M360 Roundup - Volume 87

May 19th - 23rd, 2025

Cole LaCour

U.S. flash PMIs for May beat expectations, with both services and manufacturing rising to 52.3, driven by higher prices and record input stockpiling to preempt tariff-related disruptions

The S&P 500 is down 1.47%, the Nasdaq is down 1.18%, and the Dow Industrials is down 1.17% WTD

The 10-Yr U.S. Treasury yield has decreased -0.021% to a current yield of 4.493%, whereas the 30-Yr U.S. Treasury yield increased +0.007% to a current yield of 5.030%

Crude oil prices decreased 3.10% to a current $60.55/bbl while bitcoin increased 2.19% to a current $108,767.40/coin

Private credit is facing a glut of capital but a shortage of quality lending opportunities due to weak buyout activity and intense lender competition, leading to compressed yields and lower expected returns [WSJ]

International stocks are outperforming U.S. equities by the widest margin since 1993, with the S&P 500 trailing a global index by over 10 percentage points this year [WSJ]

China has rapidly advanced in key technologies like AI, robotics, and satellites while reducing its reliance on foreign imports, fortifying its economy as it prepares for prolonged tensions with the U.S. [WSJ]

Walmart's strong earnings and stock performance have earned it a high valuation, but with tariff pressures mounting and slimmer margins than Amazon, it faces greater risk amid the ongoing trade war [WSJ]

OnlyFans is in talks to sell itself at an ~$8B valuation, while also weighing an IPO

AT&T agreed to acquire network tech company Lumen Technologies' consumer fiber business for $5.75B cash

Motorola Solutions is in advanced talks to acquire wireless-radio maker Silvus Technologies for $4.5B

Engineering conglomerate Honeywell agreed to acquire UK chemicals firm Johnson Matthey's Catalyst Technologies unit for $2.4B cash

German steel and industrial conglomerate Salzgitter is considering selling its bottling machine unit KHS for up to $1.1B

European PE firm EQT agreed to acquire water-treatment provider Seven Seas Water from Morgan Stanley Infrastructure Partners at an over $1B valuation, including debt

Steel tycoon Aditya Mittal is investing $1B in Bill Chisholm's group buying NBA's Boston Celtics for $6.1B

President Trump is pushing to revive stalled natural gas pipeline projects in the Northeast, but despite political support, developers like Williams remain hesitant due to past legal battles, regulatory hurdles, and ongoing opposition from environmental groups [WSJ]

U.S. crude oil inventories rose by 1.3 million barrels last week—contrary to forecasts of a decline—marking the second straight weekly increase amid higher refinery activity and rising gasoline and diesel stocks [WSJ]
Construction of the $2.5 billion Empire Wind project off New York's coast is resuming after a temporary halt by the Trump administration, marking a major reversal and clearing the way for operations to begin in 2027 [WSJ]

OpenAI’s largest data center project in Texas, built by Crusoe, has secured $11.6 billion in new funding to expand to eight buildings and reduce the company’s reliance on Microsoft for computing power [WSJ]

OpenAI is acquiring Jony Ive’s startup io in a $6.5 billion deal, giving the former Apple design chief and his firm LoveFrom creative control to lead the design of next-generation AI-powered consumer devices and products [WSJ]

UnitedHealth’s once-dominant vertically integrated model is now under pressure from rising medical costs, tighter regulations, and political scrutiny, leading to leadership changes, a sharp stock decline, and growing doubts about the sustainability of its strategy [WSJ]

President Biden’s late-stage prostate cancer diagnosis has sparked debate over why it went undetected despite top-tier medical care, highlighting concerns around PSA screening guidelines for older men and potential concealment of his health decline [WSJ]

Major U.S. banks, including JPMorgan and Bank of America, are in early talks to create a joint stablecoin to compete with crypto firms and modernize cross-border payments, amid rising regulatory momentum and pressure from potential tech and retail entrants [WSJ]
The SEC has sued crypto startup Unicoin and its executives for allegedly defrauding over 5,000 investors by overstating asset values and falsely claiming its tokens were SEC-compliant, despite raising over $100 million without launching the promised token [WSJ]