SpaceX Rips 9% + Elon Floats a SpaceX-Tesla Merger | October 21, 2026

Andrew, Ben, and Tom break down SpaceX's 55% incremental AI margins and Elon's possible Tesla merger, SMCI's $4B guidance raise, and signs the consumer is getting stretched across Elevance, Netflix, and United. Please see disclosures: https://www.narwhal.com/disclosures For questions, please email: tmmb@narwhal.com Chapters: 0:00 Welcome and energy-panel takeaways 0:49 LNG exports and the natural-gas outlook 2:35 Solar, gas turbines, and data-center power constraints 5:08 Evergreen funds, fees, and withdrawal restrictions 6:23 AI adoption in financial advice and client-data concerns 9:05 SpaceX’s AI business, margins, and GPU depreciation 11:15 Gas-turbine bottlenecks and SpaceX’s manufacturing plans 12:43 Potential SpaceX–Tesla merger discussion 13:41 Super Micro guidance and AI infrastructure demand 14:38 Consumer earnings: healthcare, credit, retail, and travel 17:34 Elevance CEO Gail Boudreaux’s athletic background 18:49 The 20-year Treasury auction and issuance outlook 19:29 J.D. Vance and Scott Bessent podcast appearances 20:04 Friday’s college-football preview and closing thoughts CPI Live, CPI Report, Inflation Data, Consumer Price Index, Live Trading, Stock Market Live, Fed Interest Rates, Jerome Powell Live, Economic News, Breaking News Economy, S&P 500 Live, Nasdaq Today, Bitcoin Live, CPI Reaction, Inflation Announcement, FOMC, Rate Hikes, Rate Cuts, US Economy 2026, Day Trading Live, Market Volatility, CNBC Live, Bloomberg News, Meet Kevin, Graham Stephan, FX Street, Investing.com, Macroeconomics, Cost of Living US.