The Frontier

Aaron Cowen pitches MGM as a buyout target with hidden assets in Japan and Dubai. Barry Diller owns 26% of MGM and bid $48 per share, while Cowen values the Vegas and China assets alone at low-$60s.

Cowen argues MGM's Osaka casino license is a massive hidden asset. Japan's gambling market is $40B, larger than Macau's $30B and Las Vegas's $10B, with Osaka positioned to capture Chinese tourists.

Dan Dreyfus pitches Talen Energy, a power producer with 8 GW of nuclear and gas capacity, trading at a $25B enterprise value versus a $45B replacement cost. He sees a 20-year power demand supercycle driven by AI and industrial buildout.

Dreyfus claims the PJM grid needs 106 GW of new power in 10 years, an amount equal to Japan's entire current consumption. He argues existing power prices are still too low to stimulate new capacity build.

Oleg Nodelman pitches Actus Oncology, a radiopharmaceutical company with a $1B market cap and $500M enterprise value. Its platform uses mini-proteins to deliver radioactive payloads directly to tumors.

Nodelman says Actus's $300M IPO was 18x oversubscribed and backstopped by Eli Lilly. He values the company at up to $10B if one program succeeds, with initial clinical data for its lead program expected in Q1 2027.

Kyle Samani pitches GeoNet, a decentralized RTK network with 22,000 base stations across 150 countries. It provides 2cm geolocation accuracy versus GPS's 2 meters for applications in agriculture, drones, and robotics.

Samani says GeoNet has an $11M annual run rate, growing 3x year-over-year, and uses 80% of revenue to buy back its GEO token on the open market. The network's fully diluted valuation is approximately $150M.

Jason Calacanis ranks the pitches by investability, placing MGM and Talen in a high-conviction bucket due to downside protection and liquidity, while calling Actus and GeoNet asymmetric lottery tickets with higher zero-risk.

David Sacks argues the real upside for MGM lies in monetizing Las Vegas entertainment, citing a claim that a show at The Sphere generates $1M incremental EBITDA per day for the Venetian hotel.

Gavin Baker highlights regulatory risk for Talen Energy, noting political pressure could cap electricity prices or nationalize assets. He remains bullish on MGM due to Barry Diller's bid providing a price floor.

John Fetterman describes Dave McCormick as a good friend, stating they collaborate on policy despite party differences to serve Pennsylvania and the nation.

Dave McCormick says this moment is the most consequential in their lifetimes due to AI's transformation of life sciences, defense, and energy.

McCormick and Fetterman work together on energy policy, the fentanyl crisis, combating anti-Semitism, and drone technology.

Fetterman opposes Democratic calls for a data center moratorium, calling it a China-first policy that cedes AI leadership.

Dave McCormick says Pennsylvania is a microcosm of the US, requiring a coalition of urban Democrats and rural Republicans to win elections.

McCormick claims two-thirds of rank-and-file union members in trades like electricians and pipefitters voted for him over their national leadership's endorsement.

John Fetterman attributes soaring inflation primarily to energy price spikes driven by holding Iran accountable over nuclear ambitions.

Fetterman says he was wrong to support eliminating the filibuster in 2020 and now considers defending it a hill he would die on.

Dave McCormick reports Pennsylvania's median income is $52,000, highlighting economic anxiety and a lack of upward mobility.

Fetterman criticizes Democrats who vilify billionaires and capitalists, arguing job creators should not be targeted.

Fetterman calls opposition to data centers driven by misinformation campaigns he believes are funded by groups aligned with the Chinese Communist Party.

Dave McCormick receives roughly 100,000 constituent outreaches per week and hosts biweekly calls that draw about 10,000 people.

McCormick co-hosted a July energy and innovation summit that secured $92 billion in investment commitments and drew the President and his cabinet.

McCormick describes a Homer City project transitioning a coal plant to natural gas, delivering 3.4 gigawatts to a data center and 1 gigawatt back to the grid.

Dave McCormick says the most secure jobs in Pennsylvania are skilled welders and electricians, with young workers earning over $100,000 annually at new project sites.

Dan Dreyfus states the US is at an inflection point, shifting from a capital-light economic growth model (2000s-early 2020s, creating value with minimal investment in tech/software) to an infrastructure-intensive era. This era demands trillions of dollars for re-industrialization, reshoring, and national security, following a period where critical infrastructure was moved overseas.

Geopolitical events (COVID, Russia-Ukraine, tariffs, Iran conflict) have repeatedly caused inflation spikes that failed to recede, exposing the US's fragile and weak supply chains. This lack of resiliency necessitates current re-industrialization efforts.

Dan Dreyfus highlights unprecedented simultaneous capital cycles: aerospace (Boeing/Airbus backlog of $1 trillion over 10 years, competing with space economy), electric grid, data centers ($1 trillion per year), semifabs ($750 billion, likely higher), and defense. All require critical minerals.

The US electric grid, largely unmodernized since post-WWII, is fragile; parts are over 106 years old. It struggles with current demand (e.g., Texas grid failures) and cannot support future needs like widespread EV adoption or the "tsunami of demand" from AI, risking blackouts.