SpaceX vs The World + Alphabet Earnings Preview (E156)

Elon Musk thinks SpaceX can do everything: run a phone network from orbit, put data centers in space, and send the 200-plus neoclouds (small companies that rent out AI computing power) to "guppy-level death." Monkey reads today's prices as the market betting Musk is right, and he calls that insane; Luke answers that the whole Musk empire trades on narrative, not numbers. They test the fear on stocks they own, asking who has the cash to keep building, and why neither host is adding to $IREN. Then Luke turns the question on his biggest position, Alphabet $GOOGL, whose backlog of signed contracts nearly doubled in a quarter, and suspects a large slice of it comes from AI labs like Anthropic that might not be able to pay.

🚀 SpaceX vs the world: Monkey says the market prices Starlink as the winner and everyone else as nearly worthless; Luke says the Musk numbers make no sense and it is all narrative

🛰️ $ASTS next to Starlink: Monkey says its $16 billion valuation needs only about 3.5% of carrier subscribers paying $2 a month, and calls that number "insane"

🧨 Neoclouds under fire: Chamath calls them "disorganized and poorly capitalized," Musk predicts "guppy-level death and consolidation"

🔌 Who can pay for the power: cash against debt at $IREN, $DGXX, $SLNH and $EOSE, and why neither host is adding to $IREN

📈 $GOOGL: revenue backlog from $242.8B on Dec 31 to $467.6B on Mar 31, and Luke's worry about Anthropic's commitments to Google

🧱 The power thesis: Monkey says every AI company needs power; Luke owns Brookfield and other grid-scale power providers

🏁 King of the Jungle year three ends next week, with the full recap on Episode 157

Correction: Luke says $111 billion for Anthropic's non-cancelable commitments to Google, but Anthropic's S-1, filed Oct 26, says at least $114.5 billion.

SEGMENTS

00:00 Cold open 00:31 Chamath, Musk and the neoclouds 07:24 Can SpaceX rule everything? 13:28 $ASTS vs Starlink 25:42 Data centers in space 37:30 Who pays for power? $IREN $EOSE 49:09 $GOOGL, backlog and Anthropic 57:11 Power thesis and Brookfield 01:01:26 Not adding to $IREN 01:06:04 Macro worries and investing 01:12:20 Apps, King of the Jungle, Fiscal.ai

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