SpaceX to start trading today, should be interesting. was 4x oversubscribed at price specified a couple of weeks ago, which is not that much, considering. most knowledgeable folks like are super skeptical of a $2t valuation, seems like there might be a lot of insider exits to bigger suckers, needs a lot of suckers. but if it stays high might as well merge Tesla too b/c why not.

this type of concentration is a serious test of index investing, one wonders if Buffett would even recommend broad indexes at this point. there’s sort of a curve where if too many people index and people can game and front-run the index at scale, it becomes a sucker’s game. Supply of suckers appears adequate, so far.

the notion of an ‘enterprise AGI memory’ that knows everything seems powerful but needs a very powerful agentic team of editors. would maybe start with Karpathy wiki LLMs that are human-readable knowledgebases and turn them into graphs if you need deep multi-hop traversal.

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