❌ Altman dissed Musk's OpenAI bid

What’s going on here?

Elon Musk made a surprise bid to buy control of ChatGPT-creator OpenAI for $97 billion, and the tech darling’s CEO knew exactly where to voice his discontent.

What does this mean?

Imagine having the foresight and resources to cofound one of the world’s most influential startups – and then imagine leaving before the company took off. Yeah: you can see why Musk hasn’t been able to forget about OpenAI. So despite balancing xAI, Tesla, SpaceX, and – apparently – many quasi-presidential duties, Musk has enlisted backers including Baron Capital, 8VC, and Hollywood mogul Ari Emanuel to make a bid. Insiders are blasting it as nothing more than a “publicity stunt” – and even if it’s for real, OpenAI’s head honcho seems far from eager anyway. Then there’s Microsoft. The tech giant has pumped $13 billion into OpenAI with its current leadership team – not a Musk takeover.

Why should I care?

For markets: Make love, not war.

Like a scorned lover, Musk seems to want to make OpenAI CEO Sam Altman’s life harder. Right now, the startup is edging closer to both a $300 billion valuation and a for-profit business model – a transition that hasn’t exactly been going smoothly. That’s partly because it’s unclear how OpenAI Nonprofit – the governing body that Musk is vying for – will be compensated. But let’s be real, Tesla’s boss might be looking for more than just control over Altman’s baby. If he manages to push OpenAI’s valuation up with this bid, it could be a triple whammy. See, a higher valuation would fuel Musk’s existing lawsuit against the firm, which claims that OpenAI’s for-profit shift is an effort to monetize it for insiders like Altman and Microsoft rather than an operational move. Plus, he’d be disrupting OpenAI’s fundraising by scaring off investors and drawing regulatory heat, as well as ultimately giving xAI a better shot at competing.

What’s going on here?

Europe promised retaliation after being hit by more US tariffs – and the president might regret those levies if Levi’s end up costing everyone an arm and a denim-clad leg again.

What does this mean?

Europe’s no stranger to the whims of the current US president. When Donald Trump last announced metal duties back in 2018, the region hit back with tariffs on Harley-Davidsons and Levi’s jeans. This time around, Europe might have to extend its measures past the world of studded leather jackets. The president’s already announced 25% tariffs on steel and aluminum, and now he’s hinting that vehicles and semiconductors could be next. That’d be a serious headache for Germany’s all-important carmakers. Europe said it’s prepared to retaliate with "firm and proportionate" measures, although its exact response isn’t – ahem – firmed up yet. So the world will need to wait and see whether the two manage to negotiate – or if tit-for-tat tariffs turn into an all-out trade war.

Why should I care?

For markets: One man’s trash is another man’s treasure.

One country might get a buzz out of this: China. It’s been getting the cold shoulder from investors for years, due to the combination of a stuttering economy, regulatory crackdowns, and tense geopolitical relationships. But now that the US is tightening tensions elsewhere, China is starting to look a little less risky – relatively speaking. Major institutions – including asset manager Fidelity – are already crawling back, while hedge funds recently made their biggest purchases of Chinese stocks in four months. Makes sense: China’s shares are practically on sale after being left on the shelf for so long. And it doesn’t hurt that DeepSeek just brought a bit of clout back to China’s tech sector, either.