FYI - For Your Innovation

In this episode of The Brainstorm, Sam, Nick, and Brett work through what the midterms actually change for AI, separating the data center buildout, where delays may shift timelines roughly 10%, from the harder question of what federal AI regulation would look like and who it would favor. That leads to the sharpest disagreement the show has had in a while: Nick argues the incumbents finally get time to catch up and he would not want to be Anthropic or OpenAI heading into 2027, while Brett argues

Elon Musk put a $1 trillion revenue number on SpaceX, and the sell side has been staring at its models ever since. "Roughly five times wrong relative to what Elon said 2028 revenue could be," says Alex Potter of Piper Sandler. "That's absurd." ARK hosted the call after the calls: a live post-earnings breakdown of SpaceX and Tesla with buy side and sell side in the same room. Cathie Wood, Brett Winton, Tasha Keeney, Daniel Maguire and Sam Korus of ARK Invest are joined by Alex Potter of Piper Sa

In this episode of The Brainstorm, Ara Kharazian, lead economist at Ramp, joins Sam and Brett with data from 80,000 businesses and over $275 billion in annual spend. His latest research, “Cracks in the AI Thesis,” finds AI spend is extraordinarily concentrated, with 1% of businesses driving 80% of it, and that those heaviest adopters are now slowing their spend even as token volumes keep climbing. Brett pushes back hard: three months is not a trend, prices have halved over the same window, and t

In this episode of The Brainstorm, Sam, Nick, and Brett open the Anthropic S-1, maybe the most impressive twelve months of revenue growth in corporate history, and debate whether a major AI-enabled cyberattack would be good or bad for the frontier labs. Then Nick breaks down Meta’s $90 billion raise, the filing suggesting Zuckerberg could raise $700 billion before losing voting control, and why the math on monetizing Muse may require Meta to build a bank. Finally, Elon Musk is publicly warning o

In this episode of The Brainstorm, Sam and Brett cover a week of exciting developments. Brett was at the Tesla Roadster unveil in person and argues the event was primarily marketing for a prospective SpaceX Tesla merger, pointing to the swapped order of the earnings calls, SpaceX executives quietly following Tesla accounts over the weekend, and the window a shareholder vote would require. Then to CoreWeave, whose bonds are trading at a fifteen percent yield after being raised at nine, with no vi

In this episode of The Brainstorm, Sam, Nick, and Brett open on OpenAI’s release of 722 mathematical proofs and the one subject conspicuously missing from it, cryptography. Brett argues the nearer term threat to crypto is AI rather than quantum computing, and that the danger sits not in the cryptographic primitives but in everything built around them, from self-custody hardware to the exchanges now holding enormous honeypots. He also suggests quantum-safe encryption may be the more vulnerable li