An entire industry is being propped up by math that is insane.

Jensen Huang has apparently likened the upcoming IPO’s to Amazon, Google and Meta:As someone on X just pointed out (I am rewriting slightly for clarity, and trusting their numbers, which sound about right to me), Amazon returned 2,538x the original investment. If SpaceX were to do the same, its Market Cap would be $4,442 trillion, or 36 times the current total world GDP.That is absolutely not going to happen. It’s insane. §Another way to think about it.I have to think that anyone who buys the SpaceX IPO just isn’t that good at math. Or history.§At least a few people have figured that out:§A new study , from Jessica Wachter (Wharton) and Jonathan Wachter (Point 72), aims to calculate how much productivity...

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