The Morning Bro

Musk is one IPO away from becoming the world's first trillionaire

SpaceX is going public on June 12 in what's shaping up to be the largest IPO in history, and the mechanics of it would crown a new kind of rich. The company wants to raise up to $75bn at a $1.77tn valuation — and because Musk owns such a huge slice, that price tag is what pushes the world's wealthiest person across the trillion-dollar line for the first time ever.

SpaceX: The rocket company is targeting an offer price of $135 a share to raise up to $75bn, valuing it at $1.77tn. Go off without a hitch on June 12 and Musk, already the richest human alive, officially becomes the first trillionaire.

JPMorgan: Here's the plot twist — Jamie Dimon's JPMorgan (now $310.92, +3.4% 1D) once sued Tesla (now $420.32, -0.8% 1D), and is now hyping the SpaceX deal to thousands of its wealthy clients. Nothing heals a lawsuit like a nearly $2tn payday.

Zoom out: SpaceX is handing retail investors up to 30% of the shares — versus the usual 5% to 10% — at the same $135 price the big institutions pay. The company itself is warning that all that retail enthusiasm means the stock 'may be volatile and subject to wide fluctuations' on day one.

Netflix is greenlighting more movies than anyone. The stock fell 24% anyway.

Netflix (now $81.61, +0.1% 1D) put new film chief Dan Lin in charge with a clear strategy: fewer, better films, no fawning over stars and no blank checks — yet he still greenlights more movies than any studio out there. The catch is that discipline behind the camera hasn't calmed the people who own the stock.

Dan Lin: The new movie boss is the rare Hollywood exec who won't write a blank check or roll over for a megastar's quote — and somehow still outputs more films than anyone. Quality over quantity, except also the most quantity.

Amazon: While Netflix tightens its film budget, Amazon (now $254.27, +1.7% 1D) is muscling into the streaming fight, and investors are getting squeamish that the competition is finally eating into growth.

Zoom out: The scoreboard that matters: Netflix stock is down 24% since its last earnings report. Turns out a smart movie strategy and a falling share price can absolutely happen at the same time.

Would you let a chatbot write your prescription?

The administration is laying the regulatory groundwork to let AI chatbots actually diagnose illness and prescribe medicine — not just suggest you 'see a doctor,' but legally fill the doctor's role. The gear here is policy: clear the approval path, and a tool that's currently a glorified search bar becomes a licensed prescriber.

Physicians are not thrilled. The same models that confidently invent fake citations would now be invited to confidently invent your dosage, and doctors warn the tech can introduce more problems than it solves.

Google's new AI reads audio and video — with the WiFi off

Google released Gemma 4 12B, an 11.95-billion-parameter open-weights model that runs entirely on a standard laptop with just 16GB of memory — no cloud, no API bill, free to download. The trick is an 'encoder-free' design: instead of running audio and video through separate translator modules first, raw waveforms and image patches get fed straight into the model, which is what slashes the memory enough to fit on your machine.

Normally a multimodal model needs bulky side-encoders that pile on latency and memory. Gemma 4 12B kills the audio encoder entirely and replaces the vision one with a 35-million-parameter module doing a single matrix multiply — and still nears the benchmarks of Google's much bigger 26B model.

It ships with a 256K token context window (think hour-long meeting transcripts), a step-by-step 'thinking' mode, and native tool use — all under a permissive Apache 2.0 license on Hugging Face and Kaggle. Translation: works on a flight with no WiFi, costs $0.

• Mortgage rates dipped for the first time in three weeks — still nearly half a point above February's low, so hold the champagne.
• Schwab flipped on 24/7 crypto futures and is aiming custody at its $5tn advisor channel by 2027 — the suits are coming for your coins.
• A mile-long nuclear city-ship for 80,000 people has been 'about to break ground' for three decades — gorgeous renders, exactly zero rivets.
• Kalshi is building a power-user terminal so degens can watch every prediction-market trade hit live, blood pressure included.

1D / 1W / YTD = move vs prior close / 5 sessions ago / Jan 1. Pulled fresh.

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