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World shares rose with U.S. records as AI-growth optimism held up, while oil dipped and eased inflation worries. Elsewhere: Big Tech turns data centers into climate test labs, Texas GOP upends a Senate runoff, refis slump on higher rates, and Ackman’s UMG bid runs into shareholder resistance.
Image via Associated Press
Global stocks ride Wall Street’s highs; oil slips
World shares were mostly higher Wednesday, tracking fresh record closes in the U.S. as investors stayed positioned for an AI-led growth narrative and a still-resilient American economy. Moves were broad but not uniform, with some Asian and European indexes lagging even as U.S. momentum continued to set the tone.
Oil prices fell, easing some near-term inflation pressure and signaling softer demand expectations and/or reduced risk premium compared with recent geopolitical jitters. Markets are effectively saying: growth is holding up, but energy isn’t flashing red.
Read the full story at Associated Press →
Image via Axios
Big Tech wants data centers to double as climate test labs
Microsoft, Google, Amazon and Meta are backing a new initiative aimed at accelerating climate-related technologies by using data centers as large-scale proving grounds. The effort—organized with a nonprofit investor—seeks to move hardware and power innovations from pilot stage to real-world deployment faster than typical corporate R&D cycles.
The pitch is simple: data centers are massive, growing fast, and brutally practical about cost and reliability—so if a cleaner technology works there, it’s more likely to work elsewhere. With AI workloads driving power demand, the industry is looking for solutions that reduce emissions without breaking uptime.
Read the full story at Axios →
Texas GOP shocks the system: Paxton knocks off Cornyn
Texas Attorney General Ken Paxton, endorsed by Donald Trump, defeated longtime Sen. John Cornyn in the Republican Senate runoff, ending Cornyn’s roughly 23-year run in the chamber. Paxton now advances to the general election, where the seat becomes a national test of the GOP’s direction and Trump’s grip on primaries.
The result underscores how incumbency and traditional Senate seniority are no longer reliable shields in Republican contests—especially against a candidate aligned closely with Trump and the party’s activist base. It also reshapes Senate math and messaging heading into the fall, with Democrats watching whether Paxton’s profile changes the competitive landscape.
Read the full story at Breitbart →
Refi demand craters as mortgage rates hit a nine-month high
Mortgage refinance applications fell 18% as rates climbed to their highest level since August, squeezing out homeowners who would need a big rate drop to make a refi pencil. The increase hit refinancers hardest because most borrowers are still sitting on older, much cheaper loans.
Purchase activity also cooled as affordability stayed tight, but buyer demand remained higher than a year ago, reflecting limited inventory and household formation pressures that haven’t gone away. The housing market continues to look like "slow transactions, firm prices"—until rates meaningfully retreat.
Image via Forbes
Ackman’s $64B Universal Music bid hits a wall with Bolloré
Billionaire investor Bill Ackman took a setback in his $64 billion push to buy Universal Music Group after major shareholder Bolloré publicly urged UMG to reject the offer as undervaluing the company. Bolloré’s stance matters because large holders can shape the board’s room to negotiate—or stall a deal outright.
The dispute highlights the central issue in big-cap M&A right now: sellers want "quality asset" multiples, while buyers want a price that survives higher-for-longer financing conditions and slower growth assumptions. Unless Ackman sweetens terms or lines up stronger shareholder support, this is headed for either a revised bid—or a very public dead end.
Read the full story at Forbes →
That’s the whole day—compressed, clarified, done.
— Daily Recap Editorial