⚡ MARKET RECAP → The S&P 500 (VOO) fell Tuesday as investors sold technology stocks in favor of other sectors (like retail).

🚀 MUSK’S SPACEX–XAI COLOSSUS → Musk is rolling his AI startup xAI into SpaceX at a $1.25 trillion price tag, creating the largest merger ever and a pre-IPO juggernaut that fuses rockets, Starlink, Grok, and X into one Musk-controlled platform — a dream setup for space-based AI, and a fresh headache for regulators and Tesla (TSLA) investors trying to follow the value.

🏡 ROCKET’S MORTGAGE RUSH → Rocket Companies (RKT) ripped higher after its CEO said mortgage loan volume is surging, giving investors an early look at how lower rates and housing thaw translate into originations, operating leverage, and profit — but also reminding them this is still a high-beta, rate-sensitive way to play the mortgage cycle.

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For the week beginning February 2, 2026

🚀 SpaceX is swallowing xAI in what’s being billed as the biggest merger in history, at a combined $1.25 trillion valuation. The deal reportedly values SpaceX around $1 trillion and xAI at $250 billion, with xAI investors mostly getting SpaceX shares plus an option for some cash, ahead of a blockbuster IPO that could push the merged entity’s worth even higher.

🛰️ Strategically, Musk is welding rockets, satellites, AI models, and the X platform into a single vertically integrated “Muskonomy” platform. The pitch: use xAI’s Grok and compute stack to supercharge Starlink and future orbital data centers, turning space infrastructure into a distribution and compute layer for AI — but that also raises questions about concentration of power and national-security scrutiny given SpaceX’s government contracts.

💸 For investors, this is part empire-building, part liquidity event. xAI backers get a ride on what could be the most valuable IPO ever, SpaceX equity becomes the purest play on Musk’s AI-and-space mashup, and Musk’s own net worth rockets higher — while public-market holders in Tesla (TSLA) are left to debate whether value is being centralized away from the only Musk vehicle they can actually trade today.

📈 Rocket Companies (RKT) just reminded everyone it’s a pure-play bet on mortgage volume. Shares jumped about 6% after the CEO said loan production is “surging,” signaling the rate-cut-driven thaw in housing is finally translating into actual originations. For a business with big fixed costs, every incremental loan now drops more cleanly to the bottom line.

🏠 The mix matters as much as the surge. A rebound in purchase loans is healthier and stickier than a one-off refinance boom, because it builds servicing and cross-sell relationships over years. If this spike is broad-based – not just refi tourists – Rocket can grow fee and servicing income as well as near-term gain-on-sale margins.

🧮 For investors, this is what a rate-cut party actually looks like in practice. Rocket’s earnings are highly leveraged to volumes, so even modest national demand improvement can swing profitability and sentiment fast. The flip side: if mortgage rates back up or this surge proves short-lived, today’s pop will look more like a classic rate-cycle head fake than the start of a new uptrend.

Bitcoin breaks below $73,000 to lowest since November 2024 as heavy selling resumes (CNBC)

U.S. military shoots down Iranian drone that ‘aggressively approached’ aircraft carrier (CNBC)

Cisco has finally surpassed its dotcom bubble high. Is the reinvented stock a buy from here? (CNBC)

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