Transcript:
Conway Gittens: I’m Conway Gittens reporting from New York City. Here’s what we’re watching on TheStreet today.
The Nasdaq climbed above 20,000 for the first time ever on Wednesday. Tech stocks, as a whole, continued to bask in the glow of Artificial Intelligence. Alphabet was a standout as investors gawked at the breakthrough quantum computing chip at its Google unit.
Looking ahead to Thursday, inflation is on the radar with the Producer Price Index. Quarterly results at Costco will also be in focus.
Related: Latest SpaceX flight ends in historic fashion
In other business headlines, SpaceX is now worth $350 billion based on the math done over at CNBC. The market valuation adjustment follows on the heels of a $1.25 billion private share buyback.
Elon Musk’s space company has seen its value increase 67 percent since June. Its market value is now bigger than long-established defense contractors. RTX, the parent of Raytheon, has a $156 billion market cap; Boeing’s is $123 billion, Lockheed Martin is at $120 billion, and Northrop Grumman’s market value is $69 billion. If SpaceX was a publicly traded company, its market cap would be bigger than Dow components Chevron, Coca-Cola, Merck, Cisco, and IBM.
SpaceX already has a leading position in space exploration and travel, and experts think Musk’s cozy relationship with President-elect Donald Trump will add to its momentum. The company has lucrative government contracts and is partnering with NASA. SpaceX continues to make progress in the use of reusable rockets, which will ultimately be a big money-saver for the industry - and bring down the cost for space tourism.
That’ll do it for your Daily Briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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