SRE:
ENB:
EPD:
OKE:
LNG:
WMB:
MPC (MPLX):
Sunday, August 17, 2025
Saturday, August 16, 2025
Intel -- August 16, 2025
The White House is a sideshow; Intel must decide what it wants to do; link here.
From the linked article:
Five months in and Lip-Bu Tan is already fighting for his job...
The identity question—whether Intel wants to be a chip designer, a manufacturer, or remain both of those things—was possible to gloss over in Tan’s early days as chief executive officer ...
Now, with tensions bubbling in Washington, D.C., and between Tan and his board, his lack of a long-term strategy has become much harder to ignore.
Tan might ultimately survive the D.C. blitz. But his indecisiveness in his relatively short time in the post has merely highlighted how deep Intel’s problems run. The company was once the undisputed king of advanced chip-making—in both design and manufacturing. But strategic missteps that began at least three CEOs ago have culminated in a company that has lost its manufacturing edge to Taiwan Semiconductor Manufacturing Co., and its chip-design edge to rivals such as Advanced Micro Devices — and even to one-time customers like Apple.
Tan’s predecessor, Pat Gelsinger, was ousted last year after his multiyear turnaround effort sputtered. Unsuccessful though it was, Gelsinger at least had a plan: spend hundreds of billions of dollars to build up Intel’s manufacturing capabilities, get back into the chip-making technology lead and start competing with TSMC. Gelsinger was appointed in February of 2021 and presented a detailed strategy for Intel’s revival a month later.
That plan might have had better chances if market forces didn’t work against Gelsinger—most notably a sharp, industrywide pivot to artificial intelligence computing that left Intel in the lurch. Data center budgets went to Nvidia’s AI chips, and not as much was being spent on Intel’s server central processing units.
The company’s annual revenue plunged by nearly a third over the last four years, while Nvidia’s sales are now double Intel’s at its peak.
All that has left Tan with the unenviable position of fixing problems he didn’t create. But his strategy so far seems little changed from that of his predecessor’s approach of trying to fix everything, all at the same time.
That is a tall order, especially given that Intel is still burning cash while its manufacturing side has lost $13.6 billion in the 12-month period that ended in June.
And the company made clear on its second-quarter call last month that its latest chip manufacturing process called 18A is going to be mainly used for its own internal products—meaning no major external customer has yet signed up to have Intel make its chips.
A logical way forward for Intel might be to break itself up, hiving off its manufacturing operations into a separate company from its chip-design operation. That would follow a longstanding industry trend where companies either specialize in manufacturing or designing chips, but rarely both.
Many of Intel’s recent struggles stem from a lack of boldness in shifting along with the market away from its bread-and-butter PC and server chips, be it into mobile-phone chips or AI chips. But Intel isn’t entirely a stranger to decisive moves: its decision to exit from the computer-memory business in the 1980s helped push it to focus on the CPUs that drove the PC revolution of that decade and beyond.
Tan isn’t a career Intel guy—he is the company’s first CEO who didn’t previously work there.
But both he and Intel’s board need some of the decisiveness of Intel’s storied CEO of the ’80s and ’90s, Andy Grove, who was known for saying “most companies don’t die because they are wrong; most die because they don’t commit themselves."
Friday, August 15, 2025
Understanding WBI Energy's Size & Scope -- August 15, 2025
Understanding WBI Energy’s Size & Scope
-
WBI Energy is the regulated pipeline and storage subsidiary of MDU Resources, carrying:
-
~3,800 miles of natural gas transmission pipelines
-
Roughly 2.9 Bcf/day of transportation capacity
-
Underground storage—among the largest naturally occurring fields in North America
-
-
Financial contribution:
-
In 2022, WBI Energy generated $35.3 million in profit (presumably operating income) .
-
MDU’s regulated energy delivery earnings (which includes WBI plus utilities) were projected at $155–165 million for 2023 .
-
Estimating Enterprise Value Using Comparable Metrics
In energy infrastructure deals, especially regulated pipelines, valuations typically rely on multiples such as EV/EBITDA.
A conservative range for such assets is roughly 8× to 12× EBITDA, which reflects the predictable, regulated cash flows.
Rough Estimate:
-
Assumed EBITDA for WBI: Let’s start with the 2022 profit (~$35 million) as a proxy for EBITDA.
-
Valuation Range:
-
Low-end (8×): ~$280 million
-
High-end (12×): ~$420 million
-
This suggests a hypothetical valuation of $300–$400 million, assuming WBI is standalone and similarly structured to peers.
Additional Context That Could Adjust Valuation
Here are several factors that might drive WBI’s potential value up or down in the eyes of an acquirer like ONEOK:
-
Growth Prospects
-
WBI is actively expanding—investing $405 million from 2024–2028 in upgrades and growth projects .
-
Continued capacity and storage utilization increases could justify higher multiples.
-
-
Regulated Stability
-
As a regulated utility-like asset, WBI offers low risk and reliable returns, which could command a valuation premium.
-
-
Balance Sheet Considerations
-
WBI had $235 million in debt outstanding against a $350 million note facility .
-
Enterprise value calculations would incorporate such debt, impacting overall deal pricing.
-
-
Strategic Fit for ONEOK
-
If WBI strategically complements ONEOK’s footprint—e.g., filling geographic gaps or providing storage synergies—the acquisition could merit a premium multiple.
-
Final Thoughts
While we lack an official valuation on WBI Energy, applying industry-standard multiples based on known profit figures suggests a base enterprise value around $300–$400 million. That said, strategic value, growth projects, and regulatory factors may push the price higher—potentially toward $500 million or more in a favorable acquisition scenario.
What The WSJ Thinks About The Ford Announcement -- August 15, 2025
Friday, August 15, 2025: what The WSJ has to say about the new Ford. Link here.
Doug Field sounded a lot like Elon Musk when unveiling Ford Motor’s strategy to compete against the rise of Chinese electric cars.
At an event this week in Louisville, Ky., Field detailed the thinking behind Ford’s affordable electric vehicle program, which promises a midsize pickup priced at around $30,000 in 2027.
His ambitious plan boils down to implementing hardcore engineering to take down costs, while keeping performance; and upending 100 years of manufacturing practices to go faster, including through more automation.
All of which rang familiar to anyone following Tesla’s announcement in 2023 to slash the cost of building its next-generation cars by 50%.
Ford Chief Executive Jim Farley is warning about the threat of Chinese rivals making more affordable EVs. He called this week’s announcement Ford’s new “Model T moment.”
In an industry known for hype and hyperbole, there is, perhaps, no single engineer who has been attached to more fantastical personal transportation projects in the past 20 years than Field. The Segway scooter, the Tesla Model 3, the Apple car. And, now, the Model T of tomorrow. Field is basically being asked to save the company from irrelevance—at least in the minds of Wall Street investors who think China has already won.
After Monday’s event, however, investors didn’t seem sold on Ford’s latest hype-mobile. Shares finished the day down slightly—not the sort of reaction one would expect for such a game-changer.
One factor in the apparent apathy may have been that Ford didn’t display an actual vehicle. Rather it showed video of employees supposedly looking at it off camera. (“That’s awesome,” one employee said.)
With regard to the Tesla Model 3:
The original price for the base Tesla Model 3 was advertised as $35,000. It was introduced in 2017, with production beginning in the same year and customer deliveries starting later that year.
While
the $35,000 base model was initially planned, Tesla initially focused
on higher-priced, more profitable versions due to production delays and
cash flow needs. The $35,000 base model is no longer available.
$35,000 in 2017 is equivalent in purchasing power to about $45,901.09 today, an increase of $10,901.09 over 8 years.
The $30,000 2027 Ford priced in today's (2025) dollars:
With a projected inflation rate of 2.2% in 2025 and 2.1% in 2026, the
likely cost today (2025) of something expected to cost $30,000 in 2027
would be approximately $28,750.60.
Thursday, August 14, 2025
Electricity Grid -- NY Times -- August 14, 2025
Perhaps I was just in a bad mood, or tired, or bored, or who knows what, but I thought this was the most scatter-shot article I've read in a long, long time. It almost looks as if the writers simply posted their notes / thoughts during the power grid conference they were attending with no editing -- sort of like a blog, and then posted it as a blog disguised as a New York Times story.
I'm linking it for the archives, but I wouldn't spend a lot of time on it.
The annual meeting of state utility regulators is typically a humdrum affair of dry speeches and panel discussions. But in November, the scene at the Marriott in Anaheim, Calif., had a bit more flash.
The conference’s top sponsors included the nation’s biggest tech companies — Amazon, Microsoft and Google. Their executives sat on panels, and the companies’ branding was plastered on product booths and at networking events. Even the lanyards around attendees’ necks were stamped with Google’s colorful logo.
Just a few years ago, tech companies were minor players in energy, making investments in solar and wind farms to rein in their growing carbon footprints and placate customers concerned about climate change. But now, they are changing the face of the U.S. power industry and blurring the line between energy consumer and energy producer. They have morphed into some of energy’s most dominant players.
They have set up subsidiaries that invest in power generation and sell electricity. Much of the energy they produce is bought by utilities and then delivered to homes and businesses, including the tech companies themselves. Their operations and investments dwarf those of many traditional utilities.
Wednesday, August 13, 2025
Daimler Benz Truck Manufacturing In Portland, Oregon -- August 13, 2025
From a reader, using Perplexity:
As of July 2025,
This decision is in response to a slowdown in new truck orders, particularly in the medium-duty, on-highway, and electric vehicle segments. Daimler Truck has not specifically announced cuts to its battery-electric vehicle (BEV) production in Portland, but the company has acknowledged a slowdown in new orders for BEVs as part of the broader market challenges.
In the second quarter of 2025, order intake for zero-emission vehicles (ZEVs), including BEVs, declined compared to the previous year. However, the company continues to focus on developing and expanding its EV portfolio, and plans to introduce new electric truck models in the coming years.
Daimler also recently completed a $40 million expansion of its engineering facility at its Swan Island headquarters in Portland, which will house research projects related to battery-electric and hydrogen fueled vehicles.
Regarding the situation in Oregon
specifically:
- In January 2025, Daimler Trucks North America halted sales of large diesel trucks in Oregon due to the state's new Advanced Clean Trucks rule, which requires a certain percentage of new heavy trucks sold in the state to be electric. Daimler cited ambiguities in how Oregon would account for electric truck sales as the reason for the pause.
- Daimler later resumed diesel truck sales after clarification from the Oregon Department of Environmental Quality, but the new rules will continue to limit the number of diesel truck sales in Oregon.
- Despite these regulatory challenges, Daimler had converted its existing Portland factory to manufacture all-electric Freightliner trucks in 2021.
In summary: While Daimler has
implemented production cuts and layoffs in Portland due to a
broader slowdown in truck demand, including the EV segment,
the company's commitment to EV production in the long term
seems to remain intact. They continue to invest in and develop
their electric truck portfolio and capabilities, including at
their facilities in Oregon.
Tuesday, August 12, 2025
For AI, The Inflection Point Was Early 2022 -- Turbines
1.
Nvidia Unveils the Hopper Architecture (2022)
-
In March 2022, Nvidia announced its Hopper microarchitecture for AI accelerators, including the high-performance HGX H100 GPUs.
-
By late 2022, the H100 and its scaled variants (e.g. H800) became the industry standard for AI model training in datacenters. The demand for these chips caused massive shipping delays and supply constraints.
-
This shift marked the start of the AI compute arms race—datacenter spend exploded and Nvidia solidified its dominance.
2.
Release of ChatGPT — Igniting Generative AI
-
In November 2022, OpenAI released ChatGPT, which rapidly went viral—gaining 100 million users in just two months, making it one of the fastest-growing software products ever.
-
That moment elevated generative AI from niche research into the mainstream, amplifying demand for powerful AI hardware.
3.
GPU Shortages Became Acute
-
As 2022 unfolded, GPU demand surged—doubling down on the supply crunch that already loomed over the market. Costs rose, lead times lengthened, and data centers, AI startups, and cloud providers scrambled to secure compute.
4.
Nvidia’s Value Soars — AI Goes Mainstream
-
Fueled by explosive demand for AI compute, Nvidia’s market cap shot past $2 trillion, eventually crossing $4 trillion—becoming one of the world’s most valuable companies.
-
This valuation surge mirrored the broader AI computing boom that took root in early 2022.
Summary:
**********************************
Turbines
ChatGPT prompt:
For coal-burning and natural-gas burning plants producing electricity, what companies make the necessary turbines?
Reply:
1. GE Vernova, USA, both gas turbines and steam turbines.
2. Siemens, German, both gas and steam.
3. Mitsubishi Power, Japan, gas and steam, plus integrated combined-cycle systems.
4. Toshiba Energy, Japan, primarily known for steam turbines for ultra-supercritical plants.
5. Hitach, Japan / Switzerland, historically, large steam turbines, not focused more on transmission and smaller-scale generation but still in coal plant retrofits.
6. Doosan Škoda Power, South Korea / Czech Republic, steam turbines for coal, biomass, and nuclear.
Monday, August 11, 2025
Groq -- Saudi Arabia Steps In To Short Up This AI Start-Up -- August 11, 2025
From wiki:
A 2025 update by Groq on its website reports they have secured 1.5 Billion in funding from the KSA (Kingdom of Saudi Arabia) and a deal with Bell Canada to expand national AI infrastructure.
Wiki, link here.
Microsoft's Market Cap Every August Since Going Public -- August 11, 2025
Link here.
Microsoft's $MSFT market cap every August since going public
- 1986: $790 MILLION
- 1987: $2.5 BILLION
- 1988: $2.8B 1989: $3B
- 1990: $7.3B
- 1991: $14B
- 1992: $19B
- 1993: $20B
- 1994: $30B
- 1995: $55B
- 1996: $75B
- 1997: $165B
- 1998: $260B
- 1999: $430B
- 2000: $390B - Steve Ballmer replaces Bill Gates as CEO
- 2001: $350B
- 2002: $260B
- 2003: $275B
- 2004: $300B
- 2005: $290B
- 2006: $245B
- 2007: $270B
- 2008: $250B
- 2009: $210B
- 2010: $210B
- 2011: $210B
- 2012: $250B
- 2013: $270B
- 2014: $360B - Satya Nadella replaces Steve Ballmer as CEO
- 2015: $375B
- 2016: $450B
- 2017: $560B
- 2018: $820B
- 2019: $1 TRILLION
- 2020: $1.6T
- 2021: $2.1T
- 2022: $2.1T
- 2023: $2.4T
- 2024: $3T
- 2025: $3.9T
Micron
August 11, 2025
To build largest fab in the US? Link here. Reply by ChatGPT:
Micron’s Syracuse megafab will be one of the biggest new U.S. fab projects, especially for memory chips. However, it isn’t the largest facility in the country, either now or planned—as existing Intel and TSMC campuses already exceed it in size.
Ford Doubles Down On EVs
August 11, 2025
Asking ChatGPT:
Does anyone seriously believe Ford can build a pickup truck starting at $30,000 that can power a house for six days; run faster than a twin turbo Mustang, and have more room than a Toyota RAV 4?
ChatGPT:
If Ford really delivered all three of those in a $30,000 pickup, it would be like spotting a unicorn drag-racing a cheetah while towing a Winnebago.
Let’s break it down:
Price ($30,000) — Even Ford’s smallest, most basic pickups are already flirting with $35k+ in 2025 dollars. Batteries, motors, and power electronics for house-backup capability are not cheap.
Power a house for six days — That’s technically possible with something like the F-150 Lightning and its 131 kWh extended battery — but that truck starts over $70k, and that runtime assumes light household loads, not running every appliance at once.
Faster than a twin-turbo Mustang — That’s a very fast benchmark. The Mach-E GT and F-150 Lightning can embarrass some sports cars off the line, but achieving that in a budget truck means trade-offs elsewhere.
More room than a RAV4 — Physically possible if they go SUV-style crew cab with clever packaging, but the weight, aerodynamics, and cost would balloon.
So — “seriously believe”? No. “Seriously market it as if it’s coming soon”? Absolutely. Automakers have been known to tease future concepts with impossible spec sheets.
All the major links today:
$5 billion / $5,000 = one million vehicles with a profit of $5,000 per car just to break even.
Last year, Ford's Model e EV unit lost $5.1 billion, and the company expects losses to stay the same in 2025. The company sold 105,000 EVs, meaning the company lost around $48.5K per EV sold.
InsideEVs has a lot of articles on Ford's announcement. The whole thing looks more and more ridiculous.
Two of the many articles: Ford's $30,000 EV pickup will have a tiny battery. A very, very tiny battery. This is a deal breaker. Read the social comments. Link here. The battery will be half the size of the entry-level F-150 Lightning's.
Reviewers are actually comparing the "new" Ford $30,000 EV pickup with the Slate. Link here.
Sunday, August 10, 2025
New Jersey -- Taking A Page From Germany's Net-Zero Goal Goal -- WSJ - August 10, 2025
From The WSJ, opinion:
Despite flat electricity demand for the past two decades—and some of the lowest energy usage per capita among the 50 states—New Jersey residents pay some of the highest retail power prices in the country. As of April 2025, the Garden State ranked No. 12 in the nation, with prices more than 15% above the U.S. average. This gap has widened further in the wake of the recent decision by the New Jersey Board of Public Utilities to approve an additional 17% to 20% rate increase for most utility customers starting in June.
A decade ago, the outlook for New Jersey electricity prices was much brighter. The state was adding natural-gas generation capacity to take advantage of abundant, low-cost Marcellus Shale gas located next door in Pennsylvania. By 2016, New Jersey achieved energy independence by supplying all its power needs with in-state generation for the first time in its history, partially fueled by Pennsylvania gas.
Then the state threw it all away. Since electing Gov. Phil Murphy in November 2017, New Jersey has shut down all its coal plants, reduced its natural gas-generation capacity, and increased its reliance on intermittent wind and solar power. Trenton is on a quixotic quest to achieve 100% “clean” electricity production by 2035.
Under Mr. Murphy’s leadership, New Jersey has tilted at offshore windmills—none of which have been completed to date, mainly due to cost overruns, despite the state’s generous financial incentives. New Jersey has also subsidized the rollout of solar power (mostly nonutility scale) even though the state experiences only 94 days with less than 30% cloud cover in an average year. The state ranks seventh in the country for small-scale solar power generation, with rooftop and utility-pole solar panels now ubiquitous.
Such supply-side mismanagement has led to a 12% decrease in New Jersey’s electric-generating capacity since 2016. Over the same period, average residential power prices increased by almost a third even as consumption declined slightly. The shale revolution has led to a significant drop in U.S. natural-gas prices since the 2000s, but New Jersey electricity customers have seen no benefit in their monthly bills.
Much more at the link.
So, let's see electricity rates for New Jersey compared to the rest of New England and the Mid-Atlantic states.
Satellite Phones -- August 10, 2025
For the military, satellite-capable phones seem all about security.
This was from 2023 -- things moving very, very slowly, it seems.
The Commercial Services Communications Office is working on a solicitation for direct-to-device satellite communications services to be released later this year.
Even worse, this was from 2022. Link here.
Saturday, August 9, 2025
Outliers: The Story Of Success -- Malcolm Gladwell, 2011
Silicon Valley Billionaire Growth: 2012–2025
Overall Growth
-
As of April 2025, there are approximately 380 billionaires living in Silicon Valley .
-
In 2012, global billionaire counts were about 1,226, growing to 3,028 by 2025 . Although not all of that growth is localized to Silicon Valley, it’s indicative of broader global wealth trends.
Notable California Additions
-
In 2014, California — a proxy for Silicon Valley’s broader environment — contributed 23 new billionaires, including founders of Uber, Airbnb, and Snapchat .
ChatGPT prompt: how many billionaires, do you think, have been "created" in Silicon Valley, California, since 2012?
ChatGPT:
Major New Entrants from 2012 Onward
-
Founders like Evan Spiegel, Bobby Murphy (Snapchat), Travis Kalanick, Garrett Camp (Uber), and Brian Chesky, Joe Gebbia, Nathan Blecharczyk (Airbnb) all became billionaires post-2012 .
-
More recently, AI-boom entrepreneurs such as Alexandr Wang (Scale AI, billionaire by 2021) and others at AI startups like Anthropic joined the ranks .
Rough Estimate
Combining the data and typical patterns:
-
Base idea: If there were roughly 200–250 billionaires in Silicon Valley around 2012, and there are ~380 in 2025, that suggests at least 130–180 new billionaires over that period.
-
Confirmed high-profile cases: Names listed above add further evidence of numerous new additions, especially from tech booms (social media, AI, mobility).
Apple iPhone Growth
Item: which electronic consumers company has 2.35 billion active devices worldwide? Also, link here.
- at its highest, in 2011, Blackberry was shipping 50 million smartphones globally;
- Apple is shipping 220 million to 235 million iPhones annually -- that's just iPhones
- and the number is increasing at an annual rate of 10 to 12 percent
- using a "growth calculator," that number will increase to 350 million iPhones in five years;
- at an average price of $1,000 per phone; = $350 billion in sales in one year
- margins on iPhones are historically slightly less than 40%
- in 2024, iPhone sales generated $202 billion for Apple -- source.
- the 232 million shipped in 2023 was the second highest ever
- the highest ever: 2021: 240 million (just after Covid-19 lock down) -- was Covid the best thing ever to hit Apple?
- the 226 million shipped in 2024 was a decrease from the year before which absolutely terrorized analysts. LOL.
Apple Device Growth And Forecast -- Next Five Years -- August 9, 2025
Apple hitting around 2.35 billion active devices worldwide (as reported mid-2025) is a major milestone reflecting its vast installed base across iPhones, iPads, Macs, Apple Watches, AirPods, and more.
Estimates of Apple Device Growth & Forecast (Next 5 Years)
1.
Current Growth Rate
-
Apple’s active device base grew from about 1.8 billion in early 2022 to 2.35 billion by mid-2025.
-
That’s roughly 10–12% annual growth compounded, driven mainly by iPhone refresh cycles, wearables (Apple Watch, AirPods), and expanding services ecosystem.
2.
Analyst Projections
-
Many tech analysts forecast Apple’s active devices will continue to grow at around 8–10% CAGR through 2030, though with some moderation due to market saturation in developed countries.
-
Growth drivers include:
-
Expanding presence in emerging markets (India, Southeast Asia).
-
New product categories (AR/VR headsets, Apple Car projects).
-
Higher device retention and multi-device ownership per user.
-
3.
5-Year Projection Example
-
Starting from 2.35B in 2025, with 8% CAGR for 5 years:
2.35B \times (1 + 0.08)^5 \approx 3.45 \text{ billion active devices by 2030}
-
With optimistic scenarios (10–12% growth), it could be closer to 3.8 to 4 billion devices.
Key Considerations in Growth Forecast
-
Emerging Markets Expansion: Apple’s strategic push into markets like India (lower-cost models, localized services) can sustain growth.
-
Product Innovation: New categories like AR/VR (Vision Pro), mixed reality, or automotive could drive step-changes.
-
Device Lifespan: Longer device replacement cycles might slow growth, but multi-device ownership often offsets that.
-
Services Ecosystem: More devices mean more users locked into Apple’s ecosystem, reinforcing hardware sales.
Summary Table
RFK, Jr: Wants Every American Wearing A Wearable Within Four Years -- August 9, 2025
And I bet he wants every wearable made with Corning Glass.
Quick! Who's #1 in wearables?
RFK Jr., our current secretary of the Department of Health and Human Services, said this at a congressional hearing at the end of June. Wearables, he said, are key to the MAHA — Make America Healthy Again — agenda. Kennedy positioned wearables for Americans as a means of “taking control” or “taking responsibility” over their health by monitoring how their lifestyle impacts their metrics. In the hearing, he also cited that his friends had shed pounds and “lost their diabetes diagnosis” thanks to devices like continuous glucose monitors (CGMs).
Palantir
It can feel like Palantir popped up fully formed in the 2010s, but its story actually starts quietly in 2003, deep in the post-9/11 security and counter-terrorism world.
Here’s the arc of how it evolved:
1. Origins in PayPal’s fraud-fighting tech (2001–2003)
-
Palantir was co-founded in 2003 by Peter Thiel (PayPal co-founder), Alex Karp (law PhD from Frankfurt), and engineers like Joe Lonsdale, Stephen Cohen, and Nathan Gettings.
-
The idea came from PayPal’s early anti-fraud algorithms. PayPal had to fend off credit-card fraud rings in real time, spotting subtle transaction patterns across billions of data points.
-
Thiel believed those same pattern-matching concepts could be adapted to help intelligence agencies connect dots in massive, messy data—especially after 9/11.
2. Backing and government incubation (2003–2008)
-
Initial funding came from Peter Thiel and In-Q-Tel, the CIA’s venture-capital arm—one of the few times In-Q-Tel backed a true software startup from inception.
-
Early prototypes were developed with input from intelligence analysts at the CIA and FBI.
-
The company focused on human-in-the-loop analytics—software that augments human judgment, rather than replacing it—aimed at counter-terrorism and battlefield intelligence.
3. The “overnight” moment (2009–2013)
-
Palantir started landing major government contracts: U.S. Army, NSA, ICE, and law enforcement agencies.
-
Its Gotham platform became famous for linking structured and unstructured data—phone records, bank transfers, social media posts, battlefield reports—into a single, explorable graph.
-
They kept a low public profile at first because of the sensitive nature of their work, so by the time the public heard of them, they already had a mature, deployed product in multiple agencies.
4. Expansion to the commercial sector (2013–2020)
-
Palantir realized its data-integration tools could also serve banks, insurers, and manufacturers.
-
Launched Foundry, a more business-friendly version of its platform.
-
Customers included JPMorgan Chase, Airbus, and BP.
-
The “overnight success” perception grew because Palantir had spent years in the shadows of classified work before emerging with polished products for civilian markets.
5. Going public and broadening reach (2020–present)
-
Palantir direct-listed on the NYSE in September 2020.
-
Now works in healthcare, supply chain optimization, defense, and energy.
-
Still maintains a strong government base while pushing into AI-driven analytics.
✅ Why it felt instant:
Palantir deliberately avoided public marketing in its first decade, working under the radar in classified projects. By the time it appeared in news headlines around 2010–2013, it had already been quietly refining software with billions in government-backed R&D and years of real-world use—so it seemed to emerge fully formed overnight.
STR Shareholders -- August 9, 2025
What It Implies for STR Shareholders
1.
Private Ownership
-
Sitio will cease to be publicly traded, becoming a wholly owned subsidiary of the merged entity.
2.
Equity in Combined Company
-
Sitio shareholders will own approximately 20% of the new combined company, with Viper shareholders holding the remaining ~80%.
3.
Potential Value Uplift
-
A J.P. Morgan valuation analysis suggests:
-
~10.5% value creation for Sitio shareholders under “Strip Pricing”
-
~3.6% under a more conservative “Consensus Pricing” scenario.
-
4.
Immediate Dividend Boost
-
As part of the merger announcement, Viper raised its base dividend by 10%, from around $1.20 to $1.32 annually (or $0.33 per quarter).
5.
Size and Scale Benefits
-
Combined, the entity gains ~85,700 net royalty acres in the Permian Basin, expected production of 64–68 thousand barrels/day by Q4 2025, and $50 million+ in annual synergies. The merger is expected to be 8–10% accretive to cash distributions.
6.
Governance and Legal Considerations
-
Sitio shareholders face the loss of liquidity and independent public governance.
-
Some shareholders have filed litigation seeking more disclosures before approving the merger. Sitio has voluntarily supplemented proxy documents in response.
Alliance Airport, Ft Worth, Texas -- A Commercial Airport Dedicated To Supply Chain Logistics -- August 9, 2025
What’s Happening at Alliance Airport
1. Aerolane Flight Operations Center Established
-
Startup Aerolane has set up its flight operations headquarters at the Alliance Airport.
-
This facility will host FAA certification and serve as the testing ground for its Aerocart cargo glider system—an innovative, fuel-efficient method to increase cargo plane capacity.
2. Embraer Expanding MRO Facilities
-
Brazilian aerospace firm Embraer is investing up to $70 million to build a new maintenance, repair, and overhaul (MRO) center for its E-Jet fleet at the airport.
-
Operations begin in Q2 2025 using an existing hangar, with a second hangar expected by 2027, creating around 250 skilled jobs.
3. Rail Infrastructure Enhancements
-
BNSF Railway is adding double tracks near Alliance to boost capacity for the inland port.
-
Once complete, this will streamline cargo flow from Alliance’s air, rail, and road networks—reinforcing its strategic logistics importance.
4. Leadership Update at Alliance Aviation
-
Christopher Ash became president of Alliance Aviation Companies (effective July 1, 2025), overseeing airport operations, FBO services, fueling, and pushing its position among the nation’s top cargo hubs.
5. Hollywood Moves In
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Taylor Sheridan’s Bosque Ranch Productions leased 450,000 sq ft in AllianceTexas to build around 8 sound stages as part of Fort Worth’s push to become a film production hub. Several shows like Landman and Special Ops: Lioness have already been filmed here.
6. Massive Economic Engine: AllianceTexas Region
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AllianceAirport is the cornerstone of the 27,000-acre AllianceTexas master plan, which generated $130 billion in regional economic impact over 35 years—$10.2 billion in 2024 alone.
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It supports nearly 70,000 jobs and has drawn major companies like Amazon, FedEx, Meta, and UPS to the area.
Why It Matters
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Logistics & Innovation Hub: Between cargo, flight operations, and MRO, the airport is evolving into a high-tech logistics and aerospace center.
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Infrastructure Investment: Rail upgrades and industrial development continue building Alliance’s capacity to compete globally.
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Diversification: Film production and new aviation technologies (like Aerocart) show the region’s expanding ecosystem.
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Sustained Growth: Alliance retains its status as a strategic economic engine for North Texas—anchoring jobs, investment, and long-term development.
Quick Summary
| Initiative | What’s New |
|––––––––––––––––—|—————————————————————————–|
| Aerolane HQ | Autonomous cargo glider testing/operations |
| Embraer MRO | New aircraft maintenance hub, 250 jobs |
| BNSF Rail Upgrade | Double tracks to boost inland port rail capacity |
| Executive Promotion | New leadership at Alliance Aviation |
| Film Production Expansion | Soundstage leases by Taylor Sheridan’s company |
| Economic Impact | AllianceTexas driving nearly $10B in annual economic activity |
Timeline: MP Materials Moves To Fort Worth, Texas -- August 9, 2025
Timeline: Key Milestones for the Fort Worth Facility
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December 2021
MP Materials announced plans to build a rare-earth magnet production facility in Fort Worth as part of a long-term agreement with General Motors. This would become the business and engineering HQ for its magnetics division (AllianceTexas development).
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April 2022
Construction officially began on the 200,000 sq ft facility, initiating the restoration of a fully integrated domestic supply chain for rare-earth metals, alloys, and magnets.
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January 22, 2025
MP Materials’ Independence facility in Fort Worth commenced commercial production of NdPr metal and began trial production of automotive-grade NdFeB magnets.
Why Did MP Materials Chose Ft Worth For Refining And Processing -- August 9, 2025
MP Materials’ decision to put its magnet refinery and processing operations in Fort Worth, Texas was driven by a mix of logistics, workforce, incentives, and strategic positioning — not just geography.
Here’s the breakdown:
1.
Logistics & Transportation
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Central U.S. location makes Fort Worth ideal for shipping magnets and alloys to both automakers in the Midwest (GM, Tesla suppliers) and electronics hubs in California and Mexico.
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Direct access to BNSF and Union Pacific rail lines, major interstates (I-35, I-20, I-30), and DFW International Airport streamlines global and domestic shipments.
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Proximity to Gulf Coast ports (Houston, Galveston) for international raw material movement if needed.
2.
Automotive Supply Chain Proximity
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GM’s Arlington Assembly Plant (SUV production) is only ~15 miles away.
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Texas is also home to Toyota’s truck plant in San Antonio, Tesla’s Gigafactory in Austin, and growing EV supply chain clusters.
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Being near end customers reduces shipping costs and lead times for just-in-time manufacturing.
3.
Skilled Workforce & Industrial Base
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Fort Worth has an existing pool of advanced manufacturing and aerospace workers thanks to Lockheed Martin, Bell Helicopter, and defense contractors.
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Local tech schools and universities (UTA, TCU, TCC) offer engineering and materials science talent pipelines.
4.
Energy & Utilities
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Texas has abundant and relatively low-cost electricity, which is critical for rare-earth processing, metallization, and high-heat sintering.
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Deregulated energy market allows industrial users to negotiate competitive long-term power contracts.
5.
Incentives & Government Support
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The City of Fort Worth and the Fort Worth Economic Development Partnership offered tax abatements and infrastructure support.
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Texas generally has no corporate income tax and competitive property tax policies for manufacturing projects.
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The federal Section 48C tax credit ($58.5 million) and Department of Defense grant ($35 million) were easier to align with a Texas location that had strong political and industrial support.
6.
Geopolitical & Strategic Considerations
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Choosing a central, secure, inland location mitigates risk from coastal port disruptions.
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Texas has a long history of being a defense manufacturing hub, which reassures both the Pentagon and major corporate buyers (GM, Apple) about supply chain resilience.
7.
Symbolic & Strategic Branding
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Texas positions the plant as a national-scale manufacturing centerpiece, not tied exclusively to either the West Coast or Rust Belt.
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“Independence” — the facility’s name — is as much about U.S. rare-earth independence from China as it is about the Texas industrial spirit.
Bottom line:
MP Materials picked Fort Worth because it’s logistically central, politically favorable, manufacturing-friendly, and close to big customers like GM and Apple. It also offers a skilled workforce and cost advantages that make large-scale, energy-intensive rare-earth processing economically viable in the U.S.
MP Materials Fort Worth Facility -- The "Independence" Magnetics Hub -- August 9, 2025
MP Materials’ Fort Worth Facility: The “Independence” Magnetics Hub
1.
A First-of-Its-Kind U.S. Magnet Manufacturing Facility
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MP Materials has constructed the Independence facility in Fort Worth—America’s first fully integrated rare-earth magnet plant.
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This 200,000–250,000 sq ft facility includes the business and engineering headquarters for MP’s magnetics division.
2.
End-to-End Magnet Supply Chain
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The plant transforms neodymium-praseodymium (NdPr) oxides—sourced from the Mountain Pass mine in California—into:
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Pure NdPr metal
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NdFeB alloys (neodymium-iron-boron)
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Finished NdFeB magnets, including automotive-grade sintered magnets
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Processes include advanced metallization, powder metallurgy, sintering, and precision finishing using techniques like Grain Boundary Diffusion.
3.
Production, Scale, and Milestones
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Commercial production of NdPr metal began in January 2025, with trial production of automotive-grade magnets also underway. Deliveries are expected to begin by year-end.
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The facility aims for 1,000 metric tons of finished magnets per year, enough to power approximately 500,000 electric vehicle (EV) motors.
4.
Strategic Partnerships & Funding
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General Motors (GM) is a foundational customer, with a long-term supply deal for alloy and magnets tailored to its Ultium EV platform.
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The project received significant government support, including a $58.5 million federal tax credit (Section 48C) and a $35 million Department of Defense award for strategic development.
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In July 2025, Apple entered a $500 million partnership to secure magnets from this Fort Worth site—planning production lines tailored for Apple products, shipments beginning in 2027.
Why It Matters
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This facility reshores a critical component of the U.S. tech and manufacturing supply chain, long dominated by Chinese producers.
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MP Materials is delivering technologies essential for EVs, drones, robotics, clean energy, and defense systems.
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With Apple and GM anchoring demand, the Fort Worth plant plays a strategic role in reducing reliance on foreign-produced rare-earth magnets.
Apple's Extensive And Growing Footprint In Texas -- August 9, 2025
Apple’s Texas Footprint
1.
Austin – Silicon Hills HQ & Manufacturing Hub
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Two major campuses:
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A 216,000 ft² campus (opened 2014) hosting ~500 engineers dedicated to Apple Silicon architecture and hardware engineering.
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A 1.1 million ft² campus (opened 2021) employing ~6,000 people in roles like technical support, Apple Maps data, online retail, and supply chain coordination.
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Manufacturing:
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Apple produces the Mac Pro in Austin in a UL Zero Waste–certified assembly facility. This facility handles hardware assembly and brings together U.S. supply chains.
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2.
Houston – AI Server Manufacturing
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Apple plans to build a 250,000 ft² facility in Houston by 2026. It will produce servers specifically for Apple Intelligence (AI infrastructure).
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This project is part of Apple’s historic $500 billion U.S. investment over four years — including expanded R&D, manufacturing, and hiring.
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It will create thousands of jobs, reinforce Apple’s AI computing infrastructure, and help anchor AI server production domestically.
3.
Statewide – Supply Chain & Chip Manufacturing Investments
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As part of an expanded $600 billion U.S. manufacturing pledge, Apple is forging collaborations across Texas with:
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Samsung in Taylor for next-gen iPhone image sensor production.
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GlobalWafers, Texas Instruments, and Coherent in Sherman and Fort Worth for chip-related manufacturing and specialized components (e.g., rare-earth magnet sourcing).
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