Japanese stocks saw their worst day today since 1987 as Japan's currency soared to a seven-month high against the U.S. dollar — triggering a selloff in global stocks.
Why it matters: There's an unwinding of the popular "yen carry trade" happening "at lightning speed" that will continue to cause volatility until it's over, Art Hogan, chief market strategist at B. Riley Wealth, tells Axios.
Google stunned Silicon Valley on Friday by kinda/sorta acquiring Character.AI, a personalized chatbot developer that last year secured $150 million in Series A funding at a $1 billion valuation.
The big picture: No entrepreneur enjoys fundraising, but there's a special unpleasantness for generative AI founders who need billions of dollars to train their models.
Elon Musk filed a new lawsuit Monday against OpenAI and two of its founders, Sam Altman and Greg Brockman, two months after withdrawing a similar suit.
Why it matters: Musk's new complaint, like the original lawsuit, alleges that Altman and Brockman abandoned the company's founding agreement by prioritizing profits over the public interest.
Five secretaries of state sent a letter to Elon Musk Monday imploring him to fix X's AI chatbot after it shared misinformation about the 2024 presidential election.
Why it matters: Experts have long warned about the threat of AI-driven misinformation, which is more salient than ever as the election heats up and voters are susceptible to lies about the candidates or voting process.
Mars, the closely-held maker of Snickers and M&M's, is weighing a takeover offer for Kellanova, a New York-listed snackmaker formed last fall via a spinoff from cereal giant Kellogg, according to both Reuters and Bloomberg.
For the first time since 2018, the U.S. has more companies than China on Fortune's Global 500 list, which ranks the world's largest corporations by revenue.
Why it matters: China's economy, the world's second-largest, has faltered lately, dragged down by a yearslong housing crisis and lackluster consumer demand.
Fears of a U.S. recession tanked global markets Monday, with Japanese stocks suffering their biggest single-day rout since 1987's Black Monday.
Why it matters: Friday's dismal U.S. jobs report capped a series of worrying economic signs over the past few weeks, with clear cracks in what had been a robust post-pandemic expansion.
Why it matters: As the AI race shows no sign of slowing down, investors and customers are looking to new infrastructure options that could give them an edge.
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