Betting on OpenAI, SpaceX Dust Settles, Josh’s New Trade

**Josh Brown** (0:15)
Did you know those were the words to the song all along? Come on, make it louder.

**Michael Batnick** (0:20)
What song we?

**Josh Brown** (0:20)
Listen, this song. Yeah, ready? Ready?
Nix in five. See?

**Michael Batnick** (0:27)
I told him, like, worst are Nix in six, I was wrong.

**Josh Brown** (0:30)
Yeah.
We did it. I know the chat's super excited for us, like 1% of the chat.

**Michael Batnick** (0:35)
Yeah, everybody's super happy for us.

**Josh Brown** (0:37)
We are the champions.
If you guys have been with us since day one, you understand how meaningful this is to us and how long we have been waiting for this moment. Michael's going to the parade, so that's pretty exciting. I'm not. When you get to my age, you run from parades. I don't know if you know this, I'm going to be 50 years old. Do you have any idea how many books about World War II I'm about to buy? Can you even comprehend what's about to be happening? Anyway, we finally got it, so congratulations, Nick's fans. Welcome to What Are Your Thoughts.
This may or may not be, depending on whether you've seen the show or not, this may or may not be your very favorite show about investing. We do this every week at 2 p.m. Eastern, and almost all the time we do this live. For those of you tuning in for the first time, my name is Downtown Josh Brown. I'm here with my co-host. His name is Michael Batnick. Michael, say hi.

**Michael Batnick** (1:41)
Hello, hello.

**Josh Brown** (1:42)
All right. And for you long timers, we love that you come back for the live. Thank you so much. DenverScribe says, almost missed the live. Wasabi, everyone. Wasabi. Heather says, hey, Pounders. Good to see you, Heather.
Who else is in the chat tonight? KPS Fred, happy for the Knicks in New York. Somebody said, holy hair. I know.
I had a PRP treatment this morning, actually. My scalp is on fire, but the results are coming through.

**Michael Batnick** (2:17)
It's so good that your face is growing hair.

**Josh Brown** (2:19)
I know.
I'm like the Jalen Brunson of hair regrowth at this point.
I'm going for a championship. We have a sponsor tonight. That sponsor is our friends at Public, the Public Trading App and public.com. It feels like there are two types of investing platforms right now. Legacy brokerages that look like they were designed in 1997, and then the new wave that looked at investing and thought, you know what this needs? Sports betting. Neither seems like a great place to build your wealth. That's where Public comes in. It's the modern investing platform for those who take it seriously. Stocks, options, bonds, crypto, they have it all. The energy that they're not spending on building a casino, it's going into AI.

**Michael Batnick** (3:06)
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**Josh Brown** (3:25)
Go to the thing, guys. Click the thing.
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All right. I think you're going to start. Are you starting with doing SpaceX?

**Michael Batnick** (4:08)
You know, we're sort of sharing the doc.
We're going to start with SpaceX. There's two mega themes that we're going to get to in the show this week.
One of them or tonight. One of them is for the last as long as we've been working together, which is since 2012, hard as it is to believe, one of the themes over the past 15 years, 16, 14 years has been, there's not enough stock, there's too much demand from the relentless bid, and there's just not enough supply because all of these companies are buying back a lot of stock, we're doing it, and there's just not enough equity issuance. That is over. All right. So that era over in the rear of your mirror. The other mega trend that is over is to the extent that these companies are doing R&D and I shouldn't have caviated that, they are doing a lot of R&D. It's all been funded with cash flow. In 2020 and 2021, these companies turned the hell out. They gorged on debt because interest rates were basically free for them too, and they didn't need to issue any more debt. They've been good, better than good. Well, now they're issuing debt. Nvidia, 20 billion, so we're going to get to that two themes, but it's kind of amazing. Like those are mega themes, so we have the SpaceX IPO.