Daily Brew // Morning Brew // Update

June 05, 2026

Happy Friday. Elon Musk has set a lot of ambitious goals for his companies, like saying in 2011 that SpaceX could put humans on Mars within 10 years. Thanks to a New York Times analysis, now we know exactly how accurate those 600+ prognostications are:

Musk has achieved his goals 19% of the time.
He was late or failed to deliver 35% of the time.
About a third of his goals were too vague to determine whether they were met.
Another 13% have deadlines in the future.

If nothing else, it’s nice to know that you can hit just 19% of your goals and still become a trillionaire. Remember that when filling out your midyear performance reviews.

—Molly Liebergall, Matty Merritt, Dave Lozo, Adam Epstein, Holly Van Leuven

In today’s newsletter, we’ll get into bitcoin’s collapse, screwworms returning after 60 years, and the box office’s best May since 2019.

MARKETS

Nasdaq

26,830.96

-0.09%

S&P

7,584.31

+0.41%

Dow

51,561.93

+1.73%

10-Year

4.477%

-1.0 bps

Bitcoin

$63,482.07

-2.20%

Broadcom

$418.91

-12.59%

Data is provided by

*Stock data as of market close, cryptocurrency data as of 5:00pm ET. Here's what these numbers mean.

Markets: The Dow soared to a record close yesterday while the Nasdaq dropped, as investors rotated out of tech and into healthcare and finance. Broadcom was the main culprit for the tech sector’s tough day—it stumbled nearly 13% after reporting an underwhelming forecast for its AI chips.

SNAKEBIT

Bitcoin is down horrendous

Nick Iluzada

The world’s largest cryptocurrency is having the type of week that makes you post a Notes app apology on your Instagram story. Bitcoin fell for its fifth straight day yesterday, deepening a slump that has wiped out more than $160 billion of the coin’s market value since Monday.

For context, bitcoin started the week at nearly $74,000—a far cry from its October record of more than $126,000. Yesterday, it traded near $61,000, a four-month low.

What just happened? Strategy, a company that reshaped its whole business around hoarding bitcoin, disclosed on Monday that it sold some holdings for the second time ever. Though the company offloaded only a sliver (32 of its 843,706 coins), the move still spooked others into selling, because Strategy is the world’s largest corporate bitcoin holder, and it has typically followed a “never sell” mantra.

Strategy’s sale may have set off this week’s tumble, but…

…it’s not the main reason for bitcoin’s troubles

Since mid-May, investors have pulled more than $4 billion from bitcoin ETFs, marking their longest-ever streak of outflows. That’s a big deal, because “ETF flows are the primary driver of BTC price appreciation,” a Citi analyst told CNBC.

Analysts say several factors are causing the coin’s price to suffer, even as Big Tech carries the traditional stock market to new heights. Those include uncertainty from the war in Iran and concerns that a landmark crypto-friendly bill may not pass this year.

Another narrative is emerging: Investors appear to be withdrawing from bitcoin and other digital assets to invest in AI holdings instead, according to Bloomberg. Strategy’s chairman argued as much yesterday: “This is a capital rotation, not a bitcoin impairment,” he posted on X.

Looking ahead…some analysts think bitcoin is nearing the end of its bear market phase, which it cycles through every four or so years.—ML

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WORLD

Tour de headlines

Brandon Bell/Getty Images

Bolton reportedly pleads guilty to mishandling classified info. Former Trump administration national security advisor turned Trump critic John Bolton reached a deal with the Justice Department to plead guilty to one count of mishandling classified materials, the Associated Press reported. Bolton was charged last year with 18 counts of improper use of classified info after he allegedly shared it with family members while writing his memoir. As part of the deal, Bolton would have to pay a $2.25 million fine but could avoid jail time, depending on a judge’s decision. A longtime Republican diplomat, Bolton served in Trump’s first administration for more than a year before the president fired him in 2019 over foreign policy disagreements. Bolton then published a book that was critical of Trump’s decision-making.—AE

Hezbollah rejected the latest ceasefire between Israel and Lebanon. The deal, which had been brokered by the Trump administration, stipulated that Hezbollah would withdraw from the region of Lebanon that borders Israel and completely stop attacks. But Hezbollah, which is backed by Iran, did not participate in the negotiations and refused to agree to the terms before the ceasefire even took effect. In a statement yesterday, Hezbollah leader Naim Qassem said a ceasefire would need to include Israel stopping attacks and withdrawing from Lebanon. Israeli Minister of Defense Israel Katz said yesterday that the military operation in Lebanon would continue “at this stage.”—HVL

Kevin O’Leary scales back his Utah data center, following backlash. Shark Tank star Kevin O’Leary is saying “you’re dead to me” to much of his proposed 40,000-acre data center after community members and some lawmakers protested the project. In a letter to the Utah Senate, O’Leary said he’d cut the proposed acreage in half in response to the backlash. Critics were concerned with the data center’s potential impact on land, water, and air quality, which O’Leary said were exaggerated. It’s perhaps the most high-profile example of the mounting resistance to the construction of AI data centers across the US.—AE

HIDE YOUR CATTLE

The barrier is breached: screwworms are here

Adobe Stock

The USDA announced this week that the New World screwworm—a flesh-eating fly that had been successfully kept out of the US for decades after wreaking havoc on cattle herds—has entered the country.

So far, it’s only one case. The agency’s Animal and Plant Health Inspection Service (APHIS) found a three-week-old calf in Texas with the larvae, marking the first case of screwworms in the state since 1966.

Screwworms are parasites that lay hundreds of eggs in a wound or orifice of a warm-blooded animal; those eggs then hatch and start eating the animal’s flesh. Beginning in the 1950s, the USDA was able to create a biological barrier by releasing millions of sterilized male flies from airplanes and pushing the screwworms south to Panama’s Darién Gap. But a year ago, cattle industry groups sounded the alarms about the risk of a return.

The USDA claims that screwworms entering the US this year was inevitable and said it has invested in a new $750 million screwworm facility in South Texas. But the agency is also still navigating DOGE’s large workforce cuts, including 248 employees from the APHIS department in Texas.
Texas Agriculture Commissioner Sid Miller accused the USDA on Wednesday of moving too slowly.

Big picture: Even a small infestation could jeopardize the already strained beef industry. The US cattle herd is at its lowest levels in 75 years.—MM

Friday puzzle

Here’s a puzzle you might want to sit with over the weekend.

What is the only day of the week (Sunday, Monday, Tuesday, Wednesday, Thursday, Friday, Saturday) that has a one-word anagram? And what is that word?

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ANSWER

Monday → dynamo (sorry, we know that was diabolical)

(Source)

Word of the Day

Today’s Word of the Day is: prognostications, meaning “predictions about the future.” Thanks to Susan from Bear, DE, and several others for the suggestion. Submit another Word of the Day here.

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☕ Barrier breached