Public Markets 8 Hours

Last updated: May 18, 2026, 11:31 PM ET

M&A & Corporate Restructuring

Analog Devices Inc. is in advanced talks to acquire closely held Empower Semiconductor for $1.5 billion in cash, while Standard Chartered plans to cut almost 8,000 jobs as it escalates AI use across its operations. The Asia-focused lender targets an 18% return on tangible equity by 2030 as part of its restructuring. Meanwhile, Morgan Stanley completed the sale of Chicago's parking meters to Stonepeak, concluding the bank's involvement in the long-term lease agreement with the city.

Technology & AI

Google and Blackstone are creating a new AI cloud company with a $5 billion investment from the private equity giant, which will be the majority owner. This partnership aims to bring 500MW of data center capacity online next year as tech companies race to build AI infrastructure. In related news, Meta reassigned 7,000 employees to focus on AI development just two days before announcing plans to lay off 8,000 workers. Elsewhere, AI chip startup Tenstorrent is drawing early takeover interest from Intel and Qualcomm amid renewed momentum for companies challenging Nvidia's dominance.

Market Performance

Korean stocks maintained their world-beating rally despite concerns that gains are concentrated in a handful of companies, with weak market breadth suggesting pockets of overheating. The WSJ Dollar Index fell 0.23% to 95.66, snapping a five-trading-day winning streak as traders digested mixed economic signals. In fixed income, Treasury yields edged higher as markets monitored Middle East tensions, while Japanese government bonds mostly rose on technical rebound hopes and prospects of a U.S.-Iran peace deal.

Energy & Commodities

Chinese aluminum smelters are running at capacity while testing both production limits and demand constraints, as global supply chains adjust to changing consumption patterns. A Hong Kong hedge fund outperformed peers with bets on oil tankers while reducing its AI holdings, citing concerns about tech companies overspending. In Southeast Asia, rising energy costs are affecting diverse industries from medical tourism to casinos as the Middle East conflict drags into its third month.

Fixed Income & Currency

Foreign holdings of US Treasuries dropped in March from a record high as overseas investors dumped bills while increasing their holdings of longer-dated federal securities. Gold extended gains as hopes for an Iran truce eased inflation concerns, with the precious metal finding support as a safe-haven asset amid geopolitical uncertainty. The convertible bond market remained active with Akamai Technologies seeking to raise $2.6 billion to fund cloud computing infrastructure spending.

Geopolitical Impact

Rising geopolitical tensions weighed on global markets as Iran optimism faded, despite President Trump's decision to hold off on fresh strikes in the Middle East. The Justice Department's $1.8 billion "Anti-Weaponization Fund" continues to draw scrutiny, with critics denouncing it as a potential slush fund for Trump allies. Meanwhile, U.S. restrictions on entry from Congo, Uganda, and South Sudan took effect due to Ebola outbreaks, with the measures in place for 30 days.