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.

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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

Investors ramp up their selling of tech stocks as the implications of AI filter through the market. 

Wednesday 25 February 2026
Federal Treasury says scaling back the capital gains tax concession for property investors will help first-home buyers
The federal government releases the business case for a $92 billion high speed rail link between Sydney and Newcastle
The owner of Westfield shopping centres wants to build 16,000 apartments at six of its malls
Donald Trump's tariffs kick in, at ten per cent, not 15 per cent

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And don’t miss the latest episode of How Do They Afford That? - this week, starting from scratch with money. Get the episode from APPLE, SPOTIFY, or anywhere you listen to podcasts.

Investors ramp up their selling of tech stocks as the implications of AI filter through the market.&nbsp;
Wednesday 25 February 2026
<ul>
<li aria-level="1">Federal Treasury says scaling back the capital gains tax concession for property investors will help first-home buyers</li>
<li aria-level="1">The federal government releases the business case for a $92 billion high speed rail link between Sydney and Newcastle</li>
<li aria-level="1">The owner of Westfield shopping centres wants to build 16,000 apartments at six of its malls</li>
<li aria-level="1">Donald Trump's tariffs kick in, at ten per cent, not 15 per cent</li>
</ul>
Join our<a href="https://fearandgreed.com.au/newsletter-signup"> free daily newsletter here</a>.
 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> - this week, starting from scratch with money. 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.

Tech sell-off escalates; CGT cut to help first home buyers; $92b high-speed rail link

https://api.omny.fm/orgs/2fb3740d-3436-44af-8cc0-a91900716aa5/clips/34b78258-dea2-4170-b538-b3fb00aa3ec5/transcript

Australia has a productivity problem, and AI is often pitched as the solution. But while companies are running pilots everywhere, very few are actually getting AI into enterprise production.

Sean Aylmer speaks with Frank Fillmann, Executive Vice President and general manager of Salesforce ANZ, about why 95% of AI pilots fail, why the “last mile” is so hard, and how businesses can move from slick demos to real P&L impact.
Frank will be appearing today at Agentforce World Tour Sydney.

Fear & Greed is proud to partner with Salesforce for this event at the ICC. Over the next couple of weeks, we'll bring you a series of interviews exploring how agentic AI is transforming Aussie businesses. Visit https://www.salesforce.com/au/news/ for more information.

Australia has a productivity problem, and AI is often pitched as the solution. But while companies are running pilots everywhere, very few are actually getting AI into enterprise production. Sean Aylmer speaks with Frank Fillmann, Executive Vice President and general manager of Salesforce ANZ, about why 95% of AI pilots fail, why the &ldquo;last mile&rdquo; is so hard, and how businesses can move from slick demos to real P&amp;L impact. Frank will be appearing today at Agentforce World Tour Sydney. Fear &amp; Greed is proud to partner with Salesforce for this event at the ICC. Over the next couple of weeks, we'll bring you a series of interviews exploring how agentic AI is transforming Aussie businesses. Visit&nbsp;<a href="https://www.google.com/url?q=https://www.salesforce.com/au/news/&amp;sa=D&amp;source=calendar&amp;ust=1772360656499380&amp;usg=AOvVaw273nOaO3nuqd_TwzBfocaK">https://www.salesforce.com/au/news/</a>&nbsp;for more information.

Q+A: How AI can really solve our productivity dilemma

https://api.omny.fm/orgs/2fb3740d-3436-44af-8cc0-a91900716aa5/clips/c5af1898-7872-47e6-b195-b3fb00aa3a1e/transcript

This is the Fear and 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 flat; tech tumbles


Ex-ANZ boss drops lawsuit


Profit season delivers mixed results


Airlines battle over loyalty bonuses


Mandelson caught up in Epstein probe

Join our free daily newsletter here.

This is the&nbsp;<a href="https://fearandgreed.com.au/">Fear and 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 data-start="0" data-end="42">
ASX flat; tech tumbles
</li>
<li data-start="0" data-end="42">
Ex-ANZ boss drops lawsuit
</li>
<li data-start="0" data-end="42">
Profit season delivers mixed results
</li>
<li data-start="135" data-end="176">
Airlines battle over loyalty bonuses
</li>
<li data-start="178" data-end="218" data-is-last-node="">
Mandelson caught up in Epstein probe
</li>
</ol>
Join our <a href="https://fearandgreed.com.au/newsletter-signup">free daily newsletter here</a>.

Afternoon Report | ASX wobbles amid tariff uncertainty

https://api.omny.fm/orgs/2fb3740d-3436-44af-8cc0-a91900716aa5/clips/1aafc4b5-4c73-49f7-ada7-b3fb00613e5a/transcript

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

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FEAR & GREED | Business News

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