SpaceX Said to Cut IPO Valuation Goal, Blue Origin Rocket Explodes | The Opening Trade 5/29/2026

Watch on YouTube ↗  |  May 29, 2026 at 09:40  |  1:36:17  |  Bloomberg Markets
Speakers
Richard Clow — Portfolio Manager, Global Technology Team, Janus Henderson
Mark Cranfield — Cross Asset Strategist, Bloomberg
Venu Krishna — Head of U.S. Equity Strategy, Barclays

Summary

The episode covers market optimism around a potential US-Iran ceasefire, tech earnings (Dell surging 40% on AI server demand), and the upcoming mega IPOs of SpaceX and Anthropic. Inflation data from Europe shows stagflation risks, while the dollar shows signs of weakness. Key themes include AI-driven market breadth, oil price decline, and ECB rate hike expectations.

  • Dell stock jumps 40% on AI server demand and raised guidance.
  • SpaceX lowers IPO valuation target to at least $1.8 trillion.
  • Anthropic raises at $965 billion valuation, fastest in VC history.
  • Brent crude set for biggest monthly drop since 2020 on Iran deal optimism.
  • European CPI data points to stagflation in France and Spain.
  • St. Louis Fed president open to rate hike if inflation persists.
  • Dollar downtrend forecast due to broken yield correlation and seasonality.
  • ECB expected to hike in June but with dovish tone.
Trade Ideas
Richard Clow Portfolio Manager, Global Technology Team, Janus Henderson 31:46
Nvidia's cash flow and buybacks signal sustainability.
Nvidia's massive free cash flow generation (close to $200 billion annualized) and its new shareholder return program (dividends and buybacks) signal that the company's growth is sustainable and not a bubble, similar to Apple's pivot in 2012. This makes Nvidia a long-term buy despite its high valuation.
NVDA HIGH
Mark Cranfield Cross Asset Strategist, Bloomberg 93:17
Dollar downtrend indicated by yield breakdown and seasonality.
The U.S. dollar appears to be starting a downtrend because recent sharp rises in Treasury yields failed to boost the dollar, indicating a breakdown in the usual yield-dollar correlation. Additionally, seasonality (June-July) is historically negative for the dollar, and the fading benefit of high oil prices for the U.S. adds to the bearish case.
DXY MED
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This Bloomberg Markets video, published May 29, 2026, features Richard Clow, Mark Cranfield discussing NVDA, DXY. 2 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Richard Clow, Mark Cranfield  · Tickers: NVDA, DXY