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The "Cruel Summer" singer supported the Kansas City Chiefs star in Nashville for the second year in a row.

Sheer Madness: UK Tests Long-Range Missile For Ukraine To Bomb Moscow

Ukraine is making it clear they are seeking to "bring the war to Russia" - and this is what's behind the recent series of massive Ukrainian drone strikes on Moscow, which has wreaked havoc particularly on energy refineries, and air travel for the region. That Ukraine desperately wants to gain back what leverage they are able to is fully understandable, however, that NATO is backing such actions against a nuclear-armed superpower constitutes madness. 

Aside from covert targeting assistance, the UK is taking things in a more overt direction, having reportedly just tested missiles with a range of 300 miles which is intended to be sent to Ukraine's military. 

Illustrative file image

The British missile platform has the capability of delivering 500-pound warhead to Moscow.

The Telegraph offers some further details regarding context to the major Ukraine support program in the following:

The Ministry of Defence (MoD) challenged firms to build long-range strike weapons that can fly at more than 370mph, cost about £400,000 each and can be built at a pace of 20 a month.

Some 27 bids from industry were made with Dragon’s Den-style pitches held last February, before six UK companies were awarded contracts worth around £5m each to design prototypes for testing in just seven months.

By last December, only three suppliers remained: MBDA UK, which makes the Storm Shadow stealth missile, MGI Engineering, a UK small or medium-sized enterprise (SME) with a background in Formula 1 technology, and Rotron Aerospace, another UK SME with a history of working with the MoD.

And the publication confirms that "New systems that can attack targets more than 300 miles away have been tested at a range in the Hebrides, with further trials taking place in the UK over the coming months."

For missiles of this range and power, this is a relatively cheap price tag, and can apparently be rapid-produced at that.

UK Armed Forces Minister Louise Sandher-Jones has said the new missiles are intended to "complement" the Storm Shadow cruise missiles London sends to Ukraine.

"The UK stands shoulder-to-shoulder with Ukraine, and we will continue to provide the support it needs to defend itself against Russian aggression," she stated. "Project Brakestop shows what happens when we combine that commitment with the talent and ingenuity of British industry."

Ukraine has in tandem all along been advancing its domestic-developed long-range drones:

The open and brazen admission that these future systems could soon be use to directly target the Russian capital would be an insane escalation by NATO. Once NATO and Western systems begin blowing up buildings in Moscow, suddenly direct Russian military retaliatory action against Europe gets much closer to becoming a reality. Again, this is sheer madness and lunacy by some of Europe's most hawkish leaders.

Tyler Durden Tue, 06/23/2026 - 07:45

"But A Whimper": Retail Euphoria In SpaceX Fizzles After Stock Loses $600 Billion In One Day

It started off with a bang: SpaceX IPOed on June 12 with an opening price of $150 on their first day of trade, well above the offering price of $135, and within two days, enterprising traders were ravenously bidding up 380 calls (expiring in just days) in hopes of sending the stock soaring in hopes of orchestrating a gamma squeeze. 

They are going for it https://t.co/tT4cJns9nv pic.twitter.com/P6NTzq4tx2

— zerohedge (@zerohedge) June 16, 2026

In a note out this morning, Canaccord described the "new level of optimism" that accompanied the SpaceX IPO as follows:

SPCX dynamics indicate new level of frenzy: prior to this historic IPO, we felt AI optimism was robust and certainly at times overdone, but largely funded by rational (if not exuberant) institutions including large, well capitalized public companies and PE investors. In our view, SPCX has marked a new chapter in this saga, ushering in a greater level of retail involvement and driving the stock into the top 6 market cap companies in the world, and in its first week of trading, adding the equivalent of ~1/2 the value of META, with a market value much greater than sister company TSLA despite generating only ~20% of its revenue base. Despite the company name, revenues are skewed towards connectivity (Starlink contributing $11.39 billion), with launch services generating only $4.1 billion (AI compute was $3.2 billion in 2025).

Vanda Track was even more effusive, and in a retrospective published earlier on Monday wrote that "SpaceX's first week of trading was one for the record books. Retail investors bought a net $405mn of SPCX during its first 5 trading sessions, comfortably the strongest retail IPO debut in recent history. Retail buying was extreme during the first few sessions before moderating later in the week. The flow profile increasingly resembles a retail investor that is building long-term positions rather than chasing a short-term meme stock."

The scale of retail buying in SPCX last week becomes even more remarkable when put into context. Retail investors bought more SPCX last week than they bought across all other Mag 7 stocks combined (total activity of the last 5 days in NVDA, MSFT, AMZN, META, GOOGL and GOOG was $278mn combined). They also bought more SpaceX than the combined retail buying of SPY & QQQ over the past week ($352mn). For a stock that only started trading last week, SpaceX is already competing with the market's biggest stocks and ETFs for retail capital.

As has become the norm, while buying of the stock was off the charts, retail investors quickly congregated to various leveraged SpaceX products, which also attracted strong demand. Retail investors bought $65.8mn of the Leverage Shares 2x Long SPCX Daily ETF during its first few trading sessions (while a sizeable number, but it remains well below the type of activity normally seen during speculative retail frenzies). It still dwarfs recent thematic launches – the Roundhill Memory ETF DRAM attracted just $5.6mn during its first four trading days, and it took 22 sessions for cumulative retail buying in DRAM to exceed the amount already allocated to the leveraged SpaceX ETF.

Yet after bursting out of the gate, momentum has fizzled and hopes that the stock would gamma squeeze into orbit (on a reusable rocket, of course), quickly faded. The result: after peaking on June 16 - the day SPCX stock hit a record $225 and briefly topped Microsoft in market cap - daily retail flows have collapsed, and the retail turnover has become virtually nonexistent. 

This brings us back to what Canaccord said: while the bank concluded that based on the early performance of SpaceX, "Tech can likely keep its momentum in the short term", it warned that "a new, more dangerous layer of air is now underneath these stocks."

Sure enough, with the momentum gone, and the realization that trillions of shares are about to be unlocked, the stock has slumped for 3 straight days, culminating with Monday's plunge when, with SpaceX rushing to take advantage of the bond market euphoria to sell over $20 billion in investment-grade bonds for the first time before the bond window shuts in order to refinance an existing bridge loan with much higher interest, SPCX shares plunged 16.4%, shedding a record $600 billion in market value, and following a 5% drop on Wednesday and a 3.5% slide on Thursday, the stock is now just barely above where it broke for trading at $150 two weeks ago. 

Worse, the stock tagged its post-IPO opening price of $150 after hours, and should the stock open below that tomorrow, then everyone who bought in the open market (and held) will be underwater.

What is especially notable, or perhaps expected, is that the pump and dump is taking place with only 5% of SPCX float available for trading: 95% of the stock is still locked-up for trading. But that will change soon:

22V Research strategist Jeff Jacobson said that there is a 20% insider share unlock after Space's earnings announcement in early to mid-August. In addition, there is a 10% share unlock if the stock trades 30% above the IPO price, as well as 7% share unlocks set for around Aug. 21 and then again on Sept. 10.

Jacobson said insiders could potentially sell 44% of SpaceX shares by early September, increasing the current float by about 900%.

In other words, it's only going to get more difficult to lift the stock from here, and meanwhile, Michael O’Rourke, chief market strategist at JonesTrading said that “sellers are back in control,” adding that “anyone in the world who wanted to buy this has bought it already.”

In its take on today's move, Bloomberg wrote that today's drop in SpaceX "managed to bring much of the market down with it." 

We don't know if that's indeed the case yet, but in this market - which has been driven almost entirely by retail euphoria and momentum chasing from the March lows - should retail indeed get cold feet, first to SpaceX, then to the Memory bubble, and finally to Semi stocks which have become the main beneficiaries of the AI trade...

Divergence between Hyperscalers and Semis becoming untenable: massive capex spending is the key variable. pic.twitter.com/ifrtT9LJnR

— zerohedge (@zerohedge) June 22, 2026

... then it will be time to invert TS Eliot, as the selling whimper becomes a bang. 

Tyler Durden Tue, 06/23/2026 - 07:35

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