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Momentum Monday - Dot Com 2.0 - The AI Edition...SpaceX, Anthropic and Open AI IPO or Death!

Author

Howard Lindzon
April 27, 2026

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Good morning…

The animal spirits have kicked into the AI and semiconductor stocks. This is now a FOMO (fear of missing out chase) which I covered yesterday.

The largest companies in the world, our government and the banks are all in on making sure Anthropic, SpaceX and Open AI get public this year. If they do, Scott Galloway has the chart below, the three IPO’s will dwarf the value of ALL the internet bubble IPO’s from 1999.

These three IPO’s would equal $4 trillion of market value and together (as of today) have ZERO profits.

We are all degenerates now.

These IPO’s will not happen if tech stocks are falling. It should be a wild few months as the S1’s of these three companies circulate. It is hard to bet against a Kabal of the tech oligarchs, the banks and the US government.

In fact, it makes perfect sense that software stocks are falling because that $1 trillion of losses in software helps sell the story of AI. Anthropic’s CEO continues to shout that software engineers are today’s telephone switchboard operators.

Ivanhoff and I tour the markets as usual looking at how this momentum is shaping up. Please enjoy and subscribe to get the videos when we drop them on Sundays…and Ivanhoff’s thoughts are below the video as always…

Welcome back to Momentum Monday!

In today’s episode of Momentum Monday, Ivanhoff and I discuss the following:  

  • V-Shape Recovery and Market Sentiment

  • Macro Drivers: Oil and Geopolitics

  • AI Productivity and Software Trends

  • Big Tech: $AMZN ( ▼ 0.57% ) and $NVDA ( ▲ 1.06% ) Breakouts

  • Retail and Restaurant Sector Weakness

  • High-Margin Digital Companies

In This Episode, We Cover:

Here are Ivanhoff’s thoughts:

It is a bull market. Even the tiniest dips are getting bought. Everything is very extended, especially semis, but they are not really pulling back yet. Earnings keep coming hot and, in a way, justifying the chase. TXN, INTC, LRCX crushed estimates and guided higher again, foreshadowing that any other semiconductor company will probably do the same. ARM and AMD area already at new all-time highs after gaining 50% in a couple of weeks. Even the slower-moving NVDA broke out. The market is not waiting. It only needs a small hint and is quick to price the expected future. The beginning of a move is always based on fundamentals. But the last one-third to one-half of a momentum move is pure speculation driven by fear of missing out and short squeezes.

I know semis might seem invincible right now, but keep in mind that nothing goes straight up. Even the strongest stocks regularly test their rising 10, 20, and 50dma as we saw with the aerospace group last week. Most semis are currently so extended that a normal test of their 20EMA would mean a 20-30% pullback.

In the meantime, the Strait of Hormuz is still closed, and the US doesn’t seem closer to a peace deal with Iran. Crude oil has begun to perk up. If anything can scare market speculators right now, it is another spike in crude oil and escalation in the Middle East.

And here are the charts discussed:

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