Rich Habits Podcast – Episode Summary

Episode: SpaceX's 2026 IPO, Disney's $1B Investment in OpenAI, & Warby Parker's AI Glasses
Hosts: Austin Hankwitz & Robert Croak
Date: December 12, 2025

Episode Overview

In this episode of the Rich Habits Podcast, Austin Hankwitz and Robert Croak break down three financial headlines shaping markets and money management: the Federal Reserve's interest rate cuts, Disney's landmark $1 billion investment in OpenAI, and Elon Musk's confirmation of an impending SpaceX IPO. The discussion covers implications for individual investors, market trends in emerging technologies (including AI and space), and closes with rapid-fire "radar points" on everything from the quantum computing sector to Dolly Parton's new convenience stores and Warby Parker's AI glasses. The hosts share actionable takeaways, personal reflections, and context, all in their signature, conversational style.

Key Discussion Points & Insights

1. Fed Rate Cuts & Economic Outlook

[01:43 – 04:23]

• Fed's Recent Action: The Federal Reserve cut interest rates by 25 bps, marking the third consecutive cut amid internal disagreements (first time in six years with three dissents).
• Reasoning: Cuts signal growing concern about a weakening labor market rather than progress on inflation, which remains stubbornly above target.
• Unemployment Signal: The Fed dropped the description of the unemployment rate as "low" (current rate: 4.4%), underscoring these concerns.
• Lagging Effects: Rate cuts aren't immediately felt; may take time for broader economic or stock market impact.

"Every 1% that [the] unemployment rate climbs, 1.6 million Americans lose their jobs and GDP falls by 2%—that's $560 billion."
— Austin Hankwitz [03:15]

• Stock Market Tendency: Historically, when the Fed cuts rates with markets near all-time highs, markets tend to rise (average +15% next 12 months).

"16 of the last 16 times the Fed cut interest rates within 1% of stock market all time highs, the markets were in the green over the next 12 months."
— Robert Croak [04:01]

• Portfolio Recommendations: Anticipate more volatility; avoid overexposure to high-beta, unprofitable tech in times of Fed indecision.

2. Disney's $1B Investment in OpenAI & The Future of AI Content

[04:23 – 07:37]

• Deal Details: Disney invests $1 billion in OpenAI, gaining licensing deals to generate user-driven short videos starring over 200 Disney, Marvel, Star Wars, and Pixar characters via the Sora app.
• Exclusivity: Disney has a one-year exclusive, then can license IP to other AI companies.
• IP Protection: Investment follows Disney issuing a cease and desist to Google for copyright infringement (Gemini and VEO apps).
• Financial Structure: Disney receives stock warrants in OpenAI at a $500B valuation.

"Disney is specifically excited about this not because they're getting paid for their ip, but because they believe this is a way to get younger, AI-fluent audiences subscribing to their high profit Disney+ streaming service."
— Robert Croak [05:49]

• Implications: This positions Disney to harness generative AI for new content and interactivity, with potential for Sora-generated videos appearing on Disney+ and OpenAI tools used internally.
• Industry Outlook: Signals Disney’s focus on building engagement with younger, tech-savvy audiences.

"I’m a Disney plus subscriber, I’m in a Marvel Movie marathon right now, so maybe I’ll see Thor do something weird with his hammer here soon, who knows?"
— Austin Hankwitz [06:55]

3. SpaceX Confirmed Heading for IPO

[07:37 – 13:05]

• Announcement: Elon Musk confirms a SpaceX IPO is targeted for 2026 or 2027, with projected valuation up to $1.5 trillion.
• Capital Plans: Plan to raise more than $30 billion pre-IPO, fueling Starlink satellite expansion and data centers in space.
• Elon’s Vision: Next-gen Starlink satellites may build data centers in orbit and (eventually) on the moon—with a vision of launching AI satellites using electromagnetic railguns.

"They're making satellites to put data centers in space. Let me say that again. That's crazy."
— Austin Hankwitz [08:44]

"Constructing satellite factories on the moon...using an electromagnetic railgun to accelerate AI satellites to lunar escape velocity without rockets."
— Elon Musk (paraphrased by Austin) [08:44]

• Revenue Context: SpaceX is expected to hit ~$24B revenue next year. Robert and Austin note the sky-high valuation vs. revenue, likening it to Tesla's formerly lofty multiples.
• Risks: Heavy exposure to the AI boom; if AI demand falters, SpaceX may end up with expensive, underutilized assets.

"If AI is something of a bubble, 10 years from now, SpaceX may be sitting on hundreds of billions of dollars worth of satellites in space for which there is limited use."
— Robert Croak [09:37]

• Investor Perspective: Early investors could realize 4x–7x returns if IPO goals are met; hosts use this as an example of how being "ahead of the curve" pays off.

4. ETF Movers & Sector Takeaways

[13:26 – 15:34]

• Top Performing Thematic ETFs:

  • Life Sciences (No. 3)
  • Space and Deep Sea (No. 2, up 7.7% this week; up 49.5% YTD)
  • Cryptocurrency (No. 1, up 9.8% this week)

• Worst Performers:

  • US Utilities (-3.5%)
  • Niche Commodities (-4.5%)
  • Cannabis/Psychedelics (-4.5%)

• Space Thematic Boom: Space stocks like Rocket Lab (+9.8%) and AST Space Mobile (+7%) surge on SpaceX IPO hype, signaling growing viability of space as an investment category.

"If you've got anything related to space in your portfolio right now, it's probably in the green to that point."
— Austin Hankwitz [14:27]

5. Rapid-Fire ‘Radar Points’: Bonus Trends & Headlines

[15:34 – 21:34]

Austin’s Radar Points

• Paramount Likely to Acquire Warner Brothers

  • Paramount is the new frontrunner with a $108B bid, outpacing Netflix.

• Dolly Parton’s Convenience Stores

  • Launching in Tennessee and across the South, aiming to compete with Buc-ee’s and Berkshire Hathaway’s Pilot Flying J.
  • Austin shares personal affection for Dollywood and Dolly’s enduring brand.

• Warby Parker x Google AI Glasses

  • Multi-year partnership unveiled at the Android show for 2026 launch.
  • Features: built-in speakers, mics, cameras; Gemini integration; private in-lens display for info and translation.
  • Similar to Ray-Ban/Meta collaboration.

"Google announced on Monday at the Android show that the first lightweight AI glasses developed with Warby Parker is expected to launch in 2026... I saw that demo. It is absolutely insane."
— Austin Hankwitz [16:55]

Robert’s Radar Points

• Jamie Dimon Embraces Blockchain
  • After years as a bitcoin skeptic, JPMorgan CEO praises blockchain as “real, faster, cheaper.”
  • JPMorgan launches stablecoin on Base, tokenizes assets, explores bitcoin/ETH-backed loans.

"We move trillions of dollars a day on blockchain. It's real, it's faster, it's cheaper."
— Jamie Dimon (quoted by Robert) [18:40]

• Fed Rate Cuts & Real Estate

  • While rate cuts won’t crash mortgage rates, they help developers with cheaper construction loans, promising long-term supply-side impact.

• Quantum Computing’s Rising Star Status

  • Mizuho Securities gives outperform ratings to IonQ, Rigetti, D-Wave Quantum—signals optimism for quantum sector investments.

Most Notable Quotes & Moments

• "Every 1% that unemployment rate climbs, 1.6 million Americans lose their job and it's already climbed by 1% over the last two years."
  — Austin Hankwitz [03:15]

• "Disney is getting warrants to buy more stock in OpenAI at a whopping $500 billion valuation."
  — Robert Croak [05:49]

• “Constructing satellite factories on the moon and using a driver like an electromagnetic railgun... This is out of our world.”
  — Austin Hankwitz [08:44]

• "If you're in the Rich Habits Network and you invested into SpaceX the first time... you probably are up 4, 5, 6, 7x..."
  — Austin Hankwitz [11:33]

• “If AI is something of a bubble, 10 years from now, SpaceX may be sitting on hundreds of billions of dollars worth of satellites in space for which there is limited use.”
  — Robert Croak [09:37]

• “Jamie Dimon, after a decade of calling bitcoin a fraud... went on live TV and stated, ‘We move trillions of dollars a day on blockchain. It's real, it's faster, it's cheaper.’”
  — Robert Croak [18:40]

Timestamps for Key Segments

• Fed Rate Cuts & Labor Market: 01:43 — 04:23
• Disney’s OpenAI Deal: 04:23 — 07:37
• SpaceX IPO & Next-Gen Space Initiatives: 07:37 — 13:05
• ETF Movers & Market Themes: 13:26 — 15:34
• Radar Points – New Trends: 15:34 — 21:34
  • Paramount/Warner Brothers: ~15:39
  • Dolly Parton's Convenience Stores: ~16:15
  • Warby Parker’s AI Glasses: ~17:17
  • Jamie Dimon & Blockchain: ~18:40
  • Fed & Real Estate: ~19:30
  • Quantum Computing: ~20:45

Conclusion & Tone

Austin and Robert wrap up with friendly banter and practical advice, emphasizing the need to “get ahead of things” by staying alert to disruptive tech and financial shifts. Their tone is upbeat, slightly irreverent, and heavily focused on connecting macro headlines to individual investing decisions.

For listeners who missed this episode, expect clear explanations of why these breakthroughs—rate cuts, DisneyxAI, Musk’s trillion-dollar ambitions, and even Dolly’s fuel stations—matter, plus actionable points to integrate into your financial strategy.