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

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.

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

Read the full transcript

The candid version is on a podcast,
not the earnings call.

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

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.