Crypto News: Trump optimistic on Iran

Good morning. Donald Trump expresses optimism over Iran talks despite fresh clashes. Retail investors chase this year’s hottest IPOs. And the obsession with protein has the food industry scrambling. Listen to the day’s top stories.

— Marc Perrier

Market Snapshot
S&P 500 Futures	7,616.50	+0.3%
Nasdaq 100 Futures	30,504.25	+0.3%
WTI crude oil futures	$90.69	+3.8%
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Donald Trump said talks with Iran on an interim peace deal would “work out well,” even as renewed clashes near the Strait of Hormuz pushed oil prices higher from a six-week low. Over the weekend, the US and Iran traded messages seeking changes to a draft agreement that would extend a ceasefire and open the strait, but it was unclear if the sides were making much progress. Adding to regional tensions, Israel expanded its ground assault in Lebanon, further straining a fragile truce.

Rally on, and on. US stock futures pointed to another record high for the S&P 500 at the start of June, with enthusiasm around artificial intelligence continuing to drive gains. Not wanting to miss out, hedge funds bought US equities at the fastest pace in six months last week, according to Goldman Sachs. Check out the latest market themes here.

Nvidia is entering the PC market. Its new chip is aimed at loosening Intel’s grip on the technology in that arena and modernizing the machines for the AI era. Nvidia CEO Jensen Huang also said Anthropic, OpenAI and SpaceX are among the first major users of its upcoming microprocessor, securing key customers for its latest attempt to expand an already extensive footprint in AI data centers.

Berkshire Hathaway will acquire Taylor Morrison Home in an all-cash deal worth about $6.8 billion, the first major purchase under chief executive Greg Abel and a vote of confidence in the US housing market. The move comes during a period of underperformance for homebuilder stocks and as mortgage rates hit the highest since August.

A 20% Housing Drop Still Leaves Canadians Locked Out of Market

Celebrity lawyer Abelardo de la Espriella unexpectedly won the first round of Colombia’s presidential election with 43.7% of the vote and will face leftist Senator Iván Cepeda in a June 21 runoff. Mexican President Claudia Sheinbaum accused the US of intensifying efforts to interfere in the country’s domestic politics. In Peru, conservative candidate Keiko Fujimori holds a three percentage point lead over her leftist contender ahead of next Sunday’s runoff, according to a poll.

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Deep Dive: Chasing Riches

Retail investors are piling into this year’s hottest IPOs as funds with exposure to some of the world’s most valuable startups lure traders seeking big wins in private markets.

A growing number of products, including the Fundrise Innovation Fund (VCX), give everyday investors access to companies such as OpenAI, Anthropic, and SpaceX.
These funds market themselves as private equity for the masses. But critics warn that retail investors may be buying into expensive, highly speculative stakes through complex and often murky deal structures.

There’s a high-stakes fight taking place over AI regulation. To discuss the latest and answer your questions, Bloomberg’s Edward Ludlow will lead an interactive Live Q&A with reporters Shirin Ghaffary, Kurt Wagner and Emily Birnbaum. Join the livestream today starting at 1 p.m. EDT here. Send your questions to us in advance by emailing liveqa@bloomberg.net.

The Big Take

A SpaceX Falcon 9 reusable rocket booster.

Wall Street has seen blockbuster IPOs before, but none like SpaceX. Expected to raise more than twice as much as any previous offering, Elon Musk’s rocket, satellite, and AI conglomerate is arriving at such scale that parts of the market are already reorganizing around it.

Opinion

The Iran war has become a strategic debacle for the US, but stocks are rallying, John Authers writes. If bullish earnings forecasts are accurate, there is some room for multiples to expand further.

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Before You Go

Starbucks advertises protein drinks at a cafe in Walnut Creek. — Starbucks advertises protein drinks at a cafe in Walnut Creek, California.

Big Food is adding protein to everything from chips and waffles to Starbucks lattes, and consumers can’t get enough. The craze has tightened whey supplies, sent prices soaring, and forced some manufacturers to halt production or reformulate popular products.

A Couple More