🚀 “$XXX” — SpaceX’s sugardaddy deal. Zebra’s Super Bowl stock. Pepsi’s price cut. +Minivan Millennial Dad.

0:28This is Nick. for us. We got three fantastic stories on today's team boy. What do we got in the show, Jack? For our first story, Elon Musk just executed the biggest corporate acquisition ever, asterisk, setting up the biggest IPO ever this summer. Because SpaceX now owns XAI, and when an IPO is ticker symbol, what are we thinking, Jack? Triple X? Quadruple X? For our second story, Pepsi just blinked. They're actually cutting the prices on their Doritos and all of their snacks by 15%. Because PepsiCo is inspired by Greek mythology. And our third and final story. At this year's Super Bowl, one company put chips in every football, end zone pylon, and every shoulder pad.

1:08Zebra Technology. They are powering the moneyball effect of the NFL. And this company is publicly traded. But Yetis, before we hit that wonderful mix of stories. Whoa, I mean, I think we did it, Jack. Today's mix better than yesterday's mix. Love the pod. Well, you haven't said lick yet, Nick. So yeah, this episode is going pretty well so far. But Nick, you said no way. You would never do it. Not in a million years. And yet besties, here you are buying a minivan. Get this. For the first time in years, minivan sales are up in America. And the biggest buyer, who is it, Jack? Millennial dudes. 40 year old guys.

1:48That's right. Elder millennial men are piling into the minivan. Literally. age. Just like they used to when they were kids. The new soccer mom, it's a millennial dad. If you don't believe us, well, the data just rolled up in the Honda Odyssey right over there. Plenty of room for everyone. Minivan sales rose 21 % last year, outpacing growth in car sales overall by 10x. 393 ,312 brand new minivans were sold in America in 2025. I mean, the only question, Jack, you're thinking it, I'm thinking it. Who called dibs on captaincies? I said, get out of hear Teddy. That's Jack's younger brother, by the way, because in this economy, minivans offer a third seat bang for your family buck.

2:27Minivans are half the price of an SUV and give you twice the space. But Jack, minivans are half the price of an SUV and half the swagger of an SUV. My wife pretty much says she'll never, ever, ever, ever. Keep trying to pitch that one, Jack. And we got more receipts, besties. Chrysler's Pacifica, it's the top seller in the country. The Toyota Sienna, Sales surged 35 % last year. Our buddy Timmy, God bless him, just embraced a Dodge Grand Caravan like it's a sweet green salad. But my wife, not so much. Although, Nick, my trip to Florida we're taking this year, I rented a minivan. I'm hoping it grows on her.

2:58Alex, I know you're listening, unlike Jack. Resist. Just keep resisting. But yet, if you are a millennial dad, this puts you in an awkward situation. You said you'd never fall asleep in front of your TV. And you said you'd never worry about the thermostat. And you said you'd never complain about loud rock and roll music. And then boom, here you are putting 10 % down on a Ford Windstar. If you're a millennial van dude, drop Y in the comments. And hopefully my wife's going to read this. Shock on Jack, let's hit our three stories.

3:42That tip. T-Boy City on your at list. If you know, you know, cause we ready to go. We can't wait no more. So just start the show.

3:53Start the show. First, a quick word from our sponsor.

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4:34When you need the right person to cut through the chaos, this is a job for Indeed Sponsored Jobs. And listeners of the show will get a$75 sponsored job credit to help get your job the premium status it deserves at Indeed.com slash podcast. So just go to Indeed.com slash podcast right now and support our show by saying you heard about Indeed on this podcast. That's Indeed.com slash podcast. Terms and conditions apply. Need a hiring hero? This is a job for Indeed-sponsored jobs. So yeah, he's Jack's instituted a new business model for his Airbnb hosting. And Jack, what is it? Here it is. Host equals guest.

5:08Yes. I funnel all my revenue from being a host on Airbnb into one bank account and use that same bank account to book travel for myself. And basically it's Jack's host guest bank account for when he hosts and when he's a guest somewhere else. When I lived in the city, Nick, every time my apartment was available on Airbnb, it would get booked like that. I mean, think about how often are you away from home? You got the bridesmaid, you got the shower, you got the bachelorette, you got the wedding. That's three weekends away just for one wedding right there. Plus, you got to visit your mother. Naturally.

5:37Well, that's a lot of potential hosting that you could be doing on Airbnb. Let someone else stay at your place while you're away. Take that host money and spend it when you're a guest somewhere else. Have a business model like me. If you want to travel more, hosting more is a great way to make it happen financially. Your home might be worth more than you think. Find out how much at Airbnb.com slash host.

5:59For our first story, Elon SpaceX acquired his other company, XAI, for$250 billion, the biggest acquisition in history. It sets up the most important IPO ever, too. The IPO of SpaceX AI, a sugar daddy IPO. A sugar daddy IPO, we'll explain. But besties, there has been a ton of news about SpaceX this week, shining a telescope into the most mysterious big company on planet Earth. Financials of SpaceX, the private company, were reported by Reuters on Monday. I've never seen SpaceX's members before until these. No, we have not, Jack. These were otherworldly because SpaceX made$15 billion in revenue last year.

6:39Could you sprinkle on some context, please, Jack? Well, that's less than a fifth of what Tesla made last year. Interesting. But in the profit department, SpaceX doubled Tesla's profits last year. And Jack, how is SpaceX doubling profits of Tesla despite doing a fraction of the business? Because they can charge whatever they want for rocket launches. Yeah, SpaceX. This guy had an accidental monopoly. They did 84 % of U.S. rocket launches last year for one very unique reason. They're the only rocket company that reuses their rockets. They're like the ultimate rocket recycler. SpaceX has successfully landed and reused rockets 460 times.

7:16Only one other company has ever successfully reused a rocket. That was Blue Origin, and they only did it once. But get this, another shock in detail, up to 80 % of SpaceX's revenue, according to Reuters, comes from Starlink's satellite internet service. Nine million people are subscribed to get their Wi-Fi from Elon's satellites that are up in space. Can you hear me now? Jack, add it up in SpaceX is making money launching rockets and making money charging monthly internet services like a little Verizon. And someday SpaceX could colonize Mars and like mine that planet for resources and minerals we don't even know about yet.

7:50And that is why June's IPO is targeting a record$1.5 trillion valuation. It's not an IPO. It's a UPO ultimate public offering. And as we told you last week, Elon is targeting a date for the IPO to coordinate with the galaxy. True story. When Jupiter aligns with Venus, that's when we'll get the IPO. It's horoscopically optimized, basically. June 8th or June 9th. That's the deadline. Just look at the tarot cards. But Jack, pause the pod because that was the first news this week. SpaceX's galactic financial numbers. The second news is that SpaceX is officially not profitable anymore. That's right, because Elon announced on Monday SpaceX is acquiring his other company, XAI, for a reported$250 billion.

8:32This is like Elon telling two of his many, many kids that they have to bunk up and move in together. But Jack, this would also make it the biggest acquisition in history, with an asterisk. Elon Musk controls both SpaceX and XAI, so the price of the acquisition, that's irrelevant. Yeah, I know what you're saying. It's like buying something on Facebook Marketplace from yourself. Yeah, it doesn't matter what price you're saying. It's from left pocket to right pocket. So what do you think this kind of looks like if you analyze it further, Jack? To us, SpaceX acquiring XAI looks like a bailout of XAI.

9:05Because XAI is in an AI arms race that even Elon Musk can't afford. Basties, Meta, Microsoft, Amazon, Google, they're spending$100 billion a year on AI opportunities. Open AI has committed to spend$1 trillion or more on data centers. So if Elon wants to win the AI war, which he does, then he needs$1 trillion to do it. And SpaceX's IPO is where that money's going to come from. Basically, SpaceX is driving this summer to NASDAQ money, and XAI is going to hitch a ride for free. Which is why Jack and I are calling SpaceX's IPO a sugar daddy IPO. But talking about daddies and Elon's kids, what about Tesla?

9:44Like, are they not going to get in on this mega merger? Well, daddy, Tesla's publicly traded, and Elon owns less than 20 % of that business, so he cannot single-handedly merge it with his SpaceX. But we wouldn't be surprised if Tesla does end up merging with SpaceX and XAI, Elon's other sibling companies. Because all Elon would have to do is convince 30 % of Tesla shareholders to vote for that SpaceX merger. His pitch, it would be this. I need to focus on CEOing one company, not several. So I'm going to merge all my companies into one. You want to do this, it's going to be good for you financially.

10:16And Jack, what do we think the ticker symbol of that company would be? E-L-O-N. I was thinking triple X. Or is it quadruple X? Which one would you do? Guess it could be quadruple X because of the social network. Our money's on the Quadro X. Jack, what's the takeaway for our buddies over at SpaceX? This June, Elon Musk will write the shareholder letter of his life. Yetis, we are extremely excited to spend entire weekends reading through the S1 IPO paperwork for SpaceX because they're no longer just a space company. Well, Elon did tease on Monday the new mission of SpaceX in a press release. Here's how he described it.

10:51He said their new mission is scaling to make a sentient sun to understand the universe and extend the light of consciousness to the stars. What does that mean? We don't know what that means. Scaling to make a sentient sun? I don't know if he was trolling us or - I think that's Robert Frost, Jack. And if you call that poetry, Then Elon's press release included some pros as well. He used the TLDR. Elon said in his press release that data centers must be built in space because they use too much energy and too much space and too much resources here on Earth. So Space XAI will launch a million satellites into orbit with built-in data centers powering Grok chatbots down on Earth and powered up above by the solar sun.

11:31And the data centers will probably use Tesla solar panels and be repaired in space by Tesla's humanoid robots. Which will all be broadcast to half a billion users on X, formerly Twitter, now owned by SpaceX. It's complicated, Yetis. But it all comes together. Besties, Elon's entire life has come to this moment, selling the space XAI story to Wall Street. This June, Elon Musk will write the shareholder letter of his life. For our second story, I'm sorry, is this our first story on deflation, Jack? I think it is. It is, besties. After jacking up prices of freaking 38%, Pepsi is reversing. They are cutting their stack prices by 15%.

12:13Because Pepsi learned a lesson from Greek mythology. Now, Yetis, as friends of the show, you may remember on CNN late last year, Jack and I were wondering this one particular question. Will this be the year that companies finally give us what we badly want, lower prices? You see, because when Jack and I were kids, Jack grew up with three brothers, so he was like a turkey jerky kind of guy at the gas station. Right, Jack? No, I was a bag of Doritos guy. And every bag of Doritos had that big yellow 50 cents label on it. But looking at the Instacart app right now, Nick, there's not a single Doritos product in my grocery store for under five bucks.

12:49Oh, but Jack, it is not just us and it is not just Doritos, is it my friend? Snacking has become very expensive. According to Jeffrey's Investment Bank, who definitely does not have Doritos at their office, Prices for salty snacks rose 38 % from 2020 to 2024 A$5 snack in 2020 is now a$7 snack Basically, chips are the new Chipotle If you know, you know And the result of that vicious snackflation? Consumer pushback The smack back on the snacks PepsiCo just announced their fourth straight year of shrinking snack sales Which leads to this overdue news Pepsi is doing something you probably didn't realize a corporation could do They're lowering prices across the board.

13:32According to the Pepsi CEO, quote unquote, consumers told us they need more value. Did they tell you or did they scream at you? Because according to the Wall Street Journal, consumers did not just tell the Pepsi CEO that. They sent a flood of emails and voicemail messages directly to them. And they voted with their feet. They did. By not buying bags of Cool Ranch and Isle 6, because they're seven bucks now. They used to be 50 cents, says the guy who wants a minivan. Now, besties, this leads to something shocking and fascinating. Our first major deflation situation. We've had inflation for years now, and inflation has come down.

14:08But overall, prices are still rising. This is a story where prices are actually going to fall. This is a story of hope. The price of a$5 bag of Doritos will now come down to$4.30. It's not huge, but it's a start. It's baby steps. And they're going to include a same-size, lower-priced label on the bag because we're skeptical. We think this could be another skimflation trick. No more sneakflation on us, guys. And Pepsi, they're doing it for all their snacks. Lay's, Tostitos, Doritos, Cheetos. The whole sin bin is getting a price cut right now. And the reason the sales shrinking situation for Pepsi has been so painful, people are still snacking.

14:43They're just snacking on other brands. Jack, can I interest you in some Walmart Better Goods brand or some Sam's Club Sam's Choice? Or maybe you prefer Costco's Kirkland or how about a little Trader Joe's? Private label store brands are the big winners of this inflation situation. Which leads, though, to the big question. Will 15 % price cuts summon snackers back to their caloric overlords over at Pepsi? I can tell you the answer is yes. Because Doritos are a drug. The Super Bowl is the only time of the year I let myself have Doritos. Because if I open the bag, it's a guarantee I finish the bag.

15:14I know. We actually mean to sit you down, Alex and I, and have a conversation about this, Jack. Not in a minivan. Dancer Jack, what's the takeaway for our buddies over at Pepsi? PepsiCo just learned the lesson of Icarus. It didn't just fly too close to the sun. It stayed up there too long. Now, besties, we've said before, you don't know your price until the customer says no. The lesson there is that if your price has never been rejected by your customer, it means you're probably undervaluing yourself. Write that down. It goes for your salary too. But for Pepsi, the customer has been rejecting them a lot for four years.

15:50It took an activist investor to force Pepsi to find its value proposition again and make this 15 % price correction. But you know what, Yetis? That damage is done. Walmart and Costco, they're at all-time highs. Their private labels are taking a record percentage of sales from Pepsi. While PepsiCo's stock is down 17 % in the last three years. So, Besties, you don't know your price until the customer says no. But if they say no nine times, you gotta listen to them. In Greek mythology, Icarus flew too close to the sun and his wings melted. Well, Pepsi flew too close and stayed up there too long, and the stock melted.

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18:31That's 50 % off your first year at Monarch.com with code TBOY. For our third and final story When the Super Bowl kicks off this Sunday One company you've never heard of Will be the most excited of anyone That company is Zebra Technologies Because Zebra's chips are in every single football Cone and shoulder pad Tracking everything in the game And you didn't even know it But yetis, let's start back in 1969 Woodstock had their music festival We landed on the moon And The Gap made their first ever sweatshirt And Zebra was founded in Illinois. Zebra Technologies, a boring beta business that tracks things.

19:09Basically like the Where's Waldo of tech. They do barcodes and barcode scanners, but they specialize in a technology called RFID. RFID, which stands for Radio Frequency Identification, and you have been alarmed by it. Because you walked out of a store and your sweater started beeping because the cashier forgot to take off that RFID tag. So from J.Crew to UPS, Yes, those are the types of businesses using Zebra's RFID tracking tags. It's a$12 billion publicly traded company, although the stock is down 40 % in the last year. It's more than a lift. But it turns out the same technology tracking your Amazon packages is also tracking Seattle Seahawks wide receivers.

19:48Because Zebra went from scanning cereal boxes at Walmart to scanning quarterbacks at the Super Bowl. Get this, the NFL is this good at making money. They actually sold an official real-time on-field player tracking provider designation to this company, Zebra Technologies. That is the most narrowly scoped designation. But Bessie, Jack and I discovered this and we were fascinated. I mean, it turns out every NFL player has two to three computer chips in their shoulder pads. And they're only three grams each. That's lighter than a sugar packet. And that chip, that is a Zebra chip. It's also inside the end zone pylons, the first down chains.

20:24Every single football used in the game has one of their chips. There are 250 Zebra chips total on the field at any time, tracking all 22 guys and their movements. Looks like Zebra has more data than the CIA these days. Now, if you've watched an NFL game, you know that next generation stats are provided by AWS. But did you know that the source of that data is these physical sensors from Zebra Technologies? And yes, we know what you're wondering, besties. These chips are, in fact, quarterback approved when they're in the footballs. Tom Brady made sure they didn't mess with his spiral aerodynamics like his deflated balls did.

20:58Don't want to throw a wounded duck because of a misplaced chip. That is not good. And all these chips, 10 times every second, are sending data back to HQ. They capture the location, the speed, the height. Within an inch, 200 data points per a play. When Tyreek Hill was running 30 miles per hour after catching a touchdown pass from Patrick Mahomes, we know his speed because of these sensors. They're doing 30 ,000 stats per game, including ones we'd never heard of before. Jack, do you know what a yak is though? Yes, yards after catch. What about Cush? C-U-S-H. Do you know what Cush is? I do not.

21:29That's average cushion, a distance measured in yards between the wide receiver, the tight end, and the defender. That's a statistic. And they track it with these chips, man, because they're in the shoulder pads. And at last year's Super Bowl, Travis Kelsey looked up at his girlfriend in the box 438 times before halftime. We know because of Zebra. But besties, the data that they're gathering isn't just to entertain. Like, collision data from Zebra also helps to redesign the helmets. And reduce concussions. And snap speed data helps determine if, I don't know, the quarterback's wrist might need some rest.

21:58Basically, this is money ball for football, and no one knows that this one logistics company is behind it. They're called Zebra, by the way, because that's a nickname for referees. So Jack, what's the takeaway for our buddies over at Zebra? B2B doesn't mean antisocial. B2B better be seen. Yetis, Zebra's been with the NFL for 12 years in a reported$50 million a year or$50 million total contract. We actually don't know for sure. It was hard to determine. But either way, that is just a tiny fraction of Zebra's$5 billion in revenue that comes from the NFL. Here's what Jack and I are thinking. This NFL deal gets 100 % of the attention, but it's less than 1 % of Zebra's revenues.

22:37Where Zebra really makes money is with retailers like Aritzia for those security tags or logistics companies like UPS to track packages. Even hospitals, all of those, that's like 99 % of their sales biz. In fact, 80 % of Fortune 500 companies use Zebra to track their assets and their people. But the best marketing move Zebra ever made wasn't an ad, it was a deal with the NFL. How does Zebra snag a client like FedEx? They probably sent the CEO a signed football that has Zebra chips inside. Besties, you may work in a B2B business, selling business to business. And those businesses stay in the shadows.

23:10They're antisocial. They don't do cool things because they don't sell to consumers. But Zebra proves the power of being consumer relevant, even if the customer isn't a consumer. B2B doesn't mean be antisocial. B2B better be seen. Jack, could you whip up the takeaways for us for Saviche Wednesday? SpaceX, a profitable company, now owns XAI, a very unprofitable company. This is a sugar daddy acquisition, and now Elon has to write the IPO shareholder letter of his life. For our second story, PepsiCo is cutting the prices of all snacks by 15%. It's corporate deflation. Pepsi didn't just fly too close to the sun.

23:47On prices, they stayed up there for four years way too long. And our third and final story, Zebra Technologies is the reason. We know the ball speed of Drake May's passes. Zebra's a business-to-business company, but their sales are up because they're consumer-relevant in the Super Bowl. But besties, this pod's not over yet. Here's what else you need to know today. First Jack, white smoke hath risen from Cinderella's castle. That means Disney has a new CEO, Josh DeMauro. Josh is a Georgetown guy, and he's worked at Disney's parks division since 1998. And second, gold and silver prices are dropping, and that's crushing the world's biggest jeweler.

24:26Pandora's jewelry stock fell 10 % yesterday as Wall Street downgraded the stock. Since the new Fed chair was nominated, gold and silver prices have plummeted, and that's going to be volatile for the jewelry industry. And finally, yesterday, we told you Nike and Costco collabed on a sneaker, but now Amtrak wants in. Amtrak, the railroad business, is now in fashion. They launched Amtrak tracksuits. Yeah, you get it, tracksuits, you wear on the train tracks. They're trying to combine function with fashion here, it appears. They're dripping with nostalgia, by the way. Now, time for the best fact yet.

25:00This one's sent in by legendary Yeti CJ, a guy who buys alcohol for restaurants and prices bar drinks for a living. It's true, according to CJ, that some bars charge a 90 % profit margin for martinis. But as CJ points out, restaurants are a really tough business, and we should add that context. Those huge cocktail margins are crucial to stay in business, and martinis are actually the key to paying the rent. The vast majority of restaurants make a total profit margin of less than 5%, even when you include the huge markups on liquor. Yetis, you look fantastic today. Jack, you look like a boomer today.

25:35Okay, besties, today's poll, it's on what should be the ticker symbol of SpaceX. Yesterday's was on shake and not stirred on the martini. Vote today on Spotify. And Nick and I will see you tomorrow. If you know, you know, can't wait.

25:53And before we go, a happy birthday to Yeti Brian Lovey from Panama, the country, partying it up though in Cancun, Mexico. Happy 33rd birthday to Marshall in Chicago, Illinois. And Sandy Smith, happy 66th over in Atlanta. Happy birthday to Paul Miraglia from Port Washington, New York, same hometown as my father. Long Island, baby. And Calvin Chang, enjoy that birthday down in Sugar Land, Texas. Happy birthday to Katie Martel, the legendary Yeti, living in Tribeca, New York. And Scott and Mackenzie Henderson, enjoy your 12-year anniversary over in Utah. Congratulations to Thomas Balls and Brandon Garrett, who launched a new business, full motion simulation racing, called Racing Ritual in Tempe, Arizona.

26:35You got this, guys. And Ali Arind has got a new job as a packaging engineer over in New Jersey. Happy two-year wedding anniversary to longtime lovers, Luis and Annabelle. They're in Aurora, Illinois. Just outside Chicago, doing logistics. And to anyone else celebrating something today, make it a T-boy. Celebrate the wins. This is Jack. I own stock of Disney and Amazon. Nick owns stock in Nike. And we both own stock at Chipotle. Hey, this is Adam Grant, host of TED's podcast, Rethinking with Adam Grant. Let me share with you why smart finance leaders turn to Bill. They know that clarity isn't just helpful, it's strategic.

27:13As the intelligent finance platform, Bill uses AI to automate the busy work for nearly half a million businesses so they can focus on intentional growth. Eliminate the friction and start scaling with the proven choice. Visit Bill.com slash proven to talk with an expert about automating your business finances and get a$250 gift card as a thank you. That's bill.com slash proven. Terms and conditions apply. See offer page for details.