In partnership with
Itās Sunday.
Do you own Bitcoin? Thereās a solid chance your position is underwater.
Bitcoinās recent selloff has pushed half of its circulating supply into a loss, the first time that has happened since 2022.
Some analysts see that as a sign of a deeper market reset, with similar levels historically appearing near cycle bottoms.
The key level to watch is around $55,000, near Bitcoinās realized price, where previous major drawdowns have found long-term support.
Key Data Bites Over The Last Week:
Barronās shared 6 stocks that could join the S&P 500 next.
European Central Bank raised rates for first time since 2023.
Databricks in talks to raise funds at up to $175B valuation.
Social Security is on track to become insolvent by 2032.
China is planning a 5-year data center buildout worth $295B.
Dean of Valuation estimated SpaceXās intrinsic value at $1.3T.
Novo Nordisk said its obesity pill surpassed 3M prescriptions.
Alphabet picked Intel to manufacture 3M custom chips in 2028.
CoreWeave Founders have dumped $2.3B in stock since IPO.
Trump family has made $2.3B in profit fromĀ crypto ventures.
JM Smucker sold $1B worth of Uncrustables in FY26.
Oracle to raise an additional $40B through debt and equity.
Adobe said AI-first ARR tripled YoY to over $500M.
In todayās newsletter:
š„ Inflation Heats Up
š Costcoās $1.50 Hot Dog
š§ø Goldās Bear Market
š Nasdaq Rebalancing
š SpaceX Goes Public
Letās jump right in.
š£ Together With Masterworks
The Last Time Stocks Were This Expensive Was December 1999.
"Right now, it's good. But it was in '72, '86, 2000, and 2007." - Jamie Dimon, May 2026.
The Shiller CAPE ratio just hit 42.3. The only time in 140 years it's been higher? December 1999.
Stocks can stay expensive for a long time...
Itās one metric to consider, but when your portfolio is built around the most expensive equities in modern history, what else you diversify with could really matter.
Blue-chip contemporary and post war art has shown near-zero correlation with the S&P since 1995.* Prices are largely driven by private collectors competing for a fixed supply of artwork by artists like Banksy, Basquiat, and Picasso.
Masterworks lets you invest in shares of that market.
$1.3B deployed across 500+ artworks
29 exits to date
Net annualized returns like 16.5%, 17.6%, and 17.8%, not including those unsold
*According to Masterworks data. Investing involves risk. Past performance is not indicative of future returns. See important Reg A disclosures at masterworks.com/cd.
Inflation is back in the danger zone.
Consumer prices rose 4.2% in May, the highest annual increase in three years.
The main pressure came from energy, with prices jumping 3.9% for the month as the Iran conflict continued to push oil higher.
Core inflation, which strips out food and energy prices, looked better, rising just 0.2% for the month and 2.9% from last year.
That gives the Fed a difficult setup.
Headline inflation is moving higher, but underlying pressures are not accelerating as quickly.
With markets expecting the Fed to stay on hold this week, the key question is whether the energy spike stays isolated or starts spreading through the broader economy.
Costcoās hot dog is inflationās final boss.
The $1.50 hot dog and soda combo has not changed in price since 1984, even as its inflation-adjusted price would cost nearly $5 today.
That stubborn pricing is part of Costcoās broader value playbook.
The company is built around proving value to members, even when it means sacrificing margin on certain products.
And that strategy is still working.
Costcoās U.S. comparable sales rose nearly 9% in May, their strongest level in more than a year.
Part of this is thanks to the companyās decision to cut prices on select Kirkland items as shoppers remain focused on affordability.
Gold is losing its safe-haven shine.
Despite rising uncertainty around the Iran war, Gold has fallen more than 20% from its recent high and entered a bear market for the first time in four years.
The pressure is coming from rates.
A hotter inflation backdrop has made Fed cuts less likely, while keeping the possibility of higher rates on the table.
That hurts gold because it the bullion doesnāt pay dividends or generate earnings.
Treasuries, meanwhile, are paying investors meaningful income to park cash with far less volatility.
A stronger U.S. dollar and rising real yields have also added more pressure, contributing to the decline.
The Nasdaq-100 is getting an AI-era refresh.
Nasdaq announced five new additions to the index, effective before the market opens on June 22.
The new names are Teradyne, Nebius, Astera Labs, Rocket Lab, and CoreWeave.
They will replace Insmed, Cognizant Technology Solutions, Verisk Analytics, Zscaler, and Charter Communications.
The theme of the new entrants is clear.
AI infrastructure, semiconductors, and aerospace dominate.
SpaceX just made history.
The company closed its first day of trading as a public company, giving it a market value of roughly $2.1T.
That makes SpaceX the 7th largest public company in the world, behind only Nvidia, Alphabet, Apple, Microsoft, Amazon, and TSMC.
The IPO raised $75B, making it the largest public offering ever.
Meanwhile, Elon Musk became the worldās first trillionaire and reportedly minted 4,000 new millionaires among current and former SpaceX employees.
š£ Presented By Hubspot
What happens when you throw out the GTM playbook
That investor was wrong. Gamma is now worth $2B, with 50M users and more than half their growth driven by word of mouth.
They're one of 6 AI-native startups in HubSpot for Startups' free Bold Bets Playbook. Replit grew revenue 50x after half the team pushed back on the strategy. Ramp generated 100M+ views from a single stunt. Clay's co-founder wouldn't hang up a sales call until the prospect DMed him in Slack.
Each one took a GTM risk most founders would never greenlight. Each one paid off.
ā¼ļø Market Warningā ā Bank of America urged investors to take profits as red flags pile up across U.S. stocks.
ā±ļø IPO Countdownā ā OpenAI has confidentially filed for an IPO with the SEC.
šļø Perplexity Plansā ā Perplexity is planning to go public in 2028 regardless of Anthropic or OpenAIās IPO timing.
š Bullish Jensenā ā Nvidia CEO Jensen Huang said the recent tech selloff is a buying opportunity.
š¤ Fable Releasedā ā Anthropic launched Claude Fable 5, a Mythos-class AI model with safeguards for high-risk areas.
Notable Companies Reporting Earnings Week of June 14th, 2026:
Major Trades Published 6/8 - 6/12. Trades may be those of family members. [Source: Capitol Trades]
Buys
Michael McCaul (R)
Company: Vanguard Total Stock Market ETF ($VTI)
Amount Purchased: $515K - $1.05M
Company: Paychex ($PAYX)
Amount Purchased: $115K - $300K
Sells
Michael McCaul (R)
Company: Intel ($INTC)
Amount Sold: $100K - $250K
Company: Arrow Electronics ($ARW)
Amount Sold: $100K - $250K
Major Trades Published 6/8 - 6/12
Buys
Summit Therapeutics ($SMMT)
Sells
Disclaimer: The publisher does not guarantee the accuracy or completeness of the information provided in this page. All statements and expressions herein are the sole opinion of the author, paid advertiser, or partner and do not reflect the official policy or position of any other agency, organization, employer or company.
Carbon Finance is a publisher of financial information, not an investment or financial advisor. We do not provide personalized or individualized investment advice or information that is tailored to the needs of any particular recipient.
The information contained on this website/newsletter has been crafted with the assistance of an AI language model to enhance the content of this newsletter. We have made efforts to ensure the quality and reliability of the information presented, but we cannot guarantee its absolute accuracy. Therefore, readers are advised to exercise their own judgment and seek additional sources if necessary.
THE INFORMATION CONTAINED ON THIS WEBSITE/NEWSLETTER IS NOT AND SHOULD NOT BE CONSTRUED AS INVESTMENT ADVICE, AND DOES NOT PURPORT TO BE AND DOES NOT EXPRESS ANY OPINION AS TO THE PRICE AT WHICH THE SECURITIES OF ANY COMPANY MAY TRADE AT ANY TIME. THE INFORMATION AND OPINIONS PROVIDED HEREIN SHOULD NOT BE TAKEN AS SPECIFIC ADVICE ON THE MERITS OF ANY INVESTMENT DECISION. INVESTORS SHOULD MAKE THEIR OWN INVESTIGATION AND DECISIONS REGARDING THE PROSPECTS OF ANY COMPANY DISCUSSED HEREIN BASED ON SUCH INVESTORSā OWN REVIEW OF PUBLICLY AVAILABLE INFORMATION AND SHOULD NOT RELY ON THE INFORMATION CONTAINED HEREIN.
No statement or expression of opinion, or any other matter herein, directly or indirectly, is an offer or the solicitation of an offer to buy or sell the securities or financial instruments mentioned.
Any projections, market outlooks or estimates herein are forward looking statements and are inherently unreliable. They are based upon certain assumptions and should not be construed to be indicative of the actual events that will occur. Other events that were not taken into account may occur and may significantly affect the returns or performance of the securities discussed herein. The information provided herein is based on matters as they exist as of the date of preparation and not as of any future date, and the publisher undertakes no obligation to correct, update or revise the information in this document or to otherwise provide any additional material.
The publisher, its affiliates, and clients of the publisher or its affiliates may currently have long or short positions in the securities of the companies mentioned herein, or may have such a position in the future (and therefore may profit from fluctuations in the trading price of the securities). To the extent such persons do have such positions, there is no guarantee that such persons will maintain such positions.
Neither the publisher nor any of its affiliates accepts any liability whatsoever for any direct or consequential loss howsoever arising, directly or indirectly, from any use of the information contained herein.
This newsletter is sponsored by Masterworks and Hubspot. Sponsorship does not influence our editorial content. We do not endorse the sponsorās products, services, or views, and we are not responsible or liable for any interaction or transaction between readers and the sponsor.
Some of the links in this newsletter are affiliate links. This means that if you click on the link and purchase the item, we will receive an affiliate commission at no extra cost to you. All opinions remain our own.
By using the Site or any affiliated social media account, you are indicating your consent and agreement to this disclaimer. Unauthorized reproduction of this newsletter or its contents by photocopy, facsimile or any other means is illegal and punishable by law.
