A new pill to treat metastatic pancreatic cancer, daraxonrasib, nearly doubles survival time compared to traditional chemotherapy, according to study findings presented at an American Society for Clinical Oncology conference. "While not curing the cancer, it is a very large step forward," said one of the study's researchers. The drug, made by Revolution Medicines, targets a mutated protein responsible for tumor growth, with test patients reporting fewer severe side effects and less pain than chemotherapy patients. The Food and Drug Administration said it will expedite review of the drug.
As attention moves from the domestic season to the World Cup, one of the things fans love to debate is “who’s on the plane?”
Typically, when the squad gets announced, it follows the classic press release and manager conference format, but in recent times, national teams are leaning into more creative ways to bring the news to fans, and this year has been even better.
England combined the New York cityscape and subtle references to The Beatles as their iconic ‘Come Together’ track played.
An emotional narrative about Scottish identity and a return to the world stage was delivered by Ewan McGregor. Senegal went epic, while the Czech Republic delivered a very emotive video with the squad announced by the players' relatives, showing childhood photos and early football memories.
The King of Norway announced their return, while the King of Spain delivered a powerful message before everyday people announced the squad.
Virgil van Dijk went director mode to announce the Dutch are coming. Extra points to Morocco for playing with the “who’s on the plane?” debate and creating their video at an airport.
But it’s France, though, that gets my vote as favourite with a sitcom-focused reveal that is as bizarre and memorable as it gets.
Florida has initiated a lawsuit against OpenAI and CEO Sam Altman, claiming they knowingly released a product — namely, ChatGPT — that poses safety risks to users, The Wall Street Journal reports. The suit is meant to hold OpenAI and Altman accountable for a "litany of harms," including allegations that it has assisted mass shooters, encouraged self-harm, and degraded critical thinking. The legal action reflects increasing scrutiny from lawmakers and public interest groups regarding the societal impacts of artificial intelligence technologies.
Barry Diller’s People Inc. has made a nonbinding cash proposal to acquire the remaining stake in MGM Resorts at $48.30 a share, valuing the casino operator at $18 billion.
People Inc., formerly IAC, already owns 26.1% of MGM, with that stake valued at about $2.9 billion, according to FactSet. If accepted, the deal would take MGM private under People Inc.’s control.
In a letter to MGM’s board, Diller said the company’s assets and businesses are failing to realize their full potential in public markets and that correcting the situation would be difficult in MGM’s current public-company structure.
Diller had previously described MGM’s portfolio as a mix of iconic resort destinations, premium brands, global reach and strong management, calling its roughly 40% ownership of the Las Vegas Strip “an entertainment nucleus that simply cannot be replicated anywhere in the world.”
Alphabet plans to raise $80 billion through stock sales and a $10 billion investment from Berkshire Hathaway to help fund its artificial intelligence expansion. The Google parent said Monday that demand for its AI services among enterprises and consumers is "exceeding the company’s available supply.” Alphabet has been pouring billions into AI infrastructure amid intensifying competition with Anthropic and OpenAI. In April, Alphabet raised its capital expenditure forecast for the year to $180 billion-$190 billion from a prior range of $175 billion-$185 billion.
McDonald's
has unveiled a new corporate strategy, called McDonald's Next, focused on upgrades to its menu, in-store technology, hospitality, and restaurant design.
In a systemwide message shared during the company's worldwide convention in Las Vegas, CEO Chris Kempczinski said, “We can’t ask our customers to choose hospitality or speed, great taste or convenience, value or quality.”
Menu upgrades include the chain's new beverage lineup, as well as a hand-breaded chicken tender currently in test. The company is also leaning heavily into influencer marketing and introducing an AI-powered operating system featuring voice-activated drive-thru technology. Additionally, McDonald's is ramping up its employee training to ensure restaurants are friendlier.
“With fewer interactions, the bar for hospitality that makes people feel seen, welcomed, and valued only goes up," Kempczinski said. "Customers also depend on us for compelling, predictable value, and even more so with unprecedented inflation ... We need to earn, and re-earn, each and every visit.”
Anthropic is officially filing for an IPO, and there are lots of unprecedented aspects to this announcement.
1- Let's start with late-stage private valuations: it's clear now that more than $3T (potentially $4) in private money will hit the market before year's end. This marks a new era in finance, where private fundraising has effectively replaced the IPO as a primary capital and liquidity mechanism. Against this backdrop, the separation between private and public capital has become much less important, with retail access to pre-IPO stakes increasing by the day.
2- Who is actually writing the checks? Anthropic's Series H reads less like a venture round and more like an industrial consortium — Amazon, Microsoft, Nvidia, Samsung, and SK Hynix are all on the cap table. These are the companies whose own revenues scale directly when Claude scales. Infrastructure suppliers financing their own customers.
3- The valuation trajectory itself: from $183 billion to $965 billion in eight months, entirely in private markets, without a single share traded publicly.
4- Profitability timing. Anthropic is on track to post its first-ever operating profit — approximately $559 million — in Q2 2026, the same quarter it filed. Whether engineered or coincidental, a frontier AI lab managed to align its profitability inflection point with the exact moment of maximum public market attention.
5- Most striking of all, however, may be what the S-1 will force into the open for the first time. Every AI valuation since 2023 has been a private market assertion — unaudited, unverifiable, marked up sequentially by institutional rounds referencing each other as price discovery. When Anthropic becomes public, it will be the first time audited GAAP financials exist for a frontier lab. That document either anchors the entire valuation stack built over the past three years — or begins to expose how much of it was circular validation.
6- The race to get to public markets has no prior equivalent. Anthropic and OpenAI are explicitly competing to reach public markets first, filing within weeks of each other, targeting the same institutional base, in a category public markets have never had to price before — uncharted in a way even the dot-com dual-listing era wasn't.
7- And finally, the very nature of the capital behind this filing belongs in a category of its own. GIC, QIA, MGX, and Temasek are not passive LP allocations — they are direct Series H participants. Governments are now primary pre-IPO backers of frontier AI companies, changing the risk profile for public investors in a way that is difficult to model: the floor on these valuations is not purely institutional demand. It is, in part, a nation-state strategic interest.
- STOCKS: MSCI World, MSCI Asia ex-Japan, MSCI EM index, Wall Street's big three indexes, and Japan's Nikkei all hit new highs. South Korea +4%. Europe, UK fall.
- SECTORS/SHARES: Only two of the S&P 500's 11 sectors rise - tech +2.5%, energy +1.9%. The rest fall, utilities leading the way -3%. Dell, Oracle both +10%, Nvidia +6%, Micron tops $1,000. Hewlett Packard +35% in after-hours trade following results. Qualcomm -9%, Meta and Intel -5%.
- FX: Dollar up broadly, USD/JPY up towards 160.00. NZD, SEK -1%, biggest G10 movers; ARS -1.5%, biggest EM decliner. Bitcoin -3% to the lowest since mid-April.
- BONDS: Treasury yields up as much as 3 bps.
- Developments in the Middle East
- Australia's current account (Q1)
- South Korea inflation (May)
- Euro zone inflation (May, flash estimate)
- Bank of England Governor Andrew Bailey speaks to the House of Lords, BoE rate-setter Megan Greene speaks at a separate event
- U.S. 'JOLTS' job openings (April)
- U.S. Federal Reserve officials scheduled to speak include Minneapolis Fed President Neel Kashkari and Cleveland Fed President Beth Hammack