Public Markets 8 Hours

Last updated: July 17, 2026, 11:30 AM ET

Apple Reclaims Top Spot as Tech Rotation Continues

Apple Inc. reclaimed the title of the world's most valuable publicly traded company, surpassing Nvidia Corp. as investors shift their focus from hardware supply chains to consumer execution. This rotation has into a bear market, unwinding a significant portion of a rally that saw a key semiconductor index more than double in three months. Apple's shares have that impacted chipmakers, with HSBC upgrading the iPhone maker to "buy" on expectations of agentic AI capabilities and a strong hardware pipeline. The tech giant's ascent about artificial intelligence spending, prompting a sell-off in Asian markets that spilled into Europe and the U.S.

Corporate Dealmaking and IPO Activity

BASF SE has invited banks to pitch for roles in the initial public offering of its agrichemical division, an offering that could be one of the largest on the Frankfurt exchange in recent years. In other deal news, Anglo American Plc has for its sale of De Beers, according to a Botswanan cabinet minister. Meanwhile, Zhongji Innolight Co. has received approval for a Hong Kong listing that is likely to be one of the city's biggest in years. Aliko Dangote has also nearly completed a $2.5 billion private stock placement for his refinery business ahead of its initial public offering.

Economic Indicators and Market Movements

U.S. import prices in June, a less significant increase than the downwardly revised 1.7% in May. The cost of hedging against dollar swings has sunk to its lowest level this year, suggesting traders see limited catalysts to disrupt the dollar's status as the world's reserve currency. U.S. Treasury yields as oil prices stabilized. In Italy, the Bank of Italy for the country's economy, anticipating that a strong start to the year will offset fallout from the Iran war.

Start-Up Boom and Private Equity

The U.S. is witnessing start-up, with hundreds of thousands of people creating companies annually, ending a decades-long slump. In a sign of this entrepreneurial spirit, Poolhouse, a tech-infused pool hall start-up. Separately, private equity group EQT reported and earnings growth, with shares rallying 13% as its fee-generating assets under management exceeded expectations. A new trend of young millionaires is emerging through a shortcut to private-equity riches, where individuals on a deal-by-deal basis to acquire businesses like HVAC outfits.

Energy Sector and Infrastructure

ConocoPhillips is to redevelop Iraq's Kirkuk oilfield, acquiring a 42% stake as U.S. companies increase their presence in Iraq to counter China's influence. Meanwhile, shipping traffic in the Persian Gulf has neared a halt, reaching its lowest level in over a month and contributing to higher oil prices due to disruptions from the Iran war. Heineken is to generate steam for its brewing process, utilizing clay bricks that can store thermal energy for days to reduce emissions. U.S. natural gas futures, remaining steady after recent declines influenced by milder weather forecasts and softer LNG feedgas flows.

Hedge Funds and Regulatory Landscape

Connecticut hedge fund Deccan Value Investors is speaking out about its 2022 settlement with the SEC over claims of breaching fiduciary duty. In other hedge fund news, Symmetry Investments has to operate in Dubai, joining other firms expanding in the emirate despite regional conflicts.

Other Notable Developments

Walmart is, with Kieran Shanahan, chief operating officer for Walmart U.S., set to depart. South East Water is, citing public and political scrutiny as factors hurting investor confidence. In a significant development for the tech industry, Apple is with legal letters in a trade secrets dispute. The SEC has been regarding a plan to scrap required quarterly earnings reports.