5 Picks Ahead of the SpaceX Listing

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Before Tesla's 2010 IPO, early EV suppliers surged as institutions positioned ahead of the listing. SpaceX is targeting a summer IPO at a $1.75 trillion valuation and the same institutional flow is starting now.

Our research team screened every publicly traded technology company for direct thesis exposure. Five names made the cut.

• A $50B launch provider with triple-digit government contracts

• A $31B satellite operator building global mobile coverage

• A $4B lunar infrastructure company with NASA missions already completed

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☕️ GM Munchers! Canada had a long weekend. My wife declared it a "no market talk" zone starting Friday afternoon. I complied. The S&P dropped, oil spiked, and Japan's bond market is imploding. This is what happens when I stop watching. I apologize. I will not be taking another day off.

On today’s menu:

• 📉 All Time Highs. Zero Room For Error.

• ⚖️ Musk Lost. Altman Won. Here Is What It Means.

• 😢 Bitcoin & Crypto Keeps Struggling

• 🔍 Berkshire Just Tripled Its Google Bet

• 👀 These Are Warren Buffett’s 5 Biggest Holdings

Yesterday’s numbers:

BREAKING NEWS

📉 The Rally Has A Problem Now

Here is where we are right now. The S&P 500 hit all-time highs on Thursday. Then on Friday, it sold off hard. Yesterday, it opened flat and spent most of the day going nowhere. We are simultaneously at the most expensive level in market history and genuinely worried about what comes next.

Here is what is actually driving the nervousness:

• 🛢️ Trump warned Iran on social media that it is "running out of time" to make a deal. Oil immediately jumped back above $110 a barrel. Every time a deal seems close, something derails it. The market is exhausted trying to price this in and out.

• 📊 Traders have now fully priced out any Fed rate cuts in 2026. The next move being debated is a rate hike, not a cut. Six months ago markets were pricing in three cuts. The inflation data has completely reversed that conversation.

• 🤖 Nvidia reports earnings Wednesday and it is the most important print of the quarter. The entire AI trade, which has carried this rally on its back, lives or dies on what Jensen Huang says about demand. KeyBanc raised its price target to $300. Expectations are high. That is a dangerous place to be.

Ten of the last twelve recessions were preceded by an oil price spike. Oil is up over 50% since the Iran war began. That is not a warning to panic. It is a warning to pay attention.

The Munch Take: We are sitting at all-time highs with 6% wholesale inflation, oil at $110, zero Fed cuts priced in, Japan's bond market breaking, and the most important earnings report of the year dropping on Wednesday. The rally has been real and earned. But the margin for error right now is razor-thin. One bad Nvidia print, one Iran escalation, one hot inflation number and this market reminds everyone very quickly that all-time highs are not a permanent address.

⚖️ Musk Lost. Altman Won. Here Is What It Means.

A federal jury in Oakland took less than two hours to throw out Elon Musk's entire lawsuit against Sam Altman and OpenAI. Unanimous decision. Every claim dismissed.

Here is the plain English version of what just happened:

• Musk co-founded OpenAI in 2015 as a nonprofit with a mission to build AI for humanity, not for profit. He left the board in 2018 after failing to take control of the company.

• OpenAI then built a for-profit structure, raised billions, and became one of the most valuable companies on earth. Musk said that was a betrayal of the original mission and sued for up to $134 billion in damages.

• The jury did not rule on whether Musk was right or wrong. They ruled that he waited too long to sue. Under the law, he had three years to file. He missed the window. Case closed.

What does this mean for stocks?

$MSFT is the biggest winner today. Microsoft invested billions into OpenAI's for-profit structure and was named in Musk's lawsuit. That liability is now gone entirely. The stock should react positively.

The verdict lands just days before SpaceX is expected to disclose its IPO. Musk losing a high-profile public trial right before the most anticipated IPO of 2026 is not ideal optics. Whether it actually moves the needle on SpaceX's valuation is doubtful. The business is too strong for a courtroom loss to change the fundamental story. But it is a distraction he did not need this week.

For $TSLA, the impact is minimal. The trial was about xAI and OpenAI, not Tesla's core business. Musk's attention being pulled in seventeen directions simultaneously is always a background concern for Tesla shareholders. Yesterday just added one more chapter to that story.

The Munch Take: Musk sued to destroy a competitor and the jury told him he filed too late. That is not a verdict on who was right. It’s a verdict on who was on time. OpenAI is now worth $852 billion, ChatGPT has half a billion users, and Sam Altman walked out of that courthouse with every claim against him dismissed. Musk still has xAI and SpaceX and Tesla. He will be fine.

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MARKET OVERVIEW

🍿 Tasty Movers & Shakers

⚡️ $D Dominion Energy ripped 12% after NextEra Energy announced a deal to acquire the company in an all-stock transaction valuing Dominion at $66 billion with a total enterprise value of $116 billion including debt. If it closes, it becomes the largest utility acquisition in history. The AI data center buildout needs electricity and NextEra just moved to own a lot more of it.

💊 $REGN Regeneron tumbled 9.82% after its late-stage melanoma treatment failed to hit its trial goals. Drug development is a binary business. This one landed on the wrong side.

🪙 $COIN and $MSTR got hit as Bitcoin dropped over the weekend, pulling crypto-related stocks down with it. Coinbase sank 3.07% and Strategy lost 6.08%. When Bitcoin sneezes, everything in the ecosystem catches a cold.

📊 $RAMP LiveRamp jumped 27.29% after French advertising giant Publicis agreed to buy the company for $2.17 billion. Data collaboration is apparently worth a 30% premium on a Monday morning. Publicis paid up and the market approved.

STOCK OF THE DAY

🔍 Berkshire Just Tripled Its Google Bet. Here’s Why That Matters.

Greg Abel's first-quarter running Berkshire Hathaway told you everything about where he thinks the world is heading. He sold Visa, Mastercard, Amazon, and UnitedHealth. Then he took the money and put it into $GOOGL.

Berkshire increased its Alphabet stake by 204%, bringing its total position to nearly 58 million shares, worth roughly $16.6 billion. That makes Google one of Berkshire's seven largest holdings. For a firm that spent decades avoiding tech stocks, this is a significant statement.

Why does Abel like it so much?

• Alphabet generated $64.4 billion in free cash flow over the last twelve months.

• Google Cloud revenue grew 63% year over year, with cloud operating income tripling to $6.6 billion.

• This is not a speculative AI bet. It is a cash machine that also happens to be winning the AI race. The view inside Berkshire is that Alphabet combines AI leadership with an already-profitable advertising business that keeps generating cash even during a recession. That is a Buffett-style business wrapped in a growth story.

📈 The Bull Case:

• Q1 2026 revenue grew 22%, its fastest pace in over two years. Google Search hit an all-time high in queries. YouTube ads grew 19%. Cloud backlog nearly doubled quarter over quarter to over $460 billion.

• Waymo is delivering 500,000 rides a week and accelerating. The market is barely pricing that in.

• Trading at roughly 20 times forward earnings for a company growing revenue at 22% is not expensive. It’s reasonable.

📉 The Bear Case:

• The DOJ antitrust case targeting Google's search monopoly is still active. A forced breakup remains a low-probability but real risk.

• AI-powered search answers could reduce the number of ad-generating clicks over time. Google is simultaneously the best AI search business and the most threatened by AI search.

• Abel is new. This could be a great call or a new CEO making a big swing in his first quarter. Time will tell which one it is.

The Munch Take: When the most careful allocators in the world triple a position in a single quarter, that is not noise. Abel sold Visa and bought Google. He sold Amazon and bought Google. He sold UnitedHealth and bought Google. The pattern is not subtle. Google has real AI infrastructure, real cash flow, and a search business that has been declared dead approximately seventeen times and keeps growing anyway. We don’t like that he sold quality companies. But we like this buy.

TRADING SUCCESS

🤑 Tuesday Motivation

🚀 Pre-Market Fuel

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2. 👀 These are Warren Buffett’s 5 biggest holdings.

3. 🤔 These stocks are trading at below 20x earnings.

4. 🇩🇪 This famous German investor just revealed his latest moves.

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