The biggest news in the investing world, well, that shouldn't surprise anyone. It's the SpaceX IPO. In fact, it soared so much after beginning training that in a single trading day, Elon Musk added more net worth than Warren Buffett did in his entire life. That's right. A shocking stat. So today we're doing something a little bit different. It's going to be a podcast on one single subject. An entire podcast devote only to my research on SpaceX. We're going to look at the three biggest bull arguments that I've collected on the stock, and we're going to dive deep into each one. Because as you will see today, it might have space in the name, but SpaceX has become an AI story. All that and more in the next AI Investor Podcast. He had first come to Maliful when I worked there. I believe that was around 2011. He was setting up for the SpaceX IPO and he really wowed everyone. In fact, after he came to our company, he he made a hire from one of the people I thought was really important. The company, Musk, was reading his articles, liked him so much he hired him away. But you know, it's Elon Musk. He also fired him very quickly. And that's that's just kind of who Musk is. He's very decisive. And I had decided I wanted to own enough of whatever Musk was doing that it would be a life-changing amount. And that investment did well. But as anyone who's followed Elon Musk knows, he's also very Mercurial. And so when he said he had an offer to sell the company at 420, I saw that tweet and said, Well, this looks like a minimum of security violation. I'm gonna call it a day. I sold it. Um, the stock after that point dropped 50%. That's Tesla. Uh, I felt like a genius momentarily, but since then it's exploded and has turned into one of the worst cells of my life. So, you know, from that angle, I'm very interested in this IPO just because of the ambition of Elon Musk. But on the other side, you see the numbers, and they do seem crazy. 18 billion in trailing sales against what is close right now to a $3 trillion market cap. But once again, with Elon Musk, you always have to pay attention. A market I've been deeply interested in is self-driving cars. The reality is, even though Musk has missed almost every time frame he's issued, he's also driving the narrative in the self-driving car market. And the reality is, if you went back in time, Tesla's really the only investment in the space that has mattered. So the question is, with SpaceX increasingly becoming an AI company, as as we'll talk today, how much of the narrative for AI could this company begin driving? And if that does become the case, if if Musk essentially bends kind of the investment space to his whims, it's impossible to ignore what he's doing. So let's talk about the IPO for a minute. Uh, SpaceX IPO last Friday, and it's it's been a record-breaking IPO on every Friday. It briefly, on I think it was Monday night, it briefly crossed the valuation for Microsoft. It had crossed Amazon, and as I mentioned, that was that was more than three trillion dollars. And that mind-blowing stat I said earlier, Musk making more in a single day than Warren Buffett has made in his career. So it's it's been, I've gotten a lot of questions about it. I've gotten a lot of emails, and that's partially why I wanted to do this podcast as well. Because I do want to talk about it. Um, it it's it's become the number one story in the financial world. Let's start by just talking about what SpaceX is. The important thing is I've alluded to, it's not a space company, at least on the surface. You go look at its launch business, what it's most famous for, you know, shuttling um supplies up for other companies, things like satellites into space, that's only a $4 billion business. And that's grown from $3.5 billion across the past two years. Simply put, the business that SpaceX was originally founded on isn't that large of a business. And that that's by SpaceX's own admissions, if you read their prospectus, they have a chart in there. It's it's a funny chart because it it draws their total addressable market and it's it's over 26 trillion, as we'll get to. But in that space launch is only a $370 billion market, which means if SpaceX captured that entire market at the market value they're already at, just under $3 trillion, they would be overvalued. But the rest of the chart makes clear what Musk is focusing SpaceX around, one of which is connectivity, which is the segment Starlink targets. That's forecast at a $1.6 trillion market. But the big one is AI, which they have at a cartoonishly large, in some ways, $26.5 trillion market. So I'm gonna go into more detail on this throughout today's episode, but it becomes clear the ambition of Musk and what he's made all of his moves across the past year is that SpaceX is now his AI holding company. That's essentially what it is in a nutshell. Within the next year, the majority of revenue will come from renting data centers on Earth. It's why he's spending 60 billion to acquire Cursor, an AI coding platform. And it's why I believe the odds are very high, very high. It's only a matter of time until Tesla itself is either acquired or merged into SpaceX, and we're gonna see one large holding company. Because the reality is, I think Musk he sees where the future is headed, what the coming decades are all about. Do you have enough compute to create intelligence that's astronomically valuable? If you do have that compute, then do you have the models and the infrastructure to create outputs from it for things like software, robotics, brand new markets? Musk wants SpaceX to compete with Amazon, Google, Meta, Microsoft, Anthropic, OpenAI. The company is behind in mini segments today, but it does have some advantages we're gonna talk about. But the largest advantage of which is likely just Musk's ambition and singular focus on this market. So the question is where do we even begin unpacking an IPO like this? And I arrived at, we're gonna approach a bull bear framework. I spent a lot of time watching the roadshows for the company, podcasts with SpaceX bulls, um, the best of which, if you want to watch it, was probably BG2 with Brad Gerstner and Gavin Baker. And I captured what I thought were the most salient bull cases. What are the big ideas that people are resting, you know, their hats on? That they say, SpaceX, it may look cartoonish, traying at the valuations for today, but these are the long-term trends I think this company could be dominant in. And then I'm gonna, for each one, I'll share my own reservations and and and I'll I'll share some of the reasons that these bowl cases could go wrong. So we're gonna cover each of the key themes for SpaceX today. And and you know, where we're gonna start might surprise you because it's not anything to do with space. It's data centers on Earth. And this is something that's developed extremely rapidly. Um the background is SpaceX, they merged with XAI back in February. Uh XAI has its chatbot Grot. Grok, I should say. It's very lightly used, and it's fallen behind models from companies like Anthropic, OpenAI, and Google's Gemini family. But Musk, here's what he did. He did stand up an impressive amount of infrastructure very quickly. We've we've talked about this on the podcast before, but he he basically has a lot of um uh compute capacity in Memphis. It's it's in his Colossus data centers. And you know, he's he's been praised by other people like Jensen Wong of NVIDIA about his ability to get all of this data center set up while many other companies are struggling. Um so what that means is with how much increasing use we've seen of AI, if you have compute capacity not available into the future, but today it's going to trade at a premium. So SpaceX, it has a lot of capacity. Grok, it doesn't have much usage. Under normal circumstances, that's a horrible business problem. But at this moment in time, it's a very profit one. And the news that we've seen is on May 6th, SpaceX struck a deal with Anthropic to rent out part of its Colossus infrastructure. And Anthropic is going to pay them $1.25 billion per month. And for that fee, they're getting close to about 300 megawatts of compute capacity. And they also, and this might be a low key, express interest in working with SpaceX to develop multiple gigawatts of space capacity in the future. Then on June 5th, SpaceX announced another deal, this one to rent out about 110,000 GPUs to Google, stretching from 2026 to mid-2029. And this one's gonna be $920 million per month. So if we take a step back, the numbers between these two deals mean SpaceX is about to have a run rate of $26 billion annually or so, just from being kind of a new hyperscaler of sorts. And what's so fascinating, this right away impacts the narrative for SpaceX as a whole. It goes from a company at its S1 prospectus with revenue of 18 billion, growing at 33%, which isn't exactly the kind of profile to attract a valuation into the trillions, to a company that Wall Street now believes will book 62 billion in revenue next year and will be growing at around 100% growth rates. And that'll be 100% off escalating growth rates throughout the back half of 2026. Now, okay, let's break this down low. Bulls will look at these deals and point out uh the price Google and Anthropic paid, well, they're they're outrageously good, and they are. It appears Google's paying roughly three to four times what you'd call the going rate for compute capacity. That's what most NeoClouds are gonna be able to charge. Anthropic, it's paying a lower premium, but it's still paying about what $25 billion per gigawatt, which is a very rich fee. And if you can collect those kinds of fees, it makes the economics of building DAS irons look very, very attractive. Now, the big question is why are these companies, Anthropic and Google, paying SpaceX so much? And this is where it gets into kind of this roarshock test of how investors feel about Elon Musk himself. On the positive side, you could argue that Musk has built a team that can stand up Das faster than anyone, and that matters. As I note earlier, Nvidia's CEO, Jensen Wong, he's praised Musk's ability, saying that he is an N of one. He is singular in his ability to create massive projects like this. On our last episode, we we talked about a Das Iron project in Wyoming that had fired their developer, Crusoe. Well, that that's the same developer that's behind the Stargate Abilene project I when visited. And that's a project that's running into some challenges. It's running behind schedule, costs are ahead of schedule, it's running into permitting challenges. And right now, being able to deliver on time and at cost is a huge advantage. And related to that, Gavin Baker said on that BG2 podcast I referenced that SpaceX is in line for 20% of all of NVIDIA's next platform capacity, Vera Rubin. That's a big deal because NVIDIA chooses who they want to give capacity to. Same story for Meta and Core Weave, they're on track to book $25 billion in GPU rentals next year. That's about the same size as SpaceX's current deals, which I said were a $26 billion run rate. And their total valuation is $63 billion. So the question is: yeah, SpaceX has in a way kind of pulled a rabbit out of their hat to make their near-term uh revenue growth look great. But should that revenue growth underpin a $2.5 trillion valuation if companies of similar size in this specific market are $63 billion, right? Finally, both of these deals included a 90-day termination clause. So part of the premium Google Anthropic could be paying SpaceX is the fact that this could be temporary. They could terminate the deal very quickly. And that's that's unusual, especially relative to many of the deals these neo clouds are uh striking that are often multi-year agreements. So the question is where do I stand on all this? First, if Musk is truly planning to buy 20% of Vera Rubin, you just have to look at this across the entire AI space. And it's extremely bullish for the infrastructure trade in the near term. Musk is essentially using equity to be able to buy chips, and he's just one more company that's a catalyst across this entire trend in the near term. I've I've talked a lot on this podcast about how 2027, you can pretty reliably guess the level of spend. You you have a good estimate, I should say. 2028 is where things get a little more foggy, but we're starting to see a lot of signs that 2028 there's there's plans that still remain ambitious there. So it continues moving out that question of when when you might see um a fall-off on growth rates out another year into 2029. And every time that's pushed out, that's bullish for a lot of the companies in the portfolio. Second, I just have to know you do have to respect Mus'ability. I think I called it pulling a rab out of his hat earlier, and that's the word. The deal making to get these deals done and at these terms, it'll serve to keep SpaceX's shares elevated at a time he's probably gonna need to use the stock to finance some future deals. He just used it to finance buying cursor, he might use it to finance building more capacity. So that's very valuable. Third, I think there's real value here, but I am also cautious out extrapolating that SpaceX could repeat terms like this that it just got with Google and Anthropic. At the end of the day, how valuable this is depends on whether you believe SpaceX can create a real competitive advantage in this market. Those podcasts I referred to, they believe SpaceX has a competitive advantage in building data centers. If you believe that their competitive advantage is more narrow, maybe they can build a little bit faster, but they're gonna have a hard time with other facets of being a large uh uh cloud provider. Well, it's it's just gonna put less value on this. Right now, my belief is at least on ground-based data centers, um their biggest advantage is that they had a lot of capacity available. So that's topic number one. Like I said, it's a new one. No one was talking about months ago when they're arguing whether SpaceX would be overvalued or not, this uh data center um angle. It's also interesting to note that we we may see a stock like Meta, which has been really stuck in the mud. They've they've started mentioning that if they have excess capacity, they they may start ranging out as well. That could be a large catalyst to the stock, especially one that has remained depressed as uh Wall Street has been relatively unwilling to buy it uh based upon the size of the investment Zuckerberg is making. So let's let's move on to bull case number two now. And this is gonna be one everyone's familiar with. You gotta talk about space-based data centers. Ha! The coolest topic we'll talk about, unfortunately. I will drag us down into some numbers-based nursery because we do need to see a couple things. Two major questions. Is this even possible? That's number one. And number two, would space-based data centers make the level of economic sense that the Bulls and Musk might claim. So let's unpack this. Now, the possibility for space-based data centers relies, well, it relies on getting things up to space for cheap. The target zone is gonna be about $200 to $500 per kilogram, but the cheaper you get on that end is gonna unlock a lot more. Right now, when you look at SpaceX, how much it costs, you'll commonly see figures like it's gonna be $2,700 a kilogram to get something up into space on Falcon 9. Now, the internal cost for SpaceX is is cheaper than that number. I've seen numbers from $600 to $1,200 range. But the important thing is the real cost savings hinge on SpaceX's next program, which is Starship. And I think everyone's familiar with Starship. The launch vehicles are absolutely huge. And what happens is historically with space and what the big unlock is, is you would you would only use a launch vehicle once. The analogy Musk uses is how big would air travel be if you flew a plane once and then you retired it. So if each starship costs about a hundred million dollars, and that's Musk's claim, other people saying. More. He's probably doing more incremental cost versus amortizing other parts of it. Probably about 70% of that cost is going to be the booster. That's the first stage. And 30% of it's going to be the second stage. To date, SpaceX has been focusing on the booster. But in the second half of the year, they're going to attempt to make the second stage reusable. So that's something to circle. If you're interested in SpaceX and watch that's a very key part of the economics. And they're also getting better at refurbishing these boosters. With Falcon 9, it used to take almost a year. Then it took 100 days. And just a few days ago, they launched a refurbished Falcon 9 booster just nine days after its previous flight. And there are now Falcon 9 boosters that have been used 30 plus times. So you got to get the cost down to refurbish it. You got to get the number of times you use. So if you want to get five gigawatts up to space annually, that would require a thousand starship launches per year. Timing-wise of when this could happen, well, SpaceX first launched its uh Falcon 9 rocket that they built for reusability in 2018. And they have currently gone to a pretty mature stage. I gave you the details earlier on that, with some being used 30 times and some returning to service in a little more than a week. So the big question is how long does it take the same learning curve for Starship? If you condensed it a bit because they've already learned from that initial experience, well, Starship could be launching at scale with very advanced reusability by maybe 2030 or so. I, you know, I don't Musk will have his own estimates, but I think that's a pretty fair one. So if they could hit that target, the next question is do space-based ass irons make sense? And the key argument from the BG2 podcast I've referenced was space-based as irons at lower launch costs, it would only be about $5 billion to get them up to space. But they would shave off $5 billion in other costs, meaning there's a huge gap in terms of efficiency. And that would be the opportunity for this market. Now, this is where I need to get a little into nerdy numbers here because it's important. So bear with me for just a minute. The assumption that was made for BG2, which is demonstrating the bull case, is that a gigawatt of data centers on LAN costs $60 billion. $35 billion of that would just be things that are going to go to space, uh, stuff inside servers, processor chips and networking. And the rest, which is what they said was $25 billion per gigawatt, would be removing all kinds of equipment, um, switch gears, chillers, cooling towers, power supplies, things that are not necessarily needed for space anymore. So, you know, the the key question becomes how how good is this estimate? How how fair is this estimate? Well, that argument essentially is that non-server costs are more than 40% the cost of a data center. But other estimates are less than that. I looked at one from Bank of America. They found these non-server costs to be about 25% of total cost for a one gigawatt data center. They put the total closer to 10 billion. Epoch AI, which is a great research service, their estimate per gigawatt was at non-servers at about 12 to 13 billion. So again, I needed to bring up these details just to say if the main argument here is that space-based assires are going to be unassailable because they have this 5x cost advantage of taking down the non-server cost from 25 billion to potentially 5 billion. Well, we need to look at the details. And that might be an aggressive amount. You know, other estimates put it at lower amounts. The other thing is you're comparing components that have had profit margins put in without factoring in that SpaceX is going to need to apply its own margin onto launches. And finally, there are complications to space. You know, people talk about things like radiation, et cetera, and how that might affect chip design. I won't get into that. It's it's it's just number one, there is no viable way to really perform repairs in space. So that's going to decrease uh kind of the economic value of these space-based data centers. So I wanted to go into this because, again, it's not just SpaceX, it's the companies in our portfolio. And Elon Musk, when he's hyping something, he will have a reality distortion field. So taken to an extreme, you could see how, well, it certainly appears like there might be a wipeout scenario for the companies in our portfolio like Vertiv or uh Schneider or some of the companies we've talked about, like an ABB or some of the companies in energy supply chains. But that that that may not necessarily be true. Um the bottom line is while this is interesting. Keep in mind, once again, it would require a thousand starship launches to get five gigawatts of compute into space. Um, we're going to be doing a lot more than five gigawatts, a lot, a lot, a lot more. So that that would still be fractional. And there may be some arguments for economic advantages I kind of tackled up there. They they may be overstated and rely on some generous assumptions. But the greatest advantage to space-based data centers may be just avoiding the costly permits and political battles on Earth. But the other side of this is, I wonder what kind of political battles await the launch schedule needed to make this a material part of the infrastructure build out. So there we go. That's bull case number two. I think the bottom line is there is something here. It's it's going to take that period I outlined. And also, if you're worried about this becoming something impacting some of these portfolio stocks I'd mentioned, like Avertiv or Schneider, uh, you know, Quanta Services, you know, I do think you need to take into account what percent of the infrastructure build out this would be. The third bowl case I'll discuss today. Well, it's one everyone here should probably understand that buy SpaceX because it's must all in on the biggest opportunity in human history. That's definitely one it resonates with me. I had wanted to go big into Tesla back in, you know, earlier last decade on the belief this guy is more ambitious than anyone. And if he does change the course of human history, I want that to impact me in an outsized way. And like I said, I sold earlier, and it was probably the biggest selling mistake of my life. So am I making a mistake not putting more consideration behind SpaceX and understanding that what this truly is, is it is a holding company for Elon Musk's greatest ambitions that uses space to unlock opportunities such as space-based assurance. But it is at its core an artificial intelligence company. Um so, you know, I I think in a way, at the valuation SpaceX is today, this needs to be the central thesis. This is something that changes for every investor. It's something you either believe in or you don't. But you know, you do see I talked about data centers earlier and how quickly that's come up. The whole thesis around SpaceX changes so quickly. Just this week, they announced plans to purchase Cursor for $60 billion. Now, on the surface, this probably doesn't make a lot of sense to most people. It's a space company buying a coding platform for $60 billion, which I know we're entering a new world that's different, but historically, that is a massive acquisition. It is huge. But when you scratch beneath the surface, it actually makes a lot of sense. As we've talked about before on this podcast, coding is becoming the differentiator for these AI models. It's what Anthropic focused on, it's what allowed them to go out and to lead. It's what OpenAI is trying to catch up on with Codex. Cursor has a massive user base for its uh AI coding tools. And they've built their own model. It's named Composer. And Composer, because of the unique data that they get from this massive user base, has gone very competitive, very quickly. And what it gets in terms of a win-win for being bought by SpaceX, it now has access to massive compute resources, which is what a model needs to go out and be competitive, to leapfrog rivals that might be ahead of it. The point here is I can't say for CERN whether or not this cursor acquisition allows Grok to catch up. But I can relatively confidently tell you without it, they're probably not catching up. And Musk saw this as a differentiator, and he acts decisively, right? You know, you're buying Microsoft. You look at someone like Sacha Nadella, who's a great CEO, but he's gonna be constrained by the fact he works at a blue chip company, that he doesn't have the same permissions Musk does to go for these really big targets. And for that reason, he's done things like pulled back on going for compute capacity. He's he's he's held back on being able to spend the money needed to develop their own model that Microsoft might need for their grandest ambitions. Elon Musk is not held back because he's always creating the next narrative and he has a track record of investors buying into what he's selling. He's very good at this. He does it better than any CEO, and it gives him permission to attack these moonshots in a way that other CEOs can't. Speaking of Moonshots and every other CEO, what's the number one complaint from them right now? A couple days ago, Apple announced it's gonna have to raise prices on its products because of memory pricing. I saw a stat the other day. You know, it's gonna impact Apple for the price of their iPhones and products, but it's impacting everyone. It's impacting Amazon, Microsoft, because 48% of costs for DASIR spent next year are flown directly into memory costs. So other CEOs are looking for ways around this. I saw this week Google might be exploring going to get memory from China, which I should note will be a massive boost to portfolio recommendation ACM research, which has been up quite substantially in recent weeks from this news. But the bottom line is they have limited options. They can't control their own destiny. But Musk is different. He's going to try to do something about it. And he's going to try to build Terrafab, which is going to be a brand new foundry, essentially producing more advanced chips in the United States than the entire capacity is today. And he's going to use this expensive equity that he has, this, you know, this amount of money that's just been brought into SpaceX's coffers to try and found this. I can't say for certain whether or not Terrafab will be successful. I can say that if Musk pursues it, it's going to be fantastic. It's going to be a huge catalyst for semiconductor equipment stocks, stocks in the supply chain. Those are stocks that we've owned. They're doing quite well this year. And a big reason for that is the potential for Terrafab to continue bringing in more supply and being a company that you don't need to worry about the conservatism about how much capital expenditures a Taiwan semiconductor wants to spend, because Musk is going to go, he's going to spend a lot, he's going to do it on markets, not only for things like processors, but also for memory as well. If you own memory stocks, and we do have investments, we recommend SK Heinex, Micro on this portfolio. I do think over a three to five year time frame, Elon Musk is probably the biggest threat to this industry because he has the most willingness to kind of upend it because he is going to come and he is going to make a major push to be able to build in this space. And for most people, I'd say there's no chance of it. As we've talked about in this podcast many times, building a foundry, it sounds like the most technical thing on earth, but it's actually one of the biggest art things on earth that there's so much that comes with learning and going through iterations. And there will be setbacks for Musk, but he'll probably be the singular, the singular person who would actually take on this opportunity from this moment. And then I think there's also just the fact that there's futures you can't predict with Musk. Um, you know, I've said many times throughout this podcast, no one was predicting SpaceX was essentially going to become a data center company. And that materialized over the course of months. But you think about if Musk owns his own chip producing factory and he owns this distinct resource in reusable launches, well, how could that impact the economics of orbital data centers in ways people probably aren't considering today? Starlink, I have even really touched on Starlink. Um, how that is gonna see entirely new economics from Starship and allow it to launch at much higher rates for cheaper and target entirely new markets. What what size could Starlink reach? And, you know, then we have complete uh complete unknowns. Like I mentioned, my probability that SpaceX is going to move to acquire Tesla is is very high, probably higher than you know what you find out there in the market. And the reason is I think Musk is going to, with this grand ambition around artificial intelligence, he's going to want the robotics play from Tesla fitting into SpaceX. So I would put, I would bet big that SpaceX is going to either merge with or acquire Tesla at some point. Um, now, where do we stand today? Into the near future, what's going to be fascinating for SpaceX the stock? Most of the results in the near term aren't coming from spaces. I've known they are coming from terrestrial data centers. So SpaceX effectively, where it's judged, especially around earnings and into the next year or two, is going to be their performance in data centers. You know, are they going to continue being able to build at the rate they are? Are they going to find new customers? That's going to determine whether or not their revenue growth rate is um, you know, high enough to continue uh building interest in the stock. In the near near term, well, what we have for SpaceX remains tiny float, only 4% of um of shares traded. So this has led to a situation. I was reading the number of ETFs holding Tesla have gone from four to 120 in the past few days, with lots of JP Morgan uh funds adding it, which you know, they were involved in the IPO. And after that, you're going to get the passive ETF, such as QQQ, is going to add the stock on July 6th. So what we have in the near-near term is that a lot of the activity around the stock is going to be from kind of these low float and force additions. But you know, in the back half of the year, what we'll see is we're going to see unlocks where uh people who own SpaceX are able to put that into the market and increase, you know, basically the supply of shares available. And on that, and that point too, we're going to see do investors continue giving the benefit of the doubt to Musk? If these timelines extend for things like orbital data centers, do investors continue giving him the benefit of the doubt because he's growing things like data centers? You know, Tesla in many ways has been behind expectations for years, but its shares have remained elevated because Musk is always able to sell the story of um, you know, its self-driving car network, of its robotics. So we're gonna see, there's gonna be new stories that Musk will continue adding to. You know, if if something like Cursor makes Grok extremely competitive and all of a sudden they're competing with anthropic and open AI, well, what's anthropic worth? Well, as was mentioning earlier, probably $2 trillion on the open market. So that's another powerful lever for SpaceX. At the end of the day, I'll close this up here. I hope this has been interesting for everyone. I, you know, it's it's partially just it's it's a little bit of my research and what I'm seeing in real time. And and there doesn't always need to be some sharp buy or sell. Sometimes there's just big events happening that I think aren't necessarily covered uh the right way or with all the right details by the media. And I wanted to talk about how I'm looking at SpaceX. So I'm not going to be adding it, especially at this near $3 trillion valuation. It's just not something I'm going to be adding to this portfolio. But I hope I've really elucidated how much I respect the ambition and how much I think increasingly we we look at the major players that downstream impact every single company in this portfolio. Whether or not you own it, you have to understand VIDIA. Whether or not you own it, you have to understand the big hyperscalers to some level, like Microsoft, like Google, um, like Meta. And now we can add SpaceX to that category because increasingly their ambitions will drive the narrative around the entire AI industry. So I hope this has been an interesting episode. Next week we'll have Austin back and we'll cover some more market news. But until then, I hope everyone's enjoyed and happy investing. The AI Investor Podcast is for educational purposes only and should not be considered investment advice.