Terminal Values

@Mayhem4Markets I worked on 6 IPOs and can confidently say this is accurate and surprisingly legal And… they have a wealth division to eat up some of those pre ipo shares. Conflicts everywhere 🤥

If you see Morgan Stanley and Goldman Sachs pumping SpaceX before IPO, know that it's because they are underwriters and advisors. So they have an enormous conflict of interest about presenting an objective view. They just want those shares to pop when the company goes public.

@TwoMindMoney This wins post of the day 🤣

BREAKING 🚨 Due to recent market trends, $META has rebranded. Thoughts on the new look?

@JUST_KAWS Issuing shares vs buying them. Meta has a history of not given a shyte about shareholders

Can explain to me wtf just happened to $META

@KobeissiLetter Could just be money chasing the cleaner chart and calling it thesis later 👀

The most costly trade of the last 12 months was investing in crypto over AI. Will that change?

@notanotherquant Would be interesting to see “normalized” jobs data removing the whole seasonal hiring side (Xmas, summer, tourism etc.) Not sure it’s possible though

The US economy added 172,000 jobs in May, more than double what was expected. On paper, that's a hot number. I'd look closer though. Nearly a third of it was government hiring, and once you strip that out the private sector added just 120,000, down from the month before. Almost all of that was restaurants, hotels, and hospitals. So outside health care and leisure, private hiring was close to nothing with finance actually cutting jobs. The revisions were the real positive. The prior two months got marked up by 93,000, after more than a year of being revised the other way. But that doesn't change the shape of it. The job market isn't weak, but it is narrow. And if you've already lost your job it's getting harder, not easier. The number of people out of work for half a year or more is up sharply over the past year. So the hiring is real, but it just isn't reaching most of the economy. A jobs boom that a lot of people can't actually find, and plenty of them have felt that for a while now, whatever the headline says. Where you are, does this match what you're seeing?

@Peregrino1708 Highly recommend the book Influence. It helps to understand the whole behaviour side of people’s irrationality

I guess the most typical investor behaviour would be selling Bitcoin now at a loss to buy tech stocks at the top. The same ones will sell tech stocks at a loss to buy Bitcoin at the top. $SMH $QQQ $BTC

@Brikka_trading 👌

@terminalvalue I think a bounce will come, but this bottom will more likely be a process. Something like this: x.com/Brikka_trading…

bitcoin:native just hit the February low. RSI on the daily sitting at extreme oversold levels. This could lead to a climax event, and capitulation. This is shaping up to be a major long-term opportunity. I'll start DCA into #bitcoin today. Market bottoms are usually a process, not an event. This is a process. Let it process.

@TheTranscript_ Google can be a huge customer and still diversify suppliers b/c that’s how you keep pricing power on your side

$AVGO CEO: Google commitment remains substantial despite expected supplier diversification across the ecosystem. "we also accept the fact that while we like to win every design in that program, we also accept the fact that given the growth of consumption and -- development and consumption of AI compute even by our partner, Google, that we fully expect that there will be some diversity of sources for them. But our commitment from them is a very substantial dollar amount"

@Brikka_trading What’s your read of the situation? Seems a little oversold

@terminalvalue That's a good approach imo

@EricBalchunas Trading more than mega caps is 🤯 Seems to be more positioning than stock picking

HALF of the most traded ETFs today are semiconductor-related. I've never seen that. The 3x Semi ETF $SOXL has seen volume than Apple and Amazon combined. That's also a first.

@KoyfinCharts This is why “cheap on cash flow” always needs the next sentence

Interesting chart here. $GOOGL Alphabet's trailing free cash flow is $64.4 billion, but on an NTM that drops down to $12.2 billion. Consequently, forward price-FCF has exploded.

@moseskagan Rare b/c most jobs teach people to think like renters

Precious gems: Employees who think like owners

@TwoMindMoney Going to be JUICY I’m hoping for a pullback to start slowly putting money in

@terminalvalue Can’t wait to watch and see how it plays out

Happy Friday! Looks like the pullback in tech is continuing. Part of me is wondering how many people are pulling profits and are gonna rotate that money into SpaceX. Hope you all have a great day! Also happy X payday. Do you think y’all get paid today?

@TomWinnke @unusual_whales Fair point

@terminalvalue @unusual_whales China to musk Tesla is ban from China

SpaceX is reportedly blocking investors from China and Hong Kong in its IPO, per Bloomberg.

@CNBC “physical AI” is a hell of a rebrand. Same car company with Optimus as larger TAM and suddenly a completely different multiple conversation 💥

JPMorgan removes sell rating on Tesla after years, says it's at the 'forefront of physical AI' cnbc.com/2026/06/05/jpm…

@notanotherquant For me this was perfect. But some definitely prefer shorter posts given attention span / fight for attention. Finding the balance is indeed an art 😅

@terminalvalue Thank you! I wanted to edit it more like the GDP post the other day but kept this longer version. I am always debating how to present this type of data release.

Canada just printed +88K jobs in May. Economists expected 10,000 but the headline needs context. The unemployment rate fell to 6.6% from 6.9% while participation held steady, so the improvement came from hiring rather than people dropping out of the labour force. Employment had fallen 112,000 in the first four months of 2026. May was the first significant gain since November. This release gave back most of what the year had taken. The composition is where it gets interesting: - Full-time work surged 154,000, nearly reversing the full-time losses from January through April. - Part-time fell 66,000. - Private sector did the real work at +56,000. Public sector added 20,000. Self employed was flat. Now let's look at wages. Average hourly wages for permanent employees grew 3.2% YoY. The prior month was 4.8%. The tariff effects are visible if you look deeper. The direct hit is in manufacturing, still down 44,000 since the tariffs landed in early 2025 even after a +15,000 bounce in May. StatCan links the weakness to tariff driven uncertainty. Steel, aluminum and autos are the main targets. Wholesale and retail trade is the second round story. It lost 35,000 jobs in May and has been trending lower since October. Those consumer facing sectors are absorbing the demand hit as the tariffs work through to prices. Next Wednesday is the Bank of Canada's rate decision. This is the last major data release before it. The mix of strong headline jobs and softening wages gives the Bank of Canada room to either cut or hold next week. How’s the job market feeling in your area right now?

@MidlClassMoney Agreed. The volatility will be 💣

Am I the only one feeling like this impending $SPCX IPO nightmare will spook the market enough to cause a big drop? The valuation is insane no matter how you put it.