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Tuesday, April 14

Noteworthy macro moves today: Nikkei 225 Index (Japan) +2.3%. GBP/USD +0.5%. DAX 30 Index (Germany) +1.2%. Noteworthy US mega-cap moves today: Tesla Inc (TSLA) +2.0%. Microsoft Corp (MSFT) +1.4%. JPMorgan Chase & Co (JPM) -1.0%.

Global equity markets are trading higher following renewed optimism surrounding U.S.-Iran negotiations, which have eased concerns about further disruptions to energy supplies amid geopolitical tensions in the region. This sentiment has been bolstered by reports indicating that both sides are exploring a second round of talks, contributing to gains across major indices such as the Nikkei and DAX.

In the U.S., the Producer Price Index (PPI) for March was released this morning, showing a month-over-month increase of only +0.5%, significantly below expectations of +1.1%. Year-over-year growth also fell short at +4%, leading to cautious market sentiment as traders reacted negatively to these inflation figures despite some underlying price pressures linked to rising energy costs.

Additionally, Japan's industrial production data confirmed a decline of -2.0% month-over-month for February, marking the first contraction since November and reflecting challenges in key sectors such as automotive manufacturing and electronics amidst ongoing global uncertainties related to trade dynamics and geopolitical tensions affecting supply chains.

United States Oil Fund LP (USO) [-0.9%]
The International Energy Agency (IEA) reported a projected decline in global oil demand for the first time since the 2020 pandemic, attributing this shift to a price surge linked to ongoing conflicts in the Middle East. The IEA forecasts a contraction of 80,000 barrels per day, with a notable drop in second-quarter demand expected at 1.5 million barrels per day. This bearish outlook coincides with a Bank of America survey indicating expectations for Brent crude prices to fall between $80 and $90 by year-end. Concurrently, crude oil prices have dropped significantly amid optimism surrounding potential U.S.-Iran peace talks, which has contributed to a decline in WTI crude futures. As a result, United States Oil Fund LP is trading lower, reflecting these adverse developments in oil supply dynamics and pricing pressures.

VanEck Semiconductor ETF (SMH) [+1.1%]
Asian stocks surged today amid renewed optimism surrounding U.S.-Iran negotiations, positively impacting investor sentiment in technology sectors crucial for semiconductor companies included in the VanEck Semiconductor ETF (SMH). The Nasdaq 100 Index also moved higher, reflecting broader market sentiment that often influences the semiconductor sector, and this upward trend aligns with SMH's recent increase. Top contributors to the ETF's performance include NVIDIA, Micron Technology, and Lam Research, among others. Social media discussions noted a "false breakdown" in semiconductor stocks, hinting at potential upward movement, while historical performance data for SMH showed varied annual returns over recent years. Overall, these factors coincide with SMH's current trading activity.

BE | +12.5% | +5.6B
Bloom Energy Corp | Heavy Electrical Equipment
Bloom Energy Corp has announced an expanded partnership with Oracle, aiming to deploy up to 2.8 gigawatts of fuel cell systems to support Oracle's AI and cloud computing infrastructure. This agreement includes an initial capacity of 1.2 gigawatts, with deployment already in progress across Oracle projects in the United States, expected to continue into next year. The fuel cells are tailored for higher-density AI workloads and comply with emerging standards such as 800 V dc. Bloom's rapid deployment capabilities, previously demonstrated in a project completed ahead of schedule, reinforce this strategic collaboration. The partnership builds on a prior successful deployment and underscores Bloom's role in addressing the growing demand for advanced cloud infrastructure. In pre-market trading, shares are significantly higher since Monday's close, reflecting strong market interest following this announcement.

ORCL | +4.8% | +21.6B
Oracle Corp | Systems Software
Oracle Corp's stock is trading higher in pre-market hours, reflecting a notable increase since Monday's close. This upward movement follows the company's announcement of expanded artificial intelligence capabilities within its Financial Services segment, aimed at enhancing efficiency in corporate banking operations. The new AI features focus on automating treasury, trade finance, credit, and lending functions. Additionally, Oracle introduced AI enhancements in its Primavera Unifier project management software, designed to streamline workflows and improve compliance. These developments were showcased at the Financial Services Summit in London and the Oracle Edge Customer Summit in Austin, Texas, underscoring Oracle's commitment to integrating AI into its offerings to bolster operational efficiency and decision-making.

CRDO | +18.8% | +4.9B
Credo Technology Group Holding Ltd | Semiconductors
Credo Technology Group Holding Ltd has entered into a definitive agreement to acquire DustPhotonics, a developer of silicon photonics technology for optical transceivers, for $750 million in cash and approximately 0.92 million shares of common stock. The deal includes potential contingent payments of up to 3.21 million shares based on financial milestones and is expected to close in the second quarter of 2026. Credo anticipates this acquisition will be accretive to non-GAAP earnings per share in fiscal 2027, with projected optical revenue exceeding $500 million from the combined portfolio in that year. This strategic move aims to bolster Credo's position in the optical connectivity sector, particularly within the burgeoning silicon photonic integrated circuit market, which is expected to reach $6 billion by 2030. Following this announcement, Credo's stock has surged significantly in pre-market trading.

GSAT | +11.5% | +17.7B
Globalstar Inc | Alternative Carriers
Amazon.com Inc. is reportedly in advanced negotiations to acquire Globalstar Inc., a move aimed at enhancing its satellite operations to compete with SpaceX's Starlink. This development has led to a significant surge in Globalstar's stock, with shares rising notably in premarket trading. The potential acquisition, valued at approximately $9 billion, could be announced as soon as today. Complicating the deal is Apple Inc.'s 20% stake in Globalstar, which will require negotiations between Amazon and Apple. This backdrop is underscored by Globalstar's existing satellite network, which supports emergency features for Apple devices, and its impressive growth, with shares having increased substantially over the past year.

NVO | +3.3% | +4.3B
Novo Nordisk A/S | Pharmaceuticals
Novo Nordisk A/S has announced a strategic partnership with OpenAI to enhance drug discovery and operational efficiency. The collaboration, revealed earlier this morning, aims to leverage advanced AI tools for analyzing complex datasets and identifying drug candidates, thereby reducing the timeline from research to patient care. This initiative includes pilot programs across research and development, manufacturing, and commercial operations, with full integration expected by the end of 2026. OpenAI will also assist in upskilling Novo Nordisk's workforce and improving AI literacy. This partnership positions Novo Nordisk to lead in the evolving landscape of healthcare technology. Following this announcement, shares are trading higher in pre-market hours, reflecting positive market sentiment around the collaboration.

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