June 5, 2026: SpaceX and Google Cloud Deal, Stocks Routed, More
episodePreviously titled “SpaceX and Google Cloud Deal, Stocks Routed, More” — renamed by the publisher on Aug 2, 2026
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Hello, I'm Stephen Carroll. I'm in Brussels, where many of Europe's biggest decisions get made.
And I'm Caroline Hepke in London. We're the hosts of the Bloomberg Daybreak Europe podcast.
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And from London, I'm looking at what all that means for markets, money and the wider economy.
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News when you want it with Bloomberg News Now. I'm Ed Kalecki. Alphabet's Google has agreed to pay Elon Musk's SpaceX $920 million a month for its computing power as part of a cloud services deal that runs through mid-2029. It's second such agreement with an AI competitor in a matter of weeks. Google will pay SpaceX the monthly fee from October this year through June 2029. That amounts to about $30 billion through the time of the agreement. If SpaceX fails to deliver access to NVIDIA chips as part of the deal by September 30th, Google has the right to terminate the contract with a one-month grace period. A Google Cloud spokesperson says the deal would help the company meet demand for its AI services.
After nine weeks of gains, Wall Street's rally screeched to a halt on Friday. The story from Bloomberg's Charlie Pellett.
It was a brutal end to the trading week with a 2.6% drop Friday for the S&P 500 index, bringing its losses for the week to 2.6%. Stocks were hit by a tech sell-off and higher bond yields as that solid jobs report added to bets that the Fed's next rate move will be a hike. The SOX, the Philadelphia Stock Exchange Semiconductor Index, plunged 10.3%. For the week, the Dow was down 0.3%. The NASDAQ 100 Index on the week was down 4.5%. In New York, Charlie Pellett, Bloomberg Radio.
Goldman Sachs partner John Flood joined Bloomberg News Friday. He says it's a very healthy market right now, and there have been few dips to buy so far this year. So when you have a 2% sell-off in the S&P 500... it has paid to buy those steps. He also adds that he thinks there will be a rate hike by the end of the year.
It's a very healthy market right now in terms of the supply and demand that's out there in the marketplace. And I think that we've seen, you know, I speak with institutions at Goldman Sachs, institutional investors, and there's never been more robust demand for these offerings. And my expectation is that continues. And that's a major piece of why we are very constructive. This equity market, despite S&P 500 already making 24 all-time highs, we expect more of that to come in the future.
Goldman Sachs partner John Flood. Democrat Xavier Becerra has advanced to the general election for California governor after pitching himself as an experienced choice to lead the nation's most populous state. Becerra leaned on his more than 35 years in public office, including as state attorney general and U.S. health secretary, to argue that he was the most qualified candidate in a crowded field. The U.S. Department of Agriculture says a second case of the deadly New World screwworm parasite has been confirmed in a Texas calf. A one-month-old calf tested positive in Zavala County. The infected animal was about five and a half miles away from the first confirmed case earlier this week, which marked the first time the pest had been detected in the U.S.
in nearly a decade. President Trump has expressed interest in the U.S. government holding equity stakes in leading artificial intelligence developers, saying that he planned to discuss the idea of a partnership with AI companies' executives as soon as next week.
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