Today we’re getting into Apple’s big day, breaking down what’s next for Paramount & a whole lot more.

Enjoy the next 4 minutes and 17 seconds of blue-chip news and commentary.

Keep on snapping necks and cashing checks,

- tyler

+ “Two of the three major averages closed at fresh records on Tuesday as Apple soared to new highs. Investors braced for a new reading on consumer prices and for a Federal Reserve decision that should signpost the path of interest rates.” (Yahoo! Finance)

+ The 10-year Treasury yield “slipped on Tuesday as the Federal Reserve’s two-day monetary policy meeting started." (CNBC)

+ Oil “settled slightly higher on Tuesday as the U.S. Energy Information Administration (EIA) raised its global oil demand growth forecast for the year, while OPEC stuck to its forecast for relatively strong growth in 2024.” (Reuters)

+ Bitcoin “tumbled deeper into correction on Tuesday with bitcoin (BTC) dipping to near $66,000 as traders brace for Wednesday's key U.S. inflation report and Federal Reserve meeting.” (Coindesk)

+ The three most talked about stocks on WallStreetBets in the past 24 hours were: 1) Apple +7.2% 2) C3.ai -0.1% 3) Nvidia -0.7%

The market moves you need to know about…

+ Name something more fitting than an activist investor taking a major stake in a pest-control company. Shares of Rentokil, the parent company of Terminix, jumped 5.2% on news that Nelson Peltz’s Trian Management has built a “significant stake.”

+ Affirm popped 7.9% after Apple said it’d begin offering the fintech’s buy now, pay later product in Apple Pay later this year.

+ Shares of GameStop mooned 22.8% on news that it had raised $2.1B via an at-the-market equity offering. Annnnd Roaring Kitty is back.

+ GM rose 1.3% after announcing an additional $6B share buyback.

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Me, yesterday morning: “Apple was one U2 album shy of its most epic failure to date…”

Apple stock like 3 hours later: *moons to all-time high*

Yesterday, shares of Apple rose 7.2%, closing at an all-time high and making all the haters (read: me) look like jabronis.

So why’d shares moon a day after the company’s AI announcements?

Believe it or not, it wasn’t because day 2 of WWDC was particularly compelling. The pop had to do with the Street getting its head around the company’s AI strategy.

“But wasn’t their strategy kinda underwhelming?”

Yes, but that was the point…

Apple is taking the AI-for-all approach. It wants the masses to experience AI on one of its products first. The AI gateway drug, if you will (Tim Cook to a group of children: “First one’s on me”).

It’s doing that by way of smaller, separate models that work on your device for specific use cases. This is strategic in that smaller models require less computing power. It’s also a departure from the approach most of its competitors are taking.

And it’s got a fool-proof plan to ensure all that translates into more sales…

Turns out you can only access those Apple Intelligence features on new iPhones (15 and above). Investors are pretty, pretty confident that this will usher in an upgrade super cycle.

Just how bullish is the Street? We’ve got Bank of America out here literally making up words to explain how awesome the iPhone is going to be with the power of AI, dubbing it an “IntelliPhone.”

+ “Sure grandma, let’s get you to bed.” - Paramount management after Shari Redstone walked away from Skydance

Rumor has it that Shari Redstone, whose National Amusement controls Paramount (-7.8%), has pulled out of discussions with David Ellison’s Skydance Media, which was the leader in the clubhouse to buy the studio.

It’s not entirely clear why Skydance is out of the running, but it might have something to do with the handful of other suitors that have come out of the woodwork…

Sony and Apollo are still sniffing around. Although it sounds like Sony only really wants the film studio and not the rest of Paramount’s media assets.

Other vultures circling the nearly lifeless corpse that is Paramount are Warner Music Group chairman Edgar Bronfman Jr./Bain Capital, media mogul Byron Allen, and Film producer Steven Paul, whose investment group includes the guy who founded Patron.

+ Oracle (-0.5% // +9.4% after hours) just dropped a dot-com bubble era earnings report (think: bubble bursting…). The software giant missed on the top and bottom lines.

So shares got pummeled, right? Right?!

Nope. In fact, the stonk was up nearly 10% after hours. Turns out, announcing cloud deals with Google and OpenAI makes investors forget all about a dumpster fire of a quarterly report. (Read)

+ So how long can we keep calling it the “best-selling” 737 Max?

For the second month in a row, Boeing (-2.4%) has sold exactly zero of its “popular” 737 Max jets. And before you go all “I bet they made up for it with other models”… they only received 4 total orders. To put things in perspective, Airbus sold 23 units in May.

+ Today in ‘things that make me feel better about myself’… even one of the world’s richest dudes takes an L every now and then.

Elon Musk dropped his lawsuit against OpenAI and Sam Altman, just 24 hours before a hearing was scheduled. Translation? Elon’s lawyers told him the suit was going to be thrown out and wanted to save him the embarrassment.

+ 3 actions extraordinary people take to achieve what seems impossible, from the co-founder of Moderna (Read)

+ Experts: 5 Best Ways To Invest in Real Estate Without Buying Property (Read)

⏪ Yesterday, we were keeping an eye on Oracle’s report. Check out all the details above…

⏩ Here's what we’re keeping an eye on today...

+ CPI data drops

+ The FOMC meeting comes to a close, which means we’ll get a rate decision and J-Poww press conference

+ Broadcom reports after the bell

+ Target, Caterpillar, and Dick's hold their annual meetings

Yesterday, I asked, “Would you rather have Elon's or Tim Cook's legacy?”

76.6% of you would take Elon’s legacy… which kinda shocked me, tbh.

Here’s today’s question…

It’s a sad day for sports (and the human race). Joey Chestnut has been banned from Nathan’s 4th of July hot dog eating contest for inking an endorsement deal with Impossible Foods to promote a vegan hot dog. So…

Before you go…

“Look how they massacred my boy.” - Steve Jobs, probably

Does this look like the face of a guy you should take financial advice from?

No, it’s the face of an individual who is financially irresponsible/dumb enough to be talked into spending money on a family photo shoot that he could have just done with his iPhone. So, act accordingly...

This is not financial advice. Nothing in this newsletter is an investment recommendation. All content is created for entertainment, educational, or informational purposes only. Do your own research, or do yourself a favor and hire a professional.