Oracle's $638B backlog and SpaceX's index clock. What breaks next. | Ep 45.

SpaceX debuted at a $2T valuation, 4x oversubscribed, and the largest IPO in history. While the market chased the narrative, NVDA fell 15% from its May highs and ARM ran. Shay closed the ARM position and rotated into NVDA at roughly $200, targeting $300 on a 24-25x earnings multiple. That's the trade the episode is really about. We break down the SpaceX IPO valuation case, why Shay sees the entry as questionable despite loving the business, and what the proxy-chasing dynamic says about where the real AI infrastructure opportunity sits right now. Oracle's OCI transition gets a full breakdown too: a $638B backlog that is larger than Amazon, Microsoft, and Google combined, but mid-teens margins against hyperscaler margins of 30-50% that explain exactly why the market is skeptical on conversion. We close with rapid-fire coverage across drone defense, AI networking names including AVGO, MRVL, ANET, COHR, and CREDO, and the power infrastructure trade with GEV, VRT, Bloom Energy, and Shay's new position in FGNT near $50. Tickers covered: NVDA, ARM, ORCL, RKLB, ASTS, PLTR, SNOW, MDB, GOOGL, AVGO, MRVL, ANET, COHR, LUMN, CREDO, CSCO, HPE, VRT, GEV, BE, FGNT, MRCY, AVAV, KTOS, TSLA Disclaimer: This episode is for educational and informational purposes only. Not financial advice. Past performance does not guarantee future results. Do your own research before making investment decisions.