Newsletter

The Roblox Roll-Up We were talking the other day about the bizarrely active market for mergers and acquisitions on Roblox, which raises the obvious question: Why? Why would a professional studio pay a teenager millions of dollars for a game that might be forgotten in six months? The answer is

SpaceX's Side Hustle Here is a fun corporate governance story. Elon Musk’s rocket company, SpaceX, is investing $2 billion in his artificial intelligence company, xAI. This is part of a larger funding round for xAI, which is a private company. SpaceX is also a private company, but

Virtual Private Equity Here is a fun story about the creator economy. A 19-year-old who made a soccer video game on Roblox with an anime vibe sold it a few months later for more than $3 million. Not to a big game studio like EA or Ubisoft, but to another

Key Person Risk Elon Musk is launching a new political party called the "America Party." This is awkward, as it comes just days after a public feud with President Donald Trump, who threatened to cut off the government subsidies Musk's companies have built an empire on.

Fab Diplomacy The conventional wisdom on President Donald Trump’s trade policy is that it’s mostly just chaos and bluster, a series of threats made on social media that are often walked back a day later. This week, however, the bluster got very real for a factory in Japan.

Robot Forecasters One thing you might use AI for is to get stock tips. You have a powerful new technology that has digested the entire internet; surely it has some thoughts on where Nvidia is going? It seems some researchers, writing in Harvard Business Review, had the same idea, so

DOGE Eats Its Own There are companies that you value by looking at their profits and cash flow and putting a multiple on them. And then there are companies that you value by listening to their story. You don’t buy the stock because it earned a lot of money

The New Financiers of Tech You are a giant, world-dominating technology company with a market cap north of a trillion dollars and tens of billions in cash on your balance sheet. You have decided, out of a sense of "paranoia" and competitive fire, that you must spend even

Who's the Customer Here? There is a standard way that business relationships work. A company like Nvidia sells the essential tools—the picks and shovels—for a technological gold rush. Its customers, the giant cloud computing companies like Amazon, Microsoft, and Google, buy those picks and shovels in