AI is a transformative, disinflationary force driving a global capex boom. PIMCO sees it as a major economic driver for the next five years, requiring investors to factor it into all calculations. The capex cycle is broad, including defense and energy security, and is being financed in credit markets where PIMCO is active. Productivity benefits from AI may arrive sooner than expected.

SpaceX IPO is massively oversubscribed, especially on the retail side with up to $100B in orders. The $135 price was set by Musk to take leverage away from institutional asset managers. The expectation is a 'crazy open' on Friday, but potential for a sell-off in the afternoon. The retail allocation is unusually high (30%) as management believes retail investors understand the story better than Wall Street.

SpaceX is primarily a rocket launcher that revolutionized the industry with reusable rockets. It is a critical partner for NASA and the DoD. The company is banking on its launch success to parlay into AI ventures. It has a de facto monopoly on launch, making it hard for competitors like Blue Origin to catch up. The orbital data center project is a serious endeavor, leveraging Starlink experience.

SpaceX is the 'ultimate growth stock' with potentially unlimited growth potential. The best comp is Tesla: both have a profitable core business (Starlink/Auto) and a moonshot (AI/Robotics) built on the same foundational tech. The core business (Starlink) can be valued on earnings, and the stock gets interesting when the 'everything else' (AI, data centers) is not heavily discounted by the market.

ServiceNow's president argues that the 'SaaS-pocalypse' narrative is wrong. Customers are not rewriting core enterprise platforms; they are using AI to drive differentiation on top of them. The key challenge is scaling AI from pilots (9% seeing ROI) to full operationalization. The 'AI Control Tower' is crucial for managing risk and governance of AI agents in regulated industries.

Public markets can absorb the wave of mega-IPOs and lock-up expiries (up to $700B), netting against buybacks ($1.5T) and M&A. The narrative is shifting from 'private forever' as AI companies need massive capital. Private markets will remain a representation of the real economy, while public markets will represent tech and AI disruption. Power is the bottleneck, with a focus on transmission and distribution, not just generation.