Rory Sutherland

We've now found all the private capital on the planet.

It's still not enough.

And I think we're going to flip from, oh, why would anyone IPO?

It's not cool, to there's going to be banking teams with guns against their head told, start typing, start planning.

We want to get all these things public.

Jason, I think it's spot and totally obscure.

I'm only going to make the reference because Harry loves it when I go back 10 years.

I'm going to go back 120 years.

If you read Reminiscence of a Stock Operator, which is the definitive book about trading, the Jesse Livermore book about trading, there's that piece where he says in 1904, he suddenly watched all the companies bringing forward their planned capital raises.

And he suddenly realizes, oh, the smart monies realize there's not infinite money available.

I better get my

And I think in a weird way, Jason, that's exactly what's happening here.

And the one thing that would be counter-narrative to that was actually for SpaceX, because this has made it at the margin harder for SpaceX to go public, because it's a more complex story to be lost.

But then I remembered Elon operates like the Marines, no investor left behind.

And the truth is, this makes it harder for SpaceX, but easier for X.AI, because he's basically taken that, which would have been the orphaned little Chucky in the storm, right?

And instead, he's co-attached it to SpaceX.

And he says, now we're going to save all my investors, which is, at some investor level, very interesting.

And we can talk about that in a second.

But exactly, it's lashing X.AI to the open AI mast.

And then, as Jason says, every one of these things are going to be diving for the line to get that capital.