ABOUT THIS EPISODE
Four stories to close out May — starting with the most
underrated bull case in the NIO thesis right now.
NIO's battery swap network delivered 16% of all EV charging
energy in China over a five-day period. Not 16% of NIO
vehicle energy. 16% of ALL electric vehicle charging energy
across the entire Chinese market. From one company's
infrastructure. In five days. The market is pricing NIO
as a car company. The swap network is becoming an energy
infrastructure business — a recurring revenue platform
with a flywheel that gets stronger with every vehicle sold.
Gen 5 swap stations arrive mid to late June, unified
across all three NIO brands for the first time. The number
that is already 16% goes higher.
Software stocks closed May as their best month since 2001.
The SaaSpocalypse — the fear that AI would destroy SaaS —
didn't happen. Dell surged 33%. Snowflake 36.5%.
AI is making software more valuable not less — selecting
for the companies that use AI as a feature rather than
running from it as a threat.
SpaceX trimmed its self-assessed valuation to $1.8 trillion
and is still on track for the largest IPO in world history.
MiniMax — the Chinese AI company recently compared to
DeepSeek — is pursuing a China listing. SoftBank announced
plans to invest up to €75 billion in French AI data centers.
The AI infrastructure arms race is now a global story.
The US and Iran are "mostly agreed" on a 60-day memorandum
of understanding — ceasefire extended, Hormuz reopens,
nuclear talks begin. The deal still needs Trump's signature.
Oil closed May at $92.56 — down nearly 19% for the month —
worst monthly performance since COVID. Watch Monday morning.
If the deal gets signed the market opens at a new record
and everything that's been held back by the macro overhang
since February starts to move.
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A novel for everyone quietly wondering if there's more.
E-Book pre-order available now. Hard copy June 12th.
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