Trillions Is the New Billion

<p>Cerebras IPOs at $68 billion with 320 employees, SpaceX is reportedly eyeing a $1.5T tape, and Anthropic is racing to beat OpenAI to the public markets. Meanwhile a gallon of gas hit $7.50 near a California airport, the CPI print came in hot, and the stock market still closed at record highs. Nelson and Prath unpack the disconnect — and what it means when &quot;trillion&quot; stops meaning what it used to mean. Plus Apollo&#39;s daily marks announcement, Powell&#39;s last day, and why the next moat in private credit isn&#39;t technology — it&#39;s distribution.</p>