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Why did private firms, not state-owned enterprises (SOEs), come to dominate China’s EV sector? My new @ChinaJournal article (co-authored with Xiao Ma @maxiaoalex) challenge the "top-down industrial policy" narrative. The real engine? Strategic alliances between local governments and private capital. 🧵 Based on 3+ years of fieldwork, 60+ interviews (with officials, entrepreneurs, and engineers), and rich first-hand accounts, we show how strict central regulations inadvertently drove local states to bet big on private EV players. Here is the story: (1/15)

There has been a lot of hand wringing on the appropriate valuation of SpaceX. Some large institutions believe SpaceX can only be valued at half what the market seems to be willing to pay for it. Others are claiming it has 15X appreciation ahead of it. Almost all of this difference of opinion comes down to how comfortable you are modeling beyond 2030 and what valuation method you use. 2030 valuation using a traditional Gordan DCF produces a very different result than a 2040 EV/EBITDA Multiple. Both have pros and cons. Most analysts don’t really discuss this and lead with a headline number. We are very comfortable modeling out to 2040, as large portions of what SpaceX is proposing is real world infrastructure, which provides modelable physics constraints to anchor against. The analysis we released today explores this in-depth, its open to the public all the way through IPO. I highly encourage you check it out prior to then. We’ve run 5,000 monte carlo runs across 500 variables (real number, even though it sounds fake) and three valuation methods. This video is of a 3D cloud chart showing every simulation outcome expected in valuation output across two of the most impactful variables to the model when using an EV/EBITDA multiple from 2026 to 2040. The horizontal axis is the steepness of the orbital data center demand S-curve. The vertical axis is the rate at which chip compute efficiency becomes cheaper. Each of the 5,000 dots is one simulated future; green dots are the ones where SpaceX's 2040 value clears the $1.77T IPO line, over time. Under EV/EBITDA valuation through 2040, 96% of our simulated futures clear the expected IPO price once the bell rings Friday. We aren’t publishing this publicly to tell investors what the stock is worth, we’re publishing this to help investors understand the world of outcomes, what the fundamentals suggest through 2040, and what frankly most analysis simply won’t share. SpaceX is a generational company working on long term infrastructure harnessing a domain no one has been able to tap in so far: space. It deserves doing the work as an investor. because this in not financial advice. The cleanest way to hold SpaceX is a bond stapled to a call option (AI-Compute); Starlink is the bond, the near term SatCom annuity that funds the next flywheel. Understand the world of outcomes and take your position accordingly. Comparables and P/E won't take you far enough.

For the first time ever, an imported vehicle became the best-selling car in South Korea and it’s the Tesla Model Y Not just the best-selling EV The best-selling vehicle overall Historic moment in Hyundai and Kia’s home market 🇰🇷 May sales: • Tesla Model Y: 8,762 • Kia Sorento: 7,836 • Hyundai Grandeur: 5,183 Tesla as a brand sold 10,866 cars in Korea last month, more than BMW and Mercedes-Benz combined Even crazier: roughly one in three imported cars sold in Korea this year has been a Tesla Tesla has now been the No. 1 import brand in Korea for four straight months No imported model had ever done this before A Tesla did

Historic moment in Australia 🇦🇺 For the first time ever, an EV has become the #1# best-selling vehicle in the country across all categories The Tesla Model Y just outsold the Ford Ranger, the Toyota HiLux, every SUV, and every family car on the market Top 3 for May 2026: 🥇 Tesla Model Y: 5,605 🥈 Ford Ranger: 4,474 🥉 Toyota HiLux: 4,005 Even bigger picture is EVs just captured a record ~20% of the entire Australian auto market and Tesla is leading the charge

$TSLA - TESLA MODEL Y L US ENTRY COULD BOOST SALES TD Cowen reiterates Buy on Tesla with a $490 target, highlighting upside if the Model Y L (long-wheelbase, 3-row SUV) enters the US. Analyst Itay Michaeli estimates 60k–135k annual demand, ~30% above current Model Y volumes. The launch could strengthen Tesla amid EV demand recovery and pressure rivals in the $50k+ 3-row SUV segment.

Most docking and cofolding methods assume the protein pocket is roughly fixed: place the ligand into a shape that's already there. That assumption breaks on a lot of real targets, and EV-A71 2A protease is a clear example. When a ligand binds, a loop next to the site moves about 4 Å. Every one of the 802 structures in OpenBind's benchmark needs that rearrangement, which is why classical docking into the unbound structure has only 5% success rate. Turns out, the real problem isn't "where does the ligand needs to go" it's "what shape does the protein become when this specific ligand shows up." Ligand and protein are coupled, and you have to solve them together. Pearl predicts that motion from sequence and the ligand alone. On one compound that no other zero-shot method in the benchmark solves, it placed the ligand within 0.28 Å of the crystal structure and got the loop rearrangement right. Modeling induced fit instead of assuming a rigid pocket is a big part of why this holds up on actual programs.