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Chapter 1: What is the main topic discussed in this episode?
Public.com presents The Rundown, your daily market update in 10 minutes. My name is Zaid Admani, and today is Tuesday, June 9th.
In today's episode, we'll talk about OpenAI filing for an IPO and what it means for the AI hype cycle. We'll also recap Apple's WWDC keynote and why investors weren't impressed with the new series. Then stick around to the end of the show to find out why some universities are about to cash in big on the SpaceX IPO. We got a great show for you today. Let's go.
markets bounce back to start the week. The S&P 500 was up 0.3%, while the Nasdaq was up nearly 1%. So the headline numbers were pretty decent, but under the hood, though, it was a mixed bag. Eight of the 11 sectors finished in the red. In fact, more than 300 stocks in the S&P 500 closed lower yesterday. But the overall index still finished higher because tech and chip stocks were up big.
Chapter 2: What recent developments occurred with OpenAI's IPO filing?
Names like Intel, Micron, and Marvell were up around 10%, making up for the big losses from Friday. And speaking of Marvell, they're going to be added to the S&P 500 later this month. Now, zooming out, the big thing to watch moving forward is if the market rally will broaden out or will investors keep piling into chip stocks and other AI companies.
Switching gears a bit, a quick update on the Iran situation. The war has now crossed 100 days and things are still in limbo. On one hand, you have President Trump saying last night that a peace deal with Iran could come in two or three days and that the Strait of Hormuz would reopen immediately after. But then on the other hand, Iran and Israel literally attacked each other over the weekend.
So who knows how much longer this is going to drag on for. Oil prices have settled in the low $90 range, which if I bet if you told someone two months ago that the Strait of Hormuz would still be closed in June, they'd probably expect prices to be much higher. At least I thought it would have.
But still, oil prices are higher than what they were before the war started in late February, and that's led to inflation creeping back up. The April CPI report showed that inflation was running at 3.8%, which was the hottest inflation reading since 2023. And energy prices were a big reason for that. Now, tomorrow, we're getting the May CPI report.
And then on Thursday, we get the PPI report, which measures wholesale inflation. So we'll get a fresh set of inflation data for the market to react to. We'll break down the CPI report on tomorrow's show. So make sure you guys are locked into the podcast and tuning in every day to stay in the loop. Let's run through some headlines, starting with OpenAI. OpenAI has officially filed for an IPO.
The company confidentially submitted its paperwork with the SEC on Monday, and since it was a confidential filing, we won't get our hands on their financials until a bit later. later. Also, OpenAI didn't give a timing for when they plan to actually IPO.
I gotta imagine, though, it's going to be pretty soon because they want to take advantage of the AI hype in the market right now before the music stops. You know, we now have three of the most valuable private companies in the world all racing to go public. SpaceX is IPO-ing this Friday at a valuation of around $1.8 trillion. Anthropic filed to go public last week and now OpenAI this week.
You know, I really wonder how the OpenAI IPO will go because this year Anthropic really stole OpenAI's thunder and overtook them in revenue and valuation. Not to mention, according to a report from the Wall Street Journal a few weeks ago, OpenAI missed their internal revenue targets as well. But you know, despite OpenAI's recent struggles, they seem to be making a comeback.
I've heard a lot of good things about their Codex tool, which seems to be seeing enterprise adoption. And OpenAI is still by far the leader in consumer AI with over 900 million weekly active users on ChatGPT. In fact, I think many people just know AI as ChatGPT and they aren't even aware of Claude or Gemini.
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