The rally in tech shares appeared poised to take a breather on Tuesday after chip shares helped propel the main inventory market indexes to all-time highs on Monday.
UAE-based AI chipmaker Cerebras is anticipated to make a splashy public debut. The corporate filed paperwork Monday growing its preliminary public providing to 30 million shares with the purpose of elevating as much as $4.8 billion, Bloomberg reported. The startup counts Amazon (AMZN) and OpenAI (OPAI.PVT) amongst its prospects, and its inital public providing is more likely to be the largest IPO of 2026 to date.
In different tech information, Tesla (TSLA) CEO Elon Musk and Apple CEO Tim Prepare dinner had been invited to affix the US delegation to Beijing, Bloomberg reported. President Trump and Chinese language President Xi Jinping are scheduled to fulfill later this week to debate commerce, the conflict in Iran, highly effective AI fashions, and extra.
In the meantime, the Elon Musk versus OpenAI (OPAI.PVT) trial has entered its third week. Microsoft (MSFT) CEO Satya Nadella took the stand on Monday, outlining Microsoft’s relationship with the AI startup, and famous that he was by no means given readability about why CEO Sam Altman was fired from the corporate in November 2023.
OpenAI CEO Sam Altman will take the witness stand on Tuesday and Wednesday.
Musk’s lawsuit towards one of many world’s most precious non-public corporations has supplied quite a few particulars in regards to the internal workings of OpenAI and the relationships between Musk, his fellow co-founders, Altman, and president Greg Brockman, former chief expertise officer Mira Murati, and former board member, and mom of 4 of Musk’s youngsters, Shivon Zilis.
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OpenAI chief Altman to take stand in OpenAI-Musk trial on Tuesday
Reuters studies:
OpenAI (OPAI.PVT) Chief Government Officer Sam Altman will take the witness stand on Tuesday and Wednesday, the California courtroom mentioned, in a conflict of tech titans over Elon Musk’s lawsuit towards the corporate.
The trial, in its third week, could decide the way forward for OpenAI and its management, at a time when the corporate has raised a whole bunch of billions of {dollars} from massive tech corporations and buyers, looking for to construct out its computing energy forward of a possible trillion-dollar IPO.
Musk’s lawsuit alleges Altman and the AI startup persuaded him into giving $38 million to nonprofit OpenAI, just for the group to desert its charitable mission to profit humanity and as an alternative turn into a for-profit company. OpenAI says Musk knew in regards to the for-profit plan however wished management.
The faceoff has generated curiosity all through Silicon Valley and past, with testimony at occasions specializing in the personalities and management kinds of the 2 males. Former OpenAI chief scientist Ilya Sutskever testified on Monday that he spent a few 12 months gathering proof for the ChatGPT maker’s board that Altman had displayed a “constant sample of mendacity,” as an example.
OpenAI CEO Sam Altman (R) and Greg Brockman, OpenAI president and co-founder, arrive on the federal courthouse throughout proceedings within the trial over his lawsuit towards OpenAI in Oakland, California, on April 30, 2026. (JOSH EDELSON / AFP by way of Getty Pictures) · JOSH EDELSON by way of Getty Pictures -
China’s tech comeback faces a check as Trump-Xi assembly looms: Chart of the Day
Yahoo Finance’s Jared Blikre studies:
Chinese language tech shares have rallied again to a key stage, simply because the headlines are heating up.
The Invesco China Expertise ETF (CQQQ) is urgent right into a long-term downward-sloping pattern line that begins at its February 2021 peak and captures each the 2025 and 2026 highs.
The ETF continues to be down almost 50% from that peak, however a break above the yellow pattern line within the chart under would seemingly generate momentum for the bulls. Nonetheless, one other technical hurdle looms simply overhead: the $60 stage across the 2025 excessive. A rally above that zone may drive bearish bets to unwind, probably resulting in a short squeeze.
Invesco China Expertise ETF (CQQQ) at a crossroad · Yahoo Finance If the Invesco China Expertise ETF rolls over as an alternative, it has minor help close to $50 and a barely deeper help zone round $45.
Trump is set to visit China from Wednesday through Friday, with high-stakes talks with Chinese language President Xi Jinping anticipated to concentrate on commerce, AI, chips, and uncommon earths. China’s fifteenth 5-Yr Plan additionally provides the setup a coverage tailwind, with Beijing prioritizing tech self-sufficiency, AI, robotics, and superior manufacturing as core development drivers.
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Microsoft’s Satya Nadella was by no means given ‘readability’ about why OpenAI’s board fired Sam Altman
Microsoft (MSFT) CEO Satya Nadella took the stand in US District Court docket in Oakland, Calif., on Monday as a part of Elon Musk’s ongoing lawsuit against OpenAI (OPAI.PVT).
Nadella testified about his relationship with Musk, Microsoft’s work with OpenAI, and questions on how the businesses’ tie-up has benefited Microsoft.
Microsoft CEO Satya Nadella enters a U.S. federal courthouse because the trial in Elon Musk’s lawsuit over OpenAI’s for-profit conversion continues, in Oakland, California, U.S., Could 11, 2026. REUTERS/Manuel Orbegozo · REUTERS / REUTERS The CEO additionally responded to questions on OpenAI’s transient ouster of CEO Sam Altman in November 2023.
Microsoft has been considered one of OpenAI’s largest backers, investing billions of {dollars} within the firm in alternate for utilizing its expertise throughout Microsoft’s merchandise.
Throughout his testimony, Nadella mentioned that, regardless of asking for a purpose for OpenAI’s firing of Altman, he was by no means given a full rationalization for the transfer. The CEO additionally mentioned he wasn’t made conscious of the choice to terminate Altman prematurely, however was as an alternative pulled out of a gathering and knowledgeable of the transfer.
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Every part you must know from the primary 2 weeks of the Musk v. OpenAI trial
The trial between Tesla (TSLA) CEO Elon Musk and OpenAI (OPAI.PVT) picks again up on Monday.
Musk is looking for damages and a reversal of OpenAI’s transition to a for-profit.
He contends that OpenAI’s CEO Sam Altman and president Greg Brockman duped him into donating tens of millions of {dollars} to get the corporate off the bottom with the understanding that it could stay a nonprofit. OpenAI, nevertheless, says Musk is offended that the corporate rejected his supply to merge it with Tesla (TSLA) and title him CEO of the brand new entity.
OpenAI CEO Sam Altman arrives on the Ronald V. Dellums Federal Constructing on April 30, 2026, in Oakland, Calif. (Benjamin Fanjoy/Getty Pictures) · Benjamin Fanjoy by way of Getty Pictures Yahoo Finance’s Daniel Howley recaps the largest moments to date within the trial:
OpenAI filed courtroom paperwork claiming that Musk tried to gauge Brockman’s curiosity in a settlement earlier than the beginning of the trial. When Brockman urged either side drop their claims towards one another, Musk allegedly instructed Brockman he would flip him and Altman into “the most hated men in America.”
The case will resolve the way forward for OpenAI and whether or not it’s going to proceed to function as a for-profit entity or revert to a nonprofit construction.
Throughout his testimony this week, Brockman claimed Musk wished to turn into CEO of OpenAI as a result of he wanted $80 billion to build a city on Mars.
Brockman additionally disclosed that he holds a roughly $30 billion stake in the AI company, in addition to holdings in different Altman-backed corporations.