On with Kara Swisher Winners, Losers & WTF Moments: A Look Back at 2025’s Top Tech Stories
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Dec 22, 2025 
Bill Cohan, a financial journalist and Puck co-founder, joins tech experts Casey Newton, Joanna Stern, and Charlie Warzel to dissect the chaotic tech landscape of 2025. They tackle the rising AI bubble and economic disruption, while exploring the impact of Trump on the tech industry. Key topics include TikTok's ownership shuffle, the implications of Musk's antics, and the challenges posed by emerging technologies like home robots and disinformation on social media. The group shares predictions for 2026, hinting at a turbulent future ahead.
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2025 Was A Convergence Year
- 2025 was defined by AI hype, political entanglement, and big tech spectacle.
- These forces combined to create market distortions and cultural upheaval.
AI Valuations Echo Dotcom Hype
- Bill Cohan warned that AI valuations mirror past hype cycles and risk a major shakeout.
- He expects winners and losers and doubts current private valuations are justified.
Data Centers Are The New Backbone
- Casey Newton argued data centers are the defining infrastructure of the AI buildout.
- He noted their cost rivals the U.S. interstate system and anticipatory demand drives construction.