ASIA HITS RECORD ON AI OPTIMISM; US FUTURES GAIN
■ AI-SUMMARIZED FROM 1 SOURCE BELOW
Asian shares reached record highs on Monday as stronger-than-expected earnings from megacap tech companies and continued AI trade momentum drove investor appetite. US equity futures pointed to further gains at the open.
■ MORE FROM THE BUSINESS DESK
Palantir Technologies reported first-quarter revenue of $1.63 billion, up 85% year-over-year and exceeding Wall Street's $1.54 billion estimate. Growth was driven by surging demand across both government and commercial segments.
GameStop has made an unsolicited $56 billion offer to acquire eBay, with CEO Ryan Cohen warning the bid could turn hostile if rejected. The move marks an aggressive expansion play by the video game retailer into e-commerce.
eBay's stock jumped 4% to ~$109 on GameStop's $56 billion acquisition offer at $125 per share, but the gap between offer price and market value suggests investors believe the deal faces significant obstacles. GameStop's stock fell 4% in response.
Consulting firm Alvarez & Marsal plans to generate 50% of its total revenue from artificial intelligence work within four years, potentially reaching $3.5 billion in AI-related earnings.