St. John O’Callaghan

"Do you want to be right or make money"...Ned Davis

"We can ignore reality, but we cannot ignore the consequences of ignoring reality." …Ayn Rand

[Vlad Bastion @VladBastion]

The greatest tech stocks of all time went public cheap.

NVIDIA IPO'd at ~2x sales. Microsoft at ~4x. Apple at ~14x. SpaceX is reportedly coming at ~95x.

Price-to-sales at IPO (valuation ÷ trailing revenue):

🚀 SpaceX ~95× $SPCX (2026)
🪙 Coinbase ~67× $COIN (2021)
👻 Snap ~59× $SNAP (2017)
🐦 Twitter ~45× $TWTR (2013)
🏹 Robinhood ~33× $HOOD (2021)
🔮 Palantir ~28× $PLTR (2020)
♾️Meta ~28× $META (2012)
📦 Amazon ~28× $AMZN (1997)
🛒 Alibaba ~20× $BABA (2014)
🔍 Google ~16× $GOOGL (2004)
🚗 Tesla ~15× $TSLA (2010)
🍎 Apple ~14× $AAPL (1980)
🚕 Uber ~7× $UBER (2019)
🪟 Microsoft ~4× $MSFT (1986)
🎮 Nvidia ~2× $NVDA (1999)

[St. John O’Callaghan @st_sinjun]

$CVNA

[Bluechip @blue_chip1]

$CRMT -55% today. Another Used Car retailer.

I guess no one saw it coming:)

Seeks recue financing 🚨

Sub-prime borrowers not paying their loans... What could go wrong? $CVNA is a FRAUD

[Eric Daugherty @EricLDaugh]

🚨 HOLY SMOKES. ActBlue just PLED THE 5TH and REFUSED to answer about getting foreign donations infiltrating US politics on behalf of Democrats

She wouldn't even refute getting RUSSIAN money! 🤯

ActBlue is a FRAUD group. Shut it down!

REP. JIM JORDAN: Your board chairman said ActBlue accepted up to 38 million contributions in 2024 that had the signs of foreign origin. How much fraud is too much fraud?

ACTBLUE: On the advice of counsel, I respectfully declined to answer the question pursuant to my Fifth Amendment rights under the Constitution.

JORDAN: How many foreign contributions did ActBlue accept?

ACTBLUE: On the advice of counsel, I respectfully declined to answer the question pursuant to my Fifth Amendment rights under the Constitution.

JORDAN: How much money did ActBlue accept from Russia?

ACTBLUE: On the advice of counsel, I respectfully declined to answer the question pursuant to my Fifth Amendment rights under the Constitution.

JORDAN: Why did your entire legal team quit? Your in-house legal team?

ACTBLUE: On the advice of counsel, I respectfully declined to answer the question pursuant to my Fifth Amendment rights under the Constitution.

JORDAN: Did your legal team quit because of reduced fraud standards?

ACTBLUE: On the advice of counsel, I respectfully declined to answer the question pursuant to my Fifth Amendment rights under the Constitution.

JORDAN: We won't keep you here all day, but let me just do one more. Did you weaken your fraud standards to help Democrats?

ACTBLUE: On the advice of counsel, I respectfully declined to answer the question pursuant to my Fifth Amendment rights under the Constitution.

Absolutely insane.

[Wesley Hunt @WesleyHuntTX]

Hey Jasmine…

Black pilot here.

I think you missed the plot.
Then again, that’s becoming a pattern.

I graduated from West Point.
I went through Army flight school.
I learned to fly the AH-64 Apache.
I deployed to combat and flew 55 combat missions over Baghdad.

Nobody handed me a cockpit because of my skin color.

Nobody lowered the standards for me.

Nobody looked at me and said, “Let’s check a diversity box.”

That’s what people like you don’t seem to understand.

Suggesting that Black pilots, Black engineers, Black doctors, or Black leaders need special preferences to succeed is not empowering, it’s insulting.

I didn’t want a different standard.
I wanted the same standard.

And when you’re flying into combat, the American people don’t care what race the pilot is.

They care whether the pilot is qualified.

Merit isn’t racist.
Excellence isn’t discriminatory.

And reducing every achievement to skin color says far more about your worldview than it does about mine.

[St. John O’Callaghan @st_sinjun]

I don't doubt Elon's capabilities but he also made a lot of FSD promises that haven't happened. $TSLA

[StockMarket.News @_Investinq]

Elon Musk believes SpaceX can deploy 100 gigawatts of orbital compute per year by 2030 (Save this).

1 gigawatt by end of 2027, 10 gigawatts in 2.5 years, 100 gigawatts in 3.5 years.

If I was a betting man, I will bet with certainty that this not going to happen on that schedule.

Start with the most basic constraint, launch cadence.

Getting to just 1 gigawatt requires roughly 200 Starship launches at first-generation satellite specs.

SpaceX's current legally approved launch cap at Starbase in Texas is 25 Starship launches per year.

Meanwhile, the rocket itself is still being proven out.

Starship Flight 12, the first Version 3 design was delayed three separate times before finally launching in May 2026.

SpaceX has never demonstrated a fully reusable Starship flight at the turnaround speed that thousands of annual launches would require.

The entire 100 gigawatt thesis depends on Starship becoming the most reliable and rapidly reusable heavy lift vehicle in history, on a timeline that has already slipped repeatedly.

Then there is the manufacturing challenge.

SpaceX is building two new factories targeting production of over 1,000 compute satellites per year by late 2027.

Reaching 10 gigawatts per year requires tens of thousands of satellites annually, not a thousand.

[✞🎀TrumpGirlOnFire 🔥 @TrumpGirlOnFire]

Marco Rubio just dropped the truth bomb — Americans grind 40+ years, pay into the system, follow every rule… and retire broke on $800-$1,000 a month.

Meanwhile, new arrivals who never paid a dime allegedly get MORE from the same system? This isn’t compassion. It’s a slap in the face to every taxpayer who built this country.

[St. John O’Callaghan @st_sinjun]

@TheStockBro @ADG800 Good. Hopefully Robert DeNiro will shut the fuck up.

[St. John O’Callaghan @st_sinjun]

Carney will let no ass go un-kissed (except Trump's). What do his Muslim immigrants think of this?

[Kirk Lubimov @KirkLubimov]

If you are wondering what Mark Carney is doing today, he is raising a pride flag on Parliament Hill as an official ceremony.

How is this even a thing??

[St. John O’Callaghan @st_sinjun]

He's showing off the '666' tattooed on his head.

[John @MagaGrunt1]

🇺🇸This is how the whole damn problem started.🇺🇸

[St. John O’Callaghan @st_sinjun]

@jenstilmanydots Trudeau (twice) and Carney back to back...the outcome was predictable.

[St. John O’Callaghan @st_sinjun]

Vehicles (including cars, trucks, parts, and accessories) are Canada's largest import from the United States by dollar value. Carney is looking to lower this number by importing more vehicles from China. He's in a pissing contest with Trump and it's not going to be to Canada's long term benefit. Egos matter.

[St. John O’Callaghan @st_sinjun]

@CyclesFan That's going to be a crowded (and interest expensive) trade when it happens, and it will.

[St. John O’Callaghan @st_sinjun]

$NUGT is down 42% since May 10th, MoM.

[Oliver Groß @minenergybiz]

The Gold Miners Bullish Percent Index drops to zero. Yes, you read that correctly. Historical 👀🔥
Total capitulation.

[Hedgie @HedgieMarkets]

🦔Apollo and Blackstone closed a $35 billion private credit deal to buy Google's custom AI chips for Anthropic. A special purpose vehicle purchases the chips and leases them to Anthropic, so the debt stays off Anthropic's books. Broadcom backstops $30 billion of the debt with a residual value guarantee. If Anthropic misses a lease payment and the chips lose value, Broadcom covers the shortfall.
Anthropic filed its S-1 last week, raised $65 billion at a $965 billion valuation, and signed a $1.25 billion a month compute deal with SpaceX. This is one of the largest private credit deals ever assembled.

My Take
Blackstone capped withdrawals from its flagship credit fund at 5% last quarter after investors tried to pull 10%. Now it committed $35 billion to AI chip financing for Anthropic. That's a lot of confidence from a firm whose own investors are trying to get out.

Broadcom's CEO told investors two weeks ago that he doesn't see productivity gains from AI agents. Now Broadcom guarantees $30 billion of this debt. The company whose CEO said the productivity hasn't shown up is now guaranteeing the hardware that's supposed to produce it. If the bet works, Anthropic gets the compute. If it doesn't, the losses flow to the investors and then to Broadcom.

Hedgie🤗

[St. John O’Callaghan @st_sinjun]

Over half of the expected 2026 EM earnings growth is concentrated in just three AI-driven semiconductor firms: Taiwan Semiconductor, Samsung Electronics, and SK Hynix. That's a lot of concentration risk. The world is all in on AI. $DRAM

[Charlie Bilello @charliebilello]

From 2015-2025, EM earnings disappointed every single year.

In 2026, EM earnings expectations have exploded higher, projected to rise nearly 50%. And further gains are expected in 2027.

Video: https://t.co/HdoFAnN6sC

[Charlie Bilello @charliebilello]

AI hyperscalers (Google, Amazon, Meta, Microsoft, and Oracle) have issued 47% more debt in the first 5 months of this year ($159 billion) than all of last year ($108 billion). Their YTD debt issuance exceeds the combined issuance from 2020-2024.

$GOOGL $AMZN $META $MSFT $ORCL

[St. John O’Callaghan @st_sinjun]

@TheStockBro @BoringBiz_ OK

[St. John O’Callaghan @st_sinjun]

$SPCX liquidity.

[Oliver Groß @minenergybiz]

The Gold Miners Bullish Percent Index drops to zero. Yes, you read that correctly. Historical 👀🔥
Total capitulation.