SINGAPORE - Elon Musk officially became the world’s first trillionaire following the record-breaking Nasdaq debut of SpaceX, the rocket maker he founded in 2002.His net worth rose to an estimated US$1.1 trillion (S$1.41 trillion) after the stock began trading, according to Forbes.He was already the world’s richest person with a net worth of approximately US$982 billion before SpaceX’s initial public offering (IPO), according to Forbes.SpaceX shares debuted at US$150 on June 12 and climbed to a high of US$176.52 during the session, before closing 7 per cent higher at US$160.95.Musk holds an estimated 42 per cent stake in SpaceX.The rocket, satellite and artificial intelligence company at the heart of his business empire raised a record US$75 billion during its IPO, valuing it at US$1.77 trillion.Investors in Singapore will now be able to buy and sell SpaceX shares in the open market through brokerage platforms such as Tiger Brokers, Moomoo and Syfe.OCBC head of wealth advisory Chez Anbu noted on June 12 that the lofty valuation of SpaceX needs to be looked at with some discipline, as investors are being asked to buy into Musk’s vision of the future: reusable rockets, global satellite broadband, space infrastructure and defence relevance.Investors should not simply rush in because the names are exciting.Instead, one should look past the headlines and consider whether the stock fits his or her portfolio, he said.“Understand the mechanics. Research on the float, the index path, the lock-up schedule and, above all, the price being paid for a very ambitious version of the future,” he added.SpaceX’s IPO comes as some of the US’ most closely watched technology companies race to go public amid intense competition and billions of dollars in AI infrastructure spending.Earlier this week, OpenAI confidentially filed for an IPO, a week after rival Anthropic did the same.A confidential filing lets a company submit its financial statements to regulators for review before they are disclosed to the public and potential investors.The ChatGPT creator said it has not decided on an IPO timeline yet.It added that a listing may take some time as certain objectives are currently easier to accomplish as a private entity.The company is reportedly targeting a valuation of up to US$1.3 trillion in a stock market debut that could come as early as September.Spot gold rose to around US$4,200 an ounce on June 12 after US President Donald Trump said a peace deal with Iran could be signed as soon as the weekend, and despite Iranian Foreign Minister Abbas Araghchi noting that an agreement had not yet been signed and could still change.Still, the precious metal has fallen by about 20 per cent since the Middle East conflict began in end-February. It initially surged past US$5,000 an ounce in January.The conflict’s impact on gold remains volatile.While gold acts as a safe haven asset, it has faced downward pressure as oil-driven inflation fears led to expectations of higher interest rates.UOB’s head of markets strategy, Heng Koon How, said on June 11 that investors are becoming increasingly concerned that the US Federal Reserve may resume raising interest rates later in 2026 as inflation pressures rise.Higher rates are typically negative for gold, which does not earn interest.US producer prices rose in May at their fastest pace in more than three years, with higher energy prices associated with shipping disruptions through the Strait of Hormuz among the key contributing factors.The wholesale inflation data came a day after the US Labor Department reported that consumer prices rose 4.2 per cent in May from a year earlier, accelerating from 3.8 per cent in April.“For now, our macroeconomic team maintains the view of an extended pause in Fed fund rates heading into the year end,” Heng said.Meanwhile, Bitcoin regained the US$60,000 mark after a recent sell-off driven by institutional investors and a broader rotation of retail capital towards AI-related shares.Analysts at Bernstein noted that retail capital has aggressively shifted away from crypto into the AI and tech sectors, slowing overall capital flow into Bitcoin.The world’s largest cryptocurrency has lost about 27 per cent of its value in 2026, and is now about 50 per cent off its all-time high of US$126,000.The rupiah has recovered from a record low against the Singapore dollar after Indonesia’s central bank unexpectedly raised interest rates on June 10 to support the currency.However, analysts cautioned that the rebound may prove temporary, citing persistent capital outflows, policy uncertainty, dwindling foreign exchange reserves and geopolitical risks as ongoing pressures on the rupiah.The currency, which fell to an all-time low of about 14,135 per Singdollar on June 9, strengthened to around 13,850 per Singdollar by June 14.Shares of Singapore Exchange (SGX) rose 3.8 per cent over the week to close at $22.58 on June 12.SGX said on June 10 that trading activity on the bourse surged in May, with the total value of shares traded rising 70 per cent from a year earlier to $45.8 billion.On a daily basis, the average value of shares traded each day rose 79 per cent to $2.4 billion in May, reaching its highest level since October 2007.This came as Singapore’s stock market claimed the title of South-east Asia’s largest by market capitalisation and demand for trusted risk-management tools expanded across equities, foreign exchange and commodities, said SGX.Derivatives traded volume increased 20 per cent year on year to 30.5 million contracts, while daily average volume for derivatives gained 27 per cent to 1.6 million contracts, marking the third-largest on record.Property developer City Developments (CDL) announced on June 12 that its joint venture with Hong Leong Group submitted the top bid at $542.4 million for a Peck Hay Road plot.This translates to $1,865.15 per square foot per plot ratio (psf ppr), or 2.5 per cent higher than the $1,820 psf ppr fetched last November by a nearby Bukit Timah Road site.The 80:20 joint venture plans to develop a 39-storey residential tower housing around 380 units.CDL chief executive Sherman Kwek said the site’s close proximity to Orchard Road, MRT connectivity and access to key amenities make the project well-positioned to meet the aspirations of discerning homebuyers.Shares of CDL closed the week flat at $8.35.Singapore Kitchen Equipment on June 11 said that its chief executive Chua Chwee Choo and senior manager Koh Sai Eng, who are facing charges, will continue in their roles as the legal proceedings have yet to be concluded.The company, in response to SGX queries, said that while the charges allege that Chua and Koh had committed offences of fraudulent conduct, there is no determination on the charges.The firm added that it will update its assessment when there are key developments in the court proceedings, including at the conclusion of the judicial process.Shares of Singapore Kitchen Equipment last closed at 5.9 cents before the counter was suspended in August 2021.Inflation has re-emerged as a key concern for investors, as consumer prices continued to climb in May, fuelling concerns that economic growth could slow.Investors are closely watching Kevin Warsh’s first Fed meeting, scheduled for June 16 to 17, for clues on the US central bank’s monetary policy outlook.Markets expect the Fed to hold rates steady, but rising inflation has increased speculation about rate hikes.DWS chief US economist Christian Scherrmann said the Fed is likely to strike a hawkish tone at the meeting, although he does not expect policymakers to raise interest rates.RHB Bank group chief economist and head of market research Barnabas Gan said the bank expects US interest rates to remain at a range of 3.5 per cent to 3.75 per cent for the rest of 2026, and sees two 25 basis-point cuts in 2027.Investors will be watching closely for signs that SpaceX can justify its lofty valuation through sustained revenue growth and progress in its commercial space and satellite businesses, following its strong first-day rally.But analysts cautioned that the initial excitement could give way to a reassessment of the company’s valuation.Swissquote senior analyst Ipek Ozkardeskaya said on June 9 that the strong rally would “almost certainly be followed by a period of valuation reset”, adding that the stock’s longer-term performance would depend on the company’s revenue outlook.