United States Daily Briefing

SpaceX listed on the Nasdaq at a $2.2 trillion valuation, the largest public debut in history, making Elon Musk the world's first paper trillionaire. The float resets what 'large' means in public markets — at $2.2T, SpaceX is larger than Amazon or Alphabet as standalone entities. For tech allocators running sector-weighted benchmarks, the forced inclusion of SPCE into indices over coming quarters is a structural buy mandate, while Tesla bulls are already modeling a SpaceX-Tesla merger premium into TSLA's $406 print.

Intel and AMD led the session as the Iran peace-deal narrative sent Korean chip stocks up 8% globally, pulling US semis higher in sympathy. INTC at $124.57 is well off its 52-week lows; the read is that any Strait of Hormuz normalization reduces energy cost and logistics risk for global fab networks including Taiwan and South Korea. The KLA CEO's $9.99M Form 4 sale on the rally day is the warning label: insiders in semis are using strength to lighten up, not add.

REX American Resources posted record Q1 EPS powered by 45Z clean-fuel production tax credits, with zero debt on the balance sheet and an active ethanol expansion and carbon capture program underway. The 45Z credit regime is a direct US policy lever that inflates margins for domestic ethanol and biofuel producers — and with renewable fuel mandates intact, the credit runway extends through 2027. REX is the small-cap beneficiary of a policy trade that most large-cap energy screens miss.