by Touch Stone Publishers | May 17, 2026
SECTOR INTELLIGENCE | AI-FIRST CULTURE Bank Supervision Just Moved Model Risk. AI Agents Moved The Boundary. SR 26-2 modernizes model risk guidance. If you cannot inventory where AI shapes decisions, you cannot manage the risk the guidance is talking about. Treat...
by Touch Stone Publishers | May 15, 2026
Gas at $4.53 per gallon is not a headwind for consumer discretionary. It is a structural wallet-share transfer, now confirmed by primary government data. The Signal The Census Bureau’s April 2026 Advance Retail Sales report, released May 14, shows headline...
by Touch Stone Publishers | May 14, 2026
Plains All American Pipeline (PAA) completed the sale of Plains Midstream Canada ULC to Keyera Corp. on May 12, 2026, for CAD $5.13B (approximately USD $3.76B), with net proceeds of roughly $3.3B deployed immediately to retire commercial paper, a $1.1B PNC term loan...
by Touch Stone Publishers | May 13, 2026
Biogen Closes Apellis Tender, Consolidating Complement Control Across GA and Nephrology Biogen’s $5.6 billion tender offer for Apellis Pharmaceuticals expires today, locking in two FDA-approved complement products and positioning the combined entity as the...
by Touch Stone Publishers | May 12, 2026
Microsoft’s $25B Memory Cost Disclosure Signals Structural HBM Repricing Across the Hyperscaler Stack Excerpt: Microsoft’s Q3 FY2026 10-Q attributes $25 billion of its $190 billion 2026 capex plan to DRAM and HBM price inflation, the first hyperscaler to...
by Touch Stone Publishers | May 11, 2026
FSB Formalizes Private Credit Risk: $220 to $500 Billion in Bank Exposure Now Under Supervisory Review The Financial Stability Board’s May 6 report formally quantified direct bank exposure to private credit funds at $220 to $500 billion and called for...
