Wall Street and JPM2026 Kicked Off The Week In An Ebullient Mood As Silver Jumps - January 12, 2026 -( $AAPL $AVGO $EPRX $EVTV $LLY $NOK $NVDA $ORCL $PLTR $SIL $TSLA $TSM Rise!) - Vista Partners LLC

Wall Street kicked off the week in an ebullient mood Monday, as major U.S. equity benchmarks climbed to fresh heights while gold and silver behaved like they had just discovered caffeine

Indexes: Bulls in Full Voice

The S&P 500 added roughly 0.2%–0.3%, extending last week’s record run as investors shrugged off political noise around the Federal Reserve and leaned back into megacap tech and AI winners.
The Dow Jones Industrial Average outpaced the broader market, rising north of 0.3% and notching another closing high as cyclical and financial shares caught a bid.
The Nasdaq Composite advanced about 0.3%, with chipmakers and AI-linked names once again carrying more than their fair share of the narrative load.
The small‑cap Russell 2000 joined the party, extending a multi‑week stretch of outperformance that has seen the index up several percent year to date as investors tentatively rediscover smaller companies.

Macro: Fed Drama, Quiet Data, Loud Metals

Monday’s U.S. economic calendar was light, with attention instead locked on a heavy slate of Fed speakers and the lingering impact of December jobs and inflation data due later in the week.
Political pressure on the Fed, including an investigation touching on Chair Powell, rekindled worries about central‑bank independence and nudged traders to reprice the path of rate cuts for 2026.
On the trade front, markets stayed focused on pending court decisions and legal challenges that could reshape the administration’s tariff toolkit rather than any new concrete tariff measures announced Monday.

Fed, Yields, and the Shutdown Clock

In Treasurys, the yield curve remained modestly inverted but continued to grind toward a gentler slope, with the 10‑year hovering in the low‑4% area and the 2‑year in the mid‑3% range as investors balanced slowing growth against still‑sticky inflation.
Fed funds futures still pencil in roughly 50 basis points of cuts over the course of 2026, with upcoming CPI, PPI, and PCE data seen as key inputs to the January 27–28 FOMC meeting; there was no formal FOMC announcement scheduled for Monday.
In Washington, the government remained open, but investors kept one eye on the calendar: some agencies are funded only through January 30, leaving a non‑trivial risk of a partial shutdown starting January 31 if lawmakers cannot bridge partisan gaps.

Commodities & Crypto: Gold Steals the Show

Gold futures surged to fresh record territory, recently trading around 4,600 an ounce after a 2.5% rally tied to concerns over Fed independence and rising geopolitical risk.
Silver dramatically out‑outperformed, leaping more than 7% to new all‑time highs above the mid‑80s, embodying the classic precious‑metals overachiever role.
Oil prices were softer to flat by late afternoon, with West Texas Intermediate hovering around the high‑50s per barrel as traders weighed unrest in Iran against a still‑comfortable global supply backdrop.
Bitcoin continued to behave like an adrenaline‑fueled macro hedge, trading near the high‑$90,000s area and logging a modest gain on the day alongside the broader risk‑asset rally.

Corporate Stage: JPM Healthcare and Deal Flow

The 44th Annual J.P. Morgan Healthcare Conference opened in San Francisco, once again turning Union Square into a temporary ecosystem of biotech term sheets, investor slide decks, and hurried latte negotiations; the event runs January 12–15 at the Westin St. Francis.
Life‑sciences M&A remained a key talking point around the conference, with new analysis pointing to an acceleration in dealmaking as large players seek growth and AI‑enabled assets.
More broadly, corporate deal flow stayed active, highlighted by Heritage Global’s agreement to acquire substantially all assets of loan‑sale advisor DebtX for roughly $8.5 million in cash, adding another modest brick to 2026’s M&A wall.
In IPO land, the calendar showed several smaller offerings either filed or slated for the coming weeks, including Green Circle Decarbonize Technology Limited and Papa Medical among micro‑cap candidates eyeing Nasdaq and NYSE listings, underscoring a still‑cautious but functioning new‑issue market.

Company Moves: AI Royalty, Chips, and Consumer Names

Eli Lilly (LLY, $1,081.00, +1.64%)
- With investors descending on San Francisco for JPM, Lilly’s obesity and diabetes franchises kept it firmly in the large‑cap pharma spotlight, though Monday news flow for the name itself was relatively quiet.
- Shares traded with a positive bias as healthcare investors continued to position around GLP‑1 demand and pipeline read‑outs rather than any single headline.
Taiwan Semiconductor Manufacturing (TSM, $331.77, +2.52%)
- TSMC remained a core pillar of the AI supply chain narrative, frequently cited among top hypergrowth or high‑conviction tech picks for 2026, thanks to strong demand for cutting‑edge foundry capacity.
- The stock traded higher alongside the broader chip complex, aided by ongoing enthusiasm around high‑end AI accelerators and resilient forward earnings expectations.
NVIDIA (NVDA, $184.94, +.06%)
- Nvidia stayed at the center of the AI universe, with recent commentary highlighting its role as “king of AI compute” and one of Wall Street’s preferred hypergrowth names heading into 2026.
- Shares rose, helping power the Nasdaq’s advance as traders used any macro wobble as an excuse to add exposure to the company’s AI‑driven data‑center franchise.
Micron Technology (MU, $345.87, +.23%)
- Micron continued to benefit from a powerful up‑cycle in memory pricing, with DRAM prices projected to rise more than 50% quarter‑on‑quarter this year as AI servers devour capacity.
- The stock, already sharply higher year‑to‑date, extended gains as investors leaned into the thesis that Micron is one of the cleaner AI infrastructure plays outside the headline GPU names.
Apple (AAPL, $260.25, +.34%)
- Apple remained a quieter member of the mega‑cap cohort Monday, but recent flows suggested neutral to slightly positive sentiment as investors weigh incremental AI features and a still‑resilient services business.
- The shares participated in the broader market’s upward drift, albeit with less drama than the more AI‑centric names.
Tesla (TSLA, $448.96, +.89%)
- Tesla traded with a more cautious tone as competitive pressures and questions about EV demand continued to shadow the stock, even as AI and autonomy stay central to the bull case.
- The name lagged the strongest tech performers, with money flows described as negative in recent trading commentary.
Broadcom (AVGO, $352.21, +2.10%)
- Broadcom remained in the market’s AI hardware and networking sweet spot, supported by Street research that still sees meaningful upside based on rising accelerator and custom‑silicon demand.finance.yahoo+1
- The stock edged higher with the chip complex, though investors remain mindful of its already‑hefty market capitalization and expectations bar.wsj+1
Meta Platforms (META)
- Meta stayed front‑and‑center in AI‑infrastructure debates after recently signing large nuclear‑powered energy deals to secure up to 6.6 gigawatts of supply for future data centers.
Nokia (NOK, $6.58, +1.54%)
- Nokia’s fundamental narrative stayed tied to 5G infrastructure and network modernization, but it remained a secondary character in Monday’s risk‑on script, with no major new headlines hitting the tape.
- The stock rode broader tech and telecom sentiment rather than company‑specific catalysts.
McDonald’s (MCD)
- McDonald’s drew continued attention from analysts who see the Golden Arches as a beneficiary of value‑seeking consumers and digital ordering initiatives, even as the cycle matures.
- Shares traded constructively alongside other defensive growth names, underscoring that comfort food still pairs well with late‑cycle macro jitters.
Rio Tinto Group (RIO, $82.88, +2.16%)
- Rio Tinto remained levered to the evolving China and commodity growth narrative, with sentiment supported by firmer metals prices and tentative signs of stabilization in Chinese activity.
- The stock tracked global miners modestly higher as investors sought selective exposure to real‑asset plays alongside surging precious metals.
Oracle (ORCL, $204.68, +3.10%)
- Oracle continued to benefit from its cloud and database repositioning, as investors look for enterprise names that can monetize AI workloads without pure‑play volatility.
- The shares moved higher with broader software and cloud peers as risk appetite improved.
Intel (INTC)
- Intel stayed in focus as a turnaround and foundry‑ambition story, while options activity and trading commentary kept the name prominent among active tech traders, fell 3.27% today to $44.06.
Oklo (OKLO)
- Oklo, a next‑generation nuclear‑technology and micro‑reactor developer, remained in the spotlight after a recent surge driven by Meta’s long‑term nuclear energy agreements that highlighted the strategic value of advanced nuclear in powering AI data centers.
- The shares fell back 2.67% today to $102.50, but retained a strong speculative bid as investors reassessed the long‑run role of small modular reactors in both AI infrastructure and grid decarbonization.
Opendoor Technologies (OPEN, $7.02)
- Opendoor, a bellwether for housing‑linked fintech, featured in recent options‑activity rundowns as traders probed the stock’s sensitivity to interest‑rate expectations and housing turnover.
Palantir Technologies (PLTR, $179.41, +1.08%)
- Palantir continued to draw attention as a hypergrowth AI‑software name, often cited on lists of favored 2026 tech picks thanks to strong backlog growth and expanding commercial demand.
- The stock traded higher with AI peers as investors sought exposure to software‑driven data and defense analytics on a day when geopolitical tension and Fed uncertainty both loomed in the background.

Vista Partners Watchlist Updates

AZIO AI, in conjunction with Azio Corp, a next-generation artificial intelligence infrastructure and high-performance computing platform, today announced it has received a binding purchase order for 256 units of the Nvidia B300’s GPUs, representing a significant advancement towards completion of a major governmental Purchase Order in Southeast Asia, resulting in approximately $107 million in contractual revenue, underscoring the Company’s ability to execute complex, large-scale government and institutional initiatives. The company expects to receive a 30% deposit over the course of the next few weeks. On Jan. 6, Envirotech Vehicles, Inc. (NASDAQ: EVTV, $2.51, +442%) announced that it has entered into an Amended and Restated Letter of Intent (“LOI”) with AZIO AI Corporation (“AZIO AI”), pursuant to which EVTV would acquire 100% of the issued and outstanding equity interests of AZIO AI through a merger transaction.

Modular Medical, Inc. (Nasdaq: MODD., $.4748), a leader in innovative insulin delivery technology targeting the $3 billion adult “almost-pumpers” diabetes market with user-friendly, affordable patch pumps, announced (Dec. 10) that it had priced an underwritten public offering (the “offering”) of 12,173,000 shares of its common stock and accompanying warrants to purchase 6,086,500 shares of its common stock. Each two shares of common stock are being offered and sold together with one accompanying warrant at a combined offering at a price of $0.77, yielding an effective price of $0.38 per share and $0.01 per warrant. The warrants will have an exercise price of $0.45 per share, are exercisable immediately upon issuance and will expire five years following the date of issuance. In connection with the offering, Modular Medical has granted the underwriter a 30-day option to purchase up to an additional 15% of common shares and/or warrants at the public offering price, less underwriting discounts and commissions. The over-allotment option may be elected with respect to, at the underwriter’s sole discretion, shares and warrants together, solely shares, solely warrants, or any combination thereof. Newbridge Securities Corporation is acting as the sole bookrunner for the offering. Assuming no exercise of the over-allotment option, the gross proceeds to the Company from the offering are expected to be approximately $4.68 million, before deducting underwriting discounts, commissions, and estimated offering expenses payable by the Company. The Company intends to use the net proceeds from the offering to fund operations and for working capital and general corporate purposes, including capital expenditures.

On Nov. 17, Modular announced Institutional Review Board (“IRB”) approval to conduct an in-house study of its next-generation Pivot™ insulin delivery system using insulin on people with diabetes (the “Study”). Pursuant to U.S. Food and Drug Administration (“FDA”) regulations, an IRB is a group that has been formally designated to review and monitor biomedical research involving human subjects. The Study will simulate real-world conditions by delivering insulin to adult participants to gather critical data on device function and usability and obtain user feedback. Modular Medical’s Pivot tubeless patch pump aims to enhance accessibility for underserved patients with diabetes and drive market penetration and expansion.

On Nov. 14, Modular Medical announced the 510(k) premarket submission of its next generation Pivot™ tubeless patch pump to the U.S. Food and Drug Administration (the “FDA”). The Company expects to commence the commercial launch of its Pivot pump in Q1 2026. On Nov. 3, Modular Medical the successful validation of its Pivot controller line, a critical milestone in preparing for the commercial launch of its Pivot patch pump targeted for Q1 2026. The Pivot controller line validation further demonstrates manufacturing readiness for high-volume production, positioning Modular Medical to meet the growing demand in the diabetes treatment market for advanced technology.

Eupraxia Pharmaceuticals Inc. (NASDAQ: EPRX, $8.20, +.99%), a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology to optimize local, controlled drug delivery for diseases with significant unmet need, announced (Nov. 13) the second set of 52-week follow up data from its ongoing Phase 1b/2a RESOLVE trial evaluating a single administration EP-104GI for the treatment of eosinophilic esophagitis (“EoE”). James A. Helliwell, Chief Executive Officer of Eupraxia stated,“These data further highlight the strong durability and tolerability profile of EP-104GI, reinforcing its potential to become a convenient, once-a-year treatment that fits seamlessly into routine disease management by aligning with annual patient endoscopies. The Cohorts 5 & 6 patients – the only groups to have reached 52 weeks in the trial – are demonstrating levels of symptom relief that is durable and clinically meaningful – we are very encouraged by this outcome. We’re also pleased that our previously announced 52-week data were presented as a late-breaking presentation at the American College of Gastroenterology Annual Scientific Meeting (ACG). These new results build on that momentum. Given that current EoE therapies often struggle with long-term adherence, we believe a durable, once-yearly treatment could meaningfully improve patient outcomes and establish EP-104GI as a preferred option for both physicians and their patients.”

GeoVax Labs, Inc. (Nasdaq: GOVX, $3.57), a clinical-stage biotechnology company developing multi-antigen vaccines and immunotherapies for infectious diseases and cancer.

GeoVax is heading into the 44th Annual J.P. Morgan Healthcare Conference week (“JPM2026”) in San Francisco, CA Jan. 12-15 with the kind of narrative biotech investors typically like to hear: a differentiated platform, large funded trials lining up, and multiple shots on goal in both infectious disease and oncology. The company is leaning into its MVA platform as a potential franchise engine rather than a one‑product science experiment. Specifically, investors can meet David Dodd, Chairman & CEO of GeoVax, during his presentation at the Hilton Union Square, 333 O’Farrell Street, Yosemite A (Ballroom Level), San Francisco, CA on January 13, 2026, 2:30 pm PST.

GeoVax announced (Dec. 19) that it has entered into definitive securities purchase agreements with several institutional and individual investors for the purchase and sale of approximately 13.2 million units, each comprised of one share of the Company’s common stock and warrants, as described below, to purchase shares of the Company’s common stock, at a price of $0.245 per unit in a public offering. The Company will issue warrants to purchase up to approximately 26.5 million shares of common stock. The warrants will have an exercise price of $0.245 per share, will be exercisable immediately following the date of issuance and will have a term of five years following the date of issuance. Roth Capital Partners is acting as the exclusive placement agent for the offering. The gross proceeds to the Company from this offering are expected to be approximately $3.2 million, before deducting the placement agent’s fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from this offering for working capital and general corporate purposes. The closing of the offering is expected to occur on or about December 22, 2025, subject to the satisfaction of customary closing conditions.

GeoVax announced (Dec. 18) the publication of a peer-reviewed article in Frontiers in Immunology titled: “Multi-antigen MVA-vectored SARS-CoV-2 vaccine, GEO-CM04S1, induces cross-protective immune responses to ancestral and Omicron variants.” The study provides definitive preclinical evidence that GeoVax’s multi-antigen COVID-19 vaccine candidate, GEO-CM04S1, delivers full cross-variant protection, driven predominantly by robust T-cell responses, even in the absence of neutralizing antibodies. The findings reinforce the design philosophy behind GeoVax’s MVA-based, multi-antigen platform and provide mechanistic insight that is increasingly relevant for immunocompromised individuals, who often fail to respond optimally to the first-generation COVID-19 vaccines.

GeoVax announced (Dec. 17) the successful completion of fill-finish for the initial clinical batch of GEO-MVA, its next-generation Mpox/smallpox vaccine. The product has now entered final release evaluation, the concluding quality-control and compliance process required before shipment for clinical use, positioning the Company for Phase 3 immunobridging trial start-up activities in Q1 2026. Fill-finish – the sterile, cGMP-regulated process of filling, sealing, and packaging vaccine vials – marks the last manufacturing step before a vaccine may enter clinical study supply channels. With fill-finish complete and GEO-MVA now undergoing final release evaluation, GeoVax has moved into the final pre-clinical-deployment phase of its EMA-aligned clinical program. In June 2025, the European Medicines Agency (EMA) Scientific Advice confirmed that a single Phase 3 immunobridging study demonstrating immune comparability to the approved MVA vaccine, Imvanex(R), would be sufficient to evaluate GEO-MVA’s efficacy. This provides a clear, accelerated regulatory path to licensure. This milestone coincides with increasing Mpox activity globally – including expanding Clade I outbreaks in Africa and emerging cases in the United States – exposing vulnerabilities associated with global dependence on a sole foreign MVA vaccine supplier. GEO-MVA is designed to expand supply, diversify sources, and strengthen biodefense infrastructure.

Volato Group, Inc. (NYSE American: SOAR, $.6350) and M2i Global, Inc. (MTWO, $.0581), a company specializing in the development and execution of a complete global value supply chain for critical minerals, recently announced key developments in its pending all-stock merger with M2i Global, Inc.. Volato has filed the Registration Statement on Form S-4 with the U.S. Securities and Exchange Commission (the “SEC”), following the SEC’s completion of its review of the initial confidential submission. With the reopening of federal agencies following the recent government shutdown, both companies now anticipate closing the merger in the first quarter of 2026, pending completion of SEC review and shareholder approval.

On Jan. 9, M2i Global and Volato Group announced that they have entered into a strategic collaboration agreement with Australian company Titanium X to advance critical mineral development in the US. This partnership represents a significant move towards enhancing domestic refining capacity and strengthening the critical materials supply chain that underpins US industry and national security. Titanium X and M2i Global will work together on the financing, development and commercialisation of the former’s critical mineral assets. M2i Global will apply its global experience in delivering mineral projects to support these initiatives. The companies are also in talks to conclude an exclusive titanium concentrate supply agreement.

On Jan. 7, M2i Global, Inc. along with Volato Group, Inc. (“Volato”) (NYSE American: SOAR), a technology-driven company, announced a strategic collaboration agreement with Titanium X, marking a major step forward in advancing domestic refining capabilities and securing the critical materials supply chain essential to U.S. industry and national security.

Volato Group, Inc. today (Dec. 29) announced the appointment of Alan D. Gaines to its Board of Directors, effective immediately. Mr. Gaines will also serve as Chairman of the Audit Committee.

On Dec. 23, Volato Group, Inc. announced preliminary financial guidance for the fourth quarter and full year ending December 31, 2025, reflecting continued execution against its strategic and balance sheet objectives. For the fourth quarter of 2025, Volato expects to report revenue between $27 million and $28 million. For the full year 2025, the Company anticipates total revenue between $78 million and $79 million, with net income of $6 million to $8 million. These results reflect a year of meaningful progression aligning operational performance with Volato’s long-term growth initiatives and advancing its pending merger with M2i Global, Inc. (OTC: MTWO). During 2025, Volato also made substantial progress strengthening its balance sheet. As of September 30, 2025, the Company reduced total liabilities to $9.5 million, satisfying the debt reduction condition required under its pending merger agreement with M2i Global, Inc. (OTC: MTWO). Volato expects continued improvement in its capital structure as it advances toward a targeted first-quarter 2026 closing of the transaction. “Our 2025 results reflect a year of transformation and disciplined balance sheet execution,” said Mark Heinen, Chief Financial Officer of Volato. “We made significant progress reducing liabilities while sharpening our focus on scalable, technology-driven businesses that are designed to complement and strengthen the M2i Global platform over the long term.”

Volato Group, Inc. announced recently that it has set a preliminary date of February 26, 2026 and preliminary record date of January 17, 2026 for a special meeting of shareholders to vote on the proposed merger with M2i Global, Inc. (MTWO) and related matters. The preliminary meeting date and record date remain subject to applicable regulatory and exchange requirements, including the effectiveness of Volato’s Registration Statement on Form S-4 (File No. 333-292132) (the “Registration Statement”) filed with the U.S. Securities and Exchange Commission (“SEC”) and the mailing of definitive proxy materials to shareholders. The proposed merger creates a combined company built for scale. M2i Global brings a platform focused on critical minerals and national supply chain resilience, while Volato contributes proven aviation technology, software capability, and an established track record of operational execution. Together, the companies aim to participate in a U.S. critical minerals market estimated at more than $320 billion annually.

Serina Therapeutics (NYSE American: SER, $2.47), Alabama-based biotech is betting its proprietary POZ platform and reimagined approach to apomorphine delivery may redefine the treatment paradigm for patients who have exhausted standard oral therapies. On Dec. 11, Serina announced the appointment of Joshua Thomas, Ph.D., as Vice President and Head of Chemistry. He will oversee internal and external chemistry efforts to optimize POZ-based candidates, supporting efficient translation from discovery through development.

On Dec. 10, Serina announced that it has submitted a complete response to the U.S. Food and Drug Administration’s (“FDA”) clinical hold letter for SER-252, the Company’s lead program for advanced Parkinson’s disease. As previously disclosed, the FDA placed the Company’s Investigational New Drug (“IND”) application for SER-252 on clinical hold pending additional information related to a commonly used formulation excipient. On November 25, 2025, the FDA issued a formal full clinical hold letter specifying the information required to permit initiation of the planned Phase 1b registrational study, SER-252-1b. The issues identified by the FDA do not relate to the apomorphine active drug substance, its mechanism of action, the use of the enFuse device (Enable Injections) or the broader 505(b)(2) NDA development pathway previously discussed with the Agency.

The InterGroup Corporation (NASDAQ: INTG, $30.70, +5.86%) announced today (Jan. 6) that on December 29, 2025, it completed the sale of a non-core 12-unit apartment complex in Los Angeles County for a gross sales price of approximately $4,850,000. InterGroup expects to report a GAAP net gain on sale of approximately $3,509,000, which will be reflected in the Company’s Form 10‑Q for the quarter ended December 31, 2025. The transaction is expected to result in federal and state income tax liability, the amount of which will be determined based on the Company’s final tax position and applicable tax rules.

DoubleVerify Holdings Inc. (DV) closed at $10.85. DoubleVerify, which built its franchise on media verification and ad performance analytics, is now the first badged TikTok Marketing Partner focused specifically on attention measurement, tapping impression-level signals from the platform. Brands gain a granular view of how exposure and user interaction come together across TikTok formats, ad sets, creatives, and objectives, effectively treating every swipe as a tiny A/B test.

flyExclusive, Inc. (NYSE American: FLYX, $5.63.), one of the nation’s largest private jet operators and a certified Part 145 Repair Station, today announced it has signed an authorized dealership agreement with Starlink, becoming a certified dealer and installer for Starlink’s high-speed, low-latency aviation connectivity system.

Wall Street and JPM2026 Kicked Off The Week In An Ebullient Mood As Silver Jumps – January 12, 2026 -( $AAPL $AVGO $EPRX $EVTV $LLY $NOK $NVDA $ORCL $PLTR $SIL $TSLA $TSM Rise!)

Indexes: Bulls in Full Voice

Macro: Fed Drama, Quiet Data, Loud Metals

Fed, Yields, and the Shutdown Clock

Commodities & Crypto: Gold Steals the Show

Corporate Stage: JPM Healthcare and Deal Flow

Company Moves: AI Royalty, Chips, and Consumer Names

Vista Partners Watchlist Updates

The Sources

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