George Noble calls SpaceX's $2.2 trillion valuation the most absurd pricing ever, with his largest position being a short on CoreWeave
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George Noble says SpaceX's $2.2 trillion valuation is the most absurd pricing in the history of capital markets, and whether revenue is $40 billion or $60 billion doesn't matter. His largest position is a short on CoreWeave, and the reason lies not in the stock chart but in its bonds. He believes this AI cycle doesn't lack demand—it lacks ROI.
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SpaceX has a market cap of $2.2 trillion—whether its revenue is $40 billion or $60 billion doesn't matter. George Noble says this is the most absurd pricing in the history of capital markets. His largest position is a short on CoreWeave, and the reason isn't in the stock chart—it's in its bonds. This AI cycle doesn't lack demand; what it lacks is ROI. https://t.co/dKmm6GZvDu