Every week, we tap into real conversations had by our pro investor community, the Curation Collective, recapping their high conviction themes, macro views and market sentiment, so that you can make more informed investment decisions.
Most Discussed...
The Memory Trade Is Done. LiDAR Are Next.
With the world's three largest memory chipmakers all now valued at a trillion dollars, the storage leg of the AI infrastructure trade has played out. The question is no longer whether AI needs memory at scale. It does. The question is what comes after.
The answer is the physical world. Every humanoid robot, every autonomous vehicle, every warehouse picking system, every counter-drone defence platform and every piece of smart-city infrastructure needs to perceive its environment in three dimensions, in real time, with centimetre-level precision. Cameras take flat images and guess at depth. LiDAR does not guess. It fires millions of invisible pulses at the environment every second and measures exactly how long each takes to bounce back, building a perfect 3D map fast enough for a machine to act on immediately. For any system that must navigate or interact with the physical world autonomously, this is the foundational sensing layer. There is no credible path to full autonomy without it.
The addressable market is everything AI touches in the physical world. Some major carmakers rolling out Level 3 autonomy have opted LiDAR. Every robotaxi added to commercial fleets is another sensor order. Humanoid and industrial robots operating in unstructured environments need persistent spatial awareness. The technology is already deployed across automated ports, smart-city traffic systems, terrain mapping and counter-drone defence. The demand base extends far beyond the automotive narrative.
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One Giant Leap for Public Markets
From how machines sense and remember the world, we have entered a week the markets won't soon forget. The largest IPO in history is now just days away.
SpaceX is targeting an $86 billion raise at a $1.78 trillion valuation, with pricing expected around 11 June. The filing disclosed 2025 revenue of $18.7 billion, cash-flow positivity since approximately 2014/15, and a roadmap that stretches from over 100,000 next-generation satellites (each 10-20x more capable, with custom chips delivering 100x more bandwidth at half the latency) to AI data centres in orbit scaling from roughly 1 terawatt of compute to over 1,000 terawatts from the moon. Full rocket reusability means propellant costs below jet aviation fuel, making cargo to orbit cheaper than a transoceanic flight. The roadshow itself rewrote the investor relations playbook: Elon Musk, interviewed by Jamie Dimon, broadcast the full conversation for free to hundreds of millions of people who have never been invited to a Wall Street luncheon and never will be.
The Collective ran a poll on what happens to the share price in the first month. Members are equably split between modest gains and an early sell-off. The dominant concern is simple: the stock is priced for perfection at 75x 2025 sales. Lock-up expiry for existing shareholders was flagged as the determining factor for the short to mid-term. A meaningful contingent said the trade is too hard to call and preferred to stay out entirely. Grey market proxies have already crashed 29% before the company even lists, and the comparison to a social media giant that fell 60% post-IPO was drawn. Against that, the non-consensus bull case was pushed hard: the repricing from $150 to $135 during the roadshow could have been the mechanism behind the grey market proxy crash rather than a demand signal, and the audience trading SpaceX derivatives is fundamentally different from the institutions and retail investors looking to own a piece of innovation, and the counter-argument via the All In podcast laid out a decent explanation of how SpaceX grows into that multiple and is hence actually "cheap".
What Drove The Collective Ideas This Week
WoW: -4%
Markets experienced a sharp sell-off on Friday, snapping a historic nine-week equity winning streak. A hotter-than-expected jobs report, weak AI revenue guidance from a major semiconductor firm, and over $1 trillion in semiconductor market cap losses combined to drag risk assets lower, with capital rotating sharply into defensives. The Collective's Conviction list gave back -4% on the week. The drawdown was broad-based and macro-driven rather than stock-specific, with semiconductor and digital asset names hit hardest by the rate repricing and sector rotation. Nothing in the underlying theses has changed. This reads as a positioning reset, not a fundamental break.
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Best Content Shared This Week
Elon Musk Interviewed by JP Morgan's Jamie Dimon
Why watch? SpaceX is going public in what is shaping up to be the biggest IPO in history, and uniquely, 30% of the allocation is reserved for retail investors, giving everyday people the same access typically reserved for institutions and hedge funds. In this rare sit-down, Elon Musk tells Jamie Dimon exactly why now is the moment: SpaceX is entering a massive capital growth phase, deploying 100,000+ next-gen Starlink V3 satellites, building AI data centers in space, and constructing chip fabs on US soil. This is your chance to hear the investment case straight from Musk himself, before the stock hits the market.
Retail IR Is Becoming Marketing
Why Read? New proprietary data suggests that marketing an equity story to the right retail audience can have a measurable impact on retail buying activity. For IR teams, the message is increasingly clear: visibility matters.
Stock Of The Week
SpaceX Goes Public. Liftoff for the Biggest IPO in History.
For the first time in history, retail investors are being handed a seat at the same table as the world's biggest hedge funds and institutions. SpaceX, the company that has quietly built a monopoly on rocket launches, put 9,000 satellites into orbit, and is now turning its attention to AI data centers in space, is going public. And in a move that Jamie Dimon himself called an act of democratising finance, 30% of the allocation is being reserved for everyday investors. This is not a company still trying to prove itself. SpaceX has been cash flow positive since around 2014, counts the US Department of Defense among its customers, and is embarking on what Elon Musk describes as its biggest capital growth phase yet. The question is not whether SpaceX belongs in a portfolio. The question is whether you want to be on the right side of it when it lists.
New or Updated Showcases
Aduro Clean Technologies
Aduro Clean Technologies is developing a multi-application chemical recycling platform that turns lower-value feedstocks, including waste plastic, heavy oil and renewable oils, into higher-value fuels and chemical feedstocks. With its pilot plant now operating, a planned first industrial facility at Chemelot in the Netherlands, and recent commercial momentum through an offtake LOI and EPC partnership, Aduro is moving from lab-stage promise toward real-world deployment across several large energy and materials markets.
Tooru plc
Tooru is a UK-listed health and wellness group building a portfolio of "free-from" food brands, anchored by Juvela, the UK's leading gluten-free bakery brand, alongside OAF, Pulsin and Purely. The investment case is a "build to be bought" story, with Tooru aiming to create a differentiated challenger platform in gluten-free and plant-based foods that larger consumer groups could eventually scale or acquire.
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