There's a lot of attention on you. And one of the reasons why is this super interesting business model. The robots basically can assess the structural integrity of various facilities, core energy infrastructure.But actually a big part of your business is AI and data you sell as a package. Give us the basics on Gogo Robotics and we'll go from that. Yeah.Thanks, Ed. Well, it's the company was started out with this mission of diagnosing the health of the built world. And so I started out of a college dorm with ...

AI Talent Market - Frontier model AI 人才的市场价格约为 1 亿美元 [1] - 行业认为，顶级 AI 人才可能为公司创造数十亿美元的价值，因此高薪是合理的 [3] - 行业观察到，科技公司之间不挖人的协议不利于反垄断和人才流动 [6] AI Impact and Investment - AI 将会变革整个科技行业，涉及数万亿美元市值的公司 [4] - 投资者持续重仓 AI 和科技公司 [17] - 行业预测，未来软件工程师的需求量不会减少，反而每个人都可能成为软件开发者，并有 AI 助手 [18] OpenAI Restructuring - OpenAI 的重组过程充满挑战，可能受到法律诉讼和学术界负面评价的影响 [9] - 行业未观察到 OpenAI 的重组对其招聘和留住人才产生负面影响 [8] Future of AI and Jobs - 长期来看，AI 对就业的影响尚不明确，但短期内可能导致工作转型和失业 [14][16] - AI 驱动的变革类似于工业革命，将带来知识、信息和语言工作方面的巨大影响 [15] Brain Technology - 行业关注超声波技术在脑部读写方面的应用潜力，尤其是在治疗焦虑和痴呆症等疾病方面 [12][13]

US-China Tech Competition & Trade Negotiations - Both the US and China are heavily investing in infrastructure (data, energy computation, and human capital) to lead in AI [1][2][4] - The US technology industry seeks a conducive environment for domestic investment, exemplified by projects like Stargate and significant investments from companies like Apple ($500 billion) and IBM ($150 billion), totaling over $2 trillion [4][5] - Trade negotiations with China involve potential loosening of export controls on semiconductors as a bargaining chip [6][8] - A year ago, China was unwilling to negotiate with the US unless export controls were lifted, but export controls are now part of the discussions [7][8] Semiconductor Industry & Export Controls - The Trump administration placed 22 chips on the export control list in April, designed to comply with China's market [9] - There's uncertainty regarding whether the Trump administration will lift these controls or further unwind Biden administration controls on advanced semiconductor equipment [9][10] - Companies like AMD and Nvidia desire continued access to the Chinese market, balancing national security interests with economic interests [11] Rare Earth Elements & Supply Chain - China uses its dominance in rare earth elements as leverage in negotiations with the US [16] - China is loosening controls on rare earth approvals but only granting licenses for six months, retaining leverage [19] - US companies applying for rare earth approvals in China face invasive questions about sensitive business information [19] Talent & AI Development - China is rapidly deploying AI talent, prompting the US to launch AI education initiatives to develop homegrown talent and attract international experts [20][21] - The US needs to attract and retain AI talent, especially first or second-generation immigrants who often start technology companies [21]

E-commerce Performance & Trends - US retailers saw nearly $8 billion in online spending on July 8th, a rise of almost 10% [1] - The event is twice as long (four days) and offers more than double the deals at 50% off or more [2] - Top categories include health and personal care, apparel, beauty, home, and kitchen [4] - Groceries and everyday essentials are the fastest-growing part of the store [6] AI & Personalization - Amazon is investing in AI, including Rufus, which is smarter about Prime Day and user interests [9][10] - AI-powered shopping guides are available for considered purchases like laptops [11] - Alexa Plus is rolling out, providing deal recommendations and alerts [11][12] Target Audience & Programs - Prime for young adults is 50% off, with an additional evergreen 5% discount, increased to 10% for Prime Day in categories like beauty, apparel, and electronics [13][14]

Foldable Market Trends - Samsung aims to mainstream foldable phones by addressing key user concerns [1] - Samsung widened the display of its foldable phones to improve usability compared to previous narrow designs [1][2] - Samsung released a sub-$1,000 foldable phone (Flip), making it more accessible beyond early adopters [2] - Apple's anticipated foldable phone launch next year is expected to significantly increase attention to the foldable category [4] Apple Executive Leadership Changes - Jeff Williams, a key decision-maker in Apple's product development, is departing, marking a significant change [5][6] - Tubby Khan, with three decades of experience in supply chain management, is taking over Williams' responsibilities [7] - John Ternus, the Senior VP of Hardware Engineering, is a potential candidate to succeed Tim Cook as CEO [8] - Significant movement within Apple's executive team is expected in the coming years [8]

Market Valuation and Growth - The market is seeing phenomenal valuations, including a new $4 trillion company and a $400 billion private valuation for SpaceX [1] - Current valuations are sustainable because companies are growing into them, unlike the dot-com bubble of the 1990s [2] - Tech companies' valuations are in the thirties, a sustainable metric [3] - Continued growth and upward pressure on metrics are expected, driven by early expansion, additional profitability, and better execution [5][6] Artificial Intelligence (AI) and Future Investment - The industry is still in the early stages of the AI revolution, with expectations for continued growth [6] - The focus will broaden from infrastructure to users of AI technology, with healthcare being a key area of interest [13][14] - The shift from makers to users of AI is expected to be a significant investment theme in late 2025 to early 2026 [12] - Identifying companies and sectors that can effectively use AI to increase profit margins and productivity is crucial [12] Tariffs and Market Resilience - The market is becoming numb to tariff anxieties, with diminishing returns in terms of shock absorption [8][9] - The market anticipates a playbook of tough talk followed by a deal acceptable to all parties, sustaining current levels [9] - Despite tariff concerns and deep sea worries, there is a perception that there is no real alternative to NVIDIA, contributing to recaptured all-time high valuations [7][10] Investment Strategy - Investment strategies involve broadening the portfolio and increasing overall allocation, while taking some out of infrastructure plays and prior winners [17] - Sectors like industrials, utilities, and staples may see reduced allocation to increase breadth in the portfolio [17]

Product Launches & Pricing - Samsung introduced three new foldable smartphones, targeting a broader audience with thinner, lighter designs and a more accessible price point [1] - The Galaxy Z Flip 7 FE is Samsung's most affordable folding phone at $900, significantly cheaper than the $2,000 Fold 7 and the $1,100 Galaxy Z Flip 7 [1] - The Galaxy Watch 8 starts at $350 (40mm), a $50 increase from the Galaxy Watch 7, with LTE versions beginning at $400; the Galaxy Watch 8 Classic starts at $450 (46mm), with the LTE edition at $550 [5][6] Design & Features - The Fold 7's thickness is reduced to 8.9% mm when closed, compared to the Galaxy Z Fold 6's 14.9% mm [2] - The Galaxy Z Flip 7 features slimmer bezels for an all-screen front look, and its outer display (Flex Window) is now 4.1% inches, up from 3.4% inches on the Flip 6 [2][3] - The Galaxy Watch 8 series includes Google Wear OS 6 with Gemini AI, improved battery life, brighter display, slimmer body, and advanced health features like antioxidant level and vascular load measurement [4] Processor & Technology - Samsung is using its own Exynos processor for the Flip series for the first time in a foldable device, while the Fold 7 uses Qualcomm's Snapdragon 8 Elite chip [3] - The updated titanium blue Galaxy Watch Ultra offers 64 GB of storage [6]

Valuation and Share Price - SpaceX's valuation is around $400 billion or greater [1] - The share price being discussed is $208 to $212 [1] - The current valuation represents a significant increase from the previously reported $350 billion [2] Investor Base and Demand - SpaceX's investor base includes major private growth equity, venture capital firms, and large family offices [2] - There is anticipation of a Starlink spinoff in the coming years, driving investor appetite [3] - Demand for SpaceX shares in the secondary market is very high, creating an almost illiquid market [10] - Getting access to these rounds is difficult and depends on connections [9][10] Leadership and Operations - Gwynne Shotwell serves as President and essentially CFO, managing day-to-day operations [5] - Elon Musk is present at significant moments, such as public appearances related to Starship [6] - A small primary round sets the price for a larger tender offer providing employee liquidity, overseen by the CFO and Jared Birchall [4][5] Financing Structure - The financing round involves a concurrent primary round to set the price for a larger secondary tender offer [4] - Employee liquidity is a key component of the financing structure [4][8]

Company Overview & Strategy - The company aims to create smartphones that help users be more focused, addressing the issue of excessive scrolling [1] - The company is targeting young creatives as its primary customer base [3] - The company is exploring exporting from India to the US [6] - The company aims to compete at the flagship level, requiring top-tier components and engineering [8][9] - The company is focusing on applying AI to automate smartphone use, believing hardware ownership is crucial for consumer AI [10] Financial Performance - The company's revenue is projected to reach approximately $1 billion this year, doubling from over $500 million last year [3] - The company has raised about $250 million in funding [11] - The company has achieved over $1 billion in lifetime sales [11] Manufacturing & Supply Chain - The company manufactures most of its phones in India, with additional sites in China and a new site planned [4] Market Dynamics & Competition - Over half of the company's earbud users come from iPhone, while phone users come from across the market, with a notable number switching from iPhone [4] - The company's latest phone is priced at $799 [7]

Vertical Integration Strategy - The company believes vertical integration is crucial for delivering optimal solutions to large clients and sophisticated consumers of infrastructure [2][3] - The acquisition of Core Scientific is viewed as a move down the stack, integrating physical data centers and power requirements [4] - Vertical integration provides more physical control over building and delivering infrastructure, which is valuable in a dynamic market [6] - The company tried to acquire Core Scientific for approximately 1 billion USD last year, indicating a long-standing interest in integration [7] - Vertical integration enables efficient and effective scaling to remain relevant in the cloud revolution [13][20] Margin and Profitability - The company anticipates margin accretion from in-sourcing infrastructure components [6] - Acquiring Core Scientific is expected to be margin accretive as it internalizes hosting contracts [9] - The company disagrees with assessments suggesting the acquisition will not be margin accretive [5][10] Market Demand and Growth - The market is experiencing a generational shift in the scale and type of infrastructure needed [2] - Demand for infrastructure to support AI is voracious, evidenced by a nearly 12 billion USD contract and a 30 billion USD contract [15] - The company is broadening its client base beyond Microsoft, including a second hyperscaler [16] - The company aims to position itself to deliver infrastructure faster and at a larger scale [16] Challenges and Bottlenecks - Integrating two companies is always challenging [14] - Extending capacity to deliver infrastructure is also enormously challenging [14] - Energy is identified as a bottleneck [14]