Morning Reads

1. Nvidia Beats Earnings, Enacts Massive $80B Buyback, but Concedes China Market

Nvidia posted another blowout quarter with an 85% year-over-year revenue surge to $81.62B, beating consensus estimates. Alongside guidance that surpassed Wall Street expectations, the company authorized an $80B share buyback and a massive 2,400% dividend increase. However, CEO Jensen Huang acknowledged that U.S. export controls have forced the firm to "largely concede" China's AI chip market to domestic competitor Huawei.

2. SpaceX S-1 Filing Discloses Massive Target Market and Starship Costs

SpaceX's highly anticipated S-1 IPO filing has provided an unprecedented look into its financials. The company claims a self-assessed total addressable market of $28.5T. It revealed that its Starlink internet business is the core financial driver, netting $4.4B in operating profit for 2025. Conversely, its nascent AI infrastructure segment suffered a heavy $6.4B operating loss during the same period.

3. Intuit Slumps on Plan to Downsize Global Workforce by 17%

Intuit announced major restructuring plans that involve slashing its corporate workforce by 17%. The initiative is intended to simplify the company's internal structure and reprioritize its resources. Following the announcement, the stock slumped in pre-market and early trading.

4. Fed Minutes Reinforce "Higher-For-Longer" Rates; Index Futures Slip

U.S. stock index futures pulled back slightly today following a look at the Federal Reserve's latest FOMC minutes. The notes indicated that a rate hike remains on the table if inflation stays stubbornly above the central bank's 2% target. This hawkish tone sent 1.2% Treasury yields higher and took steam out of the previous session's rally.

5. S&P Global Officially Approves the Corporate Separation of Mobility Global

S&P Global's Board of Directors has greenlit its previously announced spin-off strategy to separate its Mobility division into an independent, publicly traded entity called Mobility Global Inc. The split will occur via a pro-rata distribution of stock to current shareholders on record as of June 15.

6. Anthropic Nears Profitability While OpenAI Eyes an IPO Pipeline

In the rapidly escalating AI race, fresh tracking data reveals that Anthropic is pacing to achieve profitability ahead of its rival OpenAI. Meanwhile, separate industry rumors point to OpenAI actively preparing its own documents to file for an initial public offering in the near future.

7. AMD Pledges $10B Taiwan Expansion to Secure AI Infrastructure Dominance

Advanced Micro Devices (AMD) announced a major $10 billion investment strategy directly into Taiwan. The capital injection is explicitly designed to expand its next-generation artificial intelligence chip manufacturing pipelines and strengthen its regional supply chain partnerships.

8. Target and TJX Build Momentum After Beating Earnings Estimates

Retail stocks are showing strong resilient behavior. TJX Companies surged 5.4% following better-than-expected quarterly profit metrics, while Target climbed 2% on raised annual guidance, verifying that their 2026 turnaround strategies are successfully capturing budget-conscious consumer traffic.

9. Oil Prices Rebound to $100 as Trump Signals Looming Iran Action

West Texas Intermediate crude futures pushed back up to $99.80 a barrel, reversing a previous 5% decline. Energy markets reacted sharply after President Trump commented that U.S.-Iran negotiations are in their "final stages," adding a stark warning that Tehran could face a "big hit" if diplomatic targets are missed.

10. Quantum Computing Becomes the Latest Frontier for Government Equity Bets

In an unusual move for domestic industrial policy, the U.S. Government is expanding its strategic microchip funding. Federal authorities are actively transitioning from standard semiconductor grants into direct equity stakes, using funds to back domestic quantum chip infrastructure and security foundries.

Earnings check: Nvidia (NVDA) posts another beat, plans $80B buyback and concedes to Huawei.

AI race: Anthropic (ANTHRO) is set to turn profitable before OpenAI (OPENAI), which may file for its IPO soon.

Streamlining push: Intuit (INTU) will cut its workforce by 17% to simplify its structure; stock slumps.

Defying gravity

SpaceX's (SPCX) S-1 filing gives the clearest look yet at a company tied to satellite internet, military and government contracts, AI infrastructure and Elon Musk's ambition to build a multi-planetary economy. The sprawling business' self-assessed total addressable market of $28.5T, if realized, would approach the entire output of the U.S. economy.

Orbital AI: SpaceX's Connectivity segment, driven by Starlink (STRLK), is its financial engine with $4.4B operating profit in 2025. By contrast, SpaceX's newly acquired AI segment is burning cash at a remarkable pace, with operating loss of $6.4B in 2025. SpaceX appears to be pitching itself not simply as a space transportation company, but as a future platform for orbital computing and AI infrastructure. It ultimately plans to deploy massive solar-powered AI compute capacity in orbit, part of Musk's argument that space-based infrastructure could help solve terrestrial energy and cooling constraints tied to AI growth. At the same time, the filing includes blunt warnings that many of these concepts remain commercially unproven. SpaceX acknowledges that orbital AI data centers, lunar industry and Martian settlements may never become economically viable businesses.

Bigger picture: The filing underscores how heavily SpaceX continues to invest in Starship, its massive next-generation launch vehicle. Its Space segment posted $657M operating loss in 2025 and spent over $3B on research and development tied to Starship that year. Starship is designed to improve payload capacity, reusability and launch frequency. To note, SpaceX is preparing to launch the 12th uncrewed test flight of its Starship rocket this week, as early as Thursday. Success could strengthen confidence in future revenue streams tied to Starlink satellite expansion, lunar missions and Musk’s longer-term ambitions for Mars travel and space-based infrastructure. Another high-profile setback, however, could revive concerns about the timeline and cost of the program.

Retaining control: The filing makes clear that SpaceX's IPO will do little to dilute Musk's grip on the company. He will continue to serve as CEO, CTO and board chairman while maintaining majority voting control through a dual-class share structure. SpaceX's Class B shares will carry 10 votes per share, while Class A shares sold to public investors will have one vote each. Musk owns 12.3% of Class A shares and 93.6% of Class B shares, giving him roughly 85.1% of overall voting power. Class B shareholders will have the right to elect 51% of the board's directors, giving Musk and other insiders effective control. The filing states that the structure will "limit or preclude" the ability of Class A shareholders to influence corporate matters or director elections.

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What else is happening...

AMD (AMD) to invest $10B in Taiwan to boost AI infrastructure.

Samsung (SSNLF) strike on hold, wage deal being put to vote.

Tesla (TSLA) says FSD Supervised is available in China.

As Wendy's (WEN) taps new CEO, is a buyout off the table?

Bloom Energy (BE) surges on fuel cell deal with Nebius (NBIS).

Deep Fission files for IPO as nuclear firms race to power AI boom.

Trump says Iran talks in 'final stages;' supertankers exit Hormuz.

FOMC minutes: Rate hike seen as likely if inflation stays over 2%.

Amazon's (AMZN) Jeff Bezos backs zero tax for lower earners.

WHO warns Ebola outbreak linked to 139 deaths could worsen.

Today's Markets

In Asia, Japan +3.1%. Hong Kong -1%. China -2%. India -0.2%.

In Europe, at midday, London -0.5%. Paris -0.3%. Frankfurt -0.3%.

Futures at 6:30, Dow -0.1%. S&P -0.2%. Nasdaq -0.3%. Crude +1.7% to $99.90. Gold -0.4% to $4,518,70. Bitcoin -0.4% to $77,244.

Ten-year Treasury Yield +2 bps to 4.61%. 

Known to most as Uranium Pinto Beans, Jason has more than 15 years under his belt of trading stocks, options and currencies. His expertise primarily lies in chart analysis, and he has a strong eye for undervalued stock. Because he’s got the ability to identify great risk/reward trades he usually enjoys taking the path less traveled and reaping the benefits from the adventure.

He is a co-founder of Option Millionaires, and he is best known for his weekly webinars with Scott, as well as his high level training webinars and charts found in the forums.

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