Alphabet Craters, Apogee Gets Acquired, and SpaceX Extends Its Drop

Alphabet shed more than $250 billion in market cap on Monday, its worst single-session loss on record, after two key AI researchers announced they were leaving the company.

AbbVie, meanwhile, announced a nearly $11 billion deal to acquire Apogee Therapeutics, and the S&P 500 reopened from its Juneteenth break to a split session that rewarded biotech and punished big tech.

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Alphabet's AI researcher departures opened a $255 billion hole in tech, while SpaceX dropped for a third straight session after launching its first-ever bond offering to retire the IPO bridge loan.

Bank of America raised its Fed forecast to three rate hikes this year; Goldman Sachs cut its recession odds to 15% on Iran peace progress; and the two-year Treasury yield climbing past 4.5% suggested the bond market is somewhere in the middle.

Alan Greenspan died at 100, which sent financial media into a full retrospective just as Fed Chair Kevin Warsh has been publicly studying the 1990s productivity boom Greenspan navigated.

Iran was cleared to sell oil in dollars, including to American buyers, and ICE teamed up with crypto exchange OKX on a 50-50 joint venture for tokenized securities — so between the bond market, AI, geopolitics, and crypto, Monday covered all the bases.

SpaceX (NASDAQ: SPCX) went public ten days ago in an $85.7 billion IPO, one of the largest in history. It is now sitting on over $100 billion in cash.

And it is already turning to the bond market to borrow more. Revenue grew 33% last year to nearly $19 billion. The company still posted a loss.

SpaceX makes money. It just spends faster than it earns, and the ambitions keep getting bigger.

Rockets, Satellites, and Now AI

SpaceX is no longer just a rocket company. Starlink, its satellite internet service, is the fastest-growing part of the business.

The company also absorbed xAI, the artificial intelligence venture, which brought massive computing infrastructure and equally massive costs.

A new deal worth up to $6.3 billion for AI chips landed the same day as the bond announcement.

You try to categorize SpaceX, and it resists every label. Rockets. Internet. AI. Each one alone would justify a company. Together, they create something nobody has ever tried to operate at this scale.

$100 Billion in Cash and Still Not Enough

Building next-generation Starship rockets costs billions. Expanding Starlink across the globe costs billions more.

Running AI data centers on top of that adds another layer of spending that shows no signs of slowing.

You have never seen a company operate across this many frontiers simultaneously. Whether the economics eventually work is the trillion-dollar question. But nobody can say SpaceX is thinking small.

Micron Technology (NASDAQ: MU) just signed a sweeping partnership with Anthropic, the company behind the Claude AI models.

The deal covers co-designing memory systems built specifically for AI workloads, a multi-year supply guarantee, and a direct investment by Micron into Anthropic's latest funding round.

Memory Is the Bottleneck Nobody Talks About

Processors get all the attention. But training and running AI models at scale depend just as heavily on memory and storage.

Speed, power efficiency, and cost all hinge on how well the memory performs. Micron makes exactly those components.

You hear about GPU shortages constantly. The memory shortage is just as real, and Micron just locked down one of the most demanding AI customers on earth before competitors could.

Co-Design Changes the Relationship

Selling chips is transactional. Designing custom memory systems together is a partnership that lasts for years.

Micron and Anthropic are now jointly building hardware optimized for how Claude actually runs. That kind of collaboration creates switching costs that make your competitor irrelevant.

From Supplier to Investor to User

Micron supplies Anthropic's hardware. It invested in the company's funding round. And it uses Claude inside its own operations. Three connections where one once existed.

You find a company that simultaneously sells to, invests in, and uses the same AI partner, and the depth of that relationship becomes its own competitive advantage.

Micron just made itself nearly impossible to replace.

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AbbVie (NYSE: ABBV) is buying Apogee Therapeutics for $10.9 billion, its largest deal in more than five years.

The acquisition gives AbbVie access to an experimental inflammatory disease treatment that could strengthen its position in atopic dermatitis, asthma, and other immune-related conditions.

The deal lands at an important moment for AbbVie.

Humira has lost ground to biosimilar competition, while newer drugs Skyrizi and Rinvoq have helped keep the company’s immunology business moving, making the next pipeline wave even more important.

Immunology Gets Fresh Fuel

AbbVie’s immunology franchise generated more than $30 billion in revenue last year, and the company is using Apogee to protect that engine for the next decade.

The target asset is being studied with longer dosing intervals, which could make it more convenient for patients if approved.

Follow the deal beyond the price tag, and you find AbbVie trying to solve a future growth problem before it becomes urgent. The company needs fresh assets to support immunology as today’s biggest products face tougher patent pressure.

Pipeline Defense Turns Into Expansion

AbbVie has been using acquisitions to rebuild around oncology, neuroscience, and immunology. Apogee adds another major piece to that strategy, giving the company a late-stage asset in a field where demand remains large and long-lasting.

If the drug delivers in trials, you have AbbVie adding a new immunology growth pillar rather than relying solely on existing blockbusters.

The deal signals a company willing to spend heavily to keep its strongest business from becoming yesterday’s story.

Apogee Therapeutics [APGE] $132.59 (+46.70%)

AbbVie agreed to buy Apogee for approximately $10.9 billion, picking up its late-stage atopic dermatitis and respiratory pipeline.

The premium was hard to miss, and anyone holding a $9.99 billion market cap biotech into a deal announcement at that price had a very good Monday.

Definium Therapeutics [DFTX] $36.67 (+49.80%)

Definium’s LSD-based antidepressant DT120 ODT hit its Phase 3 primary endpoint with an 8.1-point placebo-adjusted improvement on the depression scale, with 99% of adverse events rated mild to moderate.

The drug is already in a second Phase 3 trial and a PTSD expansion. Psychedelic medicine just got its most rigorous data yet.

Horizon Quantum Holdings [HQ] $38.39 (+19.97%)

Quantum software firm Horizon Quantum keeps building on its recent IonQ deployment deal and the broader sector momentum that has the stock up triple digits from its IPO.

No new headline today — just a name that found a very loyal fan base in a market that keeps rewarding quantum anything.

Velo3D [VELO] $24.31 (-18.59%)

Velo3D keeps getting caught in the broader tech and AI-adjacent selloff, dragging down anything with a premium valuation and no near-term profits.

The company’s best-ever quarter is on the books, the DoD contract is still real, and Strong Buy-rated analysts haven’t changed their tune. The macro is just louder than the fundamentals right now.

Butterfly Network [BFLY] $7.27 (-18.22%)

Thursday’s Midjourney-fueled surge is giving back roughly a third today with no specific new negative.

This is what happens when a stock doubles in a session on a partnership announcement, and the dust begins to settle — the thesis hasn’t changed, but gravity is a thing.

SpaceX [SPCX] $154.60 (-16.43%)

Third straight loss, nearly 25% off the record close.

The company announced its first bond offering on Monday, raising at least $20 billion to retire a bridge loan from the IPO, which is a rational capital markets move but not exactly the kind of announcement that keeps a momentum stock at all-time highs.

The business is fine, but this newly public stock is in price discovery.

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— Adam G.
Elite Trade Club

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