Amazon buys Globalstar to rival Starlink

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Before The Bell

Change over the last 24 hours · as of Oct 28, 2026, 7:08 AM ET

Amazon buys Globalstar for $11.5B to rival Starlink LINK

• US regulators have cleared Amazon's $11.5 billion purchase of satellite operator Globalstar, letting its Leo unit expand a space-based communications network meant to challenge Elon Musk's Starlink.
• Amazon, which has committed more than $10 billion to Leo and launched over 300 satellites since April 2025, gains Globalstar's two dozen satellites and spectrum, and aims to start commercial service by the end of 2026.
• Globalstar powers Apple's iPhone Emergency SOS and Find My features and drew about 63% of its revenue from Apple last year; Amazon has agreed to keep those services and plans to buy Apple's 20% stake.

Oil rises on claimed Houthi strike on Saudi refinery LINK

• Oil prices rose on Wednesday after Yemen's Houthis claimed a missile strike on Saudi Arabia's Ras Tanura complex, reviving fears of supply disruption from the world's top crude exporter.
• Brent climbed 1.62% to $115.70 a barrel and WTI rose 1.34% to $101.20, as the Houthis said they hit the 550,000-barrel-a-day refinery, though Saudi authorities have not confirmed a direct hit or major damage.
• Adding to the pressure, the Wall Street Journal reported the US has warned Gulf states to prepare for a possible military campaign against Iran after the November 3 midterms, and API data showed crude inventories fell about 2.03 million barrels.

OpenAI plans to buy Google's AI chips LINK

• OpenAI plans to buy Google's AI chips, The Information reported on Tuesday, a move that would deepen ties between two companies that otherwise compete head-to-head in AI products and search.
• OpenAI, one of the biggest buyers of Nvidia's GPUs, started renting Google's Tensor Processing Units back in June 2025; the chips have gained ground as a cheaper alternative, and Google began selling them directly to some customers this year.
• No financial terms were disclosed, but the report lands as Alphabet reports quarterly results later today, with investors watching whether its heavy AI spending is still driving growth in its cloud business.

Ambani's Jio jumps 21% in trading debut LINK

• Jio Platforms, Mukesh Ambani's telecom and digital arm backed by Meta and Google, jumped 21% in its trading debut today after raising $3.2 billion in India's largest-ever initial public offering.
• The listing valued Jio at around $131.9 billion, making it India's second-most valuable listed company behind parent Reliance Industries, and roughly double its $65 billion valuation when Meta and Google invested in 2020.
• The offer drew bids worth more than $77 billion, over 22 times the shares available, and Jio plans to use most of the proceeds to repay debt at its telecom subsidiary.

BNY now custodies XRP for institutions LINK

• BNY, the custody bank that already guards the reserves behind Ripple's dollar stablecoin, now holds XRP and the RLUSD stablecoin for institutional clients on its Digital Asset Custody platform, Ripple said yesterday.
• Eligible clients can store and move the two assets within the bank's existing controls framework, extending a relationship that began in July 2025 when Ripple picked BNY as primary custodian for RLUSD reserves, now worth about $2.6 billion.
• Further plans, letting BNY customers mint and redeem RLUSD directly, and exploring tokenized trade finance with working-capital marketplace C2FO, remain subject to final approvals from BNY and regulators, with no timeline given.

Macro News

• Malaysian customs seized $12.11 million in AI chips at airport. LINK
• Treasury yields barely moved as Fed began its two-day policy meeting. LINK
• Britain sold five-year debt at its highest yield since 2008, pressuring Healey. LINK
• US durable-goods orders rose, with core capital goods up 0.5%. LINK
• US consumer confidence rose to 91.7, highest since June, on cheaper gasoline. LINK
• Honda warned failure to reach a US-Canada trade deal risks catastrophic auto-industry fallout. LINK
• Coinbase will automatically convert 14 stablecoins in European retail accounts Friday. LINK
• CFTC sued Utah, saying the state exceeded federal authority in the Kalshi dispute. LINK
• Bessent said crypto can bolster dollar dominance in US-China technology competition. LINK
• China's state-backed funds intervened as stocks entered a bear market amid leadership meetings. LINK
• Gold edged lower as a stronger dollar and Fed decision kept traders cautious. LINK

Corporate News

• Robinhood shares fell after crypto revenue plunged 55%, weighing on profits. LINK
• GM will move its listing to Nasdaq, ending 114 years on NYSE. LINK
• Disruptive raised $10 billion for large late-stage AI and defense bets. LINK
• Oracle added Google, Cerebras and SambaNova AI chips to reduce Nvidia dependence. LINK
• PayPal raised its earnings forecast as its CEO said the turnaround is showing results. LINK
• Guidewire agreed to buy Hyperexponential for $1.7 billion in cash. LINK
• SoFi raised its forecast after revenue jumped 44% on broader product adoption. LINK
• SK Hynix earnings sharply beat estimates as AI data-center demand boosted chip sales. LINK

Stocks

▲ Biggest winners

Celestica rose 12% after Q3 revenue surged 83% to $5.83 billion. LINK

Pentair rose 13% after Q3 adjusted EPS of $1.18 beat $1.08 estimate. LINK

▼ Biggest losers

HSBC Holdings fell 6% after Q3 adjusted EPS of $2.10 missed $2.22 estimate and revenue of $18.620B missed $19.092B forecast. LINK

Xylem fell 14% after cutting full-year 2026 revenue guidance to $8.95 billion. LINK

Research & Reports

• DBS says 90% of large businesses are testing or using tokenised money. LINK
• Goldman warned European debt jitters could raise company borrowing costs, squeezing investment. LINK
• AI token prices may fall, but rising usage could increase total bills. LINK
• Korea warned chip exports risk steep losses if US AI spending retreats. LINK
• Global bond issuance growth will slow to 2.7% in 2027, S&P says. LINK
• IRENA raised its 2035 renewables capacity target to 18.4 terawatts as demand grows. LINK

Market Calendar

Earnings  ·  Economic events