Tonight’s Highlights | Year’s Largest IPO Debuts – Silver Hits New All-Time High
Wednesday pre-market: U.S. index futures are modestly higher amid narrow oscillations. Geopolitical tensions drive a notable rebound in oil prices, with the dollar and gold strengthening, and silver reaching a new all-time high.
As of press time, Nasdaq 100 futures (March 2026 contract) are up 0.17%, S&P 500 futures up 0.19%, and Dow futures up 0.23%. After surviving the nonfarm payrolls test, market focus is shifting to Thursday’s CPI data.
(S&P 500 daily chart, source: TradingView)
Compared to U.S. stocks’ high-level consolidation, Wednesday’s oil market volatility drew more attention. As of press time, WTI crude — after hitting a new low since 2021 yesterday — jumped over 2% today. On the news front, President Trump said he has ordered a full blockade of all sanctioned tankers entering or leaving Venezuela. Progress in Russia-Ukraine peace talks also impacted the oil market.
Geopolitical risks pushed spot gold to an intraday high of $4,342/oz, nearing the October record of $4,381; spot silver broke through $66/oz for the first time in history, and platinum reached its highest level since 2008.
(Spot silver daily chart, source: TradingView)
Tonight, the year’s largest IPO by fundraising will debut on Nasdaq. Medline — the world’s largest medical supplies manufacturer and distributor controlled by private equity giants Blackstone, Carlyle, and Hellman & Friedman — announced Tuesday it raised $6.26 billion in its upsized IPO.
Per LSEG data, before Medline, the largest U.S. raise this year was Venture Global’s $1.75 billion. The previous 2025 record was held by CATL (~$5.3 billion).
After Wednesday’s close, traders will also watch Micron Technology earnings — another AI bull stock. Last week’s sharp drops in Broadcom and Oracle after earnings continue to weigh on sentiment. Micron stands out because, despite a 177% YTD gain, its forward 12-month P/E is only 12× — far below other “AI bulls.”
(Micron Technology daily chart, source: TradingView)
Traders will stay late for President Trump’s nationwide live address, scheduled for 9:00 p.m. ET Wednesday.
Per Reference News, White House Press Secretary Karoline Leavitt said Tuesday that Trump will highlight achievements since taking office in January and “perhaps tease some policies for next year.”
Other Market News
Amazon reportedly in talks to invest in OpenAI and provide in-house chips
Sources said Tuesday (Dec 16) that Amazon is discussing an investment in AI company OpenAI, initially at least $10 billion. As part of the deal, OpenAI would use Amazon Web Services’ in-house AI chip Trainium.
Apple considering chip packaging in India for first time
On Wednesday Eastern Time, foreign media reported Apple is in preliminary talks with Indian chip manufacturers to assemble and package components for iPhones.
SpaceX reportedly notifies employees of pre-IPO quiet period
Latest news Wednesday afternoon Beijing time indicates U.S. rocket and satellite internet leader SpaceX has notified employees the company is entering a “regulatory quiet period” — a key signal the largest IPO in history is starting.
Destiny Tech 100, a closed-end fund holding SpaceX stock, rebounded 5% pre-market after falling 20% earlier this week. EchoStar Communications (agreeing to sell spectrum licenses to SpaceX) and Rocket Lab also rose over 1%.
Google DeepMind CEO warns of AI bubble
DeepMind CEO Demis Hassabis warned recently that an “AI bubble” may exist in the current funding frenzy, especially among early startups raising at high valuations.
Tesla faces blow in largest U.S. market
Tesla encountered a new issue in the U.S. A California administrative judge ruled Tesla’s marketing of Autopilot and Full Self-Driving (FSD) is deceptive, and the company’s license to sell and manufacture vehicles in California should be suspended for 30 days.
Waymo reportedly in talks for new funding – valuation could hit $110B
Market sources say Alphabet’s autonomous driving subsidiary Waymo, the global Robotaxi leader, is discussing $15 billion in funding at up to $110 billion valuation — more than double last October’s $45 billion.
Warner Bros. board urges shareholders to reject Paramount’s “inferior” offer
Warner Bros. Discovery board sent a letter to shareholders Wednesday urging rejection of Paramount’s $108 billion hostile takeover bid. The board called Paramount’s offer “illusory” because it is backed by the Ellison family’s revocable trust rather than personal guarantee from Larry Ellison, with far greater execution risk than Netflix’s partial bid.
Netflix also sent a letter to Warner Bros. Discovery shareholders emphasizing minimal overlap with existing Warner Bros. business and committing to standard theatrical windows for Warner films.