A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY

A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY.

Here's a full recap:

1. Palantir $Palantir Tech(PLTR.US) and Nvidia $NVIDIA(NVDA.US) expanded their partnership to deliver sovereign AI for the U.S. government and critical infrastructure. The partnership combines Nvidia AI infrastructure and Nemotron models with Palantir’s platforms, allowing agencies to deploy models on proprietary data. Palantir CEO Alex Karp said: “Combining Palantir infrastructure with NVIDIA’s AI and Nemotron models will allow the U.S. government to unleash the full power of LLMs while removing the underlying security risks and rational concerns around proprietary insights migrating into the weights of closed models."

2. Rocket Lab $Rocket Lab(RKLB.US) announced a definitive agreement to acquire Iridium $Iridium Comm(IRDM.US) for $54/share in a cash-and-stock deal, implying an enterprise value of roughly $8B. This is a major move because it pushes Rocket Lab beyond space infrastructure and deeper into vertically integrated space communications with recurring, high-margin subscription revenue. Iridium adds a global satellite network, accelerates direct-to-device and space connectivity, and gives Rocket Lab the ability to design, build, launch, operate, and now monetize satellites through long-term communications services.

3. Robinhood $Robinhood(HOOD.US) continues to show strong product momentum. Vlad Tenev, CEO, shared that Robinhood Banking has surpassed $3B in deposits and 200K customers, up from $1.6B and 110K at the end of March. Agentic trading has also seen 50K+ customers open accounts in its first few weeks, with millions of dollars traded daily across equities and options. Robinhood now has 50K+ funded custodial accounts just three months after launch, while 855K+ customers received allocation in the SpaceX IPO through IPO Access.

4. Hedge funds sold the most U.S. information technology equities in the week ending June 25 since Goldman’s data began in 2016, even more than during the August 2024 Nasdaq correction. Overall, hedge funds sold the most U.S. equities since the April 2025 “Liberation Day” selloff. Magnificent 7 exposure has also fallen to 14.5% of total U.S. hedge fund exposure, near a 3-year low, after dropping 7 percentage points since the start of 2026, the biggest six-month decline since the 2022 bear market.

5. Agility Robotics is going public via Churchill Capital Corp XI $Churchill Capital XI(CCXI.US) in a deal valuing the humanoid robotics company at $2.5B pre-money. The transaction is expected to raise $620M+, including a $200M PIPE led by Foxconn, with the combined company set to trade as $AGLT. Agility says it has $300M+ in multi-year orders for its Digit v5 robot, with backers including Nvidia, Amazon, SoftBank, and Foxconn.

6. Google $Alphabet(GOOGL.US) has reportedly capped Meta’s $Meta Platforms(META.US) use of Gemini AI models due to computing capacity constraints, per Financial Times. The limits have affected some of Meta’s internal projects, with staff told to use AI tokens more efficiently. Meta had been using Gemini to automate safety workflows, but is now leaning more on its own Muse Spark model to reduce reliance on external AI models.

7. Micron $Micron Tech(MU.US) is now a top 10 holding in the S&P 500 with a 1.9% weighting, reflecting just how important memory has become in the AI trade. Meanwhile, Nvidia $NVIDIA(NVDA.US) has fallen from closer to 8.5% of the index to 6.99%, while Apple $Apple(AAPL.US) has dropped from around 7.5% to 6.18%.

8. Anthropic reportedly renegotiated part of its Amazon deal, shifting Claude pricing from compute hours to token-based usage starting next year, per The Information. The change could raise $Amazon(AMZN.US)’s costs for using Claude across products like Alexa for Shopping, Kiro, and Quick. Amazon is now reportedly evaluating OpenAI and its own Nova models to reduce reliance on Anthropic.

9. The top 10 most active options today by contracts traded were $Tesla(TSLA.US) with 3.8M contracts, $NVIDIA(NVDA.US) with 2.9M contracts, $Amazon(AMZN.US) with 1.4M contracts, $Apple(AAPL.US) with 1.1M contracts, $Microsoft(MSFT.US) with 931K contracts, $Micron Tech(MU.US) with 767K contracts, $SpaceX(SPCX.US) with 617K contracts, $Intel(INTC.US) with 598K contracts, $Strategy(MSTR.US) with 533K contracts, and $Alphabet(GOOGL.US) with 489K contracts.

10. ByteDance is targeting early next year to finalize the design of its next-gen in-house CPU for AI infrastructure, per SCMP. Mass production and broader deployment are expected in H2 2027, as ByteDance looks to support AI workloads across Doubao, Seedance, and other internal platforms. Qualcomm $Qualcomm(QCOM.US) is reportedly helping with development and foundry capacity.

11. South Korea unveiled a massive $576B+ AI and chip investment push, with Samsung and SK Hynix expected to invest around $518B. Suppliers will build two new chip fab sites each in southwest Korea, while the broader plan includes a $52.7B chip packaging cluster and a goal to double DRAM output within five years.

12. U.S. online spending across all retailers hit $26.4B during Amazon $Amazon(AMZN.US) Prime Day, topping Adobe’s $26.3B estimate. Spending rose 9.3% YoY, while BNPL accounted for 6.6% of orders. However, Numerator said average household spending on Amazon fell 8.3% to $143.

WALL STREET IS THE GREATEST SHOW ON EARTH.

Source: amit