Oil prices up 35% since US-Israel attack on Iran
Oil prices have risen 35% in the month since the US and Israel attacked Iran, driving much of the latest inflation surge.
Snapshot · Pivot
SpaceX IPO: Markets, Morals, and What It Means for You
Explore episode
Jun 12, 2026
Where this was said
OpenAI Files for IPO, Inflation Hits 4.2%, and Trump Says He Loves It
At 23:35 · chapter starts 22:30
OpenAI has filed for an IPO without setting a timeline, last valued at $852 billion. Scott notes Sam Altman is rooting hardest for the SpaceX IPO to hold — if it does, OpenAI and Anthropic look like value stocks by comparison. [1] — Scott Galloway "No one is rooting for the SpaceX IPO harder than Sam Altman. If SpaceX holds its price at 100 times revenues, OpenAI and Anthropic can poin…" 23:10 Ruhle's strategic read: the worst position is being last to IPO into an exhausted AI market. The conversation then pivots to May's inflation print: 4.2% annually, the highest in three years, with oil up 35% since the US-Israel strike on Iran. Trump's response — 'I love the inflation' — prompts Scott to run the compounding math: a $50K car costs $61K in five years; a $62K annual college tuition becomes $125K for a child born today. [2] — Kara Swisher "Inflation at 4.2% annually in May: US inflation rose 4.2% annually in May 2026 — the highest in three years — now exceeding wage growth for…" 23:26 Critically, inflation is now above wage growth for the first time in years, meaning the real quality of life for earners without assets is declining. Ruhle calls it politically devastating for every Republican running in 2026, regardless of whether Trump himself cares. She invokes the argument's sharpest kicker: it's Trump saying 'I like inflation,' not progressive politicians, that is genuinely fueling the 'eat the rich' sentiment.
OpenAI and Anthropic Are Value Stocks Compared to SpaceX
No one is rooting for the SpaceX IPO harder than Sam Altman. If SpaceX holds its price at 100 times revenues, OpenAI and Anthropic can point to that benchmark and suddenly look cheap by comparison. This IPO sets the ceiling for every AI stock offering that follows.
Inflation at 4.2% annually in May
US inflation rose 4.2% annually in May 2026 — the highest in three years — now exceeding wage growth for the first time in several years.
Inflation Is a Wealth Transfer — and Revolutions Start When People Work 2 Jobs and Stay Hungry
At 4.2% compounding, a $50K car costs $61K in five years — and for the first time in years, inflation is beating wage growth. This isn't an inconvenience for asset owners; their stocks and homes keep pace. It's a devastating squeeze on earners without assets, and history shows revolutions don't start from unemployment but from people who work two jobs and still can't eat.
4.2% inflation: $50K car becomes $61K in 5 years
At a sustained 4.2% inflation rate, a car costing $50,000 today will cost approximately $61,000 in five years due to compounding.
Inflation > wages for first time in years
For the first time in several years, inflation is now greater than wages, meaning the real purchasing power and prosperity of everyday Americans is diminishing.
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