One of the things that makes @SpaceX so valuable is how valuable it is. The Cursor acquisition costs materially less in dilution because of SpaceX’s high valuation. SpaceX’s ability to do economically, strategically, and technologically accretive acquisitions is an important component of its value. There is enormous value inherent to a company with a high value particularly when it is controlled by an entrepreneur that the most talented people want to work for and partner with. Value begets value. Talent begets talent.

Blink-182 releases its fourth album, Take Off Your Pants and Jacket. One track, “First Date,” is an instant hit.

Dan on why semis, cap equipment, and hyperscalers are the most attractive sector in the market, and why Nvidia is still cheap: "The SOXX is up 40%. I don't think I've ever seen an event like that. You can still buy Nvidia –– maybe the multiple's slightly higher right now –– at 15 times '27, 12 times '28 for the most dominant, very fast-growing company at its size. I looked through our whole semis, cap equipment, and hyperscaler portfolio. My instinct was we've gotta take profits here. But I looked at the valuations and the growth rates. Unless you think the AI world is going to roll over in 2031 or 2032, it's the most attractive sector. It's where the bulk of our capital is invested."

Marcus Aurelius wrote this over 1800 years ago: “Think of yourself as dead. You have lived your life. Now take what's left and live it properly.”