AI's capex boom is the second largest share of use GDP in history. bigger than the railroads, second only to the I think the Louisiana purchase, and there's the build out of the electrical grid, the highway system, uh the Apollo program, although that wasn't very big, and then the internet and sort of the telco infrastructure.
AI's capex boom is the second largest share of use GDP in history. bigger than the railroads, second only to the I think the Louisiana purchase... unlike past tech booms, Facebook, Instagram, Door Dash, it's fundamentally a supply side story about making chips, building data centers, and powering them. It's money creating demand for energy, not the reverse.
most of the ones I talked to you say tax us more because we need more capital to run our businesses, and it's been a stranglehold on that because of our obsession with property.
Investors who participate in the IPO will essentially be financing Musk's unproven AI ambitions in order to get a piece of uh high performing commercial space and telecom firm.
Elon has uh always had multiple irons in the fire, one project that's working and producing cash flow and and growing uh to finance the next uh piece of innovation.
Getting a 2x over a decade is not what I think people were expecting from Uber under Travis's leadership. Uh, it and Lyft has fallen to just five billion. like he won the capital war and Dar has done a great job managing the business, but I feel like a lot of the success of Uber has been built on the foundation that Travis set up.
Investors don't believe the great data center build that will continue into next year. The market is now telling us that it is expecting 2026 to be the peak year in the data center buildout.
