2. Record Amount of Retail Investor Buying in SPCX Last Week
Zerohedge-Vanda Track was even more effusive, and in a retrospective published earlier on Monday wrote that “SpaceX’s first week of trading was one for the record books. Retail investors bought a net $405mn of SPCX during its first 5 trading sessions, comfortably the strongest retail IPO debut in recent history. Retail buying was extreme during the first few sessions before moderating later in the week. The flow profile increasingly resembles a retail investor that is building long-term positions rather than chasing a short-term meme stock.”
ZeroHedge
3. AI Corporate Spend Concentrated at Top
The Daily Spark
4. But Number of Adults at Home Using AI Chat Box Increasing
Pew Research Center
5. U.S. Leading in Quantum Computing
Semafor
6. No One Invests in Treasuries Anymore
Callum Thomas
7. IBB Biotech ETF Breaking Out to New Highs
Google Finance
8. How Many 4th Graders in Your State are Proficient in Math
USAFacts
9. WSJ Poll
WSJ
10. Discipline = 3 Core Habits
Discipline essentially comes down to mastering three core habits: setting clear priorities, showing up consistently even when unmotivated, and delaying gratification. Together, these practices shift discipline from a fleeting feeling into a sustainable, everyday system.
1. Hyperscalers Cash Flow vs. Capex-Lead Lag Report
The four largest hyperscalers spent $416 billion on capex in 2025 and have guided to roughly $725 billion in 2026, while Amazon’s trailing-twelve-month free cash flow collapsed 95%, from $38.2 billion to $1.2 billion.
Aggregate capex now runs about 3.9 times annual depreciation across the hyperscalers. Oracle sits at 8x. These ratios mean the eventual depreciation cliff is being engineered into earnings, not yet absorbed.
AI-tied corporate bond issuance hit $121 billion in 2025, a 332% surge versus the 2020-2024 baseline. AI debt is now 14% of the JP Morgan US investment-grade index — a larger weight than US banks.
Microsoft’s annualized AI revenue is roughly $37 billion against $97 billion of LTM capex — about 38% coverage. MIT’s Project NANDA finds 95% of organizations report zero return on generative AI. The demand side is not keeping pace with the supply side
Substack
2. Mag 7 Buybacks Disappear
Bloomberg
3. Average P/E Ratios Plummeting for Some of Mag 7
Luke Kawa
4. Kalshi Traders Betting Against NVDA Chip Prices-CNBC
CNBC
5. Open AI’s Financials $21B Operating Losses-Ed Elson
Prof G Media
6. Semi Shipments from S.Korea Momentum Continues
7. NFLX Closing in on -50% from Highs….Right at 200 Week Moving Average
StockCharts
8. July Positive S&P Returns for 11 Years in a Row
NASDAQ DORSEY WRIGHT
9. Dividend Kings-Companies Raising Dividends 50 Years in a Row
Barrons By Andrew Bary What the Kings lack are technology companies—not surprising since most big tech firms are less than 50 years old.That has contributed to an underperformance for the group since 2014, with the Kings returning 8.7% annually against nearly 14% for the S&P 500 index through the end of 2025. The big gap has opened up in the past few years during the tech-led bull run.
‘These are defensive stocks,” says Brian Bollinger, president of Simply Safe Dividends. ‘They’re 30% less volatile on average than the S&P 500.” The group has produced average annual dividend increases of 5% over the past 10 years.
Barron’s
10. SpaceX turns to bond market to raise capital, reports $100.8 billion cash
SpaceX employees cross the road as they go to work at the SpaceX facility in Hawthorne on the day of their company’s IPO, in Hawthorne, California, U.S. June 12, 2026. REUTERS/Mike Blake Purchase Licensing Rights, opens new tab
June 22 (Reuters) – Elon Musk’s SpaceX (SPCX.O), opens new tab turned to the bond market for the first time, capitalizing on a post-IPO momentum that has vaulted its cash reserves past $100 billion as the rockets-to-AI group ramps up spending.
Monday’s notes offering comes mere days after SpaceX’s IPO, signaling the company’s push to reshape its balance sheet by replacing short-term bridge financing with longer-dated debt, which can help it fund an ambitious and costly expansion into AI and next-generation rockets.
Its shares slid 9% in morning trading, falling for the third consecutive trading session.
SpaceX listed on the Nasdaq on June 12 after raising $85.7 billion from its initial public offering, making it one of the world’s most valuable companies.
Musk holds 82% of SpaceX’s voting power after the IPO.
“With Musk maintaining supermajority voting control through a dual-class structure, issuing bonds keeps economic ownership intact for existing shareholders without new share issuance,” said Adam Sarhan, chief executive of 50 Park Investments.
“This debt choice over additional equity clearly prioritizes avoiding further shareholder dilution.”
SpaceX has increased spending on AI infrastructure and the development of its next-generation Starship rocket, investments that have weighed on profitability despite strong growth at its Starlink satellite internet business.
Revenue rose 33% to $18.67 billion last year, though it reported a net loss after heavy spending and the integration of Musk’s artificial intelligence venture, xAI.
The company did not disclose the size or pricing terms of the proposed notes offering. The proceeds will be used for general corporate purposes as well as to repay borrowings under its bridge loan facility and cover related fees and expenses, it said.
SpaceX held $15.9 billion in cash and cash equivalents at the end of March, according to its IPO filing.
Separately, SpaceX signed a deal with Reflection AI to provide additional computing capacity to the startup at Musk’s Colossus 2 data center, Reflection AI said in a post on LinkedIn.
The agreement is worth up to $6.3 billion, CNBC reported earlier on Monday.
Credit rating agencies assigned the company investment-grade ratings last week, signaling confidence in SpaceX’s financial stability as it moves forward with its costly AI plans.
Moody’s issued a “Baa1” and Fitch a “BBB+” rating, indicating that SpaceX’s debt is considered investment-grade and carries moderate credit risk, with sufficient capacity to meet its financial commitments.
Reporting by Harshita Mary Varghese in Bengaluru; Editing by Pooja Desai
Uncertainty can feel scary, whether you’re a child or an adult.
But in situations where you might not have control over an outcome, you can still help yourself and those around you feel more at ease with an unknown, just by how you describe a situation, according to Dr. Becky Kennedy, clinical psychologist and founder of parenting support platform Good Inside.
Kennedy recommends a simple, three-step formula for parents to use with their kids and for leaders to use at work to help ease anxiety around uncertainty. It’s a strategy every parent and leader “should commit to memory,” she said during a talk at Charter’s New Employer Brand Summit in New York City on June 9.
The format is simple:
Start with what you know
Acknowledge what’s uncertain
Return to conclude with something you know again
“Uncertainty doesn’t make us feel unsafe as much as unnamed uncertainty,” Kennedy said. Candidly admitting what you don’t know, rather than glossing over it or pretending to have all the answers, she explained, can help the people around you feel more comfortable with change.
Kennedy shared an example of a child wanting to make a soccer team. As a parent, she’d use the three-part formula to say:
“Look, here’s what I know: You’ve been practicing soccer, that’s awesome. You want to try out for this team. There’s a lot of other good kids in town.”
“Here’s what I don’t know: I don’t know whether you’re going to make it.”
“One more thing I know: No matter what happens, we’re going to get through it together.”
At work, this could help manage worries around possible changes, Kennedy said, giving an example of a boss addressing their team:
“You’ve gotten whispers, like we might go through some changes at the company. There might be a restructuring. That is totally true.”
“Here’s what I don’t know: I don’t know the exact date. I honestly don’t even know exactly who’s going to be involved in that.”
“What I do know is, if and when that happens, you will know, you will know directly, and no matter what happens, I’m going to figure out how to support you.”
Kennedy drew a comparison to passengers experiencing turbulence on a plane. If a pilot doesn’t communicate through the turbulence, passengers will feel “awful” for being left in the dark, she said. When a pilot addresses the elephant in the room, she added, it could be as simple as saying, “Hey, we’re going through turbulence. I don’t know exactly how long it’s going to be, but as soon as I have more information, I’ll talk to you.”
Even though the pilot doesn’t have all the information passengers might want to hear in that moment, Kennedy said, many would feel relief that the person in charge is transparent, communicative, and cognizant of their feelings and concerns.
As Kennedy put it, “Everything change[s] just because they were willing to speak to it.”
8. Semiconductor Index Nine 5% Moves in 2026 First Half
Nasdaq Dorsey Wright
9. Lennar Builders Average Home Price Deduction
Wolf Street The average price per home delivered in Q2 fell by 4.6% year-over-year to $371,000, “primarily due to continued weakness in the market” and “reflecting approximately 12.9% in incentives, along with base price adjustments necessary to sustain volume in a market where affordability remains the defining constant,” the company said. That price is back where it had first been in 2017 and is down by 24.4% from Q3 2022.
1. Retail Investors Single Stock Buying is Falling Sharply
Retail activity. “Retail’s single-stock net buying has fallen to the lowest (on a 3-day rolling basis) since COVID”.
Kevin Gordon
2. Retail Investors are Not Bulled Up….Fear & Greed Index Showing Fear
CNN
3. US Companies Record Buybacks
4. Tech + Tech Related = 60% of Stock Market
Barchart
5. Semiconductor Sector Outperformance Hits Internet Bubble Levels
Here are the only times in history where the Semiconductor Index gained more than 230% in a 14-month span:
-December 1998 – February 2000 -April 2025 – Today
That’s the entire list.
@Charlie Bilello
6. China GIG Economy Trending to 320m People…..44% of Workforce is “Flexible Employment”
China’s gig economy nears half the workforce but worker protections lag behind
Over 44% of China’s workforce is now engaged in flexible employment. While closing the white-collar income gap, this massive shift exposes major gaps in workers’ rights and social security stability. Lianhe Zaobao correspondent Li Kang analyses the data.
ThinkChina
7. The U.S. Had 20 Years of Flat Energy Demand Before AI Spike
The New York Times
8. Housing Starts Dropping
Bloomberg
9. U.S. Homes See Lowest Turnover Rate in 30 Years
