Ronan Reid

I think at the end of this, SpaceX will nearly have 100 billion.

It's raising about 60 billion.

That's fresh capital.

That's new shares.

And then insiders will make up a lot of the excess demand I expect on the other side, which is the likes of index funds.

And they're not just ETFs.

I mean, if you took, I think in Ireland, the largest asset manager is Irish Life.

a large percentage of its funds will be passive funds.

So it's generally, it has become the norm in markets as such.

So I would imagine that insiders will provide that secondary liquidity and sell some of their shares and new monies raised is around the level of around 60 billion is what's rumored now.

Yeah, ironically, Tesla.

But the amount of money raised, I mean, for context, the S&P index is $68 trillion in value.

So it'll have some impact, but not a massive impact.

I mean, the appreciation of stock markets over the last 10 or 15 years has been enormous.

So that's $68 trillion, and I think the top four or five tech stocks account for about 25% of the indexes.

So there'll be some impact in terms of liquidity and markets moving around, but I don't expect it to be excessive.

The issue, I think, is a broader issue in AI, which is that a lot of the revenue numbers talked about, the annual recurring revenues and others, are all some of the tech companies trading between themselves.

Somebody might buy equipment from NVIDIA, and NVIDIA might buy other services from the other tech companies.

It's the nature of it.

And there won't be like multiple winners.