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Moderna Only Owns Half of Its Own Cancer Vaccine
A pre-COVID deal hands Merck 50% of the economics, just as BioNTech kills a phase 2 and the thesis narrows to one kind of tumor.
Sep 2
1
30:48
August 2026
Weekend Update - W2635
Who pays for the AI build, and what the revenue on the other side is actually worth
Aug 30
1
14:04
"I Don't See How An Investor Can Not Own SpaceX"
Hunt makes the case. Mike explains why the margin of safety isn't there at $100 a share.
Aug 26
1
31:38
Weekend Update - W2634
Nothing that repriced the memo this week came out of an earnings report
Aug 23
13:41
This Time, the Hare Beat the Tortoise
BioNTech kept $15 billion. Moderna spent down to $3 billion, and got to the cancer readout first.
Aug 19
3
33:13
Weekend Update - W2633
The AI buildout outgrew its own cash flow, and this week the invoices got itemized
Aug 16
1
13:41
Sold Out Through 2028
AWS can't meet demand, turbines aren't available, and a 2020 Nvidia chip just took a 25% price hike
Aug 14
3
31:13
Weekend Update - W2632
Why a Q2 beat bought nothing this week, and $18 billion of biotech changed hands
Aug 10
14:11
900 Gigawatts, 90 Gigawatts of Grid
Texas just put the AI buildout on a 12-month clock
Aug 5
2
28:57
Weekend Update - W2631
Microsoft got paid for spending. Meta got billed for it. Same week, same build.
Aug 2
1
1
13:38
July 2026
Open Weights vs Closed Labs
Why hyperscalers want free models — and Anthropic doesn't, $80 oil, and a page-by-page Cash Flow Memo hunt
Jul 29
30:39
Mike & Jason on the Capital Alliance Podcast
Before the fund, they were operators
Jul 27
4
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