Money with Murphy: Will 2026 Finally Break Big Tech’s Grip on CapEx?
Money with Murphy: Will 2026 Finally Break Big Tech’s Grip on CapEx?
After years of record-breaking investment from the hyperscalers, 2026 may finally bring a shift. New incentives stemming from the implementation of the One Big Beautiful Bill Act (OBBBA) could push companies outside of technology into the much-needed CapEx boom. In this episode of Money with Murphy, Kara explores why the broadening out of business investment is critical for sustained productivity, earnings growth, and stock market performance.
The Iran conflict has led to a spike in market volatility, especially in the oil markets where consumers are feeling the pain at the pump. In this week’s Money with Murphy, Kara shares why the United States is uniquely positioned to weather the oil shock and the surprisingly resilient performance of the market in the aftermath of global conflicts.
Will this be the year the initial public offering (IPO) market finally gets its mojo back? After sinking in 2022, more companies have been indicating an interest in going public, encouraged by improving market conditions and renewed investor appetite for growth. That said, the backdrop isn’t without complications. Recent market volatility tied to rising oil prices and escalating tensions in the Middle East is a reminder that the IPO window can open (and close) quickly. As such, expectations for a rebound in IPO activity come with an important caveat: timing will matter. In this week’s Markets in a Minute, we explore the outlook for IPOs, the implications for investors and risks to the forecast. Unicorns Take Flight An estimated 200 to 230 companies could go public this year, potentially raising $40 to $60 billion, according to research from Renaissance Capital. That would bring activity closer to the 20-year average of roughly 250 IPOs annually. By comparison, just 71 companies went public in 2022, raising about $8 billion. Other forecasts for this year are also bullish. Goldman Sachs , for instance, expects total IPO proceeds to quadruple to a record $160 billion. Software and healthcare companies are expected to account for the largest share of IPOs by number. However, offerings by a relatively small group of late-stage technology and artificial intelligence (AI) firms are likely to generate the lion’s share of total proceeds, according to the investment bank. Among the highly valued, privately held billion-dollar companies (or so-called unicorns) expected to go public this year are Elon Musk’s SpaceX, artificial intelligence firm Anthropic, and ChatGPT maker OpenAI Group. By some accounts, SpaceX’s IPO could be the largest ever, potentially raising $30 billion, which would surpass the record set by Saudi Aramco in 2019.
Higher Oil, Higher Stakes: A New Test for Consumers and the Fed
