Public Markets 8 Hours

Last updated: May 20, 2026, 8:30 PM ET

Public Markets & Tech Titans

Nvidia shares surged 5.2% after the chipmaker reported a staggering $58.3 billion profit on $82 billion in revenue, fueled by insatiable AI demand, while rival Advanced Micro Devices tumbled 7.1% amid concerns its upcoming results would disappoint. The euphoria propelled the Nasdaq 100 to a record high, with AI infrastructure plays like data center operators extending their rally. Meanwhile, SoftBank-backed SB Energy filed confidentially for a US IPO targeting data center ambitions, and OpenAI is preparing its own blockbuster listing with Goldman Sachs and Morgan Stanley, potentially valuing the AI lab at over $1 trillion. In a separate filing, SpaceX revealed a $4.28 billion quarterly loss but detailed plans for a historic IPO, with CEO Elon Musk retaining super-voting shares and ally Antonio Gracias holding a 7.3% stake poised to be worth billions. The company will list on Nasdaq under symbol SPCX as early as mid-June, marking the largest offering in history.

Geopolitics, Energy & Currencies

Crude oil extended losses, sliding 3.2% on optimism over US-Iran nuclear talks, with President Trump stating negotiations are in their "final stages," while gold held steady near $2,340/oz as de-escalation hopes offset a slightly stronger dollar. The yuan, however, faced mounting pressure from Chinese exporters grappling with strength not seen in years, complicating Beijing's currency management. In Europe, Chancellor Rachel Reeves will outline a cost-of-living package to cushion the blow from the Iran conflict, and Germany's coalition agreed to take a 40% stake in tank-maker KNDS ahead of its summer IPO. Mexico's credit rating was cut to one notch above junk by Moody's, citing a weakening fiscal position that fueled concerns about Latin America's second-largest economy.

Fixed Income & Corporate Credit

US Treasury yields remained pressurized after the April Fed minutes showed a majority of officials warned rate hikes could be necessary if inflation persists, dampening immediate rate-cut expectations. In credit markets, Blackstone arranged a $1.2 billion loan for Air Trunk's Japan data center expansion, while Raizen SA considered pushing ahead with a debt restructuring over offshore bondholders' objections, calculating local creditor support is sufficient. Ford Motor bonds weakened after the United Auto Workers union rejected a contract proposal, raising strike fears, and the TSA's push to expand private airport security spooked municipal bonds tied to federal facility funding.

Corporate Moves & Labor

Intuit announced plans to cut 17% of its workforce to double down on AI, while Meta's Mark Zuckerberg promised no more company-wide layoffs after its 8,000-job reduction, even as one laid-off employee responded by creating AI-generated layoff-themed songs. Urban Outfitters posted record first-quarter sales, climbing 11% to $1.48 billion, but the real-estate sector saw two giants near a mega-REIT merger as Avalon Bay and Equity Residential advanced talks to combine. In a stark contrast, former Bridging Finance CEO David Sharpe sought a new appeal in his fraud case, and a JPMorgan banker fought back against "fabricated" harassment claims.