Andy Constan on the SpaceX IPO, AI CapEx, and the End of the Buyback Tailwind
In the third episode of First Principles with Andy Constan, Andy breaks down the changing structure of markets as the IPO window reopens, AI CapEx accelerates, and corporate buybacks shift toward new equity supply. We discuss what the SpaceX IPO says about capital markets, whether AI spending can create disinflationary growth, why the consumer is still holding up, and what could challenge the current market bubble.
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Topics covered:
Why IPOs are central to the purpose of public markets
How Andy evaluates whether the…
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