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BlockBeats News, June 10th, Independent macro research and analysis firm Kobeissi Letter released an analysis article stating that the average revenue per employee of the U.S. "Magnificent 7" has risen to about $270,000, reaching a new high in at least three and a half years. Since the beginning of 2023, this metric has increased by about $45,000, a growth of about 20%. During the same period, the average revenue per employee of Russell 2000 small-cap companies has decreased by about $20,500, a decline of about 14%, falling to around $122,000, reaching a new low in at least three and a half years. The remaining 493 S&P 500 component companies have an average revenue per employee of about $195,000. The data shows that the revenue generated by employees of the Magnificent 7 tech giants has exceeded twice that of Russell 2000 companies' employees and is about 38% higher than the average of the remaining S&P 500 companies. This trend reflects the continuous improvement in production efficiency driven by layoffs optimization and revenue growth in large tech companies, while small and medium-sized enterprises have not yet significantly benefited from the efficiency gains brought by AI. Market productivity growth is further concentrating towards top-tier companies.

BlockBeats News, June 10th - According to Reuters, Elon Musk's SpaceX IPO has attracted over $250 billion in investment demand, with an oversubscription ratio of 3.5 to 4 times, far exceeding its planned fundraising of $75 billion. Long-term funds have submitted large subscription orders, and Musk himself briefly attended part of the investor Zoom roadshow. SpaceX President Gwynne Shotwell and CFO Bret Johnsen attended an institutional investor luncheon hosted by Morgan Stanley in Manhattan on Tuesday, meeting with around 300 institutional investors. The IPO pricing is expected to be finalized this Thursday afternoon. SpaceX's roadshow materials emphasize three major growth engines: Starlink, AI, and space data centers, with the company stating that the potential market size for its AI business could reach as high as $23 trillion. The company stated that by deploying data centers in space, it can overcome the capacity limitations of ground infrastructure and fill the US computing power gap. This IPO comes during a period of high market volatility, with the Nasdaq index recording its largest single-day drop in over a year on Friday, and Bitcoin having fallen 37% from its January peak. Some analysts believe that investors selling off other assets to participate in the SpaceX IPO may be one of the reasons for the recent market correction.

On June 10, the trading departments of Barclays and Goldman Sachs issued a warning that last Friday's sell-off caught investors, accustomed to momentum stocks only going up, off guard. However, investors should not easily dismiss it as a one-time anomaly. Factors such as crowded positions, narrow market breadth, and the prospect of interest rates remaining high for an extended period make the US stock market more susceptible to sudden pullbacks. Goldman Sachs trader Lee Coppersmith and others wrote in a report to clients: 'These factors together create an environment where the impact of factor trading unwinding may be far more severe than the volatility levels indicated at the index level.' Alexander Altmann, head of global equity tactical strategy at Barclays, stated that following last Friday's sharp decline, volatility-controlled funds may need to reduce their US stock allocations by about 14 percentage points. This would represent the largest single-day de-risking operation since February 6.