Nov 3, 2026 · 23 min
Fox rides election ads as Apple absorbs AI and memory costs
Midterm Ads Fuel Fox Corp & Pricey Memory Pressures Apple’s Core
The episode tests whether Fox’s advertising surge can last while Apple and Shopify confront rising costs and technology-driven shifts in commerce.
- 1Fox’s political advertising reached records, but cord-cutting and streaming competition threaten the durability of that momentum.
- 2Apple delivered strong revenue while memory costs, fading tariff benefits, and AI investment pressured margins and upgrade demand.
- 3Shopify is expanding holiday capacity as AI shopping agents raise unresolved questions about incremental sales and channel substitution.
Don't miss
The hosts question whether Apple’s expensive push to improve Siri can produce meaningful returns while margins are already under pressure.
The brief
John and Kayla open with Fox’s record political advertising, tracing spending across local stations, Tubi, and national programming while asking whether cord-cutting limits its reach.
Sports provide another lift: the World Cup, NFL, and college football strengthened Fox’s results, even as Netflix’s live-sports push and streaming competition challenge its position.
Apple posted record revenue and earnings growth, but memory costs, higher iPhone prices, fading tariff refunds, and consumer reluctance to upgrade squeezed margins.
The sharpest Apple tension is strategic: the company is spending heavily to improve Siri and its broader AI capabilities without a clear payoff yet.
Shopify is preparing for Black Friday and Cyber Monday by investing in hosting capacity, while AI shopping agents could either add sales or redirect existing demand.
The episode closes with market moves and earnings updates from Ferrari, Pfizer, Yum Brands, and Palantir, extending the day’s focus beyond its main three companies.
What was said on this episode
20 statements · 13 positive · 5 negative · 2 mixed
Tubi revenue rose 35% and total viewing time rose 23% year over year
“Tubi's revenue was up 35% year over year with total view time up 23%.”
Listen at 5:19
Fox networks advertising revenue rose 47% to $2 billion
“total advertising revenue rose 47% to $2 billion across the Fox networks.”
Listen at 5:39
Netflix is expanding into live sports and ad-supported streaming
“Netflix is working to get into live sports and ad-supported streaming.”
Listen at 6:33
Fox’s quarter may be difficult to replicate
“they may not be easy to replicate.”
Listen at 7:22
Fox agreed to acquire Roku for $22 billion
“Fox has, in fact, made a deal to acquire Roku for $22 billion.”
Listen at 7:39
iPhone prices increased by $100 in September
“In September, iPhones went up $100 in cost.”
Listen at 11:42
Apple remains a hedge against large-scale AI infrastructure spending
“Apple is still a hedge against the scary scale of the AI build-out.”
Listen at 12:26
Apple’s Siri AI investments may or may not produce returns
“we'll see if those investments in AI actually pay off for Siri”
Listen at 13:45
Apple’s Siri AI investments will not pay off
“I don't think they will.”
Listen at 13:48
Shopify GMV reached $119 billion, up 30% year over year
“GMV came in at $119 billion, up 30% year over year”
Listen at 15:37
Shopify revenue reached $3.7 billion, up 32%
“revenue came in at $3.7 billion, up 32%.”
Listen at 15:50
Kayla expects 40% of annual revenue during the next six weeks
“I personally can expect to make about 40% of my annual gold revenue in the next six weeks.”
Listen at 16:58
Shopify margins declined because it invested in hosting capacity
“Their margins declined this quarter compared to their prior quarter because it's investing so much in increased hosting capacity”
Listen at 17:28
AI shopping’s incremental sales impact remains unknown
“it's unknown if AI shopping is adding sales or just moving them around to other channels.”
Listen at 18:37
Shopify has a $191 billion market capitalization
“Shopify is a behemoth market cap of $191 billion.”
Listen at 18:47
Ferrari shares rose 4% after beating estimates and raising guidance
“Shares of the luxury car maker jumped 4% today after beating earnings estimates and raising its full year guidance.”
Listen at 20:01
Pfizer’s post-pandemic recovery may be accelerating
“Pfizer's post-pandemic comeback may be gaining steam.”
Listen at 20:29
Pfizer new and acquired product revenue rose over 30% year over year
“Revenue from newly launched and acquired products jumped by more than 30% from a year ago.”
Listen at 20:46
Palantir U.S. commercial revenue surpassed U.S. government revenue for the first time
“U.S. commercial revenue surpassed U.S. government. revenue for the first time.”
Listen at 21:38
Palantir commercial deal value growth slowed to 11% from 150%
“The value of US commercial deals closed grew just 11% from a year ago, which is a sharp slowdown from the 150% growth last quarter.”
Listen at 21:47
Statements are attributed to the speaker as said on the episode and reflect their view at the time, not PodLume's. They are not advice.
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