1. SpaceX is up 38.5% since the $135 IPO.

Its valuation is now over $2 trillion, making SPCX the sixth-most valuable U.S. company.
Against 2025 revenue of $18.7 billion, that is roughly 107x sales for a company that still lost $4.9 billion last year.
Morningstar is the loud skeptic. As a non participator pre IPO, it was able to cover the IPO, and analysts there reportedly peg fair value at $63 per share, less than half the IPO price, at roughly $830 billion.
SpaceX reportedly hired more than 20 banks, which means many sell-side desks may be too bullish when retail needs research.
The lockup calendar is the bear case with a date on it. Insiders reportedly unlock in stages before the full 180-day window.

2. The case for Europe according to JPMorgan.

“The rotation into Europe would be a pain trade, as most portfolios have been, rightly till now, underinvested in the space.
At the overall market level, we would use any weakness to add exposure, with rotations in focus, but not prolonged reductions in equity risk.
Interestingly, the consumer space is also showing some signs of life. The Luxury complex has been off its lows for a few weeks, and the Airlines and Hospitality subsectors are trading better too.”
The “Consumer” sub-group is extremely oversold and is the only cyclical sector which is yet to rally.

3. Has Adyen reached a bottom?

Shares were up around 5% after the Dutch payments processor said it will buy U.S.-based enterprise billing platform Orb for €289.8 million.
This is Adyen's second-ever acquisition, after takeover of software firm Talon for €750 million announced in April.
Both acquisitions provide possible entry points for new clients.
Shares are down 40% YTD and the average broker target is 70% higher at 1388.

4. The AI investment boom is not materially supporting economic growth in the U.S.

"U.S. hyperscalers now spend most of their vast AI capex on imported hardware, generating little or no net positive impact on U.S. GDP," Berenberg said.
The spike in imports of AI-related hardware has outpaced the rise in tech investments since 2024, effectively offsetting the contribution of that investment to GDP growth over the past year or so, the brokerage said, citing U.S. international trade data.
This reliance on imported hardware comes at a time when there is a clear shift in focus from software to hardware in the race to dominate the technology.
While the AI investment boom is not materially supporting economic growth in the U.S., Berenberg expects its widespread adoption to provide a major tailwind to productivity gains across economies going forward.

5. The global Energy Storage System (ESS) opportunity is 3TWh by 2030 (vs. 1TWh now) on improving economics and energy security needs.

Battery storage will move from “good to have” to essential and we see most renewable projects will not get constructed without energy storage, even outside China.
At scale, ESS will dampen power market volatility, and could reduce consumer prices, making ESS a holy grail for utility investors and policy-markers.
For Samsung SDI and Korean suppliers, the US presents a key opportunity as OBBBA regulations drive share shift from Chinese to Korean players.
The stock can be bought in Europe and has an average target upside of 36%.

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