I think it'll be very volatile and I

think that's going to add a lot of

volatility to the market because when

you don't have a valuation backdrop,

when you don't have comparables, then to

your point, it can trade at 95 times

revenue. It can trade at 50 times. It

can trade at 150 times. There's no rhyme

or reason. It really is about how many

people buy into that vision and continue

to hold on to that vision. And there's

the excitement that we're going to have

tomorrow. There's going to be the

lockups, [music] very significant

lockups after that. There's going to be

index inclusions. There's going to be

index non-inclusions. We would should

expect more volatility in this [music]

stock than anything we've seen in a

stock of this size. And again, it's

going to also have a big impact on the

market. It already has.

Welcome to Profit Markets. I'm Edson. It

is June 11th. Let's check in on

yesterday's market vitals. The major

indices all tumbled more than 1 and a.5%

after President Trump expressed

frustration that negotiations with Iran

were taking too long. The S&P 500 hit a

5we low and then after hours the US

began striking multiple targets in Iran

at which point the price of Brent crude

climbed. Meanwhile, the yield on 10ear

treasuries was mostly stable despite the

hottest inflation report in 3 years.

More on that later. Okay, what else is

happening?

It is a monumental week for the AI

industry. SpaceX is expected to price

tonight and will begin trading on the

NASDAQ tomorrow in what will be the

largest IPO of all time. Currently,

shares for SpaceX are more than four

times overs subscribed, implying at

least $300 billion in investor demand.

Meanwhile, OpenAI filed confidentially

for its IPO earlier this week, hot on

the tail of anthropic. So, very soon,

the public markets are going to get an

unprecedented look into the business of

AI. In the meantime, we got a preview of

investor sentiment on AI from Oracle's

earnings last night, which sent the

stock plummeting 8%. For more on what is

next for the AI trade and also his

thoughts on the SpaceX IPO, we are

speaking with Gil Lura, head of

technology research at DAD Davidson.

Gil, it's good to see you. An

unbelievably important week for the

markets here. And I think we got to

start with SpaceX. $1.77 trillion

valuation. It's priced at 95 times

sales. I've made my opinion on the

matter quite known to our audience. I

think it's overvalued, but I'd love to

hear your views.

>> My view is going to be more descriptive

than prescriptive. Uh when I've been

following Elon Musk companies for uh

more than a decade and they rarely trade

on fundamentals. They rarely trade on

the same valuation metrics as other

companies. And I've thought about why

that is. And I think the answer is that

Elon has this trick that he plays. He

has the business that he has today. the

business that's on the come and then the

big dream business. So for Tesla, the

business he has today is selling cars.

The business that's on the come is robo

taxi and then somewhere down the line

there's Optimus robots running around.

The equivalence for SpaceX is right now

we have Starlink. Soon we'll have

orbital data centers and then eventually

we're putting a million people on Mars,

right? And that allows him to get away

from having his companies valued on the

fundamentals of what he has today

because there's always something bigger

coming near and then something even

bigger coming long term. And that's how

he does it with Tesla and he's been

successful doing it with Tesla for a

long time and now it seems to be working

for SpaceX. Having said all that, I

think it's great that you're cautioning

people ahead of tomorrow. Uh buyer

beware. Yeah, I mean I I guess I'm

skeptical how many people will actually

believe in that story and the putting

people on Mars. I mean, it's one thing

to say we're going to put these humanoid

robots into the world, which by the way,

at least they they've shown some models

of how it would look. Um, but putting

people on Mars, to me, there's a it

starts to go from optimism to delusion.

And I'm skeptical of how many people

actually believe this thing I is

actually going to happen. And I guess my

thought is that we're going to see a lot

of selling activity at least when these

lockups start to expire. So how do you

think the stock will trade over the

course of the day and I guess in in the

in the next weeks and months as well? I

think it'll be very volatile and I think

that's going to add a lot of volatility

to the market because when you don't

have a valuation backdrop, when you

don't have comparables, then to your

point, it can trade at 95 times revenue.

It can trade at 50 times. It can trade

at 150 times. There's no rhyme or

reason. It really is about how many

people buy into that vision and continue

to hold on to that vision. And there's

the excitement that we're going to have

tomorrow. There's going to be the

lockups, very significant lockups after

that. There's going to be index

inclusions. There's going to be index

non-inclusions. We would should expect

more volatility in this stock than

anything we've seen in a stock of this

size. And again, it's going to also have

a big impact on the market. It already

has. We've seen a lot of capital taken

out of a lot of other technology stocks,

a lot of the the rest of the AI trade in

order to fund this because if they're

issuing 75 billion and it's four times

over subscribed, that means investors

have $300 billion ready to invest.

They're not going to get their full

allocation, but they have to have it in

cash just in case they do. So, a lot of

capital's already been pulled out of the

market and we're going to have to see

what happens in order to perpetuate

this.

>> Yes. Plus, you've got Open AI coming up.

You've got Anthropic coming up. You've

got Google's $85 billion equity

offering. You've got Meta supposedly

considering a similar thing. You've got

Oracle, which we could get into, which

just announced a $20 billion equity

offering. I believe $20 billion in debt

as well. It's starting to get to the

point where there is so much stock being

issued into the markets, injected into

the markets. I'm not totally sure if

people even have the money to buy all of

this stuff. And if they don't, then

they're going to have to sell their

existing positions. It sounds like you

believe that that is what is already

happening. And that might describe why

we've seen some of the draw downs in

some of the larger tech names over the

past few days. Is that what's going to

happen? And do you think it could get I

guess worse?

>> Yeah, there's going to be a lot of

sloshing around of capital. Uh and and

the reason is part of the reason and

this is going to happen even more so

when open AI and anthropic go public

because SpaceX is bigger than AI, right?

It's about space exploration and

expanding consciousness into the stars.

A literal quote from the S1. Um but open

AI and anthropic are the pure plays on

AI. So if so far in the market you've

invested every other way in AI by buying

semis and optical and nuclear and

quantum and all these other ways to

invest indirectly in AI. Now you're

going to get a chance to invest directly

in AI. And so again a lot of capital is

going to be pulled from the rest of the

AI trade into open AI and anthropic. And

part of this is a race because you

mentioned the mega caps are going to the

capital markets. These three IPOs are

happening. Each of them wants tens of

billions, maybe even a hundred billion

dollars to raise. There's a finite

amount of capital that could come out of

everything else. And so to some extent,

this is a race. I think when we heard

open what OpenAI said when they filed

confidentially is we'd rather stay

private but we understand that we may

need to go public which is code for we

may need to beat anthropic out or at

least be soon after anthropic because we

don't want them to drive a narrative to

drive how disclosures happen what

metrics get reported. So a rush to

capital right now from all these big

players.

>> Yes. which implies something which seems

to me to be quite important, which is if

they're racing to sell now, that's

because they believe if they sell later,

there will be less available capital and

they won't be able to to command the

prices at which they would like to sell

today. So SpaceX seems to have timed it

great. But the further you go down the

line that it seems that like these CEOs

like Sam Alman believe there might not

be as much capital available later down

the line which makes me feel a little

bit bearish to be honest. It makes me

think that maybe we're at the top. They

think that now is the time to sell

clearly because that's what they're

doing. It makes me think maybe look out

below. What do you think about that

thesis that potentially this IPO race,

this IPO mania could signal the top, at

least for the tech sector?

>> I'm a little bit more optimistic from

the overall perspective because I

actually think the AI models are very

powerful and they're getting a lot

better that the folks that have been

using Fable from uh Anthropic over the

last couple days are saying that's

another big leap forward and we're

already getting a lot of good usage from

the other AI models. At the end of the

day, this is what matters. Are consumers

going to pay subscriptions to for AI?

Are companies going to pay for the

tokens coming from these AI models? As

long as that happens, we're going to

continue to see growth. What these

companies are doing, they're racing to

capital. It's not necessarily that

they're saying that their valuations are

peaking. They're saying what you said

earlier, which is if I don't get the

capital now, it may not be around later

because everybody else will have stood

in line first. This is a game of kings

and queens. You can't participate in AI

without tens of billions and hundreds of

billions of dollars. And if you think

that the couple's going to run out at

some point, you want to be early. By the

way, also compliments to Google for for

being early with the very big fund raise

this week. And and again, I wouldn't

expect Amazon and Microsoft to to linger

in the background. They understand this

is a race. they understand that they're

starting to exhaust their operating cash

flow and they will need resources in

order to keep uh building the AI compute

data centers.

>> Uh final question and then we'll let you

go and I don't know if you're going to

answer it because you didn't quite

answer it before. Do you think SpaceX is

overvalued or undervalued?

>> I I try not to do that with the Elon

companies because I don't think their

valuation has ever made sense. It's

never been had anything to do with

fundamentals. So if people are buying a

dream and a story and hope and and

sometimes that works out. It sure did

work out for Tesla holders that bought

the stock 15 years ago. It did. It did

indeed. All right. Gila, head of

technology research at DA Davidson. Gil,

thank you so much. Appreciate your time.

>> Thank you. We'll be right back. And if

you're enjoying the show, be sure to

subscribe to the Prof Markets YouTube

channel at the link below.

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We're back with Profit Markets.

Inflation rose 4.2% 2% in May from a

year earlier, the hottest reading in 3

years. Fuel oil is up nearly 60% from a

year earlier, and airfare is up 27%.

And for the second straight month, real

wages fell, meaning prices are rising

faster than paychecks. The report has

investors rethinking the [music] Fed's

path ahead. The odds of a rate hike

before the end of the year are now

around 50%. [music]

on Khi. Joining us to discuss this

inflation report, we are speaking with

our friend Mark Zandandy, chief

economist at Moody's Analytics. Marks,

thank you for joining me on the show.

It's always good to see you. I guess my

first question here, 4.2%.

I mean, this number is staggering to me.

Seems like it's all Iran. Is that right?

>> Uh Ed, good to be with you. No, it's

more than Iran. I mean, obviously Iran's

a big part of it. uh the bulk of the in

of the inflation acceleration is energy

prices. Uh but it goes to the tariffs.

There's still some tariff pass through.

It goes to the restrictive immigration

policy which is uh having an impact on

different industries and uh causing

sticky service price inflation and also

AI artificial intelligence. It AI is

juicing up demand you know the data

center infrastructure buildout consumer

spending because of the wealth effects.

uh but it's not lifting supply at least

not yet to any significant degree. The

productivity boost so far has been

pretty small. So more demand not as much

supply that adds to inflation. You can

see in electricity prices you can see it

on chip prices. So there's a lot of

stuff going on here. Inflation is up for

a lot of different reasons but the bulk

of it is is the Iran war.

>> I guess the next question is how long is

this going to last? I mean it's been

going up and up and up. If we stick

around at 4.2% 2%. I mean, we're over

two percentage points above the Fed's

target rate. This problem only seems to

be getting worse. And I think the

question on investors minds is how long

is this going to persist?

>> Well, it does depend on the war, right?

I mean, if uh if the war is kind of uh

close to peaking, winding down here, and

oil prices are not going any higher,

they're going they're around 100 bucks a

barrel, if that's where they stay, come

in a little bit, then the worst of the

inflation is behind us. But, you know,

there's no going back to the kind of 2%

inflation rate that the Fed would

consider to be appropriate, you know,

comfortable for a long time. I mean,

when I say a long time, Ed, we'll be

talking a year from now, inflation will

still be above target. Maybe two years

from now, if even if everything sticks

to script, including the Iran war

winding down. So, this is, you know, we

might be past the worst of it, but we're

not getting back to where we were

anytime soon. Do you think it will get

worse? This is the this is the thing

that I'm not sure what to expect. I

mean, we saw back in 22, we saw a

similar thing of inflation kind of

ripped back up. It went as high as 8 9%.

It got really bad. I mean, how much

worse do you expect it will get in this

round of inflation?

>> Well, I do expect the president to come

to terms with the Iranians and open up

the straight and get production, oil

production ramping up back up again and

oil prices moving south again. So, I

think that's the most likely scenario,

but as you as you, you know, were

alluding to, there's a gazillion

different scenarios here. Uh, and uh

almost all of them are worse than the

baseline, you know, inflation being

higher for longer. The one thing I do

think that we need to watch though to

answer your question is inflation

expectations. I mean if uh expectations

continue to uh for inflation continue to

rise uh particularly bond market

expectations then the risk is that this

inflation becomes more persistent more

entrenched and obviously has big

implications for what the Fed's going to

do. So so far you know inflation

expectations they're on the high side of

where I think the Fed would feel

comfortable but they haven't kind of

breached you know up to the upside. But

that's something to watch uh to to

answer your question.

>> Just to again theory this out like let's

imagine a world where Trump does not

figure out how to negotiate with Iran.

The straight remains closed or the

situation persists as it is. It's hard

to tell whether it's closed or open or

who's blockading what. Point is not

going great over there. That's all we

know. If it remains

as is, call it for the next 6 9 12

months, does the number get worse and

worse and worse or do you expect that it

will plateau at some point?

>> No, that's a pretty ugly scenario

because we're running out of

inventories. I mean, you know, global

inventories of oil have been being

significantly drawn down. I think you

have to go back to the early 80s to find

inventories as low as they are today.

And compared to the size of the economy,

we have to go back even further. So

there's just no inventory. And if uh we

don't see a resolution to the war, if

the straight doesn't open, if production

doesn't pick up, those inventories are

going to get to a place where we're

going to start seeing actual shortages,

physical shortages. Maybe not in the

United States because we produce a lot

of oil. We produce as much oil as we

consume, but in other parts of the

world. And I think at that point,

traders and everyone else would come to

the conclusion that, well, this isn't

going to come to a quick end. You know,

we got a problem here. We need much

higher oil prices to equate demand with

the reduced supply and that means much

higher prices and that means much higher

inflation and that that's a scenario

where you do get inflation expectations

you know breaching the upper limits of

what the Fed would feel comfortable with

and that's a pretty dark scenario but

clearly a scenario with a pro a

meaningful probability attached to it.

>> In other words, it sounds like almost

all of this rests on Trump's ability to

negotiate a deal with Iran. It sounds

like you are somewhat confident that he

will pull that off in the near to medium

term. I guess my question is why do you

feel that way?

>> Well, you know, the president, you know,

whatever you think of him, the one thing

you can say is that, you know, he uh if

things aren't working out in the way he

wants them to, he'll pivot 180 degrees,

declare victory, and move on. At least

that's been what he's done so far. Uh,

so I applying the same kind of logic to

my thinking around what he's going to do

here. He's desperately obviously trying

to figure out a way to wind this thing

down, declare victory, and move on. So

hopefully he finds that sooner rather

than later. Otherwise, we're going to be

in a boatload of hurt. And you know that

the scenario where he doesn't come to

terms in the next few weeks, next month

or so, you know, that's that's a

recession scenario, a stagflation

recession scenario. Yeah, I I personally

don't feel so optimistic about it, but

part of it is something some of the

things that he said about he's not

worried about it. And then he also said

this thing about inflation yesterday. We

have a clip of of what he said. He was

asked about this inflation report. I'm

just going to play this clip and I'd

love to get your reactions.

>> I love the inflation. You know why?

Because as soon as this war is over, you

know, I can say it now. Something you

didn't know. Do you know we've been

taking out millions of barrels of oil?

Nobody knows it. You know who doesn't

know about it? Iran until right now.

>> So Trump says he loves inflation because

they're taking barrels out.

>> I don't fully understand what he's

saying. Is there any way to make sense

of what he's saying?

>> Uh if you can't make make sense of it,

and I don't think I can. I I certainly

can't. I'm not sure what he's talking

about. I mean, I don't know. There's

nothing worse than inflation on every

level. I mean, uh, you know, it's it's

bad for consumers, bad for households,

it's bad for businesses, it's it's bad

for investors, it's, uh, it's bad for

the Federal Reserve Board. I it's a

lose-lose lose lose. So, I I don't know.

I I don't get it. Uh, but I I'm not sure

I I don't know that I attach a whole lot

of weight to that and, you know, and say

that that's what he actually believes.

You know, I'm not sure that's the case.

>> He's just saying what he says. not hard

to make meaning out of anything that he

says. Okay, [music] Mark Zandandy, chief

economist at Moody's Analytics. Mark,

thank you for joining us on Profy

Markets.

>> Anytime, Ed, thanks so much.

>> We'll be right back. And if you're

enjoying the show, be sure to subscribe

to the ProfG Markets YouTube channel at

the link below.

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We're back with Profy Markets.

Apple has finally shown up to the AI

race, but it might be too little too

late. At its Worldwide Developers

Conference on Monday, the company

unveiled Siri AI. The updated assistant

will be powered by Google's Gemini.

However, Siri AI has no firm release

date and it won't be available in the EU

or in China when it launches. Apple

stock hit a record high during the

keynote address on Monday, but it

quickly reversed course and since then

shares have shed [music] more than 7%.

So, here to help us break down Siri AI

and what it means for investors, we're

speaking with Alex Heath, author of the

Sources Newsletter and co-host of the

Access podcast. And Alex has been at the

Worldwide Developers Conference. Alex,

good to see you. Thank you for joining

us. The thing that jumps out to me here

is the fact that Apple comes out with

this AI product, it was supposed to be

exciting. It was supposed to inspire

confidence in investors and the stock

has shed more than 7% of its value. So,

we'll get into that. But what did we

learn at this conference and what do we

know about Siri AI?

>> Yeah, May I don't know. I'm I'm not an

expert on this. Maybe the reason for the

sell-off is that this is kind of what

they showed off two years ago. If folks

remember, they had this glitzy marketing

push around what Siri was going to be.

There were a bunch of TV commercials.

They even got sued over false

advertising around this, I believe, and

they never shipped it. And I think what

we saw uh what I saw at Apple when I was

there a few days ago was essentially

that vision of a more agentic theory

that can actually understand and connect

dots between data on your Apple device.

And they have made a meaningful

improvement there. Like there's no

question that this is a more capable

Siri. Is it anywhere near as capable as

what we're seeing from Anthropic, right,

which just put out its mythos class

model Fable this week or where chatbt is

going and where Codeex is going. No. Uh

it's nowhere near that. And and also I

think people were unclear about the

level of integration that Apple was

going to have with Google and Gemini,

right? There was all this reporting

going into dubdubdub dubdubdub which is

what Apple calls it dubdubdub uh about

how much Google would be powering the

new Siri and it turns out they are but

what Apple's essentially doing is a

bunch of distillation on top of Google's

models and post training and and

customization where they can essentially

ingest Google's model and kind of do

what they want with it. And so it's not

like Gemini in the essence of how

someone would experience Gemini in a

Google surface or on Android is what's

actually underneath Siri. It's actually

many steps removed from what you'd

experience on a Google surface. Uh which

means that Apple's doing a lot of its

own work around that. And I think people

are still, you know, skeptical that

Apple can pull it together here and and

whether um they can catch up and maybe

they don't feel like they need to. That

was kind of the message I got from

executives there at Apple Park was they

think it's early. They think all this

Asian hype is mostly that still hype uh

brittle, not really working. Certainly

not working at scale on a platform like

Apple with, you know, billions of users.

Uh but you saw them take, you know,

little I would say inch forward steps

towards a more capable series.

Certainly,

>> it seems like Wall Street was generally

underwhelmed by their AI integration

here, which at the time when AI is

everything to investors, that seems like

a a really bad thing to underwhelm with

your AI product release. Was that your

reaction? I mean, you say that they made

like a meaningful improvement, but did

you find it personally underwhelming as

someone who covers this stuff regularly?

>> Well, yeah. I mean, here's the thing.

The bar with Siri is so low. Like I

don't know about you, I don't trust Siri

with anything other than like setting a

timer. In fact, Siri for me is

frequently the thing that I'm annoyed by

because it's accidentally

uh sending a text to someone when I

don't want it to. That's usually my

experience with Siri.

>> I turn it off. I don't want to use it.

>> So to improve beyond that is not a huge

bar, right? It's like you're not

accidentally texting someone you meant

to just say aloud to someone in a room.

That said, they have built this new, you

know, I was in this uh this Q&A that

exact said after the keynote, which by

the way, Apple's never done. They've

never done an on there press Q&A after a

keynote, which I think goes to show the

level of uh uh concern they had about

how all this was going to be

interpreted. And they were talking about

how the new foundation of Siri is

modern, adaptable. They use the word

expandable when asked about agents which

I think suggests that they're you know

yes the Siri we're seeing now this new

Siri is is not it's like chatbt from 2

years ago but the foundation of it is

finally a stack that is something they

can quickly adapt as they see fit. I I

saw an investor um after the keynote uh

at Apple Park who made the very smart

observation that Apple has essentially

turned Siri into a harness and the

models underneath are flexible and

replaceable and swappable. Right. Right

now it's Google. Uh I don't think it

will ever be open AI again by the way. I

think that partnership is on the outs. I

wrote about that on sources. But maybe

one day it's claude. Maybe it's one day

one day it's an open- source model that

they've distilled on. Maybe it's their

own fully, you know, frontier Apple

models, which they are still investing

in their own models, especially on

device. But yeah, they're they're not

they're nowhere near where the state of

current AI tools are, right? The new

Siri doesn't have memory. It can't

remember things across different

conversations. It forgets every time,

which if you're using cloud and chatbt

like we are, that's kind of wild in

2026. Um, and you know, I think that's

partly because maybe the technical

foundation isn't there, but also because

Apple's really concerned about the

privacy of this stuff and the branding

risk of it. And maybe we'll have a

Cambridge Analytica moment around AI. I

don't think it's happened quite yet, but

I think they're worried about that.

[snorts] Um, and so they're taking, you

know, small steps, but I think setting

themselves up in a way where they could

lean in aggressively when they feel like

the time is right. I mean, I've said

this before, I think, on the show. Until

people stop buying iPhones because of

AI, Apple's going to do just fine. And

in fact, in meetings I had with

executives, they were touting, you know,

openclaw, you know, driving up Mac Mini

sales, right? So, they're a hardware

layer beneficiary of AI and agents right

now, even though they don't have a great

software experience. just based on what

you said about how they're thinking

about agentic AI, how they're thinking

they you said that they think that

agents are kind of overhyped right now

or at least it's very early in

combination with the fact that they have

come out with what is a largely

underwhelming and I would say dumber

than average AI product. My takeaway is

it sounds like Apple does not take AI

very seriously. Would you say that that

is a fair characterization?

>> I think there's nuance. I think they

take it seriously, but they don't have

this religious fervor. And I use

religious intentionally. I think when

you look at how anthropic talks about

AI, it's almost like they see it as a

deity, right? I don't think they have

this fervor around the technology as

this bigger than life thing the way that

the labs do. And I think they see it as

a tool and as a new kind of technology

substrate that they'll build their

platforms on over time. But they have

the luxury of just kind of watching and

learning as people experiment and fail

and maybe succeed on the margin on the

frontier and they can come in you know a

cycle or two behind which is you know

for people who study Apple that's the

history of Apple right I mean uh there

was the Blackberry before the iPhone

right uh obviously you know PC was quite

strong before the Mac right so uh I

think they can wait I I but I I think

the bigger long-term risk for Apple if

you're thinking about the stock in like

10 years is do agents make the concept

of an operating system as it exists

today archaic right is this services

business that is the majority of you

know Apple's margin growth at risk from

agents and and then potentially new

hardware form factors like whatever open

AI is going to do with Johnny IV the

meta glasses all of that right and Apple

will do glasses I think they're working

on that I think we'll probably see that

next year uh but Yeah, I I think I think

that's the bigger long-term risk.

>> Yeah. Alex Heath, author of the Sources

Newsletter and co-host of the Access

podcast. Alex, thank you so much. Always

appreciate your time.

>> Thanks, Ed. We'll be right back. And if

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We're back with Profit Markets.

T-minus one day until SpaceX goes

public. It will be the largest IPO of

all time. A $75 billion offering at a

$1.77 trillion valuation. My final

message to our listeners before SpaceX

starts trading publicly, my final

message is do not buy this IPO. This

company is dramatically overvalued. And

not only that, this is a rigged game and

the game is not rigged in your favor.

Here is my prediction for what will

happen tomorrow. As soon as it hits the

market, SpaceX stock will immediately

explode 25%. Why? Because this is the

hottest stock in the world and because

the banks need this IPO to be quote

unquote successful. Because if it goes

badly then all the other IPOs like

OpenAI, like Anthropic will be called

into question, which will be a huge

problem for the underwriters and for the

markets at large. In other words, the

bankers won't let this fail. They have

the capital to make sure it won't fail,

at least on the first day. However, my

other prediction is that within 6

months, probably sooner, SpaceX stock

will be cut in half. Why? because the

valuation makes no sense whatsoever. All

of the insiders know this. All of the

banks know this. And as soon as the

lockups expire, you will see one of the

largest selling events in market

history. The stock will tank and you can

lock that prediction in from me right

now. One final point before we go. Don't

convince yourself that you can game

this. If you buy the IPO tomorrow, you

will already have missed the boat. The

stock will pop as soon as it starts

trading. And even if it starts to climb

throughout the day, the reality is that

those returns will be nothing compared

to what the insiders have already

gained. And spoiler alert, at that

point, they will already be selling. You

cannot win this game. You will not win

this game. Do not buy SpaceX tomorrow.

Thank you for watching [music] Profit

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