Public Markets 8 Hours

Last updated: May 23, 2026, 2:31 AM ET

IPO Market & Big Tech Valuations

Investors flocking to Big Tech IPOs as SpaceX, OpenAI and Anthropic prepare competing offerings in what market analysts call the "giant IPO bake-off." The SpaceX IPO is following traditional routes despite its Mars colonization ambitions, with the company reportedly working with underwriters on a valuation that could exceed $200 billion. Overall stock enthusiasm defies global concerns about war, inflation and AI boom risks, with major indexes setting new records as retail and institutional investors alike pour capital into technology equities. This investor appetite comes despite geopolitical tensions that could impact valuation multiples across the tech sector, particularly for companies with significant international operations.

Mergers & Acquisitions

AI revolution transforming M&A landscape as deal sizes hit new peaks, private equity firms discover "new gold mine" in AI-enabled acquisitions, and traditionally "unloved companies" become acquisition targets worth premium valuations. Meanwhile, Chinese companies aggressively expanding abroad through deals for western consumer brands like Everlane and Puma, seeking growth amid domestic competition and deflationary pressures that are squeezing profit margins at home. These outbound investments represent a strategic shift for Chinese corporations facing slowing domestic growth and increased regulatory scrutiny, with consumer brands particularly attractive as China's middle class continues to evolve purchasing preferences.

Bond Markets

Bond market slump triggers vigilante concerns among investment professionals, with a growing sense that "we have a serious problem here" as yields climb to multi-month highs. The bond selloff comes as central banks worldwide grapple with inflation persistence, forcing portfolio managers to reassess duration strategies and credit risk premiums in what could become a prolonged period of higher-for-longer interest rates. Corporate bond spreads have widened by approximately 30 basis points across investment-grade and high-yield segments since the beginning of the quarter, with energy and technology sectors experiencing the most significant outflows as investors rotate into equities perceived to benefit from AI-driven productivity gains.

Global Market Expansions

AS Watson plans to proceed with its $30bn dual listing in Hong Kong and London by end-2026, demonstrating confidence in Asian markets despite regional volatility. The Hong Kong exchange has become increasingly attractive for consumer goods companies seeking exposure to China's recovering economy, while London offers institutional investor diversification. Similarly, New Zealand bolstering maritime security with a NZ$1.6 billion ($936 investment in drones and naval upgrades, reflecting how nations are increasingly prioritizing strategic infrastructure protection amid global supply chain uncertainties. This investment represents approximately 0.6% of New Zealand's GDP and aims to secure critical trade routes that have faced increased geopolitical tension in recent years.