148:33longdirectional thesisCRCL USDC turns into the default plumbing for delivering dollar banking worldwide; as circulation and cross-border volume climb, the company minting it captures the spread on every dollar held.
It used to be the case that if you were a fintech company and you wanted to expand internationally, you had to get licensed on a jurisdiction-by-jurisdiction basis. But now stablecoins are this enabling force that allows you to deliver USD banking products to businesses all over the world. So a lot of this funding is going to go towards making Slash this global product and bringing the caliber of product we've given to American entrepreneurs, but to business owners all over the world as well.
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12:35longdirectional thesisTSM The company that fabs and packages every AI accelerator keeps pricing power even as GPU makers fight a commoditizing car-market price war, because all that volume still funnels through one CoWoS chokepoint.
Yeah, yeah, yeah, exactly. Um, yeah, the incentives flip when you get to this scale, or, or the incentives just get so big you can build a whole team for a specific thing, solve any problem. Uh, and so For the past few years, NVIDIA has sort of looked like SpaceX's launch program. It's incredible technology with very few viable alternatives. And so that creates great margins, as we've seen with SpaceX's launch capacity. And they control something like 90% of the launch market while the products have not degraded.
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122:59longdirectional thesisHII The biggest builder of Navy underwater drones rides a roughly 70% jump in unmanned-systems spending as the US scrambles to close the undersea gap with China, Lionfish scaling toward hundreds of units.
You know, uh, you look at shipbuilding where China is ahead of the US by, you know, 200 times or something like that. Um, unmanned underwater vehicles, uh, the gap isn't that big. You know, it's a gap that can be easily closed. Uh, we're the ones closing And it's the underwater domain where most of the work happens. It's where all the infrastructure is. It's where all of the communications is. And it's a place where, you know, we have a chance to deliver an asymmetric advantage.
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