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Capital Markets

Deals, listings and the cost of money

IPOs, mergers, buybacks and credit issuance — what the terms of a deal say about what this market is willing to fund right now.

What Big Funds Own22 fundsWhat Berkshire, Bridgewater and other big funds reported holding last quarter.What Analysts Expect16 stocksRatings and price targets from the big institutions, each with its public source.

2026-07-11

Stylized S&P 500 graphic showing large-cap breadth and institutional benchmark structure
Index Education / Market Structure
12 min read

The S&P 500 Is the Market's Institutional Core

The S&P 500 is the benchmark that matters because it covers about 80% of available U.S. market capitalization, uses float-adjusted weighting, and sits at the center of passive and active portfolio construction.

Constituents: 500Coverage: ~80%
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SpaceX and Nasdaq-100 index flow graphic showing passive funds, float, and valuation pressure
Aerospace / Market Structure
SPCX · NDAQ•11 min read

SpaceX in the Nasdaq-100 Turned a Space Stock Into a Passive-Flow Test

SpaceX's inclusion in the Nasdaq-100 matters less as a space headline than as a test of how much passive capital can move a stock with tiny float and huge expectations.

Nasdaq-100 AUM: $800BPublic float: <5%
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2026-07-10

SK Hynix memory chips with a Nasdaq-style market backdrop and U.S. flag motif
Capital Markets / Semiconductors
SKHY · NDAQ•13 min read

SK Hynix on Nasdaq: Why the U.S. Listing Matters, What It Changes, and Where the Trap Is

A structured deep dive into the proposed U.S. listing, SK Hynix's operating inflection, and the AI-memory supply chain bottleneck behind the move.

FY2025 Revenue: KRW 97.1TFY2025 Op Profit: KRW 47.2T
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SpaceX rocket launch with a Nasdaq-style market chart and satellite constellation
Capital Markets / Aerospace
SPCX · NDAQ•11 min read

SpaceX on Nasdaq: Liquidity, Control, and What Public Markets Really Buy

A deep dive into why SpaceX chose a public listing, what the market gets, and why governance and capex remain the real risks.

IPO Price: $135Implied Valuation: $1.77T
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2026-07-08

IPO funnel, capital formation, and public-market access graphic
Macro / Capital Markets
10 min read

SEC's IPO Surge Reopens the Public Markets Funnel

The SEC says Q1 2026 saw 99 IPOs raise over $22 billion, versus 84 IPOs raising over $11.8 billion a year earlier. That rebound matters because the agency is now pairing fresh capital-formation data with a July roundtable on modernizing IPOs and expanding access to public markets, which could reshape how banks, exchanges, and pre-IPO companies think about the public-market funnel.

Q1 2026 IPOs: 99Q1 2026 proceeds: $22B+
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Five AI chip logos on a public-market podium with Nvidia in the distance as the incumbent, with rising IPO valuation tags for the 2026-2028 calendar
Semiconductors / AI Chip IPOs
NVDA · 277280.KQ•14 min read

The 2026-2028 AI Chip IPO Pipeline Is Now 5 Names Deep - SambaNova, Rebellions, Tenstorrent, Cerebras, and Baidu Kunlunxin

CNBC reported on July 8, 2026 that SambaNova CEO Kunle Olukotun said the company is 'strongly considering' an IPO, likely in the U.S. - joining Rebellions (targeting a South Korea IPO in 2026) and Baidu Kunlunxin (targeting a Hong Kong IPO at $50B). The 2026-2028 AI chip IPO pipeline now has 5 names, and the read-through is direct for Nvidia, AMD, Broadcom, TSMC, ASML, and the broader AI capex stack that depends on the GPU-vs-custom-chip competition.

AI chip IPOs: 5 namesSambaNova IPO: U.S. target
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2026-07-07

Exchange and routing cover for TXSE's market structure launch
Market Structure / Exchanges
NDAQ•9 min read

TXSE Opens Trading, But the Real Battle Is Listings, Data, and Governance

Texas Stock Exchange's July 6 production launch is small on volume but big on signaling. The first credible challenger to the NYSE-Nasdaq duopoly in years will not win on day one; it will try to win by forcing issuers and brokers to renegotiate fees, data, and listing standards.

Test trading: Jul. 6Initial trade date: Test symbols
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2026-07-01

Bank stress test graphic with capital bars and return-of-capital signals
Banking / Policy
MS · WFC•9 min read

The Fed's 2026 Stress Test Turned Big Bank Capital Into a Buyback Story

The Fed said the 32 largest banks absorbed more than $708 billion of hypothetical losses and still kept capital above minimums. JPMorgan, Morgan Stanley, and Wells Fargo quickly responded with bigger dividends and buybacks. The deeper read is that capital is no longer trapped inside the system.

Hypothetical losses: $708BCapital decline: 1.6pp
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2026-06-30

Abstract launch and public market benchmark graphic showing SpaceX IPO valuation effects
Commercial Space / Capital Markets
SPCX•10 min read

SpaceX's IPO Repriced the Public Space Stack

SpaceX went public in the largest IPO in history, and the market has already started using it as a valuation anchor for every listed space and satellite name. That does not mean the public comps should all trade like SpaceX. It means investors now have to explain why some space assets deserve premium pricing and others do not.

IPO proceeds: $75BDay-one valuation: $2.1T
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2026-06-26

Abstract capital-markets backlog and funding bridge illustration
Capital Markets
ORCL•10 min read

OpenAI IPO Delay

OpenAI may wait until 2027 to go public instead of listing into a weak tape. That is a valuation choice, but it also stretches the private-capital bridge that supports Oracle, CoreWeave, SoftBank, and the Stargate buildout.

Potential timing: 2027Target valuation: $1T
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Abstract background showing a memory chip, rising price curve, and U.S. market backdrop
Capital Markets
SKHY•12 min read

SK Hynix Nasdaq Plan

SK hynix has filed to bring American Depositary Shares to Nasdaq under the symbol SKHY. The move is less a classic debut and more a capital-markets wrapper around an already dominant AI-memory business with heavy capex needs, a strong balance sheet, and a growing U.S. operating footprint.

1Q26 Revenue: KRW 52.6T1Q26 Op Profit: KRW 37.6T
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2026-06-24

Bank capital ratios, stress losses, and buyback capacity graphic
Financials / Banks
JPM · BAC•10 min read

The Fed Stress Test Keeps Big Bank Capital Returns in the Frame

The Federal Reserve says all 32 large banks stayed above minimum capital in its 2026 stress test even after more than $708 billion of hypothetical losses. Because current stress capital buffer requirements are being held until 2027, the near-term takeaway is not solvency fear but how much capital JPMorgan Chase, Bank of America, Wells Fargo, Goldman Sachs, and Morgan Stanley can still return to shareholders.

Banks tested: 32Hypothetical losses: $708B+
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What to expect

Evidence-first notes with a visible point of view.

This section collects sharp takes on earnings, shareholder meetings, and market structure. Each new piece should make the thesis, the facts, and the implications obvious within the first few screens.

Expect direct analysis, not generic commentary.

Expect the data to be explicit and the argument to be easy to follow.

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