The Nasdaq lost 4 percent. A trillion dollars left semiconductors in two days. And the largest IPO in history prices in six.
The Ledger Letter
Finance Studio Advisors · Saturday, June 6, 2026
Market Intelligence Partner
In 2025, Larry Benedict delivered a 279% return on cash. He went 13-for-13 after Trump’s election. Not a single losing trade.
During Liberation Day’s chaos, his readers made 59%… then 30%… then 29%. Three winning trades in three weeks.
Now Larry says Elon Musk is preparing the biggest move of his career — and everything in 2025 was a warm-up.
He’s calling it the “Final Phase of Elon’s Master Plan”. And there’s ONE ticker right at the center of it.

A Trillion Dollars Left Chips in Two Days. The Largest IPO in History Arrives in Six.

The Nasdaq fell 4.18 percent on Friday. Worst session since April 2025. Semiconductors lost more than a trillion dollars in market cap across two days. The trigger: 172,000 jobs in May, double the consensus, plus 93,000 in upward revisions. Treasury yields spiked. The VIX surged 40 percent. And SpaceX begins pricing $75 billion in new equity in six days. The nine-week S&P winning streak is over.
The Breakdown
Today’s disagreement: the labor market is pricing strength; the bond market is pricing a rate hike; the IPO market is pricing euphoria six days before the largest offering in history hits a tape in retreat.
01
The Number That Broke the Tape
May nonfarm payrolls: 172,000. Consensus was 85,000. March and April revised up by a combined 93,000. Unemployment held at 4.3 percent. The headline was hot enough to send Treasury yields higher and slam every rate-sensitive equity on the board.
02
The Chip Rout, Day Two
Broadcom fell another 7 percent on top of Thursday’s 12.6 percent. Marvell lost 16 percent. Micron dropped 13 percent. The Nasdaq fell 4.18 percent. The S&P 500 shed 2.64 percent. Nine-week winning streak: over.
03
The IPO That Can’t Wait
SpaceX’s roadshow launched Wednesday. Pricing expected after close June 11. First trade June 12. The offering: 556.6 million shares at $135, a $75 billion raise at $1.75 trillion. Largest IPO in history. It arrives into a tape where the VIX just surged 40 percent.
The Cross-Asset Snapshot
Nasdaq Composite25,709 (−4.18%)
S&P 5007,383 (−2.64%)
May nonfarm payrolls+172K (vs 85K est.)
VIX+40% (2-month high)
SpaceX IPO (Jun 12)$75B raise at $1.75T
Levels as of Friday, June 5 close. Sources: CNBC, BLS, Reuters, CBOE.
PARTNER PERSPECTIVE

Apple is up roughly 2,000% since 2012.

But Broadcom — the once little-known company that made the chips inside the iPhone — has skyrocketed more than 15,000%. 

Beating Apple 7-to-1!

And we saw the exact same thing happen with Nvidia … the undisputed king of AI. 

Here too, hidden suppliers like Vertiv and Super Micro have completely crushed Nvidia’s returns over the last couple of years.

The big lesson here?

The headline company may get all the attention, but the behind-the-scenes supplier has often delivered the life-changing gains.

As the historic $1.75 trillion SpaceX IPO approaches, many investors are convinced that buying SpaceX shares on IPO day can turn a small stake into a HUGE fortune. 

The problem? SpaceX shares are already greatly inflated even before the IPO.

That said, my research tells me there is an under-the-radar company sitting in the same “Broadcom” position for Elon Musk.

They’ve already shipped 5 billion critical components to SpaceX. And they are the cornerstone for Elon’s new endeavor I call “Project Unlimited.”

And if you want to position yourself for a shot at a real windfall, you need to look at the exact firm supplying the tech.

However, you need to make your move before the June listing date makes front-page news.

Click here to get the details on SpaceX’s “hidden” supplier now.

Michael Robinson
Weiss Ratings

The Largest IPO in History Just Lost Its Tailwind

What Friday Actually Was

This was a liquidation event compressed into six hours. Tech had grown to 39 percent of the S&P 500’s market cap, its highest share on record. Broadcom’s guidance miss on Wednesday proved the trade was priced for perfection. When the 172,000 payroll print landed Friday morning, it repriced the cost of capital underneath an already-fracturing sector.

What Three Markets Said When the Number Hit

Treasuries sold off immediately. Fed funds futures moved further toward a rate hike by year-end. In this tape, every basis point higher on the 10-year reprices the discount rate on every AI capex model. Equities responded: investors sold stocks, bonds, bitcoin, and gold. Worth watching: even as the Nasdaq cratered, the Dow only fell 1.35 percent. The rotation that started Thursday deepened into something more structural. Capital is leaving the AI trade. It hasn’t left the market.

Why the SpaceX Timing Is the Real Story

A $75 billion equity raise competes directly for the same institutional dollars that just fled semiconductors. Our view: SpaceX will still price. Demand at 20 times oversubscription doesn’t evaporate in two sessions. But the first-day pop that bankers were counting on just got repriced by a bond market that moved the goalposts Friday morning.

What to Watch Monday

Watch Broadcom’s ability to hold $390. If it breaks, the semiconductor unwind has another leg. Wednesday’s CPI is the week’s real tripwire. A hot number on top of hot jobs seals the rate-hike case. A soft number gives the Fed room and the market a reason to stabilize before SpaceX prices Thursday night. Your retirement account already felt Friday. What happens next depends on whether the bond market believes the Fed or the labor market.
The largest IPO in history is about to land on a runway the bond market just shortened by a thousand feet. The money that matters next week isn’t in the S-1. It’s in the CPI print.
The Ledger Letter
When markets disagree, the signal is in the disagreement.
This newsletter is for informational purposes only and does not constitute investment advice. Past performance is not indicative of future results.

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