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Pacific City. The importance of 50th birthday.  Parents are responsible for maintaining relationships with their children. Markets Netflix Stock down 43-45%. PE at 18. Churn all-time low. Q3 Revenue up 14% YoY20% revenue growth in IndiaChristmas NFL gamesThanksgiving NFL game with U2Play Ted at 8:00. Peter Rice and letting folks go. Bill Ackman is back into Netflix. Said he leaned to stick with his gut. https://stocks.apple.com/AXaKywjOvS0Cr-dA7vL_rNwIn Q3, we bought back 63.9 million shares for $4.8B, our largest quarter ever of stock repurchases. YoY shares o/s decreased from 4.34m to 4.19m. So ~100,000Can revenue grow double digits in 2027: member growth, pricing, Ads. Ads grew slower than expected. But very focused. Questions about expense impact of layoffs; Will not talk about expense reduction #’s.Key Takeaway:  The message is clear: US programming need to be better.SpaceX Earnings Call Webcast.  Q3 Results Letter Overall Live video. The best.Space: Total Satellites in Orbit 11.1K Connectivity Starlink:  As of September 30, 2026, reached 13.6 million Starlink consumer subscribers, up 1.6 million sequentially driven by growth in developed markets, and have hundreds of thousands of additional enterprise subscribers. Activated Starlink across existing and new aviation partnerships, reaching over 3,800 aircraft equipped with Starlink Verizon CEO. Saying 5+ years build. Elon just responded and said 2-3 years. Super Intelligence Here.  Playsimply play Elon talking about not fair the people deploying terrestrial. Or aPlay 14.30 - 100x the bandwidth of today 3 year from now Why Demand: Agents will multiply and will use orders of magnitude more bandwidth than humans In 3 years will have 100x the bandwidth of current starlink satellite constellationPlay at 17.00. SpaceX is mass to orbit of world at 90%. Applied this team to the terrestrial problem. Simply not fair. So HUMBLE!?! t 1000x demand of bandwidth than today. 100,000 satellites each at 10x the ability of current satellites. So plus 90,000 satellites. Revenue for starlink may be proportionate to bandwidth delivered. Should have terrestrial cell service world wide. 4 days a week at the Memphis facility in 200,000 GB300’s online per month. Continue pace thru next year but transition to Ruben compute. Incremental 10GW in 2027 in addition to By en of year will be ~3 GW.s So 13+ GW by end of 2027. Incremental 10 GW to come online in 2027. Would surprised if they did not have 13 total40 is global total manufacturing? Power and cooling is a limiting factor, so going to aim high. Aiming for 20 GB power and electricity and cooling. Should be far in excess of GPU demand. . Goal is that it is NEVER a limiting fact. But there is a small capaicyt of Spacex have 20+ GW online. Aiming for Q2 most 440,000 bearruben computers for training. Grok Bot is fastest growing product he as ever seen. Usage of GrokBot is increasing per user. Will deploying GrokBot to enterprise. GrokBot may use most of their supper intelligence compute. Annual recurring revenue. Somewhere between $500b - $1,000b in ARR by end of 2027.Play at 22:00. He says this implies recurring revenue at end of 2027 is $500b - $1T $1 Trillion of annual recurring revenue by December 2027.  At a 10x price/sales ratio that implies $10 Trillion market cap compared to $2T today. That’s a legitimate opportunity at a 5x return in 12 months. Play!!! People travelling miles to work in Datacenters in Memphis. Can make $8000/week! ~$400k per year.  TeslaEarnings call here.  Shareholder Deck here.  Roadster Demo!!!  Demand significantly outstripping supply/productionSold out of megapacks for 2027. Gross Margin to increase meaningfully. Robotaxi miles growing exponentially. Optimus Line is ramping in Fremont line. 10,000 things. Moves as fast as slowest.1,000,000 per year production line. 1 year or a little longer to get to 20,000 per week. End of 2027 could be at annual of 1m. At $30k/ unit = $30 billion. Maybe sell for $50k and $50 billion. Elon believes will be the BIGGEST product on Earth. But will need 1 year! No one is even close to Tesla with respect to general purpose robot. Terafab. Test chip production next May or June. Useful Chip at volume in Q3 2028. Should be most valuable building in world. Top 20 country. Necessary to scale Optimus.FSD 2,000,000 “unsupervised” miles driven. 16,000,000,000 (billion) FSD miles.  75% of Q3 sales included FSD. 1.74m FSD Subscriptions. Up 67% YoY.Public PolicyUS Government to start a 1% commission bounty on persons that commit fraud. Need to prove you found it and reported. So 1 billion fraud pays $1m.  GENIUS!! Jamie DimonDavos is the intellectual elite; didn’t to a good job at making the world a better place, but nice to come and chat….Proper immigration. More of Jamie. FranceThe following charts were shown on All-In Podcast.  Closing.  90% country.  Beach.  Life is long and Short Long: take your time do what you want, no ruch. But have intention.  Short: Nobody remembers a year from now the thing that’s causing you not to sleep.

Turks & Caicos Random post about Taylor Swift cheering for her husband. Kelce!  Play Brock Purdy on 60/40 and processing. Super fascinating Biz analogy Need to be ready and comfortable with your preparation. Leap of faith and trust in your comrades. 2022 dead  last pick. 4th off bench. Now he’s 4-0 this season and signed a 5 yr $265m in 2025Play Dana White on sitting on the board of Meta. Very interesting.  Showerheads AI Doomerism White House Accord on Super Intelligence Context:  Athropic talking about 10% chance of humanity dead. Talking about giving AI ability to ‘push back;Play. Here is Alex Karp on Anthropic.  OpenAI hacking hugging Space. US NEEDS to win this race. It is national securitySignificant individuals invited / in attendance Core group of tech leaders present (lists vary slightly by outlet but consistently include these): Elon Musk (xAI / Tesla / SpaceX)Mark Zuckerberg (Meta)Sundar Pichai (Google / Alphabet)Jensen Huang (Nvidia)Dario Amodei (Anthropic)Greg Brockman (OpenAI president)Jeff Bezos (Amazon)Satya Nadella (Microsoft)Alex Karp (Palantir)In order to build a positive future for the American people and the world, we believe every company is responsible for developing its own technology safely and in a way that builds trust with customers and the public. This starts with every company that is training and deploying frontier models having robust internal processes and controls to ensure that their technology behaves as intended and that any issues are promptly identified and resolved. Therefore, in addition to any other precautions, we believe each company should implement the following four layers of controls and audits: Jensen Should we slow down?   Hurtful or helpful to society to make these comments! Radiologists. Play Mark Zuck on releasing Muse. And he did glasses too in same week. And the hand held thing!  Play. Satya talking about AI being subservient to humans.  David on Satya. https://x.com/DavidSacks/status/2109004929943695870 TeslaSpaceX & GrokPlay. SpaceX to put up 100x GW in space by 2029 Play from Beg. Google putting Data Centers in Space. Using Falcon 9 BTW.  Solar panel generates 5-8 power of panels on earth. Elon re Terafab and TSMC partnership.  Elon on 1000 trillion. Or 1 Quadrillion 1.4t today so 714x.  So 1,000,000 worth $714m. https://x.com/SawyerMerritt/status/2103332409789776197.  Starlink Last critical piece of Spectrum.  CTO of Tmobile saying impossible. Remember the radiators. SpaceX: We’ve acquired 800 MHz spectrum, which will allow Starlink Mobile to provide better indoor coverage, including signals that can penetrate walls and other obstacles.People are underestimating Starlink Mobile.Will allow people to rent their Starlink terminal. This is HUGE.

AI Doomerism? Or should the companies just have better quality control prior to releasing a model?   Fed increased interest rates by 0.25 basis. Does this help.  Play. Ed Sheeran is a Genius!  PLAY!! Jeff Bezos on AI creating a Labor SHORTAGE.  Endless set of things to invent! Anthropic has shifted IPO: https://www.wsj.com/tech/ai/anthropic-shifts-planned-ipo-to-november-8874dffc?mod=hp_lead_pos10 Play!! This is why Jensen in a Genius!  ‘ Jenson on All In. Wow! Play Jensen about helping and not being competitive. No political discourse in the company. Period Amen. Doesn’t matter who’s in power. Gwen and Elon too. Good summary of Elon’s talking points. I like the review procedure.3 Guys hacked OpenAi Gemini broke out and Hacked.  All-In Pods:Play Jensen with on AI safety.  Elon and Gwen shotwell.  Not grading your own homework. SpaceX Starship 14 launch will deliver 26 V3 Starlinks. So here's a crazy stat: Starship's upcoming 14th test flight next week, which will deliver 26 @Starlink V3 satellites to orbit for the first time, will increase the entire Starlink constellation capacity by 3%. It would take 10 Falcon 9 launches (277 V2 satellites) to add that same amount of capacity. Future Starship launches will eventually carry up to 60 next-gen Starlink V3 satellites, adding ~61,000 Gbps of network capacity in a single launch. That means each Starship launch will be able to deploy roughly as much Starlink capacity as 23 Falcon 9 launches combined - equivalent to about 640 V2 satellites. Play CFO from TMobile Hubris. Apple Airtags analogy TeslaTesla Roadster Tesla Semi The AI RegulationGood summary here by Gavin

Apple Iphone Duo Available October Starting at $2000Meta Unveils personal AI agent: MuseNvidia Nvidia to buy Hugging Space for $13B.  Per WSJ.  Jensen Blog post.  More than 18 million developers, researchers and creators use Hugging Face to share more than 3 million models, 500,000 datasets and 1 million applications. More than 200,000 companies use the platform to discover, evaluate, customize and deploy AI. Hugging Face will remain an open platform for the entire AI ecosystem. Developers will choose the models they want, the frameworks they want, the clouds and inference service providers they want and the computing platforms they want. NVIDIA compute will not be required to build on or deploy through Hugging Face. Nike Nike removed from S&P 100 Lot’s saying “go woke, go broke”.  Revenue down from 2024: $51B vs 46b. Net Income down $5B vs 3.1bI highly recommend Shoe Dog! AI Whistleblower from Anthropic on X breaking every record possible.  The Jacob Coxon Post? Planned?  Phyop? Theory is Anthropic wants regulatory capture so they can govern.TeslaCyberCab launch is looking legit. Appears to be 100’s of cars in Austin. 420 registered at Texas DMV. hahah 420 Rooting for Waymo, Zoox and others to be successful.  PLAY Elon just stole my idea. Uber/Lyft drivers buy Cybercabs.  Engineering Unboxed assembly. The car is built as parallel modules (front casting, rear, pack/seats, outer skins) and joined late. Tesla says the line footprint is about half a conventional line. Deleting hydraulics and paint is what makes that join possible.Uno Color-in-mold RIM body skins. Outer panels (doors, hood skin, roof, quarters, bumpers) are polyurethane made by reaction injection molding with the gold mixed into the part. No paint shop. Cycle time minutes instead of hours. That is a factory change, not a styling choice.Dry brake-by-wire. First Tesla with zero brake fluid, zero brake lines, no master cylinder. Each caliper has its own electric actuator. Pads can pull fully off the rotor (less drag). No fluid to flush on a 24/7 taxi. One of the first production cars in the world to do this dry; Chery in China got there a few months earlier.Steer-by-wire with no column. Cybertruck already had steer-by-wire and a wheel. Cybercab deletes the wheel. The rack sits behind the front drive unit and only takes electronic commands from the autonomy stack.Supermanifold V3 thermal system. Tesla’s claim matches what you read: they cut extra refrigerant valves and lines, merged high- and low-voltage controllers into one box, say production is ~80% automated and the system is ~38% more efficient than other automotive thermal setups. That is the heat-pump / battery / cabin plumbing, not a marketing slogan about “climate control.”Smaller, lighter, rare-earth-free drive unit. Single front motor, 163 kW / 219 hp. Tesla: 18% smaller, 25% lighter than top competing EV units, designed for sub-10-second automated assembly. Ferrite / Halbach instead of neodymium. First Tesla that is front-wheel-drive only.No human controls as a packaging rule. No wheel, pedals, mirrors, or rear window. That is not just UX. It lets them drop hydraulic plumbing, a steering column, mirror drag, and a lot of crash structure around a driver. Cd claimed under 0.2.48-volt low-voltage architecture. Same idea as Cybertruck: thinner wiring, fewer fuses, easier automation. Most of the industry is still on 12V.Small 4680 pack, high miles per kWh. ~48 kWh, ~3,100 lb car, EPA-adjusted range near 300 miles. The engineering bet is efficiency and utilization (two seats, ~80% of trips) instead of a giant battery.Fleet-life design, not owner-car design. 500,000-mile target, camera washers, inductive charging as the intended depot method (NACS still there for now), automatic butterfly doors, cabin camera for leftover bags. That is ops engineering: fewer service visits, no paint matching, no brake-fluid intervals.In addition to:  No steering wheel, pedals, mirrors…. READ Electronic actuators instead of hydraulic liquid brakes…this seems so obvious!!  The Tesla Cybercab doesn't have ANY brake fluid. It is the first production vehicle to have a brake-by-wire system.  Electronic actuators are responsible for the clamping pressure, rather than hydraulic fluid that you see in traditional vehicles. This system improves efficiency since the brake pads can fully disengage. They can go entirely off or on. It also enables Tesla to fine-tune the braking to be as smooth as possible. PLUS, when the car is built with the unboxed process, Tesla doesn't need to run any brake lines, everything is seamless. READ Painting: All panels are RIM Reaction Injection Molding. NO PAINT!  Elons says TRUE!  EntrepreneurshipDemand will be off the charts. Space XGrok is way better!  SpaceX price targets.  Today from Brett CFO SpaceX CFO Bret Johnsen has announced that the company has signed another AI compute deal that will generate $1.11 billion of revenue per month ($13.3 billion per year), starting on Dec 1, 2026."Earlier this month, we closed another hosting deal. By the end of this year, with annualizing our December number, we're on track to hit $100 billion of ARR."Launching first AI Compute satellites in 2027. Previously, have reported that Starlink V3 satellites are much more complex.Elon x-post and article. AI and Robots will solve the debt problem. You better all hope Elon gets us out of this mess. Play Gavin Baker talking about Phd’s saying cooling in space is impossible.   Gavin Baker again on a great post of DataCenter Reality.  Read: Engines compared.  Webcast here.  SpaceX CFO Bret Johnsen has announced that the company has signed another AI compute deal that will generate $1.11 billion of revenue per month ($13.3 billion per year), starting on Dec 1, 2026. DataCenter Hosting: Earlier this month, we closed another hosting deal. By the end of this year, with annualizing our December number, we're on track to hit $100 billion of ARR.Orbital Compute: Clean, unlimited energy, no “community” issues. First Orbital compute satellites launching in 2027Play  Tobi Lutke on the Picasso of our time: the SpaceX Raptor Engine.  Moving forward by subtraction. Elon security detail has been “marshalled”. Boring CompanyBoring in Nashville. Per Total Recall, we’ll need tunnels on Mars. So maybe an acquisition? California The state of California. By Chamath.  Schools have a constitutional funding guarantee, bondholders sit ahead of most other claims, and Medi-Cal and pension contributions come with legal and financial constraints. Together, those four categories account for roughly $150 billion of the $226.7 billion the General Fund expects to collect. Recommendations Travis Kalanick on David SenraBill Ackman called all 400 people on Forbes 400 list. 96% rejection.

"Your entire life will change when you realize energy is the most attractive human trait. Not looks, wealth, or status. Energy. Start walking into rooms with genuine enthusiasm, curiosity, and interest. Watch what happens. You become a magnet for the highest quality people. Energy is contagious. Spread the kind you’d want to catch." RIP Dolly Parton Music Intro! Clint Eastwood retires at 96.  Good Bad and Ugly.  Markets and RetirementGood luck planning if on your own. VERY difficult100’s hours building a retirement forecast model. Changing small things like inflation or investment returns by 1% has huge ramifications. Meaning its an ongoing challenge. Markets UpSaaS AcololypseSalesforce Earnings letter Webcast. Up 22% Thursday. Low $150 now $250.~70% up. Claude ForceClaude/Anthropic uses Salesforce and Slack. They are not replacing them. Sales force combining with Claude.NVIDIAPress Release Jensen reminds me of Elon in that he disregards and has NO worry about competition because he is so confident in his team, mission and trajectory. $5T companyUp 4% after hours. $210. 1 year up 17%. 5 yr 850%Americas great opportunity 1000000’s of jobs  First time in century that we can fix energy grid.  This is the new industrial revolution.  Autonomous DrivingIts happening!  Amazon Amazon Zoox - No steering wheel or pedals - taking the roads in Las Vegas!  This is GOOD! Toaster-shaped taxis that don’t have a driver or a steering wheel have started rolling across San Francisco and charging for rides in Las Vegas.The all-electric cars are the first robotaxis offering rides on the roads without standard driver features like a dashboard and pedals. They can drive in either direction and hold up to four passengers who sit facing each other. Windows stretch across much of the sides. The vehicles are called Zoox.Tesla HUGE from a media standpoint, article from WSJ on Tesla and FSD. Tesla Robots JC talking about seeing the robots. Play entire clip. From the latest All In Pod. Thinks it will be best selling product of all time. Better than any video you’ve seen! Hardware 1.5 generations ahead, and mind 5x more. Optimus will be the greatest product ever made. Says in 10 years will be 1b in 2036 From Ashok. Flooding the streets of Austin.  Wouldn’t say this in public without high confidence.  From Elon: Both SpaceX and Tesla building 100gw/yr solar and supplementing with Nat Gas, and to increase rate of production will manufacture the blades and vanes at SpaceX!  Will probably take 2-3 years. 100gw/yr is enough to power ~18,000,000 US homes. YES 18m. So together should be 36m homes. SpaceX $3.5T by 2033 per Elon. At modest 10x sales that is 35 trillion.  AI DataCenters are Coming. Only question when?  Partnering with NVIDIA on new chips/tech for space.Per Elon “Our design is significantly simpler, lower cost, denser and lighter than a traditional rack” You believe him?Play. Video of Elon and team discussing datacenters in Space.   Do people know (1) this was Elon’s car and (2) first falcon heavy launch (3) expected to fail and (4) if it didn’t fail, wanted to have fun! And (5) orbiting between Earth and Mars. Expects at least 10m years life.  JP Morgan on SpaceX Catalysts:  SpaceX just bought APR energy.  Per Elon aiming for 30 Starship launches per day. By 2030 1 million people on Mars, plus tranches to 7.5t in Market cap. 30/day is 10800 or ~10k annual. StarBase Louisiana Official SpaceX video.3000 direct jobs, 10,000 jobs to Luisiana8 launch towers.Crazy states/politicans are not inviting them to build in their state.  Open letter from Elon to staff. Eliminat bureaucracy.  Math to get to 1m people on Mars. Public Policy California Tires

OpenPunta de Mita Mexico. Pure heaven. AC/DCWorldCup Play at 0.15.  Videos of foreigners talking about America. Awesome.Play Feynman at 10.29 minMarkets SCHD and VOO ATH.  VGT And QQQ off ~5%.  1 year 30% SCHD, 32% VGT and 24% VOO. Leopold LeverageThe fund had gained about 270% after fees this year through May. At that point, it was up more than 1,000% after fees since inception. It had ballooned to well over $20 billion under management, reaching the size of other well-known hedge funds that took decades to build.Example: you have $1000.  Borrow $1000. Buy $2000 of stocks. Stocks go down 50%. Your broke.NetflixEarnings letter. TeslaBiggest one day loss EVER. Down 14.5%.  One concept keeps me calm: The US needs Tesla and its Robotics for national security. Revenue Growth So many changes in last 2 years. Revenue should grow steadily now:  Model YL (sleeper hit), Energy, Semi, Robotaxi (finally!), Optimus (~9 months), Services (up 50% YoY). CyberTruck basic config (delivery in 2027...huge demand! Earnings Deck here.  $100b annual run-rate.$28b revenue quarter. Record. 1.48m FSD subscriptions. TeraFAbThis is why we're building the largest chip manufacturing facility ever, with the goal of producing over 1 terawatt of compute per year AILetter from companies/CEO’s urging allowing Open Weights AI models.  SpaceXThis tweet if off the charts”  ‘https://x.com/stevederico/status/2084779469647266042 Play Elon $100 billion ARR by December 2026 (they get here doing "nothing")$1 trillion in revenue as early as 2029Starship heat shield "solved"1 year payback on AI Data Center CapEXEnd of 2027 data center capacity will upwards of 5x (or more)NVIDIA exclusive chip partner for data centers on ground and spaceThey are using learnings from building rockets to build data centers, and it turns out data centers are way way way easier than rockets (means they can go extremely fast)Starlink commercial will be much bigger than consumer and Starlink should deliver most of the world's internetAI will be able to do almost anything in digital world by end of 2027V3 satellites will 10x the bandwidth and will be launched 10x as many as V2.Connectivity demand will explode due to physical AI (self driving cars/humanoid robots)PoliticsFlorida’s budgetNewsom Pay to Play from WSJDave Friedberg on CA Tax. Billionaire Tax Hoover Institute Video Podcasts Really enjoyed Tim Robins on spotify. Advice:  Never give up. Just show up. Everyone gets a job. Be AI literate.I don’t think its hard to be successful in America. Hard = show up everyday, care about your job and your duty. That’st it. Great Coscto example here

Happy Father’s day Weekend.  US Mens world cup:  2-0 over Australia today. 4-1 over ParaguayPlaying Bosnia July 1 in SF in round of 32. Messi is Awesome! Interview with Dara at Uber.  Play at 1:07. Talking about working with Barry Dillar Talking about Reed at 1:08Tide Citizen Vigilante.  Director/writer here? Streisand effect. Citizen Vigilante is a Uwe Boll film starring Armie Hammer, released June 19, about a wealthy American in Zagreb who becomes a feared underground vigilante targeting criminals and corrupt judges, gains a social media following, and ends up hunted by Interpol. Already a combustible combination.Air conditioning in US. Markets Draw down Mostly fears that Fed won’t lower rates, and may in fact raise!? Off all time high.  Tesla Elon Trillionaire: US took in $5.2 trillion of tax revenue in 2025. So let's take in an extra $1 trillion or ~20% by liquidating Elon and his companies.... IMAGINE: With $6.2 trillion we will fundamentally change every American's life!!! Everything free! Fake News on Tesla crash.  SpaceX Play Working at SpaceX not a science experiment.  AI Data Center Revenue:  $2,320,000,000 per month. Mostly cashflow. Reflection AI to spend $150m per month developing open source AI model. Backed by Nvidia, Reflection is establishing itself as an alternative to the growing number of sophisticated Chinese open-source artificial-intelligence models. Open-source AI models are free to download and modify, as opposed to closed-source models.Another Rental of Compute from Google to SpaceX.  . $920m from Google. $1.25b Anthropic. Anthropic and Google are now paying @SpaceX a combined $2.17 billon per month for compute capacity. That's a revenue run rate of $26 billion per year.Ron Baron on CNBC Play at 4:00. Other people can’t make rockets and interestingly or less obvious is others can build compute as fast or efficiently as him…. Not to mention AI datacenters in space Extremely fascinating write-up from A16z here.  Gamestop and EBAYRyon Cohen  Taking over Ebay. Listen to this. PoliticsFareed Zakaria on California. Play at 1:10.  Since 2000 population 15% General expenditures grws 200% 78b to 284b. 2021-2024 LA issued 118,000 building permits. Atlanta 136,000. ½ the population. In last 7 years - 1.9m people have left California. Total spending on k-12 has doubled. USAID Funding My response to USAID post and ELON.  As Elon points out if 4.5m children died, would be national headlines.  Only asked for receipts. Govt is a water spigot. Internal Control of public companies is superior.  Play this about helping children.

IPO price. $135 Retail. Process.  Allocation. ConfirmationGavin Baker on 4th largest cloud ahead of Oracle.  Jensen likes to give GPu’s to people that can use themBrad Gerstner on how “smart” people lose money. Price target lower by $20. 🤣 Antonio Gracias on SpaceX. $70b stake. Owned by firm. But he’ll hold.  Great interview here.  What is the Kardashev scaleWhy use Chop Sticks. Less weight for legs. Need massive and FAST reusability. Like an Airplane.  Seems obvious. Heaviest, largest flying object. V3 is 2x Saturn 5. V4 5x thrust of Saturn. Expect it to be flying hourly. Like a plane. Local production of “heavy mass objects” on moon. In short need to “mine”. Though he didn’t say that.Will launch satellites into orbit from moon. Near zero cost to launch.Gavin Baker interviewing Bret Johnson CFO of SpaceX Lowest cost by kg to space and 10x improvement with Starship. The core of the company is launch capability. Holy grail is rocket reusability. Logical extension.  Dat center in space No regulatory5x more efficient energy. Free cooling. No land to buy or lease. Kind of doing it already with StarLink Satellite.Wingspan 100 yards1 | Regulatory / Land / Siting | Avoids NIMBY issues and land leases. No “data center in my backyard” problems. 2 | Power / Energy | ~5x+ more energy per solar cell in space (no atmosphere/clouds). Cheaper cells possible (no glass needed in vacuum). Continuous power in proper orbit. 3 | Cooling | Radiative cooling in space is simple and passive (extends Starlink tech). Much easier/cheaper than complex liquid cooling and plumbing on Earth. 4 | Cost Trajectory | Space costs trend down over time (silicon + manufacturing scale/Moore’s Law). Terrestrial data center costs trend up (power, cooling, land, regulatory Here is some perspective on launch capacity and payload of Starship.

OpenGolf tourney tomorrow Choking.  Heimlich maneuverUS Bank Fees $12.50 per $50. That is 25% instantlySo $1000, is 20 * $12.50 = $250. + interest.Reinstate the SAT More than 1,100 University of California math and science professors are urging UC regents to reinstate college-entrance exams, saying that unprepared students are lowering academic standards and draining teaching resources.Today, more than 90% of schools don’t mandate the exams, Feder said.60 minutes Welcome to real life Scott Pelley. New boss, new style. Work or walk. Recommendations:  Bill Ackman Sara Frier Finance folks should know Codex (previously Excel)PanthalassaMarkets: Huge correction today.  Tech down 5%+ and S&P500 2.6%.  The losses intensified after a robust jobs report raised new worries that the Federal Reserve may need to raise interest rates later this year to fight inflation.S&P 500 still up 27% and tech 40-60% YoY.  Huge IPOs coming:  SpaceXAnthropic OpenAICash. Think about your cash investments.  Cash is nice Owning your home is nice. AI & DatacentersGoogle to raise $85 billion  Anthropic IPO In May, Anthropic raised $65 billion in new funding from investors including Greenoaks, Dragoneer, Altimeter Capital and Sequoia Capital, in a round that valued the company at $965 billion. At the same time, the company said its revenue run-rate had surpassed $47 billion, up from $9 billion at the end of 2025LLM usage Grok: no bueno.  Grok and Spreadsheets.  Oh my.Gemini. Good. Claude: BEST. BTW, OpenAI was suspiciously very negative on SpaceX. SpaceX Going public ~June12. Next Friday!? $75b raise at $1.75T valuation.  Float is ~4-5% of total shares $10-18b must be purchased by index funds. More coming out in next 6 months. Employee lockups. Cap table investors want liquidity.Great detail here from Alexandra  IPO Education Hire IB’s.  Allocate to VIPs and whales. 5% to retail.Valuation  Over-valued? Valuation is highly relative to time!!!??  $135 price. $300 price? Either way 10-20x in 10 years.  Not investment advice.AI Opportunity SpaceX is becoming an AI infrastructure play!! Another Rental of Compute from Google to SpaceX.  Anthropic and Google are now paying @SpaceX a combined $2.17 billon per month for compute capacity. That's a revenue run rate of $26 billion per year. BIG MONEY. Jamie Dimon Interview of Elon.    Elon and Dimon  Another link here from  Why SpaceX public now. Play at 4:00min mark: Why fundraising. Embarking on significant growth phase. 100,000 satellites. BTW. Why are datacenters hard if already doing satellites. 100x more bandwidth and ½ latency for v3. He just said that Starlink will be highest bandwidth and lowest latency or ANYTHING!! AI Datacenters in space. Massive capital endeavor. Hard to build power in the US or on land. US usage is 500GW.  To double. Would need to 2x # of power plants. BUT if in space can go far beyond EarthManufacturing on the moon and building beyond 1000TW per year of AI Space ComputeDataCenters in Space Easier than their communication satellites. AI datacenter is EASYElections:  Why does it take so long to count votes? Could take weeks?

Lighter NoteIts texts like the “stolen Trackman" that keep me coming back to X. The comments are just 🤣Play When I grow up. Jarrod Isacman is so good as head of NASA!Golf Data with Claude Markets Markets are raging!! VGT, QQQ and VOO  60%, 43% and 30%IGV up 36% since April 10Micron. OMG: 10x in last year. WOW.  10T clubInvesting in CEOs: Tesla, Nvidia, Palantir.  529 and 401(k) and Mega Backdoor Roth SpaceX Tesla executive on the # of clicks required to buy a car. Amazing!!  Blue Origin  Blow up.Turns out Rockets are Hard to build. SpaceX - Memo.  Brad Gerstner SpaceX DataCenters!Plain English Competitive Advantages Elon Musk. Talent density. The best engineers in the world want to work at SpaceX. Hard Stop.Manufacturing: Hardware and SoftwareSimilar to Tesla. They own the supply chain, the manufacturing and the software. Perfect integration. Long head-start! 80% of launches and maybe the only one profitable. Tesla partnership:Real-world AI. Chip manufacturing. Same VP of Materials Engineering (example). Headstart: Not generally a great “moat”, but in this case they are so far ahead. Could be decade.  Who else can build a raptor? Reusable rockets. Blue Origin just accomplished this feat last year.

Corrections!  Not 10m Satellites: 10,000Golf I suck. But I will persevere. What is the point, if life is so stressful otherwise. GOOD Questions. Politics Play You can’t earn $1 billion.  AOC is so stupid and un motivating.  Play. Bezos response 529 Plans:  Nuances of 529sGood problem to have. Dealing with Apartment costs exceeding “allowed” cost of housing. Total BS. MarketsBooming!!!  ATH: 1 year:  IGV up 18% since I bought: BOOM!  Secondary Markets for Private Companies SPVs and LLCs buying interests with underlying shares in private companies is risky.  WSJ article here.My experience. Risk on, but understand it. Likely cash back, but may not get shares. If cash, taxable. SalesForce  Mark is All-In on the All-in Podcast on AI. Play 40.00 Mark talking about the AI power of SalesForce, Slack, etc… FAR FROM DEAD.  Inspiration from Chamath on Time and Positivity.  Key to winning: Choose to be positive and grateful. Then, just keep at it. Time is the great compounder and will do the rest. So many people just don’t have the discipline to stay positive and grateful. Then time compounds the bitterness instead. Same with Finance and Investing.  Tesla Tesla Berlin Manufacturing Video Tesla FSD Safety Data. SpaceXLaunch in a couple of hours!!  IPO update. Allocation. $1.5-2. I’ll bet it goes to 3t.   SpaceX website here.  SpaceX and Anthropic Deal of $1.5b/ month for access to compute.  AIPlay Jensen Huang on AI Driving Growth OpenAI Lawsuit.  Basically came down to SoL. Meaning he had 2 or 3 years to file. He knew about and went along with it for quite some time. Though I am a Musk fan, I agree with the simplicity of this.  AI personal Story Golf. Used Claude to interpret all stats and provide thoughts. PoliticsPlay Jeff Bezos on doing his job right and his for-profit companies will do more for societal good than any non-profit. Play. Jeff Bezos on what AI will do for jobs.  Fraud:  Kash Patel on arresting 15 people on Minnesota fraud of $90mAmy Bach 40+ years in prison. Feeding our Future. Here is another one $250m. Spencer Pratt

50th Birthday in Portland Sentinel Hotel Will you stop beating your wife? 529 College Saving Plans.  MarketsATH everything.  1 Year: S&P500 up 31% and Tech 47-60%.  5 Year: 75% - 140% Gamestop Ryan Cohen ½ cash ½ stock. Its on the website. We’ll see what happens!! Google Profit jumps 80% Stock up 163% YoY. Liv GolfThe Start up is in trouble. Apple  Tim Cook Stepping down as Apple CEO Tesla High was $490 at $428. 15% to get back to all time high.  Catalysts:  Self Driving and Robotaxi. I never drive my Model Y. Looking to get a more rugged look. Here’s Cathie Wood. Problem with Waymo is they’re not vertically integrated; they don’t build the cars!!! They also have 1 million sensorsRobotaxihttps://robotaxitracker.com/?provider=tesla&area=austinTesla website now tracking milesSemi. 370 Semi’s committed to WattEV in Northern CA. $100m deal. 50 delivered by year end and the rest in 2027. Strategic Partnerships: Cursor represents SpaceX/xAI’s aggressive push into the high-margin AI developer tools and agentic coding market.  Intel brings chip manufacturing muscle to Musk’s ecosystem through the Terafab project. Anthropic (via the fresh Colossus 1 lease) illustrates pragmatic deal-making in the AI compute  Starlink: 10 million satellites.  Satellites use laser inter-satellite links to relay data across the network to ground gateways connected to the terrestrial internet backbone. Tesla Earnings Call here. Discussing new fab building here. Investor Deck here.  AI OpenAI  Musk vs Altman Elon on X explaining Elon tesitfying  Anthropic California Billionaire Tax 1. The Threshold Drop (From $1 Billion to $50 Million) 2. "One-Time" vs. "Annual" and the Power to Change Exit tax. versions include "wealth tax resident" language that applies the tax to people for up to 4 years after they leave California, preventing people from dodging the tax by moving away once it passes.

Golf Shot a 100!! Masters Cameron on Church and Family MarketsSTAY IN the MaRKETVGT 59%, QQQ 48% and VOO 35%NetflixLet’s hear from Ted on Reed Open AI Lawsuit coming. How did they convert a non-profit to a For-Profit? Tesla EV sales in the US Qg1 2026 Tesla's total across all its models (Model Y, Model 3, Cybertruck, Model X, and Model S) is 117,300 vehicles. This represents 55.43% of the overall total of 211,609 vehicles in the list. Tesla dominated this dataset, accounting for more than half of all the EVs combined. Lidar Elon on Lidar Semi Play at 4:28. Discussion of moving vertically as it hangs from the ceiling moving the Body of the Semi around. ‘ Would love to see Peterbuilt and Freightliner execs watching this video. STd range 325Long rane 500Building supercharge network only for trucks!FSD Europe Tesla official X announcement.  FSD Supervised has been approved in the Netherlands & will begin rolling out in the country shortly!  SpaceX Good video here. 10,000+ satellites.9m paid Starlink subscribersStarlink was $10-12b in 2025.  Revenue total $15-16b.Fraud 267m in Fraud. 5 arrested. 21 charged.

Opening DNS Security  https://x.com/Geiger_Capital/status/2038729125653819515 Artemis ii Last moon landing. Before I was born.  The last crewed moon landing was Apollo 17, which touched down on the Moon on December 11, 1972 Passwords and ID protection Etrade Kroll ID Protection Experian Trump Comedy:  Why don’t you Tell us about the Attack. Well you didn’t tell us about Pearl Harbor!! Caddie and pro golfer conversations are interesting. Akshay Batia. Markets:  Healthy Correction. Remember: S&P500 6% off, was 9%S&P500: 25% and 18% in 2024 and 2025!3 years ago: Up 66%!!!!!! IGV iShares Expanded Tech-Software Sector ETF (IGV) Tesla and LEAP options Netflix Netflix for my beloved: down 26%. PE is still 40!!!!!! AISpaceX & Tesla CyberCab Manufacturing begins in April 2026Model Y The "best-selling car in the world" title for Model Y (2023–2025 per Tesla)  CyberTruck Tried to order a Dual-Motor all-wheel drive for $69,990. Est delivery is 2027!!!  Tesla Semi Tesla Semi Jay Leno YouTube Video TeraFab Project Tera implies a Terawatt of compute manufacture each year.  Terawatt ($10^{12}$ Watts) is one trillion watts Global chip supply Space is always sunny SpaceX Tesla and SpaceX Merger Best write up so far. Alexxadra.  Terafab description from Tesla X.  Announcing TeraFab Orbital Data CentersInteresting insight on 1/1,000,000 probability guidance system of SpaceX satellitesFraudKey takeaway: No new taxes without full transparency Dr. Oz on shutting down Hospices in California.  220 shutdown in LA. 1800 hospices in CA = ⅓ of entire nation!!!?? 50% probably to be shut down. ONE BUILDING supposedly houses 197 separate hospice and healthcare companies Fair Question. Why not help Nick?  David Spade. The TRAIN.   Even mainstream comedians are making fun of Gavin’

OpenCameron Young tied on 18. Longest drive on 18. 365. Full pause. Birdy on 17, the hardest hole.  CAl FTB: Sucks Facts of life: Your Thoughts define you Miami Beautiful and no state tax. Everyone moving there. Mansions and yachts, but lots of normal people too.  Ken Griffin.  Meta CEO Mark Zuckerberg and Priscilla Chan have purchased a $170 million, 30,000-square-foot mansion on Miami’sMarketsLong over-due correction.  AI Fear I've listened to a few podcasts featuring Marc Benioff in the last year. He is 100% all-in on AI. The idea that SAAS will be completed disrupted by AI is over-hyped. Jensen Huang put it well: AI will not invent a new hammer or screwdriver; they'll just use what exists. Analogy is to SaaS companies in general. Large Corporations (think Fortune 1000) are not goint to ditch big SaaS companies, like ERP (Workday, Oracle, SAP), Security, CRM, Analytics, Microsoft Office, etc... Long story, short: The AI replacement fear is over-hyped.  NetflixNetflix Loses Bidding War to Paramount!  Tesla & SpaceX Interview with Elon. Play at 0.28. Stop 2.00.Tesla has most advanced Real-world AI. Starting scale production of CyberCab in April.Tesla Semi coming this yearMerger  SpaceX acquired XaISpaceX will go public.  SpaceX will merge with Tesla. Love this take from Travis on Autonomous driving.  XAi  XaI will be a financial behemoth Andrej Karpathy on Elon’s management style AI OpenAI  Anthropic Claude GovernmentNewYork City Fareed Zakaria CA Fraud Nick Shirley Doing his Thing again in CA Wealth Tax https://x.com/stevenfiorillo/status/2033352518802026741 According to IRS migration data, New York has lost $111 billion in net adjusted gross income over the last decade from residents moving to other states.WSJ on Billionaires leaving.  Google co-founder Larry Page recently made headlines by spending $188 million on three Miami mansions.Washington State passes 9.9% tax on income over $1m.  Howard Schultz leaving. Bezos already gone. Recommendations:Hims and Hers! Bill Gurley: Running down a DreamMichael Lewis: Lyar’s Poker. The Rip. Was ok. The Running Man. great airplane movie. Glen Powel