Plain English with Derek Thompson

The two biggest stories in the world right now—the war involving Iran and the rise of artificial intelligence—are, at their core, the same story: energy. The Iran conflict has become a war of competing energy blockades, with Iran squeezing American allies and America squeezing Iran. And AI is its own energy arms race, with tech companies scrambling not just for customers but for supply—chips, electricity, and data center capacity. What does it mean when every major story leads back to energy? Derek talks with energy analyst Nat Bullard about a world where power, in every sense of the word, is the thing everyone is fighting over. Subscribe to our YouTube channel here: https://www.youtube.com/@PlainEnglishwithDerekThompson If you have questions, observations, or ideas for future episodes, email us at PlainEnglish@Spotify.com. Host: Derek Thompson Guest: Nat Bullard Producer: Devon Baroldi Link: https://www.nathanielbullard.com/presentations Learn more about your ad choices. Visit podcastchoices.com/adchoices

Something weird is going on with the elevated unemployment rate for young people today, but no one knows what exactly it is. For the last year, as the unemployment rate for recent college graduates has crept up ominously, one of the questions I’ve reported more deeply than any other is: Is AI replacing young workers’ jobs? To make a long story short: I initially thought yes, then some economists convinced me the answer was no, then some other economists convinced me the answer was yes, then some other people convinced me the answer was no. Clear as mud. Today’s guest is Rogé Karma. He’s a staff writer at The Atlantic, where he writes about economics. We talk about the labor market for new hires, why young college graduates are so miserable, and why economic vibes are worth paying attention to, even if the official statistics are pointing in another direction. Subscribe to our YouTube channel here: https://www.youtube.com/@PlainEnglishwithDerekThompson If you have questions, observations, or ideas for future episodes, email us at PlainEnglish@Spotify.com. Host: Derek Thompson Guest: Rogé Karma Producer: Devon Baroldi Links:https://www.theatlantic.com/category/work-progress/ https://www.theatlantic.com/economy/2026/04/job-market-artificial-intelligence/686659/ Learn more about your ad choices. Visit podcastchoices.com/adchoices

Perhaps you’ve heard the news: The U.S. is experiencing a religious revival, and it’s concentrated among young people, who are flocking back to the fold. The Economist announced that “the West has stopped losing its religion.” The Washington Post declared that “Catholicism is drawing in Gen Z men.” This is shocking news. Since the 1990s, the share of Americans who say they have no religious affiliation has been skyrocketing. A reversal would be historic. But today’s guest, Ryan Burge, tells us that the secular pause in America is much stranger than it looks. Ryan is the author of the sensational Substack Graphs About Religion, which is full of beautiful graphs about religion. So today’s episode will be a little special for folks on YouTube and Spotify. You’ll be able to see the beautiful graphs that Ryan makes that really hammer home his deepest conclusions. Subscribe to our YouTube channel here: https://www.youtube.com/@PlainEnglishwithDerekThompson If you have questions, observations, or ideas for future episodes, email us at PlainEnglish@Spotify.com. Host: Derek Thompson Guest: Ryan Burge Producer: Devon Baroldi Links: Practically this entire episode is inspired by the work on Ryan’s amazing Substack. You can subscribe here. Learn more about your ad choices. Visit podcastchoices.com/adchoices

The 1970s oil crisis changed the world in ways that many people forget today, from the transformation of American politics to the rise of the Japanese electronics industry. The Iran war of 2026 could have similarly global consequences, from the rise of China to changes in the future of war to the acceleration of the global renewables transition. Today, Australian investor and writer Alex Turnbull joins the show to discuss the most important and most surprising second-order effects of the war. Subscribe to our YouTube channel here: https://www.youtube.com/@PlainEnglishwithDerekThompson If you have questions, observations, or ideas for future episodes, email us at PlainEnglish@Spotify.com. Host: Derek Thompson Guest: Alex Turnbull Producer: Devon Baroldi Learn more about your ad choices. Visit podcastchoices.com/adchoices

One of the themes we’ve circled in the last few weeks is the way that the modern world can hijack our values. This principle was recently articulated by the philosopher C. Thi Nguyen in an episode called "How Metrics Make Us Miserable." Thi told us that he became a philosopher to answer the biggest questions in life but discovered, in grad school, that everybody around him mostly cared about numbers. Journals were ranked by status: numbers. The university departments were ranked by status: more numbers. Individual researchers had their own h-scores and other public quantifications of prestige: numbers, numbers, and numbers. And this cult of quantification completely took over his life. The internal value of “I want to answer the world’s deepest questions” becomes replaced by the external value of “make number go up.” What do we call this extraordinary force for bulldozing our values, and replacing them with something outside of us—synthetic, bureaucratic, inauthentic? Let’s call it the machine. If you become a philosopher to discover the meaning of life but only work on the papers that you think will end up in journals scored highly by a bureaucracy you’ll never see … that’s the machine. If you’re a podcaster who wants to answer the most compelling questions in the world but ends up just focusing on rage-bait political news because that’s what YouTube fingers are clicking on, that’s the machine. What’s the opposite of the machine? It’s something a little different than success. It’s success plus the ability to hold our values in the face of external systems that try to crush them. Today’s guest Brad Stulberg calls it: excellence. Today's podcast is about excellence. Subscribe to our YouTube channel here: https://www.youtube.com/@PlainEnglishwithDerekThompson If you have questions, observations, or ideas for future episodes, email us at PlainEnglish@Spotify.com. Host: Derek Thompson Guest: Brad Stulberg Producer: Devon Baroldi Links: The Way of Excellence by Brad Stulberg Learn more about your ad choices. Visit podcastchoices.com/adchoices

Today’s podcast is an interview with one of the cofounders of the AI company Anthropic, Jack Clark. One thing I’m trying to do with the subject of artificial intelligence is offer a balance of perspectives on an issue that tends to receive mostly one-sided coverage. Some people are certain that AI is a bubble; some are certain it is not. Some are certain that AI will destroy millions of jobs; some are certain that it will not. I want listeners of this show to feel like every time they hear an intelligent take on one side of this issue, the next episode they’ll hear a countervailing take. Two weeks ago, you heard the investor and writer Paul Kedrosky argue that AI was an economic bubble. But if any single data point pierces that narrative, it’s this. From December 2025 to this month, March 2026, Anthropic has more than doubled its annual recurring revenue, from $9 billion to nearly $20 billion. According to several analysts, there is no record of any company growing this fast at this scale. Now, I don’t need Jack Clark or anybody at Anthropic to read me a corporate statement about the company’s revenue growth. I can read that myself. What I wanted to do today is ask questions that only someone in Jack’s position can answer. If Anthropic’s executives believe that AI might be as dangerous as nuclear weapons, what right does any private business have to build this sort of thing for profit? How does the company balance its reputation as the industry leader in caution and safety with its other reputation as one of the fastest developers of this technology? And if artificial intelligence has the capacity to produce a country of geniuses in a data center—as Anthropic’s CEO insists—why do Americans overall say they disapprove of artificial intelligence more than just about every other institution and individual in the world? Subscribe to our YouTube channel here: https://www.youtube.com/@PlainEnglishwithDerekThompson If you have questions, observations, or ideas for future episodes, email us at PlainEnglish@Spotify.com. Host: Derek Thompson Guest: Jack Clark Producer: Devon Baroldi Learn more about your ad choices. Visit podcastchoices.com/adchoices

If you're a typical worker with a salary, you have almost no control over how much tax you owe. But if you own a company worth billions of dollars, the income tax is, in the words of my guest today, "largely optional." Countries around the world struggle to get billionaires to pay a higher tax rate than middle-income families. Gabriel Zucman is one of the world's leading experts on tax inequality, the economist who first rigorously measured what U.S. billionaires actually pay—and he found that it's less, as a share of income, than what a middle-class American pays. He's advised Elizabeth Warren and Bernie Sanders on wealth tax proposals and recently published sweeping new research showing that the problem is global. Today, we get into the mechanics of billionaire tax avoidance, the history of failed wealth taxes, and whether the AI era is about to make all of this dramatically worse. Subscribe to our YouTube channel here: https://www.youtube.com/@PlainEnglishwithDerekThompson If you have questions, observations, or ideas for future episodes, email us at PlainEnglish@Spotify.com. Host: Derek Thompson Guest: Gabriel Zucman Producer: Devon Baroldi Learn more about your ad choices. Visit podcastchoices.com/adchoices

In 2017, Americans legally bet about $5 billion on sports. Last year, that number rose to $160 billion. Gambling hasn’t just taken over sports. It’s invaded culture, politics, and even international warfare. Bettors have already made millions of dollars wagering on the precise dates and locations of bombing campaigns in Iran, and journalists have been hounded for reporting on events that can lose bettors money. It’s one thing to believe, as I do, that it would be foolish to entirely ban sports gambling in the U.S. It’s another to watch the warp-speed casino-ification of American life and not think, “Something has gone badly wrong here!” McKay Coppins, a staff writer at The Atlantic, joins the show to discuss his new cover story on how gambling conquered sports … and everything else. Subscribe to our YouTube channel here: https://www.youtube.com/@PlainEnglishwithDerekThompson If you have questions, observations, or ideas for future episodes, email us at PlainEnglish@Spotify.com. Host: Derek Thompson Guest: McKay Coppins Producer: Devon Baroldi Links: https://www.theatlantic.com/magazine/2026/04/online-sports-betting-app-addiction/686061/ Source for all photos: Getty Images Learn more about your ad choices. Visit podcastchoices.com/adchoices

The AI buildout continues to break records, as the hyperscalers pour hundreds of billions of dollars into chips and data centers, even as investors punish their stock prices. But the revenue side of the ledger is showing signs of takeoff. In the last few weeks, OpenAI and Anthropic have added billions of dollars of cash, on their way to becoming two of the fastest growing companies in history. Last year, Derek was convinced that AI was on its way to being one of the biggest bubbles in modern capitalism’s history. But the torpid rise of AI agents is starting to change his mind. So he wanted to bring someone on to test his evolving theory. The investor and writer Paul Kedrosky returns to the show to make his own case even more firmly: AI is a bubble, and the evidence is all around us. Subscribe to our YouTube channel here: https://www.youtube.com/@PlainEnglishwithDerekThompson If you have questions, observations, or ideas for future episodes, email us at PlainEnglish@Spotify.com. Check out Paul's podcast 'The Nick, Dick and Paul Show' on YouTube and Spotify: https://www.youtube.com/@nickdickpaul https://open.spotify.com/show/6mxUS2hFE2hdaNx1sjhdYu?si=67add32695c546bf Host: Derek Thompson Guest: Paul Kedrosky Producer: Devon Baroldi Learn more about your ad choices. Visit podcastchoices.com/adchoices

Why do placebo effects work, even when patients know that they're taking a sugar pill? How do "nocebo" effects work, and why do some people hold onto beliefs that they suspect might bring them pain and suffering? What do the major world religions have to teach secular athletes and workers about the power of belief, and what does the psychological research tell us about the benefits of prayer, even for those who don't believe in God? Nir Eyal, bestselling author of the new book Beyond Belief, joins the show to talk about the research behind how our beliefs shape our lives. Subscribe to our YouTube channel here: https://www.youtube.com/@PlainEnglishwithDerekThompson If you have questions, observations, or ideas for future episodes, email us at PlainEnglish@Spotify.com. Host: Derek Thompson Guest: Nir Eyal Producer: Devon Baroldi Today’s open is adapted from Derek’s Substack essay “If Placebos Work So Well, Why Not Prescribe Sugar Pills For Everything?” Learn more about your ad choices. Visit podcastchoices.com/adchoices

The Strait of Hormuz is the tiny bottleneck that could destabilize the global economy. As a critical passageway for crude oil, natural gas, and critical inputs for fertilizer, computer chips, and plastic, this small stretch of water is a tiny chokepoint for global trade, and the war in Iran has all but shut it down. What does this mean for the U.S. economy and other countries around the world? Geopolitical analyst Rachel Ziemba joins the show to discuss. Subscribe to our YouTube channel here: https://www.youtube.com/@PlainEnglishwithDerekThompson If you have questions, observations, or ideas for future episodes, email us at PlainEnglish@Spotify.com. Host: Derek Thompson Guest: Rachel Ziemba Producer: Devon Baroldi Learn more about your ad choices. Visit podcastchoices.com/adchoices

What happens when the two biggest stories in the world—the Trump White House and the development of advanced artificial intelligence—collide? Well, nothing good, apparently. When contract negotiations broke down between the Pentagon and Anthropic, a leading AI lab, the Department of War took the extraordinary step of labeling Anthropic a "supply chain risk," a designation typically reserved for Chinese companies suspected of spying on American technology. It’s not just liberals like me that found this announcement jarring. The technology writer Dean Ball—who served as Senior Policy Advisor for AI at the White House as recently as last summer—said the decision amounted to a nearly tyrannical attack on private property. (After all, if the government can walk up to your company, make you a deal, and destroy your company if you say no, that certainly sounds like a world in which the state can destroy whatever it trains its eyes on.) So, I wanted to talk to Dean about what he sees—and why he thinks this episode is so important, and so terrifying. Today, we talk about the difference between Biden and Trump’s approach to artificial intelligence before diving into the Anthropic mess, and pulling out of it the bigger story, according to Dean: that Trump’s scattershot AI policy is just the latest sign that AI’s capabilities are growing faster than many people want to admit—this technology is going somewhere fast, and the the American government simply is not prepared for where it’s taking us. Subscribe to our YouTube channel here: https://www.youtube.com/@PlainEnglishwithDerekThompson If you have questions, observations, or ideas for future episodes, email us at PlainEnglish@Spotify.com. Host: Derek Thompson Guest: Dean Ball Producer: Devon Baroldi Learn more about your ad choices. Visit podcastchoices.com/adchoices

Donald Trump’s polling has continued to edge down week after week. And yet approval of the Democratic Party is still stuck near its all-time low, according to Gallup and other surveys. One interpretation of these polls is that the deep unpopularity of the party is an albatross around the neck of Democratic candidates. But there’s another interpretation that I think is more interesting—and perhaps more true. The fact that the party has no clearly defined national leader, and no clearly defined “brand” (sorry), is an opportunity for young Democrats to define themselves as individuals. Rather than act like a congregation all singing from the same hymnal, they can experiment, disagree, and adapt their message to their electorate. And that might ultimately prove to be a strength of the party heading into the 2026 midterms rather than a weakness. Senator Ruben Gallego (D-Arizona) joins the show to talk about the Iran war, immigration, affordability vs. aspiration, and the future of the Democratic Party. Subscribe to our YouTube channel here: https://www.youtube.com/@PlainEnglishwithDerekThompson If you have questions, observations, or ideas for future episodes, email us at PlainEnglish@Spotify.com. Host: Derek ThompsonGuest: Ruben GallegoProducer: Devon Baroldi Learn more about your ad choices. Visit podcastchoices.com/adchoices

Dramatic regime change. Moderate regime evolution. A calamitous regional conflict. Or … no change at all. Today we consider how the Iran conflict might evolve following the killing of Supreme Leader Khamenei with Karim Sadjadpour, an American policy analyst at the Carnegie Endowment for International Peace. Subscribe to our YouTube channel here: https://www.youtube.com/@PlainEnglishwithDerekThompson If you have questions, observations, or ideas for future episodes, email us at PlainEnglish@Spotify.com. Host: Derek ThompsonGuest: Karim SadjadpourProducer: Devon Baroldi Learn more about your ad choices. Visit podcastchoices.com/adchoices

The modern world swims in numbers: work metrics, fitness metrics, health metrics, social media metrics. Sometimes the quantification of life can make things better. But very often, I think they force us to play the games we can measure rather than the games we value. The quantified life has become a modern religion: a system of values that takes us over and keeps us from living the life we want. Today’s guest is the philosopher C. Thi Nguyen. He is the author of the book The Score: How to Stop Playing Somebody Else's Game. We talk about metrics, the games of life, and how to listen to the parts of ourselves that cannot be reduced to numbers. Subscribe to our YouTube channel here: https://www.youtube.com/@PlainEnglishwithDerekThompson If you have questions, observations, or ideas for future episodes, email us at PlainEnglish@Spotify.com. Host: Derek Thompson Guest: C. Thi Nguyen Producer: Devon Baroldi Learn more about your ad choices. Visit podcastchoices.com/adchoices

The GLP-1 drug revolution has taken the medicine world by storm. I’ve done several episodes on the science of GLP-1s. But we’ve never done an episode like this before, where we talk to one of the most important people in charge of guiding the GLP-1 drug revolution. Our guest is Dave Ricks, the CEO of Eli Lilly, the largest pharmaceutical company in the world. First we talk about what makes the GLP-1 drug category special and the science that Lilly is doing to improve these drugs. Then, we talk about the pharmaceutical industry more broadly. How it works. How it could work better. And I don’t shy away from the question that I think Pharma CEOs need to take much more seriously: If the pharmaceutical industry is theoretically more devoted than any other economic category to saving people’s lives, why do Americans distrust it more than any other industry in the entire economy? Subscribe to our YouTube channel here: https://www.youtube.com/@PlainEnglishwithDerekThompson If you have questions, observations, or ideas for future episodes, email us at PlainEnglish@Spotify.com. Host: Derek ThompsonGuest: David RicksProducer: Devon Baroldi Learn more about your ad choices. Visit podcastchoices.com/adchoices

Donald Trump suffered a huge blow Friday when the Supreme Court struck down the centerpiece of his economic policy: his vast system of tariffs. So, what happens now? Harvard’s Jason Furman explains the implications for the U.S. economy, consumers, global trade, and Trump’s strategy of centralizing power in the executive branch and using trade policy as a means of wringing concessions out of other counties. Subscribe to our YouTube channel here: https://www.youtube.com/@PlainEnglishwithDerekThompson If you have questions, observations, or ideas for future episodes, email us at PlainEnglish@Spotify.com. Host: Derek ThompsonGuest: Jason FurmanProducer: Devon Baroldi Learn more about your ad choices. Visit podcastchoices.com/adchoices

In the mid-20th century, a group of media and communications scholars proposed that the shift from spoken to written language—from orality to literacy—transformed our politics, our media, our social relations, and even our sense of consciousness. Today we’re undergoing another shift: from a literate culture to something stranger—a post-literate world awash in social media and digital communications in which oral traditions are making a comeback. Bloomberg’s Joe Weisenthal, the cohost of the Odd Lots podcast, has called this one of the most important trends in the world. Today he explains how he got hooked on orality theory and why it’s the skeleton key that unlocks so many oddities of the modern world. Subscribe to our YouTube channel here: https://www.youtube.com/@PlainEnglishwithDerekThompson If you have questions, observations, or ideas for future episodes, email us at PlainEnglish@Spotify.com. Host: Derek Thompson Guest: Joe Weisenthal Producer: Devon Baroldi Learn more about your ad choices. Visit podcastchoices.com/adchoices

In his epic cover story for The Atlantic this month, staff writer Josh Tyrangiel spoke to dozens of economists, workers, tech CEOs, and AI experts about the danger that artificial intelligence might pose to the labor force. Is AI developing the capacity to automate and even replace millions of white-collar jobs, as many technologists and some economists predict? Or is this a normal technology that, like previous generations of technology, will have a much slower effect on the workforce? We cover several scenarios before asking: Why does it seem like nobody in politics is paying close enough attention to this story? Links: https://www.theatlantic.com/magazine/2026/03/ai-economy-labor-market-transformation/685731/ Subscribe to our YouTube channel here: https://www.youtube.com/@PlainEnglishwithDerekThompson If you have questions, observations, or ideas for future episodes, email us at PlainEnglish@Spotify.com. Host: Derek Thompson Guest: Josh Tyrangiel Producer: Devon Baroldi Learn more about your ad choices. Visit podcastchoices.com/adchoices

Hello! I’m back from paternity leave just in time to talk about the biggest media earthquake of the year (so far): the Washington Post meltdown. For decades, the Post was a journalistic gem with superior coverage of politics. Last week, billionaire owner Jeff Bezos decided to gut roughly a third of the staff after the paper lost hundreds of millions of dollars in the last few years. Today’s guest is Jim VandeHei, the cofounder of Politico and Axios and a former Post reporter. We talk about the decades-long rise and fall of the Post before zooming out to talk about the most important changes in news media over the past 20 years, the secret of 21st-century media success, and the coming storm of AI. To read more about Derek’s opening comments on how the future of the news industry is going back to past, check out his Atlantic article on the subject here: https://www.theatlantic.com/ideas/archive/2018/12/post-advertising-future-media/578917/ Subscribe to our YouTube channel here: https://www.youtube.com/@PlainEnglishwithDerekThompson If you have questions, observations, or ideas for future episodes, email us at PlainEnglish@Spotify.com. Host: Derek Thompson Guest: Jim VandeHei Producer: Devon Baroldi Learn more about your ad choices. Visit podcastchoices.com/adchoices