WEBVTT NOTE The Rundown — nextbig.dev daily audio edition, 2026-07-26 1 00:00:02.600 --> 00:00:09.960 A nine-hundred-million-dollar cheque became ninety-four-point-one billion dollars. It's Sunday, July twenty-sixth, and Google's old supplier investment is now large enough to move Alphabet's quarter. 2 00:00:10.140 --> 00:00:23.900 Alphabet disclosed that it owns roughly six percent of SpaceX, worth more than one hundred times what Google invested in twenty fifteen. About eighty billion dollars sits under short-term restrictions, and another fourteen-point-one billion remains restricted through the third quarter of twenty twenty-seven. 3 00:00:23.900 --> 00:00:37.930 The relationship has become operational again. Google's Project Suncatcher plans two prototype satellites in early twenty twenty-seven to test solar-powered machine-learning compute in orbit. SpaceX owns the launch system and orbital experience, so Alphabet holds a financial claim on a supplier its own research programme may need. 4 00:00:37.940 --> 00:00:46.130 The limit is liquidity. A marked-up stake cannot fund a datacentre until shares become cash, and the public price can move before the lockups expire. The dates matter more than the original cheque. 5 00:00:46.300 --> 00:01:03.390 Open hardware changed two cost floors. An open-source portable MRI was built for under seventy thousand dollars, below seven percent of a conventional machine's starting price, using a weaker magnet and computational reconstruction. Peak Energy plans a four-gigawatt-hour sodium-ion factory and claims twenty years, twenty thousand cycles and twenty percent lower lifetime cost. 6 00:01:03.570 --> 00:01:17.420 Apple is reportedly making privacy the architecture for smart glasses due in late twenty twenty-seven, where a camera creates data before the user opens an app. GrapheneOS documented the device-security version: when a phone locks, sensitive state should fall into a smaller privilege domain even while the system remains online. 7 00:01:17.610 --> 00:01:30.910 To the tape. We sharpen the Alphabet watch because a ninety-four-billion-dollar SpaceX holding offsets some infrastructure exposure and adds earnings volatility. We hold the Apple watch, where privacy has to change what leaves the glasses rather than decorate the launch. The tape is the desk's scorecard, not advice. 8 00:01:31.090 --> 00:01:42.200 Our call: by November fifteenth, Alphabet reports a pre-tax quarterly SpaceX gain or loss of at least ten billion dollars. A smaller effect, or accounting that keeps remeasurement outside reported earnings, proves us wrong.