SpaceX IPO Is the Black Hole Eating the Chip Rally — and Tom Lee Thinks That's Fine
Social sentiment is laser-focused on the SpaceX IPO, but the real earnings action is hiding in plain sight
Ticker Ratings
Everyone's eyes are on the SpaceX IPO, and according to Fundstrat's Tom Lee, that's literally why your chip stocks are bleeding. His thesis: institutional funds are selling recent winners — think semis — to fund their ~$75B Nasdaq 100 allocation for SpaceX. It's not a structural breakdown, it's a very expensive RSVP. Senator Elizabeth Warren disagrees, firing off a 12-page letter to the SEC questioning the company's valuation math and governance structure. Nothing says 'this IPO is going to be chaos' like a double-digit-page cease-and-desist from Capitol Hill.
Meanwhile, the actual earnings scoreboard is getting ignored. $SJM posted its best single day since 2008 — +10% — on solid organic sales and a coffee price cut incoming. $CRWV (CoreWeave) is quietly serving 9 of the top 10 AI labs globally with 'unrelenting' compute demand. And $HNG (Hinge Health) bumped its full-year revenue forecast. Boring names, unboringly good numbers.
The Nasdaq dropped 800 points intraday before recovering to close down just 251 — which, in 2026 volatility terms, basically counts as a calm Tuesday.