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Let’s dive into this week’s analysis!
A quick breakdown — in case you don’t have the time.
⭐ SpaceX will be one of the biggest market events this year.
⭐ Your business bank account is a liability.
⭐ Tech is outperforming by the widest margin in 25 years.
⭐ Inflation is still showing up where people feel it most.
⭐ OpenAI confidentially filed for an IPO.
Market Overview
As of Market Open 6/11/26
ETF Winners & Losers
Chart of the Week
SpaceX will be one of the biggest market events of the year.
The company is expected to begin trading Friday after an IPO that could value the business around $1.8 trillion. That would put SpaceX in the same conversation as the largest public companies in the world before it even trades for a full day.
SpaceX is not just being valued like a successful aerospace company — it is being valued like a new category altogether: rockets, satellites, broadband, defense contracts, space infrastructure, and a massive investor belief that space becomes one of the next major economic frontiers.
Reports this week said the demand for the IPO was multiples higher than available supply as institutions line up ahead of Friday’s debut. Bloomberg reported retail investor demand has surpassed $100 billion. That kind of demand can create a huge first-day move, especially when investors feel like they rarely get access to a business this unique.
A mega-IPO this large can pull attention, capital, and risk appetite away from other areas of the market. It can also tell us a lot about whether investors are still willing to pay extreme prices for long-duration growth stories.
Betting on Elon has historically been a one-of-one opportunity, and we would never want to be on the other side of that trade long term.
But as we’ve seen with other IPOs this year, massive first-day demand can create a huge run-up followed by a major drawdown once the initial excitement fades. The first-day move will get the headlines, but the more important question is what happens after the pop.
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In Case You Missed It…
In this week’s Monday-morning episode of the Rich Habits Podcast (linked here) — Austin and Robert sit down with Ryan Saleh, Founder and CEO of Waldo, to break down one of the most overlooked decisions entrepreneurs make: where their business keeps its cash.
Here’s what they covered…
From Gatsby to Waldo — Ryan first built Gatsby, a commission-free options and stock trading app that grew during the pandemic trading boom and was eventually acquired by eToro. He shared what it was like operating through the GameStop era, what that moment revealed about retail investors, and the biggest lessons he learned from building and selling his first company.
Building Startups in the AI Era — The conversation also covered how AI is changing the way companies scale, hire, and raise money. Ryan explained why the next great startup may be built by a much smaller team than founders needed in the past, especially as AI tools make leaner companies more powerful.
Why Business Cash Deserves More Attention — Ryan shared the insight behind Waldo: most companies leave too much idle cash sitting in traditional business checking accounts. For founders and operators, that can mean missing out on yield while also ignoring risks like uninsured deposits, concentration, currency exposure, and balance-sheet volatility.
The Future of Corporate Treasury — Waldo was designed to act like a robo-advisor for company cash, helping businesses earn better yield while managing risk and maintaining liquidity. Instead of forcing companies to switch banks, Waldo helps them put idle cash to work through smarter treasury strategies.
Business owners spend so much time thinking about revenue, hiring, and growth — but where they park their cash can become one of the most important financial decisions they make.
💵 If you’re a business owner that wants to earn yield on your idle cash, consider checking out Waldo! Click this link to get started.
Here’s a link to the Q&A episode that was posted on Thursday.
You can submit questions for these episodes by asking them inside of the Rich Habits Network, replying to this email, or sending us a DM on Instagram.
The Rich Habits Podcast is available on Spotify, Apple, iHeart, YouTube, and wherever else you get your content!
Austin’s Callout
Tech is outperforming by the widest margin in 25 years.
Jeff Weniger built a rolling 12-month return differential measuring how much the S&P Technology sector is outperforming a 50/50 blend of Consumer Staples and Financials.
As of last week, that gap is sitting at +66.6%.
The only other time it's been anywhere near this wide was February 10, 2000 — the peak of the dot-com bubble — when it hit roughly +70% before collapsing to -50% over the next two years.
This is not 2000. The companies driving this rally are generating real revenue at massive scale. The fundamentals are real.
But here's what the chart is telling us: we're in a market where one sector is doing all the work. When everything depends on one sector continuing to execute flawlessly, a single miss — one bad Mag 7 earnings print, one shift in the AI capex narrative, one hot jobs report — has nothing underneath to catch it.
This is why we saw so much volatility last Friday and at the start of this week.
This isn't the time to panic, but it's a wonderful reminder to review your holdings.
How much of your portfolio is in Tech, and how much is invested elsewhere? This is why I always keep a small position in the equal-weight S&P 500 ETF, RSP, at all times.
Robert’s Callout
Inflation is still showing up where people feel it most.
May CPI came in at +4.2% year-over-year, the hottest inflation reading since 2023. The headline number was pushed higher by energy, but for households, the exact category almost doesn’t matter. Whether it’s gas, groceries, insurance, rent, or utilities, the result is the same: more money going out every month.
That is why the economy can look fine on paper and still feel uncomfortable for a lot of families. People may still have jobs, wages may still be rising, and the stock market may still be near highs — but the cost of normal life has reset much higher than it was a few years ago.
The hard part is that inflation does not have to keep accelerating to keep pressure on consumers. Prices can simply stay high. A slower rate of increase does not undo the last several years of higher costs.
For the Fed, this report keeps things complicated. The labor market has been stronger than expected, financial conditions remain supportive, and inflation is not fully back under control. That combination makes it harder to justify cutting rates quickly.
Consumers are still spending, but a lot of that spending is defensive. It is going toward the things people need, not necessarily the things they want. That is the part of the inflation story that does not always show up in the headline data.
The Rich Habits Radar
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