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Elon Musk has merged SpaceX and xAI, creating what might be the blueprint for a new Silicon Valley power structure. With his $800 billion net worth already rivaling historic conglomerate GE's peak market cap, and Musk being vocal about his view that "tech victory is decided by velocity of innovation," the question isn't whether a personal conglomerate can be built, but rather how far Musk himself is going to take it. Today on Equity, we're unpacking this new era of the "everything" business, whether we'll see others like Sam Altman follow suit, and more of the week's headlines. Chapters: 00:00 Intro 02:03 The many lives of OpenClaw (formerly Moltbot, formerly Clawdbot) 04:33 Waymo raises $16B at $126B valuation 07:13 How will Waymo investors get their return? 10:11 Manufacturing challenges & Chinese partnerships 12:38 ElevenLabs raises $500M at $11B valuation 15:16 What does consolidation look like for AI labs? 18:46 Positron takes on Nvidia with $230M Series B 21:02 Is there room for AI chip competitors? 28:26 Musk's SpaceX-xAI merger and the rise of the personal conglomerate 37:07 Outro Subscribe to Equity on YouTube, Apple Podcasts, Overcast, Spotify and all the casts. You also can follow Equity on X and Threads, at @EquityPod.