Trump tells Netanyahu, ‘You’re f—ing crazy’ and Wall Street sees it as a sign he’s losing patience with the war and wants it done

Good morning. On Fortune’s radar today:

Markets: Global rally underway!

Trump tells Netanyahu: “You’re f—ing crazy.” 

The S&P 500 might help Anthropic and SpaceX but hurt investors.

Bank of America isn’t totally sold on this AI thing.

Goldman Sachs has an insane World Cup prediction bracket that says Spain will win.

Elon Musk’s Bitcoin horde is a lot bigger than everyone thought.

Stocks rally globally on hope that Middle East conflict may be easing 

S&P 500 futures were down 0.16% this morning. The index rose 0.26% yesterday, another record high, at 7,599.96. 

In Europe, the Stoxx 600 was up 0.67% in early trading and the U.K.’s FTSE 100 was up 0.31% before lunch.

Asia: South Korea’s KOSPI was up 0.15%. Japan’s Nikkei 225 was down 0.3%. India’s Nifty 50 was up 0.38%. China’s CSI 300 was up 1.45%. 

Brent crude was at $93 per barrel this morning.

Bitcoin fell to $69K.

Traders seem to be betting that the U.S., Israel, and Iran are all trying to find a way out of the mess they’re in. Deutsche Bank’s “World Outlook”—published Monday and reiterated in another note this morning—says, “Amid lingering uncertainty, our oil forecast assumes a re-opening of Hormuz later in June.” Jim Reid’s team said today: “Our baseline expectation is that a US-Iran deal is reached this month that allows shipping through the Strait of Hormuz to resume, with Brent crude falling back to $86/bbl in Q4.”

New rules for the S&P 500 could benefit SpaceX and Anthropic and hurt investors

To get into the S&P 500, a company is supposed to make money, writes Fortune’s Eva Roytburg. The sum of its last four quarters of earnings must be positive, as must its most recent quarter. That’s a decades-old rule, and it’s the reason the S&P 500 is regarded as the premier ranking of public, high-quality, large-cap U.S. companies.

Soon, that rule will likely be broken, three times. On purpose. S&P Dow Jones is considering relaxing its rules on profitability, trading history, and ownership concentration in order to allow SpaceX, OpenAI, and Anthropic to go public with—potentially—lower-quality earnings than the other stocks in the benchmark index.

Ordinary investors could be forced to eat this whether they like it or not: S&P index funds and ETFs are required to buy the entire index, they cannot pick and choose. The rule change would dilute retail investors, 401(k)s, and institutional investors alike with lower quality stock. “It’s the opposite of what an index is supposed to be,” says Nell Minow, a longtime expert on corporate governance.

Alphabet seeks $80 billion to fund AI buildout - Axios

This will be an absolutely mammoth year for IPOs. Probably - FT

Bank of America is suddenly skeptical about the AI story

The big AI hyperscalers are shifting from being “capital light” to “capital intensive,” seeing their cash flow shrink, and issuing........

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