Tech Stocks Bounce Back, OpenAI Files For IPO, GSK Eyes $9 Billion Cancer Biotech Deal

We are back with quick updates on global stock markets and major developments across some of the top companies worldwide.

Asian technology stocks largely rebounded on Tuesday as investors returned to artificial intelligence-linked names, tracking Wall Street’s gains.

Markets were likely to remain volatile through the week as investors brace for the pricing of SpaceX’s IPO

Japan’s Nikkei 225 gained 2.1% to 65,416. South Korea’s KOSPI was up 8% to 8,096, recovering sharply after Monday’s collapse. The Straits Times was up 1.2% to 5,023. Shanghai Composite climbed 1.2% to 4,010. Whereas, Hang Seng was down 0.3% to 24,565. In Australia, the S&P/ASX 200 closed in red 0.2% to 8,604.

On Wall Street, chip stocks led the S&P 500 higher on Monday in the first session of the week. The broad market index advanced 0.3% to 7,405, while tech-heavy Nasdaq rose 0.9% to 25,929. Dow was down 0.1% to 50,791.

Oil prices pulled back on Tuesday ‌after Iran and Israel said they had halted attacks on each other following an appeal from US President Donald Trump.

Brent crude was down 1.4% to $92.34, while WTI dropped 1.7% to $89.47 ​a barrel.

Meanwhile, gold prices were largely steady ‌on Tuesday as traders assessed a fragile ceasefire between Israel and Iran

While spot gold was up 0.1% at $4,333.91 ​per ounce, U.S. gold futures for ​August delivery was down 0.1% at $4,358.80.

A look at the stories from today:

Apple Partners With Google, Nvidia

At its annual Worldwide Developers Conference (WWDC) in Cupertino on June 8, Apple confirmed it has partnered with Google and Nvidia to power its most advanced AI model. This is the first time Apple has officially confirmed that some of its Apple Intelligence features will run on Nvidia chips.

OpenAI Confidentially Files for IPO

ChatGPT maker OpenAI has filed confidential preliminary paperwork with the U.S. Securities and Exchange Commission, setting the stage for what could be one of the largest public market debuts in history. OpenAI, valued at $852 billion following a funding round earlier this year, follows rival Anthropic’s June 1 confidential filing and comes just days before SpaceX is set to start trading.

Perplexity Targets 2028 IPO

AI search startup Perplexity is sticking to its 2028 IPO timeline regardless of how investors receive the listings of Anthropic and OpenAI. CEO Aravind Srinivas told CNBC, “Agnostic of these two companies, we were planning for something in 2028, so that still remains the case.”

GSK in Talks to Acquire Cancer Biotech Nuvalent

UK pharmaceutical group GSK is in talks to acquire oncology biotech Nuvalent for more than $9 billion, in what would be the British drugmaker’s largest acquisition in more than a decade. Nuvalent is a clinical-stage biopharmaceutical company focused on precisely targeted cancer therapies.