Public Markets
Last updated: June 24, 2026, 5:30 PM ET
Public Markets Briefing
Semiconductors & Tech
Shares of Micron Technology surged 12.7% as the chipmaker's revenue and profit soared amid robust memory demand, with projections suggesting the chip shortage could persist beyond 2027. This follows SK Hynix's announcement of a Nasdaq debut, aiming for a $29.4 billion listing to tap memory demand. Meanwhile, Cerebras Systems shares tumbled below their IPO price, and Asia's tech stocks swung wildly amid persistent artificial intelligence jitters, particularly impacting chipmakers like Samsung and SK Hynix which saw record volatility. Qualcomm agreed to acquire AI software firm Modular for $3.9 billion in stock to accelerate AI implementation for its customers and bolster its push into data centers. Sunrun Inc. jumped 31% after announcing a partnership with Tesla to supply power for AI data centers and utilities, a move that could see millions of homes power AI. The demand for AI is also driving growth for the US electricity sector, with Canada's AtkinsRealis seeking US approval for its nuclear technology. SoftBank Group is eyeing a stake in Japan's top utility to secure electricity for its AI expansion. However, India's software exporters are losing market sway on the nation's stock market due to AI disruption fears.
Banking & Finance
Major U.S. banks successfully cleared the Federal Reserve's annual stress tests, with JPMorgan Chase and Bank of America passing with flying colors and quickly moving to boost dividends and share buybacks. This follows a year where the Fed began releasing test details in advance, a change from previous years. JPMorgan Chase also lifted its S&P 500 target to 7,800, anticipating a "blue sky" scenario driven by strong earnings growth and a potential peace deal in the Iran conflict. Hedge funds' increased exposure to Treasuries is largely attributed to a revival of the cash-futures basis trade, according to the Federal Reserve. In the UK, UK banks are poised to extend their rally against European peers, with analysts forecasting above-par profitability growth. However, a Blackstone Inc. loan on a Chicago skyscraper has defaulted, reflecting ongoing challenges in the commercial real estate market. UK banks also defeated a watchdog in a legal battle over historic loan complaints, with the High Court ruling the Financial Ombudsman Service unlawfully allowed challenges beyond a six-year limit. The European Union's competition chief warned governments against using tactics like citing security risks to block bank deals.
Energy & Commodities
Oil futures declined as the Strait of Hormuz began to reopen following a U.S.-Iran agreement, with a key market indicator flipping to a bearish contango structure for the first time since February as supply from the Middle East climbs. China's independent oil refiners have slashed operating rates to a nine-year low, impacted by the U.S.-Iran conflict. President Trump called for a probe into U.S. gasoline prices, accusing oil companies of "gouging" customers as crude costs fell. US diesel prices dropped below $5 a gallon, offering some relief from inflationary pressures. In natural gas, U.S. futures traded in a tight range, though subzero prices in the shale field are prompting calls for energy permit reform. Cuban government announced a major economic restructuring, though its success is seen as dependent on the U.S. administration. President Trump channeled Biden's criticism of big oil over high gas prices, though some executives privately noted the complexity of fuel supply chains. European Central Bank's Governing Council member Ante Zigman stated that falling oil prices will help achieve price stability.
Cryptocurrencies & Digital Assets
Bitcoin fell below $60,000 again, hitting a 20-month low as market sentiment soured and retail investors shifted their focus to AI-related stock bets. This retreat exposed market fragility, raising concerns about the impact when major buyers face pressure. Leveraged Korea ETFs sold an estimated $6 billion of shares in a rout, underscoring the selling pressure on chipmakers.
Deals & IPOs
SK Hynix Inc. is seeking $29.4 billion in a U.S. listing, aiming to capitalize on investor demand for memory-chip stocks. Doncasters Group's U.S. IPO was more than 30 times oversubscribed, indicating strong investor appetite. Prosus led a €480 million investment in French health tech startup Alan, marking one of Europe's largest non-AI startup rounds this year. Stonepeak raised $2.5 billion in private bonds to refinance a liquefied natural gas export terminal investment. In the U.S., SPAC deals are seen as a key path to public markets for companies involved in the AI-data center build-out. SpaceX's IPO is facing ordinary behavior. Dubai Holding is exploring an investment in Bain's data center group Hscale.
Global Markets & Economy
U.S. investment-grade bond sales set another record in June, fueled by investor demand and borrowing for artificial intelligence spending. Treasury yields slipped as U.S.-Iran peace talks continued. Argentina's economy minister resisted calls to raise funds in international markets, securing dollars at a rate lower than 7%. India's benchmark bond yields and swap rates fell to three-month lows as the central bank governor dismissed talk of rate hikes as premature. The Bank of Canada rejected recession labels for its economy's weakness, though it acknowledged sluggish growth. In Europe, the euro sank to a one-year low as falling oil prices eased pressure on the ECB, which ECB's Isabel Schnabel indicated may need further rate hikes. France experienced its hottest June day ever, part of a record-breaking heatwave across Europe.
Corporate News
Airbus A380 aircraft are to undergo inspections after cracks were found in wing components, prompting the EU Aviation Safety Agency to order urgent checks on 16 jets and grounding five immediately. Hertz Global Holdings Inc. shares tumbled following a profit warning related to softness in the used-car market, with the company also announcing share offerings. Amazon's Zoox is redesigning its robotaxi for large-scale production, with availability expected later this year. Wendy's Co. soared 42% following a viral Reddit post, attracting the meme-stock crowd. The UK's Financial Ombudsman Service unlawfully allowed consumers to challenge loan terms, a ruling that saw UK banks defeat the watchdog in court. The BT pension fund lost £300 million on Thames Water, writing off its stake in the beleaguered utility. Dassault won an EU legal claim asserting that private jets can be environmentally sustainable.
Private Equity
Last updated: June 24, 2026, 5:30 PM ET
AI & Technology Investments Surge
Abu Dhabi's MGX has amassed nearly $50 billion in capital from investors worldwide to fuel a rapid buildout of artificial intelligence infrastructure and technology raised close to $50bn. This significant capital raise underscores the intense focus on AI, with other firms also making substantial plays. Blackstone is preparing to invest $30 billion in Japan's AI data center infrastructure over the next three to five years, aiming to capitalize on the growing demand for computing power. In health tech, Chicago Pacific Founders is backing Attune, a firm looking to accelerate its platform roadmap and expand omnichannel capabilities through AI. Separately, XCures, a startup employing AI to streamline patient data and medical records, secured $46 million in a Series B financing round led by Innovius Capital.
Fundraising & New Funds
Valor Equity Partners is targeting $2.5 billion for its seventh fund, according to new details that emerged regarding its fundraising efforts. In the realm of fund finance, panelists at the European Fund Forum noted an increased appetite from institutional investors, improved access to liquidity, and a proliferation of bespoke structures driving change in the sector accelerated change. This evolving landscape also sees State Street reporting that limited partners are seeking greater exposure to private markets. Meanwhile, Main Capital, a Dutch manager focused on 'mission-critical companies,' is opening a London office following a €5.25 billion fundraising round, with managing partner Sjoerd Aarts suggesting their investment thesis offers a buffer against AI-driven market volatility.
Buyouts & Acquisitions
Providence Equity Partners is in exclusive talks to sell its theatre group ATG Entertainment to Ari Emanuel's Mari Group for approximately £4.5 billion ($6 . In other sector-specific deals, HiGro Group-backed Daida has acquired Scan-Optics, an intelligent document processing firm. LightBay Capital is backing IT managed services provider Centre Technologies, which serves over 750 clients across Texas and Oklahoma. One Equity-backed PGW, a distributor of automotive replacement glass, has acquired Windshield Surgeons. In the industrial sector, Huron Capital-backed Exigent has acquired Superior Building Services, a mechanical contractor focused on HVAC, plumbing, and engineering services. ACP-backed Schneider Geospatial has acquired New England Geo Systems, a provider of GIS-based Saa S solutions for government technology sectors. New Mountain has invested in engineering firm RRC Companies, appointing Dr. Hisham Mahmoud as chairman. Quad-C has invested in logistics platform Armstrong Transport Group, with its executive management team maintaining significant ownership. Inflexion-backed Ranger Fire and Security has completed two add-on acquisitions: Scion Communications and Emerald Fire Technology.
Sectoral Focus & International Deals
Luxshare Precision Industry, a Chinese manufacturer known for assembling Apple products, is exploring a Hong Kong listing that could raise around $3 billion. Bain Capital is reportedly seeking fresh capital for its European data center platform Hscale and is in discussions with Dubai Holding about a potential stake. In the flavors and fragrances sector, Ambienta has invested in Italy's GFF, which develops natural flavors for food and beverage clients. Thoma Bravo has made a growth investment in Padoa, a European provider of occupational health, safety, and prevention software.
Venture Capital & Growth Stages
DeepMind-backed robotics accelerator startup has successfully raised an $11.7 million seed round. In a move signaling a shift in investment strategies, Orangewood Partners and other firms like Great Hill and Bessemer are focusing on franchises, leveraging AI to transform customer feedback and service in the restaurant and retail sectors. Apheon has invested in software and IT services business Easi.
Strategic Moves & Personnel
HIG Capital has appointed Carlos Couret as managing director, who will also lead its lower mid-market private equity operations in Spain. Juggernaut Capital Partners is collaborating with former footballer Gareth Bale to pursue a controlling stake in a football club, with plans to expand into golf and women's sports. In the financial services sector, KB Securities, a South Korean investment bank, is open to partnerships in both LP and GP-led secondaries transactions, particularly in Asian markets and the U.S. Painswick Capital is building its firm around the thesis that single-asset continuation vehicles represent a distinct private equity business.
Market Trends & Investor Sentiment
Panellists at the Fund F conference discussed the evolution of fund finance into a comprehensive toolkit across the entire lifecycle of an investment multi-instrument and life cycle-wide toolkit. Investors are showing increased appetite for private markets, and liquidity is more accessible, leading to the proliferation of bespoke structures. Speaking on the broader market, Mike Schroepfer, former CTO of Meta, believes infrastructure is now a strategic moat for hard tech companies, citing advancements in battery technology and the impending power crunch. Venture capital discussions continue to grapple with AI's impact on valuations and revenue multiples, with VCs debating the potential for an AI bubble VCs on valuations and ARR inflation.
Sector Investment
Last updated: June 24, 2026, 5:30 PM ET
Real Estate & Infrastructure
Prologis is pursuing a $16.6 billion hostile takeover bid for its UK rival Segro, after the target company's board "unequivocally" rejected the U.S. logistics giant's initial offer. The move escalates a battle for market dominance in the industrial real estate sector. Meanwhile, Allianz Global Investors is increasingly focusing on infrastructure secondaries, with co-heads Maria Aguilar-Wittmann and Tillman Mueller identifying "a lot of attractive opportunities" in the growing market for existing fund stakes AllianzGI sees opportunities. In a separate development, Schroders' Asia real estate head, Ando, is set to step down from his role less than a year after joining, though he will remain in an advisory capacity for several months Schroders’ Asia head resigns.
Private Equity & Infrastructure Funds
LLR Partners has completed a strategic investment in Axis Care, a provider of home and community care software. The deal signals continued private equity interest in the healthcare technology sector, aiming to capitalize on the growing demand for specialized software solutions. Infrastructure funds are also signaling a positive outlook for Uniper, heralding what they term a "phoenix moment" for the energy company, suggesting a period of recovery and growth after recent challenges Infra funds see Uniper’s recovery.