State of the Record Run 6/22/26

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**Scott Wapner** (1:00)
I'm Scott Wapner, and you're listening to Cnbc's Halftime Report, the podcast, the most profitable hour of the trading day. We record this live weekdays at 12 Eastern. Listen in.
All right, guys, thanks so much. Welcome to the Halftime Report. Scott Wapner, front and center this hour, the state of stocks, investors watching the Iran Talks. We're gearing up for Micron Earnings as well midweek. Trading the markets today with the Investment Committee as always. Joining me for the hour, Joe Chernov, Stephanie Link, Jimmy Labanthal, Rob Seachen. Check the markets here. Told you what we are looking at today, but we are looking at a NASDAQ that is weak yet again. It is down more than 1 percent. I do want to focus on SpaceX because we're looking at three sessions in a row. This was after it briefly eclipsed Amazon in market cap. Down about 25 percent from its high.
I bring it up because we had talked several times with Stephanie Link. She said she was interested. You're going to buy it. Might buy it. Maybe let's see what happens with the stock.
It got down enough from the IPO that finally you said I'm buying.

**Stephanie Link** (2:08)
Yeah. And you did. It's a 2 percent position. It's very small and it will remain that because it will be so volatile. I expect that. As you mentioned, it's down almost 25 percent from its highs, but it had rallied up 50 percent from the IPO price. So I expect volatility.
I've said this many times, set it and forget it. Like this thing I think I can own for 10, 15 years. And it's because of the total addressable market at 28.5 trillion dollars. This is also a company that has a chance to get revenues up 70 percent and double gross margins by 2030 And I've said it before, there's a lot of ways you can win. On space, they have a 90 percent market share, a cost advantage. Launch costs are going to go from 14 million to 3 to 5 million over time.
Starlink, they have 10 million customers. That is expected to get to almost 200 million by 2030 And then, of course, AI, they're renting compute to both Google and Anthropic. And I suspect others as well down the road. Those two companies are spending $2 billion a month renting AI compute. So I know it's going to be volatile. I only want to make it 2 percent because I want to be able to sleep at night, given the volatility, but I do have a lot of conviction in the long term.

**Scott Wapner** (3:19)
What are you going to say?

**Joe Chernov** (3:21)
I just wanted to ask Stephanie, why do you think the market is troubled by this debt offering to pay off the $29 billion bridge loan? That's part of the reason being cited for down 10 percent.

**Stephanie Link** (3:30)
Well, I think anybody that's raising debt in this world right now, I mean, look at the Mags-Demons. I mean, they're going to the debt markets, equity markets, free cash flow is going down. I mean, I have no problem with the debt offering at all. And if it gives me an opportunity to buy this thing on 20% with the growth that I see over the long term, remember how successful Elon Musk has been in terms of running other companies. You do have to take a longer term approach though, Joe. And that's why I'm saying set it, forget it.
And I have it at a size position where I feel comfortable.

**Scott Wapner** (4:01)
You feel like you can, because one of the first things you mentioned was the TAM. Okay, I mean, $28.5 trillion total addressable market according to them.

**Stephanie Link** (4:14)