Does the SpaceX IPO Mark the “Top” for Tech?

Hey, Ross here:

The SpaceX IPO goes LIVE in just a couple of hours.

Many are hoping it could put an end to the tech selloff we’ve been seeing over the past week.

Others are saying the massive hype is a signal that the market has already topped.

Now, I can’t say whether the IPO will end the pullback or not…

But as today’s chart shows – it is unlikely that we’ve hit the “top” for tech. 

Chart of the Day

The green line shows tech profits – specifically, forward earnings for U.S. tech companies relative to the S&P 500.

The red line shows tech stock performance relative to the S&P 500.

And as you can see, tech stocks have surged over the past few years.

But here’s the key point:

Profits have surged too.

This is not like the dot-com bubble, where tech stock prices were completely detached from the underlying earnings power of the companies.

Back then, performance exploded higher while profits failed to keep up.

That was a warning sign.

Today, the picture looks very different.

Yes, tech has run hard.

Yes, there is a lot of hype around AI, semiconductors, cloud infrastructure, and now the SpaceX IPO.

But the earnings are still there.

The profit trend is still moving higher.

And until that changes, it’s hard for me to say this is a true “top” for tech.

Could we see more short-term weakness?

Of course.

After a big run, pullbacks are normal.

But based on this chart, the bigger tech trend still looks supported by fundamentals.

I explain the implications below.

Insight of the Day

Hype alone does not mark the top

A lot of traders see a massive IPO event like SpaceX and immediately assume it must be a sign of excess.

And sometimes, they’re right.

But hype by itself is not enough to call a top.

The real question is whether the hype is supported by fundamentals… or whether prices have completely detached from reality.

That’s why today’s chart is so important.

Tech has run hard. But profits have run hard too.

So instead of assuming this is the end of the move, I want to watch how the market actually reacts when SPCX starts trading.

Does the hype get sold?

Does money rotate into related names?

Do the strongest tech leaders hold up?

Do overlooked SpaceX-adjacent stocks start moving?

That’s where the real information will be.

But that’s why in just a few hours at 11 a.m. Eastern…

I’m going LIVE for my real-time market update to show you exactly what I’m seeing as the SPCX trade goes live.

I will go into the live market to analyze the price action around SpaceX…

Explain what I’m seeing from a macro and sector-level perspective…

And even show some trade setups most people will overlook as they hyperfixate on Elon’s latest venture.

This is hands-down one of the biggest, most exciting stock events of my 20-year career…

So make sure you click here to lock in your free seat if you haven’t yet…

Because we’re expecting a full room – and I don’t want you to miss out.

I’ll see you in just a bit at 11 a.m. ET.

P.S. If you’re planning to attend on a mobile device, make sure you download the presentation app now so you don’t miss anything when it starts. See you there.

iOS: https://apps.apple.com/us/app/goto/id1465614785 
Android: https://play.google.com/store/search?q=goto&c=apps

Customer Story of the Day

“Ross Givens & Traders Agency have helped me learn & identify market patterns with analysis as to WHEN and how to properly enter and exit trades, with profit!

It's been 6 months so far, and the education has been excellent, with the profitable trades following!”

Ross Givens
Editor, Stock Surge Daily