Prof G Markets · Thursday, July 16, 2026
Nicholas Owens views SpaceX as an infrastructure play with uncertain AI payoffs, contrasting with bullish analyst targets. He cites Meta running out of capacity and OpenAI potentially delaying its IPO as factors that may cause investors to question the ROI of massive investments in the AI sector.
“In terms of AI, uh, there's so many assumptions you have to make to get to these upside scenarios. Um, and the payoff there, you know, is in decades.”
“Meta starting to run out capacity, um, Open AI, probably delaying their IPO. Those are things that would make people question the thesis of what is the ROI on all these investments that have been made.”
“And Space X today looks a lot like an infrastructure play, um, and also an LLM that is not in the top ranks, shall we say.”