MetaX Integrated Circuits, a Chinese GPU developer for AI, saw its stock price skyrocket more than 561% on its first trading day. The company raised close to $600 million, following a similar explosive debut by competitor Moore Threads earlier in December.
Federal regulators have opened an investigation into Nevada OSHA after the agency suddenly withdrew serious safety citations against Elon Musk’s Boring Company. The citations were issued after two firefighters were burned by chemicals in a tunnel. The withdrawal followed a meeting set up by Boring’s
PayPal is taking a major step to become a full-fledged bank in the US. The company has submitted applications to establish “PayPal Bank” as an industrial loan company in Utah. This would allow it to offer FDIC-insured accounts and reduce reliance on third-party lenders.
A group of major app developers has filed a formal complaint with the European Commission. They argue Apple’s new fee structure, which replaced the Core Technology Fee in July, continues to put EU apps at a disadvantage.
Payments startup Speed has secured $8 million in funding co-led by Tether. The company plans to use the capital to expand its merchant tools and global payment network that handles both Bitcoin and stablecoins.
The AI infrastructure darling’s stock has plummeted 56% since its hot March IPO. Investors are getting spooked by massive debt, construction delays, and circular financing that looks a lot like the dot-com era.
Luminar, a maker of lidar sensors for self-driving cars, has filed for Chapter 11 bankruptcy. The company’s downfall is tied directly to the collapse of a massive supply deal with Volvo, which was scaled back by 90% after Luminar had already invested nearly $200 million to fulfill it.
According to Fortune, a SpaceX IPO could value the company at $1.5 trillion, making it one of the world’s most valuable public firms. But for Elon Musk, going public means inviting the same Wall Street headaches he endures at Tesla.
OpenAI has hired Google’s former corporate development lead, who worked on deals like the $32B Wiz acquisition. This signals a major new phase of strategic investments and acquisitions for the $500 billion AI giant.
Netflix is making a monumental play for Hollywood’s future by acquiring Warner Bros. This isn’t just buying a studio; it’s a complete rethinking of how we get our movies and shows. The entire entertainment industry just got put on notice.
