Top Financial & Business News — June 12, 2026

🚀 SpaceX IPO — Largest in History - SpaceX (NASDAQ: SPCX) priced its IPO at $135/share, raising $75B at a $1.77T valuation — eclipsing Saudi Aramco's 2019 record - Shares opened at $150 and surged ~24% to $164+, making SpaceX the 6th-largest US company - Elon Musk became the world's first trillionaire, with net worth crossing $1T (paper) - Retail investors got ~20-30% allocation; over $70B in retail orders

🇺🇸 US-Iran Peace Deal Drama - Trump claimed Thursday that strikes on Iran were called off and a peace deal is "imminent" / "great settlement" - Friday reversal: Trump denied the 14-point deal terms circulating in Iranian media via Truth Social - Iran reported a drone attack on Indian ships exiting Strait of Hormuz; Trump called it "TOTALLY UNACCEPTABLE" - Big market move: Brent crude fell ~1% to under $89.50; S&P 500 jumped 1.8% (best day in 2 months); Nasdaq +2.5%; Dow +1.9% - Asia rally Friday: Kospi +8%, Nikkei +4%, TAIEX +2.4%, ASX +1.8%

🏦 Fed / Interest Rates — Hawkish Shift - New Fed Chair Kevin Warsh's first FOMC meeting is June 16-17 - May CPI hot: headline 4.2% YoY (highest since April 2023); core 2.9%; PPI surged to 6.5% - CME FedWatch: 70% probability of a 25bp rate hike by year-end (vs. cuts expected at start of 2026) - Dec 2026 hike probability: ~50%; June 2027: ~72.6% - Market watching for removal of "easing bias" language in FOMC statement — could signal tightening - Iran deal may give Fed cover to hold steady if oil normalizes

💰 Bezos's Prometheus Raises $12B - Jeff Bezos's physical-AI startup raised $12B at $41B valuation — backers include JPMorgan, Goldman Sachs, BlackRock - Building an "artificial general engineer" for automating physical systems (jet engines, drug compounds) - 150 employees across SF, London, Zurich

🇨🇳 Alibaba Bids $1.5B for Pupu - Alibaba offers $1.5B for Chinese online grocer Pupu — more than double Sun Art's $600M bid - Beijing regulators just reprimanded Alibaba, JD, Pinduoduo, Douyin, Xiaohongshu over "618" festival tactics - Signals new front in Alibaba vs. Meituan instant-delivery war

⚠️ Semiconductor Supply Shock - China cut tungsten exports, forcing Japanese firms Kanto Denka and Central Glass to permanently stop producing tungsten hexafluoride (critical for 3D NAND/HBM chips) starting July 1 - Threatens TSMC, Samsung, SK Hynix; Chinese gas makers' stocks rising as prices expected to spike

Other Notable Items - Adobe CFO departing for Marvell; Adobe stock down - Space stocks (existing players) slid on SpaceX IPO day - ECB hiked rates earlier this week - Gold stabilized around $4,200; silver +6.23%; copper +2%