A Midsummer's Melt-Up | WAYT?

Summary

Josh Brown and Michael Batnick discuss SpaceX and Palantir earnings, the broad corporate profit boom, and how the July semiconductor sell-off was a margin-call event that reset the bull market into a healthy midsummer melt-up. They review Robinhood’s event-contract boom, the collapse of a leveraged AI hedge fund, and Michael makes a bull case for Floor & Decor trading on 'less bad' housing news.

• SpaceX beats across all segments but faces heavy lockup unlocks that may pressure the stock below $100.
• Palantir posts unprecedented 93% revenue growth, confirming its role as a leading AI enterprise partner.
• Q2 earnings season shows record breadth, rising estimates, and a market melt-up across sectors.
• The semiconductor sell-off was driven by a hedge fund margin call, not fundamentals, and ETFs saw record inflows signaling dip-buying conviction.
• Leopold Aschenbrenner lost billions due to 4x leverage but retains valuable Anthropic stake and may rebound.
• Robinhood’s event contracts now exceed crypto revenue, raising concerns about young male gambling bundled in brokerage accounts.
• Michael Batnick argues Floor & Decor is a beaten-down housing stock breaking above its 200-day moving average with 'less bad' comps, poised for recovery.