FT Exclusive: The bank expects revenues from SpaceX’s AI division to rise to $322bn by 2030 from $3.2bn in 2025. ft.trib.al/QSenUsH

Until recently, AI slop on here has been ~mostly limited to engagement farming accounts in developing countries. But now I'm starting to see high-status people in the tech industry post 3,000-word slop articles that get >1 million views. Zero shame/self-awareness. Bleak stuff.

Little known fact the ticker symbol $PSUS stands for Piece of Shit, U.S.

Less than two years after launching his multistrategy hedge fund, industry veteran Bobby Jain has concluded that collaboration — not competition — is his best shot at survival in a world already owned by the likes of Millennium Management and Citadel. bloomberg.com/news/articles/…

This is correct. Iran can’t simply turn off its oil production due to issues of water encroaching its wells. From Claude: This is a well-known technical challenge in petroleum engineering. If Iran were to deliberately curtail or shut in production across its major fields, water infiltration (also called water influx or water encroachment) would be a serious and potentially irreversible problem. Here’s why: The Core Mechanics Most of Iran’s giant fields — Ahvaz, Gachsaran, Marun, Aghajari — are carbonate reservoirs under natural water drive. Aquifers underlying or flanking the reservoir rock are under pressure, and they push water upward into the pore space as oil is produced. When you stop producing oil, you remove the pressure sink that was keeping water at bay. The aquifer doesn’t stop — it keeps pushing. Specific Technical Problems 1. Water Coning and Cresting In vertical and horizontal wells respectively, shutting in production removes the drawdown that was managing the water-oil contact. When production resumes, the water-oil interface may have moved upward significantly, meaning wells that were previously clean producers now produce predominantly water. 2. Irreversible Aquifer Encroachment Carbonate reservoirs like Iran’s have highly heterogeneous permeability — fractures, vugs, and matrix. Water preferentially invades high-permeability channels (fractures) during a shut-in, bypassing oil in the matrix. This oil becomes residually trapped and is extremely difficult to recover later. The damage is often permanent. 3. Wellbore Flooding In wells that are shut in rather than properly killed, water can migrate up the wellbore itself, particularly in older or poorly-cemented completions. Resuming production from a water-filled wellbore requires costly workover operations and risks formation damage. 4. Pressure Redistribution and Cross-Flow In multi-zone completions (common in Iran’s stacked carbonate pays), shutting in causes pressure to equilibrate between zones. Water from a water-bearing zone can cross-flow into an oil-bearing zone downhole, contaminating it without any surface signal. 5. Reservoir Pressure Maintenance Complications Iran has been injecting water into many of its fields (e.g., via the NIOC EOR programs) specifically to maintain pressure and slow natural aquifer encroachment. A sudden shut-in disrupts the carefully managed injection/production balance, potentially causing localized pressure spikes or collapses that further destabilize the water-oil contact geometry. The Scale Problem Iran’s fields are among the largest and most complex carbonate systems in the world, some with very active aquifers. The Asmari and Bangestan formations have notoriously high natural water drive energy. Unlike sandstone reservoirs where water movement is relatively slow and predictable, fractured carbonates can see very rapid water breakthrough once the equilibrium is disturbed. Practical Consequence A prolonged shut-in — even of a few months — across major Iranian fields could permanently impair ultimate recovery factors, potentially stranding hundreds of millions of barrels of recoverable oil. This is why, even during sanctions regimes, Iran has tried to maintain at least minimum production levels rather than fully shutting fields in. The engineering cost of a cold shut-in followed by restart is enormous, and the reservoir damage may not become fully apparent until years later when water cuts rise to uneconomic levels. It’s a meaningful deterrent to any strategy that contemplates a clean “off switch” for Iranian production.

TOMORROW: @realDonaldTrump joins Squawk Box at 8:30am ET. Tune in!

Joe Kernen comes close to having a coronary on air as Pete Buttigieg dogwalks him all over the Squawk Box studio about Trump's economic mismanagement and inflation

“Why Private Equity Is Suddenly Awash With Zombie Firms” “Hundreds of private equity firms are now drowning in a sea of competition, searching for lifeboats of new capital as they cling to portfolios of nearly unsaleable investments. Meanwhile, their investors are losing patience….” forbes.com/sites/hanktucker/… Courtesy @efc_global

The following email is what I sent my team last night. I sent a similar version to my patients, also. *** You’ve put your trust, your credibility, and your hard work into what we have built together, and I take that responsibility seriously. You deserve a complete and honest account of what did and did not happen. I apologize that I did not get this out sooner, but I want to be thorough. The purpose of the DOJ releasing these documents is clear: to identify individuals who participated in criminal activity, enabled it, or witnessed it. I am not in any of those categories, and there is no evidence to the contrary. To be clear: 1. I was not involved in any criminal activity. 2. My interactions with Epstein had nothing to do with his sexual abuse or exploitation of anyone. 3. I was never on his plane, never on his island, and never present at any sex parties. That said, I apologize and regret putting myself in a position where emails, some of them embarrassing, tasteless, and indefensible, are now public, and that is on me. I accept that reality and the humiliation that comes with it. *** I want to start by directly addressing the email thread that I’ve been asked about the most. In June 2015, I sent Epstein an email with the subject line “Got a fresh shipment.” The email contained a photograph of bottles of metformin, a medication I had just received from the pharmacy for my own use. The subject line referred to the picture of the bottles of medication. He replied with the words “me too” and attached a photograph of an adult woman. I responded with crude, tasteless banter. Reading that exchange now is very embarrassing, and I will not defend it. I’m ashamed of myself for everything about this. At the time, I understood this exchange as juvenile, not a reference to anything dark or harmful. At that point in my career, I had little exposure to prominent people, and that level of access was novel to me. Everything about him seemed excessive and exclusive, including the fact that he lived in the largest home in all of Manhattan, owned a Boeing 727, and hosted parties with the most powerful and prominent leaders in business and politics. I treated that access as something to be quiet about rather than discussed freely with others. One line in that exchange, about his life being outrageous and me not being able to tell anyone, is being interpreted as awareness of wrongdoing. That is not how I meant it at all. What I was referring to, poorly and flippantly, was the discretion commanded by those social and professional circles–the idea that you don’t talk about who you meet, the dinners you attend and the power and influence of the people in those settings. What I wrote in that email reads terribly, and I own that. *** I met Epstein in 2014 through a prominent female healthcare leader while I was raising funds for scientific research. At that time, he was widely known in academic and philanthropic circles as a funder of science and moved openly among credible institutions and public figures. Between summer 2014 and spring 2019, I met with him on approximately seven or eight occasions at his New York City home, regarding research studies and to meet others he introduced me to. I never visited his island or ranch, and I never flew on any of his planes. When I was at his home, it was either meeting with him directly, meeting with small groups of scientists, doctors, or business leaders, and once at a dinner in 2015 with a number of guests including prominent heads of state. In retrospect, the presence and credibility of such venerable people in different orbits led me to make assumptions about him that clouded my judgment in ways it shouldn’t have. I was not his doctor, though several times I answered general medical questions and recommended other providers to him. Shortly after we met, I asked him directly about his 2008 conviction. He characterized it as prostitution-related charges. In 2018, I came to learn this was grossly minimized (more on this below). I was incredibly naïve to believe him. I mistook his social acceptance in the eyes of the credible people I saw him with for acceptability, and that was a serious error in my judgment. To be clear, I never witnessed illegal behavior and never saw anyone who appeared underage in his presence. *** In November 2018 I read the Miami Herald investigative article. I was repulsed by what I learned. Nauseated. It marked a clear and irreversible line between what I knew before and what I understood afterward. At that point, I told him directly he needed to accept responsibility for what he did. Hoping to provide the victims from the Herald piece with support, I contacted a residential trauma facility to understand what funding comprehensive care for many victims would require. (Those communications were between me and the facility and were therefore not part of the document release.) I spoke with him and shared that information and insisted that he fund their care, beginning with residential treatment and followed by lifelong therapy. In hindsight, even attempting to facilitate accountability was a mistake and once again reflected just how naïve I was at the time. Once the full scope of his actions was clear, disengagement should have been the only appropriate response. My intent does not change that, and I regret not drawing that boundary immediately. *** Nothing in this letter is meant to minimize the harm suffered by the young women Epstein abused. Their trauma is permanent. I am not asking for a pass from you. I am not asking anyone to ignore the emails or pretend they aren’t ugly. They simply are. The man I am today, roughly ten years later, would not write them and would not associate with Epstein at all. Whatever growth I’ve had over the past decade does not erase the emails I wrote then. I recognize that my actions and words have consequences for the people I care deeply about, including all of you. I regret the cost this has placed on you, and I take responsibility for it. I won’t ask anyone to defend me or explain this on my behalf. If you have questions or concerns, I’ll address them directly with you, my team.

I wish bbg had a function where you could turn off unsolicited IBs from sales reps you don't pay.

Looks like Brown University has joined the “Poison Ivies” club. Murders on campus, pathetic “investigation”, only identifiable response: cancelling exams (which probably means everyone gets an “A”, however redundant with pre-murders existing norms).

OMG!!

Fermi Craters 50% After Losing First Tenant For Its Massive Texas Data Center zerohedge.com/markets/fermi-…