🚀 SpaceX / $SPCX IPO Tape

• $SPCX hype looks crowded, but the first print was underwhelming: “only up 20%” after going live. That reads like a softer-than-expected launch versus the pre-IPO moonshot narrative. 5

• SpaceX at $165 implies a $2.16T market cap. The clean setup is not to chase; wait for a dip before entry. 7

• $SPCE getting nuked -50% almost in two days looks like a proxy unwind. Once the real $SPCX started trading, the old “Space exposure” trade lost its bid fast. 14

• $SPCX demand was heavy enough to knock Robinhood $HOOD offline temporarily, though the system later recovered. With $HOOD already up 18% this week, the IPO flow likely added more heat to the broker/platform trade. 20

🧠 EDA / AI Infrastructure

• Cadence still has room to expand wallet share. EDA is currently 11-12% of R&D budgets at many fabless companies, while AI spend can rise to up to a third of R&D. If a meaningful slice of that AI budget shifts into design automation, Cadence has a clear upsell path. The logic also ties back to Jensen’s stated willingness to spend 50%, which frames the ceiling for AI-driven R&D intensity. 9

🕊️ Geopolitics / Weekend Risk Trade

• The “peace trade” may be too obvious into the weekend. Trump said he wants peace for his birthday, and his birthday is Sunday. The market setup risks becoming a crowded front-run if traders all position for a weekend de-escalation headline. 1