A daily market update from FS Insight — what you need to know ahead of opening bell

“Embrace iteration as the road to improvement, but don’t let that lull you into rolling out poorly-thought-out crap.” — Kate O'Neill

Over the weekend

In an unprecedented attack, Iran launched a swarm of some 350 drones and missiles at Israel on Saturday; Israel repelled the vast majority with help from U.S. and Arab partners (WSJ)

China develops new light-based chiplet that could power artificial general intelligence — where AI is smarter than humans (LS)

Brokerages shift Fed rate-cut expectations to September after consumer price data (RT)

U.S. Steel shareholders approve sale to Japan’s Nippon Steel; the $14.1 billion deal still faces regulatory reviews, opposition from United Steelworkers union, members of Congress (WSJ)

OpenAI is now 4% of Ark Venture Fund, just behind Anthropic (BBG)

Two brothers, a big biotech bet, and an $8 billion payout (WSJ)

UAE state-owned ADNOC recently eyed $110B oil giant BP as takeover target (RT)

Clearlake Capital Group is exploring a renewed takeover offer for $4.1B cloud software provider BlackBaud (BBG)

CVC looks to raise at least $1.3 billion in Amsterdam IPO (WSJ)

Blackstone, CVC among potential bidders...

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