In today’s briefing:
- SpaceX Just Filed Their S-1 & It’s A Doozy
- Ohayo Japan | Choppy Trade
- AI Sustainability: East Profits. West Burns.
- Asia Real Estate Tracker (21-May-2026): CDL’s Q1 property sales drop to $476M.
- Singapore Market Roundup (21-May-2026): Analysts maintain ‘buy’ rating on Lendlease REIT post
SpaceX Just Filed Their S-1 & It’s A Doozy
- On May 20, 2026, SpaceX filed an S-1 registration statement with the SEC. Ticker: SPCX. Listing venue: Nasdaq plus the brand-new Nasdaq Texas, headquartered at 1 Rocket Road, Starbase, Texas
- Two share classes. Class A = 1 vote. Class B = 10 votes. Class B shareholders separately elect a majority of the board as a class. Elon taking no chances.
- SpaceX key plans include a permanent human colony on Mars with at least one million inhabitants and launching orbital data centers capable of delivering 100 terawatts of compute per year.
Ohayo Japan | Choppy Trade
- US stocks edged higher during a choppy session on Thursday driven by conflicting Middle East geopolitical headlines
- Semiconductors broadly gained, led by Arm (+16%); Neoclouds – Applied Digital, Nebius, CoreWeave on compute leasing / energy deals
- The Trump administration is expanding its investment portfolio into quantum technology by awarding grants to nine companies, including an IBM/Rigetti, in exchange for equity stakes.
AI Sustainability: East Profits. West Burns.
- Chinese AI is profitable across the entire stack. Tencent (38% op. margin), Alibaba Cloud (EBITA-positive), Baidu (profitable), Sea Ltd ($1.6Bn net profit) — all generate real cash from AI today.
- Western AI compute costs now exceed human payroll. Compute costs exceed employee costs according to research conducted by MIT: AI is more expensive than humans in 77% of roles.
- The Chinese AI philosophy is structurally superior. Embed AI in existing profit engines. Frugal MoE architectures, ecosystem distribution, and patient capital mean Chinese AI monetises faster at dramatically lower cost.
Asia Real Estate Tracker (21-May-2026): CDL’s Q1 property sales drop to $476M.
- CDL property sales fell to $476 million in Q1, highlighting challenges in the APAC real estate market.
- Hillhouse’s Rava acquired a majority stake in Barwon Fund Manager, expanding its footprint in Australia.
- Hongkong Land saw a 5% profit increase, while Asia Standard Hotels faces difficulties refinancing a $174 million loan.
Singapore Market Roundup (21-May-2026): Analysts maintain ‘buy’ rating on Lendlease REIT post
- Analysts uphold ‘buy’ rating on Lendlease REIT after 3QFY2026 update.
- ASL Marine’s net profit rose 176% y-o-y to $25.4 million in 9MFY2026.
- CDL reports reduced residential sales in 1Q2026 compared to 1Q2025.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
