In today’s newsletter we discuss Nvidia joining the $1 Trillion dollar valuation club, OnlyFans is working on turning their platform into a more mainstream destination, SpaceX gets a new sky-high valuation, Zillow is offering a 1% down payment loan program, and….Barbie is still a thing!

Business

Nvidia is back! After surpassing the fabled $1 Trillion market cap threshold earlier this Summer their valuation ticked back above that line as they announced record quarterly earnings for the second quarter ended July 30, 2023 of $13.51 billion. That up an amazing 101% from just a year ago, and up an equally mind numbing 88% from the previous quarter.

Nvidia surpassed the $1 Trillion market cap club earlier this Summer joining Apple, Alphabet, Amazon, and Microsoft who all have market caps north of $1 Trillion dollars.

Nvidia crosses into $1 trillion market cap before giving back gains

Tech

OnlyFans reported a significant surge in revenue and profitability in their latest quarterly results as the number of creators surged 47%. The platform’s growth has further underscored the creator-economy’s sustained growth and success. Their number of creators hit a record 3.2 million in 2022, which is up 47% from 2.2 million for all of 2021. OnlyFans users spent a crazy $5.6 billion on the platform in 2022, up $800 million from the $4.8 billion they spent in 2021.

As OnlyFans continues to pivot away from explicit adult content the platform has diversified its content offerings and has begun to see the fruits of their labor. I think as content creators become more socially acceptable by the mainstream public we’ll continue to see platforms like OnlyFans and Patreon grow rapidly.

OnlyFans users spent more than $5 billion last year, as the number of creators surged 47%

Space

Oops!…Elon Did It Again. His SpaceX rocketed to a jaw-dropping $140 billion (insane to think they are still a private company, so they don’t break out their revenue publicly). It’s rumored that Elon Musk owns roughly 44% of SpaceX, valuing his holdings at $61 billion based on the recent valuation.

Elon Musk's SpaceX Rockets To $140 Billion Valuation Following Recent Share Sales By Investors Adding $61 Billion To Musk's Net Worth

Entertainment

I guess it’s only fitting that Barbie would take the tiara as the highest-grossing domestic film of 2023 to date. The beloved fashion-forward doll turned silver screen sensation has captured the hearts of audiences young and old alike, proving that her appeal goes far beyond the toy aisle. With her signature pink flair and a modern storyline that resonates with today's generation, Barbie has not only shattered box office records but has also made a bold statement about the power of nostalgia and reinvention in the ever-evolving landscape of cinema.

Hot off their success Mattel is looking to mine their vast catalog of IP with 14 new movies in development including a Hot Wheels film, a Matchbox Cars project, a Major Matt Mason movie with Tom Hanks, a Polly Pocket movie starring Lily Collins, a Rock ‘Em Sock ‘Em Robots movie starting Vin Diesel, and a Barney movie with Daniel Kaluuya just to name a few. Can Mattel continue to dominate the Summer tent-pole in the coming years, or was Barbie just a fluke owing to our Covid-induced need for nostalgia?

‘Barbie’ is now the highest-grossing domestic film release in 2023

Real Estate

In an ever-evolving landscape of real estate finance, Zillow's latest announcement has captured the industry's attention, but I’m viewing this one with some skepticism to say the least. Zillow is rolling out a new mortgage option for qualified buyers: a 1% down payment. Great idea right? I mean, what could possibly go wrong with offering new buyers mortgages with almost nothing down?!?! (see the Great Recession of 2008).

Right now the program is currently only offered in Arizona, but Zillow is looking to roll the program out nationwide over the next few years as they obtain regulatory approval in each new state they debut the program. To qualify for the Zillow low 1% down payment option borrowers must:

1) be first-time home buyers
2) complete an education course on homeownership
3) intend to occupy the property as their primary single-family residence
4) have a minimum qualifying FICO credit score of 620
5) earn income below 80% of the median income where the property is located
6) meet any additional underwriting requirements as applicable

Like I said, what could possibly go wrong with offering such a low down payment for 1st time buyers?!?!

Zillow to offer a 1% down payment loan program

So much news, so little time. Until tomorrow we’re signing out.

— Chris