Chris Campbell:

Musk’s Quiet Panic

This week, I can’t stop thinking about Elon Musk. And not for the usual reasons. Not for Trump. Or Tesla. Or space rockets that land like ballerinas. No, it’s because of something more subtle. Stranger. Something he said this week:

“Frankly, I mean—I don’t know—in some ways it’s a little terrifying.”

That was Musk, standing center stage at his own AI launch event, introducing Grok 4—the most powerful AI model in the world, by his telling. And he’s afraid.

Grok 4, according to Musk, can reason at superhuman levels. Not just regurgitate facts. Reason. It can ace SATs. GREs. Advanced graduate exams in subjects it’s never trained on.

Eventually, Grok will be inside a humanoid robot. That’s the master plan. Give it a body. Give it real-time feedback. Let it test its own hypotheses in the real world.

Elon said it outright: this is the beginning of an intelligence explosion. Musk looks genuinely shaken by what Grok 4 can do. He talks about needing to instill it with values. At times, he sounds like a man trying to raise a child who will one day outgrow him.

Which raises the question: what exactly are we looking at?

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Davis Wilson:

$4,000,000,000,000 – And It’s Still Early

A long overdue congratulations is in order. My colleague Enrique Abeyta made a bold call at the end of last year: Nvidia would lose $1 trillion in market value in 2025. Maybe in a single day.

He was right.

Back in April, the market tumbled. AI stocks, especially Nvidia, were caught in the crossfire. Nvidia’s market cap plunged. The headlines were brutal. Enrique’s prediction played out exactly as he said it would.

But now it’s my turn to be right. Because at the same time Enrique made his bearish call, I made a different one: I said Nvidia would hit $5 trillion before the end of 2025.

Nvidia has already reclaimed all-time highs. It’s crossed the $4 trillion mark. And based on the pace of adoption we’re seeing across every sector, $5 trillion is no longer a bold call – it’s the logical next step.

This isn’t just another hot stock. Nvidia is the infrastructure layer of artificial intelligence. It’s powering the future and rewriting the leaderboard of global tech. Forget the noise. Ignore the dips. Own Nvidia. Hold tight. The next chapter is just beginning.

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James Altucher:

Bitcoin Tops $118,000 in Another All-Time High

Bitcoin (BTCUSD) topped $118,000 for the first time, surpassing Thursday's record as it continued to gain from companies adding it to their corporate treasuries and lawmakers passing pro-crypto legislation.

Bitcoin earlier Friday hit $118,755 and is now trading around $117,800.

Bitcoin has now risen by more than a quarter this year, outpacing the S&P 500's rise of 7% and surpassing the surge by AI darling Nvidia (NVDA), which Wednesday briefly passed the $4 trillion market value milestone. Nvidia shares, which are edging 0.6% lower in premarket trading, entered Friday up 22% so far this year.

Bitcoin was surging earlier this year on retail investors buying into ETFs but took a hit, along with the broader stock market, after President Donald Trump imposed his "Liberation Day" tariffs in April. Since then, the cryptocurrency has gained from a wave of companies joining Strategy (MSTR) in loading up on bitcoin.

Crypto has also gained increased legitimacy with President Trump establishing a strategic bitcoin reserve and the Senate passing the GENIUS Act, a bill that would enable private companies to issue stablecoins.

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