SPCX closes up 24%, AMD gets a rare Citi double-upgrade, and KLA splits

Friday's session was always going to be about SpaceX. It was — but by the close, two other stories had quietly earned their own column inches: Citi's sweeping re-rating of AMD, and KLA's 10-for-1 stock split arriving the day after the semiconductor equipment name surged 12%.

SpaceX opened at $150 per share at 11:30 a.m. ET Friday — 11% above its $135 IPO price — and ran as high as $167, a 24% intraday peak, before drifting back to close up roughly 24%. 2 The opening price briefly pushed the company past a $2 trillion market cap, making Elon Musk the world's first trillionaire. 1

The IPO raised $75 billion — the largest in US history, eclipsing Saudi Aramco's $25.6 billion 2019 raise. Demand during the roadshow reportedly reached $250 billion, or roughly 3.3× the deal size. 3

The debut was not clean for the rest of the Nasdaq. Nvidia, Apple, Microsoft, and Broadcom all slipped at midday as investors rotated into SPCX. The mega-cap tech pressure tracked a pattern Wells Fargo's equity strategist Douglas Beath flagged before the open: "household equity exposure already sits close to an all-time high," suggesting existing positions would be trimmed to fund SPCX allocations. 4

By the close, the broad market had shrugged off both the IPO-induced rotation and ongoing uncertainty around the Iran deal. The S&P 500 finished +0.5% at around 7,432; the Nasdaq Composite +0.3%; the Dow +0.7%. Small-caps led — the Russell 2000 gained +0.7% and set a new all-time high. For the week, all three large-cap indices closed around +0.7%; the RUT ended the week up +3.9%. 4

Analyst takes on SPCX range widely: Oppenheimer has a $190 Outperform; New Street Research set $165; Morningstar's bear case sits at $63, noting the company is currently loss-making at the parent level. Short seller James Chanos called the IPO a "troubling sign for markets," warning that a coming IPO parade — Anthropic and OpenAI are next — will test whether the market has the liquidity to absorb the supply. 4

More expert reaction from CNBC's first-day coverage: 2

Citi upgraded AMD from Neutral to Buy on Friday, lifting the 12-month price target from $460 to $575 — and the thesis went well beyond a typical rating bump. 5 Analyst Atif Malik argued that the market still prices AMD primarily as a CPU maker, ignoring what Citi sees as a massive GPU opportunity tied directly to Meta. The key pillar: AMD's custom MI450 chips are being adopted by Meta as a lower-cost alternative to off-the-shelf merchant hardware, anchored by a multiyear warrant deal involving 160 million AMD shares. Citi now models 2027 AMD AI revenue at $33 billion (up 137% year-over-year) and projects GPU sales reaching $50.8 billion by 2028. 5

AMD shares gained roughly 5–6% on Friday, bringing the stock's year-to-date gain to around 128%. That's a striking YTD number for a name that was lagging Nvidia through much of 2025. 6

The chip-equipment space also saw action, though most of it was a carry-over from Thursday. KLA Corporation's 10-for-1 stock split became effective at the Friday open — shares now trade at roughly $237 per split-adjusted share, down from around $2,398 pre-split. The split itself doesn't change the fundamental thesis; what matters is the +12.29% jump KLA posted on Thursday, June 11, driven by three simultaneous analyst upgrades: Barclays lifted its KLAC target to $2,250 (pre-split) while raising its 2027 wafer fabrication equipment forecast to $209.5 billion; Cantor Fitzgerald went to $2,500, calling the industry "early innings of a multi-year supply-constrained upcycle"; UBS moved to $2,180. 7

KLA CFO Bren Higgins had framed the backdrop at the BofA Global Technology Conference on June 3: 2026 WFE spending could come in "a little stronger" than his earlier $140 billion-plus estimate, and 2027 visibility is "remarkable" for this early in the year. The concrete new data point: KLA's advanced packaging process control revenue is on pace to hit $1 billion in 2026, up from $635 million in 2025. Less than three years ago the company held under 1% of that market; it now holds over 6%. 7

Applied Materials also received an upgrade this week, with Cantor Fitzgerald setting a new $650 Street-high price target, citing bookings visibility stretching into 2028 — the same structural thesis underpinning the KLA move. The semiconductor equipment cohort is behaving less like a cyclical and more like an infrastructure play.

Friday's session was partly held hostage by conflicting Iran deal headlines. Pakistan's Prime Minister Shehbaz Sharif posted on X that "a final, agreed upon text of the peace deal has been reached." Iran's Foreign Minister said the MoU "has never been closer." Then Trump posted on Truth Social accusing Iran of leaking inaccurate deal terms, and a senior administration official told CNBC the US was "80–85% confident" the deal would be signed — "not 100%." 4

WTI crude closed below $85/barrel for the first time since mid-April — down around 3% on the week — pricing in a meaningful probability of a Hormuz reopening. 8 That oil move is what allowed Friday's stock gains to survive the late-session Iran uncertainty; without the crude tailwind, the positive macro tone from Thursday's Iran cancellation would have been harder to sustain.

The relevance for tech: crude below $85 softens the inflation drag that has been the Fed's chief justification for keeping rates unchanged. University of Michigan June consumer sentiment came in better than expected, with easing gas prices cited as a driver. LPL Financial's Jeff Roach: "We expect inflation pressures to ease after the Iran conflict simmers and the subsequent improvement in supply chains." The counter-scenario — war persisting through summer — would keep upstream inflation elevated and tighten the noose on any remaining rate-cut odds. 4

The two events that will define the second half of 2026 land in the same 48-hour window next week.

June 17 FOMC — Kevin Warsh's first meeting as Fed chair. The rate is widely expected to hold at 3.50%–3.75%. The question is whether the committee removes or softens the "additional adjustments" language in the statement — the easing-bias sentence that has anchored rate-cut expectations. 9 Forbes noted that Warsh may use this meeting to signal a genuine policy shift given elevated inflation and strong employment. If that language disappears, expect a sharp repricing of 2026 cut odds and pressure on rate-sensitive tech multiples.

June 18 Nvidia earnings (after the close). Nvidia posted $81.6 billion in revenue for Q1 FY2027, up 85% year-over-year, with adjusted EPS of $1.87 beating the consensus estimate of $1.76. For Q2, the company guided to approximately $91 billion in revenue. 10 The Zacks consensus for the July 2026 quarter sits at $2.07 EPS. The stock has sold off post-earnings despite the beats — down roughly 6.6% in the week after the last report — which tells you the bar is no longer "beat consensus" but "beat and re-accelerate." What Nvidia says about Blackwell allocation and data center capex timelines will be the real test.

The week's macro calendar also includes the Nasdaq-100 quarterly rebalance becoming effective on June 22: Astera Labs (ALAB), CoreWeave (CRWV), Nebius (NBIS), Rocket Lab (RKLB), and Teradyne (TER) join; Charter, Cognizant, Insmed, Verisk, and Zscaler exit. Index-linked funds tracking the roughly $1.4 trillion NDX ecosystem will need to rebalance by that date, creating mechanical buying pressure for the five additions into the June 20 expiration window. 11