Brew Markets — February 3, 2026

Can Musk Helm Two Public Companies? & A Wave of New CEOs Take Charge

Host: Ann Berry
Podcast: Brew Markets by Morning Brew
Theme: Examining the largest stock market stories of the day, with deep dives into mega-mergers, CEO overhauls at blue-chip companies, and fresh earnings reports.

Episode Overview

This episode explores whether Elon Musk can realistically be CEO of both Tesla and a newly public SpaceX, sets the stage with historical precedents, and dissects major leadership shakeups at Disney, PayPal, Target, and Walmart. Plus, Ann and John review Grainger’s quietly stellar earnings and Palantir’s “blowout” results, framing these against broader trends. The tone is energetic, conversational, and driven by Ann Berry’s analytical perspective as an investor and board insider.

Key Discussion Points & Insights

1. Can Elon Musk Run Two Public Companies?

[00:33–05:49]

• Ann opens with a quote from Sweet Home Alabama:

  Ann Berry [00:40]: “You can't ride two horses with one ass. But in business it turns out, sometimes you can. Not often and almost never when those horses are publicly traded.”

• Context:
  Elon Musk is potentially set to become CEO of two simultaneous public companies—Tesla and, soon, SpaceX—after a mega-merger between SpaceX and Musk’s AI company (xAI) ahead of a record-smashing $1.25 trillion SpaceX IPO (with Goldman Sachs, JPMorgan, Bank of America, and Morgan Stanley lined up to lead).

• Challenges Highlighted:

  • Running multiple private companies is different—public company governance is far more demanding.
  • Investor concerns around “divided attention” (see Jack Dorsey at Twitter & Block), and conflicts of interest, especially as Tesla frames itself as a “physical AI company” and invests in xAI.

• Historical Precedent:

  • Jack Dorsey: Ran Twitter & Block simultaneously (2016–2021).

    Ann Berry [02:08]: “Investor reaction was often mixed ... focusing heavily on his divided attention and his perceived absentee leadership style. … Shareholders, including Elliott Management, pressured Dorsey to step down [from Twitter]…”

  • Carlos Ghosn: CEO of both Renault and Nissan (plus chairman, effectively CEO, of Mitsubishi). His tenure ended with arrest for financial misconduct.

• Ann’s Take:

  Ann Berry [04:43]: “If Dorsey managed to pull off the dual seat for about six years, I have a feeling Musk is even better positioned to pull a rabbit out of the hat and do it too. … I would not rule out ultimately SpaceX AI merging with Tesla.”

2. Grainger’s Strong Earnings and Business Model

[06:35–13:38]

• Background:
  Grainger, a 99-year-old industrial supplies distributor, hit a new 52-week high following strong earnings, proving the continued relevance of old-school business models in a tech-dominated landscape.

• Earnings Recap (by John):

  • Market cap: $55B; shares up 6% today, 10% year-over-year.
  • Q4 revenue: $4.4B (up 4.5% YoY); EPS: $9.44.
  • Returned $1.5B to shareholders via dividends/buybacks.
  • The "Big Book" catalog still robust (3,000+ pages).

• Business Breakdown:

  • High Touch Solutions (traditional B2B—hardware stores, contractors): Up 2.2% YoY.
  • Endless Assortment (Zorro.com e-commerce, 12M SKUs): Up 14% YoY.

    John [11:12]: “Step one—expand product assortment. Then increase web traffic. That means increased purchase frequency. That attracts new suppliers. Step five, improve profitability. … It seems to be working.”

• AI and Automation:
  Granger is using AI and robots to enhance warehouse productivity.

• Industry Insight:

  Ann Berry [08:40]: “There is nothing like walking in to these absolutely enormous distribution centers… the enormity of these spaces and the variety is absolutely amazing. I’m such a nerd. I love this stuff.”

• Valuation & Investor Perspective:

  • Business seen as “recession resilient.”

    Ann Berry [13:23]: “If demand slows down, a business like that can actually see cash being released… That provides sort of a buffer or a cushion to get through a downdraft period.”

3. Palantir’s Blowout Earnings—AI Hype or Substance?

[13:38–18:50]

• Earnings Highlights:

  • Palantir’s revenue: $1.4B (up 70% YoY), EPS: $0.25.
  • Full-year guidance: $7.2B—$1B ahead of analyst expectations.
  • Market cap: $370B; shares up 87% over 12 months.

• Notable Growth:

  • Commercial (i.e., non-government) revenue: Up 137% YoY, reaching $500M.

    Ann Berry [16:32]: “Palantir … continued to outperform on the growth front, [and] on the diversification front in this past quarter. … It’s actually doing what Alex Karp said they were going to go do.”

• CEO Alex Karp’s Quote:

  John [17:11]: “He said today … ‘The people focused on the market don’t understand how it works on the front line, in the battlefield or in a very complex business. We have this thing that actually unlocks the underlying value of AI. That’s how you get these numbers.’”

• Ann’s Perspective:
  Drawing parallels with Nvidia’s previous run and AI hype:

  Ann Berry [15:27]: "That is beyond a blowout earnings report. … Just having deja vu to … Nvidia, right when it just became clear that Nvidia was going to be such a winner in AI …"

• The market reaction is optimistic but cautious given AI bubble fears—shares up 6% on the day.

4. CEO Shakeups at Disney, PayPal, Target, and Walmart

[19:08–24:33]

Disney:

• Josh D’Amaro named CEO (formerly headed Experiences division), succeeding Bob Iger on March 18.
• Dana Walden becomes Disney president and chief creative officer.

  Ann Berry [19:44]: “This marks the second time that Disney has selected a replacement for Iger in six years. … Shares in Disney were sort of flat on the news. Think that … this was the outcome the market had expected.”

PayPal:

• CEO Alex Chriss replaced after just 2.5 years—Enrique Lores (ex-HP) starts March 1.
• PayPal stock sank 18% on the news, down 50% YoY, 83% over 5 years.

  Ann Berry [21:08]: “I have been until recently a frustrated shareholder. … All the benefits innate to be an incumbent here, it just needs to innovate, just needs to move. … I salute [the board] for moving quickly because there are lots of public companies that would have just let it carry on.”

Target:

• Michael Fiddelke (a 20+ year insider, started as an intern) promoted to CEO. Shares up 5% this week, still down 17% on the year.

Walmart:

• John Furner (longtime executive and former U.S. CEO) takes the top job.
• Walmart stock up 24% in the past year, topping $1T in market cap.

  Ann Berry [24:33]: “Walmart is a Big Tech stock hiding in plain sight. … What was just a nascent business—both E-commerce but also an ad tech business—was starting to come to light.”

Notable Quotes & Memorable Moments

• Ann Berry on Musk’s CEO ambitions:

  [04:43] “If Dorsey managed to pull off the dual seat for about six years, I have a feeling Musk is even better positioned to pull a rabbit out of the hat and do it too.”

• John on Grainger’s catalog:

  [07:38] “I’ve seen that Grainger catalog everywhere I’ve ever worked and it still exists. The 2026 edition of ‘the Big Book’ clocks in at over 3,000 pages.”

• Ann Berry on industrial distribution centers:

  [08:40] “There is nothing like walking in to these absolutely enormous distribution centers… the enormity of these spaces and the variety is absolutely amazing. I’m such a nerd. I love this stuff.”

• John quoting Palantir CEO Alex Karp:

  [17:11] “‘The people focused on the market don’t understand how it works on the front line, in the battlefield or in a very complex business. We have this thing that actually unlocks the underlying value of AI. That’s how you get these numbers.’”

Timestamps for Important Segments

| Segment | Timestamp | |------------------------------------------------------------|-------------| | Can Musk Helm Two Public Companies? | 00:33–05:49 | | Grainger Earnings & Industrial Distribution Deep Dive | 06:35–13:38 | | Palantir’s Blowout & AI Revenue Growth | 13:38–18:50 | | Disney, PayPal, Target, Walmart CEO Transitions | 19:08–24:33 |

Takeaways

• Elon Musk’s next chapter as CEO of two public companies is possible, but fraught with scrutiny and conflict-of-interest risk.
• Grainger’s quietly consistent performance underscores the value of “boring but essential” businesses—and the power of strategic e-commerce expansion.
• Palantir defies skeptics with accelerating, diversified revenue, showing that some AI narratives are living up to the hype.
• CEOs at iconic American companies are changing at breakneck speed—insiders dominate, but markets remain skeptical without clear innovation.

This episode is packed with timely corporate drama, sharp market context, and the grounded analysis that makes Brew Markets a must-listen for investors and market-watchers alike.