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Earnings check: Nvidia (NVDA) posts another beat, plans $80B buyback and concedes to Huawei.

AI race: Anthropic (ANTHRO) is set to turn profitable before OpenAI (OPENAI), which may file for its IPO soon.

Streamlining push: Intuit (INTU) will cut its workforce by 17% to simplify its structure; stock slumps.

Defying gravity SpaceX's (SPCX) S-1 filing gives the clearest look yet at a company tied to satellite internet, military and government contracts, AI infrastructure and Elon Musk's ambition to build a multi-planetary economy. The sprawling business' self-assessed total addressable market of $28.5T, if realized, would approach the entire output of the U.S. economy.

Orbital AI: SpaceX's Connectivity segment, driven by Starlink (STRLK), is its financial engine with $4.4B operating profit in 2025. By contrast, SpaceX's newly acquired AI segment is burning cash at a remarkable pace, with operating loss of $6.4B in 2025. SpaceX appears to be pitching itself not simply as a space transportation company, but as a future platform for orbital computing and AI infrastructure. It ultimately plans to deploy massive solar-powered AI compute capacity in orbit, part of Musk's argument that space-based infrastructure could help solve terrestrial energy and cooling constraints tied to AI growth. At the same time, the filing includes blunt warnings that many of these concepts remain commercially unproven. SpaceX acknowledges that orbital AI data centers, lunar industry and Martian settlements may never become economically viable businesses.

Bigger picture: The filing underscores how heavily SpaceX continues to invest in Starship, its massive next-generation launch vehicle. Its Space segment posted $657M operating loss in 2025 and spent over $3B on research and development tied to Starship that year. Starship is designed to improve payload capacity, reusability and launch frequency. To note, SpaceX is preparing to launch the 12th uncrewed test flight of its Starship rocket this week, as early as Thursday. Success could strengthen confidence in future revenue streams tied to Starlink satellite expansion, lunar missions and Musk’s longer-term ambitions for Mars travel and space-based infrastructure. Another high-profile setback, however, could revive concerns about the timeline and cost of the program.

Retaining control: The filing makes clear that SpaceX's IPO will do little to dilute Musk's grip on the company. He will continue to serve as CEO, CTO and board chairman while maintaining majority voting control through a dual-class share structure. SpaceX's Class B shares will carry 10 votes per share, while Class A shares sold to public investors will have one vote each. Musk owns 12.3% of Class A shares and 93.6% of Class B shares, giving him roughly 85.1% of overall voting power. Class B shareholders will have the right to elect 51% of the board's directors, giving Musk and other insiders effective control. The filing states that the structure will "limit or preclude" the ability of Class A shareholders to influence corporate matters or director elections.

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What else is happening...

AMD (AMD) to invest $10B in Taiwan to boost AI infrastructure.

Samsung (SSNLF) strike on hold, wage deal being put to vote.

Tesla (TSLA) says FSD Supervised is available in China.

As Wendy's (WEN) taps new CEO, is a buyout off the table?

Bloom Energy (BE) surges on fuel cell deal with Nebius (NBIS).

Deep Fission files for IPO as nuclear firms race to power AI boom.

Trump says Iran talks in 'final stages;' supertankers exit Hormuz.

FOMC minutes: Rate hike seen as likely if inflation stays over 2%.

Amazon's (AMZN) Jeff Bezos backs zero tax for lower earners.

WHO warns Ebola outbreak linked to 139 deaths could worsen.

Today's Markets

In Asia, Japan +3.1%. Hong Kong -1%. China -2%. India -0.2%. In Europe, at midday, London -0.5%. Paris -0.3%. Frankfurt -0.3%. Futures at 6:30, Dow -0.1%. S&P -0.2%. Nasdaq -0.3%. Crude +1.7% to $99.90. Gold -0.4% to $4,518,70. Bitcoin -0.4% to $77,244. Ten-year Treasury Yield +2 bps to 4.61%.

ABNB	
	Airbnb adding car rentals, grocery delivery, airport pickups to platform

Airbnb said: "Last year, we expanded Airbnb beyond homes with the launch of Airbnb Experiences and Airbnb Services. For the first time, you could book a place to stay, explore a city with a local, and have a private chef cook you dinner, all on Airbnb. Since then, millions of people around the world have done exactly that. This summer, we're going further. We're adding new categories of services to make every part of your trip easier, and new experiences you can only find on Airbnb-including exclusive access to the FIFA World Cup 2026. We're also bringing boutique and independent hotels to Airbnb. And we're upgrading the app with AI-powered tools to help you find the perfect place to stay, plan your trip, and get help the moment you need it." New services include: Grocery delivery, airport pickups, luggage storage, and car rentals

AMD	
	AMD announces over $10B in investments across Taiwan ecosystem

AMD announced more than $10B in investments across the Taiwan ecosystem to expand strategic partnerships and scale advanced packaging manufacturing for next-generation AI infrastructure. The company said, "Working with strategic partners in Taiwan and globally, AMD is advancing leading-edge silicon, packaging and manufacturing technologies that enable higher performance, greater efficiency and faster deployment of AI systems. These efforts build on AMD's deep ecosystem partnerships and long-standing leadership in chiplet architectures, high-bandwidth memory integration, 3D hybrid bonding and rack-scale system design for next-generation AI infrastructure. AMD is collaborating with Taiwan-based ASE and SPIL, as well as other industry partners, to develop and qualify next-generation wafer-based 2.5D bridge interconnect technology. EFB architecture increases interconnect bandwidth and improves power efficiency, supporting "Venice" CPUs. These improvements translate into faster, more efficient systems capable of delivering greater performance-per-watt while operating within real-world power and cooling constraints. AMD has achieved a major milestone with PTI by qualifying the industry's first 2.5D panel-based EFB interconnect. The technology supports high-bandwidth interconnect at scale, allowing customers to deploy more efficient AI systems while improving overall economics. AMD and its ecosystem partners are applying these innovations to support deployment of the AMD Helios rack-scale platform in the second half of 2026, marking a major step toward production-ready AI infrastructure."

APLD Applied Digital price target raised to $60 from $40 at Citizens Citizens raised the firm's price target on Applied Digital to $60 from $40 and keeps an Outperform rating on the shares. Applied Digital has rapidly strengthened its position as an AI infrastructure provider after securing a fourth major 300MW contract with a high-credit customer, driving contracted lease revenue above $30B within a year and reinforcing confidence in the company's expanding cash flow visibility, leasing momentum, and long-term growth potential tied to its North Dakota and Louisiana data center operations, the analyst tells investors in a research note.

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Nvidia boosts quarterly cash dividend to 25c per share from 1c per shareNvidia is increasing its quarterly cash dividend from 1c per share to 25c per share of common stock, which will be paid on June 26, 2026, to all shareholders of record on June 4

Nvidia approves additional $80B in share repurchases"During the first quarter of fiscal 2027, Nvidia returned a record level of approximately $20.0B to shareholders in the form of shares repurchased and cash dividends. As of the end of the first quarter, the company had $38.5 billion remaining under its share repurchase authorization. On May 18, 2026, the Board of Directors approved an additional $80.0 billion to the Company's share repurchase

BITCOIN DEMAND INCREASINGLY DRIVEN BY MICHAEL SAYLOR

Bitcoin’s market is becoming heavily dependent on buying by Strategy and its executive chairman Michael Saylor, as broader investor demand weakens.

Strategy has bought more than 171,000 Bitcoin in 2026 — far exceeding new supply from miners — with purchases funded through high-yield preferred stock offerings. Analysts say the company now represents a major share of Bitcoin trading and accumulation activity.

Meanwhile, ETF inflows, hedge fund arbitrage demand, and retail trading have slowed, while miners are increasingly selling Bitcoin to fund AI infrastructure investments.