Episode Transcript
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Speaker 1 (00:00):
DoorDash Young people Love.
Speaker 2 (00:01):
DoorDash say it's launching what it calls an emergency food
response as the government shutdown threatens food assistance.
Speaker 3 (00:11):
Yeah, the threatened food aid for some forty million Americans,
and now DoorDash says that next month Tom it will
waive delivery and service fees for three hundred thousand grocery
orders for recipients of the Supplemental Nutrition Assistance program known
as SNAP. DoorDash that it would also wave merchant fees
on deliveries of a million meals for its food bank
(00:33):
partners around the country again next month. Tom.
Speaker 2 (00:37):
Meanwhile, PayPal making news on a couple of fronts this morning.
Speaker 1 (00:40):
Their shares are surging. Why is that?
Speaker 3 (00:44):
Yeah, Well, first of all, PayPal and Built Rewards are
teaming up to let customers use PayPal's venmo to make
rent and mortgage payments starting early next year. Customers have
flocked to Built as a way to earn rewards for
paying rent. Built by way is spelled Bilt, But the
shares of PayPal are getting a big boost this morning.
(01:05):
On some other news, it reached a deal with open
Ai to embed its digital wallet inside Chat GPT. That
means Chat GPT users who use that bot to find
products online. We'll have PayPal to turn those searches into
purchases over time. Open ai gets mentioned in conjunction with
(01:25):
another company, those shares of the other company just go Haywire.
Speaker 2 (01:29):
Well, we have an extended interview with our business insider
Greg Stevin coming up here in a minute. I think
a lot of people who are wondering about AI. What
is it? Should I be worried about it? Is it
something I should embrace? This is a really good interview
that we taped a little bit earlier this morning. Okay,
how the futures looking this morning, Gina.
Speaker 3 (01:48):
Well, the futures are starting to pick up some speed
here as we've seen some earnings rolling in this morning.
Tom Dow futures are up two hundred and sixteen, SMP
futures are up seven, and the Nasdaq future are up
forty two. This report is sponsored by Fidelity from Bloomberg.
Genas Cervetti on News Radio seven hundred WLW.
Speaker 2 (02:11):
It's great to have our business insider, and we'll get
to that in just a minute. Greg Steben, you can
follow him on Blue Sky at Greg g r E. G.
G Steben, ste B as in boy b as in
boy e n. Now, look, you know we call you
the business insider, Greg, but maybe you should be our
AI insider instead, because I have a feeling that it's
(02:35):
not only the last few weeks, but it could be
good Lord Willing, we're here for years and years and
years about the only thing we are talking about. Now,
you've been skeptical, you're not dismissive, But let's talk about AI,
the real AI. Which AI is real? Is AI real
or is it a lot of hype?
Speaker 4 (02:57):
Yes, it's a lot of hype right.
Speaker 1 (03:04):
There for a minute.
Speaker 4 (03:05):
Yeah, it's real and a lot of hype. And that's
why I like what you said. I'm skeptical because it's
a lot of hype, but it's not dismissive because it's
also real. And I think it's really important no matter
where you are in sort of the economic chain. You know,
you're an employee, maybe you manage people, maybe you own
a business. I think it's really important to be both
(03:26):
skeptical but not dismissive, to always be looking at it
and be curious, be thinking how could we use that?
But also be thinking is that a rabbit hole? Or
you know, is the person who's sang this thing about
how incredible AI is going to be or how scary
AI is going to be, right, I mean, if it's
going to replace a third of the workforce by next week,
(03:49):
you know that's that's scary, right. You know why is
this person saying that? Are they saying Do they have
some motive for saying that, like maybe a profit motive made?
Do they benefit from you believing that whether it's true
or not. There's all this and some of it may
be true. By the way, it's not going to replace
(04:10):
the third of the workforce by next Thursday. And I
don't think it's going to replace the third of the
workforce in the next five years or really ever. I
just think it's going to change the workforce, just like
the telephone did, just like the car did, just like
you know, more recently the internet did and the mobile
phone did. I think it's going to be that kind
of a change, which is not hype. It's realistic, and
(04:33):
anything beyond that is probably hype.
Speaker 2 (04:36):
Give me a specific example, Greg Stefan on where I
is real.
Speaker 4 (04:44):
So I think there's some things you can do with
AI to experiment with it to really understand how powerful
it is, And I'm going to point to a particular
deal that was just announced to sort of illustrate this.
Walmart is now going to allow you to use chat
GPT to make purchases. It's hard for me to think
(05:06):
about that in a really effective way because when I
think of Walmart, I think about, you know, buying t
shirts and dog toys. But imagine when you go to
buy a car or a computer, instead of doing Google searches.
Speaker 1 (05:21):
Like if you're.
Speaker 4 (05:22):
Buying a car, it's a really complicent you're a computer,
it's a really complix and you end up having like
ten websites open, and you're bouncing from website to website
and they never give you all the same information. And
you can compare apples to oranges, right, Or you could
go to chat GPT or Gemini or Perplexity and just
say compare this computer from Dell with this computer from HP,
(05:45):
with this computer from LG with this computer from some
other company, and they're literally you're literally just going to
get a grid that compares everything side by side by
side by side by side, which, if you're obsessive like me,
you would have taken hours to lay out all that
information for yourself. Instead it took literally ninety seconds to happen.
(06:07):
That's a great illustration of AI because it's really just
they have all the same information you have. They just
can organize it a lot faster and effectively than you can.
Speaker 2 (06:17):
Yeah, you and I were talking about that, Yeah, about
that last week when you're planning a vacation, same kind
of thing. Okay, Now give me an example of where
AI is a lot of hype.
Speaker 4 (06:28):
Okay, so this was a while ago. The CEO of
Zoom said, oh, yeah, in a couple of years, when
you have let's say you have multiple meetings to go to,
you're not going to go to any of them. You're
just going to send your digital avatar. You're going to
send your AIU to each of you. You're going to
(06:50):
go to all the meetings, but you're not going to
go to any of the meetings. Now, why would the
CEO of Zoom say that? First of all, it's stupid.
Speaker 1 (07:01):
Yeah, really right, if he.
Speaker 4 (07:03):
Works for me, I'm going to fire him because if
that's his goal, I don't want him working for me.
But he works for Zoom. It just means that Zoom
can host they can be the pioneers tech in that
horrible technology, and their stock goes up and blah blah.
You know, his bonuses go up and blah blah blah.
(07:23):
It's totally beneficial to Zoom. So I look at that,
I give it the sniff test, and I go, this
guy is hyping AI to ultimately hype his company and
probably something they're working on. And on top of that,
it's a really bad idea.
Speaker 1 (07:37):
Well why are so many companies so hyping AI money
at the.
Speaker 4 (07:46):
End of the day, right, Well, I mean, you know,
it's it's funny if you go to San Francisco and
you drive around every billboard in the city and every
billboard on the freeways leading into the city for fifty
miles our AI companies. I don't think you can even
buy a billboard around San Francisco today unless you're an
(08:07):
AI company. We wouldn't even have the money to be
able to do it. That's a clear sign of hype.
I mean, it's money, and it's also frankly, I mean
some of it's capitalism and works. It's wishful thinking. We're
AI companies and we believe our own hype. We eat
our own dog food, and we believe we're going to
(08:28):
change the world. And oh, by the way, we also
believe that what we're doing is really good for not
only us but all of mankind. Because that's the nature
of when you get hype yourself up on something, you'll
believe anything. So I think these companies often believe what
they're saying because they're surrounded by other people. You know,
(08:49):
they're what do they call that, they're in a bubble.
They're in a bubble of unreality. So nowhere they go
is that unreality? Does anybody screaming at them that you
know you're full of it?
Speaker 2 (09:00):
Give me an example of a company. And you've made
different references to different companies through these different conversations we've had,
But what would be an example of a company that
you believe right now is really doing AI?
Speaker 1 (09:14):
Just right? Is there one out there?
Speaker 5 (09:16):
Yeah?
Speaker 4 (09:17):
I just and there's more than one. But I just
saw an interview with the CEO of a company called
Duo Lingo. It's a company that you know, makes an
app that helps you learn languages. The CEO said, we're
going to be an AI first company. But here's what
he means by it. They asked him in the interview,
how do you use AI? He said, oh, you know,
I look for recipes. I use it for health symptoms,
(09:40):
like you know, if I don't feel good when I
wake up in the morning, and every now and then
I use it to simplify emails. So that's dead on.
He's experimenting with it. But here's the other thing he's done.
And this is company policy and I'm literally quoting him.
On Fridays, we're giving everybody two to three hours to
just experiment. We have slack channels where people can share
(10:01):
AI wins, and we've added a Slack channel for AI losses.
He's just saying to people, I don't know what we're
going to do with this, but I think it's going.
Speaker 1 (10:11):
To be important.
Speaker 4 (10:12):
I need you to be good at this and tell
me what it can do, but I also need you
to tell me what it can't do, and that is, frankly,
what we should all be doing. This guy is both
skeptical but not dismissive. He's, you know, even in his
personal life. He's not trying to make it change his life.
(10:34):
He's using it occasionally to simplify emails. That's probably about
an appropriate use of AI today and tomorrow you'll use
it them for a little bit more and in ten
years it might be really exciting and dramatic. I know
I'm going exciting and dramatic now.
Speaker 2 (10:49):
I know I'm going off the reservation here a little bit.
But before I let you go, I can't remember the
guy's name. Maybe you'll know it. But one of the
basic inventors of AI has become is largest critic.
Speaker 1 (11:03):
And is scared of it. Are you scared of it
at all?
Speaker 4 (11:09):
Uh?
Speaker 5 (11:09):
You know?
Speaker 4 (11:10):
Well, first of all, one of the guys who's who
was big into this and is now really one of
its big biggest critics is is Elon Musk. He both
you know, he was one of the original people behind
chat gpt and now he's one of the biggest foes
of chat GPT. Now think about what I said earlier.
Speaker 1 (11:27):
Why.
Speaker 4 (11:28):
I mean, some of that may be philosophical, but some
of it's probably about money too, So just keep that
in mind. Am I afraid of it? No, I'm afraid
of what people might do with it. I'm afraid of people,
bosses and companies being stupid about it.
Speaker 1 (11:43):
And you know, laying.
Speaker 4 (11:44):
Off six hundred thousand people. I just read Amazon's laying
off six hundred thousand people to replace them with robots,
you know, and maybe that's not the best example, but
just companies doing large, massive things that are destructive to
them and their loyal employees, only to find out that, oh,
you know what has been cyclically said over and over
(12:07):
again in the history of business in the last thirty
or forty years, the best app ends up being the people.
And I think we're going to discover that over and
over again. AI helps people do their jobs better, it's
not better than people.
Speaker 2 (12:21):
That's great stuff, Greg, Devin, You're the best, my friend.
Hope you have a great rest of your day and
have a good weekend.
Speaker 4 (12:27):
Thank Oh by the way, I'm not really here. This
was my AI.
Speaker 2 (12:32):
Okay, well, well you know what, we'll keep calling your
AI anyway.
Speaker 1 (12:35):
It's okay. It was good stuff.
Speaker 4 (12:38):
Glad to hear it. It's great to be part by.
Speaker 1 (12:41):
All Worth Financial and by RNL Carriers.
Speaker 2 (12:44):
On seven hundred WLW, The Home of the Best Bengals copy.
Speaker 4 (12:53):
Rocky.
Speaker 6 (12:53):
The Bengals lost to the New York Jets on Sunday
by a score of thirty nine to thirty eight. Cincinnati
defense and continues to be quite frankly atrocious. The offense
was far from perfect, We can nitpick some play calling
and stuff like that, but they scored thirty eight points
with Joe Flacco's quarterback. What is it like when a
(13:13):
team has one unit that's really good for performing capably,
like Cincinnati's offense, and one that's awful like Cincinnati's defense.
Speaker 7 (13:23):
Yeah, it's really tough mode because you know the other
side is going to start chirping. You know, I guarantee
you Jamar Chase is making it pretty well known and
not holding back on the fact that you know, they're
at least doing their job and the defense isn't. So
I guess that the one part of good news is is,
unlike when the entire team's bad, the defense in this
(13:46):
case takes it personal and they should, and that creates
a little more sense of urgency. And you know, new
players aren't going to show up tomorrow. But if that encourages,
it's a little bit of shame, encourages that the guys
that are on this on this defense right now to
look at their playbook a little more, to watch a
little more tape to understand where they're supposed to be.
(14:09):
I guess that's a good thing. But you know, no
new players are coming. They just got to try to
find a way.
Speaker 1 (14:13):
To get better.
Speaker 7 (14:16):
And if a little bit of embarrassment, a little bit
of chirping from the other side helps that, then.
Speaker 5 (14:20):
So be it.
Speaker 6 (14:21):
Chicago Bears in town on Sunday for a one o'clock
game at pay Corpse Stadium. You'll hear it live on
seven hundred w wel W with pregame coverage starting Sunday
morning from the Holy Grail at nine am with Rocky
Boyman'll bullwager.
Speaker 1 (14:35):
Money Minute on seven hundred WLW.
Speaker 8 (14:39):
This is a Bloomberg money Minute. PayPal has reached a
deal to embed its digital wallet inside of chat EPT.
Hundreds of millions of folks already use the artificial intelligence
tool to find products. The new type will mean PayPal
provides the payment technology to turn those searches into actual purchases.
Checking on your Money Stocks finished the day at an
(14:59):
all time high yesterday, the S and P five hundred
sword one point two percent. This morning, futures are starting
to see gains. Meta is launching disappearing posts for its
Thread social media app. The company says the idea is
to encourage more people to share unfiltered thoughts without fear
they'll exist forever on a user's profile. Ghost posts, as
they're called, will show up alongside regular ones in the
(15:22):
main feed, but will then ash after twenty four hours.
And it's apparently much easier to graduate from Harvard than
it is to get in. According to a report by
Harvard's Office of Undergraduate Education, around sixty percent of grades
given in undergraduate programs are a's. According it to Onna
Hope Bloomberg Radio.
Speaker 2 (15:40):
Jeez, I should have gone to Harvard based on that
sixty percent of the classes are handing out a's, Holly.
Speaker 1 (15:47):
Moses, I mean, Julie is fortting.
Speaker 2 (15:50):
You know, she just had AAA all the way through
high school Xavier, whole nine yards, right, Julie, tell it truth.
Now you are pretty much a's across the board. Am
ill right about that?
Speaker 5 (16:03):
I did really well in school.
Speaker 1 (16:05):
You're not answering my question, I will.
Speaker 5 (16:09):
You know, it's interesting about my college career though, if
I graduated, and I graduated in three years instead of
four because I wanted to train for the Olympics, so
I knew I couldn't be in college, you know, and
then also train. So I graduated from Xavier in three
years and then moved down Towardlando and trained for the Olympics.
(16:33):
So I did have a motivation to get good grades
and get out of college real soon because I fell
in love with trying to get into the Olympics instead.
So it is a different story for our college education.
Of course, my parents loved me because I got out
of school in three years and I didn't have to
pay for.
Speaker 4 (16:50):
The fourth year.
Speaker 5 (16:50):
There.
Speaker 2 (16:51):
We go there and then you got to go to
Florida and hang out for a while do all your training.
Speaker 1 (16:56):
I mean you you're even smarter out of school than
in school.
Speaker 5 (16:59):
Well, well, what's interesting about that? Tom? If I had
to find a warm environment, you know, so it made
the extra course fun again.
Speaker 1 (17:07):
Yeah, I mean, who wants to run it? And Lord
knows you've done it.
Speaker 2 (17:09):
I mean, you know I I you know when when
I first met you, and you and I knew each
other going all the way back to the mid eighties,
late eighties. I mean, I remember you talking about getting
up in the dead of winter, and I think you
still do it now. Maybe you don't run as far,
but I mean, how many days of your life have
you had at four thirty five o'clock in the morning
where you're going out and running eight ten twelve miles
(17:30):
and it's ten degrees outside.
Speaker 5 (17:33):
Yeah, it does get kind of miserable here in the winter.
And that was our topic when we were talking yesterday
about the fact that exercise is hard.
Speaker 1 (17:41):
Yeah, it is.
Speaker 5 (17:42):
I mean, you know, it's not like, oh great, this
is going to be really easy. But if you think
about it, if everything was easy, we'd never grow. And
so all the good things in life, I think have
come from a lot of struggle, a lot of challenge.
And I'll put extra size up there. And what's interesting
(18:02):
is every week we talk about all the benefits of exercise. Yeah,
and I think I think there's two things I had
of exercise in my life. That's love, my relationships, my friendships,
and two asleep and three is exercise. Yet it's so
hard to convince our brains to get out there every day,
(18:23):
and I'm not going to it's hard for me too.
It's hard for everyone, but it's part of being human.
And I think once you realize you're not alone, Like,
there's some real good reasons why exercise is hard.
Speaker 2 (18:36):
You know, when I was looking up this stuff last
night knowing that this was going to be our topic
today about exercise and why we don't do it, you
say all the time, and you say to people it
doesn't mean you're lazy.
Speaker 6 (18:50):
You know.
Speaker 2 (18:50):
Basically you can break this into three major categories, right, Yeah,
perceived barriers okay, which might be a lack of time,
how much does it cost to join a gym, access
to the gym? Right, psychological factors. We can get into
all that kind of physical limitations. You know, maybe you've
got some chronic conditions, some injuries, pain, whatever the case
may be. So there are a lot of barriers out
(19:12):
there for why we don't exercise.
Speaker 5 (19:18):
Yeah, and there's also the ones about you know, we
are starting to compare ourselves. Instagram makes it look like
everyone has add dicipline and we don't. And then we
have the I think we've lost the fun too. Kids
run because it feels good. Adults run because they should
(19:39):
they should have, could have, would have. So you've got
that whole mindset in emotion thing too. And I think
that you know, we're not broken, We're not a problem
to be fixed. I think if you start with the
premise that you're already outrageously wonderful and start with that
you've got all the gifts, and then try to find
(20:02):
a way to grow, which means you got to get
out there and push yourself through it. And you know,
think about our world though we are built around sitting.
I mean we have door dash we have everything, elevators,
we I mean, there's every reason the world is against
us and trying to move. So what we have to
(20:24):
think about. I think it's just not the instant gratification
to know this is long term. I mean there's going
to be a day in our lives where we can't
move like we want to.
Speaker 2 (20:36):
Yeah, I mean I'm going through it right now. I Mean,
this hip thing is just it's the first time in
my life that I've ever had to live with just
excruciating pain. I mean, I've never been in my life
where this is and I got to figure out, you know,
how we're going to address this thing. But man, I
tell you, you know, it's like anything else when when you
(20:57):
don't have to worry about it, you don't think about
what other people are going through, right, But then all
of a sudden, when you have it, you're like, oh
my god, it's got to be terrible for a lot
of other people. And all of a sudden, you've become
so much more compassionate in other situations. But if you're
able to do extras physically mentally, if you're able to
do it, Julie, how do we get people to change
(21:20):
their mind about getting out and.
Speaker 1 (21:22):
Doing it well.
Speaker 5 (21:25):
I think I'll never really be able to change people's minds,
but I think that we can just get people to start.
I mean, your brain. Every single day, your brain's going
to say something's more important. So don't aim for perfectionism
and don't aim for comparison. I'm telling you you don't
(21:46):
need an hour, thirty minutes, ten minutes something to get
you moving. And the more you do it, even if
it's fifteen minutes, you start feeling the benefits, the gratification.
You start realizing this is long term, not short term.
This you know it does take longer to feel better.
(22:07):
And then remember, don't quit too early. I think we
quit too soon. So I have this ten minute rule
for all my students. It's like, if after ten or
fifteen minutes, you don't feel good and you are absolutely misserable, well,
for goodness sake, find something else then, but don't quit
too soon. I think that's the biggest mistake people make.
(22:29):
They think, well, first, of all, oh, I gotta go
an hour, and then after ten minutes you give up.
Now you don't have to go an hour and go
fifteen minutes to start with that. And then a lot
of times there's no accountability, no one. You feel like
no one cares because we have no coach. No like
back when you were in school, at least you had
(22:50):
a coach and a team. But it's soccer something, and
you had parents that drove you and picked you up
and parents that cheered for you. All of a sudden,
we're adults. We've got no cheering, we've got no coach,
we've got no one to say we're great. So I
think the first the other thing, you have to be
(23:11):
your own cheerleader. And I really think it's helpful to
find a friend, someone that you enjoy spending time with,
have something you're accountable to. Or maybe it's a class
by teaching yoga class at the Art Museum and the
same people come every week and they love it and
they know people in the class. But I have to say,
(23:33):
it took the first class. It took the jump start
to get you there. So if you think the getting
started is really really hard, good because it is that
will be the hardest thing you do is.
Speaker 2 (23:46):
Starting, you know, because I think about I think about people, Julie.
Let's just say you know, well, let's just say you know,
you've gone a long time, right, You're you're a mom
of three. All you're doing is basically a glorified cab
once they get to a certain time after you're coming
off the time where you literally had to feed them,
(24:08):
whether it be from your breast to all of a
sudden having to make sure they have every single meal,
and you're the one responsible, and now all of a sudden,
you're the cab driver going to sports, going to music,
doing and so you've let yourself kind of go, right,
Dad's the same way. Okay, they've been doing the same stuff.
Maybe like their white They're going to work all day,
they're coming back home, they're tired, they eat dinner and
(24:31):
then PLoP right down in front of the tube, right,
and then the next thing you know, you wake up
one morning and you're twenty five pounds overweight and your
doctor's telling you, hey, man, you don't want to get
adult onset diabetes. Okay, so you say to yourself, if
you're in that position, what would you say to somebody
that says, man, I feel terrible. I've let myself go.
(24:55):
I have got to do something about this, and do
it now. What would you say to that person?
Speaker 5 (25:01):
First, you're going to be okay. So here's my thoughts
that life is seasonal, and when we're younger, we have
you know, you're building a career, or you're parenting, or
you have just big family things to think about, and
that's okay, and we can get away with it for years.
(25:23):
You can get away with it for years and that's okay,
But then you have to start looking at you enter
another season of your life where you don't feel good
and you're not a good role model for the kids,
you don't feel as sharp on the job, you're not
sleeping well. And someone says, you know what, the one
of the biggest cures for all of that is movement.
(25:45):
And someone says, here's the gifts.
Speaker 4 (25:47):
Are you going to open it?
Speaker 5 (25:49):
But it's the realization it's okay, it's fine to start
twenty five pounds behind, but you know, if you don't
start to stay well, then start tomorrow. And if you
skip the day, that's okay. But once you know you're
on the right road and you know you're going to
be okay, and you know that. Yes, seasons changed, and
(26:09):
now your focus has changed. A lot of people are
starting to become empty nesters. The kids don't need them
as much. Well, here's your chance. Don't lose your chance
and find what you love to do. If it's not running,
maybe it's walking. If it's not pilate's, maybe it's yokae.
So we don't make it complicated. I think that's the
(26:32):
other thing too.
Speaker 1 (26:33):
Is no doubt.
Speaker 5 (26:34):
You know, you just have to open your front door
and there it is. I mean, it's free. It is
absolutely free to exercise. But if you want to complicate
it with gadget protein, dream memberships, you know, your cold plunge, your.
Speaker 1 (26:52):
Hospital, we go there, we go.
Speaker 5 (26:54):
Right, Yeah, we've been talking about this spot.
Speaker 2 (26:57):
On though it does you can theyke it complicated. I
love your example there. You can just walk out the
front door to start. Now, there may come a time
where you want to do the other stuff. That's fine, right,
we've all been there, gym memberships, retically.
Speaker 1 (27:13):
Whatever might be.
Speaker 2 (27:13):
But you can start with just walking out the front
door for fifteen minutes.
Speaker 5 (27:19):
You know something, you can't be brave if You've only
had wonderful things happen to you. So if your bravery
today is opening the front door and maybe walking up
and down the street, good for you, you know so,
And pretty soon you might be walking more. And then
the next thing you know, you meet someone else walking
and you walk with them, and the next thing you know,
they convince you to go to the yoga class. And
(27:42):
so it is contagious. But I'm never gonna say it's easy.
But all the good things, if you look back at
all the good things that have happened to you, Tom,
they have all come with challenges, hardship, roller coasters. But there,
here we are, we sit, you know, forty years later.
(28:02):
We have known each other over forty years, and here
we are. We're still talking and moving and laughing and
finding the joy and the laughter in it all. Yeah,
I think we're gonna be okay. Except for your kip.
Speaker 2 (28:16):
We'll talk about that some other time. Juels, thank you
so much for your time. You're the best. We love
having you each and every week. Julius Fording, have a
great rest of your Tuesday.