Jersey Mikes's IPO, AI Lab Nationalization, SpaceX AIPhone | Diet TBPN

Watch on YouTube ↗  |  July 03, 2026 at 01:48  |  31:08  |  TBPN
Speakers
John Coogan — Co-Host, TBPN
Jordi Hays — Co-Host, TBPN

Summary

The hosts discuss major tech and market news: OpenAI's reported 5% stake talks with the Trump administration, Jersey Mike's IPO and Blackstone's quick markup, SpaceX's reported AI phone prototype that could challenge Apple, OPM's digitization of federal retirement processing, and Nvidia's role in AI infrastructure circularity.

  • OpenAI and other frontier AI labs are reportedly discussing giving the Trump administration stakes, with debate over household distribution versus government control.
  • Hosts note tech companies cooperating with the administration have performed well, citing Intel's roughly 400% post-government-stake gain.
  • Jersey Mike's files for IPO under ticker JMKE at a targeted $12 billion valuation, giving Blackstone a quick win.
  • SpaceX reportedly demoed an AI-focused handset during its IPO roadshow, using Starlink and XAI technology.
  • The App Store moat is seen eroding as AI chat apps replace single-purpose apps and reduce iPhone lock-in.
  • OPM digitized the paper-based federal retirement process after replacing a government software contractor.
  • Nvidia is framed as a beneficiary of heavy Meta token consumption and revenue-sharing circularity with AI cloud firms.
Ideas
John Coogan Co-Host, TBPN 9:18
Trump-aligned tech like Intel, Dell outperform
Tech companies that cooperate with the Trump administration have been strongly rewarded. Intel is the clearest precedent: after a government stake, its stock is up roughly 400%, while being difficult to do business with the administration has been unambiguously bad for others. That makes Intel and Dell the clean examples of the pro-administration alignment factor behind the OpenAI stake story.
DELL INTC MED
John Coogan Co-Host, TBPN 10:06
Blackstone gets quick Jersey Mike's win
Blackstone bought Jersey Mike's for $8 billion last year and the Jersey Mike's IPO is now targeting a $12 billion valuation, giving Blackstone a quick 50% markup in about a year. That is called out as a needed win for Blackstone.
BX LOW
Jordi Hays Co-Host, TBPN 18:07
SpaceX phone threat as app moat erodes
SpaceX has Starlink, a global satellite network that could theoretically serve the entire planet, so an AI-focused SpaceX handset makes strategic sense. At the same time, AI is diminishing the App Store moat because chat apps replace single-purpose apps and the long tail of apps no longer locks users into the iPhone, reducing Apple's ecosystem advantage.
SPCX HIGH
Jordi Hays Co-Host, TBPN 18:07
SpaceX phone threat as app moat erodes
SpaceX has Starlink, a global satellite network that could theoretically serve the entire planet, so an AI-focused SpaceX handset makes strategic sense. At the same time, AI is diminishing the App Store moat because chat apps replace single-purpose apps and the long tail of apps no longer locks users into the iPhone, reducing Apple's ecosystem advantage.
AAPL HIGH
John Coogan Co-Host, TBPN 30:10
AI circularity is good for Nvidia
Meta employees consumed 73.3 trillion AI tokens in a single month, roughly $2.65 billion a year, and Nvidia has partnered with AI cloud firms with revenue sharing, deepening circularity in AI infrastructure deals. That circularity is described as good news for Nvidia's demand.
NVDA MED
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This TBPN video, published July 03, 2026, features John Coogan, Jordi Hays discussing DELL, INTC, BX, SPCX, AAPL, NVDA. 5 trade ideas extracted by AI with direction and confidence scoring.

Speakers: John Coogan, Jordi Hays  · Tickers: DELL, INTC, BX, SPCX, AAPL, NVDA