Wall Street Weekly: May 8–14, 2026

Cerebras prices largest U.S. tech IPO since Uber at $5.55B; Senate confirms Kevin Warsh as Fed Chair 54–45; Anduril raises $5B Series H at $61B valuation; Alphabet issues ~$20.6B multi-currency bonds. Full weekly rundown of IPOs, M&A, regulatory actions, earnings, personnel moves, and mega financings.

Cerebras Systems priced the largest U.S. tech IPO since Uber, the Senate confirmed a new Federal Reserve chair by the narrowest margin in modern history, and Anduril Industries doubled its valuation to $61 billion — all in the same week. The May 8–14 window was also active across M&A closings ($11B+), regulatory settlements totaling well over $800M in fines and asset forfeitures, and a roughly $20.6 billion multi-currency bond blitz by Alphabet alone. Below is the full structural rundown.

IPOs

Nine deals priced in the window (May 8–14), raising approximately $10.3 billion in combined proceeds, anchored by two high-profile tech and energy listings.

Company	Ticker	Exchange	Offer Price	Proceeds	First-Day Return	Sector
Cerebras Systems	CBRS	Nasdaq	$185	$5.55B	+89% (opened $350)	AI chips
Fervo Energy	FRVO	Nasdaq	$27	$1.89B	+35% (closed $36.54)	Geothermal energy
Blackstone Digital Infrastructure Trust	BXDC	NYSE	$20	$1.75B	Flat	Data center REIT
EagleRock Land	EROK	NYSE/NYSE Texas	$18.50	$320M gross	Trading May 14	Permian Basin land
AIAI Holdings	AIAI	Nasdaq	$20 ref.	$0 (direct listing)	-40% (opened $12)	Diversified holding
GSR V Acquisition Corp	GSRVU	Nasdaq	$10/unit	$200M	Trading May 14	SPAC
Breeze Acquisition Corp. II	BREZU	Nasdaq	$10/unit	$125M	Trading May 13	SPAC (healthcare/tech/robotics)
Energy Transition Special Opps	ETSS.U	NYSE	$10/unit	$150M	Trading May 15	SPAC (climate/energy)
Iron Dome Acquisition I Corp	IDACU	Nasdaq	$10/unit	$150M	Trading May 15	SPAC (defense/cyber/AI)

Cerebras Systems (CBRS) — $5.55B

The AI chip maker priced at $185 per share on May 13 — $25 above the top of its already-raised $150–$160 range — selling 30 million shares to raise $5.55 billion on Nasdaq. 1 At that price, the fully diluted valuation stood at $56.4 billion; underwriters hold a 4.5 million-share greenshoe that could push total proceeds to $6.4 billion. The stock opened at $350 on May 14 — an 89% premium — and traded near $313.25 intraday, implying a market cap around $70 billion. 2 Lead underwriters: Morgan Stanley, Citigroup, Barclays, and UBS. Ticker: CBRS.

Founded in 2016 in Silicon Valley, Cerebras makes the Wafer Scale Engine 3 (WSE-3), which competes with Nvidia's GPU line, and also offers a cloud inference service built on its own hardware. 1 In January 2026, the company signed a $20 billion-plus compute deal with OpenAI covering 750 megawatts of capacity.

Revenue concentration is the primary risk flag: MBZUAI (a UAE university) accounted for 62% of 2025 revenue, and G42 (UAE) accounted for 24% — down from 85% in 2024 but still concentrated in two Abu Dhabi-linked entities. Cerebras had withdrawn an earlier IPO filing in October 2025 after regulatory scrutiny over the G42 concentration.

For context: this is the largest U.S. tech IPO since Uber's $8 billion offering in 2019.

Fervo Energy (FRVO) — $1.89B

The geothermal energy startup priced its upsized IPO at $27 per share on May 12, raising $1.89 billion from 70 million Class A shares — all primary, with no secondary selling. 3 The offering was upsized twice from an original $21–$24 range before pricing at $27. Shares began trading on Nasdaq (FRVO) on May 13 and closed the first day at $36.54, a 35% gain that valued the company at approximately $10.2 billion.

Fervo's financials are front-loaded on the balance sheet rather than the income statement: the company reported just $138,000 in revenue in 2025 and a $57.8 million net loss, but holds a $7.2 billion contracted revenue backlog as of December 2025 plus a 3-gigawatt framework agreement with Alphabet (Google) for data center power offtake. 3 Backers include Bill Gates' Breakthrough Energy Ventures, Capricorn Investment Group, DCVC, Devon Energy, and Google.

CEO Tim Latimer's framing from the shareholder letter: "There is no AI revolution without power for data centers." 3

Image from: Fervo Rides Data Center Energy Boom With 35% IPO Pop

Blackstone Digital Infrastructure Trust (BXDC) — $1.75B

Blackstone (the world's largest private capital firm, with assets under management of over $1 trillion) launched its first data center REIT on NYSE, pricing at $20 per share on May 13 and raising $1.75 billion from 87.5 million shares; the overallotment option could push that to $2.0 billion. 4 Goldman Sachs and Citi were lead underwriters. Unlike Cerebras and Fervo, BXDC opened flat at $20 on May 14 — a muted debut consistent with the vehicle's structure: BXDC offers income-generating data center assets, not a growth equity story, and the flat open likely reflects that difference in investor base.

EagleRock Land (EROK) — $320M

EagleRock Land priced 17.3 million Class A shares at $18.50 on May 13, raising approximately $320 million gross ($286.6 million net), and began trading on NYSE and NYSE Texas under ticker EROK on May 14. 5 The Houston-based company controls approximately 236,000 surface acres in the Delaware and Midland sub-basins of the Permian Basin, plus an interest in up to 70,000 additional acres via acreage dedication. It earns revenue through leasing and royalty fees from oil and gas operators — it does not drill. Lead book-running managers: Goldman Sachs, Barclays, and J.P. Morgan.

SPAC and direct listing activity

Four SPACs priced in the window, adding $625 million in gross proceeds. 6 7 8 ETSS targets climate transition and renewable energy; IDACU targets cybersecurity, defense tech, AI, and data infrastructure; BREZU focuses on healthcare, technology, and robotics; GSR V has no specific sector focus. 9

AIAI Holdings (ticker: AIAI) completed a Nasdaq direct listing on May 14, with 69.5 million shares registered at a $20 reference price; the stock opened at $12 — a 40% discount to the reference price — on low trading volume. 10 As a direct listing, the company raised no new capital. AIAI is a Dallas-based holding company that acquires businesses using a licensed AI model from M42 (an investment firm founded by Chairman John Rochon); its six target companies span civil construction, blockchain, telehealth, edge analytics, healthcare case management, and office supply remarketing.

Note on SpaceX: SpaceX confidentially filed with the SEC in approximately early April 2026. The public S-1 filing is expected mid-to-late May, with a potential roadshow around June 8. No IPO pricing or trading event occurred in this window.

M&A

Seven deal developments this week — three closings and four announced/proposed transactions, with combined values across closed deals exceeding $11 billion.

Deal	Acquirer	Target	Value	Type	Status
Equinox Gold / Orla Mining	Equinox Gold (EQX)	Orla Mining (OLA)	$18.5B (mkt cap)	All-stock	Announced; close Q3 2026
Biogen / Apellis	Biogen (BIIB)	Apellis Pharmaceuticals	$5.3B	All-cash + CVR	Closed May 14
Grupo Cox / Iberdrola Mexico	Grupo Cox	Iberdrola Mexico assets	$4.2B	Cash	Closed May 14
EQT / Intertek	EQT AB	Intertek Group plc	~$12.7B	TBD	Final bid submitted; not accepted
Eneos / Chevron Asia-Pacific	Eneos Holdings	Chevron AP downstream assets	$2.17B	Cash	Announced May 14
Allegiant / Sun Country Airlines	Allegiant Travel (ALGT)	Sun Country (SNCY)	$1.5B incl. $400M debt	Cash + stock	Closed May 13
Sazerac / Brown-Forman	Sazerac (private)	Brown-Forman (BF-A/B)	$15B ($32/share)	All-cash	Bid rejected May 12

Equinox Gold and Orla Mining — $18.5B all-stock combination

Equinox Gold Corp. (TSX/NYSE American: EQX) and Orla Mining Ltd. (TSX/NYSE American: OLA) announced a definitive all-stock merger agreement on May 13 to create a combined senior North American gold producer. 11 The exchange ratio is one Equinox share plus $0.0001 cash per Orla share, structured at-market; existing Equinox shareholders would own approximately 67% and Orla shareholders approximately 33% of the combined entity, giving it an implied market capitalization of $18.5 billion.

The combined company would produce approximately 1.1 million ounces of gold annually from six operating mines across North America in 2026, with 22.7 million ounces in Proven & Probable reserves and a stated path toward 1.9 million ounces annually — which would make it the second-largest Canadian gold producer. 11 Shareholder votes are expected in July 2026, and the deal is targeted to close in Q3 2026. Break fees: $475 million payable by Equinox and $250 million payable by Orla in certain circumstances. Financial advisors: BMO Capital Markets for Equinox; Trinity Advisors Corporation and Scotiabank for Orla (Scotiabank for the Orla Special Committee).

Equinox Chair Ross Beaty, who founded the company, will step down and become a Special Advisor upon closing.

Biogen closes $5.3B Apellis acquisition

Biogen Inc. (Nasdaq: BIIB) completed its acquisition of Apellis Pharmaceuticals on May 14, 2026, making Apellis a wholly owned subsidiary and delisting its shares from Nasdaq. 12 The deal paid Apellis shareholders $41.00 per share in cash plus one contingent value right (CVR) per share worth up to $4.00 contingent on SYFOVRE (a treatment for geographic atrophy secondary to age-related macular degeneration) achieving annual net sales milestones of $1.5 billion and $2.0 billion between 2027 and 2031. Approximately 82.4% of Apellis shares (105.7 million) were validly tendered; the merger was effected under Section 251(h) of Delaware law without a shareholder vote.

Apellis's two commercial products — SYFOVRE and EMPAVELI (which treats paroxysmal nocturnal hemoglobinuria and C3G, a rare kidney disease) — generated $689 million in combined net product revenue in 2025. 13 Biogen financed the deal using cash on hand and a $2 billion unsecured term loan from U.S. Bank (split into a $1 billion 364-day Tranche A and a $1 billion 2-year Tranche B, both at SOFR plus 0.75–1.00%). The deal is expected to be accretive to Biogen's non-GAAP diluted EPS in 2027.

Grupo Cox closes $4.2B Iberdrola Mexico acquisition

Spanish multinational Grupo Cox closed its purchase of Iberdrola's Mexico energy assets on May 14 for $4.2 billion, acquiring a generation platform with 2,600 MW of installed operating capacity and a development pipeline of approximately 12,000 MW of renewable projects. 14 The Iberdrola Mexico business was Mexico's largest private power supplier, with more than 25% market share and over 500 large corporate customers. Cox secured a $2.65 billion syndicated bank facility from seven institutions — Citi, Barclays, BBVA, Deutsche Bank, Goldman Sachs, Scotiabank, and Santander — with additional equity capital contributed by Cox and institutional investors including Allianz Global Investors, Gramercy, and GMO. DLA Piper advised Cox; Baker McKenzie advised Iberdrola.

Allegiant closes $1.5B Sun Country acquisition

Allegiant Travel Company (Nasdaq: ALGT) completed its acquisition of Sun Country Airlines Holdings (Nasdaq: SNCY) on May 13, creating what Allegiant describes as the leading leisure-focused U.S. airline. 15 Sun Country shareholders received $4.10 in cash plus 0.1557 Allegiant shares per SNCY share. The total transaction value was approximately $1.5 billion, including $400 million of Sun Country net debt. Sun Country common stock was delisted from Nasdaq upon closing. The combined carrier operates 195 aircraft serving approximately 175 cities, with expected annual synergies of $140 million. 16 Milbank LLP acted as legal advisor to Sun Country.

Eneos agrees to buy Chevron's Asia-Pacific downstream assets for $2.17B

Japan's largest oil refiner, Eneos Holdings Inc. (Tokyo Stock Exchange), agreed on May 14 to acquire Chevron's downstream operations across Asia-Pacific for $2.17 billion (¥330 billion). 17 The assets include a 50% non-operated stake in Singapore Refining Company — a 290,000 barrel-per-day refinery jointly owned 50/50 with Singapore Petroleum Company — plus Chevron's retail and distribution networks in Singapore, Malaysia, the Philippines, Australia, and Indonesia. (Chevron's Hong Kong fuel business was separately sold to Thai refiner Bangchak earlier in 2026 for $270 million.) This is Eneos's first refinery stake outside Japan. The company cited declining domestic petroleum demand in Japan against expected demand growth in Southeast Asia as the strategic rationale; regulatory approvals and a closing timeline were not specified at announcement.

EQT's $12.7B bid for Intertek; Brown-Forman rejects Sazerac's $15B approach

Swedish private equity firm EQT AB submitted a final takeover proposal for UK testing and inspection company Intertek Group plc on May 12, valuing it at approximately $12.7 billion. 18 If completed, it would rank as the second-largest UK takeover on record, behind KKR's £11.1 billion acquisition of Boots Alliance in 2007. The bid has not been accepted and no definitive agreement has been signed.

Separately, Brown-Forman Corporation (NYSE: BF-A, BF-B) — maker of Jack Daniel's whiskey and owner of Woodford Reserve and Herradura tequila — rejected a $15 billion ($32 per share) all-cash takeover approach from Sazerac Company on May 12. 19 Sazerac, a privately held American spirits company known for Buffalo Trace and Fireball, did not comment publicly; Brown-Forman has not outlined its rationale.

Regulatory enforcement and rulemaking

SEC settles civil fraud charges against Adani family for $18M

The SEC reached a civil settlement on May 14 with Gautam Adani, chairman of Adani Green Energy, and Sagar Adani, the company's executive director, resolving fraud charges without either party admitting or denying the allegations. 20 Gautam Adani pays $6 million; Sagar Adani pays $12 million. The SEC alleged that the two orchestrated a bribery scheme involving hundreds of millions of dollars paid to Indian government officials to secure solar energy contracts, while Adani Green raised approximately $175 million from U.S. investors in a September 2021 note offering that included materially false or misleading statements about the company's anti-corruption controls. 21 U.S. prosecutors are separately expected to drop related criminal charges — wire fraud and securities fraud conspiracy — that were filed in November 2024. Adani Group's legal team reportedly argued at DOJ headquarters that prosecutors "lacked basic evidence."

Federal judge questions Musk–SEC Twitter settlement

A federal judge in Washington, D.C., held a hearing on May 13 to evaluate the $1.5 million civil settlement between Elon Musk and the SEC over Musk's disclosure of his Twitter stake acquisition in April 2022. 22 The SEC alleged that Musk delayed disclosure of his acquisition of more than 5% of Twitter's shares, allowing him to buy additional shares at lower prices while other investors were deprived of that information — a saving the SEC estimates at approximately $150 million. The $1.5 million penalty represents roughly 1% of that figure and is the highest SEC penalty on record for this type of late disclosure violation. Musk did not admit liability.

Judge Sooknanan — who previously rejected Musk's motion to dismiss the underlying case in February — is assessing whether the settlement is fair to both parties, whether it adequately serves ordinary investors' interests, and whether any improper collusion influenced the agreement. Amanda Fischer, former chief of staff to ex-SEC Chair Gary Gensler, described the hearing as "an embarrassing day for the SEC." The case sits at the intersection of the SEC's shift in enforcement posture under new Chairman Paul Atkins (whose enforcement director Margaret Ryan resigned in March) and questions about whether the agency is treating politically connected individuals differently. 22

FTC wins $795.8M judgment against IM Mastery Academy MLM scheme

The FTC and Nevada secured a $795.8 million court judgment on May 13 against Chris Terry, Isis Terry, and three affiliated entities operating as IM Mastery Academy (also known as IYOVIA, iMarketsLive, and IM Academy). 23 The scheme sold financial trading-training programs via social media — showcasing luxury lifestyles to attract young people — and generated over $1.2 billion from consumers since 2018 through false earnings claims and multi-level marketing recruitment. The judgment amount is suspended in part: the Terrys must immediately surrender approximately $90 million in assets, including eight luxury homes across New York, Nevada, Florida, and Dubai, thirteen home lots near Las Vegas, nineteen vehicles (among them a Bentley, Rolls-Royce), a yacht, and jewelry including a 15-carat diamond ring. Combined with earlier payments from co-defendants, total asset recovery is expected to exceed $100 million. Both defendants are permanently banned from selling trading-training services and investment opportunities.

Christopher Mufarrige, Director of the FTC's Bureau of Consumer Protection, stated that the FTC "will continue to aggressively target scammers who mislead the public." 23

Shutterstock agrees to $35M FTC settlement

Shutterstock, Inc. agreed on May 13 to pay $35 million to resolve FTC allegations that the company charged consumers for products without informed consent and made subscription cancellation deliberately difficult — practices the FTC characterized as unfair and deceptive. 24 The administrative proceeding remains pending.

DOJ settles Agri Stats antitrust case; ends decades of no federal info-exchange trial

The Department of Justice Antitrust Division and six state attorneys general (California, Minnesota, North Carolina, Tennessee, Texas, and Utah) reached a proposed consent decree on May 7 with Agri Stats, Inc. (Fort Wayne, Indiana), a data analytics company that collects and distributes competitive information among meat processors. 25 Agri Stats must stop providing sales and price reports to processors; must stop reporting production, cost, and labor data at the company or facility level; must make any remaining reports available to all market participants (not just competitors); and must ensure data is at least 45 days old on average. The consent decree runs 10 years with an independent compliance monitor. The settlement came as trial was set to begin in early May, which would have been the first federal antitrust enforcement trial focused specifically on information exchanges in decades. 26 Agri Stats's EMI subsidiary may continue providing more aggregated pricing reports.

Acting AAG Omeed Assefi observed: "When companies decide certain information is too sensitive to share with the broader market, but not too sensitive to share with their closest competitors, that is a significant red flag that competition is being harmed." 25

Block (Cash App) in active DOJ settlement talks; $240M reserve booked

Block, Inc. (parent of Cash App, Square, and Afterpay) disclosed in an SEC filing that it reserved $240 million in Q1 2026 for an anticipated DOJ settlement over compliance deficiencies at Cash App. 27 DOJ presented potential resolution terms in March; Block made a counterproposal in April; discussions are ongoing. The SEC separately closed its investigation in March with no enforcement recommendation. Block had already paid $255 million in January 2025 to the CFPB and 48 states, and $40 million to New York regulators over Cash App security deficiencies. The investigation originates from a 2023 Hindenburg Research short-seller report. Block stated it "disputes the basis and methodology underlying the DOJ's assessment" and acknowledged potential losses above the $240 million reserve.

SEC Enforcement Director Woodcock outlines "back to basics" priorities

David Woodcock, appointed as SEC Division of Enforcement Director on April 8, 2026, gave his first public remarks at the MFA Legal & Compliance 2026 Conference on May 13. 28 His six enforcement priorities: (1) offering frauds causing significant investor losses; (2) financial reporting and accounting fraud; (3) market manipulation and insider trading; (4) private funds — liquidity management, fee practices, valuations, conflicts of interest, and private credit monitoring; (5) cross-border fraud via a dedicated task force; and (6) a reinstated Retail Fraud Working Group.

Woodcock said the deliberate decline in case numbers under Chairman Paul Atkins reflects a "quality over quantity" approach and declared: "We are not focused on prosecuting firms or individuals for honest mistakes that cause no investor harm." He also said "the days when a subpoena was our primary tool of communication are behind us," signaling a preference for pre-enforcement dialogue with firms under investigation.

CFTC: prediction markets jurisdiction, EU swap dealer capital, CAD/MXN clearing rule

The CFTC issued four regulatory actions between May 8 and 13:

May 13 — No-action letter on event contract data reporting (Release 9131-26): CFTC staff will not recommend enforcement for failure to comply with swap data reporting requirements for fully collateralized event contracts traded on designated contract markets. 29
May 12 — Amicus brief on prediction markets jurisdiction (Release 9230-26): The CFTC filed an amicus brief in the Sixth Circuit (KalshiEx LLC v. Schuler, No. 26-3196), asserting exclusive federal jurisdiction over prediction markets and pushing back against state-level regulation. CFTC Chairman Michael S. Selig stated: "The CFTC will not allow overzealous state governments to undermine the agency's longstanding authority over these markets." 30
May 12 — EU nonbank swap dealer capital comparability (Release 9229-26): The CFTC approved conditional substituted compliance for CFTC-registered nonbank swap dealers domiciled in France under the EU Investment Firms Regulation and Directive (IFR/IFD). 31
May 8 — CAD/MXN swap clearing rule (Release 9228-26): Proposed rule to remove CDOR-referencing and TIIE-referencing interest rate swaps from the mandatory clearing requirement, replacing them with CORRA-referencing and Overnight TIIE Funding Rate-referencing overnight index swaps. Public comment period: 30 days. 32

The CFTC also ordered New York trader Sidney Lebental to pay a $200,000 civil monetary penalty and accept a one-month trading ban for approximately 50 acts of spoofing in Ultra U.S. Treasury Bond futures on the Chicago Board of Trade between January and September 2019. 33

Fed terminates two post-crisis enforcement agreements

The Federal Reserve Board announced on May 12 the termination of Written Agreements with F&M Holding Company, Inc. (Manchester, Georgia) and Thread Bancorp, Inc. (Rogersville, Tennessee, formerly Volunteer Bancorp, Inc.). 34 Both agreements dated from 2010 and 2011 — legacy actions from the post-financial-crisis era — and were formally terminated on May 6, 2026.

Earnings

This was a light earnings week for the covered universe: all U.S. and European bulge-bracket banks (Goldman Sachs, Morgan Stanley, JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Barclays, Deutsche Bank, UBS, BNP Paribas) reported Q1 2026 results in April. Three non-U.S. banks reported in window.

Intesa Sanpaolo — Q1 2026 record results

Italy's largest bank by assets reported Q1 2026 net income of €2.76 billion, up 5.6% year-over-year from €2.615 billion in Q1 2025 — the best quarterly result in the group's history. 35 Operating income reached €7.15 billion (+5.3% year-over-year). The cost-to-income ratio was 35.9%, described as the lowest in company history and among the best in European banking. Return on equity was 21%; return on tangible equity was 25%; the CET1 capital ratio was 13.0% (13.9% pro-forma including a deferred tax asset benefit of over 80 basis points). Net interest income was €3.64 billion (essentially flat at +0.1% year-over-year, reflecting declining rates), while net fee and commission income grew 3.1% to €2.52 billion, described as the best first quarter ever for that line. 36

CEO Carlo Messina confirmed the full-year 2026 net income target of approximately €10 billion. Total shareholder returns for 2026 are planned at approximately €9.4 billion (encompassing the May final dividend, a July buyback, and an expected November interim dividend) on a payout ratio of 95% of net income.

State Bank of India — Q4 FY2026: profit miss, margin compression

India's largest lender by assets reported Q4 FY2026 (January–March 2026) standalone net profit of ₹196.84 billion (approximately $2.35 billion), up 5.6% year-over-year but below the Reuters-LSEG consensus estimate of ₹203.12 billion. 37 Net interest income (the difference between interest earned and interest paid) grew 4.1% year-over-year to ₹443.80 billion, also below Street expectations. The domestic net interest margin — a key profitability metric for lending businesses — compressed to 2.93%, down from 3.11% in the prior quarter and 3.14% a year earlier. Treasury income collapsed to ₹12.59 billion from ₹89.91 billion a year earlier, reflecting the impact of rising bond yields on the bank's bond portfolio.

Asset quality improved: the gross non-performing asset ratio fell to 1.49% from 1.57% in the prior quarter. The board declared a dividend of ₹17.35 per equity share for fiscal year 2026, with payment expected June 4, 2026. SBI shares fell over 5% on May 8 in response. The bank's full-year FY2026 net profit reached ₹800.32 billion, up 12.9% year-over-year and a record for the group.

Bank of Baroda — Q4 FY2026: record quarterly profit

Bank of Baroda (a major Indian public sector bank) reported Q4 FY2026 standalone net profit of ₹56.16 billion, up 11.2% year-over-year. 38 Net interest income grew 8.7% year-over-year to ₹124.94 billion. Asset quality improved materially: the gross NPA ratio fell to 1.89% from 2.26% a year earlier; the net NPA ratio fell to 0.45% from 0.57%. The board declared a dividend of ₹8.50 per share for FY2026. Full-year FY2026 net profit reached ₹200.21 billion — a record for the bank.

Personnel

Kevin Warsh confirmed as Fed Chair; Miran resigns

The U.S. Senate confirmed Kevin Warsh as the 11th Chair of the Federal Reserve on May 13 in a 54–45 vote — the narrowest confirmation margin for a Fed Chair in modern history. 39 Senator John Fetterman (D-PA) was the only Democrat to cross party lines. Senator Elizabeth Warren (D-MA) called Warsh Trump's "sock puppet" for monetary policy; White House spokesman Kush Desai called the vote "a welcome step towards finally restoring accountability, competence, and confidence in Fed decision-making."

Warsh, 56, replaces Jerome Powell, whose four-year term as Chair expires on May 15; Powell will remain on the Board as a governor. Warsh's first Federal Open Market Committee meeting is scheduled for June 16–17, 2026. He is the wealthiest Fed Chair in modern history, with holdings exceeding $100 million, and must divest many investments under Fed ethics rules. 40 Background: Fed governor 2006–2011 (publicly criticized quantitative easing); Stanford Graduate School of Business lecturer; economic adviser to President George W. Bush. He called for "regime change" at the Fed in a CNBC interview last year. April inflation ran at 3.8% — nearly double the 2% target — making the June 16–17 FOMC Warsh's first live rate decision.

Federal Reserve Governor Stephen Miran submitted his resignation on May 14, effective when Warsh is sworn in. 41 Miran's Board seat transfers to Warsh. Miran served from September 2025, filling Adriana Kugler's unexpired term after Kugler's unexpected resignation, and voted against all six FOMC decisions he participated in. In 2025 he pushed for 50-basis-point cuts instead of the 25 basis points approved; in 2026 he dissented against all three votes to hold rates steady, arguing for 25-basis-point cuts.

His resignation letter warned the Fed risks "fighting fake rather than real inflation" if it fails to adjust for measurement biases in portfolio management fees and AI-driven software — and that failure to do so "will run unemployment higher than it has to." He also cited work with Vice Chair Michelle Bowman to remove what he called "accumulated excess regulation," freeing over $100 billion in capital. 42 Before joining the Board, Miran chaired Trump's Council of Economic Advisers (CEA) and was a senior strategist at Hudson Bay Capital Management.

Image from: US Senate confirms Kevin Warsh as Federal Reserve chair

JPMorgan names trio to co-lead global investment banking

JPMorgan Chase reorganized its global investment banking leadership on May 13, appointing Dorothee Blessing, Kevin Foley, and Jared Kaye as co-heads of Global Investment Banking, effective immediately. 43 All three report to Filippo Gori and John Simmons, co-heads of JPMorgan's broader Global Banking division, who had been running both investment banking and the wider banking unit simultaneously.

The three new co-heads: Blessing (joined JPMorgan 2014, previously Global Head of Investment Banking Coverage), Foley (joined 2007, previously Global Head of Capital Markets overseeing ECM and DCM), and Kaye (joined 2001 — the longest-tenured of the three — previously Global Co-Head of Financial Institutions Group Investment Banking). The reorganization merges industry coverage groups and sector M&A teams under one umbrella to "serve clients throughout their lifecycle in a more holistic manner," per an internal memo from Gori and Simmons.

Additional promotions in the same announcement: Anu Aiyengar moves to Global Chair of Investment Banking and M&A (previously Global Head of Advisory and M&A, ranked #9 on American Banker's Most Powerful Women in Finance 2025); Charlie Bouckaert becomes Global Head of M&A (joined from Goldman Sachs in 2019); and Stathis Karanikolaidis becomes Head of North America Leveraged Finance, succeeding Catherine O'Donnell. JPMorgan's investment banking fee revenue rose 28% year-over-year in Q1 2026.

JPMorgan co-heads composite: Jared Kaye, Dorothee Blessing, and Kevin Foley

Image from: JPMorgan names trio to co-lead global investment banking

Stephen Curley named CEO of Eagle Bancorp

Eagle Bancorp (Nasdaq: EGBN), the holding company for EagleBank (a nearly $10 billion-asset community bank based in Bethesda, Maryland), announced on May 12 that Stephen R. Curley, 55, will become President and CEO of both entities effective July 6, 2026. 44 Curley resigned as Chief Banking Officer for National Business Lines at Western Alliance Bancorporation (NYSE: WAL) on May 8; SEC filings from that date confirmed the departure. He joined Western Alliance in 2009 and has led corporate finance, municipal lending, and affordable housing lending. He succeeds Susan Riel, 76, who announced her planned retirement in November 2025 and will transition to a consulting role for 12 months while remaining on the board.

Eagle Bancorp reported combined losses of nearly $140 million in Q2 and Q3 2025, driven by problematic commercial real estate loans. Curley said he does not plan to exit commercial real estate but will diversify the loan book toward commercial and industrial (C&I), consumer, and residential lending. Board Chair James Soltesz said Curley is "well positioned to strengthen profitability, enhance franchise value and deliver consistent long-term performance for shareholders." 44

Other personnel moves

Indonesia Investment Authority (INA) — Indonesia's $16.8 billion sovereign wealth fund hired Oki Ramadhana as CEO on May 14. 45 Ramadhana brings 27 years of investment banking experience at Rothschild, Merrill Lynch, Goldman Sachs, Morgan Stanley, and HSBC Sekuritas; he most recently served as Head of Investment Banking and President Director at Mandiri Sekuritas. INA was established in 2021 to attract co-investment into Indonesia's infrastructure, healthcare, digital economy, and energy transition sectors.

Morgan Stanley Glasgow — Angela McCann was appointed Head of the Glasgow office on May 13, while continuing as Head of Glasgow Finance (a role she has held since 2022). 46 McCann is a Managing Director who joined Morgan Stanley in 2006 and spent nine years in New York in senior corporate tax roles. She is a senior champion of Morgan Stanley's socio-economic inclusion strategy.

Lido Advisors ($42.5 billion AUM): Brian Haloossim appointed President; Ken Stern (founding partner) named co-CEO alongside Jason Ozur. Haloossim previously served as Senior Managing Director at Bernstein Private Wealth Management. 47

Wilde Wealth Management Group (~$5.75 billion AUA): Erica Bloudek appointed Chief Operating Officer. Bloudek previously served as COO at Ashton Thomas Private Wealth and spent 18 years at Wells Fargo and its affiliated entities. 47

Mega financings

Anduril Industries — $5B Series H at $61B

Defense technology company Anduril Industries closed a $5 billion Series H funding round on May 13, doubling its valuation from $30.5 billion in June 2025 to $61 billion post-money. 48 The round was led by Thrive Capital and Andreessen Horowitz (a16z). Anduril — founded by Oculus co-founder Palmer Luckey in 2017 and backed from early on by Peter Thiel's Founders Fund — builds autonomous systems, AI-powered surveillance technology, and military hardware. Total funding raised to date stands at approximately $6.82 billion. The company is reportedly considering an IPO.

Alphabet's $20.6B multi-currency bond issuance

Alphabet completed three separate bond offerings in the space of four days:

Euro and Canadian dollar (closed May 11): Alphabet raised €9 billion across six euro-denominated tranches (maturities from 2030 to 2063, coupons from 3.200% to 4.800%) and C$9.5 billion across four Canadian dollar tranches (maturities from 2031 to 2056, coupons from 3.650% to 5.000%). 49 Combined value: approximately $17 billion.

Japanese yen (May 14–15): Alphabet sold ¥576.5 billion ($3.6 billion) in its first-ever yen-denominated bond offering, structured across seven tranches with maturities from 3 to 40 years and coupons from 1.965% to 4.599%. 50 This is the largest yen bond issuance ever by a foreign company, surpassing Berkshire Hathaway's ¥430 billion record set in 2019. Joint bookrunners: Mizuho Securities, Bank of America, and Morgan Stanley.

The stated purpose of the combined ~$20.6 billion raise is general corporate purposes and AI infrastructure capital expenditure — Alphabet has flagged up to $190 billion in total 2026 capex. The company's debt-to-equity ratio was 0.19 at the time of issuance.

Telekom Srbija — €1.95B Eurobond, record for SE/CEE

Telekom Srbija (Serbia's state-owned telecommunications company, with 2025 revenues of €2.3 billion and adjusted EBITDA of €1.3 billion) raised approximately €1.95 billion through a multi-tranche Eurobond offering on May 12. 51 The offering attracted $13.87 billion in demand from approximately 300 international institutional investors — including pension funds and insurance companies — and is the largest corporate bond issuance in Southeast and Central and Eastern Europe on record. The nine-bank lead syndicate included BNP Paribas, Bank of America, Citi, Deutsche Bank, Eurobank, JPMorgan, OTP Bank, Raiffeisen Bank International, and UniCredit. Proceeds will refinance existing debt at more favorable terms and extend the company's maturity profile.

CEO Vladimir Lučić stated: "Reaching USD 13.87 billion in demand, with participation from approximately 300 global institutional investors — including some of the world's most prominent pension and insurance funds — represents a strong endorsement of our long-term strategy, operational performance, and financial discipline." 51

Other notable debt and equity capital markets activity

Eni (Italy's state-controlled oil major) placed $3 billion in U.S. dollar fixed-rate bonds on May 12–14 in a dual-tranche offering: $1.5 billion of 10-year notes at 5.250% (due May 18, 2036) and $1.5 billion of 30-year notes at 6.000% (due May 18, 2056), for general corporate purposes and debt refinancing. 52

Commonwealth Edison (ComEd), the Exelon-owned electric utility serving northern Illinois, issued $1.425 billion in First Mortgage Bonds on May 14: $600 million at 4.550% due 2031 (Series 139) and $825 million at 5.850% due 2056 (Series 140). 53 Approximately $500 million will retire ComEd's 2.550% Series 120 bonds due June 15, 2026. Underwriters: BofA Securities, Citigroup, Loop Capital Markets, RBC Capital Markets, and U.S. Bancorp.

Wuxi AppTec (Shanghai- and Hong Kong-listed pharmaceutical R&D and manufacturing services company) announced plans to raise approximately $1 billion (principal: ¥6.78 billion yuan) through USD-settled zero-coupon convertible bonds. 54 The initial conversion price is HK$153 per share — approximately an 18% premium over the May 14 closing price of HK$130.10 — and full conversion would represent approximately 9.1% of enlarged H-share capital. Advisers: Morgan Stanley, Citigroup, and Goldman Sachs. Proceeds will fund global capacity expansion.

Berto Acquisition Corp. II (ticker: GUAC) priced an upsized $274 million SPAC IPO focused on AI and AI infrastructure on May 13–14, with closing expected May 18. 55

Quartzsea Acquisition Corporation (Nasdaq: QSEA), a blank check SPAC, entered into a merger agreement on May 14 with Eight Directions Technology Limited — a Hong Kong- and Los Angeles-based manufacturer of customized disposable packaging products (PET cups, lids, foodservice packaging) — at a $515 million pre-money equity valuation. 56 The deal is subject to shareholder approval, SEC review, and Nasdaq listing approval.

Anthropic (monitoring): Reported on May 12 as being in talks to raise $30–50 billion at a valuation of $900–950 billion — which would be the highest private company valuation in history by a wide margin. 57 No term sheet has been signed; the deal had not closed as of this publication date.

Cover image: Kevin Warsh at his April 21, 2026 Senate Banking Committee confirmation hearing in Washington, D.C. Image from US Senate confirms Kevin Warsh as Federal Reserve chair

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