To The Moon

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First, the bad news for the home crowd. No Southeast Asian team made it this time. Indonesia got the closest it ever has in qualifying and still came up short, and Thailand, Vietnam, Malaysia, the Philippines and Singapore never got near. Asia's flag is carried by 9 AFC teams instead: Japan, South Korea, Iran, Iraq, Saudi Arabia, Qatar, Australia, plus first-timers Jordan and Uzbekistan. So for most of us, this one's about picking a side on vibes, not passports.

SpaceX generated roughly $18.7 billion in revenue in 2025. At a $1.77 trillion valuation, that implies a staggering 94x price-to-sales ratio. If the stock quickly reaches a $2 trillion valuation, that multiple rises to 107x sales.

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Nice. Add oil

According to Bloomberg, the IPO has been heavily oversubscribed. The offering is priced at $135 per share, with 555.6 million shares issued, implying a valuation of roughly $1.8 trillion — effectively making it the largest IPO in history.

According to Iranian media reports, shipping through the Strait of Hormuz was at one point completely disrupted. The U.S. also launched a new round of strikes against Iran, pushing oil prices higher. This time, gold wasn't acting as a safe haven. It was acting as an ATM. When markets need liquidity, investors often sell what they can — and gold is one of the easiest assets to monetize.

And this isn’t just talk. Nvidia announced that SK hynix will become its leading memory supplier for AI data centers, and that the two companies will jointly develop the memory used in the four product lines above. Huang added another bullish pitch on the side: the memory shortage is not over. From wafers to packaging to silicon photonics, the entire supply chain is still tight. Demand is simply too strong, and he says that will likely continue for years.

So it’s 5 down, 3 up. More red than green. But once you look at the backdrop, the story is obvious: 2002 was still dealing with the aftermath of the dot-com bust, 2022 was hit by the Fed’s aggressive rate hikes, and that +9.2% in 1998 was simply the tech bull market doing its thing. The matches go on, but the market trades on its own logic. The World Cup is background noise, not the engine.

- Starlink at $144B in 2030, less than half of AI; launch business $4.1B → $8.3B - EBITDA: $6.6B in 2025 → $352B in 2030; free cash flow expected to turn positive at $72B by 2031