CATEGORY
Getting started
Breaking Up With Nvidia Isn’t That Easy
Less dependence on Nvidia…
Building the world’s smartest AI used to be the finish line.
Today, it’s just the admission ticket.
Once you’ve built the model, you still need chips to run it, data centers to power it, cloud providers to host it, and—more recently—regulators willing to let you release it.
This week, OpenAI was reminded of all four.
Here is the story. ⇩
SPONSOR BREAK presented by MarketWise*
“Biggest Breakthrough in the History of Stock Trading”
A Maryland computer whiz recently created a new form of “Predictive AI” that can foresee the future prices of any of 2,334 stocks – to the penny – with 73% historical accuracy. It’s led to a huge anomaly that would’ve turned every $5,000 into over $15,000 in the 16 months following its creation in one study.
Claim your free demo here (no purchase required).
Jalapeño — built to beat Nvidia 🌶️
→ 9 months.
→ Better performance per watt, in early testing.
→ A direct swipe at the market leader.
OpenAI + Broadcom’s first custom AI chip
OpenAI and Broadcom announced Jalapeño on Wednesday — OpenAI’s first custom-designed chip, built specifically for inferencing (the process of running already-trained AI models).
That is a direct, unambiguous swipe at Nvidia, the company OpenAI buys the most chips from and competes hardest against for access to them.
Unlike Nvidia’s flagship GPUs, which are designed to do everything exceptionally well, Jalapeño is built for a narrower job.
If it performs as expected, OpenAI could lower inference costs, improve efficiency, and reduce its dependence on buying massive numbers of Nvidia chips.
It also joins a growing club.
→ Amazon has Trainium and Inferentia.
→ Google has TPUs.
→ Microsoft is developing Maia.
→ Meta builds its own AI chips.
Everyone is trying to own a little more of the AI stack.
Greg Brockman called Jalapeño part of OpenAI’s strategy to make compute “more abundant.”
Translation?
Less waiting in Nvidia’s checkout line.
SPONSOR BREAK presented by MarketWise*
The Billionaire Who Saved SpaceX Just Made a New Bet
He once rescued SpaceX from bankruptcy. He also helped launch Facebook, Airbnb, YouTube, and Spotify. And now he’s making a new bet – he’s just sold every single share of the Mag 7 companies in his portfolio. And he’s using that money to buy a shocking new kind of company instead. You should mirror his moves. And now you can, for as little as $50 a share.
Meanwhile… Nvidia
⚠️ Here’s the irony.
The same week OpenAI unveiled a chip designed to reduce its dependence on Nvidia…
…new market data suggested Nvidia’s grip on AI became even tighter.
Nvidia now controls roughly 74% of the AI inference market, up from about 66% a year ago.
That surprises many investors. Conventional wisdom suggested inference would become Nvidia’s weak spot.
Instead…
Nvidia kept winning there too.
→ It generated roughly $41 billion of AI inference revenue during the first quarter alone.
That’s more than Broadcom’s AI revenue and AMD’s data-center business combined over the same period.
SPONSOR BREAK presented by Brownstone*
Have you tried Elon Musk’s 70x AI agent?
I’m about to do a live demonstration.
Of Elon Musk’s latest genius invention.
It’s an AI agent…
Perhaps the most powerful ever created.
Elon himself believes it could 70x your money… in a short period of time.
The Numbers.
Growing fast and catching Nvidia are becoming two very different things.
Every time competitors identify an opening, Nvidia seems determined to close it.
→ Custom chips promised better efficiency?
Nvidia designed Vera Rubin specifically to improve inference economics.
→ Competitors focused on AI accelerators?
Nvidia expanded further into CPUs and complete AI systems.
Its strategy increasingly looks less like selling chips…
…and more like owning as much of the AI infrastructure stack as possible.
That doesn’t mean Jalapeño failed before it shipped.
Far from it.
Custom chips can still reduce costs, improve efficiency, and make OpenAI less dependent over time.
But building a better chip and replacing the industry’s dominant platform are two very different goals.
SPONSOR BREAK presented by Paradigm*
FREE Gold Ticker to Buy ASAP: (NYSE:___)
Jim Rickards – the world’s #1 gold expert – has just revealed one of his favorite gold plays… 100% FREE.
As Jim sees it, we’re witnessing the biggest gold boom of the last 100 years – and those who keep their money on the sidelines are missing their chance at a fortune thanks to gold’s epic run.
But smart investors who get in now, could make 10X their money in the coming months.
The Government
As if competing with Nvidia weren’t enough…
OpenAI also discovered this week that hardware isn’t its only dependency.
The company confirmed GPT-5.6 will first roll out to 20 government-approved partners before becoming broadly available.
The request came from the U.S. government.
Why?
Because the newest generation of AI models is becoming increasingly capable of autonomous coding, cybersecurity research, and advanced biological reasoning—areas with obvious national security implications.
OpenAI wasn’t blocked but slowed.
That’s an important distinction.
SPONSOR BREAK presented by MarketWise*
Elon Musk Warns We May Have Just Six Months Left
“Frontier AI” is a point of no return when AI surpasses human intelligence and gains free will. Elon Musk warns this moment could hit by the end of 2026.
According to 60-year Wall Street legend, Marc Chaikin, Frontier AI could soon become the only thing that determines which companies make money and which grind to a halt, That’s why he’s giving away a list of stocks to buy and sell absolutely FREE to help you position your money for a world driven by Frontier AI technology. Get Marc’s Frontier AI Hotlist right here…
It’s Not Just OpenAI
Anthropic’s situation is more severe.
Anthropic suspended its most capable models after being ordered to restrict access for certain foreign nationals, following reports that its Fable 5 model could be jailbroken to bypass cybersecurity safeguards.
OpenAI’s situation is less restrictive—a staggered rollout rather than a suspension—but the direction is the same.
OpenAI hopes an executive order signed earlier this month will bring more clarity. The order gives the administration and AI companies 60 days to develop a voluntary framework that could allow the government to review frontier models for up to 30 days before public release.
In other words, OpenAI isn’t pushing back against oversight—it wants predictable rules instead of last-minute negotiations.
The Bulit-In Delay
If a formal government review becomes standard across the industry, every major AI release could come with a built-in delay between building the technology and monetizing it. That could affect product launches, enterprise adoption, and ultimately, revenue.
A mandatory review window won’t stop innovation, but it could slow it down.
On the other hand, a standardized review process could also create something investors value: predictability. Clear rules help companies plan product launches, allocate capital, and commercialize new technology with greater confidence.
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Why Are Billionaires Suddenly Buying Amazon?
What Are They Seeing?
Everyone wants to find the next great AI stock.
Wall Street has spent the past year chasing chipmakers, AI software companies, and anything remotely connected to artificial intelligence.
Some stocks have doubled. Others have tripled.
A few have gone completely vertical.
Amazon? Not so much.
However, some of the world’s most successful investors have been buying it.
The core story today — the billionaire convergence on Amazon and…
What are they seeing?
Here is the story. ⇩
SPONSOR BREAK presented by MarketWise*
“Biggest Breakthrough in the History of Stock Trading”
A Maryland computer whiz recently created a new form of “Predictive AI” that can foresee the future prices of any of 2,334 stocks – to the penny – with 73% historical accuracy. It’s led to a huge anomaly that would’ve turned every $5,000 into over $15,000 in the 16 months following its creation in one study.
Claim your free demo here (no purchase required).
The Convergence
David Tepper, Bill Ackman, and Seth Klarman all made Amazon AMZN ( ▼ 3.1% ) a top holding this quarter.
For two of them, Amazon is their single biggest bet in the entire portfolio.
That kind of convergence, among investors this different, this successful, is not common.
1 David Tepper – Appaloosa Management
#1 holding
Nearly doubled his Amazon position last quarter — now his single largest holding. Four of his top five positions tie directly to AI infrastructure: Amazon, Micron, Alphabet, and TSMC. The one notable cut: Microsoft, slashed 82%.
2 Bill Ackman – Pershing Square
$2.4B position
Built his Amazon stake from scratch about a year ago. Now his second-largest position. Added 19% more last quarter. Also opened a new $2.1B Microsoft stake — while slashing Alphabet by 95%.
3 Seth Klarman – Baupost Group
#1 holding
Amazon has become his single largest holding — notable for a famously conservative value investor who built his reputation avoiding overhyped momentum trades.
Also…
4 Al Gore’s Generation Investment Management and Sanders Capital have both been enlarging their Amazon stakes too.
Sanders doubled its position in Q1 to 29.8 million shares worth about $6.2 billion — now its third-largest holding, behind only TSMC and Alphabet.
5 Institutional investors broadly reported owning 253 million more shares of Amazon last quarter than the quarter before, per Quiver Quantitative data — with UBS Asset Management, Norway’s Norges Bank, and Victory Capital among the biggest buyers.
SPONSOR BREAK presented by MarketWise*
The Billionaire Who Saved SpaceX Just Made a New Bet
He once rescued SpaceX from bankruptcy. He also helped launch Facebook, Airbnb, YouTube, and Spotify. And now he’s making a new bet – he’s just sold every single share of the Mag 7 companies in his portfolio. And he’s using that money to buy a shocking new kind of company instead. You should mirror his moves. And now you can, for as little as $50 a share.
Why?
⚠️ Everything else in AI ripped. Amazon barely moved. That gap is the entire thesis.
Amazon’s stock is up just 3.4% year-to-date and 10.1% over the past 12 months — badly lagging a sector where Micron gained 719% and Intel gained 496%.
The same quarter the stock barely moved, Amazon’s cloud division posted what CEO Andy Jassy called its “fastest growth in 15 quarters.”
For value investors, that gap — a business accelerating while the stock sits still — is the entire opportunity.
SPONSOR BREAK presented by Brownstone*
Have you tried Elon Musk’s 70x AI agent?
I’m about to do a live demonstration.
Of Elon Musk’s latest genius invention.
It’s an AI agent…
Perhaps the most powerful ever created.
Elon himself believes it could 70x your money… in a short period of time.
The Numbers.
That $364 billion backlog does not even include the Anthropic deal — Anthropic has committed to spend more than $100 billion on AWS over the next decade.
Amazon previously invested $8 billion in Anthropic and can add up to $25 billion more.
→ Overall Q1 sales grew 17% to $181.5 billion, with operating income at $23.9 billion.
SPONSOR BREAK presented by Paradigm*
FREE Gold Ticker to Buy ASAP: (NYSE:___)
Jim Rickards – the world’s #1 gold expert – has just revealed one of his favorite gold plays… 100% FREE.
As Jim sees it, we’re witnessing the biggest gold boom of the last 100 years – and those who keep their money on the sidelines are missing their chance at a fortune thanks to gold’s epic run.
But smart investors who get in now, could make 10X their money in the coming months.
The Valuation Trick
1 The sum-of-the-parts case
Some investors believe the market is looking at Amazon as one company when it should be looking at several.
Charles Lemonides of ValueWorks estimates that AWS alone could be worth roughly half of Amazon’s $2.5 trillion market value, with Amazon’s retail business accounting for much of the rest. If that’s true, investors are effectively getting Amazon’s rapidly growing advertising business, Prime, streaming, logistics, and other businesses at very little additional cost.
2 27x forward earnings looks pricey. Price-to-cash-flow tells a completely different story.
Amazon plans to spend about $200 billion this year, with most of that investment going toward expanding AWS and AI infrastructure. Those investments reduce today’s earnings, making the stock appear more expensive than it may actually be.
That’s why many analysts prefer looking at price-to-operating-cash-flow instead of earnings during heavy investment cycles.
By that measure, Amazon sits near the low end of its own historical valuation, while Apple trades at nearly twice Amazon’s multiple and near the high end of its historical range.
The argument isn’t that Amazon is cheap by every metric.
It’s that traditional valuation measures may understate the value of a company investing heavily in future growth.
⚠️ One more thing about Apple…
Apple’s premium valuation also comes with a different challenge.
As AI demand pushes memory and storage costs higher, Apple could face increasing pressure on its hardware margins. Passing those costs on through higher iPhone prices isn’t necessarily easy in a consumer environment that’s already under strain.
Amazon, by contrast, is investing aggressively today with the expectation that tomorrow’s AI demand will help justify those costs.
That’s one reason several billionaire investors believe the market may be underestimating Amazon’s long-term earnings power.
SPONSOR BREAK presented by MarketWise*
Elon Musk Warns We May Have Just Six Months Left
“Frontier AI” is a point of no return when AI surpasses human intelligence and gains free will. Elon Musk warns this moment could hit by the end of 2026.
According to 60-year Wall Street legend, Marc Chaikin, Frontier AI could soon become the only thing that determines which companies make money and which grind to a halt, That’s why he’s giving away a list of stocks to buy and sell absolutely FREE to help you position your money for a world driven by Frontier AI technology. Get Marc’s Frontier AI Hotlist right here…
Not a Retreat from AI
Three more stories, all genuinely important, all out-traded by a burger chain.
Notice the pattern is not uniform — Tepper and Coleman are cutting Microsoft MSFT ( ▼ 3.46% ) hard while Ackman is buying it fresh.
That disagreement on Microsoft, sitting right next to near-unanimous agreement on Amazon, tells you something: this is not simple momentum-chasing. These are specific, differentiated bets about which layer of the AI stack — cloud, power, chip equipment, foundries — offers the best risk-adjusted return right now. Amazon happens to be the one name where the most different types of investors landed on the same conclusion.
The Famous Holdout
Berkshire walked away entirely – from 10 million shares to zero
While Tepper, Ackman, and Klarman were building in, Berkshire Hathaway went the other way entirely. The conglomerate slashed its Amazon stake from 10 million shares to just 2.3 million by the end of 2025 — and its most recent filing lists no Amazon holdings at all. Buffett’s old skepticism toward paying up for tech, even tech he respects, appears to have won out.
One other signal worth noting is genuinely ambiguous rather than bearish. Stanley Druckenmiller’s Duquesne Family Office cut its common Amazon stock position by about 94%, down to fewer than 46,000 shares. But he simultaneously doubled his Amazon call options — from 100,000 to 200,000 shares’ worth — a leveraged bet that the stock rises, dressed up to look like a sale on the surface.
Don’t forget to cast your vote 👇
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Another Reddit Mania?
Reddit Ordered A Combo Meal 🍔
A burger chain with falling sales became one of the hottest trades in America on Wednesday.
Wendy’s shares jumped 30.86%.
By 9am, more dollars had traded in Wendy’s than in Microsoft, Apple, Amazon, Meta, or Palantir. For a company worth only a tiny fraction of those tech giants, that’s an extraordinary amount of investor interest.
At first glance, it looks like another meme-stock frenzy.
But this one is a little different.
Behind the Reddit excitement is a legitimate turnaround story involving new leadership, an activist investor, and a business trying to reverse several years of slowing growth.
The question is whether that story is already worth 30% more than it was yesterday.
Here is the story. ⇩
SPONSOR BREAK presented by Brownstone*
Have you tried Elon Musk’s 70x AI agent?
I’m about to do a live demonstration.
Of Elon Musk’s latest genius invention.
It’s an AI agent…
Perhaps the most powerful ever created.
Elon himself believes it could 70x your money… in a short period of time.
Reddit Mania?
The viral WallStreetBets thread did not appear from nowhere. Here is what it cited.
1 Catalyst 1 – New leadership
CEO Bob Wright (May hire) plus newly-announced CFO/Chief Strategy Officer Steve Cirulis, effective immediately. Both previously ran Potbelly together.
2 Catalyst 2 – Store closures
Select underperforming locations being shut — the standard first move of any restaurant turnaround playbook.
3 Catalyst 3 – China expansion
New growth market disclosed in Wendy’s Q1 2026 results — a genuine, if early-stage, growth lever.
4 Catalyst 4 – The Peltz angle
Trian Fund Management — run by activist Nelson Peltz — is now Wendy’s largest shareholder with 30M+ shares, reportedly raising funds to take it private, per the FT.
SPONSOR BREAK presented by MarketWise*
Elon Musk Warns We May Have Just Six Months Left
“Frontier AI” is a point of no return when AI surpasses human intelligence and gains free will. Elon Musk warns this moment could hit by the end of 2026.
According to 60-year Wall Street legend, Marc Chaikin, Frontier AI could soon become the only thing that determines which companies make money and which grind to a halt, That’s why he’s giving away a list of stocks to buy and sell absolutely FREE to help you position your money for a world driven by Frontier AI technology. Get Marc’s Frontier AI Hotlist right here…
Not Just Meme Fuel.
Wright and Cirulis have actually done this before. The results were real.
The Potbelly precedent
⚠️ This is what separates Wendy’s from a typical Reddit-fueled rally.
Bob Wright and Steve Cirulis aren’t unknown executives parachuting into the company. They already led one successful restaurant turnaround at Potbelly, where the business delivered a 500%+ share price increase, higher restaurant margins, and stronger unit growth before ultimately being acquired.
That doesn’t guarantee they’ll repeat the feat at Wendy’s. But it does give investors something more tangible than internet hype to point to.
A proven management team can improve a business over time—but it can’t transform five quarters of declining sales overnight.
A 30% one-day rally says investors are already pricing in a lot of success before the turnaround has even begun.
SPONSOR BREAK presented by Paradigm*
FREE Gold Ticker to Buy ASAP: (NYSE:___)
Jim Rickards – the world’s #1 gold expert – has just revealed one of his favorite gold plays… 100% FREE.
As Jim sees it, we’re witnessing the biggest gold boom of the last 100 years – and those who keep their money on the sidelines are missing their chance at a fortune thanks to gold’s epic run.
But smart investors who get in now, could make 10X their money in the coming months.
The Bull Case vs The Bear Case
1 Bulls or Why it might work
→ Wright + Cirulis have a proven, documented turnaround track record at Potbelly.
→ Nelson Peltz — one of the most successful activist investors alive — is the largest shareholder and reportedly wants to take it private.
→ Placer’s Petrack: strong appeal with younger consumers, loyalty among older diners, and an underdeveloped breakfast business with real upside.
→ A going-private deal at a premium would reward shareholders regardless of near-term operational struggles.
2 Bears or Why it might not
→ Same-store sales fell 5.5% last quarter. Sales have been negative since Q1 2025.
→ Beef prices remain elevated industry-wide — a direct cost headwind with no clear end date.
→ Trailing 12-month sales are flat and adjusted EPS is lower since the end of 2023 — the underlying business has not turned yet.
→ One CFO hire, however credentialed, does not fix five quarters of declining traffic by itself.
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 money before the Melt Up reaches its dramatic conclusion, click here while there’s still time.
Wendy’s Isn’t the First. It Won’t Be the Last.
WallStreetBets has a familiar playbook.
Find a well-known brand that’s fallen out of favor. Add a believable turnaround story. Sprinkle in a little FOMO, a lot of social media attention, and suddenly millions of traders are watching the same ticker.
We’ve seen it before with GameStop, AMC, Bed Bath & Beyond, Carvana, and Tilray.
Now it’s Wendy’s.
Interestingly, Wendy’s wasn’t the only restaurant stock caught in the wave. Krispy Kreme gained 8.55% the same day, while Reddit—the platform where much of the excitement originated—actually fell 3.64%.
SPONSOR BREAK presented by MarketWise*
The Billionaire Who Saved SpaceX Just Made a New Bet
He once rescued SpaceX from bankruptcy. He also helped launch Facebook, Airbnb, YouTube, and Spotify. And now he’s making a new bet – he’s just sold every single share of the Mag 7 companies in his portfolio. And he’s using that money to buy a shocking new kind of company instead. You should mirror his moves. And now you can, for as little as $50 a share.
The Rest of Wednesday
Three more stories, all genuinely important, all out-traded by a burger chain.
Don’t forget to to cast your vote 👇
Lesson Of The Day:
Was this email forwarded to you? Don’t miss out on future stories — subscribe using the button below.
Also, help your friends blossom this spring! Share us with them.
💬 We Want To Hear Your Story:
Got a market or stock you want us to analyze next?
Just drop your request in the comments here.
P.S. – If you no longer want to receive occasional emails from us and you want to unsubscribe, click here 👉 “Unsubscribe” . Thank you!
Another Reddit Mania?
Reddit Ordered A Combo Meal 🍔
A burger chain with falling sales became one of the hottest trades in America on Wednesday.
Wendy’s shares jumped 30.86%.
By 9am, more dollars had traded in Wendy’s than in Microsoft, Apple, Amazon, Meta, or Palantir. For a company worth only a tiny fraction of those tech giants, that’s an extraordinary amount of investor interest.
At first glance, it looks like another meme-stock frenzy.
But this one is a little different.
Behind the Reddit excitement is a legitimate turnaround story involving new leadership, an activist investor, and a business trying to reverse several years of slowing growth.
The question is whether that story is already worth 30% more than it was yesterday.
Here is the story. ⇩
SPONSOR BREAK presented by Brownstone*
Have you tried Elon Musk’s 70x AI agent?
I’m about to do a live demonstration.
Of Elon Musk’s latest genius invention.
It’s an AI agent…
Perhaps the most powerful ever created.
Elon himself believes it could 70x your money… in a short period of time.
Reddit Mania?
The viral WallStreetBets thread did not appear from nowhere. Here is what it cited.
1 Catalyst 1 – New leadership
CEO Bob Wright (May hire) plus newly-announced CFO/Chief Strategy Officer Steve Cirulis, effective immediately. Both previously ran Potbelly together.
2 Catalyst 2 – Store closures
Select underperforming locations being shut — the standard first move of any restaurant turnaround playbook.
3 Catalyst 3 – China expansion
New growth market disclosed in Wendy’s Q1 2026 results — a genuine, if early-stage, growth lever.
4 Catalyst 4 – The Peltz angle
Trian Fund Management — run by activist Nelson Peltz — is now Wendy’s largest shareholder with 30M+ shares, reportedly raising funds to take it private, per the FT.
SPONSOR BREAK presented by MarketWise*
Elon Musk Warns We May Have Just Six Months Left
“Frontier AI” is a point of no return when AI surpasses human intelligence and gains free will. Elon Musk warns this moment could hit by the end of 2026.
According to 60-year Wall Street legend, Marc Chaikin, Frontier AI could soon become the only thing that determines which companies make money and which grind to a halt, That’s why he’s giving away a list of stocks to buy and sell absolutely FREE to help you position your money for a world driven by Frontier AI technology. Get Marc’s Frontier AI Hotlist right here…
Not Just Meme Fuel.
Wright and Cirulis have actually done this before. The results were real.
The Potbelly precedent
⚠️ This is what separates Wendy’s from a typical Reddit-fueled rally.
Bob Wright and Steve Cirulis aren’t unknown executives parachuting into the company. They already led one successful restaurant turnaround at Potbelly, where the business delivered a 500%+ share price increase, higher restaurant margins, and stronger unit growth before ultimately being acquired.
That doesn’t guarantee they’ll repeat the feat at Wendy’s. But it does give investors something more tangible than internet hype to point to.
A proven management team can improve a business over time—but it can’t transform five quarters of declining sales overnight.
A 30% one-day rally says investors are already pricing in a lot of success before the turnaround has even begun.
SPONSOR BREAK presented by Paradigm*
FREE Gold Ticker to Buy ASAP: (NYSE:___)
Jim Rickards – the world’s #1 gold expert – has just revealed one of his favorite gold plays… 100% FREE.
As Jim sees it, we’re witnessing the biggest gold boom of the last 100 years – and those who keep their money on the sidelines are missing their chance at a fortune thanks to gold’s epic run.
But smart investors who get in now, could make 10X their money in the coming months.
The Bull Case vs The Bear Case
1 Bulls or Why it might work
→ Wright + Cirulis have a proven, documented turnaround track record at Potbelly.
→ Nelson Peltz — one of the most successful activist investors alive — is the largest shareholder and reportedly wants to take it private.
→ Placer’s Petrack: strong appeal with younger consumers, loyalty among older diners, and an underdeveloped breakfast business with real upside.
→ A going-private deal at a premium would reward shareholders regardless of near-term operational struggles.
2 Bears or Why it might not
→ Same-store sales fell 5.5% last quarter. Sales have been negative since Q1 2025.
→ Beef prices remain elevated industry-wide — a direct cost headwind with no clear end date.
→ Trailing 12-month sales are flat and adjusted EPS is lower since the end of 2023 — the underlying business has not turned yet.
→ One CFO hire, however credentialed, does not fix five quarters of declining traffic by itself.
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 money before the Melt Up reaches its dramatic conclusion, click here while there’s still time.
Wendy’s Isn’t the First. It Won’t Be the Last.
WallStreetBets has a familiar playbook.
Find a well-known brand that’s fallen out of favor. Add a believable turnaround story. Sprinkle in a little FOMO, a lot of social media attention, and suddenly millions of traders are watching the same ticker.
We’ve seen it before with GameStop, AMC, Bed Bath & Beyond, Carvana, and Tilray.
Now it’s Wendy’s.
Interestingly, Wendy’s wasn’t the only restaurant stock caught in the wave. Krispy Kreme gained 8.55% the same day, while Reddit—the platform where much of the excitement originated—actually fell 3.64%.
SPONSOR BREAK presented by MarketWise*
The Billionaire Who Saved SpaceX Just Made a New Bet
He once rescued SpaceX from bankruptcy. He also helped launch Facebook, Airbnb, YouTube, and Spotify. And now he’s making a new bet – he’s just sold every single share of the Mag 7 companies in his portfolio. And he’s using that money to buy a shocking new kind of company instead. You should mirror his moves. And now you can, for as little as $50 a share.
The Rest of Wednesday
Three more stories, all genuinely important, all out-traded by a burger chain.
Don’t forget to to cast your vote 👇
Lesson Of The Day:
Was this email forwarded to you? Don’t miss out on future stories — subscribe using the button below.
Also, help your friends blossom this spring! Share us with them.
💬 We Want To Hear Your Story:
Got a market or stock you want us to analyze next?
Just drop your request in the comments here.
P.S. – If you no longer want to receive occasional emails from us and you want to unsubscribe, click here 👉 “Unsubscribe” . Thank you!
More Buyers Than Chairs.
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 Who Saved SpaceX Just Made a New Bet
He once rescued SpaceX from bankruptcy. He also helped launch Facebook, Airbnb, YouTube, and Spotify. And now he’s making a new bet – he’s just sold every single share of the Mag 7 companies in his portfolio. And he’s using that money to buy a shocking new kind of company instead. You should mirror his moves. And now you can, for as little as $50 a share.
What Happened?
A sell-off in memory chipmakers triggered the move. SK Hynix and Samsung Electronics — two of the three companies that dominate high-bandwidth memory production, alongside Micron — both fell more than 12% in South Korea, dragging the Kospi down nearly 10% in a single session.
That selling crossed the Pacific by morning.
→ Nvidia fell roughly 3-4%.
→ AMD and Intel slid.
→ And Micron — which reports earnings Wednesday and had just closed at a record high Monday — tumbled more than 13% the day before the print that was supposed to validate the whole AI memory trade.
The official explanation is “doubts about overstretched AI valuations.”
That is true, but incomplete. The more useful explanation is leverage.
SPONSOR BREAK presented by MarketWise*
“Sell This, Buy That.”
It’s a way to rid yourself of overpriced AI stocks before the tech trade breaks down this summer…
And instead move that money into smaller, lesser-known names that are showing real potential to dethrone the “Mag 7”.
I even give away a Hotlist and Hitlist of buy and sell ideas that you can act on right now.
Like my recommendation I call “an upgrade to Tesla stock.” It’s a little-known company that just inked a groundbreaking partnership with the king of AI, Nvidia. This deal virtually hands this under-the-radar firm the keys to the self-driving industries’ biggest customers, putting them miles ahead of Tesla in the autonomous vehicle race.
That’s why I want to put this stock on your radar before markets open.
You can get the name and ticker symbol here.
Marc Chaikin
Leverage In The AI Trade.
Over the past month, Korean investors poured money into leveraged ETFs tied to Samsung and SK Hynix.
Assets in those funds reportedly grew from less than $3 billion to more than $10 billion in just a few weeks.
That’s a lot of money chasing a very small group of stocks.
As long as prices rise, leverage feels invisible.
When prices fall, it becomes impossible to ignore.
⚠️ Once selling begins, leveraged products often create more selling.
The result is a move that looks far bigger than the original catalyst.
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 money before the Melt Up reaches its dramatic conclusion, click here while there’s still time.
The Bull Case Has One Challenge
The 15 AI and semiconductor names that got hit hardest Tuesday all share one thing: they had been the loudest winners of 2026’s rally.
⚠️ The honest answer to “what caused this.” : nobody knows for sure.
When leverage builds inside a crowded trade, prices don’t need a dramatic catalyst to move violently. The same stocks that were climbing almost every day suddenly found themselves moving in the opposite direction.
When too much money crowds into the same trade, the exit can get very small very quickly.
Play with matches and you get burned.
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“Trump’s Gold Mine” to Deliver 10X Gains In a Few Months
According to Jim Rickards – the world’s #1 gold expert and a man with close ties to Donald Trump’s “inner circle”…
The president is about to unleash a major new gold initiative…
One that opens up the largest gold deposit in the entire world – right here on U.S. soil…
And that is valued at over $1 TRILLION.
Today, Jim has revealed one of his favorite ways to play this gold boom – 100% FREE.
Click here to get Jim’s FREE gold pick NOW.
The Same Mechanism, A Different Market.
SpaceX is dealing with a different version of the same problem: a very small float.
Only about 4.2% of SpaceX shares are currently available for public trading. The vast majority remain locked up in the hands of insiders, employees, and early investors.
When demand flooded into SpaceX after the IPO, there were not many shares available for sale. With limited supply, the stock surged from its IPO price to more than $225 in just a few trading sessions.
The same dynamic works in reverse.
When buyers step back and sellers become more aggressive, a thin float can magnify the downside just as easily as it amplified the rally.
Today, SpaceX briefly fell below its $150 debut price before recovering and closing at $156.11. Nothing material changed about the company’s rockets, satellites, AI ambitions, or long-term prospects during those few hours.
What changed was the balance between buyers and sellers.
With so few shares available to trade, even relatively modest shifts in sentiment can create surprisingly large moves.
That is the power — and the risk — of a stock with a tiny float.
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Live demo of Elon Musk’s AI agent
Have you tried Elon Musk’s new AI agent?
It’s the most powerful AI ever created.
Musk himself thinks it could make investors 70 times their money.
In a few short years…
I expect an announcement from Musk by the end of this month…
That will make this AI agent available to every American.
But you can get in right now…
When you click this link, I’ll give you a live demo of this amazing AI agent – for free.
The Float Problem, Fully Mapped
Here is every wave, in order.
So Why Isn’t Everyone Shorting It Already? 🐻
Four reasons short sellers should think twice — for now.
1 Borrowing SpaceX shares is brutally expensive
Classified “Hard to Borrow” at major brokerages, with annualized stock loan fees ranging 15% to 50%. That fee compounds daily — even a correct short can lose money to borrowing costs alone.
2 The real catalyst hasn’t arrived yet
Most bears are waiting for the lockup waves above. Borrowing costs should fall and shares should become easier to short profitably only once that supply actually hits the market.
3 Index inclusion creates a buying floor
As the world’s 7th most valuable company, SpaceX is on a fast track for major index inclusion. Passive funds would be forced to buy a large chunk of the float — a built-in source of demand that works against short sellers.
4 The Musk factor
Musk’s social media activity has moved his other holdings before. A single post about SpaceX could spark a short squeeze with little warning.
Don’t forget to to cast your vote 👇
Lesson Of The Day:
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The Easy Money Is Gone.
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 suddenly become available.
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 money before the Melt Up reaches its dramatic conclusion, click here while there’s still time.
The Bond Is Now Confirmed
SpaceX filed officially Monday morning confirming its first-ever bond sale. The filing itself did not disclose a size, but Bloomberg’s reporting from last week — at least $20 billion — remains the working number.
Proceeds will repay in full the bridge loan SpaceX took out in February to fund the xAI acquisition, plus related fees. Bank of America, Citigroup, JPMorgan, Goldman Sachs, and Morgan Stanley — the same five banks that ran the IPO — are expected to run this deal too.
Debt offerings can pressure a freshly public stock simply because they exist — investors start asking questions about interest expense and why a company needs more outside funding so soon.
But the bond by itself does not explain a three-day collapse from $225 to $154.60 — wiping out most of the post-IPO gain in less than a week.
The real explanation is the calendar.
SPONSOR BREAK presented by MarketWise*
“Sell This, Buy That.”
It’s a way to rid yourself of overpriced AI stocks before the tech trade breaks down this summer…
And instead move that money into smaller, lesser-known names that are showing real potential to dethrone the “Mag 7”.
I even give away a Hotlist and Hitlist of buy and sell ideas that you can act on right now.
Like my recommendation I call “an upgrade to Tesla stock.” It’s a little-known company that just inked a groundbreaking partnership with the king of AI, Nvidia. This deal virtually hands this under-the-radar firm the keys to the self-driving industries’ biggest customers, putting them miles ahead of Tesla in the autonomous vehicle race.
That’s why I want to put this stock on your radar before markets open.
You can get the name and ticker symbol here.
Marc Chaikin
The Calendar.
Insiders can sell up to 44% of SpaceX by early September. The float could grow 900%.
22V Research strategist Jeff Jacobson laid out the actual lockup schedule — and once you see it, the last three days make a lot more sense.
Today only about 4.2% of SpaceX shares are freely tradeable.
That scarcity helped fuel the IPO rally.
The problem is that scarcity doesn’t last forever.
That means up to 44% of shares could become eligible for sale by early September.
For context:
Today’s float is approximately 4.2%.
The available share supply could increase by roughly 900%.
SPONSOR BREAK presented by Paradigm*
“Trump’s Gold Mine” to Deliver 10X Gains In a Few Months
According to Jim Rickards – the world’s #1 gold expert and a man with close ties to Donald Trump’s “inner circle”…
The president is about to unleash a major new gold initiative…
One that opens up the largest gold deposit in the entire world – right here on U.S. soil…
And that is valued at over $1 TRILLION.
Today, Jim has revealed one of his favorite ways to play this gold boom – 100% FREE.
Click here to get Jim’s FREE gold pick NOW.
The Bull Case Has One Challenge
Many bulls have pointed to upcoming Nasdaq and MSCI inclusion as a powerful source of future buying.
That argument still has merit.
But Jacobson highlights an important catch.
The index providers will initially weight SpaceX based on its free float — not its full market capitalization.
That means the passive buying may be smaller than many investors expect.
At the same time insider selling pressure could be growing.
That combination helps explain why investors suddenly became more cautious.
The Most Honest Rating Yet →
KeyBanc initiated coverage with a Sector Weight rating.
Neither bullish nor bearish.
Analyst Michael Leshock summarized the situation well:
“We see many high-growth avenues over the long term, though risk/reward appears balanced in the near term.“
After a week of extreme opinions, that may be the most realistic assessment so far.
→ Strong long-term opportunities.
→ Plenty of short-term uncertainty.
SPONSOR BREAK presented by Brownstone*
Live demo of Elon Musk’s AI agent
Have you tried Elon Musk’s new AI agent?
It’s the most powerful AI ever created.
Musk himself thinks it could make investors 70 times their money.
In a few short years…
I expect an announcement from Musk by the end of this month…
That will make this AI agent available to every American.
But you can get in right now…
When you click this link, I’ll give you a live demo of this amazing AI agent – for free.
Even The Good News Didn’t Work…
The whole sector got hit.
Rocket Lab joined the Nasdaq 100 today. Normally that would be a celebration.
Instead, the stock fell.
That may be the clearest sign that Monday wasn’t just about SpaceX.
The entire sector was under pressure.
Rocket Lab had:
→ A $2.2 billion backlog
→ 64% revenue growth
→ Nasdaq 100 inclusion
Yet sellers still won.
Sometimes market sentiment overwhelms company-specific news.
That appears to be what happened Monday.
Greenspan’s Lesson
Alan Greenspan died today at age 100.
Most investors remember him for two words:
“Irrational exuberance.”
Those words became synonymous with the dot-com bubble.
What many people forget is what happened next.
Greenspan made the comment in December 1996.
And… the Nasdaq rallied for more than three additional years.
Yahoo Finance compared today’s AI-driven market with the dot-com era.
That is the lesson.
Markets can stay enthusiastic much longer than most investors expect.
And sometimes the hardest part is recognizing the difference between a warning and a prediction.
The Market Trades Expectations
Nothing has changed yet at SpaceX.
1 The insider shares have not been sold.
2 The float has not expanded.
3 September is still months away.
Yet the stock fell sharply because investors are already thinking about what those future events could mean.
If traders believe millions of new shares could hit the market in a few months, some will sell today rather than wait for it to happen.
That doesn’t mean they are right.
It doesn’t mean the stock can’t recover.
It simply means the market is constantly trying to stay one step ahead.
The lesson: By the time the event arrives, the market may have already spent weeks reacting to it.
Don’t forget to to cast your vote 👇
Lesson Of The Day:
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Microsoft Said No. SpaceX Said Yes.
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 money before the Melt Up reaches its dramatic conclusion, click here while there’s still time.
The Deal Behind The Debate
SpaceX’s acquisition of Cursor parent company Anysphere announced Tuesday, still shaping the conversation Friday.
It is best understood through one framework: vertical integration.
Shay Boloor, chief market strategist at Futurum Equities, laid it out in three layers.
1 Top layer — Applications
Cursor. “One of the fastest-growing AI applications in the world.” Developers who use it “will never leave that platform,” per Boloor. The killer app SpaceXAI was missing.
2 Middle layer — Models
xAI / Grok. “Okay, it’s not great,” Boloor says plainly. Musk himself admitted in March that xAI had fallen behind and needed to be “rebuilt from the ground up.”
3 Bottom layer — Infrastructure
Energy and compute. “Pretty well fit,” per Boloor. Starlink, satellites, and the data center capacity SpaceX has not already rented to Anthropic or Google.
⚠️ The honest read: Cursor does not fix SpaceXAI’s biggest problem, which is that its underlying models still lag Anthropic, OpenAI, and Google.
But it buys SpaceX something models cannot — a product developers already love, using compute SpaceX already owns. That is leverage, even if it is not a complete solution.
SPONSOR BREAK presented by MarketWise*
“Sell This, Buy That.”
It’s a way to rid yourself of overpriced AI stocks before the tech trade breaks down this summer…
And instead move that money into smaller, lesser-known names that are showing real potential to dethrone the “Mag 7”.
I even give away a Hotlist and Hitlist of buy and sell ideas that you can act on right now.
Like my recommendation I call “an upgrade to Tesla stock.” It’s a little-known company that just inked a groundbreaking partnership with the king of AI, Nvidia. This deal virtually hands this under-the-radar firm the keys to the self-driving industries’ biggest customers, putting them miles ahead of Tesla in the autonomous vehicle race.
That’s why I want to put this stock on your radar before markets open.
You can get the name and ticker symbol here.
Marc Chaikin
The Details.
The most interesting detail may not be the acquisition itself.
It may be who didn’t make it.
Microsoft passed on Anysphere. SpaceX paid $60 billion for it.
One saw a $60 billion opportunity.
The other did not.
This highlights something investors often forget:
→ The future is rarely obvious in real time.
⚠️ The risk is also obvious.
Cursor is platform-neutral — it can run on OpenAI’s models or Anthropic’s models, which is exactly why developers love it.
But if Anthropic or OpenAI now view SpaceX as a direct competitor, they could pull support for Cursor entirely.
Or SpaceX could choose to favor its own xAI models over rivals as Grok improves — which would make Cursor a worse product for the exact reason developers chose it in the first place.
The acquisition could quietly undermine the thing it just paid $60 billion to acquire.
SPONSOR BREAK presented by Paradigm*
“Trump’s Gold Mine” to Deliver 10X Gains In a Few Months
According to Jim Rickards – the world’s #1 gold expert and a man with close ties to Donald Trump’s “inner circle”…
The president is about to unleash a major new gold initiative…
One that opens up the largest gold deposit in the entire world – right here on U.S. soil…
And that is valued at over $1 TRILLION.
Today, Jim has revealed one of his favorite ways to play this gold boom – 100% FREE.
Click here to get Jim’s FREE gold pick NOW.
The Numbers
→ Anthropic’s Claude Code: $9B to $47B in a year.
→ OpenAI’s Codex: 6x growth since February.
What This Means →
SpaceX is buying a seat at a table where Anthropic’s coding revenue grew more than 5x in a year.
→ If SpaceXAI can hold onto Cursor’s developer base while improving Grok underneath it, the upside is real.
→ If the platform-neutrality concerns play out, SpaceX may have paid $60 billion for a product that becomes less valuable the moment it tries to use it strategically.
SPONSOR BREAK presented by Brownstone*
Live demo of Elon Musk’s AI agent
Have you tried Elon Musk’s new AI agent?
It’s the most powerful AI ever created.
Musk himself thinks it could make investors 70 times their money.
In a few short years…
I expect an announcement from Musk by the end of this month…
That will make this AI agent available to every American.
But you can get in right now…
When you click this link, I’ll give you a live demo of this amazing AI agent – for free.
One week in…
The most remarkable number from the first week isn’t the stock price.
It’s the range.
Nine independent fair-value estimates from the Simply Wall St community currently span from: $8 to $191
Different investors are looking at the same facts and arriving at completely different conclusions.
And that spread is widening.
The underlying question remains the same:
Can SpaceX transform itself from a loss-making space and communications company into a dominant AI and infrastructure platform?
If the answer is yes, today’s valuation may look cheap.
If the answer is no, it may not.
The Risk
Every bull case eventually runs into the same concern.
Capital.
1 SpaceX just spent $60 billion on Cursor.
2 It is preparing a $20 billion bond raise.
And insider lockups will eventually begin to expire.
Heavy spending and increasing share supply arriving at the same time is the risk factor analysts continue to focus on.
The timing matters.
→ The market can tolerate ambitious spending.
→ The market can tolerate more shares.
Doing both simultaneously becomes harder.
That is the collision investors are watching for.
The Quiet Upgrade
Lost among the headlines was a smaller development.
Roelof Botha, one of Silicon Valley’s most respected investors and a key figure at Sequoia Capital, joined SpaceX’s board.
It won’t move the stock.
It won’t change the revenue forecast.
But it does strengthen governance and oversight at a time when the company is becoming one of the most important public companies in the world.
Sometimes the quiet developments matter more than the loud ones.
Don’t forget to to cast your vote 👇
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Two Red Days Later, The Bullish Case Got Bigger.
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 company didn’t.
Here is the story. ⇩
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Elon and Apple just made waves for US #1 software company
Apple just enabled Starlink satellite support to T-Mobile iPhones.
One of the biggest potential winners from global satellite coverage?
Just about everything Elon touches turns to gold:
SpaceX IPOs at $1.77T
Tesla up by over 30,000% since IPO
And now – iPhone’s get satellite access
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Their EarnPhone technology already:
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Helped those users save and earn over $1 billion
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With SpaceX eliminating “dead zones,” Mode’s earning technology can reach 3B+ unbanked people globally in rural populations worldwide.
We’re talking about emerging markets with no infrastructure.
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The Deloitte rankings are based on submitted applications and public company database research, with winners selected based on their fiscal-year revenue growth percentage over a three-year period.
Tesla return calculated based on Yahoo Finance adjusted stock price data from June 29, 2010 to January 31, 2025.
SpaceX Raised $20 Billion More
While the stock was pulling back, SpaceX was preparing its first investment-grade bond deal.
The company is reportedly lining up at least $20 billion in debt financing, with investor calls expected as soon as next week. The proceeds would refinance a bridge loan that represents the majority of SpaceX’s long-term debt.
Three things stand out.
1 First, investment-grade ratings mean lower borrowing costs. That makes every future Starlink launch, AI data center, satellite deployment, and Mars-related project cheaper to finance.
2 Second, the same banks that led the record-breaking IPO — Bank of America, Citi, JPMorgan, Goldman Sachs, and Morgan Stanley — are leading the bond deal as well.
3 Third, companies under financial pressure do not typically issue investment-grade debt days after completing the largest IPO in history.
The stock may be correcting.
Wall Street’s appetite for SpaceX appears intact.
The Analyst Targets — from $63 to $401
Five analysts. Five very different views. One stock. Here is the full range:
That spread tells you everything you need to know about SpaceX.
Nobody agrees what it is worth.
The bulls see a company sitting at the intersection of space infrastructure, communications, AI computing, defense technology, and autonomous systems.
The bears see a company valued as if most of those future businesses have already succeeded.
Neither is impossible. Neither is guaranteed.
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 money before the Melt Up reaches its dramatic conclusion, click here while there’s still time.
The 2030 revenue debate — Musk vs Goldman vs Morgan Stanley
The disagreement becomes even clearer when looking at 2030 revenue forecasts.
Elon Musk: $1 trillion
Goldman Sachs: $470 billion
Morgan Stanley: $330 billion
2025 revenue: $18.7 billion
At Goldman’s estimate, SpaceX’s current valuation would eventually fall to roughly 5x sales by 2030.
At today’s revenue, it trades closer to 100x.
The entire valuation debate comes down to one question:
How much of the next five years is already priced in?
The One That Buffett Missed
One of the most shared statistics this week had nothing to do with rockets.
At SpaceX’s peak valuation, Elon Musk added roughly $164 billion to his net worth in a single day.
Warren Buffett accumulated $148 billion over more than six decades.
A lifetime versus a Monday.
Buffett has always been respectful of Musk.
In 2022 he said: “Taking on General Motors, Ford, Toyota — he’s got an idea and he’s winning.”
Yet Berkshire Hathaway never bought Tesla.
Never bought SpaceX.
Never bought any Musk company.
Charlie Munger may be the more fascinating story.
Munger reportedly had lunch with Musk in late 2008 when Tesla was worth roughly $200 million.
He passed.
Tesla eventually crossed $1 trillion.
Years later Munger called Musk: “A certified genius.“
Sometimes the greatest investors in history miss the biggest winners.
Not because they do not recognize brilliance.
Because investing is also knowing which risks you are willing to take.
What’s Next?
The next catalyst is not the stock chart.
It is the calendar.
Nasdaq 100 eligibility arrives after just 15 trading days, putting SpaceX on track for potential inclusion in early July. That could force index funds to become buyers.
The S&P 500 is a different story. SpaceX must wait at least a year and satisfy profitability requirements before it can qualify.
SpaceX has now fallen for two consecutive days.
It is still up roughly 37% from its IPO price.
Meanwhile the company is preparing a $20 billion investment-grade bond deal, analysts are debating whether it is worth $63 or $401, and Wall Street is already positioning for index inclusion.
The pullback is the stock.
The bond deal, the analyst targets, and the inclusion timeline are the business.
They are not the same thing.
First week complete.
Don’t forget to to cast your vote 👇
Lesson Of The Day:
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First Red Day.
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 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 money before the Melt Up reaches its dramatic conclusion, click here while there’s still time.
Four – Day Scorecard
Here is the thing worth sitting with: the stock is still up 42% from its $135 IPO price.
A 5% pullback after a 67% run is not a crash. It is a Tuesday with a bad mood, arriving on a Wednesday.
But it is the first real data point for the people who have been calling this a Tesla-style setup since Monday — and Wednesday gave them something to point at.
SPONSOR BREAK presented by MarketWise*
“Sell This, Buy That.”
It’s a way to rid yourself of overpriced AI stocks before the tech trade breaks down this summer…
And instead move that money into smaller, lesser-known names that are showing real potential to dethrone the “Mag 7”.
I even give away a Hotlist and Hitlist of buy and sell ideas that you can act on right now.
Like my recommendation I call “an upgrade to Tesla stock.” It’s a little-known company that just inked a groundbreaking partnership with the king of AI, Nvidia. This deal virtually hands this under-the-radar firm the keys to the self-driving industries’ biggest customers, putting them miles ahead of Tesla in the autonomous vehicle race.
That’s why I want to put this stock on your radar before markets open.
You can get the name and ticker symbol here.
Marc Chaikin
Why it actually fell?
The catalyst was not SpaceX-specific.
The Federal Reserve left interest rates unchanged Wednesday — the first decision under new chairman Kevin Warsh — and new projections showed officials split on whether they will hike rates at all this year.
Markets reacted by fully pricing in a rate hike by October.
That uncertainty hit everything: S&P 500 fell 1.2%, Nasdaq 100 fell 1%.
SpaceX fell nearly 5% — almost five times the market’s decline. That gap is not random. It is the float.
⚠️ The Float Effect
The same scarcity that helped push shares up 67% also works in reverse.
When buyers overwhelm a tiny float, stocks jump.
When sellers show up, the decline gets amplified.
That’s exactly what happened Wednesday.
The move wasn’t necessarily about changing opinions on SpaceX.
It was about how few shares exist to absorb buying and selling.
SPONSOR BREAK presented by Paradigm*
“Trump’s Gold Mine” to Deliver 10X Gains In a Few Months
According to Jim Rickards – the world’s #1 gold expert and a man with close ties to Donald Trump’s “inner circle”…
The president is about to unleash a major new gold initiative…
One that opens up the largest gold deposit in the entire world – right here on U.S. soil…
And that is valued at over $1 TRILLION.
Today, Jim has revealed one of his favorite ways to play this gold boom – 100% FREE.
Click here to get Jim’s FREE gold pick NOW.
Retail Bought the Dip
Most investors would expect enthusiasm to fade after the first red day.
Instead, retail investors bought more.
A lot more.
According to Vanda Research, SpaceX has now been the most purchased stock by retail investors for three consecutive sessions.
Wednesday’s buying exceeded the first two days combined.
One Interesting Rotation
Retail investors sold Tesla.
Retail investors bought SpaceX.
Vanda’s conclusion:
“SpaceX may increasingly be viewed as the cleaner AI and technology exposure.”
What This Means →
The first red day didn’t shake retail conviction.
If anything, it strengthened it.
That’s an important signal.
Whether it’s ultimately right or wrong is a different discussion.
The Tesla Debate
Is this 2010 all over again?
The comparison showed up almost immediately.
Tesla surged after its IPO.
Then doubled.
Then lost roughly 25% of its value within weeks.
Some investors think SpaceX follows the same script.
Others think it’s different.
What This Means →
The battle is between scarcity and supply.
Right now scarcity is winning.
History suggests supply eventually shows up.
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What History Says
If the gain holds through day five, SpaceX beats the average. The real test comes later.
The pattern is familiar.
Most IPOs hold up early.
Many struggle once lockups expire and insiders gain the ability to sell.
Circle August
That’s when many investors expect the first meaningful supply pressure to emerge.
That’s the date both bulls and bears are watching.
One down day does not make a crash.
1 “Long story short, I think this is just noise so far. If we were to see a big down day, I think that’d be a different discussion. If it really got hit more, we’d probably add.”
~ Michael Monaghan, Founder Funds, holds SPCX shares, June 17, 2026
2 Even Michael Burry — the investor made famous by The Big Short, who built his name betting against overpriced assets — wrote Tuesday that he has not bought any SpaceX puts.
His stated reason: they are too expensive.
That is not a bullish signal. It is a recognition that betting against this particular stock, right now, costs more than the conviction is worth to him.
One down day does not make a crash. It makes a data point.
The Fed caused it, the float amplified it, and retail bought through it without flinching — $144.6 million on the one day the stock actually went down.
The lockup expirations that start landing around August are the actual event everyone is bracing for — not a single red Wednesday.
Don’t forget to to cast your vote 👇
Lesson Of The Day:
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First Red Day.
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. ⇩
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Four – Day Scorecard
Here is the thing worth sitting with: the stock is still up 42% from its $135 IPO price.
A 5% pullback after a 67% run is not a crash. It is a Tuesday with a bad mood, arriving on a Wednesday.
But it is the first real data point for the people who have been calling this a Tesla-style setup since Monday — and Wednesday gave them something to point at.
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That’s why I want to put this stock on your radar before markets open.
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Marc Chaikin
Why it actually fell?
The catalyst was not SpaceX-specific.
The Federal Reserve left interest rates unchanged Wednesday — the first decision under new chairman Kevin Warsh — and new projections showed officials split on whether they will hike rates at all this year.
Markets reacted by fully pricing in a rate hike by October.
That uncertainty hit everything: S&P 500 fell 1.2%, Nasdaq 100 fell 1%.
SpaceX fell nearly 5% — almost five times the market’s decline. That gap is not random. It is the float.
⚠️ The Float Effect
The same scarcity that helped push shares up 67% also works in reverse.
When buyers overwhelm a tiny float, stocks jump.
When sellers show up, the decline gets amplified.
That’s exactly what happened Wednesday.
The move wasn’t necessarily about changing opinions on SpaceX.
It was about how few shares exist to absorb buying and selling.
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Retail Bought the Dip
Most investors would expect enthusiasm to fade after the first red day.
Instead, retail investors bought more.
A lot more.
According to Vanda Research, SpaceX has now been the most purchased stock by retail investors for three consecutive sessions.
Wednesday’s buying exceeded the first two days combined.
One Interesting Rotation
Retail investors sold Tesla.
Retail investors bought SpaceX.
Vanda’s conclusion:
“SpaceX may increasingly be viewed as the cleaner AI and technology exposure.”
What This Means →
The first red day didn’t shake retail conviction.
If anything, it strengthened it.
That’s an important signal.
Whether it’s ultimately right or wrong is a different discussion.
The Tesla Debate
Is this 2010 all over again?
The comparison showed up almost immediately.
Tesla surged after its IPO.
Then doubled.
Then lost roughly 25% of its value within weeks.
Some investors think SpaceX follows the same script.
Others think it’s different.
What This Means →
The battle is between scarcity and supply.
Right now scarcity is winning.
History suggests supply eventually shows up.
SPONSOR BREAK presented by Brownstone*
Live demo of Elon Musk’s AI agent
Have you tried Elon Musk’s new AI agent?
It’s the most powerful AI ever created.
Musk himself thinks it could make investors 70 times their money.
In a few short years…
I expect an announcement from Musk by the end of this month…
That will make this AI agent available to every American.
But you can get in right now…
When you click this link, I’ll give you a live demo of this amazing AI agent – for free.
What History Says
If the gain holds through day five, SpaceX beats the average. The real test comes later.
The pattern is familiar.
Most IPOs hold up early.
Many struggle once lockups expire and insiders gain the ability to sell.
Circle August
That’s when many investors expect the first meaningful supply pressure to emerge.
That’s the date both bulls and bears are watching.
One down day does not make a crash.
1 “Long story short, I think this is just noise so far. If we were to see a big down day, I think that’d be a different discussion. If it really got hit more, we’d probably add.”
~ Michael Monaghan, Founder Funds, holds SPCX shares, June 17, 2026
2 Even Michael Burry — the investor made famous by The Big Short, who built his name betting against overpriced assets — wrote Tuesday that he has not bought any SpaceX puts.
His stated reason: they are too expensive.
That is not a bullish signal. It is a recognition that betting against this particular stock, right now, costs more than the conviction is worth to him.
One down day does not make a crash. It makes a data point.
The Fed caused it, the float amplified it, and retail bought through it without flinching — $144.6 million on the one day the stock actually went down.
The lockup expirations that start landing around August are the actual event everyone is bracing for — not a single red Wednesday.
Don’t forget to to cast your vote 👇
Lesson Of The Day:
Was this email forwarded to you? Don’t miss out on future stories — subscribe using the button below.
Also, help your friends blossom this spring! Share us with them.
💬 We Want To Hear Your Story:
Got a market or stock you want us to analyze next?
Just drop your request in the comments here.
P.S. – If you no longer want to receive occasional emails from us and you want to unsubscribe, click here 👉 “Unsubscribe” . Thank you!
