Public Markets 3 Days

Last updated: May 15, 2026, 5:31 PM ET

Equity Markets

Greg Abel's first quarter as Berkshire Hathaway CEO saw the conglomerate boost its Alphabet stake while exiting Amazon, alongside additions to Delta Air Lines and Macy's positions as the investment firm shed holdings in Mastercard, Visa and United Health. The Cerebras Systems IPO raised $5.55 billion, marking the year's largest offering and minting CEO Andrew Feldman's $3.2 billion fortune amid surging demand for AI chips. Meanwhile, Anthropic is raising an additional $30 billion as AI labs absorb the majority of venture capital funding, with the company potentially securing even more capital as a handful of firms dominate investment flows. Vanguard's cost leadership continues reshaping finance as the firm operates like "the Costco of finance," driving competitors to slash fees in response to its low-cost model.

Fixed Income & Credit

Global government bonds tumbled to multi-decade highs as the G-7 finance ministers convened to discuss the ongoing selloff, with yields on benchmark securities reaching levels not seen in decades and triggering concerns about fiscal sustainability. Corporate credit outperformed sovereign debt as investors seeking higher yields gravitated toward blue-chip company bonds, shrugging off Middle East conflict risks in favor of robust earnings prospects. The 30-year Treasury yield neared its highest point since 2007, while Fidelity International's inflation bet paid dividends as portfolio manager Mike Riddell's contrarian positioning ahead of the Iran war proved prescient. UK gilts slumped further as investors braced for Greater Manchester mayor Andy Burnham's potential challenge to Prime Minister Keir Starmer, threatening additional political instability in British markets.

Energy & Commodities

Oil markets extended gains on inventory concerns as the prolonged Strait of Hormuz closure raised fears of falling global supplies, with futures posting back-to-back advances amid supply disruption worries. Argentina's YPF announced a $25 billion oil project to accelerate production, representing the largest energy investment since President Javier Milei took office and signaling state-run energy giant's expansion ambitions. The Strait of Hormuz flows fell nearly 30% in the first quarter, according to the EIA, marking the start of a seismic energy shock that disrupted global supplies and pushed crude prices higher. Chinese supertankers attempted rare crossings through the Strait just ahead of Trump-Xi summit talks, while Iran's Kharg Island jetties remained empty for a second consecutive day, severely curbing the nation's export capacity and contributing to global supply tightness.

Technology & AI

The 26-year-old founder disrupting BlackRock and Goldman Sachs ETFs through Corgi's buffer strategy represents a new wave of competition in the passive investment space, challenging established players with innovative fee structures. Geothermal energy startup Fervo Energy raised $1.9 billion in its IPO, leveraging oil and gas drilling techniques to make renewable energy mainstream and attracting significant institutional backing. Bill Ackman's Pershing Square took a new stake in Microsoft, with the investor claiming the tech giant is underpriced and positioned to benefit from AI ambitions. The SpaceX IPO filing is expected as soon as Wednesday, potentially marking the biggest public offering ever as Elon Musk's rocket company seeks to capitalize on its valuation surge.

Geopolitical Risk & Markets

President Trump's summit with Xi Jinping yielded conciliatory rhetoric despite ongoing tensions over trade and Taiwan, as the U.S. leader shifted from adversarial to collaborative language in unprecedented meetings in Beijing. The Iran conflict's economic fallout is punishing America's working class through higher fuel prices, while ECB official Olli Rehn warned of stagflationary shock as energy prices surge and economic growth slows. Pentagon scrapped plans to deploy 4,000 Army troops to Poland, part of a broader review of U.S. military presence in Europe amid changing security priorities. The bombing of Iran has tied the U.S. more closely to China as Washington seeks rare-earth minerals for weapons stockpile rebuilding, given China's