Public Markets 8 Hours

Last updated: May 13, 2026, 8:30 PM ET

Public Markets: Tech IPOs Surge Amid Debt Volatility

The artificial intelligence infrastructure boom continues to fuel blockbuster public listings, with chipmaker Cerebras pricing its IPO higher at $185 per share, ultimately valuing the firm at $40bn amid intense demand Cerebras boosts IPO price to raise $5.5bn. This appetite for AI-linked assets was further evidenced by Blackstone Digital Infrastructure Trust raising $1.75 billion in its US IPO, even as the broader private credit market faces scrutiny; UK regulators pushed private credit groups to share more data following recent sector setbacks, though Manhattan’s top prosecutor called the industry a ‘great benefit to the US’ Private credit is not ‘a cancer’. Separately, geothermal energy developer Fervo Energy’s shares jumped 35% in their trading debut after raising $1.89 billion A Start-Up Aiming to Make Geothermal Energy Mainstream Goes Public, capitalizing on energy technology favored by the current administration Shares surge in debut of power producer.

Fixed Income and Inflationary Pressures

Treasury yields pared down early increases despite sharp producer price data showing the steepest rise since the Ukraine invasion, as investors absorbed the day's $25bn auction of 30-year bonds, which cleared at a 5% yield for the first time since 2007. The persistence of inflation concerns reinforced bets on higher Fed rates, causing gold to decline while silver futures posted a strong session based on anticipated industrial demand. Concurrently, Alphabet executed a blockbuster $17 billion bond sale and is reportedly already marketing more debt, suggesting corporate issuance remains strong despite the looming debt maturities faced by firms like Whirlpool grappling with a $3 billion debt wall.

Geopolitics, Trade, and Corporate Relocations

Markets reacted nervously ahead of the highly charged meeting between Presidents Trump and Xi in Beijing, set against a backdrop of deteriorating bilateral relations and ongoing tensions surrounding the Iran war The Trump and Xi summit. The U.S.-China dynamic is complicated by reports that Chinese firms are plotting secret arms sales to Iran, while the U.S. needs access to rare-earth minerals—an industry dominated by China—to rebuild weapons stockpiles drained by the conflict Why the Bombing of Iran Tied the U.S. More Closely to China. In corporate finance, Citadel has issued an ultimatum requiring key quantitative researchers to relocate from Hong Kong or resign, citing unspecified data security concerns Citadel Tells Some Quant Staff to Relocate From HK or Quit.

Corporate Restructuring and Market Sentiment

In corporate actions, Cisco announced a major restructuring involving up to $1 billion in costs as the networking firm pivots its focus entirely toward artificial intelligence initiatives. Meanwhile, the UK housing market expressed its gloomiest sentiment in over two years, driven by elevated mortgage rates and the broader economic impact of the Middle East conflict, which also forced Air New Zealand to forecast a full-year loss and contemplate further flight cuts due to soaring jet-fuel costs. In stark contrast to housing woes, ticketing resale platform StubHub swung to a first-quarter profit as sales climbed on sustained demand for live events.

Sovereign Debt and Political Developments

Seeking a path back to global financing after years of isolation, Venezuela formally launched efforts to restructure its $170 billion debt load, extending the restructuring process to include state oil company PDVSA Venezuela Government Announces Debt Restructuring Process. On the political front, Transportation Secretary Sean Duffy faced ethical scrutiny after his family’s YouTube series doubled as a personal excursion. Furthermore, the Senate saw growing Republican dissent against the Iran conflict, as Senator Murkowski switched her vote to halt the conflict, requiring presidential approval for continuation. Elsewhere, former NYC Mayor Rudolph Giuliani returned to broadcasting after recovering from pneumonia.