WSJ : U.S. Data-Center Operator TECfusions Plans to Go Public in $4 Billion SPAC

U.S. Data-Center Operator TECfusions Plans to Go Public in $4 Billion SPAC Deal
The company expects to close the transaction in the fourth quarter and start trading on the Nasdaq

  • Data-center operator TECfusions plans to go public through a merger with blank-check company Apex Treasury that values it at about $4 billion.
  • TECfusions expects to close the transaction in the fourth quarter and start trading on the Nasdaq.
  • Founder Simon Tusha said TECfusions chose the SPAC route over a conventional IPO in part due to recent volatility in equity markets.

Data-center operator TECfusions is planning to go public by merging with a blank-check company in a deal that will value it at about $4 billion.

The Florida-based company, which hosts one of the largest AMD-based artificial-intelligence training clusters in North America, is set to combine with Apex Treasury, a special-purpose acquisition company listed in New York, it said Wednesday.

The company expects to close the transaction in the fourth quarter and start trading on the Nasdaq, subject to shareholder and regulatory approvals.

TECfusions, which converts existing industrial facilities into data centers, said the deal implies a pro-forma enterprise value of approximately $4.2 billion. The valuation reflects contracted and advanced-stage projects, a planned expansion into Chile, and long-term customer agreements.

An institutional investor is anchoring a $35 million PIPE, or private investment in public equity, alongside the de-SPAC transaction. TECfusions declined to identify the investor.

Simon Tusha, founder and chief technology officer at TECfusions, said the company chose the SPAC route over a conventional initial public offering in part due to the current market environment.

“The recent volatility in equity markets and the broader macro backdrop reinforced our view that a SPAC provides better predictability around timing and capital, which is critical when you are committing hundreds of millions of dollars to multi year data center projects,” he said.

TECfusions has sites in Virginia, Pennsylvania and Arizona, with its current pipeline supporting a multi-gigawatt buildout over the next several years, Tusha said.

He added that the company’s near-term financials reflect a “build-out phase rather than steady-state margins,” with a clear path toward significant profitability as projects move from construction into full utilization.

The company is in talks with a range of AI platforms, cloud providers and enterprises as potential clients.

While TECfusions isn’t planning a SPAC raise beyond the $35 million investment, it may consider future capital raises, Tusha said. The firm is currently financed through project-level debt and equity, corporate equity commitments, and strategic capital from partners seeking exposure to AI-ready infrastructure.

“Over the next 12 to 18 months, our [capital expenditure] will remain focused on high conviction projects where we have clear tenant demand and attractive project level financing, rather than speculative builds,” the CTO said.

WSJ : AMD and Anthropic Sign Major Chips-and-Investment Deal The 2-gigawatt deal

AMD and Anthropic Sign Major Chips-and-Investment Deal
The 2-gigawatt deal covers tens of billions of dollars’ worth of chips, as AMD plans to invest up to $5 billion in Anthropic

  • AMD and Anthropic signed a deal for tens of billions of dollars’ worth of artificial-intelligence servers.
  • Anthropic will buy up to two gigawatts of AMD chips starting in 2027, and AMD will invest up to $5 billion in Anthropic.
  • AMD is in talks to provide a financial backstop for Anthropic data center leases, a person with knowledge of the talks said.

Advanced Micro Devices AMD -0.83%decrease; red down pointing triangle and Anthropic have signed a deal for tens of billions of dollars’ worth of artificial-intelligence servers, strengthening AMD’s competitive position against industry leader Nvidia NVDA -0.67%decrease; red down pointing triangle and supplying Anthropic with much needed computing power.

Under the terms of the agreement, Anthropic will purchase up to 2 gigawatts of AMD’s latest-generation chips, called the Instinct MI450, starting in the first half of 2027. AMD will also invest up to $5 billion in Anthropic—its first check into the AI firm—as certain deployment milestones are met.

“We have very much wanted to be a major part of their infrastructure,” AMD Chief Executive Lisa Su said, adding that the companies’ engineering teams have been working together for some time.

Anthropic runs computing workloads across chips including Google’s tensor-processing units, Amazon.com’s Trainium chips, and Nvidia graphics processing units, or GPUs. As part of the deal, Anthropic will buy some AMD chips for its own data centers, as well as lease some of the capacity via other large cloud providers or neoclouds. Anthropic and AMD are working together to identify data centers for the chips, Su said.

“You can’t just wake up one morning and say, ‘Oh, I want a gigawatt of compute tomorrow,’” Su said. “You actually have to plan, you know, 12, 18, 24 months in advance for what you want.”

AMD is also in talks to provide a financial backstop for Anthropic’s future data-center leases as well, according to a person with direct knowledge of the talks.

Large technology companies with investment-grade credit ratings have increasingly been in talks to back the leases or debt of AI startups that otherwise wouldn’t be able to raise capital at favorable terms. Google has agreed to backstop some data-center deals to help Anthropic access its TPUs, for instance.

AMD has spent the past few years racing to build its position in the market for selling GPUs. The company has benefited from a surge in demand from AI developers seeking to diversify away from Nvidia. It recently signed large deals with OpenAI and Meta Platforms and is competing to win over younger AI startups as customers.

Su said AMD had signed an engineering collaboration with Anthropic, in which it will use the company’s Claude models to improve the performance of its chip technology.

AMD’s chips are generally less in demand than Nvidia’s, partly because AI companies are less familiar with operating the software needed to run the company’s chips. AMD extended sweeteners to win big customers, including offering them warrants, or future shares, in the company.

The AMD deal will help Anthropic to further meet the surge in demand for its AI tools that have turned it into the front-runner of the AI race. The sudden demand forced Anthropic to limit how much its users could engage with its AI services, with some customers reporting frequent outages.

Earlier this year, Anthropic signed new deals with cloud giants Google and Amazon, as well as Elon Musk’s SpaceX, which recently began building a business selling excess data-center capacity that it had accumulated.

WSJ : OpenAI’s Planned Cloud Spending Hits $750 Billion as Computing Efforts Ram

OpenAI’s Planned Cloud Spending Hits $750 Billion as Computing Efforts Ramp Up
The AI giant has committed $20 billion to a new data-center project in Georgia and hired an architect of Elon Musk’s computing build-out

  • OpenAI raised its projected spending on computing power to around $750 billion through 2030, up from roughly $600 billion earlier this year.
  • OpenAI committed $20 billion to a Georgia data center, marking the first site where the firm is the lead designer and developer.
  • OpenAI’s spending has caused tension between Chief Executive Sam Altman and Chief Financial Officer Sarah Friar ahead of a planned IPO.

OpenAI is scaling up its data-center ambitions—and its budget for spending on them.

The artificial-intelligence company has raised its projected spending on computing power to around $750 billion through 2030, up from a projection of roughly $600 billion earlier this year, according to a person with knowledge of its projections.

The increase reflects new agreements with cloud-computing providers as OpenAI races to lock up the enormous amounts of computing capacity it needs to develop and run its AI models. OpenAI’s spending on cloud computing has become a central focus of Chief Executive Sam Altman’s leadership team and has been a source of tension between him and his chief financial officer, Sarah Friar, ahead of the company’s planned initial public offering.

The company said Wednesday it would invest $20 billion to kick off a data center called Project Camellia, in Effingham County, Ga. Sachin Katti, OpenAI’s vice president of compute strategy, said the company has contracted with utility Georgia Power to receive 3.2 gigawatts of power between 2028 and 2032. The project represents the first site in which OpenAI is the lead designer and developer. At its other sites, OpenAI rents chips from cloud providers such as Oracle and Amazon Web Services.

OpenAI has also hired Brent Mayo, one of the architects of Elon Musk’s data-center build-out, according to people with knowledge of the hire.

Mayo, who left Musk’s xAI earlier this year, played a key role in helping that company build its first Colossus supercomputer facility in Memphis, overseeing the work needed to rapidly install and bring online large clusters of AI chips.

As OpenAI’s head of data-center build and delivery, Mayo’s focus is on ensuring that data centers its cloud partners build are done on time. He will also be involved in the new Georgia data-center project.

Mayo reports to Uday Ruddarraju, who was promoted this month to become OpenAI’s chief technology officer of computing capacity. Ruddarraju, who reports to President Greg Brockman, also previously worked on xAI’s Colossus before leaving the startup for OpenAI last year.

Mayo’s hire is the latest in a series of changes inside OpenAI’s infrastructure organization, which has gone through several evolutions since Altman announced the company’s Stargate initiative at the White House in January 2025.

Altman originally envisioned Stargate as a joint venture with SoftBank and Oracle that would invest as much as $500 billion in U.S. artificial-intelligence infrastructure over four years.

But that effort struggled to get off the ground.

Now, OpenAI is reviving its internal effort to take more control over its data centers, people familiar with the matter said.

The company is in the process of choosing a partner that will build and operate the Georgia site, Katti, the vice president of compute strategy, said in an interview. OpenAI has already acquired the land for the project.

Katti declined to share how much money OpenAI has paid Georgia Power to reserve the power but said it was a “meaningful amount,” which gives the utility the confidence to build additional generation capacity.

OpenAI executives have held meetings with local and state officials, as well as with schools and other community leaders, to gather feedback on their proposed data center, which will be located in the Savannah Gateway Industrial Hub.

So far, the project has local support from the economic development group, the county manager, and the school district. Local officials said in a statement that they visited several data centers and did their own research before deciding to move forward.

The 3.2 gigawatts that OpenAI expects to eventually receive in Effingham County would come in addition to the computing deals the company has already signed with other partners.

It has previously contracted with Oracle for data-center capacity totaling 6 gigawatts, which is mostly still under development. At the end of February, OpenAI increased its multiyear cloud-computing deal with Amazon Web Services to $138 billion over eight years, including 2 gigawatts on Amazon’s homegrown AI chip, known as Trainium. OpenAI also last year committed an additional incremental $250 billion in cloud spending to Microsoft Azure, though it didn’t provide a timeline for that spending.

After Altman’s proclamation that OpenAI planned to spend $1.4 trillion on computing capacity set off concerns over the company’s financial stability, Friar, the CFO, walked back that claim, quietly reassuring investors that OpenAI planned to spend $600 billion through 2030.

She has also privately voiced concerns about Altman’s spending plans. Friar told company leaders she worried that the company might not be able to pay for future computing contracts if revenue doesn’t grow fast enough.

EU to review airline ownership rules, threatening easyJet bids - Reuters New

Alerts History
  • 22 Jul 2026 03:21:55 PM - EXCLUSIVE-EU OFFICIAL: WE WILL RELEASE REVIEW OF AVIATION OWNERSHIP RULES IN THE AUTUMN
  • 22 Jul 2026 03:21:56 PM - EXCLUSIVE-EU OFFICIAL: WE WILL CLARIFY WHAT CORPORATE STRUCTURES ARE ALLOWED, ESPECIALLY ON CONTROL AND OWNERSHIP
  • 22 Jul 2026 03:21:57 PM - EXCLUSIVE-EU OFFICIAL: WE NEED TO ADEQUATELY PROTECT STRATEGIC AUTONOMY
  • 22 Jul 2026 03:21:58 PM - EXCLUSIVE-EU OFFICIAL: THIS IS TO ENSURE FOREIGN INVESTORS DON'T HAVE FULL CONTROL OF EU AIRLINES
  • 22 Jul 2026 03:21:58 PM - EXCLUSIVE-EU OFFICIAL: THIS COULD IMPACT THE PROPOSED EASYJET TAKEOVER DEAL BY APOLLO OR CASTLELAKE

EU to review airline ownership rules, threatening easyJet bids - Reuters News
Sentiment:
Balanced
By Joanna Plucinska, Julia Payne and Alessandro Parodi

  22 Jul 2026 03:22:25 PM

Open in LSEG Workspace
  • Review due in the autumn could affect Apollo's proposed £5.7 billion easyJet takeover
  • EU aims to clarify permitted corporate structures around airline control and ownership
  • Apollo, Castlelake and easyJet have not discussed deal details with EU regulators, the official said
FARNBOROUGH, England, July 22 (Reuters) - The European Union is preparing a review of airline ownership rules to prevent foreign investors from gaining effective control of carriers, an EU official said, a move that could complicate U.S. bids for low-cost airline easyJet EZJ.L.
The EU review, previously unreported, would "protect strategic autonomy" to ensure control of regional carriers remains within the bloc, the official said. It comes amid a bidding war between two U.S. investment firms for the control of major European budget airline easyJet, which is likely to test the limits of EU rules that demand 51% local ownership.
"This is to ensure that foreign investors don't have full control," the official told Reuters, asking not to be named due to the sensitivity of the matter. "We need to make sure we have sufficient headroom when it comes to control."
EasyJet earlier this month backed a £5.7 billion ($7.65 billion) offer by Apollo Global Management APO.N, which trumped an earlier £5.5 billion bid by Castlelake, but did not explain how it plans to meet EU majority ownership requirements, a key hurdle for any non-EU acquisition of a European airline.
If the deal went through, it could set an important precedent for European airlines, opening the door to private equity buyouts in a closely regulated industry where takeovers usually involve another carrier, often with government backing.
The official said that the review, likely in the autumn, would look to clarify which kinds of corporate structures were allowed, especially around control and ownership.
The official said Apollo, Castlelake and easyJet had not spoken to the European regulators about the details of their proposed deals.
EasyJet and Apollo declined to comment. Castlelake did not immediately respond to a request for comment.
"The concern is that the industry is on the wrong foot, thinking that we no longer enforce the rules strictly. People will go down the wrong alley because there's a wrong perception," the official added.

(Reporting by Joanna Plucinska in Farnborough, Julia Payne in Brussels, Alessandro Parodi in Gdansk; Editing by Adam Jourdan, Joe Brock and Sharon Singleton)

>>> Europe : Brokers Upgrades & Downgrades - 22nd of July 2026 V2(+)

>>> Up
* Atlas Copco Raised to Buy at Goldman; PT 229 kronor
* CoreWeave Raised to Buy at Truist on Signs of Broadening Demand
* Epiroc Raised to Buy at Pareto Securities; PT 280 kronor
* Epiroc Raised to Overweight at JPMorgan; PT 320 kronor
* Hanza Raised to Buy at Nordea; PT 179 kronor
* Jet2 PT Raised to 2,100 pence from 1,800 pence at Peel Hunt (+)
* Metrovacesa Raised to Outperform at Renta 4; PT 12.30 euros (+)
* Nestle Raised to Buy at Jefferies; PT 99 Swiss francs
* Porsche Raised to Buy at Bankhaus Metzler; PT 64 euros (+)
* Reckitt Raised to Buy at Jefferies; PT 5,900 pence
* Sonova Raised to Buy at UBS; PT 242 Swiss francs
* Wartsila Raised to Buy at ABG; PT 35 euros
* Wartsila Raised to Accumulate at Inderes; PT 33 euros
* Wartsila Raised to Hold at Handelsbanken; PT 30 euros
* Wartsila Raised to Accumulate at OP Corporate Bank; PT 33 euros (+)

>>> Down
* AIB Group Cut to Market Perform at KBW; PT 10.80 euros
* Amcor Cut to Hold at Jefferies
* Danone Cut to Underperform at Jefferies; PT 62 euros
* Demant Cut to Neutral at UBS; PT 284 kroner
* Equinor Cut to Neutral at SB1 Markets; PT 365 kroner (+)
* Sandvik Cut to Neutral at JPMorgan; PT 400 kronor
* Travis Perkins Cut to Underweight at Barclays; PT 461 pence
* Rotork Cut to Hold at Peel Hunt
* Wienerberger Cut to Neutral at Citi; PT 22 euros

>>> Initiation
* Aberdeen Group Rated New Buy at Peel Hunt; PT 294 pence
* Altria Rated New Neutral at BTIG
* BAT Rated New Buy at BTIG; PT 5,800 pence
* Circle Internet Rated New Market Perform at Raymond James
* DigitalOcean Rated New Outperform at Baird
* Digital Turbine Rated New Buy at Benchmark; PT $15
* IBM Rated New Neutral at Baird
* Imperial Brands ADRs Rated New Neutral at BTIG
* Nedap NV Rated New Buy at Van Lanschot Kempen; PT 133 euros (+)
* Nebius Group Rated New Outperform at Baird
* Philip Morris Rated New Buy at BTIG; PT $216
* Siegfried Rated New Hold at Berenberg; PT 77 Swiss francs

>>> Call
* Atlas Copco Raised to Buy at Goldman on Chip, Oil Exposure (+)
* Aberdeen’s Recovery Becoming More Apparent, New Buy at Peel Hunt
* Epiroc Raised, Sandvik Cut as JPMorgan Switches Preference
* Wienerberger Cut to Neutral at Citi Following Guidance Downgrade

>>> Stoxx 600 Pre-Market Indications

  • GEA Group (G1A TH) +3.4%
  • Reckitt (3RB0 TH) +2.2%
  • Airbus (AIR TH) +2.1%
    • Airbus Financial Targets Send ‘Strong Signal’: Street Wrap
  • Akzo Nobel (AKU1 TH) +1.5%
    • Akzo Nobel Maintains FY Adjusted Ebitda Forecast
  • Symrise (SY1 TH) -1.3%
  • Var Energi (J4V TH) -2%
  • ASML (ASME TH) -2.2%
  • Prosus (1TY TH) -3.1%

>>> TradeGate Pre-Market Indications

DAX:
  • GEA Group (G1A TH) +4.1%
    • GEA Group Prelim 2Q Revenue Beats Estimates
  • Airbus (AIR TH) +2.3%
    • Airbus Financial Targets Send ‘Strong Signal’: Street Wrap
  • Symrise (SY1 TH) -1.3%
MDAX:
  • SUSS MicroTec (SMHN TH) +0.5%
  • Jenoptik (JEN TH) +0.5%
  • Aixtron (AIXA TH) -0.6%
  • Wacker Chemie (WCH TH) -0.6%
SDAX:
  • Friedrich Vorwerk Group SE (VH2 TH) +4.1%
  • Eckert & Ziegler (EUZ TH) -1.6%
    • German BaFin Starts Audit of Eckert & Ziegler’s 2024 Reports

>>> What to look at today - 22nd of July 2026

Chip stocks extended a global rally as investors renewed bets that the artificial intelligence trade has further room to run. Oil climbed on pessimism over US-Iran peace talks. MSCI’s Asia Pacific equities gauge rose 1%, extending Tuesday’s biggest one-day gain in a month. South Korea’s Kospi, a bellwether for AI investments, jumped 4% as the unwinding of leveraged bets that drove the benchmark nearly 30% below its peak appeared to be nearing an end. Chip bellwethers Samsung Electronics Co. and SK Hynix Inc. led gains. The rally in Asia followed a more than 5% jump in a US semiconductor gauge on Tuesday, rebounding from bear market territory last week, as investors awaited Alphabet Inc.’s guidance on AI spending. Even so, caution prevailed, with Nasdaq 100 futures falling 0.4%, S&P 500 contracts edging lower and European shares set for a tepid open. The rise in crude oil prices this week is reigniting inflation concerns, and pushed Treasury yields to their highest level in two months on Tuesday. Brent climbed 1.4% to $92.25 a barrel after US President Donald Trump minimized the prospect of immediate talks with Iran. Gold gained as much as 1.6% to about $4,142 an ounce — the highest level in two weeks — as dip buyers supported prices despite escalating Middle East tensions. The rally in technology stocks follows weeks of volatility in the year’s best-performing corner of the market as investors questioned whether massive AI spending will translate into commensurate returns. The focus now shifts to earnings from Alphabet and Tesla Inc. beginning Wednesday, with lofty expectations leaving little room for disappointment. Concerns about expensive valuations drove a selloff in chip stocks earlier this month, pushing the Philadelphia Semiconductor Index briefly into a bear market last week. The gauge has gained two days in a row since then, while a chip benchmark in Asia jumped more than 2.4% on Wednesday. Other precious metals also gained. Silver climbed 1.5% to about $59.60 an ounce, while platinum also advanced. The yen was little changed in Asian trade after sliding past 163 per dollar on Tuesday for the first time since 1986, testing Japanese authorities’ resolve to intervene. Two senior Japanese officials warned that authorities are ready to take action in the currency market if necessary. Treasuries held Tuesday’s losses, which pushed 10- and 30-year yields to the highest levels in about two months. The surge in oil prices has rekindled concerns that inflationary pressures will prompt the Federal Reserve to raise interest rates. The market is learning to live with higher oil prices, but “the big question is, for how long?” Tim Waterer, chief market analyst at KCM Trade in Sydney, wrote in a note. “Right now, solid earnings are coming to the rescue and are helping divert market focus away from the fact that oil prices are advancing.” Attention is also on pharmaceutical companies after Trump announced plans to impose 100% tariffs on generic drugs imported to the US, beginning in August 2028. Indian pharma stocks slipped. That said, investors remain focused on company results. US earnings growth should continue to support stocks in the second half of the year, even as near-term bullish positioning and macro headwinds weigh on share prices, according to Goldman Sachs Group Inc. strategists. Nearly 20% of companies in the S&P 500 by market value are slated to report results this week. Alphabet and Intel will give investors a clearer read on how AI spending is reshaping the tech industry. Intel reports Thursday. While the recent selloff in AI-related shares has raised questions about the durability of the trade, some strategists see it as a reset rather than a sign of deteriorating fundamentals. US After Hours SMCI +18% jumps on guidance, DELL +5.7%, HPE +4.9%, MRVL +2.1%, MU +1.5% higher in sympathy; FNWD +20.2% to be acquired; PEGA -13.4%, AIR -4.9% lower on earnings.

Nikkei +0.02% Hang Seng -1.14% CSI -0.53% Kospi +1.3% Shanghai -0.15% Shenzen -1.14%

Eur$ CNH CNY JPY GBP CHF RUB TRY WTI$ Gold BTC ETH

S&P -0.16% Nasdaq -0.60% EuroStoxx +0.11% FTSE +0.22% Dax +0.26% SMI +0.25%

Macro :
- Oklo, X-Energy Join Trump Bid to Speed Nuclear Reactors for AI
- Spain’s Trillo Nuclear Plant Shut Down After Leak Detected
- TSMC to Hike Chip Prices by Up to 10% in 2027, Nikkei Says
- Major Utilities, Data-Center Developers Sign On to Trump's Ratepayer-Protection Pledge -- WSJ
- Goldman Sachs creates private markets platform as rich investors seek the next SpaceX and Stripe

Keep an eye on :
- AIR FP : Airbus Board Approves Share Buyback of €5B Over Three Years
- AKZA NA : Akzo Nobel Maintains FY Adjusted Ebitda Forecast
- AMZN US : Bezos Approached to Join Bid for Liverpool FC Stake: Sky
- BRNK GY : Branicks Postpones Publication of 2025 Report
- BT/A LN :
- DYN US : Dyne Therapeutics Offering of 18.3m Shares Prices at $20.50 Each
- EFGN SW : EFG International AUM CHF196.3B Vs. CHF185.0B H/H
- ENG SM : Enagas 1H Ebitda Beats Estimates
- EQNR NO : Equinor 2Q Adjusted Operating Income After Tax Beats Estimates
- EQT US : EQT Corp 2Q Adjusted EPS Misses Estimates
- VH2 GY : Friedrich Vorwerk FY Outlook Below Consensus
- GRMN US : Garmin Debuts $200 Screenless Fitness Band in Challenge to Whoop
- G1A GY : GEA Group Prelim 2Q Revenue Beats Estimates
- GT US : Goodyear Tire to Close Manufacturing Facility, Cut ~1,750 Jobs
- GTT FP : GTT Gets Order From Samsung for Tank Design of One LNG Carrier
- HIAB FH : Hiab 2Q Comparable Operating Profit Beats Estimates
- HNSA NA : Hansa Biopharma 2Q Net Revenue Misses Estimates
- HUBN SW : Huber+Suhner to Buy Ingun; No Terms
- IBE SM : Iberdrola Agrees to Buy 80% Stake in Caruna for €2 Billion
- IBRK US : Interactive Brokers 2Q Adjusted EPS Beats Estimates
- INTC US : SK Hynix Says No Plans to Acquire Intel’s Ohio Chip Campus
- KESKOB FH : Kesko Narrows FY Adjusted Ebit Forecast
- KKR US : KKR-Backed Vertis Said to Be Frontrunner for Megha’s Road Assets
- LONN SW : Lonza Sees FY Core Ebitda Margin 33% to 34%, Saw Above 32%
- META US : Meta’s AI Incubator Developing An OpenRouter Rival: Information
- NDM US : Nano Dimension Announces Management Change
- NHY NO : Norsk Hydro 2Q Adjusted Ebitda Beats Estimates
- NOVN SW : Sandoz: Too Early to Assess Effects of US Tariffs on Generics
- Open AI IPO : OpenAI Says Its AI Models Breached Startup Hugging Face’s System
- Open AI IPO : OpenAI Is Adding Two Independent Board Members Ahead of IPO -- WSJ
- OPM FP : OPmobility 1H Operating Profit Misses Estimates
- OSUR US : FDA Grants Emergency Authorization for Bundibugyo Ebola Test
- RAND NA : Randstad 2Q Revenue Beats Estimates
- RHM GY : Rheinmetall to More Than Double Gunpowder Output at German Plant
- SPM IM : Saipem Signs New Contract for About $260M in Ivory Coast
- 005930 KS : Samsung in Talks to Invest in Mistral at €20B Valuation: FT
- SDZ SW : Sandoz: Too Early to Assess Effects of US Tariffs on Generics
- SAN SM : Santander 2Q Net Income Beats Estimates
- SMCI US : Super Micro Shares Jump 20% on New Margins, Backlog Forecasts
- TKA AV : Telekom Austria 2Q Revenue Beats Estimates
- TKMS GY : TKMS Withdraws Offer for Kiel Shipyard: Manager Magazin
- VK FP : Vallourec Wins Allseas Contract for Atapu 2 Brazil Project
- VACN SW : VAT Sees 3Q Net Sales CHF355M to CHF385M
- VACN SW : VAT To Buy Japan’s Atonarp for ~CHF110m in Cash

>>> Europe : Brokers Upgrades & Downgrades - 22nd of July 2026

>>> Up
* Atlas Copco Raised to Buy at Goldman; PT 229 kronor
* CoreWeave Raised to Buy at Truist on Signs of Broadening Demand
* Epiroc Raised to Buy at Pareto Securities; PT 280 kronor
* Epiroc Raised to Overweight at JPMorgan; PT 320 kronor
* Hanza Raised to Buy at Nordea; PT 179 kronor
* Nestle Raised to Buy at Jefferies; PT 99 Swiss francs
* Reckitt Raised to Buy at Jefferies; PT 5,900 pence
* Sonova Raised to Buy at UBS; PT 242 Swiss francs
* Wartsila Raised to Buy at ABG; PT 35 euros
* Wartsila Raised to Accumulate at Inderes; PT 33 euros
* Wartsila Raised to Hold at Handelsbanken; PT 30 euros

>>> Down
* AIB Group Cut to Market Perform at KBW; PT 10.80 euros
* Amcor Cut to Hold at Jefferies
* Danone Cut to Underperform at Jefferies; PT 62 euros
* Demant Cut to Neutral at UBS; PT 284 kroner
* Sandvik Cut to Neutral at JPMorgan; PT 400 kronor
* Travis Perkins Cut to Underweight at Barclays; PT 461 pence
* Rotork Cut to Hold at Peel Hunt
* Wienerberger Cut to Neutral at Citi; PT 22 euros

>>> Initiation
* Aberdeen Group Rated New Buy at Peel Hunt; PT 294 pence
* Altria Rated New Neutral at BTIG
* BAT Rated New Buy at BTIG; PT 5,800 pence
* Circle Internet Rated New Market Perform at Raymond James
* DigitalOcean Rated New Outperform at Baird
* Digital Turbine Rated New Buy at Benchmark; PT $15
* IBM Rated New Neutral at Baird
* Imperial Brands ADRs Rated New Neutral at BTIG
* Nebius Group Rated New Outperform at Baird
* Philip Morris Rated New Buy at BTIG; PT $216
* Siegfried Rated New Hold at Berenberg; PT 77 Swiss francs

>>> Call
* Aberdeen’s Recovery Becoming More Apparent, New Buy at Peel Hunt
* Epiroc Raised, Sandvik Cut as JPMorgan Switches Preference
* Wienerberger Cut to Neutral at Citi Following Guidance Downgrade