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Very welcome recent news from Signal: they are working on letting you register an account without a phone number. That said, an important counterpoint about what this would and would not accomplish. The good #1#: reducing dependence on phone numbers. Even aside from privacy benefits, reducing dependency on a highly oligopolistic system of chokepoints is good in itself. The good #2#: phone numbers are for many people not a good "root" of identity from an access control perspective. Phone numbers get sim swapped all the time. The good #3#: allowing phone-number-free accounts will make it harder for them in the future to discriminate against people by country - and so make it harder for governments to pressure them to block their own citizens. Now, on privacy. Significantly better than status quo, so yes it is good #4#, but... In practice, in 2026, I believe that pseudonymity (a long-term persistent account that is not tied to your primary identity) is a dead concept. There are just too many channels by which we accidentally slowly leak data about who we are - timing of messages, the pattern of who we send messages to with what frequency, size, etc. And too many highly effective AI-based means (both using LLMs per-user, and LLMs helping every person and agency under the sun use math that we had all along) to uncover and piece together those hints. As a trivial example, whatever server you interact with learns your IP address, but even if you hide *that* with a VPN or Tor, there are many other identity leakage vectors. And so the only defensible form of privacy is *message-by-message unlinkability* - no one except sender and receiver knows the (sender, receiver) pair, ideally even not knowing who the sender or the receiver are. A natural taxonomy of privacy is the following 2x2: * Sitting duck: adversary knows "X did Y" * Confidentiality: adversary knows "X did ???" [E2E encryption provides this] * Anonymity: adversary knows "??? did Y" [aka message-by-message unlinkability] * Ideal: adversary knows "??? did ???" Signal has already had confidentiality for a long time. (Note: in other contexts, "confidentiality" sometimes means "someone knows X did Y, and we trust that someone to not reveal it", ie. not true privacy. Here, by confidentiality we mean hiding contents from third parties) This adds pseudonymity: in the above schema, adversary knows "0x8b512c... did Y", where they don't initially know who 0x8b512c... is, but may figure that out over time. The ideal is getting to message-by-message unlinkability. Actually accomplishing that gets into territory that is currently being explored by mixnet projects as well as newer messengers, eg. @session_app and @SimpleXChat. Once we get deeper into this territory, I suspect the primary frontier will be spam and DoS protection. Right now, much of the internet blocks all Tor exit nodes - not because they personally hate privacy, but because that's where DoS attacks come from. So we need ways for people to prove their non-spammer status while maintaining message-by-message unlinkability. See here for one direction (which complements nicely). So I hope that we appreciate the victory that is mainstreaming of end-to-end encryption, that we actually get Signal accounts without phone number dependency (it's a great thing even if it had zero privacy consequences), and then that we keep moving forward and pushing the frontier of data leakage minimization.

SpaceX is SIGNIFICANTLY undervalued if you believe Elon and the team can execute on what they just laid out. At today’s ~$1.51T market cap, SpaceX trades at roughly 48-66x sales. Is it expensive based on today’s numbers? Sure. But look at what happens if the SpaceX team hits the targets shared on the Q2 earnings call: • $100B ARR by the end of 2026 → ~15x Price/Sales • $1 Trillion in annual revenue by 2030 → ~1.5x Price/Sales And fyi, that $1T target was pulled forward from 2031, with Elon saying there’s even a non-zero chance of reaching it in 2029. You see, SpaceX doesn’t need to stay at a 50x+ sales multiple for today’s valuation to eventually look cheap. If revenue grows ANYWHERE close to management’s roadmap, the denominator catches up super fast and the valuation multiple collapses. At the same $1.51T market cap, you go from ~48-66x sales today to ~15x at $100B ARR, and eventually just ~1.5x at $1T in revenue. So investment thesis is actually pretty simple… Either 1/ management’s targets are wildly wrong… or 2/ SpaceX at $1.51T is still pricing in far less of the future than people realize. I’m putting $ where my mouth is that the latter is the case.

Our goal is for no Tesla battery to end up in a landfill. Across our US operations, we’re recovering more than 90% of key battery materials like nickel & cobalt from cells that we recycle More details in our 2025 Impact Report

Milton Friedman said we can't have free immigration and a welfare state He was wrong Turns out that if you create pathways for illegal immigrants to vote, then actually, 100% of the time you INEVITABLY end up with both a welfare state and free immigration Because incentives determine actions Whichever politicians realize they can essentially use taxpayer dollars to fund welfare to import voters will exploit this hack ruthlessly 1. Offer welfare 2. Allow illegal immigration 3. Let illegal immigrants vote (they will 100% of the time vote for more welfare) 4. Win office 5. Raise taxes, offer more welfare, repeat It's a self-reinforcing feedback loop Allowing illegal immigrants to count in the census and vote cements this loop Literally only 12 states require proof of citizenship to register to vote. Look it up. It's horrifying. That is why 15m illegal immigrants came across the border in 4 yrs. It is game theory the only smart thing to do This ends in disaster

So here’s how America ended up with Ilhan Omar and Learing Centers. The rebels in Somalia overthrew the Marxist dictator in January 1991 and then they started killing each other over who got to rule next. General Mohamed Farah Aideed and Ali Mahdi Mohamed both claimed the presidency, and then from November 1991 to March 1992, the two sides slaughtered an estimated 14,000 people in Mogadishu (the capital) alone. The clans united to remove Barre, but they failed to replace him with anything functional. And so, Somalia has been a failed state for 35 years and Minnesota has welfare fraud.

Announcing Discovery Loop! I am very excited to announce that, along with my longtime friends and collaborators @Sanjay_Ghemawat, @OriolVinyalsML and @quocleix, we are founding Discovery Loop (@DiscoLoopAI), a Public Benefit Corporation whose mission is to automate machine learning, science, and engineering to accelerate discoveries and progress. The four of us have worked together for 14 to 30 years, and have helped build some of the world’s most used products, infrastructure and AI models, and we’re excited to turn our attention to this ambitious endeavor. ♾ Learn more at: