Welcome to Markets Desk, your midday read on what's moving markets and the stories behind the money.
SpaceX is commanding attention on two fronts today. Tom Lee of Fundstrat is telling investors not to panic over the tech selloff preceding the SpaceX IPO, arguing the pressure is mechanical — funds raising cash to participate — and that the dip should reverse once the deal clears. That thesis gets reinforcement from the demand side: Google has committed to spending nine hundred twenty million dollars per month leasing AI computing capacity from SpaceX, a staggering anchor contract that gives the company a revenue floor most IPO candidates can only dream about. Alphabet choosing SpaceX over its own data centers signals something important about where the AI infrastructure race is heading.
Pivoting to the ETF space, a Vanguard technology fund is drawing fresh attention after nearly tripling investor money over the past five years. The conversation around it speaks to a broader theme in portfolio construction — whether concentrated tech exposure remains a viable long-term strategy or whether that run has stretched valuations beyond what the next five years can reasonably sustain. It is a question every retail investor should be sitting with right now.
That's the tape. Markets Desk, signing off the floor.
