About this episode

The episode discusses major market stories from June 2026, focusing on the SpaceX IPO, AI's impact on semiconductors, and Fed credibility.

In this episode of Last Call, we look back at June 2026 and break down the biggest market stories shaping investors’ outlook for the second half of the year. Matt Zeigler and Jack Forehand are joined by Andy Constan, Ben Hunt, Brent Kochuba and Eric Pachman to discuss the SpaceX IPO, AI and semiconductor cyclicality, Fed credibility, options flows, labor market quality, crack spreads and inflation risk. Follow Last Call on Spotify⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠Follow Last Call on Apple Podcasts⁠ Main topics covered Why the SpaceX IPO became the biggest market story of the month How index flows, ETF buying and hedge fund positioning shaped SpaceX trading Andy Constan on why future earnings growth may be oversubscribed across AI stocks Why AI spending is benefiting semiconductors, memory and chip equipment companies The Fab Five companies behind semiconductor capacity and why they matter Ben Hunt on Fed credibility, market narratives, gold, the dollar and trust Brent Kochuba on options flows, correlation risk and volatility spasms in tech stocks Why short-term options volume may signal excess speculation in QQQ and AI stocks How SpaceX options trading changed after the first wave of retail…

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