😵‍💫 SPAC Comeback?

Good afternoon! A brutal heat dome is baking the eastern U.S., pushing temperatures 15–20 degrees above normal and breaking records in cities like New York, which topped its 1888 June high. Heat indexes soared past 100°F, with millions under alerts as power grids strain and roads buckle under the pressure.

While the heatwave continues, the Atlantic also saw its first named storm of the year—Tropical Storm Andrea. It formed Tuesday but isn’t expected to make landfall or pose any major threat. Some weather relief is likely by the weekend, according to forecasters.

MARKETS

• The Nasdaq 100 inched to a new record close, thanks to a 4.3% jump in Nvidia. But the broader market lost steam, with the S&P 500 ending flat and the Dow slipping 107 points.

• Relief from the Israel-Iran ceasefire faded, and attention shifted to Friday’s PCE inflation report. Decliners outpaced gainers on the day, showing the rally’s momentum may be cooling.

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STOCKS
Winners & Losers

What’s up 📈

• QuantumScape exploded 30.95% after it revealed a breakthrough with its solid-state lithium battery and new Cobra separator process. ($QS)

• Bumble surged 25.14% after announcing it would cut 30% of its workforce and raise revenue guidance. ($BMBL)

• AeroVironment soared 21.55% after crushing fiscal Q4 earnings and offering strong guidance for 2026. ($AVAV)

• BlackBerry popped 12.47% after posting strong quarterly results and raising its full-year forecast. ($BB)

• Nvidia rose 4.33%, hitting a new all-time high and reclaiming its spot as the largest company by market cap. ($NVDA)

• Yum Brands gained 3.14% thanks to a JPMorgan upgrade citing strong free cash flow. ($YUM)

• BP added 1.64% after a report (later denied) that Shell was exploring an $80B acquisition. ($BP)

• European defense contractors climbed after NATO pledged to increase defense spending: Rheinmetall rose 1.3% and Leonardo SPA climbed 2.28%. $RNMBY, $FINMY)

What’s down 📉

• Paychex lost 9.40% after delivering mixed earnings and a weaker operating income forecast. ($PAYX)

• SiTime fell 15.7% after announcing a $350 million stock offering. ($SITM)

• General Mills sank 5.04% despite narrowly beating estimates, as management warned of a tough year ahead. ($GIS)

• Tesla dropped 3.79% following a fifth straight month of EU vehicle registration declines. ($TSLA)

• FedEx fell 3.27% despite beating earnings last quarter, due to underwhelming guidance. ($FDX)

• Flagstar slipped nearly 4% after Zohran Mamdani’s NYC mayoral primary win raised concerns over rent regulation. ($FLG)

ACQUISITION
SPACs are making a comeback

SPACs: The Sequel No One Asked For

The blank-check craze that fueled billions in losses during the last bull market is back—and investors are giving it another shot. So far this year, SPACs have raised over $11 billion, compared to just $2 billion during the same period in 2024. That makes up nearly two-thirds of all US IPO volume in 2025. After years of regulatory pushback and poor investor returns, big names like Chamath Palihapitiya and Goldman Sachs are dipping their toes back into the pool, while hedge funds are finding it harder to get in on new deals.

Wait, What’s a SPAC Again? SPACs, or special purpose acquisition companies, are shell companies created solely to merge with a private firm and bring it public—essentially a shortcut around the traditional IPO process. Investors put up cash without knowing what company will eventually be acquired, hoping the deal turns out to be the next big thing. Sponsors typically have two years to find a target, or the money gets returned.

Old Tricks, New Targets

SPACs are once again chasing buzzy sectors to lure in retail money. In 2020, it was electric vehicles. This time? Crypto. One SPAC is merging with a Bitcoin investment firm reportedly worth over $11 billion. Another just brought on Donald Trump Jr. as a board member while taking an online gun retailer public. Even Anthony Pompliano is launching a crypto SPAC, because why not?

Same Playbook, Still Risky: While there’s hope the SEC’s updated rules will keep things cleaner this time around, the core incentives haven’t changed—SPAC sponsors still make money even if retail investors don’t. And the track record is shaky: the median SPAC listing in 2025 has dropped around 75% from its IPO price. If this cycle plays out like the last, the real winners might be the ones charging the fees—not the investors betting on another moonshot.

NEWS
Market Movements

• 📈 Nvidia hits record high on bullish forecast: Nvidia surged after Loop Capital raised its price target to $250, the highest on Wall Street, citing the company’s effective AI hardware monopoly and pricing power ($NVDA).

• 🏢 NYC landlord stocks fall after Mamdani win: SL Green and Vornado dropped after Zohran Mamdani won NYC’s mayoral primary, with proposals to freeze rent and hike taxes rattling commercial real estate investors ($SLG, $VNO).

• 📊 BlackBerry surprises with profit, stock jumps: BlackBerry shares climbed after it posted unexpected Q2 profits and beat revenue forecasts, citing strong IP licensing and secure communications business ($BB).

• 🔋 Micron surges on blowout quarter and bullish guide: Micron beat Q3 estimates with strong data center demand and forecasted Q4 revenue and EPS well above expectations, fueled by Nvidia-related HBM sales ($MU).

• ⚖️ Microsoft sued over pirated AI training data: A group of authors sued Microsoft for allegedly using pirated book data to train its AI, citing internal research describing use of “The Pile” dataset ($MSFT).

• 📊 Kalshi raises $100M, joins $1B prediction market club: Prediction market Kalshi raised $100 million from Paradigm, surpassing a $1B valuation as it competes with Polymarket for dominance in event betting.

• 💥 Shell denies $80B BP takeover rumors: BP shares surged after reports surfaced that Shell was in early talks to acquire the company in what would be the oil industry’s biggest deal since the 1990s. Shell denied any talks, calling the rumors “market speculation” ($BP, $SHEL).

• 🎬 Apple bets big on Brad Pitt racing film: Apple’s new F1 movie, starring Brad Pitt and directed by Top Gun: Maverick’s Joseph Kosinski, is a $200M theatrical gamble aimed at reviving Apple’s box office strategy. Early reviews are positive, and Apple hopes the film’s realism and Formula One access will draw wide audiences ($AAPL).

• 📈 Palantir graduates to Russell 1000: Palantir will join the Russell 1000 after surging 460%, forcing a rebalance that cuts tech weighting in the Russell Midcap Growth index ($PLTR).

• 🥍 ESPN renews Premier Lacrosse League deal: ESPN extended its PLL broadcast agreement through 2030 and acquired a 3% stake in the league, betting on growing lacrosse viewership and sponsorships ($DIS).

• 🛴 Lime eyes 2026 IPO after revenue growth: Uber-backed Lime hired Goldman Sachs and JPMorgan to explore a 2026 IPO after posting $686M in 2024 revenue and a second year of positive free cash flow ($UBER, $GS, $JPM).

APP
Bumble Cuts 30% of Workforce as It Struggles to Regain Growth

Love Hurts (Especially If You're on Payroll)

Bumble is slashing about 30% of its workforce, roughly 240 roles, as it tries to get lean and regain its spark. CEO and founder Whitney Wolfe Herd, who recently returned to the helm, says the cuts will save up to $40 million annually, most of which will be reinvested in product and tech development. The company expects $13–18 million in severance charges this year.

Investors swiped right: shares jumped 25% after the announcement, and Bumble raised its Q2 revenue guidance to $244–$249 million, while also hiking its adjusted EBITDA forecast.

From Dating App to Restructuring Lab

Wolfe Herd called the layoffs part of a reset to make Bumble more “agile and decisive,” essentially, back to its startup roots. It’s not the company’s first culling either. Bumble laid off a similar number of employees in 2024. Match Group, which owns Tinder and Hinge, has been doing the same, axing 13% of its workforce in May as both companies try to figure out what Gen Z daters even want anymore.

Bumble has its eyes on reviving user trust and product stickiness, especially through features like Bumble BFF and new self-love quizzes. But it’s not clear if that’ll fix the core problem. The dating pool isn’t just dry, it’s disillusioned.

Still Not a Love Story: Despite the stock bump, Bumble’s long-term picture is still cloudy. Shares are down over 91% since its 2021 IPO, and the company’s market cap has shrunk from $7.7 billion to under $1 billion. Q1 revenue was down nearly 8%, and paying users flatlined at 4 million.

Bottom line: Bumble may be trying to love itself first, but Wall Street isn’t quite ready to commit.

Calendar
On The Horizon

Tomorrow

After a calm stretch of economic updates, Thursday delivers a packed schedule: jobless claims, durable goods, the latest US trade data, a fresh GDP revision, and pending home sales—all hitting before noon.

On the corporate side, big consumer names are reporting. Nike, Walgreens, and McCormick will give a window into spending habits, retail trends, and whether shoppers are still reaching for sneakers, meds, and spice racks.

NEWS
The Daily Rundown

• 📉 Powell Urges Patience on Rates: Fed Chair Jerome Powell told Congress the central bank needs more inflation data before cutting rates, stressing a “wait and see” approach. While July is still on the table, internal Fed forecasts remain divided, with Trump allies pushing for quicker cuts. Powell maintained the Fed’s independence amid growing political pressure.

  🗳 Mamdani Beats Cuomo in NYC Primary: Assemblyman Zohran Mamdani, a democratic socialist, defeated former Gov. Andrew Cuomo in the NYC Democratic mayoral primary with 43.5% of the vote. Cuomo conceded but hinted at a possible independent run in November. Final results are expected next week.

  ✈️ Air Conflicts Disrupt Global Flights: The Israel–Iran conflict and other global tensions have rendered vast regions off-limits for air travel, rerouting flights and stranding passengers. Risk analysts say global no-fly zones have surged 65% since 2021, creating congestion and forcing pilots to deal with GPS jamming near warzones.

  💍 Bezos Wedding Sparks Venice Protests: Jeff Bezos and Lauren Sánchez’s wedding plans in Venice have triggered backlash from locals concerned about overtourism, climate impact, and monopolized resources. Officials estimate the event will pump $23–34 million into the economy, but residents remain unconvinced it will help them.

  ✈️ Boeing, FAA Blamed for Door Blowout: The NTSB said both Boeing and the FAA were at fault for the mid-flight door plug incident on an Alaska Airlines jet in January 2024. A formal report is expected soon, but the findings highlight ongoing scrutiny of aircraft safety protocols.

  🛴 Lime Eyes IPO: Lime, known for its bright green scooters scattered across cities, has hired an investment bank to prepare for a public offering, per Reuters.The micromobility firm hopes to capitalize on urban demand as it looks to expand.

  🤖 Anthropic Wins AI Copyright Case: A federal judge ruled in favor of AI company Anthropic, declaring that using legally purchased books to train models qualifies as fair use. The decision is a major win for the AI industry as copyright battles heat up.

  🎮 Xbox Faces More Layoffs: Microsoft is reportedly planning a fourth round of layoffs at Xbox next week. The gaming division has seen repeated job cuts over the last 18 months, as the company streamlines amid shifting consumer trends and game delays.

  🏆 Genital Ad Wins at Cannes: An ad campaign aimed at destigmatizing genital herpes took home the top prize at the Cannes Lions marketing festival. The bold approach earned praise for its honesty and impact, marking a shift in how brands tackle taboo health issues.

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