Giants

• AI-driven rallies in Taiwan and South Korea have significantly boosted the performance of regional stock portfolios, creating a "top-heavy" concentration of winners. • Fund managers, such as Sam Konrad, are now facing the paradox of needing to sell their best-performing AI chip stocks to manage risk and maintain diversification. • This trend highlights how a small group of AI chip giants has disproportionately influenced Asian stock picking, warping traditional investment strategies.

• Markets are anticipating a new Consumer Price Index (CPI) reading this week to gauge inflation trends. • Tech giants are making moves, with Apple expected to release a new iteration of Siri and Adobe preparing reports. • SpaceX has filed paperwork for a potential IPO that could raise $75 billion, potentially valuing the company at $1.75 trillion.

• The European Union unveiled a comprehensive technology sovereignty package on Wednesday, April 29, 2026, aimed at reducing the region's reliance on U.S. Big Tech. • The initiative seeks to bolster domestic European tech firms and limit the market dominance of American giants, particularly within the AI sector. • While EU officials have celebrated the move as "Tech Liberation Day," industry experts caution that achieving true independence will require significant time and cross-border collaboration.

• The European Union is introducing new regulations for cloud computing, AI, and semiconductors to decrease its strategic dependence on foreign technology providers, primarily US tech giants. • This initiative follows a massive surge in data center investments, which are projected to reach a record $61 billion in 2025, though development remains heavily skewed toward the US. • To counter this imbalance, the EU plans to combine increased funding for data center construction with stricter sovereignty requirements to accelerate infrastructure growth within the bloc.

• A new survey reveals that European startups continue to rely heavily on US-based cloud and AI providers despite efforts to foster regional alternatives. • This dependency is driven by persistent capital gaps and the hope that using US infrastructure will make these companies more attractive for future acquisitions. • The trend highlights a strategic disparity, as founders find larger funding rounds and broader investor pools more accessible in the United States than in Europe.

• Fundraising and potential IPOs from AI leaders like OpenAI, SpaceX, and Anthropic are prompting investors to seek new growth opportunities across Asia. • While chip giants like TSMC, Samsung Electronics, and SK Hynix have already seen massive gains, capital is now shifting toward components, servers, packaging, connectivity, and energy infrastructure. • Ken Wong of Eastspring Investments notes that these secondary AI-related sectors are becoming more attractive as some primary chipmaker valuations have risen too sharply.

• France leads all EU countries in the number of citizens challenging social media companies' content moderation decisions over the past year. • According to a new report, France recorded 4,400 challenges, followed by Belgium and Italy, while other nations like Spain (3,000) and Germany (1,800) trailed behind. • This trend highlights a growing push among European users to hold tech giants accountable for how they censor or remove digital content.

• Major Indian streaming platforms, including JioStar and Amazon, are heavily investing in "microdramas"—short, vertically shot melodramas designed for quick consumption. • These bite-sized shows have evolved from simple filler content into a core strategic tool for discovering new stories and testing potential future franchises. • The shift reflects a broader battle for viewer attention in a competitive digital market where short-form, mobile-first content is increasingly dominant.

• An unnamed Italian AI startup raised $50 million (€43 million) in Series B funding in May 2026 to scale its operations. • The funding round was led by Left Lane Capital, with additional support from Base10 Partners, Eurazeo, Entourage, and Acurio Ventures. • This investment is critical for the company's growth strategy as it aims to expand its presence across civil law jurisdictions in Europe.

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• Shohei Ohtani turned in another dominant start for the Los Angeles Dodgers against the San Francisco Giants at Dodger Stadium on Wednesday, throwing seven shutout innings in a standout performance. • He allowed four hits and two walks while striking out eight, lowering his season ERA to 0.82 through mid-May and strengthening an early Cy Young case. • The outing adds to Ohtani’s historic résumé after back-to-back World Series titles with the Dodgers and a run of MVP awards that already includes four career MVPs.

• Anthropic PBC announced Project Glasswing on Tuesday, granting Amazon, Apple, Microsoft, Cisco, and others access to its unreleased Mythos AI model to identify flaws in products ahead of wider release. • The initiative aims to mitigate potential cyberattacks from advanced AI systems by having participants share findings with industry peers. • This reflects growing industry caution over powerful AI models' cyber risks, marking a proactive collaboration among leading tech firms.

• The Los Angeles Dodgers lost 6-2 to the San Francisco Giants at Dodger Stadium on Tuesday, marking their fourth consecutive defeat amid a troubling slump. • This latest loss highlights ongoing struggles for the Dodgers, who have now dropped four straight games against divisional rivals. • The skid raises concerns for Los Angeles in the competitive NL West, potentially impacting their playoff positioning as the season progresses.

• Asia's tech leaders including Tencent and Alibaba are becoming central to the global AI boom through massive investments and innovations. • The industry center of gravity shifts eastward as Chinese firms develop competitive AI models and infrastructure. • These companies challenge Western dominance by scaling applications in e-commerce, cloud, and consumer tech.

• Shares in South Korea and Taiwan have rallied the most globally this month, with South Korea's Kospi index surging 78% year-to-date amid optimism for tech-driven gains. • Traders are positioning for Asia's technology leaders to lead the next phase of the worldwide stocks rally, focusing on semiconductor and electronics firms in these markets. • The outperformance underscores Asia's pivotal role in global equities, potentially sustaining momentum if U.S. and European markets stabilize.

• New York Giants coach John Harbaugh revealed he has spoken with free agent wide receiver Odell Beckham Jr. three to four times in the past week about a possible reunion after Beckham's workout with the team last month. • Beckham, 33 and a former Giants first-round pick in 2014 from LSU, impressed Harbaugh by 'looking good' in the workout and is currently training in Arizona while spending time with his son. • The coach emphasized honest talks, stating 'It's got to be right for both parties,' with Beckham aiming to prove he can still make a difference in the NFL after posting nine catches for 55 yards with the Miami Dolphins in 2024.

Julie, once a circus elephant, and Kariba, from a Belgian zoo, are to be moved to a former ranch in PortugalEurope’s first large-scale elephant sanctuary, which is opening to offer a more natural environment for some of the 600 animals still held in captivity across the continent, is to receive its first arrivals.Julie, Portugal’s last circus elephant, will be moved next month to the animal charity Pangea’s multimillion pound sanctuary in the Alentejo, 200km (124 miles) east of Lisbon, close to the border with Spain. Continue reading...

• The U.S. Defense Department announced AI procurement contracts with seven companies: Amazon Web Services, Google, Microsoft, Nvidia, OpenAI, SpaceX, and Reflection AI, which raised $2 billion in funding last year. • The AI products will be deployed in Impact Level 6 and 7 Defense Department systems capable of storing classified information, with access provided through an internal portal called GenAI.mil. • Anthropic notably was excluded from the contracts after the Trump administration designated it as a supply chain risk in February, though the Pentagon reportedly continues using Anthropic's Claude Mythos Preview model.

• The New York Giants selected edge rusher Arvell Reese with the 5th overall pick in the 2026 NFL Draft, addressing a key defensive need. • Reese represents the Giants' investment in strengthening their defensive line and pass rush capabilities. • The selection highlights New York's priorities heading into the new NFL season.

Shell Australia says campaign needed to ‘counter-balance’ claims by levy advocates – but Ed Husic urges industry ‘do not spend millions defending the indefensible’The gas giants are mounting a multi-million dollar advertising campaign to fight against a new export tax, prompting Labor MP Ed Husic to accuse the industry of “defending the indefensible”.Shell Australia is among half-a-dozen oil and gas companies contributing around $1m to an Australian Energy Producers (AEP) campaign that attempts to justify the amount of tax the industry pays, a parliamentary inquiry heard on Wednesday. Continue reading...

• The New York Giants traded defensive tackle Dexter Lawrence to the Cincinnati Bengals in exchange for the No. 10 overall pick in the NFL Draft, less than two weeks after Lawrence requested a trade. • The deal gives the Giants two first-round picks, opening numerous draft options ahead of this week's selections. • This blockbuster move shakes up draft projections and bolsters Cincinnati's defensive line with Lawrence's elite talent.

Former Treasury secretary says a tax rate was ‘socially optimal’ in submission to a new parliamentary inquiryFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastThe former Treasury secretary Ken Henry says “self-serving” claims from gas giants about the risks of a windfall profits and export taxes should be ignored by the Albanese government as it weighs up the intervention ahead of next month’s federal budget.In a submission to a new parliamentary inquiry examining the gas taxation regime, Henry made the case for a 100% windfall profit tax as he rejected the assertion that any changes would heighten perceptions of Australia as a sovereign risk and freeze investment in new projects. Continue reading...

• Anthropic launched Project Glasswing, collaborating with Apple, Google, and Microsoft to deploy Claude Mythos Preview in identifying and patching critical software vulnerabilities preemptively. • The initiative unites rivals to leverage AI against cyber threats targeting US software infrastructure. • By fixing flaws before exploitation, the project aims to bolster national cybersecurity amid escalating AI-driven attacks.

• Anthropic announced Project Glasswing, a cybersecurity initiative bringing together AWS, Apple, Broadcom, Cisco, CrowdStrike, Google, Microsoft, Nvidia, and Palo Alto Networks to identify and fix software vulnerabilities using its Claude Mythos Preview model. • The Claude Mythos Preview model achieves 93.9% accuracy on SWE-bench Verified, significantly outperforming Opus 4.6's 80.8%, and demonstrated the ability to find thousands of hidden bugs in critical systems. • Anthropic is committing up to $100 million in usage credits for Project Glasswing, plus $4 million in direct donations to open-source security organizations to strengthen cybersecurity infrastructure.

• Iran's Revolutionary Guard Corps (IRGC) announced on March 31 that it will target 18 major US technology and industrial companies in the West Asia region starting 8 PM Tehran time on April 1 (1630 GMT), in retaliation for US and Israeli attacks on Iranian pharmaceutical facilities and leadership. • The hit list includes Microsoft, Google, Apple, Meta, Intel, IBM, Tesla, Nvidia, Boeing, HP, Cisco, Oracle, Dell, and others, accused of enabling high-tech warfare through AI, ICT, and satellite tracking for assassinations. • IRGC urged employees to immediately evacuate workplaces and residents within a one-kilometer radius to leave for safety, labeling the firms as 'terrorist companies' and promising destruction of their regional units.

Meta, TikTok, Snapchat and YouTube being investigated as eSafety releases update on compliance with social media ban. Follow today’s news liveGet our breaking news email, free app or daily news podcastGood morning, Krishani Dhanji here with you for another busy sitting day.Meta, TikTok, Snapchat and YouTube are being investigated for “potential non-compliance” under the social media ban, with the eSafety commissioner releasing a compliance update today. Continue reading...

• Tech companies including Palantir, Anthropic, and Anduril are increasingly partnering with the US Department of Defense, marking a significant shift from decades of strained relations between the tech sector and military. • Anduril announced a 10-year, US$20 billion contract with the US military, while Palantir's Maven data analytics platform and Anthropic's AI have been used extensively in operations against Iran, including defense against Shahed drones. • The collaboration represents what investors view as a lucrative opportunity, with traditional military contractors like Lockheed Martin and Boeing now joined by rising tech giants in supplying cloud computing, AI-powered drones, and advanced defense systems.

• U.S. lawmakers and Silicon Valley leaders are converging on policies to counter China's rapid AI advances, viewing it as a strategic economic battle. • House Speaker Mike Johnson urged tech firms to keep chips, data centers, and AI systems domestic and away from geopolitical rivals. • Proposed GAIN AI Act would mandate prioritizing U.S. access to advanced AI chips and require export licenses to countries of concern.