Epstein Files, Is SaaS Dead?, Moltbook Panic, SpaceX xAI Merger, Trump's Fed Pick

SacksCommentary

Sacks believes the 'all SaaS is dead' narrative is overstated for entrenched systems like Salesforce, but sees a real threat that value capture shifts to a new agentic layer on top of existing SaaS, compressing future opportunity for these companies.

“I think this like very dire prediction of all SaaS is dead is overstated. However, I do think that there are some issues here... I think the risk for the SaaS companies, it's not that they get replaced, although that'll happen to some degre”▶ Listen · 20:31 ⚑

Gerstner argues that 90% of SaaS stocks deserve to be down because AI is permanently compressing their terminal value multiples — even if revenues remain stable, the available profit pool is shrinking as value migrates to the agentic layer.

“90% of them deserve to be down... it's never gonna trade at 30 times free cash flow again. And it's going to trade 17 times free cash flow because its available TAM in the future is now dramatically and permanently changed.”▶ Listen · 17:42 ⚑

JasonCommentary

Jason believes the SpaceX-xAI merger is an extraordinary over-the-top move that will work given Elon's unmatched execution ability, and frames it as a transformational change to the AI and space landscape.

“he has figured it out. I've sat with him and he's, he's walked me through it, like how this works. It works. So the question is simply execution. There is no stronger entrepreneur when it comes to execution. In the history of entrepreneurs”▶ Listen · 1:09:47 ⚑

Gerstner is enthusiastic about the SpaceX-xAI merger, arguing it combines the two largest TAMs in the world — all of AI and all of space — under the world's greatest entrepreneur, with massive retail and institutional demand to invest in that combined vision including Starlink growth and space-based data centers.

“You're merging the two biggest TAMs in the world, right? All of artificial intelligence. And all of space together with the world's greatest entrepreneur. And he said... I'm gonna have data centers in space in 30 months”▶ Listen · 1:01:51 ⚑

JasonBullishtracking with the call

Jason names Amazon as his top pick for the company of the future, arguing AI-driven efficiency will allow it to dramatically increase output with fewer people, making it extraordinarily more profitable.

“a company like Amazon, which is like my number one pick for like the company of the future. They're going to be able to do so much more with so many fewer people. It's extraordinary.”▶ Listen · 34:33 ⚑

Gerstner argues Salesforce's multiple compression from 30x to 15x free cash flow is justified by AI-driven TAM uncertainty and the company will only re-rate higher if it can demonstrably accelerate revenue growth and prove it is an AI beneficiary.

“it's gone from 30 times free cash flow multiple to 15 times. That means somebody buying it today says, listen, I think 15 years into the future I can count on these free cash flows”▶ Listen · 19:07 ⚑

Gerstner highlights Databricks as a clear AI beneficiary within software, citing three consecutive quarters of reaccelerating growth above 60% at scale, driven by the fact that all AI tools rely on data transformation that runs through its platform.

“I'll tell you a company that is doing this, Databricks. Databricks just reaccelerated the last 3 quarters. They're growing over 60% at scale. Snowflake reaccelerating. ClickHouse reaccelerating. There are beneficiaries in the software”▶ Listen · 29:10 ⚑