SpaceX

This is the most advanced tech company in World and needs to be celebrated an honored.
On hive price has tripled since election. Can’t even buy. Has $180b mkt cap.
President Trump in attendance.
Starship 6 launch!
- 120 meters tall. Statue of liberty 93 meters.
- Each Raptor rocket engine produces twice as much thrust as all 4 engines on a 747. There are 33 Raptor engines powering the Starship rocket booster. 66 747’s
Booster and Starship landed in ocean for recovery – no chopsticks for booster this time.
Odd that Elon not invited to EV summit and Biden never acknowledged SpaceX!!
Pointy Rockets

Elon on call with Sundar (happened to be in room).

X vs YouTube (BTW, I streamed the SpaceX launch from X to my TV). Also works with screen off.
XAI vs DeepMind
Grok vs Gemini (BTW I signed up for Gemini in my Google Biz suite).
Tesla vs Waymo

Transition to Politics:

Ron Baron on Cost Plus contracts.
$18>98 billion.

Politics

Why discuss on a “Finance” podcast?

Politics > Policies > Business > Investments

Trump vs Harris spending on the campaign:

Spending. How is Kamala in debt. Beyonce 10m?
Why did Oprah charge $1m for an interview?
https://x.com/BillAckman/status/1855432554666664043
- Campaign Spending;
  - Trump Raised $381.54 Million
  - Trump spent $345.42 Million
  - $10.4 Million was spent on Staff.
  - Kamala raised $1.003 Billion
  - Kamala Spent $1.37 Billion
  - Kamala Spent $582.53 Million on Staff.

Marc and Ben on Policy

Leaders of A16z with $44b deployed. Portfolio

Recap at 2:00 min from Ben:

It was inarguably the worst four years in our career in terms of White House policy as it related to technology and and business more broadly.
They did things that no White House has done and went far outside the law."
Destroying FinTech and Crypto.
US could fall behind in AI.

DOGE

Vivek and Elon to head Department of Government Efficiency (DOGE).

Why important: Maybe we CAN balance the budget without cutting entitlements?

Milton Friedman on getting rid of federal agencies. Jump to 2:35. Nobel Laureate and Economist. Died 2006

Also, like Chamath: Friedman believed the Federal Reserve System should ultimately be replaced with a computer program.

Elon explains why important. “There are around 428 federal agencies. There's so many that people have never even heard of. I think we should be able to get away with 99 agencies."

They just output regulations.

From Vivek: Here’s a key point about our mission at DOGE: eliminating bureaucratic regulations isn’t a mere policy preference. It’s a legal *mandate* from the U.S. Supreme Court:

West Virginia v. EPA (2022) held that agencies cannot decide major questions of economic or political significance without "clear congressional authorization." This applies to *thousands* of rules that never passed Congress.
In Loper Bright v. Raimondo (2024), the Court ended Chevron deference, which means agencies can't foist their own interpretations of the law onto the American people. Over 18,000 federal cases cited the Chevron doctrine, often to uphold regulations, many of which are now null & void.

From Elon: All actions of the Department of Government Efficiency will be posted online for maximum transparency. Anytime the public thinks we are cutting something important or not cutting something wasteful, just let us know! We will also have a leaderboard for most insanely dumb

Javier Milei: Afuera 🤣

Bitcoin

New highs over $92k. Also a frothy indicator.
Michael Saylor seems like a genius! CEO of Microstrategy

Innovators Dilemna

Netflix and Tesla have one giant common denominator. Kodak
- ONLY PURE PLAY!!!
- AND Profitable. Ford losing $55k per EV vehicle.

Netflix

$878…. All-time highs
Jake Paul/ Tyson fight
- peaking at 65 million concurrent streams, with 38 million concurrent streams in the US.
- 56% of all US TV viewing between 12am and 1am EST was for the Paul vs Tyson fight.
- The Taylor-Serrano fight averaged an estimated 74 million live viewers globally and became the most-watched professional women’s sports event in US history with 47 million AMA in the US.
- The event was #1 in 78 countries including Argentina, Australia, Brazil, Canada, Germany, India, Italy, Mexico, South Africa, the UK and the US, and in the Top 10 in 91 countries tracked for the week of November 11-17.
- Streaming issues and outage. Good learning. THEY’LL figure it out!!
Squid Game. Dec 26
- Most viewed non-english show ever.
2 Christmas day NFL games. Sold out all advertising.
- Also partnering with sports betting!
Netflix ad tier 70m monthly users.

Tesla

$346 yesterday. $1.1T market Cap. High $410 Nov 2021. So 20% to get back to high.
‘Trump administration Clearly a big help for AI. Members of President-elect Donald Trump's transition team have told advisers they plan to make a federal framework for fully self-driving vehicles one of the Transportation Department's priorities, easing U.S. rules for self-driving cars.
Ron Baron on Tesla: Play at 3:23. Tesla $3-5 trillion in 10 years.
- Feels conservative.
Per Dan Ives. $400 price target. Wedbush’s Dan Ives boosted his target price to $400 a share, the highest among major brokers. “The Trump White House win will be a game changer for the autonomous and AI story for Tesla and Musk over the coming years," wrote Ives.
Robots in China!! Xpeng.
- IT IS SO OBVIOUS ROBOTS ARE COMING!!

Short squeeze:

"The pain might not be over for Tesla short-sellers. We expect continued short covering in $TSLA due to the rally induced short squeeze.

Example:

$1m in account. 25% margin allowed.
Borrow $200k of Tesla. (someone lends it to you). You sell it for $200k. Do something else with money. That’s 20% margin.
Price goes up 30%. You now have to give shares back. So owe pay $260k.
- Brokerage knows you owe $260k. So margin is at 26%.
You have to “cover”. Buy shares and payback… or brokerage sells for you!

Nvidia Earnings

Earnings on deck. Could move markets.

College

Chamath PalihapitiyaParents: Help pick your kids’ college wisely. The more a college charges for tuition and claims their elitism, the more radicalized your child may be if they go there.
- So basically ALL colleges with “Encampments” were over $60k in tuition per year!

From the WSJ: Bosses don’t want “ivy”.
Point is go to a college, study something productive and go work!