WS #10494

The dominant narrative in this window is a deepening tech selloff, with SpaceX plunging 16% on Monday and losing over $600B in market cap in three days after announcing its first bond sale to fund AI expansion. This is dragging down the broader tech sector, with Amazon down nearly 5%, Meta 2%, and Alphabet 5% on AI brain drain concerns. South Korea's Kospi triggered circuit breakers with an 8%+ drop. However, a counter-signal emerges: Micron secured a major supply deal with Anthropic, and DRAM/NAND contract prices surged 63%/75% QoQ, with Goldman seeing shortages extending to 2028. This is a bullish signal for semiconductor memory ahead of Micron's FQ3 report on June 24. Separately, the Pentagon is seeking $80B from Congress for Iran war, a significant escalation signal that could impact defense stocks and oil. The Strait of Hormuz remains unsettled despite some ships returning. Israel assets are plunging on peace talks. Bitcoin is sliding toward $63,600, with altcoin season signal flashing due to BTC falling faster than alts. Heineken named Rafael Oliveira as CEO. FirstCash is acquiring UK pawn operator Ramsdens for £206M. Nuvectis Pharma jumped 20% on a licensing deal. The UK political crisis continues with Starmer quitting. Indonesia is facing fuel shortages and power outages, suspending some coal exports. Overall, the macro is risk-off with tech leading declines, but memory semiconductors offer a bullish counter-narrative.