On June 11, the U.S. Supreme Court backed a group of investment funds associated with BlackRock and other asset management companies, dismissing certain lawsuits brought by private plaintiffs under a key federal securities law. The justices voted 6-3 to overturn a lower court's ruling, which had previously allowed the Saba Capital Master Fund, a hedge fund, to sue under the Investment Company Act of 1940 to invalidate fund bylaws that restricted the voting rights of activist shareholders.
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U.S. Supreme Court Dismisses Private Lawsuits Under Key Securities Law
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US-Iran Likely to Enter Prolonged Tug-of-War of Conflict and Negotiation
On June 11, according to CCTV International News, in light of the recent frequent mutual attacks between the US and Iran, Li Zixin, an assistant researcher at the China Institute of International Studies, analyzed that the current confrontation between the US and Iran is at risk of sliding into a low-intensity, normalized state. The US's logic of promoting talks through military action inherently requires continuous pressure, but American military operations are bound to face reciprocal retaliation from Iran. This spiral of military retaliation could easily lead both sides into a prolonged state of conflict. The US government has threatened to strike Iranian power plants and bridges, and should it cross the red line of military targets, Iran will inevitably escalate its retaliation. The US does not want to get involved in ground warfare, and Iran's economy cannot bear a prolonged blockade, so both sides are still maintaining contact through indirect channels. Therefore, it is highly likely that both will fall into a tug-of-war of conflict and negotiation, but each friction also carries the risk of misjudgment and escalation. -
Crypto Market Bets on SpaceX's First Day Valuation at 20% Premium Over IPO Price, Reaching $2.2 Trillion
On June 11, crypto market traders are overlooking SpaceX's expected IPO price, giving the Elon Musk-led rocket, satellite, and AI company a higher valuation ahead of its public trading debut. On Thursday morning in New York, perpetual futures linked to SpaceX were trading at approximately $165 on crypto exchanges like Hyperliquid and Binance, implying a valuation of about $2.2 trillion. The company is issuing shares at a fixed price of $135 in a record initial public offering. SpaceX's IPO is set to complete its pricing process on Thursday. Bloomberg reported on Wednesday that the subscription demand for this offering is reportedly more than four times the offering size. Insiders suggest that the terms of the offering are unlikely to change, meaning SpaceX will raise about $75 billion at a valuation of approximately $1.8 trillion. Amidst Musk supporters who are largely disregarding valuation in their enthusiasm for SpaceX stock, and seasoned investors like Jim Chanos labeling it as a 'hope and dreams IPO,' crypto perpetual contract traders seem to side with the former, despite prices having retreated from above $200 in May. -
US Stocks Pull Back; S&P 500 and Nasdaq Turn Negative
On June 11, the S&P 500 and Nasdaq turned negative, while the Dow Jones Industrial Average's gains narrowed to 0.4%. -
Iranian Armed Forces Enter Highest State of Readiness
On June 11, according to the Tasnim News Agency, Ibrahim Azizi, chairman of the National Security Committee of the Iranian Islamic Parliament, stated that the Iranian armed forces are currently in the highest state of alert and are prepared to respond to various threats and challenges. -
Trump's New Fed Chair May Soon Be Forced to Raise Rates
On June 11, President Donald Trump appointed Kevin Warsh as the new chair of the Federal Reserve, who had previously advocated for the possibility of rate cuts—a position that endeared him to the president, as Trump has long viewed rate cuts as a primary policy goal. Just weeks into his tenure, Warsh is facing a resurgence of inflation, which could ultimately compel him to diverge from the rate policy favored by Trump and utilize the Fed's core tools to combat inflation. The Consumer Price Index (CPI) released this week showed that the inflation rate has surpassed 4% year-on-year for the first time, reaching a three-year high. About a week after the release of this hot inflation report, Warsh will preside over his first regular policy meeting, which may set the policy tone for the early part of his term. Meanwhile, previously released employment data exceeded expectations, highlighting the resilience of the labor market—another key economic indicator that the Fed monitors. "The critical test for Warsh in the early part of his term will be whether he will implement the rate cuts that Trump is strongly advocating for," said David Wilcox, an economist at Bloomberg Economics and the Peterson Institute for International Economics. "The evolution of the economic situation may put Warsh and his colleagues in a dilemma: refusing to cut rates, and possibly even raising them, thereby defying Trump." The logic for raising rates is clear: an overheating economy and an exceptionally strong job market would increase borrowing costs for various loans, thereby suppressing demand and preventing economic overheating. As a former Fed chair once said, the classic role of the Fed is to "take away the punch bowl when the party is at its height." The question is whether Warsh will press this button, and when he will act. The Fed's meeting next week is almost certain to keep rates unchanged, but investors are increasingly predicting that the central bank will shift to raising rates before the end of the year. -
TSMC Shares Rise Over 2%, 3nm Foundry Prices May Increase by 15%, Capacity Fully Utilized Yet Still in Short Supply
On June 11, TSMC (TSM.US) shares rose over 2%, reaching $416.4. According to supply chain sources, TSMC plans to moderately increase foundry prices in the second half of the year due to rising upstream costs, with a projected 15% increase for the highly sought-after 3nm process. Chip industry players indicate that the queue for customers has not significantly eased, despite TSMC's continued ramp-up of wafer production capacity, which is expected to reach between 160,000 to 175,000 wafers per month in the second quarter. However, the growth rate of AI demand still far exceeds market expectations. -
Iran Responds to Trump's Threat: Will Launch Stronger Retaliation Against the U.S.
On June 11, the head of Iran's Parliament National Security Committee responded to U.S. President Trump's threats against Iran, stating that he will face a stronger and more painful retaliation. -
Neura Robotics Secures $1.4 Billion Funding Led by Tether
AI infrastructure company Neura Robotics has announced the completion of a $1.4 billion funding round, led by Tether Investments, with participation from Nvidia, Qualcomm, Amazon, and others. The project primarily focuses on developing AI-driven general-purpose humanoid robots. Neura Robotics plans to produce 5 million AI-driven humanoid robots by 2030, equipping them with digital wallets associated with Tether to enable autonomous payment for work and electronic transactions. (Coindesk) -
Trump Uncertain About American Support for Seizing Iran's Khark Island
On June 11, according to CCTV, U.S. President Trump stated that he is unsure whether the American public is willing to support a large-scale military operation to seize Khark Island. Previously, Trump had mentioned escalating military actions against Iran. Earlier that day, Trump indicated that seizing Khark Island, a crucial oil hub located in the Strait of Hormuz, has always been his "preferred option," but he also remarked, "I don't know if Americans have that desire; I think they would prefer us to come home." Trump further claimed that Iran "very much wants to reach an agreement," and that he himself "wants to reach an agreement now more than three or four weeks ago." There has been no response from Iran regarding these statements. U.S. officials and military experts have indicated that carrying out such ground military operations would face significant risks, including the potential for substantial U.S. military casualties, as the operation would require the deployment of ground troops. Khark Island is a vital economic lifeline for Iran, accounting for about 90% of the country's crude oil exports. -
Binance Officially Launches Tokenized Securities bStocks
Binance has announced the launch of tokenized securities called bStocks, each of which is backed 1:1 by U.S. stocks held by a regulated custodian. bStocks are among the first tokenized securities officially listed by the FSRA, with the issuer's prospectus having received regulatory approval from the ADGM Financial Services Regulatory Authority.
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