DIVERSIFY EMERGING MARKETS

“Like, the, you know, the the idea that so firstly, Nasdaq had to change all of their rules to allow this inclusion because normally a company needs to be you know, there's a list of rules as to how they weigh, you know, a low float company going into an index, how long it's been public, because the idea is it needs to be seasoned in the market and sort of find a valuation with real buyers and sellers. So normally, you would expect it to take about a year, at least, to even consider adding it. Fifteen days is unheard of, and then getting rid of the the caps for the the float on it. You know, Reuters reported that this is because Elon Musk negotiated with Nasdaq and said, you know, we we can list this thing on the NYSE, we can list it on the Nasdaq, we can list it wherever we want.”

“Today's number, ninety. That's how many seconds Russell Brand spent trying to find his favorite bible quote live on Piers Morgan before he finally gave up. The former comedian was on the show to discuss his new book, How to Become a Christian in Seven Days. Sources say step one is to be accused of sex crimes.”

“Our view is that The Straits are still very much closed. Oil Brent oil is close to a $110 per barrel. And if you look at the refined products of gasoline, diesel, jet fuel, they're closer to $200 per barrel. And you're already seeing an economic slowdown across most Asian countries, and that our view is that the next leg will be in Europe. So so we're actually think the markets are being very complacent about the risk of an oil shock or a higher for longer oil environment.”

“There's a company I can't think of their name now, but they they launched one NVIDIA chip into space in a little satellite, to run an AI program where I think it was meant to, you know, learn the works of Shakespeare or something like that. It constantly had to be shut down because it overheats, because it's very difficult. You know, everyone says, well, space is cold, but it's also a vacuum, and you need air blowing over something or water or whatever to cool it, via convection. If it has to cool radiatively, you need these massive, massive cooling fins on it. And so the next version of this tiny, you know, Shakespeare satellite is going to have the second largest cooling array in space behind the International Space Station.”

“And it it's the the valuation they're talking about, to be clear, they're talking about a 125 times sales. So that's not earnings, that's sales. And we don't even really know what the earnings are of SpaceX. There was, you know, the Reuters published that they had EBITDA of, $8,000,000,000. But EBITDA is not earnings. It's earnings before, essentially, the cost of building satellites and building rockets, you know, which for SpaceX, you have to imagine is a significant cost.”

“And they have, at the moment, around 10,000,000 paying customers, I believe. You know, there's some analysts out there, and they said that that, that they would reach 1,200,000,000 customers. Now, that's quite an amazing number when you look at the population of the planet who are like, there's 1,000,000,000 people on the planet who earn $35 a day, which comes to a bit under $12,000 a year. They will not be paying for, you know, $150 a month Internet access.”

“So the big drivers of the emerging markets for the last better part of last two, three years now have been the submission of your place, specifically in Taiwan, TSMC being the big one, and South Korea, the memory companies, SK Hynix and and Samsung. And in one stat that's pretty mind blowing is that if you look at it on a year to date basis, those three semiconductor companies, TSMC, Samsung, SK Hynix, are driving almost 70% of the entire index's earnings growth. So this has basically become a one way bet on the CapEx build out that you're seeing.”

“In the old agreement, for example, Microsoft had to pay a percentage of their cloud revenue to OpenAI because of this exclusive OpenAI offering that they got to sell to their customers. Well now, they don't have to pay revenue share to OpenAI. And while it's no longer exclusive, they still get to sell OpenAI's products to all of their customers. In other words, Microsoft's cloud revenue just went up. At the same time, Microsoft still has significant control over OpenAI.”