU are also reading and learning and it's informing their work. So a slow, steady build of peer-reviewed research creates a more enduring foundation, a more enduring technology. And that's what we have versus crypto and metaverse, which were sort of mania, where I don't think there was a lot of collective learning or progress. That's what we have in AI. It's been a sustained build that has resulted in what I believe is a more enduring technology, where the performance is actually going to catch up to the promise in 2023. We're seeing it in terms of increases in funding. The US dominates with China, not too far behind, but behind.

• 3:22Speaker 02

  And we're starting to see real-use, real-world applications of AI, especially in the medical field. It's very exciting. This is a 3D rendering or a 2D rendering of a protein. One of the means or challenges of attacking certain diseases is it's hard to estimate or hard to figure out a way to attack the right parts of a protein. So you have to model it. And for the first time, we can now model about 60% of proteins. And we're every year or every, every, every month, we're making more and more progress. It's actually a very exciting time to be in medicine. I think there's gonna be huge pressure on the legal community. You can type and draft commercial lease for South Carolina.

• 4:04Speaker 02

  Based property with a two-year term and one-year extension and boom, AI can start writing it for you and make you an editor as opposed to someone who actually has to draft it. I'm on the, I'm an investor in a company called Niva, which started as a subscription search company and has pivoted to being AI search because one of the dangers of AI is that I think people will trust it too much and it gets it wrong a lot. So having an AI layer that summarizes other websites or referenceable sources, I think is a more enduring function. I think we're gonna see a lot of conspiracy theory and weirdness come out of AI when we trust some programmer to come up with fuzzy logic that's better than our own. Anyways, so we have also, I think, some industries that'll come under pressure.

• 4:49Speaker 02

  I can't imagine that the images industry, or whatever you want to call it, Clipart, Getty, aren't going to come under huge pressure here when you're going to be able to generate these images, original images for near zero cost that will almost replicate or get 80% of the aesthetic quality of traditional images that people are paying for. I've said this a few years, but I do think this is the year we've hit peak personal genius. And that is we've decided that innovators are no longer our Jesus Christ.

• 5:28Speaker 02

  Okay, that's 19, that's the Peshmo, it's 1989, personal Jesus. Has almost nothing to do with personal genius, but I just wanted an excuse to play that video. We don't have a choice as a species whether we worship. When Cro-Magnamam, we would find a rock and decide to worship it. Chimpanzees will start worshiping objects. We worship gods, the sun, celestial objects, then people, and now we have decided to worship tech innovators. It's dangerous. It means that people can put themselves in a position to turn off and on battlefield technology, or treat people coarsely, or have influence over our elections, or weaponize platforms and not be held accountable for teen depression because we've decided they're our new Jesus.

• 6:10Speaker 02

  Christ, there's no religion that's ever rivaled technology in terms of the amount of influence and power it has. And the heads of these technology companies are, again, our new idols. The most recent is obviously SBF. I mean, for God's sakes, there are red flags everywhere. Incorporating in the Bahamas, not having a board, not having audited financials, deciding that he was above showering. But what do you know, people love an innovator, right? I don't understand what he does, but he's from MIT, and I see the word billions next to his name. He must be an awesome guy that we can trust. One out of three years, Time decides that its Person of the Year is the wealthiest person in technology. They don't pick the wealthiest person in manufacturing or pharmaceuticals. We've decided that our new tech lords are, in fact, our overlords.

• 6:55Speaker 03

  The FTX Foundation's recent announcement to give up to $1 billion this year alone to high-impact charities show how Sam is transforming corporate governance and becoming the modern-day CEO that FTX embodies and that the world needs.

• 7:12Speaker 02

  By the way, Sam, this is exactly what prison will be like. Exactly. Hundred percent. This is a good preview of prison. All right. So I'm not going to spend much time on this.

• 7:20Speaker 04

  You've doubled your membership, nearly doubled, and expanded to over 30 cities. So first of all, thank you for having me again, and happy International Women's Day. I know it's yesterday, but we take it very seriously. We take it seriously. Forty-seven percent of our workforce today are women, and we've made a commitment that by the end of this year, we'll go north of 50%.

• 7:41Speaker 05

  Good for you.

• 7:42Speaker 04

  And they include engineers, construction managers, builders, and everything.

• 7:48Speaker 02

  Oh, Adam. Okay. Sequoia Capital, love letters. You know, SBF is supposedly this new generation of leaders that we want to back despite the fact there's no audited financials. We do extensive research and thorough diligence on every investment we make. Really, Sequoia? Really? Okay.

• 8:09Speaker 02

  I cannot get over the jujitsu move that the crypto Taliban, the evangelists for crypto and VCs are trying to pull off around what has happened in crypto. Somehow, this is a statement of how important crypto is, and it's just capitalism 2.0. That it wasn't a fraud and Carnival Barker selling total shit on a stick. This somehow was chicken shit turning into chicken salad. And that it was the media and politicians' fault that they were protecting Sam Bankman-Fried, that they were the ones that were calling for some sort of regulation. This is just such extraordinary bullshit that somehow it's a conspiracy of the deep state or Gary Gensler.

• 8:54Speaker 02

  This has been the tech community and VC community and crypto Taliban's view of regulation and government for the last 10 years.

• 9:02Speaker 06

  Really, you know, government should, I think, just try to get out of the way and not impede progress.

• 9:10Speaker 02

  Yeah, government should get out of the way. Government should get out of the way, except when you're giving me hundreds of millions of dollars in subsidies. You're idiots. We need to let these innovators fly and run. Oh, wait, billions have gone missing? Where were the regulators? It's the venture capital community combined with this idolatry of innovators that has protected total fraud and resulted in an absolute destruction in billions of dollars of retail investors' capital. But somehow, the media or politicians were protecting them? What extraordinary bullshit. Next year, we will see people in orange jumpsuits. Unlike, in contrast to the subprime crisis that had a real dent on the economy, but no one went to jail, the crypto meltdown will not result in a large impact to the

• 9:55Speaker 02

  economy. The entire crypto market now is worth $700 billion, at least the token market. Amazon has shed more than that in the last 12 months. So it won't have much of an impact on the economy, but you are going to see people go to jail. I still think it continues. This is Kathy Wood and her latest price target for Bitcoin.

• 10:16Speaker 05

  Why do you trust crypto at this point?

• 10:20Speaker 07

  Yes, if you look at the blockchains, let's use Bitcoin blockchain and Ethereum. What you'll find is they have the infrastructure, the technology has not skipped a beat throughout this entire crisis. In fact, the hash rate, Bitcoin's hash rate is at an all time high, and that is a real indication of the security of the network.

• 10:49Speaker 02

  Okay, so how do you con people? Talk about something that's exciting, that gives them a sense of FOMO, other people have made money, extraordinary amounts of money in adjacent related categories, and throw words at them that you pretend to understand, thinking they won't understand it, which means you're a genius and you should believe anything they're saying. Hash rate? Hash rate? Hash rate is computing intensity. I think what she's trying to say is that the computing around, or the computing intensity or efficiency around Bitcoin has gotten better. Okay, let's take that at face value. But that's like saying emission standards and

• 11:30Speaker 02

  miles per gallon have gotten better, so General Motors valuation will go up 60x in the next seven years. This makes no fucking sense. It is irresponsible with someone who is a fiduciary for other people's money to be making these sorts of nonsensical, head up your ass types of projections that have absolutely no underpinnings in reality or fundamentals to try and convince you to send in money. Despite the fact that ARC has underperformed the S and P for the last five years, it continues to get inflows because we all want to find someone to worship who uses terms like hash rate to make us believe that they know something

• 12:11Speaker 02

  we don't. No, what they know that we don't is that they're full of shit, and if they use a lot of flowery techno babble, that they will continue to get rich and transfer money using vehicles like ARC or SPACs or tokens to transfer wealth from retail investors to their pockets, full stop. Bitcoin at $1 million in 2030. Set your calendars.

• 12:36Speaker 02

  Streaming is going to consolidate. Netflix was, had the market to itself. It registered enormous games as the rest of traditional media was in denial or couldn't get its act together because of conflicts. Basically Netflix had no competition for the better part of a decade. Then everyone, then their mother stepped in and with increased competition, the stock went down 72%. It's now down 57% peak to trough. But you're seeing basically competition as in most sectors play out here. It used to have a 71% market share. It's declined to 46%. And we now have too many choices in streaming and we're just going to see a consolidation and cost reduction. We're going to see the majority of these streamers either flatline or reduce their content spending.

• 13:21Speaker 02

  There's just, these aren't sustainable business models. I apologize, I've got to go faster. Warner Brothers Discovery is going to attract an activist. They overpaid. This is now one of the worst acquisitions in history. And it's because the equity is so limited now and because it has a single class share of stock, unlike most media companies, it'll attract a shark.

• 13:42Speaker 08

  You fucking used me. Well, you walk around blind on a cane, pal. Foolish money, I'd like you to have to get together in the first place. But why do you need to wreck this company? Because it's wreckable, all right?

• 13:54Speaker 02

  Warner Brothers Discovery. I don't think an activist is going to make money here, but someone's going to come in because activists generally have large egos and more than anything, the company is wreckable. Meaning it's the only company with these assets that has a single class share of stock that someone could come in and start causing trouble. So it will attract an activist in 2023. HBO, I just did not. HBO is a best case, one of the best case studies in culture. For every $50 million they get an Emmy, it costs an Emmy. It takes Netflix dramatically more and takes Apple TV almost four times the amount of money to get the same quality content. Tesla will post record revenue and deliveries in 2023.

• 14:34Speaker 02

  And the stock will get cut in half. The definition of intelligence, the ability to maintain two thoughts in your mind at the same time. It's a great company, it's a great product, it will continue to set up delivery records. The stock will get cut in half. Full disclosure, I said the stock was going to cut in half when it was about 80% lower than it is, so I've been wrong on Tesla. This just makes no sense, its current valuation. I think Elon Musk is turning into a Charles Lindbergh-like figure. Deserved warranted accolades for his incredible vision and genius, but I think he's lost the script. I don't know what is going on with him, I'm not a psychotherapist, I don't especially care. He's turned into just an enormous asshole, and I think it's going to cost him. The guy, if the series plays long enough, the hero becomes the villain, and we're in the last half of this series.

• 15:19Speaker 02

  His behavior has been ridiculous, and his name is associated, and his characteristics and activities are strongly associated with the brand, just as Air Jordans and Tom Ford are strongly associated with an individual. Look what's happened to this brand. This is according to the information, this is a net favorability brand. What's effectively happened here is the Twitter virus has jumped out of the lab and has infected Tesla. And everyone's talking about Musk losing $45 billion on the Twitter acquisition. The real destruction of value will be registered at the hand of Tesla shareholders because of the perversion or the impact the Tesla brand will register because of Elon Musk's reckless behavior.

• 16:00Speaker 02

  Again, record deliveries, record revenues, but the market share similar to Netflix. Netflix is the perfect analogy. If Reed Hastings was an enormous asshole, which he's not, Netflix would be the metaphor for what is about to happen to Tesla, and that Netflix had open running room for a good decade, competition came in, margins got compressed, stock down 75%. Same thing's happening at Tesla, except layer on top of that, an enormous asshole. We have competitors for the first time at Tesla. There used to be 18 EV models just a year ago, now there's 32. Tesla down more than 50% in 2023 at the hands of fundamentals and increased compensation.

• 16:45Speaker 02

  I think it's been a great year for the US and I think we're slowly but surely reasserting our dominance. We don't like ourselves, we're mad at each other, but my question is, where would you rather be? Our stock market is as good or better than anyone else's. Our inflation and GDP growth is as good or better than any nation's, or less bad, if you will. We have job growth that is the envy of the world, 20% unemployment rate among Chinese men, 18 to 24. We're energy independent, we're food independent, and we produce the most important product of the last 50 years. The most important product wasn't the microprocessor or the iPhone, it was the vaccines. And no one's lining up for Chinese or Russian vaccines. And also, we're in an FDR-like move, or Lend-Lease

• 17:29Speaker 02

  move, we're supporting our allies overseas at huge, registering huge success. This is just an inspiring time to be part of the West. Europe is finally a union, NATO is out of its brain coma, and we are fighting and winning a proxy war without putting of our own troops on the ground. It strikes me that the current president, who I was not a fan of, doesn't get anything less than a standing ovation for the needles he's been able to thread geopolitically and domestically.

• 17:57Scott Galloway?

  We'll be right back.

• 18:04Scott Galloway?

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• 18:47Scott Galloway?

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• 19:07Scott Galloway?

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• 20:21Speaker 02

  So let's summarize. 2023 is a Patagonia best recession accelerates. The ad ecosystem faces incredible chaos despite the fact of slowing revenue growth. Amazon, Apple, and Meta have their most profitable year as they take cues from Twitter and start laying off people. Consolidation of the subscale, the best performing stocks will be Airbnb, Meta, and Chinese internet stocks. Disney, outside shot, they acquire Roblox. The tech of the year for 2023 will be AI. The streaming business consolidates. We've hit peak personal genius. We're going to see a lot of former Jesus Christ wearing orange jumpsuits. Tesla posts record revenues and deliveries, and its stock is cut in half at least.

• 21:04Speaker 02

  And the U.S. reasserts its hegemony and dominance in the world. Okay, silver linings.

• 21:13Speaker 02

  I'm inspired by someone who is the founder or the co-founder of Amazon. And this is Mackenzie Bezos. You probably didn't know she'd given money, all these things. She doesn't do press releases. She doesn't give $3 million to the Civil Liberties Union. I'm blanking. And then put out a press release to try and get a lot of attention such that she can try and repair her image. See above, Sheryl Sandberg. Mackenzie Scott really is about giving. I'm involved with a charity called the Jed Foundation. We got an email, been following your work. Here's $15 million. I think it really gets us back to the notion of what real giving means. And I think she's an inspiration. And I think there's more people like this all over the world emerging.

• 21:56Speaker 02

  People deciding to give money to Ukrainians using technology booking nights on Airbnb. I think that is inspiring and very creative. Progress in Congress around infrastructure. We're probably going to reduce our carbon footprint by 40% by the end of the decade. I didn't even know that was possible. Democracy is holding. Peaceful transfer of power in Brazil, the largest democracy in Latin America. The president's endorsement resulted in a decline of 2.3%. My last ask, and this is basically the last slide. What can you do for your country? Not what can your country do for you? I asked both my sons to do this, and that is to reach out to someone and try and establish a friendship. One in seven men in America do not have a single friend.

• 22:40Speaker 02

  A mix of COVID, a mix of remote work, not going to the mall, not going to the movies, political polarization. We don't have friends. Take for a moment, imagine all the value and reward you have received from friends your entire life. Like try and register that for a moment.

• 23:00Speaker 02

  There's a lot, there are tens of millions of people in the United States that don't have that. So my ask is what I asked of my sons. Reach out to a stranger and try and establish a new friendship. It is the easiest, it is the easiest, most guaranteed 100% ROI. Because not only is there a good chance you're going to get reward from it. But if you reach out to someone who, for whatever reason, might be isolated, it adds immense value to them. This is a crisis of loneliness. Being lonely is the equivalent of smoking 17 cigarettes a day. So 30 to 50 million people in the last 24 months have started smoking a pack a day.

• 23:43Scott Galloway?

  Coming up after the break, you'll hear from a range of Blue Flame thinkers that we called upon to deliver their prediction for the year ahead. These predictions cover cities, health cares, what might play out between US and China, the financial markets, and more.

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• 25:08Speaker 09

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• 25:41Speaker 10

  Hi, this is Dambisa Moyo. I'm an economist and a board member, and I'm the co-principal of Versica Investments. My predictions for 2023 are threefold. Number one, the global economy will continue to slow down, and I do believe that both developed and developing economies will continue to struggle to reach the 3% per year growth rate, which is necessary to double per capita incomes in one generation. Number two, I do believe that inflation will remain sticky, in particular in the United States, despite all the efforts of hiking and aggressive rate hikes that we've seen

• 26:26Speaker 10

  in the last several months. I believe that we will not be able to get to the 2% Fed target as it was before the recent spate of problems. And then number three, I do believe that we'll continue to see a widening of ideological and political as well as economic splits between the West, led by the United States and China. This means deglobalization will continue in terms of trade, capital flows, immigration, as well as the splinter net and multilateralism. Those are my predictions for 2023 and beyond.

• 27:07Speaker 11

  I'm Richard Florida, a professor at the University of Toronto, and I co-founded CityLab, which is the major digital media site devoted to cities and urbanism. My prediction for 2023 is the comeback, the roaring comeback of the superstar city like New York and London as a new kind of city. That is, of course, a physical agglomeration, but also a digital and virtual agglomeration.

• 27:36Speaker 11

  I've been working with a group of consultants at Boston Consulting Group, BCG's Future Cities Institute. We've been charting the rise of this new kind of city we call a meta-city, a city which has a physical footprint and a digital footprint, where the housing market and the labor market have become unbundled, where you no longer have to live next door to where you work. Economic geographers have a phrase, have a construct that is so useful to help us understand this new kind of urban life. They call it a spatial division of labor. Well, that spatial division of labor is now expanded. But here's a mistake people often make. People see cities grow.

• 28:20Speaker 11

  They extensively, they expand their boundaries outward with the rise of new transportation technologies, whether that's the cable car, or the subway, or the train, or the automobile. They suburbanize. But alongside this outward expansion, this extensively, as the economy grows, the biggest cities also intensify. So I see the rise of not only a comeback of New York and London in 2023, but the rise of a new kind of city, the meta-city, a galaxy or solar system which revolves around those great hubs, but whose physical and virtual footprint and networks and communities extend far beyond them.

• 29:03Speaker 12

  My name is Dr. Abdul El-Sayed. I'm a physician, epidemiologist, and host of Crooked Media's America Dissected podcast. My 2023 prediction is that we are going to see a really challenging economic moment. And whenever that happens, it tends to hit people deeply when it comes to healthcare. Folks lose jobs and with their jobs in our employer-sponsored, based healthcare system, they lose their health insurance. And I think, given the nature of the midterms, we're not in a position to really do much about it with split control. Of Congress, but it is going to remind us that in fact, healthcare remains one of the most dominant, most challenging issues in American society as yet.

• 29:47Speaker 12

  The other aspect of the healthcare industry that folks ought to watch is what happens in the private equity space. You're starting to see private equity invest in and roll up everything from specialty practices to primary care practices, even whole hospitals. And when you have that kind of consolidation in the healthcare system, what tends to happen is those services in lower income communities, as they get rolled up, tend to get lopped off. And so you see hospital and clinic closures in low income rural communities and low income urban communities. And I think with the economic downturn, the flood of capital into potentially lucrative spaces out of places like tech, you're going to start seeing a lot more investment in healthcare and that could spell doom for a lot of people who rely on these kinds of services

• 30:32Speaker 12

  to get their basic care. And so I worry a lot about what 2023 holds for everyday folk when it comes to access to basic healthcare.

• 30:39Speaker 05

  I'm Margaret O'Meara, Professor of History at the University of Washington. And my prediction for 2023 is that Silicon Valley is going to have a very different year than 2022. Big tech layoffs, social media meltdowns, market downturns, rather than everything going up and to the right. And also, thanks to legislation passed in 2022, there's going to be new federal money coming in to change the direction of the market. The Chips and Science Act, putting lots of money into semiconductor R and D, not just for the typical tech hubs, but also in other parts of the country.

• 31:19Speaker 05

  And the Inflation Reduction Act, which also is going to juice the green energy market and as the federal government has done many times before, put its thumb on the scale of economic development and encourage the market to go in new directions. There are going to be some tough times ahead. But the thing about downturns or resets is that it puts more oxygen into the atmosphere. There's a lot of things that are born out of downturns, many great companies and great inventions. So I'm going to be looking to see what's coming and rising up from what's lost.

• 32:01Speaker 13

  Hello, hello. This is Baratunde Thurston, founding partner and writer at Puck, hosted a PBS series, America Outdoors, and podcast creator for How to Citizen with Baratunde. Good to be here predicting for Galloway's Galactic Universe of Awesome. No one calls it that. No one should. My prediction, no one else will refer to you or your podcast in such a way, sir. All right, here's my 2023. I think the evolution of our relationship with tech, and in particular, social media, will continue to push us away from centralized platforms to more local instances, if you will. Basically, the age of mass social media is coming to a close.

• 32:43Speaker 13

  We see it with the desperate failure of Meta to try to become something that no one wants. We see it with the chaos over at Twitter, and we're going to find more people looking to build communities that are more niche. They're built on interest, they're built on geographic proximity, or existing affiliations and organizations. Basically, the idea of a global town square will feel incredibly outdated. This is because people want real connectivity. We know what it's like to be trapped just on our screens with people we don't have a real relationship with, and we don't want that. Some might say that kind of life leads us adrift. Oh, look at the plug, homie. Look what I did for you. Also, it's driven by this lack of trust in big tech, the need for control of our data cells,

• 33:27Speaker 13

  and the chaos Uncle Elon has unleashed over at Twitter. We are entering an extraordinary period of experimentation again, and I think that's a good thing. Long live social media. Let social media die, all at the same time. Appreciate being here.

• 33:43Speaker 14

  Lizanne Saunders, Chief Investment Strategist of Joshua. So, a new trend appears to have formed, and I think it's going to persist in 2023, and maybe even get more legs, which is equal weight outperforming cap weight, perhaps not just for the S and P, but other cap weighted indexes as well. And I think this is in keeping with the market shifting its leadership profile from Has been mega cap tech and tech oriented type leadership to basically the average stock. And it could mean the Dow is a price weighted index continues to shine relative to other cap weighted indexes.

• 34:23Speaker 14

  I think one of the the primary macro drivers is the return after quite some time of an actual risk free rate courtesy of what the Fed has been doing. And that is in the process of reconnecting fundamentals to pricing. And if if I'm right, I think there's notable benefits to taking an equal weight approach. You get diversification benefit. Valpa provides in terms of reduced concentration risk. In fact, the a natural outcome of equal weight having

• 34:53Speaker 14

  you know, better profile and likely to outperform is that concentration levels, especially in index like the S and P have been coming down. I think it's also supportive of active management now competing on a more level playing field with passive. And I expect actively managed equity funds to expand their assets over the next year.

• 35:11Speaker 15

  Well, hello, everybody. My name is Hayden Clark and I go by the Transit Guy on Twitter. One of the first predictions I have is that public transit will slowly work to change who it serves. People want to ride transit, but the new work landscape means that conventional nine to five service schedule isn't as important. And so transit agencies will have to work on beginning to implement all day frequent service, third shift service, overnight service, rather than at peak hours. And with respect to transportation, I think my first prediction is e-bikes will be king. There were eight hundred and eighty thousand bikes, e-bikes purchased in twenty twenty one and then four hundred and fifty thousand in twenty twenty.

• 35:54Speaker 15

  And that was more than electric vehicles last year.

• 35:57Speaker 16

  My name is Tanya Evans. I am an intellectual property and technology lawyer. I'm a professor at Penn State Dickinson Law School, a co-hire at the Penn State Institute for Computational and Data Sciences, the founder of Advantage Evans Academy and host of the Tech Intersect Podcast. So my predictions for crypto, NFTs and IP as regulatory arbitrage really encourages offshore exchanges, keeps a lot of business off shores. There's certainly technological measures like VPNs to circumvent access limits.

• 36:38Speaker 16

  So it will require coordinated effort at the international level because this technology is global. I also think that the focus of NFT standards will move beyond merely a focus on creativity and collectibles and gaming to other valuable uses like identity. And finally, with respect to intellectual property, we'll continue to see patents and trademarks in this space. But a really interesting topic and one to look out for in the IP or at least IP adjacent arena is all of the conversation and quite frankly disagreement among IP lawyers

• 37:22Speaker 16

  about whether new web three crypto domain names like ENS would cause concerns and problems with the internet's domain name service and the connection between domain names and trademarks as well.

• 37:42Speaker 17

  This is Richard Kramer from Arate Research. So my first prediction is that the tech bear market is not over. My second prediction is related to that, and that is that this will mean there's a lot of cuts to come across the tech markets. What we're seeing right now is just the tipping point of companies that hired, whether it be a thousand or tens of thousands, in the case of some of the big tech companies, of new staff in the last seven quarters, realizing that the revenue they projected, the projects that they had on the drawing board, all of this may never come to fruition. And they will have to reverse those changes very painfully over the next year.

• 38:28Speaker 02

  Our producers are Caroline Chagrin, Claire Miller, and Drew Burrow. Special thanks to Emile Silvareo for all her work on our 2023 predictions presentation and to our guest predictors. If you like what you heard, please follow, download, and subscribe. Thank you for listening to the Prof G Pod from the Vox Media Podcast Network. We will catch you next week.

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