In partnership with Greenland Energy Company…

Joe Moglia, former Chairman and CEO of TD Ameritrade, sits as Executive Advisor to the board of Greenland Energy Company (NASDAQ: GLND) — alongside Chairman Larry G. Swets Jr., CEO Robert Price, and new director Carol Craig, CEO of Sidus Space.

That bench is pointed at the Jameson Land Basin: 8,400+ km² of onshore Greenland, ranked by Sproule as the world's 13th largest undeveloped oil accumulation, with up to ~13 billion barrels of gross un-risked prospective resources.

GLND has rights to earn up to a 50% working interest after funding and completing the first well, subject to the farm-out terms*. Spud: October 2026.

Read the thesis NOW!

^{*Filings indicate 50% after the first well and 70% after the second.
**This is a paid advertisement by Greenland Energy Company}

Hello there.

TGIF! Elon’s gotten a few wake-up calls over the years, but was he ready for the instant karma of the free market?

In this issue:

It’s not like SpaceX is going away, nor is this the first time we’ve seen a bit of egg on Elon’s face, but still, you gotta think it hurts. He’s been all space-hyped for the last decade, but gravity has a way of bringing you back to Earth. Let’s get into it. 👇

SpaceX just dropped its first earnings report as a public company, and Wall Street basically said "thanks, we hate it." The stock tanked 13.6% even though the company actually beat expectations on both revenue and losses. So what gives?

Well, SpaceX brought in $7.8 billion in revenue (way better than the $6.9 billion analysts predicted) and only lost 9 cents per share instead of the expected 26 cents. That should be good news, but investors freaked out when they saw the company spent $18.4 billion in capital expenditures during the quarter, with $15.8 billion of that going straight to AI infrastructure. That's more than six times what they spent last year.

The whole situation is basically SpaceX saying "trust me bro, this AI stuff is gonna pay off" while bleeding cash on data centers. CEO Elon Musk is confident they'll hit $100 billion in annual revenue by the end of this year and somehow reach $1 trillion by 2030. Most analysts think that timeline is... optimistic. Bloomberg's forecast is more like $38.5 billion for 2026. The math isn't mathing for a lot of people, especially with 119 million insider shares potentially flooding the market this week once lockup restrictions expire. Shares are now trading below the $135 IPO price, and some analysts are calling for it to drop all the way to $62. 😬

So Nvidia has been doing something that sounds completely backwards: the company is throwing around $750 billion in AI investments to help fund the same companies trying to build chips that would compete with Nvidia's chips. Make it make sense?

The strategy is actually kind of genius in a chaotic way. Nvidia figures that as long as AI demand keeps growing, somebody has to buy their GPUs. Doesn't matter if it's OpenAI, Anthropic, or some startup nobody's heard of yet. More AI companies means more chip buyers, which means Nvidia wins either way. They're literally the largest corporate venture investor in AI right now, and they're even reportedly discussing a $250 billion guarantee for an OpenAI data center project. That would help OpenAI borrow money cheaper, but Nvidia would be on the hook if things go sideways.

The catch is that a bunch of Nvidia's biggest customers like Meta, Microsoft, Google, and Amazon are all building their own AI chips specifically because they don't want to rely on Nvidia forever. OpenAI just hired a compute executive and released its own chip for running AI queries, which feels like a pretty clear signal. But here's the thing: right now, nobody can really touch Nvidia when it comes to training AI models.

The real question is what happens when the AI boom shifts from training new models to just running existing ones. That's called "inference," and Nvidia doesn't dominate that market the same way. If demand for inference chips takes off while training slows down, all those competitors Nvidia is funding could actually start taking meaningful market share. It's a massive bet that the AI pie will keep getting bigger faster than anyone can eat Nvidia's slice. We’ll see how it pays off.

The big question everyone's asking is whether we're heading for another 2008-style crash, except this time it's AI companies instead of housing. Burry himself is betting against the AI giants, which is making people even more nervous. Is this just investors protecting themselves from normal business risk, or are they seeing something bigger coming? We'll probably find out soon, but either way, the fact that people are even comparing this to 2008 should tell you something.

In this episode of This Week in Tech, the hosts unpack a week where AI systems exhibit increasingly unpredictable behavior, technology giants battle for the future of hardware and connectivity, and autonomous transportation moves closer to everyday reality.

📻 Tune in to:

🎧 Listen on:

That’s all for today. Write us and let us know your thoughts on the market, the newsletter, or the weather—we’d just love to hear from you.

Till next time,
— Brandon and Blake