Richard Waters

But you can start to see some rationale.

You can say, well, let's put data centers into space and generate AI in space.

And hey, we're one step ahead of open AI.

So the storylines are starting to proliferate.

And as with Musk, you know, we always find this, they're just going to keep coming.

We're just going to see the story shift to fit the mood.

Well, it's not two sides, it's a continuum.

So what Musk does is he links what he can do now, something he's actually doing and building with something over the horizon.

First of all, he looks at the horizon and that horizon is always shifting.

And for Musk, the trick is to say, look, I've got this thing I'm building.

Nobody else can build this.

I'm two steps ahead.

And if you look to the horizon, that's where it's going to take me.

And then over the horizon,

There's this kind of magic pot of money.

And his genius, and it is real genius, is that, yes, he builds this thing now.

He has to keep moving the horizon because he's got no moats in his electric car business.

He's soon going to have a lot of competition in Rockets.

And when that happens, where's his margin going to come from?

Where's his profit going to come from?