For nearly a decade, recovering an orbital rocket booster has been a capability associated with just one company. SpaceX made it routine. Blue Origin only recently joined the club. Now China has entered the conversation. Last week, the state-owned China Aerospace Science and Technology Corporation, or CASC, successfully recovered the first stage of its new…
The past few weeks have been particularly challenging for AI infrastructure stocks, with the sector correcting by more than 20%. While the magnitude of the sell-off has been significant, we have witnessed similar corrections several times over the past three years, and each has ultimately been followed by a sharp recovery. We believe this episode…
Artificial intelligence is reshaping the software industry, but much of the economic value is accruing outside traditional enterprise software. Investors have increasingly focused on the infrastructure required to build and run AI systems, including semiconductors, cloud platforms and data center capacity, while much of the software layer itself, from foundation models to developer tools, is…
Last week, Tesla, Sunrun and Renew Home announced a landmark partnership to create what could become the largest virtual power plant (VPP) in the U.S. By combining Tesla Powerwall home batteries, Sunrun’s residential solar and storage systems, and millions of smart devices managed by Renew Home, the companies aim to aggregate more than 16 GW of flexible…
While Micron’s earnings and guidance last night were undeniably impressive—with revenue growth accelerating sharply in the +300% and gross margins approaching 90%—the most important takeaway, in our view, was the company’s expanded disclosure around its Strategic Customer Agreements (SCAs). These long-term agreements between memory manufacturers and hyperscalers, AI chip designers, and other large customers have…
The recent explosion of Blue Origin’s New Glenn rocket, which severely damaged its launch pad infrastructure, has had important implications for the broader space industry. The incident is expected to delay New Glenn launches by several months and jeopardize the timeline of upcoming lunar missions, as well as deployment schedules for satellite operators such as…
The U.S. Federal Energy Regulatory Commission (FERC) may be approaching one of the most delicate balancing acts of the AI era: reconciling two objectives that increasingly appear to be at odds—shielding utility customers from soaring electricity costs while dramatically accelerating “speed-to-power” for the data centers that will underpin America’s AI ambitions. Recent actions by the…
According to Bloomberg, China is considering a plan to invest approximately $295 billion over the next five years in data center infrastructure to accelerate AI development. Beijing reportedly intends for state-owned telecom operators to build and operate much of this capacity while sourcing at least 80% of the underlying technology—including AI accelerators—from domestic suppliers. If…
NASA Administrator Jared Isaacman unveiled this week one of the most ambitious lunar strategies since the Apollo era, outlining a long-term vision centered on a permanent human presence on the Moon, large-scale lunar infrastructure, and the transformation of the lunar south pole into a strategic economic and scientific hub. The announcement marks a major expansion…
The race to build the “brains” of humanoid robots—and to solve the long-standing challenge of dexterous manipulation—is accelerating, and one of the most closely watched new entrants is Genesis AI. The Paris- and California-based robotics company recently introduced GENE-26.5, a large-scale robotics foundation model designed to help machines better understand, manipulate, and interact with the…