Google Earnings Preview, SpaceX Gives Us a Date, Internals Heat Check, Biotechs Rally

**Josh Brown** (0:13)
All right, all right, 5 p.m. Eastern, it's Tuesday. You know what that means. It's time for an all new edition of What Are Your Thoughts.

**Michael Batnick** (0:24)
Dude, the transformation to Michael Bolton is almost complete.

**Josh Brown** (0:28)
I'm almost there.
All right, some love for the flow, for the hair in the chat. You know, I appreciate that. I'll be screenshotting every nice thing you say.
All right, guys, What Are Your Thoughts with this every week? Those of you who are joining us for the first time, we appreciate it. We're going to get into every important thing that's happening right now in the markets and the economy. All the stuff that you need as delivered in a way that only we can. And we appreciate everybody that's joining us for the live. I want to give some shout outs real quick. Greggy B says, downtown, let's go. That's right. Bill Griff Buford says, it's lit. It sure is. Somebody's in here talking about Canadian tariffs. It's fine. You guys will be. It's fine. It's fine. It's okay.
Who else is here? Zellini, first time. We appreciate you. Thanks for being here. John Suarez is here. Who else is here? Everybody's here.

**Michael Batnick** (1:34)
Calamos is here, Josh. Let's talk about our sponsor, what Calamos is doing, because it's something. It's pretty wild, guys.

**Josh Brown** (1:42)
We've mentioned it.

**Michael Batnick** (1:43)
What?

**Josh Brown** (1:44)
Let's hear it.

**Michael Batnick** (1:45)
I'm going.
We've mentioned their ETFs before, but this one stands out. It's the Auto Callable Income ETF ticker, CAIE.
The pitch is simple, seeking high tax-efficient monthly income. Last month was about 14% with much of it expected to be return of capital. That combo, seeking high income plus tax efficiency, is what grabs attention. But zoom out, Auto Callables have traditionally been a big bank-driven market, sold mostly to wealthy clients, not exactly accessible. Calamos essentially packaged it into an ETF, liquid, transparent, and easy to access, and that's a big shift. The industry has noticed CAIE has already won three major innovation awards. And it's nearing $1 billion in assets at their management. Wow, $1 billion. While most investors...

**Josh Brown** (2:28)
They got to $1 billion really fast.
I guess because they own the category. It's like a new category.

**Michael Batnick** (2:33)
Because it's Calamos. While most investors are chasing yield with covered calls, this is a different approach entirely. Check out CAIE at calamos.com for investors who love income.

**Josh Brown** (2:44)
All right. Shout out to Calamos. Guys, there's a lot going on. We are getting into the thick of earning season. I would argue, I will argue, that we have one earnings report that will be more meaningful to the market than any other. And we're going to discuss that tonight. But before we go there, I do want to mention that SpaceX has finally put out the date that they're going to report their first quarter as a public company. And the reason why this date is important, even if you don't own SpaceX, is that it's probably going to be the most talked about report of the whole quarter.
And the way that their shareholder lockup works, the first block of stock becomes available within two days of reporting their earnings quarter. So it's not just about the earnings, but about the fact that we're going to see like 900 million shares available to be traded, starting with the first earnings report. So they said August 4th. I assume they'll report after the close because it's a tech company and it's sort of West Coast based and most of those companies report after the close. And I wanted to just fill people in because I wrote about this at Downtown Josh Brown over the weekend. Wanted to fill people in on how the shareholder lockup expiry is going to work. And Michael would love your thoughts on it. So it's a staggered lockup, which we talked about. And again, after they report their quarter on August 4th, within two days, the first tranche of shares will be released. And that would be another 7% of the total outstanding 7%.
I don't know if we could put this on screen, this little graphic that I have here. I didn't make it as an image, so maybe we can't.
But that would take us from 3% of shares currently trading now up to 12%. That would be a quadrupling in the amount of stock that is available for public trading.
So that's where the 911.5 million shares comes from. So it's $123 billion worth of stock. It's not a typo. It's $123 billion worth of potential supply, potentially coming to market. So my first question for you is, let's say the shareholder base is predominantly rank and file employees and investors who have been long for 10 years plus in the private market. Are they more likely to hold or sell if and when that tranche of stock becomes available?