Friday mornings in December always carry that special electricity, don’t they? The year is winding down, bonuses are on everyone’s mind, and suddenly massive deals drop out of nowhere that can redefine entire sectors for years to come. Today felt exactly like that — one of those sessions where you refresh your feed every thirty seconds because everything seems to be moving at once.
I poured my coffee, opened the screens, and boom — the market was already digesting what might be the biggest media transaction in a decade. Honestly, some Fridays are quiet. This was not one of them.
Friday’s Market Pulse: The 10 Stories Moving Money Right Now
Let’s dive straight in. Here are the developments that actually matter today — the ones smart money is talking about in group chats and on trading desks across the country.
1. The Streaming Deal That Changes Everything
Picture this: Netflix just outbid everyone — yes, including the deep-pocketed new Paramount regime — and agreed to acquire Warner Bros. Discovery’s film studio and HBO Max for a staggering $72 billion. That’s not a typo. Seventy-two billion dollars.
The transaction won’t close until after WBD spins off its linear TV networks sometime in Q3 2026, but the writing is on the wall. When this deal lands, one company will control an absurd portion of premium streaming content. Think Game of Thrones, Harry Potter, Dune, the entire DC universe, plus Netflix’s own juggernauts. Content moats don’t get wider than that.
Wall Street’s reaction? The S&P 500 actually edged higher in early trading, which tells you pros are pricing in the long-term synergy more than short-term indigestion. But make no mistake — regulatory scrutiny is coming. A senior administration official already signaled “heavy skepticism” to reporters this morning. Translation: the DOJ and FTC are about to earn their paychecks.
Consolidation at this scale in streaming will get the same treatment Washington gave Microsoft-Activision or Kroger-Albertsons. Expect hearings, document requests, the whole show.
2. Broadcom: Still the AI Kingmakers
While everyone fixates on the consumer-facing names, the pick-and-shovel players keep printing money. Oppenheimer just lifted their price target on Broadcom to $435 — that’s another 10%+ upside from here — and kept the outperform rating intact ahead of next week’s print.
Why the love? Custom AI silicon demand remains insatiable. The hyperscalers aren’t just buying off-the-shelf chips anymore; they’re commissioning bespoke designs that only a handful of companies can deliver at scale. Broadcom sits squarely in that handful.
- Higher revenue guidance expected next week
- Gross margins continuing to expand (think mid-60s %)
- Multiple new design wins that haven’t even hit the income statement yet
In my view, if you’re not owning at least one of the custom AI chip designers right now, you’re fighting the tape.
3. Marvell Joins the Party
Speaking of which, Citi came out swinging with a fresh buy rating on Marvell Technology and a $114 target. Their thesis is straightforward: data center capex isn’t slowing down in 2026 or 2027 — it’s accelerating as companies retrofit existing facilities for the AI era.
Marvell’s optical and custom silicon exposure positions it perfectly for the next leg. Sometimes the second name in a secular trend gives you better risk/reward than the undisputed leader. We might be there.
4. Foxconn Confirms the AI Boom Is Very Real
Need more proof the AI server build-out is for real? Foxconn — yes, the same company that assembles your iPhone — just reported 26% year-over-year revenue growth for November, almost entirely driven by AI server demand.
When the world’s largest contract manufacturer posts numbers like that, you listen. This isn’t hype; it’s purchase orders turning into assembly lines running three shifts.
5. SoFi Hits the ATM — Hard
Not every story today was rosy. SoFi announced a $1.5 billion follow-on equity offering after its shares nearly doubled year-to-date. Classic case of “strike while the iron is hot.”
The stock dropped 7%+ pre-market, which frankly feels about right. Dilution hurts, even when the capital raise is smart. Management will deploy this cash into loan originations at attractive yields, but current shareholders are paying the price today.
I’ve owned SoFi in the past and liked the story at $6. At $28? The valuation was getting aggressive. This offering actually brings some sanity back to the multiple.
6. Southwest Air Lowers the Boom on 2025 Guidance
Airlines and guidance cuts — name a more iconic duo. Southwest trimmed its 2025 EBIT forecast to around $500 million from the prior $600-800 million range, blaming higher fuel prices and softer demand tied to the recent government shutdown scare.
The shares are taking it on the chin, but let’s be honest: airline guidance has the reliability of weather forecasts. If oil cooperates and consumer spending holds up through the holidays, this cut will be ancient history by March.
7. Ulta Beauty Just Painted the Town Green
Now for some genuine good news. Ulta Beauty absolutely demolished quarterly estimates and raised full-year guidance in a meaningful way. Same-store sales plus e-commerce now expected to grow 4.4%-4.7% for the full year — that’s a huge upgrade from the prior 2.5%-3.5% range.
The stock jumped more than 7% and deserves every penny of it. Beauty has been one of the most resilient categories throughout 2024-2025, and Ulta remains the 800-pound gorilla combining prestige brands with mass affordability under one roof.
8. Victoria’s Secret Finds Its Wings Again
Another retail winner this morning: Victoria’s Secret posted a narrower-than-feared loss and — drumroll — 9% net sales growth. Management raised the full-year outlook and said they’re “well positioned for a successful holiday season.”
The stock rocketed 15%+ because, frankly, the bar was buried underground. But credit where it’s due — the turnaround appears to be gaining traction. Sometimes the best investments are the ones everyone gave up on six months ago.
So where does this leave us heading into the weekend? The macro backdrop remains constructive — rates are coming down slowly, consumer balance sheets are still solid in aggregate, and corporate America keeps finding ways to surprise to the upside.
Yes, we have a monster media merger that will dominate headlines (and likely Congressional hearings) for months. Yes, certain pockets like airlines and overextended fintechs are hitting turbulence. But the dominant themes — AI infrastructure build-out and selective consumer strength — continue to carry the market higher.
In my experience, Fridays like this one are when real money makes its moves. The tourists are checking out for the weekend, and the professionals are positioning for the next leg. If you’re sitting on cash and waiting for the perfect entry point, you might be waiting forever.
Markets don’t ring a bell at the bottom, but they do occasionally drop $72 billion headlines on your lap and dare you to pay attention.
Today, I’m paying attention.
