A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY.
Here's a full recap:
1. $BTC Bitcoin’s selloff is worsening, with the price falling below $63,000 for the first time since February 24. The move has triggered a wave of forced selling across crypto markets, with more than $1.1 billion in leveraged crypto positions liquidated over the past 24 hours.
2. $AVGO reported strong Q2’26 results, with revenue of $22.19B, slightly above estimates, up 48% YoY, and adjusted EPS of $2.44, beating expectations and rising 54% YoY. Semiconductor Solutions revenue came in at $15.0B, up 79% YoY, while AI semiconductor revenue surged 143% YoY to $10.8B, though it came in below buyside expectations. For Q3, Broadcom guided revenue to roughly $29.4B, ahead of consensus but slightly below buyside expectations, with AI semiconductor revenue expected to reach about $16B. The company also delivered $10.26B in free cash flow, equal to 46% of revenue, and said growth is being driven by accelerating AI demand, custom AI accelerators, AI networking, and strong operating leverage.
3. $META is reportedly considering charging up to $199.99/month for Hatch, its planned consumer AI agent, according to The Information. Hatch is described as a consumer version of OpenClaw that lets users create software tools and automate tasks with plain-language prompts, including scheduling events, sending emails, building simple apps, and generating travel itineraries. Meta is also considering a premium Hatch Plus tier that would offer 5–10x more daily usage capacity than the free version. During development, Hatch has used Anthropic’s Claude models, but it is expected to run on Meta’s Muse Spark model at launch.
4. The top 10 most active options today by contracts traded were $NVDA with 3.4M contracts, $TSLA with 3.4M contracts, $AAPL with 1.3M contracts, $AMZN with 1.1M contracts, $MSFT with 958K contracts, $META with 916K contracts, $NOK with 749K contracts, $INTC with 730K contracts, $GOOGL with 708K contracts, and $PLTR with 622K contracts. Nvidia and Tesla once again dominated options activity, each trading more than 3.4M contracts, while Apple and Amazon also saw elevated volume above 1M contracts.
5. $IREN signed a transmission connection agreement for an 800MW data center campus in Bundey, South Australia. The site includes four 330kV feeder exits, allowing it to support up to 800MW without requiring network upgrades, with energization expected to begin in 2028. The project marks IREN’s first announced Australian data center campus and would provide submarine fiber connectivity to key APAC markets, including Singapore, Indonesia, South Korea, and Japan.
6. $AAPL Apple's smart glasses roadmap has reportedly changed, according to supply chain analyst Ming-Chi Kuo. Apple’s display-equipped AR/XR glasses, which are expected to use optical waveguide technology, have reportedly been pushed back to 2029. Meanwhile, Apple’s display-less AI glasses, similar to Ray-Ban Meta, are still expected to ship in 2027. Kuo also says Apple is shifting resources away from the Vision Pro line and toward smart glasses that may have broader mass-market appeal.
7. $GOOGL plans to use roughly $30B of its $80B equity raise to cover tax obligations tied to employee equity awards, according to The Information. That would represent nearly 40% of the total raise, roughly double last year’s amount, and about 14% of expected operating cash flow.
8. $CRWD reported solid Q1’27 results, with revenue of $1.39B, up 26% YoY, and adjusted EPS of $1.10, both slightly ahead of expectations. ARR reached $5.51B, up 24% YoY, while net new ARR grew 32% YoY to $255.8M. CrowdStrike also announced a 4-for-1 stock split, with the record date set for June 25, 2026 and split-adjusted trading expected to begin on July 2, 2026. For the full year, the company guided revenue to $5.915B–$5.959B, ARR to roughly $6.53B–$6.56B, and adjusted EPS to $4.88–$4.96, while raising its net new ARR growth outlook to 27.7% at the midpoint. Management said CrowdStrike is becoming critical AI security infrastructure, highlighting record Q1 net new ARR, strong module adoption, and its AI-driven security products as signs of an AI inflection point.
9. SpaceX $SPCX is reportedly planning to price its IPO at $135 per share, with plans to sell 555.6 million shares and raise roughly $75 billion. At that price, the company would be valued at nearly $1.75 trillion, making it one of the largest IPOs in history.
10. US data center construction spending surged 28% YoY in April to a record annualized rate of $50.7B, surpassing public transportation construction spending of $49.9B for the first time in history. Since 2022, data center construction spending has exploded 357%, compared with just 16% growth in government transportation spending. As a result, data centers now represent 2.3% of all US construction spending, highlighting how AI infrastructure demand is reshaping the construction economy.
11. Ray Dalio says AI has the ingredients of a classic technology bubble, arguing that major technological shifts often create bubbles because it is impossible for investors and companies to perfectly predict the winners. He said companies face a difficult choice: spend aggressively to capture market share, or risk underspending and falling behind. Dalio added that bubbles eventually “prick” when investors or companies need to sell wealth/assets to raise cash, turning enthusiasm into forced selling pressure.
12. The S&P 500 closed the day red for the first time in 9 trading days. The last time the S&P $SPY closed green for 10 days in a row was 1995.
WALL STREET IS THE GREATEST SHOW ON EARTH.
Jensen Huang is Bullish on Palantir
The President is Bullish on Palantir
Prof is Bullish on Palantir
My neighbour is bullish on Palantir
You can’t possibly have any doubt now $PLTR
During the dot com melt-up of 1995-2000, Nasdaq put up gains of 572%.
To date, from the 10/13/22 bear market lows, Nasdaq is up just 162%.
Listening to bears calling this a bubble top could cost you a lot of money.
remember all the people that said software was dead and it’ll all be vibe coded away
yeah please never listen to that argument ever again
the tokens need to be processed, orchestrated, and governed via the application layer
SaaS Summer baby
Key Events This Week:
1. May ISM Manufacturing PMI data - Monday
2. April JOLTS Job Openings data - Tuesday
3. May ISM Non-Manufacturing PMI data - Wednesday
4. Initial Jobless Claims data - Thursday
5. May Jobs Report - Friday
6. Total of 7 Fed Speaker Events This Week
This week is all about the labor market.
$PLTR
The biggest concern around Palantir over the past 2 years has been its valuation.
That concern should not be that relevant anymore.
If we are looking at other companies in Software, $SNOW and $CRWD are trading at HIGHER multiples on a NTM EV/EBITDA yet they are growing 2x LESS than Palantir and at 2x WORSE margins, as shown in the chart below by Arny.
You want to know what’s even worse?
The TTM GAAP profits for all 3:
Palantir did $2.28B in GAAP net income, actual profit coming down to the bottom line.
Snowflake LOST $1.33B and Crowdstrike LOST $162M!
$SNOW and $CRWD can’t produce a GAAP profit, have significantly worse margins and have significantly less growth but are getting a HIGHER multiple.
This is not to say that Snowflake or Crowdstrike are overvalued or don’t deserve the premium they are getting, but it is to say there is a massive valuation disconnect and anyone screaming that Palantir is expensive cannot make that argument relative to every other company in SaaS.
Better margins, faster growth, profitable…and basically guided to 100% topline growth next year.
This is obvious.
If the market is willing to continue giving these premiums to software companies as the “AI destroying software” narrative goes away, Palantir should continue to gain momentum.
A week ago, I gave you:
$MU from $740 to $971 (31.22%)
$DELL from $300 to $420 (40.00%)
$MSFT from $406 to $450 (10.84%)
$IBM from $255 to $297 (16.47%)
$NOW from $100 to $124 (24.00%)
$HOOD from $73 to $94 (28.77%)
$AVGO from $414 to $446 (7.73%)
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🇮🇷 Every single stock on the Tehran Stock Exchange closed green today. Not one in the red.
First time in the exchange's history.
Iran's market is pricing in the deal before the ink exists. When a population that's been cut off from the internet for 5 months sees every stock go green on the same day, they know something is coming.
The Supreme Leader hasn't signed. The terms are still disputed. The market already decided.
Source: Middle East Spectator