amit

TRUMP:

- SIGNING DEAL WITH IRAN TOMORROW

- STRAIT OF HORMUZ WILL BE OPEN TO EVERYONE

- LOOKING FORWARD TO WORKING WITH THE ENTIRE MIDDLE EAST

bro saved the deal signing for his birthday 😂

Source: amit

elon musk is really going to become the first trillionaire tomorrow

what a crazy time to be alive to see markets reward innovation and ambition

Source: amit

A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY.

Here's a full recap:

1. Iran announced a full shutdown of the Strait of Hormuz following U.S. strikes on southern Iran, sharply escalating tensions in one of the world’s most critical oil-shipping routes. Iranian state media also said Iran’s military attacked the U.S. Fifth Fleet in Bahrain in response to the strikes. President Trump is now holding a White House Situation Room meeting to discuss potential additional strikes, per Axios. Secretary of War, Pete Hegseth, today said: "We will be hitting Iran hard tonight, they have had their time to negotiate and these attacks are not a restart to the war but to set the terms for the deal."

2. Oracle $Oracle(ORCL.US) reported FY26 capex of $55.7B, above its prior $50B plan, after Q4 capex reached $15.9B, and guided FY27 capex to a massive $90B–$95B, with around $70B expected to be cash capex as it ramps AI data center spending. The company also plans to raise roughly $40B through debt and equity, including its $20B ATM program, to fund the buildout. In Q4’26, Oracle reported revenue of $19.2B, slightly above estimates and up 21% YoY, adjusted EPS of $2.11, beating estimates and up 24% YoY, operating income of $8.6B, ahead of expectations, and cloud revenue of $9.9B, up 47% YoY.

3. Palantir $Palantir Tech(PLTR.US) CEO Alex Karp made several notable comments on CNBC about Anthropic, AI labs, Maven, and why Palantir is winning with enterprises. On Anthropic CEO Dario Amodei, Karp said “most of the things they talk about in public are running on Palantir,” adding that Amodei has gone from being “way behind” to “ahead” and that he genuinely believes what he is saying. Karp also said the public has only seen older versions of Maven, arguing Americans would be “positively surprised” by the advances in U.S. defense technology. More broadly, he criticized AI labs for operating with what he called a “hyper-religion of hyper-optimism,” saying they believe they can solve all problems — including human nature and even the problems they create themselves. His bigger point was that the models alone do not create value; the real value comes from implementation, deployment, and turning AI into actual workflows, which is why Palantir is winning with enterprises.

4. U.S. inflation came in line with expectations in May, but remained elevated. Headline CPI rose 4.2% YoY, matching estimates, while core CPI increased 2.9% YoY, also in line with expectations. It marks the hottest inflation reading since 2023, but because both headline and core CPI matched what the market was looking for, the report was more about confirming inflation remains sticky than delivering a major surprise.

5. Citadel Securities is making a simple point in its new “Tokenomics” note: AI may be revolutionary, but it still has to obey economics. As token bills rise, companies are being forced to think about compute costs, power, cooling, memory bandwidth, and inference budgets. Citadel says the market is already shifting toward cheaper “good enough” models, creating a split where only the biggest players can afford frontier AI at scale.

6. OpenAI is reportedly considering major price cuts for its AI services as it looks to win more enterprise customers from Anthropic, per WSJ. The company is weighing significant reductions to token pricing, a move that could pressure profit margins across the AI industry given the massive compute costs required to run advanced models. The push comes as Anthropic’s Claude Code has gained traction with software engineers and helped the company rapidly grow revenue, forcing OpenAI to compete more aggressively on price. A broader AI pricing war could benefit customers by lowering costs, but it may also make the economics tougher for both OpenAI and Anthropic as enterprises look for cheaper ways to use AI at scale.

7. The top 10 most active options today by contracts traded were $Tesla(TSLA.US) with 3.6M contracts, $NVIDIA(NVDA.US) with 3.2M contracts, $Apple(AAPL.US) with 1.7M contracts, $Amazon(AMZN.US) with 821K contracts, $Super Micro Computer(SMCI.US) with 696K contracts, $Microsoft(MSFT.US) with 604K contracts, $Meta Platforms(META.US) with 579K contracts, $Oracle(ORCL.US) with 569K contracts, $Micron Tech(MU.US) with 529K contracts, and $Robinhood(HOOD.US) with 506K contracts. Tesla led the market with more than 3.6M options contracts traded, followed by Nvidia at 3.2M and Apple at 1.7M.

8. Trading in leveraged and inverse ETFs just hit a record. Total notional volume across U.S.-listed leveraged and inverse ETFs surged to $90B on Tuesday, the highest ever and more than triple the level from a year ago. That volume represented roughly 50% of all AUM in the entire leveraged/inverse ETF universe. The 3x short semiconductor ETF $SOXS alone traded more than 1.3B shares, marking the third-largest single-session volume for any U.S.-listed ETF in the last 20 years. The only bigger ETF volume days came from $QLD and $SSO, both during the 2008 Financial Crisis.

9. OpenAI is reportedly in talks to lease a proposed 10-gigawatt data center campus on federal land in Ohio, per The Information. The project would be built by SoftBank’s SB Energy on Department of Energy land in southern Ohio, with OpenAI controlling the equipment under a 20-year lease. Payments would begin once the site becomes operational, with the first phase expected in 2028. Nvidia $NVIDIA(NVDA.US) is expected to supply the hardware and provide a financial guarantee tied to both OpenAI’s lease obligations and SB Energy’s financing, further deepening Nvidia’s role in the AI infrastructure buildout.

10. PIMCO is warning that a new credit-loss cycle is underway, with defaults likely to rise sharply among lower-quality borrowers, including leveraged companies and parts of private credit. The firm says markets may be too complacent about the risks, especially as AI-driven disruption could pressure heavily indebted businesses that are already vulnerable. Against that backdrop, PIMCO favors intermediate-term government bonds, citing recession risk, persistent uncertainty, and the potential for future central-bank rate cuts.

11. SpaceX’s IPO has reportedly drawn demand for more than 4x the shares available, underscoring massive investor appetite for the listing. The company is aiming to raise roughly $75B at a $1.8T valuation, which would make it the largest IPO ever and surpass Saudi Aramco’s record. Shares are expected to begin trading on June 12 under the ticker $Space Exploration Tech(SPCX.US).

12. JPMorgan said U.S. equity futures saw $21B of net selling last week, with most of the pressure coming Friday in S&P 500 and Nasdaq 100 contracts. However, that selling was more than offset by $26.8B of ETF inflows, showing investors were still putting money to work despite the volatility. Fixed income ETFs also saw strong demand, while commodities and some emerging market funds faced redemptions. Overall, JPMorgan said investors rotated across sectors but remained broadly long equities even as market swings picked up.

WALL STREET IS THE GREATEST SHOW ON EARTH.

Source: amit

CONSUMER PRICE INDEX:

- US MAY CPI +4.2% YoY vs +4.2% EXPECTED

- US MAY CORE CPI +2.9% vs +2.9% EXPECTED

worst inflation since 2023, but within expectations of the market

Source: amit

A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY.

Here's a full recap:

1. The Nasdaq $QQQ fell as much as 5.3% intraday, marking one of the sharpest intraday drawdowns we’ve seen in years. The last time we came close to that kind of move was just last Friday, and before that, you had to go back to April 2025. Goldman noted that today’s NDX intraday move was the largest in the last three years. However, buyers stepped in aggressively off the lows, and $QQQ finished down 1%. This is the second trading session within 3 days of historic intra-day drawdowns across tech.

2. President Trump today said Iran shot down a U.S. Apache helicopter while it was patrolling over the Strait of Hormuz, with two pilots involved and both reportedly safe and uninjured. He framed the incident as a direct attack on the United States and said the U.S. must respond, raising the risk of escalation in one of the world’s most important oil-shipping corridors.

3. China is preparing a roughly $295B, five-year plan to build a nationwide AI data center network, with much of the infrastructure expected to be operated by state-backed firms. Beijing is also aiming to source 80%+ of key technology domestically, leaning on local suppliers like Huawei, which could further limit opportunities for U.S. chipmakers like $NVIDIA(NVDA.US) and $AMD(AMD.US) in China’s AI infrastructure buildout.

4. The top 10 most active options today by contracts traded were $NVIDIA(NVDA.US) with 3.4M contracts, $Tesla(TSLA.US) with 2.7M contracts, $Apple(AAPL.US) with 1.7M contracts, $Micron Tech(MU.US) with 731K contracts, $Amazon(AMZN.US) with 721K contracts, $Microsoft(MSFT.US) with 716K contracts, $Intel(INTC.US) with 629K contracts, $Marvell Tech(MRVL.US) with 524K contracts, $Nokia Oyj(NOK.US) with 494K contracts, and $Palantir Tech(PLTR.US) with 493K contracts. Nvidia led options activity with more than 3.4M contracts traded, followed by Tesla at 2.7M and Apple at 1.7M.

5. Anthropic launched Claude Fable 5, its first broadly available Mythos-class model and its most capable general-use Claude model to date. The company also introduced Claude Mythos 5, which runs on the same underlying model but offers fewer restrictions for trusted-access users. Anthropic said Mythos-class traffic will now be retained for 30 days to support safety monitoring.

6. U.S. tech dispersion is getting extreme. Over the past three months, the top 20% of tech stocks have beaten the bottom 20% by roughly 120 percentage points, the second-largest gap on record. The only higher reading came during the Dot-Com Bubble, when the spread peaked around 135 percentage points. This gap has quadrupled over the last year, widening even faster than the 1999–2000 surge. The strongest tech names are up about 110% over the last three months, close to February 2000 levels, while the weakest 20% are down roughly 10%.

7. Robinhood $Robinhood(HOOD.US) reported strong May 2026 monthly metrics, with growth across customers, assets, trading volumes, and interest-earning assets. Funded customers rose to 27.7M, up 110K M/M and 1.76M Y/Y. Total platform assets hit $377B, up 9% M/M and 48% Y/Y. On activity, equity notional volume was $315B, up 27% M/M and 75% Y/Y, while options contracts traded reached 231M, up 3% M/M and 29% Y/Y. Crypto notional volume was $12.2B, up 3% M/M and 4% Y/Y, and event contracts traded surged to 3.9B, up 22% M/M, showing continued momentum in Robinhood’s newer prediction/event contract business.

8. The Social Security retirement trust fund in the US is now projected to run out in 2032, just six years from now, according to the latest trustees report from the Social Security Administration. If Congress does not act before then, only about 78% of scheduled retirement benefits will be payable, meaning roughly one in every four dollars of promised benefits would effectively disappear. Social Security has never missed a payment in its history, but the funding timeline has not improved, putting more pressure on lawmakers to address the shortfall before 2032.

9. Baird reiterated an Outperform rating on $Palantir Tech(PLTR.US) Palantir with a $200 price target after attending AIPCon 10, saying investors still underappreciate several parts of the story. The firm highlighted Palantir’s expanding partner ecosystem, especially with Accenture, Deloitte, Bain, and Nvidia, which could broaden its reach across major enterprise and regulated-industry customers. Baird also pointed to AI Forward Deployed Engineers as a major productivity unlock, arguing they could help Palantir scale with limited headcount growth. The report emphasized that Palantir’s moat is more than just its codebase, citing nearly two decades of field experience, customer feedback loops, and deep deployment expertise. Baird also said Palantir’s outcome-focused approach is fundamentally different from AI labs and traditional consulting firms, and flagged AI-powered security as a growing opportunity.

10. SpaceX $Space Exploration Tech(SPCX.US) told investors it is targeting its first orbital AI compute demonstrations by late 2027, ahead of the “as early as 2028” timeline referenced in its IPO filing, per Reuters. Executives said the early deployments would be demonstrator systems designed to prove the concept before a broader commercial rollout. The first AI satellites are expected to use Nvidia $NVIDIA(NVDA.US) chips, with compute power comparable to an Nvidia GB300 rack. SpaceX has also requested approval to launch up to 1 million space-based data-center satellites. Its IPO priced at $135/share, targeting a $1.75T valuation, with trading expected to begin Friday on Nasdaq under $Space Exploration Tech(SPCX.US).

11. Perplexity CEO Aravind Srinivas told CNBC the company still plans to go public in 2028, regardless of how other major AI IPOs like Anthropic, OpenAI, or SpaceX perform in the market. He described SpaceX as a potential “leading indicator” for the coming wave of AI mega-IPOs, while also saying AI spending is starting to shift away from “mindless spending” and toward more cost-efficient models that can deliver the same results at lower prices.

12. In May, 43.6% of Americans said they were financially worse off than a year ago, the highest reading since January 2023. It was also the third straight monthly increase, marking the longest streak of worsening financial sentiment since 2022. For context, this measure peaked at 51.3% in June 2022, while before the pandemic it never topped 20% during the 2017–2019 period. Looking ahead, 36% of U.S. consumers expect to be financially worse off over the next year, the second-highest reading since October 2022 and roughly double the average seen from 2015 to 2019.

WALL STREET IS THE GREATEST SHOW ON EARTH.

Source: amit

A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY.

Here’s a full recap:

$NVIDIA(NVDA.US) CEO Jensen Huang pushed back on the recent stock market selloff, saying NVIDIA is still at the beginning of the AI supercycle and that market weakness should be viewed as a buying opportunity. He said investors “should be very happy” because they can now buy at a discount, adding that everyone should be excited about where AI is heading. Jensen also said it is a “foregone conclusion” that AI will become global infrastructure, similar to how the internet became core infrastructure for the world.

2. Google and $NVIDIA(NVDA.US) are reportedly exploring $Intel(INTC.US) as a backup chip manufacturing partner as TSMC capacity remains constrained, according to The Information. Google has reportedly already placed an order with Intel to manufacture more than 3 million TPUs in 2028 after testing Intel’s advanced packaging technology. Nvidia has not placed an order yet, but is reportedly testing Intel’s tech for its 2028 Feynman-series processor, which is expected to combine four graphics chips into a single unit. For Intel, the near-term opportunity appears to be in advanced packaging, with SK Hynix also testing whether its HBM can work reliably with Intel’s packaging technology.

3. $Apple(AAPL.US) unveiled “Siri AI” at WWDC 2026, transforming Siri into a more conversational AI assistant with current world knowledge, on-device context, screen awareness, and its own dedicated Siri app. A beta version is expected later this year, with Apple planning deeper integration across iPhone, Mac, Apple Watch, and Vision Pro.

4. Global investors are selling South Korean stocks at a record pace, with foreign investors offloading -$801 million of Kospi-listed shares on Monday after pulling -$10 billion from the market last week. Foreign investors have now sold South Korean equities in every trading session over the past month, bringing year-to-date outflows to -$75 billion, according to Goldman Sachs. Meanwhile, domestic retail and institutional investors have been on the other side of the trade, buying roughly +$69 billion over the same period.

5. The top 10 most active options today by contracts traded were $Tesla(TSLA.US) with 3.6M contracts, $NVIDIA(NVDA.US) with 3.2M contracts, $Apple(AAPL.US) with 2.1M contracts, $Microsoft(MSFT.US) with 831K contracts, $Amazon(AMZN.US) with 710K contracts, $Intel(INTC.US) with 696K contracts, $Micron Tech(MU.US) with 601K contracts, $Alphabet(GOOGL.US) with 587K contracts, $Meta Platforms(META.US) with 568K contracts, and $Nokia Oyj(NOK.US) with 444K contracts. Tesla led the market with more than 3.6M options contracts traded, followed by Nvidia at 3.2M and Apple at 2.1M.

6. Robinhood’s Top 10 most-held investments were updated for June, and the list stayed largely the same with one major change: $AMD(AMD.US) replaced $Netflix(NFLX.US), which had been in the top 10 for the past few months. AMD has surged 118% YTD, becoming a major retail winner for investors who backed Lisa Su and the company’s AI/chip comeback story. The other most-held names on $Robinhood(HOOD.US) remain major retail favorites: $Meta Platforms(META.US), $Alphabet(GOOGL.US), $Amazon(AMZN.US), $Microsoft(MSFT.US), $NVIDIA(NVDA.US), $Palantir Tech(PLTR.US), $Ford Motor(F.US), $Microsoft(MSFT.US), and $Tesla(TSLA.US).

7. OpenAI said it has confidentially submitted an S-1 to the SEC, giving the company the option to go public, though no IPO timing has been decided yet. The company said it announced the filing because it expected the news to leak, but noted that it “may be a while” before any public listing because there are still things it wants to do that may be easier as a private company. OpenAI added that the decision involves a complicated set of tradeoffs, but filing now gives it flexibility to move toward an IPO sooner if that becomes the best path.

8. $Apple(AAPL.US) Apple is teaming up with $Alphabet(GOOGL.US) Google and $NVIDIA(NVDA.US) NVIDIA to bring more compute power to Apple Intelligence. At WWDC, Apple said it worked with Google and NVIDIA to bring its Private Cloud Compute approach to Google Cloud infrastructure, with Apple’s largest AI model, AFM Cloud Pro, set to run on Google Cloud. Apple said many Apple Intelligence requests will still be handled on-device, while more complex requests will be routed through its own Private Cloud Compute platform, including a new world knowledge service built inside that system. Apple also emphasized that it is not using Google Search as the foundation of the product and said it is now on the third generation of Apple Foundation Models.

9. Margin debt in China is surging to record levels, with stock market margin debt now reaching roughly $431 billion, more than doubling over the past two years. That total is now 22% above the 2015 Chinese stock market bubble peak of about $354 billion. At the same time, margin trading activity has also accelerated sharply, with volume on the Shanghai Stock Exchange averaging around $22 billion per day over the last two weeks, near record highs. Margin trading volume has now tripled over the past 12 months and is back in line with the levels seen during the 2015 peak.

10. $Amazon(AMZN.US) $Corning(GLW.US) Amazon announced a multibillion-dollar agreement with Corning to supply optical fiber, cable, and connectivity solutions for Amazon’s U.S. data center infrastructure. The deal is expected to create 1,000 advanced manufacturing jobs at Corning’s North Carolina facilities and support hundreds of additional construction jobs. Amazon said the agreement will help strengthen the U.S. fiber optics supply chain as demand for AI data centers continues to accelerate.

11. SpaceX’s IPO is reportedly seeing overwhelming demand, with the offering said to be well oversubscribed and institutional orders expected to close Wednesday at 4pm ET, according to Bloomberg. At a reported $135 per share, SpaceX would raise roughly $75 billion at an estimated $1.8 trillion valuation, which could make it the largest IPO in history. The deal is expected to price on June 11 and begin trading on June 12 under the ticker $Space Exploration Tech(SPCX.US).

12. Retail investors piled into semis and AI names in May, with the largest single-stock net inflows led by $Micron Tech(MU.US) at +$6.5B, followed by $NVIDIA(NVDA.US) at +$5.9B, $Tesla(TSLA.US) at +$4.9B, $Sandisk(SNDK.US) at +$3.5B, and $AMD(AMD.US) at +$1.9B. The data shows retail buyers aggressively adding exposure to the AI/chip trade, with memory, GPUs, EVs, and semiconductor names dominating the month’s biggest inflow leaders.

WALL STREET IS THE GREATEST SHOW ON EARTH.

Source: amit

$Apple(AAPL.US) $Alphabet(GOOGL.US) $NVIDIA(NVDA.US)

Apple, Google, and Nvidia team up to level up Apple's AI for more compute:

- Apple said it worked with Google and NVIDIA to bring its Private Cloud Compute approach to Google Cloud infrastructure.

- Apple’s largest AI model, AFM Cloud Pro, will run on Google Cloud infrastructure, according to Apple executives at WWDC.

- Apple said they built its own world knowledge service that runs inside its Private Cloud Compute platform, with more complex Apple Intelligence requests routed there while many requests stay on-device.

- Apple emphasized that it is not using Google Search as the foundation of the system, and said it is now on the third generation of Apple Foundation Models.

Source: amit

I’m still trying to understand why we got that -4% day on the Nasdaq $QQQ last Friday.

The last time we had that bad of a day was April of 2025.

I think the question on everyone’s mind is if that downside move was the start of something bigger or if it was a one off event.

The core reasons I can see for why we had a selloff:

- Jobs report was TOO good, meaning the chances of a rate cut are virtually gone if we have so many jobs because it will lead to more inflation. Good news is bad news.

- SpaceX $Space Exploration Tech(SPCX.US) will require tons of liquidity so people are selling assets that have done really well to free up money.

- Markets were going vertical for a month, we were bound to get some pain if we had a bad earnings and $Broadcom(AVGO.US) wasn’t bad but a lack of guidance raise was enough to be used as the excuse.

- Meta $Meta Platforms(META.US) having the dilution rumor leak during the worst part of the day only made people more concerned the capex funding is entering an entirely new stage which has implications for Amazon and Microsoft as well after we saw the Google $85B dilution news.

- Crypto liquidations never help and last week led to a momentum based drawdown across all of crypto which also hurt risk on parts of the equity market like tech.

All of these seem to be reasonable arguments, I just wonder if they all are *enough* to begin a much broader sell off. Is the earnings growth going to continue in Q2? If it does, will the street once again give stocks the benefit of the doubt to go higher if earnings are, or if earnings slip, do stocks slip? Does Kevin Warsh actually raise rates because of a healthy labor market or does he wait it out? Does this Iran situation get resolved soon or will it continue to be the cloud lingering over the market?

This week will be really important but there are many more questions than answers for if last week’s selloff could turn into a more broad based drawdown over the coming months.

Source: amit

$Palantir Tech(PLTR.US)

Palantir CEO Alex Karp at AIPCon 10:

“Our biggest sales secret is that we want you to go to the model companies. We hope you go through the process of being sold by them. Because when you do, you will think you feel smarter, but you will soon realize that they actually don’t care about you. They don’t want to understand your business. They want to show you how many tokens you can use. The real value comes from an ontology that builds with you, understands your business, and actually wants you to win. That’s how we sell at Palantir.”

Source: amit

A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY.

Here's a full recap:

1. $Grayscale Bitcoin Mini Trust ETF(BTC.US) Bitcoin’s selloff is worsening, with the price falling below $63,000 for the first time since February 24. The move has triggered a wave of forced selling across crypto markets, with more than $1.1 billion in leveraged crypto positions liquidated over the past 24 hours.

2. $Broadcom(AVGO.US) reported strong Q2’26 results, with revenue of $22.19B, slightly above estimates, up 48% YoY, and adjusted EPS of $2.44, beating expectations and rising 54% YoY. Semiconductor Solutions revenue came in at $15.0B, up 79% YoY, while AI semiconductor revenue surged 143% YoY to $10.8B, though it came in below buyside expectations. For Q3, Broadcom guided revenue to roughly $29.4B, ahead of consensus but slightly below buyside expectations, with AI semiconductor revenue expected to reach about $16B. The company also delivered $10.26B in free cash flow, equal to 46% of revenue, and said growth is being driven by accelerating AI demand, custom AI accelerators, AI networking, and strong operating leverage.

3. $Meta Platforms(META.US) is reportedly considering charging up to $199.99/month for Hatch, its planned consumer AI agent, according to The Information. Hatch is described as a consumer version of OpenClaw that lets users create software tools and automate tasks with plain-language prompts, including scheduling events, sending emails, building simple apps, and generating travel itineraries. Meta is also considering a premium Hatch Plus tier that would offer 5–10x more daily usage capacity than the free version. During development, Hatch has used Anthropic’s Claude models, but it is expected to run on Meta’s Muse Spark model at launch.

4. The top 10 most active options today by contracts traded were $NVIDIA(NVDA.US) with 3.4M contracts, $Tesla(TSLA.US) with 3.4M contracts, $Apple(AAPL.US) with 1.3M contracts, $Amazon(AMZN.US) with 1.1M contracts, $Microsoft(MSFT.US) with 958K contracts, $Meta Platforms(META.US) with 916K contracts, $Nokia Oyj(NOK.US) with 749K contracts, $Intel(INTC.US) with 730K contracts, $Alphabet(GOOGL.US) with 708K contracts, and $Palantir Tech(PLTR.US) with 622K contracts. Nvidia and Tesla once again dominated options activity, each trading more than 3.4M contracts, while Apple and Amazon also saw elevated volume above 1M contracts.

5. $IREN(IREN.US) signed a transmission connection agreement for an 800MW data center campus in Bundey, South Australia. The site includes four 330kV feeder exits, allowing it to support up to 800MW without requiring network upgrades, with energization expected to begin in 2028. The project marks IREN’s first announced Australian data center campus and would provide submarine fiber connectivity to key APAC markets, including Singapore, Indonesia, South Korea, and Japan.

6. $Apple(AAPL.US) Apple's smart glasses roadmap has reportedly changed, according to supply chain analyst Ming-Chi Kuo. Apple’s display-equipped AR/XR glasses, which are expected to use optical waveguide technology, have reportedly been pushed back to 2029. Meanwhile, Apple’s display-less AI glasses, similar to Ray-Ban Meta, are still expected to ship in 2027. Kuo also says Apple is shifting resources away from the Vision Pro line and toward smart glasses that may have broader mass-market appeal.

7. $Alphabet(GOOGL.US) plans to use roughly $30B of its $80B equity raise to cover tax obligations tied to employee equity awards, according to The Information. That would represent nearly 40% of the total raise, roughly double last year’s amount, and about 14% of expected operating cash flow.

8. $CrowdStrike(CRWD.US) reported solid Q1’27 results, with revenue of $1.39B, up 26% YoY, and adjusted EPS of $1.10, both slightly ahead of expectations. ARR reached $5.51B, up 24% YoY, while net new ARR grew 32% YoY to $255.8M. CrowdStrike also announced a 4-for-1 stock split, with the record date set for June 25, 2026 and split-adjusted trading expected to begin on July 2, 2026. For the full year, the company guided revenue to $5.915B–$5.959B, ARR to roughly $6.53B–$6.56B, and adjusted EPS to $4.88–$4.96, while raising its net new ARR growth outlook to 27.7% at the midpoint. Management said CrowdStrike is becoming critical AI security infrastructure, highlighting record Q1 net new ARR, strong module adoption, and its AI-driven security products as signs of an AI inflection point.

9. SpaceX $Space Exploration Tech(SPCX.US) is reportedly planning to price its IPO at $135 per share, with plans to sell 555.6 million shares and raise roughly $75 billion. At that price, the company would be valued at nearly $1.75 trillion, making it one of the largest IPOs in history.

10. US data center construction spending surged 28% YoY in April to a record annualized rate of $50.7B, surpassing public transportation construction spending of $49.9B for the first time in history. Since 2022, data center construction spending has exploded 357%, compared with just 16% growth in government transportation spending. As a result, data centers now represent 2.3% of all US construction spending, highlighting how AI infrastructure demand is reshaping the construction economy.

11. Ray Dalio says AI has the ingredients of a classic technology bubble, arguing that major technological shifts often create bubbles because it is impossible for investors and companies to perfectly predict the winners. He said companies face a difficult choice: spend aggressively to capture market share, or risk underspending and falling behind. Dalio added that bubbles eventually “prick” when investors or companies need to sell wealth/assets to raise cash, turning enthusiasm into forced selling pressure.

12. The S&P 500 closed the day red for the first time in 9 trading days. The last time the S&P $SPY closed green for 10 days in a row was 1995.

WALL STREET IS THE GREATEST SHOW ON EARTH.

Source: amit

first red close on the S&P in 10 days and it was chaos

imagine if we actually stay red for a while 😆

as annoying as it is, did feel healthy

earnings growth is strong but some valuations genuinely are not making sense, probably why $CrowdStrike(CRWD.US) took a 10% hit

oil at $95 also didn’t help

so far every dip has been bought though so bulls either are gonna be resilient here or give in

SpaceX $Space Exploration Tech(SPCX.US) IPO could be sucking up plenty of liquidity as well

Source: amit

A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY.

Here's a full recap:

1. Marvell is up around 50%, on pace for its best day ever and adding more than $80B in market cap, after Jensen Huang called $Marvell Tech(MRVL.US) “the next trillion-dollar company” at Computex.

2. OpenAI Codex now has 5M+ weekly users, with roughly 20% coming from non-developer roles, according to Bloomberg. OpenAI is expanding Codex beyond software engineering with new plugins for public equity investing, banking, sales, internal workplace apps, and professional document editing, with legal and corporate finance tools reportedly coming next.

3. US JOLTS job openings came in at 7.62M in April, well above the 6.87M estimate.

4. $Meta Platforms(META.US) Meta is scaling back parts of its employee tracking tool after staff backlash, according to The Information. The tool, called the Model Capability Initiative, collects computer usage data to help train AI models on how employees complete tasks. Meta is now adding stronger privacy protections, some employee exemptions, and a 30-minute pause option, while saying activity will be summarized instead of capturing exact words typed and raw data access will be limited to a small group of engineers.

5. Iran says the IRGC Aerospace Force has carried out “precise and intensive missile strikes” on U.S. military bases in Kuwait in response to U.S. strikes on Qeshm Island, marking another major escalation in the region. Kuwait’s air defenses reportedly intercepted incoming missiles and drones, while oil prices are hovering near $95 a barrel and U.S. futures are moving lower as markets price in rising geopolitical risk.

The top 10 most active options today by contracts traded were $NVIDIA(NVDA.US) with 3.6M contracts, $Tesla(TSLA.US) with 1.8M contracts, $Apple(AAPL.US) with 1.1M contracts, $Microsoft(MSFT.US) with 856K contracts, $Alphabet(GOOGL.US) with 757K contracts, $Intel(INTC.US) with 685K contracts, $Nokia Oyj(NOK.US) with 638K contracts, $Meta Platforms(META.US) with 637K contracts, $Strategy(MSTR.US) with 618K contracts, and $Amazon(AMZN.US) with 615K contracts. Nvidia led the market by a wide margin with nearly 3.7M options contracts traded, while Tesla followed with 1.8M and Apple crossed 1.1M.

6. $Grayscale Bitcoin Mini Trust ETF(BTC.US) Bitcoin sold off sharply after Strategy $Strategy(MSTR.US) disclosed a rare sale of 32 BTC for about $2.5 million, its first Bitcoin sale in years, with proceeds reportedly used to fund preferred stock dividend payments. The sale rattled crypto sentiment because Michael Saylor has long been viewed as the market’s most committed “never sell” Bitcoin holder, and investors saw even a tiny sale as a symbolic shift. Bitcoin fell below $68,000, while $Strategy(MSTR.US) dropped more than 9% as the market questioned whether Strategy could be forced to sell more BTC if funding pressures rise. Analysts noted the sale was financially small compared to Strategy’s overall holdings, but the psychological impact was much bigger because it challenged the company’s core Bitcoin-holding narrative.

7. Palo Alto Networks $Palo Alto Networks(PANW.US) reported a strong Q3, with revenue rising 31% YoY to $3.0B and adjusted EPS of $0.85, both ahead of estimates. Its next-gen security ARR grew 60% YoY to $8.1B, while RPO rose 36% to $18.4B. The company also raised its full-year outlook, guiding for about $11.4B in revenue and adjusted EPS of $3.77 to $3.79, as demand accelerates from customers securing AI deployments at scale.

8. A $Coreweave(CRWV.US) CoreWeave-linked data center raised $900M in high-yield debt, according to Bloomberg. The 5-year bonds priced at par with a 7.5% yield, with proceeds funding a build-to-suit hyperscale data center near Chicago that is fully leased to $Coreweave(CRWV.US) for 15 years, representing about $2.2B in future revenue. AI data center developers have now raised more than $27B from junk bonds this year.

9. Foreign ownership of U.S. stocks has climbed to a record $20 trillion, now representing about 19% of the entire U.S. equity market, nearly triple its share in 2000. Passive funds have also reached a record, with mutual funds and ETFs now holding $17 trillion, or roughly 15% of U.S. equities, after tripling their ownership share since the 2008 financial crisis. Meanwhile, active mutual funds continue to lose ground, with ownership falling to $11 trillion, or about 10% of the market, the lowest share since the early 1990s.

10. Elon Musk’s SpaceX shares would reportedly be locked up for 366 days after the company’s IPO. At the current $Space Exploration Tech(SPCX.US) valuation, Elon is set to become the world's first trillionaire later this month.

11. $Uber Tech(UBER.US) Uber is capping AI coding tool spending at $1,500 per employee per month after reportedly burning through its 2026 AI budget in just four months.

12. GameStop $GameStop(GME.US) reported its highest quarterly net income ever at $389.6M, along with record Q1 operating income of $143.3M. Net sales rose 14% YoY, driven by collectibles, while cash, securities, digital assets, receivables, and pledged collateral totaled $9.7B. $GameStop(GME.US) approved a $2 billion share repurchase authorization through June 2, 2029, while Shopify $Shopify (SHOP.US) increased its buyback program by $3 billion, bringing the total authorization to $5 billion.

WALL STREET IS THE GREATEST SHOW ON EARTH.

Source: amit

$IGV

Okay, let’s talk about software…

Here’s my question: are software stocks actually ready to breakout or is this move legit?

If it is legit, then it may be time to buy the breakout.

Software stocks I bought during the SaaSpocalypse:

$Palantir Tech(PLTR.US), $Zeta Global(ZETA.US), $Reddit(RDDT.US), $Shopify (SHOP.US), $Oracle(ORCL.US).

I bought a very small amount of $Microsoft(MSFT.US) at $413, my bigger DCA on the Mag 7s has been $Meta Platforms(META.US) over $Microsoft(MSFT.US). I believe $Meta Platforms(META.US) is a fantastic risk/reward right now but they still have narrative issues to revolve. However, given the new chip news with Microsoft/Nvidia/ARM, it seems like Microsoft could have a breakout.

Buying that name into strength is NOT scary given it’s…Microsoft. If they actually start selling chips to Anthropic, they may completely get rerated.

But, what about everything else? Are the rest of these software names scary to buy into a breakout after their run?

I know this chip names have done amazing, but take a look at the performance of these SaaS names since the lows…

$Datadog(DDOG.US) +152%

$Snowflake(SNOW.US) +116%

$Reddit(RDDT.US) +45%

$Zeta Global(ZETA.US) +59%

$ServiceNow(NOW.US) +53%

$Palantir Tech(PLTR.US) +28%

$Shopify (SHOP.US) +26%

$Oracle(ORCL.US) +62%

$CrowdStrike(CRWD.US) +107%

$Palo Alto Networks(PANW.US) +91%

Last week, people were saying Shopify would be vibecoded away. ServiceNow would be going out of business. I mean just absurd commentary on incredibly important companies.

If the software narrative being destroyed is gone, why wouldn’t these names be buys into the breakout? Assuming no broader macro drawdown, is the risk reward not still very strong for these names?

Many of them are still DOWN year to date. If token spend is going to normalize (as per Anthropic not raising costs for Opus 4.8) and the market finally realizing that all this token demand is actually coming from the SOFTWARE companies processing and orchestrating it…then it feels like the SaaS breakout could be just beginning and even if you missed the drawdown, buying these names into strength wouldn’t be scary given their multiples are still compressed but their growth rates continue to match some of the best chip names.

Did you buy SaaS during the drawdown? Are you buying more software names into strength?

Source: amit

You know what I’ve started to really think about…

In 2008, those that called the housing crisis had something that the entire stock market did not have: data around the housing crisis.

Now, the data was available to the entire market, but only a few people chose to deeply study it and interpret what could happen.

In today’s AI driven stock market, the only way for there to be a 2008 like crash is if there is something underneath the surface that the market is completely ignoring.

That would have to be the smoking gun that someone finds out about and can then use to determine what would crash the entire rally.

But…isn’t everyone already looking for that?! Like, aren’t people obsessed with trying to find out how the bubble pops?

We have people daily dedicating every bit of their research to find out how this breaks. Every argument, whether it’s circular funding or capex slows down or higher inflation etc is theorized about daily.

It’s almost like we have so many people afraid of the dot com bubble happening again that there is an OVER emphasis on all the things that can go wrong (which is healthy) and as a result, every massive bear case is already out there…already discovered…already priced in.

Which means that if every market participant is analyzing every single thing that could go wrong, there is going to need to be a REALLY good and original bear argument for things to go bad.

Everytime you hear a bear case, it should be more original and something you haven’t thought of because if not, it might have already been discovered and not actually be a bear case.

Source: amit

THE LAST TRADING DAY OF MAY ENDS WITH A RETURN FROM SOFTWARE & FINTECH.

At the same time, the semis continue to hold onto their momentum, implying that the market is finding some room to broaden which feels healthier than one sector leading the way.

Earnings estimates continue to grow as the S&P hits new highs but it's fwd P/E falls from 23 to 21 because of the earnings growth.

Over the last month, $SPY +6.4% and $QQQ +11.68%.

The bulls continue to be in control.

Source: amit

A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY.

Here's a full recap:

1. Dell $Dell Tech(DELL.US) says customer conversations around AI infrastructure are increasingly multi-year in nature, with 3-, 4-, and 5-year discussions already underway. The company said it is seeing budgets grow, spending shift toward AI, and expects to exit the year with a meaningful backlog heading into next year. The momentum is showing up in the numbers too: Dell beat revenue expectations by $8 billion, raised its FY revenue guide by $10 billion, beat EPS by 68%, and lifted its FY EPS guide by 25%. The stock was up 40% after hours.

2. Software stocks $Palantir Tech(PLTR.US), $Zeta Global(ZETA.US), $Datadog(DDOG.US), $Shopify (SHOP.US), $Snowflake(SNOW.US), $ServiceNow(NOW.US), $Reddit(RDDT.US) are surging on the same day Anthropic announced a massive new fundraise and released a new model. The “AI is destroying software” narrative may be starting to break as usually during a new Anthropic release, software names are punished.

3. Anthropic has raised $65 billion in a Series H round, valuing the company at $965 billion post-money. The financing was led by Altimeter, Dragoneer, Greenoaks, and Sequoia, and includes $15 billion of previously committed hyperscaler investments, including $5 billion from Amazon. Anthropic also said its run-rate revenue crossed $47 billion earlier this month. For context, the company was valued at $380 billion in February after raising $30 billion.

4. Apollo $Apollo Global(APO.US) and Blackstone $Blackstone(BX.US) are reportedly marketing a roughly $36 billion debt financing package to help fund Google TPU chips for Anthropic, according to Bloomberg. The deal would use a special purpose vehicle to purchase the TPUs and then lease them back to Anthropic for its AI infrastructure needs. Broadcom $Broadcom(AVGO.US), which works with Google on TPU development, is also reportedly helping backstop payments tied to the largest senior portions of the financing.

5. Axios reported today that U.S. and Iranian negotiators have reached a 60-day MOU to extend the ceasefire and begin nuclear talks, though President Trump has not yet given final approval. The draft agreement would make shipping through the Strait of Hormuz “unrestricted,” require Iran to remove mines within 30 days, and gradually lift the U.S. naval blockade as commercial traffic is restored. The MOU also includes Iran committing not to pursue a nuclear weapon, with future talks expected to focus on highly enriched uranium, enrichment activity, sanctions relief, and frozen funds.

6. Cboe $Cboe Global Markets(CBOE.US) has received SEC approval to offer extended-hours trading for certain stock options, with pre-market and post-market options trading set to launch on July 13.

7. The Trump administration is pursuing new funding deals with drone companies, potentially including equity stakes, in an effort to boost domestic production and bring down costs. The Pentagon’s Office of Strategic Capital, which has $210 billion in lending authority, is reportedly vetting companies including Performance Drone Works and Neros Technologies. The push aligns with the Pentagon’s $1.1 billion Drone Dominance program, which aims to produce 300,000 low-cost attack drones $Red Cat(RCAT.US) $Kratos Defense & Security(KTOS.US) $Aerovironment(AVAV.US) $Ondas(ONDS.US) by the end of 2027.

8. Robinhood $Robinhood(HOOD.US) was up 10% today after Trump Accounts went live, a new type of tax-advantaged investment account designed to help eligible American children build long-term financial security from an early age. Under the plan, eligible children born from 2025 through 2028 would receive an initial $1,000 contribution from the U.S. Treasury, while family, friends, and employers could collectively contribute up to $5,000 annually.

9. Retail investors took profits last week, selling $1.1 billion in equities for their largest weekly outflow of the year after three straight weeks of buying. Single stocks drove the selling, with $1.7 billion in outflows, while equity ETFs still saw $571 million in inflows. Meanwhile, institutions bought $219 million and hedge funds added $686 million, reversing from $4.6 billion in sales the prior week. Overall, investors sold $1.9 billion of single stocks and bought $1.6 billion of equity ETFs.

10. Blue origin had an explosion today at a launch site, they wrote: "We experienced an anomaly during today's hotfire test. All personnel have been accounted for. We will provide updates as we learn more." Elon Musk responded with "Sorry to see this, I hope you recover quickly," as Bloomberg also is reporting that $Space Exploration Tech(SPCX.US) may be targeting a lower valuation from $2T to $1.8T. The IPO is set for June 12th.

11. U.S. preliminary Q1 GDP came in at +1.6%, below estimates of +2.0%. PCE rose 0.4% MoM versus 0.5% expected and 3.8% YoY, in line with estimates. Core PCE rose 0.2% MoM versus 0.3% expected and 3.3% YoY, in line with estimates. Initial jobless claims came in at 215K, slightly above expectations of 211K.

12. Investor home purchases fell 6% YoY in Q1 to the lowest level since 2020, according to Redfin, as higher rates, insurance, taxes, maintenance costs, and cooling rents pressured returns. The Bay Area was the exception, with purchases up 19% in San Francisco and 12% in San Jose, helped by AI-driven housing demand.

WALL STREET IS THE GREATEST SHOW ON EARTH.

Source: amit

$Dell Tech(DELL.US)

- beat revenues by $8B

- raised FY guide by $10B

- beat EPS by 68%

- raised FY EPS guide by 25%

The AI buildout continues.

+30%

Source: amit

software is PUMPING on a day where Anthropic announced their new fundraise AND put out a new model?

yeah this AI destroying software narrative might be done

we may have a bunch more stocks join the bull market !!!!

Source: amit

so is software back or is the market just playing with our emotions again

$Palantir Tech(PLTR.US) +5.2%

$Shopify (SHOP.US) +4.7%

$Reddit(RDDT.US) +5.1%

$ServiceNow(NOW.US) +6.5%

$Figma(FIG.US) +7.2%

can we finally stop this nonsense about AI destroying software 😭

Source: amit

AS PER AXIOS:

- The United States and Iran have reportedly reached a 60-day memorandum of understanding aimed at extending the ceasefire and opening negotiations over Iran’s nuclear program.

- Under the proposed agreement, Iran would be required to remove all mines from the Strait of Hormuz within 30 days.

- The U.S. would lift naval blockades in proportion to the restoration of commercial shipping through the strait.

- President Trump is currently reviewing the agreement before giving final approval.

Source: amit

so the US struck an Iranian military base near the strait

which led to the IRGC retaliating & attacking a US airbase in Kuwait

now oil is up 4%

do they really think its March

this playbook is 3 months old but I guess if they wanna run it back then okaaaaay 🥶

Source: amit

$Meta Platforms(META.US)

META IS GETTING INTO THE AI SUBSCRIPTION GAME.

- Meta is expanding paid subscriptions globally across Instagram, Facebook, and WhatsApp, while also testing new AI, creator, and business plans under the “Meta One” brand.

- Consumer plans are expected to start around $2.99 to $3.99 per month.

- Meta is also testing AI subscription tiers at $7.99 and $19.99 per month, with the higher tier offering more capacity for complex prompts, deeper reasoning, and increased image and video generation.

Looks like Zucks is deciding that his next core revenue stream will be subscriptions beyond advertising...

$Meta Platforms(META.US) +3%

Source: amit

$Robinhood(HOOD.US)

ROBINHOOD OFFICIALLY ENTERS THE AGENTIC ERA.

- Robinhood is launching Agentic Trading and an Agentic Credit Card, letting users connect AI agents to Robinhood through MCP servers so agents can trade or make purchases on their behalf.

- Agentic Trading will use a separate account, so the agent only has access to money deposited there, with push notifications and real-time activity/P&L tracking.

- The Agentic Credit Card lets an AI agent spend through a dedicated virtual Robinhood Gold Card with user-set spending limits, optional manual approvals, expense tracking, and 3% cash back.

Really excited for this. In an agentic world, so many financial decision can be automated or prompted to be done in a way that can help someone legitimately trade or just make better decisions around their spending habits. Robinhood will get access to first-party data and as a result be able to then build more products on top of these that help users better engage with their AI suite.

I know the stock hasn't done the best this year, but that doesn't mean execution and launching new products has to slow down. Fintech isn't in favor right now, eventually it will be, and when it does come back...Robinhood will have spent all that time working on new products and services to accelerate their earnings growth long term.

LFG.

Source: amit