SpaceX IPO Terms Due & Trump's New Tariffs | The Pulse 6/3/2026

Watch on YouTube ↗  |  June 03, 2026 at 11:30  |  49:02  |  Bloomberg Markets
Speakers
Patrick Armstrong — CEO, Plume Wealth
Ven Ram — Markets Live Reporter/Strategist, Bloomberg

Summary

The episode covers SpaceX's record IPO plans, the US proposing new 10% tariffs on major trading partners, and escalating Middle East tensions with US-Iran missile exchanges. Patrick Armstrong presents three actionable ideas: long Micron on AI-driven earnings growth, short US airlines due to jet fuel spike risk, and long oil refiners for pricing power.

  • SpaceX plans to set IPO terms as soon as Wednesday, aiming to raise $75 billion at $135 per share.
  • The US proposes at least 10% tariffs on imports from 16 major trading partners under forced-labor investigations.
  • IMF growth forecasts are revised down amid tariff and geopolitical uncertainties.
  • US-Iran ceasefire talks face strain after missile strikes damage Kuwait's airport and threaten the Strait of Hormuz.
  • Patrick Armstrong recommends going long Micron as AI capex drives earnings growth without multiple expansion.
  • He is actively short US airlines expecting refined product price spikes from Middle East tensions.
  • He is long oil refiners for their pricing power and inelastic demand in a tight supply environment.
  • The BOJ governor signals need for further rate hikes, while the BOE and Fed face conflicting inflation signals.
Trade Ideas
Patrick Armstrong CEO, Plume Wealth 8:23
Micron earnings justify price
Micron's stock price has risen from $150 to $1000, but its P/E ratio remains unchanged, indicating that earnings growth has kept pace with the price rise, so the stock is not overvalued and remains attractive as part of the AI infrastructure buildout.
MU MED
Patrick Armstrong CEO, Plume Wealth 15:01
Short US airlines on fuel spike
The Strait of Hormuz closure threat will cause a spike in refined products like jet fuel and diesel, severely hurting U.S. airlines' costs and margins. He is actively short U.S. airlines despite it being a difficult trade.
JETS HIGH
Patrick Armstrong CEO, Plume Wealth 15:11
Long oil refiners for pricing power
Oil refiners have strong pricing power due to inelastic demand for refined products and the ability to set prices if they have crude supply. This gives them incredible profit margins, making them a good hedge in a portfolio when other sectors suffer from the Middle East tensions.
CRAK HIGH
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This Bloomberg Markets video, published June 03, 2026, features Patrick Armstrong discussing MU, JETS, CRAK. 3 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Patrick Armstrong  · Tickers: MU, JETS, CRAK