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--:-- Host (Jessica Mendoza): Welcome to The Journal, our show about money, business, and power. I'm Jessica Mendoza.
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--:-- Host (Jessica Mendoza): My colleague Asa Fitch covers a product that's often invisible to the naked eye, but critical to almost everything we do.
--:-- Asa Fitch: That's right, Jessica. Those tiny, intricate slices of silicon are called chips. And they're the engines of modern life.
--:-- Host (Jessica Mendoza): Just think about the 80s and the 90s. There were PCs and they had chips. And then there was the smartphone revolution. And then everybody's carrying a smartphone with chips in the smartphone.
--:-- Asa Fitch: And you had cloud computing, these massive data centers, and they had chips. And, of course, now you have AI. And AI sort of runs on chips.
--:-- Host (Jessica Mendoza): So every time that society's advanced, the answer has been, we need some more chips for that. That's been a boon for the companies that make chips.
--:-- Asa Fitch: Companies like TSMC, or Taiwan Semiconductor Manufacturing Company, and Samsung. The chipmaker NVIDIA is currently one of the most valuable companies in the world, worth over $3 trillion.
--:-- Host (Jessica Mendoza): But there's one company that's conspicuously missing from that list of winners. The storied American chipmaker Intel.
--:-- Asa Fitch: Intel's stock has fallen over 50% this year. It's laid off thousands of employees. And last month, it was bumped from the Dow Jones Industrial Average and replaced by NVIDIA.
--:-- Host (Jessica Mendoza): Intel's been in the Dow for 25 years. What a knock for Intel. Why is Intel struggling so much?
--:-- Asa Fitch: It's a long story. You could argue it's a tale of hubris, of excessive confidence. It's a tale of rigidity and a lack of flexibility that often large corporations have to contend with.
--:-- Host (Jessica Mendoza): Welcome to The Journal, our show about money, business, and power. I'm Jessica Mendoza. It's Monday, December 16th.
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--:-- Host (Jessica Mendoza): Coming up on the show, how Intel lost its edge. CRM was supposed to improve customer relationships. Instead, it's shorthand for can't resolve much.
--:-- [Sound effects: A quick transition]
--:-- Host (Jessica Mendoza): Which means you may have sunk a fortune into software that just bounces customer issues around but never actually solves them.
--:-- [Sound effects: A quick transition]
--:-- Host (Jessica Mendoza): On the ServiceNow AI platform, CRM stands for something better. With AI built into one platform, customers aren't mired in endless loops of automated indifference.
--:-- [Sound effects: A quick transition]
--:-- Host (Jessica Mendoza): They get what they need, when they need it.
--:-- [Sound effects: A quick transition]
--:-- Host (Jessica Mendoza): Bad CRM was then. This is ServiceNow.
--:-- [Sound effects: A quick transition]
--:-- Host (Jessica Mendoza): This episode is brought to you by Walmart.
--:-- [Sound effects: A quick transition]
--:-- Host (Jessica Mendoza): Did you know that Walmart is one of Fortune 100's best companies to work for in 2025? It's no surprise. Walmart is investing $1 billion in training and development to help associates build lasting careers, with or without a degree.
--:-- [Sound effects: A quick transition]
--:-- Host (Jessica Mendoza): In fact, 75% of Walmart management started in hourly roles. With benefits like health care, paid parental leave, and tuition support, Walmart isn't just a place to work. It's a place to grow.
--:-- [Sound effects: A quick transition]
--:-- Host (Jessica Mendoza): Learn more at walmart.com slash spark.
--:-- [Sound effects: A quick transition]
--:-- Asa Fitch: From the 1980s through the early 2000s, Intel was everywhere. The company became this dominant force with the rise of the personal computer.
--:-- Host (Jessica Mendoza): Everybody needed a computer in their house. Eventually laptops came along as well.
--:-- Asa Fitch: Most of them, almost all of them, had Intel chips inside of them.
--:-- Host (Jessica Mendoza): Intel both designed and manufactured its chips, called CPUs. And it sold them to computer makers like Dell, IBM, and Apple.
--:-- Asa Fitch: Pretty much every major computer maker in that era used Intel chips.
--:-- Host (Jessica Mendoza): There was that famous marketing campaign, of course, Intel Inside. It's like the sticker on the bottom corner of your laptop or your computer or something would say, yeah, Intel Inside in blue.
--:-- Asa Fitch: And, you know, it was a bonanza for a long time.
--:-- Host (Jessica Mendoza): And then, perhaps because of that success, Asa says Intel started to slip.
--:-- Asa Fitch: If you're a dominant player and you're just raking in the money, it's a little bit easier to not be serious about shaking things up.
--:-- Host (Jessica Mendoza): And it goes to the sort of the innovator dilemma essentially where a company becomes a powerful player in one area and then struggles to dominate or make a name for itself in another area.
--:-- Asa Fitch: One important area that Intel missed out on was the mobile phone boom in the 2010s.
--:-- Host (Jessica Mendoza): Phones, of course, also need chips. But by the time Intel started making chips for phones in a serious way, other companies already dominated.
--:-- Asa Fitch: And mobile wasn't the only trend that passed Intel by.
--:-- Host (Jessica Mendoza): Asus says it also missed out on a pretty big shift in how chips are made.
--:-- Asa Fitch: Remember, Intel had always designed and manufactured its own chips. But increasingly, companies specialized.
--:-- Host (Jessica Mendoza): Some companies just designed chips. NVIDIA is one of these. Other companies just manufactured chips, like the Taiwanese company TSMC.
--:-- Asa Fitch: So for example, NVIDIA designed chips and then hired TSMC to make them.
--:-- Host (Jessica Mendoza): And TSMC had become extremely successful in this world, was building a growing business around it.
--:-- Asa Fitch: Intel, of course, saw that happening. But Intel decided to stick to its guns and not to kind of bifurcate itself in the same way the industry is going.
--:-- Host (Jessica Mendoza): They said essentially, no, we don't want to do that.
--:-- Asa Fitch: Instead of specializing, Intel dug in and slipped further behind.
--:-- Host (Jessica Mendoza): You know, the company tries to make the most advanced chips in the world.
--:-- Asa Fitch: What that means is like, you know, when you have a chip, it's a piece of silicon. And upon that silicon, they etch billions upon billions of transistors.
--:-- Host (Jessica Mendoza): And so you might ask, okay, well, what makes one chip better than another?
--:-- Asa Fitch: The answer is basically you're able to pack more transistors in that small space.
--:-- Host (Jessica Mendoza): That's very important in the chip world. It's like the most important thing.
--:-- Asa Fitch: If you can have a lot of transistors, it means you can do a lot of stuff.
--:-- Host (Jessica Mendoza): I mean, you can produce the best AI chips in the world. You can produce the fastest calculating CPUs in the world.
--:-- Asa Fitch: Your computer that you're on now can run faster, a lot faster, if it has more transistors. It's like having a bigger brain.
--:-- Host (Jessica Mendoza): So Intel kind of lost its way in that race.
--:-- Asa Fitch: It just started to fall behind these contract chip makers like TSMC in making the most advanced chips.
--:-- Host (Jessica Mendoza): By 2019, things were not going well for the company.
--:-- Asa Fitch: That was very clear. There was a sense within the company that, you know, Intel had already sort of lost its glory.
--:-- Host (Jessica Mendoza): Its glory days were over, and the mission was to kind of bring it back.
--:-- Asa Fitch: And that's the context into which Pat Gelsinger arrives.
--:-- Host (Jessica Mendoza): Pat Gelsinger, Intel's man with a plan.
--:-- Asa Fitch: That's next.
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--:-- Host (Jessica Mendoza): This episode is brought to you by Indeed.
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--:-- Host (Jessica Mendoza): When your fridge stops working, you don't sit around waiting for all your food to spoil. You find a solution. So why wait to hire the people your company desperately needs?
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--:-- Host (Jessica Mendoza): And it truly does make a difference. Sponsored jobs receive 45% more applications than non-sponsored jobs, according to Indeed data.
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--:-- Host (Jessica Mendoza): There's no need to wait any longer. Speed up your hiring right now with Indeed.
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--:-- Host (Jessica Mendoza): That's indeed.com slash journal right now and support the show by saying you heard about Indeed on this podcast.
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--:-- Host (Jessica Mendoza): Hiring Indeed is all you need.
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--:-- Host (Jessica Mendoza): This episode is brought to you by AARP.
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--:-- Host (Jessica Mendoza): They have reskilling courses and Career tools to help your income live as long as you do.
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--:-- Host (Jessica Mendoza): The younger you are, the more you need AARP.
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--:-- Host (Jessica Mendoza): Learn more at aarp.org slash skills.
--:-- [Sound effects: A quick transition]
--:-- Asa Fitch: Who is Pat Gelsinger?
--:-- Host (Jessica Mendoza): So Pat Gelsinger is Intel's first chief technology officer, first CTO.
--:-- Asa Fitch: He's a guy who was sort of born and bred intel.
--:-- Host (Jessica Mendoza): Pat Gelsinger grew up in rural Pennsylvania.
--:-- Asa Fitch: He was a farm boy with an associate degree from a local technical college.
--:-- Host (Jessica Mendoza): But as Gelsinger explained in an oral history at age 18 his life changed Intel came recruiting and invited him out to company headquarters for an interview.
--:-- Asa Fitch: So, you know, here I am, 18 years old. I've never been on an airplane and I'm being given a free trip to California.
--:-- Host (Jessica Mendoza): According to one Intel interviewer, Gelsinger was, quote, smart, aggressive, arrogant.
--:-- Asa Fitch: He'll fit right in.
--:-- Host (Jessica Mendoza): Gelsinger would spend the next three decades of his career at Intel.
--:-- Asa Fitch: You know, when you talk about Intel Inside, that marketing campaign in the 90s, those chips that were going, those computers, were in large part, you know, thanks to Pat Gelsinger.
--:-- Host (Jessica Mendoza): You know, he did a lot in helping design those things.
--:-- Asa Fitch: Gelsinger eventually left the company. But in 2021, Intel convinced him to come back as CEO to help turn things around.
--:-- Host (Jessica Mendoza): Gelsinger's plan to do that was bold and risky.
--:-- Asa Fitch: Intel would keep designing and making its chips like it always had, but it would also start manufacturing chips for outside customers.
--:-- Host (Jessica Mendoza): It would directly take on chip manufacturers like TSMC.
--:-- Asa Fitch: They were going to go full steam ahead, create this contract chip-making business within Intel, and use that to fill up its factories and do more manufacturing, basically, and make more money.
--:-- Host (Jessica Mendoza): And as part of that, Intel was going to expand its factory footprint, just build more factories.
--:-- Asa Fitch: Those factories don't come cheap, by the way.
--:-- Host (Jessica Mendoza): Gelsinger's plan was projected to cost over $100 billion in coming years.
--:-- Asa Fitch: Even with outside investment and government money from the CHIPS Act, it would be a hefty bill.
--:-- Host (Jessica Mendoza): The problem in the chip industry is that you have to make decisions today about what you're going to need several years from now, even five, ten years from now.
--:-- Asa Fitch: Gelsinger had to essentially predict many years in advance what the demand might be for these chips and build those factories accordingly.
--:-- Host (Jessica Mendoza): Yeah, you're betting. You're betting.
--:-- Asa Fitch: It's fundamentally a bet.
--:-- Host (Jessica Mendoza): So for Intel, given where it was at that time, was it kind of a make or break bet?
--:-- Asa Fitch: It was. I mean, it was absolutely.
--:-- Host (Jessica Mendoza): And Pat said at the time, you know, it was a bet the company move.
--:-- Asa Fitch: And how did that bet go?
--:-- Host (Jessica Mendoza): You know, Intel tried to attract customers for its contract chip making business. And it had trouble.
--:-- Asa Fitch: I mean, the big customers for the contract chip making business are Apple, NVIDIA, of course. You know, Qualcomm, there's some others.
--:-- Host (Jessica Mendoza): But Intel had this internal goal that they were going to be the second largest contract chipmaker in the world by 2030.
--:-- Asa Fitch: And, you know, it's almost 2025. And the amount of major customers that Intel was getting in the door was just, you know, it wasn't huge.
--:-- Host (Jessica Mendoza): Chip designers were hesitant to jump manufacturers, especially since Intel didn't have a history as a contract chipmaker.
--:-- Asa Fitch: And Intel also had a culture issue.
--:-- Host (Jessica Mendoza): Contract shipmaking is really a customer service business.
--:-- Asa Fitch: You know, if your customer wants something, you bend over backwards to make it happen for them.
--:-- Host (Jessica Mendoza): Right. For Intel, they hadn't really been like that.
--:-- Asa Fitch: I mean, their customer had been just Intel.
--:-- Host (Jessica Mendoza): They didn't really have that experience, like dealing with those kinds of customers.
--:-- Asa Fitch: Meant that it was just a little bit more difficult to get that business started.
--:-- Host (Jessica Mendoza): All of this would have been challenging enough, even if the chip industry had stayed relatively stable.
--:-- Asa Fitch: But just a year into Gelsinger's massive turnaround effort, one viral product changed everything.
--:-- Host (Jessica Mendoza): Basically, it's ChatGPT.
--:-- Asa Fitch: ChatGPT came along, and that leads to a flurry of interest and investment in generative AI, people developing these big AI models.
--:-- Host (Jessica Mendoza): And that, in turn, leads to huge investments in chips that are needed to build these kinds of models.
--:-- Asa Fitch: And those chips are made almost entirely by NVIDIA.
--:-- Host (Jessica Mendoza): Intel made its name with CPUs.
--:-- Asa Fitch: But NVIDIA has always specialized in designing a different kind of chip, called a GPU.
--:-- Host (Jessica Mendoza): It stands for Graphics Processing Unit.
--:-- Asa Fitch: GPUs were originally designed to handle the complex graphics in video games.
--:-- Host (Jessica Mendoza): But over the past decade or so, AI researchers discovered another use for them, as the brains of AI.
--:-- Asa Fitch: If you want to train or run an AI model, you need a lot of GPUs.
--:-- Host (Jessica Mendoza): And NVIDIA had a huge head start on everyone, including Intel.
--:-- Asa Fitch: After ChatGPT came out demand for NVIDIA chips exploded and it kept up ever since.
--:-- Host (Jessica Mendoza): So that was a huge huge challenge for Intel.
--:-- Asa Fitch: When the AI boom really took hold everything was going to AI chips and significantly less amount of money was going to Intel's chips.
--:-- Host (Jessica Mendoza): So there was this dramatic shift that really hurt Intel financially at a time when the company really just needed money to build these huge factories that cost billions upon billions of dollars and execute this turnaround plan that Pat had concocted.
--:-- Asa Fitch: So it really could not have come at a worse time for Intel.
--:-- Host (Jessica Mendoza): Intel was burning through cash to get its chip-making business off the ground.
--:-- Asa Fitch: And with the AI boom cutting into its sales, it was cash the company increasingly didn't have.
--:-- Host (Jessica Mendoza): So Gelsinger and his team economized.
--:-- Asa Fitch: Intel laid off thousands of staff and suspended its dividend.
--:-- Host (Jessica Mendoza): It cut billions of dollars in costs.
--:-- Asa Fitch: But the fundamental picture didn't change.
--:-- Host (Jessica Mendoza): Since Gelsinger took the helm, Intel's stock has lost 60% of its value.
--:-- Asa Fitch: Its sales have plummeted.
--:-- Host (Jessica Mendoza): And in October, the company posted the biggest quarterly loss in its history.
--:-- Asa Fitch: Then last week, Intel just moments ago announcing that CEO Pat Gelsinger retired effective yesterday.
--:-- Host (Jessica Mendoza): Pat Gelsinger is retiring from the Santa Clara company.
--:-- Asa Fitch: He stepped down from the board of directors effective immediately.
--:-- Host (Jessica Mendoza): According to someone familiar with what happened, it was retirement, but the circumstances were that the board gave him the option to retire or be removed, and he chose to retire.
--:-- Asa Fitch: And what was the reaction in your world to that news?
--:-- Host (Jessica Mendoza): You know, many people were surprised by Gelsinger being ousted because, you know, this is a very ambitious turnaround plan.
--:-- Asa Fitch: The company had already invested a lot of resources in making the turnaround work.
--:-- Host (Jessica Mendoza): Intel has been on successive rounds of cost-cutting for the past couple of years at this point.
--:-- Asa Fitch: They've done layoffs, they've cut costs wherever they can, and all of that has been in service of making this plan work.
--:-- Host (Jessica Mendoza): And so there's a lot of surprise, actually, that at this juncture, Gelsinger would be ousted.
--:-- Asa Fitch: But, you know, I think the board just sort of lost confidence in Pat and the plan and the way that the speed at which it was going and the results from it.
--:-- Host (Jessica Mendoza): In a statement, Gelsinger said that leading Intel has been, quote, the honor of my lifetime.
--:-- Asa Fitch: He called his departure bittersweet.
--:-- Host (Jessica Mendoza): An Intel spokesman said the changes the company had made over the past few years had revitalized its chip technology and laid the groundwork for the company's future.
--:-- Asa Fitch: Asa says that Intel may ultimately stick with Gelsinger's turnaround strategy, just under a new chief executive.
--:-- Host (Jessica Mendoza): Last week, the company's interim CEOs said Intel is still highly invested in building out a contract chip-making business.
--:-- Asa Fitch: Looking at sort of Intel's journey here, when we think about other sort of storied American companies that might be watching, What would you say is the cautionary tale here?
--:-- Host (Jessica Mendoza): It's hard to know how this period of the company's history will be seen, but it may be that it's seen as, you know, no CEO could have turned around Intel.
--:-- Asa Fitch: But if somebody could have, it would have been Pat Gelsinger, and this would have been the plan.
--:-- Host (Jessica Mendoza): It just didn't work out.
--:-- Asa Fitch: And, you know, maybe the history shows that in the final analysis, that if Intel were to be set or right again, And it would have had to have happened a long time before Pat Gelsinger took over as CEO.
--:-- Host (Jessica Mendoza): When you get that big, it's harder to, you know, as Lou Gerster wrote in his book about IBM, make elephants dance, if you will.
--:-- Asa Fitch: You know, make large companies do agile things is hard.
--:-- Host (Jessica Mendoza): And what Intel has needed in the past years has been agility.
--:-- Asa Fitch: That's all for today, Monday, December 16th.
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- Asa Fitch: Additional reporting in this episode by Ben Cohen.
--:-- Host (Jessica Mendoza): Thanks for listening. See you tomorrow.
--:-- [Theme music starts playing]
--:-- Host (Jessica Mendoza): Yo, this is important, man.
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--:-- Host (Jessica Mendoza): Uh, my favorite Lululemon shorts, the ones you got me back in the day.
--:-- [Sound effects: A quick transition]
--:-- Host (Jessica Mendoza): I think they're pace breakers, the ones with all the pockets.
--:-- [Sound effects: A quick transition]
--:-- Host (Jessica Mendoza): Well, I just got back from vacation and I think I left them in my hotel room.
--:-- [Sound effects: A quick transition]
--:-- Host (Jessica Mendoza): And dude, I need to replace these shorts.
--:-- [Sound effects: A quick transition]
--:-- Host (Jessica Mendoza): I wear them like every day with that Lulu hoodie you got me.
--:-- [Sound effects: A quick transition]
--:-- Host (Jessica Mendoza): Could you send me the link to where you got them?
--:-- [Sound effects: A quick transition]
--:-- Host (Jessica Mendoza): Thanks, bro.
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--:-- Host (Jessica Mendoza): Talk soon.
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--:-- Host (Jessica Mendoza): Looking for your newest go-tos?
--:-- [Sound effects: A quick transition]
--:-- Host (Jessica Mendoza): Shop Lululemon's bestsellers now at lululemon.com.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): Additional reporting in this episode by Ben Cohen.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): Thanks for listening. See you tomorrow.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): Learn more about your ad choices. Visit megaphone.fm/adchoices.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
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--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
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--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
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--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
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--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
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--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
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--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
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--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
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--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
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--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
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--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
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--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
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--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
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--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
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--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
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--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
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--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
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--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
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--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
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--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
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--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
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--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
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--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
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--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
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--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
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--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
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--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of Spotify and The Wall Street Journal.
--:-- [Theme music continues to play]
--:-- Host (Jessica Mendoza): The Journal is a co-production of
