James Altucher:

SpaceX Has an AI Device Prototype, and It Sure Sounds Phone-ish

Elon Musk’s SpaceX has shown investors a prototype of a “handset-like” AI device, reports The Wall Street Journal.

The prototype is reportedly sleeker and slimmer than an iPhone, making us wonder if it’s something between a small touchscreen phone and a Rabbit R1. SpaceX reportedly showed the device to investors and stakeholders before it went public, and told them it’s at an early enough stage that the design could still change.

Musk has denied the reporting, calling it “utterly false.”

SpaceX, alongside sister company Tesla, does have the manufacturing expertise to pull off mass-producing a bunch of AI devices – not to mention access to the chips needed to power any on-device compute. SpaceX has also signaled that it’s keen to expand into wireless, with Starlink Mobile as a potential competitor to Verizon and AT&T. One analyst even went as far as to speculate that T-Mobile or AT&T would make fine acquisition targets for the rocket builder, though such a purchase would, undoubtedly, be pricey.

SpaceX’s prototype is reportedly designed to run on a proprietary operating system and integrate technology from xAI, Musk’s AI company that SpaceX acquired earlier this year.

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Ray Blanco:

The Kid Who Worked the Drive-Thru Last Year Is Building Gigasats Today

We are not a country in decline. We are a country reaching escape velocity.

Across America, we are seeing – measured in dollars committed – the largest industrial mobilization in American history. Gigasats, cutting-edge semi fabs, memory fabs, Starship, autonomous weapons, and more – all produced on resource-rich American soil.

The result is the emergence of the most valuable, most mispriced, most underestimated combination of assets in the developed world: untapped American human capital, amplified by a technology stack that didn't exist a decade ago, powered by an energy substrate no other nation can match, building toward a civilizational trajectory that puts boots on Mars and reactors in lunar regolith inside the next decade.

This country is turning 250 years old. Two and a half centuries since a small group of farmers, lawyers, printers, and tradesmen in Philadelphia decided they were going to build something new in the world. They built it.

Their descendants – the welders in Boca Chica, the electricians in Memphis, the pipefitters in Lebanon, the technicians in Phoenix, the roughnecks in the Permian, the kid placing components on a gigasat in Midland – are still building it. And we're just getting started.

So when someone asks me what I'm long? I'm long the kid in Midland… and the country he's building. I'm long America.

Happy 250th, you magnificent country.

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Greg Guenthner:

Bitcoin Jumps As Monthly Jobs Report Comes in Cooler Than Expected

Bitcoin (BTC) briefly jumped to $62,000 per token on Thursday. The cryptocurrency rebounded after June's jobs report came in weaker than expected. The economy added just 57,000 jobs, well below economists' expectations of 113,000.

Bitcoin has been particularly sensitive to Federal Reserve interest rate policy. There have been growing concerns in recent weeks that the Fed may have to hike rates later this year.

New Fed Chairman Kevin Warsh signaled in Portugal on Wednesday that policymakers remain focused on bringing inflation back to its 2% target. While declining to offer forward guidance, Warsh said he was encouraged that measures of expected inflation in the bond market have moderated since his press conference earlier this month.

June's jobs report further suggests policymakers may not need to raise interest rates later this year.

"We don't have an overheating labor market, so they're not stuck in this position where maybe they want to hike," Brian Jacobsen, chief economist and strategist at Annex Wealth Management, said.

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