Dec 8th, 2023 – Friday’s indices performances: Nasdaq closed at 14403.97 (+0.45%), S&P 500 at 4604.37 (+0.41%) and Dow Jones at 36247.87 (+0,36%).
The UK’s Competition and Markets Authority (CMA) is reviewing the multi-billion partnership between Microsoft and OpenAI, examining if it constitutes a merger situation and potential control acquisition. Following this partnership, Microsoft has now a seat in OpenAI’s board, but it is a non-voting position.
The main reason why the CMA has started an investigation is because, as the CMA itself said, there have recently been a number of developments in the governance of OpenAI, some of which involved Microsoft. They are obviously referring to Sam Altman’s firing from OpenAI, subsequent hiring by Microsoft, and subsequent re-employment by OpenAI.
This move seems like an operation guided by Microsoft itself, that believes in Sam Altman and for this reason wants him guiding ChatGPT’s development. Microsoft’s vice-chair and president Brad Smith emphasized the non-acquisition nature of the partnership.
Paramount stock surged as much as 14% on Friday after reports from Deadline and Puck News of a possible partial takeover of the media and streaming company by RedBird Capital and Skydance. These rumors in fact are about the acquisition of National Amusements, which owns approximately 10% of Paramount’s equity capital value, and maintains around 77% of voting shares. Acquiring National Amusements would allow RedBird and Skydance to take control of Paramount while avoiding a full purchase.
Carrier Global is an American HVAC fire and security equipment company that saw its shares go up around 5% on Friday. Its stock price rose on news that the company will sell its security equipment business for $4.95 billion to Honeywell (-1.5%), a company that operates in aerospace, technologies, performance materials and safety and productivity solutions.
Author: Filippo Ferrero