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In today’s post:
🩸 Burry Smells Blood Again
🌎 Earth's First Trillionaire
😡 Iran Leaked It. Trump Snapped.
5 Stocks Already Pricing In the SpaceX IPO
Wall Street isn't waiting for the filing. Five publicly traded companies are already accumulating exposure to SpaceX's core revenue streams — Starlink, Falcon 9, and the defense contracts. We've identified each one, ranked by upside and risk tier. Get the full breakdown before the listing window closes.
🩸 Burry Smells Blood Again
Remember Michael Burry? The guy who called the 2008 crash and got played by Christian Bale in a movie?
He's back on his Substack with a simple message: the market is punishing good companies for no good reason.
His target list? Big, boring, profitable businesses. Low debt. Fat buybacks. The kind of stocks that quietly make shareholders richer.
So why are they getting crushed?
Two words: AI mania.
Money is flooding into anything with "AI" stapled to it. Everything else gets left for dead, priced like the robots are coming for their lunch tomorrow.
Burry thinks that's nonsense. So he's buying.
Adobe $ADBE ( ▼ 6.76% )
He added more. Gross margins are near all-time highs, and the stock's trading like the business is falling apart. It isn't.
Alibaba $BABA ( ▲ 0.12% )
His favorite of the bunch. He calls it China's most advanced AI player, and it's buying back stock like there's a sale.
His line? When sentiment finally turns, "the stock will launch fast and fly high."
He thinks it’s a coiled spring.
PayPal $PYPL ( ▲ 0.7% )
Trading at 7-8x earnings and buying back shares hand over fist. Management keeps reshuffling, which spooks the market.
Burry's take is pure gallows humor: everyone's been at PayPal's funeral for years, but the body never showed up.
Veeva Systems $VEEV ( ▼ 1.24% )
Back near its lows on price-to-earnings and price-to-sales. The big fear is Salesforce eating its lunch.
Burry says that threat hits only a sliver of the business. Overblown.
The big idea:
When buybacks shrink the share count, each remaining share owns more of the company. That value piles up whether or not the market claps.
Burry's betting the market eventually claps. Loudly.
Burry's buying the stocks Wall Street left for dead. Are you in?
TL;DR
Michael Burry says the market is wrongly punishing strong, profitable companies because of AI hype.
He's buying the dip on Adobe, Alibaba, PayPal, and Veeva.
Alibaba is his standout pick: cheap, advanced in AI, and aggressively buying back stock.
PayPal trades at just 7-8x earnings while shrinking its share count fast.
Veeva's Salesforce threat is real but small, and the fear is overdone.
Core thesis: buybacks build value quietly, and the market should eventually reward it.
What happens when the S&P moves 3% during your commute?
We are living in volatile times. While you cannot control the state of international affairs, you can position your portfolio accordingly.
Liquid is one of the fastest growing trading platforms, allowing users to trade stocks, commodities, FX, and more 24/7/365 from their phone and computer.
Everyone's chasing the same five tech names. Meanwhile, a forgotten pandemic darling just quietly fixed itself, and almost nobody noticed.
This is a company that was left for dead. It bled clients for two years, falling from 4.18 million down to 2.31 million. The market wrote the obituary.
But it just posted its third straight quarter of new client growth, up 10%+ year over year. New customer lifetime value? Up for 11 consecutive quarters, now nearly double what it was three years ago.
Here's the part Wall Street is ignoring.
The stock trades under $4. It's sitting on $229 million in cash, nearly half its entire market cap. And it changes hands at just 10x EBITDA while it's deliberately not maxing out profits.
To hit its own $1.4 billion FY27 target, it needs just 100,000 new clients. This is a business that once ran at nearly double its current size. The bar isn't high. It's on the floor.
Our analysis shows that if growth sticks, a simple revenue re-rate puts this stock at an upside of +450% to +725%.
Cheap. Cash-rich. Growing again. When was the last time you saw all three on sale at once?
In today's Premium deep dive, we break down:
Why the market keeps fading every post-earnings pop (and why that's your window)
The exact valuation framework behind our targets
The single risk that drags this back to $2 and kills the thesis
The client-activation number to watch next quarter
This is exactly the kind of mispriced turnaround Premium+ was built to catch. Stop watching from the sidelines. Start positioning.
👉 Unlock the full breakdown
🌎 Earth's First Trillionaire
Liftoff. Literally.
SpaceX just pulled off the biggest IPO in human history, and Elon Musk walked away as the planet's first trillionaire.
Naturally, a Senator showed up to rain on it.
The Debut
Shares priced at $135, opened at $150 (an 11% pop), and closed at $160.95, up 19.2%. They even kissed $176.52 at the high.
Total raised: $75B. Oversubscribed by 4x. The most valuable company to ever go public, at a $1.75T valuation.
For context, that's bigger than Alibaba, Facebook, and Uber's debuts combined, with room to spare.
Musk enters the trillionaire club (membership: 1)
His SpaceX stake alone is worth around $866B, and he kept overwhelming voting control. He runs the show, the board, the strategy, all of it.
He's also sitting on options for 350M Class B shares at $8.40 a pop through 2031. Casual.
This isn't really a rocket company anymore
SpaceX has quietly pivoted toward AI.
Building Colossus data centers
Running the Grok chatbot
Selling compute to Anthropic and Google
Floating the idea of data centers in space, launched on its own rockets
Goldman thinks SpaceX's AI revenue could jump 100x by 2030. That's the real story behind the hype.
And the IPO broke every rule
This wasn't a normal offering. A few oddities:
SpaceX set its own price instead of letting bankers run the book
20% went to retail investors, way above the usual sliver
Retail interest topped $100B; BlackRock alone asked for $5B
Over $350B in total orders ($250B institutional)
Analysts started coverage before it even listed (Oppenheimer slapped on a $190 target)
Wedbush is already betting it leads to a SpaceX-Tesla merger down the line.
Washington is nervous
SpaceX gets fast-tracked into major indexes like the Nasdaq and FTSE Russell, much quicker than normal.
Pension funds want the index providers to explain themselves.
And Senator Elizabeth Warren tried to get the SEC to delay the whole thing, citing the valuation, the governance setup, and the index risk to retail.
When that didn't work, she went to X (which Musk owns) and called for a wealth tax and an AI tax.
Her line: the average household would need 11 million years to match Musk's wealth.
Did you buy SpaceX on day one?
TL;DR
SpaceX is now the most valuable company ever to IPO at a $1.75T valuation, raising $75B and 4x oversubscribed
Shares opened at $150, closed up 19.2% at $160.95, making Musk the world's first trillionaire (stake ~$866B)
It's quietly become an AI infrastructure play, selling compute to Anthropic and Google, with revenue projected to jump 100x by 2030
The offering broke IPO norms: self-set price, 20% retail allocation, $350B in orders, and pre-listing analyst coverage
Warren tried to delay it, then called for a wealth tax and AI tax; pension funds are questioning the fast-track index inclusion
Tesla fell 2%+ as cash rotated into the shiny new ticker
😡 Iran Leaked It. Trump Snapped.
One day Trump's hinting at an Iran deal. The next, he's calling Tehran liars on social media.
What changed? Iran "leaked" the terms.
Trump fired back, saying what Iran told the "Fake News" had nothing to do with what was actually agreed to in writing.
His words: "Very dishonorable people to deal with. With them, there is no such thing as dealing in good faith."
So what did Iran actually leak?
Two big things:
Iran wouldn't hand over control of the Strait of Hormuz
The deal would unlock $24B in frozen Iranian funds
Trump zeroed in on Hormuz, calling Iran's ship-targeting in the waterway "TOTALLY UNACCEPTABLE."
His warning? "They better get their act together, and FAST!"
Think of the Strait of Hormuz as the world's oil checkout lane. Roughly a fifth of global crude passes through it.
Block it, and prices spike. Clear it, and traders breathe again.
That's why oil actually dipped Friday, even with all the shouting.
Markets seem to think cooler heads win and shipping flows normally again.
Crude oil slipped -0.7% to $87 a barrel.
Brent dropped -0.9% to $89.60 a barrel.
The drama's loud. The market's betting it stays just drama.
TL;DR
Trump accused Iran of lying about the agreed deal terms after Iranian media leaked details
The leak claimed Iran keeps control of the Strait of Hormuz plus a $24B funds release
Trump called Iran's ship-targeting "TOTALLY UNACCEPTABLE" and demanded they shape up fast
Hormuz matters because around 20% of global oil flows through it
Oil prices fell anyway: crude -0.7% to $87, Brent -0.9% to $89.60
Markets are betting tensions ease and shipping stays normal