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JPMorgan will host a post-IPO celebration for SpaceX employees on the top floor of JPMorgan's Manhattan headquarters on June 12. The event was envisioned by Jamie Dimon and pitched directly to Elon Musk. It features a custom rooftop light display designed by artist Leo Villareal and shown here as a render. It will include a SpaceX themed spread including SpaceX themed cocktails and a rocket cake. The bank, which just earned $75 million serving as a lead underwriter to the rocket company's IPO, expects 250 SpaceX employees to attend.

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Is IX a good stock to buy? We came across a bullish thesis on ORIX Corporation on The Mispricing Desk’s Substack. In this article, we will summarize the bulls’ thesis on IX. ORIX Corporation's share was trading at $38.53 as of June 8th. IX’s trailing and forward P/E were 15.17 and 14.24 respectively according to Yahoo Finance.10 Best Trade-War-Resistant Stocks to Buy

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ORIX Corporation provides financial services in Japan, the United States and internationally. ORIX is presented as a mispriced Japanese financial conglomerate where the market is pricing a clean but incomplete earnings base while underappreciating both capital-return acceleration and potential earnings upside from an unmodeled investment pass-through.

Read More: 15 AI Stocks That Are Quietly Making Investors Rich

Read More: Undervalued AI Stock Poised For Massive Gains: 10000% Upside Potential

The company guided fiscal 2027 net income to JPY 530 billion, increased its annual dividend to JPY 187.36 per share, and authorized a JPY 250 billion buyback beginning May 22, 2026, equivalent to roughly 9.1% of outstanding shares, creating a clear and front-loaded shareholder return framework. Fiscal 2026 results showed net income rising 27.2% year over year to JPY 447.2 billion, reinforcing underlying momentum across its diversified portfolio spanning financial services, real estate, infrastructure, and private market investments.

Despite this, the market appears to be capitalizing only the disclosed base case while effectively assigning minimal value to a potentially material but unconfirmed contribution tied to Toshiba’s partial Kioxia stake sale, which management explicitly excluded from guidance due to timing uncertainty. At current levels near 12x forward earnings and about 1.4x book value, ORIX already offers a shareholder yield exceeding 7% from dividends and buybacks alone, before any contribution from the excluded item is considered.

On a base-case framework, combining the disclosed capital-return program, earnings trajectory, and partial multiple re-rating, ORIX supports approximately +6.9% upside from current ADR levels, with additional optionality from execution of buybacks and any incremental investment gains flowing through reported results.

The planned cancellation of treasury shares above 2% further enhances long-term per-share compounding and reduces the conglomerate discount embedded in valuation. As capital returns accelerate and visibility on the excluded earnings component improves, ORIX is positioned for a gradual re-rating toward a higher-quality financial holding multiple, with the current market still underpricing the full scope of shareholder yield and embedded upside.

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Previously, we covered a bullish thesis on JPMorgan Chase & Co. (JPM) by Pacific Northwest Edge in March 2025, which highlighted the dominant banking franchise, strong deposit funding base and sustained buybacks. JPM's stock price has appreciated by approximately 30.11% since our coverage. The Mispricing Desk shares a similar view but emphasizes mispriced conglomerate structure, capital returns and hidden earnings pass-through in ORIX Corporation (IX).

ORIX Corporation is not on our list of the 40 Most Popular Stocks Among Hedge Funds. As per our database, 9 hedge fund portfolios held IX at the end of the first quarter which was 5 in the previous quarter. While we acknowledge the risk and potential of IX as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than IX and that has 10,000% upside potential, check out our report about this cheapest AI stock.

Disclosure: None.

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(Bloomberg) -- Shipowners are watching warily for a peace deal between the US and Iran and what it would mean for the Strait of Hormuz, with some tanker owners expressing caution, while others were already predicting a frantic free-for-all if the waterway opens in earnest.

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There are about 127 oil tankers currently inside the Persian Gulf, according to Signal Maritime data — although it warns the figure is hard to be confident of. Dozens of others have positioned themselves near the strait, to be ready to take advantage of a surge in demand if traffic resumes.

The global energy market was pitched into turmoil when the start of the war led to the effective closure of the waterway, which usually handles about a fifth of the world’s oil and liquefied natural gas.

While that move threatened a major energy price shock, trade flows have since reorientated, governments have taken emergency measures, and a growing stream of oil is now sneaking out of the waterway under cover of darkness. Those shifts mean that while the reopening of Hormuz will still be significant, prices have already heavily retreated from their highs.

Read: Oil Tankers Go Dark to Sneak More Barrels Through Hormuz

And even if a deal is signed, it’s still unclear what “reopening” of the strait may actually look like. While Trump said ships will have free passage, Iranian media has suggested Tehran will still have a degree of control. Bloomberg reported on Friday that the text of the memorandum of understanding would be open to interpretation in certain areas, according to a person familiar with the matter, including what the reopening of the strait would mean in practice.

Several shipowners said they’d likely take a wait-and-see approach, noting that a resolution has seemed close in the past and then failed to materialize — including two months ago when both sides declared the strait was open, only for Iran to fire on vessels less than 24 hours later. Some cited recent crew deaths as a result of US strikes as a reminder of the risks of crossing.

But some also said that once it did become clear that Hormuz was fully open, there would likely be a rush for the exit and queues near its entrance.

In the event of a resumption of regular flows, it would spell a sudden flood of oil back onto the market as barrels that have been trapped in the Persian Gulf since the start of the war escape, and as Middle Eastern producers look to empty storage tanks that have filled up since the conflict began.

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Industry bodies have warned that extreme levels of traffic in Hormuz would raise the risk of crashes and ships running aground.

“There will be a little bit of a stampede,” if Hormuz reopens, said Amrita Sen, co-founder of consultant Energy Aspects.

Dark Flows Rising

Even without a peace deal, there have been growing signs that significant volumes of oil are flowing through the strait in tankers with their signals switched off — including with assistance from the US military.

On Friday, US Energy Secretary Chris Wright said that about 7 million barrels a day of oil is making its way through the Gulf. JPMorgan Chase & Co. estimated that just over 5 million barrels a day are crossing, while one major commodity trader told a meeting of senior market analysts in Paris this week that their company sees about 4 million barrels a day crossing.

Before the war, the strait typically handed about 20 million barrels of crude oil and fuel products, although the shortfall has also been reduced as Gulf countries reroute supplies via by pipelines that bypass the waterway.

Bloomberg reported previously that Middle East producers have been using vessels they control to ferry barrels outside of Hormuz, and transfer the oil to tankers waiting outside, before returning to the Gulf for further “shuttle runs.”

The number of visible ship-to-ship transfers has continued to grow in recent days — Bloomberg could identify transfers in various locations off Oman and the United Arab Emirates on Thursday that would amount to roughly 16 million barrels of oil based on the size of the tankers involved, according to satellite imagery from the European Union’s Copernicus browser.

The flows offer another sign of why oil prices haven’t spiked in the way many analysts projected when the war began. Brent futures were trading close to $87 a barrel on Friday, down more than 30% from their high in the middle of the war.

If Hormuz did reopen, some shipowners have been busy positioning their vessels for a potential reopening, gambling on a rate surge as the number of cargoes increases and ships remain out of position.

There are also some Middle Eastern producers that have kept vessels empty outside of the gulf, ready to get their country’s barrels moving again if and when Hormuz opens. Saudi Arabia’s national tanker giant has a handful of such ships in the middle of the Indian Ocean.

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Regulators, lawmakers, and consumer groups are fighting over what it means to be a community bank. The debate has implications for lenders and borrowers everywhere.

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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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JPMorgan Chase & Co. (NYSE:JPM) is one of the 13 Best Stocks to Invest In According to Billionaire Ken Griffin.

Banking giant JPMorgan Chase & Co. (NYSE:JPM)'s shares are up by 16.6% over the past year and are down by 4.4% year-to-date. Its CEO, Jamie Dimon, makes regular media appearances. In an investor conference on May 27th, Dimon revealed that JPMorgan Chase & Co. (NYSE:JPM) could spend between $10 billion and $20 billion for an acquisition over the coming years. The CEO added that the acquisition would have to add to his bank's operations, culture, and core operations. JPMorgan Chase & Co. (NYSE:JPM) also announced a tokenized money fund in May after it revealed the JPMorgan OnChain Liquidity-Token Money Market Fund. This fund will be on the Ethereum blockchain and is designed to support stablecoin issuance.

JPMorgan Chase & Co. (NYSE:JPM) currently trades at a forward price-to-earnings ratio of 13.72, which is roughly in line with the sector's 13.04.Should You Buy JPMorgan Chase & Co. (JPM)?

CNBC's Jim Cramer discussed the firm on Mad Money on June 2nd. Here is what he said:

"But honestly, if you're looking for a fortress, I like the stock of JPMorgan here. It's got balanced growth, sells for only 13 times earnings. It's the best bank in the world…. I'm not going to give you the performance of Micron by telling you to buy JPMorgan. You're not going to get it. But anyway, you're not that early in Micron. You could be early in JPMorgan.

JPMorgan's the antithesis of Micron. You normally don't get to buy the stock so cheap, and no one would regard it as a lousy franchise even if the stock's down 7% year to date. You can buy JPMorgan and put it away. Mighty hard to buy and put any tech stocks away right now."

While we acknowledge the potential of JPM as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on thebest short-term AI stock.

READ NEXT: 33 Stocks That Should Double in 3 Years and Cathie Wood 2026 Portfolio: 10 Best Stocks to Buy.

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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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Regulators, lawmakers, and consumer groups are fighting over what it means to be a community bank. The debate has implications for lenders and borrowers everywhere.

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Prometheus, the physical AI startup co-founded by Jeff Bezos and Vik Bajaj, the former co-founder of Verily, Google's life sciences unit, announced it raised $12 billion at a $41 billion valuation.

The new funds came from Bezos himself, as well as from JPMorgan Chase, Goldman Sachs, and BlackRock, among others.

This is the second fundraise round for Prometheus, which launched late last year with an initial raise of $6.2 billion, according to CNBC.

Prometheus is building what it calls an "artificial general engineer" — software capable of automating the design and manufacturing of complex physical systems, from jet engines to drug compounds.

The ambition is sweeping: replace large swaths of engineering work with AI. Although the startup will automate many aspects of an engineer's job, Bezos told CNBC that the productivity gains AI delivers will lead to what he calls "labor scarcity" — his term for a world where demand for human workers outpaces supply.

That puts him at odds with a number of prominent voices in tech. While some AI leaders predict widespread job losses, Bezos sees it differently.

"Significant productivity in the economy is going to raise the standard of living," he said. "People who today have two-earner households, they'll become one-earner households. Maybe some people who are working overtime will stop working overtime."

The company, which currently has 150 employees across offices in San Francisco, London, and Zurich, is keeping the specifics of what it has already built under wraps.

Bezos indicated that a large portion of the capital will go toward the company's large compute needs.

Bezos knows something about labor at scale. Amazon — where he serves as executive chairman and is the largest individual shareholder — employs more than 1.5 million people worldwide and over the past year, under CEO Andy Jassy, has laid off tens of thousands of people as the company has accelerated its own automation push.

At $41 billion, Prometheus is one of the most richly valued AI startups ever funded, and one of the largest single bets on the physical AI sector. But it isn't the only company attracting massive investor interest. In recent months, venture capitalists have increasingly poured capital into physical AI, a booming sector that investors and founders argue is inherently more defensible than pure software — because the physical world creates moats that code alone cannot.

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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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