Traditional valuation metrics do not work for the AI economy. Companies exposed to technological disruption might look "cheap" but in the age of AI they could be value traps. @ckaiwu explains.

The S&P 500 is up 10% in 2026, already above its average full-year return dating back to 1950. Hard to see stocks finishing the rest of the year completely flat from here.

SpaceX is now bigger than Microsoft and Amazon, and it just acquired Cursor for $60 billion. Elon Musk's net worth is greater than bitcoin as an entire asset class. All in $SPCX first 3 days of trading.

The end of the Iran conflict unlocks specific stock picks that are now set to outperform. I sat down with veteran investor Ben Emons (@Marcomadness2) to unpack the market impact of peace in the Middle East, what stocks he is betting on now, the new bear case for stocks, Kevin Warsh's Fed regime, and political volatility. Ben has worked in markets for decades. This conversation is full of unique insight and specific trade ideas. TIMESTAMPS: 0:00 - Iran peace deal rally 2:16 - The real bear case 2:53 - Kevin Warsh is hawkish 4:07 - Rate cuts vs. balance sheet 6:34 - New Fed regime 10:06 - Fertilizer shortage 12:07 - Parabolic 7 16:13 - When to sell winners 18:05 - Still bullish on Mag 7? 21:05 - Financial stocks 25:36 - Midterms blue sweep 28:53 - Political volatility 29:40 - Follow Ben

The AI trade adds billions in market cap in 1 day: - Nvidia $NVDA 3.54% - Taiwan Semiconductor $TSM 4.1% - AMD $AMD 6.98% - Marvell $MRVL 10.43% - Micron $MU 10.84% Makes the recent sell-off look completely irrelevant.

Small-cap stocks hit an all-time high the same day SpaceX pulled off the largest IPO in history. Russell 2000 has more than doubled the S&P 500 this year and not even SpaceX could shake the momentum.

SpaceX rose 19% on its first day of trading to $2.2 trillion market cap. All other space stocks fell ~11% on average the same day after rallying for weeks leading up to SpaceX's IPO.

The SpaceX IPO is full of contradictions. It's a bullish and optimistic bet on the future of humanity but it also resembles a classic hype trap for retail investors. Every number to know for $SPCX 👇 - SpaceX is now the 7th most valuable company - Only ~4% of the company will be in public hands - Total demand is roughly 5x available shares - Morningstar sees SpaceX fair value at $63 a share, less than half the IPO price - 30% of the offering is reserved for retail, above the usual 5-10% - $18.7 billion in 2025 revenue, a $4.9 billion net loss, $6.6 billion adjusted EBITDA - The offer price equals roughly 95x trailing sales - Starlink saw $11.4 billion in revenue and a $4.4 billion operating profit - Starlink subscribers up from 2.3 million in 2023 to 10.3 million - Starlink monthly revenue per user has dropped from $99 to $66 - Launch flew 165 Falcon 9 missions last year and commands roughly 90% of global commercial launch by mass, but it lost $657 million - SpaceX makes Elon Musk the first trillionaire - Musk's pay package only vests if SpaceX reaches $7.5 trillion and builds a colony on Mars - Public buyers get Class A shares with one vote each, while Elon Musk owns Class B shares carrying 10 votes, giving him 85% voting power

SpaceX is bigger than Berkshire Hathaway, Tesla and Meta. The $1.75 trillion IPO sets the bar for everything else in private markets. @sonalibasak explains.

RT @philrosenn: SpaceX is trading near $185 a share on Hyperliquid, ~35% above its IPO price of $135. SpaceX market cap could surpass $2.4…

AI isn't a bubble but expectations are accelerating to sky-high levels and that poses its own risks. Even if valuations remain reasonable, the lofty bar for earnings could become unreasonable. @LizAnnSonders explains.

SpaceX $SPCX could suck the liquidity from other corners of the market as investors scramble to get into the new stock. @JSeyff says the combination of SpaceX, Anthropic, and OpenAI IPOs all happening the same year will be hard for markets absorb.

The AI trade has left traditional value investors behind. Picking stocks based on outdated metrics like price-to-book means overlooking the most innovative companies in history and getting stuck in value traps. Veteran quant @ckaiwu explains.

AI separates winning and losing stocks more than ever but 78% of the market is still exposed to disruption. I sat down with @ckaiwu to discuss his strategy for stock picking during technological booms, intangible value versus traditional value investing, finding gems in the software sell off, how to know what companies to avoid, and more. Kai is one of the best quants in the industry and his research is world-class. TIMESTAMPS: 0:00 - AI disruption framework 1:07 - Code isn't a moat 1:47 - Intangible value 3:21 - Value metrics are outdated 4:53 - Netflix vs. Blockbuster 7:43 - 200 years of patent data 12:48 - Building an AI-era portfolio 15:09 - Is intangible value already priced in? 16:42 - Fake AI companies 21:47 - Software winners 27:57 - Startups vs. incumbents 30:38 - 78% of market exposed 34:43 - Are index investors safe? 40:28 - What we'll be wrong about

Nvidia $NVDA is cheaper than the S&P 500 despite a $4.8 trillion market cap. Largest company in the world trades at a forward P/E of 19.7x, below the benchmark's 20.4x. Insane.

Everyone keeps telling me AI is a bubble. But @philrosenn brought receipts that say otherwise. Tech stocks are actually cheaper than six months ago. Not because prices fell. Because earnings grew faster. Nobody ever makes that comparison. Why not?

Birth rates have fallen off a cliff since the iPhone launched in 2007. Economists thought the Financial Crisis was the catalyst but birth rates didn't recover when the economy rebounded. Non-markets but important discussion on Yahoo Finance with @juleshyman @byjakeconley.

Investors do not care about geopolitical risks because they are focused on short-term market dynamics instead of long-term macro factors. It also doesn't help that the line between investing and gambling continues to blur. @LizAnnSonders explains.

Investors called Micron $MU frothy after a 50% rally last year but it's up more than 1,000% since then. It's another example that shows how the bears waiting for a market crash have missed a generational bull market. I discuss on Yahoo Finance with @juleshyman @byjakeconley.

Liz Ann Sonders does not see an AI bubble but she knows exactly what will cause another dot-com crash. We sat down for a deep-dive on the data driving the bull market, how tech stocks keep getting cheaper, AI causing both inflation and deflation, compute demand and more. @LizAnnSonders is a true Wall Street legend. Her work at Charles Schwab influences millions of investor portfolios. Very little she has not seen in this industry. 0:00 - AI circular financing 2:36 - Tech stocks look cheaper 4:21 - Inflation changing valuations 5:02 - Iran and rising inflation 7:12 - AI both inflationary & deflationary 7:44 - Expectations bubble 11:57 - Market leadership 14:43 - Compute and energy 19:05 - AI and labor market 23:13 - What makes a bubble? 25:46 - Complacency and gambling 31:36 - Sentiment vs. hard data 38:44 - How we'll be wrong on AI