Odd Lots

Not too long ago, search engines were the dominant form of querying the internet. But that's changing since the rise of large language models like ChatGPT, Claude, and Google's Gemini. More and more people are getting their online info through AI, effectively bypassing the search bars of old and creating a tension for large tech companies that offer AI models, but also make money from web traffic and search-related advertising. In this episode, we speak with Elizabeth Reid, VP of search at Google. Liz has been with the company for more than two decades, witnessing multiple tech transformations in that time. So we talk with her about how Google is incorporating Gemini into search via AI overviews, what that means for traffic and ad sales, and the practical experience of search in an age of LLMs and internet slop.Subscribe to the Odd Lots NewsletterJoin the conversation: discord.gg/oddlotsSee omnystudio.com/listener for privacy information.

When it comes to the history of oil and energy, nobody is more famous or well respected than Daniel Yergin. He is the Vice Chairman of S&P Global, and the Pulitzer Prize winning author of both The Prize: The Epic Quest for Oil, Money, and Power and The New Map: Energy, Climate, and the Clash of Nations. So we had to get his insights on the war in Iran, and its historical significance. Yergin tells us that a "different world" will emerge from the crisis surrounding the closure of the Strait of Hormuz, regardless of the war's ultimate outcome. Iran's ability to control the Strait against a much stronger military is a demonstration that the balance of global power is changing, with profound ramifications for countries around the world. We discuss how different regions are being affected, and how it will change their calculus when it comes to energy security. We also talk about the AI industry's seemingly insatiable demand for electricity, and how this is rippling across the entire energy landscape. Read more:Oil Traders Warn of Recession Impact as Hormuz Hits DemandChina Aggressively Sold Oil in Recent Weeks, Mercuria CEO Says Only Bloomberg - Business News, Stock Markets, Finance, Breaking & World News subscribers can get the Odd Lots newsletter in their inbox each week, plus unlimited access to the site and app. Subscribe at  bloomberg.com/subscriptions/oddlots Subscribe to the Odd Lots NewsletterJoin the conversation: discord.gg/oddlotsSee omnystudio.com/listener for privacy information.

He's done it again. On Sunday night, building supply company QXO announced that it would be acquiring TopBuild for $17 billion. TopBuild sells and installs insulation for both the residential and commercial markets. For Brad Jacobs, the CEO of QXO, this is just the latest in a lifetime of deals he's made. In fact, he's made over 500 deals in his life across numerous public companies that he's founded, most of which have XO somewhere in the ticker. Brad's companies all tend to be highly focused on the so-called "old economy" or real physical world, but of course, as we've seen with the datacenter boom, the old economy is still hot and crucial. So we talk about the logic behind this deal, how the insulation market works, and the general state of the building supply market right now.Subscribe to the Odd Lots NewsletterJoin the conversation: discord.gg/oddlotsSee omnystudio.com/listener for privacy information.

The White House wants gasoline prices to be lower, and it wants to see American oil companies drill for more oil. But of course, these ideas are in tension. If prices are going lower, why drill more? This tension has only grown sharper since the shale busts of the mid-2010s, as American producers got burned multiple times by prioritizing production over profits. So what now? How do US producers think about the recent oil price spike? How are they thinking about the rising costs of their own production, due to higher energy, labor, and steel costs? On this episode, we speak with Jack McClendon, the founder and CEO of Siena Natural Resources, an independent oil and gas company that primary buys odd lots of wells from other companies. We talk about the long-term economics of the industry, including the central role of capital markets in determining how the industry moves. He also tells us whether the show Landman is realistic. Read more:Oil Tankers Hauling US Crude Via Panama Approaching 4-Year HighThe US Oil Industry Doesn’t Want the Iran War Either Only http://Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox each week, plus unlimited access to the site and app. Subscribe at  bloomberg.com/subscriptions/oddlots Subscribe to the Odd Lots NewsletterJoin the conversation: discord.gg/oddlotsSee omnystudio.com/listener for privacy information.

Everyone knows that new technologies can be really disruptive to the labor market, but eventually new jobs emerge and things come back into balance. And there is a sense in which many view AI with the same lens. Yes, there will be pain in some sectors, but then there will be productivity gains and new sources of demand and new opportunities for labor that we can't conceive of yet. But could it be different this time? Could AI be disruptive in a manner that, say, the steam engine was not? On this episode we speak with Alex Imas, a professor at the University of Chicago focusing on economics and applied AI. We talk about his work on the AI and labor question, how to think about which jobs may be most at risk, and why the sheer speed of AI development could make it categorically different than prior general purpose technologies that came before it. Subscribe to the Odd Lots NewsletterJoin the conversation: discord.gg/oddlotsSee omnystudio.com/listener for privacy information.