Ed Ludlow

The one little teaser that I will leave with you is there's a line on the deck that talks about deeper vertical integration.

And, you know, Donna Holt, you know, messaged me right away saying, did you see that?

What do you think that means?

Don't know.

But Elon's talked about all kinds of things, building its own chip fab.

Where does SpaceX factor into this?

One of the most voted up retail questions, because you know Tesla fields questions from retail investors is, will Tesla shareholders get priority access to a SpaceX IPO?

All of these things keep people looking to the horizon.

The stories are really straightforward.

Meta said that

revenue growth strong, and then they boosted the capex range for the year beyond consensus.

It's a simple formula we're repeating.

Microsoft's Azure cloud unit growth 38%, in line with estimate consensus.

But at the top end, people were like, where's my 40% growth?

And they told us about their capital expenditures and those kind of exceeded and still the market was disappointed.

It's a very high bar on a simple formula that we've discussed endlessly.

Spend more on AI investment and infrastructure, but show us very strong top line growth as a direct result of it.

I would start with Tesla, but only because the story that jumped out wasn't the story we were prepared for.

And I think that it's important to be honest about that.

And that is Tesla pulling the trigger on a $2 billion investment in XAI.