Markets SpaceX IPO to Create 4,000 New Millionaires, Including Cafeteria Workers SpaceX's upcoming IPO, valued at $1.8 trillion, is set to create 4,000 new millionaires among employees, including cafeteria workers with stock options.
Macro Inflation Is Officially Rising Faster Than Wages CPI rose 3.8% in April while wages grew just 3.6%, the first time inflation has outpaced pay since 2023. Energy-driven price pressure is squeezing consumers and complicating the Fed’s rate path.
Tech Canada Plans Social Media Ban for Kids Under 16 in New Online Harms Bill Canada is set to introduce a Digital Safety Act this week that would bar children under 16 from social media, following Australia and Malaysia. Here is what it means for META, SNAP, and GOOGL.
Markets BofA: 70% of bear-market signals triggered, time to take profits Bank of America says 70% of its bear-market indicators have been triggered, matching the average level seen before the last seven S&P 500 market peaks. Strategists are telling clients to take profits.
Politics Somali FIFA Referee Omar Artan Denied Entry to US Ahead of World Cup Somali FIFA referee Omar Artan was denied entry at Miami International over vetting concerns and removed from the 2026 World Cup officiating roster, raising fresh questions about border friction tied to the tournament.
Markets SpaceX IPO Books Close With $150B in Orders, 2x Oversubscribed SpaceX is closing its IPO order book Wednesday with about $150 billion in orders against a $75 billion target — roughly 2x oversubscribed. SPCX prices June 11 and begins trading on Nasdaq June 12 at a $1.75 trillion valuation.
AI Canadian Employers Are Rehiring After AI Failed to Replace Laid-Off Staff A Robert Half survey shows over a third of Canadian employers who cut jobs to deploy AI are rehiring, as oversight needs and quality gaps outpaced expected savings.
Geopolitics Pentagon Raises Israeli Espionage Threat to ‘Critical,’ Top Tier The Pentagon's DIA has reportedly raised its counterintelligence threat level on Israeli espionage against the US to ‘critical,’ the highest tier, as Trump and Netanyahu clash over Iran policy.
Markets Trump to Attend Knicks Game 3 at MSG, Watch Party Canceled President Trump will attend Game 3 of the NBA Finals at Madison Square Garden as the Knicks host the Spurs, with heightened security canceling the outdoor MSG watch party and locking down surrounding blocks.
Markets Top 1% of U.S. Earners Now Hold More Wealth Than Entire Middle Class The top 1% of U.S. earners now control 31.7% of the nation's wealth, surpassing the middle class's share. This shift has significant implications for markets and policy.
Geopolitics US shoots down Iranian drones over Strait of Hormuz, strikes radar sites US Central Command says it shot down Iranian drones launched at the Strait of Hormuz and struck Iranian radar sites in response, keeping oil markets on edge as a fragile ceasefire frays.
AI US Officials in Talks to Have Government Acquire Shares in AI Giants Senior US officials have held preliminary talks with major AI firms about the federal government acquiring equity stakes, with OpenAI's Sam Altman pushing the idea directly to Trump.
Markets Pimco's Ivascyn: First Sustained Credit Default Cycle Has Begun Pimco CIO Daniel Ivascyn says the first sustained credit default cycle in years has begun, with losses set to exceed what investors are pricing in. Private credit and leveraged loan vintages from 2021–2022 are in focus.
AI Trump Admin in Talks for U.S. Government Stake in OpenAI The Trump administration and OpenAI are in early talks about a possible U.S. government equity stake, potentially seeded by donated shares for a Public Wealth Fund. Tech and chip stocks sold off on the news.
Markets Trump Criticizes Market Reaction to Strong Jobs Report President Trump questions market sell-off following strong May jobs report, emphasizing that economic growth doesn't necessarily lead to inflation.
Markets SpaceX tells banks it won't budge on $135 IPO price SpaceX has told its banks it will not move off the $135-a-share IPO price disclosed in its amended filing, with sources describing roadshow demand as insatiable ahead of a June 12 debut.
Tech Anthropic Calls for Global AI Development Pause Amid Self-Improvement Concerns Anthropic warns that AI systems like Claude are nearing autonomous self-improvement, urging a global development pause to assess potential risks.
Markets SEC Officially Kills the $25,000 Pattern Day Trader Rule The SEC has officially eliminated the $25,000 pattern day trader minimum, replacing it with a real-time intraday margin framework. Retail brokers like HOOD and BULL are the most direct beneficiaries.
Markets Fidelity Lowers SpaceX IPO Minimum to $2,000 Fidelity reduces minimum account requirement for SpaceX IPO from $500,000 to $2,000, making it more accessible to retail investors.
Politics Trump ballroom donors landed $50B in federal contracts, watchdog says Public Citizen says 14 of 27 known corporate donors to Trump's White House ballroom project have won over $50 billion in new federal contracts in six months, led by Lockheed Martin, Booz Allen, and Palantir.
Tech Opal Electronics Secures $40M from OpenAI for AI Audio Device Opal Electronics, formerly Opal Camera, rebrands and secures $40M from OpenAI to develop AI-powered audio devices, signaling a strategic shift in consumer electronics.
Geopolitics Rubio Tells Congress: The War in Iran Is Over Secretary of State Marco Rubio told Congress the war in Iran is over, even as strikes continue and the House moved to limit Trump's war powers in Iran.
AI Gartner: AI-driven layoffs aren't producing ROI for big companies A Gartner survey of 350 executives at $1B+ companies found 80% cut jobs while deploying AI, but those layoffs aren't translating into ROI. The AI productivity narrative is getting tested.
Markets Master's Degrees No Longer Guarantee Job Security Unemployment rates for workers under 35 with master's degrees are at a 20-year high, signaling a shift in the job market's valuation of advanced degrees.
Markets Kevin O’Leary: Gen Z stays poor by spending $28 on lunch making $70K Kevin O’Leary said Gen Z stays poor because they spend $28 on lunch while earning $70,000. The resurfaced clip has 62M+ views and reignited the spending-vs-wages debate.
