Analysis

TradingKey - On June 10, the U.S. Bureau of Labor Statistics released the CPI data for May, delivering results in line with market expectations. Specifically, the U.S. CPI rose 0.5% month-on-month, compared to the previous 0.6%, and increased 4.2% year-on-year, up from 3.8% in April. Core CPI, which excludes food and energy, rose 0.2% month-on-month, lower than the 0.4% recorded in April, while the annual core CPI edged up to 2.9% from the previous 2.8%. Following the data release, the Nasdaq 100 reversed earlier losses to lead the broader U.S. equity market, with the heavily weighted technology sector serving as the core driver of the index's upward momentum.

Oracle fell below the $200 mark as the market focuses on its upcoming earnings report, while Wall Street investment banks remain optimistic.

TradingKey - GameStop holds more than $1 bn in cash and no long-term debt, yet investors are still waiting for Ryan Cohen's next move. Could a major capital allocation decision unlock value?

TradingKey - SpaceX is set to debut on the Nasdaq on June 12 under the ticker symbol SPCX. The offering price is set at $135 per share, with a fundraising target of $75 billion, implying a total company valuation of $1.77 trillion. This will be the largest IPO in global history.

TradingKey - On Wednesday ET, the three major U.S. stock index futures broadly declined in pre-market trading as the tech sell-off continued. Escalating tensions in the Middle East, coupled with the imminent release of May CPI data, have significantly cooled market risk appetite. As of press time, Dow futures are down 0.92%, S&P 500 futures have dropped 1.06%, and Nasdaq 100 futures have declined 1.62%.

Bitcoin has fallen below $60,000, putting MicroStrategy’s share price to the test at the $100 threshold, which risks being breached in the short term.

SpaceX SPCX IPO pricing June 11, listing June 12. 2025: $18.67B revenue, $4.94B net loss. Starlink $11.4B revenue, $4.4B operating profit. xAI segment $6.36B operating loss. $1.75T valuation. MSCI fast-track inclusion confirmed.

TradingKey - The initial public offering (IPO) of Space Exploration Technologies Corp. (SpaceX), led by the world's richest man Elon Musk, is igniting an unprecedented surge in capital markets. According to sources, as of Tuesday, the IPO has attracted over $250 billion in subscription demand, far exceeding the company's $75 billion fundraising target, with an oversubscription ratio of 3.5 to 4 times.

TradingKey - On June 10 ET, Reuters reported, citing sources familiar with the matter, that SK Hynix plans to list in the United States as early as August this year. The U.S. Securities and Exchange Commission (SEC) may approve its American Depositary Receipt (ADR) listing application during the week of June 22. South Korea's Meritz Securities reported on the same day that if the approval proceeds smoothly, SK Hynix will officially list by mid-August at the earliest.

TradingKey - According to a Reuters report citing two attendees, SpaceX President Gwynne Shotwell and CFO Bret Johnsen stated that the company plans to launch its first demonstration orbital AI computing infrastructure by the end of 2027.

TradingKey - On June 9 (ET), OpenAI is in advanced talks to lease a planned 10 GW data center campus in Ohio, according to people familiar with the matter. The campus is proposed for federal land, and Nvidia (NVDA) may provide financial support.

TradingKey - June 10, 2026. Google Cloud reported that a fire at a third-party data center in Delhi, India, necessitated an emergency power shutdown of regional network equipment, resulting in a reduction in network capacity. Google Cloud has since rerouted a significant volume of traffic from the affected Delhi facility to other nodes to address the decline in local service capacity and is currently exploring additional traffic mitigation measures.

TradingKey - SpaceX is set to list on Nasdaq on June 12, targeting a valuation of $1.75 trillion. At that time, only approximately 3% to 4% of total shares will be freely tradable, with founder shares subject to a 366-day lock-up, resulting in an extremely thin public float.

TradingKey - U.S. stocks traded mixed on Tuesday, with tech stocks once again driving market volatility and failing to sustain Monday’s rebound. At the close, the Dow Jones Industrial Average rose 0.17% to 50,872.11, the S&P 500 fell 0.26% to 7,386.65, and the Nasdaq dropped 0.97% to 25,678.82.

Tradingkey - On June 9, the three major US stock indices stumbled in early trading before recovering amid volatility. Multiple international investment banks warned that market risks have not yet cleared, putting pressure on AI investment sentiment and causing tech stocks to lead the declines. By the close, the Nasdaq and S&P 500 led losses, while the Dow Jones found slight support. At the close, the Dow Jones Industrial Average rose 0.17% to 50,872.11; the S&P 500 Index fell 0.26% to 7,386.65; and the Nasdaq Composite Index fell 0.97% to 25,678.82.

Tradingkey - Anthropic announced the launch of Claude Fable 5 on Tuesday, the company's first Mythos-level AI model to be widely available to enterprise customers and paid users. Two months ago, a Mythos-level model of the same tier was released only to a limited user base due to safety concerns. This broad release is primarily attributed to newly added safeguards for high-risk areas, which can block responses to dangerous queries related to cybersecurity, biology, and other fields.

Tradingkey - According to sources familiar with the matter, the SpaceX IPO has been oversubscribed several times over by institutional investors, with demand climbing further following the management roadshow. Several large institutions have placed single orders exceeding $10 billion. Banks indicated that institutional allocations will be primarily concentrated among long-term investment management firms.

Tradingkey - On June 9, during the early US trading session, the three major indices all weakened. The Nasdaq Composite and the S&P 500 reversed earlier gains to trade lower, while the Dow Jones saw slight support. As of press time, the Nasdaq Composite was down 0.79% at 25,724.55; the S&P 500 Index fell 0.32% to 7,382.36; the Dow Jones edged up 0.08% to 50,828.49.

TradingKey - Just as the market consensus suggested that NVIDIA's valuation had peaked, billionaire investor and Wall Street hedge fund titan Dan Loeb offered a different perspective. He believes NVIDIA remains undervalued and that its future earnings potential far exceeds market expectations.

TradingKey - Recently, following a strong rally driven by AI, semiconductors, and mega-cap tech stocks, market divergence in U.S. equities has significantly intensified. Bank of America (BAC) recently warned that approximately 70% of the bear market warning signals it tracks have been triggered, a level comparable to the average preceding seven S&P 500 market tops since 1990. The BofA strategy team, led by Savita Subramanian, believes there are currently too many danger signals in U.S. stocks and advises investors to consider moderate profit-taking rather than continuing to indiscriminately chase highs.