Ed Ludlow discusses the unusual SpaceX IPO pricing at $135/share, targeting a $1.75 trillion valuation, and explains Marvell's role in AI networking infrastructure following Jensen Huang's prediction it could be the next trillion-dollar company.

Macy's CEO Tony Spring raised fiscal year guidance citing resilient consumer spending, particularly at the high end (Bloomingdale's 10% comp growth), while noting the low-end consumer is more 'choiceful' and pressured by higher prices. Tariff assumptions are baked into guidance.

Citizens CEO Bruce Van Saun discusses the bank's successful build-out of a private banking business post-First Republic failure, now with $16B deposits and 25% ROE. He sees the lower-end consumer as 'adapting' not cracking, with low unemployment as key support. Private credit issues are idiosyncratic, not systemic.

SambaNova CEO Rodrigo Liang announces a $3.5B deal with Vista Equity Partners and Cambium Capital for the 'world's first disaggregated inference cloud' using GPUs, SambaNova's RDU, and Intel CPUs. The technology offers order-of-magnitude lower power consumption (10kW vs traditional GPUs), drastically reducing token costs for enterprises.

Ray Dalio argues the US is past the point of no return on debt, with debt service payments squeezing out spending like plaque in arteries. He sees a vulnerable period after midterm elections, with rising long rates, weakening dollar, and gold moving higher. He warns of AI bubble dynamics and geopolitical risks around Taiwan/Strait of Hormuz.

Ares CEO Mike Arougheti argues private credit redemption pressures are about investor psychology, not underlying stress. The illiquid fund segment is only 10-15% of private credit. He sees no private equity valuation problem - the system is 'unclogging' through secondary solutions and refinancing. AI data center debt is well-structured with equity from high-grade hyperscalers.