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🚙 Waymo just recalled 3,800 robotaxis after some drove straight into flooded streets and stalled out, leaving every human driver behind them to figure out the workaround. The fix is software-only, so most of the fleet keeps rolling.

President Trump and President Xi met in Beijing with 16 of the most powerful CEOs in the world — Tesla CEO Elon Musk, Apple CEO Tim Cook, and Nvidia CEO Jensen Huang included. The US is pushing China to commit to buying more American goods, and China seems open to making it happen.

🤝 Here's a breakdown on what really happened with Snapchat, generative AI startup Perplexity, and the canceled $400M deal.

💸 For the first time since WWII, the US national debt is bigger than the entire economy. Interest payments alone now top $1 trillion a year — more than the federal government spends on Medicare or national defense.

📈 Google parent Alphabet is within about $120 billion from passing Nvidia as the most valuable company on the planet. ☁️ How? Cloud grew 63% last quarter. Faster than Amazon. Faster than Microsoft. 🍪 Plus, Google is selling its own AI chips now. Anthropic is buying them.

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Everyone's watching Micron. But the real AI memory trade is happening in Seoul. 🇰🇷 Samsung crossed $1T in early May. SK Hynix followed three weeks later. SK Hynix is up 1,000% in the past year. Korea's KOSPI — the index that barely moved for most of the 2010s — has already nearly doubled in 2026, and we're not even halfway through the year.

🎮️ GameStop made a $56 billion play for eBay — and got shot down with four brutal words: "neither credible nor attractive." But CEO Ryan Cohen isn't backing off, and he's now threatening to take the offer straight to eBay's shareholders.

$403 million for a CEO whose company lost $3.6 billion last year. RJ Scaringe just became the highest-paid auto CEO in American history. Rivian sold 42,000 cars in 2024. The stock sits at ~$15 — about a fifth of its IPO price. The compensation structure is actually interesting, though. 36.5 million stock options at $15 each. They only pay out if the stock hits escalating milestones — $40 to $140 — over the next decade. If Rivian flatlines, the options are worthless. If it reaches $140, the package could be worth up to $4.6 billion. Sound familiar? It's almost identical to the structure Tesla shareholders approved for Elon Musk the day before.

🦠 Hantavirus headlines are moving biotech stocks, but the analysts say the math doesn't add up. Save this for the next time a scary headline turns a ticker green.

94x revenue. That's what SpaceX would trade at when SPCX hits the market next month, according to its S-1 filing. For context: the richest Magnificent 7 stock — Nvidia — trades at 20x. Apple, Alphabet, and Amazon all sit single-digit. A Price-to-Revenue ratio is how many dollars investors are paying for every dollar of revenue a company generates. Higher = more growth priced in. At $1.75T against $18.7B of 2025 revenue, SpaceX would be the most expensive stock in history. Whether it earns the multiple depends on Starship, Starlink Mobile, and the orbital AI compute thesis paying off.

🥗🌯 Sweetgreen just launched four wraps, all under $15, in an effort to win back customers who've been pushing back on $20 bowls. It's their latest move after a tough stretch of declining sales and a failed healthy fries launch.

$75 billion. That's 2.5x larger than any IPO in history. SpaceX filed its S-1 yesterday. The previous record — Saudi Aramco at $29.4B in 2019 — held for 7 years. The next 4 biggest (Alibaba, SoftBank, Visa, Facebook) all sit under $26B.

🗓️ Could quarterly earnings reports be over? President Trump has long been pushing for the move from quarterly to bi-annual reporting — and the SEC just took the first step.

Berkshire is sitting on $397 billion in cash. That's 32% of their total assets — and they've been net selling for 10 straight quarters. They did this in 1999 (30% cash). Then, the Nasdaq fell 78% when the Dot-com bubble burst. They did it in 2007 (40% cash). Then, 2008 hit. Could Berkshire be onto something?

Good morning 👋

Go @Mike_kim714 go!

Elon's SpaceX salary is $54,080. His new pay package is tied to colonizing Mars. The SpaceX board approved this in January. Details just surfaced in their IPO filing ahead of June's planned listing. To vest 200 million super-voting shares, two things have to happen: → SpaceX hits a $7.5 trillion valuation (4x today's) → 1 million people live permanently on Mars If only one hits, no shares vest. There's also a smaller tranche tied to building 100 terawatts of compute capacity in orbit. For scale: the entire U.S. power grid runs around 500 GW. He's getting paid to build the equivalent of 200 U.S. grids. In space. Every Musk pay package before this was tied to selling cars or rockets. This one is tied to becoming a multi-planetary species.

Good luck to Michael Kim at the @PGAChampionship this week. 🏌️ We love to see Range represented in one of the highest-stakes tournaments on the tour. Go get it, @Mike_kim714 !

Cerebras is about to go public at a $26 billion valuation. 80% of its future revenue comes from one customer: OpenAI. That same customer also loaned Cerebras $1 billion, secured by warrants for 33 million shares. So before a single share trades publicly, OpenAI is simultaneously the biggest customer, a creditor, and a future equity holder. Customer concentration in IPOs isn't new. Rivian went public at nearly $100 billion largely on the back of one Amazon contract — the stock is down over 80% since. Snap committed $2 billion to Google Cloud before its 2017 IPO and warned investors some services had no alternative. But neither Amazon nor Google held all three roles at once. That's what makes this one worth watching — not whether Cerebras has real technology (it does), but whether the market is pricing in what happens if the relationship with OpenAI shifts.