QtrendsSpaceX is set to debut a record $75 billion IPO while China launches a rival space computing hub. US stocks suffer a sharp selloff led by AI and chip stocks, fueled by strong May jobs data that raises rate-hike expectations. The remaining "60 Minutes" correspondents affirm they will stay. AI investment activity heats up across golf equipment, policy discussions, and big tech capital-raising.
SpaceX is set to launch what could be the most anticipated IPO in market history, with a record $75 billion valuation on deck. The IPO is expected to be a seminal event for the stock market, drawing intense interest from retail investors loyal to Elon Musk. Meanwhile, China has launched a space computing hub, signaling the intensifying tech race between the two superpowers is expanding beyond Earth.
The Nasdaq and S&P 500 suffered their worst day of the year as artificial intelligence-related stocks led a broad selloff. Chipmakers Marvell and Micron saw sharp declines as the semiconductor sector experienced its worst single-day drop in six years. Rising odds of Federal Reserve rate hikes added to the pressure on tech-heavy indices.
A stronger-than-expected May jobs report sent shockwaves through Wall Street, raising the probability that the Federal Reserve will maintain or even increase interest rates. Big Tech shares led the decline, dragging down major indices amid growing fears over valuations and monetary policy tightening. The selloff deepened concerns about the sustainability of the rally in growth stocks.
The remaining correspondents at CBS's "60 Minutes" have publicly stated they intend to stay with the program, pushing back against speculation of a mass exodus. In an internal email, the stars of the long-running news magazine expressed their desire to prevent the show from "dying." The commitments come after a period of upheaval at the iconic television program.
Artificial intelligence is expanding into unexpected sectors, with golf equipment companies exploring AI-driven innovation in a multibillion-dollar market. Former President Trump is scheduled to meet with AI leaders to discuss US investment incentives for the technology sector. Major tech firms like Google and potentially Meta are reportedly considering stock sales to fund the estimated $820 billion AI infrastructure boom.