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Trump vows no tariff extension, hits copper with 50%, warns drugmakers of 200% duty

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Top stories today:

  1. Trump vows no tariff extension, hits copper with 50% tariff
  2. Meta said to back EssilorLuxottica with $3.5B for AI glasses push
  3. Apple COO Jeff Williams to retire, Sabih Khan named successor
  4. SpaceX valuation said to hit $400B in share sale
  5. Mistral said to be in talks with MGX, others to raise up to $1B

0. Data and calendar

All values as of 6 AM ET / 3 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).

All times are ET.

Listen to our AI-generated podcast summarizing today’s newsletter (beware of hallucinations):

1. Trump vows no tariff extension, hits copper with 50%, warns drugmakers of 200% duty

U.S. commerce futures trade at a record 25% premium to London benchmark on Tue. after Trump’s announcement:

U.S. copper inventories surged on Tue. as prices spiked following Trump’s comments

Here’s how:

*Disclaimer: We have equity in Athyna.

3. Meta said to back EssilorLuxottica with $3.5B for AI glasses push

  • <3% stake reportedly worth ~€3B at current market prices.

  • Meta could increase the stake to ~5% over time.

  • +6.9% to $148 in EssilorLuxottica’s American depositary receipts, their biggest intraday jump since Apr. 9.

  • Jun.: Meta launched Oakley-branded smart glasses with EssilorLuxottica.

4. Apple COO Jeff Williams to retire, Sabih Khan named successor

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