Blain’s Morning Porridge June 10th, 2026 – Where Is AI Going and What’s it Worth?“You can’t eat a fishing rod, but you can feed a family from it.”The AI revolution is very real, but the froth around its valuations is not. The real value of AI won’t be in how hyperscalers establish themselves to “rent” us AI services, but how the real economy reacts to the opportunity, and smart firms learn to innovate it to make their businesses better and more profitable. The real upside is immense.This morning my Twitter (X) feed is full of “noise” and animations illustrating SpaceX’s space-based datacentres, together with loads of analyst “puff” parroting Elon Musk’s comments identifying datacentres in space (free of regulation and energy constraints) as the largest “Total Addressable Market” in history. The IPO cites his imagined $28 trillion of demand for AI to drive the future path of commerce and industry – and that it’s all headed his way. If I was a SEC regulator I might be wondering if its legal for Musk to be passing off his maybe’s on his social media as irrefutable facts the day before he launches the largest-ever IPO – the reality is Retail investors will form a significant part of the raise, and nothing drives retail like FOMO, and nothing whips up FOMO more than dreams of incredible riches. The SpaceX IPO raises significant questions about what AI is really worth, and where it may head. Regular Morning Porridge readers will be surprised to know this gruff bond guy is positive in the long run.

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