Doubt but No Fear, SpaceX Reports, Netflix Cleans House, AI Bond Vigilantes, Bending Spoons

SpaceX's data-center pivot and Anthropic's S-1 spending commitments confirm the AI capex cycle remains intact despite Netflix's growth stall and AI credit-spread widening.

• Netflix decelerates: Q3 revenue growth was 11.8% y/y, the slowest since 2023, with four straight quarters of deceleration; 2026 ad revenue guidance cut to $2.7B from ~$3B; Josh sold half his position after riding it down from $100 to ~$70.
• SpaceX's data-center pivot: Elon Musk projects $500B-$1T in annualized recurring revenue by end of 2027; quarterly revenue jumped from $2.5B to $7.5B, driven largely by a 'superintelligence' compute category.

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