CNBC Overtime

The Destiny Tech 100 Fund offers a way to play private tech companies like SpaceX, Epic Games and OpenAI. When it comes to investing in SpaceX, Destiny (D/XYZ) founder & CEO Sohail Prasad isn’t worried about Elon Musk’s side projects. “We’re excited about SpaceX as a company,” said Prasad. “We think it’s an important part of the American space ecosystem and the fact that Elon has had so much success and runs multiple successful companies is important but doesn’t change our excitement about the company.” 

Tesla shareholders approved CEO Elon Musk's pay package. Musk may be “distracted," but Ibrahim AlHusseini, FullCycle founder and managing partner, voted an “unenthusiastically” yes on the package. “Of course he is distracted but somehow he is also superhuman and can manage to run all these companies relatively well all at the same time,” said Alhusseini. 

Shares of Adobe soared after beating estimates for its second quarter earnings results. The company also raised EPS guidance for the third quarter, but revenue guidance was below expectations. Jefferies analyst Brent Thill said the company “deserves” it. “Adobe has been attacked as the name that doesn’t have any AI,” said Thill, “which we believe they do. Shantanu deserves this because the street has been picking on them for not having AI. But when you talk to main street, all the main street users are like they have AI, they have Firefly. They’re generating value and no one wants to leave the Adobe ecosystem.”

The S&P 500 and the Nasdaq posting another record close thanks to this morning’s encouraging inflation data. Today marked the 29th record close for the S&P 500 and it is the Nasdaq’s 17th record close. “The market is not cheap,” said Evans May Wealth Managing Partner Brooke May, CFP®. “But the market can trade for a prolonged period of time at high multiples and it doesn’t necessarily indicate that a correction is coming.” “The bull market is intact,” said BD8 Capital CEO Barbara Doran. “The market on the surface is expensive at 21 times earnings but as we know that’s a handful of stocks. If you take that out of the S&P it’s a lot cheaper. The question now is breadth.”

Was delighted to spend time with CNBC Overtime this afternoon discussing how Corporate clients absorb and navigate strong economic disclosures like we had today on CPI data and FOMC. My key point is that timing for Capital investment, M&A and potential timing of IPOs are driven much more by corporate readiness and confidence to deliver their plans than macroeconomic trends. It is a rare business that requires higher valuation multiples , more benign inflation data or a lower rate environment that we expect in the next few quarters. Most companies are not pressured and are in execution mode. At Citi we see a steady and healthy build in strategic and IPO activity in 24 leading to a stronger 25. Steady as we go!

Despite beating on the top and bottom lines and guiding stronger-than-consensus expectations, cloud-computing-based data backup and recovery platform Rubrik shares slid today after reporting its first quarterly report as a public company. The company’s annual recurring revenue was up 46% year-over-year. Rubrik CEO and Co-Founder Bipul Sinha joined CNBC Overtime exclusively to discuss the Q1 earnings report, the growing importance of cyber resiliency, and the path to profitability for the company. "Cyber resiliency is a board-level topic and we are seeing a lot of customers, partners, and the whole ecosystem gearing up to make sure that businesses are continuing operations– and that's where we see our growth."

The Fed held rates steady and indicated that one cut is coming later this year versus the three cuts that had been previously forecast. John Chirico, Citi's Head of Investment Banking North America, joined to discuss the conversations his team is having with clients in the current investing environment, including how a higher-for-longer rate environment could impact M&A activity and future IPOs. “There isn’t an expectation that we’re going to get material movement in the rates that will really impact them from a cost and financing perspective… I don’t think these companies’ performance is really keyed as much to rates as we might think as we drive forward. It's going to be more about earnings growth and their ability to generate cash flow.” 

The S&P 500 and the Nasdaq jumped to record highs as a cooler inflation print showed progress on prices with the Fed signaling just one cut this year. “I think the market has taken all of the changes we’ve seen in rate expectations pretty well all year,” said David Zervos, Jefferies Chief Market Strategist and CNBC contributor. “The S&P just keeps going up because they have confidence that the Fed is going to get to where they want to get to, which is ultimately the 2% inflation target.” “I think that this was a very positive scenario. I think Jay Powell was very measured and thoughtful in the press conference. And so, I think that David is right– people walked away and felt very comfortable with where the Fed is and what could potentially happen. There is a lot of optionality,” added Invesco US Chief Global Market strategist Kristina Hooper.

I joined CNBC Overtime to talk about activist investing, changes in the airline industry, and delivering for shareholders. It's a situation I'm not all that unfamiliar with. I distinctly remember reflecting on United's own activist battle in my book, "Turnaround Time." From my experience, a company's strategy and culture are the tools that help an organization drive forward. Plans are great talking points, but the actual process of planning is where the rubber meets the road. Read more about this in my book: https://lnkd.in/dX_7URBG #BusinessAdvice #AirlineIndustry #Investing #CompanyStrategy

Vertiv, the maker of cooling systems for data centers has been on a tear– up more than 300% up the past year– even outpacing Nvidia. "Datacenter infrastructure is growing. And AI is further accelerating that growth. We are very well-positioned in a very good market that is going to accelerate further," said Vertiv CEO Giordano Albertazzi who joined CNBC Overtime exclusively to discuss the liquid cooling stock's red hot run.