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Warm-Up
- Announcing the CTP for SpaceX
- MahJong Craze
- Goodbye to Alan Greenspan - The Maestro
- Have you seen RAM prices?

Markets
- Economic Collapse Imminent?
- Breathe is narrowing again - chips chips chips are the only play
- Spacex coming back down to earth? What is that sucking sound?
-- Markets getting weird..... 3% down for NASDAQ 100 today - 8% for SMH and 14% for Memory ETF
- Just announced - Alphabet (Google) will replace Verizon in DJIA

DEDICATION: Alan Greenspan - Died Monday at age 100

Google Enters DJIA
- High priced shares
- Moves tech to 22% of DJIA from 17% or so - very meaningful move
- Every $1 move for Google = $7 move on DJIA
- Tech:  S&P 500 (~30%+), Nasdaq (~50%+)

Computer Pricing
- What as $2,000 a year ago for a nice desktop is not like $4,000
- Dell not holding pricing quotes - and even if they do, back ordered so prices could go up after order
- Will IPOs put more money in the pocket of tech companies to buy gear at any price?

Endless
- SpaceX recently finalized two massive, multibillion-dollar artificial intelligence contracts: a $6.3 billion computing power agreement with Reflection AI and a $60 billion acquisition of the AI coding startup Cursor.
- AI Compute Deal with Reflection AI
- - - - The Terms: Reflection AI agreed to pay SpaceXAI $150 million per month from July 2026 through the end of 2029.
- - -- - - The Infrastructure: The startup will tap into hardware and GB300 chips housed at SpaceX’s Colossus 2 data center in Memphis, Tennessee.

More SpaceX
- SpaceX shares were as high as $220 post IPO.
- Sharea ahve been down over the past 3 days.
- Most that got in POST IPO probably bought in at about $162-$165
- Newsline: SpaceX shares slipped for a third straight day, shedding hundreds of billions of dollars in market value, after the company said it is selling investment-grade bonds for the first time.
- The stock fell 16% Monday to close at $154.60, the lowest level since the company’s first day of trading, pushing its three-day loss to 23% and erasing over $600 billion in value over that period.
- SpaceX is seeking to raise at least $20 billion from the first bond offering to fund its artificial-intelligence ambitions.

Missed Opportunity
- Short the Mattress companies he said......
----- Got squeezed out....Never to return

Swing and a Miss

Maybe Because this can happen...
- Shares of Getty Images Holdings Inc. soared as much as 145% on Monday after it announced a licensing deal with OpenAI.
- Getty said that images from its library will appear in the search and discovery features of ChatGPT, marking a key reversal for the firm.
- The partnership with OpenAI could improve “licensing optics” and shift the narrative on the stock, according to analyst Mark Zgutowicz.
- Getty shares were up 118% to $1.32 as of 12:44 p.m. in New York, putting them on track for the best session since July 2022. The stock had fallen about 55% this year to close at 61 cents on Thursday before the Juneteenth holiday weekend began.

KOREA - SK Hynix
- New #1 in South Korea: SK Hynix surpassed Samsung Electronics on Monday to become the country's most valuable listed company.
- Remarkable turnaround: A striking reversal for a chipmaker that nearly collapsed under heavy debt roughly two decades ago. (CYCLES)
- AI memory leader: Now the dominant supplier of high-bandwidth memory (HBM) chips powering AI systems.
- Marquee customers: Key buyers include Nvidia (NVDA) and Alphabet's Google (GOOGL).
- Massive 2026 rally: Shares are up more than 340% year-to-date, fueled by the global AI boom.
- Market cap milestone: Valuation now exceeds both Samsung and Micron (MU).

Markets Get Chopped
- Questions being asked about if AI spend boom producing fast enough return
- Back to earth on valuation scare - (all of a sudden?)
- KOSPI down 11%
- Chips getting hit - 12% for Memory ETF
- MU down 9%, Intel 4%, ASML 7%

RAM Prices...
- Looking at some additional RAM today for some office computers ....
--- ARE THEY KIDDING?

RAM Prices

Imminent Collapse????
- President Donald Trump said the prospect of global economic collapse was a big reason he signed an interim peace deal with Iran.
- According to sources, the deal reopened the Strait of Hormuz and set in motion waivers for sanctions on Iran’s oil sales to the international market, with the effect being an immediate drop in oil prices and a rise in US stocks.
- The agreement has been seen as skewed in Iran’s favor, giving the country broad gains before the next round of talks, and has prompted pushback and anger from Republican lawmakers.
- MOU signed lat Wednesday - also now more waivers of sanctions on sale of Iranian oil - 60 day reprieve.

China
- Weak economic conditions
- H Shares about to enter bear market
- Hong Kong
- Close to a technical bear market, dragged down by weak domestic consumption, a struggling property sector, and an exodus of funds fleeing "old tech" for AI plays elsewhere in Asia.
- A-shares are listed in mainland China (Shanghai/Shenzhen) and primarily target domestic investors. H-shares are listed in Hong Kong and are freely available to international investors

More China
- Retail sales declined for the first time since December 2022, dropping 0.6% from a year earlier.
- China’s urban fixed-asset investment contracted 4.1% as of end-May, dragged by real estate and manufacturing.
- Manufacturing fixed-asset investment contracted for the first time since December 2020.
- Industrial output was the lone bright spot, rebounding from April’s near three-year low.
- The national unemployment rate fell to 5.1% in May, compared with 5.2% in April.

Marrrr Jonggg
- Mahjong can be highly addictive due to its rewarding blend of strategy, luck, and social interaction. The rapid tile-drawing, need for pattern recognition, and "just one more round" mentality trigger dopamine releases. If compulsive play disrupts your finances or daily life, it can become a behavioral addiction requiring intervention.
- Tactile and Auditory Appeal: Many users on community forums like Reddit agree that the physical weight, texture, and distinct clinking sound of shuffling tiles provide soothing, sensory satisfaction.
- There has been a 70% surge in mahjong content on TikTok in the past year
- Yelp recently named the Chinese tile game a top trend of 2026, noting that searches for mahjong clubs surged 4,467% year over year for the period from September 2024 to August 2025 and that searches for mahjong lessons rose 819%.

Alphabet - WHAT>????*&*^
- Alphabet shares slid 7%, on track for the search giant’s worst day in a year.
- Alphabet’s Google has seen consecutive high-profile researchers leave in the last several days.
- The company also has exposure to the market’s concerns around commoditized AI and ballooning capital expenditures.
- The share slide also came on the heels of a Sunday Wall Street Journal interview with Microsoft CEO Satya Nadella, who called for less dependence on “AI Giants” and said the AI market was commoditized.

Back to Oracle
- Oracle reduced workforce by 21,000 employees over past twelve months.
- Cuts broader than previously disclosed, driven by artificial intelligence adoption.
- Global headcount fell from 162,000 to 141,000 full-time employees year-over-year.
- Workforce reductions generated $1.8 billion in restructuring costs, company reported.
- Company warned AI deployment may continue resulting in workforce reductions.

NVDA - Underperforming
- Nvidia shares slipping recently despite remaining up about 12% in 2026.
- Stock down roughly 3% past month, underperforming semiconductor peers.
- SMH ETF surged 84% year-to-date, gaining 15% last month.
- Traders predict Nvidia chip pricing power is beginning to decline.
- Wall Street focus shifting toward memory and infrastructure AI buildout.
- Micron and Sandisk shares jumped nearly 60% over past month.

Gloom and Doom
- JCD sent interesting take from Chris Bloomstran
- Traditionally asset light companies with all sorts of revenue, high margins now....
---- Converting into asset heavy with no real understanding of what the profitability or even revue will be in the future
----- Here are the highlights of his commentary we can explre:
------------AI buildout shifting markets from asset-light toward capital-intensive infrastructure cycle
- Hyperscaler capex surge reflects move into heavy, long-duration asset base
- Massive capital requirements challenge economics versus prior asset-light models
- Depreciation burden rising sharply as infrastructure scales across AI ecosystem
- Returns depend on utilization of expensive, long-lived physical compute assets
- Asset-heavy cycles historically lead to overbuild, weak returns, eventual consolidation
- Infrastructure spending absorbing nearly all operating cash flow for hyperscalers
- Off-balance-sheet financing masking true scale of capital intensity shift
- AI economics hinge more on physical capacity than software-driven scalability
- Echoes of past asset-heavy booms with eventual oversupply and value destruction

Amazon Day - Today - June 26th
- US consumers will spend $26.3 billion online at Amazon and other retailers during the four-day sale, up 9% from last year’s event in July, according to Adobe Inc.
- About 201 million Amazon shoppers in the US were Prime subscribers as of March, up about 3% from a year earlier
- Amazon will capture about 60% of all US online spending during Prime Day, its highest market share since 2019, according to estimates from EMarketer Inc.

Chevron and Microsoft
- Chevron Corp signed 20-year deal with Microsoft for data center power.
- Agreement supplies natural-gas fired generation for massive West Texas facility.
- Project Kilby expected online 2028, ramping to 2.67 gigawatts.
- Full output enough to power more than 530,000 Texas homes.
- Chevron partnering Engine No. 1, final investment decision planned later.
- Deal follows prior reports of exclusive long-term power negotiations.

More Oil News - Drill baby Drill
- Interior Department cutting federal drilling bonds by 95% to spur exploration.
- Required bond drops from $500,000 to $25,000 for leases.
- Bonds ensure cleanup costs don’t fall on taxpayers if wells abandoned.
- Policy change aims to encourage more oil and gas development.
- Proposal subject to 60-day public comment after Federal Register publication.

FedEx Earnings
- FedEx posted strong fiscal fourth-quarter earnings on Tuesday in the company’s last quarter that included the freight business before its spin off.
- FedEx Freight spun off into a separate publicly traded company on June 1.
- The company said it saw a 3% year-over-year increase in domestic volume.
- Stock down 6% A/H

 

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