US Morning News Call | OpenAI CEO Altman Tells Staff IPO Expected 'Within the Next Year'

Key Takeaways:

• U.S. Launches Second Day of Strikes on Iran, Tehran Declares Strait of Hormuz Closed

• SpaceX Prepares for Record $75B IPO with Middle Eastern Investment Interest

• OpenAI CEO Altman Tells Staff IPO Expected 'Within the Next Year'

• Key Earnings: ADBE, etc.

🔔Before the Bell

Stock futures rose early Thursday, as SpaceX's massive IPO is set to launch tomorrow.

$E-mini NASDAQ 100 Futures (SEP6) (NQmain.US)$ went up by 1.2%;

$E-mini S&P 500 Futures (SEP6) (ESmain.US)$ went up by 0.74%;

$E-mini Dow Futures (SEP6) (YMmain.US)$ went up by 0.73%.

U.S. Launches Second Day of Strikes on Iran, Tehran Declares Strait of Hormuz Closed

The U.S. launched a second day of strikes against Iran following the downing of an American military helicopter, prompting Tehran to retaliate against U.S. targets across the Middle East and declare the Strait of Hormuz closed to all marine traffic until further notice.

SpaceX Prepares for Record $75B IPO with Middle Eastern Investment Interest

$SpaceX (SPCX.US)$ targets June 12 Nasdaq debut under SPCX at $135 per share, seeking $75B in what would be the largest IPO on record with $1.75T valuation. Middle Eastern funds have submitted billions in orders for the offering.

Oracle Reports Strong Q4 Results with Cloud Revenue Growth and $638 Billion RPO

$Oracle (ORCL.US)$ reported Q4 revenue of $19.2 billion, up 21% year-over-year. Cloud revenue grew 47% to $9.9 billion, while OCI revenue surged 93%. The company's remaining performance obligations reached $638 billion, providing strong revenue visibility.

OpenAI CEO Altman Tells Staff IPO Expected 'Within the Next Year'

OpenAI CEO Sam Altman informed staff that the ChatGPT maker expects to go public "within the next year" following its confidential IPO filing, while also preparing to launch a tender offer at the current share price of $687.69. Altman noted, however, that potential breakthroughs in recursive self-improvement (RSI) could be a reason to delay the listing, as the company is also preparing to release a new model dubbed 5.6 with meaningful improvements over GPT-5.5.

🪙Crypto News

$Bitcoin (BTC.CC)$ climbed +2.52% to 62926.91;$Ethereum (ETH.CC)$ climbed +2.59% to 1658.37.

BlackRock Files Fourth Amendment for Yield-Generating Bitcoin ETF

BlackRock filed the fourth amendment for its iShares Bitcoin Premium Income ETF, which combines spot bitcoin exposure with an actively managed covered call strategy on IBIT shares and ETP indices, carrying a 0.65% sponsor fee. Bloomberg analyst Eric Balchunas expects the launch "very soon" as BlackRock races to beat Goldman Sachs' competing product to market by around July 1.

📆Market Events

Key Economic Events

08:30 PPI

Key Results

🔔After Market

The market anticipates $Adobe (ADBE.US)$ revenue of $6.45 billion, up 9.85% YOY, with net income at $1.79 billion, a 5.74% YOY increase.

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