Jacqui Newman

speaker

350 appearances 7 recordings 1 series first heard May 2026 last heard 7 Sep

Jacqui Newman’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 7 in all, peaking in Jun 2026 with 4.

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Shared Lunch · The investor’s guide to the SpaceX IPO · 27 May 2026 podcast

So, you know, US markets and even global indices now are really concentrated in tech.

And so clearly, you know, adding another $2 trillion of sort of, you know, tech slash AI to that is going to increase the concentration of these indices even further.

So there's some really interesting research out recently from the Bank of America chief strategist that hypothesized that if anthropic open AI and SpaceX were added to the economy,

to the big 10, so the magnificent 7 plus Broadcom, AMD and Micron, that the resulting 13 sort of AI companies would account for almost 50% of the S&P 500.

So that is a tremendous level of concentration within a particular sector.

how are IPOs priced?

It's not just the case that the investment banks or the issuer will just slap a price on it and off you go.

There's quite a process behind this.

And the mechanism to price an IPO is a book build, which is basically like an auction.

And so what happens there is that

the investment banks and the issuer will work together to determine a price range.

And that will often be informed by feedback that they've got so far, looking at comparable companies, looking at, you know, what the market is doing at the moment.

And then they will get investors to bid across that price range.

So they will take bids at, you know,

throughout the price range and look to see where the demand sits across each of those various price points.

Yeah, so you can think of it somewhat as a stage process often.

So the first stage will be determining what is the appropriate price range to go out with.

Then what happens is that when the book build is actually run, institutional investors will bid at various points throughout the price range.

So they might say, I'll take $100 million at the low end of the price range and

At the high end of the price range, I'll take $50 million.

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