This morning, South Korea’s KOSPI crashed -10%, wiping out over $520 BILLION in a single day.
This was the 3rd largest single-day crash in the index’s history. Both Hynix and Samsung were down double-digits Source: Bull Theory
This is the AI leaders-vs-laggard basket
Source: zerohedge, Bloomberg
The Memory ETF is now the fastest ETF in history to hit $10 billion, $15 billion, and $20 billion in assets under management.
Source: Charlie Belillo
Capital is voting with its feet.
South Korea stocks are up 126% in 2026. Taiwan stocks are up 73%. China stocks are down 12%. One of the widest performance gaps we've ever seen. Source: Charlie Bilello
S&P 500 and Nasdaq-100 rebalances take effect before Monday’s open, June 22.
S&P 500 adds $MRVL and $FLEX; removes $POOL and $CPB. Nasdaq-100 adds $ALAB, $CRWV, $NBIS, $RKLB and $TER; removes $CHTR, $CTSH, $INSM, $VRSK and $ZS. Source: Wall St Engine
U.S. and Iran say they made "encouraging progress" in Switzerland and agreed on a roadmap to reach a final deal within 60 days, according to a joint statement released by Qatar and Pakistan.
Key statement points: - High-level U.S.-Iran talks concluded in Switzerland. - Working groups formed on nuclear issues, sanctions and dispute resolution. - Direct communication line established to avoid incidents in the Strait of Hormuz. - De-confliction cell created to support the Lebanon ceasefire. - Technical talks to continue this week in Burgenstock, Switzerland. Iran's FM Araghchi said mediated talks involving Pakistan and Qatar delivered “major progress” on the Lebanon conflict, including waived oil and petrochemical export restrictions, lifting of the blockade, partial release of frozen assets and a reconstruction plan launched for Iran. He cautioned that the first “real test” will be the operational rollout of the Lebanon deconfliction cell. Source: Bull Theory
The bond market is sending a clear message: inflation fears are fading.
The 2-year breakeven inflation rate is now lower than it was at the start of the year, signaling that investors expect less inflation over the next two years. With oil prices continuing to soften, markets are increasingly pricing in disinflation, not a resurgence in inflation. Forget headlines and forecasts—breakeven inflation reflects where investors are putting real money. The narrative is shifting from inflation panic to lower inflation expectations. Are markets right, or are they underestimating inflation risks? Source: Bloomberg, Manish Singh
Have you ever heard about Anduril?
Anduril Industries is a defense technology company building AI-powered systems for military and national security missions. Founded in 2017 by Palmer Luckey and others, it develops autonomous drones, surveillance towers, underwater vehicles, command-and-control software, and counter-drone technologies. Unlike traditional defense contractors such as Lockheed Martin or RTX Corporation, Anduril follows a software-first model: it invests its own capital to build AI-enabled defense products, then sells finished capabilities to governments, much like a Silicon Valley software company rather than a conventional cost-plus defense contractor. This approach has attracted significant investor interest as military spending increasingly shifts toward autonomy, AI, drones, and software-defined warfare. Its AI platform, Lattice, integrates data from sensors and autonomous systems to help military operators detect, track, and respond to threats in real time. The company aims to modernize defense by combining advanced software, robotics, and autonomous systems into scalable, mission-ready solutions. 2024 revenue: approximately $1.0 billion, according to the company. 2025 revenue: approximately $2.2 billion, officially disclosed by Anduril when it announced its $5 billion Series H financing in May 2026. 2026 outlook: management is reportedly forecasting around $4.3 billion in revenue, although this is a projection rather than reported results. This makes Anduril one of the fastest-growing private companies in the defense sector. Its latest funding round (May 2026) valued the company at approximately $61 billion, placing it among the world's most valuable private technology companies. Here is the history of Anduril's valuation growth 2017: $88M valuation (Seed) 2019: $1.04B (Series B) 2020: $1.92B (Series C) 2021: $4.6B (Series D) 2022: $8.5B (Series E) 2024: $14B (Series F) 2025: $30.5B (Series G) 2026: $61B (Series H) Source: Evan
