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Last updated: July 17, 2026, 11:30 AM ET

Tech Giants Shift Focus as Chip Stocks Tumble

Apple Inc. has reclaimed its position as the world's most valuable company, overtaking Nvidia Corp. amid a rotation in investor sentiment away from AI hardware and towards consumer execution. The iPhone maker surpassed its rival to hold the top spot, while shares in the chipmaker. A closely watched index of semiconductor stocks, unwinding a significant portion of a rally that had seen the gauge more than double in three months. This shift has sent shockwaves through markets, with a sell-off in Asia spilling into European and U.S. trading.

Corporate Dealmaking and Funding Landscape

BASF SE is reportedly seeking banks to lead the initial public offering of its agrichemical division, a deal that could be one of the largest offerings on the Frankfurt bourse in recent years, with an estimated value of €20 billion. Meanwhile, Anglo American has selected a preferred bidder for its stake in De Beers, according to a Botswanan cabinet minister. In the utilities sector has warned of struggles in securing new funding, citing public and political scrutiny as factors damaging investor confidence. Big Tech firms like Oracle are turning to the bond market to finance the construction of AI data centers, a move that signals rising risk in the sector.

Economic Indicators and Market Costs

U.S. import unexpectedly rose by 0.3% in June, a smaller increase than the revised 1.7% gain seen in May. Concurrently, the cost of hedging against fluctuations in the dollar has fallen to its lowest point this year, suggesting traders perceive minimal risk to the dollar’s stability. In Europe, the Bank of Italy, anticipating that a strong start to the year will offset potential fallout from the Iran war.

Start-Up Activity and Regulatory Developments

The U.S. is experiencing a revival in entrepreneurship, with hundreds of thousands of individuals launching companies annually, ending a decades-long slump. In the financial regulatory sphere, Connecticut-based hedge fund has spoken out following its settlement with the SEC over claims of breaching fiduciary duty. Elsewhere, Symmetry Investments has received regulatory approval to operate in Dubai, joining other hedge funds expanding their presence in the emirate.

Energy Sector and Industrial Innovation

ConocoPhillips is set to acquire a 42% stake in BP's contract for the redevelopment of Iraq's Kirkuk oilfield, as U.S. companies increase their involvement in the region to counter China's growing influence. In a bid to reduce emissions, Heineken is exploring the use of heat batteries to generate steam for its brewing operations, utilizing clay bricks capable of storing thermal energy for extended periods. U.S. natural gas futures remained steady following recent declines, influenced by milder weather forecasts and subdued LNG feedgas flows.