Ferrari announced a $640,000 electric car with worse performance than a Tesla Model S — and screened the journalists who came to see it based on how they felt about EVs. It's a strange move for a brand built on confidence. It's also a pretty good lens for what's happening across a lot of big institutions right now.

The bigger conversation this month is the SpaceX IPO. One theory floating around is that it's a head fake entirely — that Tesla absorbs SpaceX instead, because the demand simply isn't there to support a deal that size. If the IPO does happen, it would be the largest the market has ever seen. Either outcome changes things. The Cerebras IPO already showed what happens when the demand doesn't show up.

Underneath all of it: strong tech earnings, real AI adoption, and the honest question of whether this ends like the internet revolution or the dot-com crash. The gladiators are in the arena. It's too early to call.

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Credits:
Created By: Wheeler Crowley and Colin Walker
Production, Editing and Post-Production: Tori Rothwell