George Hahn

But the number I like to come back to is they lost $21 billion from operations and they spent astronomical amounts on sales and marketing.

They spent $7.5 billion on cost of revenue, $19.18 billion in R&D.

But that sales and marketing cost, that $5.73 billion is one I really like to hammer on because what?

It's just like, excuse me, well, how much did you spend?

How much of today's AI boom is being driven by fundamentals?

And how much is being driven by the belief that someone else will pay even more tomorrow?

Morningstar recently estimated SpaceX's fair value at roughly $780 billion, less than a third of where it's currently trading.

And on markets this week, Howard Marks, co-founder and co-chairman of Oak Tree Capital Management, put the moment in historical perspective.

The Shiller PE ratio, a measure of how expensive stocks are relative to long-term earnings, now sits above 40.

The last time it got this high was 1999.

Back then, investors believed the internet had changed the rules.

Now maybe AI has.

We are officially in dot-com territory.

We'll be right back after the break.

You already see oil prices from a high of $126 a barrel down to about $80 a barrel today.

That's a lot of progress.

Welcome back.

After 107 days of war, the United States and Iran announced what the White House called a breakthrough.

The problem?

It's not exactly a deal.