2025 letter

People love to predict the future. Back in June, Peter Thiel recounted a conversation he had with Elon Musk. “[Elon] said we’re going to have a billion humanoid robots in the U.S. in 10 years. And I said: Well, if that’s true, you don’t need to worry about the budget deficits because we’re going to have so much growth, the growth will take care of this. And then—well, he’s still worried about the…