IEA Revises Global Oil Demand Downward by 420000 Barrels
The International Energy Agency (IEA) has revised its forecast for global oil demand, now expecting a contraction of 420,000 barrels per day this year, a significant increase from the previously projected decline of 80,000 barrels per day. OPEC has also adjusted its demand growth forecast for 2026, lowering it from 1.38 million barrels per day to 1.17 million, citing the impact of the Hormuz supply shock, which has resulted in a total supply loss exceeding one billion barrels since the onset of the Iran war.
SoftBank Reports 1.83 Trillion Yen Profit in Q4
SoftBank Group reported a net profit of 1.83 trillion yen (approximately $11.6 billion) for the fourth quarter of fiscal year 2025, significantly surpassing analyst expectations of 295.2 billion yen. This profit surge was primarily driven by a $25 billion gain from its investment in OpenAI, which has seen its valuation rise to approximately $852 billion. The Vision Fund recorded total gains of about $46 billion this fiscal year, marking SoftBank's fifth consecutive profitable quarter.
Blackstone Digital Infrastructure Trust raises $1.75 billion IPO
On May 13, 2026, Blackstone Digital Infrastructure Trust raised $1.75 billion in a U.S. initial public offering, selling 87.5 million shares at $20 each, amid strong investor interest in artificial intelligence infrastructure. The trust aims to acquire newly built data centers valued between $250 million and $1.5 billion, targeting key markets such as Northern Virginia and Ohio, as part of Blackstone Group's strategy to become a leading investor in AI-related assets.
Foxconn Reports Strong Earnings Amid Cyberattack Incident
Hon Hai Precision Industry Co., a key server assembly partner for Nvidia, reported a net income of NT$49.9 billion ($1.6 billion) for the first quarter of 2026, surpassing analysts' expectations of NT$48.4 billion, driven by strong demand for AI-related hardware. Meanwhile, Foxconn confirmed a cyberattack affecting its North American facilities, attributed to the Nitrogen ransomware group, which claimed to have stolen 8 terabytes of data, including sensitive information related to major clients such as Apple and Intel.
Fervo Energy Raises $1.89 Billion in Nasdaq Debut
Fervo Energy, a geothermal technology company, debuted on the Nasdaq Exchange with an initial public offering that raised $1.89 billion by offering 70 million shares at $27 each, exceeding its initial fundraising target. The stock opened at $36 per share, reflecting a 33% premium, and the company's valuation surged to approximately $10.21 billion shortly after trading began. Founded in 2017 and backed by investors including Bill Gates, Fervo aims to provide reliable, zero-carbon energy solutions as it develops a larger project in Utah.
