MicroSectors

Weekly Tech Update Get access to top stocks like $META, $AMZN, $MSFT and more with the NYSE FANG+ Index. COREWEAVE SECURES RECORD GPU-BACKED LOAN CoreWeave raised $8.5B in an investment-grade, GPU-backed loan tied to contracts with $META, marking the largest deal of its kind. The financing lowers borrowing costs and highlights surging AI infrastructure demand, as firms leverage chip assets and long-term contracts to fund expansion. AMAZON, DELTA PARTNER ON SATELLITE WI-FI $AMZN will provide in-flight Wi-Fi via its LEO satellite network on 500 Delta $DAL aircraft starting 2028, intensifying competition with Starlink. The deal supports Amazon’s $10B satellite push as it accelerates deployments and nears commercial service rollout. MICROSOFT EXPANDS MULTI-MODEL AI CAPABILITIES $MSFT introduced Copilot upgrades enabling simultaneous use of OpenAI GPT and Anthropic Claude models to improve accuracy and productivity. The rollout of Copilot Cowork and comparison tools signals intensified competition in enterprise AI assistants against rivals like $GOOGL.

Weekly Bank Update SOFTBANK SECURES $40B TO DOUBLE DOWN ON OPENAI $SFTBY has secured a record $40B bridge loan to fund a $30B follow-on investment in OpenAI, underscoring its aggressive AI strategy. The move increases leverage but reinforces SoftBank’s position at the center of the global AI race. JPM EXPANDS WORKPLACE MONITORING TO CURB BURNOUT $JPM is tracking junior bankers’ keystrokes, calls, and meetings to compare actual vs. reported hours, aiming to address overwork and improve well-being. The move reflects broader Wall Street efforts to reduce extreme workloads amid rising scrutiny of labor practices. WELLS FARGO TARGETS GROWTH AFTER FED CAP LIFT $WFC is shifting to expansion in investment banking, credit cards, and wealth management after the Fed lifted its asset cap, removing a key regulatory constraint. The bank aims to close gaps with $JPM and $GS, though execution risks remain in its core consumer business.

Weekly Oil Update HORMUZ CRISIS ESCALATES GLOBAL RISK U.S. officials warn Iran could shut the Strait of Hormuz for up to several months, threatening ~20% of global oil flows and driving rising energy prices. Ongoing military efforts aim to reopen the passage, but uncertainty remains high, amplifying geopolitical and supply risks in energy markets. MIDDLE EAST ENERGY ESCALATION Iran’s strikes on Gulf energy infrastructure, including Kuwait’s major refinery, alongside Israeli attacks on Tehran, signal a widening regional conflict disrupting oil and LNG supply. Damage to Qatar’s LNG capacity and the Hormuz closure are driving sharp energy price spikes and global supply risks. SAUDI OIL REROUTING BOOSTS SUPPLY Saudi Arabia is ramping Red Sea exports toward 5 MMbpd via Yanbu to bypass Strait of Hormuz disruptions, partially offsetting ~15 MMbpd of blocked Gulf flows. The shift supports global supply but still leaves exports below pre-crisis levels, keeping upward pressure on oil markets.

Weekly Tech Update Get access to top stocks like $AAPL and more with the NYSE FANG+ Index. OPENAI EXPANDS INTO FINANCIAL SERVICES AI OpenAI launched GPT-5.4 and new finance-focused tools integrating with platforms like $FDS, $MSFT, and $GOOGL, intensifying competition with Anthropic. The move comes as Anthropic faces Pentagon-related supply-chain concerns, highlighting rising enterprise and government stakes in AI deployment. APPLE MAPS ADS PUSH SERVICES GROWTH $AAPL plans to introduce ads in Maps as early as summer, letting businesses bid for search placement, mirroring Google’s model. The move aims to expand its ~$100B services segment and offset regulatory and AI-driven risks to its search and App Store revenue streams. OPENAI PURSUES $10B AI DEPLOYMENT JV OpenAI is in advanced talks with $TPG, $BAM, and Bain Capital to form a $10B joint venture, with ~$4B in private equity funding, aimed at accelerating enterprise adoption of its AI tools amid intensifying competition with Anthropic-backed initiatives.

Weekly Bank Update BANKS TARGET PRIVATE CREDIT $JPM and $GS are offering hedge funds tools to short the $1.8T private credit market via baskets of exposed public firms. The move comes amid rising redemption pressure and concerns over concentrated lending, particularly to software companies facing AI-driven disruption. MASTERCARD CRYPTO EXPANSION $MA is acquiring stablecoin infrastructure firm BVNK for $1.8B, accelerating its push into blockchain-based payments. The deal underscores intensifying competition among Wall Street firms to control stablecoin rails as institutional adoption and crypto M&A activity surge. JPMORGAN TESTS LBO DEBT MARKET $JPM is preparing to offload over $30B in leveraged buyout debt tied to deals like Electronic Arts and Sealed Air, testing investor demand amid macro uncertainty. The move signals resilience in credit markets despite geopolitical risks, inflation concerns, and pressure on software valuations.

Weekly Travel Update AIRPORT DISRUPTIONS FROM TSA SHORTAGES Hundreds of TSA agents have quit amid unpaid wages during a partial government shutdown, driving security wait times up to two hours at major airports. Staffing gaps, rising absences, and peak spring break travel are compounding delays, prompting airlines to urge Congress to restore DHS funding. FAA TIGHTENS AIRSPACE SAFETY RULES The FAA is restricting helicopter and aircraft operations near major airports, eliminating reliance on visual separation in favor of stricter radar-based controls. The move follows a fatal 2024 midair collision and recent near-misses, signaling increased regulatory focus on aviation safety. MIDEAST AIR TRAVEL DISRUPTED BY CONFLICT Airlines are cutting capacity and suspending routes across the Middle East as the Iran conflict disrupts key aviation hubs, with carriers like Qatar Airways, Lufthansa, and $IAG reducing operations. Airlines are reallocating capacity to Asia and Europe, while uncertainty delays long-term network planning.

Weekly Oil Update IEA ANNOUNCES RECORD OIL STOCK RELEASE IEA member nations will release 400M barrels from emergency reserves—the largest coordinated action ever—to offset supply disruptions from Middle East conflict impacting Strait of Hormuz flows. The move aims to stabilize global oil markets amid sharply reduced export volumes and heightened energy security risks. MIDDLE EAST ESCALATION HITS ENERGY MARKETS Iran’s strikes on Gulf energy infrastructure triggered a sharp surge in oil prices and global market selloff. Supply disruptions across key export routes are heightening inflation risks and adding pressure to global trade and economic growth. EXXON EVACUATES STAFF AMID MIDDLE EAST DISRUPTION $XOM evacuated non-essential personnel and scaled back regional operations as conflict disrupts shipping through the Strait of Hormuz. Ongoing instability and halted LNG output from key partners are raising risks of prolonged supply shocks and higher global energy prices.

Weekly Tech Update Get access to top stocks like $META, $NVDA, $AAPL and more with the NYSE FANG+ Index. OPENAI COURTS PRIVATE EQUITY FOR ENTERPRISE AI JV OpenAI is in advanced talks with firms including $TPG and $BN to form a ~$10B-valued joint venture, aiming to accelerate enterprise AI adoption. The deal could bring ~$4B in commitments, offering investors preferred equity and early access to OpenAI tools while expanding deployment across portfolio companies. META LOCKS IN $27B AI INFRASTRUCTURE DEAL $META will spend up to $27B over five years with Nebius to secure AI data center capacity, including $12B in dedicated infrastructure starting 2027. The deal highlights intensifying hyperscaler capex and Meta’s push to scale AI capabilities amid rising competition with $NVDA-backed cloud providers. APPLE LAUNCHES MACBOOK TO TARGET LOW-END PCs $AAPL unveiled the MacBook Neo, its cheapest laptop ever, aiming to capture budget consumers and challenge Windows/Chromebook markets. The move could expand Apple’s ecosystem reach and boost Mac sales after recent declines, leveraging iPhone-based chips to lower costs while maintaining performance.

Weekly Bank Update BofA BOLSTERS TECH DEALMAKING TEAM $BAC hired former $GS partner Jason Rowe as co-head of global technology investment banking as it ramps up its push into tech deals. The bank also appointed new TMT M&A leadership in the U.S. and Europe, signaling a broader effort to capture growing tech-sector advisory activity. TD EXPANDS EMBEDDED BANKING WITH WORKDAY $TD is integrating embedded banking features directly into Workday for U.S. business clients, enabling near real-time bank feeds and financial operations within the platform. The move, developed with FISPAN, aims to streamline treasury workflows and reduce manual accounting tasks as much as 90%. BANKS EVACUATE GULF OFFICES AMID SECURITY THREATS $C and $STAN evacuated Dubai offices while $HSBC closed branches in Qatar after Iran threatened Gulf banking interests linked to the U.S. and Israel. The security measures highlight rising geopolitical risk in a region that hosts a major concentration of global financial institutions.

Weekly Travel Update $UAL NEARS A 6-YEAR FLIGHT ATTENDANT DEAL After a week of mediated talks, the union pushed its planned day of action. A ratified deal clears United's biggest labor overhang right before peak summer travel. $UAL $AAL LOCKED IN A GATE WAR AT O'HARE The FAA is stepping in to cap Chicago O'Hare at as few as 2,500 daily flights this summer, down from a planned 3,080. United and American each tried to outschedule the other to protect gate counts, and now both face mandatory cuts. $DAL GUIDING 20% EARNINGS GROWTH IN 2026 Delta is projecting full year EPS of $6.50 to $7.50 and $3 to $4 billion in free cash flow. AmEx co-brand revenue hit $8.2 billion last year. The gap between Delta and the rest of the industry keeps widening.

Weekly Oil Update BRENT CRUDE SWINGS FROM $87 TO $119 IN A SINGLE WEEK AS HORMUZ CRISIS DEEPENS Brent touched $119.50 intraday Monday before crashing 11% the next session after Trump said the Iran war would end "very soon." By Thursday it was back near $100 on fresh Gulf shipping attacks. IEA TRIGGERS LARGEST EMERGENCY OIL RELEASE IN HISTORY — MARKETS SHRUG On March 11, IEA members agreed to release 400 million barrels from strategic reserves, more than double the Ukraine response in 2022. Brent rose 4% anyway. Analysts noted the reserves cover just 26 days of lost Hormuz flows. SLB ISSUES Q1 EARNINGS WARNING AS MIDDLE EAST OPERATIONS GO DARK SLB filed an 8-K March 11 disclosing suspended Middle East travel and active demobilization across multiple countries. Q1 earnings take a $0.06 to $0.09 per share hit. It is the first direct Hormuz earnings casualty, but likely not the last. Halliburton and Baker Hughes have yet to speak.

Weekly Tech Update Get access to top stocks like $META, $NVDA, $MSFT and more with the NYSE FANG+ Index. BIG TECH TO SELF-FUND DATA CENTER POWER $AMZN, $GOOGL, $META, $MSFT, $ORCL and OpenAI signed a White House pledge on March 5 to build or procure their own power for new AI data centers, aiming to ease grid strain and curb rising utility costs. The move addresses political backlash over energy prices while supporting AI-driven infrastructure expansion. IRANIAN DRONE STRIKES HIT AWS DATA CENTERS $AMZN AWS facilities in UAE and Bahrain were struck by Iranian drones on March 5, impairing two of three UAE availability zones and causing widespread service disruptions. The incident is the first major physical attack on hyperscaler infrastructure, redefining geopolitical risk for cloud investors. APPLE LAUNCHES 7 PRODUCTS IN 3 DAYS $AAPL unveiled its biggest product week ever March 2–4, including the $599 MacBook Neo (A18 Pro chip), iPhone 17e with MagSafe, MacBook Air and Pro with M5, iPad Air M4, and two new Studio Displays. All products go on sale March 11, expanding Apple's addressable market ahead of Apple Intelligence rollout.

The MicroSectors™ Big Oil Index is up nearly 40% since March 2025 and the parabolic move in February-March 2026 tells you exactly why. The Strait of Hormuz crisis hasn't just repriced crude. It's repriced every major integrated oil company alongside it. What looked like a rangebound energy trade for most of 2025 is now one of the strongest momentum moves in the sector in years.

$MTN Earnings Preview Q2 Adjusted EPS: $6.06 est., Down from $6.56 YoY Q2 Revenue: $1.11B est., Down from $1.14B YoY Investor Focus: Investors should watch for Vail Resorts' key metrics, including declining revenues, lower mountain net revenue, and fewer skier visits, which may indicate softening demand and impact the company's growth prospects.

Weekly Travel Update MIDDLE EAST AIRSPACE CLOSURES DISRUPT GLOBAL AVIATION Escalating conflict around Iran has forced airlines to avoid Middle East airspace, rerouting Europe–Asia flights and increasing fuel use, flight times, and operational complexity. Higher costs from longer routes, insurance premiums, and potential fuel stops could pressure airline margins and eventually push ticket prices higher if disruptions persist. DELTA EXPANDS AIRBUS FLEET WITH NEW JET ORDER $DAL exercised options to purchase 34 additional Airbus A321neo jets from $EADSY, bringing its planned fleet to 189 aircraft. The order, with deliveries starting in 2029, supports Delta’s fleet modernization and premium travel strategy as the airline places nearly 100 aircraft orders so far this year. SPIRIT AIRLINES RESTRUCTURES TO EXIT BANKRUPTCY $SAVE plans to cut flights and shrink its Airbus fleet as part of a restructuring agreement with creditors aimed at exiting Chapter 11 by late spring or early summer. The airline will focus on core hubs like Fort Lauderdale, Orlando, New York, and Detroit while reducing debt from $7.4B to $2.1B and expanding premium seating options.

Broadcom, $AVGO, earnings were released this afternoon. EPS: expected $2.02, reported $2.05 ✅Beat: +1.49% Revenue: expected $19.21B, reported $19.31B ✅Beat: +0.52%

$AVGO Earnings Preview Q1 Adjusted EPS: $2.03 est., Up from $1.60 YoY Q1 Revenue: $19.29B est., Up from $14.92B YoY Investor Focus: Broadcom's upcoming earnings report will be closely watched for updates on its AI semiconductor business, custom chip orders, and the impact of a potential slowdown in tech spending.

CrowdStrike Holdings, $CRWD, earnings were released this afternoon. EPS: expected $1.10, reported $1.12 ✅Beat: +1.82% Revenue: expected $1.3B, reported $1.31B ✅Beat: +0.77%

Weekly Tech Update Get access to top stocks like $META, $NVDA, $MSFT and more with the NYSE FANG+ Index. OPENAI RAISES $110B AT $730B VALUATION OpenAI secured $110B in private funding at a $730B pre-money valuation, led by $50B from $AMZN and $30B each from $NVDA and SoftBank. The round, still open, deepens infrastructure partnerships with Amazon and Nvidia, including major cloud and AI chip capacity commitments. BIG TECH TO SELF-FUND DATA CENTER POWER $AMZN, $GOOGL, $META, $MSFT, $ORCL and OpenAI will sign a White House pledge to build or procure their own power for new AI data centers, aiming to ease grid strain and curb rising utility costs. The move addresses political backlash over energy prices while supporting AI-driven infrastructure expansion. ALPHABET MONETIZES AI CHIPS AMID MARKET VOLATILITY $GOOG is generating new AI-driven revenue by renting custom chips to $META in a reported billion-dollar deal, positioning itself as an AI infrastructure provider while offsetting heavy capital spending.