Humans have given up control of the Internet... The bots have taken over... The mega-cap IPO rush continues... It might not be 'the top'... A crypto reset... Inflation numbers on deck...
'The Internet just changed hands'...
As our colleague Josh Baylin pointed out in his new issue of Mosaic Trader this morning, the Internet has reached a major "tipping point." As Josh wrote...
[Last Thursday,] Cloudflare (NET) CEO Matthew Prince opened social media platform X and told the world that, for the first time in the history of the Internet, automated bots drive more web traffic than human beings...
The Cloudflare Radar showed that, of all requests to websites Cloudflare hosts, 57.4% are now automated. Only 42.6% come from humans.
In other words, AI agents run the Internet now.
If you've used social media platforms like X recently, you're likely familiar with "bots," but now their activity outpaces that of humans. We'll have to wait to see the implications of this shift.
For Josh, it only confirms the approach that he takes in Mosaic Trader (which he launched earlier this year), covering the tools that let AI agents browse websites or process documents without direct human prompting.
Beyond that, all I (Corey McLaughlin) want to say is that we're still human. We may use AI tools or other emerging technologies to help us deliver research to you, but they won't replace the value of original, independent thought.
And in a world where bots regurgitate previously published information and mainstream narratives, independent thought – and the freedom to produce and access it – might be more important than ever.
Speaking of...
The mega-cap IPO train is now running fast...
Last night, AI startup OpenAI announced that it has filed paperwork for an initial public offering ("IPO") with the Securities and Exchange Commission.
In a brief statement, the company said that it has not decided on the IPO's timing and added that "it may be a while because there are things we want to do that are likely easier as a private company. But it's a complicated set of tradeoffs and this gives us the option to go public sooner if that ends up being best."
OpenAI's announcement makes it the third mega-cap IPO coming this year. SpaceX is set to begin trading on Friday, and OpenAI's rival Anthropic confidentially filed for an IPO last week. It could go public as soon as a few weeks from now.
As we've written, these huge IPOs have been getting a lot of attention, with all three sporting valuations of at least $800 billion – enough to make each of these companies one of the 15 largest companies in the U.S. markets.
The buzz is loud, and so are the risks when these companies go public. SpaceX doesn't make money. OpenAI has said it might not be profitable for years. Anthropic is at least on track for its first profitable quarter, according to reports.
As our colleague and Stansberry's Investment Advisory editor Whitney Tilson wrote in Friday's Digest, SpaceX and OpenAI are two of the "most overhyped, overvalued large caps of all time," and he dove into SpaceX's balance sheet to explain why. Read the details here.
We expect a look at OpenAI's numbers from Whitney soon. In the meantime, as he wrote on Friday...
I expect both SpaceX and OpenAI to take a nosedive from their opening-day close price within a year or two. But I think the latter will be the ultimate loser.
These companies are simply cashing in on the public's money during the AI boom. As we've written in the past, a run of IPOs like this could signal the top of a mania.
But it's hard to know for sure... And things often can get crazier than you expect. For instance, if you compare today's market with the dot-com bubble, history shows that markets could run much higher from here based on the timing of big-name IPOs back then.
It's worth considering...
Back in 1995, web-browser company Netscape kicked off the dot-com bubble with its IPO. That was years before the markets peaked. And several other high-profile IPOs followed... like Yahoo, Amazon (AMZN), and eBay (EBAY).
As Eliant Capital noted in a post on X last night, none of those IPOs marked the top in stocks...
So instead of marking the top of the AI boom, these three IPOs could kick off the next wave of euphoric sentiment for AI-related stocks. That's not to say we believe you should rush out and buy these stocks as soon as they begin trading...
Sure, they may soar in their early days as retail investors buy into the hype and snap up any shares they can get their hands on.
But as Whitney wrote last week and Stansberry Venture Technology editor Dave Lashmet shared in a recent interview (which we wrote about yesterday), the underlying businesses don't justify those astronomical valuations. And early investors will sell shares over time.
Long-term investors should look beyond the big names to find undervalued companies in the same sectors.
When it comes to SpaceX and the "space race," that's what Dave has done. He shared the whole story in an all-new free presentation he debuted last week. Be sure to check it out here before it goes offline later this week.
In the meantime, bitcoin is in a 'reset'...
One part of the market that continues to be weak is bitcoin, the world's most popular cryptocurrency. Since reaching an all-time high of around $126,000 in October 2025, bitcoin has lost around 50% of its value and is trading today around $62,000.
If you're a believer in bitcoin's "four-year cycle," it sure looks like the downside portion of the cycle is still ongoing. Bitcoin lost around $20,000 in the past three weeks alone.
Crypto Capital editor Eric Wade – who noted a key support level for bitcoin around $79,500 a few weeks ago – discussed the latest sell-off with his subscribers last week, both the "good" and the "bad"...
The market may feel like it's falling apart... but it's just a reset. Remember: To get to the good part of the four-year bitcoin cycle, we have to endure the bad.
We're in the part of the cycle that feels uncomfortable. Historically, it's also where the next setup gets built.
The fundamental picture for the Crypto Capital portfolio remains strong, Eric says... and he ran through a host of developments on various holdings. Existing Crypto Capital subscribers and Stansberry Alliance members can find all the details here.
The technical picture suggests more downside could be ahead...
DailyWealth Trader editor Chris Igou also updated his subscribers on bitcoin and the "four-year cycle." As he explained...
There's the buying phase in Year 1, when bitcoin climbs higher. The rally continues into Year 2. And in Year 3, there's a halving event. It's when the number of bitcoin available to mine falls by half.
Then, the currency has a big rally for the next 12 to 18 months into Year 4 before experiencing a major crash.
Those crashes are called "crypto winters." And that's where we're at today.
Chris mapped out what's happening with bitcoin today compared with 2013 to 2015, 2017 to 2018, and 2021 to 2022. During each of those crashes, bitcoin lost an average of 80% of its value in around a year. As we mentioned, bitcoin is "only" down about 50% this time.
Bitcoin could fall to around $30,000 if precedent holds. And price is one thing, but time is another. As Chris says, he wants to focus on "how long these crashes can last" because it tells him that this sell-off also might not be over.
In the 2013 case, the peak was on November 29. Bitcoin didn't find a bottom until January 14, 2015. That's about 14 months from peak to bottom.
The 2017 setup was very similar. This time, the bitcoin winter lasted nearly a year to the day. Bitcoin hit a peak on December 17, 2017. And the bottom didn't set in until December 14, 2018.
This blueprint held true for the crash starting in 2021, as well. Bitcoin peaked on November 9, 2021. The crypto didn't find a bottom until November 21, 2022... 12 months later.
In short, two of these winters lasted a year, and one lasted 14 months... which brings us back to today...
This would be the shortest bitcoin crash in history if it were to stop now.
Trying to pick a bottom today is "too dangerous," Chris says, but "there will be a great buying opportunity soon" if you're a believer in the four-year cycle continuing in the years ahead.
On tap tomorrow...
We're continuing to track the path of inflation and the market's reaction to it.
This morning, we saw renewed hope around a resolution in the Middle East and more traffic through the Strait of Hormuz. Oil futures fell by about 5%.
In the afternoon, though, President Donald Trump said the U.S. must "respond" to Iran downing a U.S. helicopter over the strait last night. (And speaking of bots, two U.S. soldiers from the helicopter were rescued by a "sea drone.")
Longer-term bond yields were still down slightly today, but remain in an uptrend since late February, when the war in Iran began. Higher oil prices and concerns about supply shortages are already having their effect.
Tomorrow morning brings May's consumer price index ("CPI") report, the third postwar inflation reading. The Cleveland Federal Reserve is projecting headline CPI at near 4.2% year over year and 0.46% growth for the month, which is about a 5.5% annualized pace.
With the Federal Reserve meeting next week – the first policy gathering under new Chair Kevin Warsh – expect inflation and interest-rate projections to become part of the market conversation.
Every market cycle gives investors a new set of distractions.
Today, it's AI, deficits, inflation, interest rates, geopolitics, and an endless stream of headlines competing for attention.
So what should investors focus on?
Successful investing isn't about reacting to every headline. It's about identifying the forces most likely to shape markets and positioning accordingly.
Join Stansberry Asset Management's Chief Investment Officer Austin Root and Deputy Chief Investment Officer Michael Joseph as they discuss where they are seeing opportunity in the current environment... where they believe investors should be focused... and how they're positioning their clients' portfolios for the opportunities and risks ahead.
The Right Investments Now: Own What Matters, When It Matters for You
Join them on Wednesday, June 10 at 4 p.m. Eastern Standard Time.
Click HERE to reserve your seat for free!
New 52-week highs (as of 6/8/26): W.W. Grainger (GWW), Idex (IEX), Eli Lilly (LLY), Ryder System (R), and UnitedHealth (UNH).
In today's mailbag, another question about our annual Report Card... Do you have a comment or question? As always, e-mail us at feedback@stansberryresearch.com.
"Subscriber Scott T asked about your annual report card. While I applaud your production of an annual report card (although I consider that it suffers from grade inflation), Howard Marks would argue that an annual report tells very little about the long-term performance of an analyst. What would you think about providing the full performance history (all annual report cards) for all your analysts? This would be far more useful to your subscribers." – Stansberry Alliance member John H.
Corey McLaughlin comment: As we said the other day, you can find the full archives of our annual report cards in the Digest section of our website here. And for the reasons you suggest, the reports include one-year grades and data on five-year average performance as well. They also date back to 2006, when our founder Porter Stansberry started the exercise. We don't know of anyone else in our industry who provides this kind of track record.
All the best,
Corey McLaughlin and Nick Koziol
Baltimore, Maryland
June 9, 2026
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