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Pro Rata

Axios Pro Rata

Polymarket expands into private share bets (sort of)

Markets

Axios Markets

SaaS-pocalypse, not now

A line chart that tracks cumulative share-price change for Snowflake, Salesforce and the iShares Expanded Tech-Software Sector ETF from May 28, 2025, to May 28, 2026. Snowflake rose as high as 35.59% and ended up 18.66%. Salesforce fell throughout, ending down 35.18%. The ETF peaked at 14.27% and finished down 7.22%.

Cumulative change in share price  

Data: FactSet; Chart: Matt Phillips/Axios

Golden Nugget owner to buy Caesars for $17.6 billion

A line chart that tracks Caesars Entertainmentâs daily stock price from May 2021 to May 2026. The stock falls from $107.93 on May 27, 2021, to $28.78 on May 27, 2026. It is $45.99 on Aug. 24, 2022, and $45.55 on Nov. 21, 2023.

Caesars Entertainment stock price

Data: Financial Modeling Prep; Chart: Dan Primack/Axios

South Korea's stock market is a big leveraged AI bet

A line chart that tracks South Koreaâs KOSPI Composite Index from March 31, 2006, to May 27, 2026. The index was 1,359.6 in March 2006, reached 2,089.4 in April 2011, stood at 1,986.41 in May 2016 and peaked at 8,228.7 in May 2026.

South Korea Stock Exchange (KOSPI) Index

Data: Financial Modeling Prep; Chart: Emily Peck/Axios

Leveraging up

A line chart that tracks U.S. net margin debt as a share of market cap, monthly from January 1997 to April 2026. It ranges from -147% in August 2008 to 132% in January 2026. It peaked at 100% in February 2000, turned deeply negative in 2001-03 and climbed above 120% in late 2025.

U.S. net margin debt as a share  of market capitalization 

Data: Goldman Sachs Investment Research; Finra; Note: Net margin debt is margin extended to customer securities accounts, after taking account of cash and un-utilized remaining margin credit balances; Chart: Matt Phillips/Axios

SpaceX won't break the IPO market

Closer

Axios Closer

Robinhood launches AI stock trading and credit card

The stock market's skimpy returns

A line chart that tracks the S&P 500 equity risk premium daily from May 26, 2011, to May 25, 2026. It starts at 5.09 on May 26, 2011, falls to 3.85 on Feb. 24, 2015, 3.44 on Nov. 23, 2018, and 0.17 on May 25, 2026. The range is -0.19 to 8.17.

S&P 500 equity risk premium

Strong corporate earnings may not be what they appear

S&P 500 earnings per share, year-over-year change 

SpaceX's galaxy math

A bar chart that compares SpaceX-related market categories by estimated total addressable market. AI is largest at $26.5 trillion, followed by connectivity at $1.6 trillion and space at $370 billion. Total TAM reaches $28.47 trillion, below U.S. GDP at $31.9 trillion.

SpaceX estimate of its total addressable market (TAM), by category

Data: SpaceX S-1; Bureau of Economic Analysis via Fred; Chart: Emily Peck/Axios

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