Analyst Highlights
- Equities: US indices closed mixed but stable; Nasdaq outperformed while small caps lagged, reflecting AI-led concentration risk.
- Rates & Policy: Fed’s Hammack signaled a pause in rate cuts after 75bps of easing, reinforcing data-dependent policy outlooks.
- Commodities: Gold and silver rallied sharply; oil stayed range-bound as Venezuela supply risks offset demand concerns.
- Crypto: Bitcoin volatility rose ahead of $23B options expiry; hedge funds logged their worst year since 2022 amid liquidity stress.
- China: Rare-earth magnet exports to the US fell again, underscoring Beijing’s leverage in strategic supply chains.
- Technology: AI infrastructure build-out accelerated across chips, power, and cloud, increasing capital intensity and credit risk
IPO’s in the week
- Crane Harbor Acquisition Corp. II (CRANU, NASDAQ Global) — A Cayman Islands–incorporated blank-check company targeting business combinations in technology, real assets, and energy, priced its IPO at $10.00 per unit on December 16, 2025, offering 30,000,000 units to raise $300.0M to pursue a future merger or acquisition.
- Medline, Inc. (MDLN, Nasdaq Global Select) — A leading provider of medical-surgical products and supply chain solutions serving hospitals, surgery centers, physician offices, and post-acute care, priced its IPO at $29.00 per share, offering 216,034,482 shares to raise ~$6.265B, supporting continued growth across its Medline Brand and Supply Chain Solutions platforms.
- Iron Horse Acquisition II Corp. (IRHOU, Nasdaq Global) — A Cayman Islands–incorporated blank-check company targeting a future business combination, with a strategic focus on media & entertainment, including music, animation, and AI, priced its IPO at $10.00 per unit, offering 20,000,000 units to raise $200.0M for a prospective merger or acquisition.
- Churchill Capital Corp XI (CCXIU, Nasdaq) — A special purpose acquisition company (SPAC) formed to pursue a future merger or acquisition, priced its upsized IPO at $10.00 per unit on December 16, 2025, offering 41.4M units to raise ~$414M (after full over-allotment), with each unit consisting of one Class A share plus one-tenth of a redeemable warrant.
- Andersen Group Inc. (ANDG, NYSE) — A leading U.S. provider of independent tax, valuation, and financial advisory services, priced its IPO at $16.00 per share on December 17, 2025, offering 11,000,000 shares to raise $176.0M, supporting continued expansion across its integrated advisory platform.
- Vine Hill Capital Investment Corp. II (VHCPU, Nasdaq Global) — A Cayman Islands–incorporated blank-check company targeting middle-market business combinations across industrials, technology, logistics, fintech, and AI, priced its IPO at $10.00 per unit, offering 20,000,000 units to raise $200.0M for a future merger or acquisition.
- Launchpad Cadenza Acquisition Corp I (LPCVU, Nasdaq Global) — A Cayman Islands–incorporated blank-check company targeting technology and software infrastructure across blockchain, fintech, and digital assets, priced its IPO at $10.00 per unit, offering 20,000,000 units to raise $200.0M to fund a future business combination.
- American Drive Acquisition Co (ADACU, Nasdaq Global) — A Cayman Islands–incorporated blank-check company focused on American targets across defense, logistics, transportation, technology, and AI, priced its IPO at $10.00 per unit, offering 20,000,000 units to raise $200.0M for a future business combination.
- TGE Value Creative Solutions Corp (BEBEU, NYSE) — A Cayman Islands–incorporated blank-check company focused on business combinations in media, digital media, entertainment, fashion, lifestyle, culture, and gaming, filed to offer 15,000,000 shares at $10.00 per share to raise $172.5M (plus 2,250,000 shares for over-allotment) to fund a future merger or acquisition.
Markets Weekly
- S&P 500 closed at 6,834.50, up 17.99 points (+0.26%) for the week.
- Russell 1000 (IWB) closed at 372.97, up 0.99 points (+0.27%) for the week.
- Russell 2000 closed at 2,529.43, down 1.24 points (-0.05%) for the week.
- Russell 3000 closed at 3,883.66, up 10.27 points (+0.27%) for the week.
- CBOE closed at 14.91, down 1.59 points (-9.6%) for the week.
- Dow Jones closed at 48,134.89, down 281.67 points (-0.58%) for the week.
- Nasdaq closed at 23,307.62, up 250.21 points (+1.09%) for the week.
- Bitcoin closed at $88,103, up $1,684 (+1.95%) for the week.
- Ethereum closed at $2,977.97, up $13.79 (+0.47%) for the week.
- Solana closed at $126.19, down $1.57 (-1.23%) for the week.
- XRP closed at $1.91, up $0.01 (+0.46%) for the week.
- Gold closed at $4,361.40, up $54.70 (+1.27%) for the week.
- Silver closed at $66.85, up $3.91 (+6.20%) for the week.
- WTI Crude closed at $56.66, down $0.16 (-0.28%) for the week.
- Brent Crude oil $60.47, down $0.09 (-0.15%) for the week.
- Fed’s Hammack said a pause in rate cuts is her base case after 75bp of easing, as officials assess inflation progress (core CPI 2.6% YoY).
- The S&P 500 nearly hit a tariff-driven bear market in April, then rebounded to records as VIX briefly surged above 50.
- Strategists expect higher US stock volatility in 2026 as AI-driven FOMO clashes with bubble fears, prompting hedging and Nasdaq 100 volatility positioning.
- AI-driven utility borrowing is reshaping credit markets, raising bond issuance, regulatory risk, and funding pressure tied to data-center power demand.
- Gold hit a record above $4,381/oz (+1.5%) as traders priced two Fed cuts in 2026 and Trump pushed easier policy, boosting non-yielding bullion.
- Crypto hedge funds had their worst year since 2022: directional -2.5%, altcoin-heavy ~-23%, while market-neutral +14.4% amid post-crash liquidity stress.
- Bitcoin volatility rose ahead of a $23B options expiry, triggering sharp liquidations and large market-cap swings as sentiment stayed fragile.
- China’s rare-earth magnet exports to the US fell 11% in November to 582 tons, highlighting ongoing supply-chain leverage despite the trade truce.
- China GPU maker Moore Threads unveiled Huagang AI chips after its IPO debut, claiming 50% higher density and 10x efficiency; mass production starts 2026.
- The rupee’s decline influences foreign investor flows, corporate earnings, and equity valuations, directly affecting India’s $5.4T stock market recovery.
- India approved reforms allowing 100% foreign ownership in insurers, aiming to attract long-term capital, boost governance, and spur innovation.
- Trump Media will merge with fusion developer TAE in a $6B+ deal, investing up to $300M; first utility-scale plant planned, targeting 2031.
- ByteDance is tracking ~$50B profit in 2025, nearing a US TikTok carve-out plan, while expanding e-commerce and livestream shopping globally.
Politics Weekly
- Putin said he’s ready to end the Ukraine war but rejected concessions, claiming broad agreement with a US-linked peace plan after Alaska talks.
- US, Ukraine and European officials held “constructive” Florida talks on a 20-point plan, US security guarantees and Ukraine’s economic development framework.
- U.S. is pursuing a third tanker near Venezuela as Trump tightens an oil blockade; pressure on PDVSA storage could disrupt production.
- India fast-tracked reforms to cushion US tariff risks, approving private nuclear access, 100% foreign-owned insurers, and a unified securities-law code.
- NATO’s top maritime commander warned the alliance isn’t ready for a long war, urging faster defense spending and cyber/military preparedness.
- Macron said France will begin building a new aircraft carrier soon, boosting defense industry jobs despite budget uncertainty, with service targeted for 2038.
- UK suspects China-backed actors hacked the Foreign Office in October; ministers say risk to individuals is low and the breach was closed quickly.
- Pakistan’s Imran Khan received an additional 17-year graft sentence; the court also convicted Bushra Bibi, escalating political tensions and uncertainty.
- Spain’s PSOE suffered a big loss in Extremadura as PP won 29 seats; scandals and graft probes are weakening Sánchez politically despite growth.
Technology Advancements in the week
- Oracle is leading tech’s $500B AI-driven data-center lease spree, with $248B committed to scale capacity for training and deploying next-gen models.
- China AI chipmaker MetaX surged 693% after a massively oversubscribed IPO, underscoring intense demand for domestic GPU alternatives.
- Chinese AI chipmakers are racing to IPOs after blockbuster debuts, raising capital to accelerate self-reliance and challenge Nvidia in the global AI race.
- Michigan regulators approved DTE to supply Oracle/OpenAI’s 1.4GW Saline Township data center, saying contracts protect the grid and customers.
- OpenAI is reportedly in talks to raise $10B+ from Amazon and use Trainium chips, valuing OpenAI north of $500B and boosting AWS’s AI stack.
- Google rolled out Gemini 3 Flash, a cheaper, faster model, replacing 2.5 Flash in Gemini and becoming the default AI engine for Search’s AI Mode.
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