Jensen Huang’s CES comments send Sandisk, Dow and S&P to records

Good morning. Here's what happened overnight and what you need to know today.

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1.

Market bets: Nvidia CEO Jensen Huang’s remarks at CES about surging demand for AI-related storage sent US memory and storage stocks sharply higher in afternoon Wall Street trading. Huang said storage for AI could become the largest storage market in the world, with BofA adding to that saying it expects demand to “skyrocket” due to AI applications such as drones and surveillance. Sandisk, the leading flash memory maker, was up as much as 25% to a record high and now more than 1,050% above its April low. Other memory and storage firms such as Western Digital and Seagate rose more than 15% and 11%, respectively. The gains helped extend Wall Street’s rally, with the Dow Jones and the S&P 500 up to fresh intraday highs. The Nasdaq also advanced. Moderna and Albemarle jumped after receiving price target upgrades. Cooling system stocks dropped after Huang said Nvidia’s new Rubin chips would not need water chillers in data centres. Johnson Controls, a key supplier of water-based cooling systems, fell 7.6%, while Trane dropped 6% and Modine sank as much as 21%. AIG declined after CEO Peter Zaffino announced plans to step down midyear. Elsewhere, Morgan Stanley filed to launch bitcoin and solana ETFs. (Reuters)(Bloomberg)(WSJ)

2.

Hug doctor: While Australian Max Marchione greets everyone with a hug, regularly injects his employees with peptides and convinced early team members to make a blood oath to the company mission, his high-stakes ambitions are deadly serious. Co-founder and CEO of healthtech Superpower, Marchione tells Capital Brief he is betting the future of medicine will be built not by hospitals or doctors, but by algorithms, biomarkers and a class of experimental compounds known as peptides. Superpower offers a $199-a-year membership that includes blood testing of 100-plus biomarkers with a nurse coming to your home, a “digital twin” health profile, AI-generated protocols, 24/7 access to a medical team and discounts on supplements, pharmaceuticals and the latest legalised peptides. The company is adding around 1,500 members a week, has grown to 105 staff, and is planning a Sydney office with 5 to 10 engineering hires – graduate salaries starting at $200,000. (Capital Brief)

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Canva’s test: Canva’s anticipated US IPO will test whether Australia can convert a standout tech success into lasting momentum, Bhavik Vashi, managing director for Asia Pacific, Middle East and Africa at US equity management platform Carta, wrote for Capital Brief. With a reported valuation near $65 billion and growing expectations of listing this year, Canva has become both a marker of Australia’s progress and a reflection of its structural challenges, Vashi wrote. He argues that when an ecosystem’s confidence rests heavily on a single exit, it raises a deeper question: does Australia have a repeatable path to liquidity, or just one exceptional outlier? While Australia has built globally recognised software businesses and strong talent, it has struggled to deliver regular, high-quality exits. Carta (which manages trillions in equity globally) sees Australia as a key growth market after launching in 2024. Its data shows 51.8% of employees in Australia and New Zealand exercised options in 2024, compared to 32.2% in the US. Vashi said a major event like Canva’s IPO could test whether Australia has the mechanisms to turn success into momentum, warning that without stronger local systems for liquidity and ownership, much of the upside could be lost offshore. (Capital Brief)

4.

Full faculties: Accenture agreed to acquire Faculty, a UK-based AI-native services and products business to expand the consultancy’s AI capabilities. In a statement published on Tuesday, Accenture said that Faculty’s over 400-strong workforce will be integrated into the consultancy. The companies did not disclose financial details of the deal. Accenture said that Faculty’s CEO Marc Warner will become Accenture’s chief technology officer and will join the company’s Global Management Committee following the purchase. The consultancy will also offer Faculty’s ‘Frontier’ product, which is used to synthesise business data. The move aligns with Accenture’s plans to refocus its operations around generative AI, with CEO Julie Sweet saying in September that the firm plans to cut staff who are unable to reskill on artificial intelligence. “With Faculty, we will further accelerate our strategy to bring trusted, advanced AI to the heart of our clients’ businesses,” said Sweet on the deal. (Accenture)(Capital Brief)

5.

Access granted: Saudi Arabia will open its stock market to all foreign investors from 1 February 2026, scrapping rules that required them to meet specific qualifications, including at least USD500 million ($742 million) in assets under management. The Saudi Capital Market Authority said in a statement the changes eliminate the Qualified Foreign Investor concept, allowing all foreign investors direct access to the main market. The CMA said this is expected to “contribute to attracting additional international investments” and improve market liquidity. Foreign ownership in the USD2.3 trillion market stood at over 590 billion riyals (USD157.3 billion) at the end of September, with around 88% in the main index, according to Bloomberg. The move is the latest in a series of reforms aimed at reviving a market where the Tadawul All Share Index fell 12.8% last year. JP Morgan said investors now widely expect the 49% foreign ownership cap to be raised, but not before mid-2026. (Capital Brief)(Saudi Arabia CMA)(Bloomberg)

6.

Arctic annexation: European leaders warned that Greenland “belongs to its people”, after US President Donald Trump repeated his desire for the US to acquire the Danish, self-governing island. A joint statement published by Denmark’s Prime Minister’s Office on Tuesday stated that: “The Kingdom of Denmark – including Greenland – is part of NATO.” The letter continued that security in the Arctic must therefore be achieved collectively, in conjunction with NATO allies including the US, by upholding the principles of the UN Charter. “These are universal principles, and we will not stop defending them,” it read. Earlier this week Trump said that the Arctic island is “so strategic right now” and that annexation would benefit both the EU and the US. Trump told The Atlantic that: “We do need Greenland, absolutely…We need it for defence.” The statement was signed by leaders of France, Germany, Poland, Italy, Spain, the UK and Denmark. (Joint statement)(The Atlantic)(Capital Brief)

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Alternative assets: US private equity firm TPG Inc and Jackson Financial have reached a deal which will see TPG manage up to USD20 billion ($29.75 billion) for the US retirement services business. Under the agreement, TPG will manage a minimum commitment of USD12 billion of AUM for Jackson, with incentives aligned to a long-term target of USD20 billion. The investment partnership will focus on investment-grade asset-based credit and direct lending. As part of the transaction, TPG will also invest USD500 million into Jackson, representing an approximate 6.5% pro forma stake. Jackson will also receive USD150 million in TPG shares, with the potential for more if the partnership grows to USD20 billion. The deal comes as alternative asset managers are looking to secure new sources of capital as traditional investors remain constrained around how much capital they can allocate toward private assets. (TPG)(Jackson Financial)(Capital Brief)

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Software scoop: Buyout firm Hg Capital agreed to acquire OneStream in an all-cash transaction valuing the financial software company at approximately USD6.4 billion ($9.5 billion), OneStream said in a statement. Shareholders will receive USD24 per share in cash, representing a 31% premium to the company’s closing price on Monday (its shares declined 35% last year). Hg will hold the majority voting stake, with General Atlantic and tech firm Tidemark taking minority positions. OneStream chief executive officer Tom Shea and the current leadership team will remain in place. The deal is expected to complete in the first half of 2026. Based in Birmingham, Michigan, OneStream provides software that helps executives prepare and report financial statements to regulators and investors. According to its website, customers include Toyota, UPS, News Corp and General Dynamics. (OneStream)(Bloomberg)