SpaceX $25 Billion Bond Deal, Micron Earnings & UK Political Crisis Explained

SpaceX raised $86 billion in its IPO then borrowed another $25 billion from the bond markets days later. Anthony Cheung and Piers Curran break down the financial engineering behind the deal, what a BAA1 credit rating means, and why Elon Musk is playing a completely different game to everyone else.

Micron just posted EBITDA up 15x year-on-year with gross margins jumping from 39% to 85%. We unpack what that tells us about who's really winning the AI race and why it's no longer the Mag 7.

Finally, Keir Starmer is out. UK gilt yields broke above 5% for the first time in decades before falling back sharply. We explain why markets rallied on the news and what Andy Burnham as Prime Minister means for U.K. bond markets.

(00:00) Introduction
(00:22) SpaceX Post-IPO Sell-Off
(05:15) Mag 7 vs Semiconductors
(12:27) Oil, Iran & the Fed's Hawkish Turn
(15:45) Micron's Blowout Earnings
(22:18) SpaceX's $25bn Bond Deal Explained
(31:29) Keir Starmer Resigns UK Market Reaction