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Luke Kawa

GameStop jumps after report that Cohen’s picture with Saylor meant what traders hoped it did

GameStop is spiking after-hours as CNBC reports that the retailer slash meme stock slash T-bill fund is considering investing in bitcoin and other cryptocurrencies.

This would be exactly what GameStop bulls were suspecting when they bid up the stock after CEO Ryan Cohen posted a photo with Strategy CEO Michael Saylor, whose company holds more bitcoin on its balance sheet than any other.

However, the article, citing sources familiar with the matter, says Saylor isn’t involved in any of the discussions on whether or not to proceed with such a tactic and that no plans are concrete at this time.

GameStop has about $4.6 billion in highly liquid assets thanks to its share sales during the meme-stock booms and interest on the securities it holds, which, for reference, would be enough to buy nearly 48,000 bitcoin at current prices. From T-bills to bitcoin would be one helluva lurch in the risk profile of a corporate treasury, to state the obvious.

CNBC pundit Jim Cramer, by the way, proposed a version of this idea back in 2021:

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J. Edward Moreno

SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

Luke Kawa
7/2/26
US job growth falls far short of estimates in June; unemployment rate unexpectedly dips to 4.2%

Job growth was 57,000. Analysts foresaw job growth of 113,000; prediction markets were more optimistic, looking for job growth above 125,000 but below 150,000.

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7/1/26
Meta surges on report it’s starting a cloud business to sell excess AI compute

The story of the hyperscalers in 2026 has largely been “the beatings will continue until the cash flow outlook improves;” this could help change the story for Meta. Or not.

Meta CEO Mark Zuckerberg visits U.S. Capitol for Senate meetings

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