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Commodities

Blackstone-Led Consortium Invests $5.34 Billion in Williams Power Venture

Williams Companies (WMB) secured a $5.34 billion investment from a Blackstone-led consortium to fund its Power Innovation projects while retaining majority ownership and operational control, the company said Monday.Funds managed by Blackstone Credit & Insurance, together with Apollo and insurance vehicles and accounts managed by KKR, will acquire a 49% noncontrolling stake in Williams' five power innovation projects, the company said.Of the total commitment, $4.4 billion will cover 49% of projected growth capital spending, while Williams will receive about $0.9 billion in additional proceeds. The company will continue to own 51% of the projects and oversee their operations.Williams and the investor group will share cash distributions according to their 51%-49% ownership interests. The company also secured an option to repurchase the stake between years 7 and 14, preserving future upside, it said.Power Innovation projects included in the deal are Socrates, Apollo, Aquila, Socrates the Younger and Neo, Williams said.The company expects the transaction to provide efficient equity funding for its existing Power Innovation developments and to support its pipeline of more than 6 gigawatts of planned power projects.Williams said the investment will reduce its funding requirements, limit additional borrowing and preserve balance sheet capacity for future growth opportunities while supporting its long-term leverage target."With more than 2.6 gigawatts announced, our Power Innovation portfolio is scaling rapidly, and we look forward to delivering these critical energy solutions for American companies," said Chad Zamarin, Williams President and Chief Executive Officer.The company reaffirmed 2026 adjusted EBITDA guidance in the upper half of its $8.05 billion to $8.35 billion range. It also maintained 2026 growth capital expenditure guidance of $7 billion to $7.6 billion and maintenance capital expenditure guidance of $850 million-$950 million.Williams now expects its 2026 leverage ratio midpoint to be about 3.6x, remaining within its long-term target of 3.5x-4.0x. All other per-share guidance remains unchanged, the company said.Price: $74.86, Change: $-0.16, Percent Change: -0.22%

$APO$BX$WMB
Wire

Top Midday Stories: Trump Says US to Be Guardian of Hormuz Strait; Meta to Invest Over $50 Billion in Louisiana Data Center Expansion

All three major US stock indexes were down in late-morning trading Monday, as the US and Iran exchanged airstrikes over the weekend.President Donald Trump said Monday on Truth Social that the US will act as "THE GUARDIAN OF THE HORMUZ STRAIT" and will receive reimbursement for all incurred costs "at the rate of 20% on all cargo shipped." Trump said the strait is open and will remain so for all non-Iranian vessels.In company news, Meta Platforms (META) said Monday it plans to invest over $50 billion in its Richland Parish, Louisiana, infrastructure project to expand its computing capacity to 5 gigawatts. The tech giant will finance seven new natural gas-generating plants and three grid-scale batteries to completely cover its power requirements. Meta shares were down 1% around midday.Funds managed by Blackstone (BX) Credit & Finance, in partnership with Apollo Global Management (APO) and KKR-managed (KKR) insurance vehicles will invest $5.34 billion in Williams' (WMB) five Power Innovation projects in exchange for a 49% noncontrolling equity interest in the projects, Williams said Monday. Blackstone shares were down 0.8%, and Williams shares were down 0.1%. Apollo and KKR shares were down 0.8% and 0.3%, respectively.Taiwan Semiconductor Manufacturing (TSM) said Monday its net revenue for June totaled about 442.68 billion New Taiwan dollars ($13.79 billion), up 6.2% from the previous month and up 67.9% from a year earlier. Its shares were down 1.2%.First Hawaiian (FHB) said Monday it has signed a definitive agreement to acquire TriCo Bancshares (TCBK) in an all-stock deal. Under the deal terms, TriCo shareholders will receive 2.095 First Hawaiian shares for each TriCo share, valued at $63.12 per share based on First Hawaiian's July 10 closing price. First Hawaiian shares were down 4.6%, while TriCo shares were up 10.5%.Ferguson Enterprises (FERG) said Monday it has entered into a definitive agreement to acquire FWI Holdings, or FloWorks, in a deal with an enterprise value of about $1.6 billion. The deal is expected to close in Q3, subject to regulatory approvals and closing conditions. Ferguson shares were up 2.1%.Roughly a dozen states are set to file a lawsuit Monday in federal court in an effort to block Paramount Skydance's (PSKY) acquisition of Warner Bros. Discovery (WBD), Bloomberg reported, citing a person familiar with the matter. Paramount and Warner Bros. shares were up 2.7% and 0.5%, respectively.A federal appeals court on Monday vacated a district court's earlier dismissal of plaintiff claims that they were not warned that prenatal ingestion of Kenvue's (KVUE) Tylenol and its generic equivalents could cause autism spectrum disorder attention-deficit/hyperactivity disorder. Kenvue shares were down 1.6%.Price: $662.82, Change: $-6.39, Percent Change: -0.95%

$APO$BX$KKR$KVUE$META$PSKY$TSM$WBD$WMB
Wire

Blackstone, Apollo, KKR to Invest $5.34 Billion in Williams' Power Innovation Projects

Funds managed by Blackstone (BX) Credit & Insurance, in partnership with Apollo Global Management (APO) and KKR-managed (KKR) insurance vehicles will invest $5.34 billion in Williams' (WMB) five Power Innovation projects in exchange for a 49% noncontrolling equity interest in the projects, Williams said Monday.The deal includes $4.4 billion and about $0.9 billion of additional consideration to Williams, which has a buyout right between years seven and 14 valued at the Blackstone outstanding investment balance amount, the company said.Price: $124.09, Change: $+1.02, Percent Change: +0.83%

$APO$BX$KKR$WMB
Sectors

Sector Update: Financial Stocks Rise Late Afternoon

Financial stocks were higher in late Friday afternoon trading, with the NYSE Financial Index rising 0.6% and the State Street Financial Select Sector SPDR ETF (XLF) increasing 0.3%.The Philadelphia Housing Index was climbing 1.9%, while the State Street Real Estate Select Sector SPDR ETF (XLRE) was up 0.3%.Bitcoin (BTC-USD) was increasing 1% to $63,828, and the yield for 10-year US Treasuries rose 3 basis points to 4.569%.In corporate news, UBS (UBS) played a key role in fueling withdrawals from Blue Owl's (OWL) Technology Income fund after it advised clients to pare down their private credit holdings, the Financial Times reported. Investors began pulling large sums of money from the fund in Q4 2025 just after the Swiss banks told clients with large private credit holdings to reduce their positions, the report said. UBS shares rose 0.5%, and Blue Owl was up 1.1%.Apollo Global Management (APO) launched a $7.65 billion bid for London-based airline EasyJet on Friday, modestly outbidding rival financial house Castlelake, Reuters and Bloomberg reported. Separately, Apollo has agreed to invest 3 billion euros ($3.4 billion) for a minority stake in a newly established entity holding Bayer's long-acting reversible contraceptives business, the companies said Friday. Apollo's shares were up 0.7%.Circle Internet Group (CRCL) received approval from the Office of the Comptroller of the Currency to establish First National Digital Currency Bank, which will operate under the name Circle National Trust. Circle shares gained 4.5%.Jackson Financial (JXN) shares climbed 6% after Jefferies upgraded the stock to buy from hold and raised the price target to $140 from $120.

$APO$CRCL$JXN$OWL$UBS
Sectors

Sector Update: Financial Stocks Rise Friday Afternoon

Financial stocks were higher in Friday afternoon trading, with the NYSE Financial Index rising 0.4% and the State Street Financial Select Sector SPDR ETF (XLF) increasing 0.2%.The Philadelphia Housing Index was climbing 2.4%, while the State Street Real Estate Select Sector SPDR ETF (XLRE) was down 0.1%.Bitcoin (BTC-USD) was increasing 1.3% to $63,977, and the yield for 10-year US Treasuries was rising 1.2 basis points to 4.57%.In corporate news, Apollo Global Management (APO) launched a $7.65 billion bid for London-based airline EasyJet on Friday, modestly outbidding rival financial house Castlelake, Reuters and Bloomberg reported. Separately, Apollo has agreed to invest 3 billion euros ($3.4 billion) for a minority stake in a newly established entity holding Bayer's long-acting reversible contraceptives business, the companies said Friday. Apollo's shares were up 1.2%.Circle Internet Group (CRCL) received approval from the Office of the Comptroller of the Currency to establish First National Digital Currency Bank, which will operate under the name Circle National Trust. Circle shares gained 4.5%.JPMorgan Chase (JPM) has been testing results of an AI model that allocates assets between stocks and bonds, Bloomberg reported. JPMorgan shares added 0.3%.

$APO$CRCL$JPM
Sectors

Sector Update: Financial

Financial stocks were higher in Friday afternoon trading, with the NYSE Financial Index rising 0.4% and the State Street Financial Select Sector SPDR ETF (XLF) increasing 0.1%.The Philadelphia Housing Index was climbing 2.3%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) down 0.2%.Bitcoin (BTC-USD) was increasing 1.3% to $63,977, and the yield for 10-year US Treasuries was rising 2.4 basis points to 4.563%.In corporate news, Apollo Global Management (APO) launched a $7.65 billion bid for London-based airline EasyJet on Friday, modestly outbidding rival financial house Castlelake, Reuters and Bloomberg reported. Separately, Apollo has agreed to invest 3 billion euros ($3.4 billion) for a minority stake in a newly established entity holding Bayer's long-acting reversible contraceptives business, the companies said Friday. Apollos shares were up 1.2%.

$APO
Sectors

Sector Update: Financial Stocks Rise Pre-Bell Friday

Financial stocks were rising pre-bell Friday, with the State Street Financial Select Sector SPDR ETF (XLF) advancing by 0.5%.The Direxion Daily Financial Bull 3X Shares (FAS) was up 1.7% and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 1.4% lower.Circle Internet Group (CRCL) received approval from the Office of the Comptroller of the Currency to establish First National Digital Currency Bank, which will operate under the name Circle National Trust. Circle Internet Group shares were up more than 12% premarket.JPMorgan Chase (JPM) has been testing results of an AI-model that allocates assets between stocks and bonds, Bloomberg reported. JPMorgan Chase stock was 0.8% higher pre-bell.Apollo Global Management (APO) has agreed to invest 3 billion euros ($3.4 billion) for a minority stake in a newly established entity holding Bayer's long-acting reversible contraceptives business, the companies said. Shares of Apollo Global Management were nearly 1% higher premarket.

$APO$CRCL$FAS$FAZ$JPM$XLF
Oil & Energy

Market Chatter: Kuwait Petroleum Seeks Bidder Consolidations for $7 Billion Kuwaiti Oil Pipeline Stake

Kuwait Petroleum has requested that global investment funds bidding for a $7 billion stake in its oil pipeline network form consortiums to consolidate competing bids, aiming to accommodate smaller investors with close ties to the state energy firm, Reuters reported Thursday, citing sources.The deal has drawn notable interest across the alternative asset management sector, with Blackstone (BX) also surfacing as a participant for the first time in the current multi-year wave of Middle Eastern national oil company asset sales.Blackstone joins a group of infrastructure heavyweights advancing to the next round of the competitive sale process, including Brookfield Asset Management (BAM), Apollo Global Management (APO), KKR (KKR), EIG Global Energy Partners, and BlackRock (BLK) alongside its newly integrated infrastructure division, Global Infrastructure Partners.Except for KKR, who declined to comment, none of the parties involved responded immediately to' request for comments.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

$APO$BAM$BLK$BX$KKR
Sectors

Sector Update: Financial Stocks Advance Late Afternoon

Financial stocks were increasing in late Tuesday afternoon trading, with the NYSE Financial Index and the State Street Financial Select Sector SPDR ETF (XLF) each adding 0.2%.The Philadelphia Housing Index was down 0.2%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) gained 1.5%.Bitcoin (BTC-USD) was falling 3.3% to $62,249.7, and the yield for 10-year US Treasuries decreased 1.2 basis points to 4.50%.In economic news, the June flash reading of manufacturing conditions from S&P Global rose to a 49-month high of 55.7 from 55.1 in May, in contrast with an expected decrease to 54.6 in a survey compiled by Bloomberg.Redbook US same-store sales surged 10% from a year earlier in the week ended June 20 after a 9.4% year-over-year increase in the previous week.In corporate news, Goldman Sachs' (GS) equities business is on track to generate more than $5 billion in revenue in Q2, Bloomberg reported. Goldman shares were down 1%.Apollo Global Management (APO) has restricted investor redemptions for its private credit fund, Apollo Debt Solutions, following a surge in share repurchase requests from stakeholders. Apollo shares fell 2.9%.Korn Ferry (KFY) on Tuesday reported higher fiscal Q4 results, although the consulting firm issued an outlook calling for lower earnings in the current quarter. Its shares rose 5.1%.Blackstone (BX) is preparing to invest $30 billion in AI data centers in Japan within the next three to five years, Nikkei Asia reported, citing an interview with Chief Operating Officer Jonathan Gray. Blackstone shares declined 2.9%.

$APO$BX$GS$KFY
Sectors

Sector Update: Financial Stocks Rise Tuesday Afternoon

Financial stocks were advancing in Tuesday afternoon trading, with the NYSE Financial Index increasing 0.2% and the State Street Financial Select Sector SPDR ETF (XLF) ahead 0.4%.The Philadelphia Housing Index added 0.4%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) gained 1.5%.Bitcoin (BTC-USD) was falling 2.5% to $62,361, and the yield for 10-year US Treasuries was decreasing 3 basis points to 4.479%.In economic news, the June flash reading of manufacturing conditions from S&P Global rose to a 49-month high of 55.7 from 55.1 in May, in contrast with an expected decrease to 54.6 in a survey compiled by Bloomberg.Redbook US same-store sales surged 10% from a year earlier in the week ended June 20 after a 9.4% year-over-year increase in the previous week.In corporate news, Apollo Global Management (APO) has restricted investor redemptions for its private credit fund Apollo Debt Solutions following a surge in share repurchase requests from stakeholders. Apollo shares were down 2.7%.Blackstone (BX) is preparing to invest $30 billion in AI data centers in Japan within the next three to five years, Nikkei Asia reported, citing an interview with Chief Operating Officer Jonathan Gray. Blackstone shares fell 2.3%.Korn Ferry (KFY) on Tuesday reported higher fiscal Q4 results, although the consulting firm issued an outlook calling for lower earnings in the current quarter. Its shares rose 5.3%.

$APO$BX$KFY
Sectors

Sector Update: Financial

Financial stocks were advancing in Tuesday afternoon trading, with the NYSE Financial Index increasing 0.2% and the State Street Financial Select Sector SPDR ETF (XLF) ahead 0.4%.The Philadelphia Housing Index added 0.4%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) climbed up 1.5%.Bitcoin (BTC-USD) was falling 2.5% to $62,361, and the yield for 10-year US Treasuries was decreasing 3 basis points to 4.479%.In corporate news, Apollo Global Management (APO) has restricted investor redemptions for its private credit fund Apollo Debt Solutions following a surge in share repurchase requests from stakeholders. Apollo shares were down 2.9%.

$APO
Apollo Global Caps Private Credit Fund Withdrawals as Requests Spike
US Markets

Apollo Global Caps Private Credit Fund Withdrawals as Requests Spike

Apollo Global Management (APO) has restricted investor redemptions for its private credit fund Apollo Debt Solutions following a surge in share repurchase requests from stakeholders.The alternative asset manager limited withdrawals to 5% of outstanding shares in Apollo Debt Solutions, about $700 million of gross outflows, after shareholders requested the repurchase nearly 17% of outstanding shares as of March 31, according to a filing on Monday with the US Securities and Exchange Commission."Taken together, we expect net outflows from (Apollo Debt Solutions) will be approximately ($400 million) for the second quarter of 2026 and year-to-date, representing 3% of (net asset value)," the firm said in the filing.Shares of Apollo fell 3.2% in Tuesday trade, extending their year-to-date decline to about 9.5%.The surge in requests was driven primarily by offshore investors, who sought to redeem 12.5% of shares, while US repurchase requests slowed to 4.3%, Apollo said.In May, Apollo reported first-quarter earnings that exceeded analysts' estimates as revenue declined year-over-year and fell short of Wall Street's view."Consistent with industry trends within (business development companies), we saw an uptick in redemption requests at (Apollo Debt Solutions), though it's worth noting that 94% of the fund's investors did not submit a redemption request," President Jim Zelter said during the first quarter earnings call, according to a FactSet transcript.Earlier in June, BlackRock's (BLK) HPS Corporate Lending Fund said it received repurchase requests totaling about 13% of outstanding shares in the second quarter and would fulfill requests for 5% of sharesPrice: $131.59, Change: $-3.62, Percent Change: -2.68%

$APO$BLK
Sectors

Sector Update: Financial Stocks Lean Lower Premarket Tuesday

Financial stocks were leaning lower premarket Tuesday, with the State Street Financial Select Sector SPDR ETF (XLF) declining by 0.2%.The Direxion Daily Financial Bull 3X Shares (FAS) was down 0.9% and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 0.2% lower.Robinhood Markets (HOOD) shares were down 6% after the company priced a private $2 billion offering of non-interest-bearing senior convertible notes due Oct. 1, 2029.Apollo Global Management's (APO) Apollo Debt Solutions is limiting withdrawal requests at 5% of outstanding shares after investors asked to redeem 16.8%, up from 11.2% in the previous period, the private credit fund said in a shareholder letter. Apollo Global Management stock was down 2.8% premarket.Metropolitan Bank (MCB) shares were up more than 2% after the company authorized a new stock buyback program for up to $50 million of outstanding common shares.

$APO$FAS$FAZ$HOOD$MCB$XLF
Sectors

Sector Update: Financial Stocks Lower Late Afternoon

Financial stocks were lower in late Thursday afternoon trading, with the NYSE Financial Index easing 0.3% and the State Street Financial Select Sector SPDR ETF (XLF) shedding 0.7%.The Philadelphia Housing Index gained 3%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) decreased 0.2%.Bitcoin (BTC-USD) fell 2.5% to $62,660, and the yield for 10-year US Treasuries rose 2 basis points to around 4.45%.In economic news, US initial jobless claims last week fell to 226,000 from an upwardly revised 230,000 in the previous week, compared with expectations for 225,000 in a survey of analysts compiled by Bloomberg.In corporate news, Bank of America (BAC) scored an early victory in its collateral battle with Aequum Capital Financial II after a US bankruptcy judge temporarily barred Aequum from distributing cash collected from bankrupt auto-parts supplier First Brands' inventory sales, Bloomberg reported, citing the ruling. Bank of America shares were down 0.3%.SpaceX (SPCX) bankers are planning a potential bond sale of at least $20 billion to refinance a $20 billion bridge loan maturing in September 2027, Bloomberg reported. Bank of America, Citigroup (C), JPMorgan Chase (JPM), Goldman Sachs (GS), and Morgan Stanley (MS), which provided the bridge financing, are expected to run the bond sale, the report said. Citi eased 0.2%, JPMorgan was down 2%, Goldman fell 0.4%, and Morgan Stanley was 0.5% lower.Apollo Global Management (APO) made some concessions regarding its debt refinancing for photo-services company Shutterfly in a bid to entice some unwilling investors, Bloomberg reported. Apollo shares fell 0.7%.Accenture (ACN) shares fell 17% after the company trimmed the top end of its full-year revenue outlook and posted weaker-than-expected fiscal Q3 sales, while announcing three cybersecurity acquisitions totaling about $4.18 billion.

$ACN$APO$BAC$C$GS$JPM$MS
Sectors

Sector Update: Financial Stocks Ease Thursday Afternoon

Financial stocks fell in Thursday afternoon trading with the NYSE Financial Index easing 0.1%, erasing earlier gains, and the State Street Financial Select Sector SPDR ETF (XLF) shedding 0.6%.The Philadelphia Housing Index jumped 3.7%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) added 0.2%.Bitcoin (BTC-USD) fell 5% to $62,532, and the yield for 10-year US Treasuries dropped 2.2 basis points to 4.44%.In economic news, US initial jobless claims last week fell to 226,000 from an upwardly revised 230,000 in the previous week, compared with expectations for 225,000 in a survey of analysts compiled by Bloomberg.In corporate news, Apollo Global Management (APO) made some concessions regarding its debt refinancing for photo-services company Shutterfly in a bid to entice some unwilling investors, Bloomberg reported. Apollo shares fell 0.7%.First Carolina Financial Services (FCBM) shares rose 2.8% in their New York Stock Exchange debut. The holding company for First Carolina Bank priced its IPO of 5.5 million shares at $12.50 each.Accenture (ACN) shares fell 18% after the company trimmed the top end of its full-year revenue outlook and posted weaker-than-expected fiscal Q3 sales, while announcing three cybersecurity acquisitions totaling about $4.18 billion.

$ACN$APO$FCBM
Sectors

Sector Update: Financial

Financial stocks were lower in Thursday afternoon trading, with the NYSE Financial Index decreasing marginally and the State Street Financial Select Sector SPDR ETF (XLF) shedding 0.4%.The Philadelphia Housing Index was climbing 4.1%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) added 0.4%.Bitcoin (BTC-USD) was declining 5% to $62,532, and the yield for 10-year US Treasuries was decreasing 2.2 basis points to 4.44%.In corporate news, Apollo Global Management (APO) has made some concessions regarding its debt refinancing for photo company Shutterfly in a bid to entice some unwilling investors, Bloomberg reported. Apollo shares were down 0.4%.

$APO
Wire

Market Chatter: Apollo Global Makes Concessions for Shutterfly Debt to Entice Unwilling Investors

Apollo Global Management (APO) has made some concessions regarding its debt refinancing for photo company Shutterfly in a bid to entice some unwilling investors, Bloomberg reported Thursday, citing unnamed people familiar with the matter.The company is offering a 12.5% yield on a high-yield bond portion and has also rolled its existing piece of second-line debt into a new $250 million junior tranche, the report said.The refinancing also makes whole the creditors who earlier absorbed losses during a separate 2023 debt exchange at Shutterfly, the people said, according to the report.Apollo Global Management did not immediately respond to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $138.80, Change: $-0.11, Percent Change: -0.08%

$APO
Sectors

Sector Update: Financial Stocks Advance Wednesday Afternoon

Financial stocks were higher in Wednesday afternoon trading, with the NYSE Financial Index rising 0.7% and the State Street Financial Select Sector SPDR ETF (XLF) up 0.4%.The Philadelphia Housing Index was up 1.1%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) fell 1.2%.Bitcoin (BTC-USD) was increasing 0.4% to $65,844, and the yield for 10-year US Treasuries was steady around 4.428%.In economic news, the US Federal Reserve's monetary policy committee will conclude its two-day meeting and announce its latest decision on interest rates at 2 pm ET. Markets widely expect the central bank to keep interest rates unchanged for a fourth consecutive time, according to the CME FedWatch tool.US retail sales rose more than expected in May as consumers kept spending despite higher prices. Sales climbed 0.9% after a downwardly revised 0.4% gain in April, the Census Bureau reported Wednesday. The consensus was for a 0.6% increase in May, based on a Bloomberg survey.In corporate news, JPMorgan Chase's (JPM) asset management division is advising investors to hold on to stocks and other higher-risk assets in H2, saying that AI investments should keep the markets rising despite higher inflation and a Federal Reserve that continues to maintain rates, Bloomberg reported. JPMorgan shares were up 1.6%.KKR-backed (KKR) BMC Software agreed to sell a majority stake in BMC Helix to Montagu in a carve-out deal, Montagu said. KKR shares rose 0.8%.Blackstone (BX), Apollo Global Management (APO) and FS KKR Capital (FSK) are among creditors investing $150 million to take over software firm Medallia after its owner Thoma Bravo indicated it would not inject more funds into the company, Bloomberg reported. Blackstone shares increased 0.8%, Apollo rose 1.4%, and FS KKR Capital added 0.8%.

$APO$BX$FSK$JPM$KKR
Wire

Market Chatter: Apollo Co-President Says Rising AI Usage for Mundane Tasks Don't Justify High Compute Costs

Apollo Global Management (APO) co-president John Zito said that companies are increasingly using artificial intelligence for relatively redundant and low IQ tasks that does not justify the high spending for computing power, Bloomberg reported Wednesday.Only a "handful" of people can use frontier AI tools, and the difference in the kinds of tasks being directed to diverse AI tools will create a new economy for the sector, Zito said, according to Bloomberg.Apollo did not immediately respond to a request for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $134.14, Change: $+1.44, Percent Change: +1.09%

$APO
Sectors

Sector Update: Financial Stocks Lean Lower Pre-Bell Wednesday

Financial stocks were leaning lower pre-bell Wednesday, with the State Street Financial Select Sector SPDR ETF (XLF) declining by 0.2%.The Direxion Daily Financial Bull 3X Shares (FAS) was down 0.8% and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 0.3% higher.Apollo Global Management (APO) has explored acquisitions of Japanese life insurance businesses, including units of T&D and Orix, as it seeks to expand its presence in Japan's insurance market, the Financial Times reported, citing people familiar with the matter. Shares of Apollo Global Management were nearly 3% lower premarket.Ares Management (ARES) has closed its Ares Pathfinder Fund III and Ares Pathfinder Fund III (Offshore), known together as Pathfinder III, at $8.5 billion in commitments, the company said. Shares of Ares Management were 0.5% lower pre-bell.Lazard (LAZ) reported preliminary assets under management of about $284.85 billion as of May 31, up from $275.37 billion in the prior month. Lazard stock was down 0.2% premarket.

$APO$ARES$FAS$FAZ$LAZ$XLF

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