SpaceX's 1st Earnings Report, Big Tech Spending $725B & LinkedIn AI Slop

What you'll learn

• 1 (01:00) **Episode Introduction & Headline Tease** - Austin Hankwitz and Robert Croak preview the three biggest stories: big tech AI spending, SpaceX's first earnings report, and LinkedIn's fight against AI-generated content.
• 2 (01:52) **Big Tech AI CapEx: $725 Billion in 2026** - The five largest AI spenders (Amazon, Microsoft, Alphabet, Meta, Oracle) are projected to spend $725 billion on AI infrastructure in 2026, up 77% from 2025.
• 3 (03:21) **The $2.3 Trillion Backlog: Pre-Sold Demand** - The combined remaining performance obligations (contracted future revenue) for these companies totals $2.3 trillion, up 16% from the prior quarter.
• 4 (05:00) **Dot-Com Bubble Comparison & Andy Jassy's Quote** - The hosts debate whether this is a bubble, highlighting that unlike the late 90s, this spending is backed by $2.3 trillion in signed contracts, not speculation.
• 5 (06:53) **Bull vs. Bear Case for Big Tech AI Spending** - Robert breaks down the investment thesis: the bull case is the $2.3 trillion backlog proving pre-sold demand, while the bear case is negative free cash flow at Amazon, Alphabet, and soon Meta.
• 6 (08:33) **SpaceX's First Earnings Report: $7.8 Billion Revenue** - SpaceX posted $7.8 billion in Q2 revenue, crushing expectations by $1 billion, with adjusted EBITDA tripling to $3.5 billion, though still unprofitable on a GAAP basis.
• 7 (10:46) **SpaceX's AI Compute & CapEx Spending Spree** - The company's AI segment burned $1.3 billion in operating losses but is improving, while total CapEx hit $18.4 billion for the quarter, with $16 billion of that on AI alone.

+ Full timestamped outline available in the app