Financial Markets Brace for Treasury Probe, Apple AI Shift, and Pharma IPO

Group 1: U.S. Treasury Investigation - The U.S. Treasury Secretary Bessent has initiated an investigation into allegations that Minnesota taxpayer funds may have been diverted to the terrorist group Al-Shabaab, linked to al-Qaeda [2][4] - The investigation follows reports of complex fraud schemes involving state programs, including Medicaid Housing Stabilization Services and Feeding Our Future [3][4] - Federal sources confirmed that millions of dollars were funneled from Minnesota to Somalia via hawala networks, with some funds reaching Al-Shabaab [4] Group 2: Shanghai Bao Pharmaceuticals - Shanghai Bao Pharmaceuticals has launched a global offering of 37.9 million H-shares as part of its listing efforts on the Hong Kong Stock Exchange [5][10] - The company has a post-investment valuation of HKD 4.87 billion (USD 616 million) and specializes in synthetic biology-derived recombinant biologics [6] - Proceeds from the IPO will be used to fund global trials, expand manufacturing capabilities, and advance its pipeline of innovative treatments [7] Group 3: Apple AI Leadership Transition - Apple is preparing for a significant change in its AI leadership, with AI Chief John Giannandrea set to retire in Spring 2026 [8] - Amar Subramanya will join as the new Vice President of AI, with Giannandrea's organization being integrated under Sabih Khan and Eddy Cue [9] - This transition reflects Apple's commitment to advancing its artificial intelligence capabilities and integrating AI across its product ecosystem [9]