Markets & Finance

A Schedule 13G filing dated July 20, 2026 confirms Nvidia beneficially owns 22,256,412 Nebius Group Class A shares, of which 21 million stem from a pre-funded warrant acquired in a $2 billion private placement in March 2026 rather than open-market purchases. The filing introduced no new economic terms, but Nebius shares rose 18.78% the following day, suggesting many investors were unaware the warrant existed. The stake anchors a partnership in which Nebius has committed to deploying more than 5 gigawatts of Nvidia systems by 2030, with a lock-up on the warrant expiring around September 11, 2026.

The S&P 500 closed at a record 7,509.20 on July 21, 2026, a 0.89% gain driven by a broad semiconductor rebound led by Western Digital's 10.7% surge, alongside earnings beats from 3M and General Motors. The Dow and Nasdaq also set closing records, while the 10-year Treasury yield held near 4.63%, leaving rate-cut expectations intact. Investor attention now turns to Alphabet, Tesla, and IBM earnings, which are expected to signal the health of AI infrastructure spending and enterprise software budgets.

The 10-year U.S. Treasury yield rose 8 basis points over three sessions to close at 4.63% on July 21, 2026, its highest level since mid-May, while the S&P 500 simultaneously set a record close at 7,509. TIPS breakevens moved only one basis point during the period, meaning virtually the entire yield increase came through the real-rate and term-premium channel, not inflation repricing. The bear-flattening curve pattern, new 50% tariffs on Canadian goods, and escalating U.S.-Iran military activity in the Strait of Hormuz were the primary identified catalysts, with the July 28-29 FOMC meeting and August 5 Treasury refunding announcement as the next scheduled pressure points.