Highlights of the week: Nasdaq and Kospi collapse, SpaceX price, growth of gold share in reserves

SpaceX has announced the share price it intends to set in its offering. Anthropic has filed a confidential IPO filing. On stock exchanges in the U.S. and South Korea - a sell-off. The U.S. labor market report alarmed the markets. Gold overtook U.S. Treasury bonds for the first time by the share in the reserves of central banks. The main events from June 1 to June 5 - in our review.

SpaceX intends to place almost 555.6 million shares at a price of $135 per paper, which will raise about $75 billion, Reuters reported, citing sources. At such an assessment, its value will reach $1.75 trillion, it will be among the top ten most expensive public companies in the world. For comparison - the capitalization of Tesla on Friday evening, June 5, was about $1.5 trillion.

What explains such a high valuation? Goldman Sachs believes that the revenue of SpaceX's AI division will increase 100 times, from $3.2 billion in 2025 to $322 billion in 2030, and the total revenue of the space company - more than 25 times, from $18.7 billion last year to $474 billion by the end of the decade. That is, the investment bank expects that the AI-direction by the end of the decade will be the main revenue of SpaceX, while now the main share of revenue comes from Starlink.

The IPO itself is scheduled for June 11, and trading will begin a day later. The company intends to offer about a quarter of the securities to private investors.

Read also:

- Musk's company will not be able to enter the S&P 500 index for at least a year after going public - details in the material "SpaceX will not enter the S&P 500 immediately after the IPO: the provider refused to change the rules"

AI developer Anthropic has filed a confidential IPO filing with the SEC. The company did not disclose the parameters of the deal, noting that the terms and conditions will depend on market conditions.

Anthropic announced on May 28 that it closed a $965 billion funding round. In Ma, its annualized revenue at current rates reached $47 billion, compared to $10 billion last year.

Read also:

- This year's largest offerings may give investors a chance to bet against AI - details in "AI boom peaks and the beginning of the end: IPOs of SpaceX, Anthropic and OpenAI could crash the market"

- The expected largest IPOs of this year may have caused the fall of the cryptocurrency market. Details - in the material "Bitcoin collapsed below $60,000 for the first time since October 2024. Is this the first victim of the IPO SpaceX?"

In May, 172 thousand new jobs were created in the U.S. outside the agricultural sector, while the market consensus suggested an increase of 80 thousand. Unemployment remained at 4.3%, according to the U.S. Bureau of Labor Statistics.

After the release of this data, the yield on two-year U.S. Treasuries, which usually rises and falls with Fed interest rate expectations, rose to 4.16%, the highest level in a year. Traders believe strong labor market data makes it less likely the Fed will ease policy. Bloomberg writes that the market has already priced in a rate hike of 0.25 p.p. by the end of the year, and the probability of a rate hike in October is estimated at almost 70%.

After the publication of the US labor market statistics, the dollar strengthened: on Friday, the index, which assesses its value against a basket of six major world currencies, exceeded the 100-point mark - for the first time since April this year. Another reason for the strengthening is the flight of investors from risky assets due to the lack of progress in peace talks between the U.S. and Iran.

This week saw a collapse in U.S. technology stocks.

The Nasdaq Composite index fell 4.2 percent on June 5, down 4.7 percent for the week. This is the strongest weekly decline in more than a year.

Among the victims on Friday were shares of Nvidia (minus 6.2%) and Broadcom (minus 7.9%). Micron shares fell by 13.25% during the day, Intel - by 11.28%, AMD - by 10.86%.

It all started with Broadcom's relatively weak forecast on demand for its own AI chips. Strong labor market statistics added to the negative: fast-growing technology companies are particularly sensitive to rising interest rates, as high bond yields reduce the current valuation of future profits that investors are counting on, WSJ writes.

The S&P 500 index was down 2.64% on Friday, while the Dow Jones was down 1.35%.

Read also:

- Broadcom presented the report for the second quarter, which crashed the markets. For more details, see "Broadcom let down by software revenue and AI chip outlook. The stock collapsed after the record"

Collapse on Friday, June 5, happened on the South Korean market - Kospi index fell by 7%, and closed with a loss of 5.54%, at 8160.59 points. Bonds of Samsung Electronics fell by 6.4%, and SK Hynix - 9.92%. They account for more than half of the capitalization of the Korean index.

Broadcom's weak outlook was also a reason for the sell-off. Additional pressure was exerted by the weak won, profit taking by foreign investors and high concentration of the market on the shares of the two largest chipmakers.

The fall is technical and does not reflect real investor sentiment, JPMorgan Chase investment strategist Mikso Das told Bloomberg. Goldman Sachs on June 3 raised the Kospi's target level to 12,000 points by the end of 2026. Even with Friday's collapse, the index has gained more than 90 percent since the start of this year.

Gold has become the largest reserve asset of the world's central banks, overtaking US Treasury bonds. According to the ECB, at the end of 2025, the share of gold in reserves rose to 27%, while the share of U.S. government bonds fell to 22%.

The growth in the share of gold in reserves was preceded by several years of active purchases of the metal by central banks and a historic rally, as a result of which its prices have almost doubled over the past two years, writes the Financial Times.

The publication notes that the strengthening of the role of gold reflects the desire of many countries to find alternatives to the U.S. dollar, which remains the de facto main reserve currency of the world.

Meta on June 3 unveiled Meta Business Agent, an AI agent for WhatsApp, Messenger and Instagram that will be able to reply to customers, recommend products and manage records. The new service will be part of Meta One subscription for business and will be part of the company's strategy to monetize its multi-billion dollar investments in artificial intelligence.

According to Meta CEO Mark Zuckerberg, the company is working to create agents that can suggest ways to grow a business, provide analytics on competitors, and give real-time insight into what's working and what's not.

For Meta, it's an attempt to reduce its reliance on advertising revenue, which still accounts for about 98% of its revenue, and strengthen its position in competition with OpenAI, Anthropic, Google, Microsoft and Amazon.

Fast food restaurant chain McDonald's is changing its strategy for the first time in six years. It now wants to make fast food less like fast food. The company announced Monday, June 1, that it has begun testing new chicken dishes. McDonald's > NEXT strategy involves updating menus, improving service quality, modernizing restaurants and developing online promotion.

The company presented its previous strategy in 2020. It was primarily focused on developing digital sales and strengthening marketing activities.

Read also:

- Why should the company change its development plans? Details - in the material "McDonald's will make the menu less like fast food: this is the first change of strategy for 6 years"

This article was AI-translated and verified by a human editor