Skip to content 
Welcome to Vested Shorts,
US Markets Close at Record Highs
Stock market closing data for the week of June 22nd to June 27th, 2025
U.S. stocks rallied last week, driven by easing tensions in the Middle East, positive trade signals, and dovish comments from Fed officials. The S&P 500 rose 3.41% and the Nasdaq gained 4.36%, both closing at record highs.
Meanwhile, inflation data showed a slight uptick. The Fed’s preferred measure, core PCE, rose 0.2% in May and 2.7% year over year, slightly above expectations. Overall PCE matched forecasts at 0.1% monthly and 2.3% annually.
Interestingly, consumers grew less worried about inflation. The University of Michigan survey showed one-year inflation expectations dropping from 6.6% in May to 5% in June. That’s sort of good news for the market.
The combined message is that markets are finding support in softer inflation fears and steady policy signals which is enough to drive strong gains across major indexes.
News Summaries
ChatGPT Expands And Microsoft’s Copilot Faces Competition
OpenAI’s ChatGPT is making steady inroads into enterprise use, even among long-time Microsoft customers. As Bloomberg reported, firms like Amgen that were initially promoted as Copilot users have since expanded their use of ChatGPT, citing better performance in tasks like research and summarising documents.
OpenAI now has over 3 million paying business users, a 50% jump in just a few months. Microsoft, meanwhile, says Copilot is used by 70% of Fortune 500 companies, with paid users tripling year-on-year.
Both assistants run on OpenAI’s models, but their positioning differs. Microsoft offers Copilot at a flat $30 per user, tightly integrated into tools like Excel and Outlook. OpenAI provides usage-based pricing and quicker access to the latest updates. Microsoft’s update cycle involves internal testing, which often delays new model rollouts, impacting perceived responsiveness.
Companies like New York Life and Bain are testing both tools. Early feedback suggests ChatGPT is preferred for broad knowledge tasks, while Copilot is valued where Microsoft app integration is critical.
The AI assistant race in enterprises is no longer one-sided. OpenAI’s usability and speed are proving competitive, even as Microsoft leans on its software ecosystem and pricing advantage to defend its lead.
Trump Mobile Walks Back Manufacturing Claims
Trump Mobile’s website has quietly dropped its earlier “Made in USA” claim for the T1 Phone, replacing it with softer phrases like “designed with American values” and “brought to life in the USA.”
The shift comes alongside a downgrade in the phone’s display size from 6.78 to 6.25 inches. While a spokesperson insists the phone is still being made in America, no new manufacturing details have been provided.
This pivot mirrors a broader challenge in consumer electronics: most smartphones, including Apple’s iPhone, rely on global supply chains. Even Apple, with far greater scale and influence has only recently begun assembling a fraction of iPhones in the United States and India, while most high-precision components and final assembly still happen overseas. For a newcomer like Trump Mobile, fully domestic manufacturing was always going to be a stretch.
The quiet retreat from “Made in USA” offers an understanding to why even giants like Apple tread carefully with such claims. For new entrants, aligning branding with logistics remains easier said than done.
Salesforce Automates Up to Half of Its Work
Salesforce CEO Marc Benioff has said that artificial intelligence now handles between 30 to 50% of the company’s internal work, covering areas like software engineering and customer service.
The statement, made in an interview with Bloomberg’s Emily Chang, underscores how AI is not just assisting but actively replacing certain functions inside major tech firms.
This aligns with trends across the industry. Microsoft and Alphabet executives have reported that AI contributes around 30 percent of new code in several software projects. At Salesforce, internal deployment of AI has allowed the company to slow down hiring, signaling a shift from headcount expansion to automation-driven efficiency.
The company is also commercializing its AI capabilities. Benioff highlighted that Salesforce’s AI customer service product has reached 93% accuracy and is already being used by clients such as Disney. The goal is to deliver fully autonomous service tools that require minimal human oversight.
The company’s ability to automate nearly half its workload shows how AI adoption is beginning to influence hiring models and redefine what roles are necessary.
Tesla Robotaxi Launch Highlights Alphabet’s Lead
Tesla has launched its long-promised robotaxi service in the USA but the small scale is telling. Fewer than two dozen Model Y vehicles, each monitored by a Tesla employee, operate in a limited zone charging just $4.20 per ride.
That barely covers labor costs, let alone delivers margin. And the actual robotaxi model, the Cybercab, will not arrive before 2026. Yet these robotaxis are central to Tesla’s $1.1 trillion market cap, which trades at about 150 times forward earnings that is far higher than Alphabet’s 18.5 or traditional automakers averaging around 7.6.
In contrast, Alphabet’s Waymo already operates over 1,500 autonomous vehicles across five cities, including a new launch in Atlanta. Backed by $5.6 billion in funding, Waymo plans to double its fleet next year, supported by a dedicated manufacturing facility and a partnership with Uber. Some analysts now value Waymo at up to $150 billion, with expected gross booking growth of 129% annually over five years.
Alphabet’s Waymo is already delivering scale. For investors, the real value in autonomous driving might lie with the company that is far more deployed.
From the World of Crypto
Coinbase Hits All-Time High
Coinbase just hit an all-time high, a milestone it never reached even during the frenzy of 2021. This is actually a signal that the regulatory tide may finally be turning in the industry’s favor, and Coinbase is positioned right at the center of that shift.
The stock has now bounced more than 1,000% from its 2022 lows, a time when the FTX collapse had shaken trust in crypto altogether.
What changed? First, crypto prices stabilized. But more importantly, policy signals improved.
The U.S. Senate recently passed a bill supporting dollar-backed stablecoins, digital assets designed not to fluctuate in price and that has reignited interest in their use for mainstream payments.
Coinbase, with its revenue-sharing deal with Circle (issuer of USDC), stands to benefit as stablecoin volumes grow. That offers a real path to reducing reliance on trading revenue, which has become more volatile and competitive. Some analysts still see the stock as overextended, but others like Bernstein now peg the upside as high as $510.
This is less about Coinbase returning to old highs and more about it evolving into the financial backbone of a regulated, stablecoin-powered digital economy.
Key headlines of the week
Meta Moves to Buy Voice AI Startup
Meta is in advanced talks to acquire PlayAI, a voice replication startup, as part of its broader AI push. The deal would add talent and tools to boost Meta’s AI assistant ambitions.
China’s Tech Rebound Gains Steam
After years of regulatory pressure, Chinese giants like Alibaba and Tencent are actively acquiring AI assets. With state support, tech dealmaking is now focused on national strength and U.S. independence.
Nvidia Becomes World’s Most Valuable Firm
Nvidia’s market cap crossed $3.77 trillion, overtaking Microsoft. Fueled by AI chip demand and bullish earnings, the stock has added $1.5 trillion in value since April.
