In case you missed it... Alphabet lost 5% yesterday —not because of earnings, but because talent walked out the door.
John Jumper, Nobel Prize winner and co-creator of AlphaFold, is leaving DeepMind for Anthropic. Days earlier, the co-lead of Gemini joined OpenAI. The market erased tens of billions in Alphabet's value. That says everything about AI's true competitive advantage. Chips, GPUs, and data centers can be bought. Exceptional AI researchers cannot. The AI race isn't just an infrastructure race—it's a talent war. In the world's most transformative technology, the scarcest asset isn't silicon. It's the people who know how to turn it into breakthroughs. Source: Thierry from arvy 🇨🇭
The market is clearly distinguishing between those who are receiving the checks (semiconductors - in green) and those who are writing the checks (hyperscalers - in red) ...
Source: zerohedge
In case you missed it... SpaceX shares closed down -16.4% yesterday, wiping out over $400 billion in market value.
The decline comes after the company officially launched its inaugural offering of senior unsecured notes on June 22, seeking to raise at least $20 billion. SpaceX disclosed approximately $100.8 billion in cash and cash equivalents as of June 19, 2026. $SPCX is now down -31.3% from its all-time high, having wiped out over $927 billion in market value in just 3 days, and is trading +14.5% above its IPO price. Source: Bull Theory
The Mag7 as a source of cash to fund the Semiconductors $SOX trade?
The SOX/MAG ratio continues exploding higher and is now trading at its highest level since 2019. The move has been nothing short of spectacular, reinforcing the idea that semis have become the market's preferred AI expression. Source: TME
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
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
