Market update for Thursday June 11th Check out the Public app for incredible investing tools and to support the show (LINK) Follow us on Instagram (@TheRundownDaily) for bonus content and instant reactions. In today’s episode, Zaid covers: A hot PPI inflation report and escalation with Iran Oracle&#x27;s monster quarter that still sent the stock tumbling OpenAI weighing drastic price cuts as an AI price war brews with Anthropic Navan soars on earnings while Beijing slaps down Alibaba and JD.com Why World Cup ticket prices are falling

Oracle Sinks on Debt Fears, OpenAI Weighs Drastic Price Cuts 

The Rundown

# Full Transcript

**Podcast:** The Rundown

## Participants

- **Zaid Admani** (Public.com)

## Transcript

Public.com presents The Rundown, your daily market update in 10 minutes. My name is Zaid Admani and today is Thursday, June 11th. In today's episode, we'll break down the latest escalation in the Iran war and another hot inflation report. We'll also tell you why Oracle stock is dropping despite strong earnings and why OpenAI is considering slashing its prices.

Then stick around to the end of the show to find out why World Cup ticket scalpers are about to lose big. We got a great show for you today. Let's go. Markets took another step down on Wednesday. The S&P 500 dropped 1.6%, closing at its lowest level in five weeks, and the Nasdaq was even worse. It fell 2%. You know, I think there are a couple of things going on here. For one, chip and AI stocks just continue to get dragged down.

The stock semiconductor ETF was down 3.7% yesterday, and it's now down 12% from its highs from last week. And it also seems like the AI sell-off is spreading to other sectors. The industrial sector was the worst performing on Wednesday, down 3.4%. See, a lot of these industrial companies have been riding the data center build-out wave. For example, Caterpillar, which makes construction equipment. Their stock has more than doubled over the last year, but shares were down more than 6% yesterday.

So we're starting to see more parts of the AI trade starting to unwind. But beyond just AI, I think the market is also paying attention to what's happening in the Middle East again. Things are escalating between the U.S. and Iran. The two sides have now exchanged fire for the second straight day. And then this morning, President Trump posted on Truth Social that the U.S. will hit Iran, quote, very hard tonight, and that the U.S. military plans to seize Kharg Island, which handles roughly 90% of Iran's oil exports.

So it seems like the war is starting to heat up again, and oil prices are taking back up. And if oil prices stay elevated, well, then inflation could continue to be a problem. In fact, this morning, we got the PPI report, which measures inflation at the wholesale level. Basically, it's the prices that businesses pay before costs reach consumers. And this report came in hot. Wholesale prices jumped 1.1% in May compared to April. That was way above the 0.7% jump that was expected.

So between the AI unwind and the war re-escalating and rising inflation, the market is losing momentum faster than the San Antonio Spurs in the second half of a game. Shout out to the New York Knicks, by the way. What a game last night. I'm still not fully recovered from what I saw. Anyways, we'll continue to stay on top of everything happening in the markets and the NBA Finals for that matter. So make sure you guys are locked into the podcast and tuning in every day to stay in the loop.

Let's run through some headlines, starting with Oracle. Oracle reported earnings last night. ...

Oracle Sinks on Debt Fears, OpenAI Weighs Drastic Price Cuts

Transcript

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Every day you wait, your competitors are finding
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Oracle Sinks on Debt Fears, OpenAI Weighs Drastic Price Cuts

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.