Market Plunge, AI Spending Spree, and SpaceX IPO Frenzy

Summary

Major global indices, including the Dow Jones and S&P 500, saw significant plunges on Friday, falling 2.64% and 4.77% respectively, after the non-farm payrolls report showed 172,000 jobs added, fueling fears of interest rate hikes. Tech giants like Alphabet are raising billions for AI, with Amazon, Microsoft, and Meta expected to spend a combined $800 billion on AI investments in 2026. SpaceX is set for its IPO on June 12th at $135 per share, symbol SPCX, with expectations of massive retail demand and a potential market cap exceeding $2 trillion. Blackstone is limiting redemptions from its credit fund to 5% per quarter. In the UK, Nigel Farage's Reform UK party is gaining traction in local elections. The European Central Bank and Bank of Japan are expected to raise interest rates this week, while the US Federal Reserve is likely to hold rates steady for now but may hike later in the year. Gold prices fell 4.64% to $4,323 and silver dropped 9.72%, despite central banks indicating plans to increase gold holdings. Bitcoin and Ethereum also experienced significant drops, down 7.63% and 15.1% respectively. Geneva, Switzerland, is entering a lockdown from June 10th to June 19th due to the G7 summit in nearby Evian, France, with enhanced security measures and border restrictions in place to prevent a repeat of 2003 riots. The speaker also promotes a series of children's financial literacy books titled 'Little Trot'.