Axios Closer

June 09, 2026
Tuesday ✅.
Today's newsletter is 773 words, a 3-minute read.
📉 The dashboard: The S&P 500 closed down 0.3%.
🔥 Today's stock spotlight: J.M. Smucker (+10.4%), the Jif peanut butter maker, beat expectations for revenue and earnings in its recent quarter.
1 big thing: GM's power play
General Motors, the largest U.S. automaker, is seeking to become more of an energy company, turning electric vehicles into grid assets and batteries into fuel for AI data centers.
Why it matters: The moves are another sign of how automakers are investing in opportunities far beyond transportation, leveraging battery technology as EV growth has cooled.
🔋 Driving the news: GM is making a big bet on sodium-ion batteries — technology that isn't well-suited for cars but is ideal for stationary storage connected to utility grids and data center installations.
- Its venture arm is making a strategic investment in a startup called Peak Energy. Together, the companies plan to develop next-generation sodium-ion battery cells purpose-built for grid-scale storage.
💸 The big picture: As the AI boom drives a surge in electricity demand, automakers are seeing an opening to create new revenue streams.
- It's a diversification play for many, including Ford, whose stock is up more than 20% since announcing the launch of its Ford Energy subsidiary last month.
🗣️ What they're saying: GM says its technology will be 20%–25% cheaper than other systems that use repurposed EV batteries.
- "We are not licensing somebody else's technology from China," says GM battery chief Kurt Kelty, in a pointed dig at rival Ford, whose Michigan-made batteries are based on technology from China's CATL.
What we're watching: GM is also introducing software that can turn existing bidirectional EVs, which can both draw power from and send power back to the grid, into flexible energy assets that can help meet peak demand.
- But they need utilities' participation to make that happen.
2. Tech roller coaster
Tech stocks whipsawed in a wild day of trading, with several names paring steeper losses in the final hour before the close.
📉 Catch up quick: AI-related shares were posting double-digit losses shortly after noon ET, Axios' Matt Phillips writes.
- Several names crawled back — shares of chip giants like AMD and Intel fell more than 8%, before closing down 3% and 2%, respectively.
- Optical networking stocks — which sell the fiber-optic cables and connections needed to stitch servers together within AI data centers — fell even more sharply, with Coherent and Lumentum ending the day down 11% and 8%, respectively.
💸 The intrigue: One possible explanation could be that investors are selling some big winners of the last year — Lumentum, for example, was up nearly 1,000% through the 12 months that ended yesterday — to raise cash to reinvest in the Big Tech IPOs that are on deck.
- Foremost among them is the giant SpaceX offering that is set to start trading Friday.
3. ⛳️ Quoted: LIV Golf CEO says league remains a good bet
"What I can guarantee is a heck of a return if you come invest in this business."— LIV Golf CEO Scott O'Neil when asked today on CNBC whether he can guarantee that the league will play its final four events of 2026, amid rumors that its Saudi backers might withdraw funding early.
4. Other happenings
🧯Stellantis is recalling more than a million Jeep vehicles in the U.S. due to a fire risk after dozens of owners reported problems. (Axios)
🦬 Inspire Brands, which is prepping to go public, warned that the casual dining slump is hitting its Buffalo Wild Wings chain. (Bloomberg)
💊 British drug giant GSK is acquiring U.S.-based oncology drugmaker Nuvalent for $10.6 billion. (CNBC)
5. 🦴 Leash on spending
The price of pet parenting is no longer a walk in the park.
- 💸 Rising costs are prompting households to temper spending on their furry friends, a new report from Bank of America Institute finds, leading to slowing adoption rates and fewer vet visits, Axios Denver's John Frank writes.
🐶 Zoom in: The share of households with a pet has declined in the past two years, per BofA — which tracks that figure by measuring transactions at specialty pet retailers and services.
- In addition, younger pet owners, especially from lower-income households, are paring back on nonessentials such as toys and accessories, the purchasing data shows.
🏥 Friction point: The cost of veterinary services rose about 6% in April, and pet food and treats increased 1% year-over-year.
🤔 Thought bubble via Axios Denver's John Frank: This explains why a simple nail trim for my pup now costs $25!?
🗓️ On this day in 1790, the first registered U.S. copyright was given to John Barry's "Philadelphia Spelling Book." There is no known complete copy of the first edition in existence today.
Today's newsletter was edited by Pete Gannon and copy edited by Sheryl Miller.
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