Market Beats | Apollo to Provide Daily Pricing for Entire Credit Portfolio; AMD Shares Soar to Record High as AI Data Center Spending Boosts Sales Forecast; Ted Turner, CNN Founder and Media Visionary, Dies at 87; Morgan Stanley Launches Crypto Trading on E*Trade with Competitive Pricing to Rival Coinbase; US Gas Prices Top $4.50 for First Time Since 2022 Amid Prolonged Middle East Conflict; Sony Music Nears $4 Billion Deal to Acquire Music Catalog from Blackstone; Iran Evaluates U.S. Peace Proposal as Oil Prices Plunge Below $100

—— Apollo to Provide Daily Pricing for Entire Credit Portfolio; AMD Shares Soar to Record High as AI Data Center Spending Boosts Sales Forecast; Ted Turner, CNN Founder and Media Visionary, Dies at 87; Morgan Stanley Launches Crypto Trading on E*Trade with Competitive Pricing to Rival Coinbase; US Gas Prices Top $4.50 for First Time Since 2022 Amid Prolonged Middle East Conflict; Sony Music Nears $4 Billion Deal to Acquire Music Catalog from Blackstone; Iran Evaluates U.S. Peace Proposal as Oil Prices Plunge Below $100

1. Apollo to Provide Daily Pricing for Entire Credit Portfolio

Apollo Global Management Inc., which manages over $1 trillion in assets, announced during its Q1 earnings call Wednesday that it will provide daily pricing for all its investment-grade corporate fixed-income, direct-lending, and asset-backed finance assets.

CEO Marc Rowan stated the move brings 100% daily valuation to the firm’s entire credit business. The initiative aims to bring transparency to the $1.8 trillion private-credit market, where assets rarely change hands.

The shift is expected to pressure rivals to follow suit, providing clarity to retail investors concerned about the valuation of opaque private assets.

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2. AMD Shares Soar to Record High as AI Data Center Spending Boosts Sales Forecast

Advanced Micro Devices Inc. (AMD), the primary challenger to Nvidia in the AI computing chip market, surged to a record high in early trading Wednesday after a wave of data center spending bolstered its sales outlook. The company projected second-quarter revenue of approximately $11.2 billion, plus or minus $300 million, significantly exceeding the average analyst estimate of $10.5 billion, according to data compiled by Bloomberg.

This upbeat forecast sent AMD shares up 20% in New York on Wednesday, marking its largest gain since October. The stock hit a fresh record high of $425.57 at 9:33 a.m. New York time, extending a year-to-date rally that had already reached 66% prior to the report. AMD’s robust outlook signals it is successfully securing orders from the world’s largest spenders on AI infrastructure. While Nvidia remains the dominant force in AI processors, data center customers are increasingly diversifying their suppliers—a trend that has directly benefited AMD.

The stakes in this market are massive. Tech giants like Alphabet’s Google and Amazon, known as “hyperscalers,” have indicated they could spend as much as $725 billion on AI in 2026 alone.

AMD currently holds the position of the second-largest maker of AI accelerators—the chips essential for training and running AI services—and while it still trails Nvidia by a wide margin, its accelerating growth highlights its rising competitive threat.

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3. Ted Turner, CNN Founder and Media Visionary, Dies at 87

Ted Turner, the swashbuckling billionaire who revolutionized the media industry by founding CNN, the world’s first 24-hour news channel, died on Wednesday at the age of 87. CNN reported his death, citing a news release from his company, Turner Enterprises. Turner had largely withdrawn from public life after announcing in 2018 that he was suffering from Lewy body dementia.

Known by nicknames such as “The Mouth of the South” and “Captain Outrageous,” Turner built a sprawling cable empire that included TBS, Cartoon Network, and Turner Classic Movies before selling to Time Warner Inc. Beyond media, his colorful career spanned professional sports ownership of the Atlanta Braves and Hawks, a high-profile marriage to Jane Fonda, and a historic defense of the America’s Cup in 1977.

A noted philanthropist and conservationist, he pledged $1 billion to the United Nations and became one of the largest individual landowners in the U.S., managing 2 million acres of land and a massive bison herd.

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4. Morgan Stanley Launches Crypto Trading on E*Trade with Competitive Pricing to Rival Coinbase

Morgan Stanley is rolling out cryptocurrency trading on its ETrade platform, utilizing a low-cost pricing strategy to undercut established rivals. The Wall Street giant is charging clients 50 basis points (0.5%) per crypto transaction, a rate that positions it as a cheaper alternative to major platforms like Coinbase, Robinhood, and Charles Schwab. Currently in its pilot phase, the service is scheduled to be available to all 8.6 million ETrade clients later this year.

Jed Finn, Morgan Stanley’s head of wealth management, characterized the strategy as “disintermediating the disintermediators,” signaling the bank’s intent to capture market share in an asset class previously dominated by specialized crypto exchanges. The move follows a regulatory shift under President Donald Trump’s second term, which has encouraged banks to enter the digital asset space.

Morgan Stanley is betting on the eventual convergence of traditional finance and “DeFi,” aiming to lure institutional and retail investors back to traditional banking ecosystems through more aggressive pricing.

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5. US Gas Prices Top $4.50 for First Time Since 2022 Amid Prolonged Middle East Conflict

The nationwide average retail price for regular unleaded gasoline rose to $4.54 a gallon on Tuesday, according to AAA, marking the first time prices have breached the $4.50 threshold since July 2022. Driven by the prolonged conflict in the Middle East, pump prices are now just 50 cents shy of the $5.01 record set in June 2022 and are currently at an all-time seasonal high for this time of year.

While President Donald Trump has repeatedly promised relief following a potential end to hostilities with Iran, the sustained price hike poses a significant political risk for the GOP ahead of the November midterms. In California, fuel has already topped $6 a gallon, while several Midwest states are nearing the $5 mark. Although Trump recently noted “Great Progress” in peace talks, prices have climbed more than $1.50 since the war’s onset and have remained above $4 since mid-March.

Experts warn that while consumption remains resilient for now, the $5-a-gallon threshold represents a critical “shock” point that could lead to widespread demand destruction and further stoke inflation.

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6. Sony Music Nears $4 Billion Deal to Acquire Music Catalog from Blackstone

Sony Music is finalizing a landmark deal to acquire Recognition Music Group from Blackstone Inc., according to people familiar with the matter. The catalog includes works by global superstars such as Justin Bieber and Neil Young, representing one of the largest acquisitions in music history.

Sony is reportedly in exclusive negotiations to purchase the rights to more than 45,000 songs through a joint venture with GIC, Singapore’s sovereign wealth fund. The deal is expected to be valued between $3.5 billion and $4 billion. Although other bidders have reportedly made unsolicited offers at higher valuations, Blackstone remains in talks with Sony, which already administers the catalog.

The parties aim to close the transaction within the next week, though sources cautioned that negotiations could still fall apart.

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7. Iran Evaluates U.S. Peace Proposal as Oil Prices Plunge Below $100

Iran is currently reviewing a new U.S. proposal to end the nearly 10-week conflict, according to a person familiar with the matter. The diplomatic push comes as China adds its voice to the growing global pressure for a resolution.

The one-page memorandum of understanding from Washington outlines a path for the gradual reopening of the Strait of Hormuz and the lifting of the U.S. naval blockade on Iranian ports. While detailed nuclear negotiations are slated for a later stage, the news sent shockwaves through energy markets, with oil prices plunging over 10% to slip below $100 a barrel for the first time since late April. Although Iranian state media described the terms as “unrealistic,” global markets rallied on the prospect of a breakthrough.

President Donald Trump, while optimistic, noted it may be “too soon” for direct face-to-face talks to finalize an agreement.

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