Tech Trade Under Pressure; Musk Sells His Vision of the Future
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What is the main topic discussed in this episode?
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This is Bloomberg Tech coming up. Elon Musk enchants investors with his vision of the future as questions about the SpaceX IPO are brushed aside at an investor event. Plus, coming in hot, jobs surge in May, but tech stocks are under pressure as investors reassess the path for interest rates. And three of the biggest names in AI at Bloomberg Tech San Francisco, we're gonna bring you those conversations throughout the program. SpaceX.
The SP 500 is down a percentage point, but really the underperformance is in chip stocks. We're down 4.7% on the stocks. Interestingly, we're still positive on the week, but everyone kind of talking about chips and saying we are due a correction. Actually, outside of chips, the rest of the AI trade is getting hammered. Those jobs numbers for May were Hot US 10-year yield 4.5%. So bad news, guys. I'm sorry, I know it's Friday. The SP 500 is down on the week, and that means that it will not, as it stands, hit a historic 10th week of gains. It will stop short at nine straight weeks. Again, the SpaceX IPO, the eminency of the pricing next Thursday and the trade following, that is a big factor in the markets.
It is going to To be some form of catalyst, and volatility is being very closely watched. Let's get to our top story. Elon Musk enchants investors.
Why SpaceX public now? 'Cause you had choices, you didn't have to. Why now? We
we're embarking on a massive new growth phase and uh we need capital for that.
Yeah. Okay. Okay, number two.
Like, I f I also feel pretty good about like the revenue projections. Like before like liberal revenue was a little unstable.
Elon Musk still has the power to sell a vision at a SpaceX investor event yesterday, hosted by Jamie Dimon at JP Morgan's headquarters. Talk of the company's future, overshadowed questions about the IPO itself. The absolute latest this morning is Bloomberg reporting that this IPO is already way oversubscribed. There are a number of other pieces of news we have to get to. Bloomberg's Craig Drudell is with us. I actually want to start just with last night. You were manning the desk. Managing the team of like, okay, what is new in what Elon Musk is saying here? Um what's the big takeaway that we need to know about in what's an unusual pre IPO pitch uh uh on stage, so to speak?
I I found last night's uh Love Fest between Diamond and Musk uh uh you know fascinating. It's not often that you see Jamie Diamond uh struggle to get a uh a word in. Uh and yet uh we saw a little bit of that where uh you know it it took uh time for uh for for musk to get through his answers and uh he was quite long-winded and they had some fun about that as we saw in that clip. Uh I I think also you know Musk was uh pretty forthcoming about this notion that's what's what's driving this is uh that he needs capital. And you know we saw this week as well, you know, even at at Alphabet uh this this notion that uh a company of that size that is that cash generative uh still is going out to raise 80 billion dollars uh with the backing of Berkshire Hathaway.
What is Elon Musk’s vision for SpaceX’s upcoming IPO and why is it important?
Uh so I think this is part of you know this broader uh you know movement uh by by tech companies companies and by you know AI hyperscalers uh to to raise it absolutely as much money as they possibly can given uh just how intensive this race has become.
If you're watching Bluebird Tech and you're coming to this story fresh, um that's a surprise. But basically, SpaceX is on a roadshow right now and they plan to do final pricing of the IPO next Thursday.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:00–4:07
2
What is Elon Musk’s vision for SpaceX’s upcoming IPO and why is it important?
4:07–6:54
3
How are tech stocks and chip makers reacting to the latest jobs report and interest‑rate outlook?
6:54–9:25
4
Why are investors and analysts concerned about a potential correction in the semiconductor sector?
9:25–44:15
Speakers
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