Archives June 2025

U.S. Secretary of Defense Pete Hegseth has built his multimillion-dollar wealth through his time as a host for Fox News, speaking engagements, and book royalties.

Hegseth was a television commentator before joining President Donald Trump’s second administration; he also served in the Army National Guard for several years, and was part of several active-duty deployments. He was confirmed in January.

Hegseth and his wife, former Fox News producer Jennifer Hegseth, have an estimated net worth of $3 million, according to Forbes. Here’s how Hegseth made his millions.

Fox News Salary

Prior to his role as Secretary of Defense, Hegseth was a co-host on Fox News’s “Fox & Friends Weekend.” Hegseth reported a total of $4.6 million in salary for 2023 and 2024 as a Fox News host on his most recent financial disclosure.

Speaking Engagements and Book Royalties

Hegseth has earned at least $900,000 from 41 speeches listed on his financial disclosure. Hegseth has earned anywhere from $10,000 to $20,000 and up to $150,000 per speech, according to the disclosure.

Hegseth also receives royalties from the books he has written. He received $348,000 as an advance for his book “The War on Warriors”, and $150,00 in advance for his book “Battle for the American Mind”, per his financial disclosure.

The former Fox News host also earned between $100,000 and $1 million in royalties for each book. (The disclosure only requires that a range be provided.)

Other Investments and Real Estate

Per his disclosure, Hegseth earned anywhere from $100,000 to $1 million on a rental house in Baltimore, Md. Hegseth and his wife also own an estate in Goodlettsville, Tenn,, worth an estimated $3.2 million and which costs about $19,000 per month in mortgage, according to an estimate by Forbes.

Hegseth also owns between $15,000 and $50,000 in bitcoin, per his disclosure.

Broadcom (AVGO) is scheduled to report fiscal second-quarter results after the closing bell Thursday, with Wall Street expecting growing revenue and profits fueled by demand for AI chips. 

Analysts on average expect Broadcom to report revenue of $15.02 billion, up 20% year-over-year, and adjusted net income of $7.8 billion, up from $5.39 billion a year ago. AI revenue is expected to climb 42% year-over-year and 7% sequentially to $4.42 billion. 

Oppenheimer analysts called Broadcom the “No. 2 AI franchise after NVDA,” in a note to clients Thursday, raising their price target to $265 from $225. Broadcom’s “core franchises in networking, wireless, broadband, server/storage, and software support sustainable growth,” the analysts said. “We remain long-term buyers.”

Of the 14 analysts tracked by Visible Alpha, 13 have a “buy” or equivalent rating for Broadcom stock, with one “hold.” However, their consensus price target near $247 would suggest just 2% upside from Friday’s close.

After Nvidia’s (NVDA) strong sales report Wednesday helped propel the chipmaker to briefly reclaim the title of most valuable company in the world, Morgan Stanley analysts said they “also are positive on [Broadcom] in the AI space, but we are hard pressed to generate additional enthusiasm.”

Shares of Broadcom have added just over 4% in 2025 so far.

The Internal Revenue Service (IRS) has its hand out for tax dollars associated with your generosity, but there are tax-smart loopholes. In fact, the IRS will even let you give away $1 million without sending you a bill. You can gift $19,000 per person per year as of 2025 or $13.99 million throughout your lifetime if you should pass in this year.

What Is a Taxable Gift?

The IRS potentially applies the federal gift tax to “the transfer of property by one individual to another while receiving nothing, or less than full value, in return.” It adds this caution: “The tax applies whether or not the donor intends the transfer to be a gift.”

This includes future interests in property. The recipient won’t own or derive income from this type of gift until some date in the future.

“A ‘gift’ is any transfer of funds, property, or assets for which the receiver doesn’t give an equivalent fair market value in exchange,” according to William “Bill” London, an estate planning attorney with Kimura, London & White LLP in California and New York. “This includes cash gifts, loan forgiveness, or the sale of property at a price less than its true value. Interest-free loans can also be classified as gifts under IRS rules.”

How the Gift Tax Works

The federal gift tax is payable by the donor of a gift, not the recipient, and a portion of the value of all gifts is exempt.

The exclusion is $19,000 per person per year as of 2025. The amount is adjusted annually to keep pace with inflation. It was $18,000 in 2024. These amounts can double when spouses make gifts to the same individual because each spouse is entitled to claim that $19,000 exemption. The recipient can therefore receive $38,000 tax-free.

If You Go Over the Limit

You still won’t have to pay tax on gifts with values over the annual threshold unless you’re extremely generous and your estate is worth many millions of dollars at the time of your death. Annual gifts you make during your lifetime that exceed the exclusion for the applicable year can be carried over to the value of your estate, making it subject to a lifetime gift and estate tax exclusion of $13.99 million as of 2025.

You do have to notify the IRS annually of any non-exempt portion you’re carrying forward, however. This involves filing IRS Form 709.

“Gifts over the $19,000 annual limit don’t automatically trigger tax,” says Laura Cowan, an estate planning attorney and founder of 2-Hour Lifestyle Lawyer. “The excess reduces your lifetime exemption. You need to file Form 709 if the gift to an individual exceeds the annual exclusion per person per year. If you give $20,000 to one person, you have to file 709. If you give $18,000 each to 10 people, no filing is needed.”

Yes, you read that right. You can gift well more than $1 million in 2025. You can give up to $13.99 million by combining your annual gifts with the value of your estate. But we’re talking taxes here, and taxes involve the government, so it should come as no surprise that a catch is looming on the horizon.

Effect of the Tax Cuts and Jobs Act

The federal Tax Cuts and Jobs Act (TCJA) effectively doubled the lifetime gift and estate tax exclusion when the law passed in December 2017 but this provision is set to expire at the end of 2025. The lifetime exclusion will plunge back to pre-2018 limits at that time if Congress doesn’t take steps to renew this provision. The pre-2018 exclusion was $5 million although the figure will be adjusted for inflation.

You might want to consider some legal workarounds and give as much as possible before December 2025 comes to a close. The IRS indicated in November 2019 that taxpayers who take advantage of the increased exclusion won’t be adversely affected when the terms of the TCJA expire.

Workarounds and Exceptions

Not only can each spouse give the same individual $19,000, but they can also give the same individual $19,000 on Dec. 31 and the annual exclusion amount for the new year on Jan. 1, effectively doubling it in this respect as well. It’s a per-year limit. You and your spouse can give your child and their spouse $76,000, each of you gifting the $19,000 limit to each of them without carrying any portion over to a future year.

The lifetime exclusion also includes a portability provision that you can make use of if you’re married. You can transfer any unused portion of your $13.99 lifetime gift and estate tax exclusion to your spouse if you should die in 2025 or up to the amount of the 2026 limit if Congress doesn’t take action to maintain the TCJA provisions beyond the Dec. 31, 2025, deadline.

Some loopholes exist with regard to the type of gift you’re making as well. “One item to be aware of if you’re likely to exceed your lifetime exemption is that certain types of gifts aren’t taxable,” advises Matt Hylland, a flat-fee, fee-only financial planner and investment advisor at Arnold and Mote Wealth Management in Cedar Rapids, Iowa. “Paying tuition or medical expenses isn’t considered a taxable gift. If you can direct your support for your family to directly pay for tuition or medical expenses, you may be able to avoid some gift tax liability.”

The Bottom Line

The federal tax rate on gifts and estates is a cringeworthy 40% as of 2025. You’ll have to pay it if you neglect to file Form 709 to keep the IRS up to speed on your annual gifts or if your gifts exceed the lifetime exclusion that’s in place in the year of your death. Planning and taking advantage of tactical gifting can be critical if you enjoy a high-net-worth estate, particularly if the TCJA terms expire in 2026.

Trade with Mexico is enormously important to the United States. In 2024, the U.S. imported approximately $506 billion in goods from Mexico. That’s approximately 15% of all imports by dollar value, making Mexico the U.S.’s largest import trading partner and ousting Canada and China.

United States-Mexico-Canada Agreement (USCMA)

The United States, Mexico, and Canada have closely integrated economies due to the United States-Mexico-Canada Agreement (USCMA), which replaced NAFTA in 2020. USCMA updated the older free trade agreement and added new rules for digital trade, labor protections, and environmental standards.

USCMA stipulates that 75% of auto components must be made in North America to qualify for tariff-free status, a rule intended to increase regional production. It also requires that at least 40% to 45% of auto production in North America be done by workers earning at least $16 an hour. The goal is to close the gap between labor costs in the U.S. and Mexico.

This rule provides stability for businesses and lower costs for consumers. It also means better wages and labor rights for Mexican workers.

Imports From Mexico

The United States imports a large number of goods from Mexico. The top five import categories in 2023 were:

• Cars: $44.9 billion
• Motor vehicles; parts and accessories: $35.2 billion
• Delivery trucks: $26.3 billion
• Computers: $25.6 billion
• Crude petroleum: $20.4 billion

Automobiles and auto parts are the most significant imports. Several large U.S. auto companies, including Ford and GM, have production plants in Mexico, making cars, engines, and other products that are then returned stateside for sale.

Other important imports include insulated wire, video displays, medical equipment, air conditioners, and beer.

U.S. Exports

While the U.S. imports a large amount from Mexico, its exports are also sizeable, totalling $334 billion in 2024.

The largest exports from the United States to Mexico in 2023 included:

• Refined petroleum: $29.7 billion
• Motor vehicles; parts and accessories: $17.7 billion
• Petroleum gas: $8.87 billion
• Combustion engines: $5.84 billion
• Corn: $5.27 billion

What About China?

China used to be the United States’ largest import partner. However, in the late 2010s, during the tariff wars initiated by the first Trump administration, businesses faced many issues, such as rising costs and political tension.

Many companies started to nearshore production, moving production closer to the United States, and Mexico was a clear choice. This resulted in Mexico surpassing China as the U.S.’s largest import partner in 2023. The U.S. imported $439 billion worth of goods from China in 2024.

The Bottom Line

Trade between the U.S. and Mexico has increased, thanks to initiatives like USCMA and a partial shift away from China.

The proximity, lower labor costs, and favorable trade terms have made Mexico an important player in the U.S. supply chain. At the same time, U.S. exports to Mexico are strong, making the relationship beneficial to both countries.

Editor’s note: “How to Build Wealth in a Volatile Stock Market” was previously published in March 2025 with the title, “Beyond the Ups and Downs: Building Wealth in a Volatile Stock Market.” It has since been updated to include the most relevant information available.

The stock market has been anything but steady in early 2025. Since Donald Trump took office as the 47th President of the United States in late January, investors have endured a dizzying ride.

At first, markets stayed quiet—flat for about a month. But that calm quickly turned into chaos.

From mid-February to mid-March, the S&P 500 plunged 10% in just 20 trading days. Analysts blamed growing fears that Trump would ignite a global trade war. Those fears were realized on April 2, when Trump launched his “Liberation Day” tariffs. The move triggered a historic two-day, 10% drop in the index—marking the fifth-worst two-day crash on record.

Then came the snapback.

One week later, Trump announced a 90-day pause on those same tariffs. The market roared back. The S&P 500 surged 9.5% in a single session—the start of a massive 20% rebound over the next month.

In just 90 days, stocks had crashed 20%, then fully rebounded. That kind of volatility hasn’t been seen since the pandemic era, and it’s reshaping how investors think about political risk and policy shockwaves in 2025.

This has been arguably the most volatile and violent stock market ever. And given that Trump has been the trigger – and that he will be in the White House for the next four years – investors are naturally asking themselves:

Is this intense volatility Wall Street’s ‘new normal’?

It may be… 

A Bumpy Ride Higher: Why We Expect Stock Market Uncertainty to Continue

Don’t get me wrong. I think stocks are going higher over the next few years. 

We’re somewhere in the middle of the AI Boom. Tech booms like these tend to last five to six years or longer. Just look at the Dot Com Boom, which started in 1995 and lasted through 1999 – five years of strong gains. The Nasdaq Composite rose about 582% during that time, while the S&P nearly tripled. 

This AI Boom started in 2023. I think we have another two to three years of exceptional growth left in AI stocks. And that growth should drive the whole market higher.

However… I don’t think it’ll be a smooth ride higher…  

Largely because of U.S. President Donald Trump, who promises to change a lot of things. 

He wants to renegotiate trade deals and restructure global trade, rethink America’s global military presence, and cut federal spending. He wants to reduce taxes, expand America’s borders, and reshore manufacturing activity, among other things. 

Clearly, he aims to change a lot. 

Now, I won’t offer an argument as to whether these proposed changes are good, bad, or neutral. 

But I will state the obvious: It’s a lot of change. And change is uncomfortable – especially for investors… 

Because change equals uncertainty. That doesn’t mean this policy shakeup won’t push stocks higher in the long term. It may. 

It simply means that, along the way, stocks will continue to be volatile – just like they’ve been over the past few months.

Updated employment data for May, comments from Federal Reserve Chair Jerome Powell, and several noteworthy tech and retail earnings reports highlight this week’s economic calendar.

The week follows a close to May trading, which was generally upbeat for stocks, featuring strong performances from the S&P 500 and Nasdaq Composite. Recap Investopedia’s coverage of last Friday’s trading here. The week also brought the latest set of trade ructions, with President Donald Trump on Friday raising fresh questions about the state of affairs with China.

In addition to a jobs report due Friday, investors also will be watching for reports on job openings and private-sector payrolls. Updated data on the U.S. trade deficit and consumer credit levels will be in focus, as will manufacturing and services industry data, including the Purchasing Managers Index (PMI), construction spending, and factory orders.

In addition to Powell’s comments on Monday, Fed representatives speaking this week include Philadelphia Fed President Patrick Harker, Dallas Fed President Lorie Logan, and Chicago Fed President Austan Goolsbee.

Market watchers will be tracking expected earnings reports from Broadcom (AVGO), CrowdStrike Holdings (CRWD), Hewlett Packard Enterprise (HPE), Dollar Tree (DLTR), Dollar General (DG), and Five Below (FIVE). 

Monday, June 2

• S&P final U.S. manufacturing PMI (May)
• ISM manufacturing PMI (May)
• Construction spending (April)
• Federal Reserve Chair Powell, Dallas Fed President Logan, and Chicago Fed President Goolsbee are scheduled to speak
• Campbell’s (CPB) and Science Applications International (SAIC) are scheduled to report earnings

Tuesday, June 3

• Factory orders (April)
• Job openings (April)
• Dallas Fed President Logan and Chicago Fed President Goolsbee are scheduled to speak
• CrowdStrike Holdings, Ferguson Enterprises (FERG), Hewlett Packard Enterprise, Dollar General, Guidewire Software (GWRE), and NIO (NIO) are scheduled to report earnings

Wednesday, June 4

• ADP employment (May)
• S&P final U.S. services PMI (May)
• ISM services PMI (May)
• Federal Reserve Beige Book
• Atlanta Fed President Raphael Bostic is scheduled to speak
• Dollar Tree, Descartes Systems Group (DSGX), Five Below, PVH Corp (PVH), and Thor Industries (THO) are scheduled to report earnings

Thursday, June 5

• Initial jobless claims (Week ending May 31)
• U.S. trade deficit (April)
• U.S. productivity – first revision (Q1)
• Philadelphia Fed President Harker is scheduled to speak
• Broadcom, Lululemon Athletica (LULU), Samsara (IOT), and Rubrik (RBRK) are scheduled to report earnings 

Friday, June 6

• U.S. employment report (May)
• Consumer credit (April)

Jobs Report Comes As Fed Faces Pressure on Interest Rates

The scheduled Friday release of the May U.S. jobs report will show whether the labor market continues to exhibit strength after employers added more jobs than analysts expected in April, as the unemployment rate remained at 4.2%.

Trump has been applying pressure on the Fed to cut interest rates from their current levels of 4.25% to 4.5%. Fed officials have said that they are in “wait-and-see” mode as the labor market remains strong and inflation comes under pressure from U.S. tariffs. 

Earlier in the week, market watchers will get updates on job openings, private-sector payrolls, and weekly jobless claims. 

Several Fed officials are scheduled to speak, including Federal Reserve Chair Powell, Dallas Fed President Logan, Chicago Fed President Goolsbee, and Philadelphia Fed President Harker. On Wednesday, the Fed’s Beige Book will provide more details on economic conditions throughout the country. 

The Thursday scheduled report on the U.S. trade deficit comes as tariff threats have pushed shippers to increase imports ahead of the expected import taxes. 

Investors will also be watching manufacturing and services industry surveys scheduled for release this week, as well as updated data on consumer credit levels, factory orders, and construction spending.

Tech, Retail Earnings Reports in Focus

Chipmaker Broadcom’s scheduled financial report, due Thursday, comes on the heels of industry leader Nvidia’s (NVDA) report last week that showed continued demand for artificial intelligence (AI) products. Broadcom reported a 77% jump in its AI-related revenue in its most recent financial release as company executives forecast continued growth in that sector. 

Cybersecurity company CrowdStrike Holdings is expected to release its earnings on Tuesday. The firm said in early May that it planned to cut 5% of its workforce. Guidewire Software, which provides services to insurance providers, is also expected to deliver an update on its AI products Tuesday. 

Logistics software provider Descartes Systems Group is expected to release its earnings on Wednesday. Shippers continue to grapple with the impact of Trump’s tariffs on the supply chain.

With consumer sentiment surveys showing increasing concerns over economic conditions, investors will be watching reports from retailers for signals on spending. Scheduled reports from Dollar General on Tuesday and Dollar Tree and Five Below on Wednesday will provide a look at consumer traffic at those stores. Campbell’s scheduled report on Monday will shine a light on food spending, while fashion brands Lululemon and Calvin Klein parent PVH also will be reporting.

Other noteworthy reports this week include Chinese electric vehicle maker NIO, a competitor to Tesla in that country, and information technology provider Hewlett Packard Enterprise. 

Shoppers are fans of Costco’s prices. Could the warehouse giant’s stock get a smaller price tag, too? 

That’s on some investors’ minds lately, with shares of Costco Wholesale (COST) among the most-expensive—on a straightforward price-per-share basis—in the S&P 500: The stock, which closed Friday at around $1,040, was one of a dozen with a four-digit share price. (Topping the list, for those who track such things, was NVR (NVR), shares of which ended the week above $7,000 apiece.)

Costco’s shares have gotten there in part due to a rise of roughly 25% over the past 12 months, and now there’s renewed chatter about whether the company might choose to split the stock. (Stock splits do nothing to the value of a company—broadly, a 10-for-1 split means that instead of one $100 share, you have 10 $10 shares—but they’re sometimes taken as a bullish signal.) 

“We remain upbeat on the company’s ability to gain share going forward and believe shares are positioned for continued outperformance in the current backdrop. Catalysts from here, in our view, include a potential stock split,” Oppenheimer analysts—who have a bullish rating on the shares, along with a $1,130 price target that is above the Wall Street average as tracked by Visible Alpha—wrote late Thursday after Costco reported quarterly financial results. 

Talk of a Costco split bubbles up from time to time partly because the company rarely does them; it hasn’t happened since a two-for-one split in early 2000. Management was asked about splits at the company’s January shareholder meeting, with CEO Ron Vachris saying there was “nothing to report.” The company didn’t respond to Investopedia’s request for comment in time for publication.

CFO Gary Millerchip on a December conference call said that making the shares comparatively cheap is less useful to investors now than in years past because of the availability of fractional shares. 

“But we do also recognize that there’s a benefit of the stock feeling more affordable for our retail investors and employees who are very important constituents for us,” he said.  “So we’ll continue to evaluate over time.”

Some cities are better than others for recent graduates facing an uncertain job market and heightened rental costs, according to a recent report.

It has been harder for recent graduates to find a job as business leaders are slow to hire amidst the uncertainty of President Donald Trump’s tariffs. In addition, many graduates expect a much higher salary than they will likely get amid heightened costs, such as rent prices, which surged in the wake of the pandemic.

Recent graduates looking to relocate somewhere more affordable and with a strong labor market for those with a newly earned degree should consider places like Austin, Raleigh and Minneapolis, a report from Realtor.com found this week.

Realtor.com utilized economic data from major metropolitan areas to rank the best rental markets for recent graduates. Markets better suited for recent graduates typically had lower rent-to-income ratios and forecasted unemployment rates, as well as higher rental vacancy rates and a broad offering of jobs suited to recent college graduates.

You may not realize it yet, but the smartphone is on its way out.

That sleek, glowing rectangle that’s been glued to your hand for over a decade—the symbol of the Mobile Internet Era—is heading for obsolescence.

Why? Because we’re entering the Age of Artificial Intelligence—and AI doesn’t want your thumbs or your screen.

It wants your eyes, your ears, and your intent.

And to deliver on that vision, it needs a new device.

The iPhone’s Successor: Smart Glasses

The next dominant tech form factor won’t live in your pocket. It’ll sit on your face.

This isn’t some futuristic prediction—it’s already happening.

Here’s what went down just this week:

• Alphabet (GOOGL) announced a $150 million partnership with Warby Parker to launch AI-powered smart glasses by 2026.
• OpenAI acquired Jony Ive’s AI hardware startup for $6.4 billion. (Ive designed the original iPhone.)
• Ive will lead OpenAI’s hardware efforts to create a new generation of AI-native devices.

Meanwhile, Meta Platforms (META) is pushing its Ray-Ban smart glasses hard—sales tripled this year. It’s also developing Orion, a stealth project for finger-controlled AI eyewear.

Amazon (AMZN) is still shipping Echo Frames, leveraging Alexa as its voice-first interface for ambient computing.

And yes, Apple (AAPL) is reportedly extending Vision Pro into a lightweight, consumer-grade smart glasses format.

This isn’t a product cycle. It’s a platform shift.

And Big Tech knows: the company that replaces the smartphone wins the next 20 years.

Why AI Demands a New Interface

The smartphone ruled the 2010s because it matched the needs of the mobile internet: apps, touchscreens, scrolling, notifications.

But AI isn’t built for that.

AI thrives on real-time interaction, not manual input. It listens. It observes. It acts on your behalf. It’s ambient, proactive, and often invisible.

That’s why AI needs a screenless interface.

Smart glasses—equipped with cameras, microphones, displays, and context-aware AI—are the ideal interface for the ambient computing era.

They don’t require unlocking. They don’t pull you out of your world. They layer intelligence on top of your reality.

This is the leap from tap to presence. From input to interaction.

How to Invest in the AI Glasses Boom

Back in 2007, Apple didn’t just launch the iPhone—it created a $10 trillion mobile ecosystem.

That included:

• App platforms (think Meta and Spotify (SPOT))
• Networking infrastructure (Cisco (CSCO), Broadcom (AVGO), Qualcomm (QCOM))
• Component suppliers (Skyworks (SWKS), Cirrus Logic (CRUS), Corning (GLW))

You didn’t need to invest in Apple alone to win—you could ride the ecosystem.

The same strategy applies to AI glasses. Here are the top companies poised to profit from the shift:

Key AI Glasses Suppliers and Enablers

• Arm Holdings (ARM) and Qualcomm (QCOM): Chipmakers likely to power most AI glasses.
• Nvidia (NVDA): Supplies AI accelerators that will handle on-device and cloud processing.
• Sony Group (SONY): Industry leader in camera sensors, essential for computer vision.
• Lumentum (LITE), STMicroelectronics (STM), Himax Technologies (HIMX): Optical components, LiDAR, and gesture sensors.
• Ambarella (AMBA): Known for computer vision chips critical to spatial computing.
• Corning (GLW): Already supplies Apple—well-positioned for smart glass and optics.
• SoundHound AI (SOUN) and Twilio (TWLO): Voice interfaces and AI communication layers.
• Unity Software (U): Provides real-time 3D rendering engines for AR overlays and spatial OS.
• Okta (OKTA): Identity and security management for AI-native platforms.

The Big Picture

The AI glasses movement is about more than convenience. It’s a new computing paradigm—ambient, hands-free, always-on.

And it’s not science fiction.

With billions flowing into R&D and major players making their move, AI glasses could become the new standard interface for computing—just as smartphones once were.

The companies that help build, power, and scale this ecosystem could lead the next wave of generational tech gains.

Bottom Line

The smartphone changed how we accessed the internet.

AI glasses will change how we experience reality.

And just like last time, the biggest winners may not be the device makers—but the ecosystem builders.

The Mobile Internet Era is ending. The Ambient AI Era is beginning.

The iPhone is dead. Long live AI glasses.

Click here to learn more about some of the exciting investment opportunities we see emerging in this next wave of AI.

_{On the date of publication, Luke Lango did not have (either directly or indirectly) any positions in the securities mentioned in this article.}

P.S. You can stay up to speed with Luke’s latest market analysis by reading our Daily Notes! Check out the latest issue on your Innovation Investor or Early Stage Investor subscriber site.

Stocks soared in May, lifted by easing trade tensions between the U.S. and China, a strong end to first-quarter earnings season, and evidence the economy remains on solid footing. The S&P 500 and Nasdaq Composite both notched their best months since November 2023, rising 6.2% and 9.6%, respectively.

Trade policy is likely to remain Wall Street’s primary focus in June. With President Trump’s “Liberation Day” tariffs expected to go back into effect on July 9, investors will be hoping the White House strikes more trade deals in the coming weeks. Wall Street will also be watching Congress, where Republicans are hammering out the details of Trump’s ‘One Big, Beautiful Bill.’

Below, we look at a few stocks to keep an eye on this month.

Apple

Tariffs have been the primary focus of Apple (AAPL) investors in recent months, but their attention is likely to shift to artificial intelligence when the company hosts its Worldwide Developer Conference (WWDC) on June 9.

Last year’s WWDC saw the unveiling of Apple Intelligence, the company’s proprietary artificial intelligence offering. Executives touted Apple Intelligence’s personalization and privacy features, and showed off a few AI applications like image and emoji generators.

At this year’s WWDC, Apple is reportedly planning to release a software development kit that enables third parties to build features using the large language models underpinning Apple Intelligence. Apple has disappointed Wall Street and some users with its slow AI roll-out. Opening up Apple Intelligence to outside parties could satisfy the critics by accelerating the development of AI apps for the iPhone and other AI-enabled devices. 

Apple shares, weighed down by President Trump’s tariff threats, have lost about 20% of their value so far this year. 

Tesla

Now that CEO Elon Musk has left Washington, he’ll be spending much more time delivering on his promise to transform Tesla (TSLA) from an electric vehicle manufacturer to a leading artificial intelligence company. 

Tesla is reportedly aiming to launch its new robotaxi service on June 12 in Austin, Texas, about eight months after Musk first unveiled prototypes of the company’s completely autonomous “Cybercab” and “Robovan.” The rollout is arguably the most high-profile test yet of Tesla’s full self-driving software. The public and Wall Street’s perception of its success will likely affect how quickly Tesla expands the robotaxi service beyond its home turf of Austin.

The stakes are high for Tesla. Sales plummeted in the first quarter as consumers across the globe revolted against Musk’s controversial work with the Department of Government Efficiency. Shares shed more than 50% of their value between hitting a record high in mid-December and reporting disappointing first-quarter earnings in April. 

Musk’s decision to step away from government—first intimated during Tesla’s most recent earnings call—has resuscitated Tesla’s ailing stock. Shares are down about 14% since the start of the year but are up 60% from their lows in early April. 

Nike

Nike (NKE) is scheduled to report results for the quarter ending May 30 after the closing bell on Thursday, June 26, and investors will be bracing for signs tariff mayhem is weighing on earnings. 

Nike’s fiscal fourth-quarter report will be one of the first from a major U.S. consumer goods company to encompass the brief implementation of President Trump’s “Liberation Day” tariffs and the weeks when duties on Chinese goods started at 145%. 

Executives said on Nike’s last earnings call they expected tariffs on China and Mexico to cause profit margins to compress by 4 to 5 percentage points in the quarter. However, that forecast was in March, before tariff rates went through the roof, and Nike hasn’t updated its guidance since.

Granted, Nike has a relatively diversified supply chain. Bank of America analysts estimate it manufactures just 18% of its footwear and 16% of its apparel in China. Still, its results may give investors an idea of how April and May’s tariff mayhem will show up in the next round of corporate earnings. 

Nike shares have lost about 20% of their value since the start of the year. 

UnitedHealth Group

UnitedHealth Group (UNH) was the worst-performing stock in the S&P 500 in May, shedding about a quarter of its value. The company enters June with former CEO Stephen Helmsley, who led the company from 2006 to 2017, back in the driver’s seat to navigate a tangle of controversies.

Shares tumbled nearly 20% in a day mid-month when the healthcare giant withdrew its full-year earnings guidance, citing elevated care activity and costs, and announced its CEO was stepping down “for personal reasons.” The stock slumped by double-digits again just days later following reports the Justice Department was investigating UnitedHealth for Medicare fraud. No sooner had shares recovered from that sell-off than the stock tanked again after a report the company paid nursing homes secret bonuses to reduce hospital transfers.

Despite the investigations and difficult business environment, May’s slump has left the stock at a historically low valuation. Of the 16 UnitedHealth analysts tracked by Visible Alpha, 13 rate the stock a buy. Wall Street’s average price target of about $415 represents nearly 40% upside from the stock’s close at the end of May. 

UnitedHealth shares have lost 40% of their value since the start of the year. 

Solar Stocks

Solar stocks tumbled in May after the House of Representatives approved tax and spending legislation that, if enacted, would effectively kill Biden-era tax credits meant to promote residential and industrial solar projects. The bill takes a “sledgehammer” to the clean energy provisions of Biden’s Inflation Reduction Act, according to Jefferies analysts, who called it a “worse than feared” scenario for the solar industry. 

Shares of Enphase Energy (ENPH) and SunRun (RUN) tumbled 20% and 37%, respectively, the day after the House’s vote, while First Solar (FSLR) stock slid 4%. 

The bill now goes to the Senate, where lawmakers could propose revisions that would need to be reconciled with the House’s version to reach the president’s desk. Republicans on Capitol Hill have given themselves a July 4 deadline, meaning any reprieve for solar companies is likely to come in the next month.

Shares of Enphase Energy are down about 40% since the start of the year, while SunRun and First Solar have shed 19% and 10%, respectively.