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Anthropic is nearing a joint venture with Blackstone, Goldman Sachs, Hellman & Friedman, General Atlantic, and other Wall Street firms to sell AI tools to private-equity-backed companies. Anthropic, Blackstone, and Hellman & Friedman are each expected to invest about $300m, while Goldman Sachs is set to contribute around $150m, with total commitments near $1.5bn. The new company would act as a consulting arm, helping businesses adopt Anthropic tools across operations as AI companies increasingly target enterprise customers and private-equity portfolios.

 

Wall Street Journal

Colorado’s tech community is pushing back against state regulations, especially a landmark AI bill that critics say could raise compliance costs and slow innovation. Business leaders argue the state’s climate is beginning to resemble California’s, while Gov. Jared Polis said “far more” firms are moving to Colorado than leaving. The dispute has intensified as xAI sues over the law and lawmakers consider a slimmer version. Supporters say regulation can protect consumers and build confidence in AI tools. Broader complaints about labor, environmental, and tax policies have added pressure, as some executives warn Colorado risks losing momentum, jobs, and startup investment to competing states.

 

Wall Street Journal

GameStop chief executive Ryan Cohen has launched an unsolicited $56bn bid to acquire eBay, proposing a $125-per-share offer representing a roughly 20% premium to its recent closing price. Cohen revealed GameStop has amassed a near 5% stake in eBay and secured up to $20bn in debt financing from TD Bank, with plans to fund the remainder through cash, stock, and potentially external investors. He argued that combining the two companies could create a stronger rival to Amazon, leveraging synergies in collectibles and integrating physical retail with online operations. However, analysts have expressed scepticism over both the strategic rationale and GameStop’s ability to finance such a large deal, given its smaller size. Cohen signalled he is prepared to take the bid directly to shareholders if eBay's board resists, escalating the prospect of a takeover battle.

 

Bloomberg

The Wall Street Journal

AI chipmaker Cerebras Systems is preparing to begin its IPO roadshow, with shares expected to price between $115 and $125. The Nvidia rival is seeking a Nasdaq listing under the ticker CBRS after withdrawing an earlier IPO filing last October. A recent report said the company could raise up to $4bn at a valuation near $40bn. Cerebras makes wafer-scale engine chips for AI model training and inference, and its revenue rose to $510m while it turned profitable.

 

Reuters

Aon has reported higher first-quarter profit, with adjusted net income rising to $1.4bn from $1.24bn a year earlier, driven by continued demand for risk management and insurance solutions. Revenue in its risk capital division increased 9.7% to $3.5bn, helping lift total revenue to $5.03bn with 5% organic growth, as clients prioritised coverage against risks such as natural disasters and cyber threats.

 

Reuters

Cboe Global Markets is cutting around 20% of its global workforce, alongside tightening return-to-office policies and offering voluntary retirement packages, as part of a strategy to refocus on core areas such as derivatives, equities, and foreign exchange. The overhaul follows portfolio changes including exiting certain international equities businesses, with resources being redirected toward growth areas like prediction markets and tokenization, while requiring more staff to relocate and increasing in-office attendance to four days a week. The group also reported a sharp rise in first-quarter profit to $384.1m, up from $249.4m a year earlier, as heightened market volatility boosted options trading and hedging activity. Record trading volumes, including average daily index options volume of 6.1m contracts versus 4.8m a year earlier, supported higher transaction and clearing fees, while geopolitical tensions and market uncertainty increased demand for derivatives. 

 

Reuters

Wall Street Journal

Elon Musk’s compensation from Tesla reached $158.4bn for 2025 as part of a shareholder-approved long-term incentive plan that could be worth up to $1tn if ambitious operational and valuation targets are met. The package is tied to milestones including an $8.5tn market cap, 20m vehicle deliveries, and major advances in AI, robotaxis and robotics, with payouts dependent on performance and aimed at securing Musk’s continued focus on the company.

 

Wall Street Journal

Greg Abel’s first Berkshire Hathaway annual meeting as CEO drew praise for his command of the conglomerate’s operations but lacked the draw of Warren Buffett and Charlie Munger’s long-running presence. Attendance, merchandise sales, and event lines appeared lighter, with some shareholders missing Buffett and Munger’s investing lessons and life philosophy. Still, others said Berkshire’s culture was built to endure. “Greg did a good job,” said Alexandra Cook, accounting and finance professor at Palm Beach Atlantic University, adding that Abel reassured shareholders through operational knowledge.

 

Reuters

California added 28,700 payroll jobs in March, reducing its unemployment rate to 5.3%, despite significant layoffs in the tech sector. The growth was primarily driven by nearly 28,000 new positions in health services and private education, as reported by the state's Employment Development Department. While California's job market shows resilience, it still lags behind the national unemployment rate of 4.3%. The state has seen major tech firms, including Meta and Oracle, announce layoffs, but Bernick noted that these layoffs represent only a small fraction of California's economy. Despite a decline in total civilian employment, the state's economy is bolstered by investments in AI and growth in the defense sector.

 

Los Angeles Times

U.S. public debt has exceeded the size of the economy, reaching $31.27tn or 100.2% of GDP as of March 31st, a symbolic milestone reflecting decades of rising deficits and fiscal pressure. The ratio is expected to keep climbing, driven by annual deficits near 6% of GDP and government spending that currently amounts to $1.33 for every $1 in revenue, with this year’s deficit projected at $1.9tn. While there is no specific threshold at which debt becomes unmanageable, economists warn that higher debt levels increase the government’s vulnerability to interest rate changes and divert resources from productive investment. Interest payments already account for roughly one in seven federal dollars spent, and even small rate increases could add hundreds of billions in costs over time. The U.S. has not sustained debt above 100% of GDP since 1946, and projections suggest the ratio could exceed that postwar peak by 2030 and reach as high as 120% by 2036 if current policies persist.  

 

Wall Street Journal

U.S. manufacturing activity held steady in April, with the ISM's PMI unchanged at 52.7, marking a fourth consecutive month of expansion and reflecting resilient demand supported by a rise in new orders to 54.1 as businesses rushed to secure inputs ahead of potential shortages. However, the sector faced mounting cost pressures as the Middle East conflict disrupted shipping routes through the Strait of Hormuz, slowing supplier deliveries and pushing the prices-paid index sharply higher to 84.6, its highest level since April 2022, signalling intensifying inflation risks across the supply chain. Despite stable headline activity, underlying indicators pointed to strain, with export demand continuing to decline, backlogs of orders easing, and manufacturing employment falling for a 15th straight month, highlighting ongoing structural weakness even as firms contend with rising input costs and geopolitical uncertainty.

 

Bloomberg

Market Watch

Reuters

Top-performing accounting firms utilize five key operational benchmarks to measure success: profitability, time, cash flow, data, and technology. Gabriela Cubeiro emphasizes that while revenue growth is crucial, it does not provide a complete picture of a firm's health. "Chances are your firm already has data on these operational benchmarks," she notes, highlighting the importance of consistent evaluation. Firms should monitor net profit margins, utilization rates, days sales outstanding (DSO), real-time visibility, and technology integration to enhance performance. By focusing on these areas, firms can improve cash flow, reduce delays in collections, and ensure technology supports daily operations effectively.

 

CPA Practice Advisor

PwC has announced it will stop covering weight-loss drugs such as GLP-1 treatments for U.S. employees from July unless prescribed for conditions like type two diabetes, citing unsustainable cost increases as demand for the medications surges. The move aligns with a broader trend among employers scaling back coverage for the drugs, which have become a “cultural phenomenon” but significantly raise healthcare expenses, with surveys showing rising uptake and cost pressures. The decision has drawn criticism from staff who say it undermines support for weight-related health issues, while PwC said it aims to balance access to essential treatments with maintaining sustainable benefits over time.

 

Financial Times

HRK

The Australian Prudential Regulation Authority (APRA), Australia's financial system regulator, has said the country's banks are struggling to match the rapid rate of ​change in AI, warning that frontier AI systems such as Anthropic's Mythos had the potential to precipitate larger and faster cyber attacks. "APRA has heard clear recognition from regulated entities of the need for a step change in ​cyber practices and a continuing uplift in capabilities to protect IT assets in an evolving threat environment," the regulator said, adding: "APRA observed many boards are still developing the technical literacy required to provide effective challenge on ​AI-related risks and oversight."

 

Australian Financial Review

Asia Insurance Review

Reuters

The U.S. Trade Representative's office has said Vietnam is a top concern or "Priority Foreign Country" ​on intellectual property rights. The identification is reserved by statute for countries with "the most egregious IP-related acts, policies, ​and practices with the greatest adverse impact on relevant ​U.S. products," and means ⁠that the listed country had not been entering into "good faith ​negotiations or making significant progress in negotiations" to provide adequate and effective ​IP rights protection, the USTR office explained.

 

Reuters