OpenAI's confidential IPO filing signals the AI race to go public is accelerating. The company's private valuation is near $1 trillion, and the listing could be one of the largest ever, testing investor demand for high-growth AI names.

Asian markets are rebounding from a sharp sell-off, led by tech stocks. China's exports surged 19% in May, driven by AI demand for chips and computers, while oil imports fell to an eight-year low, signaling a structural shift away from oil.

The recent sell-off was triggered by a strong jobs report, but the growth backdrop remains supportive. AI IPOs like SpaceX will test market liquidity and the momentum trade that has driven US equity gains.

SpaceX's IPO is heavily oversubscribed, with institutional investors placing orders for $10 billion or more. The $75 billion raise will test retail investor appetite and set the tone for other AI listings like Anthropic and xAI.

Apple's WWDC was underwhelming, offering only marginal AI improvements rather than a full refresh. The company is lagging behind rivals like Google, and investors are disappointed, with the stock falling during the presentation.

Israel and Iran have agreed to stop attacks, but this is a de facto ceasefire, not a formal agreement. The key sticking point is Lebanon, where Hezbollah remains a flashpoint. The US is pushing for a broader deal with Iran.