SpaceX surged to $229.40 on Robinhood, pushing its market cap to over $3 trillion during overnight trading, surpassing both Amazon and Microsoft.
SpaceX is currently trading at $213.59 after hours, up +11% from its closing price. $SPCX is up +58.2% from its IPO price of $135. Source: Bull Theory
SOX is up roughly 18% since the June 9 low.
In just a few sessions, we have gone from the bottom of the range to the top, bouncing off the steep trend line despite briefly trading below the 21-day moving average. The moves have been absolutely brutal. For larger players, reshuffling big books in an environment like this is close to impossible. An 18% move in five sessions in the world's hottest theme is actually crazy when you stop and think about it. Chasing SOX after an 18% rally in five sessions feels a little late. Fading it feels dangerous. Source: TME
Wall Street digests record fundraising haul as AI race intensifies.
Companies have raised roughly $4.7tn across global equity, debt and bank loan markets this year, a record pace, according to data provider LSEG. That figure, up 7% YoY, does not include the spurt of activity in investment-grade private credit markets, which are increasingly being tapped to finance data centres, chips and power plants feeding the AI boom. That included a $35bn debt package cobbled together by Apollo and Blackstone this week for Anthropic. Source: FT, HolgerZ
The Iran-US peace deal has immediate effects on markets:
- Oil is tumbling, as the Hormuz Risk Premium unwinds. Oil fell to its lowest level since March - Nikkei 225 surges and hit 69,000 for the 1st time ever - Nasdaq futures are up +1.8% - Precious metals and cryptos soar - US 10 year yield drops 5bps to 4.42%
Top 20 ETFs
Source: Stocks World
BCA finds that a surge in IPO activity is historically associated with weaker forward S&P 500 returns and less multiple expansion.
Source: BCA Research
What a day for semiconductors
Source: Finviz
While AI has fueled a surge in EM technology stocks, India’s IT sector has been left behind.
Source: Alpine Macro
