SpaceX IPO Shakes Tech; Chip Export Tensions Rise

Space Exploration Technologies Corp. ($SPCX) completed the largest IPO in history in mid-June 2026, raising approximately $75–86 billion and securing rapid inclusion in major Nasdaq indexes. The company agreed to acquire AI coding platform Cursor in an all-stock deal valued at $60 billion, accelerating $SPCX's shift from pure launch and satellite operations toward AI infrastructure and enterprise software. Alphabet ($GOOGL) and Anthropic signed multiyear GPU and data-center contracts with $SPCX worth tens of billions.

Dutch chip-equipment giant ASML Holding faced concerns from Commerce Secretary Howard Lutnick in recent meetings that one of its top-of-the-line machines may have made its way into China, in violation of U.S.-led export restrictions. Taiwan Semiconductor ($TSM) surged near its 52-week high, passing high growth momentum screens with accelerating earnings and strong revenue growth. Qualcomm ($QCOM) traded at $226.50 after beating the S&P 500 by 20.4% over the past six months, representing a 29.2% increase during the period.

Alphabet ($GOOGL)'s Google Cloud is outpacing AWS and Azure as AI monetization lifts Search performance, according to analysis published today. The cloud division reported a $462 billion backlog that requires additional AI investments to fulfill. Corning ($GLW) CEO Wendell Weeks disclosed on June 12 that the company has risk-sharing provisions in multibillion-dollar fiber deals with Nvidia ($NVDA), Meta ($META), and Amazon, requiring customers to bear demand uncertainty.

Marvell Technology ($MRVL) named Dan Durn as chief financial officer on June 11, succeeding Willem Meintjes, with Durn starting on June 15. Meintjes remains in an advisory role through April 2027. Oracle ($ORCL) and Salesforce ($CRM) both delivered earnings within a three-week window, with contrasting approaches: $CRM sells AI agents that sit on top of customer data, while $ORCL sells the cloud plumbing those agents increasingly run on.

Apple ($AAPL) CEO Tim Cook stated that chip wars will take a significant toll on the company, with the memory tax coming at a time when the firm is already dealing with existing tariff challenges. Meta ($META)'s Applied AI division lost another key team member as investors question how many more employees the division can lose, with comparisons drawn to the Reality Labs division.

Uber ($UBER) announced a three-way agreement with Stellantis and Wayve to develop global robotaxi services, bringing together Stellantis' vehicle manufacturing capabilities, Wayve's AI-based autonomous driving software, and $UBER's mobility network. The Turkish Competition Board approved $UBER's acquisition of Getir's delivery arm from Emirati controlling shareholder Mubadala, with $UBER committing to invest $500 million in Turkey to support employment, strengthen local engineering capabilities, and contribute to the development of Turkey's digital and technology infrastructure.