Today's key stock market events in brief:

1. Massive rebalancing sell-off at the end of Q2: JPMorgan estimates institutional investors will sell up to $165 billion in stocks and rotate into bonds at month-end, the largest scale in at least four years. Japan's GPIF (~$60 billion), Norway's Bank (~$40 billion), and U.S. pensions (~$55 billion) are the main sellers.

2. SpaceX signs a major deal with Reflection AI: According to CNBC, Reflection has reached a computing agreement with SpaceX ($SpaceX(SPCX.US)), gaining access to NVIDIA's GB300 chips on Colossus 2. Starting July 2026, monthly payments of about $150 million, totaling $6.3 billion if continued until 2029.

3. Retail investors flood into ETFs: Retail investors poured about $150 billion into the largest equity ETFs over the past month, the second-largest inflow on record, ignoring macro and positioning risks.

4. Palantir and Anduril win U.S. Army project: Both companies secured core roles in the US Army's NGC2 Common Data Layer benchmark. Palantir Foundry serves as the cloud data layer, Anduril Lattice as the tactical data layer, aiding AI battlefield decision-making.

5. Top three most active options by volume today: Tesla $Tesla(TSLA.US) (3.3 million contracts), $NVIDIA(NVDA.US)NVIDIA (2.9 million contracts), and SpaceX (1.2 million contracts).

6. BofA turns hawkish, expects three rate hikes this year: Bank of America reversed its previous forecast, now expecting the Fed to hike rates by 25 basis points each in September, October, and December, with the year-end rate reaching 4.25%–4.5%, and expects the first interest rate cut not until 2028.

7. Qualcomm in talks for a multi-billion dollar acquisition of AI chip startup: According to Bloomberg, Qualcomm is in deep talks to acquire Modular at a $4 billion valuation, a sharp increase from its $1.6 billion valuation in September 2025.

8. Trump signs quantum executive orders: Two orders aimed at accelerating U.S. leadership in quantum. One pushes for major scientific computing and sensor networks on quantum computers within 5 years; the other directs federal agencies to transition to post-quantum cryptography by 2031.

9. Google invests in film studio A24: $Alphabet(GOOGL.US)Google invested about $75 million in A24, part of a multi-year AI research collaboration between DeepMind and A24. This is Google's first equity stake in a studio, and they will collaborate on developing AI tools for filmmaking, excluding library rights.

10. Micron and Anthropic reach a strategic agreement: Covers AI memory and storage architecture, multi-year supply, enterprise adoption of Claude, and Micron's investment in Anthropic's Series H, aiming to optimize AI infrastructure.

11. NVIDIA launches Halos robot safety system: A full-stack safety system for robots and physical AI. Agility will be the first company to integrate it into the safety architecture of its humanoid robot, Digit.

12. Chevron and Microsoft sign a 20-year power supply agreement: Chevron will use self-generated power from Permian Basin natural gas (not grid-purchased) to supply Microsoft's planned data center in West Texas. First power delivery is expected in 2028, with a final capacity of 2.67 GW.