It wasn't just the ad pricing in the quarter gone or talking up all of their prowess or narrowing the CapEx range. The thing that surprised many was them saying next year, 2026, we will grow CapEx. What did you make of that.Word now, and it tells you that the spending on AI really does continue. I mean, I think everybody's been concerned that the spending is going to drop off a little bit. But from a dollar perspective, many talked about how 2026 will see, you know, substantial increase in CapEx similar to ...

I remember when I was here about 90 days ago, and I told you he's going to walk these back. The the the the tariffs that he announced on Liberation Day would have crushed the American economy. They would've been bad for consumers, ultimately bad for Trump's political standing.Wildly unpopular around the Hill. And that we should expect him to walk it back. And we have seen a steady walk back of those to the point where he started getting embarrassed.Right. The so-called taco trade ever. You know, Trump's alw ...

I mean, wow. Two triple. No wonder price discovery took so long and it took forever to get this opening trade.But really, the retail investment enthusiasm, institutional investor enthusiasm has been phenomenal. This was 40 times oversubscribed. IPO people wanted it that much.And remember, they actually went out there and sort of auctioned this on the roadshow, trying to get a better price discovery than perhaps we've seen for Circle All for Cool Wave. But the pop has still been more than tripling of that $3 ...

Kleiner Perkins history with Dylan Field, the CEO goes way back. And I'm just interested as to your perspective of what you saw in him in that series. BROWN Yeah.So we've been fortunate partners with Taylor Fields for the last eight years or so, and Dylan always embodies the spirit of what we embody. Kleiner Perkins We want to back founders who make history. And Dylan is certainly one of those.And we actually look back at our investment memo from 2017. We wrote something like Dylan and Evan are special foun ...

Proposed Legislation & Political Landscape - The "Pelosi Act," aimed at restricting lawmakers' stock trading, faces politicization due to Nancy Pelosi's and her husband's trading success [1] - Similar efforts to regulate lawmaker trading have failed to pass in the past, facing opposition in Congress [2] - Republican opposition exists, exemplified by President Trump's criticism of a bill supporter [3] - The issue of lawmaker trading affects members of both Democratic and Republican parties [3][4] Lawmaker Trading Activity & Scope - Analysis of House disclosures revealed a surge in trading activity, particularly during periods of tariff turmoil [4][6][11] - A small number of lawmakers engaged in a high volume of trading, involving millions of dollars [4][5] - Lawmakers' trading activity spans various assets, including stocks, options, cruise lines, airlines, and technology stocks [6] - Over 700 trades were placed by a handful of lawmakers during the tariff turmoil [6] Ethical Concerns & Potential Conflicts of Interest - Concerns arise when lawmakers trade based on policy-sensitive information, such as pending legislation or government actions [9][10][11] - The House Ethics Committee raised concerns about a House Lawmaker whose wife bought shares of a steel operator the day after he learned certain steel plants would remain open, spurring concerns about insider trading [8] - Public perception is negatively affected when lawmakers appear to profit from information not available to the general public [10]

Trade Policy & Legal Challenges - A federal appeals court is hearing arguments about whether President Trump overstepped his authority to impose tariffs, potentially rendering trade deals illegal [1] - Piper Sandler suggests the administration is struggling to justify the tariffs, arguing the President is claiming national emergency powers without statutory authority [2][3] - The legality of tariffs is questioned, citing Article 1, Section 8 of the Constitution, which grants Congress the authority to impose tariffs [4][5] - The case is likely headed to the Supreme Court, with potential rulings in the coming months and a decision possibly by June [6][7] - There is a possibility that the Supreme Court may strike down the tariffs, with originalist and liberal judges potentially aligning against broad presidential authority [7][8][9] Market Impact & Investor Sentiment - The market's reaction to a potential overturning of trade deals is uncertain, with investors seemingly unconcerned about the tariffs [10][11] - The market consensus appears to be that the worst of the tariffs is over, but this view is challenged as deals are raising, not lowering, tariffs [11][12][13]

Business Performance - Norwegian Cruise Line Holdings experienced a stock surge following earnings, indicating positive market reaction [1][2] - The company faced a challenging April due to tariff announcements and macro uncertainties [2][3] - Booking pace and consumer demand have been strong, with record months in May, June, and July [3] Market Trends and Consumer Behavior - There's a shift in consumer demand towards shorter and closer-to-home itineraries [6] - The Caribbean is gaining popularity as a destination compared to Europe [5] - Cruising is considered a good value, approximately 30% less expensive than a typical hotel stay [9] Growth and Investment - The cruise industry's growth is limited to 5% per year due to shipyard capacity [12] - Norwegian Cruise Line Holdings has 13 ships on order over the next 10-11 years, representing about 4% annual growth [11][12] - Investments are being made in destinations like Great Stirrup Cay, including water parks and adult-only beach clubs, to enhance the customer experience [5][6][7]

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the Epstein decision or decision not to release those files. Do you stand with the administration and the Department of Justice and not releasing them right now. >> I don't know why they're uh not releasing them. Uh I couldn't tell you why.Uh I would like to see transparency. >> Does it impact how you view the president at all. >> No, not really.President's got a job to do and hopefully uh things will work out. >> It sounds like everything's fine and from everything I've read, it sounds like he's he's fine. ...

I've probably attended uh Bergkshire Hathaway annual meetings since 1989, let's say. And uh and I read uh every annual report and and 10K. And the difference on the inside versus the outside is really very limited.In other words, this is a company that's valued transparency, cander. I mentioned Warren and and Charlie, their ability to teach. And so I would say it's there were no surprises being on the inside versus the outside because of that that culture. ...