Fed Strikes a More Hawkish Tone as SpaceX, OpenAI Push IPO Timelines; NVIDIA Posts Record Results
Huoxing Finance reports: Global markets saw sharp volatility this week through May 23, driven by three forces: rising Middle East tensions, a more hawkish Federal Reserve, and a renewed AI funding boom. The U.S. dollar and Treasury yields jumped, while gold, crude and tech stocks swung repeatedly. Against this backdrop, leading AI names including SpaceX, OpenAI and Anthropic accelerated IPO preparations, adding to turbulence across global risk assets.
On the macro side, Kevin Warsh was officially sworn in as Federal Reserve Chair and said he would pursue a "reform-oriented" Fed. The Fed's April meeting minutes showed most officials saw inflation risks re-emerging and suggested additional rate hikes could be appropriate if needed. "Higher-for-longer" expectations repriced quickly, sending the 30-year Treasury yield to its highest level since 2007.
The Middle East remains a key market variable. Even as U.S.-Iran talks move closer to an agreement, both sides continue "negotiating while applying pressure." Persistent risks to shipping through the Strait of Hormuz have disrupted energy flows, forcing some commercial vessels to reroute and triggering repeated spikes in oil prices. Markets are now re-rating both energy inflation risk and the geopolitical premium.
In tech and AI, SpaceX has formally filed for an IPO, targeting a Nasdaq listing as early as late June. It is seeking $50–75 billion in proceeds and an estimated valuation of $1.25 trillion, which would rank among the largest IPOs on record. The prospectus, for the first time, disclosed 2025 revenue of $18.7 billion, up 33% year over year. Heavy spending on AI and data centers, though, contributed to a net loss of about $4.9 billion for the year.
OpenAI is also reported to be preparing a confidential IPO filing as soon as this week, aiming for a valuation above $1 trillion. Anthropic plans to list in the second half of 2026. The fundraising wave across the AI value chain is accelerating.
NVIDIA remains the central engine of the AI rally. The company posted quarterly revenue of $81.6 billion, up 85% year over year, with data-center sales nearly doubling to $75.2 billion. Next-quarter guidance also came in well above expectations. CEO Jensen Huang said the Rubin AI system will begin mass production in the second half of this year, and projected that Blackwell and Rubin chips could generate $1 trillion in revenue over the coming years.
At the same time, concerns are growing around U.S. equity valuations. The Shiller CAPE, a long-term valuation gauge, has climbed to roughly 40x—its highest since the dot-com era. With gains concentrated in a handful of AI leaders, investors are increasingly comparing the rally to the "extreme concentration" of the 1999 internet bubble.
On regulation, the China Securities Regulatory Commission, together with eight other agencies, released the "Implementation Plan for Comprehensive Rectification of Illegal Cross-Border Securities, Futures, and Fund Activities." The plan pledges to eliminate illegal cross-border operations by foreign institutions within two years. Futu, Tiger Brokers and Changqiao Securities were hit with major penalties; Futu is slated for a 1.85 billion RMB fine. Related U.S.-listed China brokerage stocks sold off after the announcement.
In crypto, Nasdaq received U.S. SEC approval to list Bitcoin index options. Grayscale filed its third amended registration for a Hyperliquid ETF under the ticker GHYP. Michael Saylor also said for the first time that his strategy "does not rule out selling a portion of Bitcoin by 2026," drawing market attention.
Separately, Duan Yongping's fund disclosed its latest 13F, showing sizable Q1 increases in Tesla, NVIDIA and Pinduoduo positions, along with new exposure to crypto-related names such as Circle—a signal that AI and digital assets remain core themes for global capital.
