In his June 2026 market update, JP discusses how the AI trade, particularly in memory chip maker stocks, has boosted emerging markets to extraordinary returns this year, thanks in large part to two South Korean companies. The concentration in these stocks is behind some recent market volatility and shows the risks of outsized positions coming to dominate a market index or investment portfolio.

In the meantime, the peace deal taking shape with Iran has caused oil prices to fall back from their highs. But JP observes that the inflation from higher energy prices is still working its way through the system, with producer prices coming in hot in May. Lingering inflation puts new Federal Reserve Chair Warsh in an awkward spot regarding future rate cuts and may put him at odds with his colleagues on the Federal Open Market Committee, who have signaled rate hikes, not cuts, may be needed. JP notes that just as the inflation picture is becoming muddier, the Fed may become less communicative under Warsh’s direction, leaving markets guessing.

He wraps up this month’s update with a look at the meteoric rise and subsequent return toward Earth for the SpaceX IPO. JP shares historical perspective on the performance of high-flying IPOs and how the transition from trading on hype to fundamentals can be challenging.

In this environment, JP believes that a diversified, disciplined investment approach that stresses investing for the long-term is advisable.