US Morning News Call | SpaceX, OpenAI IPOs Threaten $95B Tech Stock Exodus

🔔Before the Bell

Stock futures edged higher early Friday as Wall Street looked to end a winning week despite heightened volatility.

E-mini NASDAQ 100 Futures (JUN6) (NQmain.US) went up by 0.11%;

E-mini S&P 500 Futures (JUN6) (ESmain.US) went up by 0.13%;

E-mini Dow Futures (JUN6) (YMmain.US) went up by 0.28%.

SpaceX, OpenAI, and Anthropic IPOs Could Force Up to $95 Billion in Forced Selling of Big Tech Stocks

New Nasdaq rules accelerating index inclusion for large-cap IPOs mean that passive investors will be forced to reallocate significant capital away from established tech giants like Nvidia, Apple, and Microsoft to make room for newly listed companies. JP Morgan estimates that if SpaceX reaches a $2 trillion valuation with 50% of shares publicly traded, the resulting rebalancing could trigger $95 billion in outflows from the eight largest tech stocks.

House Committee Advances Bill to Make Daylight Saving Time Permanent

The House Energy and Commerce Committee voted 48-1 to include the Sunshine Protection Act in a transportation bill, which would lock clocks on daylight saving time year-round. The measure still needs to pass the full House and Senate, where it faces opposition from some lawmakers who warn of late winter sunrises and potential health impacts.

SpaceX Postpones Launch of Redesigned Starship V3 Rocket

Space Exploration Technologies (SPCX.US) postponed the debut flight of its redesigned Starship V3 rocket after engineers encountered technical problems during countdown at Starbase facility in Texas. The company may attempt the test mission Friday.

SpaceX Plans Massive 10-GW Solar Manufacturing Facility Near Austin to Power AI Data Centers

Space Exploration Technologies (SPCX.US) is reportedly building a two-floor, 10-gigawatt solar manufacturing facility in Bastrop, Texas, as part of Elon Musk's plan to address the energy bottleneck constraining AI infrastructure buildout. Musk has set an ambitious goal for both SpaceX and Tesla to each build 100 gigawatts per year of solar manufacturing capacity in the U.S. over the next three years.

🪙Crypto News

Bitcoin (BTC.CC) fell -0.42% to 77298.77;Ethereum (ETH.CC) fell -0.43% to 2122.68.

South Korea to Review Petition Calling for Abolition of Planned 22% Crypto Tax After It Reaches 50,000 Signatures

A national petition arguing that taxing crypto gains while abolishing taxes on traditional investments is unfair has surpassed the required threshold and been referred to a legislative committee. South Korea's 22% crypto tax on gains exceeding approximately $1,650 is scheduled to take effect in 2027 after being delayed three times due to fairness concerns.