IBM Warns, Apple Sues OpenAI, Big Bank Earnings Blow-Out, EPS Bubble, Welcome to Y’all Street
July 14, 2026
AI Summary
5 min readA Bull Market That Keeps Proving the Doubters Wrong
The market delivered a week of sharp contrasts. IBM suffered its worst single-day loss in decades, losing $67 billion in market cap after a modest revenue miss. Apple filed a sweeping trade secrets lawsuit against OpenAI, alleging industrial espionage on a scale that could reshape the AI hardware race. The big banks reported blowout earnings, with Goldman Sachs and JPMorgan posting record equity trading and investment banking revenue. And the SpaceX IPO, which priced at $135 just weeks ago, has already round-tripped back to $136. The episode walked through all of it, with Josh Brown and Michael Batnick arguing that the data simply does not support the bubble narrative — even as they acknowledge real pockets of speculation.
Apple vs. OpenAI: The Lawsuit That Could Shape the Next Five Years in Tech
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What you'll learn
- 1 (00:27) **Show Introduction & Housekeeping** - Josh Brown and Michael Batnick welcome viewers to the live stream.
- 2 (02:56) **SpaceX IPO: The Pop That Didn’t Stick** - Analyzing the rapid round-trip of SpaceX stock from its IPO price to $217 and back to $136.
- 3 (09:45) **Apple Sues OpenAI: The Biggest Story of the Week** - A deep dive into Apple’s trade secret lawsuit against OpenAI, arguing it will shape the next five years of tech.
- 4 (19:06) **IBM’s 25% Crash: A Warning Shot for Software** - IBM pre-announced a massive revenue miss, losing $67 billion in market cap in a single day.
- 5 (27:14) **Is This an Earnings Bubble?** - Analyzing the discrepancy between forward EPS estimates and actual earnings, and whether the market is pricing in a peak.
- 6 (33:35) **Debunking the “Bubble” Narrative** - Presenting charts that argue against a broad market bubble.
- 7 (37:22) **SK Hynix Debuts on US Exchange** - The Korean memory chip giant’s US listing is volatile and risky for American investors.
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Guests on this episode
Show Notes
On this episode of What Are Your Thoughts, Downtown Josh Brown and Michael Batnick discuss: why Apple vs. OpenAI could reshape Big Tech, IBM's surprising warning and what it says about the AI trade, whether we're living through an "anti-bubble," and the debut of a new high-yield ETF.
They also break down the biggest takeaways from bank earnings, including JPMorgan's blockbuster quarter, Jamie Dimon's succession plans, and what AI is actually doing inside the banking industry. Plus, they discuss the launch of the Texas Stock Exchange, why competition is finally coming for QQQ, Josh makes the case for ServiceTitan, Michael brings another mystery chart, and much more.
This episode is sponsored by Janus Henderson, Investing in a Brighter Future Together. Visit https://www.janushenderson.com/ for more information.
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Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Josh Brown are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management.
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