Good morning, you're tuned in to Markets Desk, and here's what's moving.
Amazon and Intel are taking a beating in premarket, with Amazon off seven percent and Intel cratering twenty-five percent after earnings. The culprit is familiar: investors are losing patience with the sheer scale of AI capital expenditure, questioning when, and whether, those outlays translate into returns. It's a confidence problem as much as a numbers problem.
Shifting to media, the Wall Street Journal is flagging a striking disconnect at Skydance, where goodwill on the balance sheet alone exceeds the company's entire stock market value. That's the kind of accounting gap that makes institutional money nervous, and it signals the market simply does not believe the merger math adds up at current valuations.
Meanwhile in pharma, Kiniksa Pharmaceuticals is quietly building one of the more compelling stories in biotech this year. Shares are up more than one hundred twenty percent year to date on the back of strong sales growth from its lead drug Arcalyst, which is now within striking distance of blockbuster territory, drawing fresh attention to the one hundred dollar price threshold.
That's the tape. Markets Desk, signing off the floor.
