When we first wrote about this tech stock over two years ago it was more or less a pipe dream of its very extreme sounding CEO and its famous chairman. It was trading at $24-25 at the time with a much larger market cap.
This stock was embedded in the Big Data story even before the AI craze took hold and it is looking even more attractive now. Two years later it is still standing proudly defending the western lifestyle of freedom – I personally like the direction the management team is taking, and reckon they have one of the smartest CEOs in the tech sector right now.
SPAC entry instead of normal IPO
This stock pick tracks my personal program to build a portfolio of US listed stocks and manage them accordingly. My third stock to enter my list interesting stocks in the US stock market has been one of the most controversial SPACs stocks to his Wall Street especially as many big US players do not like it, because they lost their usual IPO revenue.
Readers will recall the SPAC (Special Purpose Acquisition Company) period was 2020: 427 SPACs with $80 billion invested and in 2021 613. It was a golden era for cash shells.
The SPAC BOOM 2020-2021
The SPAC had a $10 open price and had to buy a company inside two years or the money was going to be returned to investor. In the end lot of rush deals where completed. Wall Street investment bankers did not like SPACs because they lost a lot of money as companies entered the US stock market without them. This company was among the better prospects to hit the US market as a consequence of this opportunity.
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