Public Markets 24 Hours

Last updated: June 25, 2026, 5:30 PM ET

Technology & AI

OpenAI is likely to delay its IPO until next year, as advisers recommend a more cautious approach amid market volatility and the company's financial considerations. This comes as competition in the AI space intensifies, with Chinese AI models gaining ground on established players like Anthropic and OpenAI, offering comparable capabilities at a lower cost. Meanwhile, BlackBerry sees new AI opportunities as its embedded-software business accelerates, and IBM unveils a new method for creating smaller computer chip parts, addressing concerns about innovation limits in chip miniaturization. Despite the rapid advancements, a new study suggests that AI may not be adept at stock-market timing, with large-language models failing to outperform the market over extended periods and in fluctuating conditions.

Mergers & Acquisitions

ON Semiconductor will acquire Synaptics in an all-stock deal valued at $7 billion, aiming to bolster its AI compute platform and human-machine interface technologies. In the automotive sector, Volkswagen plans to sell a majority stake in its engine unit, Everllence, to Bain Capital, as it seeks to streamline its investment portfolio. Stellantis and Nissan are in talks to acquire assets from the financially troubled auto-parts maker Marelli Holdings Co. Separately, German drugmaker Merck is set to acquire US medical tools maker Bio-Techne for $11.3 billion, marking its largest acquisition in over a decade.

Corporate Earnings & Outlook

FedEx Freight is guiding for growth following its spinoff from FedEx, expecting revenue to increase by 4% to 6% for the remainder of the year, reflecting confidence in the business's underlying strength. H&M's earnings missed estimates, dented by $127.2 million in restructuring costs and persistent questions about its turnaround efforts amid fierce competition and cautious consumer spending. Apple is raising prices on Macs and iPads, citing soaring costs for memory and storage chips driven by the AI boom, with some models seeing increases of over $200. Wendy's shares are set to extend their rally as meme-stock investors continue to pile into the fast-food chain.

Markets & Investing

Micron Technology delivered strong quarterly results, with its sales forecast exceeding estimates, easing investor fears about the AI sector and sparking a rebound in global tech stocks which had been volatile. Apple's shares tumbled earlier in the week, contrasting with Micron's gains. In fixed income, Treasuries gained as the Federal Reserve's favored inflation gauge rose less than expected, dampening expectations for interest rate hikes. However, Japan's 20-year bond sale saw weak demand, the lowest in over a year, as inflation and fiscal policy concerns weighed on investor appetite. Chinese banks are reining in retail gold trading due to recent volatility in precious metals markets.

Geopolitics & Energy

Movement through the Strait of Hormuz was halted after an attack on a cargo ship near Oman, prompting a UN agency to pause ship evacuations from the Persian Gulf. Iran has warned ships to turn back from the Strait of Hormuz, complicating efforts to revive use of the waterway. Iraq has walked back its threat to leave OPEC, clarifying that it is not considering departing the organization. Europe's heatwave is testing power markets, with record temperatures driving up electricity prices and straining grids in France and the UK. This surge in demand is also benefiting air conditioning stocks.

US Policy & Regulation

The U.S. is investing $250 million in I-Pulse Inc. for semiconductor and pulsed-power development, part of efforts to reduce reliance on foreign chip manufacturing. The Army will also lease land on bases to mining companies for critical mineral production, aiming to establish domestic supply chains. In a significant settlement, Chemours will pay $450 million in the first federal PFAS settlement, addressing the dumping of "forever chemicals" linked to health risks. The Supreme Court has rejected a lawsuit against Bayer alleging Roundup weedkiller caused cancer, a decision that may impact thousands of similar cases.

Labor & Immigration

The Supreme Court has ruled that the Trump administration can end humanitarian protections for Haitians and Syrians, potentially leading to the deportation of 1.3 million people from over a dozen countries, many of whom have lived in the U.S. for decades leaving many in limbo. New Canadian policies and a border agreement with the U.S. will also make seeking refuge in Canada more difficult. Meanwhile, M.B.A. programs are facing declining demand and lower starting salaries, with corporate recruiters forecasting challenges due to AI disruption.

Automotive & Transportation

US airline stocks have erased pandemic-era losses as oil prices ease, with a peace deal between the US and Iran pushing crude prices lower. However, airfares remain high despite falling jet fuel costs. Polestar, a Chinese-owned EV maker, has been banned from selling cars in the U.S. due to a government rule prohibiting Chinese software in vehicles. In other auto news, Hertz shares are on track for a record weekly drop following a funding plan and profit guidance.

Real Estate & Housing

In New York City, a rent freeze for rent-stabilized homes is expected, though the plan is likely to face legal challenges. Separately, thousands of apartments under a different city program are subject to rent increases, creating an awkward contrast with rent-stabilization efforts. The Geneva School of Manhattan is acquiring a former private school campus for $33.2 million, marking a significant transaction in the NYC private school market.

Other Notable Developments

A medical journal has retracted a study claiming a cancer therapy is more effective when given in the morning, citing a lack of confidence in the results. The U.S. military's weapons shortage shows few signs of easing soon, prompting President Trump and Pentagon officials to seek additional funding from Congress. A federal judge has struck key parts of a Trump order restricting mail voting, rejecting the administration's attempt to change federal election procedures. Billionaire Gautam Adani's airport unit will invest $2.1 billion to build integrated cities across its network, expanding into non-aviation businesses.