George Noble calls SpaceX's $2.2 trillion valuation the most absurd pricing ever, with his largest position being a short on CoreWeave

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.