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Retail Investor Put/Call Ratio Highest in 20 Years
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1. Retail Investor Put/Call Ratio Highest in 20 Years
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2. Put Volume Surge Chart
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3. Polymarket Odds Ceasefire Before $120 Oil
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4. Energy and Tech Sectors History
5. Goldman Private Credit Interval Fund 5% Redemption Request
Bloomberg
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6. Goldman Held 200 Day 3x in Last Month
Stock Charts
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7. Tesla Is Sitting On A Record 50,000 Unsold EVs
The American EV brand’s sales rebounded in the first quarter, but a new problem is making its presence felt.
Tesla has never had so many new cars sitting on lots.
The company experienced an uptick in sales during the first quarter, but production significantly exceeded deliveries.
Recently, Tesla discontinued the Model S and Model X to focus more on robotics and automation.
Tesla manufactured significantly more electric cars in the first quarter than it delivered, leading to a new record number of cars on lots. The American EV brand is sitting on 50,363 unsold vehicles, more than the company has ever had since going into business two decades ago.
The company manufactured 408,386 cars in the first quarter, a nearly 13% increase year-over-year. Meanwhile, deliveries accounted for 358,023 units, Tesla said in its latest quarterly report.
The Elon Musk-led EV maker has traditionally been quite good at matching production numbers with deliveries, striking a delicate balance between manufacturing and demand. The last time it had such a big difference was in the first quarter of 2024, when production surpassed deliveries by 46,500 units, according to Business Insider.
Tesla’s sales performance is a win for the company, as the American car industry is facing a slowdown. That said, the company’s figures did not live up to analysts’ expectations, with a recent forecast by Bloomberg forecasting 372,160 sales.
After the Trump administration scrapped the $7,500 federal tax credit for new EVs last year, several automakers have been reevaluating their electrification plans. Ford has discontinued the F-150 Lightning pickup truck, Honda has canceled three upcoming electric models, and Stellantis has scrapped all of its U.S.-bound plug-in hybrid models.
Tesla, too, is slimming down its portfolio. The Model S and Model X were discontinued on April 1, after over a decade in service, leaving just the Model 3 and Model Y to bring in the money. The Cybertruck is available, too, but its sales numbers pale compared to the company’s breadwinners, with fewer than 16,000 units reaching new customers from January through March.
Overall, 28% fewer EVs have been sold in the U.S. in the first three months of 2026, according to Cox Automotive estimates, and car companies are feeling the heat. However, not all brands are slashing models left and right. Rivian is gearing up for the launch of the R2, BMW is bringing the new iX3 and i3, and Volvo is on track to start deliveries of the new EX60 later this year.
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8. Space X IPO Price to Sales
Prof G Media
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9. No pressure, SpaceX, but your blockbuster IPO could reshape the market as we know it -BI
By Joe Ciolli Author of the First Trade newsletter
SpaceX has filed to go public, and its IPO is expected in the next couple of months.
The size and influence of the offering will be nearly unrivaled in the history of markets.
Detailed below are three ways a SpaceX IPO could reshape markets as we know them.
How might SpaceX's IPO affect other sectors?
Why is SpaceX's IPO timing significant?
What challenges do mega-IPOs face today?
What are the risks of concentration in indexes?
How does SpaceX's IPO compare to others?
Did you hear about the trend in markets that was red-hot until the Iran war came and threw cold water on it?
I could be talking about any number of things. But, in honor of SpaceX's recent filing to go public, I'm speaking specifically today about the IPO market.
On the surface, 2026 has started strong enough. The $24 billion in proceeds raised by IPOs in the first quarter is nearly double the same period in 2025. But after the start of the Iran war in late February, the IPO count and total capital raised were cut in half in March, Bloomberg data shows.
The fact that SpaceX is forging ahead with an offering during macro instability tells you how confident CEO Elon Musk is in the company's public-market prospects.
And, despite its immense size (the latest reports say SpaceX is seeking a valuation north of $2 trillion), the offering itself will pale in comparison to the wide-reaching impact it has on the IPO market and other companies overall.
Here are three major considerations as SpaceX prepared to reshape public markets:
1. It could reset valuations across the space economy
SpaceX going public is expected to add legitimacy to an industry that was previously treated as a high-risk frontier investment.
A re-rating of space stocks has already started occurring across multiple subsectors. Rocket Lab, the purest comp for SpaceX, is up 7% since reports of the IPO filing.
Other launch-adjacent names like Firefly Aerospace and Intuitive Machines have seen even bigger gains of roughly 25%, while satellite providers like Planet Labs and Viasat are up double-digit percentages over the period.
2. It could supercharge concentration risk in major indexes
One controversial development associated with the SpaceX IPO has been Nasdaq's proposed "fast entry" rule. Basically, Nasdaq wants SpaceX to be in the tech-heavy Nasdaq 100 index as soon as possible, so they're considering shortening the inclusion timeline from three months to 15 days.
While this would hasten the ability of everyday investors to buy exposure to SpaceX, it also could ramp up concentration risk. The argument goes: If a few market-cap titans can dictate the direction of a whole index, that's too much power, and leaves the gauge vulnerable. It's a dynamic investors have contended with for years amid the rise of the Magnificent 7.
3. It will set the tone for mega-IPOs to come
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10. Charlie Munger
Charlie Munger: "If you're a pure socialist, you're a nutcase. An absolute nutcase. And not a modest nutcase — a real nutcase." "You can be a perfect nut with a high IQ." "If we want a productive society, we can't help but have these personal incentives to handle your own affairs — and if you do that, you get unequal wealth outcomes. The price of plenty is that you can't have socialism."
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