AI investment surge drives massive capital raises, SpaceX IPO set to transform wealth, while inflation pressures persist amid Middle East tensions and rising everyday costs

Investors are fueling AI companies' unprecedented capital appetite, with firms like SpaceX and Alphabet raising cash and equity at the fastest pace in decades as the race to dominate artificial intelligence intensifies.

SpaceX's IPO is poised to turn 4,400 current and former employees into millionaires, while Elon Musk could become a trillionaire, marking a historic wealth transfer within the aerospace company.

Amazon has secured an additional $17.5 billion in AI financing, bringing its total external funding to over $80 billion this year alone, demonstrating the tech giant's aggressive investment strategy despite growing debt.

US inflation hit a three-year high of 4 percent in May, driven primarily by surging gas prices from Iran war escalation, with airline tickets up 27 percent and everyday groceries like produce and baked goods facing significant price increases.

A federal judge struck down Trump's $100,000 H-1B visa fee for highly skilled workers, ruling it unlawful and removing restrictions on a major legal immigration pathway heavily used by tech companies, hospitals, and universities.

The Federal Reserve faces continued pressure to delay rate cuts as high inflation persists, with Kevin M. Warsh's first meeting as new Fed chair approaching amid persistent economic headwinds.

AI-focused companies are spending $7,500 per employee monthly on artificial intelligence, while enterprises increasingly employ memory tools that researchers warn can paradoxically degrade AI model performance.

Netflix is expanding its revamped mobile app across Asia and doubling down on kids' gaming services, reflecting the streaming giant's strategy to diversify revenue beyond traditional content offerings.

India's central bank likely intervened in foreign exchange markets to support the rupee amid US-Iran war risks, while Indian government bonds fell as oil price surges from Middle East tensions sparked profit-taking.

Bill Gates testified before Congress in a closed-door hearing that Jeffrey Epstein attempted to use information about his extramarital affairs as leverage, marking a significant development in the Justice Department's ongoing Epstein investigation.