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SpaceX-Aktien lagen am Freitag um fast 173 Dollar in späten Handelszeiten, 28% über den IPO-Preis und 15% über den Eröffnungspreis von 150 Dollar. Alles deutet darauf hin, dass es zu einem geordneten Ein-Tages-Aufwärtsdruck nach dem IPO kommen wird. Eine Aufwärtsbewegung von 10 bis 30% bei einem großen Tech-IPO ist normal und zeigt, dass der Deal gut gepriest worden ist und das Markt die angebotenen Bedingungen akzeptieren konnte.

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The S&P 500 has climbed to near-record highs despite growing concerns about valuations, AI spending, and signs of speculative behavior across parts of the market.

The S&P 500 has rallied 8% year to date, after delivering double-digit gains in 2023, 2024, and 2025.

Investors have recently watched Micron reach a $1 trillion valuation, shares of SanDisk and Intel soar, and demand for a potential SpaceXIPO reach a fever pitch. At the same time, the market suffered a sharp pullback on June 5 as investors questioned whether the AI trade had gone too far.

Goldman Sachs believes the recent volatility has not changed the bigger picture.

"The path will remain bumpy, but earnings growth should continue to lift US equities," Goldman analysts wrote in a recent note sent to TheStreet.

The firm expects the S&P 500 index to rise another 8% by year-end, reaching 8,000.

Earnings growth is the fundamental bull engine

While investors debate valuations and AI spending, Goldman says that corporate earnings remain the most important factor.

"Earnings growth should continue to lift US equities," the firm wrote.

Goldman expects S&P 500 earnings per share to grow 24% in 2026 and another 13% in 2027.The S&P 500 has rallied 8% year to date, after delivering double-digit gains in 2023, 2024, and 2025.Getty Images

The firm pointed to a strong first quarter, when aggregate S&P 500 earnings rose 18% year over year, excluding certain one-time items. The median company posted earnings growth of 14%, making it one of the strongest quarters in roughly a decade.

Goldman also pushed back against concerns that a surge in stock issuance could undermine the rally.

The firm estimates U.S. companies will issue roughly $700 billion of equity this year, equivalent to about 1% of Russell 3000 market capitalization and roughly in line with historical averages.

Related: Goldman Sachs sends strong message on next Fed rate cut

Meanwhile, Goldman expects companies to repurchase about $1 trillion of stock, helping absorb new supply.

The firm said IPO activity is increasing but remains far below the levels seen during previous market peaks. Goldman expects roughly 100 IPOs this year, compared with more than 250 in 2021 and nearly 400 during the dot-com era.

Goldman says the AI boom is still accelerating

Artificial intelligence remains at the center of the market's biggest debate. Some investors are concerned that the massive spending by technology companies may not ultimately generate returns enough to justify the industry's soaring valuations.

Goldman acknowledges those concerns but sees little evidence that spending is slowing.

"The AI investment boom shows no sign of slowing," the firm wrote.

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Related: Cathie Wood buys $4.3 million of tumbling tech stock

According to Goldman, consensus forecasts call for the largest U.S. hyperscalers to spend more than $750 billion on capital expenditures this year, up 84% from 2025 and roughly $200 billion higher than estimates at the start of the year. The firm expect spending to climb another 20% next year to about $920 billion.

Goldman also estimates that AI infrastructure companies will generate roughly half of total S&P 500 earnings growth this year.

"AI infrastructure stocks will generate roughly half of S&P 500 EPS growth this year and have driven most of the YTD increase in index EPS estimates," the analysts wrote.

Still, investors remain uneasy about how long that dynamic can continue.

"The key question is whether the earnings boost from AI investment fades before broader returns on those investments appear across corporate America. But that question is unlikely to be resolved soon," Goldman wrote.

The June 5 selloff highlighted those concerns.

"Recent volatility is a precursor to more ahead," the firm wrote.

"As investors worried that the market had run 'too far, too fast,' a hot jobs print, renewed concerns about the economics of the AI ecosystem, and reports of hyperscaler equity issuance sparked a pullback."

The bank said narrow market leadership, elevated leverage, retail margin debt, and the growing popularity of leveraged ETFs could all contribute to continued volatility.

The risks Goldman is watching closely

Despite its bullish outlook, Goldman flags risks ahead. "For a bull market powered by earnings, the main structural risk is a weaker outlook for corporate profits," the firm wrote.

Historically, major bull markets have ended amid speculative excess, aggressive Federal Reserve tightening, surging equity issuance, or disappointing earnings growth.

The firm's biggest macro concern is the possibility of a closure of the Strait of Hormuz, a development that could drive energy prices higher, pressure corporate profit margins, and complicate expectations for lower interest rates.

Within the AI trade, Goldman said investors remain vulnerable to a sudden shift in either demand for or supply of AI computing power.

Goldman does not believe those conditions are fully in place today, although it noted that each appears somewhat closer than it did several months ago.

Related: Outdoor retail giant closes 59 stores in Chapter 11 bankruptcy

This story was originally published by TheStreet on Jun 12, 2026, where it first appeared in the Investing section. Add TheStreet as a Preferred Source by clicking here.

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Vor dem letzten Handelsstag der Woche steigen die Vor-Markt-Futures erneut an, nachdem sie am Donnerstag um +1,75% (S&P 500) und mehr als +2,5% (Nasdaq) gestiegen waren. Der Dow ist um +300 Punkte gestiegen, der S&P 500 um +30, der Nasdaq um +70 und der Small-Cap-Russell-2000 um +13 Punkte höher. SpaceX wird heute an der Börse notiert und ist mit einer Marktkapitalisierung von 1,75 bis 2,00 Billionen US-Dollar der größte öffentlich gehandelte Raumfahrtkonzern. Das Unternehmen wird von Goldman Sachs unterwritten und soll 75 Milliarden US-Dollar aufbringen. Der CEO Elon Musk hat bereits Interesse an einer Übernahme von Tesla geäußert.

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In early trading on Friday, shares of Sherwin-Williams topped the list of the day's best performing Dow Jones Industrial Average components, trading up 1.8%. Year to date, Sherwin-Williams has lost about 0.5% of its value.

And the worst performing Dow component thus far on the day is Salesforce, trading down 2.3%. Salesforce is lower by about 38.6% looking at the year to date performance.

Two other components making moves today are International Business Machines, trading down 2.2%, and Goldman Sachs Group, trading up 1.7% on the day.

VIDEO: Dow Movers: CRM, SHW

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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Morgan Stanley MS is keeping the door open for acquisitions as it looks to strengthen its asset and wealth management franchise. However, CEO Ted Pick made it clear that any deal must meet a high strategic bar and align closely with the company's long-term growth priorities.

Speaking at the bank's flagship U.S. Financials Conference, Pick said Morgan Stanley is "wide awake" to potential M&A opportunities as the regulatory backdrop becomes more constructive. Wealth management and selected areas of asset management appear to be the most likely targets, particularly where a deal can deepen the company's U.S. leadership, add tools for advisors or broaden exposure to high-growth areas such as private markets, alternatives, tax optimization and digital assets.

The comments come as Morgan Stanley's wealth platform gains scale. Pick said the company can now envision $10 trillion in wealth management assets alone, supported by its funnel of E*TRADE, Workplace and roughly 15,000 financial advisors. Workplace remains a key engine, with billions of dollars moving from stock-plan and self-directed channels into advisor-led relationships.

Morgan Stanley has already shown how acquisitions can reshape its business mix. Smith Barney, E*TRADE and Eaton Vance helped shift the company toward more durable fee-based revenues, while bolt-ons such as Solium and EquityZen added capabilities in workplace and private shares.

Still, Pick stressed discipline. M&A in financial services can be difficult, culturally sensitive and distracting. Organic growth remains the priority at the moment. But with excess capital and improving deal conditions, Morgan Stanley has room to act when the right target emerges.

Morgan Stanley's Peers: M&A as an Expansion Tool

Two close peers of Morgan Stanley are Goldman Sachs GS and JPMorgan JPM.

Goldman is refocusing on core capital markets and wealth management businesses. In sync with this, in April, the company acquired Innovator Capital Management, expanding Goldman's active ETF capabilities, while in January, it acquired Industry Ventures, broadening exposure to the innovation economy and strengthening the alternatives platform.

JPMorgan has the capital to pursue a major deal, with CEO Jamie Dimon indicating it could deploy up to $20 billion for the right opportunity. Acquisitions in wealth, payments, asset management or fintech could strengthen JPMorgan's franchise and support new growth, but execution, regulatory and valuation risks make discipline essential.

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Morgan Stanley's Price Performance & Zacks Rank

Shares of Morgan Stanley have gained 19.2% over the past six months compared with the industry's rally of 1.3%.Zacks Investment Research

Image Source: Zacks Investment Research

At present, Morgan Stanley carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

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This article originally published on Zacks Investment Research (zacks.com).

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Transaction in Own Shares

11 June, 2026

• • • • • • • • • • • • • • • •

Shell plc (the 'Company') announces that on 11 June, 2026 it purchased the following number of Shares for cancellation.

Aggregated information on Shares purchased according to trading venue:

Date of Purchase Number of Shares purchased Highest price paid Lowest price paid Volume weighted average price paid per share Venue Currency 11/06/2026 1,395,700 £ 32.9950 £ 32.4700 £ 32.8174 LSE GBP 11/06/2026 299,500 £ 32.9950 £ 32.4700 £ 32.8147 Chi-X (CXE) GBP 11/06/2026 290,823 £ 32.9950 £ 32.4850 £ 32.8175 BATS (BXE) GBP

These share purchases form part of the Company's share buy-back programme previously announced on 7 May 2026.

In respect of this programme, Goldman Sachs International will make trading decisions in relation to the securities independently of the Company for a period from 7 May 2026 up to and including 24 July 2026.

Any such share purchases will be effected within certain pre-set parameters and in accordance with the Company's general authority to repurchase shares. The programme will be conducted in accordance with Chapter 9 of the UK Listing Rules and Article 5 of the Market Abuse Regulation 596/2014/EU dealing with buy-back programmes ("EU MAR") and EU MAR as "onshored" into UK law from the end of the Brexit transition period (at 11:00 pm on 31 December 2020) through the European Union (Withdrawal) Act 2018 (as amended by the European Union (Withdrawal Agreement) Act 2020), and as amended, supplemented, restated, novated, substituted or replaced by the Financial Services Act, 2021 and relevant statutory instruments (including, The Market Abuse (Amendment) (EU Exit) Regulations (SI 2019/310)), from time to time ("UK MAR") and the Commission Delegated Regulation (EU) 2016/1052 (the "EU MAR Delegated Regulation") and the EU MAR Delegated Regulation as "onshored" into UK law from the end of the Brexit transition period (at 11:00 pm on 31 December 2020) through the European Union (Withdrawal) Act 2018 (as amended by the European Union (Withdrawal Agreement) Act 2020), and as amended, supplemented, restated, novated, substituted or replaced by the Financial Services Act, 2021 and relevant statutory instruments (including, The Market Abuse (Amendment) (EU Exit) Regulations (SI 2019/310)), from time to time.

In accordance with EU MAR and UK MAR, a breakdown of the individual trades made by Goldman Sachs International on behalf of the Company as a part of the buy-back programme is detailed below.

Enquiries:

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Media: International +44 (0) 207 934 5550; U.S. and Canada: https://www.shell.us/about-us/news-and-insights/media/submit-an-inquiry.html

Attachment

20260611_Shell RNS - full version

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Goldman Sachs Asset Management ("GSAM") has been offering financial services, including investment and advisory solutions and risk-management expertise, to institutional and individual investors throughout the world since 1988. With around $3.6 trillion in assets under management as of Dec. 31, 2025, GSAM is considered one of the world's leading financial management companies.

The fund operates through more than 1,700 professionals across 34 global offices. It includes more than 800 investment specialists who leverage Goldman Sachs' technology, risk management expertise and market insights. The firm provides a diverse range of investment solutions, spanning fixed income, money markets, public equities, commodities, hedge funds, private equity and real estate, delivered via proprietary strategies, partnerships and open-architecture platforms.

Below, we share with you three top-ranked Goldman Sachs mutual funds, namely Goldman Sachs U.S. Tax-Managed Equity Fund GQIRX, Goldman Sachs Growth Allocation GGSAX and Goldman Sachs Small Cap Value Insights Investor GTTTX. Each has earned a Zacks Mutual Fund Rank #1 (Strong Buy) and is expected to outperform its peers in the future. Investors can click here to see the complete list of funds.

Goldman Sachs U.S. Tax-Managed Equity Fund primarily invests in U.S. equity securities, targeting companies across large, mid and small-cap segments and major sectors, while operating as a non-diversified fund.

Goldman Sachs U.S. Tax-Managed Equity Fund has three-year annualized returns of 22.1%. As of December 2025, GQIRX held 252 issues, with 6.9% of its assets invested in NVIDIA.

Goldman Sachs Growth Allocation aims to meet its objective by allocating most assets to underlying equity funds, with smaller portions in dynamic strategies and fixed-income funds, allowing flexible adjustments based on market conditions.

Goldman Sachs Growth Allocation has three-year annualized returns of 18.2%. GGSAX has an expense ratio of 0.55%.

Goldman Sachs Small Cap Value Insights Investor commits the majority of its net assets to a broadly diversified portfolio of equity holdings in small-cap U.S. companies, as well as foreign issuers listed and traded in the United States.

Goldman Sachs Small Cap Value Insights Investor has three-year annualized returns of 21.6%. Dennis Walsh has been one of the fund managers of GTTTX since March 2013.

To view the Zacks Rank and the past performance of all Goldman Sachs mutual funds, investors can click here to see the complete list of Goldman Sachs mutual funds.

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This article originally published on Zacks Investment Research (zacks.com).

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Get insights on thousands of stocks from the global community of over 7 million individual investors at Simply Wall St.

Oscar Health (OSCR) has been back on investors’ radar after a sharp stock rally following its business update at the Goldman Sachs Healthcare Conference, where management reaffirmed full-year 2026 guidance and highlighted favorable utilization trends.

See our latest analysis for Oscar Health.

The stock’s rally around the Goldman Sachs Healthcare Conference and upbeat commentary on utilization trends come on top of very strong momentum, with a 90 day share price return of 118.52% and a 1 year total shareholder return of 101.60% from a last close of $28.91.

If the renewed focus on healthcare technology has your attention, it could be a good moment to see what else is moving across 40 healthcare AI stocks.

With Oscar Health now trading near its highs and recent returns far outpacing the broader insurance sector, the key question is whether investors are overpaying for momentum or if the stock still reflects an underappreciated growth story.

Most Popular Narrative: 88% Overvalued

At a last close of $28.91 versus a narrative fair value of $15.40, the most followed view points to a stock price running well ahead of its modeled worth. That gap rests on a detailed set of growth and profitability assumptions.

Analysts expect earnings to reach $649.6 million (and earnings per share of $1.91) by about April 2029, up from $443.2 million of losses today. However, there is a considerable amount of disagreement amongst the analysts with the most bullish expecting $951.9 million in earnings, and the most bearish expecting $476.5 million.

Read the complete narrative.

Curious what kind of revenue run rate, margin reset and earnings profile those figures assume, and how they back into that future profit multiple and fair value path.

Result: Fair Value of $15.40 (OVERVALUED)

Have a read of the narrative in full and understand what's behind the forecasts.

However, the narrative could still be challenged if digital adoption and AI driven efficiencies cut costs faster than expected, or if repricing restores margins more quickly.

Wall Street's queuing for one rocket. While SpaceX counts down to its IPO, other companies tied to the new space race are already in orbit. → 20 Compelling Space Companies watchlist · Global Space Race Investing Ideas screener · Scan the sector by valuation on Rocket Lab's valuation page.

Another View: What The P/S Ratio Is Saying

The narrative fair value of $15.40 suggests Oscar Health is overvalued, but the current P/S ratio tells a different story. At about 0.7x sales, the stock sits below the US Insurance industry at 1.1x and below peers at 1.2x, and it also lines up with a fair ratio of 0.7x. That mix of premium share price and discounted sales multiple leaves you weighing which signal matters more for risk and potential upside.

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To see how those numbers stack up across peers and the industry, See what the numbers say about this price — find out in our valuation breakdown.NYSE:OSCR P/S Ratio as at Jun 2026

Next Steps

If the mixed signals on valuation and growth are leaving you on the fence, now is a good time to review the full picture yourself and weigh both sides of the story. You can start with the 2 key rewards and 1 important warning sign.

Looking for more investment ideas?

If this story has sharpened your thinking, do not stop here. The wider market is full of opportunities that could fit your goals even better.

Spot potential mispricing early by scanning 46 high quality undervalued stocks, which combine solid fundamentals with price tags that may not fully reflect their financial profile. Prioritise strength and staying power by focusing on companies in the solid balance sheet and fundamentals stocks screener (47 results) so you are not relying on fragile capital structures. Get ahead of the crowd by checking the screener containing 20 high quality undiscovered gems before attention and liquidity shift elsewhere.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include OSCR.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

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(Bloomberg) -- Global banks are curbing hedge funds' leveraged bets on Asia's top chipmakers including SK Hynix Inc. and Samsung Electronics Co. after a blistering rally this year raised concerns of a potential pullback, according to people familiar with the matter.

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Brokers including Citigroup Inc., JPMorgan Chase & Co. and Goldman Sachs Group Inc. have raised the financing cost for hedge funds to take bullish wagers on SK Hynix and Samsung Electronics shares via swaps, said the people.

Banks have also tightened the size of new trades and which firms they will give them to, the people said, asking not to be identified while discussing private information. They have taken similar steps for Taiwan Semiconductor Manufacturing Co., the people added.

Morgan Stanley is turning away clients seeking new swap trades in the two Korean stocks while some second-tier banks have also stopped accepting additional orders in the past two weeks, the people said. Some large global banks that are still willing to take new orders are assessing requests on a case-by-case basis, they added.

The moves came after a wild run in the two companies' shares this year, part of a global boom in tech stocks that is fueling fears of a bubble. The stock price of SK Hynix has more than tripled this year, while Samsung Electronics is up over 175%. These moves have helped Korea's benchmark Kospi Index jump around 100%, making it the best performing market in the world.

But the chipmakers' shares have recently come under pressure: Both SK Hynix and Samsung Electronics tumbled on Wednesday, as the tech rally faltered. At least some of the curbs started before the recent selloff, the people said.

Bank of America Corp., BNP Paribas and UBS Group AG are also lifting financing costs and restricting the size of swap trades in the two stocks, the people said.

Shares of SK Hynix and Samsung pared gains on the news. The Kospi index also gave back some of its earlier gains.

Swaps are a popular way for hedge funds to bet on assets without actually owning them and with the aid of leverage. In markets like South Korea, where few hedge funds have their own trading IDs with the exchange, swaps with brokers are the default way to bet on stocks.

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Swap financing rates quoted by the banks on SK Hynix and Samsung Electronics were increased to a range from 300 basis points to as much as 11% over the secured overnight financing rate (SOFR), the people added. With SOFR standing at 3.6%, the new rates translate into nearly 15% at the top end of the range.

That compares with financing rates between around 100 and 200 basis points above SOFR in early May, the people said. The new rates apply to new swap contracts or those being rolled over, they added.

While banks writing swaps often find other counterparties to take the other side of hedge fund clients' trades, few firms are willing to make bearish bets on the gravity-defying gains of SK Hynix and Samsung Electronics. That means banks sometimes have to deploy their own balance sheets, putting a constraint on how much business they're willing to take.

Banks are concerned that a major correction would affect the value of their clients' holdings, leading to potential defaults on margin calls and ultimately threatening losses for banks, the people said.

While one benefit of swap trades has traditionally been the built-in leverage, some banks are now insisting clients pay up in full for those positions, said the people.

Mega-IPOs including SpaceX's $75 billion listing this week are also expected to tie up bank balance sheets, giving them more incentive to control the amount of capital they deploy to trades in SK Hynix and Samsung Electronics, the people said.

Citigroup, Goldman Sachs, JPMorgan, Morgan Stanley and UBS declined to comment. Bank of America and BNP Paribas didn't immediately respond to requests for comment.

AI Frenzy

Hedge funds have shown huge interest in South Korea over the past year, after regulators lifted a short selling ban and pushed through corporate governance reforms. But much of the focus has been on the chipmakers, which are seen as key beneficiaries of the global AI race.

SK Hynix and Samsung Electronics between them now represent around 53% of Korea's benchmark Kospi Index. That is more than double their combined weight five years ago, before the frenzy around AI transformed global markets.

The insatiable demand for these stocks has in part been fueled by exchange-traded funds. Roundhill Investments's actively managed Memory ETF has seen assets surge to $16.7 billion after its inception in early April. SK Hynix and Samsung Electronics account for more than 40% of its holdings as of Thursday, according to information posted on the website of the New York-based company.

CSOP Asset Management Ltd.'s eight-month-old, Hong Kong-listed ETF seeking to replicate twice the daily performance of SK Hynix shares surpassed $10.9 billion in assets at the start of this month, according to data compiled by Bloomberg.

Financing rates quoted by banks for swap trades involving the same stocks vary wildly from bank to bank, and from client to client. They can depend on what sort of other assets — and how much — a hedge fund holds at the time, the strength of its relationship with brokers and the banks' ability to facilitate more trades.

The Kospi tumbled nearly 9% intraday on Monday, triggering a 20-minute trading halt by the exchange as investors pulled back from AI trades. SK Hynix's shares are down this month, while the CSOP fund's assets have declined.

(Update adds market reaction in the eighth paragraph, Morgan Stanley no comment in paragraph 16.)

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This article first appeared on GuruFocus.

Jeff Bezos is pushing deeper into the AI boom as Prometheus, the artificial intelligence startup he leads, has raised $12 billion in new funding at a $41 billion valuation. The round drew backing from JPMorgan Chase (NYSE:JPM), Goldman Sachs (NYSE:GS), BlackRock (NYSE:BLK), and Bezos himself, according to a company spokesperson. The financing strengthens Bezos's position as a major figure in the AI race after stepping down as Amazon.com (NASDAQ:AMZN) CEO in 2021.

Warning! GuruFocus has detected 7 Warning Signs with JPM. Is JPM fairly valued? Test your thesis with our free DCF calculator.

Prometheus, overseen by Bezos and Google veteran Vik Bajaj, is focused on developing AI models and tools that could help engineer and manufacture physical products. The company is targeting industries such as computing and aerospace, giving investors another signal that AI investment may be moving beyond software and deeper into the physical economy. The startup currently has about 150 employees.

The move also fits into Bezos's broader post-Amazon playbook, which includes building Blue Origin and investing in AI ventures such as Physical Intelligence and Generalist AI. Prometheus has also sought to raise tens of billions of dollars, possibly more, for a holding company that plans to buy firms outright if they are seen as benefiting from the technologies the lab is developing.

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