Alphabet said Monday it plans to raise up to $80 billion in equity to help fund its AI ambitions, which includes a $10 billion investment from Berkshire Hathaway via a private deal.
Why it matters: One of the world'sbiggest companies, which has had historically high cash flow, is seeking more cash to keep up in the AI race.
Florida Attorney General James Uthmeier on Monday sued OpenAI and its CEO Sam Altman, alleging that the company marketed ChatGPT to the public without sufficiently warning of its dangers.
Why it matters:Florida is the first state to sue OpenAI, part of a growing string of lawsuits the state has filed against Big Tech companies, including Meta and Snapchat.
People Inc., the publicly traded company formerly called IAC, has offered to buy out the remaining stake in MGM Resorts International that it doesn't already own (roughly 74%) for $48.30 per share.
Why it matters: IAC, which rebranded to People Inc. in April, has spent the past five years building up digital companies and spinning them out once they mature. Until now, it hasn't looked to replace most of those entities with new investments in its portfolio.
Anthropic on Monday announced that it has filed confidential IPO papers with the U.S. Securities & Exchange Commission.
Why it matters: Three companies could enter the U.S. public markets with valuations of at least $1 trillion -- something that never before has even happened once.
NBCUniversal has turned "Love Island USA" into one of its most powerful advertising franchises with 21 brand partners and counting signed on for the show's eighth season.
Why it matters: The advertiser demand reflects the value of fandom as brands look to connect with audiences that tune in live and generate conversation online and in-person.
Berkshire Hathaway on Sunday said that it's agreed to buy Taylor Morrison Home, an Arizona-based homebuilder and financial services provider, for $6.8 billion in cash.
Why it matters: This is Berkshire's first major acquisition under CEO Greg Abel, who took over after Warren Buffett retired at the end of last year.
Sekai has raised a $20 million Series A to grow a platform for creating mini apps through text prompts, founder and CEO Lucky Zhang exclusively tells Axios.
Why it matters: The founder, who previously sold startups to Apple and TikTok parent ByteDance, is betting AI-generated software is the next breakout consumer app.
Gigascale Capital, the VC firm founded by ex-Meta CTO Mike Schroepfer, just announced a new $250 million fund to back startups "rebuilding the physical economy for climate impact."
Why it matters: It marks an evolution of the climate-focused firm Schroepfer launched in 2023 that supports early-stage startups.
Stocks just finished a month that could hold its own with some of the frothiest moments of the tech stock boom of the late 1990s.
The big picture: With the end of the Iran war seemingly close, the S&P 500 ripped to new records in May, as falling oil prices, easing interest rates and strong earnings results set off a blistering rally in AI-related tech shares.
Corporate profits are taking the largest chunk of America's total income since a brief period of the early 1950s, as the slice of the pie going to worker pay has shrunk to the thinnest on record.
Why it matters: It's another piece of evidence underscoring the current state of play in the American economy: Surging profits have buoyed stock markets while increasing pressure on an already cranky public.
After years of talking to hundreds of CEOs, elected officials, social scientists and ordinary Americans, this is our best take on how things stand in our country right now and a guide to how we got here.
On Tuesday, Jim will outline why he believes CEOs and business leaders are uniquely suited to step up and help fill the trust void in this moment.
We're living through the most disorienting societal moment since World War II. Almost nobody in a position of power is explaining why, or what to do about it.
This is so much bigger than politics. It touches our jobs, our companies, our communities and our realities.
Why it matters: By most objective measures, it's an extraordinary time to be alive. Americans are wealthier, safer and longer-lived than at any earlier point in history. U.S. total wealth has soared. Violent crime sank to a 20-year low and is still falling. Life expectancy just hit 79 years — the highest in American history. The country produces more energy than ever after four straight record years.
