JSS

T Jefferson “we’ve given you a constitutional republic Let’s hope you can keep it.”Go For Your Dreams. Stocks options Real estate.Get out Doors. 🔑🏚️📈🎣🇺🇸

[UFC @ufc]

The world will be watching 👀

@TopuriaIlia vs @Justin_Gaethje

#UFCWhiteHouse LIVE Sunday June 14 at 8pmET on @ParamountPlus!

[ Title fights presented by @Cryptocom ]

[Dan Niles @DanielTNiles]

$SPCX: Thoughts on SpaceX IPO (typos corrected from pre-mkt post)
The company says its total addressable market is the largest “in human history,” at $28.5 Trillion. But this requires SpaceX to be thought of as a vertically integrated AI and connectivity infrastructure platform versus the rocket and satellite company which it is today.

The $28.5 Trillion TAM Breakdown is as follows
AI $26.5T: Enterprise Applications ($22.7T), AI infrastructure ($2.4T), consumer subscriptions ($760B), ads ($600B)
Connectivity $1.6T: StarLink Broadband ($870B) and Starlink Mobile ($740B)
Space $370B: Traditional launch services and space-enabled solutions

Elon Musk is the Thomas Edison of our generation and SpaceX also has no other comparable in the technology industry at this scale. But unfortunately, the SpaceX IPO valuation at ~90x CY25 revenues at a IPO price of $135 is priced as such. $TSLA, another Elon Musk company, is valued at 16x CY25 revenues as a comparison.

For those that think valuation does not matter given this is a long-term play, I would point to the $ARKK innovation ETF as a warning. Since its peak on 2/12/21 during the Meme stock mania through 6/11/26 (yesterday), it is down 51% including dividends.
$TSLA is up 47% during that time but the S&P is up 103% including dividends.

Revenue growth at SpaceX also slowed from 35% y/y in C24 ($14.0B) to 33% in C25 ($18.7B) to 15% ($4.7B) in the most recent quarter while the Net Income losses increased from $4.9B in C25 to $4.3B in just Q1:26. Free Cash Flow losses also increased from $14.0B in CY25 to $9.1B in just Q1:26 driven by capex increasing from $20.7B in CY25 to $10.1B in just Q1:26.

SpaceX says that multi-hundred-billion-dollar capital expenditures over the next five years will be required to build the infrastructure—specifically data centers and AI training capacity— to chase this theoretical market.

The stock market is clearly not responding well to
$GOOGL (down 6% in June month-to-date through 6/11) or $AMZN (down 11% in June mtd through 6/11) raising capital to chase this market or to $ORCL
results where capex guidance was higher than expected (down 18% in June mtd through 6/11 and 9% yesterday). $META’s stock is down 15% since raising capex and operating expenses on their Q1 results on April 29th vs the S&P up 4% through June 11th. Meanwhile, SpaceX will be pivoting their business to compete with the established hyperscalers above as well as enterprise software companies while currently not having a leading AI model.

In addition, I worry that the large sums of money that have already been raised by others in the equity market such as Google is reducing the amount of capital available to everyone else. Money looks infinite right up until it doesn’t. Between SpaceX, then Anthropic this fall followed potentially by OpenAI, there is likely to be $200B in capital raises this year through just these three IPOs. This will put to the test the liquidity available when 30 year treasury yields have reached levels last seen two decades ago.

As for SpaceX’s stock, I expect the stock to trade well initially given it is likely to be added to different indices soon after going public such as the Russell in 5 trading days, MSCI in 10 and Nasdaq100 in 15. This will result in a lot of forced buying by index funds. In addition, some “closet indexers” in the mutual fund community will market weight the name to avoid the tracking error relative to the indices that they are benchmarked against. After the initial 15 trading days, however, I think it gets a lot more dicey. While Elon always seems to deliver on his forecasts, they are rarely in the time frame initially envisioned. When you are doing things hardly anyone thought possible, this is understandable.

Currently the stock is trading at ~$180 in the perpetual futures contracts on Hyperliquid vs the $135 IPO price which already implied ~90x CY26 revenues. I believe the risk vs. reward is very poor at these valuation levels with capex ramping up once you get beyond the initial 15 trading days when it can be added to indices.

[Nick Sortor @nicksortor]

🚨 BREAKING: President Trump confirms the deal with Iran is scheduled to be signed TOMORROW

- NO cash will change hands (unlike Obama’s “deal”)

- The Strait will reopen IMMEDIATELY

- The US will soon recover the “nuclear dust”

TRUMP: “Hopefully, this process will all work out quickly, easily, and smoothly. If it doesn't, we have the ultimate alternative, hopefully never to be used again!” 🇺🇸

[ᴛʀᴀᴄᴇʀ @DeFiTracer]

🚨 BREAKING:

THIS GUY MIGRATED TO THE U.S. FROM MEXICO AND WORKED AS A WELDER AT SPACEX

HE RECEIVED $10,000 IN STOCK AND WAS PAID $28/HOUR FOR 10 YEARS

AFTER IPO HIS $SPCX STAKE IS WORTH AROUND $1,000,000

HE IS ONE OF 4,400 EMPLOYEES WHO BECAME MILLIONAIRES TODAY!!

[JSS @HREG2020]

Hell yeah

[Nitro Circus @NitroCircus]

God Bless America 🇺🇸
First look at the historic Freedom Jump.
@blckriflecoffee
@TravisPastrana @mmgeneral @Jeremymcgrath__ @RickyCarmichael @twitchthis

[Michigan Storm Chasers @MiStormChasers]

Michigan Severe Weather Coverage - June 11th, 2026 https://t.co/KAzqkvHT79

[Margo Martin @MargoMartin47]

Last night, @POTUS invited the hardworking men who renovated the Reflecting Pool to the Oval Office ❤️

Every man received a signed hat and a presidential challenge coin!

[Thierry from arvy 🇨🇭 @ThierryBorgeat]

Citadel Securities just put institutional weight behind what the AI bulls won't say out loud.

In a new macro note titled "Tokenomics," Citadel makes the argument plainly: even the most powerful technology on earth still has to pass through the boring discipline of cost curves, capacity limits, and marginal returns.

The evidence is piling up:
– Amazon removed its token usage leaderboard
– Microsoft cancelled Claude Code subscriptions
– Multiple companies reporting unexpectedly massive token bills

Their conclusion is the part that matters.

Adoption is no longer about what AI can do in principle. It's becoming about the price and scarcity of the inputs needed to run it at scale. Compute. Power. Cooling. Memory bandwidth. Inference budgets. All real, all binding constraints.

And here's the kicker from the chart.

The Silicon Data LLM Token Expenditure Index, a benchmark for how much the market is actually spending on AI tokens, has started rolling over. Citadel reads it as a shift toward cheaper models. Companies substituting away from expensive frontier AI toward "good enough" alternatives.

That's economics 101 doing what it always does. When the price of something rises, people use less of it, or find a cheaper version.

Citadel sees a bifurcation forming. Frontier AI concentrated among a few firms with the balance sheets to absorb the cost. Everyone else quietly downgrading to simpler, cheaper models.

This is the part of every technology revolution the early narrative ignores.

The technology being real was never the question.

The question was always whether the economics could carry the valuations.

When one of the most sophisticated trading firms on earth starts writing about AI in the language of cost curves and rationing instead of limitless demand, the conversation has quietly changed.

The hype was about what AI could do.

The reckoning is about what it costs.

[Liz Ann Sonders @LizAnnSonders]

Core goods #inflation (blue line) eased slightly in May while core services (orange line) continued to move higher

[Liz Ann Sonders @LizAnnSonders]

In year/year terms, May real average hourly earnings fell -0.7% (biggest drop since 2023) vs. -0.3% prior; weekly earnings -0.4% vs. -0.2% prior

[Liz Ann Sonders @LizAnnSonders]

Misery Index (CPI y/y + unemployment rate) increased 4 percentage points in May and now sits at a cycle high of 8.5%, driven by the recent rise in inflation

[Stephanie Link @Stephanie_Link]

SpaceX IPO reportedly has $70B in retail orders.

[Daily Chartbook @dailychartbook]

Gold's streak above its 200SMA ended on Friday (6/5) at 678 days, the second-longest streak since 1975 and just the 4th time it reaches 500 days. An extremely rare (and statistically meaningless) feat.

Results here if you really want them: https://t.co/PHteS5E0G8

[Barchart @Barchart]

Gold has now closed below its 200-day moving average for 3 consecutive days, the longest stretch since October 2023 📉📉

[JSS @HREG2020]

Put options are a beautiful thing

[Dose @RealCryptoDose]

YOU’RE EXIT LIQUIDITY on the SpaceX IPO

Retail stock investor are about to find out what its like to be exit liquidity

[Mark Sterling @MarkSterling0]

I’m 44 years old and used to work at JPMorgan Chase. My monthly income is $110,000
My June advice:
$BABA (Alibaba) — Don’t buy
$ASRC (Astrotech) — Don’t buy
$CRWV (CoreWeave) — Don’t buy
$INTC (Intel) — Buy at $100–$106
$NVDA (NVIDIA) — Buy at $195–$200
$QCOM (Qualcomm) — Buy at $200–$205
$MU (Micron Technologys) — Buy at $930–$938
People ask, Why don’t you charge?
I’ve made enough. Sharing is my passion ,that’s why I post for fre.

[JSS @HREG2020]

✔️

[tin @ResetTime2030]

#Gold miners bullish % index just hit zero . Bull markets end in Euphoria , and not flat lining at zero. Inning #2 or #3 of a 9 inning game about to begin. So early 👍

[Heather Dow @PatriotPostGirl]

Governor Whitmer stripped away local control to make way for her green scammy energy and then she pushed megasite deals onto unsuspecting communities. Now, she’s eyeing up farmland for her data center legacy. She’s used to people saying f*ck no, and doing it anyway.

[JSS @HREG2020]

the people of #Michigan voted her in not once but twice

[Monica Yatooma @MonicaYatooma]

What you’re watching is a video clip of Michigan Governor @gretchenwhitmer standing beside Oracle executive Clay Magouyrk at the Saline data center groundbreaking.

Listen closely when she says:
“We’re used to people saying f*ck no and doing it anyway”.

And honestly? That tells you everything you need to know about how Lansing views the public.

Your concerns?
Obstacle.

Your opposition?
Inconvenience.

Your vote?
Just something they need every few years before going right back to doing whatever the donors, lobbyists, and party bosses want.

These politicians will smile for the cameras, shake your hand, kiss babies, talk about “listening to the people” — and then bulldoze right over you the second powerful interests apply pressure.

That’s the game.

And if Michigan voters don’t wake up in 2026, @JocelynBenson will be Gretchen Whitmer 2.0 with a fresh coat of paint and the exact same arrogance underneath it.

If you’re tired of corruption, career politicians, fake authenticity, and being constantly lied to, then stop voting based on branding and start voting based on track record.

And before the usual partisan activists start screaming:
No, this is not “Republicans good, Democrats bad”.

Michigan has plenty of useless Republicans too.

The point is simple:
Stop electing polished frauds who treat voters like props and Michigan like their personal political playground.