Public Markets 3d Briefing
×Market Performance & Tech Turmoil
US stocks finance.yahoo.com sank as Nvidia's earnings left investors wanting more, with the Nasdaq falling 1.9% despite better-than-expected results from the chipmaker on Wednesday. Tech stocks ft.com slid as AI spending fears returned, creating a "whack-a-mole" sell-off that investment banks are trying to hedge through complex strategies. The S&P 500 ended lower bloomberg.com with 7 of 11 major groups declining, while Treasuries rose, sending the 10-year yield to its lowest level since November amid the tech slump.
AI Disruption & Software Industry
C3.ai finance.yahoo.com slashed 26% of its staff as CEO admitted failure to deliver and "burning too much money," while Oddity investing.com plunged 53% after an ad algorithm change drove abnormal customer acquisition cost surges and projected a 30% Q1 sales hit. Salesforce finance.yahoo.com eased AI fears with a strong outlook and big buybacks, but Morgan Stanley investing.com weighed in on AI disruption risk versus opportunity for US equities. Howard Marks said great investors are strong where AI is weakest, while Citadel Securities investing.com rebutted Citrini's dystopian AI narrative.
Private Credit & Investment Concerns
Calpers bloomberg.com remains unfazed by software stress in private credit, according to CEO Marcie Frost, despite tremors driven by AI's potential threat to software. However, Blackstone bloomberg.com launched a $400 million bond sale one day after disclosing continued signs of stress in one of its largest investments. Carlyle Group bloomberg.com CEO Harvey Schwartz suggested asset managers should have been more forthcoming about the relative illiquidity of investment funds sold to individual investors. Tikehau Capital bloomberg.com co-founder Mathieu Chabran weighed in on mounting private credit fears as warnings of rising defaults rattle investors.
M&A & Corporate Moves
Victory Capital ft.com sparked a bidding war with an offer for Janus Henderson aimed at trumping an agreed deal led by Nelson Peltz's Trian Fund Management. Elliott Management bloomberg.com invited investment banks to pitch for roles on an initial public offering of Barnes & Noble and Waterstones Booksellers. Irenic Capital bloomberg.com made an unsolicited bid for Reservoir Media, whose song catalog features Joni Mitchell and John Denver. First Brands Group bloomberg.com faced revelations as a former executive pleaded guilty to falsifying financial statements and inflating invoices.
Regulatory & Legal Developments
Vanguard ft.com reached a settlement with Texas in a key case on ESG investing after Republican-led states accused the US's largest index fund managers of conspiring to reduce coal emissions. The Federal Reserve bloomberg.com vice chair for supervision said regulators are getting close to releasing a revised version of the Basel III endgame bank capital proposal. State Farm bloomberg.com will pay a record $5 billion dividend to auto-insurance customers after posting strong underwriting profits. Walmart wsj.com agreed to a $100 million FTC settlement over driver pay allegations.
Global Markets & Geopolitics
Korean stocks bloomberg.com continued their surge with almost no precedent for the KOSPI's performance. China's yuan bloomberg.com hit a 35-month high as the dollar keeps falling amid tariff uncertainty. Gulf petrostates ft.com rushed to export crude amid fears of a US strike on Iran, with Saudi Arabia and the UAE boosting shipments. Canada bloomberg.com greenlit all Gulfstream jets after Trump threats, certifying remaining models that let the White House claim a win in its trade dispute.
Economic Indicators & Policy
US jobless claims bloomberg.com moved slightly higher to 212,000, rising by less than expected for the week that included Presidents Day. Fed's Miran wsj.com said four rate cuts are appropriate this year, while Fed's Bowman said consensus has been reached on the Basel plan. US power-plant pollution wsj.com rose sharply in 2025 in a rare uptick partly because of more coal being burned to generate electricity. Trump administration yahoo.com asked the Supreme Court to allow an end to legal protections for Syrian migrants.
Emerging Markets & International Expansion
OTP Bank bloomberg.com eyes Central Asia for the next stage of expansion, seeking to replicate a strategy that's made it the second-biggest bank in Eastern Europe. Lazard veteran bloomberg.com Arif Joshi joined Bramshill Investments to help launch a hedge fund focused on emerging market opportunities. Royal Bank of Canada bloomberg.com is eyeing Canada's expected boom in defense infrastructure and energy spending as one way to deploy capital. Hungary's OTP Bank is honing in on Central Asia for acquisitions.
Industry-Specific Developments
ASICS bloomberg.com discussed global growth strategies with President and COO Mitsuyuki Tominaga. Nippon Steel investing.com shares slid as a $4 billion bond sale sparked dilution concerns. Indra Sistemas wsj.com shares jumped close to 22% after reporting a seven-fold uptick in defense orders. Vopak investing.com jumped 8% on a €1.7 billion payout despite FX clouds on the 2026 outlook. Nordex investing.com beat Q4 expectations and raised its medium-term margin target.
Technology & Infrastructure
Microsoft Japan finance.yahoo.com was raided over suspected violation of anti-monopoly law. Lumen finance.yahoo.com will expand Anthropic's fiber network in the US. Amazon investing.com was defended at Bof A as catalysts will support AWS sentiment. PayPal investing.com extended its rally after a report said Stripe eyes all or parts of the company. e Bay wsj.com will cut 800 jobs in a strategic restructuring.
Energy & Commodities
BP bloomberg.com goes big on shale oil drilling as many rivals flatline output, aggressively expanding to reverse years of anemic production. Oil supertankers bloomberg.com became the hottest commodity with 600% gains as high shipping costs concern producers and refiners. Shell bloomberg.com is in talks with ADNOC and others over an LNG plant stake sale in Western Australia. Russia finance.yahoo.com eyes higher Urals oil exports to China amid Indian cutbacks, according to traders.
Market Structure & Investment Strategy
HSBC investing.com says software is already eating AI, while UBS Wealth CIO bloomberg.com says AI threat signals investors should shift bets to builders rather than coders. ING bloomberg.com suggests European government bonds could prove attractive to investors seeking shelter from US stock swings caused by AI developments. JPMorgan investing.com says hyperscaler AI spending is set to exceed the dot-com peak. Morgan Stanley weighs in on AI disruption risk versus opportunity for US equities.
Labor & Corporate Governance
EBay announced 800 job cuts in strategic restructuring without specifying when layoffs will occur. J.M. Smucker wsj.com added directors in a deal with activist firm Elliott after posting higher third-quarter sales but lowering its sales-growth forecast due to a manufacturing facility fire. WPP ft.com plans to cut £500 million a year in costs in a sweeping overhaul as new CEO Cindy Rose outlines strategy to restore profit growth.