Trending Market News

AI chip startup SambaNova raised $1 billion in a Series F funding round led by General Atlantic, achieving an $11 billion post-money valuation. The Silicon Valley company, which specializes in custom chips and systems for AI inference, more than doubled its valuation from $5 billion in 2021. The funds will support capacity expansion and global scaling of its AI infrastructure.

• Major investors include General Atlantic (lead), Seligman Ventures, T. Rowe Price, Capital Group, BlackRock, Intel Capital, and Qatar Investment Authority
• JPMorgan Chase selected SambaNova as an inference infrastructure partner, deploying its SN40 and SN50 systems for AI applications
• Intel previously invested $35 million in SambaNova through a February partnership, with plans to increase its stake to 9% ownership, though current stake size was not disclosed

UAE's state oil company ADNOC signed a long-term energy security partnership with South Korea to expand cooperation on crude supply, emergency coordination, and strategic storage. The agreement, announced during ADNOC CEO Sultan al-Jaber's visit, builds on a March pledge to supply South Korea with up to 24 million barrels of oil. This partnership is critical for South Korea, which imports nearly all its energy with 70% coming from the Middle East.

• The partnership includes enhanced long-term crude supply to Korean refiners, joint emergency supply coordination (including alternative export routes), and cooperation on international joint crude stockpiling in South Korea
• South Korea will support ADNOC's access to crude oil storage facilities in the country, including those connected to Korean refining assets
• The agreement comes as Middle East instability has prompted South Korea to diversify its energy sources, given its near-total dependence on imports with 70% of oil coming from the region

The EU's General Court rejected Apple's legal challenge to the Digital Markets Act, upholding the designation of its App Stores and iOS operating system as 'gatekeepers' subject to strict regulatory obligations. The ruling forces Apple to comply with requirements including allowing rival services to interoperate with iOS, significantly impacting how the company operates its ecosystem in Europe.

• Apple's five App Stores across iPhones, iPads, Macs, Apple TVs, and Apple Watches were designated as a single core platform service under the Digital Markets Act
• The iOS operating system must now allow rivals to interoperate with the system, challenging Apple's historically closed ecosystem approach
• The court dismissed Apple's challenge regarding iMessage, ruling that the action was inadmissible

Italy's UniCredit has secured a 17.6% stake in Germany's Commerzbank after a takeover attempt concluded earlier this month. UniCredit had accumulated a 26.7% stake in the German bank since September 2024 and launched a tender offer in May that was characterized as low-ball. The failed takeover bid marks the end of a contentious acquisition effort between the two European lenders.

• UniCredit built up a substantial 26.7% position in Commerzbank starting in September 2024
• The Italian bank's May tender offer was described as 'low-ball' and ended without success earlier in July
• UniCredit retains a significant 17.6% stake in Commerzbank despite the failed takeover attempt

Japanese lunar transport company ispace announced a partnership with SpaceX to offer a lower-cost moon cargo service using Starship rockets. The Tokyo-based firm has purchased 500 kg of payload capacity on a Starship mission planned for as early as 2030 and will build a lunar surface vehicle to enable ride-sharing for clients worldwide.

• ispace has secured 500 kg (1,102 lb) of cargo capacity on a SpaceX Starship moon mission targeted for 2030 or later
• The company will develop a lunar surface vehicle to host payloads from multiple clients in a ride-share model
• The service aims to reduce costs for lunar cargo transport by leveraging SpaceX's Starship heavy rocket and lander system

Ukraine conducted overnight drone strikes on Russia that killed one person and damaged industrial sites and two empty oil tankers in the Sea of Azov. Russia's defense ministry claimed it downed 415 Ukrainian drones in the past 12 hours. The attacks are part of Ukraine's escalating campaign targeting Russian oil infrastructure, mirroring Russia's ongoing strikes on Ukrainian energy facilities during the fifth year of the war.

• The strikes damaged two empty oil tankers in Taganrog Bay that were en route to Rostov-on-Don, with the Sea of Azov being a key supply route for Russian forces in Crimea
• Russia reported downing 415 Ukrainian drones over 12 hours, while casualties included one dead in Saratov region and several injured across multiple locations
• Ukraine has intensified drone attacks on Russian refineries in recent weeks, responding to Russia's repeated strikes on Ukrainian energy infrastructure that have caused widespread power outages

The U.S. Department of Commerce has approved a broad launch of OpenAI's advanced GPT 5.6 model, according to an Axios report citing a person familiar with the matter. Reuters could not immediately verify the report independently. The approval represents a significant regulatory milestone for OpenAI's latest AI model deployment.

• The approval from the Department of Commerce allows OpenAI to proceed with a wide-scale rollout of its GPT 5.6 model
• The information comes from an Axios report based on an unnamed source, and has not been independently confirmed by Reuters
• This marks the first reported instance of Commerce Department approval being required for an OpenAI model launch

Workers at BHP's Port Hedland iron ore operations in Western Australia have voted to strike for eight hours on July 16, 2025, threatening to disrupt A$120 million ($83.16 million) in daily revenue. The action follows six months of failed negotiations over a four-year labor agreement, and comes as unions make their biggest push in 30 years to organize Australia's mining sector under new labor laws enacted in 2022.

• The strike will involve port operations and maintenance workers represented by the Combined Ports Unions, affecting a facility that ships around $150 million of iron ore daily for multiple companies including BHP, Fortescue, and Hancock
• Workers at BHP's South Flank and Mining Area C operations recently approved a deal with a guaranteed 16% pay increase over four years, plus enhanced allowances and delayed flight payments
• The 2022 Labor government law enables unions to negotiate wage deals across multiple employers, request flexible arrangements, and conduct industry-wide strikes, strengthening their bargaining position

NATO leaders convened in Ankara for a summit aimed at securing U.S. President Donald Trump's re-commitment to the alliance, but Trump revived disputes over Iran and Greenland upon arrival. Trump criticized European allies for allegedly failing to support the U.S. during the U.S.-Israeli war on Iran and reiterated his claim that Greenland should be under American control. European leaders sought to demonstrate increased defense spending through $50 billion in arms deals while managing tensions with the unpredictable U.S. president.

• NATO unveiled at least $50 billion in arms deals to show European members are increasing defense spending and reducing reliance on the U.S., addressing Trump's longstanding criticisms
• Trump singled out Italian Prime Minister Giorgia Meloni, a former close ally, saying their relationship 'became a little bad' due to Italy's alleged refusal to help during the Iran conflict
• The U.S. has announced troop withdrawals from Europe and cut forces assigned to NATO defense plans, including an aircraft carrier and fighter jets, while conducting a six-month review of its military presence

Hong Kong-listed Sino Biopharmaceutical has granted AstraZeneca exclusive rights to develop, manufacture, and commercialize its respiratory drug TQC3721 outside China in a deal worth up to $1.9 billion. The drug is designed to treat chronic respiratory diseases by opening airways and fighting inflammation simultaneously to improve lung function and reduce severe flare-ups.

• AstraZeneca will pay $200 million upfront, with additional development and milestone payments bringing the total potential value to $1.9 billion
• The license covers exclusive rights outside China for TQC3721, plus global rights for certain future development programs
• TQC3721 targets chronic respiratory conditions with a dual mechanism to open airways and reduce inflammation, aiming to improve outcomes for patients with long-term respiratory diseases

ResMed is selling its MatrixCare software business to private equity firm Frazier Healthcare Partners for $490 million in cash. The deal allows ResMed to refocus on its core areas of sleep, breathing, and home-based care while using proceeds to return capital to shareholders. The transaction is expected to close in the first quarter of fiscal year 2027.

• MatrixCare generated approximately $220 million in revenue and $55 million in adjusted operating profit in fiscal year 2026, serving over 15,000 providers across skilled nursing, senior living, and hospice markets
• The sale excludes ResMed's Brightree business in the U.S. and MEDIFOX DAN in Germany, aligning with the company's 2030 strategy to focus on high-growth, scalable opportunities
• Transition services agreements with Frazier will help ensure operational continuity and largely offset stranded costs in the first year after closing

The Federal Communications Commission denied California-based Digitalsystem Technology authorization to provide international telecom services and added it to a national security threat list due to its Chinese ownership and ties to Chinese telecom firms. The decision reflects the Trump administration's broader crackdown on Chinese technology companies operating in the U.S. telecommunications sector.

• The FCC cited significant national security risks from potential exploitation by the Chinese government, pointing to Digitalsystem's partnerships with PCCW, China Unicom, and China Mobile
• The agency has previously barred major Chinese carriers including China Mobile, China Telecom, and China Unicom from providing international telecom services to the U.S.
• The FCC recently banned imports of equipment from Huawei, ZTE, Dahua, and Hikvision, companies that Digitalsystem listed as partners or clients on its website

Netflix, Disney, and YouTube are competing with Fox for U.S. broadcast rights to the 2030 and 2034 FIFA World Cup tournaments, with each package expected to cost between $1.5 billion and $2 billion. FIFA plans to bundle English- and Spanish-language rights together for the first time, a significant shift from previous deals where Fox paid $485 million for English rights and Telemundo paid $600 million for Spanish rights to the 2026 tournament. The massive price increase reflects record-breaking viewership for the current World Cup, with U.S. matches rivaling NFL playoff ratings.

• FIFA will bundle English- and Spanish-language U.S. rights together rather than selling separately, likely driving the total price to $1.5-2 billion per tournament compared to combined $1.085 billion for 2026 rights
• The 2026 World Cup has delivered historic ratings, with the U.S.-Bosnia match becoming the most-watched English-language soccer telecast ever at 38 million viewers, and the U.S.-Belgium game reaching an estimated 47.9 million combined viewers
• NBCUniversal's Telemundo is unlikely to compete at the $2 billion price point following Comcast's spin-out announcement, while streaming giants Netflix and YouTube see the rights as major opportunities to boost their platforms

Exxon Mobil announced in a regulatory filing that its second-quarter upstream earnings are expected to reach $3.5 billion to $3.9 billion, driven by changes in oil prices. This represents a decline from the company's $5.7 billion upstream earnings in the first quarter and $7.1 billion net profit in the year-ago second quarter.

• Second-quarter upstream earnings projected at $3.5 billion to $3.9 billion, boosted by oil price changes
• Earnings represent a sequential decline from Q1 2024's $5.7 billion upstream earnings
• Year-over-year comparison shows decrease from Q2 2023's $7.1 billion net profit

The U.S. Treasury Department has revoked the license authorizing Iranian oil sales following attacks on tankers in the Strait of Hormuz. The Trump administration emphasized that benefits under the memorandum of understanding with Iran are performance-based and will be withdrawn due to unacceptable Iranian actions.

• The revocation comes in direct response to multiple tanker attacks in the strategically critical Strait of Hormuz
• U.S. officials stated Iran's MOU benefits are contingent on 'good behavior' and that the attacks will be 'met with consequences'
• The move eliminates a key revenue stream for Iran by blocking its ability to legally sell oil under U.S. authorization

The Joint Maritime Information Center raised the threat level in the Strait of Hormuz to 'severe' after Iran launched multiple attacks on commercial tankers this week, including a Qatari LNG vessel. The attacks violate an interim deal Iran signed with the U.S. on June 17 that promised safe passage for ships, and target vessels using a U.S. Navy-protected southern route near Oman's coast.

• Iran is targeting ships using a U.S. Navy-protected southern corridor while demanding vessels use a northern route approved by Tehran, creating a fractured strait with competing corridors of control
• Ship traffic through Hormuz remains far below prewar levels despite increases since the interim deal, with oil exports averaging 4.3 million barrels per day in June compared to over 15 million bpd before the conflict
• Qatar held Iran responsible for attacking its LNG tanker Al-Rekayyat on Tuesday, calling on Tehran to stop endangering global energy supplies

U.S. President Donald Trump announced he will lift sanctions on Turkey and consider selling F-35 fighter jets to Ankara during a NATO summit meeting with Turkish President Erdogan on July 7, 2026. The sanctions were imposed in 2020 under CAATSA after Turkey acquired Russian S-400 air defense systems, which also led to Turkey's removal from the F-35 program.

• Trump confirmed sanctions imposed under the Countering America's Adversaries Through Sanctions Act (CAATSA) will be lifted
• The 2020 sanctions were triggered by Turkey's purchase of Russian S-400 air defense systems, resulting in Turkey's exclusion from the F-35 fighter jet program
• While Trump expressed support for potential F-35 sales to Turkey, legal and congressional hurdles remain unresolved

Amazon plans to raise at least $25 billion through a U.S. dollar bond sale to fund its artificial intelligence investments, according to Bloomberg News. The offering size could increase based on investor demand and is part of a broader trend of tech companies tapping debt markets for AI infrastructure. Big Tech firms including Amazon, Alphabet, Microsoft, and Meta are collectively expected to spend over $700 billion on AI in 2025.

• Amazon filed for an eight-part offering of floating and fixed-rate notes, with the final size dependent on investor demand
• The bond sale is intended to fund Amazon's costly AI infrastructure build-out amid aggressive industry-wide investment
• Big Tech companies are expected to spend more than $700 billion on AI infrastructure in 2025, driving increased debt market activity

Luxshare, a China-based Apple supplier, priced its Hong Kong secondary listing at the top of the marketed range, raising approximately $3.09 billion (HK$24.27 billion). The offering was priced at HK$63.28 per share for 383.5 million shares, with trading expected to begin on July 9, 2025.

• The company priced shares at HK$63.28 each, selling 383.5 million shares at the top end of its range
• A significant portion of proceeds will fund expansion of Luxshare's automotive electronics business
• Allocation results and international offering demand levels are expected to be announced on July 8

HSBC announced a review of its Turkish retail and corporate banking operations for potential sale or exit, excluding wholesale banking activities. The move is part of CEO Georges Elhedery's strategic initiative launched in October 2024 to simplify operations and exit markets where the bank is sub-scale. HSBC has been steadily reducing its global footprint, having already sold retail operations in countries like Sri Lanka and France.

• The review covers HSBC Türkiye's retail banking business and its portfolio of smaller and medium-sized companies with primarily domestic banking requirements
• HSBC's wholesale banking activities, including investment banking, are excluded from the review and will continue operations
• The bank is also reviewing its presence in Egypt as part of its broader strategy to focus on markets where it can achieve leadership positions