Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2: Good morning, I'm Nathan Hager and I'm Alexis Christophers. Here
Speaker 2: are the stories we're following today, alex As, we begin
Speaker 2: with the latest from the Middle East. After threatening new
Speaker 2: attacks on Iran, President Trump now says he's close to
Speaker 2: a deal to end the war.
Speaker 3: We just made a great settlement of the war with
Speaker 3: the red and we're going to be a subject to
Speaker 3: finalization of documents. We should get done over the next
Speaker 3: few days.
Speaker 4: President Trump made that announcement in an Oval Office event,
Speaker 4: but just this morning, Iran's semi official news agency mayor
Speaker 4: says the US and Iran are negotiating a potential agreement.
Speaker 4: We get details from Bloomberg Middle East correspondent to Birabu
Speaker 4: Omar in Dubai.
Speaker 5: It's still unclear to us if that MoU Iran or
Speaker 5: the Iranian media is reporting about is one that matches
Speaker 5: what President Trump had suggested, and look, some of the
Speaker 5: most important provisions there include what Iran says, a permanent
Speaker 5: and immediate cessation of hostilities on all fronts, including in
Speaker 5: Lebanon and Lebanon is a sticking point for Iran. Full
Speaker 5: lifting of the naval blockade and the Strait of Her
Speaker 5: Moves within thirty days, a commitment by the US to
Speaker 5: withdraw its forces, reopening of the Strait of Her Moves,
Speaker 5: suspension of sanctions on oil sales, and a lifting of
Speaker 5: the blocked twenty four billion dollars of frozen assets by
Speaker 5: the United States.
Speaker 6: Those are Iranian frozen.
Speaker 5: Assets, and an affirmation of Iran's commitment not to develop
Speaker 5: nuclear weapons.
Speaker 4: Bloomberg's Abirabo Almar reports Iron says final negotiations won't begin
Speaker 4: until half of its frozen assets are released, oil sanctions
Speaker 4: are suspended, and the naval blockade is lifted, and Nathan.
Speaker 2: We now move to the biggest initial public offering of
Speaker 2: all time. SpaceX has raised seventy five billion dollars in
Speaker 2: the IPO, pricing more than five hundred and fifty five
Speaker 2: mills million shares at one hundred and thirty five dollars
Speaker 2: a piece at the IPO price, elon Musk's rocket, satellite
Speaker 2: and ai company as a market value of about one
Speaker 2: point eight trillion dollars. Alexis o'hanian is the founder of Reddit.
Speaker 6: This feels like a milestone moment.
Speaker 7: This was an investment thesis that was unthinkable a decade
Speaker 7: ago for most investors, and I think now people are
Speaker 7: coming to grips with the fact that space technology is
Speaker 7: really here. What would have been science fiction US maybe
Speaker 7: ten years ago is now science fact.
Speaker 2: Reddit founder Alex o'hanian there. The company will debut on
Speaker 2: Nasdaq under the symbol spc X.
Speaker 4: And alexis The IPOs drawn demand for more than four
Speaker 4: times available shares. Elon Musk's fan base in the retail
Speaker 4: trading community has placed more than one hundred billion dollars
Speaker 4: in orders for the stock. Musk will control eighty four
Speaker 4: percent of the voting power after the IPO. Neil Minnow
Speaker 4: is vice chairman at Value Edge Advisors. Elon Musk has
Speaker 4: appointed himself CEO for life.
Speaker 8: He has all the voting control.
Speaker 4: He has basically built a moat with alligators.
Speaker 3: Around himself, and that's not good for shareholders.
Speaker 4: That's a Value Edge Advisor's vice chair Now Minnow now
Speaker 4: SpaceX's governance policies in sher Musk is effectively able to
Speaker 4: choose board members, and that would mean only he could
Speaker 4: remove himself as CEO.
Speaker 2: And Nathan Musk's personal wealth will sort of new heights
Speaker 2: after this SpaceX ipo. Blas Penn's is deputy managing editor
Speaker 2: for Bloomberg.
Speaker 9: There is a really, really real chance that he will
Speaker 9: be the first trillionaire in the world in the not
Speaker 9: too distance future, depending on how the stock does on
Speaker 9: the market. One of the positives of this IPO was
Speaker 9: the sort of intertwined, interconnected nature of Elo Musk's empire,
Speaker 9: where you take when you think about X Test Law, SpaceX,
Speaker 9: Borging Company, all these companies have cross ownerships, they do
Speaker 9: business with each other. There's a very kind of concluded structure.
Speaker 9: For some people, that's a huge bus because Elo Musk
Speaker 9: sits at the center of everything, and they believe in
Speaker 9: Elon Musk. They believe in his and they believe that
Speaker 9: he can drive more value out of these companies.
Speaker 2: S Bloomberg's deputy managing editor, Blast Pens. He says shadow
Speaker 2: markets are pricing of SpaceX stock debut with a potential
Speaker 2: pomp of at least thirty five percent. Turning to Washington now,
Speaker 2: and President Trump is nominating j Clayton to be the
Speaker 2: next Director of National Intelligence. Bloomberg's Amy Morris reports from
Speaker 2: the nation's capital. Jay Clayton has been serving as the
Speaker 2: top Federal prosecutor in Manhattan and was chairman of the
Speaker 2: Securities in Exchange Commission during Trump's first term. The cabinet
Speaker 2: position oversees and coordinates eighteen US intelligence agencies. President Trump
Speaker 2: Jay Clayton's an incredible talent.
Speaker 3: Head of celigant Cromwell. He was head of the secs
Speaker 3: Now Southern District. I mean, nobody has better credential, but
Speaker 3: Bill will run for Shure. Well, He's done a fantastic job.
Speaker 8: Trump's nomination of Clayton comes hours after the House failed
Speaker 8: to pass an extension of the Foreign Intelligence Surveillance Act,
Speaker 8: part of pushback over Trump's selection of Bill Poulty to
Speaker 8: serve best acting Director of National Intelligence in Washington anymore,
Speaker 8: as Bloomberg Radio, all right.
Speaker 2: Thanks Amy, and back here in New York. There was
Speaker 2: still a buzz in the air over the dramatic and
Speaker 2: historic comeback win by the Knicks, and now fans are
Speaker 2: possibly just one day away from something they haven't experienced
Speaker 2: in more than half a century. Bloomberg sports reporter Randall
Speaker 2: Williams has more on the Knicks quest for an NBA championship.
Speaker 10: The Knicks haven't won a championship since nineteen seventy three.
Speaker 10: They haven't even been back to the finals since nineteen
Speaker 10: ninety nine, where they played the Spurs in that same series.
Speaker 10: So this series in game four was revenge for not
Speaker 10: only the Knicks themselves, but for fans. And you have
Speaker 10: to think about it. James Dolan, the Knicks owner, was
Speaker 10: talking a lot of smack before the game even began,
Speaker 10: saying that he guarantee you to win. I wonder what
Speaker 10: he was thinking when they were down twenty nine, but
Speaker 10: evidently one of the most miraculous comebacks that I've ever seen.
Speaker 10: A truly incredible result, Randal.
Speaker 2: This was an absolutely epic game and one I'm going
Speaker 2: to say we're going to be talking about forever.
Speaker 10: I think that og Annubi is absolutely cemented in Nick's history.
Speaker 10: Just for the last two plays of the game, you
Speaker 10: have to think about Dearon Fox. This loose ball goes
Speaker 10: skirting across the floor, Dearon Fox picks it up. All
Speaker 10: you have to do is dribble. The clockoffs. He goes
Speaker 10: up for a layup, it's blocked by Og. The next possession,
Speaker 10: Og comes down, Jalen Brunson misses a shot.
Speaker 6: OG tips it.
Speaker 10: In those two plays back to back, you could argue
Speaker 10: are the most clutch plays for the Knicks over the
Speaker 10: last fifty years.
Speaker 2: Yeah, og an instant legend for the next Now you
Speaker 2: can hear more of Bloomberg sports reporter Randa Williams on
Speaker 2: the Bloomberg Business of Sports podcast. New episodes drop Fridays
Speaker 2: at noon. Get it wherever you download podcasts, and always
Speaker 2: at Bloomberg dot com.
Speaker 4: Yeah, one more way we can ride the Nicks euphoria,
Speaker 4: because it is riding high in New York City. Alexis
Speaker 4: and Bloomberg's John Tucker joins us with more on that
Speaker 4: end of the story.
Speaker 6: John, Good morning, Nathan. So how do you possibly top
Speaker 6: Game four, the.
Speaker 4: Greenest come back and ahead the playoff history?
Speaker 6: How about a Game five?
Speaker 11: When?
Speaker 6: But that's insane? Anton. Anyway, everybody's excited. We don't quit. No, wait,
Speaker 6: do that quit?
Speaker 11: Come on the next Baby Nix five, Baby and the
Speaker 11: guy behind the ultimate tip og and anwby.
Speaker 3: Everyone's pretty excited.
Speaker 11: I'm excited, to trust me, he's excited. And then there's
Speaker 11: the knickswag. Fans have been snapping it up, whether at
Speaker 11: the NBA store in Midtown or from street vendors with
Speaker 11: suspect gear and this incredible ron has been a bonanza
Speaker 11: for Bars. A word to the wise from Noel Donovan
Speaker 11: at Bloom's Tavern on how to get in on game night.
Speaker 12: My advice is get to know your local bartenders and be.
Speaker 11: Friends of him well Z Bars is selling Blue and
Speaker 11: Orange cookies, Tompkins Square, Begel's selling the Bruns and Bodega
Speaker 11: Bengels Sandwich, Tall Poppy, and Chelsea has Nick's Cinnamon rolls,
Speaker 11: Nicks Fever.
Speaker 6: Catch it in New York coome John Tucker Bloomberg Radio.
Speaker 2: I'm gonna get me some Nick Cinnamon rolls. Oh sound good?
Speaker 12: All right?
Speaker 2: Thanks a lot, John, The Nickson out the only thing
Speaker 2: red hot. The heat is on once again up and
Speaker 2: down the East Coast. The extreme weather has the Trump
Speaker 2: Administration declaring a power emergency for the southeast. Duke Energy
Speaker 2: asked for the emergency order with temperatures set to hit
Speaker 2: up to one hundred one degrees in parts of the Carolinas.
Speaker 2: The order allows power plans to run at maximum output
Speaker 2: and go pass some air pollution limits to meet soaring
Speaker 2: AC demand. It's an effect through tonight.
Speaker 3: Well.
Speaker 4: Turning to markets now, Alexis futures are moving higher as
Speaker 4: details emerge about the draft US run deal. Stocks rallied
Speaker 4: yesterday with all three indexes gaining at least one point
Speaker 4: eight percent, and oil continues to drop on optimism the
Speaker 4: war is nearing an end. West Texas Intermediate It's down
Speaker 4: four point four percent trading Shive eighty four dollars a barrel.
Speaker 4: Brent's well below ninety now at eighty six point fifty three.
Speaker 4: That's the drop of four and a quarter percent, and.
Speaker 2: Nathan shares of Adobe are down more than four and
Speaker 2: a half percent here in early trading. The software company
Speaker 2: is looking for new leadership. Adobe says chief financial officer
Speaker 2: Dan Dern will leave the company next week. That adds
Speaker 2: further executive turnover at the company after it's CEO said
Speaker 2: in March he would step down once his successor had
Speaker 2: been appointed. Time now for a look at some of
Speaker 2: the other stories making news in New York and around
Speaker 2: the world. For that, we're joined by Bloomberg's Michael bar
Speaker 2: Good morning, Michael.
Speaker 6: Good morning.
Speaker 13: Alexis hot weather, as you mentioned, will settled over New
Speaker 13: York and the US Northeast through the end of the week.
Speaker 13: Bloomberg Media Religius Craig Allen has the latest.
Speaker 12: The eastern two thirds of the nation will have to
Speaker 12: endure another day of heat and oppressive humidity. Temperatures up
Speaker 12: to fifteen to twenty degrees above average means nineties and
Speaker 12: a heat index over one hundred for Washington to New
Speaker 12: York City into New England, just Inland from the harbor
Speaker 12: around Boston, and with FIFA World Cup Games and the
Speaker 12: request to take mass transit, there is concern for Amtrak
Speaker 12: and commuter trains because of heat on the tracks and
Speaker 12: overhead power lines. Then a few strong thunderstorms to close
Speaker 12: out today, followed by a brief reduction in temperature and
Speaker 12: humidity for Saturday.
Speaker 6: Bloomberg Media religious Greig Allen.
Speaker 13: Security will be strict this weekend when Soccer's World Cup
Speaker 13: matches start in the US. John Cohn, senior expert on
Speaker 13: global threats for the ARGO National Laboratory, has some advice
Speaker 13: for fans heading to the events.
Speaker 14: I would dramatically reduce what you carry to these events.
Speaker 14: Some of these events will have no bag policy, so
Speaker 14: if you show up with a purse or a bag,
Speaker 14: you may not be let in with that those items.
Speaker 14: Expect long lines, expect road closures.
Speaker 13: John Cohne with the Argo National Laboratory spoke to ABC.
Speaker 13: President Donald Trump's board at the Kennedy Center is trying
Speaker 13: to keep his name on the building before a court
Speaker 13: ordered deadline to remove it by today. The board voted
Speaker 13: Thursday to seek a stay of a judge's ruling that
Speaker 13: Donald Trump's name was illegally added. Global News twenty four
Speaker 13: hours a day and whenever you want it with Bloomberg
Speaker 13: News Now Michael Barr and this is Bloomberg Alexis.
Speaker 2: Well, thanks Michael. Time now for our Bloomberg Sports up,
Speaker 2: and for that we bring in John stash Hour.
Speaker 15: Game Foundlous Stanley Cup Final in Raleigh in Vegas scored first,
Speaker 15: but Carolina scored the next four Andre Stetchikov scoring twice,
Speaker 15: both on the power play. The Hurricanes beat the Golden
Speaker 15: Knights four to two and lead the series three to two.
Speaker 15: So history in the WNBA Indiana Beachicago with overtime at
Speaker 15: Kate Laclark scored thirty two points with tennis sis, her
Speaker 15: teammate of Leah Boston scored thirty four with twelve rebounds,
Speaker 15: first time ever teammates with over thirty points and a
Speaker 15: double double. Mexico and South Korea one in the World Cup.
Speaker 15: That's a Bloomberg Sports update.
Speaker 6: Stay with us.
Speaker 4: More from Bloomberg Daybreak coming up after this.
Speaker 1: Coast to coast on Bloomberg Radio, nationwide on Sirius XM,
Speaker 1: and around the world on Bloomberg dot Com and the
Speaker 1: Bloomberg Business app. This is Bloomberg Daybreak.
Speaker 6: Good morning on Nathan Hager.
Speaker 4: Markets are building on hopes for an interim peace deal
Speaker 4: between the US and Iran, hours after President Trump threatened
Speaker 4: to strike Tehran for a third straight day. But now
Speaker 4: the President says a deal is close and for more.
Speaker 4: We're joined from Dubai by Bloomberg Middle East correspondent Abir
Speaker 4: Abu almar Abir. What do we know about this potential
Speaker 4: interim deal? Good morning, Good morning, Nathan.
Speaker 5: So look, yes, what you mentioned about President Trump saying
Speaker 5: that a deal is as imminent as this weekend in Europe.
Speaker 5: It will be signed with the presidence of Vice President JD. Vance. Now,
Speaker 5: the market has reacted to that news because it was
Speaker 5: filled with some positive at your sense of this time
Speaker 5: around is different. But perhaps the market is reacting even
Speaker 5: more positively to news that emerged about forty five minutes ago.
Speaker 5: With Iran's semi official news agency Meyher, saying that the
Speaker 5: negotiations or the potential agreement that is underway is being
Speaker 5: reviewed and finalized by authorities into Ihran. So according to
Speaker 5: this semi official news agency, Iran has issued a draft
Speaker 5: with fourteen provisions. According to it, they're citing a person
Speaker 5: that is closed to the negotiations, and those fourteen provisions
Speaker 5: include some of the concessions that we've been talking about
Speaker 5: over the past couple of months. That includes a permanent
Speaker 5: and immediate station of hostilities on all fronts, including in Lebanon.
Speaker 5: Remember Lebanon was a key sticking point for Iran. That
Speaker 5: also includes a full lifting of the naval blockade within
Speaker 5: thirty days, a US commitment to withdraw forces from areas
Speaker 5: around Tehran, the unblocking of the twenty four billion dollars
Speaker 5: of frozen assets, and the lifting of oil sanctions. The
Speaker 5: report goes on to say that the final agreement, which
Speaker 5: focus exclusively on the fate of the highly enriched uranium,
Speaker 5: something that President Trump has been calling for, and sanctions relief,
Speaker 5: as well as the reconstruction of Iran economically because of
Speaker 5: the damage that it has suffered due to this war.
Speaker 6: Now.
Speaker 5: Just very important caveat here is that this is still
Speaker 5: all subject to final approvals by the negotiating team the
Speaker 5: Iranian government, and we're still waiting for some official statements
Speaker 5: from people that we have monitored in the past as
Speaker 5: official outlets for Iran, that includes the Foreign Minister, the
Speaker 5: Speaker of the Parliament, and the president himself. But for
Speaker 5: now we're seemingly getting these positive sentiment filled news from
Speaker 5: the Iranian side. You're seeing Brent crude price is really
Speaker 5: reacting to this report that just came out about again
Speaker 5: forty minutes ago, down about five percent, I believe, just
Speaker 5: above eighty dollars, levels we haven't seen in a while.
Speaker 4: In terms of the parameters that have been laid out
Speaker 4: in these semi official Iranian news reports, how do they
Speaker 4: square with what we've been hearing on the US side
Speaker 4: in terms of when the strait could reopen and what
Speaker 4: happens with Iran's frozen assets.
Speaker 5: Right, So that's the other caveat right. We also don't
Speaker 5: know if this statement that came out from Meher is
Speaker 5: in line with the MoU that President Trump passed outed yesterday.
Speaker 5: So President Trump hassed out it yesterday that the MoU
Speaker 5: that is underway that is imminent, according to him, will
Speaker 5: address the reopening, the immediate reopening of the Strait of
Speaker 5: Her Moves, and it will address Iran's nuclear program. Those
Speaker 5: are the two things that he has mentioned. But according
Speaker 5: to the statement that we're getting from Iran, it really
Speaker 5: falls into Iran's favor because we're seeing that Iran is
Speaker 5: saying that the negotiations for a final ceasefire or the
Speaker 5: final deal are not going to go through until the
Speaker 5: unblocking of half of the twenty four billion dollars in
Speaker 5: frozen acids goes through, and so President Trump has opposed
Speaker 5: that in the past. Iran Hawks and Washington have opposed
Speaker 5: that in the past, adding pressure on President Trump. We're
Speaker 5: also seeing the lifting of the oil sanctions, yet another
Speaker 5: thing that Washington is opposed to. So this whole deal
Speaker 5: seems to be playing very much into Iran's favor, and
Speaker 5: that is why I added those caveats, because we're still
Speaker 5: waiting to see what the US responds to this deal
Speaker 5: is and whether it's in fact what they have been discussing,
Speaker 5: or whether we're back to this back and forth rhetoric
Speaker 5: between the warring parties. Israel Nathan, and I may add
Speaker 5: is another sticking point here because Israel earlier this morning
Speaker 5: said that it wasn't privy to the Molu that President
Speaker 5: Trump had touted yesterday. And so Israel continues its incursion
Speaker 5: in Lebanon, and so we're still getting some of that
Speaker 5: conflicting or some of those conflicting statements from all parties
Speaker 5: because Iran is saying all hostilities ending, including in Lebanon.
Speaker 5: Israel continues its incursion in Lebanon. So we'll have to
Speaker 5: wait and see if that is in fact addressed, and
Speaker 5: that over the next twenty four to forty eight hours
Speaker 5: and into Sunday. As you have mentioned the G seven
Speaker 5: aspect there, those will be important hours for.
Speaker 1: Us to watch.
Speaker 4: I really appreciate you coming on to give us the
Speaker 4: latest breaking details on this as we continue to watch
Speaker 4: them emerge. That's Bloomberg Middle East correspondent Abir abu Omar
Speaker 4: joining us this morning from Dubai. We want to turn
Speaker 4: now to one of our other major top stories. It
Speaker 4: is history Made on Wall Street. SpaceX is officially the
Speaker 4: world's biggest initial public offering, raising seventy five billion dollars
Speaker 4: on a one hundred and thirty five dollars a share,
Speaker 4: more than a half a billion shares offered, putting Elon
Speaker 4: Musk now on the verge of becoming the world's first trillionaire.
Speaker 6: So many superlatives.
Speaker 4: Dan Ives is Global head of Tech Research at Wedbush Securities.
Speaker 12: Anyone that's owning SpaceX, you're buying it for the Musk factor,
Speaker 12: and maybe that bet against Tessela and Musk going back
Speaker 12: a decade ago.
Speaker 3: That was I mean, that was proven historically wrong.
Speaker 4: I was Whdbush analyst Dan Ives for more were joined
Speaker 4: by Bloomberg News senior reporter Bailey Lipschultz, and it has
Speaker 4: to be said, Bailey, so much of this really is
Speaker 4: driven by the retail excitement around Elon Musk. Is that
Speaker 4: really what's underpinning you know, just what I was talking about,
Speaker 4: so many of the superlatives surrounding this spacexipl good morning, Good.
Speaker 6: Morning, Nathan. I think that's a big driver.
Speaker 16: And when you talk to folks around the company, there's
Speaker 16: a view of SpaceX, much like Tesla, that the retail
Speaker 16: investor understands these companies better, or at least is willing
Speaker 16: to give Elon Musk more credit, more grace than most
Speaker 16: institutional investors. But that's not to say that this wasn't
Speaker 16: a deal that was heavily heavily bid up and chased
Speaker 16: by institutions. We reported that a number of firms put
Speaker 16: in orders for more than ten billion dollars worth of shares.
Speaker 16: We put an put out news that Blackrock indicated an
Speaker 16: interest of at least five billion dollars. Number of sovereign
Speaker 16: wealth funds and pension funds also seemingly trying to get
Speaker 16: their hands on as much as they could.
Speaker 6: So it is a retail story.
Speaker 16: Retail is a big component, but when you look at
Speaker 16: a deal that comes together that raises seventy five billion dollars,
Speaker 16: it's hard to do that without institutional investors.
Speaker 6: So certainly a mix.
Speaker 3: Of the two.
Speaker 4: I think we'd I had some reporting as well that
Speaker 4: there was more interest on the retail side than there
Speaker 4: were even shares available. What does that mean for you know,
Speaker 4: some of these mom and pops or even some of
Speaker 4: the institutional investors who who could be left out in
Speaker 4: the cold after this IPO.
Speaker 16: There's a lot of excitement, and I think that was
Speaker 16: a big question going into the pricing and throughout this
Speaker 16: entire process. Somewhere between twenty and thirty percent of the
Speaker 16: shares being sold to retail investors. What does that mean
Speaker 16: called fifteen to twenty billion dollars of stock is taken
Speaker 16: away from institutional investors. From the company's perspective, and Elon
Speaker 16: has been a long kind of vocal supporter of retail,
Speaker 16: that makes sense. Get your loyal investors some shares in
Speaker 16: their accounts and let them want to chase more. From
Speaker 16: the institutional side, it can be kind of upsetting because
Speaker 16: maybe you put in an order that was quite large
Speaker 16: and you're getting, you know, one tenth one twentieth of
Speaker 16: what you thought you were going to get. So when
Speaker 16: you look at kind of how this deal came together,
Speaker 16: I think the big question is when we do see
Speaker 16: the stock open up, how much excitement is coming from
Speaker 16: retail to your perspective, your point, and how much is
Speaker 16: coming from institutions. Because IPOs can be quite volatile. We've
Speaker 16: seen that a number of times. Where this thing opens,
Speaker 16: I think is really anyone's guests. So it's going to
Speaker 16: be fascinating to watch, Well.
Speaker 4: What are we expecting when it comes to these shares
Speaker 4: coming to market when the market opens this morning. How
Speaker 4: much volatility could we see around space AX a.
Speaker 6: Lot of volatility.
Speaker 16: I think that's a foregone conclusion just for folks who
Speaker 16: have never traded an IPO.
Speaker 6: It won't open at nine point thirty.
Speaker 16: We'll start to probably get indications of where it could
Speaker 16: open in the ten o'clock hour. This is a process
Speaker 16: that is expected to take probably until one or two
Speaker 16: o'clock before even the first trade takes place. So we
Speaker 16: will see a number of headlines coming across the screen
Speaker 16: of these indications. But the thing to keep in mind
Speaker 16: that there are no shares trading at the indications. That's
Speaker 16: simple where Nasdak and some of the other the bankers
Speaker 16: are seeing and flashing potential demand, but you could see
Speaker 16: potentially astronomical numbers that are going to make people jump
Speaker 16: to foreground conclusions when it actually doesn't mean anything quite yet.
Speaker 4: We heard from Dan Ives a few minutes ago saying
Speaker 4: that historically, people who've bet against Elon Musk have been
Speaker 4: left in the cold. We've also heard from short sellers
Speaker 4: the likes of Jim Chenos saying that this IPO is
Speaker 4: built on hopes and dreams. Can you sort of lay
Speaker 4: out the bull and bear cases for this company?
Speaker 16: Bailey boll case is quite simply, we have a colony
Speaker 16: on Mars, and as Elon said in his interview with
Speaker 16: Jamie Diamond, maybe there are hotels on the Moon, and
Speaker 16: everyone who is using AI is likely a client in
Speaker 16: some capacity from their data centers here on Earth Day
Speaker 16: of the partnerships with Anthropic and Google, or using their
Speaker 16: data centers that are in space, or are also using
Speaker 16: Grock their own AI bot that would compete with Claude
Speaker 16: and chat GPT. So the bull case is, there's a
Speaker 16: lot of potential for this company.
Speaker 6: There are a lot of hopes and dreams.
Speaker 16: They laid out a total addressable market north of twenty
Speaker 16: five trillion dollars, a lot of that driven by AI,
Speaker 16: and that's the bullpitch. The barecase is it's a company
Speaker 16: that is going public or sold chairs. I guess at
Speaker 16: one point eight trillion dollar valuation, it's one of the
Speaker 16: largest companies in the world. It does not generate a profit.
Speaker 16: It lost a heck of a lot of money in
Speaker 16: the first quarter. Elon Muskus says he wants compared the
Speaker 16: company's ambitions to Union Pacific. Building out the railroad space
Speaker 16: is very complex and if the company can't be successful
Speaker 16: building out some of those ambitions.
Speaker 6: That's the bullcap or bearcase. Excuse me.
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