David Trainer believes investors are in for "a rough fall" and sees high-beta stocks taking a plunge as valuations continue to run higher in the stock market. He adds that the OpenAI and Anthropic IPOs will add pressure to growth projections. David also highlights what he considers red flags in SpaceX's (SPCX) stock, from the small share float to Elon Musk's firm control of the company. He adds that valuations remain astronomical, believing the stock is priced far above perfection.