Sundry Photography/iStock Editorial via Getty Images On June 12, 2026, SpaceX is scheduled to debut on the NASDAQ under the ticker symbol SPCX following its S-1 filing that was unsealed on May 20th. With an initial valuation range of $1.7 billion to $2.0 trillion for a targeted $75B raise, the transaction would become the largest public offering of shares in corporate history. Due to accelerated i...
Sundry Photography/iStock Editorial via Getty Images On June 12, 2026, SpaceX is scheduled to debut on the NASDAQ under the ticker symbol SPCX following its S-1 filing that was unsealed on May 20th. With an initial valuation range of $1.7 billion to $2.0 trillion for a targeted $75B raise, the transaction would become the largest public offering of shares in corporate history. Due to accelerated index inclusion criteria, common institutional index fund managers are actively building cash positions to prepare for heavy capital rotation out of existing technology mega caps. Benchmark trackers estimate that passive funds will be legally mandated to absorb SPCX shares upon its automatic entry into the NASDAQ 100 just 15 days post listing. With such an obvious tailwind, underwriting marketing channels will position Day 1 of public share trading as a “can’t miss” entry point. However, historical analysis of major technology listings, including Google, now Alphabet ( GOOGL ); Facebook, now Meta ( META ); Alibaba ( BABA ); Uber ( UBER ); Amazon ( AMZN ); and Nvidia ( NVDA ), reveals a clearer reality, as the vast majority of mega-cap technology companies suffered severe drawdowns not long after listing. Day 1 is rarely the optimal point of entry for a retail investor, as markets have quite often provided a far lower second entry point. Inside The S-1 Prospectus: The Valuation Concern A breakdown of the audited financials disclosed in SpaceX's S-1 registration statement with the SEC is quite revealing regarding the recent financial performance of the firm. SpaceX reported consolidated 2025 revenue at $108.67 billion, which represents a 33% increase year over year from $14.06 billion in revenue in 2024. Starlink served as the financial anchor for the company, generating $11.39 billion, or 61% of total revenue, with robust positive operating margins. Despite an adjusted EBITDA of $6.6B, SpaceX posted a $4.94B GAAP net loss for 2025, which reached an additional $4.30B net loss ...
Vizerskaya/E+ via Getty Images I'm back to talk about the Fidelity MSCI Information Technology Index ( FTEC ), this time with a note of concern. Compared to the last coverage , the valuation gap I was talking about doesn't seem to have fully closed yet. Judging by common metrics, there's still room to grow. And yet I think that today these metrics can mislead an inattentive investor. But before lo...
Vizerskaya/E+ via Getty Images I'm back to talk about the Fidelity MSCI Information Technology Index ( FTEC ), this time with a note of concern. Compared to the last coverage , the valuation gap I was talking about doesn't seem to have fully closed yet. Judging by common metrics, there's still room to grow. And yet I think that today these metrics can mislead an inattentive investor. But before looking in detail at this "optical illusion," let's look under the hood. What is FTEC? I already introduced FTEC in this coverage , but I'm happy to leave you a quick review of the characteristics that, in my opinion, need to be known about FTEC; It's a passive ETF that replicates the MSCI USA IMI Information Technology 25/50 Index by representative sampling with a TER of 0.084%, covered by that minimal dividend yield of 0.33% (TTM). FTEC - fund profile (Seeking Alpha) The fund has the faculty, and in practice exercises it, to concentrate more than 5% of assets in a single issuer for more than 25% of the portfolio. NVDA at 17.32% and AAPL at 14.80% are the concrete manifestation of this faculty; the fault naturally is not of the manager's choice but rather of the market cap weighted structure in a phase like this one of hyper-concentration toward a few big tech. Even though no single stock can exceed 25% of the index, stocks with a weight above 5% cannot collectively exceed 50%. All against a very static structure , because the portfolio turnover still remains at 9% annually. FTEC grades (Seeking Alpha) 286 stocks (May 2026 data) from North America where the top 5 positions (NVDA 17.32%, AAPL 14.80%, MSFT 9.09%, AVGO 4.07%, and MU 4.07%) cover 49.35% of NAV. Which is why 79.33% of the portfolio is in Giant and Large caps; FTEC - top holdings (Seeking Alpha) Valuations are well represented by this table, which, in my opinion, in trailing terms expresses an excessively expensive relative valuation compared to the historical distribution. If we move to the fwd dimension instead,...
格陵兰矿业有限公司周二宣布，已委托WSP丹麦公司继续在格陵兰岛西南部的萨法托克稀土项目开展环境基线研究工作，标志着该项目向未来环境影响评估迈出重要一步。 WSP丹麦此前曾于2023年为Neo North Star Resources完成萨法托克项目第一年度的环境基线工作，内容涵盖陆地、淡水、海洋及渔业采样、水流监测以及生态调查，均依据格陵兰矿产板块环境影响评估指南执行。2026年的环境现场项目将聚...
格陵兰矿业有限公司周二宣布，已委托WSP丹麦公司继续在格陵兰岛西南部的萨法托克稀土项目开展环境基线研究工作，标志着该项目向未来环境影响评估迈出重要一步。 WSP丹麦此前曾于2023年为Neo North Star Resources完成萨法托克项目第一年度的环境基线工作，内容涵盖陆地、淡水、海洋及渔业采样、水流监测以及生态调查，均依据格陵兰矿产板块环境影响评估指南执行。2026年的环境现场项目将聚焦于后续基线工作及监测活动，包括对各环境受体进行补充采样和数据收集。格陵兰通常要求开展多年基线调查，以在潜在开发活动启动前充分掌握自然变异情况。 格陵兰矿业总裁Bo Møller Stensgaard表示：“我们非常高兴能继续与WSP丹麦在萨法托克项目上展开合作。目前正在东格陵兰 斯凯 尔加德项目支持环境工作的同一支经验丰富的团队，也于2023年完成了萨法托克项目第一年度的环境基线研究，因此具备很强的项目熟悉度和连续性。在我们看来，启动第二年度基线研究是萨法托克项目的一个重要里程碑，将构成项目环境基础的关键部分。” 萨法托克是一个位于格陵兰岛西南部的碳酸岩型稀土项目，主要聚焦于钕和镨两种稀土元素，广泛应用于电动汽车、风力涡轮机及国防系统的永磁体制造。该项目历史工作成果包括ST1矿区的矿产资源估算以及2011年完成的初步经济评估报告。目前，格陵兰矿业对该项目的收购仍有待此前公告交易的正式交割完成。 责任编辑：张俊 SF065
Dalin Ou/iStock via Getty Images Market Overview While a number of broad equity indexes established new all-time highs early in the new year, rumors of war and the war itself weighed on investor sentiment. Relatively benign first quarter declines belie the severity of the selloff experienced following the February 28 attack on Iran by US and Israeli forces. While the S&P 500 Index lost 4.3% for th...
Dalin Ou/iStock via Getty Images Market Overview While a number of broad equity indexes established new all-time highs early in the new year, rumors of war and the war itself weighed on investor sentiment. Relatively benign first quarter declines belie the severity of the selloff experienced following the February 28 attack on Iran by US and Israeli forces. While the S&P 500 Index lost 4.3% for the period as a whole, it was down more than 9% from its peak. Similarly, the MSCI EAFE Index's decline of 1.2% during the quarter obscures a peak-to-trough loss of more than 11%. 1 Impulsive Behaviors Our commentaries in recent quarters have repeatedly called attention to the very low risk perception evident in financial markets broadly, as corroborated by high equity market valuations, tight credit spreads and low implied volatility. As we entered the year, these Goldilocks conditions were not entirely without support. Corporate earnings expectations were strong, economic activity was picking up, and hyperscalers continued to direct massive levels of capital expenditures (CapEx) toward supporting their ambitions in artificial intelligence. At the same time, expectations of lower interest rates had investors looking forward to easier financial conditions. The war in Iran has altered the Goldilocks narrative. The primary economic disruption of the attack on Iran was the shock to the global energy supply chain. In addition to assaulting major Middle East energy hubs, Iran quickly moved to shut down the Strait of Hormuz, the narrow seaway between the Persian Gulf and the Gulf of Oman through which approximately 20% of the world's oil and liquefied natural gas (LNG) supply passes along with a large range of petrochemical inputs and end products. Commodity prices responded violently, with oil and LNG prices climbing more than 50% and 85%, respectively. Fertilizer prices, too, have soared just in time for spring planting season in the northern hemisphere; the Strait handles a larg...
Goldman Sachs CEO David Solomon says a boom in equity markets is being driven by an appetite for profit that’s outweighing fears about economic disruption and inflation risks. He speaks during an appearance at the Economic Club of New York. (Source: Bloomberg)
Goldman Sachs CEO David Solomon says a boom in equity markets is being driven by an appetite for profit that’s outweighing fears about economic disruption and inflation risks. He speaks during an appearance at the Economic Club of New York. (Source: Bloomberg)
Every conversation about the cheapest way to own the S&P 500 lands on the same few tickers from the major ETF sponsors. Rock-bottom expense ratios, deep liquidity, trades like a stock all day. Sitting outside that crowd is Fidelity 500 Index Fund (NASDAQ:FXAIX), a mutual fund rather than an ETF. For a particular kind of ... The Absolute Cheapest Way to Buy the S&P 500? FXAIX Might Be It.
Every conversation about the cheapest way to own the S&P 500 lands on the same few tickers from the major ETF sponsors. Rock-bottom expense ratios, deep liquidity, trades like a stock all day. Sitting outside that crowd is Fidelity 500 Index Fund (NASDAQ:FXAIX), a mutual fund rather than an ETF. For a particular kind of ... The Absolute Cheapest Way to Buy the S&P 500? FXAIX Might Be It.
Anthropic has confidentially filed to go public, pulling ahead of rival OpenAI in the IPO race, this as SpaceX gets ready to IPO this month. Emily Zheng, a senior venture capital research analyst at PitchBook, says "we are in unchartered territory" in terms of how "gargantuan" these mega IPOs are. She joins Caroline Hyde and Ed Ludlow on "Bloomberg Tech." (Source: Bloomberg)
Anthropic has confidentially filed to go public, pulling ahead of rival OpenAI in the IPO race, this as SpaceX gets ready to IPO this month. Emily Zheng, a senior venture capital research analyst at PitchBook, says "we are in unchartered territory" in terms of how "gargantuan" these mega IPOs are. She joins Caroline Hyde and Ed Ludlow on "Bloomberg Tech." (Source: Bloomberg)
Supatman/iStock via Getty Images But this dynamic makes it harder for young people to find a job. The spike in job openings in April, reported today by the Bureau of Labor Statistics, was somewhat hefty, to say the least: They jumped by 731,000 in April to 7.62 million openings, the most since May 2024. There had been declines in the prior two months and a spike in January. So we don’t get tangled...
Supatman/iStock via Getty Images But this dynamic makes it harder for young people to find a job. The spike in job openings in April, reported today by the Bureau of Labor Statistics, was somewhat hefty, to say the least: They jumped by 731,000 in April to 7.62 million openings, the most since May 2024. There had been declines in the prior two months and a spike in January. So we don’t get tangled up in month-to-month squiggles. But the three-month average jumped too, by 125,000, following the jump in March (+112,000) and the smaller increases in the prior two months. The three-month average has now increased for four months in a row and has changed direction and is now at the highest level since July – and that is meaningful (red line in the chart). This Job Openings and Labor Turnover Survey (JOLTS) of 21,000 business locations adds more color to the labor market in April after the preliminary jobs report for April , released May 8, already drew a rough sketch of a weirdly decent labor market, with low unemployment, low supply of labor due to the crackdown on illegal immigration, a very high prime-age participation rate, and moderate but sufficient job creation (+115,000, second month in a row of gains). These job openings are not some fake jobs posted online. They’re based on surveys of HR departments. A job is open only if it meets all three conditions, according to the BLS: A specific position exists, and there is work available for that position. The job could start within 30 days. The employer is actively recruiting workers from outside the establishment to fill the position. Excluded are positions open only to internal transfers, promotions, demotions, or recall from layoffs; positions for which employees have been hired but have not yet started; and positions to be filled by employees of temporary help agencies, employee leasing companies, outside contractors, or consultants. JOLTS, as the name says, is a “labor turnover” measure – not a job creation measur...
波浪能发电技术公司埃能捷（Eco Wave Power Global AB）周二宣布，其波浪能解决方案再次出现在NVIDIA创始人兼首席执行官黄仁勋的GTC（GPU技术大会）主题演讲中。这已是该公司第二次获此殊荣。 在此次GTC大会上，黄仁勋展示了埃能捷公司推进中的波浪能项目。该项目计划利用埃能捷的并网波浪能转换技术，将海洋波浪能转化为清洁电力。NVIDIA的先进计算平台正在帮助埃能捷优化其浮标阵...
波浪能发电技术公司埃能捷（Eco Wave Power Global AB）周二宣布，其波浪能解决方案再次出现在NVIDIA创始人兼首席执行官黄仁勋的GTC（GPU技术大会）主题演讲中。这已是该公司第二次获此殊荣。 在此次GTC大会上，黄仁勋展示了埃能捷公司推进中的波浪能项目。该项目计划利用埃能捷的并网波浪能转换技术，将海洋波浪能转化为清洁电力。NVIDIA的先进计算平台正在帮助埃能捷优化其浮标阵列的布局与能量捕获效率，通过AI模型预测不同海况下的最佳发电参数。 埃能捷的技术采用独特的多浮标阵列结构，漂浮在海面的浮标随波浪上下运动，带动液压系统驱动发电机发电。与传统固定式波浪能装置不同，该公司的系统能够适应潮汐变化并自动避开极端海浪，从而提高了设备的生存周期和发电稳定性。 公司首席执行官Inna Braverman表示：“连续两年在黄仁勋先生的主题演讲中被提及，是对我们技术路线和工程能力的高度认可。NVIDIA的AI算力使我们能够以前所未有的精度模拟和预测复杂的海洋动力学，极大加速了我们项目的部署进程。” 此次在台湾推进的项目是埃能捷亚洲战略的重要组成部分。该公司此前已与多家本地合作伙伴签署协议，共同推进该波浪能发电站的许可、建设和并网工作。中国台湾地区拥有丰富的波浪能资源，尤其适合埃能捷的浅水和近岸波浪能技术方案。 责任编辑：张俊 SF065
In recent days, WeRide announced a partnership with Uber Technologies and AVOMO to launch Spain’s first commercial robotaxi pilot in Madrid, while Uber and Autobrains revealed a collaboration to roll out an autonomous ride‑hailing program in Munich using NVIDIA’s Level 4 platform. Together, these alliances push Uber deeper into asset-light autonomous mobility in Europe, tying its ride-hailing netw...
In recent days, WeRide announced a partnership with Uber Technologies and AVOMO to launch Spain’s first commercial robotaxi pilot in Madrid, while Uber and Autobrains revealed a collaboration to roll out an autonomous ride‑hailing program in Munich using NVIDIA’s Level 4 platform. Together, these alliances push Uber deeper into asset-light autonomous mobility in Europe, tying its ride-hailing network to third-party self-driving technology and fleet partners across multiple cities. We’ll now...
XPeng Inc. recently reported that it delivered 32,158 vehicles in May 2026, a 4% month-on-month increase, as the company continued to highlight the environmental benefits of its smart EV lineup. The May update also showcased XPeng’s technology push, with the GX SUV launch and its L4 robotaxi prototype underscoring the company’s focus on advanced autonomous driving. We’ll now examine how May’s sequ...
XPeng Inc. recently reported that it delivered 32,158 vehicles in May 2026, a 4% month-on-month increase, as the company continued to highlight the environmental benefits of its smart EV lineup. The May update also showcased XPeng’s technology push, with the GX SUV launch and its L4 robotaxi prototype underscoring the company’s focus on advanced autonomous driving. We’ll now examine how May’s sequential delivery growth, supported by the GX SUV launch and autonomy progress, affects XPeng’s...