Most Important News

1. SpaceX Nears $3 Trillion, Acquire Cursor For $60 Billion;
2. Musk’s Net Worth Tops $1.3 Trillion Past Buffett, Richer Than Jeff Bezos, Sergey Brin And Larry Ellison Combined;
3. Meta AI Search Targets $10 Billion; Qualcomm Eyes Tenstorrent, Expands AI Devices;

Stock futures were little changed Tuesday, while SpaceX(SPCX.US) built on its monster post-IPO rally, after the Dow Jones Industrial Average(DJI.US) climbed to a fresh record during the previous session thanks to a potential deal between the US and Iran.

As of 03:16 PM Riyadh Time, S&P 500 futures rose 0.06%, while Nasdaq 100 futures climbed 0.18%. Futures tied to the Dow were up 79 points, or 0.15%.

Pakistani Prime Minister Shehbaz Sharif said that both sides have declared the termination of their military operations on all fronts, with an official signing ceremony to take place this Friday in Switzerland. A senior Trump administration official told CNBC’s Megan Cassella that the memorandum of understanding was already signed electronically on Sunday.

The president also said that the key Strait of Hormuz passageway would reopen on Friday, sending oil prices down nearly 5% on Monday. Vice President JD Vance told CNBC’s “Squawk Box” on Monday that the strait would “be opened in a toll-free way for the long term.”

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As of 03:13 PM Riyadh Time, top pre-market movements are as follows:

S&P 500 Rallies On US-Iran Peace

S&P 500 index(SPX.US) jumped 1.65% as a US-Iran peace deal cut oil about 5%, easing inflation fears before this week’s Fed meeting. Dow Jones Industrial Average(DJI.US) hit a record, NASDAQ(IXIC.US) surged, and SpaceX(SPCX.US) soared nearly 20%. Read in detail>>

Hormuz Reopening Faces Delayed Shipping Recovery

Mitsui OSK Lines warns Strait of Hormuz traffic may take weeks to normalize despite a US-Iran deal, as shipowners demand on-the-water proof of safety, resist Iranian transit fees, and navigate under GPS silence, while Iran’s $300 billion reconstruction fund access remains conditional. Read in detail>>

Ark Invest Trims Major Tech Holdings

Ark Invest, led by Cathie Wood, sold multimillion‑dollar stakes in Tesla Motors, Inc.(TSLA.US), Advanced Micro Devices, Inc.(AMD.US), Palantir(PLTR.US), Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR(TSM.US), Amazon.com, Inc.(AMZN.US), Figma(FIG.US), and BitMine Immersion Technologies(BMNR.US) amid a broad tech rally driven by improved geopolitical sentiment and US‑Iran peace. Read in detail>>

SpaceX IPO Propels Musk’s Wealth Past Buffett

SpaceX(SPCX.US) public listing at a $3 trillion valuation drove Elon Musk’s net worth to $1.27 trillion, adding $164 billion in a day—surpassing Warren Buffett’s $148 billion—while Tesla Motors, Inc.(TSLA.US) and SpaceX shares rallied and Berkshire exited BYD COMPANY LIMITED(BYDDY.US). Read in detail>>

Yardeni Sees S&P 500 Hitting 10,000

Ed Yardeni forecasts S&P 500 index(SPX.US) reaching 10,000 by 2029, driven by 20% earnings growth and resilient US consumers, not multiple expansion. Notes Baby Boomer $89 trillion wealth, strong 2026 gains in ETF-S&P 500(SPY.US), PowerShares QQQ Trust,Series 1(QQQ.US), and ETF-Dow Jones Industrial Average(DIA.US). Read in detail>>

SpaceX Nears $3 Trillion, Acquire Cursor For $60 Billion

• SpaceX(SPCX.US) surges premarket toward a $3 trillion valuation amid a tentative US-Iran accord reopening Hormuz, overtaking Amazon.com, Inc.(AMZN.US). Read in detail>>
• SpaceX(SPCX.US) signs merger agreement to acquire Anysphere’s Cursor at an implied $60 billion equity value, paying in Class A stock based on a seven-day VWAP; closing expected in Q3 2026, subject to regulatory approvals. Read in detail>>
• Elon Musk’s net worth hits $1.3 trillion after a sharp rally in SpaceX(SPCX.US), making him richer than Jeff Bezos, Sergey Brin and Larry Ellison combined, while SpaceX’s valuation surpasses Microsoft Corporation(MSFT.US) and most S&P 500 aerospace-defense constituents. Read in detail>>

AMD Acquires AI Memory Optimizer MEXT

Advanced Micro Devices, Inc.(AMD.US) acquires AI memory-optimization firm MEXT to alleviate data-center memory bottlenecks, aiming to expand usable capacity, cut total ownership costs, and accelerate AI deployments. Shares trade near record highs, at 182.4x earnings, with strong buy-side analyst targets. Read in detail>>

Qualcomm Eyes Tenstorrent, Expands AI Devices

QUALCOMM Incorporated(QCOM.US) is developing over 40 next‑generation AI devices and revamping its chip roadmap, while shares rose 4% on talks to acquire AI chip startup Tenstorrent for $8–10 billion, complementing recent Ategrity Specialty Insurance Company Holdings(ASIC.US) deals with ByteDance and Snapdragon SoC supply pact with Snap(SNAP.US). Read in detail>>

Meta AI Search Targets $10 Billion

Meta Platforms(META.US) launched “AI Mode” search within Facebook, leveraging Muse Spark to answer queries from social and web content, directly challenging Alphabet’s Google (Alphabet Inc. Class A(GOOGL.US), Alphabet Inc. Class C(GOOG.US)). Morgan Stanley estimates 10% search monetization and one billion users could generate over $10 billion annually. Read in detail>>

Cuprina Soars On FDA Maggot Therapy Approval

Cuprina Holdings (Cayman) Limited Class A(CUPR.US) surged 112% intraday to $8.41 after securing FDA 510(k) clearance for MEDIFLY Maggots wound-debridement product, then fell 22% post-close to $6.52. Market cap is $22.55 million; short- and medium-term trends positive, long-term negative. Read in detail>>

Micron Surges On AI Memory Optimism

Micron Technology, Inc.(MU.US) jumped 10.8% toward a 52‑week high as easing US‑Iran tensions boosted tech risk appetite, brokers raised targets on robust AI‑driven memory demand, and investors positioned ahead of June 24 earnings, with forecasts implying explosive year‑on‑year EPS and revenue growth. Read in detail>>

Marvell Gains, Names New Adobe CFO

Marvell Technology(MRVL.US) rose 10.4% amid renewed semiconductor and AI enthusiasm, reaffirmed Q2 FY2027 guidance tied to AI infrastructure spending, and appointed former Adobe Systems Incorporated(ADBE.US) CFO Dan Durn as CFO, while analysts expect August 27 earnings to show solid revenue and EPS growth versus last year. Read in detail>>

Fox Shares Plunge On Costly Roku Deal

Fox Corporation (Fox Corporation Class A(FOXA.US), Fox Corporation Class B(FOX.US)) Class A and B shares fell 16.8% and 15.2% after announcing a $22 billion Roku acquisition, as investors viewed the connected‑TV expansion as overpriced, pushing both share classes toward 52‑week lows and raising concerns about balance‑sheet risk and deal economics. Read in detail>>

Western Digital Rallies On Storage Momentum

Western Digital Corporation(WDC.US) climbed 16.1% toward its 52‑week high, reflecting strong investor optimism about improving storage demand, particularly for AI and data‑center applications, and reinforcing expectations that tightening supply and rising pricing power could significantly enhance margins and earnings over the coming quarters. Read in detail>>

Paranovus Soars On $10 Million Offering

Paranovus Entertainment Technology Ltd. - Class A Ordinary Shares(PAVS.US) jumps 30.07% after announcing a $10 million registered direct sale of 50 million shares to fund strategic acquisitions and working capital, despite Benzinga Edge ratings flagging weak price trends across short-, medium-, and long-term horizons. Read in detail>>