A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY.
Here's a full recap:
1. A major end-of-Q2 rebalancing wave could hit global markets, with JPMorgan estimating institutional investors may sell up to $165B of equities and rotate the same amount into bonds by quarter-end — the largest rebalance in at least four years. The biggest expected sellers include Japan’s GPIF at roughly $60B, Norway’s Norges Bank at around $40B, U.S. defined benefit pensions at about $55B, and the Swiss National Bank at up to $25B. Balanced mutual funds may partially offset the pressure with an estimated $15B of equity buying, but overall, quarter-end flows could create significant selling pressure across global stocks.
2. SpaceX $SPCX reportedly signed a major compute deal with open-source AI startup Reflection AI, giving it access to Nvidia $NVDA GB300 chips at Colossus 2, per CNBC. Reflection is expected to pay SpaceX about $150M per month starting July 1, 2026, which could total roughly $6.3B if the agreement runs through 2029. The deal adds Reflection to SpaceX’s growing AI compute customer list, alongside Anthropic, Google, and Cursor.
3. Retail investors have poured roughly $150B into the largest equity ETFs over the past month, marking the second-biggest inflow in history. The move shows just how aggressive retail demand for equities has become, even as markets continue to digest major macro and positioning risks.
4. Palantir $PLTR has secured a foundational role in the U.S. Army’s NGC2 data layer. The Army established the NGC2 common data layer baseline, a major step in modernizing command-and-control systems. Palantir Foundry will serve as the cloud data layer, while Anduril Lattice will serve as the tactical data layer, giving the Army a scalable foundation for AI-enabled tools, interoperability, and faster battlefield decision-making.
5. The top 10 most active options today by contracts traded were $TSLA with 3.3M contracts, $NVDA with 2.9M contracts, $SPCX with 1.2M contracts, $AMZN with 1.1M contracts, $AAPL with 990K contracts, $GOOGL with 970K contracts, $MSFT with 917K contracts, $NFLX with 717K contracts, $INTC with 621K contracts, and $PLTR with 587K contracts. Tesla led options activity with more than 3.3M contracts traded, followed by Nvidia at 2.9M, while SpaceX and Amazon both saw volume above 1M contracts.
6. BofA now expects the Fed to hike rates three times this year, reversing its prior view of no changes. The firm sees 25 bps hikes in September, October, and December, taking the Fed funds range to 4.25%–4.5% by year-end. BofA now expects the first Fed rate cuts to come in 2028.
7. Qualcomm $QCOM is reportedly in advanced talks to acquire AI chip startup Modular in a deal that could value the company around $4B, per Bloomberg. No final agreement has been reached, but an announcement could come in the next few weeks. Modular last raised $250M at a $1.6B valuation in September 2025, meaning the reported deal would mark a major step-up in value.
8. Trump signed two quantum-focused executive orders aimed at accelerating U.S. leadership in the space. One order pushes for a U.S. quantum computer $INFQ $QBTS $IBM $RGTI $IONQ $QNT capable of major scientific calculations, along with quantum sensors and networks, within five years. The other directs federal agencies to transition to post-quantum cryptography by 2031, strengthening cybersecurity against future quantum threats.
9. Google $GOOGL is investing about $75M in A24 as part of a multi-year AI research partnership between Google DeepMind and the film studio. The deal marks Google’s first equity stake in a studio, with A24 and DeepMind working on AI tools for film production and distribution. The agreement does not give Google access to A24’s film and TV library, while A24 Labs is already developing an AI-generated storyboard tool.
10. Micron $MU signed a strategic agreement with Anthropic covering AI memory and storage architecture, multi-year supply, Claude enterprise adoption, and an investment in Anthropic’s Series H round. Micron will provide data center memory and storage products, including HBM, DRAM, and SSDs, while the two companies work together to optimize Anthropic’s AI infrastructure for performance, energy efficiency, and token economics.
11. Nvidia $NVDA launched Halos for Robotics, a full-stack safety system for robotics and physical AI. Agility will be the first to integrate parts of Halos into the safety architecture for Digit, its humanoid robot used in logistics, manufacturing, and warehouses. The system combines Nvidia IGX Thor, Holoscan Sensor Bridge, Halos OS, external-camera safety monitoring, and an ANAB-accredited AI Systems Inspection Lab, with 40+ companies participating in the lab program.
12. Chevron $CVX signed a 20-year power deal with Microsoft $MSFT to supply natural gas-fired electricity for a proposed West Texas data center. The project, called Kilby, is expected to deliver first power by 2028 and eventually ramp to 2.67 GW. Chevron will use Permian Basin gas to power GE Vernova turbines, with the project designed to generate its own electricity instead of drawing from the grid. Chevron is developing Kilby with Engine No. 1 and expects to make a final investment decision later this year.
WALL STREET IS THE GREATEST SHOW ON EARTH.
