U.S. stocks were mixed butU.S. stocks were mixed but resilient on Monday as chip shares rebounded from Friday’s selloff and investors weighed Middle East tensions. The S&P 500 rose 0.30% to 7,405.73, the Nasdaq Composite gained 0.86% to 25,929.66, and the Dow fell 0.16% (80.77 points) to 50,786.01.
Chip stocks recovered sharply: Micron jumped about 10% after a 13% drop Friday, while the iShares Semiconductor ETF (SOXX) surged nearly 6–7% Monday after plunging more than 10% Friday, its worst one-day decline since March 2020 and worst day in more than six years.
Friday’s broader tech rout had driven a 4.2% Nasdaq decline, the index’s worst day since April 2025. Overseas, South Korea’s Kospi fell more than 8% to 7,484.41 and Japan’s Nikkei 225 dropped 3.85% to 64,024.6.
Oil prices remained elevated amid Iran–Israel strikes despite ceasefire efforts, with WTI crude settling at $91.30 (+0.84%) and Brent at $94.25 (+1.25%).
Longer term, semiconductor strength remains notable: the Philadelphia Semiconductor Index is up 61% this quarter versus 13% for the S&P 500, and analysts expect 2027 EPS growth of about 12% for semiconductor companies and 11% for semiconductor-equipment firms.
Markets were relatively calm Monday night, with S&P 500 and Nasdaq 100 futures down about 0.1% and Dow futures lower by 44 points (0.1%).
Meanwhile, Vail Resorts cut its full-year EBITDA guidance to $739–$761 million from a previous $745–$775 million range, causing its shares to fall about 4% after hours.
Apple used WWDC 2026 to showcase its new AI-powered Siri and revealed that its AFM Cloud Pro model is comparable to Google’s Gemini-class models, running in the cloud on Nvidia GPUs through partnerships with Google and Nvidia.
Separately, Bernstein sees quantum computing as a major future growth area and highlights Rigetti Computing (RGTI) and Infleqtion (INFQ) as attractive opportunities. Analysts believe future computing will rely on a combination of CPUs, GPUs, and QPUs (quantum processors) rather than a single winning technology. Rigetti’s and Infleqtion’s valuations imply only about 4% and 2% long-term market share, respectively, leaving substantial upside if they gain broader adoption.
Rigetti has about $590 million in cash, recently sold a 9-qubit Novera QPU, and has a $33 price target, implying nearly 60% upside from its prior close. Analyst consensus shows an average target of $29.24 versus a current price of $21.77.
Infleqtion has buy ratings from Citi and BTIG, with price targets of $20–$22, implying 37%–51% upside. Its partnership with Nvidia is viewed as a strong validation of its technology. Over the past year, Rigetti shares have risen 93%, while Infleqtion has gained 39% in the last three months.
OpenAI has confidentially filed for an IPO, potentially setting up one of the largest public offerings ever. The move follows a similar filing by Anthropic and comes just before SpaceX’s expected market debut. OpenAI, currently valued at more than $850 billion, said it has not finalized the timing of its IPO but could go public as early as Q4 2026.
SpaceX, Anthropic, and OpenAI are preparing what could be the largest IPO wave in history, potentially adding up to US$4 trillion in market value and raising roughly US$200 billion combined. SpaceX alone aims to raise US$75 billion at a valuation of US$1.8 trillion, while Anthropic and OpenAI may each seek around US$60 billion.
Despite concerns about a “trading frenzy,” the U.S. stock market is large enough to absorb these listings: the Russell 3000 is worth US$77 trillion and the S&P 500 US$65 trillion. Initial index impacts should be limited because indices mostly weight companies by their publicly tradable shares (“free float”). SpaceX’s initial S&P 500 weight is estimated at only 0.1%, and about 0.5% in the Nasdaq 100.
The bigger risk is long-term performance. Historical research shows IPOs from 1980–2024 underperformed the broader market by 20 percentage points over three years, while companies valued at over 40× revenue lagged by 58 percentage points. Since SpaceX would debut at more than 90× revenue, investors face significant valuation risk. While markets can handle these mega-IPOs today, they could signal peak AI optimism and increase the risk of future market disappointment if AI-related growth falls short.
SpaceX’s upcoming IPO is generating enormous retail investor interest, with the company targeting a US$1.75 trillion valuation and reportedly reserving 30% of the offering (US$22.5 billion) for retail buyers. Demand is already extremely strong, with orders reportedly exceeding available shares by 2-to-1, making it one of 2026’s biggest FOMO-driven investments.
The stock will trade under SPCX, and retail investors can apply through participating brokers such as Fidelity, Robinhood, SoFi, E*Trade, and Charles Schwab. Minimum account requirements range from US$0 at some brokers to US$100,000 at Schwab. Investors who sell IPO shares within 2–4 weeks may face restrictions on future IPO participation.
International investors in countries including Singapore, Australia, India, Malaysia, the UK, and much of Europe may be eligible to participate, though local rules and allocation limits vary. Investors who do not receive IPO shares can still buy SPCX when it begins trading on June 12, although a strong first-day “IPO pop” could drive prices sharply above the offering price.
The main risk is valuation. At roughly 110× trailing sales, SpaceX is priced for years of exceptional growth despite not expecting near-term profitability. Investors also face risks from the capital-intensive nature of the space business, future competition from AI-related IPOs such as OpenAI and Anthropic, and additional shares entering the market when lockup periods expire. While SpaceX offers exposure to rockets, satellites, and AI infrastructure, its valuation leaves little room for operational or growth disappointments.
HC Surgical acquires 51% stake in NYK Endoscopy and Digestive Centre for $750,000
Ley Choon’s subsidiary secures $24.5 mil worth of contracts
AEM, Top Glove, UIBREIT and PC Partner included in iEdge Singapore Next 50 following latest quarterly review
Mooreast’s $6 mil placement attracts Amova, Lion Global
M&G Investments emerges as substantial shareholder of NetLink NBN Trust
AsiaPhos plans to take majority stake in an Australian data centre valued at A$15 mil
Addvalue wins new orders worth US$5.1 mil
Aspial Lifestyle chairman acquires more shares in open market
Mermaid Maritime enters JV to reactivate vessel
Wee Hur enters Hong Kong PBSA market with 246-bed Starvia by Y Suites on Fortress Hill
SIA Engineering, France’s Safran in US$118 million JV for aircraft engine maintenance in Singapore
Hong Kong stocks fell sharply, led by weakness in tech, semiconductor, and AI-related shares.
The Hang Seng Index closed 1.22% lower at 24,657, while the Hang Seng TECH Index dropped 2.71% and the Hang Seng China Enterprises Index fell 1.13%.
Semiconductor stocks were hit hard: SMIC (-4.1%), Hua Hong Semiconductor (-5.6%), and other chipmakers declined amid weakness in global tech stocks.
AI-related names also sold off, with Minimax down over 8%.
Knowledge Atlas was a rare bright spot, rising 1.3% after being added to the Shenzhen-Hong Kong Stock Connect eligible list.
Major Chinese tech stocks fell broadly:
Baidu: -7.6% (worst blue-chip performer)
Kuaishou: -5.8%
Meituan: -4.6%
Alibaba Group: -3%
JD.com: -2%
Xiaomi and Tencent: both down over 1%.
A broad tech-led selloff, especially in semiconductors and AI stocks, dragged the Hong Kong market lower.
Astro: CEO Euan Smith is stepping down. Former CEO Henry Tan will serve as interim CEO from June 16 while a successor is sought.
AmBank: AMMB Holdings Bhd is buying its headquarters, Menara AmBank, for RM331 million.
Keyfield: Acquiring a vessel for RM29.6 million and investing more in upgrades to meet rising offshore demand.
Securemetric: Won a RM15.1 million contract in the Philippines.
Cypark: Plans to raise up to RM52.7 million via a private placement for renewable energy projects.
Muhibbah: Secured a RM300 million LNG terminal contract in Lumut.
Rohas: Won a RM50.3 million fibre optic contract from Tenaga Nasional Bhd.
Hextar Capital: Landed a RM60.4 million subcontract for upgrading the Timah Tasoh Reservoir.
resilien
