Bayley Havel Financial Group - Stifel

For a while, the artificial intelligence trade seemed to belong to the "Magnificent Seven" – Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla. But lately, the rally has started moving down the semiconductor food chain.

For more information on this and to read the full piece, click here: https://livesocial.seismic.com/ajUFzR

After a long nap, the IPO market is finally waking up – and not quietly. Through the first quarter of 2026, 35 companies have gone public raising approximately $9.9 billion, according to Renaissance Capital, marking the strongest start since the 2021 surge.

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In the latest Potomac Perspective, Brian Gardner, Stifel's Chief Washington Policy Strategist, updates views on housing legislation and the CLARITY Act. The chances that Congress will pass the House's version of the housing bill (which is more benign for the build-to-rent industry than the Senate bill) have risen, and the prospects for the Senate's bill have diminished. He maintains the view on the prospects for the CLARITY Act and notes some new complications for passing the bill in 2027.

Read more here: https://livesocial.seismic.com/av_iNM

The Senate Banking Committee approved the CLARITY Act, 15-9. Two committee Democrats joined all 13 Republicans in advancing the bill to the Senate floor. The vote was clearly a positive for the bill's prospects, but it also carried some warning signs. The bill's prospects improved, but we think by less than what others perceive to be the case.

View the full report:https://www.stifel.com/Newsletters/AdGraphics/InSight/Potomac-Perspectives/2026/PP_051526_2.pdf

The House could vote next week on a revised housing bill. The updated bill includes a restriction, favored by the Trump administration, to limit the ownership of single-family homes by institutional investors. It is also more flexible on build-to-rent than is the Senate's housing bill. The House bill also includes several non-housing provisions which will probably be DOA in the Senate.

Click here to read more in Potomac Perspective from Brian Gardner, Stifel's Chief Washington Policy Strategist: https://livesocial.seismic.com/a-poM3

Spirit Airlines has officially entered its final descent, grounding its yellow-bus fleet for good after decades as the king of ultra-low-cost carriers. This wasn't a sudden engine failure but a slow-motion outcome years in the making.

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The Senate Banking Committee is scheduled to mark up cryptocurrency legislation (the CLARITY Act). Despite efforts to reach a compromise on the Stablecoin yield issue, as well as other matters, there may not be sufficient bipartisan support to pass the legislation through the full Senate. The bill will likely pass the committee, but the odds that the CLARITY Act will become law in 2026 remain low.

Read more about the upcoming markup and what it could mean for the bill's prospects in the latest Potomac Perspective: https://livesocial.seismic.com/at1PLA

A proposed compromise on the Stablecoin yield issue won the general support of the crypto industry, but the banking sector said, "not enough." This may not improve the CLARITY Act's prospects. The SEC has proposed new rules that would allow publicly traded companies to file reports with the Commission on a semi-annual basis rather than quarterly. As expected, the switch would be voluntary, and we expect that most companies will continue to issue quarterly reports.

Read more in Potomac Perspective: https://livesocial.seismic.com/asPM4P

The UAE's decision to exit the cartel grabbed headlines, but the bigger story has been unfolding for years: OPEC's grip on global oil markets has been quietly slipping.

For more information on this and to read the full piece, click here: https://livesocial.seismic.com/aMq71b

Federal Reserve Chairman Jerome Powell's decision to remain on the Federal Reserve Board carries political risk for the Trump administration and the banking industry. If Powell does not resign from the Board by the end of 2026 and if control of the Senate flips to the Democrats, then President Trump might find himself unable to fill the seat for the remainder of his term. In the latest Potomac Perspective, Brian Gardner, Stifel's Chief Washington Policy Strategist, discusses why that has implications for the administration's bank regulatory agenda.

Read the full piece here: https://livesocial.seismic.com/awYUuW