Market Beats | Saudi East-West Pipeline Attacked as Iran-US Ceasefire Reached; Perplexity Revenues Jump 50% as Focus Shifts to AI Agents; US and Iran Agree to Two-Week Ceasefire to Open Strait of Hormuz; Samsung Family Member to Sell $2.1bn in Shares; Exxon Mobil Global Output Drops 6% as Iran War Damages Qatar Assets; Meta Debuts Muse Spark, Shifting Strategy Under New AI Leadership; LIRR Workers Threaten May 16 Strike Over Stalled Wage Negotiations

—— Saudi East-West Pipeline Attacked as Iran-US Ceasefire Reached; Perplexity Revenues Jump 50% as Focus Shifts to AI Agents; US and Iran Agree to Two-Week Ceasefire to Open Strait of Hormuz; Samsung Family Member to Sell $2.1bn in Shares; Exxon Mobil Global Output Drops 6% as Iran War Damages Qatar Assets; Meta Debuts Muse Spark, Shifting Strategy Under New AI Leadership; LIRR Workers Threaten May 16 Strike Over Stalled Wage Negotiations

1. Saudi East-West Pipeline Attacked as Iran-US Ceasefire Reached

Saudi Arabia’s critical East-West oil pipeline, which transports crude from the Gulf to the Red Sea, was targeted in an attack on Wednesday. According to people familiar with the matter, a pumping station along the 1,200km line—a vital economic artery since the near-closure of the Strait of Hormuz—was hit by a drone at approximately 1 p.m. local time. Damage assessments are currently underway.

The state-owned oil giant Saudi Aramco, which has been rerouting exports through this pipeline to bypass the volatile Strait of Hormuz, declined to comment. The attack on this strategic infrastructure occurred just hours after a ceasefire agreement between Iran and the US was reached on Tuesday evening.

Originally built in the 1980s during the “tanker war” between Iran and Iraq, the pipeline remains a cornerstone of regional energy security during times of maritime conflict.

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2. Perplexity Revenues Jump 50% as Focus Shifts to AI Agents

Perplexity’s monthly revenue has surged by 50% as the start-up pivots toward AI agents to keep pace with better-funded rivals. Estimated annual recurring revenue (ARR) climbed to over $450 million in March, driven by a new usage-based pricing model and the launch of its “Computer” agent tool. This shift moves the company beyond its original chatbot-style search engine, which was once positioned as a major challenger to Google’s search dominance.

The start-up now reports over 100 million monthly active users and tens of thousands of enterprise clients, generating revenue through subscriptions ranging from $20 to $200 per month. Despite this trajectory, Perplexity’s scale remains smaller than industry leaders; Anthropic recently reported an ARR of $19 billion, while OpenAI hit $20 billion last year.

The pivot to agents also follows a period of legal scrutiny for the firm, including ongoing copyright infringement lawsuits from major publishers and a recent privacy suit concerning user data—claims the company has consistently denied.

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3. US and Iran Agree to Two-Week Ceasefire to Open Strait of Hormuz

The US and Iran have reached a critical two-week ceasefire agreement to reopen the Strait of Hormuz, marking the first major diplomatic breakthrough in a conflict that has paralyzed global energy markets. The announcement came late Tuesday, just before President Trump’s final deadline for Tehran to restore access to the vital waterway. Trump noted that a 10-point plan proposed by Iran serves as a “workable basis” for further discussions, while Iranian Foreign Minister Abbas Araghchi confirmed two weeks of “safe passage” during the negotiation period.

Global markets reacted with a relief rally on Wednesday; European equities jumped nearly 4% and Brent crude plummeted 14% to settle below $95 a barrel. While the truce averts immediate large-scale military strikes on Iran’s infrastructure, investors remain cautious regarding a permanent resolution. Israel noted its support for the deal but clarified it does not extend to Lebanon.

Formal negotiations are scheduled to begin this Friday in Islamabad, though US Vice-President JD Vance has already characterized the current situation as a “fragile truce” that depends heavily on the upcoming talks.

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4. Samsung Family Member to Sell $2.1bn in Shares

A member of the Samsung Group’s founding family is selling up to 3.1 trillion won ($2.1 billion) in Samsung Electronics Co. shares, marking one of South Korea’s largest-ever block trades. Hong Ra-hee, the widow of late Samsung Chairman Lee Kun-hee, is disposing of the stake to cover inheritance-tax obligations and loan repayments.

According to terms seen by Bloomberg News, the offering involves 15 million common shares priced between 204,395 won and 208,605 won each, representing a discount of up to 2.9% from Wednesday’s closing price. Additionally, roughly $19 million in preferred shares are being offered as part of the deal. While a representative for Samsung Electronics declined to comment, regulatory filings earlier this year had already signaled Hong’s intent to divest.

The massive sale is being managed by a consortium of major banks, including Bank of America, Citigroup, JPMorgan, Shinhan Securities, and UBS.

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5. Exxon Mobil Global Output Drops 6% as Iran War Damages Qatar Assets

Exxon Mobil Corp. reported a 6% decline in global production for the first quarter as the conflict in Iran disrupted oil and gas operations across the Persian Gulf. Approximately half of these outages were traced to a liquefied natural gas (LNG) complex in Qatar, where two production trains were damaged by Iranian missile strikes. In a statement on Wednesday, the Texas-based energy giant noted that repairs are expected to take a “prolonged period,” though a specific timeline for restoration remains pending an on-site evaluation.

The disclosure marks one of the first detailed accounts from an international supermajor regarding the war’s direct impact on Gulf-based assets, a region that typically accounts for 20% of Exxon’s total output. Shares of the company fell 6.1% in pre-market trading as the broader energy sector reacted to the announcement of a two-week ceasefire. Exxon also warned of lower quarterly earnings within its energy-products division ahead of its full financial report on May 1.

Meanwhile, European peer Shell Plc similarly reported a drop in quarterly gas production due to the ongoing regional instability.

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6. Meta Debuts Muse Spark, Shifting Strategy Under New AI Leadership

Meta Platforms Inc. introduced its latest AI model, Muse Spark, on Wednesday, marking the first major release since Mark Zuckerberg’s multibillion-dollar overhaul of the company’s AI operations. Developed by the newly formed Meta Superintelligence Labs (MSL) under Chief AI Officer Alexandr Wang, the model will power the Meta AI chatbot. In a significant strategic pivot, Meta has opted to keep Muse Spark closed-source, a departure from its previous commitment to open-source development.

The launch serves as the first major milestone for MSL, which was established following Zuckerberg’s frustration over Meta’s perceived lag behind rivals like OpenAI and Google. The recruitment of Wang followed a $14 billion investment in Scale AI last year, part of a broader multi-tens-of-billions commitment to AI talent and infrastructure.

To maintain a competitive edge, MSL operates with a streamlined organizational structure; Wang reportedly manages around 100 direct reports to ensure agility. Following the announcement, Meta shares rose 6% in New York trading.

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7. LIRR Workers Threaten May 16 Strike Over Stalled Wage Negotiations

The four-member crew of NASA’s Artemis II mission—Reid Wiseman, Victor Glover, Christina Koch, and Jeremy Hansen—has already secured its place in history by shattering human deep-space distance records. Beyond their technical achievements, the astronauts have also earned acclaim as skilled photographers, capturing breathtaking high-resolution images of Earth and the moon from a distance of approximately 252,760 miles. Operating from within the Lockheed Martin-built Orion capsule, the crew has provided a rare glimpse into daily life and work during this historic lunar journey.

The imagery sent back to Earth has inspired global awe, with one particular shot of the moon eclipsing the sun drawing significant attention. In a post on X, the White House described the vantage point as “a view few in human history have ever witnessed.”

As Artemis II continues its mission, these visual records serve as a powerful testament to the progress of the Artemis program and humanity’s return to deep-space exploration.

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