HAPPY MONDAY TO THE STREET
Apple (AAPL) just took back the heavyweight belt.
The iPhone maker topped a $5T market cap today, dethroning Nvidia (NVDA), which slid 5% as circular dealmaking fears resurfaced and the AI hardware rout rolled on.
After years of catching flak for having no real AI strategy, Apple is winning by sitting out.
🟨 | US stocks were mixed today, with the Nasdaq Composite down as a blockbuster chipmaker IPO in China weighed on semis stateside.
📉 | One Notable Decliner: MapLight (MPLT) plunged about 70% after its schizophrenia treatment missed the primary endpoint in a Phase 2 trial.
— Brooks & The Street Sheet Team
MARKET SNAPSHOT
S&P 500 Heatmap. Credit: Unusual Whales
WILL THE FED HIKE IN JULY?
The Federal Reserve’s next interest rate call is due Wednesday. After a half-dozen decisions that were priced as near-done-deals, for once, the suspense is real.
The central bank has been in a literal holding pattern in 2026, but calls from inflation hawks are getting louder. Meanwhile, President Trump is still pounding the table for more cuts, while calling Chair Kevin Warsh “fantastic” and his fellow governors “very political” with “perhaps bad intentions.”
Kalshi traders currently see roughly 1-in-3 odds of a hike. Whatever materializes, markets will have more to digest Wednesday than a few new words in the FOMC statement.
Market Movers
BROWN-FORMAN, ASML, SAP
📈 | Brown-Forman (BF.B) rejected another unsolicited $32-per-share takeover bid from Sazerac.
📉 | ASML (ASML) slid after China began mass-producing homegrown DUV chipmaking tools.
📈 | SAP (SAP) kicked off the second leg of its €10B buyback.
📈 | Baker Hughes (BKR) topped Q2 earnings and revenue estimates.
📉 | Amkor Technology (AMKR) fell ahead of its post-close earnings report.
Tomorrow's Trade Idea, Today
A RIVN RUNS THROUGH IT
Stock Spotlight
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Shifting Into Overweight
Piper Sandler’s Alexander Potter has changed lanes on Rivian (RIVN).
The analyst upgraded the EV maker to Overweight on his call that it will emerge a big winner as the robotaxi market grows.
R2, Can Do
Potter says three near-term developments changed his mind: boosted delivery guidance, helped by expensive gasoline and renewed EV interest; a smooth launch of the pivotal R2 SUV; and a capital raise that funds growth while trimming dilution risk.
In the long run, the thesis hinges on where those funds go. Potter argues the supply chains needed for robotaxis and humanoid robots do not exist yet.
However, Rivian already designs its own electronic control units and printed circuit boards, two systems critical to autonomous driving. As volumes climb, that in-house control should help the firm monetize software and services, per the analyst.
The Meter Is Running
The Street is split on the EV maker. Of the 28 analysts covering RIVN, 14 rate it a Buy or Strong Buy, nine say Hold, and five sit at Underperform or Sell.
But shares did pop today on the upgrade. Piper just flipped the meter on.
Do you own any shares of Rivian Automotive (RIVN)?
OVERHEARD ON THE STREET
💾 | Chinese memory chipmaker CXMT soared 466% in its Shanghai debut, instantly becoming the most valuable company on a mainland exchange.
🤖 | OpenAI CEO Sam Altman will meet with Trump administration officials and senators this week to preview the company’s next AI models and field questions on cybersecurity and open-weight restrictions.
✈️ | JetBlue (JBLU) overhauled its fare options ahead of its BlueFirst domestic first class debut, restrictive basic tier included.
🥬 | Food safety experts say supply chain consolidation among giants like Sysco (SYY) and US Foods (USFD) may have led to the nationwide cyclospora outbreak.
FRIDAY’S POLL RESULTS
Do you own any shares of Intel (INTC)?
▇▇▇▇▇▇ 🐂 Yup, I’m holding
▇▇▇▇▇▇ 🐻 Nope, not interested
▇▇▇▇▇▇ 👀 No, but I’m interested
And, in response, you said:
🐂 Yup, I’m holding — “Bought too high. Over $100+.”
👀 No, but I’m interested — “Thinking Call Options the way to go on this one until Wall Street figures out what to do with this one.”
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