General Motors is investing $4 billion in its U.S. plants over the next two years to boost the manufacturing of gas and electric vehicles.With the multibillion-dollar investment, the Michigan-based automaker will be able to assemble more than 2 million vehicles per year in the U.S. The latest investment comes just two weeks after the company announced it earmarked $888 million for its Tonawanda Propulsion plant near Buffalo, New York, to support production of its next-generation V-8 engine.Prior to the inve ...

Apollo Global Management and Irth Capital Management have approached Papa John's International for a $2 billion deal that would take the pizza chain private, two people familiar with the matter said Wednesday. Semafor reported Apollo and Irth's bid for the company earlier on Wednesday. The investment firms' joint bid would value Papa John's, the world's third-largest pizza delivery company, just above $60 per share, Reuters reported. Christopher Sadowski Shares soared more than 9% to $52.68. The investment ...

Disney and Universal have filed a copyright lawsuit against popular artificial intelligence image-generator Midjourney on Wednesday, marking the first time major Hollywood companies have enter the legal battle over generative AI.Filed in federal district court in Los Angeles, the complaint claims Midjourney pirated the libraries of the two Hollywood studios to generate and distribute “endless unauthorized copies” of their famed characters, such as Darth Vader from Star Wars and the Minions from Despicable M ...

Google is offering a fresh round of buyouts to some employees and cracking down on remote workers as it shifts more resources toward the artificial intelligence race, the company confirmed on Wednesday.The Big Tech giant, led by CEO Sundar Pichai, ordered remote workers on some teams to spend at least three days in the office per week. The mandate applies to remote workers who live within 50 miles of an office. “A number of teams are also asking remote employees who live near an office to return to a hybrid ...

Tesla CEO Elon Musk said the electric vehicle maker expects to launch its long-awaited driverless robotaxi service in Austin, Texas, on June 22.The exact date could change because Tesla is being “super paranoid about safety,” Musk wrote in a post on X Tuesday night.He shared a video from another user on X showing a Tesla robotaxi slowly turning around a corner and pausing for pedestrians crossing the street as it took a test drive through the Texas capital.  3 Tesla’s long-awaited driverless robotaxi serv ...

Core Insights - Rite Aid is undergoing bankruptcy proceedings, with various companies, including Walgreens and brand management firms, evaluating its remaining assets [1][4][9] - Kourtney Kardashian has shown interest in acquiring Rite Aid's Thrifty ice cream brand, which has a history dating back to 1940 [3][7] Group 1: Bankruptcy and Asset Evaluation - Rite Aid operates approximately 1,200 stores and serves around 8 million customers, having filed for bankruptcy for the second time in two years [4][8] - The bankruptcy judge has approved store closures and the sale of customer prescription files to 13 buyers, including CVS Health and Walgreens [4][10] - Brand management companies such as Authentic Brands Group, WHP Global, and Marquee Brands are assessing Rite Aid's intellectual property and loyalty program [1][2] Group 2: Interest in Thrifty Ice Cream Brand - Kourtney Kardashian, co-founder of Lemme and owner of Poosh, is interested in Rite Aid's Thrifty ice cream brand, which is sold at various retailers [3][5][6] - Thrifty ice cream has a notable history and has attracted interest from consumer-focused private equity firms as well [7]

Core Insights - Meta Platforms has agreed to acquire a 49% stake in Scale AI for $14.8 billion, which is significant for the development of AI tools like ChatGPT [1] - The deal is expected to benefit Scale AI's investors and employees, indicating a positive outlook for the startup [2] - Scale AI CEO Alexandr Wang will assume a leadership role at Meta, overseeing a new "superintelligence" lab [4] Company Strategy - Meta is actively recruiting top AI researchers to enhance its AI capabilities, addressing concerns about falling behind in the AI race [5][8] - The company has faced challenges with its Llama 4 large language models and has delayed the release of its flagship "Behemoth" AI model due to performance concerns [5] - The structure of the deal with Scale AI may be designed to mitigate regulatory scrutiny, reflecting Meta's ongoing antitrust challenges [6][7] Financial Performance - Scale AI was valued at $13.8 billion in a recent funding round and generated approximately $870 million in revenue in 2024, with expectations to exceed $2 billion in 2025 [7] - The company serves notable clients, including OpenAI, Microsoft, and Cisco Systems, highlighting its importance in the AI ecosystem [7]

Core Points - Paramount Global is laying off 3.5% of its US workforce as part of ongoing cost-cutting measures due to declining cable TV subscribers [1] - The company previously reduced its workforce by 15% last year as part of a $500 million cost-cutting plan [1] - Paramount ended 2024 with 18,600 employees worldwide [1] Company Strategy - Co-CEOs stated that the layoffs are necessary to streamline the organization and prioritize the streaming business amid industry-wide declines [2] - The executives emphasized the need to address the current operating environment to position Paramount for future success [2] Workforce Impact - The layoffs will primarily affect the US workforce, but there is potential for future cuts to the international workforce [3] Merger and Legal Issues - Paramount is awaiting regulatory approval for its $8.4 billion merger with Skydance Media, which is currently in limbo due to ongoing legal issues [3] - The company is involved in mediation talks regarding President Trump's $20 billion lawsuit related to CBS News' "60 Minutes" program [5][6] - The Federal Communications Commission is investigating the lawsuit, which could impact the merger approval process [5]

Core Viewpoint - Walt Disney has completed its acquisition of Hulu, paying NBCUniversal an additional $438.7 million for its stake, resulting in full ownership of the streaming service [1][3]. Group 1: Acquisition Details - The transaction allows for deeper integration of Hulu with Disney+ and ESPN's upcoming direct-to-consumer offering, as stated by CEO Bob Iger [1][3]. - Comcast previously agreed to sell its 33% stake in Hulu to Disney in 2019, following Disney's majority acquisition of Hulu during its $71 billion takeover of 21st Century Fox's entertainment assets [3][6]. Group 2: Valuation and Market Position - The agreement established a floor valuation of $27.5 billion for Hulu, with a process for determining fair-market value involving a third-party appraisal [4][6]. - Hulu had 54.7 million subscribers at the end of Disney's second quarter, showcasing its significant market presence [5].

Core Insights - Apple is facing challenges in delivering innovative advancements in artificial intelligence, particularly with the delayed overhaul of the Siri voice assistant [1][10] - The company announced plans to allow app developers to utilize its large language model, "Apple Intelligence," but the overall presentation was perceived as lacking significant progress [3][12] - Analysts noted that while Apple remains in a strong position due to its large user base, it must carefully manage its AI developments to avoid disappointing its loyal customers [11][13] AI Development Challenges - Apple admitted that the Siri enhancements required more time to meet quality standards, indicating struggles in AI development [2][10] - The company is prioritizing the readiness of its major AI products to avoid backlash from users, reflecting a cautious approach in a competitive landscape [13] Product Announcements - Apple introduced a "live translation" tool for real-time conversations and a "Call Screening" feature for iPhones to manage unknown callers [4][6] - The company plans to rename its operating system updates based on the release year instead of sequential numbers, aiming for a fresh approach [4] Market Reception - The reception of the Worldwide Developers Conference (WWDC) was lukewarm, with analysts describing the event as underwhelming and lacking major advancements in AI [3][6] - Apple shares experienced a slight decline during the keynote presentation, reflecting investor sentiment regarding the company's progress [7]