Good morning and welcome to Markets Desk.
SpaceX made history on Thursday, pricing its IPO at one hundred thirty five dollars a share, raising seventy five billion dollars and valuing the company at one point seven seven trillion dollars — the largest public offering ever recorded. The debut instantly cemented Elon Musk as the world's first trillionaire, a threshold once reserved for entire national economies.
That milestone is worth sitting with for a moment. Musk's personal fortune now rivals the GDP of South Africa, the country where he was born. The crowd outside the Nasdaq skewed young and hungry — prop traders, venture investors, retail buyers — one early backer walking away with roughly three hundred million dollars in paper gains. Wall Street's appetite for the Musk premium remains, by any measure, insatiable.
Pivoting to semiconductors, Citi is out with a note arguing the market is sleeping on AMD's artificial intelligence chip business. The analyst's case centers on Meta, which Citi believes will dramatically increase spending on AMD hardware — spending that consensus estimates have largely missed. AMD has long been framed as a CPU story, but if Citi is right, the AI revenue line could force a meaningful re-rating.
That's the tape. Markets Desk, signing off the floor.
