Stocks

The article centers on SpaceX’s IPO at a market value of about $2.2 trillion, with a price-to-sales ratio of 130—far above Nvidia, Apple and Microsoft. Analysts broadly question whether the valuation reflects a bubble, pointing to large losses and governance shortcomings. It also argues that passive funds would be compelled to add the stock as it enters major indexes. By setting SpaceX against Nvidia, Apple and Microsoft, the piece frames the listing as a wider challenge to the current tech-stock valuation model.

Micron Technology is set to report fiscal third-quarter results after the close on Wednesday, with Wall Street looking for earnings of $20.76 per share on $35.75 billion in revenue. An analyst said Micron’s outlook for DRAM, NAND and high-bandwidth memory (HBM) will influence how aggressively memory makers expand capacity, which can flow through to demand for ASML’s EUV and ArFi lithography tools. ASML is not a memory-chip maker, but its systems are a key step in producing advanced memory chips. ASML shares are up 52.82% year to date, while Micron is ranked in the 99th percentile for Momentum.

Crypto markets are stabilizing after BTC slid in tandem with tech stocks. ETH USD continued to frustrate traders by underperforming expectations. The moves underscore how Bitcoin and Ethereum are increasingly trading like high-beta tech assets.

U.S. stock index futures diverged in early trading, with Nasdaq 100 E-minis up 0.48% as investors returned to technology shares after a sharp selloff. Chip names were in focus, with Micron Technology rising premarket as markets looked ahead to its earnings and weighed concerns about whether gains can extend after prior post-results declines. AI-chip sentiment was hit after Cerebras Systems cut its full-year profit-margin outlook in its first report since going public. A firmer dollar and rising rate expectations ahead of the PCE inflation reading weighed on commodities, pushing gold toward a two-week low while oil extended losses by more than 1%.

Robinhood said it has completed a $2 billion private offering of 0% convertible senior notes, with part of the proceeds earmarked for share repurchases and capped call transactions. Bernstein raised its forecast for Robinhood’s prediction-market revenue to $586 million in 2026, while the company also completed a $180 million acquisition of Canada-based crypto platform WonderFi. The combination has reinforced Robinhood’s positioning as a more diversified fintech platform, helping weaken its price linkage with Bitcoin and supporting the stock above $100.

Norwegian Cruise Line (NCLH) sharply lowered its fiscal 2026 adjusted EPS guidance to $1.45–$1.79 on May 4, citing Middle East tensions that lifted expected annual fuel costs to $782 per metric ton. The company also pointed to softer demand for European itineraries and execution missteps that led to shorter Caribbean sailings and bookings below expectations. Although Q1 EPS of $0.23 beat forecasts, revenue of $2.33 billion missed estimates. The stock fell 8.6% on the day and is down 8.7% year to date, significantly trailing the S&P 500.

IBM futures surged 5.04% on June 23, 2026, reaching $264.94 as massive enterprise infrastructure migrations and consulting demand pushed shares higher.

SpaceX (SPCX) futures settled up 0.98% at $156.11 on June 23, 2026, consolidating previous historic gains as the market builds structurally sound trading foundations.

Microsoft (MSFT) advances 1.80% on June 23, 2026, reaching $373.94 as massive recurring cloud revenues and enterprise software adoption drive steady inflows.

Pepsi (PEP) ticks up 0.95% on June 23, 2026, closing at $142.05 as steady retail demand and predictable consumer staples margins attract defensive risk capital.