Clear market notes built around the JSE, the rand, and what matters locally.

2026-07-23 01:30 • The Motley Fool Negative Axe Cap view: Selective

SpaceX stock has fallen nearly 50% from its peak since IPO, trading below its $135 offering price. While Wall Street analysts issued bullish price targets averaging $278, Morgan Stanley forecasts no positive free cash flow until 2035 and estimates the company will need approximately $84 billion annually ($672 billion total) in external capital through 2034. The analysis suggests SpaceX's current $1.5 trillion valuation is difficult to justify given the decade-long cash burn projection, and the stock may continue declining as investors realize the company's ambitious goals remain decades away from profitability.

Axe note: Morgan Stanley’s sobering forecast questions the frenzy around SpaceX’s IPO and its $1.5 trillion valuation.

2026-07-23 01:14 • The Motley Fool Positive Axe Cap view: Selective

Apple is set to launch a device-leasing program called Apple Upgrade with Klarna on July 28, featuring 24-month leases for iPhones and Apple Watches, and 36-month leases for Macs and iPads. The program aims to accelerate upgrade cycles and smooth demand fluctuations, potentially boosting iPhone revenue which hit a record $57 billion in the most recent quarter. Klarna will handle financing while Apple maintains the customer relationship and upgrade cadence.

Axe note: Apple's new leasing program with Klarna could boost its revenue predictability and impact USD/ZAR flows.

2026-07-23 00:17 • The Motley Fool Neutral Axe Cap view: Selective

Alphabet reported strong Q2 earnings with 82% Google Cloud revenue growth to $24.8B and overall revenue up 24% to $119.8B. However, the stock fell after-hours as investors focused on the company's massive capital expenditure increase of $15B to $195-205B annually. Alphabet reported negative free cash flow of $5.8B for the first time as a public company, with expectations for continued negative FCF due to AI infrastructure spending.

Axe note: Alphabet's strong cloud growth growth masks investor worries over its enormous capital expenditure plans.