Episode summary
SpaceX Rallies For Third Straight Day, Becoming World's Fifth Largest Stock | Bloomberg Businessweek
Bloomberg Businessweek Daily
· · 35 min · Hosts: Carol Massar, Tim Stenovec · Guests: Bailey Lipschultz, Simon White, Mike Dinsdale, David Roman, Madison Muller
Summary
SpaceX’s post-listing rally dominated the opening segment, with the host and Bloomberg IPO reporter Bailey Lipschultz attributing the stock’s volatile surge to a mix of pent-up demand, options activity, leveraged products, and limited float. Lipschultz said the stock’s trading may normalize as early enthusiasm fades, but he expects Wall Street to remain torn between the “Elon dream” and skepticism about whether the company can justify a valuation built on very ambitious future businesses.
The discussion then shifted to Simon White’s warning that the “financialization of GPUs” could become a systemic risk. He argued that AI infrastructure is already being repackaged into debt structures backed by rapidly depreciating chips, echoing the logic that preceded the mortgage securitization boom. White said the market is creating a futures curve and other tradable instruments around GPUs, even though the underlying assets can become obsolete quickly.
Later, Mike Dinsdale described Power Law’s closed-end fund as a way to give retail investors access to private tech names such as SpaceX and OpenAI. He said the model is designed to capture demand for private-company exposure while still providing public-market liquidity. In the closing segment, Goldman Sachs analyst David Roman argued that medtech and healthcare IT look more attractive into 2027, with AI adoption in diabetes care, rhythm monitoring, and robotic surgery helping drive the next leg of growth.
Key takeaways
- Bailey Lipschultz said SpaceX’s trading has been driven by options, leveraged products, and limited supply, making the stock vulnerable to sharp swings.
- Simon White argued that debt backed by GPUs could become a new financialized asset class, with risks similar to pre-2008 securitization but faster depreciation.
- Mike Dinsdale said Power Law is built to give non-accredited investors access to private companies like SpaceX, OpenAI, Databricks, and Stripe.
- David Roman said medtech and healthcare IT may stay challenged in 2026, but he sees growth reaccelerating in 2027 as AI adoption broadens.
- Roman highlighted AI use cases in CGM, arrhythmia monitoring, and robotic surgery as some of the most promising near-term healthcare applications.
Notable quotes
“the financialization of GPUs is a nent risk to the economy and markets”
“I think a lot of people who have been tuning in over the last week might think he lives in Midtown Manhattan at Bloomberg headquarters”
“we have this new innovation which is debt backed by these GPUs”
“the market can stay rational longer than you can stay solvent”
“our thesis has been that we want to provide a product that resonates with the $25 trillion in US retirement accounts”
How the episode opens
Bloomberg Audio Studios, podcasts, radio, news. This is Bloomberg Business Week Daily, reporting from the magazine that helps global leaders stay ahead with insight on the people, companies, and trends shaping today's complex economy. Plus, global business, finance, and tech news as it happens. The Bloomberg Business Week Daily podcast with Carol Masser and Tim Stenbec on Bloomberg Radio.
Bailey Lip Schultz is Bloomberg News IPO reporter. I think a lot of people who have been tuning in over the last week might think he lives in Midtown Manhattan at Bloomberg headquarters, but no, he's actually joining us from New Jersey today. He did get out of the office, which I'm glad he did.
It looks like he's in the office. — It does. That's the magic of television. — The magic of the magic of uh green screen. I don't know actually how to turn off the Zoom filter just so it's clear. Any meeting I have, people were like, "Are you in an elevator? Are you a Bloomberg?" I'm like, "No, I'm I'm doing something else."
Well, no matter where you are, Bailey, we're glad we're glad you're with us. Uh, sorry. Go ahead on this valuation question because I I I I'm beating this drum a lot. Uh, but I'm wondering who's buying shares in this company right now.
Well, we're seeing kind of a mix of things, right? So, today was the first day for call options, well, put options, but options at large to be able to be purchased. So, similar to what we saw with GameStop to an extent, if people are buying and rushing to buy out of the money call options, that can artificially and in real life move the stock price higher even though no one's actually buying the underlying stock from that perspective cuz people have market makers have to buy the stock.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- spacex rally
- ai and gpu
- ipo and capital markets
- healthcare it
- market volatility
Companies and tickers mentioned
- AMZN
- MSFT
- GS
- SpaceX
- Amazon.com
- Microsoft
- Powerlaw
- Goldman Sachs
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Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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