Trending Market News

A mining pit owned by Brazilian miner Vale overflowed following heavy rain on Sunday, causing environmental damage as water reached the Maranhao River in Minas Gerais state. The overflow also flooded a site owned by steelmaker CSN, though no injuries were reported. The incident adds to Vale's troubled environmental record in Brazil.

• The pit overflow occurred after heavy rainfall in the region, with contaminated water reaching the local Maranhao River
• A nearby CSN steelmaker site was also flooded by the overflowing water from Vale's mining pit
• Both companies and state authorities confirmed no injuries resulted from the incident

Expedia Group is conducting another round of layoffs affecting program managers and engineers in Seattle and other locations, continuing a pattern of workforce reductions over the past two years. The exact number of impacted employees is unclear. These cuts come despite strong financial performance, with Q3 2024 revenue up 9% to $4.4 billion and stock gains exceeding 40% over six months.

• Expedia had 16,500 employees across nearly 50 countries at the end of 2024, with previous layoffs in 2025 impacting about 3% of the workforce
• The company reported Q3 2024 gross bookings up 12% to $30.7 billion and adjusted net income growth of 19% year-over-year, with CEO citing AI as a 'step function' opportunity for team efficiency
• Expedia's stock has risen more than 40% over the past six months to a market cap above $33 billion, with Q4 earnings scheduled for Feb. 12, 2026

Nike is laying off 775 employees, primarily at U.S. distribution centers in Tennessee and Mississippi, as part of its effort to accelerate automation and streamline operations. The cuts come as CEO Elliott Hill works to turn around the company following years of slowing sales and shrinking margins. These layoffs are in addition to cuts announced last summer and aim to improve efficiency and support long-term profitable growth.

• The layoffs primarily affect distribution center staff in Tennessee and Mississippi, where Nike's facilities had ballooned under the previous CEO's direct-selling strategy but now lack volume to support current staffing levels
• Nike's net income fell 32% in December results due to tariffs, turnaround costs, and a slowdown in China, pressuring the company to reduce complexity and improve margins
• The job cuts reflect broader industry trends toward automation, similar to UPS cutting 48,000 roles last year, as Nike invests in advanced technology to create a more responsive supply chain

Nike is investigating a potential data breach after ransomware group World Leaks claimed to have published 1.4 terabytes of the company's business data. The incident comes as Nike attempts to regain its position as the world's dominant sportswear brand amid market share losses. It remains unclear whether the breach affected data at Nike's major wholesale partners like Dick's Sporting Goods, Macy's, and JD Sports.

• World Leaks claimed to have leaked 1.4 terabytes of Nike data, though Reuters could not immediately verify the claim or download the data
• Nike declined to comment on specifics of the investigation or whether any ransom was paid to the attackers
• Recent corporate data breaches have proven costly, with MGM Resorts losing at least $100 million and Clorox suffering over $350 million in quarterly sales losses from similar attacks in 2023-2024

Michael Burry, the investor famous for betting against the U.S. housing market before the 2008 financial crisis, disclosed he has been buying GameStop shares. Burry stated he expects to be buying at approximately 1x tangible book value and expressed confidence in CEO Ryan Cohen's capital deployment strategy over the long term.

• Burry announced his GameStop position via social media, stating he has been buying shares recently
• He values the stock at roughly 1x tangible book value and 1x net asset value at current purchase prices
• Burry cited confidence in Ryan Cohen's ability to invest and deploy the company's capital and cash flows, potentially over a 50-year horizon

Target's incoming CEO Michael Fiddelke sent a message to employees addressing recent violence in Minneapolis, where two U.S. citizens were killed by federal agents in recent weeks. The message called the situation 'incredibly painful' but did not mention President Trump, the victims by name, or ICE enforcement tactics. Fiddelke joined over 60 Minnesota business leaders in signing a letter calling for 'immediate deescalation of tensions.'

• Fiddelke's video message avoided specifics about the shootings, the victims, or Trump administration policies despite public protests and 61% of poll respondents saying ICE tactics had gone too far
• More than 60 Minnesota business leaders signed a deescalation statement that similarly omitted references to the shootings or Trump
• Fiddelke, currently Target's COO, officially becomes CEO in one week and acknowledged this was not the first message he imagined sending

Microsoft announced its Maia 200 AI chip, claiming 30% higher performance than alternatives at the same price, and has begun deploying it in U.S. data centers. The chip will power Microsoft's internal AI team, Microsoft 365 Copilot for commercial clients, and eventually be available to broader cloud customers. This move positions Microsoft to compete with Nvidia's dominant AI processors and cloud rivals Amazon and Google in meeting surging generative AI demand.

• The Maia 200 uses TSMC's 3nm process with four chips per server connected via Ethernet (not Nvidia's InfiniBand), and can scale up to 6,144 chips working together
• Microsoft's AI division led by Mustafa Suleyman, Microsoft 365 Copilot, and Microsoft Foundry service will use the chips, with wider customer availability planned for the future
• The chip packs more high-bandwidth memory than Amazon's third-gen Trainium or Google's seventh-gen TPU, targeting efficiency amid power consumption concerns in data centers

Treasury Secretary Scott Bessent terminated all Treasury Department contracts with consulting firm Booz Allen Hamilton after one of its employees leaked President Trump's tax records and those of other wealthy individuals to media outlets. The termination affects 31 contracts totaling $4.8 million in annual spending and $21 million in total obligations, causing Booz Allen's stock to drop 8%.

• Between 2018 and 2020, Booz Allen employee Charles Edward Littlejohn stole and leaked confidential tax information affecting approximately 406,000 taxpayers, including Trump, Jeff Bezos, and Elon Musk
• Littlejohn pleaded guilty in October 2023 and is currently serving a five-year federal prison sentence for disclosure of tax return information
• Treasury cited Booz Allen's failure to implement adequate safeguards to protect sensitive IRS data as justification for the contract cancellations

The European Commission has formally designated Meta's WhatsApp as a 'very large platform' under the EU's Digital Services Act (DSA), requiring it to take greater responsibility for tackling illegal and harmful content. WhatsApp exceeded the 45 million user threshold with 51.7 million average monthly active users in the EU during the first half of 2025. Meta has until mid-May 2026 to ensure WhatsApp complies with additional obligations for very large online platforms.

• WhatsApp recorded 51.7 million average monthly active users in the EU in the first six months of 2025, exceeding the DSA's 45 million user threshold for very large platform designation
• Meta has been given four months (until mid-May 2026) to ensure WhatsApp complies with additional DSA obligations for very large online platforms
• The DSA designation requires WhatsApp to implement stronger measures to identify and remove illegal and harmful content on its platform

BP remains interested in cross-border natural gas development with Venezuela despite Caracas suspending bilateral energy agreements with Trinidad and Tobago last year. The company sees industrial logic in developing Venezuelan resources near its underutilized Trinidad assets, particularly the Cocuina-Manakin gas project that straddles both countries' maritime borders. BP allocated about 10% of its global capital spending to Trinidad energy projects last year.

• BP and Shell previously received licenses from the U.S. and Venezuela to develop offshore gas projects at the maritime border where vast reserves have been found
• The Cocuina-Manakin project has gas deposits extending into both countries' waters and has completed its exploration phase, requiring joint development to begin output
• BP's Trinidad head cited 'underutilized assets like Atlantic LNG and Point Lisas' as rationale for pursuing Venezuelan cross-border opportunities despite investment caution

Google agreed to pay $68 million to settle a class action lawsuit alleging that its Google Assistant inappropriately recorded private conversations when triggered by 'false accepts' and used them for targeted advertising. The preliminary settlement, filed in San Jose federal court, covers users since May 2016 and requires judicial approval. Google denied wrongdoing but settled to avoid litigation risks.

• The lawsuit claimed Google Assistant illegally recorded conversations after mistakenly perceiving words as 'hot words' like 'Hey Google' or 'Okay Google', then used recordings for ad targeting
• Settlement covers Google device owners or those affected by false activations since May 18, 2016, with plaintiff lawyers potentially receiving up to $22.7 million (one-third) in legal fees
• Apple reached a similar $95 million settlement with smartphone users over Siri privacy issues in December 2024

CoreWeave stock surged 10% in premarket trading after Nvidia announced a $2 billion investment in the AI infrastructure provider to expand data center capacity. The investment strengthens CoreWeave's position as a key player in AI computing infrastructure amid growing demand for AI processing capabilities.

• CoreWeave shares jumped 10% in premarket trading following the investment announcement
• Nvidia is investing $2 billion specifically to expand AI data center capacity through CoreWeave
• The deal highlights continued heavy investment in AI infrastructure by major technology companies

Sarepta Therapeutics released three-year data showing its gene therapy Elevidys maintained motor function in Duchenne muscular dystrophy patients aged 4-7, demonstrating a 73% slowing of disease progression compared to an external control group. The positive long-term results come as the company faces heightened safety scrutiny following two patient deaths from acute liver failure associated with the treatment in 2024.

• Elevidys helped patients perform physical activities like jumping and standing on one leg better than untreated control patients, with 73% slowing in time to rise from floor
• Two non-ambulatory teenage boys died in 2024 from acute liver failure linked to the treatment, increasing regulatory and safety concerns
• The three-year efficacy data may help restore confidence in the therapy and support broader adoption amid ongoing safety challenges

Hungary's MOL agreed to pay up to 1 billion euros to acquire a 56.16% majority stake in Serbia's NIS oil firm from Russian owners Gazprom Neft and Gazprom, according to Serbian President Aleksandar Vucic. The sale follows U.S. sanctions imposed on NIS in October 2024 targeting Russia's energy sector, with OFAC approval required and a March 24 divestment deadline set for the Russian companies.

• The purchase price is between 900 million and 1 billion euros for the 56% stake; Serbia had offered double but the deal failed to materialize for undisclosed reasons
• U.S. sanctions caused oil supply halts via Croatia and a refinery shutdown, threatening winter fuel shortages; OFAC granted a temporary license until February 20 for crude imports
• NIS operates Serbia's only refinery and supplies 80% of the country's fuel needs, with petrol stations across Serbia, Bosnia, Bulgaria, and Romania

Nvidia is set to overtake Apple as TSMC's largest customer in 2025, marking a fundamental shift in the semiconductor industry driven by AI infrastructure demand. Analysts estimate Nvidia will generate $33 billion in TSMC revenue (22% of total) compared to Apple's projected $27 billion (18%). This milestone reflects the booming AI chip market, where TSMC's HPC sales now comprise 55% of revenue, up from 40% in 2022.

• Nvidia's sales are growing at 66% annually to $213 billion, vastly outpacing Apple's 6.4% growth, with AI chips being larger and more expensive to produce than Apple's processors
• TSMC controls approximately 70% of global chip manufacturing revenue and plans to spend up to $56 billion on capital expenditures in 2025, driven by AI demand expected to grow at a 'mid-to-high-fifties' compound rate through 2029
• The shift changes TSMC's investment dynamics, with Nvidia and AMD becoming the 'guarantee-scale customers' justifying aggressive expansion into cutting-edge manufacturing nodes, while TSMC's CEO identifies wafer supply as the primary bottleneck in the AI industry

OPEC+ is expected to maintain its pause on oil output increases for March at a meeting on February 1, according to three delegates. The decision comes as oil prices have risen 8% this month to exceed $66 per barrel, despite ongoing concerns about demand. Eight member countries had previously raised output targets by 2.9 million barrels per day from April to December 2025 but paused monthly increases for January-March.

• The eight OPEC+ members (Saudi Arabia, Russia, UAE, Kazakhstan, Kuwait, Iraq, Algeria, and Oman) collectively pump about half the world's oil supply
• Kazakhstan's crude output has been significantly reduced to 1.0-1.1 million bpd in January versus usual levels of around 1.8 million bpd due to technical issues and drone attacks
• Venezuelan oil production recovery is expected to take time and is not yet likely to have a major impact on global oil market balance, despite U.S. encouragement for investment following leadership change

Chinese miner Zijin Gold has agreed to acquire Canada's Allied Gold for C$5.5 billion ($4.02 billion) in cash, paying C$44 per share. The deal reflects continued consolidation in the gold mining sector driven by strong bullion prices that have improved miners' margins and cash flows. The transaction is expected to close by late April 2026.

• Acquisition valued at approximately $4.02 billion (C$5.5 billion), with Zijin paying C$44 per share in an all-cash transaction
• Deal comes amid elevated gold prices that are fueling industry consolidation as major producers seek long-life assets through acquisitions rather than greenfield development
• Transaction represents an all-time high valuation for Allied Gold and is expected to close by late April 2026

Spire Healthcare shares jumped 17% on Monday after the British private hospital group confirmed it is in discussions with multiple buyout firms, including Bridgepoint and Triton, to explore strategic options. The announcement signals potential consolidation in the UK private healthcare sector.

• Spire Healthcare stock surged 17% following the weekend announcement of buyout discussions
• Multiple private equity firms are involved in the talks, including Bridgepoint and Triton
• The company is exploring 'strategic options' which could lead to a sale or other corporate restructuring

Samsung Electronics plans to begin production of its next-generation HBM4 high-bandwidth memory chips in February 2026 and supply them to Nvidia. According to industry sources, Samsung has passed qualification tests for both Nvidia and AMD, marking a significant milestone in the competitive AI chip market.

• Samsung will start manufacturing sixth-generation HBM4 chips next month for AI and high-performance computing applications
• The company has successfully passed HBM4 qualification tests for both Nvidia and AMD, according to Korean industry sources
• Samsung declined to provide specific details on production volumes or supply quantities to Nvidia

Merck has ended acquisition talks with cancer drug developer Revolution Medicines after the parties failed to agree on price, according to the Wall Street Journal. The potential deal was reportedly valued at $28 billion to $32 billion and would have given Merck access to Revolution's experimental cancer drug in late-stage trials.

• The talks collapsed over pricing disagreements, though discussions could potentially restart or another buyer may emerge for Revolution Medicines
• Revolution Medicines has a market capitalization of approximately $22.7 billion and its key asset is daraxonrasib, an experimental drug that received FDA fast-track review status
• The proposed deal was initially valued between $28 billion and $32 billion, representing a significant premium over Revolution's current market value