Tech Selling, SpaceX Buzz, and a Flood of Earnings

The Big Picture

Markets are navigating a busy week. Tech sold off on Wednesday as chip names led losses. The SpaceX IPO is pulling attention across the tape. Options activity is intense, with NVDA seeing clustered daily expiries through mid-June — a rare pattern signalling heavy hedging pressure.

Insiders Head for the Exit

The biggest corporate story is a wave of insider selling. Silver Lake Group filed $617 million in DELL share sales across June 2–4. At CRWV, Director Jack Cogen filed over $230 million in sales shortly after the AI cloud firm's IPO lockup expired. Two NVDA insiders filed $224 million in combined sales. Against this, Capital Group filed a $285 million purchase in cancer biotech ONC — the standout buy of the week.

Short Sellers on the Move

Bears are active in several names. Birkenstock short interest climbed to 29.7% of free float. Borrowing costs hit 21.2% APR. Availability is near zero. Hertz remains a battleground with 43.7% SI % FF. On the other side, Wolfspeed saw a sharp covering wave — SI dropped 21.5 points, though it remains at an extreme 93%.

Analysts Pick Winners and Losers

UBS upgraded FSLR to Buy with a $330 target. Solar is in favour. ADBE went the other direction — analyst targets slipped, and heavy put activity after its CFO departure added pressure. The stock also attracted the most active near-term options flow of the week.

Earnings Week Begins

LEN kicks off results today. SSE reports full-year figures in the UK. Mid-week brings JBL, KMX, and PGR. Housing, used cars, and insurance data will all land before Friday.