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PNC Financial 2026 NII Outlook Brightens: What's Driving the Momentum?

Can FNB's Family Wealth Expansion Accelerate Fee Income Growth?

F.N.B. Corporation FNB is accelerating its push into higher-margin wealth management businesses as it seeks to expand recurring fee income and deepen relationships with ultra-high-net-worth clients. The Pittsburgh-based bank has broadened its 'F.N.B. Private Family Wealth' platform, introducing enhanced advisory capabilities tailored to affluent families and business owners. The expanded offering integrates traditional and alternative investment management with estate planning, tax optimization, wealth transfer strategies, succession planning and fiduciary services. It also connects clients to FNB's investment banking, private banking, mortgage and insurance solutions through a unified advisory model designed to increase wallet share. To support the initiative, F.N.B. Corp. has added senior leadership talent, including Benjamin J. Ciocco as Director of Family Wealth and Fiduciary Services and Frank J. Aloi as Chief Market Strategist for Family Wealth. The pair bring decades of experience across investment strategy, private markets and institutional advisory services, strengthening the bank's ability to deliver bespoke, "family office-style" solutions. The expansion aligns with FNB's broader strategy of diversifying revenue beyond net interest income and scaling fee-generating businesses. While the bank already operates across commercial banking, asset management and insurance, providing a strong cross-selling foundation, recent performance underscores the opportunity. In the first half of 2026, FNB reported non-interest income of $188 million, up 5.1% year over year, alongside record total revenue of $913 million, reflecting steady momentum in its diversified business lines. Revenue TrendZacks Investment Research Image Source: Zacks Investment Research Despite a solid first-half performance, F.N.B. Corp. reaffirmed its 2026 non-interest income outlook of $370-$390 million, with third-quarter fee income projected at $93-$98 million. Given second-quarter non-interest income of $97 million, the guidance suggests management expects fee revenues will remain relatively stable in the second half. By expanding its Family Wealth platform, FNB is strengthening its ability to generate recurring advisory revenues, deepen client relationships and capture a larger share of wealth across generations. This could support sustained fee income growth over the long term. F.N.B. Corp's Price Performance and Zacks Rank Over the past year, shares of FNB have gained 20.5%, outperforming the industry's 13.6% growth. 1 Year Price Performance Story Continues Zacks Investment Research Image Source: Zacks Investment Research At present, F.N.B. Corp. carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Other Banks Taking Steps to Bolster Fee Income Last week, KeyCorp KEY completed the acquisition of Clearwater Corporate Finance LLP ("Clearwater UK"), a U.K.-based middle-market investment banking advisory firm. The transaction marks another step in expanding the company's advisory business and establishes its presence in the Western European market. Building on a collaboration between KeyBanc Capital Markets and Clearwater UK that began in 2020, the acquisition strengthens KeyCorp's middle-market M&A capabilities and enhances opportunities to serve U.S. and European corporate and private equity clients. The acquisition complements KeyCorp's strategy of expanding its investment banking franchise and growing fee-based businesses. In July, Citigroup C became a clearing member of London Precious Metals Clearing Limited (LPMCL). The designation enables the bank to provide Loco London settlement services for gold, silver, platinum and palladium, expanding its role in one of the world's largest over-the-counter bullion markets. Direct participation in the clearing process is expected to improve execution efficiency for institutional clients while reinforcing the bank's market infrastructure capabilities a

Silver could surge to $90 as investment demand takes over, Citi says

Investing.com -- In a note to clients on Wednesday, Citi analysts reiterated their bullish silver price targets, saying the metal could climb to $90 an ounce over the next six to 12 months as investment demand takes over from a softening industrial picture. The firm kept its point-price targets unchanged at $75 per ounce for 0 to 3 months and $90 per ounce for 6 to 12 months, against a spot price of $65 per ounce. Citi expects "continued recovery in investment demand" driven by an eventual de-escalation in the Strait of Hormuz situation and a less hawkish Federal Reserve. Citi said silver should "continue to track gold in direction with high beta," making it "an ideal upside play" for a quick resolution to the Strait of Hormuz standoff. The firm expects investment flows to dominate price trends, as solar demand faces a structural slowdown from thrifting and the adoption of back-contact, or BC, cell technology. Silver has faced macro headwinds including higher real yields and a strong dollar, but Citi's base case is for the situation to de-escalate, potentially "as soon as September-December," unwinding those pressures. The firm also flagged strong demand in India, reflected in a roughly 7% domestic premium, which provides additional support for prices, with demand seen strengthening in the fourth quarter on the festive and wedding season. Citi expects the global silver market to stay in deficit through 2027, supported by resilient demand from AI, 5G and electric vehicles, while BC adoption accelerates and potentially emerges as a leading solar technology by 2028. Related articles Silver could surge to $90 as investment demand takes over, Citi says Nvidia's new Alpamayo project: What it means for Tesla? As Claude disrupts stock market, Anthropic researcher warns 'world is in peril' View Comments

Yen Traders Use Options for ‘Flexibility’ Into US Inflation Data

(Bloomberg) -- Yen traders are ramping up options market activity ahead of key US inflation data, turning to derivatives for flexibility amid a lack of consensus on the currency's direction. Most Read from Bloomberg Five Takeaways From Zuckerberg's 6,500-Word Manifesto on AI Pakistan Says Deal Is Close Even as Iran, US Harden Stances Phoebe Gates Knew Phia Shopping App Took Credit for Sales It Didn't Drive Apple's Glass-Centric 20th-Anniversary iPhone Remains on Track for 2027 China Unleashes $28 Trillion Capital Markets to Challenge US in AI Dollar-yen's one-week option implied volatility, a measure of expected price swings that directly drives up the cost of options contracts, rose for a second straight day on Wednesday, after falling in the previous five sessions. That's because traders are positioning for Wednesday's US inflation report, which is expected to shape the Federal Reserve's monetary policy outlook and the greenback's trajectory. Volatility in longer-term tenors also ticked higher. That heightened volatility reflects a split market. In shorter maturities, lingering fear of joint US-Japan intervention has kept dollar-yen puts trading at a premium over calls, reflecting demand for downside protection in case of a sudden drop. Farther out, however, investors are continuing to buy calls to target renewed dollar-yen gains. "The market is paying for flexibility rather than conviction," said Ivan Stamenovic, head of Asia Pacific G-10 currency trading at Bank of America Corp. in Hong Kong. "This reflects both risk around the data print and lingering sensitivity to another intervention." The past two weeks have been turbulent for dollar-yen. The pair tumbled to near 155 per dollar following a joint intervention by the US and Japan to bolster the yen, their first coordinated yen-buying operation since 1998. It resumed its climb toward 160 shortly after, putting traders on watch for further official action. Options traders at Societe Generale SA and Bank of America said last week citing flows that investors were divided over dollar-yen's direction. Citigroup Inc. shares a similar view. "Directional flows in the short-term have been skewed for yen strength mainly via leveraged structures," said Nicky Lam, a director in Citi's G-10 FX options trading team in Singapore. "Medium term we continue to see demand for dollar-yen calls." Nomura International Plc sees that same caution playing out in the spot market. "Hedge funds seem to be very lightly positioned," said Antony Foster, head of G-10 spot trading at Nomura International Plc in London. "Part of this is because it's summer, part of this is the fact that yen dynamics and fundamentals have not changed, and part of this is not wanting to go against the Ministry of Finance." Story Continues Most Read from Bloomberg Businessweek Supercharged by Social Media, the GLP-1 Boom Is Warping Teen Psyches ICE Arrests Are Pushing Immigrant Families Deeper Into Poverty Lululemon Is At War With Itself With EV Sales Slowing, Hybrid Cars Are Hot Again Canada Stares Down 'Quebexit' Risk ©2026 Bloomberg L.P. View Comments

China Earnings to Test Rotation From AI to Internet Stocks

(Bloomberg) -- A rotation into China's biggest tech firms from AI infrastructure stocks will be tested this week as earnings are due. Most Read from Bloomberg Five Takeaways From Zuckerberg's 6,500-Word Manifesto on AI Pakistan Says Deal Is Close Even as Iran, US Harden Stances China Unleashes $28 Trillion Capital Markets to Challenge US in AI Nvidia Taps Wall Street for $500 Billion Funding Commitment Apple's Glass-Centric 20th-Anniversary iPhone Remains on Track for 2027 Results from Tencent Holdings Ltd. and JD.com Inc., due Wednesday and Thursday respectively, will offer an early look at whether stronger core businesses can cushion the impact of rising AI spending, while Semiconductor Manufacturing International Corp.'s outlook may provide clues on chip demand. The reports may signal if market leadership stays with internet platforms or swing back to chipmakers. A broader shift into internet and consumer stocks has gathered pace since late June as the artificial intelligence rally cooled, reversing some of the market's first-half trends. JD.com and Alibaba Group Holding Ltd. have been the top performers on the benchmark Hang Seng Index since the start of July after lagging in the first six months, while SMIC has moved in the opposite direction. "It's quite possible it will continue," Leonid Mironov, portfolio manager at Gavekal Capital Ltd., said of the rotation. "Alibaba and Tencent offer a very different positioning in the AI space than SMIC and other semiconductor names. Investors need to make up their mind which one is preferable." Analysts say profitability outlooks for internet companies are improving. JD.com is likely to report an 18% year-on-year increase in non-GAAP net profit for the second quarter to 8.7 billion yuan ($1.29 billion), supported by a meaningful narrowing of its food delivery loss with a more rational competitive backdrop, according to HSBC Holdings Plc. Peer Meituan may also report results that are slightly ahead of forecasts as losses narrow faster than expected amid easing subsidy intensity, Citigroup Inc. analysts wrote in a note. On the other hand, SMIC may face hurdles in meeting its guided margins of 20% to 22%, according to Bloomberg Intelligence, though sales for the second quarter is expected to grow 14% to 16% from the prior three months. Investors will be keeping an eye on third-quarter guidance for signs that margin gains and recent price increases are sustainable. Not all internet companies are likely to benefit equally. "We expect dispersion among China internet names, because the market will reward companies that can convert investment into earnings and defend margins, rather than simply announce a larger capex budget," said Song Zhe, senior investment specialist at BNP Paribas Asset Management. Story Continues Investors will be watching AI-related capital spending plans closely after a pullback in chipmakers that had rallied on expectations of stronger outlays by Chinese hyperscalers. "If internet companies signal a heavier investment phase alongside a softer outlook for their core consumer facing businesses, semiconductor names could regain leadership as investors refocus on AI infrastructure growth," said Gary Tan, a portfolio manager at Allspring Global Investments. --With assistance from Jeanny Yu. Most Read from Bloomberg Businessweek Supercharged by Social Media, the GLP-1 Boom Is Warping Teen Psyches ICE Arrests Are Pushing Immigrant Families Deeper Into Poverty Lululemon Is At War With Itself With EV Sales Slowing, Hybrid Cars Are Hot Again Canada Stares Down 'Quebexit' Risk ©2026 Bloomberg L.P.

Citi Taps New Healthcare Banking Leadership as Dealmaking Heats Up

The leadership changes target subsectors including biotechnology, medical technology, biopharmaceuticals, and acute care. Continue Reading

Nasdaq to Buy Dark Pool Trading Venue LeveL for Equity Market

(Bloomberg) -- Nasdaq Inc. agreed to buy off-exchange stock-trading venue LeveL Markets to expand its role in the equity market, according to people familiar with the matter. Most Read from Bloomberg China Unleashes $28 Trillion Capital Markets to Challenge US in AI Nvidia Taps Wall Street for $500 Billion Funding Commitment Five Takeaways From Zuckerberg's 6,500-Word Manifesto on AI Trump Makes Sweeping New Demands on Iran as Deal Hopes Dim Stocks Churn as Hormuz Standoff Spurs Rally in Oil: Markets Wrap The US exchange operator is purchasing all equity interests in the alternative-trading system also known as a dark pool, the people said, asking not to be identified discussing private information. Terms of the deal couldn't be learned. A representative for Nasdaq declined to comment. The move gives one of largest US exchange operators access to a growing segment of the equities market happening off-exchange. Alternative-trading systems offer an anonymous way to process trades outside of public exchange venues. Activity on those platforms has been growing as trading has shifted away from places such as Nasdaq and the New York Stock Exchange. Trading that happens internally at major firms or on the alternative platforms represented 49.9% of traded volume in July, according to data compiled by Bloomberg. Last year was the first time on record that hidden trades made up more than half of all volume. Venues such as LeveL use different mechanisms to match buyers and sellers without the desired price being displayed on a public exchange, or automated auctions where parties express the value they are willing to buy or sell stocks for. Using off-exchange platforms helps institutional investors limit information leaking to the market and adversely affecting prices. Unlike public exchanges, dark pools aren't required to regularly disclose the same information about their trading systems. Most are run by broker-dealers, which are overseen by the Financial Industry Regulatory Authority. They buy and sell assets on behalf of customers as well as trade for their own accounts. LeveL launched its alternative-trading system in 2006, backed by a group of banks. Nasdaq, the second-largest US stock exchange, made a strategic investment in Boston-based LeveL in 2021, as activity was moving away from exchanges and onto dark pools. In acquiring the initial "significant minority stake," it joined LeveL institutional investors including Bank of America Corp., Fidelity Investments and Citigroup Inc. Story Continues Most Read from Bloomberg Businessweek Supercharged by Social Media, the GLP-1 Boom Is Warping Teen Psyches Lululemon Is At War With Itself Canada Stares Down 'Quebexit' Risk How Apple and India Built an Alternative iPhone Production Hub The $5 Billion Cosmetics Company Behind the High-Flying Rhode Brand ©2026 Bloomberg L.P. View Comments

Citi bullish on MongoDB stock, expects ’significant positive estimate revisions’

Investing.com -- Citi reissued its positive catalyst watch on MongoDB, citing "significant positive estimate revisions" and several upcoming catalysts including earnings, product updates, a Citi conference and an investor day. The bank raised its price target to $545 and reiterated its Buy rating. Citi analysts said they remain confident in their street-high estimate for Atlas growth of approximately 30% year-over-year in the second quarter of fiscal 2027, and raised total revenue estimates on stronger trends in MongoDB's Enterprise Advanced (EA) offering. The bank's intra-quarter fieldwork pointed to "broad-based momentum," with top-of-funnel activity improving as download activity accelerated meaningfully in the second quarter. According to Citi, download activity from npm js grew more than 100% year-over-year, up from more than 80% growth in the prior quarter, following a step-up in total customer growth over the last twelve months. The bank's fieldwork also highlighted continued ramping consumption among several AI-native companies identified in the prior quarter, including a new foundational model win. Conversations with partners at multiple conferences pointed to increased uptake of MongoDB's consumption among enterprises moving agentic workloads "from proof of concept (PoC) to production." Citi raised its EA revenue growth assumptions to high-single-digit percentage growth for both the second quarter and full fiscal year 2027, following the general availability of MongoDB's Vector and AI SKUs, which the analysts believe could be "meaningful upside drivers" for EA. The bank maintained its Atlas growth trajectory of roughly 30%, which it noted is well above guidance and consensus estimates of approximately 26%. The analysts also examined MongoDB's positioning in the "agentic memory layer," building on Citi's earlier comparison between MongoDB and Postgres. They said the database industry is benefiting from secular tailwinds as AI-driven coding increases the volume of code and applications, driving greater demand for databases. As agentic architecture continues to expand, "MongoDB's flexible schema, hyperscale portability and memory type flexibility gives it a strong advantage" in that space, the analysts wrote. Related articles Citi bullish on MongoDB stock, expects 'significant positive estimate revisions' Nvidia's new Alpamayo project: What it means for Tesla? This sector is 'poised for a big, beautiful year': Truist View Comments

inKind Secures $414 Million in Financing Led by Citi and Cross River, Surpassing $1.2 Billion in Total Capital Raised

Oversubscribed financing scales the restaurant commerce platform connecting more than 5 million diners with more than 8,500 restaurants that collectively represent nearly $30 billion in annual restaurant GMV Citi's participation builds on its existing relationship with inKind, as its venture capital arm, Citi Ventures, invested in the company in 2025. AUSTIN, Texas, Aug. 10, 2026 /PRNewswire/ -- inKind, the curated restaurant commerce platform helping great restaurants access capital, guests, and technology, today announced the closing of an oversubscribed $414 million second financing tranche led by Citi and Cross River alongside Sagard, Varadero Capital, and Trinity Capital. The transaction brings inKind's total capital raised to more than $1.2 billion.inKind Logo Just as Airbnb built infrastructure connecting hosts and travelers, and DoorDash built infrastructure connecting merchants and consumers, inKind is building growth infrastructure that connects restaurants with capital and high-intent guests. Its platform combines upfront capital, demand generation, financial tools, guest rewards, proprietary data, and AI-native capabilities. Today, inKind's curated network connects more than 5 million diners with more than 8,500 restaurants that collectively represent nearly $30 billion in annual restaurant GMV. The new commitments include: Senior Citi: $175 million Cross River: $150 million Mezzanine Sagard: $50 million Varadero Capital: $25 million Trinity Capital: $14 million The closing followsLiberty Mutual Investments' recently announced $320 million commitment as a senior anchor and mezzanine lender. With the expanded facility, inKind plans to deploy more than $1 billion in growth capital to nearly 10,000 restaurants over the next year. The transaction marks a major milestone for inKind and the restaurant industry, bringing institutional scale to a model designed to help high-quality restaurants access growth capital while creating incremental guest demand. It also expands the capital foundation behind a commerce platform that becomes more valuable as more restaurants and diners join and its proprietary data advantage deepens. "For more than a decade, inKind has been building a new way to finance and grow great restaurants," said Johann Moonesinghe, co-founder and CEO of inKind. "When Rajan Moonesinghe, Andy Harris, Jonathan de Wolff and I started the company, we had to use our own capital to fund restaurants because we were building a model the market had not yet seen. It took years of performance, discipline, and proof before institutional investors began to understand the asset class we were creating. The addition of Citi, a global systemically important bank, is an important signal that the market increasingly recognizes the strength of the inKind model. This financing gives us the capacity to scale the restaurant commerce infrastructure we have spent more than a decade building." Story Continues inKind provides restaurants with upfront growth capital and connects them with millions of high-intent guests through its curated dining network. By combining capital, commerce, demand generation, rewards, and technology on one platform, inKind helps operators create incremental revenue, build repeat customer relationships, and grow without relying solely on traditional debt, dilutive equity, or discount-driven marketing. inKind is highly selective about the restaurants it brings onto the platform. The company focuses on restaurants guests are likely to love and want to experience again — from nationally recognized restaurant groups to standout independent operators. That selectivity is central to the strength of the model: guests trust inKind as a way to discover exceptional restaurants, operators benefit from access to quality demand, and capital providers gain exposure to a curated network designed for durability. Since 2022, inKind has grown from approximately 1,000 restaurant partners to more than 8,500 today, collectively

Defense Tech Firm Lyntris, Backers Seek $528 Million in US IPO

(Bloomberg) -- Lyntris Inc. and some of its backers are seeking to raise as much as $528 million in an initial public offering, joining a wave of listings driven by demand for defense equipment. Most Read from Bloomberg China Unleashes $28 Trillion Capital Markets to Challenge US in AI Iran Shakes Up Security Team After Saying Oman Deal 'Very Close' Stocks Churn as Oil Advance Boosts Treasury Yields: Markets Wrap Trump Amps Up Pressure on Billionaire Sargeant to Exit Venezuela Behind Bessent Moves, Wall Street Sees a Bond-Market Angst The sensor technology company is offering 4.9 million shares in the IPO, and the shareholders including private equity firm Trive Capital are selling 19.1 million shares, for $19 to $22 each, according to its filing Monday with the US Securities and Exchange Commission. At the top of that range, Lyntris would have a market value of $2.53 billion based on the outstanding shares listed in its filing. The Falls Church, Virginia-based company had a net loss of $13 million on revenue of $241 million for the six months ended June 30, versus a net loss of $9.7 million on revenue of $179.1 million for the corresponding period a year earlier, according to the filing. Lyntris makes systems combining sensors, antennas and proprietary software for military use, playing an active role in more than 200 programs serving the US Department of Defense and international allies, the filing shows. Defense and aerospace companies have been a reliable source of recent listings as increasing geopolitical tensions drive military spending. Applied Aerospace & Defense Inc., York Space Systems Inc., Hawkeye 360 Inc. and Aevex Corp. all went public in the US this year. Lyntris intends to use the IPO proceeds for purposes including repaying approximately $60 million of outstanding debt. The company was formed earlier this year through the combination of Vitesse Systems and Accelint, both of which were portfolio companies of Dallas-based Trive. The offering is being led by Evercore Inc., Citigroup Inc. and Guggenheim Securities. Lyntris expects its shares to trade on the New York Stock Exchange under the symbol LYNX. --With assistance from Anthony Hughes. Most Read from Bloomberg Businessweek Lululemon Is At War With Itself Canada Stares Down 'Quebexit' Risk How Apple and India Built an Alternative iPhone Production Hub Supercharged by Social Media, the GLP-1 Boom Is Warping Teen Psyches The $5 Billion Cosmetics Company Behind the High-Flying Rhode Brand ©2026 Bloomberg L.P. View Comments

SpaceX Stock Jumps Again After Lock-Up Rally. When’s the Next Release, What to Expect.

SpaceX stock was jumping again in Monday’s premarket—on pace for its highest close for a month, after snapping a 4-week losing run on Friday with a 16% surge following the end of a lockup period for shares. The Elon Musk-led satellite and AI company’s shares were rising 4% to $138.57 as investors regained appetite for the stock after a torrid time since its closing high of $201.80 on June 16—reached two days after its IPO on June 12. Wall Street had widely braced for severe selling pressure on Thursday, when SpaceX’s first lockup expiration freed roughly 911 million restricted insider shares. Continue Reading

Micron’s Memory Boom Is Heading For A Peak, Analyst Warns

Micron Technology, Inc.(NASDAQ:MU) stock gained about 1% in Monday premarket trading as technology stocks moved higher ahead of the opening bell. Nasdaq futures rose 0.41%, while S&P 500 futures gained 0.17%. The move comes as investors weigh Micron's longer-term growth prospects against expectations for slowing memory pricing momentum and rising competition from Chinese manufacturers. On Aug. 7, Citigroup analyst Atif Malik maintained a Buy rating on Micron but lowered his price forecast to $1,150 from $1,400. The firm expects memory pricing momentum to slow over the next year, even as DRAM and NAND prices continue to rise from current levels. Citi Trims Micron Forecast Citi reduced its valuation multiple and lowered its fiscal 2027 and 2028 earnings estimates. The firm expects DRAM and NAND prices to continue climbing but sees the pace of gains slowing over the next four quarters. Citi expects memory prices to peak in the second quarter of next year. The more cautious outlook reflects concerns that the current memory upcycle could lose momentum as supply expands and pricing growth moderates. China Competition Remains Key Risk Citi identified rising Chinese memory capacity as the biggest long-term risk to its Micron thesis. The firm said additional NAND and DRAM supply from China could pressure Micron's pricing power outside the U.S., even if American restrictions limit the Chinese companies' access to the U.S. market. Despite those risks, another market strategist sees substantial upside remaining in Micron as the memory cycle progresses. Parker Sees Micron Doubling By Cycle End Trivariate Research CEO Adam Parkertold CNBC on Friday that Micron, NVIDIA Corp.(NASDAQ:NVDA) and other compute-related stocks could trade meaningfully higher over the next 12 months. However, he expects the group to advance in a steadier grind rather than through another sharp rally. Parker said Micron could double by the end of the cycle because investors may already be pricing in too much earnings deterioration after the eventual peak. He also argued that investors are focusing too heavily on Micron's income statement and not enough on its improving balance sheet. Parker pointed to the company's revenue outlook, high gross margins and potential to generate substantial free cash flow over the next several years. Still, Parker said investors should manage their exposure to AI semiconductor stocks through broader diversification because volatility remains elevated. Earnings And Analyst Outlook Story Continues Micron's next major scheduled catalyst is its earnings report, estimated for Sept. 22, 2026. Analysts expect earnings of $31.29 per share, up sharply from $3.03 a year earlier. Revenue is estimated at $50.82 billion, compared with $11.31 billion in the year-ago period. Micron trades at a price-to-earnings ratio of about 19.8. Top ETF Exposure Micron also carries significant weight in several technology and semiconductor exchange-traded funds. Invesco PHLX Semiconductor ETF(NASDAQ:SOXQ): 8.91% State Street SPDR NYSE Technology ETF(NYSE:XNTK): 8.75% Invesco AI and Next Gen Software ETF(NYSE:IGPT): 8.71% Micron's sizable weighting means significant inflows or outflows from these ETFs can contribute to buying or selling pressure in the stock. Price Action MU Stock Price Activity: Micron Technology shares were up 0.73% at $883.96 during premarket trading on Monday, according to Benzinga Pro data. Photo via Shutterstock Read Also:Nintendo Says AI Memory Inflation Could Add Nearly $700 Million in Costs UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga: MICRON TECHNOLOGY (MU): Free Stock Analysis Report This article Micron's Memory Boom Is Heading For A Peak, Analyst Warns originally appeared on Benzinga.com © 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. Vi

JPMorgan Strategists Raise S&P 500 Target as AI Capex Pays Off

(Bloomberg) -- JPMorgan Chase & Co. strategists raised their S&P 500 Index forecast for a second time in two months, citing strong corporate earnings and the payoff from massive artificial intelligence spending. Most Read from Bloomberg Iran Shakes Up Security Team After Saying Oman Deal 'Very Close' China Unleashes $28 Trillion Capital Markets to Challenge US in AI Stocks Hold Near Record Highs, Oil Ticks Higher: Markets Wrap Trump Amps Up Pressure on Billionaire Sargeant to Exit Venezuela Iran Says Hormuz Deal Close But Its Conditions Must Be Met The team led by Dubravko Lakos-Bujas now sees the US benchmark rising to 8,000 points, implying gains of about 3% from Friday's close. They had bumped their target to 7,800 from 7,600 in June. The latest forecast is slightly above the average of 20 strategists polled by Bloomberg. The second-quarter earnings season has produced evidence that capital expenditure by the so-called AI hyperscalers is being monetized through customer demand, the JPMorgan team said. They cited stronger cloud growth and increased backlogs at Alphabet Inc., Amazon.com Inc. and Microsoft Corp. that should reduce worries over return on their invested capital. "As elevated backlogs convert into recognized revenue, cloud growth should remain well supported, helping validate rising AI capex," they said. "Across hyperscalers, demand indicators remain high and rising." The S&P 500 has reclaimed record highs as corporate earnings surged 32% in one of the best increases on record. There's been intense focus on Big Tech's spending on AI and the impact that's having on their cash flow. The JPMorgan strategists expect AI spending to keep climbing, with the technology projected to account for well over half of total capex of $1.5 trillion across the S&P 500 this year, a proportion that's tipped to grow. Strategists at banks including Citigroup Inc., Deutsche Bank AG and Goldman Sachs Group Inc. are also among the most bullish voices on US stocks this year. On average, the S&P 500 is seen rising to 7,845 points by the year end, about 1% above current levels. --With assistance from Sagarika Jaisinghani. Most Read from Bloomberg Businessweek Lululemon Is At War With Itself How Apple and India Built an Alternative iPhone Production Hub The $5 Billion Cosmetics Company Behind the High-Flying Rhode Brand RFK Jr.'s Cooking Show Is One Long, Boring Political Ad TikTok Withheld a Safety Feature From Millions. One Died by Suicide ©2026 Bloomberg L.P. View Comments

Barrick Chairman's Planned Overhaul Meets Investor Backlash

(Bloomberg) -- John Thornton appeared ready last year to step down as chairman of Barrick Mining Corp. after a turbulent 12-year tenure. Instead, he seized control from his long-time CEO and is now driving a reinvention of one of the world's largest gold producers. Most Read from Bloomberg Iran Says Hormuz Deal Close But Its Conditions Must Be Met Trump Amps Up Pressure on Billionaire Sargeant to Exit Venezuela OpenAI's New Device Will Be Hockey Puck-Sized and Cost Over $300 America's Cyber Forces Grapple With Cluster of Deaths by Suicide Walmart Tests Fulfillment Cart Changes After Child Hit in Store His plan is running into trouble. The former Goldman Sachs banker's idea to spin off the Canadian company's North American mines in an initial public offering is facing backlash from some of Barrick's top investors, who don't want to share their interest in the company's most valuable assets. The IPO will likely be a key focus for shareholders when Barrick reports its quarterly earnings on Monday. Although the company first floated the plan in December, Barrick still hasn't named a CEO for the new company or revealed where it will be domiciled. Portfolio managers at Van Eck Associates Corp and Mackenzie Financial Corp have contacted Barrick within recent months to express opposition to the chairman's strategy. Franklin Equity Group is also opposed. Frustration is so high that at least one investor is calling publicly for Thornton's resignation. "If you ask me, it would be nice to have a graceful exit of this current chairman and have someone else come in," said Benoit Gervais, portfolio manager at Mackenzie, a subsidiary of Power Corp., Barrick's 10th-largest shareholder. The IPO could be Thornton's last chance to change the fortunes of Barrick, a mining company he's led since 2014. Under his watch, the company's stock has underperformed rivals Newmont Corp. and Agnico Eagle Mines Ltd. and has struggled to capitalize on a historic run-up in the price of gold. Barrick slipped to third place in global production last year after being overtaken by Agnico. The company's struggles threaten to tarnish the reputation of a dealmaker and master networker who made his name running one of the world's top investment banks, but hasn't replicated similar success as a corporate leader. This story is based on interviews with more than two dozen executives, current and former Barrick employees, bankers and shareholders, many who asked not to be identified because they are not authorized to speak publicly. Story Continues Through an outside spokeswoman, Thornton declined to comment. The IPO is supposed to unlock the value of Barrick's gold mines in Nevada and the Dominican Republic, which the firm's leadership has long contended are weighed down by Barrick's more troubled assets in Africa, Asia and the Middle East. Through a new, publicly listed company, Barrick would retain majority control of the assets while floating a minority interest to the public. The Nevada mines have been declining in production in recent years, but the asset is part of the world's largest gold-mining complex and contributes more than half of Barrick's profits. The IPO would also include the Fourmile discovery, which Barrick has called one of this century's greatest gold finds, and a mine in the Dominican Republic. Investors say the restructuring comes at their expense, diluting their interest in the operations by as much as 15% to new shareholders. Portfolio managers at Van Eck, Barrick's fourth-largest shareholder, met at least three times with company executives this year to push back. Dealmaker Turned Corporate Leader Long before he joined Barrick, Thornton had established himself as one of Wall Street's premier dealmakers. The 72-year-old climbed the ranks at Goldman by growing the firm's presence in Asia and Europe. He rose to co-president of the firm by the time it went public in 1999 and held that role until 2003. Thornton sits on several other boards including Fo

Data center operator Switch plans return to public markets via a $50bn IPO

Investing.com -- Switch Inc. has filed confidentially for a U.S. initial public offering that could take place as early as November, Bloomberg reported, citing people familiar with the matter. The Las Vegas-based data center operator is working with Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase and Morgan Stanley on the potential listing, one of the people said. Switch could seek a valuation approaching $50 billion, including debt. The company has also been working on a funding round led by venture capital firm Andreessen Horowitz, which was reported in July to be targeting about $2 billion. Ben Horowitz, co-founder of Andreessen Horowitz, is expected to join Switch's board in a separate development. The timing, valuation and lineup of banks involved in the offering could still change as preparations continue. Representatives for Switch, Bank of America, Citigroup, JPMorgan and Morgan Stanley declined to comment. Andreessen Horowitz and Goldman Sachs did not respond to requests for comment. Switch operates data centers in Nevada, Michigan, Georgia and Texas, according to its website. The company is majority owned by DigitalBridge Group, which led an investor group alongside Australian infrastructure manager IFM Investors in acquiring Switch for $11 billion, including debt, in 2022. The planned listing comes as data center operators and their suppliers seek to tap investor demand for companies positioned to benefit from rising artificial intelligence infrastructure spending. Blackstone Digital Infrastructure Trust, a data center acquisition vehicle, raised $2 billion through an IPO in May. Brookfield-backed Csquare Inc. followed with a $1.21 billion offering in July. Switch's potential flotation would mark a return to public markets four years after its acquisition. It could also become one of the largest U.S. technology infrastructure listings of the year if the company achieves its reported valuation target. DigitalBridge agreed last year to be acquired by Japan's SoftBank Group. Related articles Data center operator Switch plans return to public markets via a $50bn IPO Nvidia's new Alpamayo project: What it means for Tesla? This sector is 'poised for a big, beautiful year': Truist View Comments

Data Center Firm Switch to File Confidentially for IPO

(Bloomberg) -- Switch Inc. filed confidentially for a US IPO, according to people familiar with the matter, joining its data center peers in tapping demand for exposure to the artificial intelligence theme. Most Read from Bloomberg OpenAI's New Device Will Be Hockey Puck-Sized and Cost Over $300 Iran Wants to Bar US, Israeli Ships From Hormuz in Peace Accord Trump Administration Considers Order on Autism and Vaccines Iran Says Agreement on Hormuz Shipping Reached With Oman Walmart Tests Fulfillment Cart Changes After Child Hit in Store The Las Vegas-based firm is working on a a listing that could take place as soon as in November, the people said. It's working with Bank of America Corp., Citigroup Inc., Goldman Sachs Group Inc., JPMorgan Chase & Co. and Morgan Stanley on the offering, one of the people said. Separately, Ben Horowitz, co-founder of venture capital firm Andreessen Horowitz, is joining Switch's board, the people said, asking not to be identified as the information isn't public. Switch has been working on a funding round led by the firm, and could seek a valuation approaching $50 billion including debt, Bloomberg News reported in July. Details of the offering including the bank lineup and timing could still change, the people said. Representatives for Switch, Bank of America and JPMorgan declined to comment. Spokespeople for a16z, Citigroup, Goldman Sachs and Morgan Stanley didn't immediately respond to requests for comment. Switch, which is majority owned by DigitalBridge Group Inc., has data centers in Nevada, Michigan, Georgia and Texas, according to its website. The filing comes as data center owners as well as suppliers of equipment and services to the facilities are gathering cash this year through US first-time share sales. Blackstone Digital Infrastructure Trust Inc., a data-center acquisition vehicle, raised $2 billion in an IPO in May. Brookfield Corp.-backed Csquare Inc. raised $1.21 billion in an IPO last month. A group including DigitalBridge and Australian infrastructure manager IFM Investors Pty bought Switch in a 2022 deal valued at $11 billion including debt. DigitalBridge agreed last year to be acquired by SoftBank Group Corp. --With assistance from Dina Bass. Most Read from Bloomberg Businessweek How Apple and India Built an Alternative iPhone Production Hub Lululemon Is At War With Itself TikTok Withheld a Safety Feature From Millions. One Died by Suicide Armed With $10 Billion, Sequoia's Leaders Plan Its New Era RFK Jr.'s Cooking Show Is One Long, Boring Political Ad ©2026 Bloomberg L.P. View Comments

Citi Revamps Micron Target Target With A Twist

This article first appeared on GuruFocus. Micron Technology (NASDAQ:MU) remains one of Wall Street's strongest AI-memory plays, but Citi is warning investors that the extraordinary pricing cycle may be approaching its peak. Analyst Atif Malik cut his Micron price target 18% to $1,150 from $1,400, while maintaining a Buy rating, arguing that DRAM and NAND prices should keep rising before momentum fades in 2027. Warning! GuruFocus has detected 3 Warning Signs with MU. Is MU fairly valued? Test your thesis with our free DCF calculator. Micron is one of the world's largest memory-chip manufacturers, producing DRAM, NAND and high-bandwidth memory used in smartphones, computers and data centers. Its HBM products have become increasingly important because they sit alongside AI accelerators and benefit directly from surging infrastructure spending. We see both DRAM and NAND prices decelerating Q/Q in the next four quarters, with prices peaking in 2Q of next year, Malik wrote. Citi reduced its fiscal 2027 and 2028 earnings estimates by 1% and 2%, respectively, and lowered the valuation multiple used for Micron. Malik expects gross margins to retreat from the mid-80% range toward the mid-70% range next year as pricing power moderates. That would still represent exceptionally strong profitability. Micron posted fiscal third-quarter revenue of $41.46 billion, up from $9.30 billion a year earlier, while companywide gross margin reached roughly 84.6%. Management expects fourth-quarter revenue near $50 billion and gross margin around 86%, reflecting continued severe supply tightness. Citi also sees some protection from long-term contracts, with roughly 40% of Micron's DRAM bits covered by pricing agreements. The larger threat is new capacity, particularly from China. China competition and capacity additions in both NAND and DRAM markets is the biggest risk to our thesis, Malik wrote. Investor Takeaway On Micron Stock Investors should focus on DRAM and NAND pricing, gross margins, HBM shipments and industry capacity additions rather than the price-target cut alone. Micron's $22 billion of multiyear customer supply commitments and continued AI-driven shortages provide unusually strong earnings visibility. The risk is that markets anticipate memory downturns well before earnings peak. If quarterly pricing increases continue slowing while Samsung, SK Hynix and Chinese suppliers add capacity, Micron's valuation could compress despite still-record profits. Conversely, supply remaining constrained through 2027 would make Citi's new target look conservative. View Comments

Micron Stock Slips as Citi Cuts Target by $250

This article first appeared on GuruFocus. Micron Technology (NASDAQ:MU), a memory and storage semiconductor leader riding the AI infrastructure boom, delivered another blockbuster quarter, yet its shares slipped about 0.6% in Friday's regular session after Citi cut its price target to $1,150 from $1,400 while keeping a Buy rating. The downgrade wasn't a vote against Micron's business. Instead, Citi expects the explosive run in DRAM and NAND pricing to cool over the next four quarters, reminding investors that even the hottest AI winners eventually face tougher comparisons. Warning! GuruFocus has detected 3 Warning Signs with MU. Is MU fairly valued? Test your thesis with our free DCF calculator. Micron's numbers still look like they're running in overdrive. Revenue rocketed to a record $41.46 billion, up from $23.86 billion in the previous quarter and $9.30 billion a year ago. GAAP net income climbed to $28.24 billion, while operating cash flow reached $25.39 billion. Management expects fiscal fourth-quarter revenue of $50 billion, plus or minus $1 billion, with an extraordinary gross margin of around 86%. Importantly, that forecast already assumes memory-price gains will moderate. The valuation picture is becoming harder to ignore, though.Micron Stock Slips as Citi Cuts Target by $250·us.finance.gurufocus The GF Value chart estimates Micron's intrinsic value at about $564, well below its recent share price near $874, leaving the stock trading roughly 55% above fair value. That premium tells you the market has already priced in plenty of AI optimism, raising the bar for future earnings surprises. That's why the market's focus is shifting. Citi's new target still sits about 31% above Micron's recent trading price, showing Wall Street remains bullish over the long haul. But the easy gains from soaring memory prices may be fading. From here, investors will be watching whether Micron can keep growing through higher volumes, tighter execution and disciplined spending instead of relying on another pricing boom. With a planned $27 billion capital investment for fiscal 2026 and expanding relationships with major AI customers, the growth story is still very much alive. The next chapter, however, will be won by executionnot just higher memory prices. View Comments

Should You Buy, Hold or Sell Citigroup Stock Ahead of Q2 Earnings?

Q1 Diversified Banks Earnings Review: First Prize Goes to Citigroup (NYSE:C)