Inside the ICE House

Eric Criscuolo, NYSE Market Strategist, recaps a volatile week as the S&P 500 declined amid weakness across mega-cap and AI-linked names. A growing divide within the AI trade emerged, with hyperscalers and software under pressure while memory and chip suppliers saw sharp swings. Despite index weakness, market internals held firm, with eight sectors higher and small caps outperforming. Rotation into Healthcare and Financials accelerated alongside falling oil prices, easing yields, and shifting Fed expectations. Focus now turns to quarter-end flows, key data including payrolls, and evolving AI spending trends.

Via CEO Daniel Ramot goes Inside the ICE House to discuss how the company is modernizing public transit with dynamic routing and data-driven technology. He explains how Via’s platform improves efficiency by matching real-time demand with flexible transit options across cities. Ramot highlights the push to integrate all modes of transportation into a single system while expanding into AI-driven solutions. He also outlines a long-term vision of reducing car dependence through seamless, accessible mobility networks.

From Lake Las Vegas, Nevada, Alberto Rosende, CEO of M2i Global, goes Inside the ICE House to explain why critical minerals underpin everything from consumer technology to national defense systems. He highlights the growing need for a resilient, transparent supply chain as global demand rises and geopolitical risks threaten access. Rosende outlines how disruptions—from chip shortages to adversarial control—can ripple across economies and security. He also details M2i’s work in traceability technology to ensure responsible sourcing and strengthen supply chain visibility.

The line between public and private markets has never been blurrier — and Scott Voss, Managing Director at HarbourVest Partners, has a view on both sides. In this episode of Inside the ICE House, Voss joins NYSE Vice Chair Michael Harris to map the forces reshaping capital markets in 2026: record buyouts, the rise of the secondary market as a mainstream liquidity path, and a handful of AI companies that could collectively raise as much equity as the entire global IPO market did last year. They cover what AI disruption really means for software valuations and private credit, why infrastructure and defense have become the new growth trade, and how the push for national self-sufficiency is redrawing the global investment playbook. Voss also previews HarbourVest's latest research on the redefinition of sovereignty — from geographic borders to data, compute, and the "pseudo sovereigns" who control them. The conversation closes with a warning: in a world of dispersion and consensus risk traps, the fundamentals have never mattered more. HarbourVest Partners, LLC (“HarbourVest”) is a registered investment adviser under the Investment Advisers Act of 1940. This material is solely for informational purposes; the information should not be viewed as a current or past recommendation or an offer to sell or the solicitation to buy securities or adopt any investment strategy. In addition, the information contained in this document (i) may not be relied upon by any current or prospective investor and (ii) has not been prepared for marketing purposes. In all cases, interested parties should conduct their own investigation and analysis of any information set forth herein and consult with their own advisors. HarbourVest has not acted in any investment advisory, brokerage or similar capacity by virtue of supplying this information. The opinions expressed herein represent the current, good faith views of the author(s) at the time of publication, are not definitive investment advice, and should not be relied upon as such. This material has been developed internally and/or obtained from sources believed to be reliable; however, HarbourVest does not guarantee the accuracy, adequacy or completeness of such information. The information is subject to change without notice and HarbourVest has no obligation to update you. There is no assurance that any events or projections will occur, and outcomes may be significantly different than the opinions shown here. This information, including any projections concerning financial market performance, is based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons. The information contained herein must be kept strictly confidential and may not be reproduced or redistributed in any format without the express written approval of HarbourVest.

Apex CEO Ian Cinnamon goes Inside the ICE House to discuss how he identified a critical bottleneck in satellite production and built Apex to solve it. He explains the company’s focus on productizing satellite buses to enable faster, scalable access to space. Cinnamon outlines Apex’s strategy of partnering with legacy defense and aerospace players rather than competing with them. He also highlights Project Shadow and the role Apex aims to play in advancing space-based defense and national security.

Michael Reinking, NYSE Senior Market Strategist, recaps a volatile week as rising yields and shifting Iran headlines pressured markets. Despite late-week weakness, the S&P 500 remains near highs, with its winning streak still in question. Mega-cap tech leadership showed cracks, even as strong earnings—particularly from Nvidia—highlight continued AI-driven growth. Retail results were solid overall, though companies flagged pressure on lower-income consumers from inflation and higher gas prices. Focus now shifts to geopolitical developments, yields, and upcoming inflation data as markets head into the holiday weekend.

Charles Schwab CEO Rick Wurster goes Inside the ICE House to discuss the firm’s mission to expand access to investing and promote financial literacy. He highlights the importance of National Investing Day and the role early education and compounding play in building long-term wealth. Wurster also emphasizes disciplined, long-term investing over emotional decision-making in volatile markets. He underscores Schwab’s client-first philosophy, focusing on accessibility, low costs, and strong service. Ultimately, he explains how innovation and trust continue to guide Schwab’s strategy and growth.

Eric Criscuolo, NYSE Market Strategist, recaps a strong week as the S&P 500 pushed to new highs, led by mega-cap tech and semiconductor stocks tied to AI momentum. Geopolitical tensions remained contained, shifting focus to U.S.–China talks and trade implications. Inflation data skewed hotter on the producer side, driving a sharp repricing of Fed hike expectations alongside a leadership transition. Despite headline gains, market breadth weakened, with equal-weight indices and smaller caps lagging. Looking ahead, investors focus on Nvidia earnings, retail reports, and key economic data to assess whether the rally can broaden.