OpenAI files for IPO amid intensifying AI race
OpenAI and Anthropic's impending public offerings, as well as SpaceX’s, are expected to be among the biggest in history.
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China exports beat forecasts amid global AI boom
Year-on-year exports jumped by close to 20%, driven partly by a 110% surge in semiconductor shipments.
GSK buys cancer drugmaker Nuvalent for $10B
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Saudi investors eye Pakistan port deal
The deal, which would create a 140-acre industrial park in Pakistan’s port city of Karachi, is a further sign of warming ties between the two countries.
Saudi’s first major wartime IPO scrapped
Mutlaq Al-Ghowairi Contracting Co said it had attracted enough demand to cover its $799 million share sale, but decided to pull the offering "after careful consideration."
UAE employers plan to cut staff, pushed by uncertainty
A survey of 546 firms from US recruiting firm ManpowerGroup offers a rare forward-looking read on sentiment.
Gulf tourism limps back from war
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"Tech-Driven Prosperity & Right-Wing Racist Politics": Quinn Slobodian on Elon Musk and SpaceX IPO
Ahead of the initial public offering for SpaceX, we speak with historian Quinn Slobodian, author of Muskism: A Guide for the Perplexed. He says Elon Musk is “creating a situation where he becomes deeply reliant on state contracts” as the U.S. government then becomes reliant on Musk. “It’s not about demolishing the government,” Slobodian says of his work with DOGE, the so-called Department of Government Efficiency that Musk led for the Trump administration. “It’s about making the government more compatible, ready for the kind of products that Musk offers, and to make him then an indispensable part of the infrastructure.” Slobodian goes on to warn that Musk’s wealth is helping to fuel his anti-immigrant, racist political ideology. “We really should be worried about the possibility of those things to live together: tech-driven prosperity and radical right-wing racist politics.”
SpaceX IPO Could Make Musk a Trillionaire at Your Expense in "Massive Wealth Transfer": Eric Gardner
Elon Musk’s rocket company SpaceX is set to go public this week targeting a $1.8 trillion valuation, potentially making it the largest initial public offering in history. It is also projected to make Elon Musk, already the world’s richest man, the world’s first trillionaire. The nonprofit newsroom More Perfect Union has released a new report from business reporter Eric Gardner called “We Uncovered a Hidden Wealth Transfer in the SpaceX IPO. You’re Holding the Bag.” It details how Musk convinced Nasdaq to forgo the usual waiting period to include SpaceX in its index fund, potentially exposing retirement savers to what many professional investors believe will be an overinflated stock price. While Musk and early investors are positioned to see their wealth skyrocket, the SpaceX IPO could hurt these regular investors, says Gardner. “He has essentially financially engineered the IPO as a massive wealth transfer from everyday investors to insiders,” Gardner says of Musk.
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Zeteo •
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