Axios Closer

June 12, 2025
Thursday ✅.
Today's newsletter is 505 words, a 2-minute read.
🔔 The dashboard: The S&P 500 closed up 0.4%, its highest level since late February.
🔥 Today's stock spotlight: Oracle (+13.3%). The database software company reported an 11% rise in Q4 revenue and stronger-than-expected earnings behind strong cloud growth. The stock hit an all-time high.
1 big thing: Chiming in on the IPO market
Chime Financial shares jumped in their first day of trading today, closing at $37.11 — more than 37% above their IPO price.
- 🔥 Why it matters: The U.S. IPO market is suddenly on a roll.
Catch up quick: Chime's strong debut is just the latest in recent weeks for U.S. fintechs.
- Crypto firm Circle saw its shares skyrocket in its NYSE debut last week. They closed today at $106.54, far above the IPO price of $31.
- Voyager Technologies shares soared 80% on their first day earlier this week, and closed today at $49.50, above the $31 IPO price.
- And eToro's stock popped in its debut last month too. Today they closed at $64.17, above the $52 IPO price.
Reality check: Though Chime's IPO priced above expectations at $27 last night, its valuation has cooled substantially from the $25 billion venture capital firms assigned it in 2021, when interest in the neobank soared during the pandemic.
- It raised $864 million this morning at a market value of $11.4 billion.
What we're watching: How Chime shares perform.
- "If it goes well — and you'll know that in the next two to three months — I think you'll see much more receptivity" from other companies eying IPOs, Revolution Ventures partner David Golden, tells CNBC.
2. Walmart's U.S. focus
Walmart is taking steps to source more products from U.S.-based small business suppliers as the world's largest retailer tries to keep prices low.
- 🇺🇸 Walmart U.S. CEO John Furner tells Axios in an exclusive interview that the company aims to boost opportunities for small American businesses, noting it already devotes about two-thirds of its product spend on U.S.-made, grown or assembled goods.
🏷️ Between the lines: Walmart recently confirmed plans to raise some prices as it grapples with the impact of increased tariffs, drawing the ire of President Trump.
⏱️ Another advantage is speed. Walmart now has more than half a billion items for sale online.
- And the company expects to offer three-hour delivery to 95% of the country by the end of 2025, up from 90% today, Furner says.
- "It's always helpful when you have the shortest supply chain possible," he adds.
3. Other happenings
🎮 GameStop shares plunged after the meme-stock retailer announced plans to issue $1.75 billion in convertible notes that could be used to buy bitcoin. (Yahoo)
☁️ Google experienced a cloud outage, causing disruptions for OpenAI, Shopify and other services. (CNBC)
🦾 Tesla sued a former Optimus robot engineer, saying the employee stole confidential information to form a rival startup. (Bloomberg)
4. ☕️ Take a seat
Starbucks CEO Brian Niccol tells Axios that one of the company's biggest missteps was pulling back on in-store seating — and now he's making it a top priority to fix it.
- 🪑"We had this strategy that I think was just a misfire of a purpose-driven store. It's like, well, the purpose is community connection," Niccol said at the company's Leadership Experience event in Las Vegas. "I think that's what got us off our game."
- "We've got to get the seats back."
... Read more of Kelly's interview with Niccol
⚾️ Fun fact: The first induction ceremony for the National Baseball Hall of Fame took place on this day in 1939. The day featured 11 living inductees, including Babe Ruth and Ty Cobb, who arrived late to the festivities.
Today's newsletter was edited by Pete Gannon and copy edited by Sheryl Miller.
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