Your Evening Briefing

June 09, 2026

Chip rout drags down stocks as investors rotate out of tech

The S&P 500 and Nasdaq 100 fell sharply as chip stocks and AI giants plunged, while the Russell 2000 closed higher. The Invesco S&P 500 Equal Weight ETF gained, as losses were concentrated in tech and energy, the only two sectors to decline today.

Oil prices slid on reports that Strait of Hormuz shipping traffic is normalizing, though President Trump's threat to retaliate against Iran tempered the decline.

Bitcoin dropped as traders debated whether the AI trade unwind, Strategy’s outsized position, or macro factors are to blame for recent weakness. Solana dropped after SOL Strategies, a Solana treasury company, sold more than 12% of its entire stash.

Stocks that moved higher:

Travel stocks got a boost from the drop in oil prices, as Delta Air Lines, United Airlines, American Airlines, Southwest Airlines, JetBlue, Carnival, Norwegian, and Royal Caribbean rose.
DraftKings soared after reporting $1.3 billion in trading volume on its prediction markets.
JM Smucker rose after Q4 earnings and revenue beat expectations, with its new full-year earnings forecast coming in mostly above consensus.
Roblox ticked up following a Reuters report that Russia may lift its ban on the platform.
Applied Digital ticked higher after unveiling a new lease agreement with an undisclosed US-based hyperscaler worth at least $5.2 billion.

Stocks that moved lower:

Micron sank, leading a broad semiconductor selloff driven by aggressive profit-taking on stocks that in some cases have more than tripled this year.
The chip selloff dragged Marvell Technology, AMD, Intel, Nvidia, and TSMC lower.
Apple fell following the kickoff of its Worldwide Developers Conference, where it showcased a new AI-powered Siri and iOS 27 features.
Rivian dropped on the launch day of its R2 SUV as shoppers pointed out “out of control" lease prices.
Salesforce fell as Business Insider reported the company is laying off another round of employees.

The BBC has become the world’s top news website... by collapsing a little less than its competition

Breaking: the online news industry, as The New York Times, CNN, and Fox all record declines in traffic. Read more.

Apple wants to finally give smartphones a brain

Releasing the iOS 27 developer beta is a start, but Siri can’t rescue us from app overload until it can run the third-party apps we actually use.

Read more.

Beijing may spend roughly $295 billion (2 trillion yuan) over the next five years to build a nationwide network of AI-focused computing hubs, according to a Bloomberg report.

The blueprint would connect data centers across the country into a unified computing network while prioritizing domestic suppliers such as Huawei for much of the underlying technology. State-owned telecom giants, including China Mobile and China Telecom, would operate much of the infrastructure, per the report. Read more.

Anthropic releases Claude Fable 5, a locked-down, safer version of Mythos
Claude Fable 5 will cost twice as much as Claude Opus 4.8, Anthropic’s current flagship model. The company also released Claude Mythos 5, but only for trusted partners for testing.
Amazon shatters record in Canada’s “maple bond” market
That record was set last month by Alphabet.
Report: Google is backstopping Anthropic’s $35 billion data center deal
Google has been a long-time investor in Anthropic, but the newly-revealed backstopping of Anthropic’s data centers raises questions about circular deals.
OpenAI files confidentially for IPO
The OpenAI IPO is expected to be one of the largest in US history.
Paramount reportedly offers concessions to resolve multistate antitrust investigation
California is leading an investigation into Paramount’s attempted merger with Warner Bros. Discovery.

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