The Weekly Buzz 🐝 by Blossom

🚀 Rocket Lab Soars 25% After $8B Bet to Become the Next SpaceX

Maxwell Nicholson — Sun, 05 Jul 2026 17:18:13 +0000

TOP STORY
🚀 Rocket Lab Soars 25% After Its $8B Bet to Become the Next SpaceX

🟢 It was a four-day trading week, with US markets closed on Friday for Independence Day and Canadian markets closed on Wednesday for Canada Day…

🗞️ But even with one less day, a lot happened this week. In today’s Buzz, we’ll cover:

🚀 Rocket Lab ($RKLB) soaring 25% after the largest commercial space acquisition in history
☁️ Meta ($META) jumping 9% after entering the cloud computing race, competing directly with AWS and Azure
🚗 Tesla ($TSLA) crushing delivery estimates by 18% but still falling 7%.
👨‍⚖️ Google ($GOOGL) losing its €4.1B EU fine appeal that accused it of ‘abusing Android’s dominance’
👟 And Nike ($NKE) rising 5% after tariff relief saves the quarter

📊 But first, a quick market overview. Across the indexes:

The S&P 500 rose +1.76%
The Nasdaq 100 rose +0.72%
The TSX rose +0.84%

🔄 Looking at specific sectors, the rotation out of semiconductor stocks continued, with the Semiconductor Index ($SMH) falling another 4%, despite still being up massively year-to-date, while oil extended its losing streak to four straight weeks, staying still at ~$72/barrel as the global economy slowly recovers from the oil shock brought by the Iran war (with peace talks paused until next Thursday for Ali Khamenei’s funeral).

📈 The Dow hit an all-time high this week, with unemployment ticking down to 4.2% from 4.3%, and 2-year US bond yields falling. And despite a poor US jobs report released on Thursday, coming in at 57,000 jobs vs. 115,000 expected, markets finished in the green.

🤿 But without further ado, let’s dive into our top story for today!

🛰️ Rocket Lab Acquires Iridium in a Bid to Become the Next SpaceX

🌍 On Monday, Rocket Lab ($RKLB), one of the largest space companies in the world, announced it would be acquiring Iridium Communications ($IRDM), one of the largest satellite operators in the world, creating a massive new competitor in the space race to rival SpaceX ($SPCX).

💰 The deal is valued at $8 billion, making it one of the largest commercial space acquisitions ever, with a price per share of $54 ($27 cash + stock), a 24% premium to Iridium’s last traded share price. It’s expected to close mid-2027 and will be financed using a $3.6 billion bridge loan.

📈 RocketLab surged 16% on the announcement, ending the week up 25%, while Iridium’s shares jumped ~30% to match the offer price. So let’s take a look at what all this means for one of Blossom’s favorite space stocks…

💡 Quick refresher on RKLB: Rocket Lab builds and launches commercial rockets. Their Electron rocket is one of the most frequently launched small rockets in the world, and their Space Systems division builds satellites and spacecraft components for clients ranging from NASA to private companies.

🛰️ What Does Iridium Actually Do and Why Is Rocket Lab Buying Them?

🌐 Iridium is a satellite-only space company that operates 66 low-Earth-orbit units. Its network serves around 2.5 million subscribers across government, defense, aviation, maritime, and consumer markets. In 2025, the company booked $114.4 million in annual profit on $871.7 million in revenue.

📜 Iridium was founded by Motorola in the late 1980s, which spent roughly $5 billion building it before spinning it off (it later went bankrupt after its IPO). The company survived by pivoting its business toward government and defense, and even before the deal was announced, shares had more than doubled year-to-date.

📶 The specific type of network Iridium controls (L-band satellite) uses a scarce, nearly impossible-to-obtain frequency band that works anywhere on Earth… in any weather, at any altitude, regardless of the location.

💬 According to Rocket Lab CEO Peter Beck:

👀 So why does Rocket Lab want to own a satellite communications network? Well, we’ve seen this strategy before…

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TOP STORY CONT
🚀 Rocket Lab Copies The SpaceX Playbook

🤔 Now, a rocket company deciding all of a sudden that it also wants to own a satellite communications network isn’t a new strategy - it’s this same playbook that built SpaceX into the company it is today.

🛰️ SpaceX first built and launched rockets for other companies, then launched its own satellite constellation (Starlink), which is now its biggest profit/cash flow source by far (and is now working to tie it all together with AI compute).

🏗️ The vertical stack of space (factory, rocket, spectrum, orbital operations) is how you build a competitive space platform rather than just a launch contractor, and it’s the strategy Rocket Lab intends to copy.

🏆 With this acquisition, Rocket Lab becomes the only company on Earth besides SpaceX to operate this entire stack, around the same time when Rocket Lab’s Neutron rocket (a medium-lift, reusable vehicle designed to compete with SpaceX’s Falcon 9) is scheduled for its first flight in Q4 2026.

⏱️ Meaning, by the time Neutron is flying regular missions, Rocket Lab will already own a revenue-generating satellite network to fill, a noticeably different business than simply launching other people’s satellites.

📣 What Analysts Are Saying

🎯 Wall Street was positive on the deal, with Louie DiPalma, an analyst at William Blair, calling the deal “very strategic,” noting that Rocket Lab is picking up the L-band network, profitable government contracts, and 2.5 million paying subscribers, all in one fell swoop.

💬 As one analyst at Caelus Partners put it:

🤔 Overall, getting defense and government relationships, a massive competitive satellite network, consistent revenue and added profit, all in one deal, is a pretty solid outcome.

⚠️ But Of Course There’s Risk

😰 The bull case is pretty compelling, but Rocket Lab is taking on real risk here. A $3.6 billion bridge loan is a significant balance-sheet leverage for a deal that won't close until mid-2027, and integrating a complex satellite business is notoriously hard to get right.

⚠️ And SpaceX is MUCH larger. Even with a new, competitive Rocket Lab emerging from the merger, Starlink still has over 10 million subscribers and close to 11,000 satellites in orbit, which is more than 150x and 4x Iridium's numbers, respectively.

⚖️ So, while being 1 of only 2 companies in the world to operate a vertically-integrated space stack is a meaningful outcome, it’s still David vs Goliath, and it will be a big battle for Rocket Lab to truly rival SpaceX 1-on-1.

💰 RKLB Volume Spikes to 3x Average on Blossom

🌼 On Blossom, the news of the acquisition spiked RKLB trading volume to nearly ~3x its year-to-date average, with ~70% of members buying and ~30% selling.

RKLB Volume on Blossom

💸 Interestingly, while unique buyers outnumbered sellers, if we look at raw dollar amounts, sellers outweighed buyers, with $1.4M sold vs $860K bought. Across the sellers, 70% closed out their entire position, accounting for 79% of the total sell volume.

🤑 So by the numbers, it looks like the acquisition pop triggered a wave of Blossom holders to cash out over the two-day window, while newer buyers dollar-cost-averaged in at smaller sizes.

💬 Join the discussion and see even more insights on the Rocket Lab stock page on Blossom!

💡 Fun fact: Blossom users hold $17M in Rocket Lab stock with a median holding of $770

☁️ Now Rocket Lab wasn’t the only company making big moves this week… Meta also announced a major change to its business as it puts its hat in the AI cloud computing race.

⚙️ But before we switch gears, a quick word from our friends at CBOE about a new ETF that launched this week!

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BIG TECH & AI
🤖 Meta Jumps 9% After Announcing an AWS/Azure Competitor

💻 On Wednesday, Bloomberg broke the news that Meta ($META) is building a cloud computing business to sell its excess AI infrastructure to outside customers, putting it in direct competition with behemoths in the space such as Amazon’s AWS, Microsoft’s Azure, and Google Cloud.

📈 📉 Meta shares rose 9% on the news, the stock’s biggest single-day gain since April, with other smaller cloud computing companies like CoreWeave ($CRWV) and Nebius ($NBIS) falling as much as 14% and 17% respectively.

📦 The initiative is called Meta Compute, led internally by Meta’s head of infrastructure, Santosh Janardhan, Daniel Gross from Superintelligence Labs, and Meta President Dina Powell McCormick. And according to Bloomberg, two products are being developed:

🧩 AI model access, where Meta will sell developers access to its own AI models via API (similar to AWS Bedrock)
🖥️ Raw GPU compute, where Meta will rent compute capacity directly to other companies (the traditional cloud computing offering)

🧠 As of today, AWS Bedrock (the closest to the first product Meta is planning above) lets developers use AI models and pay per token, and Meta expects to offer the same setup. Meta will run the model, own the chips, and charge for access, exactly the framework Google, Amazon, and Microsoft are using.

💬 Zuckerberg talked about the potential of a compute business back in Meta’s shareholder call in May, saying:

🔮 But at that time, the Zuck also mentioned that they hadn’t done it yet because they believed they could still use the compute, and that’s what’s causing some analysts to worry…

😬 Some Analysts Are Skeptical

🎯 With all the positives that could come from the new business, the biggest issue is many analysts think it’s more strategic for Meta to use the compute themselves, with Doug Anmuth from JPMorgan saying:

⚖️ His concern is that Meta’s competitive edge is its users, not its data centers. Becoming a cloud provider could easily be a costly distraction.

💪 That said, Meta has the balance sheet, the talent depth, and the scale to make a genuine run if they tried. And Zuckerberg has surprised skeptics before.

⏳ The 9% single-day pop suggests the market is at least taking the option seriously, but whether the business actually materializes is still a big TBD.

🗓️ Before we wrap up with 3 other major headlines of the week, a quick word about our upcoming event in less than 3 weeks!

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IN OTHER NEWS
⭐️ Other Big Headlines

🚗 Tesla Beats Delivery Expectations, Still Falls 8%

📈 Tesla ($TSLA) reported its Q2 2026 deliveries this week, posting a total of 480,126 vehicles vs. the 406,000 expected, beating consensus estimates by roughly 18%.
📉 But despite the good report, the stock fell nearly 8% on Thursday (a correction from the 13% rally in the days leading into the report).
⚠️ While good news for the company, Jed Dorsheimer, analyst at William Blair, noted that this may have been a quarter boosted by “last-time buys” of the discontinued Model S and X (Tesla stopped taking new orders April 1). And now that that tailwind is gone, there may be tough tides ahead.

👟 Nike Rises 5% After Tariff Relief Saves the Quarter

🔄 On Tuesday, Nike ($NKE) reported its Q4 2026 earnings, surprising the market by beating on the top and bottom line. Shares initially fell as much as 8% after hours, but recovered the next day to end Wednesday up about 5%.
🏃 While Nike’s underlying business is still struggling, with revenue falling 1% to $10.97 billion, and China revenue continuing to decline (Nike CEO Elliott Hill even said himself that results “aren't there yet”),
💰 Even so, a $986 million tariff recovery pushed EPS up, and Nike’s running shoes segment is now up double digits for the 5th straight quarter, both of which helped flip sentiment.
📉 Management guided to a low- to mid-single-digit sales decline in H1 FY2027. Nike shares now sit at a roughly 11-year low, down ~73% over the past 5 years alone.

🧑‍⚖️ Google Loses €4.1B EU Fine Appeal

⚖️ Last but not least, on Thursday Google lost it’s appeal with the European Court of Justice (the EU’s highest court) for its massive €4.1 billion ($4.67 billion) antitrust fine.
📱 The fine stems from what EU regulators call Google's abuse of Android’s dominance, notably pre-installing its own apps through agreements with phone manufacturers and locking out competition as a result.
🔨 Google said the judgment “fails to recognize” its investment in Android. No new appeals are allowed going forward.

FROM THE BLOSSOM COMMUNITY
⭐️ Featured Posts of the Week

👇 Click to see the full post!

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🚀 Micron Soars 15% After Record Earnings But Ends the Week Down 6% (US)

Maxwell Nicholson — Sun, 28 Jun 2026 20:32:45 +0000

TOP STORY
📈 Micron Soars 15% After Earnings But Ends the Week Down 6% - Here’s Why

🔴 It was another busy week in the markets: oil prices fell 10% as tankers finally started moving through the wartorn Strait of Hormuz. SpaceX ($SPCX) ended the week down 13%, pushing OpenAI to reportedly consider delaying its IPO until 2027.

💊 At the same time, the Semiconductor Index ($SMH) finished the week down 9% (its worst week since early April) while the S&P 500 Health Care Index rose 8% as investors rotated into defensive sectors. Major healthcare stocks like Eli Lilly ($LLY) and Novo Nordisk ($NVO) jumped ~9% each.

📊 Across the indexes:

The S&P 500 fell -1.95%
The Nasdaq 100 fell -4.24%
The TSX rose +0.35%

🚀 Our top story this week is Micron ($MU), which posted what may be the greatest earnings quarter in memory chip history, jumping 15% after earnings.

🍎 We’ll also deep dive into Apple’s rough week, which fell 6% after the very memory chip demand that’s causing Micron to soar is forcing Apple to hike prices on its core products.

🛢️ But first, let’s take a slightly deeper look at oil and some big updates on the war front just this morning…

🛢️ Oil Prices Start Falling Back to Pre-War Levels… But Don’t Start Celebrating Yet

⛴️ With the US-Iran MOU signed, tankers started moving through the Strait of Hormuz again, 78 vessels on Wednesday alone, pushing Persian Gulf exports back to ~75% of pre-war levels and sending oil prices falling 10% to $72/barrel for the week.

✨ I highlight this in green as while falling oil prices are bad for energy stocks, they’re a sign that the war is ending and help counter the high inflation that’s driving the Fed to propose interest rate hikes (which are bad for investors).

⚠️ But before we celebrate… this weekend things got significantly worse. On Thursday and Friday, Iran launched drone attacks on commercial vessels in and near the Strait, hitting a Singapore vessel off Oman, and striking a tanker anchored near Kuwait, more than 800km from the Strait itself.

💥 Then, in the early hours this morning, things escalated dramatically. Ballistic missiles and drones struck the US airbase in Kuwait and the US Fifth Naval Fleet base at Port Salman in Bahrain. The US responded with missile strikes of its own, and Trump took to Truth Social, implying the US may be forced to resume the war:

😬 And with the market already pricing in peace, we might be in for some pain tomorrow if things continue to escalate…

🌟 But bad news aside, let’s get into Micron and its insane earnings this week. But first, a quick word from our sponsor this week: WisdomTree!

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TOP STORY
🚀 Micron Jumps 15% After Earnings But Ends the Week Down 5%

💾 Last week, we covered Micron ($MU) rising 17% in anticipation of earnings. The stock is up an insane 819% over the past year, leading to 80% of fund managers calling semiconductors ‘the most crowded trade in the market’.

🚀 Needless to say, a lot was riding on Micron’s numbers this week, and while expectations were high. Well, Micron more than delivered, posting earnings that TheStreet called “an unbelievably strong quarter” with “even more unbelievably strong guidance.”

📊 By the numbers:

✅ Revenue hit $41.5 billion vs. $35.7 billion expected, up +346% year-over-year
✅ EPS came in at $25.11 vs. $20.49 expected, up +1,369% year-over-year
- ✅ Gross margin hit 84.9% (a new record for the company)
- ✅ Data centre revenue hit $25 billion, now representing 61% of total sales

🔮 Better yet, the company said it expects Q4 revenue in the range of $49-51 billion (well above the $43.2 billion expected) and announced that it had signed 16 long-term supply agreements that gave $22 billion in cash deposits, 14 of which represent $100 billion in minimum contracted revenue.

📈 📉 Micron shares surged as high as 19% on Thursday, finishing the day up 15%. But the next day the stock fell, ending what would have been one of its best weeks ever down 5%. So what happened?

💡 As a reminder, Micron makes the memory chips needed to train and run AI models like ChatGPT, Gemini, and Claude. It's one of only three companies in the world, alongside SK Hynix and Samsung, that manufacture DRAM at scale, and together they control virtually 100% of the global market.

🇰🇷 What Happened: South Korean Jitters

📉 The volatility for Micron’s shares started on Tuesday when the South Korean stock market crashed 10% after MSCI announced it would not include South Korea in its “Developed Markets” watchlist.

🎯 Being on that watchlist matters because it determines whether trillions of dollars in global index funds are required to hold your stock (driving passive inflows). Since Micron's two competitors, SK Hynix and Samsung, are South Korean companies (and make up ~50% of the entire South Korean index), a crash in Korean stocks is effectively a crash in global memory.

🌐 This panic spread to U.S. chip stocks, causing the Philadelphia Semiconductor Index to fall 7%, with Micron dropping 13% in a single day.

🔄 Micron shares recovered on Thursday after earnings, but on Friday, it fell again as the same fears re-escalated after the South Korean market crashed another 8% (plus Apple and Microsoft announced major price hikes on their devices due to a memory shortage, which we’ll also cover today).

🐂 The Bull Case: A New Era in Memory

🎯 South Korean volatility aside, analysts were overwhelmingly on Micron’s side after earnings, with one analyst calling this a “New Era in Memory,” and BNP Paribas analyst Karl Ackerman describing the long-term supply deals as a “transformative” shift in the memory business model that makes it more like enterprise software and less like a commodity.

🚀 CEO Sanjay Mehrotra addressed skeptics head-on in the earnings call, arguing that 14 of the 16 supply agreements carry price floors "well above peak quarterly margins in any past cycle,” saying:

🏆 Per TipRanks data, analysts currently rate Micron stock a “Strong Buy” with an average price target of $1,526 roughly 35% above current prices.

⚖️ But of course, Micron is not without skeptics… but before we get into the cases against the stock, a quick word from our other sponsor this week - Public.

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TOP STORY CONT.
🐻 Micron’s Bear Case: Memory Has Been Here Before

Memory markets have a long history of booms followed by sharp downturns.

📉 Micron isn’t without detractors. The most vocal this week was William Kerwin from Morningstar, who raised his fair value estimate for Micron from $455 to $850… which sounds bullish until you realize the stock is trading at $1,132, meaning in Kerwin’s model, Micron is 33% overvalued right now.

💬 According to Kerwin:

😰 Morningstar expects downward pricing pressure beginning in 2028, as new manufacturing capacity comes online all at once, exactly what happened in every previous memory cycle. Their most pointed critique: "in a downturn, only a small portion of total contracted revenue is truly guaranteed by customers."

⚠️ The bear case isn't about whether AI demand is real, as it clearly is. The question is whether the long-term supply contracts are as bulletproof as management implies they will be when the next downturn arrives. Memory has a long, painful, repeating history of supply catching up to demand faster than anyone expects.

😰 The question is: is this really the beginning of a new era in memory markets, like some analysts are saying, or the peak of the longest memory supercycle in history? And if you're thinking about buying Micron, that’s the main question you need to answer for yourself…

📱 The irony? While Morningstar worries about an oversupply of memory in the future, right now there isn't nearly enough… and nobody felt that more painfully than Apple this week.

🍎 Apple Sinks 6% After Memory Chip Demand Forces Price Hikes

📉 While Memory Chip demand causes Micron to soar, this week it caused one of the other Big Tech giants to take a major hit, with Apple ($AAPL) shares plummeting 6% on Thursday (its worst single-day performance in more than a year) after the company announced significant price hikes and blaming the AI-driven memory chip shortage as the driving factor.

😭 The industry has called it "RAMageddon," referring to the explosive growth of AI data centers consuming memory chips at an unprecedented rate, driving dramatically higher prices for consumer electronics.)

💰 Here’s how the prices changed (U.S. dollars):

MacBook Neo: $599 → $699 (+$100)
MacBook Air: $1,099 → $1,299 (+$200)
iPad Pro 11-inch: $999 → $1,199 (+$200)
iPad Pro 13-inch: $1,299 → $1,499 (+$200)

📲 Luckily, iPhones prices which account for the majority of Apple’s revenue, alongside AirPods and Apple Watch, are all unaffected by the shortage (for now).

🎮 Microsoft Follows Suit

🕹️ But Apple wasn’t the only one. This week, Microsoft ($MSFT) also announced it would raise Xbox prices by $100- $ 150 per console in the US, again due to memory shortages.

⚠️ Xbox’s own statement also warned consumers to expect another doubling by fall of next year, with Micron CEO Sanjay Mehrotra confirming that “tight conditions” will “persist beyond calendar 2027.”

🧠 Analyst Reactions

🔎 Evercore analyst Amit Daryanani said he was surprised by Apple’s price increases, but said it was “a clear signal that memory inflation is biting harder and faster than expected.” JPMorgan stated that these new prices could meaningfully hurt sales volumes.

🎓 Harvard professor and supply chain expert Willy Shih was surprised by the news, like many analysts, saying:

⚠️ As Tim Cook steps down in September, John Ternus (currently head of hardware engineering) certainly has a big challenge ahead of him. Ternus will inherit a company navigating both an AI transition and a memory cost crisis on day one.

📲 For now, iPhones, Apple's most important product, remain protected by component contracts Apple locks in well ahead of each annual iPhone cycle, but those contracts expire.

😰 And if tight memory conditions persist into late 2026 and beyond, the next iPhone lineup will face the same challenges that already hit the Mac and iPad line…

💡 In any case, it’s clear that the memory market is impacting more than just Micron, and it’s definitely something worth keeping a close eye on as we head into Q3…

FROM THE BLOSSOM COMMUNITY
⭐️ Featured Posts of the Week

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🚀 Micron Soars 15% After Record Earnings But Ends the Week Down 6%

Maxwell Nicholson — Sun, 28 Jun 2026 20:12:56 +0000

TOP STORY
📈 Micron Soars 15% After Earnings But Ends the Week Down 6% - Here’s Why

📊 Across the indexes:

The S&P 500 fell -1.95%
The Nasdaq 100 fell -4.24%
The TSX rose +0.35%

🚀 Our top story this week is Micron ($MU), which posted what may be the greatest earnings quarter in memory chip history, jumping 15% after earnings.

🍎 We’ll also deep dive into Apple’s rough week, which fell 6% after the very memory chip demand that’s causing Micron to soar is forcing Apple to hike prices on its core products.

🛢️ But first, let’s take a slightly deeper look at oil and some big updates on the war front just this morning…

🛢️ Oil Prices Start Falling Back to Pre-War Levels… But Don’t Start Celebrating Yet

😬 And with the market already pricing in peace, we might be in for some pain tomorrow if things continue to escalate…

🌟 But bad news aside, let’s get into Micron and its insane earnings this week. But first, a quick word from our sponsor this week: Fidelity Investments Canada!

TOP STORY
🚀 Micron Jumps 15% After Earnings But Ends the Week Down 5%

📊 By the numbers:

✅ Revenue hit $41.5 billion vs. $35.7 billion expected, up +346% year-over-year
✅ EPS came in at $25.11 vs. $20.49 expected, up +1,369% year-over-year
- ✅ Gross margin hit 84.9% (a new record for the company)
- ✅ Data centre revenue hit $25 billion, now representing 61% of total sales

💡 As a reminder, Micron makes the memory chips needed to train and run AI models like ChatGPT, Gemini, and Claude. It's one of only three companies in the world, alongside SK Hynix and Samsung, that manufacture DRAM at scale, and together they control virtually 100% of the global market.

🇰🇷 What Happened: South Korean Jitters

🌐 This panic spread to U.S. chip stocks, causing the Philadelphia Semiconductor Index to fall 7%, with Micron dropping 13% in a single day.

🐂 The Bull Case: A New Era in Memory

🏆 Per TipRanks data, analysts currently rate Micron stock a “Strong Buy” with an average price target of $1,526 roughly 35% above current prices.

⚖️ But of course, Micron is not without skeptics… but before we get into the cases against the stock, a quick word from our other sponsor this week - Wealthsimple.

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TOP STORY CONT.
🐻 Micron’s Bear Case: Memory Has Been Here Before

Memory markets have a long history of booms followed by sharp downturns.

💬 According to Kerwin:

📱 The irony? While Morningstar worries about an oversupply of memory in the future, right now there isn't nearly enough… and nobody felt that more painfully than Apple this week.

🍎 Apple Sinks 6% After Memory Chip Demand Forces Price Hikes

💰 Here’s how the prices changed (U.S. dollars):

MacBook Neo: $599 → $699 (+$100)
MacBook Air: $1,099 → $1,299 (+$200)
iPad Pro 11-inch: $999 → $1,199 (+$200)
iPad Pro 13-inch: $1,299 → $1,499 (+$200)

📲 Luckily, iPhones prices which account for the majority of Apple’s revenue, alongside AirPods and Apple Watch, are all unaffected by the shortage (for now).

🎮 Microsoft Follows Suit

🕹️ But Apple wasn’t the only one. This week, Microsoft ($MSFT) also announced it would raise Xbox prices by $100- $ 150 per console in the US, again due to memory shortages.

🧠 Analyst Reactions

🎓 Harvard professor and supply chain expert Willy Shih was surprised by the news, like many analysts, saying:

📲 For now, iPhones, Apple's most important product, remain protected by component contracts Apple locks in well ahead of each annual iPhone cycle, but those contracts expire.

😰 And if tight memory conditions persist into late 2026 and beyond, the next iPhone lineup will face the same challenges that already hit the Mac and iPad line…

💡 In any case, it’s clear that the memory market is impacting more than just Micron, and it’s definitely something worth keeping a close eye on as we head into Q3…

FROM THE BLOSSOM COMMUNITY
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✨ How to Get Your Blossom Investor Perks!

Maxwell Nicholson — Tue, 23 Jun 2026 15:08:46 +0000

UPDATE
✨ Blossom Investor Perks

🌼 Hello Blossom shareholders!!!

🤯 Yesterday we made history together, setting the record for the most successful equity crowdfunding round in Canadian history!

💖 A huge thanks to each and every one of you for backing our mission, investing your hard-earned money, and dealing with all the Frontfundr issues yesterday 🥲

🙋‍♂️ To get your investor perks (including your shareholder badge), please fill out this form! Note the hoodies may take 1-2 months to order and ship.

Investor Perks Form!

✨ Also, as a bonus perk for everyone, feel free to use code NEWSHAREHOLDER for 25% off to come celebrate with us at BlossomCon in Toronto or Vancouver! If you are coming to BlossomCon, we’ll give you your hoodie there, as it will save us a ton on shipping costs (and so you can show off that you’re a shareholder) 😊

⚠️ A few other important notes:

If you're receiving this email, that means your investment is completed. It will show ‘Pending Countersign from Issuer’ in Frontfundr. That final step is on our end and is done after the round is completed (in 1-2 weeks).
For investor updates, you’ll all be added to the investor updates mailing list, which is sent quarterly! Feel free to also add me on LinkedIn for smaller company updates between quarters.

🚀 Onwards and upwards,

Max, CEO of Blossom

🤩 P.S. Feel free to celebrate with us on our posts on Instagram, LinkedIn, or Blossom!

🤯 Blossom Investment Round Closed in 2 Hours

Maxwell Nicholson — Mon, 22 Jun 2026 17:33:58 +0000

UPDATE
🤯 Blossom Investment Round Closed in 2 Hours!

🥳 I’m excited to share that the Blossom investment round is officially closed, as we have hit the limit of how much we can raise from non-accredited investors... beating our own record for the most successful equity crowdfunding round in Canadian history!

⚠️ If you are already in the process of investing but stuck on ID verification, generating documents, doc signing, etc. due to Frontfundr issues, you will still be able to invest - please reply to this email if you’re still having problems completing the process.

🥲 If you haven’t started the process yet, I’m sad to say that we legally have to close the round due to the $1.5M regulatory limit on how much we can raise from non-accredited investors each year. If you missed out on this round, here is the link to join the waitlist for the next round.

🙏 If you’re an accredited investor (meaning you make over $200k a year or have over $1M in net worth), you are not subject to the same $1.5M limit, so you will still be able to invest until the end of the week! Note this is just an income/net worth requirement that you submit when you fill out your Frontfundr profile, there isn’t any accreditation certificate you need or anything. If you meet this criteria, you can still invest in the link here.

📈 A huge thank you to everyone who invested for your support. I'm excited to put your capital to work and grow your investment as we grow this incredible community!

🥳 Feel free to celebrate with us in our IG post here or our Blossom post here!

Best,

Max, CEO of Blossom

_{Investing in exempt market securities is risky. Details of the offering can be found in the offering document at}_{frontfundr.com/blossomsocial2026}_{. This communication is for informational purposes only.}

📈 Intel and Micron Soar Despite 80% of Fund Managers Calling It 'A Crowded Trade' (US)

Maxwell Nicholson — Sun, 21 Jun 2026 17:04:15 +0000

TOP STORY
📈 Intel and Micron Soar Despite 80% of Fund Managers Calling It 'A Crowded Trade'

🗓️ This week the new Fed chair held interest rates, the Strait of Hormoz reopened (and then reclosed), Intel ($INTC) popped 11% after a deal with Apple (despite 80% of fund managers called it the most crowded trade in history), and Snapchat ($SNAP) crashed 13% after releasing ‘disastrously uncool’ $2,000 AR glasses… there’s a lot to cover, so let’s dive in!

🛳️ Ships Start Sailing Through The Strait:

✍️ Big news on the US-Iran war front: an official agreement was finally signed, leading to a reopening of the Strait of Hormuz and sending Oil prices down 8% to $80/barrel.

🚢 After the signing, ships finally started moving through the Strait, but this may have been short-lived as Iran declared it closed again on Saturday following Israeli strikes in Lebanon. However, the US military denied that claim, reporting that over 17 million barrels had sailed through on Saturday alone.

📈 Even so, the news was enough to keep the markets rallying, with both the S&P 500 and the Nasdaq-100 jumping this week:

The S&P 500 rose +0.93%
The Nasdaq 100 rose +2.60%
The TSX fell -0.23%

😬 Now it’s worth noting this peace is anything but stable, with one economist saying that traders are ‘pricing in perfection’:

🕊️ But in any case, things finally seem to be moving in the right direction.

🏦 Kevin Warsh Creates a “New Fed”

💸 The other big macro news this week was the Fed meeting, where new Fed chair Kevin Warsh announced he would be keeping interest rates steady at 3.50%-3.75%

😳 This rate decision was expected, but Warsh did make a few surprising changes, most notably getting rid of ‘forward guidance’ aka the early indications of what the Fed plans to do next.

😰 Markets fell sharply Wednesday on the news. The dollar hit a one-year high as traders began pricing in a 40% chance of a rate hike as early as September, a dramatic reversal from the cuts markets were hoping for just a few months ago. Reuters put it plainly: "Investors brace for less predictable Fed under Chairman Warsh."

👎 As a reminder, investors dislike interest rate hikes (as they increase the cost of borrowing and make stocks less attractive than bonds), and they dislike uncertainty even more.

👀 Luckily, the Strait reopening helped the markets shake off Wednesday’s losses, but this ‘New Fed’ definitely seems less investor-friendly than many were hoping for.

🚀 The Chip Market Soars With Intel and Micron Leading the Charge

💻 Another big factor boosting markets this week was chip stocks (aka semiconductors), with the Philadelphia Semiconductor Index hitting an all-time high this week, helped by Intel ($INTC) surging 11%, and Micron ($MU) rising 17%, with shares of the two companies up 240% and 297% year-to-date, so let’s take a look at what happened this week…

🤯 Intel Rises 11% After Apple / Intel Partnership

📖 Back in April, I covered Intel's incredible 24% single-day earnings surge, its best day since 1987, as new CEO Lip-Bu Tan's turnaround finally started to show up in the numbers, the US government committed $8.9 billion to Intel's foundry business, and Tesla signed on as a manufacturing customer.

💡 The thesis was simple: Intel is the only US company that can both design and manufacture leading-edge chips, and if it can prove itself as a credible alternative to TSMC, it becomes one of the most important companies in America.

📱 Well, fast forward to Wednesday night, and that thesis may be starting to play out, with Trump posting on Truth Social that Apple ($AAPL) had agreed to work with Intel to design and build chips in the United States, sending Intel shares up 11% the next morning to an all-time high (ironically, Intel and Apple have declined to comment on this 😅).

💬 And while certainly good news, some analysts think the market is getting ahead of itself, with one pointing out that any early foundry relationship with Apple would likely be low-volume focused on less-important parts to build trust:

📈 Micron didn’t get a Trump tweet this week but also jumped 17%, likely in anticipation of its Wednesday earnings, with expectations that the company will once again blow past its targets like it did last quarter.

⚠️ And while chip stocks continue to soar, some on Wall Street are setting off warning bells, with a recent survey showing that 80% of fund managers think Semiconductors are the ‘most crowded trade in the market’ right now.

😎 But before we take a look at why, a quick word from our sponsor this week: Wall Street Favorites!

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TOP STORY CONT.
💥 80% of Fund Managers Say Semiconductors Are ‘The Most Crowded Trade’ in the Market

😰 The surge in chip stocks is making Wall Street nervous, with Bank of America’s June Global Fund Manager Survey finding that 80% of global fund managers now call “long global semiconductors” the most crowded trade in the market.

🥶 And yet nobody is selling. BofA's Michael Hartnett titled this month's report "Frozen Bulls": fund managers know the trade is historically crowded, they express discomfort about it, and they hold anyway.

👀 The reason is partly rational: 56% of managers still believe AI stocks are in the "boom" phase, where prices gain momentum, and FOMO attracts more participants. Only 21% think the sector has entered dangerous "euphoria."

💬 According to Steve Kolano, CIO at Integrated Partners:

⚠️ But not everyone is bullish or neutral, with the UBS trading desk sending a warning to clients this week urging them to “reduce risk meaningfully” amid crowding in the AI space, especially in chips and semiconductors.

💡 And whether you agree or not, I think UBS’s warning is worth considering if you find yourself heavily weighted into Chip stocks without a clear thesis.

📊 The fundamentals are real: Big Tech has already planned to spend $700 billion this year on AI CapEx, more than double last year, and demand for chip foundry and memory is massive.

‼️ But the eye-watering returns Chip stocks have been posting definitely carry a high degree of risk that continues to increase as the trade gets more crowded and FOMO starts playing a bigger role than fundamentals. So proceed with caution, especially if you’re a beginner to the markets.

📉 Alright, let’s switch gears to our other story this week: Snapchat’s big flop. But first, a quick note about our upcoming event in NYC!

BLOSSOMCON 2026
🤩 BlossomCon is Coming to NYC!

🌼 If you enjoy the Weekly Buzz, you’ll love BlossomCon - the ultimate event for retail investors! And we’ll be coming to NYC on Oct 3.

🔥 If you haven’t been to BlossomCon before, it’s basically the ultimate investing conference where we bring the top voices in investing to discuss their strategies, market outlooks, and more, plus a whole festival-style vibe centered around investing.

😎 Over 300 people attended our NYC event last year, so this isn’t one you want to miss…

🎁 And as a reward for my loyal Weekly Buzz readers, the first 5 people who use the code LOVEWEEKLYBUZZ will get 50% off your ticket!

🎟️ Get your ticket here!

*P.S. The events are break-even, so all the money we make goes into creating a better experience 😊

FLOP OR COMEBACK STORY?
👓 Snapchat’s Push Into AR Glasses

👓 This week, Snapchat ($SNAP) CEO Evan Spiegel walked onto a stage at the Augmented World Expo in California and unveiled “Specs,” the company’s first full standalone consumer AR glasses, priced at $2,195… over 15x the price of Snap’s original $130 Spectacles from 2016.

🎤 According to Spiegel these glasses have been a decade in development, and represent “the beginning of a new era in computing,” but according to the internet they look like “modern 3D glasses crossed with particularly ugly safety goggles,” and have “absolutely no style.”

📉 The market reaction says it all, with the stock falling -10% on the news to end the week -13%.

🪦 A Miscalculated (And “Tried Before”) Bet

📅 Snap has been trying Spec for a long time. Back in 2016, the company launched the original Spectacles as camera-only sunglasses. Then in 2017, they revealed $40 million in losses from excess inventory and canceled orders on that rollout, until releasing updated versions in 2018 and 2019 that also nobody bought.

🔄 It wasn’t until 2021 when Snap pivoted to AR-only, but kept it limited to “select global creators.” And now, 4 years after that limited rollout, we have the new $2,000+ Specs.

💬 According to Jitesh Ubrani, research manager at IDC, considering Snapchat’s user base and current fundamentals, this seems like the wrong product at the wrong time. In fact, one analyst at Guggenheim estimates that Snap has already invested roughly $500 million in Specs development over the past 12 months alone.

🤼 Meanwhile, the competition, mainly Meta ($META) Ray-Bans, has sold over 9 million units since launch, with 7 million in 2025 alone. The product is such a success that Ray-Ban is now in talks to scale production to 20 million units annually by year-end, potentially even 30 million.

😎 But in contrast to Snap's glasses, Meta’s are designed to be worn like everyday glasses, weigh nearly half as much, and cost as little as $350.

📊 What Analysts Are Saying

❌ Opinion on Wall Street is broadly negative, with the consensus rating sitting at "Hold", which sounds mild until you realize that analysts almost never issue "Sell" ratings.

😬 On any given stock, fewer than 5% of analyst ratings are ever an outright "Sell," because the banks and research firms that employ them often have business relationships with the companies they cover. "Hold" is Wall Street's polite way of saying "we wouldn't touch this."

💬 The sometimes-controversial Jim Cramer summed it up:

📉 With this week's -13% drop, Snap now sits at $4.66, down roughly 95% from its $83 all-time high in 2021. The company has lost the benefit of the doubt on Wall Street and now sunk $500 million into an AR product the internet is already mocking. So, needless to say, a lot is riding on these Specs to succeed…

🐂 The Bull Case

🤔 Something that gets lost in the mockery is that Snap's Specs aren't the same product as Meta's Ray-Bans, they're genuinely more ambitious. Meta's glasses are essentially a stylish camera with a speaker, they don't project anything into your field of view.

👓 Snap's Specs are true augmented reality glasses, they can overlay digital content directly onto the real world in front of you, which is the "holy grail" of wearable computing that Apple, Google, and Meta have all been chasing for a decade.

🌍 The bull argument is that Snap isn't launching a consumer product, they're launching a platform. Snap already has 900 million users who engage with AR filters and lenses daily, making it arguably the most active AR user base on earth. And with Lens Studio (their developer platform) already powering millions of AR experiences worldwide, the software ecosystem isn't starting from zero.

💬 As one analyst puts it, the Specs are likely a stepping stone, saying:

🎲 It’s still too early to tell whether AR glasses will become the next great computing platform or another big flop. But if they do (and many of the major tech companies seem to be betting they will) the company that built the developer ecosystem early could matter a lot more than the stock price at $4.66 suggests.

🤷‍♂️ That's the bet Spiegel is making, and whether it pays off (and whether Spiegel can regain investor confidence) is a big TBD…

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FROM THE BLOSSOM COMMUNITY
⭐️ Featured Posts of the Week

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📈 Intel and Micron Soar Despite 80% of Fund Managers Calling It 'A Crowded Trade'

Maxwell Nicholson — Sun, 21 Jun 2026 16:44:16 +0000

TOP STORY
📈 Intel and Micron Soar Despite 80% of Fund Managers Calling It 'A Crowded Trade'

🛳️ Ships Start Sailing Through The Strait:

✍️ Big news on the US-Iran war front: an official agreement was finally signed, leading to a reopening of the Strait of Hormuz and sending Oil prices down 8% to $80/barrel.

📈 Even so, the news was enough to keep the markets rallying, with both the S&P 500 and the Nasdaq-100 jumping this week:

The S&P 500 rose +0.93%
The Nasdaq 100 rose +2.60%
The TSX fell -0.23%

😬 Now it’s worth noting this peace is anything but stable, with one economist saying that traders are ‘pricing in perfection’:

🕊️ But in any case, things finally seem to be moving in the right direction.

🏦 Kevin Warsh Creates a “New Fed”

💸 The other big macro news this week was the Fed meeting, where new Fed chair Kevin Warsh announced he would be keeping interest rates steady at 3.50%-3.75%

😳 This rate decision was expected, but Warsh did make a few surprising changes, most notably getting rid of ‘forward guidance’ aka the early indications of what the Fed plans to do next.

😰 Markets fell sharply Wednesday on the news. The dollar hit a one-year high as traders began pricing in a 40% chance of a rate hike as early as September, a dramatic reversal from the cuts markets were hoping for just a few months ago. Reuters put it plainly: "Investors brace for less predictable Fed under Chairman Warsh."

👎 As a reminder, investors dislike interest rate hikes (as they increase the cost of borrowing and make stocks less attractive than bonds), and they dislike uncertainty even more.

👀 Luckily, the Strait reopening helped the markets shake off Wednesday’s losses, but this ‘New Fed’ definitely seems less investor-friendly than many were hoping for.

🚀 The Chip Market Soars With Intel and Micron Leading the Charge

🤯 Intel Rises 11% After Apple / Intel Partnership

😎 But before we take a look at why, a quick word from our sponsor this week: Harvest ETFs!

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TOP STORY CONT.
💥 80% of Fund Managers Say Semiconductors Are ‘The Most Crowded Trade’ in the Market

💬 According to Steve Kolano, CIO at Integrated Partners:

💡 And whether you agree or not, I think UBS’s warning is worth considering if you find yourself heavily weighted into Chip stocks without a clear thesis.

📊 The fundamentals are real: Big Tech has already planned to spend $700 billion this year on AI CapEx, more than double last year, and demand for chip foundry and memory is massive.

📉 Alright, let’s switch gears to our other story this week: Snapchat’s big flop. But first, a quick note about some interesting ETFs for the AI era.

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FLOP OR COMEBACK STORY?
👓 Snapchat’s Push Into AR Glasses

📉 The market reaction says it all, with the stock falling -10% on the news to end the week -13%.

🪦 A Miscalculated (And “Tried Before”) Bet

🔄 It wasn’t until 2021 when Snap pivoted to AR-only, but kept it limited to “select global creators.” And now, 4 years after that limited rollout, we have the new $2,000+ Specs.

😎 But in contrast to Snap's glasses, Meta’s are designed to be worn like everyday glasses, weigh nearly half as much, and cost as little as $350.

📊 What Analysts Are Saying

❌ Opinion on Wall Street is broadly negative, with the consensus rating sitting at "Hold", which sounds mild until you realize that analysts almost never issue "Sell" ratings.

💬 The sometimes-controversial Jim Cramer summed it up:

🐂 The Bull Case

💬 As one analyst puts it, the Specs are likely a stepping stone, saying:

🤷‍♂️ That's the bet Spiegel is making, and whether it pays off (and whether Spiegel can regain investor confidence) is a big TBD…

ANNOUNCEMENT
🌼 BlossomCon Speaker Line-up Announced!

🌼 BlossomCon Toronto is nearly 1 month away, and it’s going to be a big one. With nearly 1,000 folks confirmed, it’s on track to be an epic day.

🎟️ If you haven’t already grabbed your ticket, what are you waiting for? 🤔

📣 I’m excited to share that we’ve now confirmed our all-star list of speakers, who will be taking the main stage at the Rogers Centre to drop tons of investing knowledge, their favourite stocks, market outlooks, dividend strategies, and more.

🎙️ Here are some of the sessions you can look forward to:

12:30pm: 🌼 Welcome Address with Blossom CEO (me 🙋‍♂️)
12:45pm: 📚 Investing for Beginners: Everything You Wish You Knew Sooner with Brandon Beavis, Joyee Yang, and Matt Shoss
1:15pm: 👸 Why Women Are Better Investors (And What Everyone Can Learn From Them) with the Humbled Trader, Azia, and Gina Judge
2:45pm: 🔥 The Next Big Winners: AI, Energy, Space & Beyond with BDInvesting, Braden Dennis, Lina Makes Money
3:15pm 🏦 Tax Smart Investing: Keeping More of What You Earn with Canadian in a T-Shirt, GrowwithNav, Zac Hartley
4:30pm: 💸 The Passive Income Playbook: High-Income ETFs and Covered Calls Decoded with Adriano (Passive Income Investing) and Harvest CEO Michael Kovacs
5:00pm: 📊 The Macro Picture: War, Inflation, the AI Bubble, and the Housing Market with Marc Beavis and Former Bloomberg Anchor Jon Erlichman
5:30pm 🌼 Blossom Keynote: What’s Coming Next

🔥 I’m also pumped to share that we’ll be launching an in-app experience next week where you can see who else from the community is going, and ask your questions for the speakers in advance, directly on Blossom!

🎁. And as a reward for my loyal Weekly Buzz readers, the first 10 people who use the code LOVEWEEKLYBUZZ will get 50% off your ticket (for Toronto or Vancouver)!

🎟️ Don’t forget to grab your ticket!

FROM THE BLOSSOM COMMUNITY
⭐️ Featured Posts of the Week

👇 Click to see the full post!

Harvest ETFs Disclaimer ¹

^{All rights to the trademarks and/or logos listed herein belong to their respective owners and Harvest ETFs use hereof does not imply any affiliation with, or endorsement by the owners of these trademarks and/or logos.}

Harvest ETFs Disclaimer ²

^{Commissions, management fees and expenses all may be associated with investing in Harvest ETFs (the “Fund(s)” or “ETF(s)”) managed by Harvest Portfolios Group Inc. Please read the relevant prospectus before investing. The Funds are not}

^{guaranteed, their values change frequently and past performance may not be repeated. Tax, investment and all other decisions should be made with guidance from a qualified professional.}

¹Formerly Harvest Tech Achievers Growth & Income ETF

²Formerly Harvest Tech Achievers Enhanced Income ETF

^{Distributions are paid to you in cash unless you request, pursuant to your participation in a distribution reinvestment plan, that they be reinvested into the Class of units that you own of the Fund. If the Fund earns less than the amounts distributed, the difference is a return of capital. Depending on the Fund’s mandate, distributions on the units, if any, may consist of income, including foreign source income, dividends from taxable Canadian corporations and capital gains, less the expenses and may include returns of capital.}

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🌼 BlossomCon Speaker Line-up Announced!

Maxwell Nicholson — Thu, 18 Jun 2026 22:21:27 +0000

ANNOUNCEMENT
🌼 BlossomCon Speaker Line-up Announced!

🌼 BlossomCon Toronto is nearly 1 month away, and it’s going to be a big one. With nearly 1,000 folks confirmed, it’s on track to be an epic day.

🎟️ If you haven’t already grabbed your ticket, what are you waiting for? 🤔

🎙️ Here are some of the sessions you can look forward to (see the full speaker bios on the BlossomCon website):

12:30pm: 🌼 Welcome Address with Blossom CEO (me 🙋‍♂️)
12:45pm: 📚 Investing for Beginners: Everything You Wish You Knew Sooner with Brandon Beavis, Joyee Yang, and Matt Shoss
1:15pm: 👸 Why Women Are Better Investors (And What Everyone Can Learn From Them) with the Humbled Trader, Azia, and Gina Judge
2:45pm: 🔥 The Next Big Winners: AI, Energy, Space & Beyond with BDInvesting, Braden Dennis, Lina Makes Money
3:15pm 🏦 Tax Smart Investing: Keeping More of What You Earn with Canadian in a T-Shirt, GrowwithNav, Zac Hartley
4:30pm: 💸 The Passive Income Playbook: High-Income ETFs and Covered Calls Decoded with Adriano (Passive Income Investing) and Harvest CEO Michael Kovacs
5:00pm: 📊 The Macro Picture: War, Inflation, the AI Bubble, and the Housing Market with Marc Beavis and Former Bloomberg Anchor Jon Erlichman
5:30pm 🌼 Blossom Keynote: What’s Coming Next

🔥 I’m also pumped to share that we’ll be launching an in-app experience next week where you can see who else from the community is going, and ask your questions for the speakers in advance, directly on Blossom!

💰 On top of that, the finance industry is showing up in a big way: Fidelity, BMO, Global X, CIBC, RBC iShares, Ninepoint, Dynamic Funds, Brompton Funds, TD Asset Management, and Hamilton will all be there with booths, swag, and tons of education about their ETFs and funds.

🍺 Fun fact: last year the lines to learn about their ETFs were longer than the lines for free beer!

💸 Oh, and last but not least, our presenting sponsor for the 3rd year in a row Harvest ETFs, one of the most popular ETF shops on Blossom. Harvest’s CEO, Michael Kovacs, will even be joining us for a special panel on all things dividends and covered call investing!

🎟️ Don’t forget to grab your ticket!

🤩 See you at BlossomCon!

Max, CEO of Blossom

🚀 SpaceX Jumps 19% on IPO, Passing a $2T Valuation (US)

Maxwell Nicholson — Sun, 14 Jun 2026 16:37:47 +0000

TOP STORY
🚀 SpaceX Jumps 19% on IPO, Passing a $2T Valuation

🤯 The day has finally come. On Friday, SpaceX officially listed on the Nasdaq under the ticker $SPCX, jumping 19% to an over-$2T valuation and setting the record for the biggest IPO in history (nearly triple Saudi Aramco’s record set in 2019).

🏆 In one day, SpaceX soared to the #57th most-held stock on Blossom, with 6,134 Blossomers holding shares (over 4% of all users who’ve linked their brokerages).

✨ The monster IPO boosted optimism this week, with all the major indexes rising following the market's worst day of the year last Friday.

📊 Across the indexes:

The S&P 500 rose +0.65%
The Nasdaq 100 rose +2.34%
The TSX rose +1.52%

🕊️ Hopes of the Strait of Hormuz reopening also lifted markets, after Trump said a deal to end the war will be signed on Sunday and that the Strait would be ‘open to all’ after it was signed.

🙅‍♂️ But despite’s Trump’s optimism, the Iranian Foreign Ministry said the deal is unlikely to be signed this weekend, leaving the war in the shroud of uncertainty most investors have now gotten used to.

👨‍🚀 But enough about the never-ending war, let’s dive into everything you need to know about SpaceX’s record-setting IPO (plus everything announced at Apple’s WWDC conference).

😎 One of the ‘Best-Executed IPOs’ Wall Street Has Seen in Years

🔍 Three weeks ago we covered a breakdown of SpaceX's business, the valuation debate, and the NASDAQ 100 inclusion story. This week I want to focus on what’s new since the stock started trading.

✅ Love him or hate him, Elon’s SpaceX IPO was well-executed. Despite being a vocal critic of the IPO heading into it, Jim Cramer, host of Mad Money on CNBC was quick to acknowledge the success, saying:

⭐️ According to Reuters, the IPO was 4x oversubscribed, meaning about $250 billion in demand was chasing $75 billion in supply, with BlackRock ($BLK) alone placing a $5 billion order.

💰 SpaceX ended the day at a $2.1T valuation, making SpaceX the 7th most valuable company in the world overnight and even surpassing Tesla ($TSLA ).

🤑 In the process, Elon Musk, who holds 42% of equity and 82% of voting control via super-shares, became the world's first trillionaire, with around 4,400 current and former SpaceX employees expected to become millionaires.

🚗 The Tesla Bombshell Nobody Was Expecting

😮 While the IPO itself was smooth sailing, in an interview with CNBC on IPO day, COO Gwynne Shotwell caught investors by surprise when she hinted at a possible Tesla / SpaceX merger.

📈 Many analysts view this as inevitable, with Wedbush analyst Dan Ives estimating an 80% chance that the two companies will merge. Tesla stock jumped 2% on the rumors.

😎 Shotwell also set expectations for what it means to be a SpaceX shareholder, saying that she does “not want to focus on quarterly earnings,” and that “folks who invest in SpaceX need to know is that what we’re doing is very futuristic.”

🛡️ Analysts Defend SpaceX’s valuation

👀 A big point of criticism for SpaceX’s IPO was the valuation, and while we’ll get into the new cases against the stock, one analyst came out of the gate to defend the high price.

📈 Oppenheimer's Timothy Horan, the first analyst to give SpaceX a rating, rated SpaceX an ‘Outperform (Buy)’ with a $190 price target, roughly 18% above Friday's close. His thesis:

💰 Cathie Wood's ARK Invest also went all in post-debut, trimming Tesla to buy SpaceX across both ARKX and ARKK.

🐻 But not everyone is convinced, with many critics doubling down on arguments that SpaceX’s stock is due for a crash… but before we dive into those, a quick word from our sponsor this week: WisdomTree!

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TOP STORY CONT.
💥 Is SpaceX a Ticking Time Bomb?

🔄 SpaceX Does A ‘180’ Right Before IPO

👀 SpaceX is definitely not without its doubters, and while we already covered some of the arguments against its high valuation 3 weeks back, there was a big new development before the IPO.

🛡️ One of the arguments in SpaceX’s prospectus to defend its valuation was the massive total addressable market tied to Grok becoming a dominant enterprise AI platform (~93% of SpaceX’s projected addressable market).

🏢 But since then, SpaceX has announced it will rent compute capacity directly to Anthropic for $1.25 billion per month and to Google for $920 million per month.

⚠️ While those are big contracts, some see this as a pivot from AI model dominance to data center landlord. James Chanos came on Bloomberg and flagged the problem:

📺 Richard Coffin (The Plain Bagel) broke it down on YouTube and reached a similar conclusion. His point was that SpaceX’s prospectus requires Grok to dominate enterprise AI, Starlink to win global internet, and the space business to scale all at the same time, and if you remove Grok enterprise AI dominance story, it becomes much harder to justify the $2T price tag.

🎯 Morningstar puts SpaceX’s fair value at $780 billion, or less than half the current price, with the current price-to-sales at 110x. And to quote the same James Chanos on what that means: “historically, returns have been awful at those valuations.”

💣 A Ticking Time Bomb?

👀 The other major argument is that SpaceX hasn’t yet faced selling pressure.

🔓 Most private shareholders aren’t allowed to sell most of their positions until 3 to 6 months after an IPO, though the $176 intraday high on IPO day may have already triggered SpaceX's performance-based early lock-up clause, meaning insiders could begin selling as early as July, not December.

😬 Options trading also starts Monday, the first time puts and calls will be available on SPCX, adding a new layer of volatility into next week.

🤔 This has led many, including Blossom’s @jacobb, to question whether retail investors will end up being ‘exit liquidity’ (see his full post here), with even Blossom’s ‘Rocketman’ @anthony.invests staying away (see his post here).

🌼 But with over 4% of Blossomer’s holding the stock, there are clearly arguments on both sides, and with NASDAQ 100 inclusion coming in the next 15 trading days, options going live Monday, and the early lock-up trigger potentially already tripped, the next few weeks are going to be interesting.

🎙️ To join the conversation, make sure you check out the many posts on Blossom about SpaceX, which, unsurprisingly, was the #1 Most Mentioned stock of the week!

🗞️ Despite dominating the headlines, SpaceX wasn’t the only big story this week. Apple also had its WWDC developer conference, where it announced some pretty major changes to Siri. So let’s switch gears to see what was announced, and what it means for Apple shareholders.

🪐 But first, a quick word from our other sponsor this week, Public!

IN PARTNERSHIP WITH PUBLIC
🎁 Sign up for Public and Get Free Blossom PRO Access!

🔥 Did you know that through our partnership with Public, if you sign up for a Public account and connect it to Blossom, you unlock Blossom Pro for free?

💸 On top of that, Public also has some of the best yields in the market, with a High-Yield cash account paying 3.3%, a Treasuries Account paying up to 3.8%, and a 1% IRA match.

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TOP STORY
🍎 Apple Stock Falls 6% After Announcing Its Widely Anticipated Siri Revamp

🍎 While SpaceX stole the headlines, Apple ($AAPL) also had a huge week this week, hosting its Worldwide Developers Conference (WWDC26) and announcing a ton of new features and updates.

👀 Blossom’s @anthony.invests even received the coveted in-person invite and shared insights from the front lines.

📉 And while the updates were well received, many investors saw it as ‘evolutionary, not revolutionary’, causing the stock to fall ~6% this week.

🤖 All Eyes On Siri

🎯 The most important announcement at WWDC this year was the Siri overhaul, something Apple promised all the way back at WWDC 2024.

📱 Apple’s new and improved Siri is called “Siri AI,” a ground-up rebuild powered by next-generation Apple Foundation Models built in partnership with Google’s $GOOGL Gemini.

🪄 The new Siri has a dedicated app across all platforms, conversation history synced privately via iCloud, on-screen awareness that can read and act on what’s in front of you, and the ability to operate apps and answer questions using your personal context. Which is essentially the exact feature set Apple promised (but failed to deliver) two years ago. (See the live demo here.)

💡 The monetization hook is baked in from day one: AI-heavy features like image generation come with daily usage limits. Need more? Upgrade to iCloud+, making Siri AI Apple's first real "pay for AI" model.

🔒 According to the company, Siri AI will be limited to the iPhone 16 and 17 lineup, as well as the iPhone 15 Pro and iPhone 15 Pro Max, meaning hundreds of millions of existing users are locked out unless they upgrade (good news for investors hoping the new features spark a new iPhone upgrade cycle).

✨ Everything Else

Beyond Siri, it was a busy keynote for other software and platform updates, including:

✨ Liquid Glass refinements and a new transparency slider where users can adjust the “glassiness” (following backlash last year)
💡 Visual Intelligence for Mac
👶 A massive parental controls overhaul as Apple moves to make iPhone parents ‘phone of choice’ for their kids.
🎧 AirPods EQ customization
🌐 Confirmation of an OS to support a foldable experience (in line with expectations for a foldable iPhone later this year)

🔄 And much more…

📰 But for the full list of announcements from the conference, be sure to read through Apple’s official press release here!

📊 Analyst Reactions

✅ Analysts remain mixed on Apple following the keynote, with Bank of America’s Wamsi Mohan calling it “substantive,” and Bernstein’s Mark Newman noting that the iCloud+ usage caps might be the first real AI monetization signal the company has shown.

❌ However, other analysts, including Barclays’ Tim Long, called the updates “more evolutionary vs revolutionary” and said Apple remains “a laggard in AI with no killer apps and a questionable monetization strategy.”

✨ The optimists say Siri AI doesn’t have to beat ChatGPT, but just be good enough to prompt an upgrade, and with iPhone sales already rising 25% in the first half of fiscal 2026, there’s good reason for investors to be bullish.

🌼 Despite the stock drop, Blossom members reacted positively to the announcements, with net volume flipping to positive for the first time in 6 weeks.

😎 Join the discussion and track buying/selling activity on Blossom here!

FROM THE BLOSSOM COMMUNITY
⭐️ Top Discussions of the Week

👇 Click to see the full post!

🚀 SpaceX Jumps 19% on IPO, Passing a $2T Valuation

Maxwell Nicholson — Sun, 14 Jun 2026 16:30:30 +0000

TOP STORY
🚀 SpaceX Jumps 19% on IPO, Passing a $2T Valuation

🏆 In one day, SpaceX soared to the #57th most-held stock on Blossom, with 6,134 Blossomers holding shares (over 4% of all users who’ve linked their brokerages).

✨ The monster IPO boosted optimism this week, with all the major indexes rising following the market's worst day of the year last Friday.

📊 Across the indexes:

The S&P 500 rose +0.65%
The Nasdaq 100 rose +2.34%
The TSX rose +1.52%

👨‍🚀 But enough about the never-ending war, let’s dive into everything you need to know about SpaceX’s record-setting IPO (plus everything announced at Apple’s WWDC conference).

😎 One of the ‘Best-Executed IPOs’ Wall Street Has Seen in Years

🔍 Three weeks ago we covered a breakdown of SpaceX's business, the valuation debate, and the NASDAQ 100 inclusion story. This week I want to focus on what’s new since the stock started trading.

⭐️ According to Reuters, the IPO was 4x oversubscribed, meaning about $250 billion in demand was chasing $75 billion in supply, with BlackRock ($BLK) alone placing a $5 billion order.

💰 SpaceX ended the day at a $2.1T valuation, making SpaceX the 7th most valuable company in the world overnight and even surpassing Tesla ($TSLA ).

🚗 The Tesla Bombshell Nobody Was Expecting

😮 While the IPO itself was smooth sailing, in an interview with CNBC on IPO day, COO Gwynne Shotwell caught investors by surprise when she hinted at a possible Tesla / SpaceX merger.

📈 Many analysts view this as inevitable, with Wedbush analyst Dan Ives estimating an 80% chance that the two companies will merge. Tesla stock jumped 2% on the rumors.

🛡️ Analysts Defend SpaceX’s valuation

👀 A big point of criticism for SpaceX’s IPO was the valuation, and while we’ll get into the new cases against the stock, one analyst came out of the gate to defend the high price.

📈 Oppenheimer's Timothy Horan, the first analyst to give SpaceX a rating, rated SpaceX an ‘Outperform (Buy)’ with a $190 price target, roughly 18% above Friday's close. His thesis:

💰 Cathie Wood's ARK Invest also went all in post-debut, trimming Tesla to buy SpaceX across both ARKX and ARKK.

TOP STORY CONT.
💥 Is SpaceX a Ticking Time Bomb?

🔄 SpaceX Does A ‘180’ Right Before IPO

👀 SpaceX is definitely not without its doubters, and while we already covered some of the arguments against its high valuation 3 weeks back, there was a big new development before the IPO.

🏢 But since then, SpaceX has announced it will rent compute capacity directly to Anthropic for $1.25 billion per month and to Google for $920 million per month.

⚠️ While those are big contracts, some see this as a pivot from AI model dominance to data center landlord. James Chanos came on Bloomberg and flagged the problem:

💣 A Ticking Time Bomb?

👀 The other major argument is that SpaceX hasn’t yet faced selling pressure.

😬 Options trading also starts Monday, the first time puts and calls will be available on SPCX, adding a new layer of volatility into next week.

🎙️ To join the conversation, make sure you check out the many posts on Blossom about SpaceX, which, unsurprisingly, was the #1 Most Mentioned stock of the week!

🪐 But first, a quick word about CIBC’s new SpaceX CDR!

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TOP STORY
🍎 Apple Stock Falls 6% After Announcing Its Widely Anticipated Siri Revamp

🍎 While SpaceX stole the headlines, Apple ($AAPL) also had a huge week this week, hosting its Worldwide Developers Conference (WWDC26) and announcing a ton of new features and updates.

👀 Blossom’s @anthony.invests even received the coveted in-person invite and shared insights from the front lines.

📉 And while the updates were well received, many investors saw it as ‘evolutionary, not revolutionary’, causing the stock to fall ~6% this week.

🤖 All Eyes On Siri

🎯 The most important announcement at WWDC this year was the Siri overhaul, something Apple promised all the way back at WWDC 2024.

📱 Apple’s new and improved Siri is called “Siri AI,” a ground-up rebuild powered by next-generation Apple Foundation Models built in partnership with Google’s $GOOGL Gemini.

✨ Everything Else

Beyond Siri, it was a busy keynote for other software and platform updates, including:

✨ Liquid Glass refinements and a new transparency slider where users can adjust the “glassiness” (following backlash last year)
💡 Visual Intelligence for Mac
👶 A massive parental controls overhaul as Apple moves to make iPhone parents ‘phone of choice’ for their kids.
🎧 AirPods EQ customization
🌐 Confirmation of an OS to support a foldable experience (in line with expectations for a foldable iPhone later this year)

🔄 And much more…

📰 But for the full list of announcements from the conference, be sure to read through Apple’s official press release here!

📊 Analyst Reactions

🌼 Despite the stock drop, Blossom members reacted positively to the announcements, with net volume flipping to positive for the first time in 6 weeks.

😎 Join the discussion and track buying/selling activity on Blossom here!

FROM THE BLOSSOM COMMUNITY
⭐️ Top Discussions of the Week

👇 Click to see the full post!

BMO Global Asset Management Disclaimer

^{1 Morningstar Direct. Data as of May 31, 2026. Equal weight US Equity ETFs in North America are classified under the US Equity Morningstar category in Canada, while in the US they fall into the Large Blend, Large Growth, Large Value, Mid-Cap Value, and Mid-Cap Blend categories. ZEQL has the lowest management fee among all equal-weight U.S. equity ETFs in North America.}

^{The ETF referred to herein is not sponsored, endorsed, or promoted by MSCI and MSCI bears no liability with respect to the ETF or any index on which such ETF is based. The ETF’s prospectus contains a more detailed description of the limited relationship MSCI has with the Manager and any related ETF.}

😰 The Market Has Its Worst Day of the Year: Is The Bubble Popping? (US)

Maxwell Nicholson — Sun, 07 Jun 2026 16:48:35 +0000

MARKET RECAP
😰 S&P 500 and Nasdaq Have Their Worst Day of the Year

🥲 The green streak is sadly over… after 9 straight weeks of gains, and more gains Monday to Thursday this week, markets got pummelled on Friday in the worst day of the year for both the S&P 500 and the Nasdaq.

📊 Across the indexes this week:

The S&P 500 fell -2.6%
The Nasdaq 100 fell -4.5%
The TSX fell -1%

🟢 Now, it’s worth noting that the indexes are still squarely in the green year-to-date, with the Nasdaq still up +10.7% and the S&P 500 up 7.7%, but with such a sudden drop causing panic, let’s talk about what’s going on and whether the panic is justified…

🪙 Bitcoin had an even worse week, falling 16% after Michael Saylor (the most famous HODLer) sold bitcoin, leading Jim Cramer to tweet he ‘murdered bitcoin’. More on that story after we cover the macro picture!

📉 Broadcom Crashes 20% After Earnings Show Potential Cracks In AI Growth

😰 One of the biggest reasons for the crash this week was Broadcom ($AVGO), one of the key AI infrastructure players, reporting disappointing earnings on Wednesday and crashing 20% as a result.

😅 The earnings call started with a major fumble, as CEO Hock Tan accidentally read the Q1 numbers. The real Q2 numbers were still strong, with revenue growth beating analyst expectations and AI revenue soaring 143%, but the AI chip revenue projected for Q3 was weaker than expected at only $16B vs the $17.2B expected.

🤖 AI stocks crashed in response on Thursday/Friday. Across the AI leaders:

Broadcom ($AVGO) fell 20%
Micron ($MU) fell 20%
Advanced Micro Devices ($AMD) fell 14%
Intel ($INTC) fell 12%
Nvidia ($NVDA) was hurt the least, falling only 4.5%

👀 But many think the reaction was overblown, with the CEO calling the selloff an “overreaction to conservative guidance” and some analysts like KeyBanc even raising their price targets.

🥗 And while 20% drops seem drastic, they can sometimes be healthy for the market. Broadcom has soared +58% in the past year (even with the drop) and is still up 11% year-to-date, so most of the story here is likely a slight correction from a high-flying stock.

😬 But Broadcom wasn’t the only factor at play this week…

👷‍♂️ A Great Jobs Report… Crashes the Market?

👏 The other biggest driver of Friday’s crash was, ironically, a stellar jobs report.

📋 The May jobs report showed the economy added 172,000 jobs last month, more than double the 80,000 economists were forecasting.

⭐️ Under normal circumstances, that's great news, but for investors it means the Fed has less reason to cut rates and more reason to raise them (which is bad for stocks).

🏦 The markets responded immediately, with the 10-year Treasury yield jumping past 4.5% and the 2-year yield climbing to 4.16%, its highest level in a year, with the odds of a Fed rate hike by year-end jumping from less than 50% before the report to roughly 70% after it, according to CME data.

💬 Nigel Green, CEO at deVere Group, put it plainly:

🫧 Now for the big question: is Friday’s crash the start of the bubble popping? Some say yes, pointing to the fact that the Shiller PE ratio is just 3.5% away from passing the dot-com bubble as the most expensive stock market in history… but before we dive in, a quick word from our sponsor Calamos!

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MACRO OUTLOOK CONT.
🫧 Bubble Fears Reignite: Here Are The Arguments For And Against

😰 Whenever the market falls like this, calls that the market is in a bubble skyrocket (likely because they get clicks and reads), but even so it’s worth paying attention to the arguments for/against the bubble-believers.

🔍 First, the arguments for the bubble. Coinciding with the selloff, Macquarie strategist Viktor Shvets published a note summarizing the main metrics supporting the bubble narrative:

US equity value is at 2.5x GDP (the historical average is 1x).
The Shiller CAPE ratio, a measure of how expensive stocks are relative to average inflation-adjusted earnings over the past 10 years, sits at 42x, double the average since 1950 and only higher in the lead-up to the dot-com crash.
The top 10 S&P 500 stocks now account for over 40% of total market cap, the highest concentration in the modern era.

💬 According to Shvets:

🤑 The Bull Case

✨ But not everyone is so pessimistic. Team bubble is loud right now, but the optimists have strong arguments too. Here are their main arguments:

📊 Yardeni Research says the earnings case is unusually strong, S&P 500 forward earnings are up 26.6% year-over-year through May, one of the strongest readings on record outside of post-recession recoveries. Yardeni calls any pullback a buying opportunity and maintains the Street's most bullish S&P year-end target at 8,250 (12% above current levels).
📈 Lombard Odier points out that 80% of S&P 500 companies beat expectations in Q1, the sixth consecutive quarter of double-digit earnings growth. Net income margins are running at 14.5%, the highest level in around 15 years.
💰 Corporate America is putting its money where its mouth is, with S&P 500 companies on track to authorize a record $1.2 trillion in share buybacks in 2026, up from $1.1 trillion last year.
😬 For those calling this dot-com 2.0, Invesco points out that the U.S. tech sector's forward P/E is only half of what it was at the dot-com peak in 2000, arguing the high-flying tech companies have real cash flows and are funding their AI buildout from profits, not debt.

💸 John Flood, Head of American Equities Execution at Goldman Sachs, basically came out and flat-out said ‘buy the dip’:

💡 With the SpaceX IPO pricing on Thursday, Apple's WWDC kicking off on Monday, and Oracle reporting earnings next week, the next five days will test whether Friday was a healthy reset or the beginning of something choppier.

🤔 What to Do About the Crash

⚖️ Unfortunately for us investors, there are solid arguments on both sides, and it is notoriously hard to predict what the market will do next.

😱 But if you're a beginner investor who’s panicking right now, use this dip as a reset to review your investments and make sure your portfolio actually matches your risk tolerance and time horizons. If a one-day pullback from all-time highs is keeping you up at night, it’s probably a sign that you’ve taken on more risk than you can handle.

🪙 Now that we’ve covered the macro picture, let’s switch gears to the other big story: crypto, which arguably has had an even rougher week than the stock market after long-time crypto bull Michael Saylor sold some of his bitcoin. But first, a word from our other sponsor this week Public!

IN PARTNERSHIP WITH PUBLIC
🎁 Sign up for Public and Get Free Blossom PRO Access!

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TOP STORY
🩸 Michael Saylor Murders Bitcoin

🤯 This week, Michael Saylor (the CEO of MicroStrategy) did something he’s never done since the company started accumulating Bitcoin in August 2020: he sold.

To be fair, the sale was tiny - Saylor sold just 32 Bitcoins of MicroStrategy’s 843,706, but given Saylor has long been one of crypto’s biggest advocates and has said many times he would ‘never sell’, the crypto market panicked:

📉 Bitcoin ($BTC) fell -16% this week, dipping below $60,000 intraday for the first time since October 2024 and putting it more than 52% below its all-time high of $126,198 set in October last year.
MicroStrategy ($MSTR) closed the week at its lowest level since November 2022, now down 73% from all time highs.

😅 CNBC's Jim Cramer put it bluntly, tweeting: "Saylor murdered Bitcoin."

🔍 What's Going On With MicroStrategy

💸 Over the past 10 months, Saylor raised $10.3 billion by selling a product called STRC, a perpetual preferred stock that pays a fixed 11.5% annual dividend and has no upside tied to Bitcoin's price. The pitch to investors is you get a stable yield while Saylor uses the cash to buy more Bitcoin.

💸 The problem is Strategy now needs cash to pay those dividends, and its USD reserves have fallen from $2.25 billion at the start of 2026 to just $900 million as of May 31. So Saylor sold 32 BTC at an average price of $77,135 per coin ($2.5 million total) to cover the payment.

💬 David Tawil, CIO at Quantify Funds, explained the concern:

🤔 Popular financial watchdog Coffeezilla released a deep-dive on STRC earlier this year, and his central concern is exactly what’s playing out: the 11.5% dividend is only sustainable if Bitcoin keeps going up.

💸 As Coffeezilla points out, Strategy has no yielding assets, Bitcoin doesn't pay interest or dividends, so the only way to keep funding those 11.5% annual payments is to keep raising new capital from new STRC buyers, or sell Bitcoin. And to keep the stock trading at its $100 par value, Saylor has already had to raise the dividend rate five times to attract enough buyers.

⚠️ And that's where the doom loop risk comes in. The moment Bitcoin falls far enough that new investors stop buying STRC, Strategy's only remaining option to fund the dividend is to sell Bitcoin, which pushes Bitcoin's price down further, making STRC even less attractive and forcing more selling.

🔄 It's a self-reinforcing spiral, and this week's 32 BTC sale, tiny as it was, is exactly the kind of move that makes the crypto market nervous.

🪙 Why Bitcoin Is Struggling

😰 But the Saylor drama is really just a symptom of a broader problem: Bitcoin is struggling with a story problem right now. The combined crypto market cap has fallen to $2.22 trillion, down $4.3 trillion from its October 2025 peak.

💬 Jasper de Maere, strategist at crypto trading firm Wintermuts, put it plainly:

🤖 The culprit is attention. The Iran war drove sharp moves in defense and energy stocks. Nvidia's AI infrastructure boom has captured growth investors. And now SpaceX, OpenAI, and Anthropic are all lining up trillion-dollar IPOs, pulling capital away from speculative assets.

💬 Gustavo de Palmas, analyst at ArbiTrader, summed it up:

⭐️ Some Say The Bigger Picture Still Looks Bullish

📈 But others argue that Wall Street hasn't given up on crypto. JPMorgan, Bank of America, Citi, and Wells Fargo are jointly building a tokenized deposit network expected to launch as early as 2027, enabling instant settlement of transactions on the blockchain.

💡 Jamie Dimon, who famously called Bitcoin a "fraud" in 2017, wrote in his annual shareholder letter this year that "a whole new set of competitors is emerging based on blockchain" and that JPMorgan must move faster to keep up.

🏆 BlackRock has now built a $1 trillion Bitcoin ETF, the fastest any ETF in history has reached that milestone, with CEO Larry Fink calling tokenization a coming "revolution" for the finance industry.

🧪 Saylor's core thesis, that institutions will be forced to own Bitcoin, still has a lot of evidence in it’s favour, but his financing model is being tested.

OTHER HEADLINES
🗞️ Other Top Stories of the Week

✨ While the market crash and Saylor selling bitcoin stole the headlines this week, there were quite a few other major stories worth mentioning quickly, so here’s a rapid rundown:

🚀 SpaceX ($SPCX) added another blockbuster compute deal to its amended S-1 this week, with Google agreeing to pay $920 million per month for access to ~110,000 Nvidia GPUs at xAI data centers through June 2029. Combined with last month's Anthropic deal at $1.25 billion per month, SpaceX will collect roughly $2 billion a month in AI infrastructure revenue through 2029. The company prices its IPO Thursday at a $1.75 trillion valuation, with trading beginning June 12.
💾 Marvell Technology ($MRVL) was the wildest ride in large-cap tech this week. Shares surged 32.5% on Monday after Nvidia CEO Jensen Huang called Marvell the "next trillion-dollar company" at Computex in Taipei, crediting its connectivity chips as essential AI infrastructure and citing Nvidia's recent $2 billion strategic investment, sending MRVL to an all-time high of $316. The stock then gave back some of those gains in Friday's broad tech selloff, closing the week around $263 (ending the week up 32%), but it still stands as one of the biggest weekly moves in large-cap tech in recent memory.
👚 Lululemon ($LULU) fell roughly 10% this week after slashing its full-year guidance, cutting revenue expectations to $11.0-11.15 billion (from $11.35-11.50 billion) and EPS by more than $1 per share, while offering little explanation beyond vague "headwinds." The stock is now down about 40% year-to-date, with incoming permanent CEO Heidi O'Neill not starting until September.
⚡ Celsius Holdings ($CELH) dropped 7.5% after Texas AG Ken Paxton launched an investigation into the company and its Alani Nu brand, alleging high-caffeine drinks are being marketed to children and teens. The probe follows a lawsuit tied to the death of a 17-year-old, and comes roughly a year after Celsius acquired Alani Nu for ~$1.8 billion.
🛡️ CrowdStrike ($CRWD) fell 10% this week despite a strong Q1, beating EPS estimates ($1.10 vs. $1.07), reporting record net new ARR of $256 million (+32% YoY), record free cash flow of $468 million, and raising its full-year ARR growth guidance by 520 basis points. The company also announced a 4-for-1 stock split with a record date of June 25.
🤖 Anthropic confidentially filed its S-1 with the SEC this week, officially joining the most anticipated IPO race in years alongside SpaceX and OpenAI. The company is valued at $965 billion after closing a $65 billion Series H last week, and is running at a $47 billion annualized revenue run rate, up from just $10 billion a year ago, with a public listing targeting as early as October 2026.

🙏 And that’s a wrap! Thanks for reading to the end. As a reminder, you can get daily and weekly news recaps like this tailored to your actual holdings on Beevis, Blossom’s AI Investing Assistant!

FROM THE BLOSSOM COMMUNITY
⭐️ Top Discussions of the Week

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😰 The Market Has Its Worst Day of the Year: Is The Bubble Popping?

Maxwell Nicholson — Sun, 07 Jun 2026 16:23:49 +0000

MARKET RECAP
😰 S&P 500 and Nasdaq Have Their Worst Day of the Year

📊 Across the indexes this week:

The S&P 500 fell -2.6%
The Nasdaq 100 fell -4.5%
The TSX fell -1%

🪙 Bitcoin had an even worse week, falling 16% after Michael Saylor (the most famous HODLer) sold bitcoin, leading Jim Cramer to tweet he ‘murdered bitcoin’. More on that story after we cover the macro picture!

📉 Broadcom Crashes 20% After Earnings Show Potential Cracks In AI Growth

😰 One of the biggest reasons for the crash this week was Broadcom ($AVGO), one of the key AI infrastructure players, reporting disappointing earnings on Wednesday and crashing 20% as a result.

🤖 AI stocks crashed in response on Thursday/Friday. Across the AI leaders:

Broadcom ($AVGO) fell 20%
Micron ($MU) fell 20%
Advanced Micro Devices ($AMD) fell 14%
Intel ($INTC) fell 12%
Nvidia ($NVDA) was hurt the least, falling only 4.5%

👀 But many think the reaction was overblown, with the CEO calling the selloff an “overreaction to conservative guidance” and some analysts like KeyBanc even raising their price targets.

😬 But Broadcom wasn’t the only factor at play this week…

👷‍♂️ A Great Jobs Report… Crashes the Market?

👏 The other biggest driver of Friday’s crash was, ironically, a stellar jobs report.

📋 The May jobs report showed the economy added 172,000 jobs last month, more than double the 80,000 economists were forecasting.

⭐️ Under normal circumstances, that's great news, but for investors it means the Fed has less reason to cut rates and more reason to raise them (which is bad for stocks).

💬 Nigel Green, CEO at deVere Group, put it plainly:

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MACRO OUTLOOK CONT.
🫧 Bubble Fears Reignite: Here Are The Arguments For And Against

🔍 First, the arguments for the bubble. Coinciding with the selloff, Macquarie strategist Viktor Shvets published a note summarizing the main metrics supporting the bubble narrative:

US equity value is at 2.5x GDP (the historical average is 1x).
The Shiller CAPE ratio, a measure of how expensive stocks are relative to average inflation-adjusted earnings over the past 10 years, sits at 42x, double the average since 1950 and only higher in the lead-up to the dot-com crash.
The top 10 S&P 500 stocks now account for over 40% of total market cap, the highest concentration in the modern era.

💬 According to Shvets:

🤑 The Bull Case

✨ But not everyone is so pessimistic. Team bubble is loud right now, but the optimists have strong arguments too. Here are their main arguments:

📊 Yardeni Research says the earnings case is unusually strong, S&P 500 forward earnings are up 26.6% year-over-year through May, one of the strongest readings on record outside of post-recession recoveries. Yardeni calls any pullback a buying opportunity and maintains the Street's most bullish S&P year-end target at 8,250 (12% above current levels).
📈 Lombard Odier points out that 80% of S&P 500 companies beat expectations in Q1, the sixth consecutive quarter of double-digit earnings growth. Net income margins are running at 14.5%, the highest level in around 15 years.
💰 Corporate America is putting its money where its mouth is, with S&P 500 companies on track to authorize a record $1.2 trillion in share buybacks in 2026, up from $1.1 trillion last year.
😬 For those calling this dot-com 2.0, Invesco points out that the U.S. tech sector's forward P/E is only half of what it was at the dot-com peak in 2000, arguing the high-flying tech companies have real cash flows and are funding their AI buildout from profits, not debt.

💸 John Flood, Head of American Equities Execution at Goldman Sachs, basically came out and flat-out said ‘buy the dip’:

🤔 What to Do About the Crash

⚖️ Unfortunately for us investors, there are solid arguments on both sides, and it is notoriously hard to predict what the market will do next.

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TOP STORY
🩸 Michael Saylor Murders Bitcoin

🤯 This week, Michael Saylor (the CEO of MicroStrategy) did something he’s never done since the company started accumulating Bitcoin in August 2020: he sold.

📉 Bitcoin ($BTC) fell -16% this week, dipping below $60,000 intraday for the first time since October 2024 and putting it more than 52% below its all-time high of $126,198 set in October last year.
MicroStrategy ($MSTR) closed the week at its lowest level since November 2022, now down 73% from all time highs.

😅 CNBC's Jim Cramer put it bluntly, tweeting: "Saylor murdered Bitcoin."

🔍 What's Going On With MicroStrategy

💬 David Tawil, CIO at Quantify Funds, explained the concern:

🔄 It's a self-reinforcing spiral, and this week's 32 BTC sale, tiny as it was, is exactly the kind of move that makes the crypto market nervous.

🪙 Why Bitcoin Is Struggling

💬 Jasper de Maere, strategist at crypto trading firm Wintermuts, put it plainly:

💬 Gustavo de Palmas, analyst at ArbiTrader, summed it up:

⭐️ Some Say The Bigger Picture Still Looks Bullish

🧪 Saylor's core thesis, that institutions will be forced to own Bitcoin, still has a lot of evidence in it’s favour, but his financing model is being tested.

OTHER HEADLINES
🗞️ Other Top Stories of the Week

✨ While the market crash and Saylor selling bitcoin stole the headlines this week, there were quite a few other major stories worth mentioning quickly, so here’s a rapid rundown:

🚀 SpaceX ($SPCX) added another blockbuster compute deal to its amended S-1 this week, with Google agreeing to pay $920 million per month for access to ~110,000 Nvidia GPUs at xAI data centers through June 2029. Combined with last month's Anthropic deal at $1.25 billion per month, SpaceX will collect roughly $2 billion a month in AI infrastructure revenue through 2029. The company prices its IPO Thursday at a $1.75 trillion valuation, with trading beginning June 12.
💾 Marvell Technology ($MRVL) was the wildest ride in large-cap tech this week. Shares surged 32.5% on Monday after Nvidia CEO Jensen Huang called Marvell the "next trillion-dollar company" at Computex in Taipei, crediting its connectivity chips as essential AI infrastructure and citing Nvidia's recent $2 billion strategic investment, sending MRVL to an all-time high of $316. The stock then gave back some of those gains in Friday's broad tech selloff, closing the week around $263 (ending the week up 32%), but it still stands as one of the biggest weekly moves in large-cap tech in recent memory.
👚 Lululemon ($LULU) fell roughly 10% this week after slashing its full-year guidance, cutting revenue expectations to $11.0-11.15 billion (from $11.35-11.50 billion) and EPS by more than $1 per share, while offering little explanation beyond vague "headwinds." The stock is now down about 40% year-to-date, with incoming permanent CEO Heidi O'Neill not starting until September.
⚡ Celsius Holdings ($CELH) dropped 7.5% after Texas AG Ken Paxton launched an investigation into the company and its Alani Nu brand, alleging high-caffeine drinks are being marketed to children and teens. The probe follows a lawsuit tied to the death of a 17-year-old, and comes roughly a year after Celsius acquired Alani Nu for ~$1.8 billion.
🛡️ CrowdStrike ($CRWD) fell 10% this week despite a strong Q1, beating EPS estimates ($1.10 vs. $1.07), reporting record net new ARR of $256 million (+32% YoY), record free cash flow of $468 million, and raising its full-year ARR growth guidance by 520 basis points. The company also announced a 4-for-1 stock split with a record date of June 25.
🤖 Anthropic confidentially filed its S-1 with the SEC this week, officially joining the most anticipated IPO race in years alongside SpaceX and OpenAI. The company is valued at $965 billion after closing a $65 billion Series H last week, and is running at a $47 billion annualized revenue run rate, up from just $10 billion a year ago, with a public listing targeting as early as October 2026.

FROM THE BLOSSOM COMMUNITY
⭐️ Top Discussions of the Week

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🥳 Blossom Now Has A Podcast!

Maxwell Nicholson — Fri, 05 Jun 2026 21:53:28 +0000

QUICK ANNOUNCEMENT
🥳 Blossom Now Has A Podcast!

🎙️ Lots of news to cover in the Weekly Buzz on Sunday, but in the meantime, I wanted to share that we officially launched a podcast hosted by BDInvesting and Shay (akaThe Humbled Trader) - two legendary content creators many of you already know and love! 😍

😎 Check out the first episode here where BD and Shay hop on with Brandon and Adrian to talk about:

🐐 Their experience at the Berkshire Hathaway AGM
🛢️ Why the market's V-shaped recovery doesn't add up
📈 Each host's top pick right now

🍎 And as a celebration of the new channel, everyone who subscribes to the channel and comments BUFFETT on the episode will be entered to win a share in Berkshire Hathaway ($BRK-B) currently worth $488 USD.

🔥 Subscribe to the pod here!

👋 P.S. BD, Shay, Brandon, and Adrian will all be joining us IRL at BlossomCon which is coming up in just over a month! Make sure you grab your ticket if you haven’t already 😊

🚀 Markets Hit A New Record and Dell Soars 57% After Trump Comments

Maxwell Nicholson — Mon, 01 Jun 2026 00:25:00 +0000

MARKET RECAP
🏆 Markets Notch 9th Weekly Gain As Iran Ceasefire Inches Closer

📈 The market continues to soar, with the S&P 500 clocking its 9th straight week of green, an absolutely wild winning streak last hit in Dec 2023. Across the indexes:

The S&P 500 rose +1.43%
The Nasdaq 100 rose +2.89%
The TSX rose +0.86%

…With the S&P now sitting at over +10% year-to-date!

🚀 Our major story this week is the insane rally Dell ($DELL) has been on, rising 57% this week and 229% year-to-date, but first, let’s cover 2 broader market stories: a quick war update, and a warning sign from the private credit markets.

✋ Iran-US War: Almost A Ceasefire

🤝 On Tuesday, U.S. officials announced that terms of a Memorandum of Understanding (MOU) were “mostly agreed to” on both sides, and was just needing approval from senior leadership. Key terms of the MOU were:

🚢 An unrestricted Strait of Hormuz passage with no tolls,
💣 A removal of all Iranian naval mines within 30 days,
⚓ The lifting of the U.S. naval blockade (in proportion to restored shipping),
☢️ And a 60-day window to negotiate the nuclear issue (specifically the fate of Iran’s highly enriched uranium stockpile)

💥 But on Wednesday, the Iran navy fired warning shots at four vessels near the Strait attempting to pass, with the U.S. responding with its own fire. U.S. Vice President JD Vance was asked about the small altercation, saying:

📱 Trump then posted on Truth Social on Friday, emphasizing the deal’s main elements and signaling he was leaning toward accepting it, until later issuing a new set of demands, which Iran rejected.

⏳ As of market close on Friday, the MOU remained unsigned, but a real deal is closer than it’s ever been since the war started in February.

😬 Private Credit Losses Deepen

🏦 We first covered private credit back in October (when the First Brands and Tricolor bankruptcies sent bank stocks falling on "bad loans" fears), and unfortunately, the data has only gotten worse since then.

👀 A new Reuters analysis released Friday shows that unrealized losses at U.S. private credit lenders have deepened to their worst level since Q2 2022.

🤔 Back in October, I called the bad loan fears "largely overblown," and that has turned out to be correct, but 7 months later, the private credit markets are still moving in the wrong direction.

🔍 The reason this matters is if private credit losses keep getting worse, lenders will pull back on issuing new loans, which would leave a lot of mid-sized U.S. businesses (who rely on private credit for ~$1.5T in financing) unable to refinance their debt when it comes due.

⚠️ In a worst-case scenario, that could trigger a wave of bankruptcies and layoffs, and likely spill into regional banks that lend to the private credit funds (think 2023 SVB-style stress all over again).

🏥 The other big domino is the U.S. insurance industry, which has become one of the largest buyers of private credit on Wall Street. According to Moody's, roughly a third of U.S. life insurers' $6 trillion in assets are now parked in private credit. If a wave of those loans starts blowing up, it puts real pressure on the same companies backing US annuities, life insurance policies, and pension payments.

😬 None of this is happening yet, but it's a sizable under-the-radar risk worth keeping an eye on with both the U.S. Treasury and the IMF flagging this as a top financial-stability risk to watch. More on this story from Reuters here.

⭐️ Ok, now that we’ve covered the macro picture, let’s dive into our top story, Dell’s under-the-radar rise this year. But first, a quick word from our sponsor WisdomTree!

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TOP STORY
📈 Dell Soars 57% Following Extraordinary Earnings (and Trump’s Comments)

📅 On Thursday, Dell Technologies ($DELL) reported its Q1 FY 2027 earnings after the bell, posting what analysts are calling one of the most extraordinary quarters in the company’s history.

📊 By the numbers:

✅ Revenue hit $43.8 billion vs. $35.4 billion expected, up 88% year-over-year
✅ Adj. EPS came in at $4.86 vs. $2.94 expected, up 256% year-over-year
- ✅ AI server revenue hit $16.1 billion this quarter, up 757% year-over-year

📈 Just on Friday, Dell shares surged +33% (its single best day ever), and are now up 229% year-to-date.

🤖 Wait, Dell is in AI?

💻 Now, if you're like me, when you think of Dell, you may think just of computers… so how is Dell involved in AI?

💡 Well, while Dell is known for laptops, the much bigger (and quieter) part of its business has always been enterprise servers, the workhorse computers that companies, hyperscalers, and data centers rely on. So when the AI boom kicked off, Dell was already sitting on one of the deepest server businesses in the world, and just had to retool it for AI.

🤝 Dell did this through a partnership with Nvidia, packaging Nvidia's top-of-the-line GPUs into ready-to-deploy AI server racks, letting customers skip the headache of building their own AI infrastructure from scratch.

📈 And the demand for this is soaring. Dell ended Q1 with a record $51.3B in AI server orders not yet delivered, and raised its full-year AI server revenue guidance from $50B to $60B, a 144% increase over the prior year.

🪏 Dell has quietly become one of the biggest "picks and shovels" plays of the AI boom.

🔍 But there’s more to the story…

🤝 The Trump Connection

📅 Back in December 2025, Dell CEO Michael Dell, alongside his wife Susan, announced a $6.25 billion gift to fund “Trump Accounts” for 25 million American children (more than double their foundation’s entire lifetime giving).

🏛️ At the time, this was seen as yet another philanthropic billionaire gesture. But later it was revealed (via filings) that around this time, Trump’s money managers purchased around $1-5 million in Dell shares (in February).

🎙️ In addition, during a Mother’s Day event at the White House earlier this month, Trump told Americans to “go out and buy a Dell,” while thanking the Dell family for their Trump Account participation.

💰 Fast forward to Wednesday this week, one day before earnings, and the Pentagon awarded Dell a $9.7 billion, 5-year contract to provide software and services across the entire Defense Department, sending the stock parabolic.

📈 And since Trump said to buy Dell, shares have risen well over 100%:

🎯 Analyst Reactions

😮 But even if Trump’s help is part of Dell’s growth story, analysts are still very impressed by Dell’s numbers, with many completely stunned by them.

🙅‍♂️The results were so unexpected that one analyst at Morgan Stanley admitted that he and his team got their thesis on the company “wrong”:

🤯 As a result, many analysts raised their price targets with a number of pretty jaw-dropping increases:

Barclays raised its target from $168 → $550
TD Cowen raised its target from $150 → $450
J.P. Morgan raised its target from $280 → $500

📊 Overall, analysts rate Dell a "Moderate Buy," with price targets ranging from $400 to $550 per share (well above Dell’s current price of $420).

🐻 The Bear Case

⚠️ But not everyone is sold. The most notable bear move came three weeks ago, when UBS analyst David Vogt downgraded Dell from Buy to Neutral, arguing the AI server boom was already fully priced in.

⚠️ Two concerns the bears keep coming back to:

💸 Margin compression. Gross margin fell from 21.1% to 17.8% year-over-year. AI servers are mostly Nvidia GPUs (a passthrough cost) wrapped in a thin Dell margin, meaning the more AI Dell sells, the lower its blended margin gets.
🎯 Customer concentration. Over Dell's first 3 years in AI servers, it shipped roughly 616,000 GPUs total, and 50,000 of those went to a single customer (xAI's Colossus).

🏆 But risks (and however you feel about Trump’s involvement) aside, it’s hard to deny that Dell had a generational quarter and is becoming firmly established as one of the biggest "picks and shovels" plays in the AI build-out.

👀 That said, with shares up 229% YTD, anyone buying now is paying a much steeper price than early believers, and any margin compression or a major customer slip would land harder now than it would have a year ago.

🤑 Blossom Took Profits

👀 If we look at Blossom trade activity, the community had been quietly building a Dell position all spring. March and April each saw modest net buying, and the first three weeks of May saw retail net buy ~$148k, more than Q1 combined.

🤑 This week that flipped, with Blossom net selling and taking profits as the stock ripped, a sign that some Blossom members think the stock is flying a little too high.

😎 All right, now that we’ve covered Dell, let’s switch gears to some major announcements from SoFi and Robinhood, some of the most popular fintech stocks on Blossom. But first, a quick word from our other sponsor this week Public!

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FINTECH NEWS
📱 Robinhood and SoFi Shares Surge After New Product Announcements

🤖 In other news, two of the most-watched fintech names, SoFi ($SOFI) and Robinhood ($HOOD), both made major product announcements on the same day this week, rising 16.05% and 23.64% respectively through Friday.

🤿 Let’s break it down:

🪙 SoFi Announces The First Bank-Issued Stablecoin

🔔 On Wednesday, SoFi launched SoFiUSD, the first stablecoin issued by a U.S. national bank and embedded directly into a consumer banking app, making it available to its 14.7 million customers. The token runs on both Ethereum and Solana, and is redeemable 1:1 for U.S. dollars, backed by liquid reserves with regular independent audits.

🌐 SoFiUSD is being integrated into Galileo, the company’s own technology platform supporting roughly 160 million accounts globally, which would allow banks and fintech firms to access stablecoin-based payment services without building their own blockchain infrastructure. SoFi’s Mastercard partnership extends this even further, enabling SoFiUSD to function as a settlement currency across Mastercard’s global payments network.

🤖 AI Can Now Trade For You On Robinhood

📅 On Wednesday, Robinhood unveiled “Agentic Trading,” and an “Agentic Credit Card,” that will allow its 27 million customers to connect third-party AI assistants to carry out investing strategies or spending instructions with minimal human involvement (similar to the features Public launched a month ago).

🔒 When using this trading feature, the trading account is isolated from your main portfolio and the AI can only access funds you specifically deposit into it (with a real-time trade feed and a one-tap kill switch). The “Agentic Credit Card” gives an AI agent a virtual card with spending caps and monthly limits.

👀 Given the stock reaction, investors clearly loved both announcements, with the stock price surging and SoFi ranking as the 12th most-bought stock on Blossom this week.

FROM THE BLOSSOM COMMUNITY
⭐️ Top Discussions of the Week

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🚀 Markets Hit A New Record and Dell Soars 57% After Trump Comments

Maxwell Nicholson — Sun, 31 May 2026 19:39:10 +0000

MARKET RECAP
🏆 Markets Notch 9th Weekly Gain As Iran Ceasefire Inches Closer

📈 The market continues to soar, with the S&P 500 clocking its 9th straight week of green, an absolutely wild winning streak last hit in Dec 2023. Across the indexes:

The S&P 500 rose +1.43%
The Nasdaq 100 rose +2.89%
The TSX rose +0.86%

…With the S&P now sitting at over +10% year-to-date!

✋ Iran-US War: Almost A Ceasefire

🚢 An unrestricted Strait of Hormuz passage with no tolls,
💣 A removal of all Iranian naval mines within 30 days,
⚓ The lifting of the U.S. naval blockade (in proportion to restored shipping),
☢️ And a 60-day window to negotiate the nuclear issue (specifically the fate of Iran’s highly enriched uranium stockpile)

⏳ As of market close on Friday, the MOU remained unsigned, but a real deal is closer than it’s ever been since the war started in February.

😬 Private Credit Losses Deepen

👀 A new Reuters analysis released Friday shows that unrealized losses at U.S. private credit lenders have deepened to their worst level since Q2 2022.

🤔 Back in October, I called the bad loan fears "largely overblown," and that has turned out to be correct, but 7 months later, the private credit markets are still moving in the wrong direction.

🍁 Canada’s Surprise Recession

🇨🇦 For my fellow Canadians, another big story this week was Canada’s economy posting a surprise -0.1% contraction in the first quarter, compared with 1.5% first-quarter growth expected by Reuters and the Bank of Canada, meaning we’re technically in a recession

🤔 So what dragged us down? A spike in gold imports hit the Q1 trade balance, exports were mildly negative, the housing resale market stayed weak, and business capex fell for a fifth straight quarter as companies stayed paralyzed by U.S. tariff uncertainty.

🛢️ The silver lining is economists expect Q2 to bounce back on rising oil and gas activity, meaning the "trade-induced" recession may already be mostly behind us.

⭐️ Ok, now that we’ve covered the macro picture, let’s dive into our top story, Dell’s under-the-radar rise this year. But first, a quick word from our sponsor Fidelity!

TOP STORY
📈 Dell Soars 57% Following Extraordinary Earnings (and Trump’s Comments)

📅 On Thursday, Dell Technologies ($DELL) reported its Q1 FY 2027 earnings after the bell, posting what analysts are calling one of the most extraordinary quarters in the company’s history.

📊 By the numbers:

✅ Revenue hit $43.8 billion vs. $35.4 billion expected, up 88% year-over-year
✅ Adj. EPS came in at $4.86 vs. $2.94 expected, up 256% year-over-year
- ✅ AI server revenue hit $16.1 billion this quarter, up 757% year-over-year

📈 Just on Friday, Dell shares surged +33% (its single best day ever), and are now up 229% year-to-date.

🤖 Wait, Dell is in AI?

💻 Now, if you're like me, when you think of Dell, you may think just of computers… so how is Dell involved in AI?

🪏 Dell has quietly become one of the biggest "picks and shovels" plays of the AI boom.

🔍 But there’s more to the story…

🤝 The Trump Connection

📈 And since Trump said to buy Dell, shares have risen well over 100%:

🎯 Analyst Reactions

😮 But even if Trump’s help is part of Dell’s growth story, analysts are still very impressed by Dell’s numbers, with many completely stunned by them.

🙅‍♂️The results were so unexpected that one analyst at Morgan Stanley admitted that he and his team got their thesis on the company “wrong”:

🤯 As a result, many analysts raised their price targets with a number of pretty jaw-dropping increases:

Barclays raised its target from $168 → $550
TD Cowen raised its target from $150 → $450
J.P. Morgan raised its target from $280 → $500

📊 Overall, analysts rate Dell a "Moderate Buy," with price targets ranging from $400 to $550 per share (well above Dell’s current price of $420).

🐻 The Bear Case

⚠️ Two concerns the bears keep coming back to:

💸 Margin compression. Gross margin fell from 21.1% to 17.8% year-over-year. AI servers are mostly Nvidia GPUs (a passthrough cost) wrapped in a thin Dell margin, meaning the more AI Dell sells, the lower its blended margin gets.
🎯 Customer concentration. Over Dell's first 3 years in AI servers, it shipped roughly 616,000 GPUs total, and 50,000 of those went to a single customer (xAI's Colossus).

🤑 Blossom Took Profits

🤑 This week that flipped, with Blossom net selling and taking profits as the stock ripped, a sign that some Blossom members think the stock is flying a little too high.

😎 All right, now that we’ve covered Dell, let’s switch gears to the key takeaways from the Canadian Big Bank earnings. But first, a quick word from our other sponsor this week, Dynamic Funds!

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^{* View Dynamic's disclaimer at the end of the newsletter which includes FundGrade A+® Award criteria.}

BIG TECH
🏦 Canadian Banks Post Strong Earnings Across the Board

🚀 Canadian bank stocks climbed this week after a clean sweep of earnings beats, with all six major banks (the “Big Six”) reporting higher profits than a year ago and topping analyst estimates.

🏦 For the quarter, here’s where each bank landed:

RBC ($RY): Adj. EPS $3.90 vs. $3.77 expected, up 29% year-over-year
TD ($TD): Adj. EPS $2.38 vs. $2.26 expected, up 21% year-over-year
BMO ($BMO): Adj. EPS $3.67 vs. $3.41 expected, up 47% year-over-year
Scotiabank ($BNS): Adj. EPS $2.02 vs. $1.93 expected, up 36% year-over-year
CIBC ($CM): Adj. EPS $2.54 vs. $2.42 expected, up 25% year-over-year
National Bank ($NA): Adj. EPS $3.23 vs. $3.14 expected, up 49% year-over-year

💵 Collectively, the Big Six reported $18.57 billion in profit for the quarter, up from $14.89 billion in the same period last year, or a 25% increase year-over-year.

📈 Despite the strong earnings, RBC and BMO stocks were flat this week, with CIBC and National Bank falling over 5% each. But if we zoom out, all the banks are squarely in the green year-to-date, with the Equal Weight Banks Index ($ZEB) up 16.4% (outperforming the S&P 500)

🏆 Across the Big Six, capital markets was the primary driver of the record profits, rising 27% year-over-year to nearly $4.5 billion (Canadian dollars). Just CIBC’s capital markets profits surged 40%, while RBC’s corporate and investment banking revenue grew 17%, and National Bank’s capital markets unit rose 31%.

🛢️ TD’s CFO Kelvin Tran described the stock market environment as “quite robust,” helped by what he called “the right level of volatility”:

🤝 RBC pointed to specific transactions including its advisory role on Arc Resources’ $20 billion sale to Shell and its lead bookrunner role on Fervo Energy’s $1.9 billion IPO, which played crucial roles in its rising capital markets revenue.

🌴 CIBC also announced the sale of its Caribbean unit for about $1.6 billion, as well as a management shuffle that will see the company create a new wealth-management unit.

☁️ Cautious Optimism

😰 But with all the positives, executives at most of the banks have mixed feelings on the global economic environment, with RBC’s CEO saying:

🛡️ TD’s chief risk officer even flagged the Iran war specifically as a “watch item,” noting the bank has already built incremental reserves and will “continue to reassess each quarter,” while Scotiabank CEO Scott Thomson was more optimistic:

🌏 Thomson also noted a “significant change in tone” from international investors toward Canada, with foreign money that had been leaving for 15 years now looking to come back.

💰 Well-Capitalized, and Returning Capital to Shareholders

🛡️ The Big Six’s CET1 ratios (the key measure of how much cash a bank holds against its risk-weighted assets) averaged above 13% this quarter, well above the regulatory minimum of 11.5%. In general, a higher ratio is safer, and these levels are near historic highs. And with this historic extra cash, banks are returning to shareholders.

📤 Both RBC and CIBC announced new share buyback programs, and five of six banks raised dividends (RBC by the most, rising its payout by 7% to $1.76 per share).

⚠️ Overall, Canada’s banks are printing money even as the domestic economy technically slips into recession, thanks to capital markets covering for the slower parts of the business.

🔮 The real test will come once market volatility starts to dwindle. Because when trading revenue normalizes, the banks will have to face a slower domestic economy that is very much still finding its footing amid global trade tensions (especially amid renegotiations of CUSMA).

CBOE ETF ALERT
📣 New ETF Alert: CIBC Fixed Income ETFs

🍁 Speaking of Canada, two new ETFs hit the market this week worth adding to the watchlist:

🏡 CSTB, the CIBC Short-Term Income Fund, provides a high level of income and some capital growth, while attempting to preserve capital by investing primarily in first mortgages on Canadian residential and commercial properties that are National Housing Act insured, mortgage backed securities, and short-term debt securities of Canadian governments and corporations.
💸 CCBA, the CIBC Canadian Bond Fund, provides a high level of income and some capital growth, while attempting to preserve capital by investing primarily in bonds, debentures and other debt instruments of Canadian governments and corporations.

✨ Both fixed-income ETFs “offer investors access to CIBC's deep fixed income expertise and robust risk management with the flexibility and convenience of an ETF” according to Greg Gipson, the Head of ETFs at CIBC Global Asset Management

💡 Make sure to check out the New Listing Alert on the Blossom markets tab to stay in the loop about new ETFs as they hit the market!

FROM THE BLOSSOM COMMUNITY
⭐️ Top Discussions of the Week

👇 Click to see the full post!

Fidelity Investments Canada Disclaimer

^{Source: Fidelity Investments Canada ULC, as at April 30, 2026; ticker symbol FBAL and FGRO.}

^{Returns shown in Canadian dollars, net of fees.}

^{Each of the Fidelity All-in-One ETFs (excluding Fidelity All-in-One Fixed Income ETF) has a neutral mix which includes a small allocation to Fidelity Advantage Bitcoin ETF® ranging between 0.5% and 3%. Additionally, if the portfolio deviates from its neutral mix by greater than 5% between annual rebalances, the portfolio will also be rebalanced. In the case of a Fidelity All-in-One ETF’s allocation to cryptocurrency, if the portfolio weight exceeds twice its neutral weight, the allocation will be brought back to its neutral weight, with any proceeds being reallocated to the other underlying Fidelity ETFs at their approximate strategic allocations. Such rebalancing activity may not occur immediately upon crossing that threshold but will occur shortly thereafter.}

^{The ETF/ETF Funds are subadvised by Geode Capital Management, LLC.}

Dynamic Disclaimer

^{About the Fundata FundGrade A+® Awards}

^{FundGrade A+® is used with permission from Fundata Canada Inc., all rights reserved. The annual FundGrade A+® Awards are presented by Fundata Canada Inc. to recognize the “best of the best” among Canadian investment funds. The FundGrade A+® calculation is supplemental to the monthly FundGrade ratings and is calculated at the end of each calendar year. The FundGrade rating system evaluates funds based on their risk-adjusted performance, measured by Sharpe Ratio, Sortino Ratio, and Information Ratio. The score for each ratio is calculated individually, covering all time periods from 2 to 10 years. The scores are then weighted equally in calculating a monthly FundGrade. The top 10% of funds earn an A Grade; the next 20% of funds earn a B Grade; the next 40% of funds earn a C Grade; the next 20% of funds receive a D Grade; and the lowest 10% of funds receive an E Grade. To be eligible, a fund must have received a FundGrade rating every month in the previous year. The FundGrade A+® uses a GPA-style calculation, where each monthly FundGrade from “A” to “E” receives a score from 4 to 0, respectively. A fund’s average score for the year determines its GPA. Any fund with a GPA of 3.5 or greater is awarded a FundGrade A+® Award. For more information, see}^{www.FundGradeAwards.com}^{. Although Fundata makes every effort to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Fundata. Performance for Dynamic Short-Term Credit PLUS Fund for the period ended December 31, 2025 is as follows: 6.61% (1 year), 9.89% (3 years), N/A % (5 years), N/A (10 years), and 7.43% since inception (January 2022).}

🛰️ Is the Upcoming SpaceX IPO a Rocketship or a Trap? (US)

Maxwell Nicholson — Sun, 24 May 2026 19:45:16 +0000

MARKET RECAP
📈 Iran Ceasefire Talks, New Fed Chair, and Chip Stocks Reaching Highs

🚀 The rally continues, with the S&P notching its 8th green week in a row (its longest green streak since December 2023).

📊 Across the indexes:

The S&P 500 rose +0.88%
The Nasdaq 100 rose 1.22%
The TSX rose 1.89%

🛰️ Our biggest story this week is SpaceX’s IPO, but before we dive into the details (and whether it’s a rocketship or a trap), here’s a breakdown of the 3 core macro themes of the week:

💣 1. The Iran War Isn’t Over

🇮🇷 The markets have brushed off the US-Iran war as if it never happened, with the S&P 500 and Nasdaq 100 up +8.64% and +18.12% compared to before the war, but the war is still not over.

🕊️ Throughout the week, the U.S. and Iran signaled more progress toward a permanent ceasefire, but the US remains stuck over Iran’s enriched uranium stockpile, and its attempt to establish a permanent toll system on the Strait of Hormuz.

🚫 Trump flatly rejected a toll, saying the US has “total control” of the waterway and wants it free and open. And later said he was “hours away” from striking Iran again despite the existing conflict pause, before he was convinced to postpone for a few days.

🗣️ Secretary of State Marco Rubio also called the potential toll system “unfeasible,” but said on Saturday during a trip to India:

🛢️ As of today, negotiations are still ongoing (mediated by Pakistan), but Iran’s highly enriched uranium and the Strait remain the two core sticking points. And until those issues are resolved, oil prices are expected to stay volatile and may rise even higher as global oil reserves deplete (although, as we’ve seen in the markets, investors seem to have moved on from worrying about the war and its potential impact).

🏦 2. The New Fed Chair Is Here

⚖️ On Friday, Kevin Warsh was sworn in as the new chair of the Federal Reserve to replace Jerome Powell, and in less than a month, he will be making his first decision as Chair on whether to cut or raise rates.

💡 As a reminder, investors generally hope for interest rate cuts as this boosts the economy and tends to boost stock prices (although can lead to higher inflation)

🎙️ During the swearing-in ceremony, Trump said he wants Warsh to be “totally independent” and do his “own thing”, but many feel this will be tough for Trump, who put a ton of pressure on Jerome Powell to lower rates, saying Powell was “either incompetent or crooked” and that “he’s done a bad job. We should have lower rates.”

Despite this pressure, many were happy with Trump’s choice of the new Fed Chair, seeing Warsh as a ‘credible steward of monetary policy.’ But this may put Warsh in a very tough spot, with potential pressure from Trump on one side, and a harsh economic reality on the other that makes rate cuts tricky.

🔺 Fed governor Christopher Waller (also appointed by Trump) said on Friday that he “can no longer rule out rate hikes further down the road if inflation does not abate soon,” and that the Fed’s next statement should make it clear that a rate cut is “no more likely than a rate increase,” to account for the volatile economic environment.

📋 According to a CNBC survey back in April, 58% of respondents said Warsh will be ‘dovish’ (in favour of cutting rates), but the current FedWatch now puts the probability of no cut at 96% and a rate increase at 4%, so I wouldn’t get your hopes up for a rate cut anytime soon

🖥️ 3. Chip Stocks Hit Record Highs (Without Nvidia)

📡 And last but not least, semiconductors.

🚀 Also on Friday, the Xtrackers Semiconductor ETF ($CHPS) pushed to a record high, now up a massive +82% year-to-date. But interestingly, these gains weren’t driven by Nvidia ($NVDA).

📉 Nvidia has fallen slightly since its Wednesday earnings report (which we covered in detail here), despite topping estimates and offering a positive outlook.

🏆 The biggest gains in this sector came from the other chip giants, with Advanced Micro ($AMD) rising +9%, Arm Holdings ($ARM) surging 46%, and other stocks like ASML ($ASML) gaining +10%.

🔄 This is a sign that AI buildout isn’t slowing down, but money is rotating across the semiconductor industry rather than concentrating in a single name (which may be a healthier sign for the sector overall).

🪐 All right, with those 3 macro stories covered, let’s break down everything you need to know about SpaceX’s upcoming IPO. But before we switch gears, a quick word from today’s sponsor Xtrackers!

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^{*See Xtrackers Disclaimer at the end of the newsletter}

TOP STORY
🛰️ Everything You Need to Know About the SpaceX IPO

🪐 Apart from Nvidia’s earnings, the biggest story this week was on Wednesday, with SpaceX formally filing with the SEC to list on the Nasdaq under the ticker symbol “SPCX.”

🗓️ The listing is expected on June 12 (in less than 3 weeks), with a valuation range of $1.75-2 trillion and a raise of $40-80 billion. This would make it the largest IPO in history.

😬 But while exciting, many are questioning the numbers… SpaceX lost $4.3 billion in the first quarter of this year alone, on $4.7 billion in revenue. And if we take a look at some of the commentary around this IPO, it isn’t pretty.

👀 Just take a look at the top YouTube titles to see what I mean:

SpaceX IPO: Nice Try Though
The SpaceX IPO… It’s Worse Than You Think
SpaceX Just Filed to IPO - The Numbers Are Ugly
The SpaceX IPO doesn’t add up

🔍 So let’s dive into the details ourselves and try to make sense of whether the IPO is a great investment or a trap…

🛸 What SpaceX Actually Does

🤔 If you opened SpaceX's filing this week thinking you were reading a rocket company's IPO prospectus, you'd be in for a surprise. The word "AI" appears over 200 times in the document, and the word "consciousness" appears 10 times.

🧠 The filing opens with 14 pages of rocket photographs and declares that the company's primary objective is to "extend the light of consciousness to the stars", a phrase repeated 10 separate times.

💡 But once you get past the buzzwords, SpaceX is really 3 businesses stacked on top of each other, and right now, only one of them makes money:

🛰️ Connectivity (Starlink) — $11.4B in 2025 revenue (61% of total), $1.1B operating profit in Q1 2026, and EBITDA margins of 63%, up from 41% just two years ago. More satellites in orbit than NASA and every military on Earth combined.
🚀 Space (Launch Services) — ~$4B in 2025 revenue, a monopoly on U.S. commercial and government launches via Starship (the world's most powerful rocket ever built). Also lost $662M in Q1 2026.
🤖 AI (xAI) — Acquired from Musk in an all-stock deal valued at $250B in February 2026. Lost $2.47B in Q1 alone on just $818M in revenue, burning over $1B a month.

🛰️ Starlink: The Crown Jewel

🚀 Let's start with the good part: Starlink, SpaceX’s subscription satellite internet business. With 10 million active subscribers across 164 countries, 63% EBITDA margins (for context, traditional satellite businesses run at about 20%), and a defense contract with the National Reconnaissance Office and the Pentagon, Starlink is right now the strongest part of the SpaceX business.

💬 Scott Galloway, entrepreneur and host of the Prof G Markets podcast, even called it the ‘best product in the last few years’.

✨ Then there’s Launch Services, where SpaceX holds basically a monopoly in US commercial and government orbit launches via Starship (the world’s most powerful launch vehicle ever developed), which is expected to expand into payload delivery in the not-so-distant future.

🤖 The Rough Spot: xAI

😥 But underneath the rockets is xAI, with many worried that the successful space businesses will just essentially become cash fuel for a pretty tough AI bet.

🤝 In February 2026, SpaceX acquired xAI, the AI lab Musk founded in 2023, in an all-stock deal that pegged xAI's value at $250 billion.

💡 For context:

OpenAI generates ~$24B in annual revenue and is currently valued at around $850B (35x).
Anthropic generates over $30B and is valued around $400B (13x).
xAI generated roughly $1B in revenue before the deal and SpaceX paid $250B for it (250x).

👋 Grok, xAI's flagship model, holds only 3.4% of the AI market, and all 11 of xAI's co-founders, researchers and engineers poached from DeepMind, OpenAI, Google, and the University of Toronto, have left the company.

💰 And as mentioned, xAI is a cash-burning machine, spending over $1B a month.

📊 The Valuation Question

🤔 So where does that leave us for valuation? Well, at $1.75 trillion, SpaceX is priced at ~100x its 2025 revenue of $18.7 billion, about five times Nvidia's current price-to-sales multiple.

😬 Patrick Boyle puts the comparison bluntly:

🎯 Aswath Damodaran, widely known as the "Dean of Valuation" and professor of finance at NYU's Stern School of Business, was a bit more bullish, but even his valuation came short of the $1.75-2T:

🐂 The bull case is the market size. SpaceX claims a total addressable market of $28.5 trillion (larger than the entire U.S. GDP), but 93% of this is attributed to AI.

🤑 That said, many see the potential as massive… referencing AI data centers, point-to-point terrestrial rocket travel, in-orbit manufacturing, and asteroid mining, but this leaves a lot riding on businesses that don’t exist yet.

🚗 That said, Tesla isn’t so different, with most analysts (and even Elon himself) arguing that 80-90% of Tesla’s business is driven by its future autonomy and robotics potential (also businesses that don’t yet exist).

Max Levine sums this up:

👀 You May Be Forced to Buy SpaceX Anyway…

🙅‍♀️ Now maybe after reading all this you’re thinking, ‘I was never going to buy SpaceX anyway so why should I care’. If that’s you… think again.

📝 On May 1st, Nasdaq introduced three new rules, conveniently timed for a June listing.

The waiting period for Nasdaq 100 inclusion was cut from 3 months to just 15 trading days.
The 10% minimum free float requirement was scrapped (SpaceX is targeting 4-5%).
And a hidden multiplier now treats any float under 20% as three times larger for index weighting, meaning SpaceX's 4% float counts as 12%.

😳 What this means is, within 15 trading days of listing, every passive fund tracking the Nasdaq 100 (over $600 billion in assets) becomes a forced buyer of SpaceX (including any ETF like QQQ, QQQM, etc.).

💬 Portfolio manager George Noble put it another way: "Your 401k is the exit liquidity."

🤔 So what can you do about this if you don’t want to own SpaceX?

💸 Well, one way to counteract the exposure is to short an equivalent dollar amount of SPCX once it lists, but with only 4-5% of shares in public float, borrow costs on a short position could be punishingly high in the early weeks (and not to mention complicated for beginners).

💡 For most people, the best move is simply knowing the exposure is coming and deciding in advance how comfortable you are with it.

🍀 And for those of you who are investing, I wish you good luck! To join the discussion, make sure to join Anthony (the rocket man)’s post on Blossom:

😎 All right, now that we’ve covered SpaceX, let’s switch gears to the other big story this week - Google’s big announcements at its developer conference - but first, a quick word about our upcoming events!

BLOSSOMCON 2026
🎟️ Early Bird Tickets to BlossomCon Extended for 1 Week!

🌼 If you enjoy the Weekly Buzz, you’ll love BlossomCon - the biggest IRL meet-up of investors in Canada!

🔥 If you haven’t been to BlossomCon before, it’s basically the ultimate investing conference, where we bring the top voices in investing to discuss their strategies, market outlooks, and more + a whole festival-style vibe all centered around investing.

✈️ This year we’re hitting 3 cities, and even booked out the Rogers Centre (where the World Series was hosted last year) for our Toronto event!

🤑 We’ve extended Early Bird tickets for one more week, so make sure you grab your ticket now to get the discount!

July 25 — Toronto (Rogers Centre)
Aug 22 — Vancouver (JW Marriot Parq)
Oct 3 — New York (Metropolitan Pavilion)

🎟️ Get your ticket here!

*P.S. The events are break-even, so all the money we make goes into creating a better experience 😊

BIG TECH
🛰️ Google Unveils A Complete Search Overhaul, AI Glasses, and More

🔍 The narrative around Google ($GOOGL) was rough over the past few years with concerns about AI eating into its search dominance, questions about whether Gemini can compete with ChatGPT, and a stock that was beaten under pressure.

🤖 But as most of us know, this AI narrative shifted in the second half of 2025 (which we covered in detail here), and this week, it was shown again just how innovative Google can be in an AI world, at its annual I/O developers conference.

📣 On Google’s own blog, you can find the full list of 100 announcements they made, including:

🤖 Gemini Spark, a 24/7 personal AI agent that works across your apps in the background
🛒 Universal Cart, an AI-powered shopping cart that works across Search, Gemini, YouTube, and Gmail
🎬 Gemini Omni, an AI that can generate and edit video from images, audio, and text
📝 Docs Live, where you can dictate a brain dump and Gemini builds a full formatted document in real time
📺 Ask YouTube, that finds the exact moment in a video that answers your question
🤖 Gemini 3.5 Flash, a new frontier model that runs 4x faster than competing models
🏗️ Antigravity 2.0, Google’s agentic developer platform, now capable of running hundreds of agents simultaneously
💰 Google AI Ultra price drop, top-tier plan cut from $250/month to $200, with a new $100/month tier

✨ But out of this list (and more), here were a couple of announcements that stood out!

🔍 A Rebuilt Google Search

🎤 Google CEO Sundar Pichai opened the keynote at I/O 2026 announcing that AI Overviews in Search now had over 2.5 billion monthly active users, and that “AI Mode” (released a little under a year ago) had already surpassed 1 billion users in under a year.

🏆 The company called this one of the largest shifts in search history, but perhaps the biggest announcement regarding Search around its full redesign, as seen in this video here.

🔄 The redesigned search box is a full pivot into the “AI chatbot” era, and now allows users to create and manage multiple AI “information agents” directly from the search bar, that keep working in the background, monitoring biotech stocks, apartment listings, sneaker drops, and sending alerts when something changes.

🤝 In other words, now instead of returning a list of links, Search is becoming an AI helper that works on your behalf.

💰 For investors, this was the most important announcement of the conference. Search generates roughly 60% of Google’s revenue after all, and the question hanging over the stock has been “Will AI cannibalize Search, or will Google successfully evolve it?”

🔮 And while we can’t predict the future, we do know that this week was Google’s way of answering that themselves into a full AI pivot. And after AI Overviews and AI Mode’s bright success, it suggests that pivot is already working.

👓 AI Glasses Are Back (But For Real This Time)

👓 Now, last year Google announced it was developing its own smart glasses to compete with Meta ($META), even showing a demo on last year’s stage at I/O 2025.

🚀 But this year, Google used the back half of the 2026 keynote to reveal a full slate of smart glasses built on Android XR with Gemini, in partnership with Samsung, Warby Parker, and Gentle Monster, launching this fall. The glasses can see what you see, hear what you hear, provide real-time language translations, and answer questions about whatever’s in front of you.

🍕 The demo showed Gemini navigating the wearer to a café, opening DoorDash, finding her usual order, and queuing it for pickup, all without touching her phone.

💡 What Analysts Are Saying

🌊 The message from I/O 2026 was that Google is diving headfirst into the upcoming AI world, showing investors that it can use integration across its product ecosystem (Search, Gmail, YouTube, Maps, Android, Chrome, Workspace) to become a true player in the AI space.

🧑‍💼 And analysts generally agree with that premise:

📈 And while Google dropped 3% this week, it’s still up 11% over the past month and 118% over the past year, so safe to say investors are happy with the big moves Google has been making.

FROM THE BLOSSOM COMMUNITY
⭐️ Top Discussions of the Week

👇 Click to see the full post!

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🛰️ Is the Upcoming SpaceX IPO a Rocketship or a Trap?

Maxwell Nicholson — Sun, 24 May 2026 19:39:44 +0000

📈 Iran Ceasefire Talks, New Fed Chair, and Chip Stocks Reaching Highs
🇺🇸 New U.S. CDR Listings Now Available for Trading
🛰️ Everything You Need to Know About the SpaceX IPO
🎟️ Early Bird Tickets to BlossomCon Extended for 1 Week!
🛰️ Google Unveils A Complete Search Overhaul, AI Glasses, and More
⭐️ Top Discussions of the Week

MARKET RECAP
📈 Iran Ceasefire Talks, New Fed Chair, and Chip Stocks Reaching Highs

🚀 The rally continues, with the S&P notching its 8th green week in a row (its longest green streak since December 2023).

📊 Across the indexes:

The S&P 500 rose +0.88%
The Nasdaq 100 rose 1.22%
The TSX rose 1.89%

🛰️ Our biggest story this week is SpaceX’s IPO, but before we dive into the details (and whether it’s a rocketship or a trap), here’s a breakdown of the 3 core macro themes of the week:

💣 1. The Iran War Isn’t Over

🇮🇷 The markets have brushed off the US-Iran war as if it never happened, with the S&P 500 and Nasdaq 100 up +8.64% and +18.12% compared to before the war, but the war is still not over.

🗣️ Secretary of State Marco Rubio also called the potential toll system “unfeasible,” but said on Saturday during a trip to India:

🏦 2. The New Fed Chair Is Here

💡 As a reminder, investors generally hope for interest rate cuts as this boosts the economy and tends to boost stock prices (although can lead to higher inflation)

🖥️ 3. Chip Stocks Hit Record Highs (Without Nvidia)

📡 And last but not least, semiconductors.

🚀 Also on Friday, the Xtrackers Semiconductor ETF ($CHPS) pushed to a record high, now up a massive +82% year-to-date. But interestingly, these gains weren’t driven by Nvidia ($NVDA).

📉 Nvidia has fallen slightly since its Wednesday earnings report (which we covered in detail here), despite topping estimates and offering a positive outlook.

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TOP STORY
🛰️ Everything You Need to Know About the SpaceX IPO

🪐 Apart from Nvidia’s earnings, the biggest story this week was on Wednesday, with SpaceX formally filing with the SEC to list on the Nasdaq under the ticker symbol “SPCX.”

🗓️ The listing is expected on June 12 (in less than 3 weeks), with a valuation range of $1.75-2 trillion and a raise of $40-80 billion. This would make it the largest IPO in history.

👀 Just take a look at the top YouTube titles to see what I mean:

SpaceX IPO: Nice Try Though
The SpaceX IPO… It’s Worse Than You Think
SpaceX Just Filed to IPO - The Numbers Are Ugly
The SpaceX IPO doesn’t add up

🔍 So let’s dive into the details ourselves and try to make sense of whether the IPO is a great investment or a trap…

🛸 What SpaceX Actually Does

💡 But once you get past the buzzwords, SpaceX is really 3 businesses stacked on top of each other, and right now, only one of them makes money:

🛰️ Connectivity (Starlink) — $11.4B in 2025 revenue (61% of total), $1.1B operating profit in Q1 2026, and EBITDA margins of 63%, up from 41% just two years ago. More satellites in orbit than NASA and every military on Earth combined.
🚀 Space (Launch Services) — ~$4B in 2025 revenue, a monopoly on U.S. commercial and government launches via Starship (the world's most powerful rocket ever built). Also lost $662M in Q1 2026.
🤖 AI (xAI) — Acquired from Musk in an all-stock deal valued at $250B in February 2026. Lost $2.47B in Q1 alone on just $818M in revenue, burning over $1B a month.

🛰️ Starlink: The Crown Jewel

💬 Scott Galloway, entrepreneur and host of the Prof G Markets podcast, even called it the ‘best product in the last few years’.

🤖 The Rough Spot: xAI

😥 But underneath the rockets is xAI, with many worried that the successful space businesses will just essentially become cash fuel for a pretty tough AI bet.

🤝 In February 2026, SpaceX acquired xAI, the AI lab Musk founded in 2023, in an all-stock deal that pegged xAI's value at $250 billion.

💡 For context:

OpenAI generates ~$24B in annual revenue and is currently valued at around $850B (35x).
Anthropic generates over $30B and is valued around $400B (13x).
xAI generated roughly $1B in revenue before the deal and SpaceX paid $250B for it (250x).

💰 And as mentioned, xAI is a cash-burning machine, spending over $1B a month.

📊 The Valuation Question

🤔 So where does that leave us for valuation? Well, at $1.75 trillion, SpaceX is priced at ~100x its 2025 revenue of $18.7 billion, about five times Nvidia's current price-to-sales multiple.

😬 Patrick Boyle puts the comparison bluntly:

🎯 Aswath Damodaran, widely known as the "Dean of Valuation" and professor of finance at NYU's Stern School of Business, was a bit more bullish, but even his valuation came short of the $1.75-2T:

🐂 The bull case is the market size. SpaceX claims a total addressable market of $28.5 trillion (larger than the entire U.S. GDP), but 93% of this is attributed to AI.

Max Levine sums this up:

👀 You May Be Forced to Buy SpaceX Anyway…

🙅‍♀️ Now maybe after reading all this you’re thinking, ‘I was never going to buy SpaceX anyway so why should I care’. If that’s you… think again.

📝 On May 1st, Nasdaq introduced three new rules, conveniently timed for a June listing.

The waiting period for Nasdaq 100 inclusion was cut from 3 months to just 15 trading days.
The 10% minimum free float requirement was scrapped (SpaceX is targeting 4-5%).
And a hidden multiplier now treats any float under 20% as three times larger for index weighting, meaning SpaceX's 4% float counts as 12%.

💬 Portfolio manager George Noble put it another way: "Your 401k is the exit liquidity."

🤔 So what can you do about this if you don’t want to own SpaceX?

💡 For most people, the best move is simply knowing the exposure is coming and deciding in advance how comfortable you are with it.

🍀 And for those of you who are investing, I wish you good luck! To join the discussion, make sure to join Anthony (the rocket man)’s post on Blossom:

BLOSSOMCON 2026
🎟️ Early Bird Tickets to BlossomCon Extended for 1 Week!

🌼 If you enjoy the Weekly Buzz, you’ll love BlossomCon - the biggest IRL meet-up of investors in Canada!

✈️ This year we’re hitting 3 cities, and even booked out the Rogers Centre (where the World Series was hosted last year) for our Toronto event!

🤑 We’ve extended Early Bird tickets for one more week, so make sure you grab your ticket now to get the discount!

July 25 — Toronto (Rogers Centre)
Aug 22 — Vancouver (JW Marriot Parq)
Oct 3 — New York (Metropolitan Pavilion)

🎟️ Get your ticket here!

*P.S. The events are break-even, so all the money we make goes into creating a better experience 😊

BIG TECH
🛰️ Google Unveils A Complete Search Overhaul, AI Glasses, and More

📣 On Google’s own blog, you can find the full list of 100 announcements they made, including:

🤖 Gemini Spark, a 24/7 personal AI agent that works across your apps in the background
🛒 Universal Cart, an AI-powered shopping cart that works across Search, Gemini, YouTube, and Gmail
🎬 Gemini Omni, an AI that can generate and edit video from images, audio, and text
📝 Docs Live, where you can dictate a brain dump and Gemini builds a full formatted document in real time
📺 Ask YouTube, that finds the exact moment in a video that answers your question
🤖 Gemini 3.5 Flash, a new frontier model that runs 4x faster than competing models
🏗️ Antigravity 2.0, Google’s agentic developer platform, now capable of running hundreds of agents simultaneously
💰 Google AI Ultra price drop, top-tier plan cut from $250/month to $200, with a new $100/month tier

✨ But out of this list (and more), here were a couple of announcements that stood out!

🔍 A Rebuilt Google Search

🏆 The company called this one of the largest shifts in search history, but perhaps the biggest announcement regarding Search around its full redesign, as seen in this video here.

🤝 In other words, now instead of returning a list of links, Search is becoming an AI helper that works on your behalf.

👓 AI Glasses Are Back (But For Real This Time)

👓 Now, last year Google announced it was developing its own smart glasses to compete with Meta ($META), even showing a demo on last year’s stage at I/O 2025.

🍕 The demo showed Gemini navigating the wearer to a café, opening DoorDash, finding her usual order, and queuing it for pickup, all without touching her phone.

💡 What Analysts Are Saying

🧑‍💼 And analysts generally agree with that premise:

📈 And while Google dropped 3% this week, it’s still up 11% over the past month and 118% over the past year, so safe to say investors are happy with the big moves Google has been making.

FROM THE BLOSSOM COMMUNITY
⭐️ Top Discussions of the Week

👇 Click to see the full post!

🥊 Nvidia Crushes Earnings, But Competition is Heating Up (US)

Maxwell Nicholson — Thu, 21 May 2026 12:53:02 +0000

SPECIAL EDITION
🥊 Nvidia Crushes Earnings, But Competition is Heating Up

📊 Last night Nvidia ($NVDA) reported earnings, so it’s time for our special edition Weekly Buzz breaking it down!

🫧 While AI bubble fears were riding high last quarter, this earnings season is quite the opposite:

🤑 According to the Fear & Greed index, the market is in a state of greed.
📈 The Nasdaq-100 is up 16% year-to-date and Nvidia is up 18%
💪 Big Tech earnings were strong, with Google soaring 12% in a week
🤖 Even Greg Abel, Buffett’s successor, was piling in the AI trade - tripling his position in Google

🏆 So Nvidia’s earnings were less the market ‘holding its breath’ and more the market hoping for another AI victory lap. With that in mind, let’s see if Nvidia delivered.

🥁 Drumroll please…

🚀 Nvidia Crushes Earnings (Again)

👏 To no one’s surprise, Nvidia managed to once again smash estimates.

💰 Revenue: $82B, up 85% from last year, and 3.5% higher than analysts expected
🎯 Forward Revenue Targets: $91B, 5% higher than analysts expected
💸 Earnings per Share: $1.87, 6% higher than analysts expected

🤯 AI-driven data center revenue now drives over 92% of Nvidia’s revenue, up from 60% just 3 years ago and just 38% 5 years ago.

🔗 It’s worth noting that Nvidia is still very dependent on the Big Tech spending spree continuing, with the ‘hyperscalers’ making up over 50% of all data center revenue.

Chart from the Financial Times

💰 Spending continues to soar, on track for $725B across Amazon, Microsoft, Alphabet, and Meta. If this spending growth slows or stalls, this will directly impact Nvidia.

💬 But Jensen Huang, CEO of Nvidia, isn’t worried, saying:

📉 At the time of writing (before market open), the stock is down around -1%, but is still up 12% in the past month and 70% in the past year, so overall, I’d say a positive market reaction to earnings

✨ But outside of the numbers, let’s take a look at the biggest themes and takeaways from Nvidia’s earnings:

🔥 Competition Heats Up

😬 One of the most interesting new themes this quarter was the growth in Nvidia’s ‘frenemies,’ with Nvidia acknowledging that many of its own customers are becoming rivals as they develop custom chips tailored for their own use cases.

✨ A great example of this is Google ($GOOG), which has built its own TPUs (a type of ASIC) for specialized AI workloads (more on TPUs here), reducing Google’s reliance on Nvidia.

🤝 But it’s not just Google looking for alternatives to Nvidia’s expensive GPUs, in February, Meta signed a multi-billion-dollar deal to rent TPUs from Google, and on Tuesday, Google announced an AI infrastructure venture to ‘loosen Nvidia’s grip on the AI hardware market’ with a $5B investment from Blackstone.

👀 The market for these ASICs (Application-Specific Integrated Circuit), which can be 30-60% cheaper to operate and rent than commercial GPUs, continues to soar with Amazon, Microsoft, Google, and start-ups like SambaNova, D-Matrix, and Cerabras Systems (which recently had the biggest IPO of 2026) all competing in the space.

😬 Nvidia acknowledged this risk directly, saying:

💡 If you want to dive deeper into the different types of AI chips and their use cases, check out this great video I found by CNBC.

🎯 The next theme is a more positive one: Nvidia’s goal to become the ‘world’s learning CPU supplier’. But before we dive deeper there, a quick word from today’s sponsor Wispr Flow!

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NVIDIA EARNINGS CONT.
🏆 Nvidia Expects to be the ‘World’s Leading CPU Supplier’

🥊 While competition is heating up for Nvidia, Nvidia isn’t sitting on its hands and doing nothing.

🚀 A few weeks ago, I wrote about how AMD soared 26% as the AI trade shifts from GPUs to CPUs, and Nvidia wants a piece of that action.

⚙️ Unlike GPUs, which are used for training the models, CPUs are used to host and run AI applications once they’re built. And with the AI industry shifting from building AI models to deploying them, the need for CPUs is growing, driving huge growth in CPUs - a market dominated almost completely by Intel ($INTC) and AMD.

👀 Nvidia is seeing this shift too, and is making a focused push to become the ‘world’s leading CPU supplier’ with the company unveiling a new CPU-only product suite.

💰 Nvidia believes CPUs will be a major new growth driver, with the CFO estimating $20B in total CPU revenue in this year alone, saying that CPUs will “open a brand new $200B tab for Nvidia.”

🚗 Physical AI is the Next Wave

🦾 The final big theme of the quarter was physical AI. While not as big a focus in previous quarters, Jensen continues to point to Physical AI as the “next wave” of AI, saying that Nvidia’s CUDA software platform helps it extend into autonomous vehicles and robotics.

💬 In his closing statement, Jensen emphasized this as the future, saying:

🎯 What Analysts Have to Say

🤔 With Nvidia delivering another blowout quarter, analysts continue to be very bullish, with an average price target of $296, 32% above the current stock price.

✨ Goldman Sachs summed up the optimism, saying:

💬 Morgan Stanley went even further, saying:

📈 On the note of the growing competition from ASIC chips, BofA highlighted Nvidia's moat, pointing out that when it comes to AI factories and full-platform support, Nvidia has a "near-monopoly", areas where custom ASICs simply "cannot address."

👀 Morgan Stanley, while optimistic, acknowledged that the ‘competition debate’ is a real concern and the risk is ‘difficult to disprove’ but argues that investors are already “pricing in a significant probability that margin compression, market share loss, or a general slowdown in AI spending will prevent any meaningful long-term earnings growth.”

👏 Overall I’m walking away from the Q1 results more bullish than before. Capex spend from the tech giants continues to soar, Nvidia entering the CPU space is a big area of opportunity, and physical AI is still just ramping up.

⚠️ That said, competition is a real threat to keep an eye on and investor vibes around the massive AI spending from the hyperscalers (that Nvidia relies on) can shift rapidly so I’d describe my position as ‘cautiously bullish’.

🌼 But enough on my thoughts, I’m curious what you all think! Join the discussion and vote in my poll on Blossom 👇

😎 And that wraps up Nvidia earnings! Before we wrap up, a quick word from our other sponsor this week WisdomTree (and a small reward for those who read to the end).

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🇯🇵 Buffett’s Bet on Japan Signals Opportunity

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In recent years, Berkshire Hathaway has steadily increased its exposure to Japan. These companies span energy, commodities and global trade. His approach centers on attractive valuations and improving corporate governance.

But there’s more to the story beyond Buffett. Japan is undergoing a broader transformation, including shareholder-friendly reforms and stronger profitability trends, that is reshaping how investors could think about the market.

In our blog, we break down what is driving this shift and why companies like Tokio Marine and Japan’s trading houses are drawing increased attention.

For investors looking to access these opportunities, the WisdomTree Japan Opportunities ETF (OPPJ) focuses on companies positioned to benefit from these evolving dynamics.

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🥊 Nvidia Crushes Earnings, But Competition is Heating Up

Maxwell Nicholson — Thu, 21 May 2026 12:38:29 +0000

SPECIAL EDITION
🥊 Nvidia Crushes Earnings, But Competition is Heating Up

📊 Last night Nvidia ($NVDA) reported earnings, so it’s time for our special edition Weekly Buzz breaking it down!

🫧 While AI bubble fears were riding high last quarter, this earnings season is quite the opposite:

🤑 According to the Fear & Greed index, the market is in a state of greed.
📈 The Nasdaq-100 is up 16% year-to-date and Nvidia is up 18%
💪 Big Tech earnings were strong, with Google soaring 12% in a week
🤖 Even Greg Abel, Buffett’s successor, was piling in the AI trade - tripling his position in Google

🏆 So Nvidia’s earnings were less the market ‘holding its breath’ and more the market hoping for another AI victory lap. With that in mind, let’s see if Nvidia delivered.

🥁 Drumroll please…

🚀 Nvidia Crushes Earnings (Again)

👏 To no one’s surprise, Nvidia managed to once again smash estimates.

💰 Revenue: $82B, up 85% from last year, and 3.5% higher than analysts expected
🎯 Forward Revenue Targets: $91B, 5% higher than analysts expected
💸 Earnings per Share: $1.87, 6% higher than analysts expected

🤯 AI-driven data center revenue now drives over 92% of Nvidia’s revenue, up from 60% just 3 years ago and just 38% 5 years ago.

🔗 It’s worth noting that Nvidia is still very dependent on the Big Tech spending spree continuing, with the ‘hyperscalers’ making up over 50% of all data center revenue.

Chart from the Financial Times

💰 Spending continues to soar, on track for $725B across Amazon, Microsoft, Alphabet, and Meta. If this spending growth slows or stalls, this will directly impact Nvidia.

💬 But Jensen Huang, CEO of Nvidia, isn’t worried, saying:

✨ But outside of the numbers, let’s take a look at the biggest themes and takeaways from Nvidia’s earnings:

🔥 Competition Heats Up

✨ A great example of this is Google ($GOOG), which has built its own TPUs (a type of ASIC) for specialized AI workloads (more on TPUs here), reducing Google’s reliance on Nvidia.

😬 Nvidia acknowledged this risk directly, saying:

💡 If you want to dive deeper into the different types of AI chips and their use cases, check out this great video I found by CNBC.

🎯 The next theme is a more positive one: Nvidia’s goal to become the ‘world’s learning CPU supplier’. But before we dive deeper there, a quick word from today’s sponsor Harvest ETFs.

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NVIDIA EARNINGS CONT.
🏆 Nvidia Expects to be the ‘World’s Leading CPU Supplier’

🥊 While competition is heating up for Nvidia, Nvidia isn’t sitting on its hands and doing nothing.

🚀 A few weeks ago, I wrote about how AMD soared 26% as the AI trade shifts from GPUs to CPUs, and Nvidia wants a piece of that action.

👀 Nvidia is seeing this shift too, and is making a focused push to become the ‘world’s leading CPU supplier’ with the company unveiling a new CPU-only product suite.

🚗 Physical AI is the Next Wave

💬 In his closing statement, Jensen emphasized this as the future, saying:

🎯 What Analysts Have to Say

🤔 With Nvidia delivering another blowout quarter, analysts continue to be very bullish, with an average price target of $296, 32% above the current stock price.

✨ Goldman Sachs summed up the optimism, saying:

💬 Morgan Stanley went even further, saying:

🌼 But enough on my thoughts, I’m curious what you all think! Join the discussion and vote in my poll on Blossom 👇

😎 And that wraps up Nvidia earnings! Before we wrap up, a quick word from our other sponsor this week Guardian Capital (and a small reward for those who read to the end).

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Harvest ETFs Disclaimer

^{For Information Purposes Only. This communication should not be considered as advice and/or a recommendation to purchase or sell the mentioned securities.}

^{The current yield represents an annualized amount that is comprised of 12 unchanged monthly distributions (using the most recent month’s distribution figure multiplied by 12) as a percentage of the closing market price of the Fund. The current yield does not represent historical returns of the ETF but represents the distribution an investor would receive if the most recent distribution stayed the same going forward.}

^{Commissions, management fees and expenses all may be associated with investing in Harvest Exchange Traded Funds, managed by Harvest Portfolios Group Inc. (the Fund(s). Please read the relevant prospectus before investing. The Funds are not guaranteed, their values change frequently and past performance may not be repeated. Distributions are paid to you in cash unless you request, pursuant to your participation in a distribution reinvestment plan, that they be reinvested into Class A, Class B or Class U units of the Fund. If the Fund earns less than the amounts distributed, the difference is a return of capital. Tax, investment and all other decisions should be made with guidance from a qualified professional.}

Guardian Capital Disclaimer

^{i3 InvestmentsTM Team is a portfolio management team with Guardian Capital LP, a registered portfolio manager.}

^{The i3 InvestmentsTM Team combines quantitative and fundamental analysis in managing investment portfolios. The quantitative component of the team’s investment process has evolved as new tools and datasets have become available and, over time, new quantitative models which incorporate aspects of artificial intelligence have been incorporated. The i3 InvestmentsTM Team provides a modern approach to portfolio construction, combining the advantages of quantitative analysis, big data, and artificial intelligence with the experience, perspective, and decision-making of our investment team. The application of quantitative investment analysis that incorporates artificial intelligence and machine learning in a forecast model is forward-looking and the simulated results are subject to inherent limitations. Investment strategies which rely on predictive artificial intelligence and quantitative models may perform differently than expected, as a result of, among other things, the factors used in the models, the weight placed on each factor, changes from the factors’ historical trends and the limitations of technology in the construction and implementation of the models. There is no guarantee that the use of the quantitative model and artificial intelligence will result in effective investment decisions. There are no guarantees that dividend paying stocks will continue to pay dividends. All investments are subject to risk, including loss. There is no assurance that any investment strategy will be successful.}

😮 Buffett's Successor Overhauls the Portfolio, Loading Up on Google (US)

Maxwell Nicholson — Sun, 17 May 2026 19:58:31 +0000

MARKET RECAP
🇨🇳 Trump’s Visit to China Calms Investors’ Nerves on US-China Relations

⚠️ This week, the ‘Superinvestors’ (including Warren Buffett’s successor Greg Abel, Bill Ackman, Ray Dalio, and more) reported their trades, with Greg making some MAJOR changes to Buffett’s old portfolio… but before we dive in there, let’s start with a quick recap of the markets this week.

🇨🇳 The major news was that Trump and a bunch of high-profile CEOs, including Nvidia’s Jensen Huang, Apple’s Tim Cook, and Tesla’s Elon Musk, touched down in China for a long-awaited state visit.

🤞 This was the first time since 2017 that a sitting U.S. president had a state visit to China, so expectations were high. But based on the market’s reaction, investors were underwhelmed:

The S&P 500 rose 0.13%
The Nasdaq 100 fell 0.38%
The TSX fell 0.72%

💡 Here’s a breakdown of what you need to know from the summit:

🤖 Loosening AI Export Controls?

👀 One of the biggest topics investors were watching was the loosening of US AI export controls, which have restricted Nvidia from selling its latest AI chips to China.

📈 Investors were going into the week hopeful, with Nvidia ($NVDA) soaring 9.5% from Monday to Thursday.

📉 But in the end, export controls weren’t officially discussed at the summit at all, with Nvidia giving up some of the gains on Friday, falling 4.4%.

✨ Despite the lack of a win from the summit, Nvidia did get some great news this week with the US clearing the sale of Nvidia’s 2nd most powerful AI chip to 10 Chinese firms, including Alibaba, Tencent, Bytedance, and others.

❌ Despite the approval, no deliveries have been made, with Commerce Secretary Howard Lutnick saying:

🇮🇷 No Help on Iran

🛢️ The other big topic investors were watching closely was the US-Iran war… with fingers crossed that China would do more to help open the blocked Hormuz Strait that has shot up oil prices.

💬 But as Patricia Kim put it:

😳 On Friday, China's foreign ministry even issued a blunt statement saying China supported efforts to reach a peace deal but also saying the conflict should never have happened and had no reason to continue.

🤝 Constructive Strategic Stability

👍 Even though there wasn’t much good news for Nvidia or US-Iran, the summit did lower fears of US-China tensions, which is quite significant.

⭐️ Chinese President Xi described the relationship with the US as “constructive strategic stability” (which was seen as a big shift from the “strategic competition” under Joe Biden).

🚜 On agriculture and trade, both sides agreed to establish a trade council and investment council, and spoke of broad commitments to buy U.S. farm goods and energy.

💡 As one commentator put it:

🌈 But not all is roses and rainbows, with Xi delivering a sharp warning that “mishandling Taiwan could lead to conflict”, and Secretary of State Marco Rubio saying “U.S. policy on the issue of Taiwan is unchanged as of today” so I think the takeaway is ✨cautious optimism✨ with respect to US-China relations going into the rest of Trump’s term.

👨‍💼 Ok, let’s switch gears to the big money moves from the Superinvestors - but first, a quick word from this week’s sponsor WisdomTree!

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SUPERINVESTOR MOVES
🤑 Bill Ackman Sells Google While Buffett’s Successor Buys

🔥 The 13F filings are officially in for Q1 2026, which means some of the biggest and smartest portfolios in the market have made their Q1 trades public.

👇 So without further ado, here are some of the top moves that stood out this quarter:

🤯 Buffett's Successor Overhauls the Portfolio, Loading Up on Google

It should really be Greg Abel (Buffett’s successor) in the pie chart above, as this quarter Greg proved it’s his portfolio now…

😮 Berkshire Hathaway ($BRK-B) has officially entered the post-Buffett era, with Greg Abel (who took over as Berkshire CEO last December) now calling the shots on 94% of the portfolio, with Ted Weschler managing the remaining 6%.

🔄 This quarter marked a complete overhaul of Buffett’s positions, with Abel exiting 16 positions, including Amazon (which was trimmed by 77% last quarter), Domino’s ($DPZ), and longtime staples such as Visa ($V) and Mastercard ($MA).

📈 But it wasn’t all sells, with Greg tripling Berkshire’s Google position, and making a surprise addition of a 1% stake in Delta Airlines ($DAL).

🔍 While there wasn’t a public explanation for the buys, it’s widely reported that Google’s monopoly-like grip on the online search market and unique “vertical integration” in AI and cloud (which we covered here) are at the heart of Greg’s thesis.

✈️ It’s worth noting that the Delta Airlines addition is also a big 180 from Berkshire’s historically very negative view on airline businesses, another signal of the shift from the Buffett era.

🏆 Google is now Berkshire’s 7th largest holding, behind Apple ($AAPL), American Express ($AXP), and Coca-Cola ($KO) (which collectively take up ~51% of the total portfolio).

🥳 P.S. See Greg’s full portfolio and trades on Blossom!

👀 Ackman Sells Google to Load Up on Microsoft

⭐️ Next up, we have Bill Ackman, manager of the nearly $14B hedge fund Pershing Square Capital.

📉 Ackman’s major move this quarter was the opposite of Greg’s: selling almost 95% of Pershing’s Google shares (from over 6.1 million to roughly 312,000).

💸 Nearly every dollar from the sale went towards buying Microsoft ($MSFT), which Ackman said was a company “broadly in line with the market multiple,” while also growing Azure at 40%, and arguing that its stake in OpenAI isn’t fully priced in.

🐦 And while Google is now only ~0.7% of Pershing’s portfolio, Ackman did explain that he was still bullish on the company, writing on X recently:

📈 Microsoft is now Pershing’s 4th-largest position at 15.3% of the portfolio. Right behind Brookfield Corp ($BN) at 17.6%, Amazon ($AMZN) at 17.4%, and Uber ($UBER) at 15.7%.

🥳 P.S. See Ackman's full portfolio and trades on Blossom!

✨ Some other notable trades…

💡 Bill and Greg weren’t the only ones buying and selling. Here were a few other notable trades:

💸 Sundar Pichai's Alphabet just placed a $1 billion bet on CME Group ($CME), making the derivatives exchange operator its single largest holding at nearly 26% of the portfolio.
📲 Masayoshi Son's SoftBank just cashed in $3.9 billion of T-Mobile ($TMUS) stock, slashing the position by 65% and locking in a 49% gain. This comes as Son fully exits Lemonade, Circle, Uber, and Coinbase, freeing up capital likely earmarked for his escalating AI bets.
🤖 Jeff Bezos's Amazon boosted its Marvell Technology ($MRVL) stake by 76%, adding shares of the AI-networking chipmaker to bring MRVL to 1.49% of the portfolio. This comes as Bezos fully exits quantum-computing play IonQ, narrowing the focus toward established AI infrastructure names.

🔥 If you want to see all these trades and more, make sure you check out the new Superinvestors section on the Markets page of Blossom! (link here for web app, on mobile, just visit the markets tab and scroll down)

BLOSSOMCON 2026
🎟️ Last Chance for Early Bird Tickets to BlossomCon!

🌼 If you enjoy the Weekly Buzz, you’ll love BlossomCon - the biggest IRL meet-up of investors in Canada!

✈️ This year we’re hitting 3 cities, and even booked out the Rogers Centre (where the World Series was hosted last year) for our Toronto event!

🤑 This is the last week for Early Bird tickets, so make sure you grab your ticket now to get the discount!

July 25 — Toronto (Rogers Centre)
Aug 22 — Vancouver (JW Marriot Parq)
Oct 3 — New York (Metropolitan Pavilion)

🎟️ Get your ticket here!

*P.S. The events are break-even, so all the money we make goes into creating a better experience 😊

THE AI IPO WAVE
🏆 The Biggest IPO of 2026 (So Far)

🚀 Cerebras Systems ($CBRS) just pulled off arguably the most notable US tech IPO since Uber went public in 2019, officially ranking as the largest IPO of 2026.

🍽️ Cerebras is an AI chipmaker known for its “Wafer Scale Engine,” a processor roughly the size of a dinner plate packed with over four trillion transistors. Its chips are purpose-built for AI inference (running models instead of training them), and according to the company, are both faster and cheaper than Nvidia’s GPUs.

🤝 Leading up to the IPO, OpenAI launched its first AI model running on Cerebras chips, and the company has also announced a partnership with Amazon’s AWS.

📈 The company IPO’d its shares at $185 on Wednesday on the Nasdaq, raising $5.55 billion and valuing the company at $56.4 billion. Shares opened at $350 the very next morning, nearly double the IPO price, sending the market cap to nearly $70 billion, and hitting an intraday high of $386 before closing at $311.07. Though shares have fallen nearly 30% since the IPO peak.

🔥 The demand for Cerebras’ shares exceeded the shares available by more than 20 times, which goes to show how much appetite investors have for AI related IPOs (and tech IPOs more broadly). And this is only the start…

🌊 The Incoming Tech IPO Wave

💰 U.S. IPO proceeds so far this year amount to $28.4 billion, which is already ahead of historical numbers, but is a number expected to grow as other hotly anticipated private companies are set to debut on public markets.

📋 Here are some of the biggest companies rumoured to IPO and the details we have so far:

🚀 SpaceX has the most certain timeline and is reportedly planning to go public on June 12 at a record $1.75 trillion valuation, with a $75 billion raise (which would make it the largest IPO in history, and by a wide margin).
🤖 Anthropic is also on the list, targeting an IPO as soon as October, looking to raise $30 billion at a $900 billion valuation. (Though no official date or SEC paperwork has been filed.)
💬 OpenAI is the other AI maker (and the most uncertain), and while the company was said to “absolutely” IPO this year, those plans may not come to fruition. One of the main concerns was the company missing its own revenue targets last month, plus its ongoing court battle with Elon Musk. Even the OpenAI CFO has said that OpenAI isn’t ready to be public. Rumours for the IPO are expected to value the company at up to $1 trillion when it does happen, with its most recent private raise already valuing the company at ~$850 billion.

⚠️ But a quick word of caution: Cerebras shares being down 30% from their IPO peak is a good reminder before the wave of big AI IPOs hits. History tends not to be kind to investors who chase the opening day frenzy. Uber's 2019 IPO was one of the most hyped in history, and it spent the next three years trading below its IPO price.

💡 The excitement around a listing and the actual quality of the investment are two very different things, and with SpaceX, Anthropic, and OpenAI all on deck at trillion-dollar valuations, it's worth keeping in mind! (Not to say you shouldn’t invest, but just know it isn’t a sure bet).

FROM THE BLOSSOM COMMUNITY
⭐️ Top Discussions of the Week

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The Weekly Buzz 🐝 by Blossom

🚀 Rocket Lab Soars 25% After $8B Bet to Become the Next SpaceX

TOP STORY🚀 Rocket Lab Soars 25% After Its $8B Bet to Become the Next SpaceX

🛰️ Rocket Lab Acquires Iridium in a Bid to Become the Next SpaceX

🛰️ What Does Iridium Actually Do and Why Is Rocket Lab Buying Them?

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TOP STORY CONT🚀 Rocket Lab Copies The SpaceX Playbook

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⚠️ But Of Course There’s Risk

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CBOE ETF ALERT📣 New ETF Alert: Purpose SpaceX (SPCX) Yield Shares ETF

BIG TECH & AI🤖 Meta Jumps 9% After Announcing an AWS/Azure Competitor

😬 Some Analysts Are Skeptical

JOIN US IRL🗓️ BlossomCon is Less Than 3 Weeks Away!

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🧑‍⚖️ Google Loses €4.1B EU Fine Appeal

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TOP STORY📈 Micron Soars 15% After Earnings But Ends the Week Down 6% - Here’s Why

🛢️ Oil Prices Start Falling Back to Pre-War Levels… But Don’t Start Celebrating Yet

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The First Mass-Market Robots May Fly, Not Walk 🚁

TOP STORY🚀 Micron Jumps 15% After Earnings But Ends the Week Down 5%

🇰🇷 What Happened: South Korean Jitters

🐂 The Bull Case: A New Era in Memory

IN PARTNERSHIP WITH PUBLIC🤑 You Can Now Buy/Sell Stocks on Blossom!

TOP STORY CONT.🐻 Micron’s Bear Case: Memory Has Been Here Before

🍎 Apple Sinks 6% After Memory Chip Demand Forces Price Hikes

🎮 Microsoft Follows Suit

🧠 Analyst Reactions

FROM THE BLOSSOM COMMUNITY⭐️ Featured Posts of the Week

🚀 Micron Soars 15% After Record Earnings But Ends the Week Down 6%

TOP STORY📈 Micron Soars 15% After Earnings But Ends the Week Down 6% - Here’s Why

🛢️ Oil Prices Start Falling Back to Pre-War Levels… But Don’t Start Celebrating Yet

SPONSORED BY FIDELITY INVESTMENTS CANADA🏁 Because innovation is never FINN-ished

TOP STORY🚀 Micron Jumps 15% After Earnings But Ends the Week Down 5%

🇰🇷 What Happened: South Korean Jitters

🐂 The Bull Case: A New Era in Memory

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TOP STORY CONT.🐻 Micron’s Bear Case: Memory Has Been Here Before

🍎 Apple Sinks 6% After Memory Chip Demand Forces Price Hikes

🎮 Microsoft Follows Suit

🧠 Analyst Reactions

FROM THE BLOSSOM COMMUNITY⭐️ Featured Posts of the Week

✨ How to Get Your Blossom Investor Perks!

UPDATE✨ Blossom Investor Perks

🤯 Blossom Investment Round Closed in 2 Hours

UPDATE🤯 Blossom Investment Round Closed in 2 Hours!

📈 Intel and Micron Soar Despite 80% of Fund Managers Calling It 'A Crowded Trade' (US)

TOP STORY📈 Intel and Micron Soar Despite 80% of Fund Managers Calling It 'A Crowded Trade'

🛳️ Ships Start Sailing Through The Strait:

🏦 Kevin Warsh Creates a “New Fed”

🚀 The Chip Market Soars With Intel and Micron Leading the Charge

🤯 Intel Rises 11% After Apple / Intel Partnership

PRESENTED BY WALL STREET FAVORITES📊 Find Out What Wall Street Is Buying

TOP STORY CONT.💥 80% of Fund Managers Say Semiconductors Are ‘The Most Crowded Trade’ in the Market

BLOSSOMCON 2026🤩 BlossomCon is Coming to NYC!

FLOP OR COMEBACK STORY?👓 Snapchat’s Push Into AR Glasses

🪦 A Miscalculated (And “Tried Before”) Bet

📊 What Analysts Are Saying

🐂 The Bull Case

PRESENTED BY PUBLIC🤖 Build AI Agents for your portfolio on Public

FROM THE BLOSSOM COMMUNITY⭐️ Featured Posts of the Week

📈 Intel and Micron Soar Despite 80% of Fund Managers Calling It 'A Crowded Trade'

TOP STORY📈 Intel and Micron Soar Despite 80% of Fund Managers Calling It 'A Crowded Trade'

🛳️ Ships Start Sailing Through The Strait:

🏦 Kevin Warsh Creates a “New Fed”

🚀 The Chip Market Soars With Intel and Micron Leading the Charge

🤯 Intel Rises 11% After Apple / Intel Partnership

PRESENTED BY HARVEST ETFS🚀 SPXE Has LIFTOFF | Access SpaceX with Monthly Income

TOP STORY CONT.💥 80% of Fund Managers Say Semiconductors Are ‘The Most Crowded Trade’ in the Market

PRESENTED BY HARVEST ETFS⚡️ HTA & HTAE | High-Performance Tech ETFs for the AI Era

FLOP OR COMEBACK STORY?👓 Snapchat’s Push Into AR Glasses

🪦 A Miscalculated (And “Tried Before”) Bet

📊 What Analysts Are Saying

🐂 The Bull Case

ANNOUNCEMENT🌼 BlossomCon Speaker Line-up Announced!

FROM THE BLOSSOM COMMUNITY⭐️ Featured Posts of the Week

TOP STORY
🚀 Rocket Lab Soars 25% After Its $8B Bet to Become the Next SpaceX

PRESENTED BY HARVEST ETFS
🚀 SPXE | Access SpaceX with Monthly Income

TOP STORY CONT
🚀 Rocket Lab Copies The SpaceX Playbook

CBOE ETF ALERT
📣 New ETF Alert: Purpose SpaceX (SPCX) Yield Shares ETF

BIG TECH & AI
🤖 Meta Jumps 9% After Announcing an AWS/Azure Competitor

JOIN US IRL
🗓️ BlossomCon is Less Than 3 Weeks Away!

IN OTHER NEWS
⭐️ Other Big Headlines

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⭐️ Featured Posts of the Week

TOP STORY
📈 Micron Soars 15% After Earnings But Ends the Week Down 6% - Here’s Why

TOP STORY
🚀 Micron Jumps 15% After Earnings But Ends the Week Down 5%

IN PARTNERSHIP WITH PUBLIC
🤑 You Can Now Buy/Sell Stocks on Blossom!

TOP STORY CONT.
🐻 Micron’s Bear Case: Memory Has Been Here Before

FROM THE BLOSSOM COMMUNITY
⭐️ Featured Posts of the Week

TOP STORY
📈 Micron Soars 15% After Earnings But Ends the Week Down 6% - Here’s Why

SPONSORED BY FIDELITY INVESTMENTS CANADA
🏁 Because innovation is never FINN-ished

TOP STORY
🚀 Micron Jumps 15% After Earnings But Ends the Week Down 5%

PRESENTED BY WEALTHSIMPLE
🌟 Active Traders get a 3% match on eligible transfers

TOP STORY CONT.
🐻 Micron’s Bear Case: Memory Has Been Here Before

FROM THE BLOSSOM COMMUNITY
⭐️ Featured Posts of the Week

UPDATE
✨ Blossom Investor Perks

UPDATE
🤯 Blossom Investment Round Closed in 2 Hours!

TOP STORY
📈 Intel and Micron Soar Despite 80% of Fund Managers Calling It 'A Crowded Trade'

PRESENTED BY WALL STREET FAVORITES
📊 Find Out What Wall Street Is Buying

TOP STORY CONT.
💥 80% of Fund Managers Say Semiconductors Are ‘The Most Crowded Trade’ in the Market

BLOSSOMCON 2026
🤩 BlossomCon is Coming to NYC!

FLOP OR COMEBACK STORY?
👓 Snapchat’s Push Into AR Glasses

PRESENTED BY PUBLIC
🤖 Build AI Agents for your portfolio on Public

FROM THE BLOSSOM COMMUNITY
⭐️ Featured Posts of the Week

TOP STORY
📈 Intel and Micron Soar Despite 80% of Fund Managers Calling It 'A Crowded Trade'

PRESENTED BY HARVEST ETFS
🚀 SPXE Has LIFTOFF | Access SpaceX with Monthly Income

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💥 80% of Fund Managers Say Semiconductors Are ‘The Most Crowded Trade’ in the Market

PRESENTED BY HARVEST ETFS
⚡️ HTA & HTAE | High-Performance Tech ETFs for the AI Era

FLOP OR COMEBACK STORY?
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🚀 SpaceX Jumps 19% on IPO, Passing a $2T Valuation

PRESENTED BY WISDOMTREE
Physical AI is Here 🤖 and Investors are Starting to Pay Attention

TOP STORY CONT.
💥 Is SpaceX a Ticking Time Bomb?

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SPONSORED BY BMO EXCHANGE TRADE FUNDS
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PRESENTED BY CIBC CDRS
New SpaceX CDR Now Available for Trading 🚀

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For Investors Who Love Income

MACRO OUTLOOK CONT.
🫧 Bubble Fears Reignite: Here Are The Arguments For And Against

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😰 S&P 500 and Nasdaq Have Their Worst Day of the Year

PRESENTED BY GLOBAL X CANADA
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MACRO OUTLOOK CONT.
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QUICK ANNOUNCEMENT
🥳 Blossom Now Has A Podcast!

MARKET RECAP
🏆 Markets Notch 9th Weekly Gain As Iran Ceasefire Inches Closer