Follow The Money. One company’s expense is another company’s earnings. SpaceX’s decision to more than double its AI capital spending rattled investors this week and helped send the stock sharply lower. But that same $15.8 billion didn’t disappear. It flowed into a growing network of companies building the power plants, turbines, electrical equipment, cooling systems, and infrastructure needed to support AI at unprecedented scale. In other words, while investors were debating whether SpaceX was spending too much, someone else was reporting one of their best quarters. Here’s...

Yesterday’s Clue… Yesterday we told you about a mystery buyer sitting on $20 million in SpaceX calls betting on a near-triple by Friday, and the leading theory was that it was quiet insurance, not a real bet. This morning, that insurance policy is looking less paranoid and more prophetic. Here’s the full picture. ⇩ SPONSOR BREAK presented by DealMaker* Unlocking $2.1 Trillion in Energy Potential. One company has developed a technology that extracts valuable resources from coal without burning it. From hydrogen to diesel, fertilizer, and more, Frontieras North America has...

A Trade So Unusual. SpaceX reported its first-ever earnings tonight. Revenue beat, EBITDA beat, and the AI segment’s operating loss came in smaller than feared Hours before the numbers dropped, someone built a $20 million options position on a strike price almost nobody thinks the stock will hit — unless it was never meant to be a bet on the stock at all. SpaceX traded around $125 today. That strike requires the stock to nearly triple in four trading days. Nobody knows who’s behind it. Here’s the full picture. ⇩ SPONSOR BREAK presented by MarketWise* Trump: ‘You...

The Asset Everyone Trusts — And Nobody Questions. You checked your savings account balance this week and felt fine. Number went up a little. Interest did its little interest thing. Nothing to worry about. That’s the whole con. Cash is the one asset that never looks like it’s losing — no red candles, no panicked group chat, no “well that’s not great” phone call from your advisor. It just quietly gets worse at its job every single year, like a gym membership you forgot to cancel. Ray Dalio spent part of a recent podcast appearance trying to ruin that peace of...

Washington’s portfolio has grown… The Commerce Department announced agreements this week with seven semiconductor companies for $874 million in CHIPS Act funding. In exchange for part of that support, the government is set to receive minority equity stakes in six additional chipmakers. That would bring Washington’s growing collection of corporate holdings to roughly 30 companies, according to a Cato Institute tally. And this portfolio stretches well beyond semiconductors. We’re talking steel, nuclear energy, rare earths, and other strategically important industries. There’s...

A Rough Stretch… For five straight trading sessions, Nvidia was effectively on trial. A single question hung over the stock: was the AI infrastructure boom being driven by genuine customer demand, or was Nvidia’s financing playing a bigger role than investors realized? Then Microsoft MSFT ( ▲ 16.63% ) reported earnings. Capital spending stayed enormous, cloud growth accelerated, and demand for AI infrastructure showed few signs of slowing. Microsoft shares surged more than 16%, Nvidia NVDA ( ▲ 1.9% ) climbed with them, and one of the market’s biggest questions suddenly looked...