GameStop Offers $55.5 Billion to Acquire eBay
GameStop made a $55.5 billion unsolicited offer to acquire eBay, proposing to purchase all common stock at $125 per share, with financing structured as half cash and half stock. CEO Ryan Cohen stated that he is prepared to take the bid directly to eBay's shareholders if the board rejects it, despite analysts expressing skepticism about the viability of the deal due to the companies' differing business models and GameStop's smaller financial resources. GameStop, which has a market cap of approximately $11.9 billion, claims to have secured a commitment letter from TD Securities for up to $20 billion in financing.
Major Publishers Sue Meta Over Copyrighted AI Training
Five major publishers, including Elsevier, Cengage, Hachette, Macmillan, and McGraw Hill, along with author Scott Turow, have filed a class-action lawsuit against Meta Platforms in Manhattan federal court, alleging that the company illegally used millions of their copyrighted works to train its Llama AI models. The plaintiffs claim that Meta copied their books and journal articles without permission, sourcing material from notorious pirate sites and the Common Crawl dataset, which allegedly contains unauthorized copies. Meta has denied any wrongdoing, asserting that its use of copyrighted material for AI training qualifies as fair use.
Honda Halts Ontario Electric Vehicle Factory Plans
Honda Motor has indefinitely suspended its plans to construct an $11 billion electric vehicle factory and battery plant in Ontario, Canada, due to declining demand in the U.S. market. Initially announced in April 2024 with a target production capacity of 240,000 vehicles per year, the project had already been postponed last year for review, but the company has now shifted its focus towards hybrid vehicles in North America.
Super Micro shares surge on strong profit forecast
Super Micro Computer Inc. shares rose approximately 17% in after-hours trading following the company's announcement of improved profit margins and a positive profit forecast, indicating effective cost management in delivering AI servers. The San Jose-based firm projected fiscal fourth-quarter revenue between $11 billion and $12.5 billion, with adjusted earnings expected to be 65 to 79 cents per share, surpassing Wall Street's average estimates. Despite a year-on-year revenue increase of over 122% to $10.24 billion for the quarter ending March 31, the company reported a significant operating cash burn of $6.6 billion and is under scrutiny due to ongoing legal and compliance risks.
Samsung Electronics reaches $1 trillion market valuation
Samsung Electronics Co. achieved a market valuation of $1 trillion after its shares surged more than 15% on Wednesday, driven by increased demand for memory chips used in artificial intelligence. This milestone makes Samsung the second Asian company to reach this valuation, following Taiwan Semiconductor Manufacturing Co. The company's first-quarter operating profit rose over eightfold to 57.2 trillion won, surpassing its full-year profit from 2025.
HSBC incurs $400 million charge from private credit fraud
HSBC reported a $400 million charge linked to fraud-related exposure in the private credit sector, specifically tied to the collapse of Market Financial Solutions, a mortgage lender accused of serious fraud. The bank's total private credit exposure amounts to $22 billion, representing about 2% of its loan book, while its overall private markets exposure totals $111 billion. The Financial Stability Board has raised concerns about vulnerabilities in the private credit sector, coinciding with investigations by the U.S. Securities and Exchange Commission into allegations of fraud.
Wegovy Prescriptions Exceed 2 Million Since Launch
Novo Nordisk reported that its weight-loss pill Wegovy, approved by the FDA as the first oral GLP-1 therapy for chronic weight management, has seen total prescriptions reach approximately 1.3 million in the first quarter of 2026, surpassing 2 million since its introduction. The drug, which offers significant weight loss benefits and reduces the risk of major cardiovascular events, is supported by Phase III OASIS 4 trial data showing a mean weight loss of 16.6% at 64 weeks for adherent patients.
