Possibly, or could be new growth. As it develops, if it keeps that round "bullet" shape then a spike. If it starts to flatten out at the top, then a growth. Both are good! (Growths lead to spikes!) It's a little late in the season for most hybrids to be starting spikes, so I lean toward new growth, but this early in its emergence, it could be either.
It seems to be bullet shaped and somewhat fat but I guess we'll find out eventually
It does have a "spikey" shape... if this were November or December I'd suspect spike. It's still possible, but give it a bit more time to develop. Patience...