On this week’s HotCopper Wire, hosts Isaac McIntyre and Jonathon Davidson took a look at the wobble in Wall Street’s bullish AI hype, how much is really vibes-based over any real fundamental investing, and whether, above all that, the bumper CY26 IPO listings just around the corner are “too much to ignore.”
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“Wall Street is racing through this near-term momentum sell-off. It’s coming right before those super-sized AI mega listings that really are some of the biggest IPOs that I think we’ll ever see in history,” McIntyre explained in Episode 50.
“Some people do seem to believe infrastructure spending is outpacing near-term monetisation, but the sheer appetite for these IPOs builds just too much hype to ignore.”
Davidson pointed to the macro: “We got U.S. jobs numbers last week, stronger than expected. Trump took to Truth Social to bemoan the market’s reaction. For the first time in a while, U.S. data appears to matter again.”
U.S. inflation, he noted, “Came in at 4.2% [after it was] under 3% before the Iran war. That’s increasing expectations of a rate hike in the US. Bad for Wall Street.”
All of which has worsened what is a market already nervous about the upcoming SpaceX IPO, which will be history’s largest, Davidson said. “I think most investors realise that this SpaceX IPO is vibes-based, not fundamentals-based, and it’s perceived by a lot of people as potentially being the top of the market… Nvidia down 5% over the last month when I wrote this. What’s my big takeaway, listeners? Wall Street is coming back down to reality. Exuberance has dissipated.”
Whether the hype stays or not, though, there’s a buzzy new acronym to discuss it all: MANGOS – Meta, Anthropic, Nvidia, Google, OpenAI and SpaceX. “We’ve had the Mag Seven, which became the Mag Ten. We’ve had TACO, Trump Always Chickens Out, and now we’ve got a new acronym,” Davidson said.
Davidson’s biggest worry about MANGOS, though, is tangled loyalties. “Google is a new customer of Starlink’s AI data centre compute,” Davidson explained. “What’s to stop Anthropic from going to another provider once it lists, helping to tank the SpaceX share price, or vice versa? These people are friends insofar as money is involved. These companies have a gun to each other’s heads now. One to watch.”
McIntyre’s verdict was even simpler: “I’m happier with MANGOS as the big AI tech acronym over FAANGs… thumbs up for MANGOS, for me.”
You can listen to the full HotCopper Wire episode below.
You can also find the POD to listen to and download over on Spotify.
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