Name: AI Bloodbath Ahead of SpaceX IPO | WAYT?
Uploaded: 2026-06-09T22:12:57+00:00
Duration: 3388 s

Speakers

Josh Brown — CEO, Ritholtz Wealth Management

Michael Batnick — Managing Partner, Ritholtz Wealth Management

Summary

Josh Brown and Michael Batnick analyze a market selloff and rotation, Apple's AI relaunch with new wearables, the upcoming SpaceX and OpenAI IPOs, and consumer strength. They share bullish views on real estate, hotels, Bitcoin, and SpaceX, while favoring Anthropic over OpenAI.

Tech and momentum stocks saw a violent rotation, with staples and real estate outperforming.
Simon Property Group and Prologis hit new highs, benefiting from continued hiring and space demand.
Apple's new AI Siri and wearable devices could ignite a device upgrade cycle.
Bitcoin's deep drawdown and bearish sentiment may set up a contrarian reversal.
SpaceX IPO is viewed as a generational buy with a wide moat and long-term holding appeal.
Anthropic's enterprise-focused AI business is preferred over OpenAI's consumer-heavy, loss-making model.
Hotel stocks like Marriott and Hilton reflect enduring strength in the affluent consumer.
The hosts caution against overreacting to short-term rotations in a still-open bull market.

Ideas

Josh Brown CEO, Ritholtz Wealth Management 11:46

Real estate benefits from hiring boom.

Amid AI disruption fears, companies are hiring faster than ever, increasing demand for real estate. Simon Property Group and Prologis are breaking out to new highs, benefiting from both the physical human presence and Prologis's pivot into data-center space.

Josh Brown CEO, Ritholtz Wealth Management 25:42

Apple AI wearables will boost sales.

Apple's upcoming AI-powered Siri and new wearable devices (smart glasses, pendant, enhanced AirPods) will create a must-have user experience, sparking a new hardware upgrade cycle and driving device sales despite short-term skepticism.

Michael Batnick Managing Partner, Ritholtz Wealth Management 44:55

Avoid OpenAI IPO.

OpenAI loses $1.22 for every dollar earned, projects massive GAAP losses of $26 billion by 2026, and relies on free users for 95% of its customer base. This poor unit economics makes a trillion-dollar valuation unattractive compared to peers.

Michael Batnick Managing Partner, Ritholtz Wealth Management 45:12

Anthropic is discussed as a private/future-IPO AI company with enterprise traction, but there is no public tradable ticker or explicit current position.

Michael Batnick Managing Partner, Ritholtz Wealth Management 45:22

Standing routing rule: every visible SPCX/SpaceX row is watch; SpaceX IPO discussion is not a tradable public-equity long call.

Michael Batnick Managing Partner, Ritholtz Wealth Management 50:57

Hotels show strong affluent consumer.

The top 50% of consumers by income continue to spend heavily on travel, making hotel stocks a better proxy for stock-market Americans than restaurants. Marriott, Hilton, and Hyatt show steady demand and high occupancy, indicating the consumer that matters is still strong.

HLT MAR H MED

Josh Brown CEO, Ritholtz Wealth Management 53:23

Bitcoin rip from extreme bearishness.

Bitcoin has fallen into a deep drawdown with extreme bearish sentiment not seen since the last 50% correction. This level of despondency historically precedes a false breakdown and a sharp rally, suggesting a contrarian bounce is near.

AI Bloodbath Ahead of SpaceX IPO | WAYT?

Summary

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