Hey there weekday warrior,
Here’s what’s on tap today… Google can’t get these hoes to be loyal, Getty Images gave in to OpenAI (and it’s working), and SpaceX is doing the most, but markets do not seem to care.
Now, enjoy the next 3 minutes and 47 seconds of blue-chip news and commentary.
Keep on snapping necks and cashing checks,
PS… thanks in advance for doing your part in helping keep TWC like the Fed (think: free and independent) by checking out today’s advertising partner.
Go-gle
“And for that reason, I’m out.” - Google’s best and brightest, for some reason
The artist sometimes known as Alphabet $GOOG ( ▼ 5.08% ) took a yuge L to kick off the week yesterday (think: down 5% at close).
Turns out pizza parties at HQ just aren’t enough to keep top AI talent at Gemini and out of @sama’s loving embrace (source: his sister).
Last week, Google’s VP of engineering and co-head of Gemini, Noam Shazeer, split from Sundar to join OpenAI after only 2 years in Mountain View.
Friendly reminder: Noam already tried to quit on Google once in 2021 to go make Character.AI… and, spoiler: Google had to bribe him to return for $2.5B in 2024 by licensing the startup.
Live look at Sundar doing the math on what it’d cost to get Noam back this time…
Then on Friday, Nobel Prize winner John Jumper (VP of DeepMind) succumbed to Dario Amodei’s charms (read: took a job at Anthropic).
In case you forgot, Temu Yahoo has been spending heavily on AI (duh), including raising $141B in debt and equity over the last 8 months.
More like Betabet…
Hold up, weekday warriors… as we predicted (because we’re always right), the only thing anyone gives a damn about right now is SpaceX.
That’s exactly why we talked to our friends at REX Shares and got you guys all the deets on their latest ETF. You’re gonna want to look into this…
REX Shares: The REAL SPCX Trading Has Finally Begun.
So, who’s ready for data centers in space? Oh, and a trip to Mars?
The IPO hype wave is over, all the tourists are gone, and now the real game begins.
Space Exploration Technologies Corp. (Nasdaq: SPCX) had traders in a frenzy last week. And your one share on Robinhood is impressing nobody.
Which brings us back to our friends at REX Shares and the best way for plebs like you and me to get our hands on SPCX.
Meet SPAX, the T-REX 2X Long SpaceX Daily Target ETF, now trading on NYSE Arca. One ticker, 200% of SpaceX's daily move.
SPAX is part of the T-REX lineup. You can get daily 2X long and inverse exposure across 40+ tickers, brought to you by REX Shares and Tuttle Capital Management.
🛑 Friendly reminder: our advertising partners help us keep the lights on around here, so do me a solid and check out SPAX.
Getty Images $GETY ( ▲ 90.05% ) was really out there putting the entire economy on its back yesterday…
The stonk stock image stock stonk mooned 145% yesterday after announcing a licensing deal with OpenAI, because apparently if you can’t beat them, you should just roll over and die.
Getty Images will now appear in ChatGPT’s search features (and be used to train Sam’s LLMs, probably definitely).
So anyway, RIP Getty’s in-house image generator. Never even had a chance.
+ Never let them know your next move.
SpaceX $SPCX ( ▼ 16.43% ) got busy continuing to dominate the news cycle yesterday. First, the rocket men announced a bond sale aimed at raising another $20B to pay off “bridge financing and other general purpose needs,” which, sus.
Oh, and Stark Industries also disclosed over $100B in straight cash, homie, which is kinda pocket change to Elon now…
Then, SpaceX went ahead and locked in a deal with Reflection AI to sell $150M per month in computing power at its Colossus 2 data center. That deal could total $6.3B through 2029, and SammyGPT has gotta figure out how to make money like everyone else is…
Anyway, markets went all, “that don’t impress me much.” Shares dipped 16% on the day.
+ Live look at Will Cathcart’s new job, probably…
Zuck is shopping.
Meta $META ( ▼ 2.32% ) is set to invest a cool $900M into Indian fintech startup Cred, an app that offers rewards for people paying their credit card bills. Wait until Zuck hears about BNPL. Meta’s 20% stake in Cred is now valued at $4.5B…
Oh, and as part of the deal, Cred’s founder, Kunal Shah, is stepping up to replace WhatsApp boss Will Cathcart. In case you didn’t know, Will’s been running Signal-we-have-at-home for the last 7 years and will remain at Meta on “other projects.”
> Vance hails ‘great progress’ in U.S.-Iran talks despite ‘threatening’ and ‘whining’ // I guess now it’s “we got GTA VI before the Iran War was done…”
> Influential economist Alan Greenspan, who headed Federal Reserve for nearly two decades, dead at 100 // RIP, king.
> (Sunday) Pixar’s ‘Toy Story 5’ lassos biggest opening weekend in franchise history with $160 million haul // Disney just defeated iPad kids.
> (Friday) Red Lobster CEO using AI, nostalgia for ‘greatest comeback in the history of restaurant industry’ // So Allbirds, but make endless shrimp.
> (Thursday) ‘Grand Theft Auto VI’ Pre-Orders to Open June 25; Take-Two Jumps // The only news anyone really shoulda cared about last week.
> (Wednesday) Allbirds continues AI pivot with name change and CEO hire, sending stock soaring // Do not dead name Allbirds.
> (Wednesday) Fed’s Kevin Warsh takes tough, anti-inflation stance in first meeting as chair: ‘will deliver price stability’ // Good (read: boring) start. Also, RIP dot plots.
Last week, I asked, “What company should Elon take over next and why?”
32.2% of you said, “Apple.” But the write-ins are what we really wanted to see…
Here’s what some of you guys had to say (and my response in italics)…
Microsoft: “Office 365 is awful. It’s making me want to use Google Office. Elon, our lord and savior, please save us from Excel crashes and Outlook hell.” The only guy that could fix Teams (by deleting it).
Other (write-in): “Monster energy. If this guy can put men on mars imagine what he can do to your caffeine.” Imagine if Monster sponsored the first Mars landing…
Other (write-in): “Besides the Water Coolest? (Tyler and Tyler deserve their giant novelty checks). How about Elon finally has his come-to-Jesus moment and opens Chick-fil-A on Sundays?" No need for an acquisition, TWC IPO on the way (after we pivot to an AI compute company).
Other (write-in): “Toys R Us, we all miss it man.” Not the only person to say this.
Apple: “Apple has been coasting for a decade, lets get the crazy autist to really get weird with it. An iPhone with a flamethrower in it. iThrower iLighter iFlame.” Take my money.
Here’s today’s question(s)…
Google's having a hard time keeping talent around. Made me wonder... What's the biggest reason you ever stuck with a company (or bailed for another)?
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+ US stocks jumped Thursday (S&P 500: +1.1%) but fell on Monday (S&P 500: -0.4%) as big tech took Ls and Iran talks remained dicey.
+ The 10-year yield held on Thursday but climbed Monday as everyone holds their breath for more inflation data this week.
+ Oil prices dropped Thursday on the peace deal and continued the trend Monday as Switzerland talks proceeded in a generally positive direction… for now…
+ The “smart” money (prediction markets) thinks France is the frontrunner for the World Cup thing (gotta check in every now and then). (Polymarket)
Oh, and one more thing…
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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.
Important Information:
Visit rexshares.com/spax for the full prospectus and risk disclosures.
Investing in the Fund involves a high degree of risk. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. The Fund is newly organized and has no performance history.
The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. For periods longer than a single day, the Fund will lose money if SpaceX’s performance is flat, and it is possible that the Fund will lose money even if SpaceX’s performance increases over a period longer than a single day. An investor could lose the full principal value of his/her investment within a single day if the price of SpaceX falls by more than 50% in one trading day.
The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of SpaceX’s performance, before fees and expenses.
Investing in the Fund is not equivalent to investing directly in SpaceX.
Distributor: Foreside Fund Services, LLC, member FINRA, not affiliated with REX Shares or the Fund’s investment advisor.