AI

OpenAI weighs drastic price cuts to pull users from Anthropic

OpenAI is reportedly weighing drastic token price cuts to win enterprise customers back from Anthropic, with both AI rivals heading toward public listings and already burning billions on compute.

Geopolitics

Trump Says Birthday Wish Is ‘Peace for the World’ as Iran Strikes Escalate

Trump said his birthday wish is ‘peace for the world’ minutes before warning of more Iran strikes and hours before authorizing a fresh round. Defense and energy names are back in focus.

Politics

Lockheed, Palantir, Amazon Funded Trump Ballroom, Got $50B in Contracts

Public Citizen says 14 of 27 known corporate donors to Trump's White House ballroom, including Lockheed Martin, Palantir, and Amazon, have collected over $50B in new or expanded federal contracts in six months.

Markets

SpaceX IPO Could Refinance 8% of US Current-Account Deficit in a Day

Commerzbank strategists say SpaceX's $75B IPO could refinance 8% of the US current-account deficit in a single day, with foreign demand potentially lifting the dollar against the euro.

Energy

Trump: 'United States Controls the Strait of Hormuz, Not Iran'

Trump says the US, not Iran, controls the Strait of Hormuz, disclosing a secret mission that moved 100M barrels of oil and 200 ships through the chokepoint as crude holds near $90.

Geopolitics

Iran Says US Strikes on Reservoirs Cut Water for 20,000 in Sirik

Iran says US strikes destroyed two water reservoirs in Sirik on June 10, leaving 20,000 without drinking water during a 122°F heat wave. The escalation keeps Strait of Hormuz risk live for oil and defense traders.

Markets

Warren Asks SEC to Delay SpaceX IPO Days Before Nasdaq Debut

Sen. Elizabeth Warren is urging the SEC to delay SpaceX's $1.77T IPO ahead of Friday's Nasdaq debut, citing valuation, governance, and forced index-fund exposure concerns.

Markets

SpaceX IPO to Create 4,000 New Millionaires, Including Cafeteria Workers

SpaceX's upcoming IPO, valued at $1.8 trillion, is set to create 4,000 new millionaires among employees, including cafeteria workers with stock options.

Macro

Inflation Is Officially Rising Faster Than Wages

CPI rose 3.8% in April while wages grew just 3.6%, the first time inflation has outpaced pay since 2023. Energy-driven price pressure is squeezing consumers and complicating the Fed’s rate path.

Tech

Canada Plans Social Media Ban for Kids Under 16 in New Online Harms Bill

Canada is set to introduce a Digital Safety Act this week that would bar children under 16 from social media, following Australia and Malaysia. Here is what it means for META, SNAP, and GOOGL.

Politics

DOJ Moves to Revoke Citizenship of 17 Naturalized Individuals

The U.S. Department of Justice has initiated proceedings to revoke the citizenship of 17 naturalized individuals accused of serious offenses, including fraud and drug distribution.

Markets

BofA: 70% of bear-market signals triggered, time to take profits

Bank of America says 70% of its bear-market indicators have been triggered, matching the average level seen before the last seven S&P 500 market peaks. Strategists are telling clients to take profits.

Politics

Somali FIFA Referee Omar Artan Denied Entry to US Ahead of World Cup

Somali FIFA referee Omar Artan was denied entry at Miami International over vetting concerns and removed from the 2026 World Cup officiating roster, raising fresh questions about border friction tied to the tournament.

Markets

SpaceX IPO Books Close With $150B in Orders, 2x Oversubscribed

SpaceX is closing its IPO order book Wednesday with about $150 billion in orders against a $75 billion target — roughly 2x oversubscribed. SPCX prices June 11 and begins trading on Nasdaq June 12 at a $1.75 trillion valuation.

AI

Canadian Employers Are Rehiring After AI Failed to Replace Laid-Off Staff

A Robert Half survey shows over a third of Canadian employers who cut jobs to deploy AI are rehiring, as oversight needs and quality gaps outpaced expected savings.

Geopolitics

Pentagon Raises Israeli Espionage Threat to ‘Critical,’ Top Tier

The Pentagon's DIA has reportedly raised its counterintelligence threat level on Israeli espionage against the US to ‘critical,’ the highest tier, as Trump and Netanyahu clash over Iran policy.

Markets

Trump to Attend Knicks Game 3 at MSG, Watch Party Canceled

President Trump will attend Game 3 of the NBA Finals at Madison Square Garden as the Knicks host the Spurs, with heightened security canceling the outdoor MSG watch party and locking down surrounding blocks.

Markets

Top 1% of U.S. Earners Now Hold More Wealth Than Entire Middle Class

The top 1% of U.S. earners now control 31.7% of the nation's wealth, surpassing the middle class's share. This shift has significant implications for markets and policy.

Geopolitics

US shoots down Iranian drones over Strait of Hormuz, strikes radar sites

US Central Command says it shot down Iranian drones launched at the Strait of Hormuz and struck Iranian radar sites in response, keeping oil markets on edge as a fragile ceasefire frays.

Politics

Iran's World Cup Team Faces Same-Day U.S. Entry and Exit Mandate

Iran's World Cup squad must enter and exit the U.S. on match days, impacting logistics and performance. Key officials denied visas amid diplomatic tensions.

AI

US Officials in Talks to Have Government Acquire Shares in AI Giants

Senior US officials have held preliminary talks with major AI firms about the federal government acquiring equity stakes, with OpenAI's Sam Altman pushing the idea directly to Trump.

Markets

Pimco's Ivascyn: First Sustained Credit Default Cycle Has Begun

Pimco CIO Daniel Ivascyn says the first sustained credit default cycle in years has begun, with losses set to exceed what investors are pricing in. Private credit and leveraged loan vintages from 2021–2022 are in focus.

AI

Trump Admin in Talks for U.S. Government Stake in OpenAI

The Trump administration and OpenAI are in early talks about a possible U.S. government equity stake, potentially seeded by donated shares for a Public Wealth Fund. Tech and chip stocks sold off on the news.

Markets

Trump Criticizes Market Reaction to Strong Jobs Report

President Trump questions market sell-off following strong May jobs report, emphasizing that economic growth doesn't necessarily lead to inflation.

Markets

SpaceX tells banks it won't budge on $135 IPO price

SpaceX has told its banks it will not move off the $135-a-share IPO price disclosed in its amended filing, with sources describing roadshow demand as insatiable ahead of a June 12 debut.