FirstFT: Elon Musk-led group gives $100bn to take management of OpenAI

Good morning. We begin with the newest chapter in Elon Musk and Sam Altman’s long-running feud over OpenAI. Additionally in at this time’s publication:

• Hamas says it’s suspending the following hostage launch

• BYD’s ‘God’s Eye’ driving system

• Tokyo Metro chief indicators extra fare will increase

Elon Musk and a bunch of co-investors have submitted a near-$100bn bid for the non-profit that controls OpenAI, complicating chief government Sam Altman’s try and convert the start-up to a for-profit entity.

Musk submitted the bid to OpenAI’s board of administrators yesterday, in accordance with an individual with direct data of the matter. 

Shortly after the Wall Road Journal first reported the unsolicited strategy, Altman stated on social media web site X, “no thank you but we will buy Twitter for $9.74 billion if you want”. Musk purchased Twitter in 2022 and renamed it X.

Altman is within the technique of changing the ChatGPT maker right into a for-profit, transferring the corporate away from its roots as a non-profit analysis organisation. Musk, whose start-up xAI is a direct competitor to OpenAI, has made a number of makes an attempt to derail that effort.

Learn extra in regards to the newest salvo within the bitter rivalry between the Tesla boss and Altman.

And right here’s what else we’re conserving tabs on at this time:

• China’s London mega-embassy: An area inquiry can be held on Beijing’s plans to remodel the outdated Royal Mint web site, which it purchased in 2018, into the largest Chinese language diplomatic advanced in Europe.

• Japan: Monetary markets are closed for Nationwide Basis Day.

• Outcomes: BP, Kering, S&P International and UniCredit report earnings.

5 extra prime tales

1. Hamas stated yesterday that it was suspending the discharge of Israeli hostages deliberate for this Saturday “until further notice”, accusing Israel of not sticking to a posh ceasefire settlement between the 2 sides. The transfer is the newest — and probably most critical — in a collection of spats which have threatened the delicate deal.

2. BYD has unveiled a complicated self-driving system that it plans to put in on its whole mannequin line-up. Dubbed “God’s Eye”, the driving system was developed in-house by BYD and can equip the Chinese language automaker’s mass-market fashions with options generally solely discovered on upscale electrical autos.

• Chinese language chip champion’s ‘snowballing’ progress: CXMT, China’s main producer of reminiscence chips, is quickly gaining world market share on the expense of South Korean opponents.

3. A federal choose has ordered Donald Trump’s administration to right away raise a block on funds to the US’s premier medical analysis institute, and to unlock billions of {dollars} in funding for clear vitality initiatives. The choose stated the White Home’s try and freeze federal funds was “likely unconstitutional”.

• Trump’s tariffs: Merchants within the US are paying a lot greater costs for copper, aluminium and metal than their European counterparts as they rush to purchase the metals earlier than new levies come into impact.

4. Tokyo Metro’s chief has signalled additional fare will increase because the just lately listed firm seeks to win over shareholders by chopping prices and elevating costs to deal with falling ridership. Tokyo’s subway system is taken into account one of many world’s most inexpensive and environment friendly — one other worth enhance would add to proof that regular inflation has returned to Japan.

5. The Prepare dinner Islands will this week signal a strategic settlement with China, in a transfer that has rattled the south Pacific nation’s conventional companion New Zealand and deepened considerations about Beijing’s affect within the area. New Zealand’s international minister stated that the federal government was “blindsided” by the transfer. Right here’s what the settlement will cowl.

Interview: Arm CEO Rene Haas

Rene Haas, the chief government of UK chip designer Arm Holdings, speaks to Matthew Garrahan about the way forward for AI and why he’s not afraid of China’s DeepSeek.

We’re additionally studying . . . 

• Singapore’s DBS: Chief government Piyush Gupta signed off his 16-year tenure at south-east Asia’s largest financial institution with report earnings introduced yesterday.

• Ruchir Sharma: Why are speculators nonetheless operating wild when cash is not free? One thing even greater than AI and the Trump impact is at work.

• The brand new age of empire: With the US, Russia and China led by males with expansionist ambitions, the implications are bleak for the present worldwide system, writes Gideon Rachman.

Chart of the day

The nuclear vitality trade, notorious for enormous price overruns and limitless delays, is hopeful that constructing actual copies of established reactors can assist hold new initiatives on observe.

Take a break from the information . . . 

Chess grandmaster Hans Niemann sits down for Lunch with the FT to debate the cheating allegations that derailed his profession — and the way he plans to revive his fame and develop into world champion.