Podcast
History Rhymes
Will Simpson and Greg Wise
June 6, 2026
AI hype, late-cycle risks, and what the SpaceX IPO may signal for investors.
Markets had a tougher week, with weakness showing up across most major indexes. Roughly, the TSX was down -1.0%, the S&P 500 fell -1.7%, and the Nasdaq pulled back -3.8%. Emerging markets were hit the hardest, down -5.0%. Bitcoin also had a rough one, down -19% on the week and still falling, which added to the broader risk-off feel.
The main concern was interest rates. This was one of those “good news is bad news” moments, where stronger economic data is positive for the economy but negative for markets if it keeps inflation pressure alive and delays interest rate cuts. That weighed most heavily on technology, semiconductors, and AI-related stocks, which have had a very strong run.
One story that is going to get a lot of attention next week is the SpaceX IPO. It is clearly catching a lot of headlines and has become one of those market events that people are watching closely. I’ll let someone else opine on the valuation, but from my seat, it seems a bit rich for my liking. Either way, it will be interesting to watch how much appetite there is for one of the most talked-about private companies finally making its way to public markets.
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