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Chapter 1: What is the main topic discussed in this episode?
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Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Kyle Hagee. Today, SpaceX is now worth more than Amazon.
And is Froyo back? It's Wednesday, June 17th. Let's ride.
We lost Toby, y'all, but gained a Kyle. Toby is in Europe at a wedding for the remainder of the week, but I'm overjoyed to be joined by six man of the year, Kyle Hagee, who's filling in. And Kyle, did you see this? Boston is running out of beer, all because of Scottish soccer fans known as the Tartan Army.
Thousands of Scots have descended on Boston to cheer on their team in the World's Cup, but not before they toss back a few pints around the city's pubs. Well, more than a few.
Sam Adams said its Boston taproom ran out of Boston lager over the weekend thanks to the Scots, adding that the Tartan Army drank more than four times as much as it normally sells during a typical holiday weekend like July 4th. Over at Hennessy's Bar downtown, they tripled their St. Patrick's Day sales and sold out of beer.
Meanwhile, Federal Wine and Spirits told the Boston Globe that they got cleaned out of bud and corona and the door to one of their refrigerators broke because they were opening and closing it so many times. Kyle, it do be like they say, no Scotland, no party.
That is true. I mean, look, I'm a massive fan of the Tartan Army now. Scotland, I wasn't familiar with your game. Incredible work. And they kind of came out of the Irish home turf and outranked them of Boston. I will say, very fun story, the World Cup content of Europeans coming to America and just enjoying the heck out of it has been so fun to watch.
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Chapter 2: Why is SpaceX now valued higher than Amazon?
Neil, I'm so sick of having homework. You haven't been in school for years. Yeah, well, it feels like I have homework dealing with AI that was supposed to handle the parts of work I hate, but just describes the problems back to me.
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To put AI to work for people, visit servicenow.com. That's servicenow.com. Last Friday, SpaceX pulled off the biggest IPO in history. Since then, it's only gotten bigger, much bigger. Elon Musk's rocket and AI giant has blasted off on the stock market, climbing another 5% yesterday to topple Amazon's as the fifth biggest company in the world.
SpaceX is now worth $2.65 trillion, surging 49% since its public listing and staring down Microsoft at number four on the list. In a career that's left people's jaws on the floor for good and bad, this might be Elon's most gravity-defying accomplishment yet.
At the same time it's climbing up the charts, SpaceX is making aggressive moves to ensure it's bringing in the money to justify its questionably gigantic valuation. Yesterday, it agreed to take over Cursor, an AI coding startup, in a deal valued at $60 billion. Before SpaceX's IPO in April, it signed an unusual arrangement with Cursor that gave it the right to buy the startup later in the year.
All it took was four days after the IPO for Elon to pounce. Cursor is a big get for SpaceX's AI ambitions because remember, Not only does this company send rockets to space, but it also aims to become the dominant force in artificial intelligence.
Cursor, founded by four MIT grads, all 25 years old, is one of the fastest growing startups in history and sits at the heart of perhaps the most commercially successful use case for AI, vibe coding. Kyle, this stock, at least for now, is going to the moon.
Yes, it is. And shout out to the cursor people being 25 with $60 billion. I'm 33, but I'm co-hosting a podcast. So we're pretty close. There's been so much hype about SpaceX, in particular, how it could have the valuation it has. You said fifth largest company by market cap in the United States. And just to level set, it does bring in a lot less revenue than these mega cap peers around it.
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Chapter 3: How does SpaceX's IPO impact its future growth?
Neil, normally I have to shoehorn a Midwest reference into the show, but now with Kansas City, the Midwest is the headline.
It just fell in your lap. Funny how that works for everyone who's just meeting Kyle for the first time. He's a proud Minnesota boy. That's right. It's a fascinating strategy because if you go about 500 miles to the northeast and look at a city like Chicago, Chicago said it did not want to host any World Cup games. The former mayor, Rahm Emanuel, took...
Chicago's name out of the running for being a host city because he said there's too much taxpayer risk. I'm looking at the bottom line, my balance sheet here, and I'm just not seeing an ROI from pouring hundreds of millions of dollars into infrastructure and getting our city ready. I don't see that this is going to pay off.
Then you go to Kansas City, where they are just completely taking the opposite tack. The chief's president, Mark Donovan, said he acknowledged this financially, quote, If you do a Harvard Business School case study, if you look at this just on paper, this doesn't make sense.
But if you look at the impact it has on the community, the footing that it puts on and the exponential benefits in the future of doing this successfully, It made perfect sense. And there's been a lot of discussion about whether cities and locations should be spending taxpayer money on new arenas and sports and things like that. You know, I think we saw maybe an endorsement of that strategy.
Maybe it doesn't pay off from from a financial ROI perspective that at least in New York over the past couple of days. And weeks, we've seen how a city can maybe come together and raise its profile on a national and global stage because of a sports team doing good.
Not that New York actually needed that, but perhaps Kansas City might because when you have Messi in there scoring three goals, people are like, wow, Kansas City, maybe that's a place I want to visit. That's what they're banking on.
Yeah, I mean, I think they're banking on those 650,000 visitors, checking out, obviously driving a lot of economic impact for the area, and then hopefully telling their friends, coming back, driving a lot of buzz for Kansas City. But also, I think focusing on a particular niche is an effective strategy, too.
Dominating soccer, which is kind of up for grabs in the U.S., could be a really smart option. forward-looking move for Kansas City. Mark Donovan, who you quoted earlier, said if you look at this impact it has on the community, it's also really positive ROI. People get very excited about it. So we'll see if that ROI becomes a little more tangible in the future from a financial perspective.
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Chapter 4: What insights can we gain from the retail investor enthusiasm for SpaceX?
Fried apple pie has been a staple of the McDonald's menu beginning in the 1960s, but in 1992, the chain swapped it out for a baked crust when everyone started caring about their health and all that. Kyle, I just hope they use the same fryer as the french fries.
Oh, I hope so, too. And also... I want to bring back the word or emphasize the word semi-quincentennial, which means the 250th birthday. I want more semi-quincentennial treats. We were talking about Pizza Hut earlier. I want to see them go full retro as well. I love this idea of bringing it back and celebrating America's birthday.
Finally, we close out every Wednesday show with suggestion box where Kyle and I recommend something fun or helpful to help get you over the hump of the week. I'll go first. And my rec is for all the people who get motion sickness in cars. I know there are a lot of you. Did you know that Apple has a feature that can help?
Let me introduce you to the magic dots, or as they're officially known, vehicle motion cues. Introduced two years ago, vehicle motion cues puts a bunch of dots on the screen of your Apple device that moves in conjunction with the car. So when the car moves left, the dots go to the right. When the car speeds up, the dots move down.
Without getting into the whole science of it all, a bunch of people I know swear that the magic dots allows them to read or do work without getting nauseous on the road. So if you want to try this out, just hit your settings button, then search for vehicle motion cues, and you should be good to go from there.
Well, Neil, solving motion sickness, incredible.
I was with somebody in an Uber once, and I was showing them something on my phone. They're like, I got really car sick. Can you put on vehicle motion cues? Like, let me show you how to do this. And then these like a ton, dozens of these dots pop up and it does move along with the car.
You see it go up and down and obviously that stabilizes stuff within your eardrum because that seems to be where we, we get our balance. Um, so that people that get car sickness highly recommend it. Then again, we had one of our Morning Brew editors, we were talking about this on Slack yesterday, say, actually, this doesn't work for me.
So he recommended glasses, motion sickness glasses, which you can find on Amazon for $10. The brand is high on H-I-O-N. So first try Magic Dots. If that doesn't work, you can get the glasses. I will say maybe look worse than Snaps glasses, but it doesn't matter because car sickness sucks and we don't like to have it.
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