Shares of Polibeli Group Ltd (PLBL) skyrocketed more than 32% in early Wednesday trading, climbing to $6.94 as investors responded to positive momentum in the digital supply chain and distribution company following its recent Nasdaq listing via de-SPAC merger.

The stock opened at $5.70 and quickly gained 1.72 points, or 32.82%, by 9:40 a.m. EDT on strong volume. The move comes amid broader market rotation toward growth-oriented small- and mid-cap names with exposure to global supply chain solutions and e-commerce infrastructure.

Polibeli Group provides integrated digital supply chain and distribution-sales services across Asia, Europe and other international markets. The company operates platforms including the Polibeli App for small and medium-sized retailers and the Polisales App for sales representatives, offering procurement, logistics, warehousing, brand operations and digital marketing solutions.

Recent Company Developments

The surge follows Polibeli’s listing on Nasdaq through a business combination with Chenghe Acquisition II Co. in 2025, valued at approximately $3.6 billion at the time of the de-SPAC transaction. The company, headquartered in Jakarta with operations in Japan, Indonesia, Hong Kong and beyond, has reported positive full-year revenue generation of around $26.4 million and earnings of roughly $5.97 million in recent filings, providing a fundamental base for investor interest.

Leadership transitions have also drawn attention. In May 2026, the company announced the resignation of CFO Zhitian Zhang, followed by the appointment of Meijun Liang as Chief Financial Officer. Such changes are common in newly public companies as they refine governance structures post-merger.

Market Reaction and Trading Dynamics

Early trading volume significantly exceeded recent averages, signaling heightened investor attention. The stock had faced downward pressure in prior weeks, trading near its 52-week low around $5.21 before today’s sharp rebound. Analysts note that the move may reflect bargain hunting combined with renewed optimism around the company’s global supply chain platform amid recovering e-commerce demand.

Polibeli’s business model integrates logistics, capital flow and information systems through its proprietary “Xingyun Global” platform. This end-to-end approach positions the company to benefit from ongoing digital transformation in retail and distribution sectors, particularly in emerging Asian markets.

Industry Context and Growth Drivers

The digital supply chain sector has gained traction as businesses seek greater efficiency and resilience following pandemic-era disruptions. Companies offering integrated procurement, warehousing and digital marketing solutions are well-placed to capture market share as small and medium enterprises increasingly adopt technology-driven tools.

Polibeli’s multi-country footprint provides diversification while exposing it to high-growth regions. Consumer electronics accessories, household appliances, skincare, health products and other categories form key parts of its portfolio, aligning with rising middle-class consumption trends in Asia.

Broader market enthusiasm for supply chain technology and e-commerce infrastructure stocks has supported similar names recently. While Polibeli remains a smaller player compared to established logistics giants, its specialized focus on SME retailers and digital platforms differentiates it in a competitive landscape.

Valuation and Analyst Perspectives

At current levels, the stock trades at a premium to recent lows but remains well below its post-listing highs around $14. Year-to-date performance has been volatile, reflecting typical post-de-SPAC adjustment patterns. Market capitalization stands around $2.1 billion based on recent trading.

Analysts have highlighted both opportunities and risks. Positive revenue and earnings provide a foundation, but execution on international expansion, margin improvement and integration post-merger will be critical. Short interest and options activity suggest active trader engagement around key levels.

Risks and Considerations

As with many newly public companies, Polibeli faces challenges including integration risks, competition from larger players and macroeconomic headwinds affecting consumer spending. Currency fluctuations across its operating regions and regulatory developments in key markets like Indonesia and China could impact results.

Investors should monitor upcoming financial reports for progress on strategic initiatives. Leadership stability and operational metrics will be closely watched as the company matures in its public listing phase.

Broader Market Implications

Polibeli’s sharp move contributes to positive sentiment in small-cap and growth segments, which have shown selective strength amid broader market consolidation. The performance highlights continued investor appetite for companies tied to digital transformation and supply chain modernization, themes expected to drive long-term economic shifts.

Trading in Polibeli shares remains subject to volatility typical of smaller-cap names. Market participants are advised to conduct thorough due diligence and consider overall portfolio risk when evaluating such positions.

Outlook and Next Steps

Company executives have emphasized commitment to expanding its digital platform and enhancing service offerings for business partners. Future catalysts could include new market entries, technology upgrades or strategic partnerships that strengthen its competitive position.

For investors, today’s surge serves as a reminder of the potential for rapid repricing in growth-oriented stocks when positive momentum builds. However, sustainability will depend on fundamental execution and market conditions.

As trading continues, all eyes remain on volume patterns and any follow-through buying or profit-taking. Polibeli Group’s performance adds to the narrative of dynamic small-cap activity in the current market environment, where innovation in supply chain and distribution technologies attracts significant attention.

The session underscores the evolving nature of global commerce, with digital platforms playing an increasingly central role. Polibeli’s trajectory will be closely monitored by investors seeking exposure to Asia-focused growth stories and technology-enabled logistics solutions.

The CBOE Volatility Index, widely known as Wall Street’s “fear gauge,” climbed sharply Wednesday, rising 0.73 points or 3.68% to close at 20.60 as investors grew more cautious amid persistent inflation pressures, geopolitical risks and mixed signals from the corporate earnings season.

The increase in the VIX, which measures expected swings in the S&P 500 over the next 30 days based on options pricing, signals growing unease in the market even as major indexes remained relatively resilient. A reading above 20 is generally associated with elevated anxiety, though still below levels typically seen during periods of acute crisis.

Context Behind the Rise

Wednesday’s jump comes after the latest Consumer Price Index report showed U.S. inflation accelerating to 4.2% year-over-year in May, the highest reading since 2023. Surging energy costs, driven by ongoing tensions in the Middle East, accounted for more than 60% of the monthly increase and are keeping the Federal Reserve in a holding pattern on interest rates.

Analysts noted that the combination of sticky inflation and uncertainty over the Fed’s next moves is prompting traders to purchase more protective options, directly pushing the VIX higher. Geopolitical developments, including the situation involving Iran, further contributed to risk aversion.

“The VIX rise reflects investors hedging against potential volatility from upcoming economic data and the possibility of prolonged higher rates,” said one market strategist at a major investment bank, speaking on background.

Market Reaction and Broader Indexes

While the VIX climbed, the major stock indexes showed only modest weakness. The Dow Jones Industrial Average fell around 331 points, and the Nasdaq Composite slipped 69 points, indicating that the increased fear has not yet translated into a broad sell-off. This divergence suggests investors are preparing for turbulence rather than panicking.

Small-cap stocks and certain growth names faced more pressure, while defensive sectors such as utilities and consumer staples provided some support. Treasury yields edged higher, reflecting shifting expectations around monetary policy.

Historical Perspective

The current VIX level of 20.60 remains well below the extreme peaks seen during the 2008 financial crisis or the early days of the COVID-19 pandemic, when it surpassed 80. However, it is notably above the long-term average of around 19-20 and represents the highest level in several weeks.

Such spikes often precede periods of consolidation or, in some cases, more significant corrections if underlying concerns are not resolved. Market veterans monitor the VIX closely as a contrarian indicator — extremely high readings can sometimes signal buying opportunities, while low readings may indicate complacency.

Implications for Investors

A rising VIX typically makes options more expensive, affecting everything from portfolio hedging strategies to earnings plays. For retail investors, it serves as a warning to review risk exposure, particularly in leveraged positions or high-valuation technology stocks that have led the market higher this year.

Institutional investors are increasingly turning to volatility products, including VIX futures and exchange-traded notes, to manage downside risk. The move also impacts corporate decision-making, with some companies potentially delaying share buybacks or capital raises until volatility subsides.

Earnings Season and Economic Calendar

The VIX increase coincides with a busy period for corporate earnings. While many companies have posted solid results, forward guidance has been mixed, with some executives citing higher input costs and cautious consumer behavior. This uncertainty is feeding directly into options pricing.

Upcoming data releases, including wholesale inflation figures and retail sales, will be closely watched. Any surprises could further influence volatility expectations. The Federal Reserve’s June meeting is also approaching, with markets pricing in a high probability of rates remaining unchanged.

Analyst and Strategist Views

Market participants generally view the current VIX spike as a healthy development rather than a cause for alarm. “Volatility is returning to more normal levels after an extended period of calm, which is constructive for long-term investors,” said one portfolio manager.

Others caution that sustained readings above 25 could signal deeper concerns if inflation continues to surprise to the upside or if geopolitical risks escalate. The VIX’s behavior in the coming days will be telling — a quick retreat would suggest the move was largely technical, while further increases could indicate building pressure.

Broader Market Outlook

Despite the uptick in fear, many strategists maintain a constructive stance on equities for the remainder of 2026. Artificial intelligence adoption, productivity gains and resilient corporate balance sheets are cited as supportive factors. However, the path forward is expected to include periods of heightened volatility as the economy navigates higher rates and external shocks.

International factors, including developments in Europe and Asia, also influence the VIX. Currency movements and commodity prices remain additional variables that options traders are pricing in.

What Investors Should Consider

Financial advisers recommend maintaining diversified portfolios and avoiding emotional reactions to short-term volatility spikes. Long-term investors with strong fundamentals can often view these periods as opportunities to add to positions at more attractive valuations.

For those using options strategies, the higher VIX environment creates both risks and opportunities. Protective puts become more expensive, but selling volatility through covered calls or other income strategies may offer enhanced yields.

The current reading suggests markets are pricing in a reasonable degree of uncertainty without panic. As always, individual circumstances should guide investment decisions, and professional advice is recommended when navigating volatile periods.

Looking Ahead

The VIX is likely to remain in focus as the week progresses. Additional economic data, corporate earnings and any geopolitical headlines could drive further movements. Traders will watch whether the index can stabilize around current levels or if renewed selling pressure pushes it higher.

For now, the 3.7% jump to 20.60 serves as a reminder that markets continue to digest a complex mix of positive innovation trends and challenging macroeconomic realities. Investors will remain attentive to incoming information as they assess the sustainability of the current bull market.

The rise in the VIX underscores the importance of risk management in the current environment. While not yet at alarming levels, the increase highlights how quickly sentiment can shift when inflation and global risks reassert themselves. Market participants across the board will be monitoring developments closely in the days and weeks ahead.

Cath Drummond

Good afternoon, and welcome to the Jubilee Metals Group plc Investor Presentation. [Operator Instructions] The company may not be in a position to answer every question received during the meeting itself. However, the company can review all questions submitted today and publish responses it [indiscernible] . Before we begin, I’d like to submit the following poll. I’d now like to hand you over to Leon Coetzer, CEO. Good afternoon, sir.

Leon Coetzer
CEO & Executive Director

Good afternoon, and thank you for the introduction, and welcome to everybody that’s logged in. It’s been a while since I personally presented and looking forward to today’s discussion.

Today’s focus, which is, of course, this Molefe Mine production area is one of many focused presentations we’ll be scheduling throughout the course of this year, targeting specific operational areas and giving more clarity, color and insight into what we as Jubilee are currently implementing, rolling out and implementing in our Zambian copper strategy. So without further ado, we’ll jump straight into the presentation. And maybe just before we kick off the presentation, just a quick step back for — especially for everybody’s understanding of where Molefe fits into the larger Jubilee strategy.

We’ve published before what we call our 3 business pillared strategy in Zambia, our first pillar, which resembles some of the successes we had in our South African operation we sold in December, which is all about buying in third-party material, processing that third-party material and turning it into copper. It’s a business model that relies on our own processing capability, which we’re quite renowned for. It is

Honda is recalling more than 880,000 SUVs and pickup trucks in the U.S. because a key rear suspension part can rust and fail, increasing the risk of a crash.

The recall covers 880,514 vehicles, including certain 2016-2022 Honda Pilot, 2017-2023 Honda Ridgeline, 2019-2023 Honda Passport and 2014-2020 Acura MDX models, according to the National Highway Traffic Safety Administration (NHTSA). 

The issue involves the rear subframe, a structural component underneath the vehicle that helps support the rear suspension. In states where road salt is commonly used during winter, the rear subframe may corrode over time. 

“As the corrosion progresses, material thinning and driving vibrations could cause the mounting area to fracture and fail,” NHTSA said.

MORE THAN 1 MILLION JEEP VEHICLES RECALLED OVER FIRE RISK AS OWNERS WARNED NOT TO PARK INSIDE

Drivers may notice abnormal noises or vibration from the rear suspension, as well as changes in vehicle handling while driving, the agency added.

The affected vehicles were sold in states including Connecticut, Illinois, Indiana, Iowa, Maine, Maryland, Massachusetts, Michigan, Minnesota, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, Virginia, West Virginia, Wisconsin and Washington, D.C., among others, according to NHTSA.

KIA RECALLS 6K VEHICLES DUE TO POSSIBLE SEAT BELT DEFECT THAT COULD RAISE INJURY RISK

Ticker	Security	Last	Change	Change %
HMC	HONDA MOTOR CO. LTD.	26.11	-0.60	-2.25%

Honda dealers will inspect the rear subframe and install a reinforcement kit. If necessary, they will also repair or replace rear subframe components at no cost to owners.

The automaker said it had received no reports of injuries or deaths in the U.S. related to the issue as of May 28.

Honda shares were down 1% in late afternoon trading and are down more than 10% year to date.

SUBARU RECALLS NEARLY 70,000 SUVS AFTER MOONROOF PANELS DETACH WHILE DRIVING

The recall comes after Honda announced last month that it was recalling nearly 99,000 vehicles in the U.S. over a separate defect that could cause airbags to deploy unexpectedly during a crash.

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FOX Business reached out to Honda for comment.

LOS ANGELES — Actor Tony Hale praised Taylor Swift as an outstanding role model for his 20-year-old daughter Loy Ann Hale, citing the singer’s kindness and business achievements during the Los Angeles premiere of Disney and Pixar’s “Toy Story 5” on Tuesday.

Hale, 55, who voiced Forky in “Toy Story 4,” attended the event where Swift performed her original song “I Knew It, I Knew You” for the character Jessie. The actor told reporters that Swift’s involvement significantly boosted his standing with his daughter, a dedicated Swiftie who has attended the Eras Tour twice.

“Taylor Swift has meant a lot to my daughter,” Hale said. “And also, I think she is such a good role model. She’s a strong businesswoman. She’s so kind, and just the fact that my daughter has her as a role model, as a dad, I’m so grateful for that.”

The comments highlight Swift’s broad appeal across generations and her positive influence on young fans. Hale previously revealed he has watched a documentary about Swift three times, showing his own appreciation for her artistry.

Swift’s Personal Connection to Toy Story

Swift wrote and performed “I Knew It, I Knew You” for Jessie, voiced by Joan Cusack. At the premiere, she expressed deep affection for the franchise, calling “Toy Story 5” her favorite and sharing a childhood video of herself dressed as a cowgirl.

“Writing this song felt like a musical departure and coming home at the same time,” Swift posted on Instagram when announcing the track. The song, produced with Jack Antonoff, marks her first new music since her 12th studio album “The Life of a Showgirl” last October. It broke records on Apple Music as the biggest soundtrack single debut.

During the event, Swift brought Randy Newman onstage to perform “You’ve Got a Friend in Me” and praised Cusack’s performance. “It was an honor to write for her,” she said.

Hale Family Perspective

Hale shares daughter Loy Ann with wife Martel Thompson Hale. The family’s public appearances often reflect close bonds, and Loy’s admiration for Swift clearly resonates with her father. He noted that Swift’s contribution to the film “amped up the level” of excitement for his daughter.

This father-daughter dynamic illustrates Swift’s cultural reach, extending from music and business into family conversations about positive influences. As a 36-year-old global superstar, she continues to inspire younger audiences with themes of empowerment, resilience and authenticity.

Toy Story 5 and Swift’s Contribution

The fifth installment of the beloved franchise continues its exploration of friendship, change and growing up. Swift’s song integrates into Jessie’s storyline, adding emotional depth and musical appeal for families. Pixar’s storytelling combined with Swift’s star power creates strong crossover potential.

Early reactions from the premiere suggest the song fits seamlessly, enhancing the film’s nostalgic yet fresh feel. The collaboration marks another successful bridge between music and animation, appealing to multiple generations.

Swift’s Broader Impact

Beyond the film, Swift’s business achievements — including ownership of her master recordings and strategic career moves — have earned respect in entertainment circles. Her advocacy and consistent professionalism further bolster her reputation as a positive figure.

For parents like Hale, Swift represents values of kindness and strength in a complex media environment. Her influence on young women like Loy Ann Hale adds a personal dimension to her already massive cultural footprint.

Industry and Fan Response

The entertainment community has welcomed Swift’s Pixar involvement, with industry voices praising the creative partnership. Fans celebrated the song’s record debut and Hale’s endorsement, generating positive buzz ahead of the film’s wider release.

Social media reactions emphasized intergenerational connections, with parents and children bonding over Swift’s music and the “Toy Story” series. The project reinforces Swift’s versatility as an artist comfortable in both stadium tours and family entertainment.

Looking Ahead

As “Toy Story 5” prepares for release, anticipation continues to build. Swift’s song is expected to feature prominently in marketing and become a family favorite. Hale’s comments add a heartfelt layer to coverage, showing Swift’s impact beyond charts and box office.

The collaboration exemplifies successful synergy between industries, benefiting creators, studios and audiences. Future details about the film and song’s role will likely emerge in coming weeks.

Tony Hale’s praise provides a touching reminder of Swift’s role as both entertainer and role model. In an era of rapid cultural shifts, her positive example resonates with families seeking uplifting influences for their children. The “Toy Story 5” premiere celebrated not only a franchise milestone but also the enduring power of music and storytelling to connect generations.

For Swift’s fans and the Hale family alike, moments like these strengthen cultural bonds. As the film reaches theaters, audiences worldwide will experience the magic of “Toy Story” enhanced by Swift’s heartfelt contribution and the real-world appreciation it has inspired.

President Donald Trump said the U.S. would attack Iran again “very hard” following one of ‌the most significant ⁠exchanges ⁠of fire overnight since an April ceasefire in the Middle East war.

An index of semiconductors was sharply lower, with Nvidia and Broadcom among the biggest drags on the S&P 500. Investors have been worried about stretched valuations in the sector.

The Cboe Volatility Index advanced for a second day. Volatility has picked up in recent days.

Investors were still taking some profits in the tech space, said Tom Hainlin, an investment strategist at U.S. Bank Wealth Management in Minneapolis.

Also, investors are now “pricing in maybe a higher interest rate” after recent economic data and are ⁠also worried ‌about the war, he said. “Perhaps that conflict continues on into the mid to late summer,” he said.
Also Read | SpaceX IPO: $1.75 trillion valuation among 5 risks about world’s biggest stock market debut
The Federal Reserve is widely expected to hold interest rates at its June policy meeting. ⁠Investors are pricing in at least one 25 basis point rate hike by the end of the year.

According to preliminary data, the S&P 500 lost 119.00 points, or 1.61%, to end at 7,267.65 points, while the Nasdaq Composite lost 505.31 points, or 1.97%, to 25,169.50. The Dow Jones Industrial Average fell 952.04 points, or 1.87%, to 49,920.07.

Friday’s U.S. jobs report was stronger than expected. On Wednesday, U.S. consumer prices increased 4.2% in the 12 months through May, the largest gain since April 2023, data showed, as the Middle East conflict raised the price of gasoline and other energy ‌products.

The pace of increase was, however, in line with forecasts, as per a Reuters poll of economists.

Among other decliners, Super Micro Computer tumbled after it announced plans to raise $7 billion through a series of equity and equity-linked ⁠financing transactions to fund component purchases for its growing AI server demand.

The rotation out of high-flying technology shares has helped other areas of the markets that have lagged this year, including healthcare, real estate and consumer staples.

The much-hyped $1.75 trillion listing of SpaceX on Friday, targeting a record $75 billion raise, could also pressure U.S. stocks as concerns mount over excessive optimism in the tech sector.

Among other movers, shares of trucking companies XPO , J.B. Hunt and Old Dominion also dipped after Amazon announced expansion of its less-than-truckload freight services in the U.S. Industrials led declines among sectors.

Investors have a growing list of exchange-traded funds (ETFs) and mutual funds that they can choose from as they consider ways to structure their investment portfolios, though there are important differences between the two types of funds.

ETFs have grown rapidly as an investment category in recent years since they were developed in the early 1990s, with the total assets of the U.S.-listed ETF industry totaling about $13.5 trillion at the end of 2025 after increasing 30% year-over-year, according to the Institute of Business & Finance.

Mutual funds have been in existence for a little more than a century and the IBF’s data shows that mutual funds had $31.4 trillion in net U.S. assets at the end of last year, which amounts to an annual increase of about 10%.

“ETFs and mutual funds are both designed to help investors pool their money to invest in a broad mix of stocks or bonds, offering the benefits of diversification and professional management,” Kathy Kellert, head of index equity product at Vanguard, told FOX Business. “Many are index funds, where portfolio managers work to closely track a specific benchmark.”

HOW ETFS CAN BE EFFECTIVE BUILDING BLOCKS FOR RETIREES

For investors considering the similarities and differences between ETFs and mutual funds as they weigh which may be the better fit for their portfolio, there are a number of factors they should take into account – including how they trade, tax efficiency and whether they’re actively or passively managed.

“Ultimately, both ETFs and mutual funds can play an important role in a well-diversified, long-term investment strategy. The right choice depends on an investor’s preferences around trading flexibility, tax considerations, and overall financial goals,” Kellert said.

How they trade

Vanguard’s Kellert said that, “ETFs trade on an exchange throughout the day, like stock, with prices that update in real time. Mutual funds, by contrast, are priced only once daily after the market closes, and all investors receive that same end-of-day price.”

Rizwan Hussain, senior investment portfolio strategist at Schwab Asset Management, told FOX Business that the price for an ETF is “reflecting the underlying portfolio holdings’ prices, providing investors liquidity during the day.” 

“But when you buy or sell ETF shares, the price may be less than the net asset value (or NAV) of the ETF. This discrepancy (aka: the ‘bid/ask spread’) is often nominal, but for less actively traded ETFs, that might not always be the case,” he said.

Hussain added that mutual folders are executed once per day with the price based on the net asset value (NAV) at market close.

ETFS VS MUTUAL FUNDS IN 2026: WHICH IS RIGHT FOR YOUR PORTFOLIO?

Tax efficiency

Kellert said that ETFs are generally more tax efficient than mutual funds because of how they trade and the mechanisms fund managers use to rebalance the ETF’s holdings.

“Because ETF shares are typically exchanged between investors, and portfolio activities, like rebalances, are often handled ‘in kind’ – using securities rather than cash – ETFs are more likely to avoid realizing capital gains. Mutual funds, by contrast, may need to sell holdings to meet redemptions, which can generate gains that are distributed to all shareholders,” she said.

Hussain noted that ETFs “can potentially generate fewer capital gains for investors since they may have lower turnover (particularly passive ETFs) and can use the in-kind creation/redemption process to manage the cost basis of their holdings.”

He added that because of those distinctions, mutual funds have historically been more relevant for investors holding them in tax-deferred accounts.

WHAT ARE ACTIVE ETFS AND HOW ARE THEY RESHAPING HOW AMERICANS INVEST?

Active and Passive Management

Data from the IBF shows that across ETFs and mutual funds, the amount of passively managed assets in U.S. funds was about $19.3 trillion at the end of December 2025, compared with about $17.4 trillion in actively managed funds.

“Most ETFs are passive investments pegged to the performance of a particular index (‘passive’); however, ‘active’ ETFs have gained popularity over the last year in particular,” Hussain said.

There are also distinctions between ETFs and mutual funds in terms of how frequently they disclose their portfolio holdings, with ETFs typically doing daily disclosures while mutual funds are at longer intervals which can be advantageous for managers of active mutual funds.

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“ETF managers are generally required to disclose fund holdings daily, whereas mutual funds disclose full portfolio holdings on a less frequent basis, typically monthly or quarterly. This later disclosure periodicity is typically a benefit to active mutual fund managers who are looking to avoid disclosing their strategy details to competitors,” Hussain added.

Dubai: A UAE real estate magnate close to Donald Trump is pumping billions of dollars into data centres, hoping to cash in on the AI boom and become the global leader in the field.

DAMAC Properties chairman Hussain Sajwani, who attended the US president’s 2025 inauguration and is second on Forbes’ Arab rich-list, sees “huge” potential in data as demand for computing power soars.

Sajwani, whose Instagram feed pictures him with the likes of Trump, Elon Musk and Jeff Bezos, rode Dubai’s real estate rollercoaster to amass a net worth of $15.3 billion, according to Forbes.

“We’re part vision and part being lucky, and thank God, today we’re building a beautiful business,” he told AFP by video call from the Datacloud Global Congress in Cannes.

He described how hours of video calls during the Covid-19 pandemic convinced him to pivot to data centres, before OpenAI’s launch of ChatGPT in late 2022 set off a frenzy over AI.

Sajwani has earmarked sites in 13 countries across North America, Europe, Asia and the Middle East which, if all completed, will have a total capacity of 6,000 megawatts, costing roughly $66 billion to build.
“The idea came during Covid, where everybody was locked down and I was spending a lot of hours on Zoom,” Sajwani said. “It was very obvious that Zoom and other businesses that were doing e-commerce were going to grow.

“So I thought the data centre business would have a future. Honestly, I never thought there would be such growth.”

Drone attacks
A mix of opportunism and good fortune has made Sajwani one of the Middle East’s biggest property developers, earning him the nickname “the Donald of Dubai”.

He started in catering but moved into property in the 1990s, leaving him well-positioned for a real estate boom when Dubai opened its market to foreign buyers in 2002.

After surviving near-wipeout during the 2008 global financial crisis, DAMAC has built 60,000 properties with another 60,000 under construction and operates in a dozen countries, Sajwani said.

In 2017, he opened Dubai’s Trump International Golf Club, and early last year he stood side-by-side with the newly inaugurated president to announce a $20 billion investment in US data centres.

DAMAC Digital, launched in 2021, has now completed sites in Thailand and Saudi Arabia, with eight in total expected to be operational by the year’s end.

The footprint also includes Malaysia, Indonesia, the Philippines, Turkey, Greece, Spain, Italy, Finland and Sweden, as well as the United Arab Emirates.

Sajwani was unfazed by the Middle East war, where drones struck data centres in the UAE and Bahrain during the initial weeks of Iranian attacks.

“We took the decision four, five years ago to do data centres and we’ve continued,” Sajwani said.

“The war has proven to us that UAE is quite resilient and the government did a great job of defending the country.”

‘Top in the world’
Five “hyperscalers” have signed up as clients for DAMAC’s data centres. Although DAMAC cannot disclose their names, hyperscalers are major players in cloud and AI services and include brands such as Amazon, Microsoft and Google.

Sajwani said DAMAC Digital was now on course to outstrip DAMAC Properties as the biggest company in his empire, which also includes investment and logistics arms.

“Now we have almost 6,000 (megawatts) landbank,” he added, referring to parcels of land with enough power and fibre connectivity to support a data centre.

“If we build all that, that’s huge.”

Sajwani dismissed concerns about a potential AI bubble or oversupply, saying “in the coming three or four years, the demand is huge.

“And AI is going to create a revolution in every aspect of human beings’ life.”

He said DAMAC is setting its sights on one day overtaking Equinix, the world’s biggest data centre provider with more than 280 sites.

“We want to be bigger than them. We want to be the top in the world,” he said.

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GSK plc (GSK) M&A Call June 9, 2026 4:00 AM EDT

Company Participants

Constantin Fest – Senior VP & Head of Investor Relations
Luke Miels – CEO & Director
Nina Mojas – President of Global Product Strategy
Tony Wood – Chief Scientific Officer and Head of R&D
Julie Brown – CFO & Executive Director
Mondher Mahjoubi – Chief Patient Officer

Conference Call Participants

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Matthew Weston – UBS Investment Bank, Research Division
Sarita Kapila – Morgan Stanley, Research Division
Kerry Holford – Joh. Berenberg, Gossler & Co. KG, Research Division
Emmanuel Papadakis – Deutsche Bank AG, Research Division
Sachin Jain – BofA Securities, Research Division
Zain Ebrahim – JPMorgan Chase & Co, Research Division

Presentation

Constantin Fest
Senior VP & Head of Investor Relations

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A warm welcome to this GSK call on our agreement to acquire Nuvalent. My name is Constantin Fest, Investor Relations. I’m delighted to have here today with me Luke Miels, CEO; Nina Mojas, President, Global Product Strategy; Tony Wood, Chief Scientific Officer; Julie Brown, our CFO. Also for the Q&A part of this call, we’ll be joined by David Redfern, President, Corporate Development; as well as Mondher Mahjoubi, our Chief Patient Officer. Please go with me to the next Slide 3, for our disclosure statement. Also note our cautionary statement on Slide 4. With this, please turn to Slide 5, and I will hand over to Luke to start this presentation.

Luke Miels
CEO & Director

Thanks, Constantin. Good morning, and thanks for joining the call at short notice. Look, I’ll start here first. As a reminder, this is the framework that we’re using to drive value for patients and shareholders. It’s got 3 components, so driving top line growth, accelerating late-stage assets and combining this with simplification. And this deal is a disciplined continuation and acceleration of that strategy. Next slide, please. Now we’ve been following Jim and the team at Nuvalent and their impressive medicinal chemistry work for

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