The AI Boom Looks Exactly Like 1999. Here’s Who Pays. | Office Hours
Scott Galloway and Ed Elson discuss why the AI infrastructure boom mirrors the 1999 dot-com bubble, how Apple's subscription model creates value, and how to get promoted.
The gist
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Galloway says one-third to one-half of US data centers planned for 2026 are expected to be delayed or cancelled, leaving overleveraged developers with the losses.
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Galloway says tech giants hold $1.7 trillion in hidden debt, much of it off-books, meaning taxpayers and utility ratepayers could absorb losses if chip valuations fall.
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To get promoted, Galloway advises telling your boss and HR you want the next role, then starting to do parts of that job while sharing credit and staying patient.
What they recommend · 2 picks
Mercedes-Benz GL
Lifestyle & luxury
"The best car I've ever owned is a Mercedes truck. When I had kids I bought — I think it was a GL. It drives like a sports car but you can have dogs and kids in it. Just an outst..."
Equinox
Health & fitness
"I sign up for Equinox at 250 bucks a month. And I work out three, four times a week — well, I'm never in Soho. I work out there two or three times a year. So I am paying $1,000 ..."
Also mentioned
7:23
Apple Services
· "Apple's services business, which includes subscriptions, the App Store, iCloud, and Apple Care, brought in..."
7:25
iCloud
· "Apple's services business, which includes subscriptions, the App Store, iCloud, and Apple Care, brought in..."
7:27
Apple Care
· "Apple's services business, which includes subscriptions, the App Store, iCloud, and Apple Care, brought in..."
8:48
L2
· "I essentially started the equivalent of Profit again when I was teaching at business school in 2009. That..."
Ads in this episode
Upwork, Vanta, Claude, Cursor. They're paid, so we keep them out of the picks above.
See what The Prof G Pod – Scott Galloway recommends without being paid →
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