Good morning! Here's the latest in trending:

OECD: Global minimum tax raised revenue without cutting jobs.

Fresh reports: Pentagon weighs military options against Cuba.

Humanoid threat: Striking Hyundai workers fear a robotic future.

Are there more shares than the market can swallow? Fresh worries have surfaced after SpaceX's (SPCX) stock broke below its IPO price only a month since its blockbuster debut. While there is a typical "price discovery" process for newly listed companies, this slump is not a great sign. Only 5% of SpaceX's (SPCX) total shares are currently trading in the public market, and the floodgates could open soon as the stock held by insiders, employees, and early investors is unlocked. SA subscribers said to wait for the SpaceX post-IPO dip

Snapshot: The equity glut isn't unique to SpaceX (SPCX). In recent weeks, SK Hynix (SKHY) conducted the largest-ever ADR listing in the U.S., raising a total of $26.5B to build new mega-fabs and purchase expensive lithography to power the AI revolution. Alphabet (GOOGL) further announced an $80B capital raise to bankroll its massive AI infrastructure expansion and global compute capacity. Other massive listings are also on tap, including OpenAI and Anthropic, while earlier AI offerings, like Cerebras (CBRS), are trading below their IPO price after big initial pops.

Stress has been particularly seen over the past month as AI hardware players got slammed, with investors expressing caution and taking profits. Double-digit declines were logged at Micron (MU), Intel (INTC) and SanDisk (SNDK), but the shift in sentiment has also broadened to software and legacy enterprise tech, with IBM (IBM) tanking 25% on Tuesday. While there is anxiety in the air, especially with increased AI share supply and a pullback in demand, the investing focus could also be changing with the times.

Earnings angle: "Silicon Valley has shifted to 'definite optimism,' prioritizing AI investment and CapEx over share buybacks, fueling a new era for U.S. equities," SA analyst Geneva Investor noted. "As investors, we are all naturally biased towards narrowly focusing on financial metrics. Yet, the reality is that the market has been willing to look beyond mere financials for a fairly long time now. Such, in my view, is the effect of Silicon Valley switching to a "definite optimism" mindset with AI (and, entirely different subject, various forms of currency debasement). The market is likely to focus on companies' AI efficiency roadmaps, unit economics, and future deployment strategies rather than immediate ROI in upcoming earnings."

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Netflix (NFLX) braces for 8% post-earnings jolt as option bets pile up.

SA Asks: Should Disney (DIS) get out of the streaming business?

United (UAL) warns of $6B in fuel costs weighing on FY outlook.

Trump slams NY data center moratorium, calls it 'terrible decision.'

Eli Lilly (LLY) just scooped up this psychedelic drugmaker.

Nvidia (NVDA) CEO Huang visits Japan, unveils AI partnerships.

Bank of Korea hikes interest rate for the first time since 2023.

Mythos AI access is a ‘real issue’ - JPMorgan's Jamie Dimon.

Does General Dynamics (GD) needs to build submarines faster?

California AG lists potential concessions in WBD-Paramount deal.

In Asia, Japan -2.8%. Hong Kong +1.3%. China -1.9%. India flat.
In Europe, at midday, London -0.2%. Paris -0.6%. Frankfurt -0.7%.
Futures at 6:30, Dow +0.2%. S&P -0.1%. Nasdaq -0.5%. Crude flat at $79.60. Gold -0.3% to $4,039.10. Bitcoin -0.7% to $64,126.
Ten-year Treasury Yield +1 bp to 4.57%.

Companies reporting today include Netflix (NFLX) and Taiwan Semiconductor Manufacturing (TSM).

See the full earnings calendar on Seeking Alpha, as well as today's economic calendar.