Analyst Highlights
- Macro regime shift: Warsh pick strengthened USD and repriced “debasement” trades—gold -7.2% on week, silver -32.0% (extreme positioning unwind risk).
- Rates signal: Bowman’s “wait on cuts” stance reinforces higher-for-longer bias; balance-sheet drawdown debate increases long-end sensitivity and curve-steepening risk.
- Cross-asset volatility: Equity index vol stayed muted while commodities/FX swung sharply—watch spillover into credit and risk parity positioning.
- Credit stress point: AI disruption fears hit software leveraged loans; investors rotating toward junk bonds vs loans suggests widening dispersion across “AI-exposed” credits.
- Geopolitics premium: Iran tensions + Venezuela licensing + tariff threats (Canada/S. Korea) raise policy and supply-chain uncertainty—supports oil bid, complicates inflation path.
- AI capex arms race: Oracle fundraising + hyperscaler/OpenAI financing chatter + data-center M&A (STT GDC) signal continued infrastructure build, but bubble/circular-financing scrutiny rising.
IPO’s in the week
- Mountain Lake Acquisition Corp. II (MLAAU, Nasdaq) — Blank-check SPAC focused on acquiring an established, cash-generative business with durable competitive advantages. IPO Date: Jan 27, 2026. Shares Offered: 31.32M at $10.00 per share, raising $313.2M. Management targets scalable businesses with strong free cash flow, disciplined leverage, and clear post-merger growth catalysts.
- GigCapital9 Corp. (GIXXU, Nasdaq) — Blank-check SPAC (Private-to-Public Equity) sponsored by an affiliate of GigCapital Global, targeting business combinations primarily in aerospace & defense services and TMT (including cybersecurity, secure communications, quantum command-and-control, and AI/ML). IPO Date: Jan 27, 2026. Shares Offered: 22.0M at $10.00 per share, raising $220.0M.
- Space Asset Acquisition Corp. (SAAQU, Nasdaq) — Blank-check SPAC targeting the global space economy, with emphasis on technology and defense-adjacent space infrastructure (e.g., satellite comms, remote sensing/GEOINT, ISR, SDA, in-orbit services, hypersonics, PNT, and cislunar infrastructure). IPO Date: Jan 28, 2026. Shares Offered: 20.0M at $10.00 per share, raising $200.0M.
- Public Policy Holding Company, Inc. (PPHC, Nasdaq) — Global strategic communications and public affairs platform serving government relations, corporate communications, public affairs, and compliance services, with a client base that includes nearly half of the Fortune 100. IPO Date: Jan 28, 2026. Shares Offered: 4.15M at $12.25 per share, raising $50.8M. The firm operates a multi-boutique holding model with 12 member companies across the U.S., U.K., and key international markets.
- KRAKacquisition Corp (KRAQU, Nasdaq) — Blank-check SPAC focused on the digital asset ecosystem, targeting businesses at the intersection of DeFi and TradFi, including blockchain infrastructure, payments, tokenization platforms, and compliance solutions. IPO Date: Jan 28, 2026. Shares Offered: 30.0M at $10.00 per share, raising $300.0M.
- York Space Systems (YSS, NYSE) debuted at an implied $4.75B valuation, opening +11.8% at $38, after raising $629M in an upsized IPO (18.5M shares). Investors are positioning for sustained Pentagon space/defense spend, though analysts flag potential volatility tied to federal budget headlines—despite York’s push into software/data via its ATLAS Space Operations acquisition.
- Xsolla SPAC 1 (XSLLU, Nasdaq) — Blank-check SPAC targeting high-growth, secular-tailwind sectors including video games, fintech, ad tech, and telecommunications, with a stated focus on targets $500M+ enterprise value. IPO Date: Jan 29, 2026. Shares Offered: 20.0M at $10.00 per share, raising $200.0M.
- United Acquisition Corp. I (UACU, NYSE American) — Blank-check SPAC with no sector restriction, seeking a business combination with a category leader (or potential leader) that is public-market ready, has tech/brand advantages, and clear growth upside. IPO Date: Jan 29, 2026. Shares Offered: 10.0M at $10.00 per share, raising $100.0M.
- Picpay Holdings Netherlands B.V. (PICS, Nasdaq Global Select) — Brazilian digital wallet and payments platform operating a two-sided ecosystem for consumers and SMBs, with expanding products across banking, credit, insurance, investments, and commerce. IPO Date: Jan 29, 2026. Shares Offered: 22.86M at $19.00 per share, raising $434.3M. Reported 42M quarterly active consumers (as of Sep 30, 2025) and consolidated TPV growth of +29% YoY in the latest quarter.
- K2 Capital Acquisition Corporation (KTWOU, Nasdaq) — Blank-check SPAC. IPO Date: Jan 28, 2026 (priced); Trading: Jan 29, 2026. Units: 12.0M at $10.00 (upsized), raising $120.0M; each unit = 1 Class A share + 1 right (convertible into 1/5 Class A share at business-combination close). Over-allotment: up to 1.8M additional units (45 days). Manager: D. Boral Capital. Registration declared effective by the U.S. Securities and Exchange Commission.
- Ethos Technologies Inc. (LIFE, Nasdaq Global Select) — Digital life insurance platform serving consumers, agents, and carriers, offering a streamlined online application and underwriting experience with fast decisions and an agent operating system (Agent OS). IPO Date: Jan 29, 2026. Shares Offered: 10.53M at $19.00 per share, raising ~$200.0M (including 5.40M shareholder shares). Reported 500K+ policies activated and 10,000+ active agents as of Sep 30, 2025.
- Newbridge Acquisition Ltd (NBRGU, Nasdaq Capital) — Blank-check SPAC (BVI-incorporated) with no specific industry focus, open to targets globally; while not explicitly targeting China, it may consider businesses with material ties to China / Hong Kong / Macau. Status: Filed (not yet priced). Proposed Offering: 5.0M units at $10.00, targeting $50.0M.
- Muzero Acquisition Corp (MUZEU, Nasdaq Global) — Blank-check SPAC targeting technology-enabled businesses across sectors, backed by a team with private equity and global capital markets experience. Status: Filed (not yet priced). Proposed Offering: 17.5M units at $10.00, targeting $175.0M.
- M Evo Global Acquisition Corp II (MEVOU, Nasdaq Global) — Blank-check SPAC focused on the U.S. critical minerals supply chain, targeting companies involved in exploration, processing, production, domestic refining/recycling, and enabling technologies tied to national security, electrification, and energy independence. Status: Filed (not yet priced). Proposed Offering: 27.0M units at $10.00, targeting $270.0M.
Markets Weekly
- S&P 500 closed at 6,939.03, down 11.20 points (-0.16%) for the week.
- Russell 1000 (IWB) closed at 378.46, down 1.31 points (-0.35%) for the week.
- Russell 2000 closed at 2,613.74, down 45.93 points (-1.73%) for the week.
- Russell 3000 closed at 3,939.91, down 16.95 points (-0.43%) for the week.
- CBOE (VIX) closed at 17.44, up 1.29 points (+7.99%) for the week.
- Dow Jones closed at 48,892.47, down 519.93 points (-1.05%) for the week.
- NASDAQ closed at 23,461.82, down 139.54 points (-0.59%) for the week.
- Bitcoin closed at $76,974.45, down $11,292.69 (-12.8%) for the week.
- Ethereum closed at $2,267.96, down $658.50 (-22.5%) for the week.
- Solana closed at $100.85, down $23.29 (-18.8%) for the week.
- XRP closed at $1.5913, down $0.3122 (-16.4%) for the week.
- Gold closed at $4,713.90, down $365.80 (-7.2%) for the week.
- Silver closed at $78.29, down $36.79 (-32.0%) for the week.
- WTI Crude closed at $65.21, up $4.58 (+7.6%) for the week.
- Brent Crude closed at $70.69, up $5.10 (+7.8%) for the week.
- Warsh’s Fed nomination shifts focus from rate cuts to the Fed’s $6.6T balance sheet, reviving QE unwind debate and long-term rate sensitivity.
- Fed Vice Chair Michelle Bowman says officials can afford to wait on further rate cuts, citing elevated inflation, data uncertainty, and a measured path to neutral.
- Dollar surged most since May after Warsh pick; S&P slipped, long Treasuries lagged as markets repriced inflation and rate-cut expectations.
- Gold logged its sharpest drop in decades and silver tumbled as a surging dollar unwound crowded “debasement” trades after Warsh’s Fed nomination.
- Nvidia CEO Jensen Huang says Nvidia will join OpenAI’s new funding round, calling it its biggest ever, though far below $100B.
- AI disruption fears are pressuring software leveraged loans, with prices dropping as investors warn of obsolescence and rotate toward junk bonds over loans.
- OPEC+ kept March output steady, extending its three-month supply pause as Iran tensions lift oil; next decision deferred to March 1 meeting.
- Markets volatility is shifting from equities to commodities and FX, with gold, oil and currencies swinging on geopolitics while index volatility stays muted.
- Silver crashed 26% in under 20 hours as Chinese speculative buying reversed; Warsh Fed nomination boosted the dollar, accelerating metals selloff.
- Bitcoin broke below $80,000 amid thin liquidity, deepening risk-off sentiment as demand fades and analysts warn a prolonged downturn could follow.
Politics Weekly
- Trump nominates former Fed governor Kevin Warsh to lead the Federal Reserve, sharpening focus on inflation policy, rates, and central bank independence.
- Shutdown deadline nears as DHS/ICE funding talks stall after Minnesota killings, with Senate unable to advance a spending package amid reform demands.
- US issued a general license letting oil firms operate and export Venezuelan crude, easing sanctions now, with limits on China-linked entities strictly.
- Trump threatened 50% tariffs on Canadian aircraft and possible decertification of new planes, pressuring Ottawa to approve Gulfstream jet certifications.
- Trump vows to raise tariffs on South Korean goods to 25%, targeting autos, pharma and lumber, citing Seoul’s failure to codify trade terms.
- US envoy David Perdue blasts China’s export-licensing rules as overly intrusive, warning rare-earth controls are a flashpoint ahead of a possible Trump visit.
- North Korea fired ballistic missiles after a new US defense strategy urged South Korea to lead deterrence, amid rising regional tensions.
- Trump adds Iran sanctions and urges a deal as US naval forces near, while Tehran warns strikes could spark wider war but signals talks.
- US-Iran tensions rise as Ayatollah Ali Khamenei warns of “regional war” and retaliation, while Trump renews demands but says he wants a deal.
- EU designates Iran’s Revolutionary Guard Corps a terrorist group, adding sanctions and asset freezes over Tehran’s deadly crackdown on protests.
- Kremlin says Trump asked Putin to pause strikes on Kyiv until Feb. 1 to support UAE talks; Zelenskiy offered energy-strike halt if Russia complies.
- Ukraine says a Russian drone hit a civilian bus, killing 15, as US-backed peace talks continue ahead of Feb. 4–5 negotiations in UAE.
Technology Advancements in the week
- Nvidia’s Jensen Huang said the firm will join OpenAI’s new funding round, calling it potentially Nvidia’s largest investment, though well below $100B.
- Oracle plans to raise $45–$50B in 2026 via debt and equity to expand cloud capacity for major customers, including OpenAI.
- Amazon is in talks to invest up to $50B in OpenAI, deepening cloud ties and potential model integration across Amazon products.
- GIC and Mubadala may join KKR’s bid for STT GDC, valuing the data-center operator above $10B including debt.
- Nvidia added $2B more into CoreWeave to scale 5GW AI capacity by 2030, while previewing its “Vera” CPU platform.
- WSJ reports an Abu Dhabi royal’s envoys agreed to buy 49% of Trump-linked World Liberty Financial for $500M, raising governance scrutiny.
- ServiceNow will buy cyber startup Armis for $7.75B, its largest deal, to fold threat-prevention data into its security platform.
- AI customer-support startup Decagon raised $250 million, tripling valuation to $4.5 billion, as agentic support tools scale across 100+ enterprise clients.
- DeepSeek expands into AI search and agents, ramping up competition with OpenAI and Google across multilingual, multi-modal assistants.
- Google launched now Chrome’s Gemini-powered “Auto Browse” agent to navigate sites and complete tasks like shopping, available to US AI Pro/Ultra subscribers.
- Lasertec plunged ~10% after a raised outlook still underwhelmed investors, despite AI-driven demand and record ASML orders supporting inspection tools.
- China AI-driven tech deals fuel Hong Kong IPO surge, with January listings hitting records and 350+ firms queued to go public.
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