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The biggest gains may form before an acquisition – or an IPO – ever reaches Wall Street Listen to the audio version of this article (generated by AI). Back in 1957, William Shockley should have owned the future. He had co-invented the transistor, won the Nobel Prize, and had eight of the brightest young engineers in America working under him in his Mountain View, California, laboratory. Instead, all eight engineers quit because they found Shockley impossible to work for. With no product and no revenue, the eight quickly realized that no institution or company would support them. Back then, the…

The uneven mathematics behind Silicon Valley’s biggest fortunes — and how to follow the money… Listen to the audio version of this article (generated by AI). Editor’s Note: In 2012, Mark Zuckerberg paid $1 billion for Instagram. At the time, many thought he had overpaid. Today, it’s considered one of the most successful acquisitions in tech history. My colleague Luke Lango believes AI may be approaching a similar turning point. He argues that the first phase of the AI boom rewarded the companies building the technology. But as those companies grow larger, the next opportunities may come from the smaller…

The buyout – not the public offering – is increasingly becoming the finish line. Here’s why that matters for investors… Listen to the audio version of this article (generated by AI). Editor’s Note: Yesterday, Luke Lango explained why he believes the next phase of the AI boom could reward a different kind of company. Today, he asks a bigger question: What if Silicon Valley’s biggest fortunes have all followed the same playbook for decades – and AI is no different? In the essay below, Luke explains why he believes that’s exactly what’s happening. Tracing nearly 70 years of Silicon Valley…

From Wall Street to Main Street, Here’s the Ultimate Strategy for Trading Like the Smart Money Listen to the audio version of this article (generated by AI). Sixteen years ago, I lost my job. For decades, I had helped the biggest hedge funds and investment banks in the world profit from the most lucrative options flow trading hands in the markets. And then in one fell swoop, it all nearly ended. Let me back up and tell you the whole story… Back in 1997, I got my break on the Chicago Mercantile Exchange (CME) floor – that’s the world’s largest…

The Mag 7 can’t stop spending — even when it hurts them. This week proved it. Listen to the audio version of this article (generated by AI). Hello, Reader. Two suspects are arrested together, then interrogated in separate rooms. Each is offered the same deal. Either… Rat out the other and go free. Stay quiet – and hope the other does, too. Naturally, both talk to avoid blame. The ironic result? They each receive a longer prison sentence than they would have if they’d both stayed silent. The suspects ended up with the outcome they tried to avoid. This is…

The Mag 7 can’t stop spending — even when it hurts them. This week proved it. Listen to the audio version of this article (generated by AI). Hello, Reader. Two suspects are arrested together, then interrogated in separate rooms. Each is offered the same deal. Either… Rat out the other and go free. Stay quiet – and hope the other does, too. Naturally, both talk to avoid blame. The ironic result? They each receive a longer prison sentence than they would have if they’d both stayed silent. The suspects ended up with the outcome they tried to avoid. This is…

History’s biggest discoveries rarely happened where everyone else was searching. Investing may work the same way. Listen to the audio version of this article (generated by AI). The Greatest Discoveries Can Be Found Where No One Else Is Looking It was one of history’s great unsolved mysteries. For more than 500 years, no one knew what had happened to the remains of England’s King Richard III. If you don’t know the story, Richard III was the last Yorkist King of England, who died in 1485 at the Battle of Bosworth Field. Since his death, he was generally depicted as the…

The Mag 7 can’t stop spending — even when it hurts them. This week proved it. Listen to the audio version of this article (generated by AI). Hello, Reader. Two suspects are arrested together, then interrogated in separate rooms. Each is offered the same deal. Either… Rat out the other and go free. Stay quiet – and hope the other does, too. Naturally, both talk to avoid blame. The ironic result? They each receive a longer prison sentence than they would have if they’d both stayed silent. The suspects ended up with the outcome they tried to avoid. This is…

The Mag 7 can’t stop spending — even when it hurts them. This week proved it. Listen to the audio version of this article (generated by AI). Hello, Reader. Two suspects are arrested together, then interrogated in separate rooms. Each is offered the same deal. Either… Rat out the other and go free. Stay quiet – and hope the other does, too. Naturally, both talk to avoid blame. The ironic result? They each receive a longer prison sentence than they would have if they’d both stayed silent. The suspects ended up with the outcome they tried to avoid. This is…

Listen to the audio version of this article (generated by AI). In the summer of 2019, when rows of unsold Model S and Model X sedans baked in the California sun, Wall Street thought Tesla (TSLA) was cooked.  The company was running out of road and Tesla’s bears knew it. Margins were shrinking, as was its cash flow, so more and more people lined up to short TSLA stock.  But what they could not see was the assembly line inside the building, where Tesla would produce a mass-market sedan called the Model 3. That model would eventually send Tesla stock…