How DeepSeek Changed The Market's Mind Planet Money podcast

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Memecoins are having a moment. Everyone from Hawk Tuah to President Donald Trump to animal influencers like Moo Deng the pygmy hippo have been turned into cryptocurrency. But what are the costs of all the hype? On today's show — a modern parable. How an orphaned baby rodent became a world famous animal influencer, became a political martyr, and was finally transmuted into a billion dollar cryptocurrency. It's a tale about how a chance encounter can lead to fame and fortune. But also how all that can spin wildly out of control in this brave, new – kind of terrifying – attention economy we're all living in. For more: The Memecoin Casino How the memecoin game is played Where'd The Money Go, And Other Questions Who Let The Doge(coin) Out? This episode was hosted by Alexi Horowitz-Ghazi and Nic Neves. This episode was produced by James Sneed. It was edited by Jess Jiang. Fact-checked by Sierra Juarez. And engineered by Jimmy Keeley. Alex Goldmark is Planet Money 's executive producer. Find more Planet Money : Facebook / Instagram / TikTok / Our weekly Newsletter . Listen free at these links: Apple Podcasts , Spotify , the NPR app or anywhere you get podcasts. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money + in Apple Podcasts or at plus.npr.org/planetmoney . Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy…

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The Memecoin Casino 28:11

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What do Moo Deng the pygmy hippo, social media sensation Hawk Tuah, and the President of the United States all have in common? They've all inspired highly valuable, highly volatile memecoins. The humble memecoin began as a sort of satirical send up of speculation in the crypto world. But it was a joke that soon became very real. In the decade since the launch of Dogecoin in 2013, a series of cultural shifts and technological leaps enabled an explosion in the number of new memecoins. And this memecoin explosion has not only minted millionaires but also led to hordes of unlucky investors and untold scams. On today's show, what's in a memecoin? How they went from a one-off joke to a speculative frenzy worth tens of billions of dollars? And who are the winners and losers in this brazen new market? wow such tease many listens Find more Planet Money : Facebook / Instagram / TikTok / Our weekly Newsletter . Listen free at these links: Apple Podcasts , Spotify , the NPR app or anywhere you get podcasts. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money + in Apple Podcasts or at plus.npr.org/planetmoney . Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy…

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The controversy over Tyson Foods' hiring of asylum seekers 25:03

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Last year, Tyson Foods shuttered a meat processing plant in Perry, Iowa. The company said it made the decision because the plant was old and inefficient. But the closure was devastating for the residents of Perry. The plant had employed some 1200 workers in a town with a population of only 8000. At the same time, Tyson was also busy hiring workers elsewhere. It was working with a non-profit group that helps connect companies with asylum seekers and refugees looking for work. Tyson ultimately hired hundreds of new workers through this partnership. Was this just a coincidence? Or were these two stories actually one story - a story about one of the country's biggest meat processors forcing out American workers and replacing them with migrants? On today's show we take a look at the controversy surrounding Tyson's hiring moves and how things look from the perspective of the workers themselves. Find more Planet Money : Facebook / Instagram / TikTok / Our weekly Newsletter . Listen free at these links: Apple Podcasts , Spotify , the NPR app or anywhere you get podcasts. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money + in Apple Podcasts or at plus.npr.org/planetmoney . Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy…

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The rise and fall of Long Term Capital Management 27:36

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There's this cautionary tale, in the finance world, that nearly any trader can tell you. It's about placing too much confidence in math and models. It's the story of Long Term Capital Management. The story begins back in the 90s. A group of math nerds figured out how to use a mathematical model to identify opportunities in the market, tiny price discrepancies, that they could bet big on. Those bets turned into big profits, for them and their clients. They were the toast of Wall Street; it looked like they'd solved the puzzle of risk-taking. But their overconfidence in their strategy led to one of the biggest financial implosions in U.S. history, and destabilized the entire market. On today's show, what happens when perfect math meets the mess of human nature? And what did we learn (and what did we not learn) from the legendary tale of Long Term Capital Management? This episode of Planet Money was hosted by Mary Childs and Jeff Guo. It was produced by Sam Yellowhorse Kesler and edited by Jess Jiang. It was fact-checked by Sierra Juarez and engineered by Robert Rodriguez. Alex Goldmark is our executive producer. Find more Planet Money : Facebook / Instagram / TikTok / Our weekly Newsletter . Listen free at these links: Apple Podcasts , Spotify , the NPR app or anywhere you get podcasts. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money + in Apple Podcasts or at plus.npr.org/planetmoney . Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy…

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Can the president override Congress on spending? 22:14

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So the president can't spend more money than Congress has agreed and voted to spend. But can the president spend less money than Congress wants? It all comes down to something called "impoundment" and the Impoundment Control Act of 1974, which controls when and how a president can take away money Congress has appropriated. President Trump followed the Impoundment Control Act rules back in 2018. But now, in his second term, he's saying he thinks that law is unconstitutional. On this episode: the history of impoundment, from Thomas Jefferson to Richard Nixon and Bill Clinton. And what constitutional scholars and judges are saying after Trump attempted to dismantle a federal agency and freeze trillions in federal funding that goes to states for everything from new school buses to public health research. We've got more about impoundment in the latest Planet Money newsletter . Check out The Indicator's episodes on the gutting of USAID and how American farmers are affected in USAID cuts . And, our previous episode on the big government money pipe that's being closely watched right now. Find more Planet Money : Facebook / Instagram / TikTok / Our weekly Newsletter . Listen free at these links: Apple Podcasts , Spotify , the NPR app or anywhere you get podcasts. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money + in Apple Podcasts or at plus.npr.org/planetmoney . Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy…

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The Big Government Money Pipe Freeze 25:52

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There has been chaotic uncertainty around billions of dollars allocated by Congress. The Trump administration ordered a pause on — and review of — certain types of federal assistance. A judge blocked that freeze. But reports continue to emerge that certain parts of the government were not getting their money. As a result, hundreds and hundreds of people have lost their jobs, clinics and daycares across the country have been left wondering if they'll have money to operate, retirees have worried about getting their payments. But the United States is a country of transparency. And if you know where to look, there is a way to cut through all the confusion. Because there's this one big pipe from the US Treasury through which most federal spending flows. So, today, we discover a way to go look at that money pipe. And we'll look at some of the people and the programs on the other end of that pipe. And we tell you about a tool (it's at The Hamilton Project! Right here .) that you can use to follow along from home, right now, as this gigantic federal spending story continues developing and developing. Find more Planet Money : Facebook / Instagram / TikTok / Our weekly Newsletter . Listen free at these links: Apple Podcasts , Spotify , the NPR app or anywhere you get podcasts. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money + in Apple Podcasts or at plus.npr.org/planetmoney . Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy…

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The 'Crypto Wizard' vs. Nigeria 22:34

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The trip that changed Tigran Gambaryan's life forever was supposed to be short — just a few days. When he flew to Nigeria in February of 2024, he didn't even check a bag. Tigran is a former IRS Special Agent. He made his name investigating high-profile dark web and cryptocurrency cases. Some colleagues called him the 'Crypto Wizard' because of his pioneering work tracing crypto transactions for law enforcement. Since 2021, he's worked at the world's largest crypto exchange, Binance. Tigran was in Nigeria as a sort of envoy. He was supposed to meet with government officials and show them that Binance – and crypto itself – was safe, reliable, and law-abiding. One of the most important meetings was at the headquarters of the Office of the National Security Advisor. He says officials there made him wait hours. And when officials finally came into the room, they accused Binance of a host of crimes and of tanking the Nigerian economy. They then told Tigran that they weren't going to let him leave Nigeria until they were satisfied that Binance was going to remedy the situation. On today's show, in a collaboration with Click Here from Recorded Future News , we hear about Tigran's eight month detention in Nigeria. In his first recorded interview after his release, he shares details about his captivity, how he survived one of Nigeria's most infamous prisons, and how he got out. Support our show and hear bonus episodes by subscribing to Planet Money + in Apple Podcasts or on npr.org . Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy…

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The fight for a legendary shipwreck's treasure 23:29

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The San Jose was a marvel of 17th century technology. The Spanish galleon weighed more than a thousand tons, was made of wood reinforced with iron, and featured three masts and 64 cannons. In its cargo were gold, silver, silk and porcelain. But in 1708, it sank after a battle with an English ship near what is now Colombia. For centuries, the shipwreck was the stuff of legends, until 2015 when underwater investigators found what they believed to be the San Jose's wreckage. The treasure on board this ship could be worth billions of dollars. But who owns it? Today on the show, four groups stake their claims to the wreck of the San Jose. Those claims reveal a lot about who has a say over the bottom of the sea and how we can begin to untangle the complicated legacy of colonialism. This episode of Planet Money was hosted by Erika Beras and Mary Childs. It was produced by Sam Yellowhorse Kesler with reporting help from Willa Rubin and edited by Keith Romer. It was fact-checked by Sierra Juarez and engineered by Neil Rauch with help from Robert Rodriguez. Alex Goldmark is Planet Money's executive producer. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money + in Apple Podcasts or at plus.npr.org/planetmoney . Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy…

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How the scratch off lottery changed America 29:42

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Americans spend more on scratch lottery tickets per year than on pizza. More than all Coca-Cola products. Yet the scratch ticket as a consumer item has only existed for fifty years. Not so long ago, the idea of an instant lottery, of gambling with a little sheet of paper, was strange. Scary, even. So, how did scratch lotteries go from an idea that states wanted nothing to do with, to a commonplace item? It started in a small, super-liberal, once-puritanical state: Massachusetts. Adults there now spend – on average – $1,037 every year on lottery tickets – mostly scratch tickets. On today's episode, a collaboration with GBH's podcast Scratch & Win , we hear the story of... the scratch-off lottery ticket! This episode was hosted by Ian Coss and Kenny Malone. Scratch & Win from GBH is produced by Isabel Hibbard and edited by Lacy Roberts. The executive producer is Devin Maverick Robins. Our version of the podcast was produced by James Sneed. It was edited by Alex Goldmark, engineered by Valentina Rodríguez Sánchez, and fact-checked by Sierra Juarez. Alex Goldmark is Planet Money 's executive producer. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money + in Apple Podcasts or at plus.npr.org/planetmoney . Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy…

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How DeepSeek changed the market's mind 26:41

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On Monday, the stock market went into a tizzy over a new AI model from Chinese company DeepSeek. It seemed to be just as powerful as many of its American competitors, but its makers claimed to have made it far more cheaply, using far less computing power than similar AI apps like ChatGPT, Claude, or Gemini. In one day, hundreds of billions of dollars were wiped off the valuations of companies related to AI. This week, investors seemed suddenly to change their minds about what our AI future would look like and which companies will (or won't) profit from it. Will we really need all those high-end computer chips, after all? What about power plants to provide electricity for all the energy-hungry AI data centers? On today's show – how DeepSeek might have changed the economics of artificial intelligence forever. This episode was produced by Willa Rubin with an assist from James Sneed. It was edited by Keith Romer and engineered by Neil Tevault. Research help from Sierra Juarez. Alex Goldmark is Planet Money's executive producer. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney . Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy…

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Re-imagining the energy grid ... through batteries (Two Indicators) 17:49

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When it comes to solar and wind power, renewable energy has always had a caveat: it can only run when the wind blows or the sun shines. The idea of a battery was floated around to make renewables available 24/7. For years, it existed as an expensive, little-used technology. Then in 2021, it took off. In this episode, we explore how this new energy market works in two states: California and Texas. In California, there is now enough grid-scale battery storage to power millions of homes — at least for a few hours — and it's growing fast. What does this success mean for the grid, and how did the state support it? Then, we visit Texas, whose approach is more free-market rodeo. The state has the second-most battery storage capacity in the U.S. And in Texas, their system was recently put to the test. So, can these large-scale batteries can help prevent blackouts? These two stories come from our sister show The Indicator , which recently reported a series about the electric battery market. Today's show was hosted by Cooper Katz McKim, Darian Woods and Wailin Wong. The original Indicator episodes were produced by Cooper Katz McKim and Corey Bridges, and edited by Kate Concannon. It was fact-checked by Sierra Juarez and engineered by Jimmy Keeley and Neil Tevault. Alex Goldmark is Planet Money's executive producer. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money + in Apple Podcasts or at plus.npr.org/planetmoney . Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy…

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The "chilling effect" of deportations 23:15

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After being sworn into office, President Trump signed a whole host of executive actions and orders that affirm his campaign promise to crack down on immigration. Trump's border czar has said Chicago is at the top of the list of places to be targeted. The city is expecting immigration raids, detentions and deportations. In the Little Village neighborhood, where the majority of residents are Mexican or of Mexican descent, people are on edge as they await what's next. Beyond the many people personally affected, past research suggests everyone could feel the impacts of mass deportation. On this episode of Planet Money we visit Little Village to see how the new administration is already having an impact. And then, we hear from an economist who looks to a recent chapter in mass deportation for insight into what the future could hold. Today's episode was hosted by Erika Beras and Amanda Aronczyk. It was produced by Willa Rubin with an assist from Emma Peaslee. It was edited by Kenny Malone, engineered by Cena Loffredo and fact-checked by Sierra Juarez. Alex Goldmark is our executive producer. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money + in Apple Podcasts or at plus.npr.org/planetmoney . Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy…

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After the fires 25:25

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The fires in Los Angeles are almost out. Residents are starting to trickle back into their burned-out neighborhoods. When they get to their houses, they face a series of almost impossible questions: Do we want to live here amongst all this destruction? And if we do, how do we even start? Today, we meet a father and son from Altadena who are confronting those choices. We pass through the National Guard checkpoints and enter the burn zone, where we see for ourselves all the challenges waiting for residents who want to rebuild. And we talk with an insurance adjuster about how the industry tries to value people's homes — and all of their possessions — after they have been reduced to rubble. For more on the California wildfires, check out our newsletter . We spoke with an economist who survived Oakland's wildfires in 1991 and has big ideas for how to rescue California from its insurance doom spiral. This episode of Planet Money was hosted by Sarah Gonzalez and Nick Fountain. It was produced by James Sneed and edited by Keith Romer. It was fact-checked by Sierra Juarez and engineered by Neil Tevault with help from Gilly Moon. Alex Goldmark is Planet Money's executive producer. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money + in Apple Podcasts or at plus.npr.org/planetmoney . Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy…

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Tariffs, grocery prices and other listener questions 27:49

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Donald Trump is just about to begin his second presidency. And it may be safe to say that every single person in America has at least one question about what's to come in the next four years. So, we thought we'd try to answer your questions — as best we can — about the economics of a second Trump term. Is now the time to shop for new tech? Can Trump actually bring down grocery and oil prices? And, does the president have the power to get rid of NPR? This episode of Planet Money was hosted by Amanda Aronczyk. It was produced by Emma Peaslee and edited by Meg Cramer. It was engineered by Neil Tevault and fact-checked by Sierra Juarez. Alex Goldmark is Planet Money's executive producer. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money + in Apple Podcasts or at plus.npr.org/planetmoney . Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy…

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The Land of the Duty Free (classic) 20:19

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