The Chart That Doesn't Say What Wall Street Thinks It Says

In mid-June, a single chart from Citadel Securities sent social media into a frenzy. The Silicon Data LLM Token Expenditure Index showed a sharp downward line, and within hours, commentators declared it proof that AI demand was cratering, that the agentic frenzy had fizzled, and that the entire infrastructure buildout was in jeopardy. "Tokenomics equals panic," wrote Zero Hedge. But the chart doesn't actually measure what everyone thinks it measures—and the real story is both more interesting and far less apocalyptic.

The IPO That Could Reshape AI Markets

SpaceX launched the largest IPO in history this week, pricing at $135 per share for a valuation just shy of $1.8 trillion—making it the seventh-largest company in the world ahead of Saudi Aramco, Tesla, and Meta. Retail investors submitted more than $100 billion in orders for a $75 billion offering, forcing SpaceX to cut the retail allocation from 30% to 20%. The frenzy has drawn sharp criticism. A Reuters opinion piece warned that investors "piling into the world's largest IPO will get burned," pointing to SpaceX's $5 billion loss on $18.7 billion in revenue—a fraction of Meta's $200 billion or Tesla's $95 billion. Goldman Sachs, simultaneously conducting the IPO and publishing wildly bullish research, forecast SpaceX could hit $474 billion in revenue by 2030