Technology stocks fell Tuesday, pushing the Nasdaq 100 to lose more than $1 trillion in market value and sending SpaceX below $2 trillion for the first time since it went public.

SpaceX, set to enter the Nasdaq 100, has fallen $600 billion in market value in three trading days. The firm’s market cap would be under $1.95 trillion if losses are held constant.

Shares of aerospace and technology companies were down more than 3.6% at $149.1 in premarket trading on Tuesday. Shares were currently 9% higher than $135, where it debuted as a public company.

The futures of the Nasdaq 100 were down 2.5%, indicating an opening drop of more than 700 points. This 2.79% fall would result in a $1.15 trillion loss in the market cap for the index as per calculations. 

Chipmakers Lead Market Declines

Many of the hardest hit were semiconductor stocks, which had been among the biggest beneficiaries of this year’s artificial intelligence boom. Intel was down 5.2% and Advanced Micro Devices dropped 5.2%,

Memory chipmakers were under pressure too. Micron Technology lost 8%. SanDisk dropped 9.2%, and Western Digital gave up 7.5%. South Korean memory chip stocks also fell sharply, including a sharp decline.

Fears Over AI Spending Plague Big Tech

The selloff also hit six of the seven stocks in Wall Street’s “Magnificent Seven” group, as investors questioned whether enormous outlay on AI infrastructure will pay off soon enough to justify the prices.

Shares of Alphabet fell 2.1%, Amazon 1%, Tesla 3%, Nvidia 3% and Apple 0.4%. Collectively these companies were on track to wipe out roughly $345 billion in market value if the losses held. 

Investor sentiment was also pressured because of the worry that the US Federal Reserve may continue with interest rate hikes. Traders are now expecting a 50-bp rate hike from the Fed by December according to CME Group’s FedWatch Tool.

The bets have shifted significantly higher from the view just two weeks ago of a single 25-basis-point-rate hike, as markets adjust to a hawkish policy outlook under new Federal Reserve Chair Kevin Warsh.

Source: Reuters 

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NatPower and Tesla have signed an exclusive agreement to develop the first phase of a utility-scale battery storage programme worth up to $5b billion for Italy and Britain.

As part of the agreement, Tesla will deliver 25 GWh of battery storage capacity using its Megapack systems to help European nations develop their energy storage capabilities, growing dependence on renewable power.

The deal, which spans multiple years, also includes Tesla’s energy trading software in order to help operators know when they should store, purchase and sell electricity depending on market conditions.

Long Term Expansion

Five initial projects in Italy and the UK make up the initial phase of the programme. In the future, the companies plan to expand this program to more than 100 GWh of storage capacity. The construction cost is estimated at $4 billion-$5 billion.

The projects are expected to make more than $15 billion in revenues over two decades, according to the estimates given.

NatPower Chief Executive Officer Fabrizio Zago stated the energy storage industry has been able to secure necessary technology and funding, but faces many challenges getting projects over the line on time. The collaboration with Tesla sets an alignment between financing and execution, he said, so new projects such as this one are easier to take on in other regions.

Source: Reuters 

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Key Highlights 

• Iluka Resources was awarded a A$1.65 billion loan by the Australian government for its Eneabba rare earths refinery.
• The refinery is completed 50% and over 70% would be completed by the end of 2026
• Iluka has also signed a rare earth oxide supply agreement with a global automotive company for four years.

Iluka Resources has received a A$1.65 billion ($1.15 billion) non-recourse loan for the construction of Iluka Resources Ltd.’s Eneabba rare earths refinery project in Western Australia.

Export Finance Australia confirmed access to the funds as part of its normal due diligence process, the company said.

Eneabba Refinery Construction Moves Forward

Western countries are stepping up efforts to secure scarce supplies of rare earth as China is currently the largest producer of those needed for electric vehicles and other technologies.

Iluka stated the first tranche of funding, which totals A$1.25 billion ($823 million), will be fully drawn down by end-September 2026. At that point the Eneabba refinery is anticipated to be approximately 75% finished. The company further stated that the refinery is more than 50% complete now. Iluka said Eneabba would be Australia’s first fully integrated rare earths refinery.

Civmec Awarded Refinery Contract

Iluka said Cimvec has been awarded a contract for structural, mechanical, piping, electrical and instrumentation works at the refinery. This contract is a continuation of the development work on the Eneabba project.

Iluka Scores Rare Earth Supply Deal

Iluka confirmed it has signed a binding agreement to supply magnet rare earth oxides to an undisclosed global automotive company. It agreed on an initial four year deal, which is approximately 10% of Iluka’s expected production. The firm is predicting revenue from the deal to be between a minimum of $155 million and as high as $172 million, given industry price forecasts.

Source: Reuters

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The NSW Government will inject $37 million in the 2026-27 Budget to create a new small business advisory service, bringing back government support with the disbandment of Business Connect.

The program will support more than 800,000 small businesses to navigate cost of living increases and ongoing economic challenges.

The funding to roll out the program is under the Budget’s business and job measures, in the context of broader measures to support business and jobs.

Replacing Business Connect

The new advisory service will be the successor to the Business Connect program, which was launched in 2017 by the NSW Government to offer free and subsidised advice services to small and medium businesses.

During the 8 years the program ran, Business Connect assisted more than 50,000 NSW businesses and startups to thrive by offering personalised face-to-face or virtual advice on business planning, cash flow, digital tools, disaster resilience and more.

The program concluded in September 2025 following its funding expiration.

Providing practical business support

Details of the new service, set to officially roll out following the 2026-27 Budget, have not yet been finalised but will focus on providing tailored advice on a range of issues to build capacity and expertise in financial literacy, digital adoption and business resilience.

Ahead of the new program’s implementation, the NSW Government conducted a public consultation process in early 2026 with the state’s businesses, industry groups and local councils to develop service recommendations and ensure the program meets future business needs.

Source: Smart Company

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Key Highlights

• Investors request withdrawal of 16.8% of Apollo’s fund assets
• Apollo Debt Solutions only permitted 5% withdrawals
• Its fund has had $700 million in outflows this year.

Apollo Global Management has restricted investor withdrawals from its $26 billion private credit fund, Apollo Debt Solutions (ADS), after requests to withdraw money soared.

Investors requested to redeem approximately 16.8% of the fund’s total shares, but the fund only permitted withdrawal requests of up to 5%.

The withdrawals will lead to gross outflows of $700 million outpacing inflows of $300 million. As a result, the fund has net outflows of approximately 3% relative to its total asset value for the year.

Withdrawal Requests Jump Higher

These latest withdrawal requests were a jump from the 11.2% of investors in Q3 wanting to withdraw. Apollo Debt Solutions primarily helps affluent investors and typically provides them with an opportunity to redeem some of their capital once every three months.

Offshore Investors Lead Withdrawals

Private credit demand from large institutional investors remains solid, Apollo said.

The fund also showed a gap between US and overseas investors. US investor requests to withdraw were down to roughly 4.3% and offshore the reverse, a rise of 12.5%. Apollo anticipates that fundraising this year will outpace inflows from institutional investors compared to wealth-management clients.

Fund Returns Remain Positive

Last month, Apollo President Jim Zelter said that additional withdrawals were probable and market volatility was far from over.

The fund gained 1.5% so far this year through May 31, compared with a 1.2% return for the Morningstar LSTA Index of publicly traded leveraged loans. Apollo Debt Solutions, which launched in January 2022, generated returns of 8.13% this year till May.

Source: Reuters

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Australian critical minerals company IGO Ltd has appointed Ian Rowe as interim Chief Financial Officer (CFO), effective immediately.

The appointment follows a planned succession process led by the Board and executive leadership team and is aligned with the company’s evolving needs. 

To maintain continuity and stability, Rowe will serve in the role on an interim basis while the Board considers a permanent appointment, with a further update expected in the coming months.

Experienced internal appointment

Rowe, a Chartered Accountant who has spent nearly five years at the company, most recently served as General Manager Finance and has played a key role in financial governance and strategic planning.

“I appreciate the confidence that the Board and Ivan have placed in me. IGO has a strong team, a clear strategy and a unique portfolio of assets. I look forward to working closely with the Board, Executive Leadership Team and our people as we continue to execute our strategy and position the business for long-term success,” Rowe said.

Chief executive Ivan Vella said Rowe had demonstrated exceptional financial knowledge, commercial insight and strategic capability throughout the two and a half years they have worked together at IGO.

“Ian is a respected, values-driven leader who is well positioned to support the Company as we continue to execute our strategy. Ian has been an important part of our succession planning, and this appointment reflects the Board’s confidence in his leadership,” he said.

Source: ASX

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Former federal reserve chairman Allen Greenspan died at 100 at his home from complications of Parkinson’s disease.

He served as Fed chairman of the US Federal reserve from 1987 to January 2006, making him the second longest serving chairman in history. He became a leading figure in global finance, as well as greatly influencing the course of US monetary history during his 19 year tenure.

Guiding the Fed Through Some Serious Events

Greenspan was named federal chair by former president Ronald Reagan in 1987. He presided over the longest uninterrupted expansion, lasting from March 1991 to 2001, a decade without any GDP decline.

He also helped the economy through the 1987 stock market crash, 1990 recession period and a series of financial crisis in Asia and Russia. He also navigated through dot com collapse and the fallout from attacks of September 11. 

His management of the market crash in October 1987 won grudging media praise, and helped pin down his status as one of the world’s great central bankers.

Known as the US Fed ‘Maestro’

The 1990s were a time of vigorous growth and low inflation in the US economy, and Greenspan was named the Federal Reserve’s “maestro.”

In 1996 he famously coined the term “irrational exuberance” in financial markets. Investors and economists, people around the world, backed him and his speeches and congressional testimony. Before switching to economics and public policy, Greenspan studied music at the Juilliard School.

The legacy of Greenspan and the Financial Crisis

Debates over the role of Alan Greenspan in the 2008 financial crisis remain central to how historians evaluate his career today. Although he received universal praise during his Fed years, his record began to be questioned after the 2007-2009 global financial crisis.

His support for financial deregulation and low interest rates was seen as contributing factors in the housing bubble and financial crisis. Greenspan told lawmakers in 2008 that he was “shocked” that banks had engaged in what seemed to be a practice of taking risks that endangered their own survival. Even so, Greenspan remains one of the most influential people in modern economic history. 

Source: Reuters 

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California-based artificial intelligence startup Baseten has raised $1.5 billion in a Series F funding round led by Sands Capital and Wellington Management, valuing the company at $13 billion.

Australian venture capital firm Blackbird participated in the funding round, adding a local investment angle to one of the largest AI infrastructure raises of the year.

The company said it would use the proceeds to expand computing capacity, enhance its software platform and grow its workforce as demand for artificial intelligence applications continues to rise.

AI Infrastructure Platform Targets Growing Inference Demand

Founded in 2019 by Tuhin Srivastava, Amir Haghighat, Philip Howes and Pankaj Gupta, Baseten provides software and infrastructure that allows businesses to deploy and manage artificial intelligence models.

The company offers model deployment tools, inference software, computing resources and fine-tuning capabilities, allowing customers to run AI applications without managing the underlying infrastructure.

Baseten specialises in AI inference, the stage at which trained models generate responses and predictions for real-world applications.

Its platform combines computing capacity from more than 20 cloud providers with proprietary software, helping companies deploy and customise AI models using their own data.

The company has positioned itself as a provider of infrastructure for businesses seeking to deploy open-source AI models without relying entirely on proprietary systems.

Customer Growth and Investor Interest

Baseten serves more than 100 customers, including Cursor, Mercor and OpenEvidence.

Several customers have shifted workloads to open-source models using the company’s infrastructure to reduce computing costs and improve flexibility.

The latest funding round marks Baseten’s fourth capital raise in less than two years, underscoring continued investor appetite for AI infrastructure companies as businesses increase spending on artificial intelligence tools and computing capacity.

Source: Reuters

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BYD has received regulatory approval in Australia to launch the Atto 2 DM-i plug-in hybrid SUV. With a 1.5-liter gasoline engine and electric assistance, the hybrid version is said to have a 1,000-kilometer operating range.

According to Australian approval paperwork, the vehicle is prepared for local sales, and industry reports indicate that deliveries may start in the third quarter of 2026.

Two Atto 2 DM-i powertrain variations are revealed in government approval paperwork; they are both based on a naturally aspirated 1.5-liter four-cylinder engine that can produce up to 156kW.

Cost and position in the market

If BYD follows its UK pricing strategy, the Atto 2 DM-i could arrive in Australia as one of the most affordable plug-in hybrids on sale.

The model is positioned below the larger Sealion 5 PHEV in BYD’s local lineup and below the all-electric Atto 2 in the UK market, indicating a starting price of less than $30,000 before on-road expenses.

Additionally, BYD would have to place the Atto 2 DM-i underneath the Sealion 5 PHEV, which is presently priced at $33,990 before on-road expenses.

While maintaining high-end features like a power-adjustable driver’s seat, leather-look trim, wireless phone charging, and a panoramic roof, the model has minor external modifications including updated air intakes and customized wheel designs.

A 12.8-inch touchscreen and an 8.8-inch digital instrument cluster are among the features.

The Atto 2 DM-i is poised to fill a gap in the market as the only mainstream small SUV plug-in hybrid, while also supporting BYD’s push to build on its strong sales growth and top-three market position.

More details are expected ahead of the model’s anticipated Australian arrival later this year.

Source: Car Expert

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IBM joined the OpenAI Daybreak Cyber Partner Program and is collaborating with the start-up integrated AI powered security tools into business operations, helping companies identify and introduce cyber security risk. 

As part of the partnership, IBM launched a new application security service that uses OpenAI’s capabilities to help organisations identify and validate software abilities with the greatest speed and precision. 

The partnership centres on boosting 2026 enterprise AI security, noted the leading global technology corporation as cyber threats evolve.

“The OpenAI Daybreak Cyber Partner Program expands our access to a broader set of advanced AI capabilities, which we deploy within our clients’ environments to help surface the most relevant risks faster and help them act with confidence,” said Mark Hughes, global managing partner for cybersecurity services at IBM Consulting.

New Application Security Service Launched

IBM also announced a new standalone IBM AppScan application security service powered by OpenAI machine learning that helps organisations more quickly and accurately find and validate software vulnerabilities.

The service is intended to enhance how companies identify and fix vulnerabilities in their software running systems, the company said.

Lightwell: A New Project for Finding Vulnerabilities

The new service was built on Project Lightwell IBM, a program released last month that helps engineers and AI tools in organisations to protect open-source software.

IBM and Red Hat have committed $5 billion for Project Lightwell which will harness OpenAI’s cyber capabilities in conjunction with various other AI models at the frontier for code review and remediation.

The OpenAI Daybreak Cyber Partner Program extends IBM’s access to world-class AI capabilities that will help our clients better identify risk promptly and with more confidence in responding. IBM stock gained 3.6% in extended trading after the announcement. 

Source: Reuters

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