In Q1 2026, Bill Ackman's Pershing Square Capital opened a major Microsoft (MSFT) position, buying 5,654,078 shares for $2.092 billion. Over the same period, the fund reduced exposure to Uber and Alphabet, and by March 31 it listed Brookfield (BN) and Amazon (AMZN) as its two biggest portfolio holdings.

SoftBank Group shares rose nearly 20% on May 21 and gained another 12% on May 22, lifting its market value by more than $61 billion across the two sessions. The move followed NVIDIA’s May 20 results and was amplified by SoftBank’s exposure to Arm Holdings and its roughly 13% stake in OpenAI, though analysts highlighted holding-company NAV discounts and leverage risk.

WTI crude futures are edging toward $100 per barrel as doubts around a U.S.–Iran diplomatic breakthrough bring back a geopolitical risk premium estimated at $3 to $5 per barrel. Friday's rebound was not enough to prevent WTI and Brent from finishing the week lower, with markets also weighing expected OPEC+ supply increases in July.

On May 23, 2026, several strategists said elevated US long-term Treasury yields are approaching levels that have historically pressured stocks and other risk assets. The 30-year yield recently hit 5.19% and the 10-year reached 4.667%, while strategists warned that a further rise could weigh on equity valuations. At the time of writing, the 30-year was at 5.077% and the 10-year at 4.552%.

U.S. equities have pushed to new all-time highs, with the S&P 500 up +18% over the past eight weeks, while crypto has lagged with total market gains of about 10%. Bitcoin saw a near 10% drop in under two weeks and slipped below $77k as roughly $60 billion left the crypto market and the Fear & Greed Index fell back into “fear”. The split, however, may still leave room for a rebound if volatility cools and risk appetite stays supported by strong stocks.

On May 23, 2026, the U.S. Federal Communications Commission approved spectrum transactions worth more than $40 billion involving EchoStar, AT&T and SpaceX. The agreements shift 30 MHz of nationwide 3.45 GHz and about 20 MHz of 600 MHz to AT&T, while SpaceX gains access to AWS-3, AWS-4 and H-Block assets to support direct-to-device and hybrid satellite services.

An FDIC staff report released last week reviewed deposit movements at SVB, Signature Bank, and First Republic during the 2023 failures. It said depositors connected to the digital asset sector and users of active escrow accounts were more prone to pull funds, with Signature's active escrow balances falling 88% between March 7 and March 17, 2023. The report also highlighted heavy wire-transfer outflows and high uninsured exposure among these deposits.

On May 23, Bitcoin hovered in the mid-$70,000s and remained capped below major moving averages, with the 200-day average in the low $80,000s still acting as the key barrier. Hyperliquid (HYPE) pushed into price discovery in the low $60s after clearing resistance in the high $40s, while Zcash (ZEC) surged toward $700 but showed signs of unstable, momentum-driven swings. Dogecoin (DOGE) stayed boxed between roughly $0.10 support and $0.11–$0.12 resistance, and Ethereum (ETH) continued to look weaker than BTC while trading below a declining 200-day average around the mid-$2,500s.