Skip to content

Watch: SpaceX IPO, Equity Supply Surge, Warsh's Fed & Copper vs. Gold

Filmed on June 16, 2026, Ryan Mumy and Justin Greenhill cover the SpaceX IPO and what it signals about new equity supply, they discuss the surge in levered ETF use, Chairman Warsh's first Fed meeting, dollar positioning, China's weakening consumer, oil reserve depletion, and copper's sharp move relative to gold.


  • US fiscal deficit on pace to exceed prior years, record money market balances sitting on the sidelines
  • Computer hardware and software prices rising fast on AI CapEx-driven memory chip shortages
  • SpaceX IPO among the largest in recent history, with a prospectus TAM listed as space and time
  • Large-cap shift from buybacks to equity issuance accelerating: Google, Nvidia raising capital
  • New equity supply wave building as supply begins to match demand for the first time in years
  • S&P 500 free cash flow compressed by CapEx reinvestment even as valuations look reasonable
  • Levered ETF use surging, retail all in with leverage, ahead of triple witching
  • Two-year yield above Fed funds rate heading into Warsh's first meeting as Fed chair
  • Warsh signaling far less forward guidance and fewer press conferences going forward
  • Speculative dollar positioning swung sharply bullish after Iran, potential reversal if dollar rolls over
  • Chinese retail sales falling and projected to weaken further, domestic consumer increasingly absent
  • Copper sharply outperforming gold since February on structural demand from AI, EVs, and data centers



For more episodes of Chart Overload and additional content, check out Sollinda Capital Management on YouTube. 

Sollinda Capital Management is an investment adviser registered under the Investment Advisers Act of 1940. Registration as an investment adviser does not imply any level of skill or training. The oral and written communications of an adviser provide you with information about which you determine to hire or retain an adviser. For more information please visit: https://adviserinfo.sec.gov and search for our firm name.

This presentation has been provided for informational purposes only and is not intended as legal or investment advice or a recommendation of any particular security or strategy. The investment strategy and themes discussed herein may be unsuitable for investors depending on their specific investment objectives and financial situation. Information obtained from third-party sources is believed to be reliable though its accuracy is not guaranteed. Opinions expressed in this commentary reflect subjective judgments of the author based on conditions at the time of publication and are subject to change without notice. Past performance is not indicative of future results.