SpaceX opens, Adobe loses its CFO (again), and the Nasdaq reshuffles

Friday is shaping up as the busiest structural day in tech markets this month: SpaceX begins trading, a Nasdaq-100 index overhaul takes effect in ten days, Adobe's stock is absorbing a second C-suite exit, and investors have exactly one week before Jerome Powell's replacement delivers the Fed's first potential policy-bias change in years.

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SpaceX's first day as a public company

SpaceX (SPCX) priced at $135 per share Thursday evening, raising $75 billion — the largest IPO on record — and begins trading on the Nasdaq Friday morning. 1

At $135, the implied valuation is approximately $1.75–$1.78 trillion, placing SpaceX ahead of Microsoft and behind only Apple and Nvidia on the market-cap ladder. The book was four times oversubscribed with $250 billion in demand against the $75 billion raise.

Analyst targets span a wide range:

Firm	Rating	Target
Oppenheimer	Outperform	$190
New Street Research	Buy	$165
Morningstar (bear case)	—	$63

The wide spread reflects genuine model uncertainty: SpaceX generates roughly $13 billion in annual revenue from Starlink subscriptions and launch contracts, but the stock is pricing in decade-scale expansion into point-to-point cargo, Mars infrastructure, and next-generation satellite broadband. Friday's open price will set the initial real-money verdict on how much of that optionality the market is willing to fund.

Satellite spin-off play EchoStar (SATS) gained ~8% Thursday on reports that SpaceX holds a stake in the company.

Adobe beats but its CFO is headed to Marvell

Adobe reported fiscal Q2 2026 results after Thursday's close, posting its strongest quarterly revenue ever — and dropped 5.5–6% in after-hours trading anyway. 2

The headline numbers:

Adobe Q2 FY2026

Fiscal Q2 2026 results vs. analyst consensus

Revenue

$0.00+13.0%YoY

Non-GAAP EPS

$0.00+2.4%vs. est.

Total ARR

$0.00+10.2%FY26 growth target

RPO

$0.00

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The quarter was nearly clean on the numbers — but two other items dominated the call. 3

CFO Dan Durn departs June 15, just four days away. Steve Day, SVP of Corporate Finance, becomes interim CFO. The wrinkle: Durn had been on Marvell Technology's board of directors, resigned from that seat on June 10 — one day before the exit announcement — and is now joining Marvell as CFO.

This comes three months after CEO Shantanu Narayen, an 18-year veteran, announced he would step down once a successor is named. Adobe is now simultaneously searching for a permanent CEO and CFO while defending its creative software franchise against Anthropic's Claude Design (launched April) and navigating a stock that has fallen roughly 47% over the past year to its lowest level since 2019.

Adobe also revised its Total ARR growth target down to 10.2% for FY26, attributing the reset to accelerating freemium MAU growth and deferring some Creative Cloud monetization — a strategic choice that reads as a competitive concession to AI-native challengers.

Nasdaq-100 June rebalance: five new names, effective June 22

Nasdaq announced the June 2026 quarterly rebalance results Thursday. Five companies will be added to the index, five removed, effective before market open on Monday, June 22. 4

Additions:

Astera Labs (ALAB)
CoreWeave (CRWV)
Nebius Group (NBIS)
Rocket Lab (RKLB)
Teradyne (TER)

Removals:

Charter Communications (CHTR)
Cognizant Technology Solutions (CTSH)
Insmed (INSM)
Verisk Analytics (VRSK)
Zscaler (ZS)

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The add list reads almost like an AI-infrastructure shopping list: Astera Labs (PCIe/CXL connectivity chips for GPU clusters), CoreWeave (hyperscale GPU cloud), Nebius (European GPU infrastructure spin-off from Yandex), Rocket Lab (launch infrastructure), and Teradyne (semiconductor test). Index funds tracking the NDX must buy the additions and sell the removals before the June 22 open, creating predictable mechanical buying pressure in the days ahead — particularly for smaller-float names like ALAB and NBIS.

Analyst calls: storage names get aggressive upgrades

JPMorgan raised price targets on two storage hardware stocks Friday morning, signaling renewed confidence in the AI-driven data storage supercycle: 5 6

Seagate (STX): target raised to $920 from $775 (Overweight maintained) — analyst Samik Chatterjee
Western Digital (WDC): target raised to $650 from $530 (Overweight maintained)

Both upgrades reflect the same thesis: AI training and inference workloads are driving sustained demand for high-capacity HDDs and flash storage beyond what the market currently prices in. BofA's Thursday double-upgrade on Intel (INTC) — Underperform to Buy, target lifted to $135 from $96 — added to the semiconductor bullishness that helped the Nasdaq close up 2.54% Thursday after Trump called off Iran strikes.

Separately, Jabil (JBL) received a price target raise to $410 from $354 at BofA (Buy maintained), reflecting AI server assembly momentum.

FOMC watch: one sentence could move everything

The Federal Open Market Committee meets Tuesday-Wednesday, June 16–17. No rate change is expected, but investors will be hunting for a single sentence in the post-meeting statement — or rather, its absence. 7

For three consecutive meetings, the Fed has included: "In considering the extent and timing of additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks."

Because the last "adjustments" were cuts, the phrase carries an implicit easing bias. If that sentence disappears from Wednesday's statement, it signals the Fed has abandoned its next-move-is-a-cut stance — a hawkish pivot that would likely hit tech multiples hard.

The macro backdrop justifies the nervousness: May CPI printed 4.0–4.2% YoY, the labor market added 172,000 jobs in May (2x consensus), and the PPI for May came in at +1.1% vs. +0.7% expected. New Fed Chair Kevin Warsh chairs his first FOMC meeting next week. Warsh is historically more hawkish than Powell; removing the easing-bias sentence on his debut would be a clear signal of intent.

Nvidia earnings report the same week (Wednesday after close), making the June 17–18 window arguably the highest-stakes 48 hours for tech stocks since the SMCI dilution shock last Wednesday.

Quick signals

Tesla (TSLA): moderately bullish options flow Thursday, shares up ~4.6% intraday to ~$399
Adobe AI ARR: AI-first ARR exceeded $500M in Q2, company says AI is "accelerating customer behavior at an unprecedented speed" — but guidance language around Creative Cloud line optimization deferrals spooked growth-focused investors
Oracle (ORCL): still digesting Wednesday's $20B combined equity + debt raise; shares down ~11% Thursday before partially recovering on the Iran deal rally