Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!

(Bloomberg) -- When it comes to the interconnected companies of Elon Musk, Tesla Inc. is no longer the big man on campus.

Most Read from Bloomberg

SpaceX IPO Raises $75 Billion in Biggest Debut of All Time US, Iran Edge Toward Interim Deal Signing Close to G7 Next Week Xbox Plans Significant Layoffs as New CEO Plans Overhaul SpaceX Shares Close 19% Higher After Historic $75 Billion IPO Trump Insists Iran Deal Is Close After Scrapping New Strikes

The $75 billion initial public offering of Space Exploration Technologies Corp., or SpaceX, propelled the company's value above $2 trillion on Friday, surpassing Tesla's own 13-digit market capitalization of around $1.5 trillion.

Until this week, Tesla was essentially the only way for ordinary investors to include Musk's ventures in their portfolio. Now that SpaceX is publicly available, the company and its broad holdings — from artificial intelligence to space travel — have immediately turned into a more attractive alternative at a time when Tesla is bogged down by weak fundamentals and struggling car sales.

SpaceX stock jumped 19% in its trading debut, making Musk the world's first trillionaire. On its own first day on the public market in 2010, Tesla's shares rallied even more, some 41%. The stock has surged roughly 25,000% since then, compared with a 610% jump in the S&P 500. On Friday, though, it rose just a bit more than the broader market.

Retail flows into Tesla started strong this morning, but since SpaceX opened, "there's only been one stock on retail's radar," according to Vanda Research's Viraj Patel.

"AI is the new EV," he said, calling SpaceX "the new rockstar kid on the block."

Musk's ambitious vision, and Tesla's stock success over the past 16 years, have earned him a legion of retail investor acolytes. BNP Paribas analyst James Picariello estimated in April that the cohort owns 40% of Tesla's shares. Going into the IPO, retail investors had placed orders worth $100 billion for SpaceX shares.

Many Musk fans are hoping SpaceX sees similar, if not greater, growth than Tesla, given its broad ambitions. But SpaceX may end up plagued by the same valuation concerns that have faced Tesla for years.

"There's only about 15 companies that are worth a trillion dollars today," said Rand Millwood, investment advisor at Guardian Wealth Advisors. "If you look at those companies, most of them have been around for a long time. They're very successful, cash flow positive, all those kinds of things, and that's not SpaceX."

To avoid dividing investor attention, some analysts think a merger between the two firms could be coming. Both ventures see overlapping use cases in AI, robotics, and mobility — and a leader who has a habit of unorthodox corporate dealmaking.

Story Continues

Millwood, though, said that it's possible that having multiple publicly traded Musk ventures will create a rising tide for both.

"There's so much of a tie-in across all of the Elon companies," Millwood said. "People think he's the genius of our time, which he may be to some extent, so anything he's involved in, they're going to want to be a part of."

Most Read from Bloomberg Businessweek

The Bankrupting of a Mobile Home Billionaire How a Tiny British Island Fell Into an International Gambling Scandal Gen Z's Latest Career Flex: A Boardroom Seat Not Even Messi Could Deliver Soccer's American Breakthrough Ice Cream Not Decadent Enough for You? Dip It in Butter

©2026 Bloomberg L.P.

View Comments

Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!

(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.

Most Read from Bloomberg

SpaceX IPO Raises $75 Billion in Biggest Debut of All Time Xbox Plans Significant Layoffs as New CEO Plans Overhaul Trump Insists Iran Deal Is Close After Scrapping New Strikes Trump Vows New Attacks on Iran, Threatens Key Energy Targets UAE and Iran Meet Face-to-Face to Try to Deescalate Tensions

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.

Story Continues

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.)

Most Read from Bloomberg Businessweek

Gen Z's Latest Career Flex: A Boardroom Seat Ice Cream Not Decadent Enough for You? Dip It in Butter SpaceX IPO Demands Trust in Musk's Entangled Empire How a Tiny British Island Fell Into an International Gambling Scandal El Niño Slams Into a Global Economy Unprepared for More Chaos

©2026 Bloomberg L.P.

View Comments

Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!

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.

Story Continues

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com

Another Gulf Producer Joins Dark-Mode Tanker Traffic Through Hormuz Sanctioned Private Chinese Refiner Seeks Non-Iranian Crude OPEC Oil Production Falls to Lowest Level Since 2000

Oilprice Intelligence brings you the signals before they become front-page news. This is the same expert analysis read by veteran traders and political advisors. Get it free, twice a week, and you'll always know why the market is moving before everyone else.

You get the geopolitical intelligence, the hidden inventory data, and the market whispers that move billions - and we'll send you $389 in premium energy intelligence, on us, just for subscribing. Join 400,000+ readers today. Get access immediately by clicking here.

View Comments

Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!

This article first appeared on GuruFocus.

Microsoft Corporation (NASDAQ:MSFT) could see Copilot seat sales run above Wall Street's current view after BNP Paribas said the artificial intelligence assistant has improved over the past year and is gaining more traction with customers.

After meetings with Microsoft executives, analyst Stefan Slowinski said Copilot looked simply more capable than it did six to 12 months ago. He pointed to recent deals, including one with NHS England, as evidence that Microsoft is seeing firmer demand.

Warning! GuruFocus has detected 2 Warning Sign with MSFT. Is MSFT fairly valued? Test your thesis with our free DCF calculator.

BNP Paribas said Microsoft could end fiscal fourth-quarter Copilot bookings with seats well above the market's current estimate of 25 million or more. The firm also said Microsoft has been discussing a pricing shift from pure seat-based billing toward a model that combines seats with usage.

Slowinski kept a Buy rating and a $555 price target on Microsoft. He also said Microsoft appears reluctant to raise list prices broadly, even as it continues to invest heavily in AI infrastructure; Microsoft shares were down about 3% in midday trading.

View Comments

Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!

Retail investors are liquidating some of the biggest winners in the AI trade to raise cash for Friday's SpaceX (SPCX) IPO, and the selling pressure is landing hardest on semiconductors.

MU stock is moving. See the chart and price action here.

Data from Vanda Research shows individual investors net sold equities for three consecutive days through Wednesday — the first such stretch since March 2020, according to CNBC.

On Monday alone, retail pulled the most capital from individual stocks since November 2023, per Vanda's figures, with the selling concentrated in chip names and AI-adjacent stocks.

Read Also:Trulieve Makes History As First US Cannabis Stock On NYSE

Chip Stocks

Micron Technology, Inc.(NASDAQ:MU) is the poster child. BNP Paribas cited $6.5 billion in net retail inflows into MU over the past month, helping propel the stock up 87% during that window.

However, Micron shares remain nearly 16% off their 52-week high of $1,089.29 as the recent selling has taken a toll.

Greg Boutle of BNP Paribas said Micron's decline directly reflects retail "selling off recent winners and leveraged products" to fund SpaceX allocations.

Advanced Micro Devices, Inc.(NASDAQ:AMD) is also in the crossfire, sitting at $468.33, up 3.52% Thursday, but still roughly 14% below its yearly peak.

Broadcom Inc.(NASDAQ:AVGO) is trading at $376.47 and Apple Inc.(NASDAQ:AAPL) at $291.91, both staging modest recoveries Thursday after being hit earlier this week.

The iShares SOX Semiconductor Sector Index Fund (NASDAQ:SOXX) traded down four out of the last five days, according to Benzinga Pro data.

Liquidity Event

BNP Paribas warned clients that the SpaceX liquidity event could be unlike anything the AI rally has weathered.

The bank estimates retail plus passive flows into SpaceX could reach $50 billion, and retail investors — who rarely hold idle cash — will have to sell what they own.

Retail's holdings are heavily concentrated in chip stocks and leveraged Nasdaq products. U.S. equity leveraged ETF assets recently hit a record $175 billion, with most parked in NASDAQ-100 and semiconductor plays, per BNP Paribas.

When retail redeems those funds, the underlying derivative positions unwind and amplify selling pressure on the stocks themselves.

Read Also:3 Under-The-Radar Defense Tech Stocks — Small Caps With Real Pentagon Contracts

SPCX Begins Trading Friday

SpaceX's IPO is priced at $135 per share at a roughly $1.75 trillion valuation, with $75 billion to be raised Friday — which would make it the largest IPO in recorded history.

Story Continues

According to Bloomberg, more than $70 billion in retail orders alone have poured in. SpaceX has reserved at least 20% of shares for individual investors, an unusually large retail carve-out.

Viraj Patel, global macro strategist at Vanda, framed the dynamic plainly: "The question is not whether retail will buy into the SpaceX deal, but whether they do so by establishing new positions or by more aggressively selling recent chip winners."

The recent tech sell-off has already given markets a preview of the answer.

Photo: Joshua Gesterkamp / Shutterstock

View more ratings on AMD

Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market.

Get the latest stock analysis from Benzinga:

ADVANCED MICRO DEVICES (AMD): Free Stock Analysis Report BROADCOM (AVGO): Free Stock Analysis Report MICRON TECHNOLOGY (MU): Free Stock Analysis Report

This article Retail Is Cashing Out Of Micron, AMD, AI Stocks Ahead Of SpaceX IPO originally appeared on Benzinga.com

© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

View Comments

Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!

BNP Paribas Primary New Issues

[11/06/2026]

Not for distribution, directly or indirectly, in or into the United States or any jurisdiction in which such distribution would be unlawful.

[NEOEN FINCO PLC]

Post-stabilisation Period Announcement

NO STABILISATION CARRIED OUT

[Further to the pre-stabilisation period announcement dated [11/06/2026]] BNP Paribas (contact: Stanford Hartman telephone: 0207 595 8222) hereby gives notice that no stabilisation (within the meaning of Article 3.2(d) of the Market Abuse Regulation (EU/596/2014)) was undertaken by the Stabilisation Manager(s) named below in relation to the offer of the following securities.

Securities

Issuer: NEOEN FINCO PLC Guarantor(s) (if any): N/A Aggregate nominal amount: EUR 650,000,000 Description: 5.5% due June 2031 Offer price: 100

Stabilisation Manager(s)

Name(s): BNP PARIBAS, CACIB, MIZ, SG

This announcement is for information purposes only and does not constitute an invitation or offer to underwrite, subscribe for or otherwise acquire or dispose of any securities of the Issuer in any jurisdiction.

This announcement is not an offer of securities for sale into the United States. The securities referred to above have not been, and will not be, registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an exemption from registration. There has not been and will not be a public offer of the securities in the United States.

View Comments

Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!

(Bloomberg) -- SpaceX's initial public offering has attracted more than $70 billion in orders from retail investors, according to people familiar with the matter, as the potentially record-breaking debut enters the home stretch.

Most Read from Bloomberg

Xbox Plans Significant Layoffs as New CEO Plans Overhaul House Republican Says Hegseth's D-Day Remarks 'Inappropriate' US Strikes Iran in Trump Escalation Over Stalled Peace Talks Tech Stocks Sink as Oil Jumps on US-Iran Jitters: Markets Wrap Oracle Falls After Data Center Costs Overshadow AI Growth

Retail investors are expected to be allocated at least 20% of the available shares, the people said, asking not to be identified as the information isn't public. At a $75 billion IPO size, which would be the largest on record, that allocation would leave the bulk of demand from individual investors unfulfilled, according to Bloomberg calculations.

Leaving large numbers of Elon Musk's fans empty-handed in the IPO would likely amplify demand for the shares once they begin trading. Musk has attracted a strong retail following throughout his tenure leading Tesla Inc., with the cohort owning about 40% of the company's shares, according to BNP Paribas analyst James Picariello's estimates.

The rocket, satellite and artificial intelligence company has received orders from about 1,000 institutional investors, some of the people said.

The terms of the offering such as the $135 per share price and the 555.6 million shares are unlikely to change, some of the people said. SpaceX would raise about $75 billion in a deal valuing the company at around $1.8 trillion, based on the outstanding shares in its filings.

SpaceX is set to allocate less than 10% of the shares in its IPO to international orders, some of the people said. Japan's allocation was increased earlier this month to $2.5 billion from $2 billion.

Deliberations are ongoing and details of the offering including the amount allocated to retail investors could still change, the people said. A spokesperson for SpaceX didn't immediately respond to a request for comment.

Banks were expected to stop taking orders for SpaceX's IPO from institutional investors Wednesday, ahead of pricing later Thursday and trading Friday.

The IPO is expected to rank as the biggest ever, topping Saudi Aramco's $29.4 billion debut in 2019. It will set the stage for potential mega-listings from companies whose AI models compete with SpaceX's. OpenAI filed confidentially for an IPO on Monday, following Anthropic PBC which filed last week. Together with SpaceX, the three companies could add $3.6 trillion of market value to US exchanges, according to Bloomberg calculations.

Story Continues

Goldman Sachs Group Inc., Morgan Stanley, Bank of America Corp., Citigroup Inc. and JPMorgan Chase & Co. are leading SpaceX's IPO, with 18 other banks participating. The company formally known as Space Exploration Technologies Corp. expects to make its debut on Nasdaq and Nasdaq Texas Friday under the symbol SPCX.

--With assistance from Ed Ludlow.

Most Read from Bloomberg Businessweek

SpaceX IPO Demands Trust in Musk's Entangled Empire Chinese Diners Will Wait Five Hours for This Conveyor-Belt Sushi The Latest Snack Innovations Are Basically Just Creamsicles and Chex Mix India's Oldest Insurgency Has Been Defeated. Will Peace Unlock Investment? Football Clubs Try Training a Body Part They've Ignored: The Brain

©2026 Bloomberg L.P.

View Comments

Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!

(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.

Most Read from Bloomberg

House Republican Says Hegseth's D-Day Remarks 'Inappropriate' Xbox Plans Significant Layoffs as New CEO Plans Overhaul US Strikes Iran in Trump Escalation Over Stalled Peace Talks Tech Stocks Sink as Oil Jumps on US-Iran Jitters: Markets Wrap Oracle Falls After Data Center Costs Overshadow AI Growth

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.

Most Read from Bloomberg Businessweek

SpaceX IPO Demands Trust in Musk's Entangled Empire Chinese Diners Will Wait Five Hours for This Conveyor-Belt Sushi The Latest Snack Innovations Are Basically Just Creamsicles and Chex Mix India's Oldest Insurgency Has Been Defeated. Will Peace Unlock Investment? Football Clubs Try Training a Body Part They've Ignored: The Brain

©2026 Bloomberg L.P.

View Comments

Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!

BNP Paribas Primary New Issues

[11/06/26]

Not for distribution, directly or indirectly, in or into the United States or any jurisdiction in which such distribution would be unlawful.

[NEOEN FINCO PLC]

Pre-stabilisation Period Announcement

BNP Paribas (contact: Stanford Hartman telephone: 0207 595 8222 hereby gives notice, as Stabilisation Coordinator, that the Stabilisation Manager(s) named below may stabilise the offer of the following securities in accordance with Commission Delegated Regulation EU/2016/1052 under the Market Abuse Regulation (EU/596/2014).

The securities:1 Issuer: NEOEN FINCO PLC Guarantor (if any) Aggregate nominal amount: TBC Description: TBC Offer price: TBC Other offer terms: Stabilisation: Stabilisation Manager(s) BNP PARIBAS/CACIB/MIZ/SG Stabilisation period expected to start on: 11/6/2026 Stabilisation period expected to end no later than: 18/7/2026 Existence, maximum size and conditions of use of over‑allotment facility: The Stabilisation Manager(s) may over‑allot the securities to the extent permitted in accordance with applicable law. Stabilisation trading venue: OTC

In connection with the offer of the above securities, the Stabilisation Manager(s) may over‑allot the securities or effect transactions with a view to supporting the market price of the securities during the stabilisation period at a level higher than that which might otherwise prevail. However, stabilisation may not necessarily occur and any stabilisation action, if begun, may cease at any time. Any stabilisation action or over‑allotment shall be conducted in accordance with all applicable laws and rules.

This announcement is for information purposes only and does not constitute an invitation or offer to underwrite, subscribe for or otherwise acquire or dispose of any securities of the Issuer in any jurisdiction.

This announcement and the offer of the securities to which it relates are only addressed to and directed at persons outside the United Kingdom and persons in the United Kingdom who have professional experience in matters related to investments or who are high net worth persons within Article 12(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 and must not be acted on or relied on by other persons in the United Kingdom.

In addition, if and to the extent that this announcement is communicated in, or the offer of the securities to which it relates is made in, the UK or any EEA Member State before the publication of a prospectus in relation to the securities which has been approved by the competent authority in the UK or that Member State in accordance with Regulation (EU) 2017/1129 (the "Prospectus  Regulation") (or which has been approved by a competent authority in another Member State and notified to the competent authority in the UK or that Member State in accordance with the Prospectus Regulation), this announcement and the offer are only addressed to and directed at persons in the UK or that Member State who are qualified investors within the meaning of the Prospectus Regulation (or who are other persons to whom the offer may lawfully be addressed) and must not be acted on or relied on by other persons in the UK or that Member State.

Story Continues

This announcement is not an offer of securities for sale into the United States. The securities have not been, and will not be, registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an exemption from registration. There will be no public offer of securities in the United States.

View Comments

Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!

(Bloomberg) -- Gold whipsawed after the US completed a fresh round of strikes against Iran, raising the stakes in a war that's roiled global markets and stoked inflation.

Most Read from Bloomberg

House Republican Says Hegseth's D-Day Remarks 'Inappropriate' Xbox Plans Significant Layoffs as New CEO Plans Overhaul Tech Stocks Sink as Oil Jumps on US-Iran Jitters: Markets Wrap US Strikes Iran in Trump Escalation Over Stalled Peace Talks H-1B Visa Rules Have Changed Again. What to Know

Bullion rose as much as 1.1% in choppy trading, reversing a drop of similar magnitude that took the metal close to $4,000 an ounce earlier Thursday. The US military said it had completed strikes against targets in Iran, after President Donald Trump accused the country of dragging out talks on an interim peace deal. In response, Tehran announced that it is closing the Strait of Hormuz to all vessels.

The latest attacks underscored Trump's growing impatience that the two sides have failed to reach an agreement. Now in its fourth month, the war has disrupted energy flows via Hormuz, caused oil prices to rise and raised the likelihood of interest-rate hikes as central banks try to keep inflation in check.

US inflation accelerated in May to the fastest pace in more than three years as the war pushed up energy prices, outstripping Americans' pay gains. The consumer price index climbed 0.5% from April and 4.2% from a year earlier, the most since early 2023, according to Bureau of Labor Statistics data out Wednesday.

Gold is around 22% below where it was trading before the Iran war broke out at the end of February. The metal's recent decline through its 200-day moving average has triggered additional selling as it's seen as an important level watched by institutional investors.

"The constant flow of conflicting headlines is increasing uncertainties and prompting investors to reduce risk exposure and raise liquidity across a range of asset classes," Robert Gottlieb, a consultant and former precious metals trader at JPMorgan Chase & Co., wrote in a LinkedIn post. The latest slump "is more about deleveraging and portfolio repositioning rather than a fundamental reassessment of gold as a safe-haven asset," he wrote.

Spot gold rose 0.6% to $4,097.73 an ounce at 10:05 a.m. in Singapore, having lost more than 4% in the previous session. Silver climbed 1% to $63.96 an ounce. Platinum and palladium also advanced. The Bloomberg Dollar Spot Index, a gauge of the US currency, was 0.1% lower.

Most Read from Bloomberg Businessweek

Story Continues

SpaceX IPO Demands Trust in Musk's Entangled Empire Chinese Diners Will Wait Five Hours for This Conveyor-Belt Sushi India's Oldest Insurgency Has Been Defeated. Will Peace Unlock Investment? The Latest Snack Innovations Are Basically Just Creamsicles and Chex Mix Football Clubs Try Training a Body Part They've Ignored: The Brain

©2026 Bloomberg L.P.

View Comments