SpaceX's IPO launches it into the world's top five most valuable companies, while major business consolidations reshape retail and energy sectors amid geopolitical tensions affecting markets globally.

SpaceX has become one of the world's most valuable companies following its initial public offering, surpassing Amazon, Meta, and numerous Fortune 500 firms. The rocket maker has leveraged its new market position to acquire AI startup Cursor for $60 billion in an all-stock deal, expanding Elon Musk's artificial intelligence ambitions.

Pizza Hut has been sold to two separate buyers in a $2.7 billion deal: Yum China will acquire mainland China locations while private equity firm LongRange Capital will purchase US and international operations, marking a significant restructuring of the fast-food chain's global presence.

The European Union has approved a much-delayed trade deal with the United States after nearly a year of negotiations, with the agreement struck by President Trump at Turnberry, Scotland now heading for final approval, signaling improved US-EU trade relations.

Oil prices have fallen below $80 per barrel for the first time since the Iran war began following a US-Iran peace deal announcement, though shipping data shows only a fraction of normal tanker volumes are moving through the Strait of Hormuz, creating continued supply chain uncertainty.

US stocks edged higher as oil prices retreated and SpaceX surged following the Iran peace announcement, while the Federal Reserve under new Chair Kevin Warsh kicked off his first rate-setting committee meeting with policymakers expected to maintain current rates.

Snap has unveiled its long-awaited augmented-reality smart glasses called Specs at a premium price point of $2,195, marking the company's major push into the AR hardware market with commercial availability expected later this year.

Binance, the world's largest cryptocurrency exchange, is set to lose its EU license bid within weeks as its application for operating permission in the European Union faces imminent rejection, dealing a significant blow to crypto's mainstream adoption in Europe.

Rising fertilizer prices and geopolitical tensions are impacting American farmers, with the Iran war affecting sulfur-based supplement makers, though farmers continue purchasing nitrogen-based fertilizers regardless of cost increases due to their essential role in crop production.

Tech layoffs continue across the sector with Robinhood slashing its workforce by 10 percent amid restructuring and Rivian cutting hundreds of workers following the start of R2 vehicle deliveries, reflecting ongoing industry consolidation and efficiency adjustments.

India has ordered a temporary ban on Telegram over exam fraud concerns, while US consumers are increasingly resistant to AI branding with 60 percent saying 'AI' in marketing messaging is a turnoff, signaling growing skepticism about artificial intelligence promotion in commerce.