Raging Moderates with Scott Galloway and Jessica Tarlov

• Paramount’s planned acquisition of Warner Bros. Discovery may strengthen the combined company’s ability to compete, but treat it as execution-sensitive; the episode expected closing in about two weeks, not as a confirmed completion.
• Fox Corp. showed stronger network revenue momentum than CNN in the figures discussed—Fox News revenue was about $3.3 billion, up 5%, while CNN’s was about $1.8 billion, down from roughly $2.2 billion in 2021—but these figures alone are not enough to support a stock recommendation.
• Be cautious with companies exposed to agriculture, autos, steel, and manufacturing while broad tariff policy remains a risk; the discussion offered no company-specific trade or price target.
• Domestic EV manufacturing is a potential policy-supported theme, but no automaker, timeline, or investment case was identified.

Investors should maintain exposure to NVIDIA (NVDA) as massive corporate capital expenditures into specialized hardware continue to fuel strong AI-driven momentum. Beyond semiconductor chips, consider expanding into the utilities, energy generation, and power grid sectors to capture the surging power demand required to run modern data centers. Track Apple (AAPL) for core hardware and consumer tech exposure, as stabilized US-China diplomatic relations help secure critical global supply chains. Finally, monitor international trade policy and export restrictions closely, as they remain the primary catalysts and risks for global tech hardware distribution.

Investors should focus artificial intelligence (AI) allocations on practical healthcare and enterprise applications while monitoring upcoming AI IPOs organized by JPMorgan Chase (JPM) and Goldman Sachs (GS).

Consider initiating positions in Canadian natural resources and infrastructure assets to benefit from institutional capital inflows led by firms like Blackstone (BX) and expanding trade with the European Union (EU).

Look for value opportunities in European industrial exporters and pharmaceutical manufacturers positioned to capture market share from Canada's redirecting $800 billion import supply chain.

Gain strategic exposure to the global energy transition through Chinese clean technology leaders, which command a dominant 70% to 80% market share across global electric vehicles (EVs), solar panels, and wind turbines.

Investors should maintain strong exposure to artificial intelligence leaders like Nvidia (NVDA) and cloud hyperscalers, as stalled U.S. federal regulation removes near-term compliance hurdles to growth. Following bullish institutional signals from Blackstone Inc. (BX), allocating capital to broad Canadian equity funds and infrastructure assets provides an attractive opportunity for geographic diversification. Given that prediction market Kalshi prices the odds of a U.S.-Canada trade deal by November 1st at just 18%, investors should reduce exposure to vulnerable North American cross-border logistics companies. Instead, look to capitalize on shifting global supply chains by exploring investments tied to expanding European-Canadian trade corridors.

Investors should prioritize AI Infrastructure and Data Centers, which are positioned as massive economic growth drivers over the next 20 to 25 years with lower regulatory risk than software developers. NVIDIA (NVDA) remains the highest-conviction hardware investment to capture expanding corporate spending, supported by a proprietary chip moat that competitors may struggle to replicate for up to a decade. Because NVDA supplies computing power rather than deploying end-user applications, it avoids the direct legal liabilities and state-level compliance burdens currently facing AI model developers. Investors should also monitor upcoming IPOs from frontier AI leaders like OpenAI and Anthropic via JPMorgan Chase and Goldman Sachs, while remaining cautious of high valuation volatility driven by safety regulations.

Investors should brace for near-term delays and heightened volatility across upcoming AI IPOs as bipartisan political scrutiny and regulatory debates intensify. Exercise caution with frontier artificial intelligence (AI) developers, as impending government oversight and safety compliance requirements threaten to slow deployment timelines and increase operational costs. Within tech infrastructure, pivot toward utilities and clean energy providers that specialize in grid efficiency and dedicated power capacity to meet surging digital demand. Additionally, reassess exposure to data center operators and related real estate assets, as local zoning pushback and rising regional electricity costs create immediate friction for expansion plans.

Capitalize on the secular growth in weight-loss pharmaceuticals by taking a position in Novo Nordisk (NVO) as expanding telehealth adoption and oral formulations accelerate demand for treatments like Wegovy. Complement drug manufacturers with digital health platforms like Hims & Hers Health (HIMS), which is rapidly capturing market share through direct-to-consumer access and home delivery of high-demand weight-loss programs. To hedge against persistent U.S. debt expansion and long-term structural inflation, allocate a portion of your portfolio to hard assets and inflation-protected assets. Additionally, maintain exposure to commodities and broad energy sector funds to protect against ongoing fuel price volatility and supply chain pressures.

With Crude Oil surging to $100 a barrel amid Middle East instability, investors should look at traditional energy sector equities to benefit from sustained commodity price momentum. In the technology space, consider selective exposure to defense tech providers benefiting from rising government and military contracts for frontier models like Grok and Claude. However, exercise caution regarding the upcoming Anthropic IPO over the next few weeks, as high-profile safety researcher resignations and governance concerns present downside risks despite retail hype. Lastly, monitor consumer goods and transportation holdings closely, as elevated oil prices are likely to create near-term cost pressures across these sectors.

Investors holding Bombardier Inc. (BDRBF / TSE: BBD.B) and Canadian heavy manufacturers should actively manage downside risks amid threats of U.S. market bans and escalating cross-border tariffs.

Trim near-term exposure to U.S. alcohol exporters and regional consumer staples, which face steep revenue declines from Canadian retaliatory trade measures targeting $25 billion in goods.

Rebalance standard market-cap-weighted index portfolios to reduce dangerous overconcentration in mega-cap AI equities by diversifying into non-correlated assets and broader market sectors.

For long-term opportunities, monitor specialized Arctic shipping logistics and maritime infrastructure as melting ice opens alternative transit lanes around traditional geopolitical choke points.

Investors seeking low-risk, reliable income should take advantage of near multi-decade highs by allocating to U.S. Treasury Bonds, particularly the 10-Year Treasury (US10Y) yielding around 4.81%. With persistent inflation and heavy government borrowing expected to keep interest rates elevated through 2026, investors should exercise caution with broader equities that face higher corporate borrowing costs. To capitalize on the artificial intelligence boom, target investments in power generation, electrical grid infrastructure, and regulated utility providers that supply energy to compute-heavy data centers. Focus utility and infrastructure investments in business-friendly states that support data center expansion rather than regions implementing development bans. Within real estate, prioritize residential homebuilders and construction firms that stand to profit by bringing new housing supply to a severely inventory-constrained market.

Investors should maintain exposure to Crude Oil (WTI / BRENT) as intensifying Middle East conflict sustains upward price momentum near $100 a barrel. Broad equities tracked by the Dow Jones Industrial Average (DJIA) face heightened downside risks after tumbling 500 points amid geopolitical shocks. Concurrently, a cooling labor market marked by August's weak 38,000 private-sector jobs gain signals economic deceleration. Investors should adopt a defensive risk management strategy by trimming exposure to energy-sensitive stocks and reallocating toward defensive holdings. Hedging with energy commodities can help offset sustained retail fuel inflation and near-term market volatility.

Investors should consider allocating to European industrial and consumer goods funds, which stand to capture market share as Canada redirects trade away from the US.

Conversely, reduce exposure to US basic materials, steel, and building products companies that face near-term margin pressure from Canadian retaliatory tariffs.

In the defense sector, rotate capital away from legacy aerospace primes and into high-growth AI-guided drone manufacturers, autonomous defense systems, and tactical electronic warfare specialists.

Finally, look for buying opportunities in US food processing and domestic meat production facilities poised to benefit from supply security policies and restrictions on foreign agricultural imports.

Allocate toward discount retailers like Walmart (WMT) and Target (TGT) to capitalize on price-sensitive consumers shifting away from premium grocers amid persistent food inflation.

Overweight upstream energy producers and refiners, which continue to generate robust cash flows as geopolitical tensions sustain diesel prices above $6.00 per gallon.

Maintain long-term exposure to defense and aerospace manufacturers positioned to benefit from multi-year production backlogs to replenish critically depleted allied stockpiles of Patriot missile interceptors.

Target Hims & Hers Health (HIMS) for expanding recurring revenue driven by direct-to-consumer demand for Novo Nordisk’s (NVO) GLP-1 weight-loss drug, Wegovy.

Accumulate shares of Amazon (AMZN) as the company widens its logistics moat by scaling automated drone delivery across nearly 500 cities this year to reduce last-mile distribution costs.

Investors in Meta Platforms (META) can remain confident in core earnings, as recent youth-safety settlements and voluntary Instagram usage limits carry a negligible financial impact. Persistent inflation signals that the Federal Reserve may pause interest rate cuts, making it prudent to scale back exposure to real estate and rate-sensitive growth equities. Investors should consider holding cash equivalents or short-duration fixed income to take advantage of these sustained higher interest rates. Exercise extreme caution with prediction markets such as Kalshi and Polymarket, as political ties are likely to trigger aggressive state and federal regulatory scrutiny. Similarly, expect heightened compliance and headline risks surrounding politically affiliated cryptocurrency ventures backed by foreign sovereign capital.

Investors can view Meta Platforms (META) with greater confidence as its $17.1 billion legal settlement removes a major regulatory overhang, even though new daily limits on teen usage could create minor engagement headwinds. Watch for ripple effects across the social media sector, as competitors like Alphabet (GOOGL) and TikTok may face mounting pressure to adopt similar user restrictions. Meanwhile, investors in consumer staples and agricultural commodities should closely monitor developing U.S.-Canada trade policies regarding beef import tariffs. Any adjustments to these cross-border duties will directly impact near-term profit margins for meatpackers, food distributors, and grocery chains.

Investors should consider adding Alphabet Inc. (GOOGL) to their portfolios to capitalize on YouTube's growing digital advertising dominance as viewership shifts away from traditional broadcast television.

Keep a close watch on the upcoming Anthropic IPO as a premier opportunity to gain high-growth, pure-play exposure to the generative AI market.

Exercise caution with legacy media holdings like Paramount Global (PARA) and Warner Bros. Discovery (WBD), as ongoing state-level antitrust lawsuits threaten consolidation efforts and create near-term price volatility.

Finally, when investing in the AI Infrastructure & Data Centers boom through utility providers and digital infrastructure REITs, be sure to account for potential project delays tied to power grid constraints and local municipal pushback.

Allocate capital to European defense contractors and drone technology manufacturers to capture surging government spending on low-cost unmanned systems and critical missile defense interceptors.

Hedge against Middle East supply disruptions and elevated crude prices by building long positions in upstream energy producers and broad energy sector ETFs.

Reduce exposure to North American automakers, auto parts suppliers, and heavy equipment manufacturers vulnerable to cross-border margin compression from retaliatory tariffs starting September 8 and expanding through January 1, 2027.

Gain exposure to domestic European AI companies and sovereign cloud infrastructure providers that are set to benefit directly from government-backed decoupling from U.S. enterprise software.

Investors should consider exposure to the energy sector through XLE or USO to benefit from sustained geopolitical risk premiums that threaten to push fuel costs higher.

The Defense & Aerospace sector, accessible via ITA and XAR, presents a strong buying opportunity as governments race to replenish depleted missile stockpiles and fund low-cost counter-drone technologies.

Apple (AAPL) remains an attractive core position as its expanding, high-margin Services ecosystem provides steady subscription growth to offset cyclical hardware upgrade cycles.

Wix.com (WIX) offers solid growth potential in the software space as small businesses increasingly adopt its AI-powered website building tools and centralized digital platforms.

Conversely, investors should exercise caution with Consumer Discretionary stocks, which face tightening profit margins if rising energy and transportation costs reignite broader inflation.

Investors should hedge against potential Middle East supply disruptions by building exposure to domestic crude oil producers and energy benchmarks like WTI and Brent, which could spike if shipments through the Strait of Hormuz are threatened.

Track commercial prescription growth for the newly approved eczema biologic Ebglus, which offers Eli Lilly and Company (LLY) an immediate catalyst to diversify revenue beyond its core diabetes and obesity treatments.

In the automation sector, focus capital on commercial industrial automation rather than speculative consumer humanoid robotics, where domestic adoption remains years away from commercial viability.

Private market investors should exercise caution and limit exposure to AI municipal surveillance developers like Flock Safety amid accelerating municipal contract cancellations and regulatory pushback.

Target local broadcast media companies and digital advertising platforms to capture strong revenue gains driven by historic political campaign ad spending in key swing markets. Position for legislative catalysts in the cryptocurrency sector as political capital deployment from digital asset ventures pushes policy clarity to the forefront. Invest long-term in fertility service providers, specialized reproductive biotech companies, and employee-benefit platforms to capitalize on surging consumer demand for reproductive care. Utilize regulated prediction markets like Kalshi as alternative data tools to monitor real-time political sentiment and actively hedge your portfolio against macro event risks.