①AbbVie announced its acquisition of biotechnology company Apogee Therapeutics for $10.9 billion.
②SpaceX signed a computing power cooperation agreement with open-source AI startup Reflection.
③Chevron partnered with Microsoft to supply natural gas directly from oil fields to data centers.
If the data comes in stronger than market expectations, it could further reinforce investors’ judgment that the Federal Reserve will maintain its hawkish stance. Previously, Warsh emphasized at last week’s policy meeting the need to continue taking measures to curb inflation. Market Overview At the close, the Dow Jones Industrial Average rose 148.01 points, or 0.29%, to 51,712.17. The Nasdaq Composite fell 351.33 points, or 1.32%, to 26,166.60. The S&P 500 declined 27.79 points, or 0.37%, to 7,472.79. Among the 11 sectors of the S&P 500, the telecommunications sector closed down 3.83%, the consumer discretionary sector fell 2.33%, and the information technology/technology sector declined 0.04%. The energy sector rose 1.24%, and the real estate sector gained 1.38%. Most U.S. sector ETFs closed higher. The biotech index ETF gained 1.94%, the semiconductor ETF rose 1.37%, the energy sector ETF advanced 1.28%, and the global technology stock index ETF added 0.59%. In contrast, the consumer discretionary ETF closed down 1.70%, and the internet stock index ETF fell 2.24%. Performance of Popular Stocks Most large-cap technology stocks declined. Tesla rose 1.14%, Apple fell 0.34%, Nvidia declined 0.97%, Meta dropped 2.32%, Microsoft slid 3.18%, Amazon fell 4.75%, and SpaceX declined 16.4%. Alphabet fell approximately 5%, triggered by the departure of two key AI talents from the company, who respectively joined Anthropic and OpenAI. Memory giant Micron Technology surged 6.8%, hitting a new all-time high, with the company’s market capitalization reaching $1.37 trillion. The company announced a strategic agreement with Anthropic covering memory and storage AI architecture design, supply-demand collaboration, and enterprise-level applications of Claude within Micron. Apogee Therapeutics shares surged 47% after pharmaceutical giant AbbVie announced it would acquire the biotechnology company Apogee Therapeutics for $10.9 billion. This marks AbbVie’s largest merger and acquisition deal in more than five years, aimed at strengthening its treatment pipeline for inflammatory diseases such as atopic dermatitis and asthma. The Livermore China ADR Leaders Index closed up 0.7%. Among its constituent stocks, UMC rose 13.68%, ASE Technology Holding gained 6.84%, Nanya Technology advanced 6.49%, Legend Biotech rose 4.78%, and Silicon Motion gained 4.9%.
78%. Company News 【Morgan Stanley Plans $1.3 Billion New Office Tower to Expand Dallas Operations】 According to Dallas city government documents, Morgan Stanley plans to consolidate its multiple departments scattered across Dallas with growing operations into a 709,000-square-foot skyscraper at 2401 McKinney Avenue. The property is owned by Trammell Crow Company and is less than a mile from Goldman Sachs’ $500 million campus currently under construction locally. The building currently houses a seafood restaurant and a closed gym. Morgan Stanley plans to invest approximately $684 million in the property before 2031, while the developer will contribute about $650 million for the building’s construction. Documents show that by the end of 2039, the tower could accommodate up to 4,800 jobs. During the construction period, Morgan Stanley plans to lease 255,000 square feet of office space in a nearby building for a term slightly exceeding four years. 【Reports: SpaceX to Issue Investment-Grade Bonds for First Time, Bankers Pitching to Investors】 After completing a record-breaking $75 billion U.S. IPO, SpaceX has initiated its first issuance of investment-grade bonds, which is expected to trigger a wave of large-scale debt raising to fund its artificial intelligence initiatives. According to sources familiar with the matter, several banks that provided short-term bridge financing to SpaceX—including Bank of America, Citigroup, Goldman Sachs, JPMorgan, and Morgan Stanley—arranged conference calls with investors on Monday. The sources indicated that a bond issuance is expected to follow, with maturities ranging from five to thirty years. 【SpaceX and Open-Source AI Startup Reflection Sign Computing Power Cooperation Agreement with Contract Value up to $6.3 Billion】 SpaceX has signed a major computing power cooperation agreement with Reflection AI, making this open-source artificial intelligence startup another external company to lease computing infrastructure from Musk’s “Giant” data centers. Under the agreement, Reflection can immediately activate Nvidia GB300 chips—the top-tier AI chips used for training and running cutting-edge large models. The two parties have agreed that from July 1, 2026, to 2029, Reflection will pay SpaceX $150 million per month in computing power rent. If the contract is fully executed until expiration, the total transaction value would be approximately $6.3 billion. After the contract has been in effect for three months, either party may terminate the cooperation with 90 days’ prior written notice. 【Chevron Partners with Microsoft for Direct Natural Gas Supply from Oil Fields to Data Centers】
On Monday, U.S. oil giant Chevron Corporation signed a 20-year agreement with cloud computing titan Microsoft to supply natural gas, described as “more than can be utilized” during oilfield extraction, directly to a data center power plant. The power plant is expected to generate its first electricity in 2028, with capacity gradually increasing to 2.67 gigawatts over subsequent years. The oil major is collaborating with investment fund Engine No. 1, with a final investment decision planned for later this year.
