Analysts are raising concerns that a wave of mega-IPOs from companies like SpaceX and OpenAI could be signaling a market top — a pattern that has appeared at prior market peaks. We explore the history of IPO booms, what they reveal about market sentiment, and how investors should think about participating. Today&#x27;s Stocks &amp; Topics: CarMax, Inc. (KMX), Market Wrap, EQT Corporation (EQT), ONEOK, Inc. (OKE), Trailing Stop, Micron Technology, Inc. (MU), SpaceX, OpenAI, and the IPO Boom: Is a Wave of Mega-Floats a Market Top Warning?, Johnson &amp; Johnson (JNJ), Xtrackers Nifty 500 India ETF (IND), iShares MSCI India ETF (INDA), Vanguard Short-Term Corporate Bond Index Fund ETF Shares (VCSH), Vanguard Total Bond Market Index Fund (BND), NetEase, Inc. (NTES), Roth Conversion. ﻿Our Next Wealth Webinar: “Beyond the Yield: How to Invest for Your Income Needs” June 30th, 2026 - 12:00 pm To sign up: https://us06web.zoom.us/webinar/register/5717793889555/WN_XuoDgMVwSv6wZXXurrZTLg Our Sponsors: * Check out Anthropic and use my code Claude.ai/invest for a great deal: https://www.anthropic.com * Check out Chilipad and use my code sleep.me/INVEST for a great deal: https://sleep.me * Check out Plaud AI and use my code INVEST for a great deal: https://plaud.ai * Check out Progressive: https://www.progressive.com * Check out Quince and use my code quince.com/invest for a great deal: https://www.quince.com * Check out TaskRabbit and use my code INVEST for a great deal: https://taskrabbit.com * Check out TruDiagnostic and use my code INVEST20 for a great deal: https://www.trudiagnostic.com Advertising Inquiries: https://redcircle.com/brands

SpaceX, OpenAI, and the IPO Boom: Is a Wave of Mega-Floats a Market Top Warning?

InvestTalk

# Full Transcript

**Podcast:** InvestTalk

## Transcript

[SPEAKER_A] This is Invest Talk from KPP Financial, helping investors make sense of the markets one day at a time. Here's your host, Justin Klein.

[SPEAKER_B] Good afternoon, fellow investors, and welcome back to Invest Talk. This is our Thursday, May 28th, 2026 edition of Invest Talk. And that's right, we only have one more trading day in the month of May, and then we move on to June, and soon we'll be halfway through the year. And what a year it has been. So much to unpack, so much to talk about. We continue to get a whipsaw-y upward trend in the market, but could that trend be changing? Could there be a catalyst in the near future That's something we'll be discussing in more detail today. I'm Justin Klein, and my objective here is to help you become a better investor, unpack these trends, answer your questions, and ultimately help you become a better investor. Now, as you likely know, we wrapped up our latest Invest Talk Wealth webinar on May 6th. The topic was inflation. We thank all those that participated, and it is now available over on our YouTube channel for free. So go check it out. And heads up, our next webinar is coming up June 30th, a little over a month away, Tuesday from 12:00 to 1:00 PM Pacific Time. Beyond the Yield: How to Invest for Your Income Needs. Now, in just a bit, we'll talk about today's market performance and we'll run down the show topics for the hour. But as usual, let's tackle this first caller question now.

[SPEAKER_C] Hey, Invest Talks, this is Ralph from Chicago. I was calling about CarMax. I was just wondering if you thought this would be a good buy. It's been beaten up for a little bit. Just wanted to know your opinion. Thank you. Bye.

[SPEAKER_B] Looking at CarMax, Inc., it has been beaten up mainly because interest rates have been going up. It's been expensive to just get a new or even used car. And so their earnings have fallen about 20% expected this year after being down 9% last year. Earning— this is KMX. KMX is the symbol for CarMax. You think it'd be CMX, but probably taken. But yeah, CarMax, KMX. It does have, let's see, no dividend yield, but it is starting to gain some upward momentum. It bottomed back in November and it's been kind of chopping sideways, consolidating below the 200 moving average. Ever since then, but over the past week it's been moving. And if you look based on next year's earnings, $284, it's a 40— about, call it $44, $43.90 at the close today. So reasonable forward-looking multiple. Earnings are expected to grow once again next year, up 22%. And historically, CarMax is a good business with good profitability over the last 20 years. Return equity has kind of been around the mid-teens, 15%, 18%. Right now it's only 4%. And I kind of like buying these type of businesses that have still relevance. We're still all buying cars, but for particular reasons like higher interest rates, a tighter economy, they're underperforming,...

SpaceX, OpenAI, and the IPO Boom: Is a Wave of Mega-Floats a Market Top Warning?

Transcript

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SpaceX, OpenAI, and the IPO Boom: Is a Wave of Mega-Floats a Market Top Warning?

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.