The S&P, Dow, and Nasdaq all hit new all-time highs. 

JOLTS landed. Job openings rose to 7.6 million in April, crushing the 6.8 million estimate. That is the highest since May 2024. Cleveland Fed President Hammack said hours later that if current trends continue, it may soon be appropriate to act. She is a voting member and she is not talking about cuts.

The market hit records on AI momentum. Then JOLTS landed at 10am with 7.6 million openings. Then Hammack spoke hours later and said hikes may be coming. Records in the morning. The hawks' strongest data in weeks by afternoon.

Rate-sensitive names that rallied on deal hope now face pressure from two directions. The first is Iran. Suspended talks removed the diplomatic path the market spent May pricing. The second is JOLTS at 7.6 million paired with Hammack's hike signal. Homebuilders, utilities, and REITs are caught between both.

Early Amazon investors saw extraordinary gains after its IPO. But if you missed that moment, a far larger opportunity may be forming.

According to Capital.com, Elon Musk’s Starlink could be preparing to go public — and Fortune says it may become the biggest IPO in history.

With an estimated $100+ billion valuation, Starlink’s potential IPO would be 287x larger than Amazon’s, and significantly bigger than Apple, Microsoft, and Nvidia’s debuts.

That level of scale could create a rare early-stage window — before Wall Street fully steps in.

Now, James Altucher is revealing how individual investors may be able to gain pre-IPO exposure to Starlink with as little as $100.

See how to position yourself ahead of the IPO.

Jensen Huang said Marvell Technology (MRVL) could be the next trillion-dollar company at Computex. The stock surged 29%. His reasoning was specific. AI data centers are sprawling across entire campuses. The bottleneck is no longer the GPU. It is the connectivity between GPUs. Marvell makes the chips that connect them at AI inference speeds.

Nvidia (NVDA) invested $2 billion in Marvell back in March. Huang is not just predicting Marvell's future. He is describing his own supply chain and telling you which part gets scarce next.

The AI trade has run in phases. First Nvidia. Then memory with Micron (MU). Then servers with Dell (DELL) and HPE. Now connectivity. Each phase reflects a real bottleneck shifting to the next layer. Marvell is the clearest name in the connectivity layer. Broadcom (AVGO) is the other. Broadcom reports Thursday. If it confirms the same demand story, the connectivity trade has two confirmation prints in one week.

Own the connectivity layer before the broader market catches up to where the bottleneck actually moved. Broadcom Thursday is the second data point. If it confirms, the trade has legs.

Alphabet (GOOGL) announced it is raising $80 billion through equity issuance. Ten billion goes directly to Berkshire Hathaway. Thirty billion is underwritten publicly. Forty billion sells into the open market. The stock fell 2.5%.

Alphabet has operating margins among the highest of any large company on earth. The fact that it still needs to raise $80 billion in equity tells you exactly how large AI infrastructure spending has become. This is not a distressed company. It is a signal that AI capex has grown beyond what even the most profitable tech companies can fund internally.

The Berkshire piece is worth noting. Warren Buffett built his reputation avoiding large tech bets. Greg Abel is now deploying Berkshire capital directly into one of the largest AI infrastructure commitments in history. That is a meaningful shift in how the world's most patient capital allocates.

The $40 billion market placement hits in tranches. At the next index rebalancing date, passive funds absorb the new float without choice. That is a persistent headwind on Alphabet until the placement clears. Watch the stock's relative performance against the Nasdaq over that window.

You won't get an allocation. Neither will your broker. The banks and insiders already locked it up.

But here's what they missed.

One small, publicly traded company sits in the direct path of this $1.75 trillion event — building the one piece of infrastructure Musk cannot operate without.

Colossus doesn't run without it.

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Moody's changed its outlook to negative on Blackstone Secured Lending (BXSL) and Golub Capital (GBDC). The default rate at the Blackstone fund jumped to 4.7% from 0.6% in a single quarter. The primary cause was software company loans facing revenue pressure from AI competition.

Blackstone's fund has 21% exposure to software company loans. Golub's is 26%. These are loans made to mid-market software companies that are now competing with AI tools doing the same work faster and cheaper. The borrowers are losing customers. The debt costs are rising. Both at the same time.

This is the private credit fault line that has been building all year. It is not just an energy story. AI disruption is now showing up directly in loan default data. Stress in private credit builds slowly and then becomes visible quickly.

Two negative Moody's outlooks is the beginning of visibility, not the end of the cycle. Watch the broader BDC sector for widening credit spreads. The funds with the highest software company loan concentrations are most exposed.

Victoria's Secret (VSXY) surged nearly 50% on its first day under its new ticker. EPS doubled estimates. Two consecutive quarters of real turnaround driven by brand heat rather than discounting. The comeback is no longer a thesis. It is in the numbers. The brand is gaining with 18-to-24 year olds across income brackets, the exact consumer segment that has been trading down everywhere else this month. When a struggling brand finds traction with a cash-strapped younger buyer, it is winning on identity, not price. That is durable in a way discounting never is.

Gold overtook US Treasuries in global foreign reserves for the first time. Gold is now 27% of central bank holdings. Treasuries are 22%. When the world's central banks collectively hold more gold than US government debt, the dollar's reserve currency status deserves a closer look than it has been getting.

Warren Buffett famously said, “If you don't find a way to make money while you sleep, you will work until you die.”

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Disclaimer:  Please read the offering circular and related risks at invest.modemobile.com. This is a paid advertisement for Mode Mobile’s Regulation A+ Offering. Mode Mobile recently received their ticker reservation with Nasdaq ($MODE), indicating an intent to IPO in the next 24 months. An intent to IPO is no guarantee that an actual IPO will occur. The Deloitte rankings are based on submitted applications and public company database research, with winners selected based on their fiscal-year revenue growth percentage over a three-year period.

Records. Tight labor. A hawk getting louder. The next trillion-dollar company named.

The AI earnings cycle keeps confirming itself. HPE, Dell, Marvell. Three consecutive prints from the server and connectivity layer. The demand is real and it is not slowing.

Friday's payrolls land into all of it. One number. Two completely different markets on either side of it.