Vol.041 — Do You Want OpenAI in Your Pension — This Month?
Date: 2026-06-08 | Newsletter
Key Summary
This week the question of what a stock index is actually for landed on every Singapore investor’s monthly S&P 500 habit. Ahead of SpaceX’s record ~US$1.8 trillion IPO on June 12 — with OpenAI and Anthropic lining up behind it — the three big index gatekeepers split: FTSE Russell and Nasdaq agreed to fast-track entry, while S&P Dow Jones Indices held its line and refused to waive its profitability test for unprofitable companies. Zenta frames the real question as personal, not abstract: do you want your retirement money to own these AI giants the moment they list, automatically, at whatever price the IPO sets? Depending on whether your money tracks a Russell/Nasdaq index or the S&P 500, that decision may already have been made for you — and with Morningstar valuing SpaceX at less than half its IPO target, the price is not trivial. Every operator recognizes the deeper test: everything that gets into your company either passes a test or rides a story. Do it simple — know what your index lets in, because it decides what your pension owns.