Oil is flirting with ninety, Super Micro diluted the semiconductor trade, and Oracle quietly dumped its Bloom stash just as we brace for a SpaceX liquidity vacuum
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Morning brief: Futures are dumping on Middle East crossfire, software is bleeding out, and Apple's glorified Siri patch has us staring at Micron to save the hardware trade
Equity futures are dumping this morning after a direct exchange of fire between the U.S. and Iran sparked a massive flight to safety. IREN plunged 8.7% as sliding Bitcoin prices and a violent unwind in crowded AI infrastructure trades completely overshadowed its new GPU financing win. ServiceNow shed 6.3% as a hot jobs report stoked higher-for-longer rate fears, accelerating the brutal SaaSpocalypse rotation out of premium software multiples. Apple dropped 3.6% following an underwhelming WWDC; evolutionary Siri upgrades and basic AI features failed to deliver the blockbuster monetization catalyst Wall Street demanded. With tech shaking, watch Micron's earnings in exactly two weeks—their guidance will serve as the ultimate litmus test for AI hardware sustainability.
Posture: Adding geopolitical hedges due to the US-Iran conflict and rate fears, while maintaining firm conviction in our secular AI infrastructure holdings.
Tickers in focus: AAPL, MU
Upcoming earnings
Evening brief: Oil is flirting with ninety, Super Micro diluted the semiconductor trade, and Oracle quietly dumped its Bloom stash just as we brace for a SpaceX liquidity vacuum
Hot 4.2% inflation and escalating Middle East war fears sent oil near $90, sparking a brutal risk-off rotation that hammered equities today. Semis bled out after Super Micro's $7B equity raise ignited fears of AI dilution, dragging down heavyweights like NVDA, AMD, and AVGO in sympathy. Applied Digital tumbled 7% as a massive $1.59B debt offering and a brutal Zacks downgrade completely overshadowed their recent 210MW hyperscaler lease. Bloom Energy collapsed 10% after Oracle's earnings report revealed the tech giant dumped its entire stash of Bloom warrants, shattering recent AI-power hype. Watch tomorrow's PPI print for further inflation clues as the tape braces for a massive liquidity drain from Friday's $1.75 trillion SpaceX IPO.
Posture: Defensive. Hot inflation, Middle East tensions, and Friday's massive $1.75T SpaceX IPO liquidity drain require cash preservation.
Tickers in focus: SMCI, ORCL, BE
Upcoming earnings
The day's moves on the ledger
No slate changes were logged this day.
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