Ari Goldschmidt:

Musk Mulled Handing OpenAI to His Children, Altman Testifies

OpenAI CEO Sam Altman finally took the stand this morning to defend himself against his former cofounder Elon Musk’s lawsuit challenging OpenAI’s corporate structure.

Musk’s attorneys have been at pains to point out that OpenAI’s foundation, which now has assets on the order of $200 billion, didn’t have full-time employees until earlier this year. OpenAI board chair Bret Taylor testified today that was simply because of the challenge of converting OpenAI equity to cash, which was accomplished with the organization’s most recent restructuring in 2025.

The central question posed by Musk’s lawyers is whether the company’s commitment to safety had been left behind as its commercial power grew. But Altman said that in 2017, during a pivotal period when the founders wrestled with how to obtain the funding to power their AI models, Musk’s “specific plans on safety made me worry.”

Altman described a “particularly hair-raising moment” in the debate when Musk was asked what would happen if he died while controlling a hypothetical OpenAI for-profit. In Altman’s telling, Musk said “maybe OpenAI should pass to my children.”

But can Altman's word be taken as the truth?

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James Altucher:

eBay Rejects GameStop’s $56 Billion Takeover Bid, Calling It ‘Neither Credible nor Attractive’

EBay on Tuesday rejected GameStop’s $56 billion takeover proposal, calling the unsolicited bid “neither credible nor attractive.”

GameStop CEO Ryan Cohen last week unveiled an audacious bid for eBay, offering to acquire the online marketplace for $125 per share in a cash-and-stock deal. EBay is much larger than the video game retailer, with a market cap of just over $48 billion, while GameStop’s is roughly $10.3 billion.

“The Board, with the support of its independent advisors, has thoroughly reviewed your proposal and has determined to reject it,” Paul Pressler, the chairman of eBay’s board, wrote in a letter. “We have concluded that your proposal is neither credible nor attractive.”

EBay listed several concerns with GameStop’s offer, including “the uncertainty regarding your financing proposal,” along with operational risks and the debt load that would result from the proposed transaction.

Cohen said GameStop had lined up a $20 billion financing commitment from TD Securities, part of TD Bank, and the company has about $9 billion in cash on hand, but the funding gap remains substantial.

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Davis Wilson:

Chip Stocks are Partying Like it's 1999

Is this 1999 all over again?? Semiconductor stocks are going absolutely parabolic. In just the last month: Intel (INTC) is up 105%, Qualcomm (QCOM) is up 88%, Micron (MU) is up 83%, and SanDisk (SNDK) is up 79%. These are absurd moves in just four weeks.

Now naturally, investors are asking the obvious question: Is this another bubble? The answer is… sort of. But not in the way most people think.

This rally isn’t happening because investors randomly decided to gamble on semiconductors. There’s a real reason behind it. Artificial intelligence has created an enormous demand boom for chips. Every AI chatbot, AI image generator, self-driving system, and data center requires massive amounts of computing power. And chips are the foundation.

Parts of the semiconductor market are clearly overheated. At some point, many of these names will have sharp pullbacks. That’s just the reality of moves like this.

But there is one major difference between today and the dot-com bubble: Back then, investors were mostly betting on ideas. Today, these companies are generating enormous revenue, massive profits, and real cash flow from a very real AI infrastructure boom.

The takeaway for investors is to separate the companies building durable long-term businesses from the ones simply riding the excitement.

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