When two firms in the $3T market cap club put out a joint press release, “market-moving news” is an understatement. At Computex, Nvidia (NVDA) and Microsoft (MSFT) unveiled the RTX Spark, an Arm-based (ARM) superchip that will debut this fall in laptops from Dell (DELL), HP (HPQ), ASUS, Lenovo, and MSI.

Hyperscalers and PC makers rallied. Intel (INTC), Qualcomm (QCOM), and AMD (AMD) slumped. The sector rearranged itself around a new line in the sand.

— Brooks & Cas

Anthropic just confidentially filed its IPO prospectus, beating OpenAI to the punch and turning Wall Street's AI obsession into a roadshow waiting to happen.

With a $965 billion valuation, a $47 billion revenue run rate, and a $1.25 billion-a-month compute bill payable to SpaceX, the only question left is when the bell rings. Place your bets.

📈 | Taylor Morrison Home (TMHC) surged after Berkshire Hathaway (BRK.B) agreed to acquire it for $6.8 billion.

📉 | Robinhood (HOOD) slid as Bitcoin dropped below $73,000.

📉 | Coinbase (COIN) fell alongside crypto prices to mid-April lows.

📈 | Humana (HUM) reaffirmed full-year adjusted EPS guidance above the Street's view.

📈 | Salesforce (CRM) jumped as software stocks rallied to open June.

Looking for more upside? Street Sheet Research members get 3 stock picks from the Top 30% of analysts with 30%+ implied upside each week. Subscribe today.

Barclays has turned bullish on Big Blue. Analyst Raimo Lenschow sees a stable earnings compounder, with a quantum kicker.

The core business delivers mid-single-digit organic revenue growth and steady margin leverage, while quantum represents an option that could accelerate growth if it lands.

In this more optimistic bull case, the firm sees the stock jumping to $449 over the next 12 months.

IBM is pledging more than $10 billion to quantum over the next five years, with a goal of fault-tolerant systems by 2029.

The strategy borrows from Nvidia's GPU playbook: build software, tools and a developer environment, then let the ecosystem do the heavy lifting on adoption.

Lenschow argues quantum could become the next major compute paradigm after the CPU and GPU eras, taking on simulation, optimization and materials discovery.

Of 24 analysts covering IBM, 14 rate it Buy or Strong Buy. The stock has rallied sharply over the past month.

For investors who think quantum computing is more than a science project, Barclays just handed them a thesis.

🛢️ | Iran cut off US backchannel talks and vowed to fully block the Strait of Hormuz, sending oil sharply higher.

🎰 | Barry Diller's People Inc. offered to take MGM Resorts (MGM) private, valued at $12.4B, sending the casino stock sharply higher.

🏛️ | Former Fed Chair Jerome Powell used his JFK Profile in Courage Award speech to warn against political pressure on the central bank, courts, and universities.

⚖️ | Florida sued OpenAI and Sam Altman, alleging the company suppressed safety warnings and aggressively marketed ChatGPT to minors.

🫧 | Bank of America (BAC) flagged that just 20 S&P 500 names hit fresh highs Friday, the same narrow breadth seen at the March 2000 dot-com top.

Do you own any shares of Snowflake (SNOW)?

▇▇▇▇▇▇ 🐂 Yup, I’m holding

▇▇▇▇▇▇ 🐻 Nope, not interested

▇▇▇▇▇▇ 👀 No, but I’m interested

And, in response, you said: