Why do some companies get valued at billions before they even make a profit?

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Why do some companies get valued at billions before they even make a profit? Join Sean Aylmer &amp; Michael Thompson as they answer questions on business, investing, economics, politics and more. If you have your own question for Ask Fear &amp; Greed, get in touch via our&nbsp;<a href="https://www.google.com/url?q=http://fearandgreed.com.au&amp;sa=D&amp;source=calendar&amp;ust=1747704264633091&amp;usg=AOvVaw3HWWTICYvdAisYeR93OZlL">website</a>,&nbsp;<a href="https://www.google.com/url?q=https://www.linkedin.com/company/fear-and-greed&amp;sa=D&amp;source=calendar&amp;ust=1747704264633091&amp;usg=AOvVaw0bLmhQuIEYVcbN1B7C_Xy2">LinkedIn</a>,&nbsp;<a href="https://www.google.com/url?q=https://www.instagram.com/fearandgreedpodcast/&amp;sa=D&amp;source=calendar&amp;ust=1747704264633091&amp;usg=AOvVaw3p5578GUVto4MYLZd774B9">Instagram</a>&nbsp;or&nbsp;<a href="https://www.google.com/url?q=https://www.facebook.com/FearAndGreedPodcast&amp;sa=D&amp;source=calendar&amp;ust=1747704264633091&amp;usg=AOvVaw1AaI4hKGtnzpkBOaX_28Ev">Facebook</a>!

Business news you can use. A daily business news podcast with journalists Sean Aylmer and Michael Thompson. Find out more at https://fearandgreed.com.au

Business news you can use. A daily business news podcast with journalists <a href="https://www.linkedin.com/in/sean-aylmer-9922068/" data-saferedirecturl="https://www.google.com/url?q=https://www.linkedin.com/in/sean-aylmer-9922068/&amp;source=gmail&amp;ust=1689199223540000&amp;usg=AOvVaw0wu3ezGEfBZFYspJbTTaYL">Sean Aylmer</a>&nbsp;and&nbsp;<a href="https://www.linkedin.com/in/mcwthompson/" data-saferedirecturl="https://www.google.com/url?q=https://www.linkedin.com/in/mcwthompson/&amp;source=gmail&amp;ust=1689199223540000&amp;usg=AOvVaw08pZ8jZ88rHJgCfbHkTr5k">Michael Thompson</a>.&nbsp;Find out more at&nbsp;<a href="https://protect-au.mimecast.com/s/7AmQCOMxmAtl5q0qiE-KY7?domain=fearandgreed.com.au/" data-saferedirecturl="https://www.google.com/url?q=https://protect-au.mimecast.com/s/7AmQCOMxmAtl5q0qiE-KY7?domain%3Dfearandgreed.com.au/&amp;source=gmail&amp;ust=1689199223540000&amp;usg=AOvVaw1DLq_FuqjEt3HC-ZK1704H">https://fearandgreed.com.au</a>

Fear and Greed is Australia's most popular business podcast.

FEAR & GREED | Business News

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Fear & Greed Q+A

Daily business news for people who make their own decisions, with business journalist Sean Aylmer and Michael Thompson. Find out more at https://fearandgreed.com.au

Daily business news for people who make their own decisions, with business journalist <a href="https://www.linkedin.com/in/sean-aylmer-9922068/">Sean Aylmer</a> and <a href="https://www.linkedin.com/in/mcwthompson/">Michael Thompson</a>. Find out more at <a href="https://protect-au.mimecast.com/s/7AmQCOMxmAtl5q0qiE-KY7?domain=fearandgreed.com.au/">https://fearandgreed.com.au</a>

Ask Fear & Greed: How are companies valued at billions without a profit?

https://api.omny.fm/orgs/2fb3740d-3436-44af-8cc0-a91900716aa5/clips/58d66a71-4857-46dd-a25f-b2de00180b91/transcript

Tuesday 28 April 2026

Aussie small cap stocks underperform as investors look for high quality assets. 

 
IFM Investors makes a near $7 billion bid for toll road group Atlas Arteria
Space ETFs are all the rage
Cash usage rises
Two runners break the two-hour barrier for the first time at the London marathon… and the winner is Adidas

 

Join our free daily newsletter here.

 

And don’t miss the latest episode of How Do They Afford That? - if you lost your job tomorrow, would you be okay? Get the episode from APPLE, SPOTIFY, or anywhere you listen to podcasts.

Tuesday 28 April 2026
Aussie small cap stocks underperform as investors look for high quality assets.&nbsp;
&nbsp;
<ul>
<li aria-level="1">IFM Investors makes a near $7 billion bid for toll road group Atlas Arteria</li>
<li aria-level="1">Space ETFs are all the rage</li>
<li aria-level="1">Cash usage rises</li>
<li aria-level="1">Two runners break the two-hour barrier for the first time at the London marathon&hellip; and the winner is Adidas</li>
</ul>
&nbsp;
Join our<a href="https://fearandgreed.com.au/newsletter-signup"> free daily newsletter here</a>.
&nbsp;
And don&rsquo;t miss the latest episode of<a href="https://fearandgreed.com.au/how-do-they-afford-that-sugar-mamma-canna-campbell/"> How Do They Afford That?</a> - if you lost your job tomorrow, would you be okay? Get the episode from<a href="https://podcasts.apple.com/au/podcast/how-do-they-afford-that/id1644255235"> APPLE</a>,<a href="https://open.spotify.com/show/1EW5WRlRh7MovSBNkk6dG8?si=b2203ec2fa934a14"> SPOTIFY</a>, or anywhere you listen to podcasts.

Investors dump small caps; cash usage rises; Adidas the winner in marathon record

https://api.omny.fm/orgs/2fb3740d-3436-44af-8cc0-a91900716aa5/clips/6e3b46da-2302-4538-9df6-b43900c21e68/transcript

Artificial intelligence is transforming business - but the biggest lessons aren’t always what companies expect. Sean Aylmer speaks with Telstra CEO Vicki Brady about how one of Australia’s largest companies is rolling out AI across its operations. 

They discuss the moment when Telstra’s early AI efforts didn’t deliver, and why the real issue wasn’t the technology, but the underlying data. They also look at how that lesson reshaped Telstra’s approach, from fixing core systems to embedding AI into strategy, culture and day-to-day work.

Vicki Brady spoke at the Microsoft AI Tour, which featured some of the biggest names in technology and business. For the highlights and announcements from the event, click here.

Fear & Greed is a partner of Microsoft for this event.

Artificial intelligence is transforming business - but the biggest lessons aren&rsquo;t always what companies expect. Sean Aylmer speaks with Telstra CEO Vicki Brady about how one of Australia&rsquo;s largest companies is rolling out AI across its operations. They discuss the moment when Telstra&rsquo;s early AI efforts didn&rsquo;t deliver, and why the real issue wasn&rsquo;t the technology, but the underlying data. They also look at how that lesson reshaped Telstra&rsquo;s approach, from fixing core systems to embedding AI into strategy, culture and day-to-day work. Vicki Brady spoke at the&nbsp;<a href="https://www.google.com/url?q=https://news.microsoft.com/source/asia/region/australia-new-zealand/&amp;sa=D&amp;source=calendar&amp;ust=1777710371984707&amp;usg=AOvVaw3S2kpcHEeesnnDv_rDKCz0">Microsoft AI Tour</a>, which featured some of the biggest names in technology and business. For the highlights and announcements from the event, click <a href="https://www.google.com/url?q=https://news.microsoft.com/source/asia/region/australia-new-zealand/&amp;sa=D&amp;source=calendar&amp;ust=1777710371984707&amp;usg=AOvVaw3S2kpcHEeesnnDv_rDKCz0">here</a>. Fear &amp; Greed is a partner of Microsoft for this event.

Q+A: The AI lesson that surprised Telstra CEO Vicki Brady

https://api.omny.fm/orgs/2fb3740d-3436-44af-8cc0-a91900716aa5/clips/067b9ad8-527f-482b-828f-b43900c14f9d/transcript

This is the Fear & Greed Afternoon Report - everything you need to know about what happened in the markets, economy and world of business today, in just a few minutes.
ASX off 0.2pc
PM texts Trump after attack
Snowy Hydro blowout claims
Google & Meta’s offshore payments
Jerome Powell probe dropped

Join our free daily newsletter here.

This is the<a href="https://fearandgreed.com.au/"> Fear &amp; Greed</a> Afternoon Report - everything you need to know about what happened in the markets, economy and world of business today, in just a few minutes.
<ol>
<li aria-level="1">ASX off 0.2pc</li>
<li aria-level="1">PM texts Trump after attack</li>
<li aria-level="1">Snowy Hydro blowout claims</li>
<li aria-level="1">Google &amp; Meta&rsquo;s offshore payments</li>
<li aria-level="1">Jerome Powell probe dropped</li>
</ol>
Join our<a href="https://fearandgreed.com.au/newsletter-signup"> free daily newsletter here</a>.

Afternoon Report | ASX down 0.2pc; reports of Iran offer

https://api.omny.fm/orgs/2fb3740d-3436-44af-8cc0-a91900716aa5/clips/6a67e9a1-fef1-4e9e-a2c6-b43900734c85/transcript

Ask Fear & Greed: How are companies valued at billions without a profit?

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