🤖 The trillion-dollar man

As we covered in Friday’s EntryPoint newsletter, QQQ has had a record quarter, with more than $15 billion flowing into the ETF, following a record outflow in Q1.

In addition to the high-flying tech companies highly correlated with the Nasdaq 100, like Broadcom and Nvidia, hyperscalers, and memory plays, there’s also a host of stocks you’d be implicitly buying that tend to zig when QQQ zags, including PepsiCo, Mondelez, Kraft Heinz, and Walmart — the latter of which is the Nasdaq 100 member most negatively correlated with the index itself.

The Takeaway

One of our favorite investing advice one-liners is, “Know what you own and know why you own it,” from Peter Lynch. So if you’re contemplating QQQ-and-chill as an investment strategy, it’s worth reminding yourself what you’re buying.

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After a needless to say eventful week, Elon Musk is now a trillionaire, having added some $274 billion to his net worth through last Thursday alone, and $351 billion to his net worth year to date, according to the Bloomberg Billionaires Index. 

• That makes Musk more than 3x richer than the next man on the list, Google cofounder Larry Page. He’s nearly 4x richer than Jeff Bezos, and possesses nearly 10x the wealth of Bill Gates. 

• As recently as 2024, the richest man on Earth had about $200 billion, and the title shifted between Musk, Bezos, and Bernard Arnault. In 2025, a rally in Oracle briefly made CEO Larry Ellison the richest man on the planet. 

• Having blasted off to a trillion dollars, and with all rivals far in his Tesla’s rearview mirror, Musk is now in an entirely novel echelon of wealth. 

• If you spent $27,000 a day for 100 years, you would spend about a billion dollars over that century. A trillionaire could do $27 million per day for that century. 

The ancient Egyptians believed that the measure of a person’s worth was calculated upon their death when Anubis, god of the afterlife, would weigh their heart against a feather to see if a heavy heart would be fed to Ammit, the Devourer of Souls. Here in America, we do things a little differently, where the measure of worth is the net present value of future cash flows, and in lieu of Anubis, we delegate that task to the market. As it stands now, by our ancient rites and customs, Elon Musk is the first trillion-dollar man.

The Takeaway

Sure, you might say, a trillion dollars is a lot of money, but that’s a paper trillion, the amount backed by voluminous stock holdings and not actually spendable. But given the ample number of people lining up around the block to offer credit vehicles and capital to the richest man in the world already, the line won’t be around the block so much as to the moon and back to offer money to a man who is 3x richer than his closest rival. It’s Musk’s world, and we’re just in it. 

• Blaming AI for job cuts grows: With Corporate America finding plenty of ways to describe its AI-driven reinvention this year — from preparing for the “agentic era” to building businesses with “humans around the edge” — last month brought yet another unmistakable sign that AI has become the go-to explanation for layoffs, according to new data. 

• The back half of 2026 may be better for bitcoin: Geoff Kendrick, Standard Chartered’s global head of digital assets research, wrote in a June 12 note that bitcoin might have seen its cycle low at $59,000, and declared, “Winter is over. Welcome back to crypto Spring,” but other analysts have doubts.

New data from energy think tank Ember shows that solar supplied 12.8% of US energy generation in May — marking not only the highest share ever recorded for the clean energy source, but also the first time it’s surpassed coal.

See it charted

Oops! All World Cup!

• 🇪🇸 Spain vs. 🇨🇻 Cape Verde: Spain, considered along with France to be the tournament favorite, is overwhelmingly expected to win this one, with prediction markets* giving Spain a 92% chance and Cape Verde a 4% shot. 

• 🇧🇪 Belgium vs. 🇪🇬 Egypt: Belgium is a small powerhouse, coming in at No. 9 on the international rankings, and is seen as having the edge against Egypt; markets give Belgium a 62% chance of a win and Egypt a 16% chance.

• 🇸🇦Saudi Arabia vs. 🇺🇾 Uruguay: The Kingdom of Saudi Arabia has an 11% chance of pulling off a win, while Uruguay has a 69% of winning their opening game. 

• 🇮🇷 Iran vs. 🇳🇿 New Zealand: This one looks to be the closest match of the day, where Iran’s got a 54% chance of a win, while New Zealand comes in at a 21% chance. 

*Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.