Meta's trading at 17 times fully taxed gap earnings, Nvidia at 19 times, Microsoft at 20 times... This is not the stuff that bubbles are made of... 80% of our exposures or more have been in compute, AI, memory.

We hear very good things about Codex now based on GPT 5.5... Their rate of growth appears to be accelerating now because of 5.5. So, look, there's reason to believe that Open AI can take some share here.

the memory stocks that everybody's excited about, we have 25% of our portfolio in. SK Hynix, five times fully taxed gap earnings, Samsung six times, Micron seven times, right? This is not the stuff that bubbles are made of.

We have the best companies in the world at doing that. We have Crowdstrike, we have Palo Alto Networks, we talked about that before. We have the best defense... what we should be doing... is getting these tools... in the hands of our cyber security industry.

I'm sure that Google won't be asleep at the wheel. They're very, very good at coding. They've got a really good team

they grew from roughly 10 billion of ARR to 30 billion, so it tripled. And then in April... They went from 30 to 44 billion of ARR... I think it's pretty much a foregone conclusion that they will hit that forecast of 10X this year, exiting the year at call it roughly 100 billion of ARR... unless something about their current trajectory changes, Anthropic will be the most powerful monopoly ever created in human history.

when Tesla and SpaceX merge and we have all things Elon and Elon Corp, okay, which will happen, probably by the end of the year, maybe it'll happen in the middle of next year. It's going to then break everybody's brains again because you'll have this one asset... that will trade at a valuation premium.

This is why the SpaceX IPO is going to trade at 40 to 50 times revenue, okay? So next year, if they do 40 to 50 billion, and this thing goes out at 2 trillion, right? That they're going to trade at a really high revenue multiple compared to the Mag 5 that are trading at like 25 times earnings. And there's only one person on the planet who has a future pipeline of innovation and the largest Tam in the world... and it's Elon, and it's deserved.

Did you guys see the deal that was announced yesterday between Polty Homes, which is a huge builder