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It’s Sunday.
It was a shorter market week, but not a quiet one.
The U.S. and Iran signed an interim 14-point framework to pause the conflict, reopen the Strait of Hormuz, and begin a 60-day window for talks on sanctions relief and Iran’s nuclear program.
The agreement lowers near-term escalation risk, but its long-term durability remains uncertain.
Markets also got Kevin Warsh’s first Fed meeting as Chair.
The Fed voted unanimously to hold rates at 3.5% to 3.75%, but Warsh used the meeting to signal a more hawkish and less predictable central bank.
He shortened the policy statement, removed explicit forward guidance, declined to submit his own dot plot projection, and announced new task forces to review how the Fed operates.
For a four-day week, markets had plenty to digest.
Key Data Bites Over The Last Week:
U.S. oil reserve reached 43-year low.
Robinhood to cut 10% of its workforce.
10 stocks with 50+ years of dividend hikes.
Salesforce to buy AI platform Fin for $3.6B.
Pizza Hut has been sold for $2.7B to PE firm.
U.K. will ban social media for anyone under 16.
Threads has reached 500M monthly active users.
SpaceX will buy AI coding startup Cursor for $60B.
Fox will acquire Roku in a $22B cash-and-stock deal.
China retail sales declined for first time in over 3 years.
Nvidia to raise $25B in first debt sale since start of AI boom.
TikTok Parent on track to spend >$1B on Microsoft AI services.
Goldman Sachs has already managed >$1T in M&A deals in 2026.
Stock picker who snubbed Nvidia for Adobe saw $50B wiped from firm.
In today’s newsletter:
👨💼 Elon Musk > Berkshire Hathaway
🔎 Major IPOs To Add To Your Watchlist
🎹 ChatGPT Is Losing Market Share
📉 Snapchat $10,000 Invested
Let’s jump right in.
📣 Together With Masterworks
The S&P 500 Has Become One Big Bet. It’s Only Getting Bigger.
The index's top ten stocks make up nearly 40% of its total value as of Q226. All have some connection to AI.
Now SpaceX is filing its IPO. Priced at 92x sales. Lost $5 billion last year.
Robert Arnott, chairman of Research Affiliates, called it "ludicrous" in the WSJ this month but said he'd gladly buy SpaceX anyway. His reason? Index funds have to buy it to avoid trailing the benchmark.
It’s becoming a very crowded boat, and moreso with Anthropic and OpenAI IPOs around the corner.
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Elon Musk is in uncharted territory.
Since going public, SpaceX shares have continued to climb, pushing the company’s valuation to roughly $2.4T.
For a split second, the company briefly surpassed Microsoft to become the 4th most valuable public company in the world.
Because Musk’s SpaceX stake now makes up nearly 75% of his fortune, the recent price action has sent his net worth over $1.3T.
That puts him above Larry Page, Sergey Brin, Jeff Bezos, and Larry Ellison combined.
Even more remarkable? Musk is now personally worth more than Warren Buffett’s legendary Berkshire Hathaway.
The IPO window is far from over.
While the SpaceX IPO is now in the rear view mirror, several of the most valuable private companies in the world could follow.
Anthropic and OpenAI have both recently confidentially filed with the SEC, with reported valuations nearing $1T.
Databricks is also expected to move closer to a public listing after recently discussing a new funding round at a valuation as high as $175B.
Unlike past IPO cycles filled with speculative startups rushing to market, this window is offering some of the fastest-growing and most innovative private companies in the world.
The AI assistant race is getting crowded.
ChatGPT remains the clear leader, with more than 1.1B monthly users and roughly 46% market share.
But for the first time, its share has fallen below 50%.
The pressure is coming from Gemini and Claude, which have grown to about 28% and 10% share, respectively.
Gemini is benefiting from Google’s massive ecosystem, while Claude continues to gain traction with productivity-focused users.
ChatGPT is still the default AI assistant for most users, but it is no longer the only serious option.
Snap is still chasing the next screen.
The company recently unveiled its new Specs AR glasses, a $2,195 device aimed at bringing digital visuals into the real world.
CEO Evan Spiegel argues consumers are ready to think about computing differently nearly 20 years after the iPhone.
The problem is that Snap is making a very expensive hardware bet while its stock is still deeply underwater.
A $10,000 investment in Snap five years ago would be worth just $689 today.
The company has never posted an annual profit as a public company, while Meta, Google, and Apple can fund similar bets with far larger cash engines.
Specs may be Snap’s boldest product in years, but investors still aren’t convinced it can succeed.
📣 Presented By Greenfield Robotics
Physical AI is coming to agriculture.
Everyone talks about AI software. Few are paying attention to AI machines operating in the real world. Greenfield Robotics is building autonomous machines that remove weeds at commercial scale, targeting one of agriculture's largest recurring costs.
Greenfield Robotics is Testing The Waters under tier 2 of Regulation A. No money or other consideration is being solicited, and if sent in response will not be accepted. No offer to buy the securities can be accepted and no part of the purchase price can be received until the offering statement filed by the company with the SEC has been qualified by the SEC. Any such offer may be withdrawn or revoked, without obligation or commitment of any kind, at any time before notice of acceptance given after the date of qualification. An indication of interest involves no obligation or commitment of any kind. “Reserving” shares is simply an indication of interest. There is no binding commitment for investors that reserve shares in this manner to ultimately invest and purchase the shares reserved of the company, or to purchase any shares of the company whatsoever.
❌ Deal Collapse↗ – Microsoft reportedly walked away from a potential $3B Oracle cloud deal over security concerns, though Oracle has disputed the details.
💾 Chip Deal↗ – President Trump announced that Apple agreed to partner with Intel to design and build chips in the U.S.
🍎 Price Hikes↗ – Apple is planning to raise prices on its products to offset increasing cost of memory and storage chips.
Notable Companies Reporting Earnings Week of June 21st, 2026:
Major Trades Published 6/15 - 6/19. Trades may be those of family members. [Source: Capitol Trades]
Buys
Thomas Kean Jr (R)
Company: EQT ($EQT)
Amount Purchased: $1K - $15K
Company: Amcor ($AMCR)
Amount Purchased: $1K - $15K
Sells
Matt Van Epps (R)
Company: Tapestry ($TPR)
Amount Sold: $15K - $50K
Jonathan Jackson (D)
Company: Microsoft ($MSFT)
Amount Sold: $15K - $50K
Major Trades Published 6/15 - 6/19
Buys
Sells
AppLovin ($APP)
Insider: Eduardo Vivas (Director)
# of Shares Sold: 163,910
$ Amount: $82,620,804
SEC Forms: [1]
CoreWeave ($CRWV)
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