US Morning News Call | JPMorgan Reverses Bearish Call on Tesla, Lifts Price Target to $475

Key Takeaways:

• S&P Global Holds Firm on Index Rules

• JPMorgan Reverses Bearish Call on Tesla, Lifts Price Target to $475

• Saylor Blames Bitcoin Selloff on Capital Rotation Into AI

• Key Economic Events: Nonfarm Payrolls, Unemployment Rate

🔔Before the Bell

S&P 500 futures fell early on Friday as traders awaited the release of the May jobs report, while the tech-heavy Nasdaq was set to open sharply lower as Thursday's U.S. tech sell-off spread to Asian and European markets.

$E-mini NASDAQ 100 Futures (SEP6) (NQmain.US)$ went down by 1.02%;

$E-mini S&P 500 Futures (SEP6) (ESmain.US)$ went down by 0.43%;

$E-mini Dow Futures (SEP6) (YMmain.US)$ went down by 0.16%.

S&P Global Holds Firm on Index Rules

S&P Global said it will not waive its 12-month seasoning period, profitability, or float requirements for megacap IPOs, ruling out a quick $S&P 500 Index (.SPX.US)$ entry for SpaceX after its upcoming listing. The decision diverges from rivals Nasdaq and FTSE Russell, which have already eased rules to accommodate newly public giants like SpaceX and Anthropic.

JPMorgan Reverses Bearish Call on Tesla, Lifts Price Target to $475

JPMorgan upgraded $Tesla (TSLA.US)$ to Neutral from Underweight and raised its price target from $145 to $475, citing the company's underappreciated vertical integration and a projected tripling of EPS to ~$7.50 by 2030. Analyst Rajat Gupta values Tesla across five interlinked markets—autos, energy storage, robotaxis, humanoid robots, and infrastructure licensing—with a combined TAM of ~$3.9T by 2035, though execution risks remain high.

Nvidia Reportedly Reduces Rubin SOCAMM Memory Capacity from 55TB to 28TB

SemiAnalysis report suggests $NVIDIA (NVDA.US)$ may reduce Rubin NVL72 CPU-side SOCAMM DRAM capacity from approximately 55TB per rack to roughly 28TB per rack, impacting memory stocks.

SpaceX Business Model Evolution from Launch Services to Space Infrastructure

$SpaceX (SPCX.US)$ has evolved its business model beyond traditional launch services to encompass broader space infrastructure development, expanding its revenue streams and market positioning in the commercial space industry.

🪙Crypto News

$Bitcoin (BTC.CC)$ fell 1.59% to 62719.45;$Ethereum (ETH.CC)$ declined 5.19% to 1676.65.

JPMorgan: Crypto Market Structure Bill Faces Narrow Window for Passage This Year

JPMorgan analysts said the legislative window for the crypto market structure bill (Clarity Act) has narrowed as U.S. midterm elections approach, with key hurdles remaining, including a 60-vote Senate threshold and House reconciliation. The stablecoin yield issue—whether crypto platforms can pay interest-like rewards—remains the "core dispute" and a major obstacle, with banks pushing for tighter restrictions while crypto firms seek more flexibility.

Saylor Blames Bitcoin Selloff on Capital Rotation Into AI

$Strategy (MSTR.US)$ 's Michael Saylor attributed Bitcoin's recent decline to a massive capital rotation toward AI investments rather than any weakness in BTC's fundamentals, citing ~$400B in AI funding over six months versus ~$4B in Bitcoin ETF outflows since May 14.

📆Market Events

Key Economic Events

08:30 Nonfarm Payrolls

08:30 Unemployment Rate

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