Google has agreed to rent data-center capacity from SpaceX, expanding the rocket company’s artificial-intelligence business ahead of its initial public offering. Google will pay SpaceX $920 million a month from October 2026 to June 2029 in a deal that includes the computing capacity of at least 110,000 Nvidia NVDA chips, according to a SpaceX securities filing on Friday. The deal will ramp up over the summer, and Google has the right to cancel the agreement in October if SpaceX doesn’t provide the promised chips, SpaceX said. Either party can cancel the agreement starting next year with 90 days’ notice. This is the second major deal SpaceX has made in recent months to rent out computing capacity to a competitor. The rocket company is expected to go public on June 12 in a public offering that values the company at $1.77 trillion. It has pitched investors on the deal by promoting its plans to build data centers in space, a nascent technology that has gained traction as tech companies face expensive energy bills from running data centers on Earth. Meanwhile, SpaceX has had excess capacity in its Colossus data centers, initially built to train its own AI model Grok.

The Swiss stock market closed modestly higher on Friday after a cautious session as investors continued to closely follow the developments in the Middle East, where a solution to the ongoing conflict between Iran and the U.S. remains elusive. The benchmark SMI, which briefly slipped into negative territory after a slightly positive start, recovered swiftly and stayed above the flat line to eventually settle with a gain of 46.96 points or 0.35% at 13,388.23. Alcon climbed 2%. Novartis and Swiss Re moved up by 1.85% and 1.68%, respectively. Galderma Group, Kuehne + Nagel and Sandoz Group and Givaudan gained 1%-1.5%. Givaudan gained 1%. The company announced today that it has reached an agreement to acquire a majority stake in Eurofragance, a pure play fragrance house based in Barcelona, Spain. Roche, Lindt & Spruengli, Sonova, Helvetia Baloise Holding, Schindler Ps and Nestle posted modest gains. VAT Group drifted down by about 2.5%. Logitech International ended 2.35% down and ABB closed lower by 1.84%. Holcim, Lonza Group, Straumann Holding, Swiccom and Geberit also ended weak. Data from Swiss National Bank showed the Swiss National Bank's foreign exchange reserves fell to CHF 711 billion in May from the upwardly revised CHF 716 billion in the prior month.

Europa
European stocks closed weak on Friday as the mood remained largely cautious amid an escalation in tensions in the Middle East and news about Hezbollah rejecting the ceasefire agreement with Israel and launching fresh strikes across southern Lebanon. Shares of chipmakers fell, weighed down by a downbeat earnings report from Broadcom The pan European Stoxx 600 slid 0.29%. Germany's DAX and France's CAC 40 closed down by 0.75% and 0.32%, respectively. The U.K.'s FTSE 100 ended 0.07% up. Switzerland's SMI climbed 0.35%. Among other markets in Europe, Austria, Czech Republic, Finland, Iceland, Ireland, Netherlands, Poland, Sweden and Türkiye closed weak. Belgium, Denmark, Greece, Norway, Portugal, Russia and Spain ended higher. In the UK market, shares of mining companies fell sharply. Fresnillo, Endeavour Mining, Antofagasta and Anglo American Plc lost 5%-6.2%. Glencore shed 3.25% and Rio Tinto closed 3.1% down. Halma ended 4.4% down. Polar Capital Technology Trust, JD Sports Fashion, Metlen Energy & Metals, Entain, Weir Group, Lion Finance, Prudential and Hiscox were among the other major losers. Imperial Brands, Unilever, LSEG, AstraZeneca, Haleon, Bunzl, AutoTrader Group, British American Tobacco, GSK, Reckitt Benckiser, Sainsbury (J), Melrose Industries, Diageo, Coca-Cola Europacific Partners, Pearson, National Grid and Coca-Cola HBC gained 1.4%-3%. Shares of single-board computer maker Raspberry Pi Holdings shares soared nearly 28% after the company said it expects full-year earnings to significantly exceed market expectations. In the German market, Infineon tanked more than 9%. Mercedes-Benz, Qiagen, Merck, Vonovia, SAP, Daimler Truck Holding and Siemens lost 1%-2.2%. Zalando, Beiersdorf, Henkel, Scout24, Rheinmetall, Bayer, Fresenius, Gea Group, Munich RE, E.ON, Commerzbank, Fresenius Medical Care, Hannover RE and Brenntag closed with strong gains.

Stati Uniti
After coming under considerable pressure early in the session, stocks showed an even more substantial move to the downside over the course of trading day on Friday. The major averages all moved sharply lower, with the tech-heavy posting a particularly steep loss. The major averages ended the day just off their lows of the session. The Nasdaq plunged 1,121.53 points or 4.2 percent to 25,709.43, the S&P 500 tumbled 200.57 points or 2.6 percent to 7,383.74 and the Dow slumped 695.15 points or 1.4 percent to 50,886.78. With the steep losses on the day, the major averages all moved lower for the week. The Nasdaq plummeted by 4.7 percent, the S&P 500 dove by 2.9 percent and the Dow dipped by 0.3 percent. The sell-off on Wall Street came as technology stocks remained under pressure after seeing notable weakness during Thursday's session. Thursday's negative reaction to Broadcom's (AVGO) guidance continued to generate selling pressure amid concerns about valuations. The Labor Department released a report showing non-farm payroll employment shot up by 172,000 jobs in May after surging by an upwardly revised 179,000 jobs in April. Economists had expected employment to climb by 85,000 jobs compared to the addition of 115,000 jobs originally reported for the previous month. The data has added to recent speculation that the Federal Reserve will leave interest rates at their current level for an extended period. Semiconductor and computer hardware stocks turned in some of the market's worst performances on the day, with the Philadelphia Semiconductor Index and the NYSE Arca Computer Hardware Index plummeting by 10.3 percent and 9.1 percent, respectively. Outside of the tech sector, gold stocks also saw substantial weakness amid a steep drop by the price of the precious metal, resulting in an 8.4 percent nosedive by the NYSE Arca Gold Bugs Index.

Asia
Asian stock markets are under pressure on Monday. Amid concerns over interest rate rises, technology stocks – particularly those in the semiconductor sector – are being sold off, though profit-taking following the spectacular rally is also contributing to the decline. Stock markets in South Korea, Japan and Taiwan are particularly hard hit. In South Korea, trading was temporarily suspended due to heavy losses. The technology-heavy Kospi in Seoul is down 5.6 per cent, having previously fallen by more than 8 per cent.

Obbligazioni
In the U.S. bond market, treasuries moved sharply lower in reaction to the stronger than expected job data. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, surged 5.9 basis points to 4.536 percent.

Analisi
Vontobel downgrades Burckhardt Compression to CHF 680 (820) – Buy
Berenberg upgrades Anglo American to 4,200 (4,000) GBp – Buy
Berenberg upgrades Flatexdegiro to EUR 48 (45) – Buy

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