U.S. Takes 10% Stake in Intel, Powell’s Jackson Hole Speech + OnlyFans’ $7B Boom
Timestamps are as accurate as they can be but may be slightly off. We encourage you to listen to the full context.
Podcast Summary
In this episode of Profty Markets, host Ed Elson dissects a seismic shift in American economic policy as the Trump administration takes a 10% stake in Intel worth $9 billion, making Washington the chipmaker's largest shareholder (02:05). He explores the intervention alongside economist Justin Wolfers, who challenges whether moving "stock certificates from one safe to another" actually solves any real problems (06:15). The discussion spans Jerome Powell's Jackson Hole speech signaling potential rate cuts (22:09), and concludes with OnlyFans' staggering $7 billion revenue milestone—highlighting how the platform has become emblematic of America's loneliness epidemic by monetizing intimacy at unprecedented scale (30:45).
Speakers
Ed Elson (Host)
Host of Profty Markets podcast from the Vox Media Podcast Network. He delivers sharp analysis on market movements, government intervention policies, and economic trends, bringing complex financial topics to listeners with clarity and engaging commentary.
Professor Justin Wolfers
Professor of Public Policy and Economics at the University of Michigan. As he explains in the interview, he specializes in analyzing government economic policies and their market implications, offering academic perspective on interventionist policies and their effects on business and markets.
Aditya Bhave
Senior US Economist at Bank of America Global Research. His analysis focuses on Federal Reserve policy decisions and interest rate forecasting, as demonstrated by his detailed commentary on Jerome Powell's Jackson Hole speech and rate cut probabilities.
Key Takeaways
Question Crisis Interventions Before Blindly Following
When examining major government moves like the Intel stake, ask: "What specific problem is being solved here?" As Professor Wolfers demonstrates, simply relocating stock certificates from one safe to another accomplishes nothing tangible unless there's a clear crisis requiring intervention. (07:30) Before accepting any dramatic organizational change or policy shift, demand concrete answers about the underlying problem and how the proposed solution directly addresses it.
Revenue Per Employee Reveals True Efficiency
While NVIDIA generates $2.1M per employee and Apple $2.4M, OnlyFans produces $30-35M per employee with just 46 staff members generating $7B in gross revenue. This metric cuts through vanity metrics to reveal operational excellence and scalability. (32:08) Track this ratio in your own organization and industry—it's often the most telling indicator of genuine productivity and business model strength.
Data Trumps Politics in Decision-Making
Despite intense political pressure and personal attacks, Jerome Powell maintains his stance: rate cuts depend entirely on employment and inflation data, not political considerations. (30:01) Master-level professionals insulate their core decisions from external noise and anchor to objective metrics, even when facing significant pressure from authority figures or stakeholders.
Recognize and Capitalize on Societal Shifts
OnlyFans didn't create the loneliness epidemic affecting young Americans, but built a $7B business addressing it. (35:13) The most successful professionals identify underlying social or economic trends early and position themselves to provide solutions. Look for problems people are reluctant to discuss openly—these often represent the largest market opportunities.
Challenge Interventionist Precedents in Real-Time
Kevin Hassett's admission that we'll "probably gonna see some more of this" government intervention signals a dangerous precedent shift. (13:23) When you see boundary-pushing decisions in your organization or industry, immediately assess whether they establish harmful precedents. Address concerning patterns before they become normalized—waiting allows them to entrench as "the way things are done."
Statistics & Facts
- $9 billion - The value of the U.S. government's 10% stake in Intel, making Washington the chipmaker's largest shareholder. (02:12)
- NVIDIA is worth 44 Intel companies combined, highlighting Intel's relative decline in the semiconductor market. (05:15)
- OnlyFans achieved $7 billion in gross revenue and nearly $1.5 billion in net revenue in 2024, with just 46 employees - generating $30-35 million per employee compared to NVIDIA's $2.1 million per employee. (32:36)
