The $2 Trillion SpaceX IPO Is Coming for Your Mom's 401(k)

Michele Steele sits down with Ben Cahn (After Hours) for a bonus crossover episode of StockTwits TV. They open on Ben's recent run-in with a hostile cat — and the very real cortisol spike that came with it — before turning to the markets. On the table: the wild Cerebras IPO that priced way above its original $150–$200 range and opened around $350, the rumored SpaceX IPO debuting at a $2 trillion valuation, and the uncomfortable reality that retail investors increasingly serve as exit liquidity for venture capital. Ben argues the software sector has bottomed. The IGV ETF dropped 20–30% in Q1 on fears that AI would kill SaaS, but volume has surged since February and Jensen Huang himself says the entire move was an overreaction. The new narrative: AI is accretive to software, not destructive (Jevons paradox). Plus: Chinese conglomerates quietly rolling up American consumer brands (Shein/Everlane, Luckin/Blue Bottle, Anta/Arc'teryx), Chinese EV build quality, Trump-family trades and World Liberty Financial, the enshittification of everything, and a brief national crisis over Spotify's disco-ball icon.

00:00  Cold open & Ben's cat attack 02:08  Evolution, primal fear, and Brooklyn apartments 02:43  "Would you buy your own stock?" 03:14  T-Rex shares & 3x levered Raptors 03:43  The Cerebras IPO — what actually happened 04:54  Where Ben would dip a toe (sub-$300) 05:13  Why retail can't build wealth in IPOs anymore 06:15  SpaceX at a $2 trillion valuation 07:01  Are P/E and market cap antiquated? 07:17  Vibes better than valuations 07:47  The Economist: is the market ignoring reality? 08:53  Narratives, FinTwit, and post-hoc reasoning 09:39  The Strait of Hormuz only matters when it matters 10:50  Running out of distractions 11:44  Why this administration won't let stocks fall 12:05  IGV: is software bottoming? 13:07  Volume surge signals a tradable bottom 13:21  Anthropic / Claude killing SaaS narrative 13:50  Jensen Huang says it's an overreaction 14:46  "Service Yesterday" — Ben pitches a rival 15:50  Jevons paradox & AI as accretive 16:29  Trump family trades every 9 minutes 17:22  Shein acquires Everlane for $100M 18:06  Luckin acquires Blue Bottle 19:10  Chinese conglomerates rolling up US brands 19:58  Enshittification of everything 20:36  Luckin's near-delisting comeback 21:28  Arc'teryx is owned by Anta Sports 22:46  Chinese EV build quality (BYD on US roads) 23:40  Spotify's disco-ball icon backlash 25:11  The real news we're not paying attention to 26:27  Phones in black-and-white mode & Cerebrus jokes 27:14  Inside Spotify's World Trade Center offices 28:23  Bloomberg's elite snacks 28:40  Semiconductors: SOXL, SMH, SiC, GaN 29:38  Stuffing semiconductor nerds in lockers 29:58  "Local top" — the joke they didn't make 30:21  Wrap & God bless America

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