00:00He's concerned about his supply chains, right? He sees a heavy need for semiconductors. I mean,
00:07you know, part of sort of putting SpaceX and XAI and Starlink together is all about putting data
00:14centers in space, which requires a lot of computing power, which requires chips.
00:19You know, covering him from afar before getting SpaceX, you know, as he's preparing to go through
00:26his IPO, one of the things I've sort of heard and seen is just that Elon Musk likes to control
00:33his
00:33supply chain. And I think he also likes clearly to drive down costs inside his supply chain. And
00:39he's done it with Tesla from some of the analysis I've seen. And I think this is that same playbook,
00:47right? He wants to own a supply chain. He knows semiconductors is a big issue. He knows he's
00:52going to need a lot of them. And so he wants to get in it and build it himself. And
00:57I think
00:58would be a great thing. I think I could see a lot of other industries in the U.S. that
01:03would like a
01:04U.S., a more robust U.S. semiconductor supply chain, including defense. So he may also find other
01:11opportunities for these chips he's making. But supply chain control, I think, a concern about
01:18getting enough. Okay. Elon Musk, he is known for thinking big, really big. Is it realistic of him
01:25for him to be able to create a semiconductor plant that can really move the needle, take on stalwarts
01:32like TSMC? You know, look, there's a lot of people that have bet against him. And I think sort of
01:40the roadside is littered with them, right? And so I'd be very careful. I'm typically a doubter. It comes
01:47from, I think, my early days in credit. I'm still working through it in therapy. But the issue is
01:53here, right? Look, we've watched them even in SpaceX, right? We have a company now that's launching
02:00150, 60 rockets a year, reusing bottom portions of those rockets and driving down the cost of excess
02:09space. And I think if we talked about this two decades ago, we'd say never going to happen,
02:15right? And he is by far the leader in space launch. Now, again, every other day, he's launching
02:22something. Even New Glenn couldn't get it all right in the last launch. And they're trying to catch up
02:29with their billions of dollars. So I would say it's big. He always goes big. I have a hard time
02:36betting against him anymore. He's done so many things big. I think he's got a real good opportunity.
02:41George, what do we know about the timing of this potential IPO? It's been reported for a while,
02:46but I just haven't seen much.
02:48Yeah, neither of we. We keep hearing June-ish, summer-ish. And so the noise, I think, has gotten
02:58a little fainter recently. As you know, Paul, to sort of watch markets and see how they're performing.
03:04But I think that, to me, if the markets are performing, the timing looks right to put a lot
03:11more cash again inside this SpaceX venture and go for this data centers in space and more investment
03:23in XAI. Again, with this New Glenn failure the other day, the FAA is looking at what happened in
03:30the New Glenn shot. His distance on his competitors looks even better. I would think that would help
03:36going into an IPO.
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