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Though Santos-Dumont is often presented as an idealistic pacifist, this is hagiography. In his 1904 book on airships, he suggests warfare as the primary practical use, discussing applications in reconnaissance, destroying submarines, attacking ships, troop supply, and siege operations. As World War I began, he enlisted in the French army (as a chauffeur), but seeing planes used for increasing violence disturbed him. His health declined and he returned to Brazil.
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Ritter’s research shows that underpricing is de rigueur in IPOs, and on average, the shares jump 19% over what the chosen institutions paid by the end of the first trading day. “The ability to give their clients underpriced shares is worth a lot more than the 2% fees,” says Ritter. Were SpaceX to leap that average of 19% on day one, Wall Street’s customers would pocked a one-day, paper gain of $9.5 billion. The initial investors got their shares due to their status as the firms’ largest, commission-paying trading customers. In exchange for winning the super-cheat shares, says Ritter, they typically rebate about 30% of the one-day gain to the book runners who anointed them in future business. In SpaceX’s case, then, the two or three lead book runners would collect an extra nearly $3 billion (30% of the roughly $9.5 billion windfall). Let’s assume three lead underwriters. Each would garner a total as high as $120 million in fees, and another $1 billion courtesy of the super-discount pricing, for a total of almost $1.1 billion.
The new 14-inch MacBook Pro with an M5 Pro chipset (with 15 CPU cores and 16 GPU cores), 24GB of RAM and 1TB of storage starts at $2,199. That's a $200 increase compared with the base M4 Pro-powered system from late 2024, though Apple has doubled the base storage, which is a welcome touch. If you prefer, you can have a 14-inch MBP with a more powerful M5 Pro (with up to 18 CPU cores and 20 GPU cores) or M5 Max (with 18 CPU cores and 32 or 40 GPU cores). You can double the RAM to 48GB as well.