“I am NOT building a new financial system. I built a casino.”
This stark admission from Ken Chan, former co-founder of derivatives protocol Aevo, has been reverberating across Asian crypto communities this week.
What began as a post on X has now crossed linguistic borders, been introduced to Chinese communities by local news media, and been widely shared among Korean traders, accumulating millions of views along the way.
From Ayn Rand to Disillusionment: A Libertarian’s Journey Through CryptoChan’s confession is not merely a critique—it is the unraveling of a personal ideology. He describes himself as a “starry-eyed libertarian” who donated to Gary Johnson’s 2016 presidential campaign after being radicalized by Ayn Rand’s novels. The cypherpunk ethos of Bitcoin spoke directly to this worldview. “Being able to walk across the border with a billion dollars in your head is and always will be a powerful idea to me,” he writes.
Yet eight years of industry experience eroded that idealism. Chan recounts how the Layer 1 wars—the flood of capital into Aptos, Sui, Sei, ICP, and countless others—produced no meaningful progress toward a new financial system. Instead, it “literally torched everyone’s money” in pursuit of becoming the next Solana. His verdict is unsparing: “We do not need to build the Casino on Mars.”
According to his LinkedIn profile, Chan departed Aevo in May this year. His personal website indicates he is now working on KENSAT, a personal satellite project. It is scheduled to launch aboard a Falcon 9 in June 2026. His confession arrives six months after his departure. It comes as AEVO token trades at roughly $45 million in fully diluted market cap—down approximately 99% from its peak.
Chan’s central metaphor—that crypto has become “the biggest, online, multi-player 24/7 casino our generation has ever concocted”—cuts through technical complexity with visceral clarity.
The timing amplifies the message. Following October’s market turbulence and persistent volatility, participants across the region have been grappling with fatigue. The Chinese media framed the viral spread as reflecting “collective anxiety amid liquidity drought and narrative vacuum.”
Chinese-language responses have been divided. Some pushed back sharply: “Same eight years—some reach the summit, others exit the stage. Wasting time is your own problem.” Others went further than Chan himself, with one commenter writing: “The entire crypto circle is foolish, no exceptions. After more than a decade, what blockchain product has the average person actually used?”
Korean responses echoed similar exhaustion. “Besides stablecoins, there’s no real use case,” noted one trader. Another was more blunt: “At the bottom of crypto, there’s no one creating new value for society—just scammers swarming to suck money from retail investors.”
Generational Anxiety Finds a Voice Across BordersPerhaps most striking is Chan’s warning that the industry’s “toxic mentality will lead to the long-term collapse of social mobility for the younger generation.” This concern resonates deeply in East Asian societies. Traditional paths to wealth—real estate, stable employment—have grown increasingly inaccessible. Crypto promised an alternative; Chan suggests it may be accelerating the problem.
Korean analyst KKD Whale offered a parallel reflection without directly addressing Chan’s post. “The era of standing alone with just one core skill is passing,” he wrote, recalling a talented colleague who could compress eight hours of work into one but never bothered to deepen his expertise. The skill became obsolete; the person moved on.
While Chan questions what the industry has built, KKD Whale questions what individuals have accumulated within it. Both arrive at the same unsettling destination.
Chan closes with a quote from CMS Holdings: “Do you want to make money, or do you want to be right?” His answer: “I choose to be right this time.”
Six months after leaving the project he built, and with AEVO trading at a fraction of its former value, the question lingers: Is this the clarity of hindsight, or the convenience of exit? The viral journey of his confession suggests many others are asking themselves the same question.
Rubio: US and Iran to continue technical consultations at the end of this month
Multiple foreign media outlets reported on the 24th that US Secretary of State Rubio said technical teams from the United States and Iran will hold further talks in Switzerland by the end of June. (Xinhua News Agency)
5 hours ago
Over the past 24 hours, total crypto market liquidations hit $606 million, with more than 130,000 traders liquidated.
According to Coinglass data, the global cryptocurrency market recorded $606 million in liquidations over the past 24 hours, including $542 million in long-position liquidations and $68.22 million in short-position liquidations. A total of 135,785 traders worldwide were liquidated in the same period, with the largest single liquidation order occurring on Binance’s BTCUSDT trading pair, valued at $12.0111 million.
5 hours ago
Bitcoin falls below $60,000
According to HTX market data, Bitcoin has fallen below $60,000, with a 4.3% drop in the past 24 hours.
5 hours ago
US Treasury Secretary: AI boom may boost productivity and help curb inflation.
US Treasury Secretary Bessent told CNBC in an interview that he hopes the Federal Reserve will remain "open-minded" about the inflation pattern after the reversal of Iran-related energy price hikes. Bessent noted that the U.S. could enter an economic environment marked by high GDP growth without a corresponding rise in traditional inflation. He cited that in the 1990s, Alan Greenspan foresaw that office modernization and the internet could drive non-inflationary growth, and allowed the economy to keep expanding. Bessent believes the U.S. has a strong chance of seeing a similar scenario again. When asked whether the Fed still needs to worry about potential inflation and whether interest rate cuts are possible this year or next, Bessent declined to comment. However, he argued that it is necessary to stay open-minded about the price or inflation impacts from the Iran conflict, and monitor inflation performance after those effects subside. Bessent also said an open mind is needed, as the AI boom could boost productivity and deliver disinflationary effects, helping inflation return to the Fed’s target level. He added that he believes Kevin Warsh will choose the optimal path that meets both the Fed’s inflation and growth mandates. Bessent also noted that Warsh previously took a hawkish stance on inflation.
5 hours ago
US stocks' intraday storage sector sees broad declines, with Western Digital and Seagate Technology both falling over 4%.
According to Bitget data, during U.S. stock trading hours, the storage sector saw broad declines: Western Digital (WDC) fell 4.47%, Seagate Technology (STX) dropped 4.17%, SanDisk (SNDK) declined 2.31%, and Micron Technology (MU) edged down 0.96%. Most optical communication concept stocks rose, with Corning (GLW) leading the gains at 9.75%, followed by Ciena (CIEN) up 3.24%, Coherent (COHR) rising 2.93%, Lumentum (LITE) gaining 2.61%, and Nokia (NOK) advancing 1.82%. Additionally, Marvell Technology (MRVL) fell 2.59% and Applied Optoelectronics (AAOI) declined 1.90%.
5 hours ago
During intraday trading in U.S. stocks, crypto-related concept stocks fell broadly, with MSTR dropping more than 7%.
According to Bitget market data, the three major U.S. stock indexes rose broadly: the Dow Jones Industrial Average gained 0.94%, the S&P 500 increased 0.60%, and the Nasdaq rose 0.63%. Crypto-related stocks fell across the board, with declines as follows: Strategy (MSTR) down 7.33%; Circle (CRCL) down 4.35%; Bitmine (BMNR) down 3.97%; Coinbase (COIN) down 3.73%; Robinhood (HOOD) down 3.70%; Gemini (GEMI) down 3.27%; Bullish (BLSH) down 3.25%; Sharplink (SBET) down 3.19%.
PANews reported on December 14 that Aevo (formerly Ribbon Finance) tweeted that due to a vulnerability in a smart contract update, the old version of Ribbon DOV vault was attacked, resulting in a loss of approximately $2.7 million.
The team stated that all Ribbon vaults have ceased operation and will be immediately deactivated. Users must complete the contract upgrade and withdraw funds themselves through the standard process. The contract upgrade will be rolled out next week (to be announced later). Aevo disclosed that the vulnerability resulted in a loss of approximately 32% of the vaults, but the team recommends that users withdraw only 19% of the value of their positions at the time of the attack. The claim period is from December 12th to June 12th. After June 12th, the DAO will liquidate all remaining assets and distribute them to users who withdrew funds earlier.
Aevo, a cryptocurrency trading platform, has encountered a significant setback with a recent exploit on its Ribbon Vaults. The breach resulted in a substantial loss of $2.3 million. This incident highlights vulnerabilities in the system, causing concern within the crypto community. Users of the platform are seeking assurance regarding the platform’s security measures going forward, while stakeholders focus on damage assessment and remedy strategies. The unfolding events have spurred discussions on the necessity for more sophisticated security protocols in digital finance platforms.
What Led to the Exploit in Ribbon Vaults?The incident was driven by a vulnerability within the technical architecture of Aevo’s Ribbon Vaults. Specific details on how the exploit was executed remain undisclosed, but initial assessments indicate gaps in the structure that hackers exploited. Aevo has since been actively working to investigate the loopholes that were leveraged, placing emphasis on securing user assets. The company, however, assures customers that funds outside the vaults remain intact.
How is Aevo Responding to the Security Breach?In response to the exploit, Aevo has initiated a series of measures aimed at bolstering security and regaining user trust. Immediate actions include enhancing current security frameworks and implementing additional monitoring mechanisms. According to a representative,
“Our primary focus is to ensure the safety of our users’ assets.”
They further mentioned that new layers of security would be integrated into the system to prevent future incidents.
What Are the Investor Reactions?Investors have expressed varying degrees of concern, particularly about the potential long-term implications for Aevo’s reputation. The immediate response suggests apprehension, yet some remain optimistic about Aevo’s commitment to rectify the breach. Aevo has been actively communicating with stakeholders to provide regular updates and reassurance. As part of this effort, a spokesperson stated,
“We are dedicated to transparency and will keep our community informed throughout the remediation process.”
This attempt at open communication aims to stem the rising unease among users and investors.
In light of this exploit, broader discussions about cybersecurity in the cryptocurrency sector have intensified. The Aevo incident illustrates the critical need for enhanced security solutions in digital finance, as technological advancements can also open new attack vectors for malicious activities. Robust security strategies and proactive modifications to digital platforms are essential to safeguard assets and trust in this rapidly evolving sector. Stakeholders in digital finance must prioritize security to maintain confidence.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
PANews reported on January 9th that Aevo announced on its X platform that, in accordance with AGP-3 rules, it has burned 69 million AEVO tokens (6.9% of the total supply) from circulation to signify a fresh start and demonstrate its commitment to maintaining token value. Phase 5 of the rewards program is still underway, during which 1 million AEVO tokens will be distributed to traders. Trading activity and the staking rewards program work in tandem, allowing users to earn multiples of their staking AEVO based on their trading volume in each phase. Staking AEVO tokens also allows users to earn a portion of accumulated Uniswap V3 LP fees, which will be distributed in June 2026.
Rubio: US and Iran to continue technical consultations at the end of this month
Multiple foreign media outlets reported on the 24th that US Secretary of State Rubio said technical teams from the United States and Iran will hold further talks in Switzerland by the end of June. (Xinhua News Agency)
5 hours ago
Over the past 24 hours, total crypto market liquidations hit $606 million, with more than 130,000 traders liquidated.
According to Coinglass data, the global cryptocurrency market recorded $606 million in liquidations over the past 24 hours, including $542 million in long-position liquidations and $68.22 million in short-position liquidations. A total of 135,785 traders worldwide were liquidated in the same period, with the largest single liquidation order occurring on Binance’s BTCUSDT trading pair, valued at $12.0111 million.
5 hours ago
Bitcoin falls below $60,000
According to HTX market data, Bitcoin has fallen below $60,000, with a 4.3% drop in the past 24 hours.
5 hours ago
US Treasury Secretary: AI boom may boost productivity and help curb inflation.
US Treasury Secretary Bessent told CNBC in an interview that he hopes the Federal Reserve will remain "open-minded" about the inflation pattern after the reversal of Iran-related energy price hikes. Bessent noted that the U.S. could enter an economic environment marked by high GDP growth without a corresponding rise in traditional inflation. He cited that in the 1990s, Alan Greenspan foresaw that office modernization and the internet could drive non-inflationary growth, and allowed the economy to keep expanding. Bessent believes the U.S. has a strong chance of seeing a similar scenario again. When asked whether the Fed still needs to worry about potential inflation and whether interest rate cuts are possible this year or next, Bessent declined to comment. However, he argued that it is necessary to stay open-minded about the price or inflation impacts from the Iran conflict, and monitor inflation performance after those effects subside. Bessent also said an open mind is needed, as the AI boom could boost productivity and deliver disinflationary effects, helping inflation return to the Fed’s target level. He added that he believes Kevin Warsh will choose the optimal path that meets both the Fed’s inflation and growth mandates. Bessent also noted that Warsh previously took a hawkish stance on inflation.
5 hours ago
US stocks' intraday storage sector sees broad declines, with Western Digital and Seagate Technology both falling over 4%.
According to Bitget data, during U.S. stock trading hours, the storage sector saw broad declines: Western Digital (WDC) fell 4.47%, Seagate Technology (STX) dropped 4.17%, SanDisk (SNDK) declined 2.31%, and Micron Technology (MU) edged down 0.96%. Most optical communication concept stocks rose, with Corning (GLW) leading the gains at 9.75%, followed by Ciena (CIEN) up 3.24%, Coherent (COHR) rising 2.93%, Lumentum (LITE) gaining 2.61%, and Nokia (NOK) advancing 1.82%. Additionally, Marvell Technology (MRVL) fell 2.59% and Applied Optoelectronics (AAOI) declined 1.90%.
5 hours ago
During intraday trading in U.S. stocks, crypto-related concept stocks fell broadly, with MSTR dropping more than 7%.
According to Bitget market data, the three major U.S. stock indexes rose broadly: the Dow Jones Industrial Average gained 0.94%, the S&P 500 increased 0.60%, and the Nasdaq rose 0.63%. Crypto-related stocks fell across the board, with declines as follows: Strategy (MSTR) down 7.33%; Circle (CRCL) down 4.35%; Bitmine (BMNR) down 3.97%; Coinbase (COIN) down 3.73%; Robinhood (HOOD) down 3.70%; Gemini (GEMI) down 3.27%; Bullish (BLSH) down 3.25%; Sharplink (SBET) down 3.19%.
The Philippine SEC has warned investors against using dYdX and six other crypto platforms, saying they are operating without authorization in the country.
Summary
Philippine SEC has warned investors against dYdX and six other crypto platforms for operating without registration or authorization in the country. Authorities said the platforms appear to offer investments promising returns, with promoters facing fines of up to 5 million pesos or up to 21 years in prison. Enforcement has tightened as regulators expand from warnings to blocking access, while licensed firms continue launching compliant crypto services. According to a Tuesday post on Facebook, the Philippine Securities and Exchange Commission named dYdX, Aevo, gTrade, Pacifica, Orderly, Deriv, and Ostium, stating that its review found the platforms “appear to be offering investments to the public” in exchange for “promised returns, profits or interest.”
None of the entities are registered with the Commission or hold approval under the country’s crypto-asset service provider framework, which requires firms to secure licenses and meet capital and operational standards before offering services locally.
Regulators also cautioned that individuals promoting these platforms could face legal consequences. Under Sections 28 and 73 of the Securities Regulation Code, violators risk fines of up to 5 million Philippine pesos, about $89,000, or imprisonment of up to 21 years, or both.
Enforcement tightens as access restrictions expand Recent action adds to a pattern of stricter enforcement that has moved beyond warnings into blocking access to non-compliant platforms.
Philippine authorities had already taken steps against major exchanges in earlier cases. Binance, for instance, saw its website blocked nationwide after failing to meet compliance requirements, while its app was later removed from local app stores following requests sent by the SEC to Google and Apple in late 2024. By early 2026, users in the country were no longer able to access the exchange’s main site, with reports of error messages such as “Privacy Error” and “Site can’t be reached.”
Other platforms have faced similar treatment. Coinbase and Gemini were blocked on Dec. 24, 2025, as part of the same enforcement push targeting unlicensed operators.
Regulatory pressure has extended across multiple firms. In August 2025, the SEC flagged another group of exchanges, including OKX, Bybit, KuCoin, and Kraken, for offering services without registration, warning that such activity exposed local investors to risk.
Licensed players continue to expand offerings While enforcement has tightened against offshore platforms, companies operating within the regulatory framework have continued to roll out new services.
Local exchange PDAX partnered with Toku in 2025 to enable stablecoin salary payouts, offering a compliant route for crypto-based payments. Digital bank GoTyme also entered the space through a tie-up with Alpaca, allowing users to buy and hold digital assets directly within its app.
Regulators have kept the message consistent across these developments, drawing a clear line between licensed operators and those offering services without approval.
NEW YORK--(BUSINESS WIRE)--Morgan Stanley (NYSE: MS) announced that it will increase its quarterly common stock dividend to $1.15 per share from the current $1.00 per share, beginning with the common stock dividend expected to be declared by the Firm’s Board of Directors in the third quarter of 2026.
In addition, the Firm’s Board of Directors reauthorized a multi-year common equity share repurchase program of up to $20 billion, without a set expiration date, beginning in the third quarter of 2026. The share repurchases will be exercised from time to time at prices the Firm deems appropriate, subject to various considerations, including current market conditions, the Firm’s capital position and future economic and earnings outlook.
Ted Pick, Chairman and Chief Executive Officer of Morgan Stanley, said, “We have a globally scaled business that supports the Firm’s durable returns and strong capital position. Our financial strength gives us ongoing flexibility to invest in growth opportunities across the Integrated Firm while increasing the return of capital to shareholders.”
On June 24, 2026, the Board of Governors of the Federal Reserve System released its CCAR 2026 results which do not impact the Firm’s Stress Capital Buffer (SCB) requirement. On February 4, 2026, the Federal Reserve announced that it expects the Firm will continue to be subject to its current SCB requirement of 4.3% until October 1, 2027, at which time a new SCB requirement may apply based on the results of the supervisory stress test conducted in 2027. Together with other features of the regulatory capital framework, this SCB results in an aggregate U.S. Basel III Standardized Approach Common Equity Tier 1 (CET1) ratio of 11.8%. The Firm’s U.S. Basel III Standardized Approach CET1 ratio was 15.1% as of March 31, 2026.
Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services. With offices in 42 countries, the Firm’s employees serve clients worldwide including corporations, governments, institutions and individuals. For further information about Morgan Stanley, please visit www.morganstanley.com.
Forward-Looking Statements
This Release contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made, which reflect management’s current estimates, projections, expectations, assumptions, interpretations or beliefs of Morgan Stanley’s future results, regulatory capital levels and future capital actions, including common stock dividends and common equity share repurchases, and which are subject to risks and uncertainties that may cause actual results to differ materially. Morgan Stanley does not undertake to update the forward-looking statements to reflect the impact of circumstances or events that may arise after the date of forward-looking statements. For a discussion of additional risks and uncertainties that may affect the future results, regulatory capital levels and future capital actions of Morgan Stanley, please see “Forward-Looking Statements” preceding Part I, Item 1, “Competition” and “Supervision and Regulation” in Part I, Item 1, “Risk Factors” in Part I, Item 1A, “Legal Proceedings” in Part I, Item 3, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 and “Quantitative and Qualitative Disclosures about Risk” in Part II, Item 7A, in Morgan Stanley’s Annual Report on Form 10-K for the year ended December 31, 2025 and other items throughout the Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, including any amendments thereto.
, /PRNewswire/ -- Today, the U.S. government awarded Lockheed Martin (NYSE: LMT) a seven-year undefinitized contract action (UCA) for up to $35 billion to quadruple production of Terminal High Altitude Area Defense (THAAD) interceptors. The award is one of the first major multiyear procurement contracts executed under the Department of War's Acquisition Transformation Strategy and represents one of the first full-scale transitions from framework agreement to contract execution under the initiative. It demonstrates Lockheed Martin's commitment to building the Arsenal of Freedom.
The $35 billion THAAD seven-year procurement award propels acceleration of critical missile defense interceptor production.
THAAD is a highly effective, combat-proven defense against short, medium and intermediate-range ballistic missile threats. The contract puts into action the THAAD framework agreement signed in January between the Department of War and Lockheed Martin, providing the long-term demand signal needed to accelerate production capacity, strengthen the defense industrial base and deliver critical missile defense capability at speed and scale for the U.S. and its allies.
The award comes weeks after Lockheed Martin broke ground on a new Munitions Production Center in Troy, Alabama, as part of the company's more than $9 billion investment through 2030. This investment is already delivering tangible results to meet heightened munitions demand, including more than 20 new or modernized facilities across the United States. Lockheed Martin also recently opened the Next Generation Interceptor facility in Courtland, Alabama, and the Munitions Acceleration Center in Camden, Arkansas.
WHY IT MATTERS
THAAD is the only U.S. system designed to intercept threats both inside and outside the atmosphere, providing a critical layer of missile defense. Its performance has been demonstrated in operations including Operation Epic Fury, where it continues to defend forces and key infrastructure against evolving threats.
EXPERT PERSPECTIVE
"This award reflects our shared vision with the Department of War to strengthen America's Arsenal of Freedom through a transformational shift to multiyear procurement," said Tim Cahill, president, Lockheed Martin Missiles and Fire Control. "This new approach propels our efforts to strengthen the defense industrial base, expand production and deliver capabilities to the American warfighter at unprecedented speed and scale."
ADDITIONAL CONTEXT
Acquisition Transformation Leadership: Lockheed Martin was the first in the industry to announce a framework agreement for munitions acceleration under the Department of War's Acquisition Transformation Strategy. Since January, landmark framework agreements have been established to expand production capacity for PAC-3® MSE, the THAAD interceptor and Precision Strike Missile (PrSM). In April, the U.S. government awarded Lockheed Martin a $4.7 billion contract to continue critical accelerated production of PAC-3 MSE this year. American Job Growth: Lockheed Martin continues to expand its workforce, creating tens of thousands of high-quality American jobs across manufacturing, engineering and skilled trades. These investments ensure America and its allies have the proven capabilities needed to protect people, infrastructure and freedom around the globe. Supply Chain Resilience: Lockheed Martin is strengthening resilience of our supply chain, deepening collaboration with suppliers and driving innovation across operations. Lockheed Martin is engaging regularly with suppliers critical to scaling munitions production, focusing on building stronger relationships, emphasizing speed and driving solutions to better prepare for current and future threats. About Lockheed Martin
Lockheed Martin is a global defense technology company driving innovation and advancing scientific discovery. Our all-domain mission solutions and 21st Century Security® vision accelerate the delivery of transformative technologies to ensure those we serve always stay ahead of ready. More information at Lockheedmartin.com.
Forward-Looking Statements
This news release contains statements that, to the extent they are not recitations of historical fact, constitute forward-looking statements within the meaning of the federal securities laws, and are based on the Company's current expectations and assumptions, including statements about the expected value and duration of the THAAD procurement award, the expected acceleration and quadrupling of production capacity and Lockheed Martin's investments through 2030 and expected results from facility and workforce expansion, supplier collaboration and production scaling. Actual results may differ materially due to factors such as: the availability, timing, and amount of U.S. government and allied government funding; changes in government priorities, budgets, acquisition strategies, contract terms, or procurement schedules; the risk that UCAs, multiyear procurement arrangements, or expected follow-on awards may be modified, delayed, reduced, terminated, or not fully funded; supply chain constraints, supplier performance, inflationary pressures and labor availability; challenges associated with increasing output at speed and scale; and delays in facility expansion. For a discussion identifying additional important factors that could cause actual results to vary materially from those anticipated in the forward-looking statements, see the Company's filings with the U.S. Securities and Exchange Commission ("SEC") including "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 and subsequent Quarterly Reports on Form 10-Q. The Company's filings may be accessed through the Investor Relations page of its website, www.lockheedmartin.com/investor, or through the website maintained by the SEC at www.sec.gov. Except where required by applicable law, the Company expressly disclaims a duty to provide updates to forward-looking statements after the date of this filing to reflect subsequent events, changed circumstances, changes in expectations, or the estimates and assumptions associated with them. The forward-looking statements in this filing are intended to be subject to the safe harbor protection provided by the federal securities laws.
The CEOs of Boeing, Lockheed Martin and Honeywell arrived at the White House on Wednesday for a meeting with President Donald Trump, as the administration presses major defense contractors to ramp up weapons production amid concerns about U.S. missile and munitions stockpiles.
The meeting comes after U.S. military operations in Iran and amid ongoing peace talks with Tehran, giving the White House added urgency to replenish key weapons systems and reassure allies that the U.S. defense industrial base can keep pace with demand.
The White House on Wednesday asked Congress for $87.6 billion in supplemental spending, primarily to pay for the Iran war. On Tuesday, the Senate adopted an Iran war powers resolution directing Trump to end U.S. hostilities with Tehran, a symbolic bipartisan rebuke that highlighted growing congressional scrutiny of the president's military strategy and peace talks.
Trump earlier this month invoked the Defense Production Act to accelerate weapons production, citing systemic constraints in the munitions base, including limited production capacity, fragile supply chains and long lead times.
But scaling weapons production is usually measured in years, not months, complicating the Trump administration's push for faster output.
The White House has also pushed contractors to prioritize existing Pentagon contracts, faster deliveries and American manufacturing capacity over shareholder payouts. And last week a key Senate committee approved a bill that would codify a January Trump executive order to require that defense contractors get Pentagon sign off to buy back shares or issue dividends. Defense contractors have opposed the mandate.
Wednesday's meeting follows a March White House gathering with executives from major defense firms, including Lockheed Martin, RTX, Boeing, Northrop Grumman, BAE Systems, Honeywell Aerospace and L3Harris.
The administration has been seeking to expand production of Patriot and THAAD interceptors, Tomahawk cruise missiles and AMRAAM air-to-air missiles, though industry executives have warned that major investments will require congressional funding.
The setup is almost too neat. South Korea’s Kospi just had what local press called a “Black Tuesday,” dropping nearly 10% as foreign investors dumped semiconductor shares and tripping circuit breakers. American chip names sold off in sympathy. And onto CNBC walked Jay Woods of Freedom Capital Markets with a thesis that has been building for months, which is that the AI trade you thought you were buying and the AI trade that actually worked were two very different things.
Woods, alongside Matt Powers and Tony Zhang, framed the recent action as overdue. “The momentum was starting to lose itself,” Woods said. “The RSI was making lower highs every time the index was going higher. So now what we’re seeing is more of a reversion to the mean.” Powers carried the math further. “The mag-7 they’re being punished for spending, maybe blindly throwing around 650 billion into AI. And we pray it’s not a trap that they can’t get out of.”
The capex is real, the returns are showing up next door Look at where the money is actually landing. Microsoft (NASDAQ:MSFT | MSFT Price Prediction) reported Q3 FY2026 capex of $30.88 billion, up 84.4% year over year, an infrastructure binge that helped push its AI business past a $37 billion annual revenue run rate. The stock has been punished anyway. It sits down 21% year to date through June 22. That is the Powers point in one chart.
Now look at the suppliers. Broadcom (NASDAQ:AVGO) posted Q2 FY2026 AI semiconductor revenue of $10.8 billion, up 143% year over year, and Hock Tan guided Q3 AI revenue to roughly $16.0 billion, more than 200% YoY growth. NVIDIA (NASDAQ:NVDA) put up Data Center revenue of $75.25 billion, up 92% YoY, with Data Center Networking up 199%. Jensen Huang called it “the largest infrastructure expansion in human history.”
Taiwan Semiconductor Manufacturing (NYSE:TSM), the foundry running every important chip in this story, has compounded 54.67% year to date and 125.63% over the past year. AVGO is up 10.7% YTD, NVDA up 5.6% YTD. None of those names are MSFT.
Memory was the silent surprise Powers put a number on it. “Semis up 100% versus down two in mag-7 names. Semis now make up a record almost 20% of the S&P 500.” Inside that move, the loudest chart belongs to Micron Technology (NASDAQ:MU). The stock is up 229% year to date through June 22, the consequence of memory repricing from a commodity to something Sanjay Mehrotra described as a “strategic asset” for hyperscale customers.
The fundamentals are not subtle. Last quarter Micron printed revenue of $23.86 billion, up 196.3% YoY, EPS of $12.20 against a $8.73 consensus, and guided Q3 to roughly $33.5 billion in revenue at an 81% gross margin. The board approved a 30% dividend increase alongside the earnings release.
Woods is still cautious into Wednesday’s earnings release. “People are going to get that blowout quarter. But I don’t expect the stock to continue this rise. It’s fallen six of its last eight reports even though it’s destroyed on earnings.” Options markets are pricing it as a coin flip. Polymarket assigns a 96% probability Micron beats, and the same crowd sets earnings-day direction at 50/50. A blowout that the chart has already discounted is the Woods worry.
What to watch Zhang’s contribution was a reminder that hedging the next leg costs real money now. “We’re trading at close to 100 times revenue in this particular stock,” he said of SpaceX, noting institutions buying 9,000 contracts of the $120 puts and 10,000 contracts of the $135 puts out to December.
If the Woods-Powers reversion thesis is right, the rotation we have already seen, $6.93 billion of net inflows into the VanEck Semiconductor ETF in a single day, was the smart bid moving from spenders to suppliers ahead of the punchline. Micron’s earnings report on Wednesday is the next data point. Watch the guide, not the beat.
Broadcom (AVGO +0.27%) has been on a blistering run in recent years, but those gains have been accompanied by significant volatility. The artificial intelligence (AI) chipmaker has gained 580% since the advent of AI in early 2023, but has fallen 10% or more on at least nine separate occasions and is currently 21% off its peak. Case in point: Broadcom stock crashed 41% in early 2025, so it isn't for the faint-hearted.
Uncertainty about the future of AI adoption has some investors sitting on the sidelines, but the evidence continues to mount that the company has a bright future.
Broadcom and OpenAI have joined forces to create an AI chip that the pair believes will be a game changer. The companies unveiled the custom-built processor, dubbed "Jalapeño," on Wednesday, marking OpenAI's first foray into physical silicon development.
Image source: The Motley Fool.
A spicy new AI processorThe new chip is the first step in OpenAI's long-term strategy to design computer chips and accessories that will underpin its evolving AI models. In a joint news release, Broadcom and OpenAI noted that they went back to the drawing board to design Jalapeño, which was "built from the ground up" and optimized for the unique demands of large language models (LLMs).
Jalapeño was designed specifically to be more efficient when working with ChatGPT and Codex, OpenAI's coding agent. It was also intended to work well with LLMs that the company develops in the future.
On an intriguing note, OpenAI revealed that the chip was designed with the help of its AI models. In an interview with CNBC, OpenAI president Greg Brockman said, "The degree to which our models have been able to accelerate [the chip development process] was very surprising to us."
While the chip's final performance testing isn't yet complete, early results suggest that Jalapeño’s performance per watt will be "substantially better" than current cutting-edge processors.
The breakthrough design focuses on reducing data movement across the chip and balancing the demands on compute, memory, and networking resources. In doing so, the processor achieves performance that is much closer to theoretical peak performance.
For example, one of the biggest drags on processing speed -- or latency -- is the need to move information around the chips. By minimizing data movement and reducing latency, OpenAI believes it will speed the next generation of AI inference -- the tasks for which AI models are designed.
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Brockman also said, "By designing more of the stack ourselves, we can serve more intelligence with greater efficiency and keep pushing advanced AI toward broader access." In essence, making AI more widely available.
Broadcom CEO Hock Tan noted that this was the first step in a "multi-generation roadmap." He went on to say that the collaboration represents a "fundamental commitment to scaling the physical infrastructure required for the next decade of AI.
What this means for Broadcom investorsBroadcom's biggest customers are among the tech elite, including such high-profile names as Alphabet, Meta Platforms, TikTok parent ByteDance, AI start-up Anthropic, and -- of course -- OpenAI. The company continues to expand its relationships with existing customers, which bodes well for the future.
Earlier this year, Tan said, "We have line of sight to achieve AI revenue from chips, just chips, in excess of $100 billion in 2027." For context, Broadcom's total revenue was roughly $64 billion in 2025, and its AI semiconductor revenue was just $10.8 billion in Q2, helping to underscore the magnitude of the growth yet to come.
Yet for all that opportunity, the stock is selling for 19 times next year's expected earnings. That's an attractive price for an industry leader driven by strong secular tailwinds.
WESTLAKE, Texas--(BUSINESS WIRE)--The Charles Schwab Corporation (CSC or Schwab) announced today that it has received the results of the Federal Reserve’s 2026 Comprehensive Capital Analysis and Review (CCAR). These results included the Federal Reserve’s estimate of Schwab’s minimum capital ratios under the supervisory severely adverse scenario for the nine-quarter horizon beginning December 31, 2025 and ending March 31, 2028. Earlier this year, the Federal Reserve voted to maintain the current stress capital buffer requirements until 2027. Therefore, Schwab’s stress capital buffer (SCB) remains at the 2.5% minimum.
Schwab’s Common Equity Tier 1 (CET1) ratio of 26.3% as of March 31, 2026 was well in excess of the regulatory minimum of 4.5% combined with the SCB of 2.5% due to the relatively low risk nature of our balance sheet assets.
Schwab ended the first quarter of 2026 with a consolidated Tier 1 Leverage Ratio of 8.9%, down from 9.3% at year-end 2025.
CFO Mike Verdeschi commented, “Our CCAR results highlight the strength of Schwab’s capital position and diversified business model. Our principles-based approach to managing the balance sheet establishes a foundation of safety and soundness from which we support our clients’ evolving needs across different environments and deliver profitable growth through-the-cycle.”
Forward-looking Statements
This press release contains forward-looking statements relating to the company’s diversified business model, business results, growth, capital ratios, and balance sheet management. These forward-looking statements reflect management’s expectations as of the date hereof. Achievement of these expectations and objectives is subject to risks and uncertainties that could cause actual results to differ materially from the expressed expectations. Important factors that may cause such differences include actual economic and financial conditions, the accuracy of management’s modeling and estimation techniques, and other factors described in the company’s most recent reports on Form 10-K and Form 10-Q, which have been filed with the Securities and Exchange Commission and are available on the company’s website (https://www.aboutschwab.com/financial-reports) and on the Securities and Exchange Commission’s website (https://www.sec.gov). The company makes no commitment to update any forward-looking statements.
About Charles Schwab
The Charles Schwab Corporation (NYSE: SCHW) is a leading provider of financial services, with 39.5 million active brokerage accounts, 5.9 million workplace plan participant accounts, 2.3 million banking accounts, and $13.14 trillion in client assets as of May 31, 2026. Through its operating subsidiaries, the company provides a full range of wealth management, securities brokerage, banking, asset management, custody, and financial advisory services to individual investors and independent investment advisors. Its broker-dealer subsidiary, Charles Schwab & Co., Inc. (member SIPC, https://www.sec.gov), and its affiliates offer a complete range of investment services and products including an extensive selection of mutual funds; financial planning and investment advice; retirement plan and equity compensation plan services; referrals to independent, fee-based investment advisors; and custodial, operational and trading support for independent, fee-based investment advisors through Schwab Advisor Services. Its primary banking subsidiary, Charles Schwab Bank, SSB (member FDIC and an Equal Housing Lender), provides banking and lending services and products. More information is available at https://www.aboutschwab.com.
Air Products & Chemicals (NYSE:APD | APD Price Prediction) is a stock worth owning for decades because it sells an essential, contractually locked-in product into every corner of the global industrial economy and has raised its dividend for 44 consecutive years. For a retirement investor who has been whipsawed by thematic trades, this is the kind of position that historically rewards patience.
Pillar 1: A Business Structure That Cannot Be Dislodged Air Products supplies oxygen, nitrogen, hydrogen and helium to refineries, semiconductor fabs, hospitals and food processors. Its production facilities are typically built directly adjacent to customer plants or connected by dedicated pipeline, under multi-decade take-or-pay contracts. A customer cannot switch suppliers without risking factory shutdown, which is why the company’s on-site backlog keeps compounding regardless of who occupies the White House or what the 10-year yield is doing.
That durability is showing up in the numbers. Q2 FY2026 revenue rose 9% to $3.171 billion, adjusted EPS grew 19%, and operating margin expanded over 200 basis points to 23.7%. CEO Eduardo Menezes also announced a Samsung agreement to build, own and operate gas supply for an advanced Korean semiconductor fab, which he called “the largest investment we ever made in the electronics side”, and the company is supplying liquid hydrogen and helium to NASA’s Artemis program.
Pillar 2: Income You Can Set Your Calendar To The Q1 FY26 dividend was raised to $1.81 per quarter, the latest step in a streak that has taken the quarterly payout from roughly $0.17 in 1999 to $1.81 in 2026. The forward yield sits around 2.56% on a share price of $282.45, and operating cash flow has covered the dividend roughly 2x or better every year for a decade. The dividend has grown 134% over ten years while the underlying cash engine kept producing $3 billion to $3.6 billion of operating cash annually. That is the definition of a compounder.
Pillar 3: Built to Survive Cycles Industrial gas demand is non-discretionary. Refineries cannot stop buying hydrogen, hospitals cannot stop buying oxygen, and chip fabs cannot stop buying nitrogen. APD’s contracts include energy cost pass-throughs, its beta is just 0.747, and management is reducing capex to approximately $4 billion in fiscal 2026 from over $7 billion the prior year while still guiding to $13.00 to $13.25 in adjusted EPS. Ten-year total price return: 157.36%, before reinvested dividends.
When This Stock Underperforms APD lags badly in roaring risk-on markets. Over the past 30 days following Q2 earnings, the stock fell 6.92% while the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) rose 5.69% and the Invesco QQQ Trust (NYSEARCA:QQQ) rose 11.74%. Helium pricing is a persistent headwind and the strategic reset under Menezes drove roughly $3.7 billion in FY2025 project exit charges. None of that changes the forever thesis, because the pipeline customers are still paying take-or-pay, the dividend is still rising, and the Samsung and NASA wins are still booked.
Air Products fits a long-horizon, income-focused portfolio.
SALT LAKE CITY, June 24, 2026 /PRNewswire/ -- Extra Space Storage Inc. ("Extra Space") (NYSE: EXR), a leading owner and operator of self-storage facilities in the United States and a member of the S&P 500, today announced that its operating partnership, Extra Space Storage LP (the "operating partnership"), has priced a public offering of $550 million aggregate principal amount of 4.900% senior notes due 2032 (the "Notes"). The Notes were priced at 99.702% of the principal amount and will mature on February 1, 2032.
