OpenAI is seeking to raise $40 billion in funding from global investors, including Saudi Arabia's PIF, India's Reliance Industries, and UAE's MGX, to support its AI model development and infrastructure expansion.
Saudi Arabia also hopes to emerge as the leader in the Middle East AI landscape, gaining an edge over the United Arab Emirates, another dominant AI player in the region.
The company was reportedly toying with the idea of either adopting its traditional approach of per-seat software licenses that would fetch a certain amount per month or instituting consumption-based pricing.
Microsoft has demonstrated remarkable resilience, fully recovering from losses incurred during the tariff war sell-off. The stock has even achieved a new all-time high.
Microsoft is preparing to roll out its AI Copilot tool for the Pentagon by summer 2025, aiming to meet stringent security and compliance standards for government use.
CFO Safra Katz said the Stargate AI venture isn’t formed yet but “some of our business with OpenAI, which is one of our partners in Stargate, is part of our future very much so.”
Shares of video game retailer GameStop (NYSE:GME)
fell 5.2% in the afternoon session after the company reported underwhelming first-quarter 2025 results. Sales missed expectations, down a whopping 17%, signaling persistently soft demand for its core offerings. The miss was driven by shrinking sales in hardware and software, wiping out gains in the collectibles business that grew to nearly 30% of total sales.
Shares of fast-food pizza chain Papa John’s (NASDAQ:PZZA)
jumped 10.7% in the afternoon session after Apollo Global Management and a Qatari investment fund made a bid to take the company private. The reported takeover bid, valued PZZA at roughly $2 billion, represents a significant premium to Papa John's stock price before it was made public.
Shares of personalized clothing company Stitch Fix (NASDAQ:SFIX)
fell 5.7% in the afternoon session after the company reported underwhelming first quarter 2025 (fiscal Q3) results: Sales were flat, and it continued to lose customers. In addition, margins stayed weak and in the red.
Shares of software development tools maker GitLab (NASDAQ:GTLB)
fell 9.5% in the afternoon session after the company reported underwhelming first quarter 2025 (fiscal 2026) results: its full-year revenue guidance was in line, and investors were likely hoping for more. On the other hand, GitLab raised its full-year EPS guidance. In addition, the quarter's EPS and adjusted operating income exceeded Wall Street's estimates by a wide margin. Overall, this was a weak quarter.
Shares of foodservice packaging supplier Karat Packaging (NASDAQ:KRT) fell 14.3% in the afternoon session after the company announced the sale of 1.5 million shares for $27 per share by some members of its management team. The company itself is not selling any shares in this offering and will not receive any proceeds from the sale.
Shares of e-commerce pet food and supplies retailer Chewy (NYSE:CHWY) fell 9.7% in the afternoon session after the company reported underwhelming first-quarter 2025 results. Margins dipped slightly and customer growth was modest. Free cash flow margin also declined, highlighting both top- and bottom-line weaknesses. Overall, this was a softer quarter.
Microsoft's CPO Aparna Chennapragada dismisses idea of AI replacing coders, citing need for human skills like critical thinking. Executives from Cognizant and Okta echo her views. Pew survey shows half of AI experts predict fewer developer jobs. Nadella and Zuckerberg urge mastering computational thinking.
Marvell Technology (NASDAQ: MRVL) announced a custom UALink scale-up offering for custom AI compute platforms, enabling efficient and scalable interconnects between AI accelerators and switches. MRVL stock was up 0.97% to $69.46 at last check.
