Sam Unstead

speaker

276 appearances 2 recordings 1 series first heard May 2026 last heard 5 Jun

Sam Unstead’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 — 2 in all, peaking in Jun 2026 with 1.

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Merryn Talks Money · SpaceX Fever, Bitcoin's Bad Week and How to Get the UK Investing · 5 Jun 2026 podcast

particularly the AI story when it comes to SpaceX and the data center side of things, as well as the kind of space aspect to it.

It's a test of how the market can handle it,

And this sort of size of company coming on, whether it starts to impact trading in other things, you know, don't know, you know, because we don't know because we haven't seen it happen yet.

You may well get more money coming in from wealthier investors that can eat up a lot of the extra capital that's coming onto the market.

But it's going to be a really complicated thing for all of the index providers to put these companies on there.

Yeah, that's a really good point, actually.

And actually, when you look at the S&P 500 over the course of sort of this year, and actually it's going back sort of a year or so, almost all of the gains are AI stocks.

If you take out the AI stocks, almost basically everything else is just sat there.

And so you're right that it's not just a concentration in big technology companies, which already exists.

So the trillion plus cohort in the US is already making up nearly a third of the S&P 500.

So that's still a lot of concentration risk in 10, 15 stocks.

So already you have that.

If you then concentrate it even further to just one industry...

And SpaceX, you know, one of the things that's going to be debated very strongly with SpaceX is that they're looking for a valuation, which is, just by any standard, absolutely enormous.

And they make, I think it's about, in their last filing, it was $18.7 billion.

So their revenue multiple would be absolutely enormous.

So to deliver on that, you know, is going to be very complicated.

But then you and I have actually spoken about this previously.

Valuing a company where Elon Musk is, is really hard because there is a kind of intangible relationship.

thing that he brings to it you know that is a bit beyond kind of traditional metrics on how to value tesla for example their share price is just completely divorced from their earnings you know so what spacex does you know when you're looking at fund against the fundamentals may ultimately not really be the question

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