SchusterWatch #853 (07/27/2026)
IPOX® Indexes display relative strength as AI rebound supports.
IPOX® 100 U.S. (IPXO) slips just 0.3%, ahead of U.S. benchmarks.
Stocks in Focus: Crane, Ventas, Alleima, Hoegh, Himalaya Shipping.
Jersey Mike’s Subs and Reformation set to lead U.S. IPO calendar.
WEEKLY OVERVIEW: As earnings season kicked off, The IPOX® Indexes displayed relative strength, supported by a rebound across AI-linked exposure. Most IPOX® Strategies outperformed their relevant benchmarks during a volatile week as Middle East escalation pushed oil prices higher, rekindling inflation concerns and lifting bond yields.
U.S: The IPOX® 100 U.S. Index (IPXO), innovation gauge tracked by the First Trust U.S. Equity Opportunities ETF (Ticker: FPX), slipped just -0.30% to +11.86% YTD, outperforming the S&P 500 (SPX: -0.61%) by +31 bps and the Nasdaq (NDX: -1.62%) by +132 bps last week. YTD, the IPOX® 100 U.S. extended its lead +292 bps ahead of the S&P 500. The rebound in AI-linked storage and connectivity exposure supported relative strength as Seagate Technology (STX US: +8.13%) and Sandisk (SNDK US: +6.03%) led on memory-shortage optimism, and Credo Technology (CRDO US: +5.17%) advanced following a Barclays price-target upgrade. Food producer J.M. Smucker (SJM US: +5.63%) rose after announcing a dividend increase, while Galaxy Digital (GLXY US: +4.85%) benefited from crypto and data-centre optimism. Healthcare REIT Ventas (VTR US: +4.61%) and aerospace tech firm Crane Company (CR US: +3.98%) reached new highs. Heavyweight GE Vernova (GEV US: -4.07%) lagged after missing Q2 profits.
International: After lagging over recent weeks, the IPOX® International Index (IPXI, ETF: FPXI) rebounded +1.47% to +18.28% YTD as AI-linked exposure recovered, including Japanese chipmaker Kioxia (285A JP: +7.48%), Chinese AI-chip designer Shanghai Iluvatar CoreX (9903 HK: +13.69%) and AI-model developer Z AI (2513 HK: +11.74%) benefited from renewed enthusiasm around China’s AI ecosystem. In Canada, gold miner DPM Metals (DPM CT: +11.62%) advanced with bullion prices and a target upgrade. Korean beauty firm APR Corporation (278470 KP: -9.92%) lagged on profit-taking and logistics-margin concerns.
Strong movers in the IPOX® Europe included Swedish defence IT supplier MilDef Group (MILDEF SS: +16.00%) after a German Army framework agreement and French homegrown AI contender OVH Groupe (OVH FP: +11.36%) on sovereign-cloud optimism. Several Nordic firms reached new highs: Dry-bulk shipper Himalaya Shipping (HSHP NO: +8.87%) after confirming a cash distribution, specialty-metals maker Alleima (ALLEI SS: +7.66%) after beating earnings expectations on record orders, and vehicle shipper Höegh Autoliners (HAUTO NO: +5.62%) on extending a contract with a “major Asian automaker”. Swedish iGaming platform Hacksaw (HACK SS: -13.00%) performed worst after Q2 revenue and EPS missed.
THE IPOX® SPAC INDEX: The Index was little changed last week, slipping -0.20% and bringing year-to-date gains to +8.17% Cryptocurrency miner and AI infrastructure operator Cipher Mining (CIFR US: +31.83%) was the best performer, rebounding on optimism surrounding the U.S. CLARITY Act and renewed strength in AI infrastructure stocks. Advanced battery developer Amprius Technologies (AMPX US: -9.06%) was the worst performer, extending its recent downward momentum. Three SPACs announced merger targets, including Apex Treasury Corp (APXT US) with data center campus developer and operator TECfusions. Two SPACs completed business combinations, including FG Merger II (FGMC US) with modular building manufacturer BOXABL (BXBL US). 2020 deSPAC salty snack maker Utz Brands (UTZ US: +95.56%) agreed to be acquired by Germany-based Intersnack Group at a nearly 100% premium. Four new SPAC IPOs launched in the U.S. during the week.
ECM REVIEW & OUTLOOK: 19 firms went public globally last week, raising a combined $2.0 billion. New listings gained an average of +25.64% from offer price to Friday’s close (Median: +5.99%). Deal flow was led by Indian asset manager SBI Funds Management (SBIFUNDS IN: +2.32%, $1.03 billion). Accessible listings included Canadian gold miner Cadillac Mines (CADY CN: +1.45%, $229.58 million), Japanese autonomous-driving software firm Tier IV (593A JP: +1.57%, $145 million). CRISPR-focused biotech Scribe Therapeutics (SCTX US: +44.33%, $129 million) ranked among the strongest performers. South Korean pharmaceutical ingredients maker HL Genomics (0156T0 KS: -31.21%, $37 million) lagged.
This week’s calendar is led by data center optical connection provider Zhongji Innolight (3308 HK, $7 billion) and U.S. fast-casual sandwich franchisor Jersey Mike’s Subs (JMKE US, $1 billion). Sustainable women’s apparel company Reformation (REF US, $225 million) is also expected to launch, with IPOX® VP Kat Liu commenting on the deal in Reuters. Japanese distributed-energy solutions provider iGrid Solutions (603A JP, $51 million) is set to launch in Tokyo.
In other IPO news, Chinese artificial-intelligence developer Moonshot AI, maker of the Kimi K3 model that drew attention last week for challenging OpenAI and Anthropic, is reportedly preparing for an IPO after reaching a valuation of approximately $30 billion. In the U.S., defence-technology company Lyntris, which focuses on battlefield connectivity solutions, filed for an estimated $300 million IPO.
