Editorial companion

What stands out

SpaceX's SPCX initial public offering (IPO) stumbled through a volatile debut, and on Schwab's panel two analysts said their money is drifting toward OpenAI and Anthropic. Willy Lee pointed to broad AI demand while John Jannarone argued hyperscaler Capital Expenditure (CapEx) creates a clearer path to profitability, making software-first AI names look more attractive than a capital-heavy space story. The clip matters because it captures a market pivot from hardware spectacle to software economics, and because recent stories about big AI contracts and infrastructure spending make that pivot more than just hot takes.