Akzo Nobel Plunges 17%; Global Rally Adds 2M Millionaires

Akzo Nobel, the Dutch chemicals group behind Dulux, fell 17.2% on the Euro Stoxx 600 after Nippon Paint and Sherwin‑Williams confirmed they will not pursue a joint cash offer. The companies had earlier rejected a €73 per‑share bid, saying it undervalued the business and lacked deal certainty.

A Capgemini report shows the 2025 equity bull run created nearly 2 million new millionaires, pushing the global millionaire count to 25.3 million, a 7.9% rise. The U.S. added 730,000, while ultra‑high‑net‑worth individuals grew even faster, now holding 35% of all millionaire wealth.

S&P Dow Jones Indices announced it will maintain the existing 12‑month seasoning period and profitability/float rules for newly listed mega‑cap IPOs. Consequently, SpaceX and other large IPOs will not receive fast‑track inclusion into the S&P 500, postponing billions of dollars of passive‑fund inflows.

Bitcoin fell to its lowest level since February, briefly dropping below $62,000, as investors rotate cash toward splashy IPOs such as SpaceX and AI firms. Wolfe Research cautions the crypto’s four‑year cycle may push BTC under $40,000 this fall before a rebound.

Ciena reported fiscal Q1 2026 revenue of $1.43 billion, a 33.1% year‑over‑year increase, driven by customers expanding high‑speed networking for AI workloads. Adjusted earnings per share hit $1.35, topping expectations and underscoring that AI infrastructure spending stretches well beyond GPUs.

Robinhood launched an AI‑driven trading feature that automatically places equity trades based on user‑set parameters. Advisors warn it may give investors a false sense of control, generate unsuitable trades, and boost Robinhood’s revenue, raising regulatory and suitability concerns.

AMD’s shares have surged 55% in a month, now valuing the chipmaker at about 173 × forward earnings, far above consensus forecasts and comparable to the 2000 Cisco bubble. The gap raises concerns that the stock’s price is detached from realistic earnings expectations despite strong data‑center revenue growth.

President Donald Trump announced a $700 million package to upgrade coal plants, fund a new export terminal, and revive projects, using Cold War‑era Defense Production Act authority. The administration pitches coal as essential for AI‑driven data centers and U.S. energy security, drawing criticism from environmental groups.

The Committee for a Responsible Federal Budget reports the Social Security trust fund will be exhausted by 2032, triggering an automatic 24% across‑the‑board benefit cut that would slash average retiree checks by about $500 and shave $345 billion from annual benefits, affecting roughly 60 million Americans.

In May 2025 Moody's downgraded the United States to Aa1, ending its three‑agency AAA status. Amid the downgrade, President Trump and House Republicans are advancing a sweeping tax‑cut and spending bill, touted as the largest in history, which analysts warn could add $3.3 trillion to the deficit over the next decade.

The European Commission unveiled a tech sovereignty package that introduces a Cloud and AI Development Act and a revised Chips Act 2.0 to curb reliance on U.S. and Chinese providers. The measures aim to secure EU data, boost advanced semiconductor capacity, and ensure critical services stay under European control.

U.S. regulators approved a waiver letting Constellation Energy accelerate the revival of the Three Mile Island plant, aiming to reconnect it by 2027. The restored 837 MW facility will supply emissions‑free power to Microsoft’s regional AI data centers, underscoring the growing link between nuclear energy and cloud computing demand.