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Editor’s Note:Of all the news from this earnings season, SpaceX’s first report as a public company was one of the most anticipated we’ve seen in a while. And while the media focused on billions of dollars in AI spending, my colleague Eric Fry paid much closer attention to something else…
As Eric puts it, there’s one thing Elon Musk simply can’t spend his way around. And that single constraint could become one of the most profitable investment themes of AI’s next chapter.
Eric will explain more in the essay below. But if you’d like the full picture, you’ll want to check out Eric’s latest free Market Shock presentation.
Take it away, Eric…
