Public Markets 3 Days

Last updated: May 20, 2026, 5:31 PM ET

Tech IPOs & AI Earnings

The IPO pipeline from Silicon Valley's most valuable companies is accelerating at a breakneck pace. SpaceX filed publicly for a Nasdaq listing under the ticker SPCX, moving Elon Musk's rocket, satellite and artificial intelligence company closer to what could be the world's biggest-ever debut, with prospectus filings targeting tens of billions in proceeds as soon as mid-June. The paperwork could be made public as soon as Wednesday, offering a rare window into the finances of Musk's sprawling empire. Meanwhile, OpenAI is preparing to file for an IPO , targeting a public debut in the fall with a potential $1 trillion valuation, while Goldman Sachs and Morgan Stanley have been tapped as lead bankers. Nvidia Rides Blistering Chip Sales to Another Record Quarter, reporting $82 billion in first-quarter revenue as profits jumped 211 percent year-over-year on relentless demand for data-center computing and AI agents. The chipmaker's earnings came as semiconductor stocks had just muddled through their worst two-day stretch since March, briefly cooling a rally that had left the S&P 500 heavily tilted toward AI names. Google Pushes AI-Generated Ads Further Into Search Results with new formats running in AI Mode and standard search, while CEO Sundar Pichai announced smart glasses and AI agents powered by the new Gemini model. The broader AI IPO wave is prompting caution from analysts who warn the listings amount to little more than a transfer of investment risk to retail investors.

Corporate Restructuring & M&A

Across corporate America, a wave of AI-driven restructuring is reshaping the workforce. Intuit to Cut Staff, Invest in 'Big Bets' will lay off 17% of its workforce as it pivots artificial intelligence to the center of its Turbo Tax and Quick Books businesses. Zuckerberg promises no more 'company-wide' lay-offs after culling 8,000 roles, seeking to reassure disillusioned employees at Meta following the latest round of cuts. Standard Chartered's Bill Winters walked back comments about replacing 'lower-value human capital' with AI after a memo to bank staff sparked backlash. On the deal front, Analog Devices Is Said to Near $1.5 Billion Deal for Empower in cash, while Magellan Says Barrenjoey Deal Lifts Private Markets Opportunity and Blue Owl Fund Returns to Market With $400 Million Bond Offering. James Murdoch to Buy New York Magazine, Vox Podcast Network From Vox Media for more than $300 million, greatly expanding the media holdings of Murdoch's Lupa Systems.

Energy, Commodities & Fixed Income

Energy markets are in turbulence as geopolitical risk reshapes supply dynamics. US crude inventories, including strategic reserves, plunged by a record as soaring exports start to erode domestic supply cushions, with commercial crude stocks falling 7.9 million barrels last week against an expected 3 million. US Treasuries surged on investor optimism that the US and Iran were nearing a deal, while the 10-year yield hovered near 4.7%, threatening higher borrowing costs. Ryanair Sees European Airline 'Casualties' on Jet Fuel Spike as CEO Michael O'Leary warned of corporate casualties if the Strait of Hormuz remains restricted. India's central bank will inject liquidity equivalent to $5 billion via a swap auction, and the Trump administration wants to boost energy exports to India REF