Elon Musk's Banker, Beijing Pours $26B into Robot Boom, How Apollo Dodged SaaSsassination | Ashlee Vance, Vincenzo Landino, Ethan Thornton, Kris Marszalek, Cristóbal Valenzuela, Brad Svrluga, Dayna Grayson - TBPN Recap

Podcast: TBPN

Published: 2026-02-10

Duration: 3 hr 42 min

Guests: Ashlee Vance, Vincenzo Landino, Ethan Thornton, Kris Marszalek, Cristóbal Valenzuela, Brad Svrluga, Dayna Grayson

Summary

Michael Grimes' return to Morgan Stanley signals a strong move towards SpaceX's IPO, while China's massive investment in humanoid robots highlights their strategic push against the U.S. Meanwhile, Apollo Management's conservative strategy paid off amid the SaaS market's recent turbulence.

What Happened

Michael Grimes, a pivotal figure in tech IPOs, is back at Morgan Stanley, indicating significant movement towards SpaceX's IPO. Grimes' expertise is expected to help SpaceX raise $40 billion, with fees potentially hitting $400 million.

Apollo Management's decision to avoid software-heavy investments has proven beneficial, as they have managed to generate a 20% net return on their recent buyout fund. Their strategy capitalized on AI-driven fears that devalued software companies, allowing them to dodge the so-called 'SaaSsassination.'

China is making a massive $26 billion investment in humanoid robotics, aiming to outpace the U.S. in this sector. With 140 companies and government support, they are setting a new industry standard, with projections of 100,000 humanoids being shipped by 2026.

Ethan Thornton of Mach Industries emphasizes the need for the U.S. to adopt unmanned systems to maintain strategic advantages. His company focuses on decentralized manufacturing to counter China's dominance in this arena.

Kris Marszalek from Crypto.com discusses the acquisition of AI.com for $70 million, aiming to revolutionize personal digital assistants. Their Super Bowl ad drove significant interest, amassing 300,000 sign-ups in a day.

Cristóbal Valenzuela's Runway is expanding its AI video capabilities, having secured $315 million in Series C funding. The company is balancing model innovation with user-oriented workflows to stay competitive in the rapidly evolving AI landscape.

Dayna Grayson of Construct Capital talks about the industrial tech landscape and how AI and automation are key to U.S. reindustrialization. She argues for a shift towards decentralized manufacturing formats that leverage AI to overcome workforce challenges.

Key Insights

• SpaceX is gearing up for its massive $40 billion IPO, and guess who's back in the game. Michael Grimes at Morgan Stanley, known for his tech IPO wizardry, is expected to rake in up to $400 million in fees. It's like the Super Bowl of finance, and everyone's playing for high stakes.
• Apollo Management's latest move. Sidestepping the software market turmoil to secure a 20% net return. Capitalizing on AI-driven fears that tanked software stocks, they dodged the 'SaaSsassination' with a precision that would make any hedge fund manager envious.
• China's pouring $26 billion into humanoid robotics to outmaneuver the U.S., with a goal of shipping 100,000 humanoids by 2026. It's not just a tech race - it's a global chess game, and Beijing is already three moves ahead.
• Crypto.com's $70 million buy of AI.com aims to redefine personal digital assistants, packing a punch with 300,000 sign-ups in just one day after their Super Bowl ad. It's like handing out a golden ticket to the future of AI, and the world is ready to cash in.