Tech Stocks and AI IPO News Drive Global Market Rally
Wall Street and Asian markets rose as investors focused on a surge in tech demand and upcoming initial public offerings from SpaceX and OpenAI. Strong Chinese export data and cooling oil prices provided additional support even as central banks consider further interest rate hikes.
Marvell Technology Inc shares rose 9% following its inclusion in the S&P 500 index during a tech-led market rebound. The rally concentrated in artificial intelligence leaders even as 60% of the S&P 500 closed lower. U.S. futures edged up on Tuesday morning as investors weighed the impact of tech megacaps on broader market performance.
### AI Sector Braces for IPO Influx The market is preparing for a wave of new equity issuance led by major AI and aerospace players. SpaceX plans to raise $75 billion in a debut listing on June 12, targeting a $1.75 trillion valuation that would place it among the top 10 most valuable U.S.-listed companies. The offering is reportedly two times oversubscribed and has earmarked $22.5 billion for retail investors.
