Public Markets 8 Hours

Last updated: April 29, 2026, 8:30 PM ET

Technology & Corporate Earnings

Big Tech earnings surged past expectations, with Google, Amazon, Microsoft, and Meta collectively reporting over $130 billion in first-quarter capital expenditures, signaling an unrelenting build-out of AI data centers. Meta Platforms posted its largest quarterly revenue jump recently while projecting even higher spending to support this AI supremacy, though questions about immediate returns persist for giants like Microsoft, which nonetheless tallied $82.9 billion in sales. Conversely, South Korean giant Naver reported weaker earnings due to increased operating costs, even as its core search and e-commerce segments maintained steady growth. Elsewhere in tech, activist investor Engine Capital urged KBR to consider a sale, arguing that the planned business separation by the government contractor is unnecessary.

Semiconductors & AI Strategy

The race for AI dominance extended into the semiconductor space as Qualcomm announced its entry into the data center market, collaborating with a major hyperscaler to develop custom silicon solutions. This expansion occurs as major players like Google defend controversial AI contracts with the Pentagon internally, while simultaneously facing external pressure, as seen when Beijing forced Meta to unwind a deal with a Chinese AI start-up, deepening the geopolitical rift in advanced technology. Adding to the AI infrastructure push, Scottish grid boss Fintan Slye implored data center developers to locate new facilities in Scotland rather than London to ease capacity constraints.

Financial Markets & Dealmaking

Investor focus shifted toward stability in Asian debt markets, where Hong Kong’s local currency bond market is rapidly becoming a top funding venue as issuers seek refuge from volatility. This trend mirrors a broader global move away from the dollar, evidenced by Japanese borrowers issuing record euro-denominated bonds. In US real estate, AvalonBay Communities and Equity Residential are reportedly exploring a merger that could significantly reconfigure the apartment sector, while in private markets, Starwood Capital Group halted redemptions from a $22 billion real estate fund to preserve liquidity amid commercial property uncertainty. Meanwhile, the Australian Securities Exchange (ASX) appointed Darren Yip as interim CEO while the search for a permanent replacement continues.

Geopolitics, Commodities, and Inflation

The ongoing conflict involving Iran continued to exert pressure across commodities and inflation expectations. Oil prices pushed toward wartime highs, prompting former Fed Chair Jerome Powell to warn that price peaks had not yet been reached in his final press conference. The Pentagon estimated the cost of the Iran war at $25 billion, driven by the deployment of costly missiles and air defense systems, raising concerns over US readiness for other contingencies. In response to soaring energy costs, President Trump praised the UAE’s decision to exit OPEC, anticipating lower prices, while the World Bank projects that energy prices, fueled by the Iran conflict, will ultimately surge 24 percent by 2026.

US Politics, Law, and Regulatory Scrutiny

The US political sphere faced clashes over appropriations, as House Republicans struggled to pass essential measures like funding for homeland security and surveillance power extensions, with the latter facing potential Senate delays past its Friday expiration. On the judicial front, the Supreme Court limited the Voting Rights Act’s reach, a decision critics argue empowers white voters at the expense of racial minorities. In other legal matters, activist investor Engine Capital urged KBR to explore a sale, arguing that the government contractor’s planned business split is unnecessary. Furthermore, the saga surrounding Avis stock’s short squeeze took a new turn, with the rental car company claiming a hedge fund owes it money due to a niche trading rule application.

Corporate Strategy & Sector Shifts

SoftBank is planning an IPO for its new robotics venture, Roze AI, reflecting CEO Masayoshi Son’s view of AI and robotics as the "next frontier." In the consumer sector, The Cheesecake Factory reported higher profits supported by a 1.6% uptick in comparable sales, while Carvana posted a $405 million profit after achieving record retail unit sales of 187,393. Insurance company Allstate recorded $2.46 billion in profit, benefiting from market share gains in auto and homeowners insurance, contrasting with MGM Resorts’ lower profit of $125.1 million despite revenue growth driven partly by China. Following industry streamlining efforts, PayPal announced it will reorganize its operations into three distinct business units: Checkout Solutions, Consumer Financial Services (including , and Payment Services & Crypto.