The S&P said Thursday that it's not changing its rules to fast-track mega-cap IPOs onto its marquee stock index, the S&P 500.
Why it matters: S&P's decision doesn't mention SpaceX, but it means that Elon Musk's company — as well as Anthropic and OpenAI, if they go public as expected — won't be making it into the index for at least a year.
And it's a surprise, coming after other major indexes drew fire for changing their rules to more quickly accommodate Elon Musk's company.
BenchmarkCapital has effectively closed two new funds: $750 million for its 12th flagship early-stage strategy, and $1.25b for its first growth fund.
Why it matters: Both funds are major departures from historical precedent for Benchmark, which has long been considered one of Silicon Valley's most successful VC firms.
Anne Neuberger, the former U.S. deputy national security advisor for cyber and emerging technologies, has joined Andreessen Horowitz as a fulltime partner and the firm's first head of global affairs, Axios has learned exclusively.
Why it matters: This reflects the growing interconnectivity of tech and geopolitics, particularly as sectors like defense-tech become key to venture portfolios.
Americans are letting it ride, with a record share of their wealth in the stock market.
Why it matters: It means that the AI-driven rally is enriching Americans more than usual and exposing them to potentially painful losses from a reversal.
Whether you want a thriller, rom-com, documentary or reality show, there's something new to watch on streaming this week. A few highlights:
"Cape Fear" — limited series available Friday on Apple TV
Married attorneys (Amy Adams and Patrick Wilson) have their lives upended when the killer they helped put away (Javier Bardem) gets out of prison and comes looking for revenge.
The booming stock market is making a lot of folks richer, especially those who are already spectacularly rich, finds a report out from consulting firm Capgemini Thursday.
Why it matters: Welp. Even among those who invest in stocks and other kinds of financial assets, there's a wealth divide — and it's growing.
That's worth noting at a time when more regular folks are putting their money in markets, while those who aren't invested are seeing the value of their incomes erode with higher inflation.
