Trending Market News

SpaceX is seeking a $1.75 trillion valuation in its upcoming IPO, which would make it the sixth-largest U.S. publicly listed company and could raise a record $75 billion. The valuation is primarily driven by its profitable Starlink satellite network, which generates 50-80% of revenue, though analysts note the price multiples are extremely stretched compared to peers.

• At $1.75 trillion, SpaceX would trade at 56 times revenue and 109 times EBITDA (assuming doubled 2026 figures), far exceeding Tesla's 12x revenue and Palantir's 43x revenue multiples
• SpaceX posted $15-16 billion in revenue and $8 billion in EBITDA profit in 2025, with Starlink's 10+ million subscribers underpinning the majority of income
• The company launches a rocket nearly every two days and merged with Musk's xAI (valued at $250 billion) in February, but unproven bets like Starship and data-center satellites add valuation risk

Shell reduced its first-quarter integrated gas production forecast due to disruptions from the Middle East conflict affecting its Qatari volumes. The company's chemicals and products unit, which includes its oil trading desk, is expected to deliver significantly higher trading results compared to the previous quarter.

• Shell's integrated gas production outlook for Q1 was trimmed due to the impact of Middle East conflict on Qatari volumes
• The chemicals and products unit, including Shell's oil trading desk, is expected to post 'significantly higher' trading results versus the previous quarter
• The guidance was provided in Shell's quarterly trading update released on Wednesday

SK Hynix shares surged 15% on Wednesday after competitor Samsung Electronics projected first-quarter profit would jump more than eight-fold, exceeding analyst expectations. The rally was driven by investor optimism that strong AI-driven chip demand benefiting Samsung would also boost SK Hynix's upcoming quarterly results.

• Samsung's strong earnings forecast was fueled by booming AI infrastructure demand that stretched chip supply and drove prices higher
• SK Hynix's 15% stock surge outpaced the broader South Korean market, which rose 7%
• The results signal continued strength in the memory chip sector, with both companies positioned to benefit from AI-related demand

Super Micro has launched an independent investigation after co-founder Yih-Shyan Liaw and two other individuals linked to the company were indicted on export-control violation charges. The U.S. Justice Department alleges they ran a scheme to illegally route U.S.-made AI servers to China through Southeast Asia, involving at least $2.5 billion in technology. The company has placed the accused employees on leave or terminated them and initiated a review of its global trade compliance program.

• The alleged scheme moved at least $2.5 billion in U.S. AI technology to China, with over $500 million shipped between April and mid-May of last year
• Co-founder Liaw resigned from the board in March, while sales manager Chang was placed on leave and contractor Sun was terminated
• Independent board members are leading the investigation with support from law firm Munger, Tolles & Olson and forensic accounting firm AlixPartners, with no set completion timeline

Elon Musk is seeking the removal of OpenAI CEO Sam Altman and President Greg Brockman as officers of the company as part of a lawsuit alleging fraud and deception. The case stems from Musk's claim that OpenAI manipulated him into donating $38 million based on false promises to remain a nonprofit. Jury selection is scheduled to begin April 27 in federal court in Oakland, California.

• Musk alleges OpenAI defrauded him by abandoning its nonprofit mission after he donated $38 million; he is seeking up to $134 billion in damages from OpenAI and Microsoft
• Musk is requesting the court force OpenAI to revert to nonprofit status after the company completed a restructuring in October 2024 that left the nonprofit with only a 26% stake in the for-profit arm
• OpenAI has countered by urging California and Delaware attorneys general to investigate Musk for 'improper and anti-competitive behavior,' alleging he is coordinating attacks on the company ahead of trial

Levi Strauss exceeded Wall Street expectations for revenue and earnings in its first fiscal quarter, prompting the denim maker to raise its full-year guidance. The company reported net income of $175.8 million and revenue of $1.74 billion, up 14% year-over-year, with about half the growth driven by higher prices and the remainder from increased unit sales.

• The company raised its full-year sales growth guidance to 5.5%-6.5%, exceeding the consensus estimate of 5.6%
• Approximately half of Levi's revenue growth came from volume increases while the other half resulted from higher prices and favorable foreign exchange rates
• Current guidance assumes a 20% global tariff, but recent rollbacks to 10% could boost full-year earnings by $35 million (7 cents per share) if maintained

House Democrats Jared Huffman and Jamie Raskin have challenged the legality of the Trump administration's agreement to reimburse TotalEnergies nearly $1 billion to halt development of two U.S. offshore wind farms. The lawmakers sent letters to the Interior Department, DOJ, and TotalEnergies CEO requesting explanations of the statutory authority and funding source for the reimbursement by April 20.

• Democrats allege the reimbursement deal with TotalEnergies violates the law, stating 'If DOI is funding this deal without a valid appropriation or settlement authority every dollar it spends is unlawful'
• The Trump administration agreed to return nearly $1 billion to TotalEnergies to stop two offshore wind farm projects
• Letters demand documentation of the legal authority and funding source, with responses required by April 20; Interior Department, DOJ, and TotalEnergies have not yet commented

Amazon Web Services is working around the clock to restore cloud infrastructure in the Middle East after drone strikes damaged its data centers in Bahrain and the United Arab Emirates in March. CEO Matt Garman confirmed that dozens of AWS services in the region remain unavailable, while teams continue efforts to maintain operations amid ongoing geopolitical tensions.

• The Islamic Revolutionary Guard Corps' Navy claimed responsibility for targeting Amazon data center infrastructure in Bahrain
• Dozens of AWS services in Bahrain and UAE continue to be unavailable according to the company's status page
• Restrictions on movement through the Strait of Hormuz have driven up helium prices, a critical semiconductor manufacturing ingredient, as Qatar produces over one-third of global helium supply

Robinhood will serve as broker and trustee for Trump Accounts, government-backed investment accounts launching this summer that provide $1,000 seed contributions for children born between 2025 and 2028. CEO Vlad Tenev says this partnership with the U.S. Treasury and BNY Mellon will position Robinhood as the first investment platform for millions of young Americans.

• As of March 31, taxpayers had signed up over 1 million children eligible for the Treasury's $1,000 pilot program contribution
• The accounts will be fee- and commission-free, with Robinhood potentially earning minimal future revenue through ETF management fees
• Major employers including Amazon, Apple, Meta, Microsoft, Nvidia, and Walmart announced they will match the federal $1,000 contribution for employees' children

European and Asian refiners are paying record prices near $150 per barrel for immediate crude oil delivery as the U.S.-Israel war with Iran has shut down 12 million barrels per day (12% of world supply) through Iran's closure of the Strait of Hormuz. Physical crude prices are significantly outpacing paper futures, with North Sea Forties crude hitting an all-time high of $146.09, driven by panic over immediate supply shortages.

• Iran's Hormuz closure has eliminated 12 million barrels per day, forcing refiners to scramble for replacement crude from Europe and Africa at premium prices
• Dated Brent (immediate delivery) is trading nearly $20 above June Brent futures ($119.50), reflecting extreme tightness in prompt physical markets
• Refined product prices are near records, with European jet fuel at $226.40/barrel (close to March highs) and diesel at $203.59/barrel

Gilead Sciences announced it will acquire Germany-based private company Tubulis GmbH for up to $5 billion. The deal strengthens Gilead's cancer drug pipeline by adding experimental therapies described as 'guided missiles,' a promising class of targeted cancer treatments.

• The acquisition is valued at up to $5 billion, representing a significant investment in oncology therapeutics
• Tubulis specializes in a lucrative class of experimental cancer drugs often referred to as 'guided missiles,' likely antibody-drug conjugates or similar targeted therapies
• The deal expands U.S.-based Gilead's pipeline and presence in the competitive cancer treatment market

Novo Nordisk has launched a higher-dose version of its weight-loss drug Wegovy in the United States, branded as Wegovy HD at 7.2 milligrams. This is three times the previously highest authorized dose of 2.4 mg and will be available through U.S. pharmacies and select telehealth providers at $399 per month for cash-paying patients.

• The 7.2 mg Wegovy HD dose gained FDA approval last month through the Commissioner's National Priority Review Voucher program, tripling the previous maximum authorized dose
• Cash-paying adults will pay $399 per month, while commercially insured patients may pay as little as $25 per month using Novo's savings offer
• The launch is part of Novo's strategy to regain market share from competitor Eli Lilly in the obesity-drug market through steep discounts for self-paying U.S. patients

ASML shares declined after U.S. lawmakers introduced the bipartisan MATCH Act, which would ban exports of the company's deep ultraviolet (DUV) lithography machines to China. The proposed restrictions would close a gap in current export controls that have allowed Chinese chipmakers to purchase these less-advanced semiconductor manufacturing tools. This threatens ASML's already declining China business, which represented 33% of revenue in 2025 but is expected to drop to lower levels in 2026.

• The MATCH Act would extend export bans to ASML's DUV lithography machines, which China's chipmakers currently use to manufacture less-advanced semiconductors and memory chips
• ASML expects China revenue to decline from 33% in 2025, and the new restrictions could impact roughly 5% of overall sales, representing 10-15% of sales from older lithography tools where China accounts for approximately 50%
• China's semiconductor manufacturers like SMIC and Huawei completely rely on ASML's tools with no local alternatives available, potentially disrupting the country's domestic chip production capabilities

Italian energy company Eni has discovered approximately 2 trillion cubic feet of gas and 130 million barrels of condensates offshore Egypt in the Eastern Mediterranean's Temsah Concession. The discovery comes as Egypt faces declining domestic gas production and energy sector challenges from the Iran war, making it increasingly dependent on imported fuel. The field's proximity to existing infrastructure enables fast-track development.

• The Denise W-1 well is located 70 km offshore in 95 meters of water depth and less than 10 km from existing infrastructure, allowing for rapid development
• Eni operates the field with a 50% working interest alongside BP through Petrobel, a joint venture with Egypt's state-owned EGPC
• The discovery follows a binding agreement signed in July 2025 to renew the Temsah Concession for 20 years

Bill Ackman's Pershing Square has proposed a $64.31 billion cash-and-stock acquisition of Universal Music Group, valuing the music company at approximately 30.4 euros per share. The offer totals about 55.75 billion euros and represents a significant move by the activist investor into the music industry.

• The proposed deal values Universal Music Group at approximately 55.75 billion euros ($64.31 billion) in a cash-and-stock transaction
• Pershing Square's offer estimates Universal Music shares at about 30.4 euros per share
• This acquisition would represent one of the largest deals in the music industry and marks a major investment by activist investor Bill Ackman

Switzerland is expected to introduce stricter capital rules for UBS this month, following the 2023 collapse and acquisition of Credit Suisse. The government will likely require UBS to fully back foreign subsidiaries with core capital, potentially forcing the bank to hold $22 billion in additional capital, though some concessions on asset classifications are expected to maintain competitiveness.

• UBS's balance sheet is approximately twice the size of Switzerland's economy, prompting government concern about financial stability and systemic risk
• The bank may be forced to hold $22 billion in extra capital under proposed rules, with $11 billion potentially eliminated from current capital through stricter asset classification
• UBS has contingency plans including possibly relocating headquarters abroad if rules become too restrictive, though departure is considered unlikely

Apple is experiencing engineering setbacks with its first foldable iPhone that could delay mass production and shipment, according to a Nikkei Asia report citing sources. The engineering issues are proving more complex and time-consuming to resolve than anticipated, with suppliers warned of possible schedule pushbacks. Apple has not commented on the report.

• Engineering development problems are more complex than expected and taking longer to resolve
• Suppliers have been notified that component production schedules may be pushed back due to ongoing issues
• This would be Apple's first foldable iPhone product, marking the company's entry into the foldable smartphone market

Oil prices fell approximately 9% to $103 per barrel while global stocks surged after U.S. President Trump agreed to a two-week ceasefire suspending bombing and attacks on Iran. The ceasefire raised hopes for a lasting peace agreement and resumption of Gulf oil and gas exports, triggering broad market rallies across equities, bonds, and currencies.

• U.S. crude futures dropped around 9% to $103/barrel while S&P 500 futures jumped 1.6% on the ceasefire news
• Risk assets rallied broadly: the Australian dollar rose over 0.8% above 70 U.S. cents, the euro climbed 0.4% to $1.1647, and cryptocurrencies gained
• Asian stock markets, previously beaten down by war and soaring energy prices, were expected to see broad gains with U.S. Treasury futures jumping 15 ticks

SpaceX plans to launch its IPO roadshow in early June, targeting a record-breaking $75 billion raise at a $1.75 trillion valuation. The company revealed during a Monday banker meeting that it will allocate an unusually large portion of the offering to retail investors as recognition of their longstanding support for SpaceX and Elon Musk.

• CFO Bret Johnsen stated retail will be 'a bigger part than any IPO in history,' emphasizing the company's commitment to reward loyal supporters
• The offering is expected to be the largest IPO ever, seeking to raise $75 billion and value SpaceX at up to $1.75 trillion
• The full syndicate of bankers met for the first time Monday to coordinate the historic offering ahead of the early June roadshow

Broadcom announced expanded chip production agreements with Google and Anthropic, highlighting surging demand for AI infrastructure. The chipmaker will produce future versions of Google's artificial intelligence chips and provide Anthropic access to approximately 3.5 gigawatts of computing capacity using Google's AI processors.

• Broadcom CEO previously disclosed that Anthropic placed a $10 billion order for custom chips in December, though Monday's filing did not specify a dollar amount
• The computing capacity allocation includes one gigawatt in Google chips for Anthropic in 2026 and three gigawatts in 2027
• Anthropic's Claude app became the top free U.S. app in Apple's App Store in February, reflecting the AI startup's rapid growth this year