• Market recap: The Dow rocketed 930 points yesterday, with the S&P 500 and Nasdaq surging 1.8% and 2.5%, respectively. Source: CNBC.
• Adobe prioritizes AI user growth: Adobe (ADBE) raised full-year revenue and earnings guidance after strong AI-driven results but said it will prioritize "freemium" user growth over near-term recurring revenue. The company also announced the departure of CFO Dan Durn. Shares sank 5% premarket after slumping 6% yesterday. Source: WSJ.
• Korea fines Coupang over breach: South Korea imposed a record $400M+ fine on Coupang (CPNG) after a data breach exposed information from about 37.5M user accounts. Shares rocketed 14%, as investors were expecting a larger penalty. Source: BBC.
• SCOTUS backs fund managers: In a 6-3 ruling, the Supreme Court forbade private investors from bringing certain lawsuits under the Investment Company Act of 1940. The ruling hands a victory to fund groups, including affiliates of BlackRock (BLK). FS Credit Opportunities Corp. (FSCO), the main plaintiff, rose 1.5%. Source: Reuters.
• ChatGPT reaches 1B users: OpenAI’s ChatGPT surpassed 1B monthly app users in May, becoming the first AI chatbot to reach that milestone. Source: CNBC.
• DoorDash expands AI ordering: DoorDash (DASH) launched “Ask DoorDash,” an AI assistant that lets users order food, shop for groceries, and make reservations using photos or natural-language prompts. The feature deepens DoorDash’s AI strategy. Source: CNBC.
• Bezos bets on AI engineering: Jeff Bezos is building Prometheus, a startup valued at $29B, which aims to create an “artificial general engineer” capable of accelerating the design and manufacturing of complex products such as jet engines, spacecraft, and computers. The company has raised more than $12B and is reportedly exploring an additional $100B investment fund. Source: NY Times.

Alumni Ventures is offering readers early access to high-potential startup opportunities, including some of today’s most exciting AI, Deep Tech, Quantum Computing, Cybersecurity, and Space companies co-invested alongside top VC firms like Andreessen Horowitz (a16z), Bessemer, & Y Combinator.

You get:

• Curated deal flow of high-potential startups
• Invest alongside elite lead venture firms
• No cost to see deals
• No obligation to invest

• SpaceX scores record IPO: SpaceX (SPCX) raised $75B in a record-setting IPO, valuing the company at about $1.75T. The listing strengthens funding for rockets, satellites, and AI infrastructure while increasing investor exposure to Elon Musk's ventures. Sources: NPR / BBC.
• BlackRock places $5B order: The IPO has attracted massive investor interest, including a reported $5B order from BlackRock (BLK) and more than $70B in retail demand. Source: WSJ.
• Gracias and Fishner-Wolfson score big: Antonio Gracias’s Valor Equity Partners will hold a 6.7% Class A stake valued at about $68B after the IPO, making Gracias the company’s second-largest shareholder. Meanwhile, 137 Ventures founder Justin Fishner-Wolfson built a more than 1% stake over 15 years, a holding now worth roughly $20B. Sources: WSJ / NY Times.
• Investors reap rewards: The IPO is generating massive gains for early backers, with stakes held by firms such as Sequoia, Peter Thiel's Founders Fund, and Andreessen Horowitz now worth tens of billions of dollars. Source: Bloomberg.
• Musk nears trillion-dollar milestone: Elon Musk is poised to become the world’s first trillionaire following the IPO, with his combined stakes in Tesla (TSLA) and SpaceX (SPCX) valued at more than $1.1T. His wealth remains tied to the market value of both companies. Sources: CNN / WSJ.

• Wholesale inflation accelerates: U.S. producer prices rose 1.1% MoM in May, pushing annual wholesale inflation to 6.5% — the highest level since 2022. The numbers were hotter than the expected 0.6% MoM and 6.4% YoY. Source: CNN.
• Jobless claims: Seasonally adjusted initial jobless claims totaled 229,000 for the week ending June 6, up 4,000 WoW. The 4-week moving average was 219,000, up 4,250 WoW. Source: Dept. of Labor.
• U.S. becomes India’s top gas supplier: The U.S. became India’s largest supplier of natural and petroleum gas in May as disruptions in the Strait of Hormuz reduced Gulf shipments. The shift strengthens U.S. energy exports. Source: CNBC.
• Solar surpasses coal: Solar produced more electricity than coal in the U.S. for the first time in May, supplying 12.8% of total power versus coal’s 12.2%. Rapid solar deployment and rising electricity demand continue to drive growth. Source: ABC.

• British economy shrinks: U.K. GDP fell 0.1% in April as war-driven fuel costs weighed on services and consumer activity. The contraction adds stagflation risk and may keep the Bank of England cautious on rate cuts. Source: CNBC.
• Europe raises rates: The European Central Bank raised interest rates by 25 basis points to 2.25%, its first hike since 2023, as war-driven energy costs lifted inflation. The ECB also cut growth forecasts. Source: NY Times.
• World Bank cuts growth outlook: The World Bank lowered its 2026 global growth forecast to 2.5% from 2.9%, citing energy-price shocks and supply disruptions from the Iran conflict. It expects inflation to rise to 4%. Source: NY Times.

• Trump signals Iran peace deal again: President Trump said the U.S. is close to an agreement with Iran that could extend the current ceasefire and reduce tensions over Tehran’s nuclear program. The announcement came just hours after he threatened new military strikes. Source: CNN.
• British defense head quits: U.K. Defence Secretary John Healey resigned, saying Prime Minister Keir Starmer is not committing enough funding to address growing security threats. Source: Reuters.
• Yoon gets 30-year sentence: Former South Korean President Yoon Suk Yeol was sentenced to 30 years in prison for his role in an alleged 2024 drone operation over Pyongyang that prosecutors said helped justify his later martial law declaration. The ruling adds to a separate life sentence already imposed for leading an insurrection. Source: CNN.
• U.S. to scale back NATO presence: The Trump administration plans to reduce the fighter jets, surveillance aircraft, bombers, and naval assets assigned to NATO in Europe, shifting resources toward the Indo-Pacific. European officials warn the move could weaken deterrence against Russia. Source: NY Times.
• New pick for intelligence role: President Trump nominated former SEC Chairman Jay Clayton to lead U.S. intelligence, replacing the temporary plan to install Bill Pulte. A confirmation hearing is scheduled for June 17. Sources: CNBC / Reuters.
• Treasury audit rebuts fraud claims: The Treasury’s inspector general found no evidence of fraud in the federal payment system, contradicting Elon Musk’s DOGE allegations. The review cited control weaknesses, including invalid taxpayer IDs and some improper payments, but found overall safeguards to be adequate. Source: Politico.

• 10:00 AM: Michigan Consumer Sentiment Prelim.

Adobe (ADBE) has released its quarterly earnings.

• Revenue of $6.62B (+12.69% YoY) beats by $164.88M.
• EPS of $5.96 (+17.79% YoY) beats by $0.36.
• Financials · As Reported · Metrics · Press Release

Lennar (LEN) has released its quarterly earnings.

• Revenue of $7.94B (-5.22% YoY) misses by $133.75M.
• EPS of $1.31 (-31.05% YoY) beats by $0.07.
• Financials · As Reported · Metrics · Press Release

RH (RH) has released its quarterly earnings.

• Revenue of $800.33M (-1.67% YoY) beats by $8.11M.
• EPS of -$1.97 beats by $0.07.
• Financials · As Reported · Metrics · Press Release

Korn Ferry (KFY) will report Monday before market open.

• Analysts estimate revenue of $744.02M (+3.35% YoY).
• EPS is estimated to be $1.38 (+4.55% YoY).
• Financials · As Reported · Metrics

Jabil (JBL) will report Wednesday.

• Analysts estimate revenue of $8.59B (+9.74% YoY).
• EPS is estimated to be $3.06 (+20.00% YoY).
• Financials · As Reported · Metrics

Accenture (ACN) will report Thursday.

• Analysts estimate revenue of $18.76B (+5.98% YoY).
• EPS is estimated to be $3.71 (+6.30% YoY).
• Financials · As Reported · Metrics

The Kroger Co. (KR) will report Thursday.

• Analysts estimate revenue of $45.36B (+0.54% YoY).
• EPS is estimated to be $1.58 (+6.04% YoY).
• Financials · As Reported · Metrics

• Confirmed today: Space Exploration Technologies Corp. (SPCX), a spacecraft manufacturer and space transport company with $19.30B in TTM revenue and 33.2% revenue growth YoY.