TLDR

🟢 MARKET RECAP → The S&P 500 (VOO) closed at a record for a second straight day Wednesday as investor optimism of a Fed rate cut next week, with traders betting on around a 92% chance of a 0.25% cut. 

🚀 ORACLE EXPLODES → Oracle (ORCL) posted a $455B AI-driven cloud backlog, raised its revenue forecast. Shares of the nearly $1 trillion company spiked over 35% Wednesday, marking one of its biggest rallies ever.

📈 KLARNA DEBUTS → Klarna (KLAR) priced its IPO at $40 for a $15B valuation, then jumped 30% on debut to ~$19.7B, marking a sharp comeback from its 2022 downturn.

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MARKETS

Market Snapshot

Today’s S&P 500 Heatmap

Notable Earnings This Week

TECH

Oracle Explodes

⚡ AI backlog explodes. Oracle (ORCL) said its cloud backlog surged 359% to $455 billion, fueled by mega-deals with AI customers. CEO Safra Catz hinted the number could top $500 billion soon, underscoring Oracle’s place in the AI arms race.

☁ Cloud forecast raised. The company boosted Oracle Cloud Infrastructure (OCI) revenue outlook to $18 billion for FY26, up 77%. Oracle now expects $144 billion in cloud revenue over the next four years, bolstered by multicloud deals with Amazon (AMZN), Google (GOOG), and Microsoft (MSFT).

📈 Stock rockets higher. Shares closed over 35% higher Wednesday, one of Oracle’s sharpest rallies in decades. Investors cheered the AI-driven backlog, propelling Oracle closer to a $1 trillion market cap.

IPO

Klarna Debuts

🚀 IPO lands at $40. Klarna (KLAR) priced its long-awaited U.S. IPO at $40 per share, valuing the buy-now-pay-later giant at $15.1 billion. The offering raised about $1.37 billion across 34.3 million shares, signaling strong investor demand.

📈 Debut rally. Shares opened at $52 on the NYSE, climbing 30% from the offer price and closing near that level. The surge lifted Klarna’s market cap to roughly $19.7 billion—well above its pricing valuation.

📉 Big comeback story. Klarna was once Europe’s most valuable startup at $45.6 billion in 2021, before plunging to $6.7 billion in 2022. Its U.S. market debut shows a sharp rebound, restoring fintech investor confidence.

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KEEP READING

Mortgage demand jumps to the highest level in three years, as interest rates drop sharply (CNBC)

CoreWeave stock rises after announcing new AI venture fund (yahoo!finance)

Quantum computing startup IQM raises $320 million as investors pile into the tech (CNBC)

Apple raises iPhone Pro starting price in U.S. for first time since 2017 (CNBC)

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