Sven Piper/iStock Editorial via Getty Images Today, SpaceX ( SPCX ) launches in what is the largest IPO in the history of financial markets. This IPO is three times the size of Saudi Aramco’s record-setter in 2019. Demand is unprecedented, narrative is everywhere, and I am not buying a single share (for now). Let me explain why. SpaceX is one of the most extraordinary companies I have ever studied. I learned that when you are buying SpaceX, you aren’t buying a company; you are buying a vision. That long-term vision of orbital data centres, Mars colonization, global broadband is very appealing, and it has led to an extra-orbital valuation. But vision and valuation are two conflicting things. What I uncovered during my analysis of the IPO documentation, notably concerns around governance, a worrying dependence on one performing segment, and the depressing reality of the complexity of launching data centres in space, has brought my excitement levels back down to earth. Let’s explore why in further depth. The Governance Problem: Material Risks for Investors Let me start with the issue at the forefront of my mind. SpaceX's S-1 filing confirms that Elon Musk retains 85.1% of voting power through a dual-class share structure, leaving other shareholders with no meaningful voting rights nor substantial corporate governance protections. Musk will simultaneously serve as CEO, CTO, and Chairman post-IPO (not to mention his commitments to his other companies). What’s more, SpaceX qualifies as a controlled company and has therefore opted out of Nasdaq's independent board requirements. Furthermore, the S-1 also discloses approximately $506 million in related-party transactions with Tesla in 2025 alone. For me, this is a massive red flag. Not only does one person basically control the entire company, but that person also has the ability to (having already done so in the past) allocate shareholder capital across his vast corporate empire. Tesla, Inc. ( TSLA ) shareholders have suffe...

We Are/DigitalVision via Getty Images I previously rated Block ( XYZ ) as a Buy in February 2026, attributed to the management delivering against the ambitious 2028 growth targets. In this article, I shall discuss why XYZ remains a great buy here, thanks to the discounted valuations and the consequently excellent margin of safety for those seeking robust capital appreciation prospects. XYZ Delivers Promising Growth Reversal XYZ 1Y Stock Price (Trading View) Since my last Buy rating, XYZ has delivered an excellent stock price return of +11% compared to the wider market at +6.4%, albeit with a mostly sideways stock price action since mid April 2026. The latter may be attributed to the Fed signaling that " higher interest rates could be necessary later this year," given: the ongoing Iran conflict , the elevated oil prices, and the consequently higher inflationary pressure at 4.2% YoY in May 2026 against the Fed's " 2% target for annual inflation ." Given the fintech's sensitivity to interest rates and the consumers' potentially moderated discretionary spending trends, I can understand why XYZ has underperformed in recent weeks. 1. Higher Engagement Trends XYZ's Focus On Neighborhoods (XYZ) Otherwise, XYZ has demonstrated their determination to drive renewed growth opportunities beyond the previously aggressive layoffs , as they lean on Neighborhoods , a loyalty/discovery/rewards program , to drive higher engagements across in-store/online merchants and Cash App actives. While nascent, merchant/consumer adoption is already accelerating in recent months, with it translating to "about 6x the conversion rates that our sellers see on their marketing e-mails" and the higher annualized GPV prospects at $320M (up 190% since December), with further gains likely: We expect this to flow through to higher win rates and better acquisition, better retention on the seller side and then really driving our network growth on the consumer side. ( Seeking Alpha ) The same has been observe...

Reverse mergers in tiny public shells can offer months of legitimate opportunity, but bad data and retail frenzy can still send prices to absurd levels. See how the QXO (NYSE: QXO) spike unfolded, and what disciplined investors did, in the video below. *This video was published on May 29, 2026. Continue reading

Lumentum (NASDAQ: LITE) has become one of the market's most dramatic artificial intelligence infrastructure stories. The stock has soared, revenue growth is accelerating, and Wall Street still sees upside. But with expectations already sky-high, investors now face a critical question: can the company grow fast enough to justify the rally? Stock prices used were the market prices of June 1, 2026. The video was published on June 11, 2026. Continue reading

Maximizing your Social Security benefits is a bit more complicated when you're married. Not only do you have to worry about timing your claim right, but you also have to figure out which type of benefit will give you the most money. While the Social Security Administration will technically do the math for you, it's worth knowing how to determine whether your retirement or spousal benefit is larger so you can plan accordingly. Luckily, you don't even need a calculator to figure it out. Image source: Getty Images. Continue reading

Alibaba's offer more than doubles Sun Art's bid as China's grocery delivery consolidation accelerates.

格隆汇6月12日｜花旗将Adobe目标价从264美元下调至228美元，维持中性评级。

Oracle (ORCL) Stock Gains Momentum After Securing $395.8M Federal Cloud Contract Blockonomi

The government agency probing last year’s Air India crash has delayed its final report, saying the investigation into the country’s worst commercial airline disaster isn’t finished yet. India’s Aircraft Accident Investigation Bureau said Friday that authorities have undertaken an extensive and rigorous examination of all relevant technical, operational, organizational and human factors associated with the accident over the past year. However, more work needs to be done. “Additional technical evaluations and specialist examinations, wherever considered necessary, will continue to be undertaken to ensure that all findings and conclusions are supported by verified evidence and sound scientific analysis,” according to the AAIB statement. Bloomberg News reported earlier this week that the delay is because examination of the Boeing Co. plane’s engines — made by GE Aerospace — is still being done in the US. The final report may come within three months, people familiar with the matter said. Flight AI 171 crashed June 12 last year, just 32 seconds after takeoff from Ahmedabad en route to London. The accident killed 241 passengers and crew, along with 19 people on the ground, after the aircraft slammed into a densely populated urban area beyond the airport perimeter. One passenger miraculously survived. The final report is supposed to be completed within a year of the accident. AAIB released its preliminary findings on schedule on July 12 last year. That report said both engines shut down after two fuel control switches in the cockpit were moved from the “run” to the “cut-off” position in quick succession. It did not establish why the switches were moved by or by whom. Cockpit audio captured one pilot asking the other why he had flipped the switches, and the other denying doing so. The report did not identify which pilot made which remark. The delay in the final report on the first-ever accident involving a 787 Dreamliner may also allow investigators to address concerns rais...

世界银行周四发布最新一期《全球经济展望》报告，将2026年全球经济增长预测下调至2.5%，为2020年新冠疫情以来最低增速，并警告若中东冲突持续升级，全球经济可能面临“失去的十年”风险。 报告显示，2025年全球经济增长率为2.9%，但受中东冲突引发的能源价格飙升影响，2026年增速预期被下调0.1个百分点。世界银行将对全球三分之二经济体的增长预测进行了下调。世行行长彭安杰表示，发展中国家过去十年面临一系列挑战，各国民众承受的压力不尽相同，但根本考验是一样的——在当下保护民众、维护稳定，同时不牺牲未来的增 长和 就业。 世界银行指出，霍尔木兹海峡的关闭已严重扰乱能源市场。基准情景假设布伦特原油均价为每桶94美元，较2025年上涨36%，全球通胀率预计升至4%，显著高于2025年的3.3%。更令人担忧的是，若能源供应中断持续时间更长并伴随金融市场压力，全球增长可能降至1.3%，通胀率则升至4.4%。 世行首席经济学家英德米特·吉尔指出，由于人口增长放缓、私人投资下降、公共债务上升等多重因素，2020年代可能成为许多发展中经济体的“失去的十年”。目前除中国和印度外，大多数发展中国家在缩小与发达经济体的人均收入差距方面几乎没有进展。 分地区看，中东、北非、阿富汗和巴基斯坦地区增长预测被大幅下调至1.6%，远低于2025年的4%。海湾经济体受到的冲击最为严重，其增长率预计将从2025年的3.9%降至2026年的接近零值。 为帮助受冲击最严重的国家应对危机，世界银行表示将在未来15个月内提供最高1000亿美元的资金支持，其中初期已可动用500至600亿美元。 责任编辑：张俊 SF065

Jorge Villalba/iStock Unreleased via Getty Images Just hours after a significant escalation in bombing between the U.S. and Iran, which was clearly jarring financial markets, President Trump posted another announcement that sent risk asset prices soaring. He cancelled the bombings he had scheduled for last night on the basis that negotiations had finally led to a deal with discussions and details now complete. He also indicated that senior Iranian leadership approved the agreement, which could be signed as soon as this weekend. Call me a skeptic, but the timing of this announcement just hours before the largest IPO in history is about to trade gives me pause. Finviz Shortly after the statement was released Iran rejected President Trump’s claims, according to Fars News Agency, citing Iranian sources within the negotiating team. I can’t count how many times markets have been jawboned with empty promises of productive negotiations or an imminent deal. Therefore, I suspect that the goal of this latest announcement was to create a more positive market backdrop for the SpaceX debut. I hope I am proven wrong, but my instincts tell me to sell this rip for better investment opportunities in the broad market as the summer doldrums continue until second quarter earnings announcements begin in mid-July. Bloomberg Before the President’s announcement, we had another ugly economic report from the Producer Price Index (PPI), which rose in May at the fastest rate in three years, climbing 1.1% for the month and 6.5% over the prior year. The core rate increased 4.9%, as higher energy costs are now clearly feeding into other goods and services for businesses. TradingEconomics Energy prices rose 10.7% to lead all categories in May, but transportation and warehousing services (+2.6%) have seen sharp monthly price increases since the war started, which looks set to continue. These costs are starting to be passed along in the form of higher goods prices for a variety of materials and compo...

格隆汇6月12日｜短期调整后，近日焦煤、焦炭价格再度上攻。截至6月12日下午收盘，焦炭主力合约2609收报2078元/吨，盘中最高达到2126元/吨的近年高点。近两个交易日来，该主力合约价格累计涨幅突破5%。“现货市场上，本周焦炭现货市场价格维持偏强上涨，第六轮提涨落地，第七轮上涨正在酝酿。”卓创资讯分析师刘璐璐称。据了解，目前山西煤矿安监形势依然严峻，坑口焦煤供应恢复缓慢，周内焦煤期货价格高位回落，市场投机需求减弱，但现货市场刚需偏强，坑口焦煤价格维持上涨，6月10日焦炭价格第六轮提涨全面落地，且顶装焦涨幅扩大至75元/吨，第七轮提涨也已经提上日程。

The offering values Elon Musk's company at $1.77 trillion ahead of its Nasdaq debut.

格隆汇6月12日｜在今日市政府新闻办举行的新闻发布会上，上海市委金融办常务副主任周小全指出，在构建全生命周期科技金融服务体系方面，主要从4方面工作展开：一是发展股权投资。上海股权投资基金募资额在2024年增长42.7%的基础上，2025年同比增长48.0%，其中科创领域获投金额1346.3亿元、继续处在全国首位。二是加强上市服务。截至今年5月末，科创板上海企业95家，首发募资金额居全国第一。三是深化并购重组。自“并购六条”实施以来，上海完成并购重组54单、交易金额2512亿元。四是推进科技信贷。支持开展“沪科积分贷”、“点心贷”等业务，拓展“知识产权质押贷”等专属产品。

Alistair Berg Stock index futures rose before the bell on Friday as traders prepared for SpaceX's initial public offering. Here are the four stocks to watch on the day: AMD ( AMD ) shares rose 2% in premarket trading on Friday as Citi upgraded the Dr. Lisa Su-led company, citing its GPU potential . "While we have been constructive on the inflection in agentic AI led CPU demand and AMD to be the major beneficiary of it, we now see AMD emerging as a legit second source in the GPU market with company poised to win lion's share at Meta," analyst Atif Malik wrote in a note to clients. Western Digital ( WDC ) rose 0.71% before the opening bell as it agreed to exchange about 1.04 million shares of Sandisk stock that it owns for shares of its stock held by certain institutional investors. The final number of shares exchanged will be based on the average trading prices of both stocks from June 16-18, with the transaction expected to close on June 22, 2026. Novartis ( NVS ) fell 0.49% in early action as it announced that its RNA therapy braxlosiran, added from its $12 billion acquisition of Avidity Biosciences in February, succeeded in a Phase 1/2 trial for facioscapulohumeral muscular dystrophy. The therapy is designed to address the abnormal expression of the DUX4 gene, which causes FSHD, one of the most common forms of muscular dystrophy. Honeywell ( HON ) rose 0.68% in premarket trading as the industrial conglomerate targets acquisitions valued between $2 billion and $4 billion to expand its industrial automation business. Speaking at the company's investor day in New York, Peter Lau, president of Honeywell's Industrial Automation unit, said the company sees significant room for growth through acquisitions in a large and fragmented market. "There is a ton of opportunity for M&A," Lau said, adding that the business operates in a roughly $35 billion market. More related stories Honeywell International Inc. (HON) Analyst/Investor Day Transcript AMD: The Market Is Still Under...

Alistair Berg Stock index futures rose before the bell on Friday as traders prepared for SpaceX's initial public offering. Here are the four stocks to watch on the day: AMD ( AMD ) shares rose 2% in premarket trading on Friday as Citi upgraded the Dr. Lisa Su-led company, citing its GPU potential . "While we have been constructive on the inflection in agentic AI led CPU demand and AMD to be the major beneficiary of it, we now see AMD emerging as a legit second source in the GPU market with company poised to win lion's share at Meta," analyst Atif Malik wrote in a note to clients. Western Digital ( WDC ) rose 0.71% before the opening bell as it agreed to exchange about 1.04 million shares of Sandisk stock that it owns for shares of its stock held by certain institutional investors. The final number of shares exchanged will be based on the average trading prices of both stocks from June 16-18, with the transaction expected to close on June 22, 2026. Novartis ( NVS ) fell 0.49% in early action as it announced that its RNA therapy braxlosiran, added from its $12 billion acquisition of Avidity Biosciences in February, succeeded in a Phase 1/2 trial for facioscapulohumeral muscular dystrophy. The therapy is designed to address the abnormal expression of the DUX4 gene, which causes FSHD, one of the most common forms of muscular dystrophy. Honeywell ( HON ) rose 0.68% in premarket trading as the industrial conglomerate targets acquisitions valued between $2 billion and $4 billion to expand its industrial automation business. Speaking at the company's investor day in New York, Peter Lau, president of Honeywell's Industrial Automation unit, said the company sees significant room for growth through acquisitions in a large and fragmented market. "There is a ton of opportunity for M&A," Lau said, adding that the business operates in a roughly $35 billion market. More related stories Honeywell International Inc. (HON) Analyst/Investor Day Transcript AMD: The Market Is Still Under...

Sharon AI Holdings Inc. (NASDAQ:SHAZ) shares surged 25% on Friday after the company announced a six-year strategic compute collaboration with NVIDIA (NASDAQ:NVDA) aimed at significantly expanding AI infrastructure capacity in Australia.

格隆汇6月12日｜据路透，英国石油公司寻求出售两个墨西哥湾项目股权。

NVIDIA (NVDA) Options Buyer Sees Significant Gains GuruFocus

Deal will power workforce management for roughly 2 million U.S. federal employees.

贝莱德 的BDEBT私募信贷基金在收到回购约5.3%已发行股票的请求后，将赎回比例限制在5%。 该基金以0.5倍的温和杠杆运营，估计有约14亿美元流动性。 “我们认为，BDEBT处于有利地位，能够应对当前市场环境，并从中受益，”该基金在一封致股东信中表示。 责任编辑：江学思

专题：史上最大IPO本周来袭 马斯克旗下SpaceX拟募资750亿美元 2026 年 6 月 11 日，纽约街头立起 SpaceX 首席执行官埃隆・马斯克的充气人偶，民众以此抗议 Grok 人工智能存在的问题。 距离 SpaceX 登陆 纳斯达克 上市仅剩一天，大批抗议者聚集在纽约时代广场，希望借此引发公众关注埃隆・马斯克旗下产品在人工智能安全领域留下的负面记录。 马斯克推出的 Grok 人工智能工具以及社交平台 X 饱受诟病：用户可借助相关工具，在未经本人许可的前提下，仅凭真人照片批量生成、传播包含儿童在内的他人色情、暴力图像。 多个国家和地区的监管机构已对现已并入 SpaceX、更名为 SpaceXAI 的 xAI 公司展开正式调查。美国境内也有多起针对 Grok 的诉讼，原告包括巴尔的摩市政府，以及一批深受该 AI 侵害的女性与未成年女孩。 SpaceX 在 IPO 申报文件中披露，截至 2025 年末，公司已针对此类诉讼计提 5.3 亿美元预计诉讼损失准备金，相关赔付发生概率高、损失金额可合理预估。 名为 “即刻安全人工智能联盟” 的抗议团体，自称由忧心民生的普通民众、行业从业者及宗教领袖组成。他们在时代广场摆放一尊 40 英尺高的马斯克充气塑像：塑像面色苍白、赤裸上身，胸口印有大字 ——“SpaceX 旗下 Grok 可生成儿童色情 AI 图像”。 该联盟向 CNBC 发送邮件声明称： “这尊马斯克塑像意在向投资者发出直白警示：马斯克打造出一款具备危害性、容易被滥用的人工智能，掩盖其造成的各类损害，随后将该业务并入 SpaceX，如今还要以每股 135 美元的价格，把这些法律风险转嫁给全体二级市场投资者。” 联盟补充道：“一家会滋生儿童色情内容的企业，经营根基天然不稳定，将美国普通投资者与养老基金置于巨大风险之中。未来所有与 Grok 相关的诉讼、刑事调查、监管罚金，最终都将由 SpaceX 全体股东买单。而马斯克仅凭纸面财富跻身万亿富豪，所有损失却要由投资者承担。” 责任编辑：郭明煜

美国房贷利率本周小幅回升，30年期固定利率抵押贷款平均利率升至6.52%，接近2026年以来的最高水平。持续高企的通胀和地缘冲突引发的能源价格飙升，成为推高借贷成本的主要因素。 据房地美周四公布的数据，30年期固定利率抵押贷款平均利率从上周的6.48%上升至6.52%，创下五周以来的最高值。15年期固定利率抵押贷款平均利率也攀升至5.84%。据媒体报道，当前利率水平已较今年早些时候的低点明显走高——2026年的利率低点曾达到6.09%，而自伊朗冲突爆发以来，30年期房贷利率已累计上涨约0.5个百分点。 推动房贷利率上升的核心动力来自通胀压力。美国5月消费者价格指数同比上涨4.2%，为三年来最高水平。与此同时，中东冲突导致霍尔木兹海峡运输受阻，国际能源价格大幅攀升，进一步加剧了通胀预期。房贷利率虽然不与美联储基准利率直接挂钩，但紧密跟踪国债收益率走势，而后者对通胀预期高度敏感。 市场对美联储政策路径的预期也发生转变。此前投资者普遍期待年内降息，但通胀持续高企令这一预期迅速消退，利率期货市场已开始消化年底前加息的可能性。住房经济学家指出，房贷利率短期内回到6%以下的可能性已经不大。 对购房者而言，6.52%的利率水平意味着显著的负担增加。以30万美元贷款计算，当前月供约为1896美元，远高于疫情期间4%利率水平下约1432美元的月供。受此影响，再融资活动明显放缓，许多房主因已锁定更低利率而缺乏置换动力。 分析人士预计，除非通胀明显降温，否则房贷利率在今年剩余时间内将维持在6%至6.5%的区间附近。 责任编辑：张俊 SF065

ETFs Investing in Intel Corporation Shs Cert.Deposito Arg.Repr. 0.2 Shs Stocks TradingView

中国企业出海需要真正地与本地企业合作，而不是一味地对它们进行降维打击 在6月12日举行的财新夏季峰会上，法国欧瑞泽基金运营合伙人马原发表观点。图：财新 【财新网】 中国企业“出海”具备极强的效率与成本优势，但要实现真正的全球化，“必须突破资本结构单一化的瓶颈，学会在本地化过程中融入当地生态。”在6月12日举行的 财新夏季峰会 上，法国欧瑞泽基金运营合伙人马原发表上述观点。 作为一家来自法国的投资机构，欧瑞泽近年来在中国市场重点布局新能源、出行及智能制造领域，并致力于推动被投企业“出海”。马原以欧瑞泽投资的自动驾驶企业文远知行（WeRide）以及碧澄能源（PCG Power）为例称，这些企业的业务之所以能在新加坡市场顺利推进，是因为它们提供了当地迫切需要的技术服务，且“推进速度和价格优势是欧洲人甚至美国人无法比拟的”。

6月12日，上海国泰海通证券资产管理有限公司发布公告称，公司新任总裁、财务负责人为叶明，党委书记、董事长陶耿不再兼任公司总裁职位。2025年7月，国泰君安资管与海通资管启动合并，于2026年4月底完成吸收合并交割，是业内首例券商资管整合案例。数据显示，截至2025年末，两家资管公司合并后管理规模达7507亿元，营收超23亿元。（第一财经）

美国劳工部周四公布的数据显示，受伊朗冲突引发的能源价格飙升影响，美国5月生产者价格指数同比大幅上涨6.5%，创下自2022年11月以来的最大涨幅。这一数据远超市场预期，显示出批发端通胀压力正在显著升温。 数据显示，5月PPI环比上涨1.1%，同样高于市场预期的0.7%。能源价格成为推动通胀的核心因素，5月能源价格环比上涨10.7%，其中汽油价格单月上涨23.4%，贡献了商品价格涨幅的一半以上。据媒体报道，霍尔木兹海峡持续封锁导致国际油价大幅攀升，船用燃料成本较冲突前上涨近70%，生产成本压力正沿着产业链逐级传导。 更值得警惕的是，剔除食品、能源和贸易服务的核心PPI同比涨幅从4.4%升至5.1%，创下2022年10月以来新高。这表明通胀压力已从能源领域向外扩散——5月食品价格环比上涨0.6%，核心商品价格上涨0.8%为近三年最大涨幅，运输和仓储服务价格也同步上涨2.6%。 生产者价格指数被视为消费者通胀的先行指标。此前一天公布的数据显示，美国5月CPI同比上涨4.2%，为三年来首次突破4%关口。通胀持续高企令市场对美联储政策路径的预期发生显著转变。利率期货市场已基本消化了美联储年底前至少加息一次的预期，而就在数月前，市场还在讨论何时降息。 分析人士指出，即便美伊达成协议令海峡重新开放，能源价格也难以迅速恢复至冲突前水平，供应链修复和库存重建将是一个漫长的过程。 责任编辑：张俊 SF065

Pop Culture Group ( CPOP ) on Friday said it agreed to sell 53.3 million Class A ordinary shares, or pre-funded warrants in lieu thereof, to an institutional investor in a registered direct offering expected to raise about $8 million in gross proceeds. The shares and pre-funded warrants were priced at $0.15 each. Each pre-funded warrant is exercisable for one Class A ordinary share. The China-based company said the offering is expected to close on or about June 15, subject to customary closing conditions. Univest Securities is acting as the sole placement agent for the transaction. Source: Press Release More on Pop Culture Financial information for Pop Culture

Daniel Hull/iStock Editorial via Getty Images Powerlaw ( PWRL ) surged 11% during pre-market trading on Friday, extending on the 14% gain the company enjoyed by Thursday's close, as investors seek to take advantage of its SpaceX ( SPCX ) holdings. Powerlaw runs a closed-end fund that allows average investors exposure to high-end, private AI and tech companies, such as OpenAI ( OPENAI ). SpaceX, which makes its historic debut on the Nasdaq today, happens to be its largest position , making up 19%, or $117M, of its portfolio, as of May 13. SpaceX ( SPCX ) raised $75B in the largest IPO ever , giving Elon Musk's space, satellite and AI company an implied valuation of roughly $1.77T ahead of its Nasdaq debut. Powerlaw was founded in 2024 and just began trading on the Nasdaq Global Market late last month. Its portfolio also includes stakes in Stripe, Databricks, Canva, Figma, Perplexity, Waymo, Kraken, Kalshi, and Groq. Its net asset value totaled $662M as of May 31. While the market's reaction suggests investors expect Powerlaw's net asset value to rise alongside SpaceX's public valuation, analysts note that closed-end funds can trade at premiums or discounts to the underlying value of their holdings. That means Powerlaw's share price may not move in lockstep with the value of its SpaceX stake once trading in the newly public company begins. Powerlaw Capital Group is backed by Akkadian Ventures, a venture secondary investment firm focused on the private technology market, with $1.36B in assets under management as of March 31, 2026. More on Powerlaw and SpaceX SpaceX To The Moon Or To The Ground? Watch 187.60 And 161.00 Chart Of The Day: Today Is SpaceX Day! Should You Buy? Wall Street Breakfast Podcast: SpaceX Enters Public Orbit Is SpaceX worth $1.8T? SA analysts weigh In ahead of the blockbuster IPO Leveraged SpaceX ETFs hit with one-day delay to ensure smooth IPO - report