The market closed on a mixed bag of results through the trading session on Monday to kick off our first trading day in June. On the economic front a weaker than expected manufacturing report pushed the major averages lower while investors sit on the sidelines and argue over whether a rate cut will be delivered. Let’s take a dive into the indexes:
The Nasdaq Composite put on about 0.6% to finish the day green
The S&P500 flip flopped through the day and end +0.1%
The Dow Jones Industrial Average recovered its losses to shed around 0.3% on the day
On the retail side RoaringKitty tweeted for the first time since May 17th, and Unusual Whales uncovered a $200M position in , also saw a rise in activity as well shooting up as much as 27%.
stock surged over 3% after CEO Jensen Huang revealed details about the company’s next AI chip platform, Rubin, at the Computex conference in Taipei, Taiwan. Rubin, set to launch in 2026, will include a new Arm-based CPU called Vera. Huang also announced a more powerful version of its Blackwell platform, Blackwell Ultra, coming in 2025, and an Ultra version of Rubin for 2027. Nvidia’s early investments in AI technology have put it ahead of rivals in hardware capabilities and software features, making its offerings invaluable to cloud providers and businesses across industries. The company’s revenue has jumped 262% year over year to $26 billion in Q1, and it has a market capitalization of $2.79 trillion. Wall Street expects Nvidia to continue growing, with one analyst predicting a $10 trillion market cap target by 2030.
Skydance Media to Acquire Paramount in $8 Billion Deal, Pending Approval 👀
Paramount’s shares surged up to 9% on Monday after reports of an $8 billion takeover agreement with Skydance Media, led by David Ellison. The deal, which includes the sale of National Amusements’ controlling stake in Paramount to Skydance for around $2 billion, is subject to approval from Shari Redstone and an independent special committee of Paramount’s board.
Skydance, backed by private equity firms RedBird Capital and KKR, will merge its studio business with Paramount’s, offering a cash injection of $1.5 billion to reduce Paramount’s debt. Skydance will purchase about half of Paramount’s nonvoting shares for $4.5 billion, or around $15 a share, with nonvoting shareholders having the option to cash out half of their stock at the $15 premium.
The deal comes after months of discussions with other interested parties, including Sony Pictures Entertainment, Apollo Global Management, Warner Bros. Discovery, Byron Allen, and Steven Paul. The merger, valued at $8 billion, will result in Skydance and RedBird owning two-thirds of the company, while nonvoting shareholders will hold the remaining third.
The deal addresses concerns from nonvoting shareholders who felt the initial $5 billion offer unfairly benefited Redstone at their expense. The change in leadership, with the departure of CEO Bob Bakish and the installation of an “Office of the CEO” consortium, is also noteworthy. The annual shareholder meeting is scheduled for Tuesday morning.
