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SpaceX Mania and the Markets in June

This briefing analyzes current market movements, particularly the SpaceX IPO and the situation in the AI sector.

• Successful IPO: SpaceX went public on June 12. Elon Musk holds 82% of the shares, officially becoming the world's first billionaire.
• Market Cap: The company is valued at $2.2 trillion – more than Meta or Tesla. This is almost equivalent to the entire German DAX index.
• Stock Performance: The stock is trading about 20% above its issue price of $135. High volatility is expected in the coming weeks.
• Outlook: Inclusion in the Nasdaq 100 could happen in about a month. SpaceX will not be added to the S&P 500 for now, as it is still reporting losses.
• Investment Strategy: The analyst believes there will be cheaper entry points in the coming months. The concept of data centers in space is seen as particularly fascinating.

• The Bears warn: US inflation stands at 4.2% (May). Producer prices rose sharply by 6.5% year-over-year. The ECB raised its key interest rate for the first time since 2023 to 2.25%. Bears expect rising US interest rates and warn of the consequences of high oil prices and the end of the AI hype.
• The Bulls counter: Core inflation (excluding energy) remains stable. The overall inflation increase was expected and not a shock to the markets. The oil price has recently fallen, acting as a stimulus program. US consumer spending remains robust, as shown by retail sales data.

• Growth: The AI sector is growing rapidly. Expected capital expenditure (Capex) is forecast to grow by an average of 40% per year until 2030.
• Supply Chain: Companies like SK Hynix, Broadcom, and Sandisk are benefiting immensely. Sandisk is expected to earn over $65 per share – more than its stock price a year ago.
• Valuation: Nvidia's forward P/E ratio is 20, the lowest in years. The stock is lagging behind the overall market despite strong fundamentals.
• Conclusion: There is no evidence of an overvaluation or imminent collapse of the AI bubble. Demand continues to massively exceed supply.

1. Inflation: The peak of inflation may have already been reached.
2. Oil Price: The peak in oil prices was likely seen a few weeks ago.
3. Interest Rate Expectations: Contrary to many expectations, US interest rates will probably not rise this year.
4. Hedging: The high level of short positions indicates excessive fear, which is often a sign of a market bottom.

• Fujikura: The analyst bought more shares after a sharp decline. The CEO provides a conservative forecast, and demand from hyperscalers remains high.
• Gold: Its performance over the last three months has been historically poor. The analyst is holding off for now, viewing gold as a long-term investment.

Important Disclaimer: This is not investment advice, but merely the personal opinion of the analyst.

• Many variables affect extraction: pouring speed, height, laminar vs. turbulent flow, contact points, etc.
• Even seemingly consistent pouring often leads to inconsistent results.

• A device that maintains constant water flow – regardless of pouring technique.
• Consists of a water reservoir and a chamber below with a dispersion screen.
• Water accumulates and drips at a steady, predictable rate (max. ~1.5 g/s) onto the coffee bed.
• Similar to a Melodrip, but with fixed flow – no speeding up or slowing down.

• Prevents clogging: Gentle saturation reduces fines migration, improving filtration.
• Cleaner cups: The coffee bed acts as an additional filter, enhancing clarity and reducing bitterness.
• Reproducibility: One variable (pour rate) is eliminated; focus shifts to grind size and water temperature.

1. Bare kettle bloom (15 g coffee, 60 g water), then Gabby for the rest (165 g)
   • Water temperature: 88 °C → drops to ~78 °C during brew.
   • Brew time: about 3 minutes.
   • Result: 1.3 TDS, 16% extraction – preferred for light roasts, emphasizing floral and acidic notes.
2. Finer grind, same recipe
   • Extraction rises to 20.5% with 1.65 TDS.
   • More body and sweetness, but less nuance.
3. Single pour (12 g coffee, 200 g water) – to emulate cupping
   • Water temperature 83 °C, very coarse grind, well-rested coffee required.
   • Extraction approx. 17% at 1.15 TDS – very clear flavor separation.

• The Gabby Drip Master A is a tool for consistency – ideal for quality control or when you want to ditch the gooseneck kettle.
• Personal favorite: bloom with bare kettle, then use Gabby – yields the most balanced cups.
• Low extraction (around 16%) is preferred to highlight complexity and vibrancy, but higher extractions are easily achieved with a finer grind.

The case of Liz Barraza: On January 25, 2019, the 29-year-old was shot dead in front of her house in Tomball, Texas. Despite video footage and extensive investigations, the murder remains unsolved.

• Early morning: Liz is preparing a garage sale; her husband Sergio leaves for work at 6:48 AM.
• 6:47 AM: A dark Nissan Frontier (2013–2019) parks nearby; a disguised person gets out.
• Shots: After a brief conversation (Liz says a friendly

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This video explains how to actually build and preserve multi-generational wealth using crypto. It highlights the key differences between wealth creation and wealth preservation, offering a clear strategy.

🔍 The Four Critical Questions for Project Selection

• Real users? Does the project have active users?
• Reason to exist? Would it be missed if it disappeared?
• Demand independent of token price? Does utility remain during sideways markets?
• Value flow to the token? Is there a mechanical reason the token benefits?

Examples:

• Hyperliquid: Strong fee revenue ($419M in H1 2026), automatic buybacks. A real "cash flow" asset.
• Zcash: Minimal revenue, focused on private payments with fixed supply. Seen as "insurance against Bitcoin" (Naval Ravikant). Both pass the test of demand independent of price.

📉 Psychology and Risk Management

• Concentration over fragmentation: Holding 30 assets is like lottery tickets. Own a few strong projects.
• Drawdowns are normal: Bitcoin and Ethereum have historically dropped over 80%. Those without conviction sell at the bottom.
• Don't marry old favorites: New cycles reward new projects. Example: Cardano (ADA) never reclaimed its 2021 high, while Robinhood Chain attracted billions in volume within two months.

⚖️ Attack vs. Defense: The Right Balance

• Early stage: Higher risk for big gains (aggression).
• Later stage: More Bitcoin as a base (compressing drawdowns: from 93% to 53%). Bitcoin allocation should increase as portfolio grows.
• Take profits: No one knows the exact top. Scale out gradually.
• Never go to zero: Position size so you can't be wiped out.

🏛️ Estate & Family Planning

• Single key = single point of failure: Up to 3.8M Bitcoin are already lost. Legal structures (trusts, wills) and tax planning are essential.
• Williams Group study: 70% of wealth is gone by the second generation, 90% by the third. Main reasons: lack of communication (60%) and unprepared heirs (25%).
• History lesson: Rockefeller used trusts and preserved billions. Vanderbilt trusted judgment alone – the wealth vanished within a few generations.

Conclusion: With patience, a repeatable process, and smart structures, crypto can truly create generational wealth. Avoiding psychological pitfalls and reducing risk in time offers the best chances.

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Summary follows...