Can SpaceX Monopolize Space and AI Computing?Macroeconomics and Economic Realities
SpaceX targets an astonishing $100 billion annualized revenue run rate by December 2026. Chief Financial Officer Bret Johnsen frames that as a forward-looking exit run-rate, not recognized full-year revenue. He also ties it to fully integrating the recently acquired AI startup Cursor. Second-quarter revenue reached $7.8 billion, up 92 percent year over year. That pace annualizes to roughly $31 billion today. Massive new AI compute leasing deals drive this rapid financial expansion. The company recently signed a $1.11 billion monthly compute contract beginning in December. That agreement adds over $13 billion in annualized revenue. However, Johnsen describes almost all hosting deals as 90-day commitments with 90-day exit provisions. These amount to roughly six-month commitments rather than guaranteed multi-year backlog. The company still lost $541 million last quarter, narrowing from $1 billion a year earlier. Investors closely monitor whether subscription compute revenues can sustain current valuation growth.
Geopolitics and Geostrategy
Satellite constellations now serve as vital assets in modern international defense. Starlink provides sovereign nations with resilient communication infrastructure during military conflicts. Consequently, Western governments view SpaceX as an indispensable national security partner. The U.S. Department of Defense relies on specialized Starshield satellite arrays. Meanwhile, launch reliance on foreign nations has vanished across North America. Sovereign access to low Earth orbit strengthens Western geopolitical posture. However, concentrated reliance on a single private contractor creates strategic geopolitical tensions.
High-Tech Industry Trends
The high-tech landscape is witnessing a convergence of space launch and artificial intelligence. AI developers urgently require massive computational capacity and reliable power sources. SpaceX actively leases access to high-density GPU clusters at dedicated facilities. Anthropic pays $1.25 billion monthly for the majority of capacity at Colossus 1 in Memphis. That facility houses roughly 220,000 Nvidia processors across 300 megawatts, under contract through May 2029. Google pays $920 million monthly from October 2026 through June 2029. Those two deals alone generate about $2.17 billion monthly, a $26 billion annualized run rate. All three contracts together lift monthly external compute revenue toward $3.28 billion. Concurrently, direct-to-device Starlink capabilities threaten legacy telecom operators worldwide. Next-generation direct-to-cell satellites deploy next year, targeting commercial 5G-grade service by early 2028. This dual disruption across telecom and cloud compute reshapes global tech trends.
Technology, Science, and Pharmaceuticals
Reusable orbital rockets drastically reduce the cost of conducting scientific research in microgravity. Microgravity enables perfect protein crystal growth impossible under Earth’s gravitational pull. Pharmaceutical firms leverage Dragon missions to formulate advanced therapeutic drugs and biopharmaceuticals. Furthermore, the massive Starship launch vehicle carries next-generation Starlink V3 satellites into orbit. That mission marks Starship’s first deployment flight generating direct revenue. The upcoming Starship Flight 14 test flight targets late September 2026. This launch system promises unprecedented payload capacity for deep-space science and commercial payloads.
Business Models and Leadership
Chief Executive Officer Elon Musk built a vertically integrated commercial enterprise. SpaceX operates as a launch provider, satellite internet operator, and compute landlord. Chief Financial Officer Bret Johnsen successfully monetized excess computing infrastructure through flexible enterprise contracts. Vertical integration allows SpaceX to build rockets, engines, and satellites in-house. This strategy drastically lowers operating costs while maintaining high gross margins. Capturing market share across telecom and cloud services accelerates total revenue diversification.
Company Culture and Cybersecurity
SpaceX maintains a culture centered on rapid hardware iteration and engineering speed. Fail-fast testing methodologies accelerate technological breakthroughs across all engineering departments. Furthermore, space-based communication networks demand impenetrable hardware and software cybersecurity protocols. Engine-level encryption and secure laser inter-satellite links protect user data against state-sponsored cyberattacks. Orbital communications must resist electronic jamming during geopolitical crises. Enterprise clients prioritize this high level of cyber resilience when selecting satellite networks.
Patent Analysis and Future Outlook
Patent filings reveal extensive intellectual property covering reusable thermal shielding and propulsion systems. Proprietary Raptor engine architecture and staging mechanisms create massive technical barriers for competitors. Advanced phased-array antenna patents protect Starlink hardware from low-cost knockoffs. Will SpaceX successfully execute its dual expansion into orbital launch and global AI compute? The company possesses unmatched technical velocity and strong market momentum. SpaceX stands poised to dominate high-tech infrastructure on Earth and in orbit. 
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ORACLE, has the bottom been reached?Oracle’s share price lost more than 66% between its all-time high in September 2025 and its low point in July 2026.
Can we now say that the stock has finally formed a major bottom and that the underlying bullish trend has resumed?
To answer this question, I will review the fundamental and technical factors that I consider relevant:
· Fundamental technical analysis of financial markets: the long-term signals on the weekly chart
· Stock valuation data and the fundamental outlook for Oracle
From a fundamental perspective, the Oracle story remains particularly interesting. The company is undergoing a major transformation, with a spectacular acceleration in its cloud business. In the fourth quarter of fiscal year 2026, cloud revenue increased by 47% year-on-year and cloud infrastructure revenue by 93%. For the full fiscal year, revenue increased by 17%, while cloud revenue rose by 39%.
Even more impressive, Remaining Performance Obligations (RPO) reached $638 billion, up 363% year-on-year. This figure represents a major fundamental argument in favor of continued future growth.
The main risk, however, lies in how this growth is being financed. Oracle is investing heavily in infrastructure dedicated to artificial intelligence, which resulted in negative free cash flow of $23.7 billion in fiscal 2026 and significant reliance on debt financing.
The table below ranks US companies in the infrastructure software sector according to their forward P/E valuation ratio. After this 60% decline from its all-time high, Oracle’s stock is once again inexpensive according to this fundamental valuation metric.
Finally, the valuation now appears much less demanding than it was at the 2025 peak. According to the market data used here, the forward P/E stands at around 15x, which is particularly low for a company whose cloud growth prospects remain so strong.
To conclude from a technical analysis perspective, several signals are favorable for the formation of a major bottom: bullish price/momentum divergences on the weekly timeframe (see the main chart of this analysis), as well as long-term technical support levels that were reached between $110 and $120, including the 200-week moving average and the monthly Kumo of the Ichimoku system.
The chart below shows the monthly Japanese candlesticks of ORACLE stock together with the monthly Kumo (Ichimoku system), which is acting as long-term support.
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ServiceNow: the zone opened at 145 and the low came in at 80Four marks in six months, and the first one was forty percent above the low.
This is ServiceNow on the daily with our accumulation layer on it. The layer printed four times this year: in January just under one-fifty, in February in the high nineties, in April near eighty, and in June in the low nineties. Since that June mark it has printed nothing - sixty bars of silence - and the stock is at 142.
Start with the January mark, because it is the one that teaches the most.
What the mark means. Accumulate does not mark a bottom. It prints when price drops below the layer's reference line, and what it says at that moment is one thing: you have entered an area where a structural low is being built. Not that the low is in. Not that the falling has stopped. That you are now inside the part of the chart where accumulation - the slow, uneven, months-long kind - takes place. While price trades under the reference, the window is open. When the panel reads NO ACCUMULATION, it has shut.
So look at January. The mark printed near one-forty-five. Over the next three months ServiceNow fell to eighty. If you read that mark as a signal, you spent a quarter watching a position lose almost half its value. If you read it as what it is - the opening of a zone - then February, April and June were not three more signals. They were the same process, still running, described three more times.
Most tools would call the January print a failure. This one is built for exactly that shape. A layer whose premise is "a structural low is being constructed here" has to survive the construction, and construction on a chart looks like lower prices arriving over months. A layer that only printed at eighty would not be describing accumulation. It would be calling a bottom, which is a different claim and one no honest tool makes.
Where it is now. Price is at 142. The reference sits at 108.64 and is rising. That is roughly thirty percent of daylight between the two, and the panel reads NO ACCUMULATION - the window that opened in January is shut. It shut without ceremony, somewhere in July, when price accepted above the reference and stayed there. The layer has had no opinion on ServiceNow since.
That silence is correct. A stock that has gone from eighty to one-forty in five months is not accumulating; it is being bought. There is nothing in that for this layer to mark, so it marks nothing. The volume reading on the panel is low - which is worth knowing, and which is also not a signal of anything on its own.
What it does not tell you. Not whether one-forty holds. Not whether the reference at 108 is ever revisited - the layer draws it, it does not defend it. And not what happens if price does come back down: a return under the reference would reopen the question, not answer it.
One caveat, always. This chart is one where the zone was followed by a strong move. We are showing it because it is a clean illustration of the difference between a zone and a point, not because it is typical. Zones are followed by nothing at all often enough that any single chart proves the mechanism and nothing else.
Educational market commentary - not financial advice. 
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HP ADHESIVES## HP Adhesives Ltd. (CMP ₹37.91, NSE: HPADHESIVE)
**The SmartWay Research Desk | 15 September 2026**
A Mumbai‑based adhesives and sealants company, incorporated in 2019. HP Adhesives manufactures **PVC adhesives, synthetic resins, sealants, and construction chemicals**, catering to plumbing, packaging, footwear, and infrastructure industries. The company has a strong retail presence across India with distribution in over 20 states.
**Promoter Holding (Jun 2026):** **HP Group (Shah Family) — ~72.5% stake (no pledges)**
---
### FY22–FY26 Snapshot
- **Revenue Growth:** FY26 revenue ₹242 Cr vs ₹212 Cr in FY25 (+14.1% YoY). → **Good**
- **Net Profit:** FY26 PAT ₹22 Cr vs ₹18 Cr in FY25 (+22.2% YoY). → **Good**
- **Operating Margin:** FY26 EBITDA ₹42 Cr, margin 17.4% vs 16.6% last year (+80 bps). → **Good**
- **Equity Capital:** Stable, face value ₹10. → **Good**
- **Dividend Policy:** Dividend ₹0.50/share declared for FY26. → **Neutral/Good**
- **Asset Building:** Investments in **manufacturing expansion and distribution network**. → **Good**
- **Sales:** Strong demand from **plumbing and construction adhesives**. → **Good**
- **Expense:** Raw material cost pressures (chemicals, resins) remain. → **Neutral/Good**
- **EPS:** FY26 EPS ₹2.25 vs ₹1.85 last year (+21.6%). → **Good**
---
### Institutional Interest & Ownership Trends (Jun 2026)
- **Promoter Holding:** ~72.5% (no pledges)
- **FII Holding:** ~1.2%
- **DII Holding:** ~3.8%
- **Retail & Others:** ~22.5%
---
### Strategic Moves & Innovations
- Expansion in **construction chemicals and sealants**.
- Focus on **retail distribution and brand building**.
- Partnerships with **plumbing and infrastructure players**.
- Diversification into **packaging adhesives and footwear industry solutions**.
---
### Cash Flow & Balance Sheet Strength
- Market cap ~₹420 Cr.
- Debt‑to‑equity ratio ~0.38 (moderate leverage).
- Book value per share ₹22.00; P/B ~1.7.
- EPS (TTM) ₹2.25; P/E ~16.8.
---
### Risk Factors
- Moderate **P/E ratio ~16.8**, valuations fair.
- Dependence on **construction and infra demand cycles**.
- Exposure to **commodity price volatility (chemical inputs)**.
- Competition from Pidilite Industries, Astral Adhesives, and Sealant manufacturers.
---
### Investor Takeaway
HP Adhesives has delivered **steady FY26 performance**, supported by demand in plumbing, construction, and packaging adhesives. With strong promoter backing (Shah Family, 72.5% stake), dividend payouts, and niche positioning in adhesives, HP Adhesives remains a **small‑cap specialty chemicals play**. At CMP ₹37.91, valuations are **reasonable (P/E ~16.8, P/B ~1.7)**, reflecting growth potential with manageable risks. 
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Exxon Mobil (XOM) Extending Rally within Wave (5)The short‑term Elliott Wave outlook for Exxon Mobil (XOM) indicates that the rally from the June 25, 2026 low is unfolding as a five‑wave diagonal. From that point, wave (1) concluded at $159.42, followed by a corrective pullback in wave (2) that ended at $149.09. The stock then advanced in wave (3), reaching $168.64. The subsequent pullback in wave (4) developed as a double three structure, with wave W finishing at $162.25, wave X rallying to $165.40, and wave Y declining to $155.37. This sequence completed wave (4) at a higher degree.
The advance has since resumed in wave (5). Within this leg, the rally unfolded as a diagonal. Wave ((i)) ended at $165.65, while the dip in wave ((ii)) terminated at $158.75. The third wave, ((iii)), carried prices higher to $167.70, before a modest pullback in wave ((iv)) concluded at $163.18. The final push in wave ((v)) reached $169.45, thereby completing wave 1 of a higher degree. At present, expectations favor a corrective pullback in wave 2. This retracement is anticipated to correct the cycle from the August 28, 2026 low, likely unfolding in either three or seven swings before the rally resumes. 
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Is Uber Stock Cheap, or Is the Cash Already Spent?Uber Technologies (UBER) generates free cash flow equal to roughly 6.8% of its market value every year. For the median S&P 500 company, that figure sits at about 4.5%. A gap that wide normally tells you something important: the market may be pricing Uber as though its business is expected to shrink, or at least as though its cash generation is not expected to remain this strong. But Uber is not shrinking. Its revenue grew 16.7% over the trailing twelve months. That creates a puzzle. If the cash is real and the business is still growing, why does the market appear to value that cash so cautiously? The answer may come down to a different question: not whether Uber produces cash, but who ultimately gets it.
Where Does Uber’s Cash Actually Come From?
It does not come from unusually fat margins. Uber is fundamentally a marketplace business. It takes a cut of the activity that moves across its platform, whether that activity involves rides, delivery, or other services. Its economics depend on volume, take rates, frequency, and the ability to keep both sides of the marketplace engaged. Uber does not need to own the cars or employ every driver to generate revenue, but it does need to keep transactions flowing and defend its position against competitors.
One example of how Uber tries to widen its appeal is Wait & Save, its lower-cost product in the United States. Wait & Save lets riders trade time against price: if they are willing to wait a little longer, they can pay less. That can make Uber more accessible to price-sensitive customers, encourage more trips, and improve utilization across the network. It can also pressure revenue per trip, which means the strategy only works if the extra volume and efficiency more than offset the lower price.
The Scale Numbers Are Doing the Heavy Lifting
The latest results suggest that Uber’s volume growth is translating into real financial leverage. Gross bookings grew 22% year over year to more than $58 billion in the June 2026 quarter. Management says that growth fed through into operating leverage: non-GAAP earnings per share rose 35%, and trailing twelve-month free cash flow surpassed $10 billion for the first time. That combination matters. It suggests Uber is not simply buying growth with unsustainable discounts. Instead, it is expanding the top line while also converting more of that revenue into cash.
Operating leverage is the key idea here. When a marketplace grows, many costs do not rise at the same pace as revenue. Technology, platform development, and corporate overhead can be spread across a larger base of transactions. If Uber can keep adding gross bookings without letting costs scale just as quickly, more of each additional dollar can fall to the bottom line. That is what management appears to be emphasizing: growth is not coming at the expense of profitability.
So Why the Wide Free Cash Flow Yield?
A high free cash flow yield can mean several things. It can signal that a stock is cheap. It can also signal that investors doubt the durability of those cash flows. In Uber’s case, the market may be asking whether today’s cash generation can survive competition, regulatory pressure, labor disputes, insurance costs, or heavy reinvestment in new areas such as autonomous vehicles and expansion into additional markets.
There is also the question of capital allocation. Free cash flow belongs to the business, but shareholders only benefit directly if that cash is returned through buybacks or dividends, used to pay down obligations, or reinvested at attractive returns. If Uber instead spends the cash defending its marketplace, subsidizing riders, offering incentives to drivers, or funding expensive new initiatives, then the cash may never show up in shareholders’ pockets in a meaningful way. In that case, the stock could look cheap on a cash flow basis while still failing to deliver the returns that the yield seems to promise.
The Real Question Is Not Growth Alone
Uber’s cash generation is real, and it is growing. The company is not shrinking, and its revenue and bookings trends point to a business with momentum. But the market’s relatively low valuation against free cash flow suggests that investors want proof on two fronts: that the cash flow is durable, and that it will eventually accrue to shareholders rather than being consumed by competition, regulation, or reinvestment.
So the question is not simply whether Uber stock is cheap. The deeper question is who gets the cash. If management can sustain growth, preserve operating leverage, and return excess cash to shareholders, the current free cash flow yield may look like a genuine bargain. If the cash is continually spent to defend and expand the business, then the discount may be less of an opportunity and more of a warning.
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JPMorgan Revises #HIMS Outlook as Regulatory and Execution RisksJPMorgan has taken a fresh look at Hims & Hers Health (NYSE: HIMS), resuming coverage of the stock with a Neutral rating and a $32 price target. The decision reflects a more complicated growth path for the direct-to-consumer telehealth company, especially as regulatory pressure continues to reshape its weight-loss business. The $32 target implies roughly 17% upside from the Sept. 10 close. However, JPMorgan is not yet ready to adopt a more bullish stance. The bank wants clearer evidence that Hims & Hers can successfully transition away from compounded GLP-1 drugs and toward branded treatments without sacrificing margins along the way.
Hims & Hers operates a direct-to-consumer telehealth platform that offers treatments across a wide range of categories, including weight loss, sexual health, dermatology, mental health, and other areas. The company generates revenue primarily through subscriptions and prescription medications delivered through its digital platform. That model has helped Hims & Hers build a broad consumer-facing healthcare brand, but it also leaves the company exposed to regulatory changes and competitive pressures, particularly in the high-profile weight-loss segment.
JPMorgan analyst Brian Smilek had previously rated the shares Overweight before coverage was suspended in June. While he remains constructive on Hims & Hers’ vertical integration and its expansion into new specialties and international markets, he is now taking a more measured view. Smilek said the firm is looking for execution across several key areas: the strategic transition toward branded GLP-1s, durability of growth across newer specialties, deeper international penetration, and durable margin expansion.
JPMorgan also sees peptides as another potential growth opportunity for Hims & Hers. That could provide an additional avenue for expansion if the company can capitalize on it. But until Hims & Hers proves that its transition can support both revenue growth and durable margin expansion, the $32 price target suggests that upside may remain constrained by execution risk.
The Neutral rating captures this balanced view: JPMorgan is not issuing a negative call, but it is also not signaling strong conviction. The firm appears to see the risk/reward as roughly balanced at current levels. The key risk is that regulatory pressure could make the weight-loss business harder to navigate, while the key opportunity is that a successful shift toward branded GLP-1s, combined with expansion into new specialties and international markets, could unlock further growth. Until then, the stock may be judged more by execution milestones than by broad enthusiasm. 
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