Wall Street ended mixed on Monday as a wave of AI talent departures punished Alphabet and a post-IPO hangover accelerated SpaceX's three-day rout — while rotation into cyclicals and chip stocks kept the broader market afloat. Mark Gardner breaks down what moved markets overnight and what Australian investors need to watch today.

In this episode:

Alphabet –5% — Nobel laureate John Jumper (AlphaFold/DeepMind) leaves for Anthropic; co-Gemini architect Noam Shazeer defects to OpenAI. What back-to-back talent exits signal about Google's AI trajectory.
SpaceX –16% to ~$154 — three days of losses, $600B in market cap erased. Is the $135 IPO price the next stop? Mark's view on where to watch for value.
AI capex anxiety — Amazon, Meta and Microsoft shed ~$250B in combined market cap overnight. Who's writing the checks vs. who's cashing them.
Micron +7% — strategic agreement with Anthropic on AI infrastructure. Super Micro Computer +16%. Getty Images soared on an OpenAI licensing deal.
Lam Research — an MPC recommendation, up 5% overnight. What the team is doing with the position.
Oil retreats — Brent below $78 as U.S.–Iran peace talks in Switzerland produce a 60-day oil sales waiver. Why the energy sector held firm despite the oil drop — and why Mark is watching Chevron, Conoco and ExxonMobil.
WiseTech (ASX: WTC) — Morningstar's belated bear call, yesterday's 15% drop, and why MPC thinks a long-term buying opportunity may be forming under new CEO Zubin Appoo.
USD/JPY at multi-month highs — where's the yen carry trade unwind? Mark's take.
Alan Greenspan, 1926–2026 — a tribute to the Fed Chair who navigated irrational exuberance, the tech bubble, and the post-Volcker era.
Day ahead — Wednesday's Australian CPI is the big local event. Micron earnings Thursday. What to watch.