Ben and Tom discuss OpenAI delaying its $1 trillion IPO to 2027 as bankers cite tech volatility and the post-SpaceX retail enthusiasm hangover, the resulting sell-off in AI infrastructure names with Softbank down 12% and Micron, NVDA, AVGO, and SNDK all lower, Apple and Microsoft&#x27;s 15-20% price hikes on iPads, Macs, and Xbox tied to memory chip prices and the likelihood that big tech vertically integrates in response, ON Semi&#x27;s $6 billion all-stock acquisition of Synaptics to expand into physical AI and robotics with a $100 billion TAM by 2030, and FedEx Freight&#x27;s commentary that demand may finally be stabilizing. Join our live YouTube stream Monday through Friday at 8:30 AM EST: http://www.youtube.com/@TheMorningMarketBriefing Please see disclosures: https://www.narwhal.com/disclosure

OpenAI's $1T IPO Delayed to 2027 + Apple, Microsoft Raise Prices on Memory Crunch | June 26, 2026 – Morning Market Briefing

The Morning Market Briefing

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**Podcast:** The Morning Market Briefing

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Good morning, welcome to The Morning Market Briefing. Today is 6-2-6-2-6. Another palindromic day. Feels so good. It's actually, and I have to inform everyone that I missed it. I think I've gotten it every year on the podcast, but I missed you yesterday. We missed half Christmas, so let me be your first to wish you. So now it's half boxing day. Yeah, half boxing day. Tough. Tough day for me. Big L.

Well, another one that's getting punted to next year, potentially, you'll have to wait, is OpenAI's IPO. I'm not actually that surprised by this. It seemed like they were doing a little bit of a me too after Anthropik came out with its IPO plans about a week later. OpenAI filed for its IPO confidentially. Regardless, I think the earliest they could have done it would have been in the fall.

But with Anthropic coming public and you also have Databricks and you still have $1.9 trillion of SpaceX stock that's going to flood the market over the next year, but especially over the next six months. OpenAI is being asked by its advisors, including Goldman Sachs, you know, you might want to just push it to 2027 because you know there aren't going to be IPOs in the end of the year.

Even investment bankers, especially investment bankers after this year, they don't need to make a year. They'll just let it roll into next year. And I think that all of the investment bankers will be very happy to have a very flashy Christmas where they don't actually have to work on an IPO. So I think that this is probably good all around. It's probably also good for the market. Tom, I'm curious if your thoughts. It is impacting the market today, even though I don't really think it should.

But you have a lot of the AI ecosystem, including companies like Micron, which was up a lot yesterday, down this morning because they're like, well, is it going to take longer to get our money from OpenAI? I mean, they're going to have to, one, it's less money in the pocket of OpenAI, right? Because they do get compensated for that IPO. So that's money that could have been spent to flow through to Micron or SanDisk or SK Hynix or one of those companies.

I will say the interesting thing is the heat map continues to shift pretty quickly in the AI space. And it's almost like the ultimate end product, which is these LLMs, has really lost a ton of steam, even in the last couple of weeks. And even this morning, just kind of getting up to speed on what's going on, there's the new thing is that memory chips, old and busted, substrates, new hotness.

And you'll have to explain to me exactly what that is, but apparently the new bottleneck in the AI space is going to be substrates, which I'm assuming is just the inputs to the memory chips. So call it silicon and rare earth metals or whatever goes in there. I wouldn't claim to know what those are. But Ben, you used to be the lead analyst on CCMP, which is now owned by Integris, whi...

OpenAI's $1T IPO Delayed to 2027 + Apple, Microsoft Raise Prices on Memory Crunch | June 26, 2026 – Morning Market Briefing

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OpenAI's $1T IPO Delayed to 2027 + Apple, Microsoft Raise Prices on Memory Crunch | June 26, 2026 – Morning Market Briefing

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.