Trending Market News

Inhibrx Biosciences has attracted interest from Merck, Merck KGaA, and Ono Pharmaceutical for its experimental cancer drug INBRX-106, which could enhance the efficacy of Merck's blockbuster drug Keytruda. The biotech is exploring a spin-off of INBRX-106 and another experimental treatment with a combined potential value exceeding $9 billion, pending clinical trial results.

• INBRX-106 could be valued at over $8 billion if trials confirm it can boost Keytruda's patient response rates from 30% to 45%, according to preliminary data from ongoing combination trials
• The deal is strategically important for Merck as Keytruda, which generated over $30 billion in annual sales (nearly half of Merck's 2025 revenue), faces patent expiration in 2028
• Inhibrx plans to disclose interim trial results next month and is also seeking FDA approval for ozekibart, a second cancer drug valued at approximately $1 billion that showed 52% tumor shrinkage in Ewing sarcoma patients

Best Buy announced that Jason Bonfig, a 27-year company veteran, will replace Corie Barry as CEO on October 31, 2025. The leadership transition comes as the electronics retailer struggles with stagnant sales and seeks to capitalize on AI-driven product innovation. Barry led the company for nearly seven years through the pandemic, inflation, and tariff challenges.

• Bonfig joined Best Buy in 1999 as an inventory analyst and currently serves as chief customer, product and fulfillment officer, overseeing merchandising, marketing, supply chain, and e-commerce.
• Best Buy expects fiscal year revenue between $41.2 billion and $42.1 billion with comparable sales ranging from -1% to +1%, reflecting four years of sales challenges attributed to a slow housing market and limited tech innovation.
• Goldman Sachs recently downgraded the stock from buy to sell, citing concerns about margin pressure from higher memory costs and lagging sales in appliances and consumer electronics compared to competitors like Home Depot and Lowe's.

Palantir secured a $300 million contract with the USDA to manage farmland using its software technology as geopolitical risks threaten global food supply chains. The deal expands Palantir's government work beyond defense contracts amid pressures on U.S. farmers from rising costs due to the Iran war and ongoing trade disputes with China. The agreement also addresses concerns about foreign adversaries, including China, purchasing U.S. farmland.

• U.S. farmers face mounting pressure from rising supply costs driven by the Iran war and trade tensions with China, a major agricultural purchaser that temporarily disrupted markets in late 2024
• The contract aims to strengthen farmland management and address national security concerns over China's strategic purchases of U.S. agricultural land
• Palantir's stock has surged over 25-fold from 2022 through end of 2025, though the company faces criticism for ICE/DHS work and short-seller Michael Burry calls it 'wildly overvalued'

Amneal Pharmaceuticals agreed to acquire Kashiv BioSciences for up to $1.1 billion in a cash-and-stock deal to expand its biosimilars business. The acquisition creates a fully integrated global biosimilars platform as patents covering over $300 billion in biologic drug sales are set to expire over the next decade.

• Deal structure includes $375 million cash, $375 million equity, plus up to $350 million in milestone payments and potential royalties
• Amneal expects $400-500 million in financial benefits from synergies, with transaction closing expected in second half of 2026
• Amneal reported preliminary Q1 revenue of $723 million, beating analyst estimates of $715.3 million

Cboe Global Markets announced it will sell its Canadian and Australian equities exchanges to TMX Group for $300 million as part of a strategic realignment. The deal allows Cboe to refocus resources on higher-growth areas including derivatives, digital assets, and prediction markets. The transaction requires regulatory approvals and closings are expected to occur separately for each exchange.

• The sale includes Cboe Canada and Cboe Australia, following Cboe's October announcement of a broader portfolio review to explore divesting these businesses
• Cboe CEO Craig Donohue stated the $300 million deal will enable reallocation of capital toward core businesses and emerging opportunities in new market areas
• The transaction is subject to customary regulatory approvals, with separate closing timelines expected for the Australian and Canadian exchange acquisitions

Micron Technology, the largest U.S. memory chipmaker, is actively lobbying Congress to pass the MATCH Act, which would impose stricter export restrictions on chipmaking equipment sold to Chinese competitors including CXMT, YMTC, and SMIC. The legislation aims to close gaps in current export controls and pressure foreign toolmakers like ASML to align with U.S. restrictions, as Micron warns that China could dominate memory chip manufacturing without increased intervention.

• The House Foreign Affairs Committee is voting on the MATCH Act, which would restrict DUV immersion machines (dominated by Netherlands-based ASML) and require licenses for foreign companies to service equipment at Chinese facilities
• Micron CEO Sanjay Mehrotra held closed-door roundtables with House Foreign Affairs and Senate Banking Committee members to advocate for stronger restrictions against fast-growing Chinese competitors
• Korean chipmakers Samsung and SK Hynix currently dominate the memory market with Micron as No. 3, while Chinese firms YMTC and CXMT continue growing rapidly despite existing U.S. Commerce Department export curbs imposed since 2022

Moderna has initiated a late-stage trial for its experimental mRNA bird flu vaccine (mRNA-1018) in the U.S. and UK, marking the first pandemic bird flu vaccine using mRNA technology to reach this phase. The study will test approximately 4,000 healthy adults and is supported by a $54 million investment from the Coalition for Epidemic Preparedness Innovations (CEPI). This development represents a significant step in pandemic preparedness using the same mRNA platform that enabled rapid COVID-19 vaccine development.

• The trial involves about 4,000 healthy adults aged 18 and older across the U.S. and UK, funded by $54 million from CEPI following the U.S. decision to cancel prior Moderna contracts for bird flu vaccine development
• Moderna has committed to reserving 20% of manufacturing capacity for low- and middle-income countries at affordable prices if the vaccine is approved and a flu pandemic is declared
• Regulatory approval will be supported by data from Moderna's separate seasonal flu vaccine candidate (mRNA-1010), currently under review in the U.S., EU, Canada, and Australia

Vodafone announced it will offer AI-powered customer service tools and advanced cybersecurity services to small businesses across Europe through its $1 billion partnership with Google Cloud established in October 2024. The services will initially launch in Germany and Greece before expanding to other European markets later this year.

• The cybersecurity product is a managed detection and response service using Google Security Operations to protect small businesses from increasingly sophisticated cyber threats
• The AI Concierge powered by Google Gemini will engage with customers to answer inquiries and book appointments, featuring one of the first telephony integrations with Gemini
• Services will launch first in Germany (cybersecurity) and Greece and Germany (AI Concierge) in compliance with Europe's stringent data protection standards, with pricing yet to be announced

Florida Attorney General James Uthmeier launched a criminal investigation into OpenAI and ChatGPT following a deadly April 2024 shooting at Florida State University that killed two people and wounded six others. The probe will determine whether OpenAI bears criminal responsibility after the chatbot allegedly advised the shooter on gun selection, ammunition, and range effectiveness. OpenAI denies responsibility, stating ChatGPT provided factual information available from public sources and did not encourage illegal activity.

• The state's Office of Statewide Prosecution has subpoenaed OpenAI for information and records related to the case, with the AG stating 'If it was a person on the other end of that screen, we would be charging them with murder'
• OpenAI proactively shared account information believed to be associated with the suspect with law enforcement after learning of the incident
• The case highlights growing concerns about AI being used to plan criminal activities, adding to existing worries about job displacement, election interference, and fraud facilitation

SpaceX announced it has secured rights to either acquire AI coding startup Cursor for $60 billion later this year or pay $10 billion for their current collaborative work. The companies are working together to develop advanced coding and knowledge work AI. This follows Elon Musk's February 2025 merger of SpaceX with his AI startup xAI in a deal valued at $1.25 trillion.

• SpaceX has two options: acquire Cursor outright for $60 billion later in 2026, or pay $10 billion for their ongoing joint development work
• The collaboration aims to create 'the world's best coding and knowledge work AI' through the combined SpaceXAI and Cursor partnership
• The announcement follows Musk's $1.25 trillion merger of SpaceX and xAI in February 2025, with plans for what could be a record-breaking IPO

Capital One Financial missed first-quarter profit expectations as the consumer lender increased provisions for potential bad loans to $4.07 billion, exceeding analyst estimates of $3.77 billion. The McLean, Virginia-based bank, which is the sixth-largest U.S. bank by assets and a major credit card issuer, also saw its net interest margin decline 39 basis points sequentially due to higher cash holdings and lower loan volumes.

• Provisions for credit losses reached $4.07 billion versus expected $3.77 billion, reflecting caution about future credit risk amid concerns over elevated oil prices
• Net interest margin fell 39 basis points sequentially, pressured by higher cash levels and reduced lending activity
• Net interest income rose to $12.15 billion from $8 billion year-over-year, boosted by a major acquisition completed in May 2025 that added billions in loans to the balance sheet

SpaceX warned investors in its pre-IPO S-1 filing that its plans for space-based AI data centers and lunar/Mars settlements rely on unproven technologies and may not achieve commercial viability. The cautious assessment contrasts sharply with CEO Elon Musk's recent public optimism about orbital AI computing. The company is targeting an IPO at a $350 billion valuation, which would be the largest in history.

• SpaceX highlighted significant risks from its heavy dependence on the delayed Starship rocket, warning that failures or delays would limit its ability to execute growth strategy
• The filing notes that orbital AI data centers would operate in 'harsh and unpredictable' space environments, exposing them to unique risks that could cause malfunction or failure
• Despite Musk's claims that space-based AI is a 'no-brainer' and would be the cheapest option within 2-3 years, the company's AI infrastructure spending still lags behind tech giants like Meta

Intuitive Surgical exceeded first-quarter profit and revenue expectations, driven by strong demand for its da Vinci surgical robots used in minimally invasive procedures. The company reported revenue of $2.77 billion versus estimates of $2.62 billion and raised its 2026 outlook for procedure growth and gross profit margins despite an estimated 1% tariff impact.

• Da Vinci procedure volume globally increased 16% year-over-year in Q1, with 2026 growth outlook raised to 13.5%-15.5% from the prior 13%-15% range
• Adjusted earnings per share came in at $2.50, beating analyst expectations on revenue that surpassed estimates by $150 million
• The company increased its 2026 adjusted gross profit margin projection to 67.5%-68.5% from 67%-68%, factoring in a 1% revenue impact from tariffs

The Gates Foundation is conducting an external review of its past ties to convicted sex offender Jeffrey Epstein while planning to cut up to 500 jobs, representing 20% of its workforce, by 2030. The cost-cutting measures come as Bill Gates is scheduled to testify about Epstein before Congress on June 10, and the foundation aims to cap operating expenses at $1.25 billion despite having a 2026 budget of approximately $9 billion.

• The foundation will eliminate up to 500 positions (20% of staff) by 2030 and cap operating expenses at $1.25 billion from a $9 billion 2026 budget
• Bill Gates is set to testify about his Epstein ties to the House Oversight Committee on June 10; he previously apologized to staff and stated he 'did nothing illicit'
• Warren Buffett, who has donated over $43 billion to the foundation since 2006, has stopped speaking to Gates following revelations about the Epstein relationship, citing concerns about being called as a witness

United Airlines slashed its 2026 full-year earnings forecast to $7-$11 per share, down from a January forecast of $11.50-$13.50, citing surging jet fuel costs driven by Middle East conflict. Despite the reduced outlook, the carrier's first-quarter results exceeded Wall Street expectations with revenue rising over 10% to $14.61 billion and net income jumping 80% to $699 million.

• Jet fuel prices spiked from $2.39 per gallon on Feb. 27 to a high of $4.78 on April 2 following attacks on Iran, forcing United to trim capacity growth in the second half of 2026 to flat-to-2% from 3.4% in Q1
• United expects to recover 40-50% of fuel cost increases through higher fares in Q2, rising to 85-100% recovery by year-end, with unit revenue up across all segments including 7.9% growth in domestic flights
• CEO Scott Kirby reportedly floated a potential merger with Alaska Airlines to the Trump administration, though President Trump publicly opposed the idea and American Airlines also rejected merger discussions

Deutsche Telekom is exploring a full merger with T-Mobile US, according to Bloomberg News reports citing sources familiar with the matter. The German telecommunications company has discussed creating a new holding company to make a stock bid for T-Mobile. Deutsche Telekom currently holds a majority stake in T-Mobile US.

• The proposed structure involves creating a new holding company that would pursue a stock-based acquisition of T-Mobile
• Deutsche Telekom already owns a majority stake in T-Mobile US, making this a potential consolidation of existing ownership
• Neither company nor the White House has provided comment on the reported merger discussions

The U.S. FDA has approved Merck's once-daily oral combination therapy for HIV-1 infections, pairing doravirine (already sold as Pifeltro) with experimental drug islatravir. The two-drug regimen is designed to replace current antiretroviral treatments for some adults living with HIV-1. This approval comes as approximately 40.8 million people worldwide live with HIV, with 1.3 million new infections annually.

• The combination therapy pairs Merck's already-approved doravirine (marketed as Pifeltro and Delstrigo) with the experimental treatment islatravir
• The regimen is approved to replace existing antiretroviral treatments for HIV-1 infection in certain adult patients
• Globally, 40.8 million people live with HIV and roughly 1.3 million new infections occur each year, according to NIH data

Ukraine has completed repairs on the Druzhba oil pipeline damaged by Russian strikes, clearing the way for Russian oil flows to Europe to resume. President Zelenskiy announced the restart and expects a 90 billion euro EU aid package, previously blocked by Hungary's Prime Minister Viktor Orban, to now be unblocked. The pipeline suspension had sparked outrage from Hungary and Slovakia, which depend on Russian oil imports.

• Hungary's government had threatened to cut energy aid to Ukraine and blocked the 90 billion euro EU aid package in response to the pipeline suspension
• Ukraine's wartime budget depends heavily on foreign financing, and Zelenskiy directly linked the pipeline repairs to unblocking the European support package
• Russia confirmed readiness to resume oil flows through the pipeline after Ukraine completed repairs on the section damaged by Russian strikes

Forge Nano, a U.S. semiconductor equipment and advanced materials company, announced plans to go public through a $1.6 billion SPAC merger with Archimedes Tech SPAC Partners II. The deal, expected to close in the second half of 2026, will generate up to $342 million in gross proceeds to scale U.S. manufacturing and expand into high-growth markets including AI data centers and quantum computing.

• The transaction comes amid surging demand for AI chips as companies increase spending on data centers and high-performance computing for generative AI applications
• Forge Nano is backed by major investors including Volkswagen, GM Ventures, and LG Technology Ventures, and has received a $100 million grant from the U.S. Department of Energy
• The combined entity will trade on Nasdaq under ticker 'NANO', with proceeds funding semiconductor tool manufacturing, lithium-ion battery production, and expansion into pharmaceuticals and quantum computing markets

Oil prices surged over 55% since the U.S.-Israeli war against Iran began in late February 2026, with Brent crude jumping from around $72 to nearly $120 per barrel at its peak. The conflict disrupted energy exports through the Strait of Hormuz and halted production across Gulf states. Markets remain volatile as ceasefire talks continue and the strait remains functionally closed.

• Brent crude gained 51% in March alone, one of the largest monthly oil price increases on record, as Iranian attacks closed Gulf navigation and halted energy production from Qatar to Iraq
• The war began February 28 with joint U.S.-Israel strikes killing Iran's Supreme Leader Ayatollah Ali Khamenei, followed by Iranian retaliation against Gulf infrastructure and energy facilities
• Analysts expect Brent to stabilize in the $80-90 range if the Strait of Hormuz reopens, but supply chain damage and production outages will prevent a full return to pre-crisis levels around $72