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   Daily 2026-06-09
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                      <div style="font-family:Trispace,monospace;font-size:12px;line-height:1.5;text-align:left;color:#7F879C;">
                       All metrics are as of the latest market close.
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<table align="center" border="0" cellpadding="0" cellspacing="0" class="" role="presentation" style="width:568px;" width="568" bgcolor="#f8f9ff"><tr><td style="line-height:0px;font-size:0px;mso-line-height-rule:exactly;">
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                  <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="" width="100%">
                   <tbody>
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                     <td align="left" class="s9">
                      <table border="0" cellpadding="0" cellspacing="0" style="color:#000000;font-family:Inter,sans-serif;font-size:13px;line-height:22px;table-layout:auto;width:100%;border:none;" width="100%">
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                         <td class="s25">
                          S&amp;P 500
                         </td>
                         <td class="s26">
                          0.26% ▼
                         </td>
                         <td class="s27">
                          7,386
                         </td>
                        </tr>
                        <tr>
                         <td class="s25">
                          GOLD
                         </td>
                         <td class="s26">
                          1.85% ▼
                         </td>
                         <td class="s27">
                          $4,283
                         </td>
                        </tr>
                        <tr>
                         <td class="s25">
                          BITCOIN*
                         </td>
                         <td class="s26">
                          2.19% ▼
                         </td>
                         <td class="s27">
                          $62,038
                         </td>
                        </tr>
                        <tr>
                         <td colspan="3" style="font-size:10px;font-family:Trispace,monospace;color:#7F879C;padding:0">
                          *24-hour change
                         </td>
                        </tr>
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                    </tr>
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                      <div style="font-family:Inter,sans-serif;font-size:1px;line-height:1.5;text-align:left;color:#000000;">
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                     <td align="left" class="s9">
                      <table border="0" cellpadding="0" cellspacing="0" style="color:#000000;font-family:Inter,sans-serif;font-size:13px;line-height:22px;table-layout:auto;width:100%;border:none;" width="100%">
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                         <td class="s25">
                          FTSE 100
                         </td>
                         <td class="s26">
                          1.26% ▼
                         </td>
                         <td class="s27">
                          10,242
                         </td>
                        </tr>
                        <tr>
                         <td class="s25">
                          BRENT OIL
                         </td>
                         <td class="s26">
                          2.71% ▼
                         </td>
                         <td class="s27">
                          $91.70
                         </td>
                        </tr>
                        <tr>
                         <td class="s25">
                          US BONDS*
                         </td>
                         <td style="font-size:12px;color:#16B166;font-weight:500;font-family:Trispace,monospace;width:30%;vertical-align:baseline;padding:10px 0 0 0">
                          0.03% ▼
                         </td>
                         <td class="s27">
                          4.53%
                         </td>
                        </tr>
                        <tr>
                         <td colspan="3" style="font-size:10px;font-family:Trispace,monospace;color:#7F879C;padding:0">
                          *10-year government yield
                         </td>
                        </tr>
                       </tbody>
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                    </tr>
                   </tbody>
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                 </td>
                </tr>
               </tbody>
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                      </p>
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</td></tr></table>
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                 <div style="font-family:Inter,sans-serif;font-size:14px;font-weight:700;line-height:1.5;text-align:left;color:#181c25;">
                  WALL STREET FEAR GAUGE INDEX 
(
                  <a style="font-weight:400;font-family:Trispace,monospace">
                   VIX
                  </a>
                  )
                 </div>
                </td>
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        <!--[if mso | IE]>
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                    <td style="width:536px;">
                     <img alt="Wall Street Fear Gauge Index" class="s12" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Ffinimize-img.imgix.net%252Fhttps%253A%252F%252Fimages.bannerbear.com%252Fdirect%252F7Q4rjJzQn7vZo8qPOx%252Frequests%252F000%252F148%252F850%252F296%252F5nDZ3xmVezbb37Lozy2qpdWj9%252Fb48c8e5ee23d4339fb5e68cc6dc0e9a8d989b9b2.png%253Fauto%253Dformat%2526fit%253Dclip%2526h%253DNone%2526ixlib%253Dpython-3.1.2%2526w%253D1200%2526s%253Dfc30eff6acc6911b538ff7071d9c2be6/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3ODEwNDI1NDAuNzI5NDgxfQ:1wX4Wa:cgUfTX1Sa3Ra9WxPPUmdFEzOBgqbHdDDXhJ1zwCLaFY" width="536"/>
                    </td>
                   </tr>
                  </tbody>
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                </td>
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        <!--[if mso | IE]>
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                   <tbody>
                    <tr>
                     <td align="left" class="s32">
                      <div class="s33">
                       <p data-block-key="10zqs">
                        <b>
                         🙊
                        </b>
                        OpenAI made a confidential IPO filing – cueing up
                        <i>
                         another
                        </i>
                        mega debut
                       </p>
                       <p data-block-key="a9i0u">
                        🚀
                        <b>
                         FOR PRO MEMBERS:
                        </b>
                        SpaceX IPO: Should you invest at a $1.8 trillion valuation?
                       </p>
                       <p data-block-key="cu841">
                        🇨🇳 China’s got the goods and it’s selling them
                       </p>
                       <p data-block-key="bvg40">
                        <b>
                         👇 Keep
reading to find out more
                        </b>
                       </p>
                      </div>
                     </td>
                    </tr>
                   </tbody>
                  </table>
                 </td>
                </tr>
               </tbody>
              </table>
             </div>
             <!--[if mso | IE]>
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<![endif]-->
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        <!--[if mso | IE]>
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                   <mj-raw>
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                     👀
                    </span>
                    <span class="s22">
                     Today's headlines
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                     AI Confidential
                    </span>
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                       <img alt="AI Confidential" class="s12" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Ffinimize-img.imgix.net%252Fhttps%253A%252F%252Fchivas-assets.s3-eu-west-1.amazonaws.com%252Fstatic%252Fimages%252FEditorial-090626-OpenAI.original.jpg%253Fauto%253Dformat%2526fit%253Dcrop%2526h%253D600%2526ixlib%253Dpython-3.1.2%2526w%253D1200%2526s%253D6f35bf7a685a09402bde28361a565a91/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3ODEwNDI1NDAuNzI5NjY3N30:1wX4Wa:SemrJQPo37F63PVMV5K36ML5of_j733QGgEMZDKUfW4" width="568"/>
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                  <div class="s33">
                   <p data-block-key="h7iwb">
                    <b>
                     What’s going on here?
                    </b>
                   </p>
                   <p data-block-key="5qrif">
                    OpenAI just made its stock debut plans a little more eyes-only: the ChatGPT creator
                    <a>
                     announced
                    </a>
                    on Monday that it submitted a confidential filing for a US IPO.
                   </p>
                   <p data-block-key="bj0tl">
                    <b>
                     What does this mean?
                    </b>
                   </p>
                   <p data-block-key="8nssi">
                    OpenAI was founded more than a decade
ago, but its growth really took off after the 2022 release of ChatGPT, the OG AI buddy (and therapist, and doctor, and sous chef…). Just recently, the company was valued at more than $850 billion.
                   </p>
                   <p data-block-key="7fs58">
                    ▶ And sure, OpenAI cautioned that it hasn’t set a timeline for its stock launch yet (staying private has its advantages). But the filing lets it open its books to regulators before the public and prospective investors – and that sounds a lot like an IPO is on the way.
                   </p>
                   <p data-block-key="ckbtg">
                    <b>
                     Why should I care?
                    </b>
                   </p>
                   <p data-block-key="7kemp">
                    <b>
                     <i>
                      For markets:
                     </i>
                    </b>
                    <i>
                     Record-breaking hat trick.
                    </i>
                   </p>
                   <p data-block-key="50hov">
                    OpenAI isn’t the only jumbo IPO headed for markets this year.
                    <b>
                     Anthropic
                    </b>
                    , maker of rival chatbot Claude,
                    <i>
                     also
                    </i>
                    confidentially filed for an IPO this month, after a fundraising round valued it at $965 billion. Both mega-companies still trail behind
                    <b>
                     SpaceX
                    </b>
                    , though: Elon Musk’s rocket, satellite, and AI empire is
set to list on the Nasdaq this Friday with a valuation of roughly $1.8
                    <i>
                     trillion
                    </i>
                    .
                   </p>
                   <p data-block-key="32un6">
                    ▶ Individually, each one of these giants could surpass the record IPO set by
                    <b>
                     Saudi Aramco
                    </b>
                    in 2019. And those swollen valuations reflect a broader trend: companies have been staying private – soaking up capital from private equity, private credit, and sovereign wealth funds – for longer than ever before.
                   </p>
                   <p data-block-key="4u9t8">
                    <b>
                     <i>
                      The bigger picture:
                     </i>
                    </b>
                    <i>
                     Selling picks and shovels in a gold rush.
                    </i>
                   </p>
                   <p data-block-key="emja1">
                    OpenAI, Anthropic, and SpaceX are the flashier faces of the AI boom. But the massive spending by them and other tech behemoths on AI infrastructure is boosting the fortunes of some less glamorous companies, too. Construction companies, utilities, and miners are all seeing sales, profits, and share prices climb.
                   </p>
                   <p data-block-key="5a3gb">
                    🔺The funds raised in these big IPOs will likely fuel the AI build even further
– and keep those orders for picks and shovels coming.
                   </p>
                  </div>
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                   <p data-block-key="pr7ai">
                    <a>
                     <b>
                      SpaceX
                     </b>
                    </a>
                    is about to make history.
                   </p>
                   <p data-block-key="e1g2l">
                    On Friday,
                    <a>
                     Elon Musk’s rocket empire
                    </a>
                    is expected to debut on the Nasdaq under the ticker
                    <b>
                     SPCX,
                    </b>
                    raising a record $75 billion in an IPO that would value the company at roughly $1.8 trillion.
                   </p>
                   <p data-block-key="1c85u">
                    That makes it the biggest public listing ever attempted
and, frankly, one of the
                    <a>
                     most interesting
                    </a>
                    : part rocket company, part satellite internet giant, part AI moonshot.
                   </p>
                   <p data-block-key="bgg7n">
                    So this feels like exactly the right moment to revisit
                    <a>
                     SpaceX’s businesses
                    </a>
                    , building on the
                    <a>
                     deep dive
                    </a>
                    I did last
month.
                   </p>
                   <p data-block-key="b7i2u">
                    I’ll walk through
                    <a>
                     the biggest takeaways
                    </a>
                    from the firm’s prospectus, update my valuation model, and lay out how investors who miss out on an IPO allocation can still gain exposure before the stock starts trading.
                   </p>
                   <p data-block-key="1ebce">
                    That’s today’s Research:
                    <a>
                     the SpaceX IPO and what to know before you buy in
                    </a>
                    .
                   </p>
                   <p data-block-key="3n5vv">
                    <a>
                     <b>
                      Read or listen to the Research
                     </b>
                    </a>
                   </p>
                   <p data-block-key="7r61d">
                    <a>
                     <b>
                      Or sign up for a free one-week trial of Finimize Pro
                     </b>
                    </a>
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             <!--[if mso | IE]>
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                 <td align="left" class="s15">
                  <div class="s35">
                   <mj-raw>
                    <span class="s36">
                     Made In China
                    </span>
                   </mj-raw>
                  </div>
                 </td>
                </tr>
                <tr>
                 <td align="center" class="s5">
                  <table border="0" cellpadding="0" cellspacing="0" class="s10" role="presentation">
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                      <a target="_blank">
                       <img alt="Made In China" class="s12" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Ffinimize-img.imgix.net%252Fhttps%253A%252F%252Fchivas-assets.s3-eu-west-1.amazonaws.com%252Fstatic%252Fimages%252FEditorial-090626-AIChina.original.jpg%253Fauto%253Dformat%2526fit%253Dcrop%2526h%253D600%2526ixlib%253Dpython-3.1.2%2526w%253D1200%2526s%253D1a8a90f23f81010336a93928384b3743/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3ODEwNDI1NDAuNzMwNDc5N30:1wX4Wa:vw4ZiWWrMrcnGugWLzGArbo9Zfo9GYgY4SGNJ42pXlw" width="568"/>
                      </a>
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                   <p data-block-key="douq7">
                    <b>
                     What’s going on here?
                    </b>
                   </p>
                   <p data-block-key="7ag2f">
                    China’s exports
                    <i>
                     and
                    </i>
                    imports blew past expectations last month – as more goods were stamped “Made in China”.
                   </p>
                   <p data-block-key="aq14q">
                    <b>
                     What does this mean?
                    </b>
                   </p>
                   <p data-block-key="9465m">
                    Companies are throwing billions at AI infrastructure – and they’re buying a lot of the hardware, chips, networking gear, circuits, and servers from China.
That’s given the world’s second-biggest economy a cushion against the effects of the Middle East war and higher oil prices.
                   </p>
                   <p data-block-key="diluj">
                    🔺China sold $376 billion in goods to other countries in May – 19% more than a year ago. It also bought 27% more from other countries, but the total bill came to just $271 billion. So with its exports outweighing its imports, that left a trade surplus of $105.4 billion – more than forecast and the biggest since January.
                   </p>
                   <p data-block-key="9v68">
                    🔺And it wasn’t
                    <i>
                     only
                    </i>
                    AI driving growth. Demand for China’s green exports, including solar tech, also pushed the needle higher – EV exports alone jumped 40%.
                   </p>
                   <p data-block-key="539l1">
                    <b>
                     Why should I care?
                    </b>
                   </p>
                   <p data-block-key="boubk">
                    <b>
                     <i>
                      Zooming in:
                     </i>
                    </b>
                    <i>
                     China’s factory floors are buzzing, even if its store floors aren’t.
                    </i>
                   </p>
                   <p data-block-key="d1nr0">
                    Shipping more goods abroad was a big help. The Chinese economy’s been stuck with a property slump
and weak consumer demand for a while – domestic sales of EVs were down 22% in May, for example.
                   </p>
                   <p data-block-key="ejd89">
                    ⚠️ Strong export growth reduces the pressure on policymakers to roll out another big stimulus package. But it also reinforces the country’s two-tier economy, where manufacturing and export activity make up for lackluster consumer spending.
                   </p>
                   <p data-block-key="80u3e">
                    <b>
                     <i>
                      The bigger picture:
                     </i>
                    </b>
                    <i>
                     Going it alone.
                    </i>
                   </p>
                   <p data-block-key="3l938">
                    China wants to do
more than just supply the rest of the world's AI expansion, though – it wants to add firepower to its own boom. The country plans to spend $295 billion over the next five years on domestic data centers, turning to local suppliers for the chips and other equipment. The goal is clear: reduce reliance on US tech and build a homegrown, China-controlled nationwide computing network.
                   </p>
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                    <span class="s22">
                     Sponsored by CoinShares
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                  <div class="s33">
                   <h3 data-block-key="5n78q">
                    You know
                    <a brief="" users="" v2="">
                     <b>
                      bitcoin
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                    </a>
                    and
                    <a brief="" users="" v2="">
                     <b>
                      ether
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                    </a>
                    top the charts – but if you’re building a long-term crypto portfolio, you need to know
                    <i>
                     why
                    </i>
                    .
                   </h3>
                   <p data-block-key="3pbqt">
                    Bitcoin’s built around strict digital scarcity, which is why some investors
treat it like a long-term store of value in a world of money printing.
                   </p>
                   <p data-block-key="a3p8q">
                    Ether, on the other hand, is the fuel that keeps DeFi, stablecoins, and a lot of on-chain applications running, making it a bet on the growth of an entire digital economy rather than just a single coin.
                   </p>
                   <p data-block-key="au6si">
                    Put them together and you don’t just “own some crypto” – you’re
                    <a brief="" users="" v2="">
                     <b>
                      plugged into both security and innovation at the same time
                     </b>
                    </a>
                    .
                   </p>
                   <p data-block-key="2kr3m">
                    <a brief="" users="" v2="">
                     <b>
                      Find out how that actually fits into a real portfolio in practice in this free read
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                    </a>
                    .
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                        Read
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                     ✨
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                    is a great way to stay on top of the markets. But if you’ve ever clicked on one of our brilliant headlines and run smack into a paywall, what’s behind it is
                    <a>
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                    That’s where our weekly deep dives live, along with our model portfolios, updates on every open trade, and monthly online meetups with our analysts. In other words, the full Finimize
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                    As for those investing ideas: they’ve done really well. Since we launched, the
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                    That pretty much
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                  </div>
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                        Explore Pro
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                </tr>
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<table role="presentation" border="0" cellpadding="0" cellspacing="0"><tr><td class="" style="vertical-align:top;width:568px;">
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               <tbody>
                <tr>
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                  <div class="s20">
                   <mj-raw>
                    <span class="s21">
                     🖋️
                    </span>
                    <span class="s22">
                     Quote of the day
                    </span>
                   </mj-raw>
                  </div>
                 </td>
                </tr>
               </tbody>
              </table>
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             <!--[if mso | IE]>
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        <!--[if mso | IE]>
</td></tr></table>
</td></tr><tr><td class="" width="600px">
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<![endif]-->
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             <!--[if mso | IE]>
<table role="presentation" border="0" cellpadding="0" cellspacing="0"><tr><td class="" style="vertical-align:top;width:568px;">
<![endif]-->
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              <table border="0" cellpadding="0" cellspacing="0" class="s4" role="presentation" width="100%">
               <tbody>
                <tr>
                 <td align="left" class="s5">
                  <div class="s33">
                   <strong>
                    "As I hurtled through space, one thought kept crossing my mind: every part of this rocket was supplied by the lowest bidder."
                   </strong>
                   – John Glenn (an American astronaut)
                  </div>
                 </td>
                </tr>
               </tbody>
              </table>
             </div>
             <!--[if mso | IE]>
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          </tbody>
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</td></tr></table>
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</td></tr></table>
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<![endif]-->
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<![endif]-->
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              <table border="0" cellpadding="0" cellspacing="0" class="s4" role="presentation" width="100%">
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                <tr>
                 <td align="left" class="s34">
                  <div class="s20">
                   <mj-raw>
                    <span class="s21">
                     🎯
                    </span>
                    <span class="s22">
                     On Our Radar
                    </span>
                   </mj-raw>
                  </div>
                 </td>
                </tr>
               </tbody>
              </table>
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             <!--[if mso | IE]>
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<![endif]-->
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              <table border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%">
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                   <tbody>
                    <tr>
                     <td align="left" class="s32">
                      <div class="s33">
                       <p data-block-key="aaghi">
                        <b>
                         1. Aliens in the AI age.
                        </b>
                        What deep fakes
                        <a>
                         mean for disclosure
                        </a>
                        .
                       </p>
                       <p data-block-key="512p0">
                        <b>
                         2. World Cup woes.
                        </b>
                        The real
reason the
                        <a>
                         beautiful game isn’t so lovely
                        </a>
                        in America.
                       </p>
                       <p data-block-key="7bgk">
                        <b>
                         3. Psst…
                        </b>
                        We found this great job, could be
                        <a>
                         a good fit
                        </a>
                        for you.
                       </p>
                      </div>
                     </td>
                    </tr>
                   </tbody>
                  </table>
                 </td>
                </tr>
               </tbody>
              </table>
             </div>
             <!--[if mso | IE]>
</td></tr></table>
<![endif]-->
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <!--[if mso | IE]>
</td></tr></table>
</td></tr></table>
<![endif]-->
       </td>
      </tr>
     </tbody>
    </table>
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   <!--[if mso | IE]>
</td></tr></table>
<table align="center" border="0" cellpadding="0" cellspacing="0" class="" role="presentation" style="width:600px;" width="600"><tr><td style="line-height:0px;font-size:0px;mso-line-height-rule:exactly;">
<![endif]-->
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        <!--[if mso | IE]>
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          <tbody>
           <tr>
            <td align="left" class="s5">
             <div class="s33">
              Stay classy, Sarah 😉 This issue of the Daily Brief was curated by
              <a style="color:inherit;font-weight:inherit">
               Russell
              </a>
              and
              <a style="color:inherit;font-weight:inherit">
               Linda
              </a>
              . Got an idea? A question?
              <a>
               Get in touch
              </a>
              .
             </div>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <!--[if mso | IE]>
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<![endif]-->
       </td>
      </tr>
     </tbody>
    </table>
   </div>
   <!--[if mso | IE]>
</td></tr></table>
<table align="center" border="0" cellpadding="0" cellspacing="0" class="" role="presentation" style="width:600px;" width="600"><tr><td style="line-height:0px;font-size:0px;mso-line-height-rule:exactly;">
<![endif]-->
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       <td style="direction:ltr;font-size:0px;padding:0 16px;text-align:center;">
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             <!--[if mso | IE]>
<table role="presentation" border="0" cellpadding="0" cellspacing="0"><tr><td class="" style="vertical-align:top;width:568px;">
<![endif]-->
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                 <td align="left" class="s34">
                  <div class="s20">
                   <mj-raw>
                    <span class="s21">
                     💌
                    </span>
                    <span class="s22">
                     THAT WAS GREAT FOR US... HOW WAS IT FOR YOU?
                    </span>
                   </mj-raw>
                  </div>
                 </td>
                </tr>
               </tbody>
              </table>
             </div>
             <!--[if mso | IE]>
</td></tr></table>
<![endif]-->
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        <!--[if mso | IE]>
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</td></tr></table>
<![endif]-->
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</td></tr></table>
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        <!--[if mso | IE]>
<table role="presentation" border="0" cellpadding="0" cellspacing="0"><tr><td class="" style="vertical-align:top;width:189.33333333333337px;">
<![endif]-->
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         <table border="0" cellpadding="0" cellspacing="0" class="s4" role="presentation" width="100%">
          <tbody>
           <tr>
            <td align="center" class="s41">
             <table border="0" cellpadding="0" cellspacing="0" class="s42" role="presentation">
              <tbody>
               <tr>
                <td align="center" bgcolor="#f8f9ff" class="s43" role="presentation" valign="middle">
                 <a class="s44" target="_blank">
                  <span aria-hidden="true" role="img">
                   🔥
                  </span>
                  Hot stuff
                 </a>
                </td>
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            </td>
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          </tbody>
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        <!--[if mso | IE]>
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          <tbody>
           <tr>
            <td align="center" class="s41">
             <table border="0" cellpadding="0" cellspacing="0" class="s42" role="presentation">
              <tbody>
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                <td align="center" bgcolor="#f8f9ff" class="s43" role="presentation" valign="middle">
                 <a class="s44" target="_blank">
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                   👍
                  </span>
                  Just alright
                 </a>
                </td>
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            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <!--[if mso | IE]>
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            <td align="center" class="s41">
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              <tbody>
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                <td align="center" bgcolor="#f8f9ff" class="s43" role="presentation" valign="middle">
                 <a class="s44" target="_blank">
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                   😒
                  </span>
                  ...Meh
                 </a>
                </td>
               </tr>
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            </td>
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          </tbody>
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        <!--[if mso | IE]>
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<![endif]-->
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