Global Market Insights

Goldman Sachs has surpassed $1 trillion in merger and acquisition advisory volume this year, achieving this milestone nearly one month earlier than the 2021 peak, with the second-place competitor trailing by over $300 billion. Loose regulatory conditions, ample financing, and the reshaping of industry dynamics by AI have significantly increased corporate strategic M&A intentions. Goldman

SpaceX has completed the largest IPO in history with a valuation of approximately $1.8 trillion, raising $75 billion. Early-stage investment institutions are reaping historic returns: Valor Equity Partners holds nearly $70 billion in positions, Founders Fund over $50 billion, DFJ Growth exceeding $35 billion, and Sequoia and a16z over $20 billion and $10 billion, respectively.

SpaceX has completed the largest IPO in history at a $75 billion valuation, with an underwriting fee rate of only 0.67%, totaling approximately $500 million. Goldman Sachs and Morgan Stanley, acting as joint lead underwriters, each received about $100 million in fee allocations. However, the true gains are expected to stem from ‘soft dollars’—with the

The S&P 500 closed up 0.5%. Apple fell 1.5%, with a weekly decline of over 5%. Intel rose 6.5%, surging 25% for the week. On SpaceX’s debut day, space concept stocks SATS and RKLB both plunged nearly 11%. Seagate surged over 7%. The software sector ETF traded flat to slightly lower, extending its losing streak

JPMorgan believes the market has underestimated the boosting effect of mega IPOs such as SpaceX on investment banking performance, and has issued a short-term tactical buy signal. The bank noted that super IPOs are generating a “multiplier effect”, driving linked growth in secondary market trading and related business, with this incremental revenue not yet fully

Standard Chartered analyst Kendrick believes that the low point for Bitcoin has already emerged. On-chain data indicates that the price is approaching the ‘realized price’, with over half of positions currently at a loss, historically signaling a bottom. However, net outflows from US spot Bitcoin ETFs have reached $5.8 billion in a single month, with

The dual catalysts of the preliminary US-Iran peace agreement signing and US export controls on the Anthropic model drove a strong return of global risk appetite on Monday. Safe-haven sentiment receded, pushing capital flows into high-beta assets, while export controls sparked market expectations that countries will accelerate the development of their own AI infrastructure and

The IPO wave driven by U.S. tech giants such as SpaceX and OpenAI, with a combined valuation of approximately $3.6 trillion, is spilling over. BNP Paribas stated that this will fuel a rise in financing demand for European tech companies. U.S. capital has begun actively seeking opportunities in Europe, but insufficient research coverage remains a

The Federal Reserve announced it would keep interest rates unchanged, but the latest dot plot revealed that 9 out of 18 officials anticipate at least one rate hike this year. The two-year U.S. Treasury yield surged 14 basis points to 4.20%, and the U.S. dollar rose 0.87%. Money markets have fully priced in a rate

All three major U.S. stock indices closed down more than 1%, with the VIX fear index rising back above 18. Meta fell over 5%, leading the decline among the “Big Seven” tech stocks. SpaceX dropped nearly 5%. The rate-sensitive 2-year U.S. Treasury yield rose 16 basis points, while the 10-year yield increased over 8 basis