Tech stocks tumble

Bloomberg Morning Briefing Americas  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

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Good morning. Tech stocks are set to slide again. SpaceX may lose its $2 trillion valuation. And why ‘Sincaraz’ is a problem for tennis fans. Listen to the day’s top stories. — Marcus Wright Market Snapshot S&P 500 Futures 7,441.50 -1.3% Nasdaq 100 Futures 29,865.00 -2.6% Bloomberg Dollar Spot Index 1,221.03 +0.2% Market data as of 06:23 AM ET. Data is subject to provider delays. Your watchlist Tech stocks are heading for another tumble today with Nasdaq 100 futures dropping and tech-heavy Asian markets swept by heavy selling. In South Korea, artificial intelligence winners SK Hynix and Samsung both fell more than 12%, while in Taiwan, FOMO and a retail borrowing frenzy has made the island into what some view as Exhibit A of an AI bubble. SpaceX extended declines in premarket trading, putting it on track to slip below $2 trillion in market value. Elon Musk’s company has shed more than $600 billion in value over the past three sessions. Meanwhile, one of Musk’s pet projects — building data centers in space — was questioned by SoftBank founder Masayoshi Son, who said the AI race will be clinched by computing resources on Earth. And here’s why ratings agencies are giving Elon Musk lots of leeway as SpaceX prepares to price a $20 billion bond issue. New York is living through the noisiest Congressional primary season in a generation. A Kennedy heir is squaring off with Democrats from across the spectrum in a race sodden with tech money, while in Harlem and Brooklyn, young activists are targeting liberal lions. Polls are scheduled to close at 9 p.m. Slain Dissident’s Daughter Maps Out a Plan for Cuba After Communism Read more Iran said $12 billion of its frozen funds are set to be released as part of ongoing talks with the US. The move, which follows the US waiving sanctions on Iranian oil exports and pledging to help create a $300 billion rehabilitation fund, will be unwelcome news to Iran hawks. They fear the Islamic Republic will use the money to rebuild its armed forces and continue its support of militants. A wave of staff reductions at the Office of the Director of National Intelligence began yesterday, a person familiar said, days after Donald Trump loyalist Bill Pulte became acting director. And the White House is set to host a meeting of defense contractors this week to push for more robust munitions production, with stockpiles under strain after nearly four months of war with Iran. Deep Dive: Affordability Commuters at Penn Station. Photographer: Michael Nagle/Bloomberg Whether they work in restaurants, offices or warehouses, Americans have seen their paycheck eaten up by a surge in everyday costs. Inflation has outstripped wage growth in key private-sector industries for two straight months, according to data compiled by Bloomberg. Despite the US-Iran peace talks, gasoline prices are still almost almost $1 a gallon higher on average than they were before the conflict. And war-driven inflation in other parts of the economy has yet to fully materialize. With wage growth already slowing, that means many households will likely continue to tap into savings and take on debt to support spending. The Big Take Photographer: Kevin Serna/Bloomberg Weight-loss drugs turned Eli Lilly into a $1 trillion pharmaceutical giant. Now CEO Dave Ricks needs to prove his company can outlast the industry’s usual boom and bust cycle. Big Take Podcast Why Britain Can’t Keep a Prime Minister Opinion If Trump was intent on fixing the economy, he wouldn’t spend all his time attempting to convince congressional Republicans to pass legislation that has nothing to do with affordability issues, David M. Drucker writes. Those hoping he might finally pivot to the economy ahead of the midterms might make better use of their time searching for proof that the tooth fairy is real. More Opinions John Authers Greenspan’s Legacy Is as Convoluted as His Words Gautam Mukunda What Companies Adapting to AI Can Learn From the Plague Play Alphadots! Our daily word puzzle with a plot twist. Today’s clue is: Major US chip manufacturer? Play now! Before You Go Sinner and Alcaraz ahead of the 2025 men’s final match at Wimbledon. Photographer: Julian Finney/Getty Images Tennis has a “Sincaraz” problem. Some fans are worried about a future where the next 10 or 15 years of tournament matches are irrelevant until the final — which is inevitably a matchup between Jannik Sinner and Carlos Alcaraz. A Couple More Messi Sets World Cup Scoring Record as Argentina Advances Wimbledon Investors Cash In With VIP Seats Costing Over $500,000 More From Bloomberg Enjoying Morning Briefing Americas? 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