U.S. rare earths and uranium producer Energy Fuels has agreed to acquire Germany’s century-old magnet maker Vacuumschmelze (VAC) in a US$1.9 billion cash-and-stock transaction. After the deal closes, private equity firm Ara Partners is expected to hold about a 20 per cent stake and gain a board seat. Energy Fuels said it plans to keep the VAC brand and its global plants, including a site in China, while expanding a newer facility in South Carolina.

Investors are selling technology shares worldwide as worries grow over whether AI-driven spending will translate into enough profits to justify current valuations. The Nasdaq Composite fell 1.3% in the previous session and the S&P 500 also closed lower, while an Asian technology stock index dropped as much as 5% to end an eight-session winning streak. In Europe, the Stoxx Europe 600 Index was down 0.92% in early trading, and Brent crude fell below $77 per barrel, a move tied to risk sentiment rather than supply and demand.

SpaceX’s market value has fallen by about $1 trillion, yet it successfully raised $20 billion through a bond sale and received investment-grade ratings from Moody’s, S&P Global and Fitch. The company is reported to hold roughly $100.8 billion in cash, while Starlink has grown to about 12 million subscribers. Figures circulating among investors indicate SpaceX could be generating approximately $2.32 billion per month from AI compute agreements with major AI companies. The episode highlights a split between equity investors focused on heavy spending and expectations of negative free cash flow, and bond investors emphasizing Starlink’s recurring cash flows and refinancing needs, with much of the proceeds expected to address obligations due in 2027.

Imperial Oil said it has renewed its normal course issuer bid for up to 5% of its outstanding shares, or a maximum of 24.2 million shares, with the program set to begin on June 29. The company said the Toronto Stock Exchange has given final acceptance for the plan. Imperial said some repurchases will be made in the open market, while others may be bought from controlling shareholder Exxon Mobil to keep its stake at about 69.6%.

Global stocks fell as technology shares led declines, with Nasdaq futures down more than 2.5% and SpaceX dropping nearly 17% in the prior session. U.S. Treasury yields jumped, with the 2-year at a 16-month high as markets move closer to fully pricing in a September rate increase. The dollar index rose to a one-year high, while the yen hovered near a 40-year low and the euro and pound weakened. Gold fell 1.7% to $4,120 an ounce and Brent crude stayed below $80 a barrel.

Ciena reported Q2 2026 results with revenue and adjusted EPS beating expectations, but its full-year revenue outlook of $6.2 billion to $6.4 billion fell short of analyst forecasts, sending the stock down 13.7% in a single session. The shares are 27.8% below their 52-week high and are up 517.6% over the past year, lagging Lumentum’s 897% gain. Technically, the stock has broken below its 50-day moving average. Wall Street sentiment is moderately positive, with a “Moderate Buy” consensus from 19 analysts and a mean price target of $593.75 implying 29% upside.

South Korea’s Kospi plunged 10% on Tuesday, triggering a circuit breaker and a 20-minute trading halt. SK Hynix and Samsung, which together account for about half of the Kospi’s market value, each fell more than 12%, dragging regional tech shares lower. Japan’s Nikkei fell 3.6% and SoftBank slid 15%, while in the U.S. the Nasdaq dropped 1.3% and the S&P 500 fell 0.8%. Oil prices edged down on signs of progress toward peace in Iran, a move the report said was not directly tied to the AI-driven selloff.

Netlist (NLST) filed a new complaint with the U.S. International Trade Commission, accusing Nvidia, Google, Samsung, Supermicro and Broadcom of infringing patents related to HBM and DDR5 memory products and seeking an exclusion order. The move marks the company’s second recent round of legal action and keeps it at the center of intellectual-property disputes tied to AI hardware supply chains. NLST shares rose 12.6% in one session amid the news, following a Q1 revenue surge of 262% year over year to $104.9 million and a return to profitability.