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Luke Kawa12/5/25

Microsoft is in talks to shift its custom chip business to Broadcom from Marvell, The Information reports

The Information’s profile of custom chip specialist Broadcom includes this tidbit:

“And now Microsoft is also in talks to design future chips with Broadcom, which would involve Microsoft switching its business from Marvell, another maker of custom chips, according to one person involved in the discussions.”

Shares of Marvell Technology briefly dipped into the red after this report hit the wires, but then pared that drop to trade modestly higher. The company codesigns the Maia line of ASICs for Microsoft that are custom-built for Azure. Microsoft is its second-biggest hyperscaler client, behind Amazon.

Marvell tumbled on a ho-hum earnings report earlier this week before going on to surge after CEO Matt Murphy offered a $10 billion revenue target for its upcoming fiscal year, which was above analysts’ expectations.

Perhaps this is a bit of Information fatigue, given how Microsoft was quick to deny a report from the outlet earlier this week about how the tech giant lowered its sales targets for AI products.

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Oil spikes, equity futures retreat as President Trump commits to hitting Iran “extremely hard” over the next two to three weeks

The ongoing war threatens to bring about an even more pronounced disruption to energy supplies, with negative ramifications for economic activity and financial markets.

President Trump Addresses The Nation On The Conflict In Iran

Tasha Matsumoto

Stocks continue to climb on hopes of an end to the war

Stocks rallied and oil fell as traders digested comments from President Trump.

Sunset Bull

1970s Disco Ball Vibes

Matt Phillips11h

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SpaceX reportedly files confidentially for IPO

SpaceX confidentially filed its draft IPO paperwork with the Securities and Exchange Commission, Bloomberg reports, citing people familiar with the matter, the next step toward what is expected to be a blockbuster summer listing.

Elon Musk’s satellite and rocket company could raise around $75 billion in an IPO that would value it at more than $1.75 trillion — both records — though the exact amounts won’t be settled until it goes public, likely in June.

Another notable thing about this IPO: the portion of shares committed to individual investors is expected to be much higher than in traditional IPOs — per Reuters, up to 30%, versus the typical 10% — a move that could broaden retail participation in one of the most anticipated public offerings ever.

SpaceX Has Filed Confidentially for IPO Ahead of AI Rivals

Elon Musk’s SpaceX to Combine with xAI Ahead of Mega IPO

Another notable thing about this IPO: the portion of shares committed to individual investors is expected to be much higher than in traditional IPOs — per Reuters, up to 30%, versus the typical 10% — a move that could broaden retail participation in one of the most anticipated public offerings ever.

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Matt Phillips14h

Energy stocks tumble after massive March

Energy and chemical stocks tumbled early Wednesday on growing expectations that the US participation in the Iran war is nearing an end, and West Texas Intermediate crude oil futures slipped back below $100 a barrel.

LyondellBasell, APA Corporation, Dow, Inc., CF Industries, and Marathon Petroleum — the S&P 500’s top 5 gainers last month — all sank.

Natural gas drillers EOG Resources, Devon Energy, Coterra Energy, and Diamondback Energy dropped, as did integrated oil giants Exxon and Chevron. Fuel refiners and marketers such as Phillips 66 and Valero also fell.

Don’t shed too many tears for these energy giants; the S&P 500 energy sector rose 10% in March and 37% in Q1 2026.

The Energy Select Sector SPDR Fund is coming off its second-best quarter on record relative to the SPDR S&P 500 ETF, based on data going back to 1999.

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