TON OF THINGS HAPPENED
A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY.
Here's a full recap:
1. SpaceX $SPCX rose about 7.6% on Monday to roughly $171.09 after Elon Musk confirmed that discussions with TSMC are real, though still in the early stages. The talks follow reports that TSMC is exploring a role in Terafab, the Texas chip venture tied to Tesla, SpaceX, and xAI, which could eventually invest $119B to manufacture chips for products including Optimus, Cybercab, and future AI infrastructure. The prospect of TSMC participating was viewed as strengthening SpaceX’s long-term AI chip supply strategy and potentially reducing Intel’s future role in the project, helping send Intel shares lower while TSMC reached a new all-time high. A reiterated Morgan Stanley Overweight rating and $300 price target provided additional support for the stock.
2. Meta $META and Microsoft $MSFT are reportedly reducing internal use of Anthropic’s Claude as they increasingly shift employees toward their own AI tools, according to The Information. Microsoft had been on pace to spend at least $1B annually on internal Claude usage earlier this year but has since reduced that level by more than one-third. At Meta, the number of Claude Code users has reportedly fallen to about 30,000 from roughly 60,000 earlier this year, while MetaCode now has more than 30,000 users and Muse Code has surpassed 6,000. Despite the shift, Meta still spent more than $105M on Claude Code over a recent 28-day period.
3. JPMorgan expects the memory market $MU $SNDK $WDC $SKHY $STX to remain supply-constrained through at least 2028, with customer order discussions already extending as far out as 2031. The firm forecasts HBM bit demand to grow 63%, non-HBM server DRAM demand to increase 37%, and CY2027 HBM blended ASPs to rise 54% year over year. JPM also believes Micron’s expectation of having more than 35% of revenue covered by long-term supply agreements through 2030 may prove conservative, noting that several Asian memory manufacturers already have 50%+ of their capacity secured under similar long-term agreements.
4. RBC Capital Markets reiterated its Outperform rating on Zeta $ZETA and raised its price target to $40 from $31, implying roughly 22.6% upside. Analyst Matt Swanson said recent investor meetings highlighted growing momentum around strategic partnerships and adoption of Athena, while emphasizing that RBC does not believe these opportunities are materially reflected in either current guidance or the company’s 2030 outlook. RBC also argued that Zeta has increasingly differentiated itself from traditional ad-tech peers and is now being valued more like a software company. The latest increase marks RBC’s third price target raise on Zeta this calendar year.
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