Podcasts about San Francisco

California governor Gavin Newsom (D) discusses his memoir, "Young Man in a Hurry," in which he chronicles moments in his life that influenced his political career. He was mayor of San Francisco from 2004 to 2011 and then served as lieutenant governor before becoming governor in 2019. Gov. Newsom also talks about his personal life, including living with dyslexia, and his relationship with billionaire Gordon Getty, a longtime political benefactor. Learn more about your ad choices. Visit megaphone.fm/adchoices

In 1989, while playing in her grandmother's garage in San Francisco, she was the last one left at the bottom of a steep walkway when the cellar door slowly creaked open. Inside the dark room, illuminated only by a thin stream of light, she saw the shape of a person standing about ten feet away. It turned its head toward her—then dropped sideways in a way no human neck should move.Years later, after her father died suddenly in a workplace accident, she heard something else she couldn't explain. Heavy boots shuffled past the bathroom door in the middle of the night, following the exact path her father used to walk through the house.She never saw him. But she knew that walk.#RealGhostStories #CellarEncounter #ShadowFigure #ParanormalExperience #VisitationStory #AfterDeathSigns #HauntedChildhood #UnexplainedPhenomena #TrueGhostStory #SpiritEncounter Love real ghost stories? Want even more?Become a supporter and unlock exclusive extras, ad-free episodes, and advanced access:

Allison just got back from 14 days away - Super Bowl in San Francisco followed immediately by the Winter Olympics in Milan, all while 30+ weeks pregnant with a toddler in tow. This is her full unfiltered recap: the chaos of traveling internationally while pregnant, the gratitude for these once-in-a-lifetime opportunities, getting homesick for the first time ever, hiring a nanny and why she doesn't feel bad about it, sobbing over Italian lasagna during a hard moment, and why she's still in denial that she's having a baby in literal weeks. She also gets into what it's like being back in the NFL world, chronic overpacking as a mom, and how Isaac was such a trooper throughout the entire trip. SponsorsMarley Spoon: This new year, fast-track your way to eating well with Marley Spoon. Head to MarleySpoon.com/offer/sunday for up to 25 FREE meals! That's right… up to 25 FREE meals with Marley Spoon. That's MarleySpoon.com/offer/sunday for up to 25 FREE meals.Discover: Discover - Learn More.Rhoback: Use code “SUNDAY” on Rhoback.com for a generous 20% off your first order through the end of this week! Quince: Quince: Go to Quince.com/sunday for free shipping on your order and 365-day returns. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jules and Effin Older were enjoying retirement in a beautiful rent-controlled apartment in San Francisco until COVID hit and the appeal of big-city life faded. Having lived in New Zealand before, they saw it was handling the pandemic better than most places. Soon they left their apartment, shed most of their belongings, and boarded a mostly empty airliner for New Zealand. Now in their 80s, they're loving life on an island south of the equator. Hear more about the Olders' adventures in Auckland, New Zealand on Episode 223 of Retire There with Gil & Gene. Jules and Effin Older's website is JulesOlder.com. Effin is the author of a children's trilogy: HELP! Santa is in Trouble, HELP! Easter Bunny is in Trouble, and HELP! Tooth Fairy is in Trouble. Jules also authored a children's trilogy: Special Ed and the White Force, Special Ed and the Megatroid, and Special Ed and the Hydra-Serpent.  #retirethere #retiretherepodcast #julesolder #effinolder #auckland #aucklandnewzealand #newzealand #retirewhere #retireabroad #retirehere #wheretoretire #retireearly #bestplacetoretire #retirement #retirementplanning #babyboomers #genxers  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Giants pitcher Adrian Houser joins Marty Lurie to share why he signed with San Francisco, how he’s adapting to MLB’s ABS Challenge System, and the importance of his Cherokee heritage in his baseball journey.See omnystudio.com/listener for privacy information.

Susan Slusser joins Marty on Talkin’ Baseball to break down the Giants’ Opening Day roster battles. Is Jared Oliva earning a spot with his speed? Plus, why San Francisco is attacking the base paths more aggressively this spring.See omnystudio.com/listener for privacy information.

Dr. Robert Wachter examined the future of artificial intelligence being used in health care. The Commonwealth Club of California in San Francisco hosted this event. Learn more about your ad choices. Visit megaphone.fm/adchoices

NFL free agency officially begins next week and 49ers have several key roster gaps to address. On this episode of '49ers Talk,' co-hosts Matt Maiocco and Jennifer Lee Chan discuss what strategy San Francisco might take and some of the notable names in free agency it might target. Then NFL Films' Senior Producer Greg Cosell sits down with Jennifer to breakdown San Francisco's biggest offseason roster needs and how some of the top draft prospects might fit in the 49ers' system. -- (4:00) Kyle Shanahan finally fills out the 49ers' coaching staff (8:00) Renardo Green trade rumors swirling (18:00) Free agent fits on 49ers' roster (25:00) Where 49ers stand with Trent Williams contract situation (31:00) Greg Cosell on Shanahan being the toughest offensive coach to defend (35:00) Cosell, JLC breakdown how 49ers address key roster gaps Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

From the archive, a group of helpful rebels are building and installing seating around the Bay Area. In the San Fran area, the number of benches installed is well over a hundred, and the movement is expanding too! Benches are popping up in L.A. and other cities too- very cool!Read more about the benches here ★ Support this podcast on Patreon ★

In this episode, we are joined by Zakhar Azatian, a bootstrapped technical solo founder based in San Francisco and the creator of BeHard, a gamified accountability app built around lifestyle challenges.He's a two-time founder with one successful exit and has grown B2C mobile products to over 1 million users, without a big team or massive funding.In this session, Zakhar breaks down how he generates and tests hundreds of ad creatives per month, the gamification mechanics that dramatically increased retention and referrals, and how he treats App Store search like a technical optimization problem, not just marketing.If you're building a consumer app and want practical growth tactics, this episode is packed with real execution frameworks.You will discover:✅ How to generate and test hundreds of ad creatives per month with a tiny team✅ How to treat App Store search like a code optimization problem✅ Paid growth insights from Meta, TikTok & influencer marketing Learn More:Explore Be Hard

OpenAI just opened its largest office outside San Francisco, in downtown Bellevue, Wash. GeekWire was there on day one to tour the space. Chatting inside the OpenAI game room, we share our observations about the Mad Men-meets-Pacific Northwest aesthetic, which features open floor plans and lots of common areas, and try to figure out what it all says about OpenAI's culture. Plus, we talk with Vijaye Raji, the former Statsig CEO who is now OpenAI's CTO of applications, about Codex, infrastructure, hiring, and the evolution and growth of Silicon Valley tech giants in the region. In our final segment, it's the return of the GeekWire trivia challenge, with a question focusing on one of the earliest tech giants to establish an outpost in the Seattle area. Related Story: Inside OpenAI’s new Bellevue office: A swanky statement about AI’s impact on the Seattle region Upcoming Event: Agents of Transformation, March 24. With GeekWire co-founders Todd Bishop and John Cook. Edited by Curt Milton.See omnystudio.com/listener for privacy information.

The Eaton Fire Destroyed Altadena's Lush Greenery. These Volunteers Are Growing It Back The Eaton Fire was merciless when it came to  Altadena's celebrated green spaces, destroying or damaging most of the leafy trees that lined the streets in many neighborhoods. Reporter Steven Cuevas tells us how local advocates are scrambling to restore what was lost and save what's still standing.   A Post-War Program is Influencing Home Rebuilds in the Pacific Palisades A year after the Palisades Fire, rebuilding has been slow. But some local architects have been thinking about ways to move things along, taking inspiration from a 1940s post-war project. One of the goals of the Case Study House program was to build homes quickly, using inexpensive materials. The idea ended up revolutionizing architecture and forever linking Los Angeles with the mid-century modern home. KCRW's Brandon Reynolds tells us how a new version of that program could help fire survivors get back into homes faster, and maybe even start another architectural renaissance. How a Bay Area Program Helps Unhoused Residents Become Protectors of Their Environment Researchers estimate 10% of California's unhoused population lives along waterways. In the absence of enough affordable housing and shelter, it feels like the best of bad options for many. But trash and other hazardous materials can bring detrimental effects to these waterways. So a Bay Area pilot program is teaching unhoused residents ecological literacy and creek restoration. It's a novel approach to address the environmental harms brought on by the growing number of unhoused people setting up camp along creeks and canals in California.  Music Creates Connections for Bay Area Residents and Families Confronting Memory Loss Studies have found that music can actually help with diseases associated with cognitive decline like Alzheimer's or dementia. At Sutter Health's Ray Dolby Brain Center in San Francisco, a monthly singing circle is offering respite and joy for people with memory loss and their caregivers. As part of our Community Connections series, The California Report Magazine's intern Srishti Prabha introduces us to a couple who help lead the group in song. Learn more about your ad choices. Visit megaphone.fm/adchoices

Spotify InstagramBioLOS ANGELES, Calif. Feb. 24, 2026 — Exploring the chaos of connection in an era defined by disassociation while still giving listeners something they can move to, Witch Cabin releases her striking new single, “We Want Connection,” on February 24, 2026.Written, performed, and produced by Witch Cabin, with additional production from Fool's Gold artist Liz Maniscalco, the track received a rare 10 out of 10 industry rating ahead of its release at Roc Nation's Mic Madness showcase with Chris Tyson. Its sonic depth and powerful vocal performance drew strong reactions from industry listeners.Dark, immersive, and emotionally charged, “We Want Connection” blends underground electronic textures with polished pop sensibility. Built on pulsing basslines, ethereal synth layers, and haunting vocals, the track serves as both a club ready anthem and a reflection on the modern struggle for intimacy.The single also introduces the upcoming We Want Connection EP, a project that explores the tension between closeness and emotional distance in today's digital world.About Witch CabinWitch Cabin is the moniker of Tracy Marcellino, a Brooklyn born, San Francisco raised singer, songwriter, and producer whose music blends raw vocals, synth driven production, and honest lyricism. A Red Bull Music Academy alumna, she has earned sync placements on Gossip Girl and in international film scores and has shared the stage with artists such as Jessie Ware and Hercules and Love Affair. Now based in Los Angeles, she continues to create music exploring human connection in the modern age.Become a supporter of this podcast: https://www.spreaker.com/podcast/creator-to-creators-with-meosha-bean--4460322/support.

Dear Aussie friend of Unexplained Inc. David C. Bumblebee returns with more brilliance. If you want to follow along with the amazing visual presentation David put together then watch it on Rumble here:https://rumble.com/user/UnexplainedincAlso...watch the first two presentations if this is your first one...it'll help you get up to speed that much faster!David is back and presenting at the Cosmic Consciousness Conference later in 2026 at a sacred site in Tasmania. With that being said this presentation looks at telluric energies at sacred sites and temples throughout the world. Explore the connections to the Oracle Of Delphi, The Bermuda Triangle, The Sphinx and some sacred mountains and their villages.Also they examine the much curious conspiracy theory of the San Francisco 49ers football team and the electrical substation next to their stadium that could have lead to their rash of injuries this past season.Various parts of this chat may surprise you and of course it takes place over the early part of Mercury Retrograde. Which is why you only see our photos instead of our video feed on this one! Enjoy and stay curious as always!Connect with Unexplained Inc. here:https://www.unexplainedinc.com/

Here is the preview of Lady Gaga In Space 2026 Volume 37 coming soon! 

Dave Dameshek opens the show by answering the question: which QB draft class is the best in the history of people. Then Carmen Vitali and JD Bunkis join the show to talk about all the latest moves of the 2026 NFL trade. They get past the headlines and into why these teams make the decisions they do. They look at how GMs construct teams and why roster construction is a science, but an inexact science. Dave then uses a fact about Patriot fans (how they lament more than any other football fans and will whine about Drake Maye's injury for the rest of time) as a way chat about the gold medal hockey game. Would Canada have won if they put Sidney Crosby on the ice? The answer touches on the racial makeup of Canada and why French Canadians aren't pulling their weight in the goal. Yes, we go there. And then we wind our way back to NFL trades. It's Football America time! (NOTE: Recorded on Thursday at 1pm ET.) AUDIO Football America! is available wherever you listen to podcasts. Leave us a 5-star review on Apple Podcasts: https://podcasts.apple.com/us/podcast/football-america/id1831757512 Follow us: Dave Dameshek: https://x.com/dameshek JD Bunkis: https://x.com/JDBunkis Carmen Vitali: https://x.com/CarmieV Host: Dave Dameshek Guests: JD Bunkis, Carmen Vitali Team: Gino Fuentes, Ethan Bedowsky Director: Danny Benitez Senior Producers: Gino Fuentes, Mike Fuentes Executive Producer: Soup Campbell Arizona Cardinals, Atlanta Falcons, Baltimore Ravens, Buffalo Bills, Carolina Panthers, Chicago Bears, Cincinnati Bengals, Cleveland Browns, Dallas Cowboys, Denver Broncos, Detroit Lions, Green Bay Packers, Houston Texans, Indianapolis Colts, Jacksonville Jaguars, Kansas City Chiefs, Las Vegas Raiders, Los Angeles Chargers, Los Angeles Rams, Miami Dolphins, Minnesota Vikings, New England Patriots, New Orleans Saints, New York Giants, New York Jets, Philadelphia Eagles, Pittsburgh Steelers, San Francisco 49ers, Seattle Seahawks, Tampa Bay Buccaneers, Tennessee Titans, Washington Commanders Learn more about your ad choices. Visit podcastchoices.com/adchoices

The date when a shaft of divine light came down from the heavens and transformed Franz Edmund Creffield from an obscure, backwater evangelist into Prophet Joshua the Second remains a mystery. We also don't know the exact spot where the spiritual ordination occurred but – we do know that it occurred in 1903 in Corvallis, Oregon.History has shown us that trouble tends to follow in the wake of modern-day prophets and if the prophet come with an Old Testament beard and a desperate need to chase after the skirts of young women, then the trouble is sure to be multiplied and, of course, lurid and salacious, too.This particular backwoods prophet had both the beard and the taste for women, but it was said that he also had tremendous power. In fact, when he raised his voice in holy anger, as he did on one memorable occasion, the city of San Francisco shook horribly, then fell, trembling and smoking into ruin, becoming one of the greatest disasters America has ever known.Our Sponsors:* Check out BetterHelp: https://www.betterhelp.com* Check out Shopify: https://shopify.com/hauntings* Check out TruDiagnostic and use my code HAUNTINGS for a great deal: https://www.trudiagnostic.comSupport this podcast at — https://redcircle.com/american-hauntings-podcast/donationsAdvertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy

Live from Morgan Stanley's TMT conference, our panel break down where AI is already delivering real returns—and where rapid advances are raising new risks.Read more insights from Morgan Stanley.----- Transcript -----Michelle Weaver: Welcome to Thoughts on the Market. I'm Michelle Weaver, U.S. Thematic and Equity Strategist here at Morgan Stanley.Today we've got a special episode on AI adoption. And this is a first in a two-part conversation live from our Technology, Media and Telecom conference.It's Thursday, March 5th at 11am in San Francisco.We're really excited to be here with all of you taping live. And we've got on stage with me. Stephen Byrd, he's our Global Head of Thematic and Sustainability Research; Josh Baer, Software Analyst; and Lindsay Tyler, TMT Credit Research Analyst.So, Stephen, I want to start with you, pretty broad, pretty high level. We recently published our fifth AI Mapping Survey that identifies how different companies are exposed to the broad AI theme. Can you just share with us some insights from that piece and how stocks are performing with this AI exposure?Stephen Byrd: Yeah, it's interesting. I mean, we've been doing this survey now, thanks to you, Michelle, and your excellent work, for quite a while. And every six months it is pretty telling to see the progression.I would say a few things that got my attention from our most recent mapping was the number of companies that are quantifying the adoption benefits continues to go up quite a bit. And to me that feels like that's going to be table stakes very soon as in every industry you see two or three companies that are really laying out quite specifically what they expect to be able to do with AI and lay out the math. I think that really is going to pull all the other companies to follow suit. So, we're seeing that in a big way.We do see adopters, with real tangible benefits performing well. But a new thing that we're seeing now, of course, in the market is concerns that in some cases adoption can lead to dramatic deflation, disruption, et cetera. That's coming up as well. So, we're seeing greater concerns around disruption as well.But broadly, I'd say a proliferation of adoption, that that universe of companies continues to grow, increases in quantification of the benefits. So, that is good. What's really surprised me though, is the narrative among investors has so quickly moved from those benefits which we've talked about into flipping that to toggle all negative, which I know some of our analysts have to deal with every day. The mapping work suggests significant benefits. But the market is fast forwarding to very powerful AI that is very disruptive in deflation. And that's been a surprise to me.Michelle Weaver: Mm-hmm. Josh, I want to bring software into this. Your team has been arguing that AI is actually good for software. And it's really something that you need that application layer to then enable other companies to adopt AI. Can you tell us a little bit about how much GenAI could add to the broader enterprise software market? And how are you thinking about monetization these days?Josh Baer: Of course. I think the best starting place is a reminder that AI is software, and so we see software as a TAM expander. And in many ways, even though this is extremely exciting innovation, it's following past innovation trends where first you see value accrue and market cap accrue to semiconductors, and then hardware and devices, and then eventually software and services. And we do think that that absolutely will occur just given [$]3 trillion in infrastructure investment into data centers and GPUs.There's got to be an application layer that brings all of these productivity and efficiency gains to enterprises and advanced capabilities to consumers as well. And so we see AI more as an evolution for software than a revolution. An evolution of capabilities and expansion of capabilities. LLMs and diffusion engines absolutely unlocked all of these new features of what software can do. But incumbents will play a key role in this unlock.And our CIO surveys really support that. Quarterly we ask chief information officers about their spending intentions, and these application vendors who we cover in the public markets are increasingly selected as vendors that companies will go to, to help deploy and apply AI and LLM technologies.So, to answer your question, we estimate GenAI could unlock [$]400 billion in incremental TAM for software; for enterprise software by 2028. And this is based on looking at the type of work able to be automated, the labor costs associated with that work, the scope of automation, and then thinking about how much of that value is captured typically by software vendors.Michelle Weaver: And you have a bit of a different lens on AI adoption. So, what are some of the ways you're hearing software customers using these AI tools and anything interesting that popped up at the conference?Josh Baer: To echo what Stephen laid out, I mean, all of our software companies are using AI internally, both to drive efficiencies, but also to move faster. So thinking about product. Innovation, you know, the incumbents are able to use all of the same coding tools and, you know, …Michelle Weaver: Mm-hmm.Josh Bear: … products geared to developers to move faster and more efficiently on R&D. So, they're doing more. From a sales and marketing perspective, a G&A perspective, every area of OpEx, our software companies are in a great position to deploy the AI tools internally.I think more important[ly], speaking to this TAM and expanded opportunity, is our companies have skews that they're monetizing. It might be a separate suite that incorporates advanced AI functionality. It might be a standalone offering, or it might be embedded into the core platform because the essence of software is AI and it, you know, leading to better retention rates and acceleration from here.Michelle Weaver: Mm-hmm. And Stephen, going back to you on the state of play for AI, we had the AI labs here and we heard a lot about the developments and what's to come. So, what's your view on the trajectory for LLM advancements and what are some of the key signposts or catalysts you're watching here?Stephen Byrd: Yeah, this is for me, maybe the most important takeaway of the conference – is this continued non-linear improvement of LLMs, which we've been writing about for quite some time. And just to give you an example, we think many of the labs have achieved a step change up in terms of the compute that they have, in some cases 10 x the amount of compute to train their LLMs. And that [if] the scaling laws hold – and we see every sign that they will – a 10x increase in compute used to train the models results in about a doubling of the model capabilities.Now just let that sink in for a moment. Let's just think about that. A doubling from here in a relatively short period of time is difficult to predict. It's obviously very significant and I think several of the LLM execs at our event sounded to me extremely bullish on what that will be. A lot of that I think will be evident in greater agentic capabilities.But also, I'd say greater creativity. It was about three weeks ago, three of the best physics minds in the world worked with an LLM to achieve a true breakthrough in physics – solving a problem that had never been solved before. A couple of days ago, a math team did the same thing. And so, what we're seeing is sort of these breakthrough capabilities in creativity. This morning I thought Sam speaking to, you know, incredible increases in what these models can do – which also brings risk. You know, I think it was interesting he spoke to, you know, the risk of misalignment, the risk of what these models are doing.But for me, that's the single biggest thing that I'm thinking about, and that's going to be evident in the next several months.Michelle Weaver: Mm-hmm.Stephen Byrd: So, you know, on the positive side, it leads to greater benefits from AI adoption. And to Josh's point that, you know – more and more the economy can be addressed by AI, I do get concerned about the risk that that kind of step change will create greater concerns about disruption and deflation.That causes me to think a lot about that dynamic. Interestingly, we think the Chinese labs will not be able to keep pace just for one reason, which is compute. We think the Chinese labs have everything else they need. They have the talent, the infrastructure. They certainly have the energy, power. But they don't have the chips.If what we laid out with the American models turns out to be true, I could see a chain reaction where the Chinese government pushes the Trump administration for full transfer of the best technology to China. And China could use their rare earth trade position to ensure that. So, that's sort of the chain reaction I've been thinking about.Michelle Weaver: Mm-hmm. So, let's think about then bottlenecks in the U.S. Power is still one of the main bottlenecks. We had several of the solutions providers here at the conference. So, what are you thinking in terms of the size of the power bottleneck in the U.S. and how are we going to fix that?Stephen Byrd: Yeah, absolutely. I am bullish on the companies that can de-bottleneck power, not just in the U.S., a few other places. Let's go through the math in terms of the problem we face and then the solution.So, we have this very cool – it is cool if you're a nerd – power model that starts in the chip level up, from our semiconductor teams. And from that, we build a global power demand model for data centers. We then apply that to the U.S.Through 2028 we need about 74 gigawatts of data centers, both AI and non-AI to be built in the United States. I don't think we'll be able to achieve that for lots of reasons. But starting from that 74, we have sort of 10 gigs that have been recently built or are under construction. We have 15 gigs of incremental grid access, but after those two, we have to go to unconventional solutions, meaning typically off-grid solutions, over 40 gigawatts of unconventional solutions.So that will be repurposing Bitcoin sites, which could be sort of 10 to 15 gigawatts. That'll be big. Renewable energy, fuel cells will be part of the solution. Gas turbines will be a big part of the solution. Co-locating at a few nuclear plants. I'm less bullish than I used to be on that. But when we net all that out, we think the U.S. is likely to be 10 to 20 percent short of the data center capacity that will need to be in.It's not just a power grid access issue, though, that's a big one. Labor is now showing up as a huge issue. Many of the companies I speak to trying to develop data centers struggle with availability of labor. Electricians being one very tangible example. In the U.S. we need hundreds of thousands of additional electricians.So, for any of your children, like mine, thinking about careers, you know, you'd be surprised [at] the amount of money that people are making in the infrastructure business that does feel like it's a labor shift that's going to have to happen, but it's going to take years. So, in that context, we had a number of the Bitcoin companies at our event here. And the economics of turning a Bitcoin site into hosting a data center are extremely attractive. I mean, extremely attractive.To give you a sense of that. Before this opportunity presented itself to these Bitcoin players, those stocks tended to trade at an enterprise value per watt of about $1 to $2 a watt. Then we started to see these deals in which the Bitcoin players build a data center and lease them to hyperscalers. Those deals – depends a lot on the deal but – have created between $10 and $18 a watt of value. Let me repeat that. 10 to 18 – relative to where these stocks were at 1 to 2.Now many of these stocks have rerated, but not all of them. And there's still quite a bit of upside. And what we've noticed is the economics that the hyperscalers are paying are trending up and up and up. Because of this power shortage that we're dealing with. So, a lot of exciting opportunities are still in the power space.Michelle Weaver: Great. Well, I think that's a good place to wrap this first part of our conversation around AI adoption and the state of play. We'll be back again tomorrow with Part Two, looking at financing and risks.To our panelists, thank you for talking with me. And to our audience, thanks for listening. If you enjoy Thoughts on the Market, please leave us a review wherever you listen and share the podcast with a friend or colleague today.

In the second of our two-part panel discussion from Morgan Stanley's TMT conference, our analysts break down the complexity of financing AI's infrastructure and the technological disruption happening across industries.Read more insights from Morgan Stanley.----- Transcript -----Michelle Weaver: Welcome back to Thoughts on the Market, and welcome to part two of our conversation live from the Technology, Media and Telecom conference. I'm Michelle Weaver, U.S. Thematic and Equity Strategist at Morgan Stanley. Today we're continuing our conversation with Stephen Byrd, Josh Baer and Lindsay Tyler. This time looking at financing AI and some of the risks to the story. It's Friday, March 6th at 11am in San Francisco. So yesterday we spoke about AI adoption. And while there's a lot of excitement on this theme, there've also been some concerns bubbling up. Lindsay, I want to start with you around financing. That's another critical component of the AI build out. What's your latest on the magnitude of the data center financing gap, and what role [are] credit markets playing here? Lindsay Tyler: Yeah, in partnership with Thematic Research, Stephen and team, and colleagues across fixed income research last summer, we did put out a note, thinking about the data center financing gap, right? So, Stephen and team modeled a $3 trillion global data center CapEx need over a four-year timeframe. So, in partnership with fixed income across asset classes, we thought: okay, how will that really be funded? And we came to the conclusion that the hyperscalers, the high quality hyperscalers, generate a good amount of cash flow, right? So, there's cash from ops that can fund approximately half of that. But then we think that fixed income markets are critical to fund the rest of the funding gap. And really private credit is the leader in that and then aided by corporate credit and also securitized credit. What we've seen since is that yes, private credit has served a role. There is this difference between private credit 1.0, which is more of that middle market direct lending. And then private credit 2.0, which is more ABF – Asset Based Finance or Asset Backed Finance. And what we see there is an interest in leases of hyperscaler tenants, right? We've also seen in the market over the past nine months or so, investment grade bond issuance by hyperscalers. Obviously, a use of cash flow by hyperscalers. We've seen the construction loans with banks and also private credit per reports. We've also seen high yield bond issuance, which is kind of a new trend for construction financing. We've seen ABS and CMBS as well. And then something new that's emerging in focus for investors is more of a chip-backed or compute contract backed financings, like more creative solutions. We're really in early innings of the spend right now. And so, there is this shift. As we start to work through the construction early phases, the next focus is: okay, but what about the chips? And so, I think a big focus is that, you know, chips are more than 50 percent of the spend for if you're looking at a gigawatt site. And it depends what type of chips and kind of what generation. But that's the next leg of this too. So, it's kind of a focus, you know, for 2026. Michelle Weaver: And how do you view balance sheet leverage and financing when you think about hyperscaler debt raising magnitude and timelines? Lindsay Tyler: So just to bring it down to more of a basic level, if you need compute, you really might need two things, right? A powered shell and then the chips. And so, if you're looking for that compute, you could kind of go in three basic ways. You could look to build the shell and kind of build and buy the whole thing. You could lease the shell, from, you know, a developer, maybe a Bitcoin miner too – that is converted to HBC. And then you kind of buy the chips and you put them in yourselves. Or you could lease all the compute; quote unquote lease, it's more of a contract. In terms of the funding, if you're thinking about the cash flows of some of the big companies – think of that as primarily being put towards chip spend. If you're thinking about the construction that's kind of split between cash CapEx but also leases. And so, what we've seen is that there is more than [$]600 billion of un-commenced lease obligations that will commence over the next two to five years, across the big four or five players. And then my equity counterparts estimate around [$]700 billion of cash CapEx that needs this year for some of those players as well. So, these are big numbers. But that's kind of how, at a basic level, they're approaching some of the financing. It's a split approach. Michelle Weaver: And what have you learned around financing the past few days at the conference? Anything incremental to share there? Lindsay Tyler: Sure. Yeah. I think I found confirmation of some key themes here at the conference. The first being that numerous funding buckets are available. That was a big focus of our note last year is that you can kind of look at asset level financing. You can look at public bonds, you can look at some equity. There are these different funding buckets available.The second is that tenant quality matters for construction financing. I think I've seen this more in the markets than maybe at this conference over the past two to three weeks. But that has been a focus of pricing for the deals, but also market depth for the deals. A third confirmation of a key theme was around the neo clouds and also the GPU as a service business models. Thinking about those creative financings, right. Are they thinking about from their compute counterparties? Would they like upfront payments? Might they look to move financing off [the] balance sheet, if they have a very high-quality investment grade rated counterparty? So, there is some of this evolution around those solutions. And then a fourth key theme is just around the credit support. And Stephen has and I have talked about this around some of the Bitcoin miners – is that, you know, there can be these higher quality investment grade players that might look to lend their credit support. Maybe a lease backstop to other players in the ecosystem in order to get a better pricing on construction financing. And we are seeing some press pickup around how that might play out in chip financing down the road too. Michelle Weaver: Mm-hmm. AI driven risk and potential disruption has been a big feature of the price action we've seen year-to-date in this theme. Stephen, what are some asset classes or businesses you see as resistant to some of this disruption? Stephen Byrd: We spend a lot of time thinking about, sort of, asset classes that are resistant to deflation and disruption. And what's interesting is there's actually a handful of economists in the world that are doing remarkable work on this concept. That they would call it the economics of transformative AI. There are three Americans, two Canadians, two Brits, a number of others who are doing really, really interesting work. And essentially what they're looking at is what do economies look like? As we see very powerful AI enter many industries – cause price reductions, deflation… What does that do? They have a lot of interesting takeaways, but one is this idea that the relative value of assets that cannot be deflated by AI goes up. Very simple idea. But think of it this way, I mean, there's only, you know, one principle resort on Kauai. You know, there's a limited amount of metals. And so, what we go through is this list that's gotten a lot of investor attention of resistant asset classes or more of the resistant asset classes that can go up in value. So, there are obvious ones like land, though you have to be a little careful with real estate in the sense that like, office real estate probably wouldn't be where you would go. Nor would you potentially go sort of towards middle income, lower income housing. But more, you know, think of industrial REITs, higher-end real estate. But there are a lot of other categories that are interesting to me. All kinds of infrastructure should be quite resistant, all kinds of critical materials. Metals should do extremely well in this. But then when you go beyond that, it's actually kind of interesting that there; arguably there's a longer list than those classic sort of land and metals examples.Examples here would be compute… Michelle Weaver: Mm-hmm. Stephen Byrd: I thought Jensen put it, well, you know, if there's a limited amount of infrastructure available, you want to put the best compute. And ultimately, in some ways, intelligence becomes the new coin of the realm in the world, right? So, I would want to own the purveyors of intelligence. It could include high-end luxury. It could include unique human experiences. So, I don't know how many of y'all have children who are sort of college age. But my children are college age, and they absolutely hate what they would call AI slop.They want legit human content, and they seek it out. And they absolutely hate it when they see bad copies of human content. And so, I think there is a place in many parts of the economy for unique human experiences, unique human content, and it's interesting to kind of seek out where that might be in the economy. So those would be some examples of resistant assets. Michelle Weaver: Mm-hmm. Josh, software's been at really the center of this AI disruption debate. How would you compare the current pullback in software multiples to prior periods of peak uncertainty? And do you think any of these concerns are valid? Or how are you thinking about that? Josh Baer: Great question. I mean, software multiples on an EV to sales basis are down 30 – 35 percent just from the fall, I will say. And that's overall in the group. A lot of stocks, multiple handfuls, are down 60-70 percent over the last year. And what's being priced in is really peak uncertainty, a lot of fear. And these multiples, now four times sales – takes us all the way back about 10 years to the shift to cloud. And this time in many ways reminds us of that period of peak fear. In this case, what's being priced in is terminal value risk. We talked about this TAM yesterday. But you know, who is going to win that share? How is it divided from a competitive perspective across these model providers? The LLMs with new entrants. Of course, the incumbents. And this other idea of in-housing. Michelle Weaver: Mm-hmm. Josh Baer: So, there's competitive risk, there's business model risk. Are companies going to need to change their pricing models from seat-based to consumption or hybrid. And then last margin risk. Just thinking about the higher input costs and higher capital intensity. And so, you know, all of those fears are being priced in right now. Michelle Weaver: And we, of course though, had a bunch of these companies live with us at the conference. How are they responding to some of these risks? How are they addressing these investor concerns? Josh Baer: Most of the companies here from our coverage are the incumbent software vendors. And I think that the leadership teams did a really nice job coming out and defending their competitive moats and really articulating the story of why they are in a great position to capitalize on the opportunity. And the reasons can vary across different companies. But some of the commonalities are around enterprise grade, trust, security, governance, acceptance from IT organizations.The idea of vibe coding all apps in an organization get squashed when you actually talk to companies and chief information officers. For some companies there's proprietary data moats, network effects. All of that's on top of existing customer relationships. And so, you know, that was the message from the companies that we had. That we're the incumbents. We get to use all of the same innovative AI technology in the same way that all these different competitive buckets do. But we have, you know, that differentiation in that moat. And so, we're in a good place. Michelle Weaver: I want to wrap on a positive note. Stephen, what did you hear at the conference that you're most excited about? Stephen Byrd: I'd say the life sciences. A few investors pointed out that perhaps AI has a PR problem these days. And I do think showing a significant benefit to humanity in terms of improved health outcomes, whether that's just better diagnosis, you know. Away from this event, but I was in India the week before and, you know, AI can have a powerful benefit to the people who suffer the most in terms of providing very powerful medical tools in a distributed manner. So, I'm a big fan there.But you know, in many ways, curing the most challenging diseases plaguing humanity. The kind of problems involved in providing those and developing those cures are perfect for AI. So that, for me – stepping way back – that is by far the most exciting thing. Michelle Weaver: Josh, same to you. What are you most excited about? Josh Baer: From my perspective, it's potentially the turning point for software. The ability to showcase that we are at this inflection point and acceleration. To actually see that it takes time for our software companies to develop new AI technologies. Put that into products that have been tested and proven and go through the enterprise adoption cycle. And that we're at the cusp of more adoption – that's what our survey work says. And to see that inflection, I think can help to rerate this sector. Michelle Weaver: Lindsay, same question for you… Lindsay Tyler: Maybe I'll tie it to markets. I've already had a lot of more conversations with equity investors over the past, how many months? There's a big fixed income focus right now, which is a great, you know, spot and really interesting opportunity in my seat. And there's a lot of interesting structures coming to be right now in the credit space. So, I think it's an exciting time. Michelle Weaver: Lindsay, Stephen, Josh, thank you very much for joining to recap the event and let us know what you learned at the conference. To our audience, thank you for listening here live. And to our audience tuning in, thanks for listening. If you enjoy Thoughts on the Market, please leave us a review wherever you listen. And share the podcast with a friend or colleague today.

When documentary filmmaker Adam Bhala Lough set out to make a movie about OpenAI’s CEO Sam Altman, he hoped to get an interview with his main character. But when that didn’t happen, Adam found a workaround — he created a chatbot version of Sam Altman. From San Francisco to India to Los Angeles, Adam takes “Sambot” and the audience on a journey through the possibilities of what can happen when you deepfake a real person, and that person becomes your friend. Karah sat down with Adam to discuss the secretive, cult-like nature of OpenAI, Adam’s relationship with “Sambot,” and whether AI chatbots are the future of friendships. If you’d like to see the film, check out deepfakingsamaltman.com/buy-tickets.See omnystudio.com/listener for privacy information.

Gov. Healey tries to "dunk" on RFK Jr. after he asks Dunkin' if their sugary drinks are good for people. Then, the San Francisco mayor is in the news after members of his security team were attacked.  Visit the Howie Carr Radio Network website to access columns, podcasts, and other exclusive content.

Emotional connection is powerful—but is it enough? In this episode, Yue questions the idea that love can truly be “blind" but beyond just being physically attracted, and more about the general ease and connection you share in a physical space. Drawing from the TV show Love Is Blind (which she has gotten hooked this season), a recent experience with a friend of hers, and her own time in a"virtual" relationship before she finally met up with the guy in San Francisco, she explores why physical chemistry and nonverbal cues matter more than we admit. This is another reason to take the leap and go meet in person as soon as possible (even if the connection starts online). Enjoy!Take the Dating Archetypes quiz now: https://howtobedateable.com/Read our book: How To Be Dateable: The Essential Guide To Finding Your Person and Falling in Love: https://howtobedateable.com/Try the Dateable AI Dating Coach: Get personalized advice trained on our years of podcast episodes, courses and frameworks: https://studio.com/dateableFollow us @dateablepodcast, @juliekrafchick and @nonplatonic. Check out our website for more content. Also listen to our other podcasts The Psychology of Relationships and Exit Interview available on Apple Podcasts, Spotify, or wherever you get your podcasts.WE WROTE A BOOK! HOW TO BE DATEABLE (Simon & Schuster) is available now: https://howtobedateable.com/ Want to remove distractions from your dates? Download Brick and get 10% off at https://www.getbrick.app/DATEABLEOur Sponsors:* Armoire: Get up to 60% off your first month, up to $150 OFF by visiting https://armoire.style/DATEABLE* BetterHelp: Sign up and get 10% off at https://www.betterhelp.com* Care.com: Get 20% off your initial Care.com subscription or a Senior Care Advisor Plan at https://care.com with the code DATEABLE * Kensington Books: Dawn of Chaos and Fury by Melissa K. Roehrich is on sale now: https://www.kensingtonbooks.com* Quince: Get free shipping and 365 day returns at https://quince.com/dateableSupport this podcast at — https://redcircle.com/dateable-your-insiders-look-into-modern-dating-and-relationships/donationsAdvertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy

In this episode, Michael shares with Tom information from two recent talks he attended at the Walt Disney Family Museum in San Francisco. The first presentation was "Memories of Mary Blair" with historian John Canemaker and Blair's niece Maggie Richardson. Next, Gregg Sherman, son of composer Richard M. Sherman, presented "Walking with Giants: The Untold Story of Mary Poppins."Links:Michael's Disneyland History SegmentsImportant DIS links and more information!Connecting with Walt on TwitterDreams Unlimited Travel Hosted on Acast. See acast.com/privacy for more information.

Radhika Rao, of San Francisco, tried Buddhism because she was jealous of a friend's happiness. Since then, she's living a life beyond anything she had dreamed. Today she shares her perspective on life as a theater teaching artist and Buddhist.Watch today's episode on our YouTube channel. Resource:The Writings of Nichiren Daishonin, vol. 1, p. 748The Flowering of Creative Life ForceThe Wisdom for Creating Happiness and Peace, part 1, revised edition, pp. 165–66

Tony John Andrews hails from Rhode Island, which despite being the smallest U.S. state in terms of landmass, has the second greatest ratio of coastline to landmass of all 50 states. He'll take it. He is a former state champion swimmer who really wanted to surf, so he did the best he could to teach himself in the region's piddling windslop. Now in San Francisco's Outer Sunset, trying to wrangle Ocean Beach, he has developed a renewed appreciation for his swimming background. Tony holds his BA in Philosophy and Film Studies from Amherst College, and an MFA in English from the Iowa Nonfiction Writing Program. His work is particularly interested in subjects driven by obsessive passions, like surfing, that often teeter on the edge of self-destruction. He has been contributing to The Surfer's Journal since 2022, and recently wrote the definitive profile on pro surfer Dane Reynolds. His work has been nominated for Best American Essay and Best American Science and Nature Writing. He is represented by Creative Artists Agency, and is working on a hybrid book of surf memoir and reportage.If you dig this podcast, will you please leave a short review on Apple Podcasts? It takes less than 60 seconds and makes a difference when I drop to my knees and beg hard-to-get guests on the show. I read them all. You can watch this podcast on my YouTube channel and join my newsletter on Substack. It's glorious. My first book, ONE LAST QUESTION BEFORE YOU GO, is available to order today. Get full access to Kyle Thiermann at thiermann.substack.com/subscribe

The 67 is Muni's most delayed bus line, snaking through the hills along Alemany Boulevard and Bernal Heights, ending at the 24th and Mission BART station. However unreliable it can be, it still serves an estimated 800 daily riders. But as SFMTA faces a budget deficit of more than $300 million in July, the 67 and other bus lines are at risk of disappearing if voters don't approve ballot measures to fund transit this November. Links: It's San Francisco's Most Delayed Bus. For Riders, a Frustrating Problem May Get Worse Amid Bid to Save Bay Area Transit, Muni Gets a Campaign of Its Own Learn more about your ad choices. Visit megaphone.fm/adchoices

First-time YA novelists René Peña-Govea and Susie Nadler are both school librarians living in the Bay Area. Thus, it is no surprise that in their publishing debuts, San Francisco serves as both a setting and a character. Peña-Govea's book, “Estela, Undrowning” follows the novel's namesake as she navigates the pressures of an elite public high school, college admissions, and her family's pending eviction. And in “Lies We Tell About the Stars,” Nadler tells the story of a young woman living in the aftermath of a major earthquake and the loss of her best friend. We talk to the authors about writing for young adults, how the Bay Area influences their work and how to keep young people reading. Guests: René Peña-Govea, teacher librarian; author, "Estela, Undrowning" Susie Nadler, school librarian; author, "Lies We Tell About the Stars" Learn more about your ad choices. Visit megaphone.fm/adchoices

Dean's Chat hosts, Drs. Jensen and Richey, welcome Dr. Arman Kirakosian to the Podcast!Dr. Arman Kirakosian is a board-certified foot and ankle surgeon whose journey into podiatric medicine began after sustaining an injury while playing professional soccer at Titan Stadium in 1999. Originally from Armenia, Dr. Kirakosian immigrated to the United States at the age of 13 with his parents and younger brother, bringing with him the resilience and determination that would later define his career.This episode is sponsored by the American Podiatric Medical Association!He completed his three-year surgical residency at the Department of Veterans Affairs Medical Center in San Francisco from 2007 to 2010. Following residency, he established private practices in San Carlos and San Bruno, earning recognition for his skill in complex foot and ankle pathology and contributing to the field through multiple peer-reviewed publications.In 2015, Dr. Kirakosian returned to the VA San Francisco as a staff podiatric surgeon. By 2017, he was appointed Director of the Podiatric Surgical and Medical Residency Program, where he currently mentors six residents and numerous podiatric medical students. A passionate educator, he taught Gross Anatomy at San Francisco State University from 2006 to 2024, blending academic teaching with real-world surgical experience.Dr. Kirakosian also serves as Team Podiatrist for the Sacramento Republic FC (USL) and was named Team Podiatrist for the San Jose Earthquakes (MLS) in 2021. He has traveled internationally as the primary team doctor for the Armenian Women's National Soccer Team during World Cup and Euro Cup qualifying competitions.Guided by mentors such as Dr. Thomas Chang, Dr. Kirakosian remains dedicated to teaching, advancing sports medicine, and giving back to the profession that once cared for him as a young athlete. Enjoy this podcast!!Dr. Arman Kirakosian, D.P.M. FABPM, FAAFASABPM Diplomate, American Board of Podiatric Medicine Diplomate with Certification of Added Qualification in Sports MedicineResidency Director of Podiatric Medicine and Surgery | DVA San Francisco Medical CenterTeam Podiatrist | San Jose Earthquakes, Sacramento Republic FC, Armenian Women's National Soccer Team AAPSM Fellow | American Academy of Podiatric Sports MedicineACSM Member | American College of Sports Medicine CPMA President | California Podiatric Medical Association

Perusing the cookbook sections at thrift stores can be a real treat. While digging through well worn copies of Dump Cakes and other Cathy Mitchell classics, we absolutely screamed when we discovered a pristine third edition copy of The Ghirardelli Cookbook (1986). We've worked with Ghirardelli for a number of years, and on the Coffee Sprudgecast here in 2026 we are teaming up to dive deep into the rich and chocolatey world of all things mocha with a segment we're calling Mocha Moments. This forty-year-old cookbook, released in the height of the 1980s San Francisco specialty chocolate boom, is chock full of inspirations for this episode's mocha. We decided to adapt the "California Cappuccino"—a playful mix of chocolate, brandy, and foam—to create something we're calling the California Sober Mocha Cappuccino. By omitting the brandy and subbing out instant coffee with freshly pulled shots of La Barba espresso on our Sprudge HQ Linea Mini, we keep it NA while still leaning in on the psychotropic and mind-altering caffeine buzz, in true California Sober fashion. Before you begin writing your stern letter scolding us for the misnomer, we recognize mocha cappuccino is confusing, redundant, and perhaps, yes, an abuse of the english language. But we're coffee purists, purely having fun with coffee, and to be quite honest, mochas that are one third coffee and chocolate, one third steamed milk, and one third microfoam (the traditional cappuccino rule of 1/3s) is absolutely stunning. Who needs whip when you've got sweet, sweet gently warmed and textured Pacific Barista Series pistachio milk (btw, pistachios sourced from California last time we checked!) Before sliding into our DMs, perhaps give this recipe a shot: The California Sober Mocha Cappuccino Adapted from The Ghirardelli Cookbook by Phyllis Larsen (Third Edition, 1986) 1 heaping tablespoon Ghirardelli Sweet Ground Chocolate & Cocoa Powder 2oz La Barba Espresso 4oz frothy Pacific Barista Series Pistachio Milk Warm a diner mug with hot water to keep things nice and toasty. Place a heaping tablespoon (Phyllis Larsen insists on heaping and who are we to say no?) of Ghirardelli Sweet Ground Chocolate & Cocoa powder in the mug. Pull a double shot of espresso directly into your mug and mix until the chocolate powder and espresso have combined. Steam milk, cappuccino levels of froth, so that it almost doubles in volume. No soap sud bubbles, please—we're looking for micro-foam here, people. Add a bloop of that textured milk in the mug, stir it up, and add the rest. Bonus points if you can make a pattern in the shape of the state of California. Enjoy! Show Notes We talk about the whole dang world of coffee in this episode—guides from across the globe published right here on Sprudge. We also talk about World of Coffee, formerly SCA Expo, taking place next month in sunny San Diego. Check out the articles mentioned below. https://sprudge.com/hey-san-diego-sprudge-wants-to-hear-all-about-your-plans-for-world-of-coffee-2026-777438.html https://sprudge.com/in-hanoi-roaster-retailer-cafes-offer-a-glimpse-into-vietnams-changing-coffee-culture-468966.html https://sprudge.com/the-sprudge-guide-to-coffee-in-kigali-rwanda-378657.html https://sprudge.com/the-sprudge-guide-to-coffee-in-seongsu-dong-seoul-559102.html https://sprudge.com/the-sprudge-guide-to-coffee-in-ipoh-malaysia-457591.html https://sprudge.com/the-sprudge-guide-to-historic-cafes-in-tangier-morocco-489099.html Also worth checking out: Old Town Tequila in San Diego Boom Boom Room in San Diego Listen to the whole episode right here: This episode of the Coffee Sprudgecast is sponsored by Baratza, Dripos, DONA, noissue, Ceado, Pacific Barista Series, and La Marzocco.

Ever wondered what happens when gelato meets a Ferris wheel? Sam and Jeff are back after their Seattle adventure, and honestly, this trip had everything. They nearly missed their 5:30 flight thanks to an airport power outage and an overly chatty 3 a.m. Uber driver who couldn't stop talking about San Francisco rent prices. (Trust me, not the conversation you want at that hour.)In Seattle, they hit Pike Place Market for Beecher's mac and cheese and Greek gelato with exotic flavors, toured Lumen Field home of the Seattle Seahawks, and explored the Pop Culture Museum's impressive collections. The Chihuly Gardens featured stunning glass sculptures, and the Space Needle shot them up in just thirty-eight seconds. Their ferry ride to Bainbridge Island proved delightful and relaxing with beautiful views.But let's talk about that Ferris wheel incident—one speaker's indulgent food choices created an increasingly uncomfortable situation over multiple rotations that required an urgent exit. They also caught a Disney Villains brunch at a queer bar, enjoyed espresso martinis throughout the day, and dealt with a birthday party host who refused to share cake.The chaos, the food, the mishaps—it's all here. Listen to find out which moment almost derailed the entire trip.

Waiting all summer to find out where your favorite Trek team disappeared to (unless that team consisted of Lt. Worf)? Well if you weren't sure, it was Nineteen Century San Francisco-Paramount and things get wacky as Jean Luc, Bevahlee, Riker, Geordi, Data, Guinan adventure it up -- say, who's running the ship anyway? Oh, right -- Worf. Sad trombone for our favorite Klingon! Seems some energy vampiring aliens are feeding old Earth losers to some kind of energy god, or mother, or I don't know, don't try to get me to explain that part of it. Last time we saw our intrepid crew in a cave, following some aliens through a very slowly closing energy rift… wait a minute, I almost forgot, Troi was there too! Troi and the rest of our Enterprise cast, (save Worf), land back in old San Fran and do what we've been begging the show to do for five seasons -- an original series adventure! They pretend to be a traveling acting troupe for room and board as they hide out in a hospital to nab the energy sucking aliens -- PANT PANT. Meanwhile, ol Samuel Clemmens is snooping big time and still following our crew to that cave -- no, no, not the cave on PLANET WHATEVER, the cave in San Francisco where they found Data's head! That cave. They go back there, have an alien encounter where Whoopie gets p'owned and everyone but Picard and Whoopie, (everyone including Mark Twain) gets zapped up into the future, then way UP into the Enterprise! PANT PANT PANT!  This old author goes all Alice Through the Looking Glass as Picard boob-holds Whoopie and tries to figure a way to get out of the 1800's and back to his Galaxy Class Ship! Will Geordie be able to reassemble his best buddy, Data? Will Riker and Worf blow up some aliens (and maybe their Captain?) Will we finally get to learn why Guinan and Picard are so close? No, no, we don't learn that, we never learn that.) Find out on this exciting episode of ST: TNGEEZ, Not Another Star Trek Podcast!Even more available at: https://tngeez.com

Our guest on The Voice Podcast is Congressman Paul Tonko, a Democrat who represents New York's 20th Congressional District. A longtime state Assembly member who was elected to Congress in 2008, Tonko has been a fighter for his constituents, for higher education and for organized labor. He's come out against the war in Iran, calling it reckless and unjustified. He's also called for the abolition of U.S. Immigrations and Customs Enforcement, citing the death and destruction the agency has caused under President Trump's cruel immigration crackdown and the fatal shootings of two Minneapolis protesters—both U.S. citizens—by federal agents. As the ranking member of the House Energy and Commerce Subcommittee on Environment, Tonko blasted the administration for its Feb. 12 decision to repeal the Environmental Protection Agency's “endangerment finding,” a long-standing, scientifically proven conclusion that greenhouse gases are dangerous to humans and the planet.He stood with United University Professions in our fight against the Trump administration's drastic 2025 cuts to federal research funding. In February 2025, Tonko joined with three other New York House Democrats to criticize the National Institutes of Health for drastically reducing grant funding for indirect costs. In our Lookback segment, Mike Lisi remembers the tragic Triangle Shirtwaist Factory Fire which took place on March 25, 1911 and the quirky, nearly two-month strike of San Francisco's KMPX-FM, America's first underground rock station, which started March 18, 1968. In Kowal's Coda, The Voice Podcast host Fred Kowal provides commentary on the war in Iran and why the this chaotic action - which came without a declaration of war by Congress - has occurred.  Links to music from this episode: Metropolitan Klesmer: "Die Fire Korbunes (The Fire's Sacrifices)" - https://www.youtube.com/watch?v=G6OP6GRkSNoAce of Cups: "Feel Good" -  https://www.youtube.com/watch?v=6KqPCFw-VHQ

Espacio patrocinado por: Recuperación de datos perdidos LABY. www.laby.es Nuestro objetivo es recuperar datos, si no lo conseguimos ¡no cobramos! Descripción del episodio: En este episodio de El Centinela del Misterio, vamos a ir nombrando los diferentes tipos de fenomenología, en qué consiste esa fenomenología poniendo como ejemplo los casos más espectaculares, tal vez inexplicables, relacionados con esa fenomenología, el país de origen y la religión donde se dan. Estigmas, apariciones marianas, levitación, clarividencia, bilocación, que junto a las curaciones milagrosas o el éxtasis, etcétera, son decisivos en los procesos de beatificación y canonización que legitiman los dogmas de las religiones del mundo. ¿Cuánto fraude o falsa interpretación hay en la fenomenología sufrida por ejemplo por San Francisco de Asís, Santa Teresa de Jesús, San José de Cupertino, Teresa Neumann, Padre Pío de Pietrelcina, etcétera? Con Manuel Carballal, Zuleica López y Carlos Bustos. Responsable de Producción. Helen Bustos MetRadioTV Dirección y Presentación. Carlos Bustos Realización. David Castillo ¿Quieres hacer crecer tu negocio? Anúnciate en El Centinela del Misterio. Infórmate mandando un WHATSAPP al 📲 +34 636 601 031 ¿Te apetece ser miembro de “El Club de El Centinela”? Podrás asistir a las grabaciones de nuestros programas en los Estudios Manu Carballal, además de obtener descuentos en nuestros artículos de merchandising, y poder conseguir beneficios y descuentos en la totalidad de actividades y eventos que realicemos dentro de la gran familia de “El Centinela”(viajes, teatros, jornadas del misterio, etc.) Puedes informarte por WhatsApp en el 📲 +34 636 60 10 31 También puedes apoyarnos y hacerte Mecenas para escuchar gratis toda la programación de El Centinela del Misterio. https://go.ivoox.com/sq/300018 Sigue nuestras actividades en https://instagram.com/carlosbustos_centinela?igshid=MzMyNGUyNmU2YQ%3D%3D&utm_source=qr ©️ ®️El Centinela del Misterio 05/03/2026 Queda expresamente prohibida la reproducción total o parcial de este programa/podcast, por cualquier procedimiento, plataforma de difusión, medio de comunicación, así como el tratamiento informático, el alquiler o cualquier otra forma de cesión sin la autorización previa y por escrito de los titulares del copyright y propietarios de los derechos de El Centinela del Misterio. Los colaboradores, asistentes y personas que usan la palabra en el espacio El Centinela del Misterio, se hacen responsables unilateralmente de las opiniones vertidas en el mencionado espacio, y ceden los derechos de su actuación, emisión y redifusión, únicamente a El Centinela del Misterio y a la empresa propietaria de sus derechos. Los usuarios que decidan ejercer su derecho de opinión en el foro de este podcasts, son los únicos responsables de las opiniones vertidas y escritas. Aun así El Centinela del Misterio se reserva el derecho de admisión de dichos usuarios en este foro. También se reserva el derecho a eliminar comentarios que vulneren las normas de dicho foro, bloquear perfiles, además de reservarse el derecho a tomar acciones legales en caso de que ciertos comentarios sean constitutivos de delito según el Código Penal Español. Así mismo, si algún usuario del foro se siente ofendido por otros miembros de dicho foro, será de su única responsabilidad realizar los pantallazos de dicho comentario ofensivo, de poner la correspondiente demanda judicial, para que en caso de ser admitida a trámite, sea un juez quien solicite a la plataforma IVOOX todos los datos con el fin de poder identificar al emisor de esos supuestos comentarios escritos susceptibles de ser delictivos. El Centinela del Misterio y la empresa propietaria de sus derechos, quedan totalmente al margen y sin responsabilidad alguna, de los comentarios y de los ataques personales y de posibles suplantaciones de personalidad que puedan darse entre los usuarios de nuestro foro en IVOOX. ©️ ®️El Centinela del Misterio 05/03/2026 Escucha el episodio completo en la app de iVoox, o descubre todo el catálogo de iVoox Originals

En el Radar Empresarial de hoy revisamos la reciente decisión del Pentágono de clasificar a Anthropic como una compañía que representa un posible riesgo para la cadena militar de Estados Unidos. La medida, según una fuente cercana a Bloomberg, entra en vigor de inmediato. Ahora queda por ver qué consecuencias tendrá no solo para la empresa tecnológica sino también para el propio Departamento de Defensa, porque la nube clasificada del Pentágono está gestionada por Claude Gov actualmente en operación. Al mismo tiempo hay unos 200 millones de dólares en juego, aunque el director ejecutivo de la compañía, Dario Amodei, asegura que no piensa rendirse. En el blog corporativo afirmó que la decisión carece de base jurídica sólida y que la empresa se ve obligada a recurrir a los tribunales. También intentó enviar un mensaje de calma a inversores y usuarios, señalando que la restricción únicamente afecta al uso de Claude en contratos directos con el Pentágono estadounidense actual. Para entender cómo se llegó a este punto hay que retroceder hasta finales de febrero, cuando surgió el conflicto. El Departamento de Defensa pretendía emplear sin limitaciones las capacidades de inteligencia artificial del sistema, algo que, según la empresa, podría facilitar mecanismos de vigilancia masiva sobre ciudadanos estadounidenses. Ante esa negativa, Donald Trump declaró que daba seis meses para encontrar alternativas tecnológicas y retirarlas de todas las agencias federales. Aunque parecía una ruptura, Amodei dijo después que seguían conversaciones. Horas más tarde, Emil Michael, subsecretario de Defensa para Investigación e Ingeniería, lo negó públicamente y afirmó que no existía ninguna negociación abierta. Mientras, Amodei defendía la postura ética de la empresa en una entrevista televisiva donde se describió como patriota estadounidense. Esa posición le ha ganado apoyos visibles incluso en San Francisco, donde aparecieron mensajes de apoyo en las calles. Al mismo tiempo, Claude gana usuarios gratuitos con fuertes aumentos de registros diarios, mientras ChatGPT pierde audiencia.

Father Chad Ripperger is a Roman Catholic priest, theologian, philosopher, and exorcist serving in the Archdiocese of Denver. He is the founder and superior general of the Society of the Most Sorrowful Mother (Doloran Fathers), a religious community dedicated to spiritual warfare, deliverance ministry, and the traditional liturgy. Born in Casper, Wyoming, and raised in a devout Catholic family as the youngest of six children, Father Ripperger was ordained in 1997 with the Priestly Fraternity of St. Peter (FSSP). In 2012, he established the Doloran Fathers, serving as exorcist for the Diocese of Tulsa from 2012 to 2016 before moving to the Denver Archdiocese, where he continues his ministry. Bound by the discipline of clerical celibacy in the Latin Rite, he frequently teaches on marriage, family, virtue, and the spiritual life. A classically trained Thomist, Father Ripperger holds degrees in theology and philosophy from the University of San Francisco, master's degrees from both the University of St. Thomas and Holy Apostles College, and a doctorate in philosophy from the Pontifical University of the Holy Cross in Rome. His scholarship and experience make him a respected authority on demonology, angelology, spiritual warfare, and the integration of theological principles with psychology. Through Sensus Traditionis Press, he has authored several influential works, including Deliverance Prayers for Use by the Laity, Dominion, and Introduction to the Science of Mental Health. Known for his clear, no‑nonsense teaching style rooted in Thomistic philosophy and Church tradition, Father Ripperger continues to give talks, conferences, and guidance on prayer, virtue, the sacraments, and protection from spiritual evil. Shawn Ryan Show Sponsors: Go to https://RhoNutrition.com and use code SRS for 20% off. Take advantage of Ridge's once-a-year anniversary sale and get UP TO 40% Off by going to https://www.Ridge.com/SRS #Ridgepod Join thousands of parents who trust Fabric to help protect their family—apply today in just minutes at https://meetfabric.com/SHAWN Go to https://shopbeam.com/SRS , use code SRS. With my code SRS, you can grab Dream for 50% off. Sign up for your $1 per month trial today at https://shopify.com/srs Learn more about your ad choices. Visit podcastchoices.com/adchoices

Spring is one of the busiest seasons in plastic surgery-and for good reason. In this episode, Dr. Jeffrey J. Roth of Las Vegas Plastic Surgery explains why so many patients choose the spring months to schedule procedures and treatments. From planning recovery time before summer to preparing for vacations, weddings, and special events, timing can play an important role in cosmetic procedures. Dr. Roth discusses the most commonly requested procedures during this time of year and what patients should consider when planning their treatment timeline. If you've ever wondered why spring is considered "plastic surgery season," this episode offers helpful insights into timing, preparation, and achieving your aesthetic goals. We invite you to contact us with your questions including suggestions for topics to cover on future episodes!  email: inquiry@darrellcraigharris.com Meet Dr. Jeffrey J. Roth from Las Vegas Plastic Surgery Drawn to medicine by his innate desire to help others, he received his medical degree from the University of Nevada School of Medicine. He completed his general surgery residency at the Medical College of Pennsylvania/Hahnemann University in Philadelphia and his plastic surgery residency at the University of California, San Francisco, serving as chief resident in both programs. He then furthered his training with a fellowship in microsurgery and hand surgery at USC, where he also served on the faculty. Having gathered the kind of expertise and experience that makes him a leader in his field, Dr. Roth returned to Las Vegas in 2003 and opened his practice, Las Vegas Plastic Surgery, Inc. Website www.JJRothMD.com  Social media www.Instagram.com/lasvegasplasticsurgery www.Instagram.com/lookinggoodfeelinggreatpodcast www.Facebook.com/lasvegasplasticsurgery www.Twitter.com/DrJeffreyRoth             

00:00:00 – Cold open and micro-song banter 00:04:38 – Alex Jones clips of the week 00:09:19 – Shopping list bit and Spanky remembrance 00:13:50 – Missing Wright-Patt general sparks UFO suspicion 00:17:32 – Claude starts stealing ChatGPT's crown 00:21:22 – AI shrinks the Iran kill chain 00:26:14 – China eyes the physical AI lead 00:30:59 – The AI god thought experiment 00:35:59 – Giving machines souls and survival goals 00:41:01 – AI Star Wars mirrors real war anxiety 00:45:54 – Bill Cooper's Armageddon warning returns 00:50:55 – Dave Rubin turns on Tucker over Iran 00:55:03 – America First fractures over another war 00:59:58 – Candace Owens says Israel drives the policy 01:04:28 – Mark Levin and Ben Shapiro fire back 01:08:39 – Epstein blackmail chatter shadows the war push 01:13:41 – Ben Shapiro smears antiwar critics 01:18:39 – Trump assassination claims get folded into Iran 01:28:06 – Microsoft tries to censor "micro slop" 01:37:53 – Corporate jargon gets dragged 01:47:51 – Pizza toppings from hell 01:52:31 – San Francisco's poop bag cold case 02:01:51 – Sign-off and loose end-of-show chatter 02:06:49 – Microsoft micro songs close the night   Copyright Disclaimer Under Section 107 of the Copyright Act 1976, allowance is made for "fair use" for purposes such as criticism, comment, news reporting, teaching, scholarship, and research ▀▄▀▄▀ CONTACT LINKS ▀▄▀▄▀ ► Website: http://obdmpod.com ► Twitch: https://www.twitch.tv/obdmpod ► Full Videos at Odysee: https://odysee.com/@obdm:0 ► Twitter: https://twitter.com/obdmpod ► Instagram: obdmpod ► Email: ourbigdumbmouth at gmail ► RSS: http://ourbigdumbmouth.libsyn.com/rss ► iTunes: https://itunes.apple.com/us/podcast/our-big-dumb-mouth/id261189509?mt=2  

“Giants Talk” hosts Cole Kuiper and Alex Pavlovic react to Bryce Eldridge's matchup vs. Paul Skenes. Plus, Alex sits down with Luis Arráez. -- (2:55) - Recapping San Francisco's clash with Team USA (6:00) - Bryce Eldridge opens eyes against Paul Skenes (19:55) - Is the WBC an adequate replacement for baseball in the Olympics? (24:30) - Look around the MLB (32:10) - Fan mailbag questions (45:25) - Interview with Luis Arráez Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Paul Sedan, from San Francisco, California, USAYou can read about Paul's experience in The Christian Science Journal.We'd love to hear your inspiration. To submit your Daily Lift, go to christianscience.com/dailylift.

Many real estate agents spend their careers helping others build wealth—but never build their own. In this episode, Kathy Fettke talks with Bay Area real estate agent Olivia McNally about why agents should also become investors. Olivia shares her journey from a six-figure government job to real estate sales, how she learned the business from the ground up, and why she's now focused on flipping homes, buying rentals, and building long-term wealth. They also discuss the realities of today's San Francisco housing market and why agents need both income and investments to succeed long term.

On today's MJ Morning Show:Young SMART student who skipped grades caught in a terror probeMorons in the newsTracking device put on a woman's carMugshot of a guy hiding his arms inside his shirtIt's ready! Dear Flabby! Send your life's questions to dearflabby@mjmorningshow.comA call to Bryan Stern of Grey Bull RescueWhat's an 'Alpine Divorce'?What is 'Seat Divorce'?Middle seat mannersAirline psychology: The aisle seatCan United Airlines toss you for not using headphones?School math teacher in San Francisco used 'inappropriate' questions in classScammers targeted an 85-year-old for dent removalGuthrie notesMcDonald's CEO video, Wendy's, A&W....Papa John's to shut underperforming locationsNiorth Carolina car wash damaged by wire in back of a pickupOpening this weekend: "The Bride"Death on 'Deadliest Catch'Andy Dick updateGuy who held Paula Deen at gunpoint is now deadAnother Sphere to be built in NashvilleBreaking....Britney Spears gets a DUIEpstein falloutSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

CBS Sports’ Jamey Eisenberg joins Carlos Ramirez on Sportsphone to break down the upcoming NFL free agency frenzy. Who are the top targets for the 49ers? Who might San Francisco pursue to make a Super Bowl push? Tune in for expert insight.See omnystudio.com/listener for privacy information.

Hour 4: Silver & JD close out the show with a soundbite from Lake Lewis Jr. on Rambling W/ Rio, in which he shares that Brandon Aiyuk is doing well both physically and emotionally, and he fully expects him to be a Washington Commander next season. Lewis also adds that "a lot of guys don't want to be there" in reference to the San Francisco 49ers, and Silver & JD try to make sense of why Brandon Aiyuk orchestrated an exit in this fashion and whether or not there's truth to players not wanting to play for the 49ers.See omnystudio.com/listener for privacy information.

Matt Barrows joins the show to discuss the San Francisco 49ers' offseason plans and potential moves, including their interest in free agents like Trey Hendrickson and Deebo Samuel. Matt shares his thoughts on the 49ers' need for speed in their wide receiver corps and the possibility of adding a veteran receiver to the mix. They also discuss the team's approach to the NFL Combine and how it might impact their draft strategy. With the 49ers looking to address key positions, Matt breaks down the team's priorities and potential targets.See omnystudio.com/listener for privacy information.

Feeling financially successful on paper but trapped in real life can change everything. In this episode, C-suite executive and board director, Leilani Latimer, shares how unintentionally becoming house poor while living in Italy as a young adult forced her to confront anxiety, control and independence. When she sold the house, those lessons ultimately set the foundation for her to achieve a healthier, more balanced relationship with money. Leilani is a global C-suite executive and NACD Certified Board Director who leads companies through critical inflection points. She drives growth, connects strategy to execution and builds operating models designed for scale and resilience. Her track record spans B2B, SaaS, Marketplace, AI/ML and Enterprise Technology companies across public, PE-backed and venture-backed organizations. She has held executive roles in sales, marketing, commercial operations, product and customer success, bringing a comprehensive understanding of how these functions integrate to drive performance. She is currently a strategic advisor to growth-stage technology companies, partnering with Founders, CEOs, VCs and PEs to shape business models, strengthen go-to-market execution and design the teams and structures required to scale. She has led early-stage companies in supply chain, retail and medtech through transformational growth, building commercial and marketing engines from startup through acquisition, delivering significant revenue growth and improved forecasting. Leilani’s deep technology expertise includes 25 years with Sabre Inc. (NASDAQ: SABR), a global leader in travel, hospitality and transportation technology. In leadership roles spanning sales, product, marketing, strategy and sustainability across North America and Europe, key achievements include repositioning the hospitality business for IPO, developing award-winning enterprise sustainability systems and products, restructuring global product investment plans and helping build the Southern European division from inception to 15% market share. Leilani currently serves as an Independent Board Director at Black Diamond Group (TSE: BDI), Sedex and Narratize, and as an Advisory Board Member at Fiutur and FoodMesh. Her board contributions span governance, strategic capital allocation, compensation and risk oversight. Her unique perspective on corporate risk and reputation is shaped by her expertise in sustainability, over 15 years of leadership in European markets and extensive experience across multiple industries. Based in San Francisco, she is a dual US and Italian citizen. Independence, Investing and Intentional Choice Leilani's story reminds us that financial independence is not a fixed destination but an evolution. From navigating cross-border careers and complex benefits systems to rethinking what fairness means in partnership, she shows how money can either create anxiety or expand possibility. Today, her focus on teaching her children to invest early, supporting female founders and building values-aligned portfolios reflects a deeper truth: wealth is a tool for choice. The freedom to decide where you live, what you support and how you show up in the world is the ultimate return on investment. If you are considering board service, navigating career transitions or thinking more intentionally about how and where you invest, an Aspiriant advisor can help you align your wealth with your values and design a strategy that supports both independence and impact. Follow Money Tales on Spotify, Apple Podcasts or YouTube Music for more real stories that inspire smarter, more intentional decisions with your money.

From Gehl Studio on Powell Street, Gjern-born, San Francisco-based Danish architect, urban strategist and designer SOFIE KVIST recalls moving to the US when Danish firm Gehl People opened its west coast office. She describes her people-centric and data-driven work focused on public spaces as more social science than design. And she shares conceptual design projects in North American cities that have, at their core, attention to foundational cultural, social, and environmental sustainability.Sofie selects a work by Ejnar Nielsen from the SMK collection.https://open.smk.dk/en/artwork/image/KMS1832(Photograph Source: GEHL)This conversation with Christian D. Bruun occurred on November 7, 2025.----------We invite you to subscribe to Danish Originals for weekly episodes. You can also find us at:website: https://danishoriginals.com/email: info@danishoriginals.com----------And we invite you to donate to the American Friends of Statens Museum for Kunst and become a patron: https://donorbox.org/american-friends-of-statens-museum-for-kunst

Continuing his on-location interview tour of San Francisco, Bob heads an hour north to Santa Rosa to sit down with Nathan Walter, cofounder and CEO of Briefpoint, over a bottle of red wine at Paradise Ridge Winery, a spot literally around the corner from Nathan's house, sitting on the edge of the Mayacamas Mountain Range that divides Sonoma and Napa counties. It is a fitting setting for a founder who grew up in Sonoma wine country, where wine is less a luxury than a way of life, and where his family's most treasured heirloom was a bottle from the year he was born.   Nathan's path to founding Briefpoint is an origin story rooted in genuine frustration with the legal system. A U.C. Santa Barbara philosophy major who drifted into law school for lack of better options, he ultimately landed in civil litigation – and grew increasingly disillusioned with how discovery was weaponized to bleed defendants dry financially, even when they had done nothing wrong. After a particularly infuriating mediation where opposing counsel openly admitted the shakedown strategy, Nathan decided to do something about it. He taught himself to code from YouTube videos, built vaporware prototypes, cold-called attorneys to test demand, and eventually found his technical cofounder through a Discord gaming community he had created to build a social life after moving to Orange County.   What followed was a years-long grind – including an 18-month stretch working days as an entry-level sales rep at another legal tech company and nights building Briefpoint, until a close acquaintance invested $100,000 of her own money so he could focus full time. Briefpoint launched in June 2022, before the ChatGPT wave, focusing narrowly on automating discovery responses – drafting objections, pulling relevant documents and generating formatted Word documents ready to sign. Nathan talks about the company's deliberate "go deep, not wide" strategy: rather than expanding into motions or other legal workflows to chase the AI hype cycle, Briefpoint is doubling down on doing discovery so exceptionally well that firms will pay for it alongside broader AI platforms, the way teams use Slack alongside the full Microsoft suite.   The conversation also covers the threat to legal tech companies posed by foundation models such as Claude and GPT, the psychology behind why attorneys are resistant to automation (Nathan has a theory about "superstitious control" and lucky jerseys), the parallels between winemaking and product development, and the advice he'd give an aspiring founder: burn the ships, go full time and put yourself in a corner with no way out but forward. As for what varietal Briefpoint would be? A Russian River Pinot Noir – not a life-changing Cab, but reliably excellent at exactly what it promises.   Thank You To Our Sponsors This episode of LawNext is generously made possible by our sponsors. We appreciate their support and hope you will check them out. Paradigm, home to the practice management platforms PracticePanther, Bill4Time, MerusCase and LollyLaw; the e-payments platform Headnote; and the legal accounting software TrustBooks. Briefpoint, eliminating routine discovery response and request drafting tasks so you can focus on drafting what matters (or just make it home for dinner). Legalweek, March 9-12, North Javits Center, New York City.   If you enjoy listening to LawNext, please leave us a review wherever you listen to podcasts.  

Sheil and The Ringer's own Austin Gayle start the pod by sharing their instant reactions to the news that the Cardinals are releasing QB Kyler Murray. They then analyze the NFL franchise-tag deadline, take a hard look at some of the stars and teams that are garnering the most buzz heading into the the upcoming free agency market, and highlight available skill players that may be flying under the media's radar.(00:00) Free agency preview(00:44) Kyler Murray(12:19) Daniel Jones and Alec Pierce(21:11) Breece Hall(24:08) Tennessee Titans(26:35) Washington Commanders(31:26) Los Angeles Rams and San Francisco 49ers(34:49) Under the radar players on the free agency market(46:06) Franchise tag sleepers(49:46) Buyer-beware playersThe Ringer is committed to responsible gaming. Please visit www.rg-help.com to learn more about the resources and helplines available.Host: Sheil KapadiaGuest: Austin GayleProducer: Chris SuttonVideo Editor: Stefano SanchezProduction Supervision: Conor Nevins and Arjuna Ramgopowell Learn more about your ad choices. Visit podcastchoices.com/adchoices

Amy Miller (comic and friend) talks about growing up religious outside San Francisco and what it was like to work in video rental stores. Check out her podcast here: https://podcasts.apple.com/us/podcast/whos-your-god-a-comedy-and-religion-podcast/id1247629653

Our Deputy Global Head of Research Michael Zezas and Head of Public Policy Research Ariana Salvatore assess the potential market outcomes of the Middle East conflict, weighing its possible duration and economic impact.Read more insights from Morgan Stanley.----- Transcript -----Michael Zezas: Welcome to Thoughts on the Market. I'm Michael Zezas, Morgan Stanley's Deputy Global Head of Research. Ariana Salvatore: And I'm Ariana Salvatore, Head of Public Policy Research. Michael Zezas: Today we're discussing the escalating U.S.-Iran conflict, the market reaction, and what investors should be watching for next. It's Wednesday, March 4th at 7:30am in San Francisco. Ariana Salvatore: And 10:30am in New York. Michael Zezas: So, Ariana, I'm in San Francisco at Morgan Stanley's TMT Conference, but obviously events in the Middle East have captured everyone's attention. There's uncertainty around the conflict and really important questions about how it affects all of us. And of course, markets have to discount all sorts of future uncertainty about very specific impacts – to financial asset prices, to commodity prices – and really look at it through that narrow lens.And so, Ariana, the administration has suggested that this conflict and this campaign could last a few weeks. But also it said it could continue as long as it takes. So, what are the clearest signals investors should watch for to gauge duration? Ariana Salvatore: For now, we're focused on three main indicators. First, I would say, and most important, is clarity around the objectives. The president and others in the administration have referenced things like eliminating Iran's missile arsenal, its navy and limiting proxy activity. Those goals are broader than the earlier focus on just the nuclear programs. Each objective, of course, implies a different timeline. A narrower objective likely means a shorter engagement. Broader ambitions, conversely, would extend it. So that's the first thing. Second, obviously extremely important is traffic through the Strait of Hormuz. We'd viewed a full closure as unlikely, given the economic consequences for Iran itself. But tanker flows have at least temporarily fallen close to zero, and that's significant because production across the region has not been impaired. This is not about oil fields going offline. It's about whether or not oil can actually move. If shipping lanes normalize within weeks, markets can recalibrate. However, if flows remain materially curtailed beyond five weeks, the risks rise meaningfully. Third, the frequency of strikes and proxy activity. Sustained or escalating engagement would suggest a longer conflict. Signs of diplomacy, on the other hand, might indicate de-escalation. Michael Zezas: Right. So, let's build on that and talk about oil. And our colleague, Martijn Rats has really laid this out with a lot of different scenarios. But what we're seeing right now is that when it comes to oil, this is really a shock to the transport of it, not necessarily a shock to its production. So, oil supply exists. The question is really – can it be delivered or not? So, if tanker flows normalize and the geopolitical risk premium fades, what Martijn is saying is that global oil prices could move back towards $60 to $65 a barrel. If the logistical disruption lasts four to five weeks, then prices maybe trade in the $75 to $80 range. And if disruption extends beyond five weeks and flows are materially constrained, then you could see a situation where oil prices have to rise towards $120 or $130 a barrel. And at that level, demand destruction is what becomes the balancing mechanism in setting price for oil. So, one signal to watch is longer dated oil prices. Early month contracts can spike during geopolitical stress, but a sustained move materially above $80 to $85 [per] barrel would likely require longer dated prices to move higher as well. And that might signal that markets believe the disruption is persistent and not temporary. Ariana, what about natural gas here? How does gas situation fit into the energy story? Ariana Salvatore: As of this recording, Qatar has halted liquified natural gas production putting roughly 20 percent of global supply at risk. Prices have, as you might expect, risen sharply, which likely reflects expectations of a relatively short disruption. If exports were to resume quickly, prices could retrace. But, of course, if the outage lasts longer, prices could move meaningfully higher. Again, duration of the conflict is really critical here. Michael Zezas: So, let's bring this back to the U.S. Ariana, how does this conflict feed into the domestic, political and economic backdrop? Ariana Salvatore: When we're thinking about the midterm elections later this year, the way we see it, the clearest transmission channel is gasoline prices. Polling shows a majority of Americans oppose military action related to Iran, but voters typically prioritize domestic issues: things like inflation, cost of living, affordability over foreign policy. However, there's a very clear caveat here. If oil prices stay elevated, gasoline prices rise, and that's where this becomes politically more salient. Michael Zezas: Right, and so our economists and our chief U.S. Economist Michael Gapen has been all over this. And the way he assesses it is if oil prices remain about 10 percent higher than where they were before the conflict for several months, headline inflation would likely rise by 0.3 percent before dissipating. Historically, oil price shocks primarily affect headline inflation rather than underlying inflation. That's an important distinction that they point out. So maybe that could delay Federal Reserve rate cuts, even if policymakers ultimately look through the move. But if oil prices rise enough to weaken economic activity, particularly in the labor market or consumer spending, then our economists say the Fed could pivot toward easing despite elevated inflation. Ariana Salvatore: So, given that backdrop, what's the simple takeaway for investors in stocks or bonds? Michael Zezas: Right. So, I think we have to think about this in terms of duration of conflict and economic impact. So, if tanker flows normalize within a few weeks and oil prices move back towards that $60 to $65 range, then our economists are saying economic damage would be limited. And historically geopolitical events alone have not led to sustained volatility for U.S. equities. So, in that environment, our cross-asset team points out that stocks would likely remain supported. If instead, oil prices remain elevated long enough to push inflation higher and weigh on growth, the picture would change. A sharp and persistent rise in oil prices – that can pose a risk to the duration of the business cycle, and in that scenario, we'd expect stocks to struggle. Importantly, bonds may not provide the same diversification benefit if inflation remains sticky as a consequence of all of this. We could see stock and bond prices move in the same direction. That could challenge traditional balanced portfolios. Ariana Salvatore: And what are we seeing specifically in U.S. Treasury markets? Michael Zezas: So, as Matt Hornbach and our global macro strategy team have pointed out here, you've got two competing forces in the U.S. Treasury market. There's been some demand for safety, but investors are also focused on the risk that higher oil prices would lift inflation. So far, inflation concerns have taken precedence over growth concerns. How long that balance holds – that might depend on incoming data, especially labor market data. If you get weaker labor market data suggesting that growth could weaken, then you could see treasuries rally more meaningfully and yields come down. If you don't see that and inflation concerns dominate, then maybe you're not going to see yields come down as much. And bonds rally as much. Ariana Salvatore: So, stepping back, it seems like the key variables remain tanker traffic, longer dated oil prices and duration of the conflict itself. Michael Zezas: I think that's right. Ariana, thanks for speaking with me. Ariana Salvatore: Always a pleasure, Mike. Michael Zezas: And thanks to our listeners for joining us. We'll continue tracking developments and what they mean for markets. If you enjoy Thoughts on the Market, please take a moment to rate and review us wherever you listen and share the podcast with a friend or colleague.Important note regarding economic sanctions. This report references jurisdictions which may be the subject of economic sanctions. Readers are solely responsible for ensuring that their investment activities are carried out in compliance with applicable laws.