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Articles by Ed Elson
Lessons From South Korea
Right now, outside the National Assembly in Yeouido, on the western side of Seoul, lies a giant pile of funeral wreaths. Stacked high in white and yellow arrangements, they appear at first to commemorate the loss of lives. As you get closer, however, you see the signage next to them. “Abolish single-stock leveraged ETFs,” they read. The memorial isn’t people, but savings accounts. Last week, two trillion dollars in market value was erased from the South Korean stock market.
Were Wall Street Analysts Bought Off? The Exchange of Interests Behind SpaceX's Trillion-Dollar Valuation
Are these analysts crazy? No, they are just exchanging flattery for IPO underwriting fees. Author: Ed Elson Translation: TechFlow TechFlow Editor's Note: Following SpaceX's IPO, JPMorgan gave a valuation of $2.9 trillion, while Raymond James even shouted out a sky-high price of $10.4 trillion—higher than the combined market cap of Microsoft, Amazon, Meta, Tesla, and Berkshire. Are these analysts crazy? No, they are just using flattery to exchange for IPO underwriting fees.
After 30 "Buy" Ratings, SpaceX Stock Price Plummets 12%
When Morgan Stanley sets a $300 target price while simultaneously saying "bear case $75, bull case $600," they actually said nothing. Authors: Scott Galloway & Ed Elson Compiled by: TechFlow TechFlow Editor's Note: SpaceX just joined the Nasdaq 100 and received 31 "Buy" ratings out of 32 analysts, but the stock price fell 12% instead. This is no coincidence—Wall Street analysts' optimistic bias has a long history, especially among investment banks that underwrote the company's IPO.
Data Center Debate: Are Energy Bills About To Explode?
Ed Elson speaks with Jigar Shah and Jon Parrella about whether the AI data-center buildout can really happen at the scale Big Tech and investors expect. They discuss why power is becoming the biggest bottleneck for AI, and propose solutions to ensure that America can build and manage the necessary power infrastructure. Jigar Shah is the former director of the Loan Programs Office at the U.S. Department of Energy. Jon Parrella is the CEO of Terraflow Energy. Looking for the full version?
We’re Just Getting Started
Before we get into the post, an exciting update: Prof G Markets is going on tour. (Yes, it’s finally happening.) Starting May 27th, Scott and I are headed to San Francisco, Los Angeles, Chicago, Miami, and New York. We’ve booked some of the most iconic venues in the nation, so do not miss out. You can book your tickets here — excited to see you. Now onto the post. Two months ago I wrote a piece arguing that AI’s greatest obstacle isn’t energy supply or compute, but its lack of popularity.
How to Invest When Nothing Makes Sense
Scott Galloway and Ed Elson break down the biggest unanswered questions in the stock market, from Iran and AI to risks in private credit, and what they mean for investors. They then dive into the SpaceX IPO, with Scott offering his prediction for where the stock could land by year-end. Finally, they unpack what went wrong at Nike and Allbirds, and what Nike needs to do to turn its business around. Looking for the full version?
This Time Is Different
“Insanity is doing the same thing over and over again and expecting different results.” — Albert Einstein Ten days ago, the U.S. launched a massive military strike on Iran. While the administration didn’t articulate its ultimate objectives, President Trump made clear that regime change is probably one of them. This view is also supported by the fact that we took out the nation’s supreme leader, Ayatollah Ali Khamenei, too. In sum, we’re at war with Iran.
What's a "Rug Pull"? (with Ed Elson)
Rachel Janfaza sits in for Sarah on this week’s Focus Group to take a look at Gen Z’s personal finances, from their long-term outlooks to their day-to-day habits…especially their investments in crypto and how they’re engaging with sports betting and prediction markets. Ed Elson, co-host of Prof G Markets, joins Rachel.
Someone Needs To Go To Jail
We are at war with Iran, and in the coming weeks and months, it will be all we talk about. The Strait of Hormuz is the new Greenland. Tomahawk cruise missiles are the new AI. And for good reason: This conflict is set to impact the lives of millions around the world. Yet while war rages on, so does everything else. Our tariff policy is still in limbo. ICE killings are still unaccounted for. AI advancement plows ahead.
Someone Needs To Go To Jail
We are at war with Iran, and in the coming weeks and months, it will be all we talk about. The Strait of Hormuz is the new Greenland. Tomahawk cruise missiles are the new AI. And for good reason: This conflict is set to impact the lives of millions around the world. Yet while war rages on, so does everything else. Our tariff policy is still in limbo. ICE killings are still unaccounted for. AI advancement plows ahead.
Death or Taxes
A lot has happened in the past few days — Powell, Iran, gold, and more. We’ll be discussing all of these stories this week on the podcast. But for today’s newsletter I want to talk about something else: billionaires. Specifically, how to tax them. You might have heard about California’s new billionaire wealth tax. The proposal would levy a 5% tax on the wealth of California’s billionaires, raising roughly $100 billion for social services. Supporters say it’s necessary to fight inequality.
Company of the Year
One of my New Year’s resolutions is to write more, so I’m doing something unheard of: I’m starting a Substack. Each week I’ll share my thoughts on markets, business, technology, and life. (What I do everyday on the podcast.) The only difference is the format — plus, we’ll discuss things in a little more detail here. If you enjoy the post, subscribe here to receive my new weekly newsletter (out every Tuesday) Before we dive in, a quick thank you. This past year has been incredible.
‘Gen Z is more anxious, lonely and poorer than other generations’
Ed Elson is a writer, analyst, and co-host of the Prof G Markets podcast with Scott Galloway.
radio telescope transforming understanding of the cosmos
THE CONVERSATION MeerKAT has made remarkable contributions to South African and international science. South Africa’s Karoo region is a vast semi-arid area that stretches across four of the country’s provinces. It is sparsely populated and renowned for its wide open spaces. In the heart of this landscape, near the small Northern Cape town of Carnarvon, the South African Radio Astronomy Observatory operates a technological marvel that has transformed our understanding of the cosmos.
MeerKAT: the South African radio telescope that’s transformed our understanding of the cosmos
SOUTH Africa’s Karoo region is a vast semi-arid area that stretches across four of the country’s provinces. It is sparsely populated and renowned for its wide open spaces. In the heart of this landscape, near the small Northern Cape town of Carnarvon, the South African Radio Astronomy Observatory operates a technological marvel that has transformed our understanding of the cosmos. The MeerKAT radio telescope has unlocked cosmic mysteries. It’s fostered scientific collaboration.
MeerKAT: The South African radio telescope that's transformed our understanding of the cosmos
South Africa's Karoo region is a vast semi-arid area that stretches across four of the country's provinces. It is sparsely populated and renowned for its wide open spaces. In the heart of this landscape, near the small Northern Cape town of Carnarvon, the South African Radio Astronomy Observatory operates a technological marvel that has transformed our understanding of the cosmos. The MeerKAT radio telescope has unlocked cosmic mysteries. It's fostered scientific collaboration.
MeerKAT: the South African radio telescope that’s transformed our understanding of the cosmos
By Ed Elson, Associate Professor of Astronomy, University of the Western Cape South Africa’s Karoo region is a vast semi-arid area that stretches across four of the country’s provinces. It is sparsely populated and renowned for its wide open spaces. In the heart of this landscape, near the small Northern Cape town of Carnarvon, the South African Radio Astronomy Observatory operates a technological marvel that has transformed our understanding of the cosmos.
MeerKAT: the South African radio telescope that’s transformed our understanding of the cosmos
South Africa’s Karoo region is a vast semi-arid area that stretches across four of the country’s provinces. It is sparsely populated and renowned for its wide open spaces. In the heart of this landscape, near the small Northern Cape town of Carnarvon, the South African Radio Astronomy Observatory operates a technological marvel that has transformed our understanding of the cosmos. The MeerKAT radio telescope has unlocked cosmic mysteries. It’s fostered scientific collaboration.
Software stocks plunged 20%-but I have significant positions in Adobe and Salesforce.
Author: Ed Elson; Translator: Deep Tide TechFlow Last week, the software industry lost $1 trillion in market value, falling 14% in a single week and approximately 20% year-to-date. Shopify, Atlassian, Salesforce, Adobe, and other major players all experienced sharp declines. The reason? Anthropic released Claude Cowork and its plugins, and OpenAI released a similar tool. Investors panicked and sold off, believing that "AI killed software." But Ed Elson believes this is irrational panic.
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