Summary

CNBC reports that OpenAI has not begun "testing- waters" meetings with investors ahead of a potential IPO, despite growing speculation around the company's next move. Then a look at the next major catalyst for SpaceX since going public two weeks ago. And the CEO of AI infrastructure company and Nvidia partner Coherent, on the AI infrastructure buildout an…

Key takeaways

• OpenAI has not started 'testing the waters' investor meetings, signaling an IPO is not imminent and is more likely a 2026 event, despite ongoing capital needs after its $122B valuation round.
• Coherent (Nvidia partner) is quadrupling indium phosphide laser capacity by end of 2026 to relieve the primary optical networking bottleneck in AI data centers, with customer bookings now extending into 2028.
• Ed Yardeni argues the Fed's prior rate cuts backfired—cutting 175bps while 10-year yields rose ~200bps—and suggests Fed Chair Waller's hawkish credibility could actually suppress long-end yields more effectively than rate cuts did.

Why this matters

For B2B technology and infrastructure investors, the convergence of constrained optical component supply (indium phosphide), delayed hyperscaler IPOs, and a higher-for-longer rate environment is reshaping capital allocation timelines and vendor selection across the entire AI build-out stack.

Entities

Related reports

• More Tech Pain, OpenAI IPO Buzz, Onsemi CEO Exclusive 6/26/26

  Squawk on the Street

• 10AM Hour: Irrational Exuberance: Then and Now. SpaceX Pulls Back Again, Apollo’s President on AI Funding Boom 6/22/26

  Squawk on the Street

• 10AM Hour: SpaceX Falls for First Time, HPE CEO on Nvidia Partnership, U.S. Oil Reserves at Lowest Level Since 1983 6/17/26

  Squawk on the Street

Show notes

CNBC reports that OpenAI has not begun "testing- waters" meetings with investors ahead of a potential IPO, despite growing speculation around the company's next move. Then a look at the next major catalyst for SpaceX since going public two weeks ago. And the CEO of AI infrastructure company and Nvidia partner Coherent, on the AI infrastructure buildout and the demand driving the next wave of investment. Squawk on the Street Disclaimer Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com

Themes

• openai
• investing