This year is shaping up to be a big one for IPOs, but just how sustainable will the market be if the speculative froth driving valuations dissipates? SpaceX will be the big one – it is a truly extraordinary firm, but after the noise, what’s it really worth?

After a busy few days in London, I need some light comic relief this morning, so let’s figure out why Britain is really broken. It’s nothing to do with Government. It’s all about crap customer service and the treacle that makes Big Companies so poor. They no longer care. And that spreads like a cancer around the economy. Trying to deal with large firms and the private utilities that run the UK is like daily root-canal surgery.

Gold has taken a bit of a tumble – but is the correction a buying opportunity? While the UK feels increasing glum ahead of the few choices in the November Budget, Elon Musk is confident on his demands for a $1 trillion upside bonus. They are illustrations of the contrast between hype, speculation and downside manipulation.

Three risks for markets to fathom this morning: What Tesla the Meme-stock means for the Mag7, how AI risks are multiplying, and what doing a course on AI revealed about its’ true purpose.

Ozzy Osbourne was an unlikely Prince of Darkness… but who’s US President? The “Trade Agreement” with Japan is a massive pre-emptive strike opportunity for Japanese Automakers. Will it benefit US Manufacturing? No way! And don’t forget your “Bullsh*t Bingo Card” for tonight’s Tesla numbers.

The AI revolution is exceedingly expensive. It’s become a matter of who can chuck the most amount of money at it. But that’s forgetting it’s still evolving and there is little to stop it moving in new directions.

Plus, The Morning Porridge experiments with AI generated graphs!

The collapse of the Musk/Trump bromance surprised no one. But the speed at which its unravelling raises massive distraction risks to further challenge the myth of American exceptionalism. While Musk may still be the world’s richest man – Trump could well shatter his companies. Tesla is already a busted flush, and crisis in the Starship programme at Space X could end the Musk Myth completely.

What will the American mega-stocks be worth tomorrow? What will they be worth when Asian markets are larger, more competitive and more open, and Europe is closed to them? The Age of Trump has catalysed the end of the Age of American Exceptionalism. Apple and Telsa provide scenarios on how it all may come about.

Boeing is slowly climbing its hill towards recovery. The last few years saw the firm tumble on the back of a host of crises of its own making. It’s coming back together, but the question remains: can it remain relevant without a big capital pool to spend on developing the next generation of aircraft, in the face of new competition?

Sir Keir Starmer has jumped aboard  the populist bandwagon, pandering to voters convinced immigration is the UK’s greatest challenge and threat. Silly me… I thought it was the Russians, or jobs, or the economy. The reality is aging nations need workers.