We’ll assume it will then merit a price-to-earnings multiple of 30, the median for the Mag 7. At our $2.4 trillion cap, the bogey for GAAP net earnings towers at $80 billion a year. That’s 33% more than Meta, 21% above Berkshire Hathaway, and about two-thirds the numbers for Alphabet and Apple.
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But the death of Supreme Leader Ayatollah Ali Khamenei in the opening hours of the war has triggered a succession process that could reshape nuclear decision-making. Khamenei had issued a religious edict, or fatwa, against developing nuclear weapons. A successor could revisit that stance.
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