GameStop's $56bn Swing at eBay Unravels Within Hours
GameStop has offered $56bn to acquire eBay, a company four times its size, in a bid by CEO Ryan Cohen to build a rival to Amazon. The financing leans on $9.5bn of cash, a $20bn 'highly confident' letter from TD Bank, and roughly $20bn in newly issued GameStop stock - heavy dilution for a company worth under $11bn. GameStop shares fell 10% on the news while eBay rose 5%, and institutional holders of eBay have shown little appetite to swap their stock for GameStop paper. A board rejection could land within days.
Musk-OpenAI Trial Tests the Limits of Charity-to-Profit Pivots
The lawsuit against OpenAI heads into its second week, centred on a $38m donation made when the company was a nonprofit and now backstopping an $800bn for-profit. OpenAI's defence frames the suit as a competitor's attempt to hobble a rival rather than a genuine governance grievance, noting Microsoft's earlier investment drew no such objection. Greg Brockman is expected on the stand this week, with Sam Altman to follow.
Data Center Seven Rip 170% as Picks-and-Shovels Trade Heats Up
Caterpillar, Generac, Cummins, Vertiv, Comfort Systems, Quanta and EMCOR have risen an average of 170% over the past year on the back of $700bn in planned big-tech data centre spend. The group trades at 38 times forward earnings, nearly double Meta's multiple. Power constraints, supply chain bottlenecks and local opposition are biting: Maine has imposed a moratorium, 13 other states are considering similar moves, and around 40% of this year's planned capacity is set to be delayed or cancelled.
SpaceX Ties Musk Pay to Mars Colony and $7.5tn Valuation
SpaceX's board has approved a pay package granting Elon Musk 200 million super-voting restricted shares, contingent on the company reaching a $7.5tn valuation and establishing a permanent Mars colony of at least 1 million residents. The structure underscores Musk's grip on a controlled company where outside investors have minimal recourse, particularly under Texas law.