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Cypress Creek Energy has reached financial close on the first two phases of its Steel River Energy Center in Arkansas, securing $3.5 billion in financing to support construction and long-term operations of one of the largest solar and battery storage projects in the United States.

The financing package covers Phase 1 and Phase 2 of the three-phase development, which together will add 1.63 gigawatts (GW) of solar generation capacity and 1.9 gigawatt-hours (GWh) of battery storage to the regional power grid. Upon completion of all three phases, the project is expected to reach 2.45 GW of solar capacity and 2.9 GWh of battery storage by 2029.

The transaction was fully underwritten by Barclays, BNP Paribas, Santander, and Wells Fargo, highlighting continued lender appetite for large-scale energy infrastructure projects. Cypress Creek also secured tax equity financing from a major investor and finalized a virtual power purchase agreement (VPPA) with an investment-grade corporate buyer, providing long-term revenue visibility for the project.

Chief Executive Officer Kevin Smith said the financing demonstrates strong capital market support for utility-scale energy infrastructure as electricity demand continues to rise across the United States. The company said the project is designed to deliver reliable power while supporting economic development in Arkansas.

Steel River is being developed as a large-scale solar-plus-storage complex, a segment that has attracted growing investment as utilities and corporate buyers seek firmed renewable power supplies. Battery storage systems integrated with solar generation are increasingly viewed as critical for enhancing grid reliability, shifting renewable output into peak demand periods, and reducing exposure to power market volatility.

The project also emphasizes domestic manufacturing. Cypress Creek said Steel River will use 100% U.S.-made structural steel, much of it sourced from Mississippi County, Arkansas, and will deploy solar modules manufactured by First Solar. Additional project components will be supplied by Arkansas-based companies.

Beyond its energy contribution, the development is expected to generate nearly $300 million in tax revenue over its operating life and create approximately 700 construction jobs, alongside indirect economic benefits for local businesses and service providers.

Cypress Creek is one of the largest privately held renewable energy developers in the U.S., with more than 6.8 GW of operating and under-construction assets and a development pipeline totaling 19 GW. The company has commercialized 19 GW of projects since its founding and operates more than 8.6 GW of energy assets through its operations and maintenance platform.

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By Charles Kennedy for Oilprice.com

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Citigroup is IBD's Stock Of The Day as it makes a blockchain move while executing on a massive turnaround that has sharply boosted profitability. On Thursday, the Wall Street Journal confirmed earlier reports about Citigroup rolling out tokenized shares of private companies for its wealthy and institutional clients. Basically, that means Citi will use a blockchain-based platform to convert equity in pre-IPO private companies into digital tokens.

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(Bloomberg) -- Retail traders' infatuation with high-flying computer memory and storage companies is fading now that the next big thing — SpaceX's initial public offering — is on the way.

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The do-it-yourself crowd has been paring its exposure in semiconductor stocks and refraining from buying dips elsewhere, according to data compiled by Vanda Research Ltd. While the sellers may be merely ditching AI-linked stocks after big gains, some analysts see it as a sign the group is gathering dry powder for SpaceX's public debut.

Few companies have generated as much euphoria ahead of their IPOs as SpaceX, and retail traders, many of whom are die-hard fans of Elon Musk, want a piece of it. Whether ditching AI winners for a rocket company that's yet to turn a profit turns out to be a winning bet remains to be seen. Regardless, most analysts agree that the setup as a recipe for more price swings ahead.

"Selling existing stocks, tech and non-tech, could lead to issues and volatility down the line through the rest of the year," Douglas Beath, global equity strategist at Wells Fargo Investment Institute, said by phone. The offering plus two other upcoming mega IPOs, as well as huge stock sales from existing tech companies, are likely to fan volatility at a time when household stock exposure is sitting near a record, he added.

Non-professional traders have sold individual stocks for three consecutive days through Wednesday, in the first such occurrence since March 2020, according to data compiled by Vanda, which tracks retail investor flows. Selling has been concentrated in chipmakers and recent AI winners, the data show.

"Evidence so far is that retail may be saving some dry power for these upcoming IPOs," said Viraj Patel, global macro strategist at Vanda. "At this point in the calendar year, we would normally expect slightly stronger activity than what we're currently seeing — and so something seems to be holding retail back."

On Monday, retail traders pulled the most cash from individual stocks since November 2023, Vanda's data show. The next day, when technology names led a rout in the S&P 500 Index, retail investors were again sitting on the sidelines.

Selling Recent Winners

Story Continues

A recent drop in retail favorite Micron Technology Inc. may be evidence of individual investors "selling flows in recent winners and levered products" to invest in SpaceX, Greg Boutle, US head of equity derivative strategy at BNP Paribas, said on Friday.

To be sure, other factors could be at play, including a sense of fatigue over the AI hype in the market and worries that it will not deliver the promised seismic changes to the economy.

Space-related stocks is one group that's bucked the risk-off trend, with data from Vanda showing the highest appetite among retail traders since 2024.

Patel is far from alone in seeing investors scale back stock exposure ahead of the record-setting SpaceX IPO, and the potential for more selling ahead of the next big deals this year, including from Anthropic and Sam Altman's OpenAI.

"Investors will have to free up capital from all of their public company holdings, especially in technology and including the largest ones, in order to fund their investments in these IPOs," Gil Luria, head of technology research at DA Davidson & Co., said in a Bloomberg TV interview.

Micron was among the worst performers in the S&P 500 during Tuesday's selloff in technology stocks, alongside names like Super Micro Computer Inc., Qualcomm Inc. and Advanced Micro Devices Inc. Selling pressure continued on Wednesday, when Micron lost 4.7%, Qualcomm shed 6.9% and Broadcom Inc. fell 5.1%.

'Some Indigestion'

To Beath, retail investors' selling ahead of an IPO is unlikely to spark a sustained drop in US equities, or mark a near-term top. However, he said that retail traders "make up a good chunk" of the so-called fast money and may exude significant influence in the short run.

Stocks make up nearly 35% of US households' total financial assets, an all-time high, which suggests amateur investors may "sell existing holdings to fund these new positions," Beath said. The setup may "cause some indigestion" for the market, he added.

Retail investor participation has slipped to start the year, to be sure, in a development that JPMorgan Chase & Co. analysts pinned on a long-term downtrend since the peak of the so-called meme mania in early 2021. Retail investors accounted for 17% of US equity volume in the first quarter 2026, down from nearly 21% a year earlier, data compiled by Bloomberg Intelligence show.

Still, those investors are expected to participate in the SpaceX IPO at higher levels than in previous deals as the company has made more shares available to individual investors. Fidelity lowered the threshold its customers needed to have in retail brokerage accounts to just $2,000 to participate in the deal. The firm said it did so because SpaceX is reserving up to 30% of the offering for individual investors.

Vanda's Patel said it's not a question of whether retail investors are going to buy into the SpaceX deal, but how they would do it — either by adding new positions or more aggressive selling of recent winners in chips and other AI proxies.

"Last week's selloff and a short-term peak in the AI narrative has seen retail use this opportunity to take profit and sell winners," he said.

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Investing.com -- The Justice Department has issued subpoenas to several major U.S. banks, including JPMorgan Chase and Bank of America, requesting information about whether they improperly closed customer accounts for political reasons, according to a Wednesday report by the Wall Street Journal.

The subpoenas from the U.S. Attorney's Office in Washington, D.C., led by Jeanine Pirro, expand President Trump's effort to find evidence that banks discriminated against conservatives and politically controversial industries, including his own family.

The president said last year that JPMorgan and Bank of America cut him off from bank accounts and denied him new ones after his first riots in the Capitol on January 6th.

In August, Trump signed an executive order directing banking regulators to investigate whether financial institutions engaged in "politicized or unlawful debanking" and take appropriate action, including financial penalties. Pirro's office is now requesting information from some of the largest banks, including Wells Fargo, the report said.

Banks have stated they do not close accounts for religious or political reasons.

The review had primarily been the responsibility of the Office of Comptroller of the Currency, a Treasury Department bureau that oversees the nation's largest banks. Trump's executive order also instructed regulators to refer matters to the attorney general as necessary.

Regulators at the OCC had not sent referrals to the Justice Department and Pirro's office opened its investigations independently, according to the report. The OCC and U.S. attorney's office are coordinating on their investigations, the report said.

The subpoenas, some sent last year, ask banks to provide a list of people who were allegedly "debanked" and information about why the bank decided to close their accounts, the report said.

The OCC in December released a preliminary report saying it found early evidence of debanking by the nine largest banks. The agency said affected industries included oil and gas, coal, firearms manufacturers and the adult entertainment business.

Pirro's office is investigating whether banks' actions may have violated laws including the Financial Institutions Reform, Recovery and Enforcement Act of 1989, a statute traditionally used to prosecute bank-related fraud, the report said.

Trump in January sued JPMorgan and its chief executive, Jamie Dimon, saying the bank improperly closed his accounts for political reasons following the Jan. 6, 2021, Capitol riot. The Trump family last year also sued Capital One, saying the bank notified Trump-affiliated businesses in 2021 that it was closing more than 300 accounts.

The banks have denied they acted illegally in closing the accounts.

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[Banking time] Lajst/E+ via Getty Images

The Department of Justice has issued subpoenas to several large American banks, including Bank of America (BAC [https://seekingalpha.com/symbol/BAC]) and JPMorgan Chase (JPM [https://seekingalpha.com/symbol/JPM]), seeking information on whether they improperly "debanked" clients, according to a media report on Wednesday.

The office of U.S. Attorney for Washington, DC, Jeanine Piro, a staunch ally of President Donald Trump, is seeking evidence that banks may have discriminated against conservatives and politically controversial industries, the Wall Street Journal reported, citing people familiar with the matter.

Trump has accused banks of unfairly closing his family's and businesses' bank accounts for his conservative views. Trump has said both JPMorgan (JPM [https://seekingalpha.com/symbol/JPM]) and Bank of America (BAC [https://seekingalpha.com/symbol/BAC]) had closed accounts and denied him new ones after the riots at the Capitol at the end of his first term.

The president signed an executive order in August that ordered banking regulators to explore whether financial institutions engaged in "politicized or unlawful debanking" and take appropriate actions. Banks have sent large amounts of information to regulators, but now Pirro's office is demanding information from some of the U.S.'s biggest lenders. That list also includes Wells Fargo (WFC [https://seekingalpha.com/symbol/WFC]), the people told [https://www.wsj.com/finance/regulation/jeanine-pirros-prosecutors-probe-big-banks-for-alleged-debanking-13568e9b?mod=hp_lead_pos3] the WSJ.

JPMorgan (JPM [https://seekingalpha.com/symbol/JPM]) stock slipped 0.4%, Bank of America (BAC [https://seekingalpha.com/symbol/BAC]) stock gained 0.7%, and Wells Fargo (WFC [https://seekingalpha.com/symbol/WFC]) stock rose 0.2% in Wednesday afternoon trading.

DEAR READERS: We recognize that politics often intersects with the financial news of the day, so we invite you to click here [https://seekingalpha.com/article/4910473-politics-and-the-markets-061026] to join the separate political discussion.

MORE ON JPMORGAN CHASE, BANK OF AMERICA, ETC.

* JPMorgan Chase & Co. (JPM) Presents at Morgan Stanley US Financials Conference 2026 Transcript [https://seekingalpha.com/article/4913313-jpmorgan-chase-and-co-jpm-presents-at-morgan-stanley-us-financials-conference-2026-transcript]
* Bank of America Corporation (BAC) Presents at Morgan Stanley US Financials Conference 2026 Transcript [https://seekingalpha.com/article/4913361-bank-of-america-corporation-bac-presents-at-morgan-stanley-us-financials-conference-2026]
* Wells Fargo & Company (WFC) Presents at Morgan Stanley US Financials Conference 2026 Transcript [https://seekingalpha.com/article/4913279-wells-fargo-and-company-wfc-presents-at-morgan-stanley-us-financials-conference-2026]
* Bank of America unveils three new tools for referral, payment flexibility, credit monitoring [https://seekingalpha.com/news/4602343-bank-of-america-unveils-three-new-tools-for-referral-payment-flexibility-credit-monitoring]
* Federal Reserve to release bank stress test results June 24 [https://seekingalpha.com/news/4601940-federal-reserve-to-release-bank-stress-test-results-june-24]

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This article first appeared on GuruFocus.

Amazon (NASDAQ:AMZN) secured a $17.5 billion senior unsecured delayed draw term loan facility with Citigroup (NYSE:C). Lenders also include JPMorgan Chase (NYSE:JPM), BofA Securities (NYSE:BAC), HSBC (NYSE:HSBC), and Wells Fargo (NYSE:WFC). The facility can be drawn until September 30, 2026, with any borrowed amount maturing three years from the draw date and no financial covenants attached. Amazon shares fell 2.10% intraday.

The loan is for general corporate purposes and gives Amazon the flexibility to draw funds as needed. Earlier this week the company also filed for a five-part debt offering in Canada for up to C$14 billion.

The moves reflect a broader shift among hyperscalers toward debt markets to fund AI buildouts. Combined Big Tech AI capital outlays are on track to surpass $700 billion this year, up from roughly $600 billion previously. Meta (NASDAQ:META) filed its largest bond offering ever last October at up to $30 billion, while Alphabet (NASDAQ:GOOG) recently disclosed plans for yen-denominated bonds.

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The American consumer has spent years absorbing shocks that economists expected to break spending. Covid pandemic disruptions, the fastest inflation in four decades, aggressive interest rate hikes, and the Iran war energy price surge in April 2026 all tested household finances, and spending held up each time.

The conventional explanation has been pandemic savings, a strong labor market, and wage growth that has kept pace with rising prices.

JPMorgan's Consumer and Community Banking CEO Marianne Lake appeared at the Morgan Stanley U.S. Financials Conference in New York on June 9, emphasizing that those explanations are starting to expire.

JPMorgan flags sluggish wage growth for some

Lake opened with a constructive baseline before delivering the economic warning.

"As we sit here today, the consumer is resilient, the metrics are good, everything looks fine," she said, according to Investing.com.

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"But there are an increasing, small but nevertheless increasing, number of people for whom wage inflation is not currently keeping pace with inflation, and that will likely be the thing to watch," she added.

She sharpened the concern when asked about the forward outlook.

"You're not seeing anything right now, but you are being very, very watchful," Lake said. "If inflation were to be higher for longer, this sort of trend of wages keeping up with inflation could be at some risk," PYMNTS reported.

What's happening with tax refunds, energy costs, lower-income households

The most specific data point in Lake's remarks concerned how lower-income JPMorgan customers have been managing the April energy price spike. The Iran war pushed U.S. inflation to its fastest pace in three years in April, driven primarily by energy costs. Tax refunds and lower tax bills provided only a minimal buffer.

"For the lower-income customer, somewhere between 20% and 25% of that incremental money as a result of higher tax refunds has been spent through the first two months of higher energy prices," Lake said, according to PYMNTS. "So time is a big vector here."

The arithmetic is direct. If 20% to 25% of an unexpected tax refund has already been consumed by energy costs in two months, the cushion those refunds provided is depleting faster than most spending data would suggest.

Lake noted that while unemployment remains low, demand for labor is softening, which reduces the pipeline of wage gains that have historically kept lower-income households ahead of rising prices, according to Investing.com.

Story Continues

JPMorgan's Marianne Lake says lower-income households may struggle to keep up with rising prices.hapabapa/Getty Images

How Bank of America's economic view compares to JPMorgan's

Lake was not the only bank executive at the Morgan Stanley conference with a view on the American consumer. Bank of America Co-president Jim DeMare spoke at the event and offered a similar read on the gap between sentiment and activity.

"More concern and cautiousness" is showing up in surveys, DeMare said, than what the bank is actually seeing in spending data, whether on the consumer or business side, Yahoo Finance noted.

That framing aligns with Lake's constructive baseline, while reinforcing her caution.

Both banks are watching the same potential divergence between sentiment surveys and actual activity, and both are paying particular attention to what happens if the Iran war energy pressure persists through the summer.

Key context on JPMorgan's consumer warning and what it means for the economy:

JPMorgan expects its own loan growth in 2026 to exceed the industry average, a constructive signal that contradicts a dire consumer reading; Lake's warning is about the trajectory of consumer resilience, not its current level, meaning the data looks fine today, but the trend line is moving in a direction that warrants watching, according to Investing.com. Wells Fargo reported a 9% rise in credit card use at its own June 9 conference appearance, driven primarily by higher gas prices; rising credit card spending on essentials rather than discretionary items is one of the early signals that households are beginning to supplement income with debt rather than absorbing higher costs through savings, PYMNTS noted. U.S. inflation rose at its fastest pace in three years in April 2026 as the Iran war drove energy prices sharply higher; that acceleration was the specific trigger behind JPMorgan's attention to how lower-income customers are managing the gap between their tax refund cushion and their energy bills, PYMNTS confirmed. Goldman Sachs CEO David Solomon predicted at a separate event that consumer behavior will change in the second half of 2026 if inflation accelerates; JPMorgan's Lake and Solomon are independently reaching similar conclusions about the fragility of the consumer cushion, which matters because both have direct visibility into spending data across millions of households, according to Investing.com. Consumer spending accounts for roughly two-thirds of US GDP; even a modest shift from discretionary to essential spending across a large enough segment of households would show up in retail earnings, restaurant traffic, and travel demand before it becomes visible in headline economic data, making JPMorgan's early warning signal particularly relevant for equity investors in consumer-facing sectors.

What the JPMorgan consumer warning means for investors in 2026

The signal from Lake's June 9 remarks is not a recession call. JPMorgan is still growing its loan book above the industry average, credit card spending is solid, and deposit balances remain healthy.

The warning is structural rather than immediate. The factors that allowed households to absorb higher prices without changing behavior are becoming less available at the same time that energy inflation puts new pressure on essential spending.

For equity investors, the most direct exposure is in consumer discretionary names. Retailers, restaurants, travel companies, and entertainment providers have benefited from the post-pandemic spending durability that Lake is now flagging as potentially fragile.

If lower-income consumers, who are the most sensitive to energy cost increases, begin pulling back on nonessential spending to cover rising utility and gas bills, the first visible impact is typically in the revenue lines of companies serving that segment.

The broader economic implication concerns the Federal Reserve. Lake's observation that demand for labor is softening even as unemployment remains low is the kind of nuanced deterioration that is hard to see in headline payroll numbers but matters enormously for the wage-growth trajectory she is watching.

If wages slow at the same time that energy inflation keeps price levels elevated, the consumer cushion will thin faster than any single data release will show. That is the scenario Lake is telling investors to watch.

Related: Major gas, energy company files for bankruptcy

This story was originally published by TheStreet on Jun 10, 2026, where it first appeared in the Economy section. Add TheStreet as a Preferred Source by clicking here.

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Western Digital Corporation (NASDAQ: WDC) ist eines der besten NASDAQ-Aktien, die man kaufen und halten sollte über 3 Jahre. Citi hob das Kursziel für Western Digital Corporation (NASDAQ: WDC) auf 685 $ von 500 $ am 2. Juni an und behielt ein Kaufempfehlung für die Aktien bei. Die Firma erhöhte ihre Schätzungen im Bereich der Festplatten, da sie eine Industriedisziplin in der Lieferkette und einen AI-gestützten Nachfrageanstieg sehen, was nach ihrer Meinung auch zu einem nachhaltigen Preisnachteil führen sollte. Bank of America weist auf ein Vorrats-Preisungleichgewicht hin, das Western Digital (WDC) zugutekommt.

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Der Technologiegetriebene Absturz am Freitag war ein 'Weckruf' für Investoren, laut Wells Fargo & Co., das sagte, er habe die Risiken des Investierens in den künstlichen Intelligenz-Handel hervorgehoben. Analyst Ohsung Kwon sagte, der 'Zuckersturm' hinter dem jüngsten Aktienanstieg ist wahrscheinlich vorbei, was ihn mit Aktien "unbegeistert" macht. Trotzdem glaubt er, dass der Absturz - der den Nasdaq 100-Index und S&P 500-Index beide platzieren ließ - positionell bedingt war und wahrscheinlich zu einer langsameren Rally führen wird, nicht zum Beginn eines nachhaltigen Rückzugs. "Mit dem laufenden Krieg und Hyperscalern, die Kapital aufbringen, um Investitionen zu finanzieren, glauben wir, dass der enge 'Kauf Halbleiter'-Handel zurückkehren wird", schrieb Kwon in einem Brief an Kunden am Montag. "Aber der 'Zuckerhoch'-Rally ist jetzt wahrscheinlich vorbei und wir erwarten eine langsamer Rally. Besitzen Sie AI, verkaufen Sie Calls."

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Die Applied Digital Corp. (Nasdaq: APLD) hat einen Kredit von 350 Millionen US-Dollar abgeschlossen, der durch Goldman Sachs angeboten wurde. Dieser Kredit dient zur Finanzierung der Datenzentren und für andere Zwecke. Der Kredit umfasst außerdem eine zusätzliche Option in Höhe von bis zu 200 Millionen Dollar und hat eine geplante Fälligkeit am 29. Mai 2029.