👀 Apple's Conference

+ Warner Bros. Discovery to split into two public companies by next year

June 09, 2025

Good afternoon! X (formerly Twitter) is diving into the world of prediction markets by teaming up with Polymarket as its official partner. The crypto-powered platform, known for letting users bet on real-world events, will integrate with X to provide live market predictions alongside Grok’s AI analysis and trending posts.

Details are still under wraps, but the companies promise a suite of tools that blend Polymarket’s odds with X’s real-time pulse. With over $8 billion in bets placed last year, Polymarket is becoming the town square where news meets speculation.

MARKETS

*Stock data as of market close*

  • Markets perked up slightly as U.S. and Chinese officials met in London to restart trade talks, buoyed by mutual tariff rollbacks. The S&P 500 added 0.09%, the Nasdaq climbed 0.31%, and the Dow was basically flat.

  • Hopes for easing tensions kept the mood upbeat, even if gains were modest. The S&P is now just over 2% from its record high, giving investors a reason to stay tuned.

STOCKS
Winners & Losers

What’s up 📈

  • Vertical Aerospace, Joby Aviation, Archer Aviation, and Blade Air Mobility jumped between 10% and 15% after President Trump signed an executive order aimed at boosting U.S. drone and eVTOL manufacturing. ($EVTL, $JOBY, $ACHR, $BLDE)

  • Topgolf Callaway Brands surged nearly 15% after director Adebayo Ogunlesi disclosed a major share purchase. ($MODG)

  • eToro gained 10.58% and hit a record high after analysts initiated bullish coverage. ($ETOR)

  • Quaker Chemical climbed 10.00% after Jefferies upgraded the stock, citing improving steel demand. ($KWR)
    Circle jumped 7.01% as the stablecoin issuer continued its post-IPO rally. ($CRCL)

What’s down 📉

  • The Children’s Place declined 32.22% despite reporting a weak quarter, as investors speculated on a turnaround or potential strategic options. ($PLCE)

  • EchoStar tumbled 8.52% after reports emerged that the company is considering a Chapter 11 bankruptcy filing. ($SATS)

  • AppLovin dropped 8.21% after being excluded from the S&P 500 index in the latest rebalance. ($APP)

  • Intuitive Surgical sank 5.55% after receiving a rare sell rating from Deutsche Bank. ($ISRG)

  • Robinhood slipped 1.98% for the same reason as AppLovin—S&P 500 exclusion disappointment. ($HOOD)

AI
Apple Introduces ‘Liquid Glass’ Design and iOS 26 at WWDC 2025

Apple showed off its slick new look at WWDC 2025, but the flash was more form than function. The headline: “Liquid Glass,” a transparent UI makeover rolling out across iPhones, iPads, Macs, Watches, and Vision Pro. Think less “AI takeover,” more “shiny new menus.”

The company also renamed its operating systems to match the calendar year — iOS 26, macOS 26 Tahoe, and so on. And after years of user begging, the iPad finally got the Mac-like multitasking treatment. About time.

The AI Gap Widens

But when it came to actual artificial intelligence? Siri was basically a no-show. Apple SVP Craig Federighi admitted Apple Intelligence still isn’t ready to meet “our high quality bar,” and the upgraded voice assistant is on ice until 2026.

Sure, there were some AI sprinkles: real-time call translations, emoji mashups (aka Genmoji), and a new “Foundation Models” framework for devs. But compared to the sizzle from OpenAI, Google, and Meta, it all felt
 flat.

Investors agreed. Apple stock dipped 1.2% after the keynote and is down over 17% YTD — enough to knock it off its “world’s most valuable company” perch.

Still Charging Forward

Even without a major AI moment, Apple did pack in upgrades. iPhones get a smarter Phone app, Vision Pro adds Sony controller support, and Apple Watch users meet “Workout Buddy,” a pep-talking fitness coach powered by on-device AI.

Behind the scenes, Apple’s leaning into its OpenAI partnership, touting new in-app image generation and mapping tools that learn from user habits. But with Jony Ive now building hardware with OpenAI, the pressure’s on Cupertino to show it still has the innovation edge.

Bottom line: This WWDC was more about tying up design loose ends than announcing an AI revolution. Apple fans may be satisfied for now, but Wall Street is clearly still waiting for the intelligence in Apple Intelligence.

NEWS
Market Movements

MEDIA

Warner Bros. Discovery to split into two public companies by next year

David Zaslav is breaking up with his own blockbuster. After merging WarnerMedia and Discovery in 2022 and losing $40 billion in market value since, the Warner Bros. Discovery CEO announced the company will now split into two public companies: one for streaming and film, the other for old-school cable.

Streaming & Studios will house HBO Max (yes, they renamed it back), Warner Bros. Pictures, and DC. Global Networks gets CNN, TNT, Discovery, and the sports rights—including March Madness—but also inherits most of the company’s $34B in debt.

Investors weren’t thrilled. Shares fell 3% Monday, and over 59% of shareholders recently voted against Zaslav’s $51.9M pay package.

From Merger to Makeover

The breakup unwinds much of the 2022 mega-merger, which many now see as a strategic misfire. The cable business is still profitable but in terminal decline, and streaming isn’t growing fast enough to carry both weights. So Zaslav is slicing off the ballast to let the good parts fly solo—and maybe become more sellable.

The move echoes Comcast’s playbook, which is spinning off its own cable biz into a separate unit called Versant. Expect more media giants to follow suit as streaming becomes the only game in town.

But with a junk credit rating and regulatory hurdles looming, this reset may be Zaslav’s last shot at redemption.

Calendar
On The Horizon

Tomorrow

Small biz vibes kick things off Tuesday with the NFIB Optimism Index, but the real market mover lands Wednesday: May’s CPI report. That’s the one Wall Street will be circling like hawks.

After Market Close:

  • GameStop is set to report, and investors are hoping for more than just numbers—they want answers on its crypto play. The company recently dropped $500 million on 4,710 bitcoin, taking a page straight out of MicroStrategy’s (now just “Strategy”) handbook. It’s a bold pivot for a retailer still figuring out its post-meme stock identity. So far, Wall Street isn’t sold $GME is basically treading water year-to-date.

NEWS
The Daily Rundown

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