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= SpaceX is going public. Will Musk loyalists ditch Tesla or just buy both?
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<= table class=3D"row-content stack" align=3D"center" border=3D"0" cellpadding= =3D"0" cellspacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0;= mso-table-rspace:0;background-color:#fff;color:#000;width:600px;margin:0 au= to" width=3D"600">
3D""
3D""
 

Presented by

3D""
=

Hey Sna= ckers,

We=E2=80=99ve all done it: thrown shade at someone not in the chat or the e= mail chain, sure they will never see our snark. Unfortunately for execs at = big companies like Microso= ft, lawsuits like the one currently underway between <= strong>Tesla CEO Elon Musk and OpenAI CEO Sam= Altman can force those less-than-flattering threads into public view, so w= e can all see how unimpressed Microsoft was with Op= enAI and why it really invested in the company.

The S&P 500 and Nasdaq 100 closed Friday at new record highs<= /strong> (the third new record last week) while the Russell 2000 also g= ained. April payrolls sur= prised to the upside, continuing to diminish lingering fears a= bout risks to the economy and labor market, while the unemployment rate hel= d steady at 4.3%.

=F0=9F=A7=A0 Trivia time=E2=80=A6 See if you know= the answer to the first question in our Snacks Seven Quiz= . 

 
= TO THE= MOON?
What happens to Tesla stock when SpaceX goes publi= c?
<= td class=3D"pad" style=3D"padding-bottom:10px">

For years, the Tesla and Elon Musk faithful have piled int= o the stock, driving huge gains even when results were uneven and pushing t= he company to a market value of more than $1 trillion. As Musk has shifted = the company=E2=80=99s priorities away from producing cars, its core revenue= engine, and toward an even more ambitious AI and robotic growth story, it = hasn=E2=80=99t dampened retail enthusiasm. In fact, this year Tesla has bee= n the second-most-traded stock by value among retail investors, data from Vanda Research shows. 

But that loyalty has never really been tested by = a true alternative =E2=80=94 so what will happen to Tesla when Spac= eX goes public<= /a>? We asked some experts:

  • Nothing: Melissa Otto, head of = research at S&P Global Visible Alpha, says SpaceX=E2=80=99s value propositi= on won=E2=80=99t hurt Tesla=E2=80=99s. =E2=80=9CInvestors want to get behin= d stories where they feel like the company is going to create a lot of shar= eholder value: it=E2=80=99s going to outperform the index. It=E2=80=99s goi= ng to make great use of free cash flow and drive momentum in a way that del= ivers outsized returns,=E2=80=9D she told Sherwood, adding that it=E2=80=99= s not a zero-sum game.
    • Something: Set= h Goldstein, a senior equity research analyst at Morningstar, said he expec= ts retail investors to be enthusiastic about both SpaceX and Tesla. But he = sees limited retail funds as a potential= downside for Tesla.
  • Everybody wins: After a sell-off in the fall, retail inves= tors have been buying Tesla again in recent weeks, according to Viraj Patel= , deputy head of research at Vanda. And sure enough, the stock is up more t= han 20% over the past month after losing about 30% of its value from mid-De= cember to early April.=E2=80=9CCould it be SpaceX? Could it be some pre-pos= itioning of earnings? Could it be their love for Tesla has just come back a= gain? Something has happened,=E2=80=9D he said.

In case you=E2=80=99re wondering what Wall Street thinks more broadly, anal= ysts=E2=80=99 price targets for Tesla=E2=80=99s stock had been trending dow= n since late December, before recovering some of their ground recently.

THE TAKEAWAY

When considering how the SpaceX IPO will go, one comparison that keeps comi= ng up is the SPAC rush of 2021. Back then, retail investors piled into celebrity-led blank-check co= mpanies that raised money first and figured out what to buy later. =E2=80= =9CIt didn=E2=80=99t matter what the company was =E2=80=94 if a certain ind= ividual was linked to it, retail bought it,=E2=80=9D Patel said. =E2=80=9CR= ather than looking at the valuations or the bottom-up or the accounts, the = sort of meme stock nature of this trade is going to attract interest.=E2=80= =9D

<= /table>
= Read more
<= !--[if mso]>
= Presen= ted by State Street Investment Management
Are you overlooking the middle?
=
3D""

Mid caps like MDY hit a rare balance of growth, stability, and US focus=E2= =80=94and they may deserve a more prominent role in your long-term strategy= . 

Explore the outperformance potential of mid caps with this tool and discover how the first mid-cap ETF delivers = cost-efficient, liquid exposure to 400 US-based mid-sized companies in a single trade. 

MDY also gives investors the a= bility to invest in the next generation of industry leaders before they bec= ome household names. Innovators like NVIDIA, Netflix, Starbucks, and JetBlu= e Airways all started as mid-cap holdings.

Get to know MDY.

=
=
= ZOOM O= UT
Stories we=E2=80=99re obsessed with<= /td>
  • The rise and fall of Duolingo: Investors= were hoping Duolingo could be an artificial intelligence winner =E2=80=94 AI would boo= st its content output, optimize learning, and open up new languages. But de= spite beating expectations on all fronts in last week=E2=80=99s Q1 earnings= report, and even boosting its full-year profit guidance, the bears won the= battle last week. We charted the soaring, then dive-bombing, stock pr= ice of the app with the green owl mascot.
  • South Korea is now the seventh-largest stock market: In the past couple of weeks, the combined market cap of So= uth Korea=E2=80=99s listed companies has surged past the market cap of both= the UK and Canada, powered by an AI chip rally. With a remarkable = 71% surge in value this year, the country now sits behind only the= US, China, Japan, Hong Kong, India, and Taiwan. South Korea=E2=80=99s rapi= d rise has been led by two companies in particular, one of which is now worth more than Walmart or Berkshire Hathaway.
 
= THE BE= ST THING WE READ TODAY
RAMmageddon is upon us

AI=E2=80=99s need for compute power is having a significant impact on consu= mer electronics, with video game console makers Sony, Nintendo, and Microsoft all issuing warnings about the ongo= ing shortage in their most recent earnings reports.

How it=E2=80=99s affecting the price of c= onsoles=E2=80=A6 and stocks

 
What else we're Snackin'
=
=
Ad

 

Snack= Fact of the Day

Searches for last-minute flowers spike annually around V= alentine=E2=80=99s Day and Mother=E2=80=99s Day. =

 
<= td class=3D"pad" style=3D"width:100%" align=3D"center">

This= Week

<= tr>
<= li style=3D"Margin:0 0 8px 0"> Monday: Premarket earnings: Circle, Constellation Energy, KKR & Co., Mosaic Co., and Fox Corp. Postmarket earnings: Hims & Hers Health, Plug Power, AST SpaceMobile, Rigetti Computing, MARA Holdings<= /a>, Figure Technology Sol= utions, STERIS = PLC, iHeartMe= dia, and Clea= nSpark 
  • Tuesday: Premarket earnings: JD.com, D-Wave Quantum, Qnity Electronics, Venture Global, and SOLV Energy. Postmarket earnings: Oklo and Lightwave Logic. April C= PI 
  • Wednesday: Premarket earnings: Alibaba. Postmarket earnings: Cisco and USA Rare Earth. April PPI&= nbsp;
  • Thursday: Premarket earnings: Intuitive Machines and Ondas Inc. Postmarket earnings: Gemini Space Station, Figma, Applied Materials, Infleqtion, United States Antimony Corp., Blaize Holdings, Celcuity, and Navan. April retail = sales 
  • Friday: Premarket earn= ings: Alaska Air
    • =
    =  

    State Street Investment Management Disclosure:

    Before investing, consider the funds=E2=80=99 investment o= bjectives, risks, charges, and expenses. To obtain a prospectus or summary = prospectus, which contains this and other information, call 1-866-787-2257 = or visit www.statestreet.c= om/im. Read it carefully. I= nvesting involves risk. ALPS Distributors, Inc. (fund distributor); State S= treet Global Advisors Funds Distributors, LLC (marketing agent)

    State Street Global Advisors (SSGA) is now Stat= e Street Investment Management. Please click here for more information.=

     
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