What actually happened…  Today looked like panic but it was actually a lesson. → South Korea’s stock market suffered one of its worst days in years. → AI-linked chip stocks plunged. → Micron fell more than 13% just one day before earnings. → SpaceX briefly traded below its IPO debut price. At first glance, these seem like separate stories. They aren’t. And the common thread was leverage. It was too many investors piled into the same trade, with too few buyers available when everyone headed for the exit. Here is the story. ⇩ SPONSOR BREAK presented by MarketWise* The Billionaire...

Three straight down days. That is what everyone saw. → Wednesday: -5%.→ Thursday: -3.6%.→ Markets closed Friday for Juneteenth.→ Monday: -16.4%. SpaceX closed at $154.60 — its biggest one-day decline since going public and a sharp reversal from last week’s peak near $225. The company confirmed its first-ever bond sale Monday morning. Many investors immediately pointed to the debt offering as the reason for the selloff. But the bond is only part of the story. The bigger story is what happens next. More specifically: who gets to sell, when they get to sell, and how many shares could...

Before we start — Happy Father’s Day! SpaceX went public exactly seven days ago. Wall Street still cannot agree on what it’s worth and the spread just got wider. Plus: the $60 billion deal Microsoft passed on. Here is the story. ⇩ SPONSOR BREAK presented by MarketWise* Why SpaceX Just Triggered the End of the Bull Market SpaceX insiders are getting ready to dump as much as $1.6 trillion in paper wealth – the biggest cashout in market history. The same thing happened in 1999 right before the dot-com crash… and now, it’s happening again. To see where to move your...

Day Two Two red days. That is what everybody saw. SpaceX fell another 3.56% Thursday, extending its first pullback since going public. The stock closed at $185 after falling as much as 10% intraday. What fewer people noticed was everything happening underneath the stock. SpaceX is preparing a $20 billion investment-grade bond deal. Analysts published targets ranging from $63 to $401. Nasdaq 100 inclusion moved one step closer. And investors were once again debating whether Elon Musk is building the next great industrial company — or the most expensive stock on Earth. The stock fell. The...

How We Got Here Three days. That is how long the streak lasted. → Friday +19%. → Monday +35%. → Tuesday +48%, briefly topping Microsoft and Amazon, closing within striking distance of becoming the fifth largest company on Earth. Wednesday it ended. SpaceX fell 4.95% — the first red day since the IPO. Closed at $191.82, down from Tuesday’s $201.68. Slipped back below Amazon. Back to sixth place. Here is the story. ⇩ SPONSOR BREAK presented by MarketWise* Why SpaceX Just Triggered the End of the Bull Market SpaceX insiders are getting ready to dump as much as $1.6 trillion in paper...

The New Cast… The Magnificent Seven had a good run. → Seven years.→ Seven stocks. One acronym that came to define an era of market dominance. Then SpaceX went public. And by Tuesday morning, Wall Street was already looking for a new name. Two new frameworks emerged this week to describe the companies that will define the next decade of tech investing. They do not agree on the name, the number, or who gets the last spot. They do agree on one thing: the Mag 7 era is over. Here is what moved — and why. ⇩ SPONSOR BREAK presented by MarketWise* Why SpaceX Just Triggered the End of the Bull...

Sunday night, President Trump posted: “Ships of the World, start your engines. Let the oil flow.“ The post followed news that the U.S. and Iran had reached an interim agreement to reopen the Strait of Hormuz — the narrow waterway that carries roughly 20% of the world’s oil supply. → Oil fell.→ Travel stocks surged.→ Nasdaq futures jumped 2%. → Energy stocks sold off.→ And SpaceX kept climbing — up another 8-10% Monday, now 25% above its Friday IPO price. Here is what moved — and why. ⇩ SPONSOR BREAK presented by MarketWise* REVEALED: Trump’s Gift to Patriots on America’s...

It was electric and genuinely historic. It was the biggest opening in exchange history. $75 billion raised. Friday morning $SPCX ( ▲ 19.22% ) opened at $150 — an 11% pop from the IPO price. By end of day it closed at roughly $160.88 — up 19.22% from the $135 price. No $1,000 open like Tuchman predicted. Just a solid first day. At the same time — the exact same morning:Every stock that had been running up in anticipation of SpaceX’s IPO collapsed. Investors who had been holding space proxies because they could not buy SpaceX directly sold those proxies the moment SPCX was available...